ELIGIBLE LOANS AND TERMS OF WAREHOUSING ADVANCES Sample Clauses

ELIGIBLE LOANS AND TERMS OF WAREHOUSING ADVANCES. Subject to compliance with the terms and limitations set forth below, and the terms, representations and warranties and the covenants in the Agreement (including applicable Exhibits), each of the following Mortgage Loans is an Eligible Loan for purposes of the Agreement:
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ELIGIBLE LOANS AND TERMS OF WAREHOUSING ADVANCES. Subject to compliance with the terms and limitations set forth below, and the terms, representations and warranties and the covenants in the Agreement (including applicable Exhibits), each of the following Mortgage Loans is an Eligible Loan for purposes of the Agreement: Definition: A permanent Mortgage Loan on a Multifamily Property originated by Borrower under Xxxxxx Mae’s Delegated Underwriting and Servicing Guide. This definition shall include any permanent Mortgage Loan on a Multifamily Property originated by the Borrower pursuant to a Xxxxxx Xxx credit facility provided by Xxxxxx Mae, and in accordance with Xxxxxx Mae’s Delegated Underwriting and Servicing Guide. Provided however, that in connection with any aforementioned permanent Mortgage Loan on a Multifamily Property originated by the Borrower pursuant to a Xxxxxx Mae credit facility, in lieu of delivering a bailee letter in the form attached to the Credit Facility Agreement as Exhibit N-3, Borrower shall cause Xxxxxx Mae’s counsel to deliver to Lender a bailee letter based on Xxxxxx Mae’s then current form bailee letter, as revised to include the following provision: “Xxxxxx Xxx shall hold the Note and Additional Documents as bailee for the benefit of Lender until (i) Xxxxxx Mae delivers the Mortgage Backed Security (as defined below) by wire transfer in accordance with the delivery instructions specified on Form 2014, a copy of which is attached as Exhibit A hereto, or (ii) Xxxxxx Xxx returns to Lender, as set forth below, the Note and any Additional Documents delivered by Lender. Lender agrees that Lender’s security interest in the Note and Additional Documents shall terminate and be cancelled without further action upon delivery by Xxxxxx Mae of the Purchase Price. In the event that Xxxxxx Xxx does not issue the Mortgage Backed Security in exchange for the Note, Xxxxxx Mae will execute and deliver to Lender one or more assignments, in recordable form, of the Security Instruments (as defined in the Master Agreement) securing the Note and will endorse the Note in blank but without recourse (assuming the Note has been endorsed to Xxxxxx Xxx), and sever any applicable loan documents in connection with the Master Agreement as necessary; and Lender agrees that Xxxxxx Mae’s status as bailee for Lender shall terminate and be cancelled without further action upon delivery to Lender of the Note (endorsed as aforesaid) and Additional Documents, as described in (ii) above, together with such executed as...
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ELIGIBLE LOANS AND TERMS OF WAREHOUSING ADVANCES. Subject to compliance with the terms and limitations set forth below, and the terms, representations and warranties and the covenants in the Agreement (including applicable Exhibits), each of the following Mortgage Loans is an Eligible Loan for purposes of the Agreement: Definition: A permanent Mortgage Loan on a Multifamily Property originated by Borrower under Xxxxxx Mae’s Delegated Underwriting and Servicing Guide.
Sample 1
ELIGIBLE LOANS AND TERMS OF WAREHOUSING ADVANCES. Subject to compliance with the terms and limitations set forth below, and all applicable terms, conditions, representations and warranties, and covenants in the Agreement, (1) Mortgage Loans which satisfy the following criteria shall be eligible to be included as Eligible Loans for purposes of the Agreement, and (2) any such Mortgage Loans which are accepted by the Administrative Agent and Lenders as Eligible Loans shall be subject to the following terms and conditions:
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Related to ELIGIBLE LOANS AND TERMS OF WAREHOUSING ADVANCES

  • Loans and Terms of Payment 2.1 [Reserved].

  • Amounts and Terms of the Advances and Letters of Credit SECTION 2.01. The Advances and Letters of Credit.

  • Amount and Terms of the Loans 2.1 Commitments 25 2.2 Borrowings 26 2.3 Disbursements; Funding Reliance; Domicile of Loans 29 2.4 Evidence of Debt; Notes 30

  • Amounts and Terms of the Loans 33 2.1. The Revolving Credit Loans............................................................................ 33 2.2. Making the Loans...................................................................................... 33 2.3. Fees ................................................................................................ 35 2.4. Reduction and Termination of the Commitments.......................................................... 36 2.5. Repayment............................................................................................. 36 2.6. Prepayments........................................................................................... 37 2.7. Conversion/Continuation Option........................................................................ 38 2.8. Interest.............................................................................................. 39 2.9. Interest Rate Determination and Protection............................................................ 40 2.10.

  • Amount and Terms of the Loan The Loan. Subject to the terms of this Agreement, each Purchaser agrees to lend to the Company at the Closing (as hereinafter defined) the amount set forth opposite such Purchaser’s name on the Schedule of Purchasers attached to this Agreement (each, a “Loan Amount”) against the issuance and delivery by the Company of a convertible promissory note for such amount, in substantially the form attached hereto as Exhibit A (each, a “Note” and collectively, the “Notes”).

  • Loan and Terms of Payment 2.1 Promise to Pay. Borrower hereby unconditionally promises to pay Bank the outstanding principal amount of all Credit Extensions and accrued and unpaid interest thereon as and when due in accordance with this Agreement.

  • Amount and Terms of Loans Pursuant to the terms of this Agreement, Lender shall make Loans to the Company, upon its request and within three (3) business days of such request, which in the aggregate do not exceed Four Hundred Fifty Thousand and 00/100 Dollars ($450,000.00). The Loans and each of them shall be made upon the following terms and conditions: (a) The maximum aggregate principal amount of the Loans shall be in the amount of Four Hundred Fifty Thousand and 00/100 Dollars ($450,000.00), and shall be evidenced by a promissory grid note (the "Note") with appropriate insertions of names, dates and amounts. The Loans shall bear interest at a rate per annum equal to ten percent (10.00%). Interest shall be charged on the principal balance from time to time outstanding on the basis of the actual number of days elapsed computed on the basis of a three hundred sixty (360) day year. Interest shall be due and payable, in arrears on the Maturity Date (as hereinafter defined); (b) The Loans made by Lender to the Company pursuant to this Paragraph 2 shall be recorded in an account on the books of Lender bearing the Company's name (the "Company's Account"). There shall also be recorded in the Company's Account all payments made by the Company on the Loans and interest accrued thereon. (c) The outstanding principal amount owed hereunder, together with all accrued but unpaid interest thereon, shall be due and payable in full on the earlier of (i) the closing of an initial public offering of the Company's securities and (ii) March 3, 2002 (the "Maturity Date"); (d) Maker shall have the right to prepay the outstanding principal amount of this Note, in whole or in part at any time. (e) The provisions of this Paragraph 2 shall continue in effect until the Maturity Date, PROVIDED, HOWEVER, that Lender's obligations to advance Loans to the Company pursuant to the provisions of this Paragraph 2 shall cease upon the occurrence of an Event of Default (as defined in Paragraph 3 hereof) until such time as said Event of Default is cured.

  • Amounts and Terms of the Advances SECTION 2.01. The A Advances. (a) Each Lender severally agrees, on the terms and conditions hereinafter set forth, to make A Advances to the Borrower from time to time on any Business Day during the period from the Closing until the Termination Date in an aggregate outstanding amount not to exceed at any time such Lender's Available Commitment, provided that the aggregate amount of the Commitments of the Lenders shall be deemed used from time to time to the extent of the aggregate amount of the B Advances then outstanding and such deemed use of the aggregate amount of the Commitments shall be applied to the Lenders ratably according to their respective Percentages (such deemed use of the aggregate amount of the Commitments being a "B Reduction"). Each A Borrowing shall be in an aggregate amount not less than $10,000,000 (or, if lower, the amount of the Available Commitments) or an integral multiple of $1,000,000 in excess thereof and shall consist of A Advances of the same Type made on the same day by the Lenders ratably according to their respective Percentages. Within the limits of each Lender's Commitment and as hereinabove and hereinafter provided, the Borrower may request Extensions of Credit hereunder, and repay or prepay Advances pursuant to Section 2.11 and utilize the resulting increase in the Available Commitments for further Extensions of Credit in accordance with the terms hereof. (b) In no event shall the Borrower be entitled to request or receive any Extensions of Credit that would cause the principal amount outstanding hereunder to exceed the Commitments.

  • Amounts and Terms of Loans 2 1.1 Loans...........................................................................................2 1.2

  • AMOUNTS AND TERMS OF THE ADVANCES AND THE LETTERS OF CREDIT SECTION 2.01. The Advances and the Letters of Credit.

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