Common use of Target Usage; Termination for Non-Usage Clause in Contracts

Target Usage; Termination for Non-Usage. While pursuant to Section 2.2, Bank is not obligated to purchase, and Seller is not obligated to sell, any Participation Interests, or any minimum amount of Participation Interests, Bank and Seller contemplate that Seller shall sell, and Bank shall purchase, Participation Interests such that, Bank’s total Participation Interest for a calendar month shall equal or exceed the Target Usage Amount. Should for any calendar quarter, the total Participation Interest, on average for such calendar quarter, not equal or exceed the Target Usage Percentage, Bank may elect to increase the Participation Interest Rate Floor or, pursuant to Section 5.2(b), terminate Seller’s right hereunder to submit any Request to Bank to purchase a Participation Interest.

Appears in 3 contracts

Samples: Mortgage Warehouse Agreement, Mortgage Warehouse Agreement (Redfin CORP), Mortgage Warehouse Agreement (Redfin CORP)

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Target Usage; Termination for Non-Usage. While pursuant to Section 2.2, Bank is not obligated to purchase, and Seller is not obligated to sell, any Participation Interests, or any minimum amount of Participation Interests, Bank and Seller contemplate that Seller shall sell, and Bank shall purchase, Participation Interests such that, Bank’s total at any given time, the Outstanding Participation Interest for a calendar month Balance shall equal or exceed the Target Usage Amount. Should for any calendar quarter, the total Outstanding Participation InterestBalance, on average for such calendar quarter, not equal or exceed the Target Usage PercentageAmount, Bank may elect to increase the Participation Interest Rate Floor or, pursuant to Section 5.2(b), terminate Seller’s right hereunder to submit any Request to Bank to purchase a Participation Interest.

Appears in 2 contracts

Samples: Mortgage Warehouse Agreement (Home Point Capital Inc.), Mortgage Warehouse Agreement (Caliber Home Loans, Inc.)

Target Usage; Termination for Non-Usage. While pursuant to Section 2.2, Bank is not obligated to purchase, and Seller is not obligated to sell, any Participation Interests, or any minimum amount of Participation Interests, Bank and Seller contemplate that Seller shall sell, and Bank shall purchase, Participation Interests such that, Bank’s total at any given time, the Outstanding Participation Interest for a calendar month Balance shall equal or exceed the Target Usage Amount. Should for any calendar quarter, the total Outstanding Participation InterestBalance, on average for such calendar quarter, not equal or exceed the Target Usage PercentageAmount, Bank may elect to increase the Participation Interest Rate Floor or, pursuant to Section 5.2(b), terminate Seller’s 's right hereunder to submit any Request to Bank to purchase a Participation Interest.

Appears in 1 contract

Samples: Mortgage Warehouse Agreement (Home Point Capital Inc.)

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Target Usage; Termination for Non-Usage. While pursuant to Section 2.2, Bank is not obligated to purchase, and Seller is not obligated to sell, any Participation Interests, or any minimum amount of Participation Intereststhereof, Bank and Seller contemplate that Seller shall sell, and Bank shall purchase, Participation Interests such that, Bank’s total at any given time, the Aggregate Participation Interest for a calendar month Balance shall equal or exceed the Target Usage Amount. Should for any calendar quarter, the total Aggregate Participation InterestBalance, on average for such calendar quarter, not equal or exceed the Target Usage Percentage, Bank may elect to increase the Participation Interest Rate Floor or, or terminate pursuant to Section 5.2(b), terminate 5.1(b) Seller’s right hereunder to submit any Request to request Bank to purchase a Participation InterestInterests under this Agreement.

Appears in 1 contract

Samples: Mortgage Warehouse Agreement (Walter Investment Management Corp)

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