Warehouse Advances Sample Clauses
The Warehouse Advances clause defines the terms under which a lender provides short-term funding to a borrower, typically secured by a pool of assets such as loans or receivables held in a warehouse facility. This clause outlines the conditions for advancing funds, the types of eligible collateral, and the procedures for drawing and repaying advances. For example, it may specify minimum collateral requirements, advance rates, and reporting obligations. Its core function is to facilitate flexible, interim financing for borrowers while protecting the lender’s interests by ensuring adequate collateralization and clear operational procedures.
Warehouse Advances. Each Bank severally agrees to lend to the Company, and the Company agrees to borrow from each Bank, on the terms and conditions of this Credit Agreement, an aggregate amount not exceeding such Bank’s respective Warehouse Line Commitment, and the aggregate amount of all such Warehouse Line Commitments shall equal the Total Warehouse Line Commitment; provided, however the Total Warehouse Line Commitment includes a Wet Advance Sublimit. Subject to the terms and conditions contained herein, Warehouse Advances may be repaid until the Termination Date; provided, however, the Company acknowledges and agrees that no Advances of any type shall be requested by the Company or funded by the Agent or the Bank under this Credit Agreement from and after the close of business on May 31, 2010. Each Bank’s commitment to make Warehouse Advances under this Section 2.1 is herein called its “Warehouse Line Commitment” and is set forth opposite its name in Schedule 2.1 attached to this Credit Agreement and the aggregate maximum amount of the Warehouse Line Commitments is herein called the “Total Warehouse Line Commitment”. The Total Warehouse Line Commitment shall be equal to Forty Million Dollars ($40,000,000.00); provided, however, the Company acknowledges and agrees that no Advances of any type shall be requested by the Company or funded by the Agent or the Bank under this Credit Agreement from and after the close of business on May 31, 2010 and shall be available to the Company as Warehouse Advances, Excess Advances and Swing Advances, subject to the terms and conditions hereof. Notwithstanding the foregoing, the Banks shall not be obligated to make a Warehouse Advance which, (a) when added to the sum of the Aggregate Outstanding Warehouse Balance plus the Aggregate Outstanding Excess Balance, would cause the Aggregate Outstanding Warehouse Balance plus the Aggregate Outstanding Excess Balance to exceed the Warehouse Borrowing Base at such time; (b) when added to the sum of the Aggregate Outstanding Warehouse Balance plus the Aggregate Outstanding Excess Balance, would cause or result in a violation of the financial covenants set forth in Article 5 hereof; (c) if such Warehouse Advance is a Wet Advance, when added to the aggregate outstanding balance of all Wet Advances would cause or result in a violation of the Wet Advance Sublimit; or (d) if such Warehouse Advance would cause or result in the Aggregate Outstanding Warehouse Balance plus the Aggregate Outstanding Excess Ba...
Warehouse Advances. The Bank agrees to lend to the Company, and the Company agrees to borrow from the Bank, on the terms and conditions of this Credit Agreement, an aggregate amount not exceeding the Bank's Warehouse Line Commitment, subject to the Sublimits. Subject to the terms and conditions contained herein, Warehouse Advances may be repaid and reborrowed until the Termination Date. The Bank's commitment to make Warehouse Advances under this SECTION 2.1 is herein called its "Warehouse Line Commitment". Notwithstanding the foregoing, the Bank shall not be obligated to make a Warehouse Advance which, (a) when added to the Outstanding Warehouse Balance would exceed the Borrowing Base at such time; (b) when added to the sum of the Outstanding Warehouse Balance would cause or result in a violation of the financial covenants set forth in ARTICLE 5; (c) if the Warehouse Advance is a Conforming/Government Loan Advance, when added to the outstanding balance of all Conforming/Government Loan Advances would cause or result in a violation in the Conforming/Government Loan Advance Sublimit; (d) if the Warehouse Advance is a Co-Op Advance, when added to the outstanding balance of all Co-Op Advances would cause or result in a violation in the Co-Op Advance Sublimit; (e) if the Warehouse Advance is a Jumbo Advance, when added to the outstanding balance of all Jumbo Advances would cause or result in a violation in the Jumbo Advance Sublimit; (f) if the Warehouse Advance is a Second Mortgage Loan Advance, when added to the outstanding balance of all Second Mortgage Loan Advances would cause or result in a violation in the Second Mortgage Loan Advance Sublimit; (g) if the Warehouse Advance is a Wet Advance, when added to the outstanding balance of all Wet would cause or result in a violation in the Wet Advance Sublimit; (h) if the Warehouse Advance is an Alt A Advance, when added to the outstanding balance of all Alt A Advances would cause or result in a violation in the Alt A Advance Sublimit; (i) if the Warehouse Advance is a Subprime Advance, when added to the outstanding balance of all Subprime Advances would cause or result in a violation in the Subprime Sublimit; or (j) if the Warehouse Advance would cause or result in the Outstanding Warehouse Balance to exceed the Total Line Commitment. The Bank shall not be obligated to honor any Request for Advance if the disbursement of funds thereunder would occur on or after the Termination Date, or if an Event of Default has occurred and has n...
Warehouse Advances. The Bank shall record the Warehouse Advances of the Bank in the records of the Bank. The Bank's records maintained pursuant to this SECTION 2.4 shall be available for inspection by the Company at any reasonable time and from time to time upon reasonable prior notice to the Bank.
Warehouse Advances. 11 2.2 Note.................................................... 12 2.3
Warehouse Advances. Each Borrowing under this Section 2.01(b) ------------------ --------------- shall be in an aggregate amount of not less than $2,500.00 and shall consist of Warehouse Advances made on the Borrowing Date by the Bank according to its Commitment; provided, however, that: (i) the aggregate amount of Warehouse Advances at any time outstanding shall not exceed the Commitment; and (ii) the aggregate amount of Warehouse Advances outstanding shall not at any time exceed the Borrowing Base. Within the limits of the Bank's Commitment and subject to the other terms and conditions hereof, the Borrower may borrow, repay pursuant to Section 2.06 and reborrow under this ------------ Section 2.01(b). ---------------
Warehouse Advances. The following sentence is added after the last paragraph of Section 2.1: "Furthermore, notwithstanding the foregoing, the Warehouse Promissory Note shall be increased to Twenty-Five Million Dollars ($25,000,000) from the date of this Second Amendment through the Maturity Date."
Warehouse Advances. The following sentence is added after the last paragraph of Section 2.1: "Notwithstanding the foregoing, the Warehouse Advance shall be increased to Twenty Million Dollars ($20,000,000) from and after April 18, 2002 through June 2, 2002, at which time the maximum principal amount of the Warehouse Note shall be decreased back to Fifteen Million Dollars ($15,000,000)."
Warehouse Advances. The lending described above, to be made through Warehouse Advances made by the Banks in accordance with the terms set forth herein, shall be evidenced by the Warehouse Notes jointly and severally made by United and Portland. The aggregate amount of the Warehouse Advances plus Excess Advances made under the Warehouse Notes, less repayments of principal, shall be the principal amount owing and unpaid on such Warehouse Notes. The Warehouse Notes shall be payable in the manner, and shall bear interest at the rates, specified therein and in this Credit Agreement.
Warehouse Advances. Each Borrowing under this SECTION 2.1(b) shall be in an aggregate amount of not less than $2,500.00 and shall consist of Warehouse Advances made on the Borrowing Date by the Bank according to its Commitment; provided, however, that: (i) the aggregate amount of Warehouse Advances at any time outstanding shall not exceed the Commitment; and (ii) the aggregate amount of Warehouse Advances outstanding shall not at any time exceed the Borrowing Base. Within the limits of the Bank's Commitment and subject to the other terms and conditions hereof, the Borrower may borrow, repay pursuant to SECTION 2.6 and reborrow under this SECTION 2.1(b).
Warehouse Advances. The last sentence of the last paragraph of Section 2.1, which was added by the Second Amendment to Loan Documents, is hereby deleted and the following is inserted as the last sentence of the last paragraph of Section 2.1: "Furthermore, notwithstanding the foregoing, the Lender shall not be required to advance in excess of the principal amount of Fifteen Million Dollars ($15,000,000) under this Warehouse Credit Facility during the period beginning on November 5, 2002 and ending on the Maturity Date, when no further advances will be available and all principal of and interest on the Warehouse Credit Facility shall be due."