Warehousing Advances. To obtain a Warehousing Advance under this Agreement, Borrower must deliver to Lender either a completed and signed request for a Warehousing Advance on the then current form approved by Lender, or an Electronic Advance Request, together with a list of the Mortgage Loans for which the request is being made and a signed RFConnects Pledge Agreement sent by facsimile (“Warehousing Advance Request”), not later than (i) in the case of Electronic Advance Requests, 2:30 p.m. on the Business Day, and (ii) in all other cases, 1 Business Day before the Business Day on which Borrower desires the Warehousing Advance. Subject to the delivery of a Warehousing Advance Request and the satisfaction of the conditions set forth in Sections 5.1 and 5.2, Borrower may obtain a Warehousing Advance under this Agreement upon compliance with the procedures set forth in this Section and in the applicable Exhibit B, including delivery to Lender of all required Collateral Documents. Lender’s current form of Warehousing Advance Request is set forth in Exhibit A. Upon not less than 3 Business Days’ prior Notice to Borrower, Lender may modify its form of Warehousing Advance Request, RFConnects Pledge Agreement and any other Exhibit or document referred to in this Section to conform to current legal requirements or Lender practices and, as so modified, those Exhibits and documents will become part of this Agreement.
Warehousing Advances. (a) To obtain a Warehousing Advance under this Agreement, Borrowers must deliver to Credit Agent either a completed and signed request for a Warehousing Advance on the then current form approved by Credit Agent or an Electronic Advance Request, ("Warehousing Advance Request"), not later than (i) in the case of Electronic Advance Requests, 2:30 p.m. on the Business Day, and (ii) in all other cases, 1 Business Day before the Business Day, on which Borrowers desire the Warehousing Advance. Subject to the delivery of a Warehousing Advance Request, Borrowers may obtain a Warehousing Advance under this Agreement upon compliance with the procedures set forth in this Section and in the applicable Exhibit B, including delivery to Credit Agent of all required Collateral Documents. Credit Agent's current form of Warehousing Advance Request is set forth in the applicable Exhibit A. Upon not less than 3 Business Days' prior Notice to Borrowers, Credit Agent may modify its form of Warehousing Advance Request, and any other Exhibit or document referred to in this Section to conform to either current legal requirements or Credit Agent practices and, as so modified, those Exhibits and documents will become part of this Agreement. Credit Agent will promptly notify Lenders of any changes made to any document under the preceding sentence.
(b) In making the determination whether Warehousing Advances shall be made against an Eligible Loan, Credit Agent will be permitted to rely, without independent investigation of the correctness thereof, on the most recent information supplied by Borrowers to Credit Agent with respect to the Weighted Average Committed Purchase Price. Credit Agent will disburse Warehousing Advances against Eligible Loans and other amounts to fund the origination or acquisition of such Eligible Loans in such manner as Credit Agent determines, in its sole discretion.
Warehousing Advances. To obtain a Warehousing Advance under this Agreement, Borrower must deliver to Lender a completed and signed request for a Warehousing Advance on the then current form approved by Lender (“Warehousing Advance Request”), not later than 1 Business Day before the Business Day on which Borrower desires the Warehousing Advance. Subject to the delivery of a Warehousing Advance Request and the satisfaction of the conditions set forth in Sections 5.1 and 5.2, Borrower may obtain a Warehousing Advance under this Agreement upon compliance with the procedures set forth in this Section and in the applicable Exhibit B, including delivery to Lender of all required Collateral Documents. Lender’s current form of Warehousing Advance Request is set forth in the applicable Exhibit A. Upon not less than 3 Business Days’ prior Notice to Borrower, Lender may modify its form of Warehousing Advance Request, and any other Exhibit or document referred to in this Section to conform to current legal requirements or Lender practices and, as so modified, those Exhibits and documents will become part of this Agreement.
Warehousing Advances. (1) AT LEAST 1 BUSINESS DAY PRIOR TO THE DATE OF THE WAREHOUSING ADVANCE: Credit Agent must receive the following:
(a) Original or facsimile (with original to be forwarded via overnight delivery) of the signed Warehousing Advance Request (Exhibit A).
(b) An Application for Insurance of Advance of Mortgage Proceeds (HUD Form 92403), signed by an authorized representative of HUD.
(2) ON THE DAY OF THE WAREHOUSING ADVANCE: Credit Agent must receive evidence of the insurance coverage in an amount at least equal to the aggregate amount of all Warehousing Advances related to such Mortgage Loan (including the requested Warehousing Advance), with a copy of the title insurance policy endorsement immediately following closing.
(3) ON THE FIRST BUSINESS DAY AFTER THE WAREHOUSING ADVANCE DATE: If a participation certificate has been issued in connection with a subsequent Warehousing Advance for an FHA Mortgage Loan, Credit Agent must receive (a) the original participation certificate evidencing one hundred percent (100%) of the undivided interests in the pool of Pledged Mortgages and (b) original signed stock/bond powers or equivalent assignments for the participation certificate issued from the Company to Credit Agent (or from the Investor to Credit Agent if the participation certificate was issued in the name of the Investor).
Warehousing Advances. 2.3.1 To obtain a Warehousing Advance under this Agreement, a Borrower must deliver to Agent, not later than 1 Business Day before the Business Day on which such Borrower desires the Warehousing Advance, a completed and signed request for a Warehousing Advance ("Warehousing Advance Request"), on the then current form approved by Agent.
2.3.2 Subject to the delivery of a Warehousing Advance Request, and the satisfaction of the conditions set forth in Sections 5.1 and 5.2, a Borrower may obtain a Warehousing Advance under this Agreement upon compliance with the procedures set forth in this Section and in the applicable Exhibit B, including delivery to Agent of all required Collateral Documents. Agent's current forms of Warehousing Advance Request are set forth in Exhibit C. Upon not less than 3 Business Days' prior Notice to the Borrowers, Agent may modify its form of Warehousing Advance Request and any other Exhibit referred to in this Section to conform to current legal requirements or Agent or any Lender practices and, as so modified, those Exhibits will be deemed a part of this Agreement.
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.
Warehousing Advances. (1) AT LEAST 1 BUSINESS DAY PRIOR TO THE DATE OF THE WAREHOUSING ADVANCE: Credit Agent must receive the following:
(a) Original or facsimile (with original to be forwarded via overnight delivery) of the signed Warehousing Advance Request (Exhibit A).
(b) An Application for Insurance of Advance of Mortgage Proceeds (HUD Form 92403), signed by an authorized representative of HUD.
(2) ON THE DAY OF THE WAREHOUSING ADVANCE: Credit Agent must receive evidence of the insurance coverage in an amount at least equal to the aggregate amount of all Warehousing Advances related to such Mortgage Loan (including the requested Warehousing Advance), with a copy of the title insurance policy endorsement immediately following closing.
(3) ON THE FIRST BUSINESS DAY AFTER THE WAREHOUSING ADVANCE DATE: If a participation certificate has been issued in connection with a subsequent Warehousing Advance for an FHA Mortgage Loan, Credit Agent must receive (a) the original participation certificate evidencing one hundred percent (100%) of the undivided interests in the pool of Pledged Mortgages and (b) original signed stock/bond powers or equivalent assignments for the participation certificate issued from the Company to Credit Agent (or from the Investor to Credit Agent if the participation certificate was issued in the name of the Investor).
V. AS SOON AS POSSIBLE AFTER THE WAREHOUSING ADVANCE DATE, AND NO LATER THAN ONE BUSINESS DAY PRIOR TO THE DATE THE INVESTOR OR THE APPROVED CUSTODIAN MUST RECEIVE THE PLEDGED MORTGAGE:
(1) Name and address of the Investor or the Approved Custodian to which the Collateral Documents are to be shipped, the desired shipping date and the preferred method of delivery (which must be a shipper utilized by Credit Agent), with the Company’s billing account information for such shipper.
(2) For delivery of a participation certificate, the name and address of the Investor to which the participation certificate is to be delivered.
(3) Name of the project securing the Pledged Loan.
(4) Date by which the Investor or the Approved Custodian must receive the Pledged Loan.
(5) Instructions for endorsement of the Mortgage Note. For an FHA Construction Mortgage Loan, Credit Agent will, if instructed, endorse and deliver the Mortgage Note following the initial Warehousing Advance for that Mortgage Loan.
(6) Completed but not signed Release of Security Interest (HUD Form 11711A), to be signed and delivered by Credit Agent. With respect to Warehousing Advances again...
Warehousing Advances. 7 3.2. Wet Settlement Advances........................................8 4.
Warehousing Advances. Borrower may obtain a Warehousing Advance under this Agreement by delivering to Lender a completed and signed request for a Warehousing Advance on Lender’s then current form (“Warehousing Advance Request”), not later than Four O’Clock (4:00) p.m. on the Business Day that is one (1) Business Day before the Business Day on which Borrower desires the Warehousing Advance. Warehousing Advance Requests received by Lender after Four O’Clock (4:00) p.m. on a Business Day will be deemed received on the following Business Day, provided, however, on a case-by-case basis at the request of Borrower, Lender may, in its sole discretion (and without thereby establishing any course of dealing), extend such Four O’Clock
Warehousing Advances. 3 2.4 INTEREST RATE AND PAYMENT TERMS..............................................3 2.5 LOAN FEES....................................................................7 2.6 ACCELERATION.................................................................7 3 SECURITY FOR THE FACILITY. 7
