Check Disbursement Account definition
Check Disbursement Account means a demand deposit account maintained at the Funding Bank in Borrower's name and under the control of Lender for clearing checks written by Borrower to fund Mortgage Loans funded by Warehousing Advances.
Check Disbursement Account shall have the meaning specified in the Check Disbursement Agreement.
Check Disbursement Account means a demand deposit account maintained at the Funding Bank in the name of the Company and under the control of the Lender for the clearing of checks written by the Company to fund Advances.
Examples of Check Disbursement Account in a sentence
Check Disbursement Account and Value Date The source of funds for the COMPANY’s use of this Facility shall be the Check Disbursement Account(s).
The COMPANY undertakes to maintain sufficient funds (free from any liens and encumbrances) in the Check Disbursement Account on the Value Date to fund all the checks requested to be issued and to pay for all Fees and such other amounts as may be due hereunder.
More Definitions of Check Disbursement Account
Check Disbursement Account means the Account maintained, opened, and designated by the COMPANY in the prescribed enrollment forms submitted to the BANK as the source of funds for its disbursement or payment transactions.
Check Disbursement Account means a demand deposit account maintained at the Funding Bank in Borrower's name and under the control of Lender for clearing checks written by Borrower to fund Mortgage Loans funded by Warehousing Advances. "Closing Date" has the meaning set forth in the Recitals to this Agreement. "Collateral" has the meaning set forth in Section 4.1. "Collateral Documents" means, with respect to each Mortgage Loan, (a) the Mortgage Note, the Mortgage and all other documents including, if applicable, any Security Agreement, executed in connection with or relating to the Mortgage Loan, (b) as applicable, the original lender's ALTA Policy of Title Insurance or its equivalent, documents evidencing the FHA Commitment to Insure, the VA Guaranty or private mortgage insurance, the appraisal, the Regulation Z statement, the environmental assessment, the engineering report, certificates of casualty or hazard insurance, credit information on the maker of the Mortgage Note, the HUD-1 or corresponding purchase advice, (c) any other document listed in Exhibit B and (d) any other document that is customarily desired for inspection or transfer incidental to the purchase of any Mortgage Note by an Investor or that is customarily executed by the seller of a Mortgage Note to an Investor. "Committed Purchase Price" means for an Eligible Loan (a) the dollar price as set forth in the Purchase Commitment or, if the price is not expressed in dollars, the product of the Mortgage Note Amount multiplied by the price (expressed as a percentage) as set forth in the Purchase Commitment for the Eligible Loan, or (b) if the Eligible Loan is to be used to back an Agency Security, an amount equal to the product of the Mortgage Note Amount multiplied by the price (expressed as a percentage) as set forth in the Purchase Commitment for the Agency Security. "Compliance Certificate" means a certificate executed on behalf of Borrower or Guarantor by its chief financial officer or its treasurer or by another officer approved by Lender, substantially in the form of Exhibit E-1 or Exhibit E-2. "Credit Score" means a mortgagor's overall consumer credit rating, represented by a single numeric credit score using the Fair, Isaac consumer credit ▇▇▇▇▇ng system, provided by a credit repository acceptable to Lender and the Investor that issued the Purchase Commitment covering the related Mortgage Loan (if a Purchase Commitment is required by Exhibit H). "Debt" means (a) all indebtedness or other obligations of a Person...