Draw Advances definition

Draw Advances means, with respect to any Loan that is a home equity line of credit, all advances required to fund draw requests made following the Closing Date by the Mortgagor under such home equity line of credit, in each case in accordance with the terms of the applicable Loan Documents.
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Examples of Draw Advances in a sentence

  • In addition, the Servicer shall be entitled to monthly reimbursement pursuant to Section 2.05 hereof for HELOC Draw Advances with respect to HELOC Mortgage Loans.

  • To the extent Servicer is not reimbursed pursuant to Section 2.05(v), Owner shall pay the Servicer on the Deficit Payment Date the Cost of Funds (if any) incurred by the Servicer in connection with any HELOC Draw Advances accrued in the prior month for such Remittance Date.

  • On each Remittance Date, Owner shall reimburse Servicer for HELOC Draw Advances.

  • The Servicer may also retain funds constituting Collections in an amount equal to Intra-Month Draw Advances and Premium Advances funded by the Servicer to the extent the Servicer has not otherwise been reimbursed therefor as contemplated in this Indenture or the Servicing Agreement, and the Servicer shall not be required to deposit such withheld funds in the Collection Account.

  • The Master Servicer will then use such amounts to purchase, or reimburse Countrywide for HELOC Draw Advances in respect of, Additional Balance Advance Amounts and Excluded Amounts.

  • Thereafter and until the consummation of a Qualified MLP IPO, the Debt Service Reserve Account shall be funded with the proceeds, to the extent available, of the Delayed Draw Advances, Working Capital Advances, DSR Letters of Credit or Cash on hand up to the Debt Service Reserve Requirement, and maintained as set forth in the Depositary Agreement.

  • The borrowing of the Delayed Draw Advances shall be deemed to constitute a representation and warranty by Borrower on the date of such borrowing as to the matters specified in Subsections (e), (g) and (h) above.

  • In addition, upon such charge off, the Owner shall reimburse the Servicer for any outstanding and unreimbursed HELOC Draw Advances, Servicing Advances, and any other outstanding, unreimbursed fees and costs of the Servicer with respect to such Delinquent Mortgage Loan.

  • Thereafter, and prior to the date on which Commercial Operations are achieved, the Borrower shall deposit into the Construction Disbursement Account all proceeds of the Delayed Draw Advances (except to the extent such proceeds are used to fund the Debt Service Reserve Account pursuant to Section 3.1(a)) and all proceeds of the Working Capital Advances permitted to be deposited therein in accordance with Section 5.09(c)(iii) of the Credit Agreement.

  • Conditions Precedent to Delayed Draw Advances on the Delayed Draw Funding Date 69 AFFIRMATIVE COVENANTS OF BORROWER Section 5.01.