Mortgage Warehousing Facility definition

Mortgage Warehousing Facility means (1) a credit facility provided by any bank or other financial institution extended to any Mortgage Banking Subsidiary pursuant to which such lender makes loans to such Mortgage Banking Subsidiary, the proceeds of which loans are applied by such Mortgage Banking Subsidiary to fund commercial mortgage loans originated and owned by any Mortgage Banking Subsidiary subject to a commitment (subject to customary exceptions) to purchase such mortgage loans or mortgage-backed securities in respect thereof by (a) the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association or any other quasi-federal governmental agency or enterprise or government-sponsored entity or its seller servicer or (b) any other commercial conduit lender, in each case so long as (i) loans made by such lender to such Mortgage Banking Subsidiary thereunder are secured by a pledge of commercial and multi-family residential mortgage loans made by any Mortgage Banking Subsidiary with the proceeds of such loans, and such lender has a perfected first priority security interest therein, to secure loans made under such credit facility and (ii) in the case of loans to be sold to a commercial conduit lender, the related indebtedness of the Mortgage Banking Subsidiary does not exceed a term of 120 days or a loan to value of 80%, and (2) any other credit facility provided by any bank or other financial institution extended to any Mortgage Banking Subsidiary pursuant to which such lender makes loans to such Mortgage Banking Subsidiary, the proceeds of which loans are applied by such Mortgage Banking Subsidiary to fund commercial or multi-family residential mortgage loans originated by any Mortgage Banking Subsidiary, so long as such loans to any Mortgage Banking Subsidiary are repaid by such Mortgage Banking Subsidiary to such lender with the proceeds of the sale or issuance of Lending Program Securities.
Sample 1Sample 2Sample 3
Mortgage Warehousing Facility means, collectively, (i) the ----------------------------- mortgage warehousing facility established on or about March 3, 1995 by Mid-State with Enterprise Funding Corporation in an aggregate amount of up to $500,000,000 (subject to certain availability criteria set forth therein), pursuant to which Mid-State obtains limited recourse financing secured by Mortgage Accounts, and (ii) any other mortgage warehousing facility entered into by Mid-State having substantially the same terms as the facility described in clause (i) of this definition.
Sample 1
Mortgage Warehousing Facility means (1) a credit facility provided by any bank or other financial institution extended to any Mortgage Banking Subsidiary pursuant to which such lender makes loans to such Mortgage Banking Subsidiary, the proceeds of which loans are applied by such Mortgage Banking Subsidiary to fund commercial mortgage loans originated and owned by any Mortgage Banking Subsidiary subject to a
Sample 1

Examples of Mortgage Warehousing Facility in a sentence

  • All other procedures of the study will be performed by unblinded evaluators.

  • Sell Mortgage Accounts to Mid-State on terms other than those substantially similar to the terms of sale provided in connection with the Mortgage-Backed Securities and the Mortgage Warehousing Facility.

  • The ratio, as at any date of determination thereof, of (a) all Indebtedness of the Credit Parties and their Subsidiaries for borrowed money (including obligations under capital leases) as of such date minus the aggregate amount of Indebtedness of XxXxxxx Mortgage under the Mortgage Warehousing Facility as of such date to (b) Consolidated EBITDA for the period of four consecutive fiscal quarters ending on or most recently ended prior to such date.

  • Sell Mortgage --------------------------------------- Accounts to Mid-State on terms other than those substantially similar to the terms of sale provided in connection with the Mortgage-Backed Securities and the Mortgage Warehousing Facility.

  • Cause Mid-State to maintain a mortgage warehousing program in an aggregate amount of at least $375,000,000 (the availability of which may be subject to substantially the same criteria as those included in the documentation evidencing the Mortgage Warehousing Facility on the Closing Date) and otherwise on substantially the same terms as the terms of the Mortgage Warehousing Facility.


More Definitions of Mortgage Warehousing Facility

Mortgage Warehousing Facility. The credit facility established by Corestates Bank, N.A. in favor of XxXxxxx Mortgage to finance mortgages held for sale on residential property, as in effect on the date hereof. Net Income or Net Loss. Net income or loss, excluding extraordinary items, of the Guarantor and its Subsidiaries (on a consolidated basis) for the period in question, determined in accordance with GAAP. Net Outstanding Amount of Base Accounts. The net amount of Base Accounts outstanding after (a) eliminating from the aggregate amount of outstanding Base Accounts (i) such Base Accounts that are more than sixty (60) days past the projected closing date set forth in the purchase and sale agreement to which they relate, (ii) any amount of any Base Account owed to any other party including, without limitation, any broker, whether such broker is an employee of any of the Borrowers, an independent contractor associated with any of the Borrowers or a broker unaffiliated with the Borrowers or any of their Subsidiaries and (iii) a reserve, based upon historical data, for uncollectible Base Accounts and (b) deducting from the aggregate face amount of the remaining Base Accounts, to the extent not already deducted, offsets for amounts owing to any party to a purchase and sale agreement and all amounts due on any Base Account considered by the Bank to be difficult to collect or uncollectible for any reason, all as determined by the Bank in its sole and reasonable discretion, which determination shall be final and binding upon the Borrowers.
Sample 1
Mortgage Warehousing Facility means (1) a credit facility provided by any bank or other financial institution extended to any Mortgage Banking Subsidiary pursuant to which such lender makes loans to such Mortgage Banking Subsidiary, the proceeds of which loans are applied by such Mortgage Banking Subsidiary to fund commercial mortgage loans originated and owned by any Mortgage Banking Subsidiary subject to a commitment (subject to customary exceptions) to purchase such mortgage loans or mortgage-backed securities in respect thereof by (a) the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, commercial lenders approved to provide mortgage loans under the U.S. Small Business Administration’s 504 loan programs or any other governmental or quasi-federal governmental agency or enterprise or government-sponsored entity or (b) any other commercial conduit lender, in each case so long as (i) loans made by such lender to such Mortgage Banking Subsidiary thereunder are secured by a pledge of commercial and multi-family residential mortgage loans made by any Mortgage Banking Subsidiary with the proceeds of such loans, and such lender has a perfected first priority security interest therein, to secure loans made under such credit facility and (ii) in the case of loans to be sold to a commercial conduit lender, the related indebtedness of the Mortgage Banking Subsidiary does not exceed a term of 120 days or a loan to value of 80%, and (2) any other credit facility provided by any bank or other financial institution extended to any Mortgage Banking Subsidiary pursuant to which such lender makes loans to such Mortgage Banking Subsidiary, the proceeds of which loans are applied by such Mortgage Banking Subsidiary to fund commercial or multi-family residential mortgage loans originated by any Mortgage Banking Subsidiary, so long as such loans to any Mortgage Banking Subsidiary are repaid by such Mortgage Banking Subsidiary to such lender with the proceeds of the sale or issuance of Lending Program Securities.
Sample 1
Mortgage Warehousing Facility means that certain Mortgage Warehousing Credit and Security Agreement dated as of December 24, 2001 by and among Fleet National Bank, as Agent for a syndicate of Lenders, such Lenders, and PW Funding Inc., as amended and in effect.
Sample 1
Mortgage Warehousing Facility means that certain Mortgage Warehousing Credit and Security Agreement dated as of December 24, 2001 by and among Fleet, as agent for a syndicate of lenders, such lenders, and PW Funding Inc., as amended and in effect.
Sample 1
Mortgage Warehousing Facility means that certain revolving mortgage warehouse facility of even date herewith by and among PWF Funding Inc., Cambridge Healthcare Funding Inc, and Larson Financial Resources, Inc., the Agent, Fleet National Bank xx x lender, and such other Persons which may become party thereto, as the same may be modified, amended or restated from time to time.
Sample 1
Mortgage Warehousing Facility means that certain revolving mortgage warehouse facility of even date herewith by and among PWF Funding Inc., Cambridge Healthcare Funding Inc, and Xxxxxx Financial Resources, Inc., the Agent, Fleet National Bank as a lender, and such other Persons which may become party thereto, as the same may be modified, amended or restated from time to time.
Sample 1

Related to Mortgage Warehousing Facility

  • Facility means any real property (including all buildings, fixtures or other improvements located thereon) now, hereafter or heretofore owned, leased, operated or used by Borrower or any of its Subsidiaries or any of their respective predecessors or Affiliates.

  • LNG facility means a terminal which is used for the liquefaction of natural gas or the importation, offloading, and re-gasification of LNG, and includes ancillary services and temporary storage necessary for the re-gasification process and subsequent delivery to the transmission system, but does not include any part of LNG terminals used for storage;

  • Secure facility or "detention home" means a local, regional or state public or private locked

  • Refinancing Facility Agreement means a Refinancing Facility Agreement, in form and substance reasonably satisfactory to the Agent, among Holdings, the Borrower, each Subsidiary of the Borrower party to this Agreement, the Agent and one or more Refinancing Lenders, establishing Refinancing Commitments and effecting such other amendments hereto and to the other Loan Documents as are contemplated by Section 2.26.

  • Nursing facility means an institution as defined in Iowa Code chapter 135C. This definition does not include acute care settings.

  • Residential facility means a home or facility that is licensed by the department of developmental disabilities under section 5123.19 of the Revised Code and in which a child with a developmental disability resides.