RESIDUAL FINANCING definition

RESIDUAL FINANCING shall have the meaning assigned to it in Section 4(c).
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RESIDUAL FINANCING means committed or uncommitted agreements between Borrower and a third party providing for the financing of certain assets ("Residual Assets") created by the process of converting Mortgage Loans into securities and which represent Borrower's right to receive subsequent cash flows from such securities subject to the senior rights of the ultimate owners of such securities.
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Examples of RESIDUAL FINANCING in a sentence

  • The ratio of Borrower's Total Liabilities to Borrower's Adjusted Tangible Net Worth shall not at any time be MORE THAN 5.0 TO 1.0. FOR PURPOSES OF THIS PARAGRAPH ONLY, (I) REPURCHASE AGREEMENTS SHALL NOT BE CONSIDERED INDEBTEDNESS UNLESS OUTSTANDING ON THE LAST DAY OF THE CALENDAR QUARTER IN WHICH SUCH RATIO IS DETERMINED AND (II) REPURCHASE AGREEMENTS RELATING TO RESIDUAL FINANCING AND LOANS FUNDED UNDER THE FNMA ASAP PLUS PROGRAM SHALL BE CONSIDERED INDEBTEDNESS.

  • The ratio of Borrower's Total Liabilities to Borrower's Adjusted Tangible Net Worth shall not at any time be more than 5.0 TO 1.0. FOR PURPOSES OF THIS PARAGRAPH ONLY, (I) REPURCHASE AGREEMENTS SHALL NOT BE CONSIDERED INDEBTEDNESS UNLESS OUTSTANDING ON THE LAST DAY OF THE CALENDAR QUARTER IN WHICH SUCH RATIO IS DETERMINED BUT (II) ANY FINANCING AGREEMENTS PROVIDED BY FNMA AND/OR ANY RESIDUAL FINANCING AGREEMENTS SHALL BE CONSIDERED INDEBTEDNESS.

Related to RESIDUAL FINANCING

  • Mezzanine Investments means debt Securities (including convertible debt Securities (other than the “in-the-money” equity component thereof)) and Preferred Stock in each case (a) issued by public or private issuers, (b) issued without registration under the Securities Act, (c) not issued pursuant to Rule 144A under the Securities Act (or any successor provision thereunder), (d) that are not Cash Equivalents and (e) contractually subordinated in right of payment to other debt of the same issuer.

  • Residual Funding Facility means any funding arrangement with a financial institution or institutions or other lenders or purchasers under which advances are made to the Company or any Subsidiary based upon residual, subordinated or retained interests in Receivables Entities or any of their respective securities, debt instruments or other Indebtedness.

  • Securitization Financing means any transaction or series of transactions that may be entered into by the Borrower or any of its Subsidiaries pursuant to which the Borrower or any of its Subsidiaries may sell, convey or otherwise transfer to (a) a Securitization Subsidiary (in the case of a transfer by the Borrower or any of its Subsidiaries) or (b) any other Person (in the case of a transfer by a Securitization Subsidiary), or may grant a security interest in, any Securitization Assets of the Borrower or any of its Subsidiaries, and any assets related thereto, including all collateral securing such Securitization Assets, all contracts and all guarantees or other obligations in respect of such Securitization Assets, proceeds of such Securitization Assets and other assets that are customarily transferred or in respect of which security interests are customarily granted in connection with asset securitization transactions involving Securitization Assets.

  • Additional Financing has the meaning set forth in Section 16.3(a).

  • Permitted Securitization Financing means one or more transactions pursuant to which (i) Securitization Assets or interests therein are sold or transferred to or financed by one or more Special Purpose Securitization Subsidiaries, and (ii) such Special Purpose Securitization Subsidiaries finance (or refinance) their acquisition of such Securitization Assets or interests therein, or the financing thereof, by selling or borrowing against Securitization Assets (including conduit and warehouse financings) and any Hedging Agreements entered into in connection with such Securitization Assets; provided, that recourse to the Borrower or any Subsidiary (other than the Special Purpose Securitization Subsidiaries) in connection with such transactions shall be limited to the extent customary (as determined by the Borrower in good faith) for similar transactions in the applicable jurisdictions (including, to the extent applicable, in a manner consistent with the delivery of a “true sale”/“absolute transfer” opinion with respect to any transfer by the Borrower or any Subsidiary (other than a Special Purpose Securitization Subsidiary).