Warehouse Advance definition

Warehouse Advance means the cash amount advanced under the Warehouse Line by the Bank to or for the account of the Company under the terms of SECTION 2.1 of this Credit Agreement.
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Warehouse Advance means an advance of Warehouse Loan proceeds by the Lender to Borrower hereunder.
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Warehouse Advance means the agreement of Lender to make Advances on the Warehouse Loan pursuant to the terms and conditions of this Agreement.
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Examples of Warehouse Advance in a sentence

  • Borrower shall have executed and delivered to Lender a properly completed and duly executed request for Warehouse Advance in such form as Lender may require from time to time (an "Advance Request").

  • The Company shall not use any funds provided by the Banks under this Credit Agreement, or by any Warehouse Advance, Swing Advance or Excess Advance for any purpose other than funding or purchasing Loans.

  • The Bank shall record on its internal records each Warehouse Advance made by it to the Company and each payment in respect thereof.

  • In the event that any such guarantee or insurance should lapse or otherwise be invalidated, the Company shall, within fifteen (15) calendar days of such lapse or invalidation, cause the Loan affected by such lapse or invalidation to be removed from Collateral, with either (i) substitution of such other property constituting Collateral hereunder of at least equal value, or (ii) payment of the Warehouse Advance made by the Bank with respect to such Loan.

  • Each Advance Request shall constitute a representation and warranty by Borrower that (A) each of the conditions precedent to the requested Warehouse Advance set forth in this SECTION 2.2(d) have been satisfied, (B) all the Eligible Mortgage Loans included in such Advance Request have closed and been funded or will be closed and funded simultaneously with the making of the requested Warehouse Advance and (C) Borrower is in possession of the originals of all items listed in EXHIBIT C hereto.

  • In the event any Bank gives notice to the Agent that such Bank does not intend to fund its Pro Rata Share of any Warehouse Advance to be made to the Company or in the event any Bank otherwise fails to fund its Pro Rata Share of any Advance to be made to the Company, the Agent shall telephonically notify the Company of the occurrence of any such event.

  • The representations and warranties contained in ARTICLE 6 of this Credit Agreement and in the Security Agreement shall be true in all material respects on the date of such Warehouse Advance with the same force and effect as though made on and as of that date.

  • The Company shall not use any funds provided by the Bank under this Credit Agreement, nor under any Warehouse Advance, for any purpose other than funding or purchasing Loans.

  • The Company shall deliver to the Bank, not later than 2:00 p.m. Prevailing Time on the Business Day on which the Company desires to obtain a Warehouse Advance an original (or facsimile copy) executed Request for Advance (which shall be irrevocable upon Bank's transfer of funds related to such Warehouse Advance) specifying the amount of the Warehouse Advance which it desires to borrow.

  • As of the date of the making of such Warehouse Advance, no Event of Default shall have occurred and be then existing.


More Definitions of Warehouse Advance

Warehouse Advance means an Advance by the Bank to the Borrower pursuant to SECTION 2.1(B).
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Warehouse Advance means an Advance by the Bank to the Borrower ----------------- pursuant to Section 2.01(b). ---------------
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Warehouse Advance means an advance by a Lender to Borrower pursuant to SECTION 2.1(B) or 2.1(D).
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Warehouse Advance means an advance by a Lender to Borrower pursuant to Section 2.1(b) or 2.1(d).
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Warehouse Advance means an Advance under the Commitment pursuant to Article 2 of this Agreement against an Eligible Mortgage Loan or an Eligible Delinquent Loan, an Eligible Past Due Loan, or an Eligible Construction Mortgage Loan.
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Related to Warehouse Advance

  • PMI Advance As defined in the related Servicing Agreement, if applicable.

  • Servicer Advance or "Servicing Advance" as defined in the applicable Purchase and Servicing Agreement.

  • Property Advance means an advance made in respect of property protection expenses or expenses incurred to protect, preserve and enforce the security for the Mortgage Loan or to pay taxes and assessments or insurance premiums with respect to the Mortgaged Property.

  • Servicing Advance shall have the meaning given thereto in the Lead Securitization Servicing Agreement.

  • Nonrecoverable Advance Any portion of an Advance previously made or proposed to be made by the Master Servicer that, in the good faith judgment of the Master Servicer, will not be ultimately recoverable by the Master Servicer from the related Mortgagor, related Liquidation Proceeds or otherwise.

  • Property Protection Advance shall have the meaning assigned to the term “Servicing Advance” in the Servicing Agreement or such other analogous term used in the Servicing Agreement.

  • Loan Advance The meaning specified in Section 2.2(a).

  • Delinquency Advance As defined in Section 8.09(a) hereof.

  • Revolving Advance has the meaning given in Section 2.1.

  • Participation Advance shall have the meaning set forth in Section 2.12(d).

  • Expense Advance means a payment to Indemnitee pursuant to Section 3 of Expenses in advance of the settlement of or final judgement in any action, suit, proceeding or alternative dispute resolution mechanism, hearing, inquiry or investigation which constitutes a Claim.

  • Equipment Advance is defined in Section 2.1.1.

  • Final Advance means an Advance made pursuant to Section 2.02(d).

  • Term Advance has the meaning specified in Section 2.01(a).

  • Subservicer Advance Any delinquent installment of principal and interest on a Mortgage Loan which is advanced by the related Subservicer (net of its Subservicing Fee) pursuant to the Subservicing Agreement.

  • Administrative Advance shall have the meaning given thereto in the Lead Securitization Servicing Agreement.

  • Future Advance means an Advance made after the Initial Closing Date.

  • P&I Advance means an advance made by a party to any Securitization Servicing Agreement in respect of a delinquent monthly debt service payment on the Note(s) securitized pursuant to such Securitization Servicing Agreement.

  • Term Loan Advance and “Term Loan Advances” are each defined in Section 2.1.1(a).

  • Nonrecoverable Advances Means, with respect to any Mortgage Loan, (a) any Delinquency Advance or Servicing Advance previously made and not reimbursed pursuant to Section 5.03 of the Sale and Servicing Agreement, or (b) a Delinquency Advance proposed to be made in respect of a Mortgage Loan or REO Property either of which, in the good faith business judgment of the Servicer, as evidenced by an Officer’s Certificate delivered to the Indenture Trustee no later than the Business Day following such determination, would not ultimately be recoverable pursuant to Section 5.03 of the Sale and Servicing Agreement.

  • Provider Advance means a Downgrade Advance or a Non-Extension Advance.

  • L/C Advance means, with respect to each Lender, such Lender’s funding of its participation in any L/C Borrowing in accordance with its Applicable Percentage.

  • Nonrecoverable Property Protection Advance shall have the meaning assigned to the term in the Servicing Agreement or such other analogous term used in the Servicing Agreement.

  • Emergency Advance Any Servicing Advance, whether or not it is a Servicing Advance that, pursuant hereto, the Special Servicer is required to make (at its sole discretion in accordance with the Servicing Standard) or to request the Master Servicer to make, that must be made within three (3) Business Days of the Special Servicer obtaining actual knowledge that it must be made in order to avoid any material penalty, any material harm to a Mortgaged Property securing a Serviced Mortgage Loan or Serviced Loan Combination or any other material adverse consequence to the Trust Fund.

  • Swingline Advance means an advance made by the Swingline Lender, if any, to the Borrower pursuant to Section 2.

  • Tranche A Advance means an Advance made by a Bank under Tranche A.