Warehouse Clearing Account definition

Warehouse Clearing Account means that account at Bank on which the Closing Checks will be drawn to fund, in whole or in part, the closing and/or acquisition of Eligible Mortgage Loans. All financial terms used herein shall have the meaning ascribed thereto in accordance with generally accepted accounting principles.
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Examples of Warehouse Clearing Account in a sentence

  • Bank will provide a Warehouse Clearing Account upon which Borrower will draw funds either by check or by wire transfer in an amount equal to the Advance Amount of the Eligible Mortgage Loan to be closed or acquired in accordance with Bank’s then-current funding procedures, which procedures Bank may change from time to time at its sole discretion.

  • Bank will provide a Warehouse Clearing Account upon which Borrower will draw funds either by check or by wire transfer in an amount equal to the Advance Amount of the Eligible Mortgage Loan to be closed or acquired in accordance with Bank's then-current funding procedures, which procedures Bank may change from time to time at its sole discretion.

  • The notation of the Note Increase shall be made against payment by wire transfer of immediately available funds to the account of Norwest Bank Minnesota, National Association as Trustee for Arcadia Receivables Conduit Warehouse, Clearing Account #▇▇▇▇▇▇▇, Norwest Bank Minnesota, National Association, ABA # ▇▇▇▇▇▇▇▇▇, for further credit to Arcadia Automobile Receivables Warehouse Trust A-C # 13284501 in the amount of the Purchase Price.