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.

Related to Warehouse Clearing Account

  • Clearing Account has the meaning set forth in Section 2.7.1 hereof.

  • Clearing Account Agreement means that certain agreement relating to clearing account services by and among Mortgage Borrower, Lender and Clearing Account Bank, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, relating to the operation and maintenance of, and application of funds in, the Clearing Account.

  • Concentration Account has the meaning provided in Section 6.13(c).

  • Collection Account means the account designated as such, established and maintained pursuant to Section 5.1.

  • Depository Account includes any commercial, checking, savings, time, or thrift account, or an account that is evidenced by a certificate of deposit, thrift certificate, investment certificate, certificate of indebtedness, or other similar instrument maintained by a Financial Institution in the ordinary course of a banking or similar business. A Depository Account also includes an amount held by an insurance company pursuant to a guaranteed investment contract or similar agreement to pay or credit interest thereon.

  • Custodial Account The separate account or accounts created and maintained pursuant to Section 4.04.

  • Custodial Accounts Each Custodial Account (other than an Escrow Account) established and maintained by a Servicer pursuant to a Servicing Agreement with respect to the Mortgage Loans.

  • Collection Accounts As defined in Section 3.10(a).

  • Transaction Account means a cash account established and maintained by Repo Custodian for the Funds to effect repurchase transactions pursuant to the Master Agreement.

  • Concentration Accounts has the meaning ascribed to it in Annex C.

  • Deposit Account means a demand, time, savings, passbook or like account with a bank, savings and loan association, credit union or like organization, other than an account evidenced by a negotiable certificate of deposit.

  • Administration Account As defined in Section 7.02.

  • Control Account means a Securities Account or Commodities Account that is the subject of an effective Securities Account Control Agreement and that is maintained by any Loan Party with an Approved Securities Intermediary. “Control Account” includes all Financial Assets held in a Securities Account or a Commodities Account and all certificates and instruments, if any, representing or evidencing the Financial Assets contained therein.

  • Holding Account means an account:

  • Collection Account Agreement means an agreement substantially in the form of Exhibit VI among Originator, Seller, the Agent and a Collection Bank.

  • Designated Deposit Account is Borrower’s deposit account, account number , maintained with Bank.

  • Special Account means the account referred to in Section 2.02 (b) of this Agreement;

  • Note Account As defined in the Indenture.

  • New Account means each charge account established pursuant to an Account Agreement between FSB and any Person, which account is designated pursuant to Subsection 2.03(a) to be included as an Account and identified on an Account Schedule delivered pursuant to Sections 2.01 and 2.03.

  • Depository Accounts shall have the meaning set forth in Section 4.15(h) hereof.

  • L/C Cash Deposit Account means an interest bearing cash deposit account to be established and maintained by the Agent, over which the Agent shall have sole dominion and control, upon terms as may be satisfactory to the Agent.

  • Segregated Account means a client bank account as defined by and held in accordance with the Applicable Regulations.

  • Collateral Deposit Account shall have the meaning set forth in Section 7.1(a).

  • Billing Account is the checking account from which all Service fees will be automatically debited.

  • Collateral Accounts means any and all accounts established and maintained by the Pledgee in the name of any Pledgor to which Collateral may be credited.