Warehouse Lines means, collectively, (i) each warehouse credit facility provided to any Subsidiary of the Parent on the Restatement Effective Date by one or more lenders that are not affiliated with the Parent, the material terms and provisions of which have been disclosed to the Administrative Agent in writing prior to the Restatement Effective Date (each, a “Restatement/Closing Date Warehouse Line”) and (ii) each warehouse credit facility provided to any Subsidiary of the Parent after the Restatement Effective Date by one or more lenders that are not affiliated with the Parent, the material terms and provisions of which (including, without limitation, advance rates and borrowing base eligibility criteria) are substantially similar to those set forth in one or more of the Restatement/Closing Date Warehouse Lines.
Warehouse Lines means any Debt of Borrower, any Guarantor or any Foreign Subsidiary created for the purpose of acquiring or originating loans, leases, securities and, if approved by Administrative Agent in its sole and absolute discretion, other asset types provided that (a) such loans, leases, securities or other assets are intended to be sold, repaid or otherwise liquidated in order to make payments on such Debt, (b) such Debt is related to the lines of business of Borrower, Guarantors and the Foreign Subsidiaries permitted by Section 7.2 hereof, (c) any such Debt shall be fully collateralized at its inception, and (d) there shall exist at the inception of such Debt a strategy for selling or otherwise liquidating specific collateral securing such Debt in a commercially reasonable manner within the time period typically required in the industry (and not in a liquidation or distress situation) and by Borrower and its Subsidiaries for such specific collateral, but in no event more than twelve (12) months following its inclusion as collateral for the applicable Debt.
Examples of Warehouse Lines in a sentence
See Warehouse Lines of Credit: Limited for B & C Lenders?, Inside B & C Lending, Feb.
Borrower shall not permit the ratio of (a) Total Consolidated Debt less the outstanding balance of all Warehouse Lines to (b) Consolidated Net Worth to be greater than 3.0 to 1.0.
The increase in interest expense as compared to the prior year's period is due primarily to increased average borrowings under the Warehouse Lines to finance purchases of Contracts.
As of December 31, 2019, there was $1,250,000 outstanding under the revolving line-of-credit.Debt Covenants for Mortgage Warehouse Lines of CreditThe Company, through its subsidiary SecurityNational Mortgage, has a $100,000,000 line of credit with Wells Fargo Bank N.A. The agreement charges interest at the 1-Month LIBOR rate plus 2.1% and matures on June 16, 2020.
As of the date of the Original Merger Agreement, (i) KMS has not received any notice from any creditor thereunder that a default or event of default exists; (ii) no waiver, amendments or modifications to the Warehouse Lines since November 30, 2012 have been validly executed and are now existing other than waivers, amendments or modifications entered into in the ordinary course consistent with past practice; and (iii) KMS is able to borrow funds pursuant to the terms set forth in the Warehouse Lines.
More Definitions of Warehouse Lines
Warehouse Lines means the credit lines issued by financial institutions for the purpose of financing Mortgage Loans held for sale to Investors.
Warehouse Lines means indebtedness of the Seller used in the ordinary course of business of the Included Business to fund lending activities, including those Assumed Credit Agreements identified under the heading “Warehouse Lines” on Schedule 1.1 — “Assumed Credit Agreements”.
Warehouse Lines. Individually and collectively (i) that certain Master Repurchase Agreement, dated March 30, 2006, among Column Financial Inc., 111 Debt Acquisition LLC, 111 Debt Acquisition Mezz LLC and Newkirk and (ii) that cexxxxx Xaster Repurchase Agreement to be entered into between Bear Stearns International Lixxxxx xnd 111 Debt Acquisition-Two LLC.
Warehouse Lines means indebtedness of the Seller used in the ordinary course of business of the Included Business to fund lending activities, including those Assumed Credit Agreements identified under the heading "Warehouse Lines" on Schedule 1.1—"Assumed Credit Agreements".
Warehouse Lines means MFG’s lines of credit with Georgia Banking Company and Ameris Bank which are primary used to fund the mortgage loans that MFG makes to its customers in the ordinary course of business. In the event Seller and/or any affiliated entity of Seller is a guarantor on any such warehouse lines, Purchaser shall instruct the applicable lenders to terminate all such applicable guarantee agreements of Seller and/or such affiliates. The Purchaser shall cause MFG to remit to the Seller any return of deposits that collateralized the warehouse lines. MFG shall have no duty or responsibility to take any action to obtain such deposits; provided, however, that if any such deposits have not been returned by the Closing Date, Seller, in his position as President of MFG Post-Closing, may continue his efforts to obtain any and all deposits which he deems are refundable, provided it is at no cost to MFG, does not unduly interfere with his performance of employment services for MFG does not involve filing or threatening litigation without the prior written consent of the MFG board of directors or does not adversely impact MFG.
Warehouse Lines means, (i) with respect to Purchaser, Indebtedness used in the Ordinary Course to fund lending activities and (ii) with respect to any Acquired Company, Indebtedness set forth on Section 1.1(d) of the Company Disclosure Letter.
Warehouse Lines means Indebtedness of any Borrower (other than AMRESCO, it being understood and agreed that AMRESCO shall not have, or have any liability for, any Warehouse Lines), any Guarantor, any Excluded Subsidiary or any Foreign Subsidiary created for the purpose of acquiring or originating loans, leases, securities and, if approved by Administrative Agent in its sole and absolute discretion, other asset types; provided that (a) such loans, leases, securities or other assets are intended to be sold, repaid or otherwise liquidated in order to make payments on such Indebtedness, (b) such Indebtedness is related to the lines of business of Borrowers, Guarantors and the Foreign Subsidiaries permitted by Section 7.4, (c) any such Indebtedness shall be fully collateralized when incurred by assets not included in the Borrowing Base, (d) such Indebtedness shall be non-recourse to AMRESCO, and shall be recourse only to the Subsidiary that received proceeds from such Indebtedness and cross-collateralized only with Indebtedness that has the same borrower and lender, and (e) there shall exist at the time such Indebtedness is incurred a strategy for selling or otherwise liquidating specific collateral securing such Indebtedness in a commercially reasonable manner within the time period typically required in the industry (and not in a liquidation or distress situation) and by Borrowers and their Subsidiaries for such specific collateral, but in no event more than twelve (12) months following its inclusion as collateral for the applicable Indebtedness.