Warehousing Collateral Value means, as of any date of determination, (a) with respect to any Eligible Loan, the lesser of (1) the amount of any Warehousing Advance made, or that could be made, against such Eligible Loan under Exhibit H or (2) an amount equal to the Advance Rate for the applicable type of Eligible Loan multiplied by the Fair Market Value of such Eligible Loan; (b) if Eligible Loans have been exchanged for Agency Securities, the lesser of (1) the amount of any Warehousing Advances outstanding against the Eligible Loans backing the Agency Securities or (2) an amount equal to the Advance Rates for the applicable types of Eligible Loans backing the Agency Securities multiplied by the Fair Market Value of the Agency Securities; and (c) with respect to cash, the amount of the cash.
Warehousing Collateral Value means, as of any date of determination, (a) with respect to any Eligible Loan or REO Property, the lesser of (1) the amount of any Warehousing Advance made, or that could be made, against such Eligible Loan or REO Property under Exhibit H or (2) an amount equal to the Advance Rate for the applicable type of Eligible Loan or REO Property multiplied by the Fair Market Value of such Eligible Loan or REO Property; (b) if Eligible Loans or REO Properties have been exchanged for Agency Securities, the lesser of (1) the amount of any Warehousing Advances outstanding against the Eligible Loans or REO Properties backing the Agency Securities or (2) an amount equal to the Advance Rates for the applicable types of Eligible Loans backing the Agency Securities multiplied by the Fair Market Value of the Agency Securities; and (c) with respect to cash, the amount of the cash.
Warehousing Collateral Value at the time of any determination as it ---------------------------- pertains to the following described types or kinds of assets which constitute Warehousing Collateral:
Examples of Warehousing Collateral Value in a sentence
Lender has no obligation to make Warehousing Advances in an aggregate amount outstanding at any time in excess of the lesser of (a) the Warehousing Commitment Amount, or (b) the Aggregate Warehousing Collateral Value.
RFC has no obligation to make Swinglines Advances if the aggregate amount of Swingline Advances and Warehousing Advances outstanding would exceed the lesser of (a) the Warehousing Credit Limit or (b) the Aggregate Warehousing Collateral Value.
If at any time the Warehousing Advances outstanding under this Agreement exceed the lesser of (i) the Warehousing Commitment Amount or (ii) the Aggregate Warehousing Collateral Value, Borrower must immediately pay to Lender without the necessity of prior demand or Notice from Lender, and Borrower authorizes Lender to cause the Funding Bank to charge Borrower's Operating Account for, the amount of such excess.
In the event at any time the outstanding principal balance of the Loan should exceed the lesser of (x) the Warehousing Commitment Amount or (y) the aggregate Warehousing Collateral Value of all Eligible Loans against which Warehousing Advances are then outstanding, the Borrowers shall repay such excess amount on demand to the Agent so that the outstanding principal balance of the Facility is in compliance with the terms and provisions hereof.
Lenders have no obligation to make or maintain Warehousing Advances if, after giving effect to each requested Warehousing Advance, the aggregate outstanding principal amount of all Warehousing Advances would exceed the Warehousing Commitment Amount, or if the outstanding amount of the Loan would exceed the Warehousing Collateral Value.
More Definitions of Warehousing Collateral Value
Warehousing Collateral Value on the date of any determination, ---------------------------- with respect to the Warehousing Collateral or any portion thereof, as determined by the Agent in accordance with the provisions of Exhibit E.
Warehousing Collateral Value means, as of any date of determination, (a) with respect to any Eligible Loan, the lesser of (1) the amount of any Warehousing Advance made, or that could be made, against such Eligible Loan under Exhibit H or (2) an amount equal to the Advance Rate for the applicable type of Eligible Loan multiplied by the Fair Market Value of such Eligible Loan; (b) if Eligible Loans have been exchanged for Agency Securities, the lesser of (1) the amount of any Warehousing Advances outstanding against the Eligible Loans backing the Agency Securities or (2) the Fair Market Value of the Agency Securities; and (c) with respect to cash, the amount of the cash.
Warehousing Collateral Value means, as of any date of determination, (a) with respect to any Eligible Loan, the lesser of (1) the amount of the Warehousing Advance permitted against such Eligible Loan under Exhibit E or (2) the Fair Market Value of such Eligible Loan; and (b) if Eligible Loans have been exchanged for Agency Securities, the lesser of (1) the amount of any Warehousing Advances outstanding against the Eligible Loans backing the Agency Securities or (2) the Fair Market Value of the Agency Securities.
Warehousing Collateral Value means, as of any date of determination, (a) with respect to any Eligible Loan, the lesser of (1) the amount of any Warehousing Advance made, or that could be made, against such Eligible Loan or Other Eligible Asset under Exhibit H or (2) an amount equal to the Advance Rate for the applicable type of Eligible Loan or Other Eligible Asset multiplied by the Fair Market Value of such Eligible Loan or Other Eligible Asset; (b) if Eligible Loans or Other Eligible Assets have been exchanged for Agency Securities, the lesser of (1) the amount of any Warehousing Advances outstanding against the Eligible Loans or Other Eligible Assets backing the Agency Securities or (2) an amount equal to the Advance Rates for the applicable types of Eligible Loans or Other Eligible Assets backing the Agency Securities multiplied by the Fair Market Value of the Agency Securities; and (c) with respect to cash, the amount of the cash.
Warehousing Collateral Value on any date of determination as it pertains to the following described types or kinds of assets which constitute Warehousing Collateral:
Warehousing Collateral Value means, as of any date of determination, (a) with respect to any Eligible Loan, the lesser of (1) the amount of any Warehousing Advance made, or that could be made, against such Eligible Loan under Exhibit H or (2) an amount equal to the Advance Rate for the applicable type of Eligible Loan multiplied by the Fair Market Value of such Eligible Loan; (b) if Eligible Loans have been exchanged for Agency Securities, the lesser of (1) the amount of any Warehousing Advances outstanding against the Eligible Loans backing the Agency Securities or (2) an amount equal to the Advance Rates for the applicable types of Eligible Loans backing the Agency Securities multiplied by the Fair Market Value of the Agency Securities; and (c) with respect to cash, the amount of the cash. "Warehousing Commitment" means the obligation of Lender to make Warehousing Advances to Borrower under Section 1.1. "Warehousing Commitment Amount" means $650,000,000. "Warehousing Commitment Fee" has the meaning set forth in Section 3.5. "Warehousing Fee" has the meaning set forth in Section 3.6. "Warehousing Maturity Date" has the meaning set forth in Section 1.2. "Warehousing Note" has the meaning set forth in Section 1.3. "Weighted Average Committed Purchase Price" means the weighted average of the Committed Purchase Prices of the unfilled Purchase Commitments (expressed as a percentage) for Mortgage Loans or Mortgage-backed Securities of the same type, interest rate and term. "Wet Settlement Advance" means a Warehousing Advance prior to the end of the Wet Settlement Period. "Wet Settlement Period" means the period of time from the date a Wet Settlement Advance is made against a Pledged Loan until the earlier of (a) the date the Collateral Documents for the Pledged Loan have been delivered to and examined by the Lender or (b) the date the Wet Settlement Advance made against the Pledged Loan is paid in full.
Warehousing Collateral Value on the date of any determination with respect to the Warehousing Collateral, as determined by the Collateral and Managing Agent in accordance with the provisions of Exhibit D.