Wet Warehousing Sublimit definition

Wet Warehousing Sublimit means the maximum amount of principal that may be borrowed and outstanding on any day on or before the Termination Date to finance Wet Loans, being:

Wet Warehousing Sublimit means fifty-five percent (55%) of the Aggregate Commitment Amounts during the last four (4) Business Days in any calendar month and the first four (4) Business Days in the next succeeding calendar month or thirty percent (30%) of the Aggregate Commitment Amounts at any other time.

Wet Warehousing Sublimit is defined in Section 2.3(c).

Examples of Wet Warehousing Sublimit in a sentence

• The principal amount of each Wet Warehousing Loan shall be due and payable without grace, notice or demand on the fifth Business Day next following the Business Day on which it is funded or at such earlier date as is required to prevent the balance of outstanding Wet Warehousing Loans from at any time exceeding the Wet Warehousing Sublimit.

• If at any time (a) the Loan Balance exceeds the Collateral Value of the Borrowing Base, or (b) the Jumbo Sublimit, the Super Jumbo Sublimit, the Second Lien Loan Sublimit, the Non-Conforming Sublimit, the Construction/Perm Sublimit, the Investment Sublimit or the Wet Warehousing Sublimit is exceeded, Borrower shall repay the amount of such excess within two (2) Business Day after written notice thereof is given by Lender to Borrower.

More Definitions of Wet Warehousing Sublimit

Wet Warehousing Sublimit means (i) fifty-five percent (55%) of the Aggregate Commitment Amounts for the last four Business Days of each calendar month and the first four Business Days in the next succeeding calendar month (increasing to sixty-five percent (65%) for the last two Business Days in any calendar quarter and the first Business Day of the next succeeding calendar quarter) and (ii) thirty percent (30%) of the Aggregate Commitment Amounts at any other time. The definitions of “Forty/Thirty Year Mortgage Loans” and “Forty/Thirty Year Sublimit” are deleted from the Credit Agreement. The following new definitions are added to Section 1.01 of the Credit Agreement in appropriate alphabetical order:

Wet Warehousing Sublimit means the maximum amount of principal that may be borrowed and outstanding on any day before the Termination Date to finance Bridged Loans, being: - thirty-five percent (35%) of the Subprime Single-family Sublimit during either (i) the last five (5) Business Days or (ii) the first five (5) Business Days of such calendar month. - twenty percent (20%) of the Subprime Single-family Sublimit on every other day.

Wet Warehousing Sublimit means Ten Million Dollars ($10,000,000), except that during the first five (5) days and last five (5) days of each calendar month, "Wet Warehousing Sublimit" means Twenty-Five Million Dollars ($25,000,000).

Wet Warehousing Sublimit means thirty percent (30%) of the Commitment, except that during the first five (5) days and last five (5) days of each calendar month, "Wet Warehousing Sublimit' means fifty percent (50%) of the Commitment." ARTICLE III.

Wet Warehousing Sublimit contained in Section 1.1 of the Credit Agreement are amended in their entireties to read as follows:

Wet Warehousing Sublimit means the maximum amount of principal that may be borrowed and outstanding on any day before the Termination Date to finance Bridged Loans, being:

Wet Warehousing Sublimit means thirty-five percent (35%) of the Commitment."