Warehousing Commitment Clause Samples
A Warehousing Commitment clause establishes the obligation of one party, typically a lender or investor, to temporarily hold or finance assets until a specified event occurs, such as a securitization or sale. In practice, this means the party agrees to purchase or retain certain assets, like loans or securities, for a defined period or until they can be transferred to a third party or pooled for further transactions. This clause ensures continuity and liquidity in transactions by bridging the gap between asset origination and final placement, thereby reducing uncertainty and facilitating smoother deal execution.
Warehousing Commitment. 1-1 1.2. Expiration of Warehousing Commitment............................1-2 1.3. Swingline Facility..............................................1-2 1.4. Term Loan Commitment............................................1-2 1.5. Expiration of Term Loan Commitment..............................1-3 1.6. Notes...........................................................1-3 1.7. Non-Receipt of funds by Credit Agent............................1-3 1.8. Replacement Notes...............................................1-4 1.9. Joint and Several Liability.....................................1-4 1.10 Limitation on Warehousing Advances and Term Loan Advances Against Other Eligible Assets.................................1-4 2.
Warehousing Commitment. On the terms and subject to the conditions of this Agreement, Lenders agree, severally and not jointly, to make Warehousing Advances to Borrowers from the Closing Date to the Business Day immediately preceding the Warehousing Maturity Date, pro rata in accordance with their respective Percentage Shares, during which period Borrowers may borrow, repay and reborrow in accordance with the provisions of this Agreement. The total aggregate principal amount of all Warehousing Advances and Swingline Advances outstanding at any one time may not exceed the Warehousing Credit Limit. While a Default or Event of Default exists, Lenders may refuse to make any additional Warehousing Advances to Borrowers. Effective as of the Closing Date, all outstanding loans made under the Existing Agreement are deemed to be Warehousing Advances and Swingline Advances or Term Loan Advances, as applicable, made under this Agreement. All Warehousing Advances and Swingline Advances under this Agreement constitute a single indebtedness, and all of the Collateral is security for the Warehousing Note, the Swingline Note and for the performance of all of the Obligations.
Warehousing Commitment. As long as no Default or Event of Default exists, Lender will return any excess proceeds of the sale of Pledged Loans or Pledged Securities to Borrower, unless otherwise instructed in writing. SCHEDULE I TO EXHIBIT B-SF RESIDENTIAL FUNDING CORPORATION WAREHOUSE LENDING DIVISION SECURITY DELIVERY INSTRUCTIONS
Warehousing Commitment. Prior to the Maturity Date and subject to the terms and conditions of this Agreement, the Bank agrees to lend to the Borrower, secured by the Collateral, up to the Warehousing Commitment Amount in the aggregate outstanding at any time in the form of loans ("Advances"), provided, that the draft or wire transfer request with respect to the Loan or Loans to be funded by such Advance has been presented to the Bank for payment and the instruments and documents to which such Loan or Loans related have been delivered to the Bank in accordance with the provisions of Section 4.01 or 4.02 of the Pledge and Security Agreement, provided however,
(a) the aggregate principal amount of Advances at any time outstanding shall not exceed the Warehousing Commitment Amount; and
(b) the aggregate principal amount of Advances at any time outstanding shall not exceed the Borrowing Base, as determined by the Bank. The Bank shall not be obligated to make Advances if, after giving effect thereto, any of the foregoing limitations would be exceeded.
Warehousing Commitment. Upon the terms and subject to the ---------------------- conditions of this Agreement, during the period beginning on the Effective Date and ending on the Termination Date, each Lender agrees, severally but not jointly, to lend (and after repayment, to relend) to the Company, at such times and in such amounts as the Company shall request, up to an aggregate principal amount at any time outstanding equal to such Lender's Warehousing Commitment Amount, subject to the following limitations:
(i) the aggregate principal amount of Warehousing Loans and Swingline Loans at any time outstanding shall not exceed the sum of the Warehousing Commitment Amounts of all the Lenders; and
(ii) the aggregate principal amount of Warehousing Loans and Swingline Loans at any time outstanding shall not exceed the Warehousing Borrowing Base, as determined by the Agent from its records. No Lender shall be obligated to make a Warehousing Loan if, after giving effect to such Warehousing Loan, either of the limitations set forth in the preceding sentence would be exceeded. The failure of any one or more of the Lenders to make a Warehousing Loan in accordance with its Warehousing Commitment shall not relieve the other Lenders of their several obligations hereunder, but no Lender shall be liable with respect to the obligation of any other Lender hereunder or be obligated in any event to make Warehousing Loans which, together with its Pro Rata Share of outstanding Swingline Loans, would exceed its Warehousing Commitment Amount.
Warehousing Commitment. Within the Warehousing Credit Limit, the Borrowers may borrow, repay and reborrow. On the Closing Date, the Borrowers shall request, and the Lenders shall make, Warehousing Advances in an amount equal to the aggregate outstanding principal balance of the Existing Agreement Warehousing Advances, and such Warehousing Advances shall be applied to pay such Existing Agreement Warehousing Advances in full. All Warehousing Advances under this Agreement shall constitute a single indebtedness, and all of the Collateral shall be security for the Notes and for the performance of all the Obligations. Warehousing Advances shall be made to any Borrower, as shall be requested by the Borrowers, but each Warehousing Advance shall be deemed made to or for the benefit of all of the Borrowers, and the Borrowers, jointly and severally, shall be obligated to repay all Warehousing Advances made hereunder. With respect to its obligation to repay Warehousing Advances made to the other Borrowers, each Borrower agrees to the terms set forth in Exhibit N attached hereto and made a part hereof. ---------