Permitted Warehouse Financing definition
Permitted Warehouse Financing means any warehouse, purchase, repurchase, participation or other similar financing transaction (including any new or existing early buyout line) whereby the warehousing party extends a facility to the Borrower or any Subsidiary to finance the funding or acquisition of mortgage loans, on an interim basis, pending the repurchase of such mortgage loans by the Borrower or such Subsidiary or the subsequent sale and delivery of such mortgage loans, or interests therein, to a third party investor or through a mortgage backed security, which facility is secured by such mortgage loans, or interest therein, or through purchase of such mortgage loans, or interests therein, from the Borrower or such Subsidiary by such warehousing party, but only for such time as such mortgage loan remains financed under such Permitted Warehouse Financing, and which financing is made on prevailing market terms, including with respect to advance rates, financial covenants, and interest rates.
Permitted Warehouse Financing means any loan purchase, loan financing, warehouse, or other similar agreement, entered into from time to time by a Permitted Warehouse SPV and which shall not include any financial obligation or Indebtedness of any Borrower or any other Subsidiary that is not the Permitted Warehouse SPV obligated thereunder other than Permitted Repurchases permitted by clause (j) of the definition of “Permitted Investments” or such Indebtedness permitted by clause (f) of the definition of “Permitted Indebtedness”.
Permitted Warehouse Financing means any loan purchase, loan financing, warehouse, or other similar agreement, entered into from time to time by a Permitted Warehouse SPV and which shall not include any financial obligation or Indebtedness of any Borrower or any other Subsidiary that is not the Permitted Warehouse SPV obligated thereunder other than Permitted Repurchases permitted by clause (j) of the definition of “Permitted Investments” or such Indebtedness permitted by clause (f) of the definition of “Permitted Indebtedness”. “Permitted Warehouse SPV” means any securitization trust or special purpose vehicle which is a Subsidiary of Borrower, hereafter formed solely for the purpose of purchasing Borrower Purchased Customer Loans in connection with a Permitted Warehouse Financing; provided that under no circumstance shall Borrower be deemed to be a Permitted Warehouse SPV under this definition. “Person” is any individual, sole proprietorship, partnership, limited liability company, joint venture, company, trust, unincorporated organization, association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or government agency. “Platform” is defined in Section 5.6(c). “Prebate Program” [***]. “Prefunded Advances” means, as of any date of determination and for each Originated Customer Loan, each payment made by Borrower to an Installer in connection with such Originated Customer Loan in an amount not to exceed the applicable Adjusted Funding Payment Amount, following the satisfaction of the “Substantial Completion”, “Final Completion”, “PTO Completion” milestones or funding requirements under such Installer’s Installer Agreement immediately prior to the origination of the Originated Customer Loan. “Prime Rate” is the rate of interest per annum from time to time published in the money rates section of The Wall Street Journal or any successor publication thereto as the “prime rate” then in effect; provided that if such rate of interest, as set forth from time to time in the money rates section of The Wall Street Journal, becomes unavailable for any reason as determined by Bank, the “Prime Rate” shall mean the rate of interest per annum announced by Bank as its prime rate in effect at its principal office in the State of California (such Bank announced Prime Rate not being intended to be the lowest rate of interest charged by Bank in connection with extensions of credit to debtors); provided that, in the event such rate of interest is less than [*...
More Definitions of Permitted Warehouse Financing
Permitted Warehouse Financing means any warehouse, purchase, repurchase, participation or other similar financing transaction (including any new or existing early buyout line) whereby the warehousing party extends a facility to the Borrower or any Subsidiary to finance the funding or acquisition of mortgage loans, on an interim basis, pending the repurchase of such mortgage loans by the Borrower or such Subsidiary or the subsequent sale and delivery of such mortgage loans, or interests therein, to a third party investor or through a
Permitted Warehouse Financing means a transaction consisting of one or more sales and assignments by the Parent at any time prior to the Contribution Date or by the Borrower or any other Subsidiary to a Special Purpose Entity of promissory notes, mortgage loans, chattel paper, leases or other similar financial assets originated by the Parent, the Borrower or any other Subsidiary, and the subsequent incurrence by such Special Purpose Entity of Debt secured by a Lien encumbering only the assets of such Special Purpose Entity (but in the case of a Special Purpose Entity that is a limited partnership or limited liability company, not the assets of any other Subsidiary); provided that (a) except as otherwise permitted under the immediately following clause (b)(ii), all of the Debt, liabilities and other obligations of such Special Purpose Entity incurred in connection with such transaction are nonrecourse for the payment or performance thereof to the Parent, the Borrower or any other Subsidiary (excluding such Special Purpose Entity) other than reasonable and customary obligations of the Parent, the Borrower or any other Subsidiary with respect to (i) the servicing of any assets which are the subject of such transaction, (ii) administrative and ministerial matters relating to such Special Purpose Entity and (iii) maintenance of the corporate separateness of such Special Purpose Entity from that of the Parent and its other Subsidiaries; (b) all of the provisions of such Debt regarding (i) cross defaults to Debt of any other Person and (ii) the liability of, or recourse to, the Parent, the Borrower or any other Subsidiary (excluding such Special Purpose Entity) other than liabilities and obligations referred to in subclauses (i) through (iii) of the immediately preceding clause (a), have been approved of by the Arrangers in writing in their sole discretion and (c) all of the other terms and conditions of such Debt have been approved of by the Arrangers in writing in their reasonable judgment.