RESIDUAL FINANCING definition

RESIDUAL FINANCING shall have the meaning assigned to it in Section 4(c).
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RESIDUAL FINANCING means committed or uncommitted agreements between Borrower and a third party providing for the financing of certain assets ("Residual Assets") created by the process of converting Mortgage Loans into securities and which represent Borrower's right to receive subsequent cash flows from such securities subject to the senior rights of the ultimate owners of such securities.
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Examples of RESIDUAL FINANCING in a sentence

  • The ratio of Borrower's Total Liabilities to Borrower's Adjusted Tangible Net Worth shall not at any time be MORE THAN 5.0 TO 1.0. FOR PURPOSES OF THIS PARAGRAPH ONLY, (I) REPURCHASE AGREEMENTS SHALL NOT BE CONSIDERED INDEBTEDNESS UNLESS OUTSTANDING ON THE LAST DAY OF THE CALENDAR QUARTER IN WHICH SUCH RATIO IS DETERMINED AND (II) REPURCHASE AGREEMENTS RELATING TO RESIDUAL FINANCING AND LOANS FUNDED UNDER THE FNMA ASAP PLUS PROGRAM SHALL BE CONSIDERED INDEBTEDNESS.

  • The ratio of Borrower's Total Liabilities to Borrower's Adjusted Tangible Net Worth shall not at any time be more than 5.0 TO 1.0. FOR PURPOSES OF THIS PARAGRAPH ONLY, (I) REPURCHASE AGREEMENTS SHALL NOT BE CONSIDERED INDEBTEDNESS UNLESS OUTSTANDING ON THE LAST DAY OF THE CALENDAR QUARTER IN WHICH SUCH RATIO IS DETERMINED BUT (II) ANY FINANCING AGREEMENTS PROVIDED BY FNMA AND/OR ANY RESIDUAL FINANCING AGREEMENTS SHALL BE CONSIDERED INDEBTEDNESS.