Warehouse Equity definition

Warehouse Equity means, as of any date of determination, with respect to the whole loans sold to the Warehouse Trust under the Warehouse Facility and meeting the criteria of eligibility thereunder (with such modifications to such criteria following the date hereof as are approved by the Agent in its Permitted Discretion) (the “Eligible Warehouse Loans”), the difference between (a)(i) the Net Cash Proceeds received by the Borrowers from the sale of securities rated “BB” or higher by Standard & Poor’s and Moody’s as a percentage of the unpaid principal balance of loans comparable to the Eligible Warehouse Loans securitized within the past 90 days or (ii) if the Warehouse Trust is actively pursuing a sale or securitization of the Eligible Warehouse Loans, the Net Cash Proceeds which the Agent in its Permitted Discretion (in consultation with the Borrowers and based on subordination and overcollateralization levels received by from Standard & Poors and Moody’s with respect to a proposed securitization of all or a portion of the Eligible Warehouse Loans and other relevant market data and considerations) determines would be realized by the Warehouse Trust in connection with a securitization of such loans as a percentage of the unpaid principal balance of such loans (assuming all resulting securities which would be rated “BB” or higher are sold in arms’-length transactions to investors), in each case multiplied by the unpaid balance of the Eligible Warehouse Loans as of the date of determination and (b) the outstanding principal balance of advances made by the Warehouse Lender under the Warehouse Facility in respect of the Eligible Warehouse Loans as of the date of such determination.
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Examples of Warehouse Equity in a sentence

  • Amounts held on deposit in the Warehouse Equity Account shall be invested in Permitted Investments as directed by Taberna and may only be applied to satisfy Taberna’s obligations under Section 5 hereof.

  • The Warehouse Equity Account shall be held in the name of Bear ▇▇▇▇▇▇▇ and shall be a “deposit account” as defined in Section 9-102(a)(29) of the Uniform Commercial Code as in effect in the State of New York, and the “bank’s jurisdiction” (within the meaning of Section 9-304(b) of such Code) with respect to the Warehouse Equity Account shall be specified as New York.

  • From the date hereof until the Termination Date, Taberna shall deposit any additional amount required to ensure that the balance on deposit in the Warehouse Equity Account is not less than the Warehouse Equity Amount; provided that Taberna shall have the right to withdraw from the Warehouse Equity Account any amount exceeding the Warehouse Equity Amount at any time.

  • Notwithstanding anything to the contrary, the total liability of Taberna under this Agreement, will be limited to the Warehouse Equity Amount (the “Liability Cap”) unless the Closing Date does not occur as a result of a Taberna Event under Section 5(B) above; provided that, the total liability of Taberna will be limited to the Liability Cap with respect to the occurrence of a Taberna Event solely related to a material adverse change in the business, financial conditions and operations of Taberna.

Related to Warehouse Equity

  • Warehouse receipt means a document of title issued by a person engaged in the business of storing goods for hire.

  • Warehouse Facility means any bank credit agreement, repurchase agreement or other credit facility entered into to finance the making of Mortgage loans originated by the Company or any of its Subsidiaries.

  • Warehouser means any person, other than a wholesale distributor, engaged in the business of

  • Special purpose equipment means equipment which is used only for research, medical, scientific, or other technical activities. Examples of special purpose equipment include microscopes, x-ray machines, surgical instruments, and spectrometers.

  • Warehouse Agreement means an agreement to provide credit to a person to enable the person to have funds to make residential mortgage loans and hold such loans pending sale to other persons.