Wet Mortgage Loans Sublimit definition

Wet Mortgage Loans Sublimit. The maximum aggregate principal amount of Purchased Mortgage Loans that may be Wet Mortgage Loans at any time, as set forth in the Transactions Terms Letter.
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Wet Mortgage Loans Sublimit. The maximum aggregate principal amount of Advances that may be secured by Wet Mortgage Loans at any time, as set forth in the Commitment Letter.
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Wet Mortgage Loans Sublimit. The maximum aggregate principal amount of Underlying Assets LEGAL02/40464938v16 that may be Wet Mortgage Loans at any time, as set forth in the Transactions Terms Letter. LEGAL02/40464938v16 EXHIBIT B FORM OF IRREVOCABLE CLOSING INSTRUCTIONS [DATE] (“Closing Agent”) Dear Re: Irrevocable Closing Instructions Closing Protection Letter Issued By, if applicable: ______________________________ Ladies and Gentlemen: This letter is being sent in accordance with that Amended and Restated Master Repurchase Agreement dated as of June 29, 2021 (the “Agreement”) among Bank of America, N.A. (“Buyer”), RCKT Mortgage SPE-A, LLC (“Seller”) and acknowledged, guaranteed and agreed to by Quicken Loans, LLC (“Guarantor” and together with the Seller, each a “Seller Party” and together, the “Seller Parties” ), the terms of which do not affect Closing Agent except as set forth herein. Pursuant to the Agreement, you have been identified as either: • the title insurer to close and provide title insurance on certain mortgage loans made by Guarantor; or • the closing agent to close and fund certain mortgage loans made by Guarantor and covered by the above referenced closing protection letter (the “Mortgage Loans”). From time to time, Buyer will wire to you, for the account of Guarantor, funds requested by Guarantor under the terms of the Agreement to be used by you for the purpose of funding such Mortgage Loan(s) and for no other purpose. Notwithstanding anything to the contrary contained herein, you are not to distribute any of such funds to Guarantor. You must immediately return the funds to Buyer at the following account if one of the following conditions occurs: • You do not close any Mortgage Loan within forty-eight (48) hours of the time you receive the applicable funds; or • You receive funds for a Mortgage Loan for which you have not been instructed by Guarantor to (a) obtain title insurance from the title insurance company specified in the above referenced closing protection letter or (b) underwrite the title insurance. Bank: Bank of America, N.A. ABA No.: [***] Account No.: [***] LEGAL02/40464938v16 Credit: Warehouse Lending – Payoff Account Reference: RCKT Mortgage SPE-A, LLC If the Mortgage Loan Documents (as described below) have not been delivered to Guarantor prior to the funding of the Transaction, within forty-eight (48) hours of closing any Mortgage Loan, unless otherwise instructed by Buyer, you must deliver to Guarantor, the following Mortgage Loan Documents:
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Examples of Wet Mortgage Loans Sublimit in a sentence

  • The aggregate principal balance of all outstanding Advances secured by Wet Mortgage Loans shall not, at any time, exceed the Wet Mortgage Loans Sublimit.

  • The aggregate Purchase Price for all outstanding Wet Mortgage Loans shall not, at any time, exceed the Wet Mortgage Loans Sublimit.


More Definitions of Wet Mortgage Loans Sublimit

Wet Mortgage Loans Sublimit means that portion of the Repurchase Facility available for the purchase of Wet Mortgage Loans, as more fully set forth in the table in Section 5.2(iii).
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Wet Mortgage Loans Sublimit. The maximum aggregate principal amount of Purchased Mortgage Loans that may be Wet Mortgage Loans at any time, as set forth in the Transactions Terms Letter. Exh. A-24 EXHIBIT B FORM OF IRREVOCABLE CLOSING INSTRUCTIONS Exh. B-1 EXHIBIT C Reserved. Exh. C-1 EXHIBIT D FORM INTEREST RATE EXPOSURE DERIVATIVES SUMMARY Exh. D-1 EXHIBIT E FORM OF OFFICER’S CERTIFICATE Exh. E-1 EXHIBIT F ASSIGNMENT OF CLOSING PROTECTION LETTER Exh. F-1 EXHIBIT G RESERVED Exh. G-0 XXXXXXX X XXXX XX XXXXX XX XXXXXXXX Xxx. H-1 EXHIBIT I ACKNOWLEDGEMENT OF PASSWORD CONFIDENTIALITY AGREEMENT Exh. I-1 EXHIBIT J WIRING INSTRUCTIONS Seller’s Wire Instructions: Account #: ******* Account Holder’s name: ABA #: ********* Bank name: Buyer’s Wire Instructions: Bank: ABA No.: ********* Account No.: ******** Reference: These wiring instructions may not be changed except by an authorized representative of Buyer or Seller, as applicable. Buyer shall be entitled to rely on these wiring instructions without further inquiry or verification. EXHIBIT K FORM OF SERVICER NOTICE AND ACKNOWLEDGEMENT Exh. K-1 EXHIBIT L REPRESENTATIONS AND WARRANTIES Exh. L-1 EXHIBIT M REQUIRED AGENCY DOCUMENTS Exh. M-1 EXHIBIT N FORM OF TRADE ASSIGNMENT Exh. N-1 EXHIBIT O FORM OF REQUEST FOR TEMPORARY INCREASE Exh. O-1 EXHIBIT P RESERVED Exh. P-1 EXHIBIT R AUTOFUND AUTHORIZATION REQUEST Exh. R-1 SCHEDULE 1 Filing Jurisdictions and Offices Sch. 1-1 SCHEDULE 2 States and Jurisdictions SCHEDULE 3 List of Seller’s Existing Debt
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Related to Wet Mortgage Loans Sublimit

  • L/C Sublimit has the meaning ascribed to it in Annex B.

  • Inventory Sublimit means the amount(s) set forth in Section 1(d) of Schedule A.

  • Replacement Revolving Loans shall have the meaning assigned to such term in Section 2.21(l).

  • Replacement Loans has the meaning specified in Section 10.01.

  • Available Facility Amount shall have the meaning specified in paragraph 2B(1).

  • Outstanding Loan Balance means the principal amount of your full-time Direct Loans outstanding at any time, including any Canada Student Grant amount(s) converted to a Direct Loan, together with all interest on those amounts.

  • Swingline Sublimit means an amount equal to the lesser of (a) $15,000,000 and (b) the Revolving Facility. The Swingline Sublimit is part of, and not in addition to, the Revolving Facility.

  • Aggregate Outstanding Loan Balance means on any day, the sum of the Outstanding Loan Balances of all Eligible Loans included as part of the Collateral on such date.

  • Letter of Credit Sublimit means an amount equal to the lesser of (a) the Aggregate Revolving Commitments and (b) $25,000,000. The Letter of Credit Sublimit is part of, and not in addition to, the Aggregate Revolving Commitments.

  • Replacement Revolving Facility Commitments shall have the meaning assigned to such term in Section 2.21(l).

  • Total Utilization of Revolving Loan Commitments means, as at any date of determination, the sum of (i) the aggregate principal amount of all outstanding Revolving Loans (other than Revolving Loans made for the purpose of repaying any Refunded Swing Line Loans or reimbursing the applicable Issuing Lender for any amount drawn under any Letter of Credit but not yet so applied) plus (ii) the aggregate principal amount of all outstanding Swing Line Loans plus (iii) the Letter of Credit Usage.

  • Facility Amount means (a) prior to the end of the Revolving Period, $250,000,000, unless this amount is permanently reduced pursuant to Section 2.5 or increased pursuant to Section 2.8, in which event it means such lower or higher amount and (b) from and after the end of the Revolving Period, the Advances outstanding.

  • Alternative Currency Sublimit means an amount equal to the lesser of the Aggregate Commitments and $50,000,000. The Alternative Currency Sublimit is part of, and not in addition to, the Aggregate Commitments.

  • Replacement Mortgage Loan A Mortgage Loan or Mortgage Loans in the aggregate substituted by the Seller for a Deleted Mortgage Loan, which must, on the date of such substitution, as confirmed in a Request for Release, (i) have a Stated Principal Balance, after deduction of the principal portion of the Scheduled Payment due in the month of substitution, not in excess of, and not less than 90% of, the Stated Principal Balance of the Deleted Mortgage Loan; (ii) if the Replacement Mortgage Loan is a fixed rate Mortgage Loan, have a fixed Mortgage Rate not less than or more than 1% per annum higher than the Mortgage Rate of the Deleted Mortgage Loan; (iii) have the same or higher credit quality characteristics than that of the Deleted Mortgage Loan; (iv) have a Loan-to-Value Ratio no higher than that of the Deleted Mortgage Loan; (v) have a remaining term to maturity no greater than (and not more than one year less than) that of the Deleted Mortgage Loan; (vi) not permit conversion of the Mortgage Rate from a fixed rate to a variable rate; (vii) have the same lien priority as the Deleted Mortgage Loan; (viii) constitute the same occupancy type as the Deleted Mortgage Loan or be owner occupied; (ix) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a Maximum Mortgage Rate not less than the Maximum Mortgage Rate on the Deleted Mortgage Loan, (x) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a Minimum Mortgage Rate not less than the Minimum Mortgage Rate of the Deleted Mortgage Loan, (xi) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a Gross Margin equal to or greater than the Gross Margin of the Deleted Mortgage Loan, (xii) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a next Adjustment Date not more than two months later than the next Adjustment Date on the Deleted Mortgage Loan, (xiii) comply with each representation and warranty set forth in Section 7 of the Mortgage Loan Purchase Agreement and (xiv) the Custodian has delivered a Final Certification noting no defects or exceptions.

  • Revolving Loan Availability means, at any time, the Revolving Loan Limit minus the Revolving Loan Outstandings.

  • Prepayment Penalty Amount With respect to any Remittance Date, all prepayment penalties, penalty or yield maintenance premiums or charges paid by the obligors under the Mortgage Notes due to Principal Prepayments collected by the Servicer during the immediately preceding Prepayment Period.

  • Aggregate Revolving Loan Commitment means the aggregate of the Revolving Loan Commitments of all the Revolving Lenders, as may be reduced or increased from time to time pursuant to the terms hereof. The initial Aggregate Revolving Loan Commitment is Two Hundred Fifty Million and 00/100 Dollars ($250,000,000.00).

  • Revolving Loan Limit means, at any time, the lesser of (a) the Revolving Loan Commitment and (b) the Borrowing Base.

  • Tranche B Term Loan Commitments means such commitments of all Lenders in the aggregate. The amount of each Lender’s Tranche B Term Loan Commitment, if any, is set forth on Appendix A-2 or in the applicable Assignment Agreement, subject to any adjustment or reduction pursuant to the terms and conditions hereof. The aggregate amount of the Tranche B Term Loan Commitments as of the Third Restatement Date is $600,000,000.

  • Maximum Revolving Advance Amount means $25,000,000.

  • Tranche B Term Loans means Loans made or deemed made by the Tranche B Term Lenders pursuant to Section 2.01(b) or pursuant to Section 1 of the First Amendment to 2009 Credit Agreement.

  • Tranche B Term Loan Exposure means, with respect to any Lender, as of any date of determination, the outstanding principal amount of the Tranche B Term Loans of such Lender.

  • Total Facility B Commitments means the aggregate of the Facility B Commitments, being €30,000,000 at the date of this Agreement.

  • LC Sublimit means $500,000,000.

  • Aggregate Loan Balance At any date of determination, the outstanding principal balance of the Mortgage Loans serviced hereunder.

  • Revolving Loan Outstandings means, at any time of calculation, (a) the then existing aggregate outstanding principal amount of Revolving Loans, and (b) when used with reference to any single Lender, the then existing outstanding principal amount of Revolving Loans advanced by such Lender.