Amendments to Credit Facility Agreement. The Credit Facility Agreement is hereby amended as follows:
(a) Section 1.2 of the Credit Facility Agreement is hereby deleted and replaced with the following:
Amendments to Credit Facility Agreement. The Credit Facility Agreement is hereby amended as follows:
(a) The Warehousing Note referenced in Section 1.3 and attached to the Credit Facility Agreement as Exhibit A, is hereby replaced with the Amended and Restated Warehousing Note attached to this Third Amendment as Exhibit A.
(b) The term “Warehousing Credit Limit” set forth in Section 12.1 of the Credit Facility Agreement is hereby deleted and replaced with the following:
Amendments to Credit Facility Agreement. 2.1 AMENDMENT TO SECTION 2.3
Amendments to Credit Facility Agreement. The Credit Facility Agreement is hereby amended as follows:
(a) From and after the date of this Sixth Amendment, Schedule I to the Credit Facility Agreement shall be deleted in its entirety and replaced with the new Schedule I attached hereto and incorporated herein by reference.
(b) The following defined term set forth in Section 13.1 of the Credit Facility Agreement is hereby deleted in its entirety and replaced with the following:
Amendments to Credit Facility Agreement. The Credit Facility Agreement is hereby amended as follows:
(a) The definition of Applicable Daily Floating LIBO Rate set forth in Section 12 of the Credit Facility Agreement is hereby amended and restated as follows:
Amendments to Credit Facility Agreement. 2.1 AMENDMENT TO SECTION 1.1 Sections 1.1(v) and (w) are hereby deleted in their entirety and replaced with the following new Sections 1.1(v) and (w):
Amendments to Credit Facility Agreement. The Credit Facility Agreement is hereby amended as follows:
(a) The following subparagraphs of Section 9.1 of the Credit Facility Agreement, titled “Special Representations and Warranties Concerning Warehousing Collateral” are hereby deleted and replaced with the following:
(e) Each Pledged Loan is directly or indirectly (in the case of a Xxxxxxx Mac Direct Purchase Mortgage Loan) secured by a Mortgage on real property and improvements located in one of the states of the United States or the District of Columbia.”
(f) Each Pledged Loan has been closed or will be closed and funded with the Warehousing Advance made against it or from Borrower’s unencumbered funds.”
(i) Except for FHA Construction Mortgage Loans or FHA Modified Mortgage Loans, each Mortgage Loan has been fully advanced in the face amount of its Mortgage Note.”
(k) Each First Mortgage Loan is secured directly or indirectly (in the case of a Xxxxxxx Mac Direct Purchase Mortgage Loan) by a First Mortgage on the real property and improvements described in or covered by that Mortgage.”
(p) The Mortgage Note for each Pledged Loan is (1) payable or endorsed to the order of Borrower (except for the Mortgage Note for an FHA Modified Mortgage Loan) (2) an “instrument” within the meaning of Article 9 of the Uniform Commercial Code of all applicable jurisdictions and (3) is denominated and payable in United States dollars.”
(b) Section 9.2(g) of the Credit Facility Agreement is hereby amended and restated as follows:
(g) Other than with respect to Xxxxxx Xxx DUS Mortgage Loans or FHA Modified Mortgage Loans, prior to the origination by Borrower of any Mortgage Loans for sale to a Federal Agency, Borrower shall have entered into an agreement among Administrative Agent, the Investor under the applicable Purchase Commitment, and Borrower, pursuant to which such Investor agrees to send all cash proceeds of Mortgage Loans sold by Borrower to such Investor to the applicable Cash Collateral Account. With respect to FHA Modified Mortgage Loans, prior to the funding of any Warehousing Advance to be used by Borrower for the repurchase of an existing Xxxxxx Mae Mortgage-backed Security, Borrower shall have entered into an agreement among Administrative Agent, the Investor under the applicable Purchase Commitment, and Borrower, pursuant to which such Investor agrees to send all cash proceeds of the new Xxxxxx Xxx Mortgage-backed Security sold by Borrower to such Investor to the applicable Cash Collateral Account.”
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Amendments to Credit Facility Agreement. The Credit Facility Agreement is hereby amended as follows:
(a) Section 1.2 of the Credit Facility Agreement is hereby deleted and replaced with the following: “The Warehousing Commitment expires on the earlier of (“Warehousing Maturity Date”): (a) June 21, 2017 (the “Stated Maturity Date”), on which date the Warehousing Commitment will expire of its own term and the Warehousing Advances together with all accrued and unpaid interest and costs and expenses will become due and payable without the necessity of Notice or action by Lenders; and (b) the date the Warehousing Commitment is terminated and the Warehousing Advances become due and payable under Section 10.2(a) or 10.2(b).”
(b) The Warehousing Note defined in Section 1.3 of the Credit Facility Agreement and payable to PNC is hereby replaced with the Amended and Restated Warehousing Notes attached to this Eighth Amendment as Exhibits A-1 and A-2 respectively.
(c) Section 12.3 of the Credit Facility Agreement is hereby amended and restated as follows:
Amendments to Credit Facility Agreement. The Credit Facility Agreement is hereby amended as follows:
(a) Section 1.2 of the Credit Facility Agreement is hereby deleted and replaced with the following: “The Warehousing Commitment expires on the earlier of (“Warehousing Maturity Date”): (a) September 11, 2017 (the “Stated Maturity Date”), on which date the Warehousing Commitment will expire of its own term and the Warehousing Advances together with all accrued and unpaid interest and costs and expenses will become due and payable without the necessity of Notice or action by Lenders; and (b) the date the Warehousing Commitment is terminated and the Warehousing Advances become due and payable under Section 10.2(a) or 10.2(b).”
Amendments to Credit Facility Agreement. The Credit Facility Agreement is hereby amended as follows:
(a) Section 7.16 of the Credit Facility is hereby amended by adding the following provision to the end thereof: “Notwithstanding the previous sentence to the contrary, as it relates solely to that certain portfolio of 78 seniors housing Mortgage Loans in the aggregate principal amount of $1,270,335,000.00 originated by Borrower and to be sold by Borrower to Xxxxxxx Mac (collectively, the “Holiday Portfolio Mortgage Loans”), if Xxxxxxx Mac has not purchased the Holiday Portfolio Mortgage Loans, and Borrower has not repaid the Warehousing Advance relating to the Holiday Portfolio Mortgage Loans on or before February 29, 2016, Borrower shall immediately cause the Administrative Agent to be named as an additional insured under the property insurance policy covering the property which is collateral for the Holiday Portfolio Mortgage Loans.”
(b) From and after the date of this Seventh Amendment, Schedule I to the Credit Facility Agreement shall be deleted in its entirety and replaced with the new Schedule I attached hereto and incorporated herein by reference.
(c) The following defined term set forth in Section 13.1 of the Credit Facility Agreement is hereby deleted in its entirety and replaced with the following:
