Common use of Borrowing Procedure for Requesting an Advance Clause in Contracts

Borrowing Procedure for Requesting an Advance. The Borrower may request a borrowing to be secured by any Mortgage Loans hereunder, on any Business Day during the period from and including the Effective Date to the Termination Date, by delivering to the Lender, with a copy to the Custodian, a Mortgage Loan Data Transmission and an irrevocable Notice of Borrowing and Pledge substantially in the form of Exhibit D hereto (a “Notice of Borrowing and Pledge”), appropriately completed, which must be received no later than 5:00 p.m. (eastern time) the Business Day prior to the requested Funding Date. Such Notice of Borrowing and Pledge shall clearly indicate those Mortgage Loans that are intended to be Wet Loans and Dry Loans and include a Mortgage Loan List in respect of the Eligible Mortgage Loans that the Borrower proposes to pledge to the Lender and to be included in the Borrowing Base in connection with such borrowing; provided, however, that Borrower will notify Lender no later than 5:00 p.m. (eastern time) two Business Days prior to Borrower providing Lender with a Notice of Borrowing and Pledge, of Borrower’s intent to request an Uncommitted Advance, to which Lender, at its sole option, must notify Borrower of Lender’s election not to make such Uncommitted Advance no later than 12:00 p.m. (eastern time) the following Business Day. The Borrower agrees to immediately report to the Custodian and the Lender by facsimile transmission within one Business Day of discovery that any Wet Loans that were previously pledged to the Borrower do not close for any reason including, but not limited to, a Rescission.

Borrowing Procedure for Requesting an Advance. The Borrower may request a borrowing to be secured by any Mortgage Loans hereunder, on any Business Day during the period from and including the Effective Date to the Termination Date, by delivering to the Lender, with a copy to the Custodian, a Mortgage Loan Data Transmission and an irrevocable Notice of Borrowing and Pledge substantially in the form of Exhibit D hereto (a “Notice of Borrowing and Pledge”), appropriately completed, which must be received no later than 5:00 p.m. p.m (eastern time) the Business Day prior to the requested Funding Date. Such Notice of Borrowing and Pledge shall clearly indicate those Mortgage Loans that are intended to be Wet Loans and Dry Loans and include a Mortgage Loan List in respect of the Eligible Mortgage Loans that the Borrower proposes to pledge to the Lender and to be included in the Borrowing Base in connection with such borrowing; provided, however, that Borrower will notify Lender no later than 5:00 p.m. (eastern time) two Business Days prior to Borrower providing Lender with a Notice of Borrowing and Pledge, of Borrower’s intent to request an Uncommitted Advance, to which Lender, at its sole option, must notify Borrower of Lender’s election not to make such Uncommitted Advance no later than 12:00 p.m. (eastern time) the following Business Day. The Borrower agrees to immediately report to the Custodian and the Lender by facsimile transmission within one Business Day of discovery that any Wet Loans that were previously pledged to the Borrower do not close for any reason including, but not limited to, a Rescission.

Borrowing Procedure for Requesting an Advance. The Borrower may request a borrowing to be secured by any Mortgage Loans hereunder, on any Business Day during the period from and including the Effective Date to and including the Termination Date, by (i) providing oral notice of the approximate amount of the principal balance of the Mortgage Loans to be used as Collateral to the Lender and the Custodian no later than 5:00 p.m. (eastern time) on the day prior to the requested Funding Date and (ii) delivering to the Lender, with a copy to the Custodian, a Mortgage Loan Data Transmission File and an irrevocable Notice of Borrowing and Pledge substantially in the form of Exhibit D hereto (a “"Notice of Borrowing and Pledge”"), appropriately completed, which must be received no later than 5:00 p.m. 12:00 p.m (eastern time) the Business Day prior to on the requested Funding Date. Such Notice of Borrowing and Pledge shall clearly indicate those Mortgage Loans that are intended to be Wet Loans and Dry Loans and shall include a Mortgage Loan List in respect of the Eligible Mortgage Loans that the Borrower proposes to pledge to the Lender and to be included in the Borrowing Base in connection with such borrowing; provided, however, that Borrower will notify Lender no later than 5:00 p.m. (eastern time) two Business Days prior to Borrower providing Lender with a Notice of Borrowing and Pledge, of Borrower’s intent to request an Uncommitted Advance, to which Lender, at its sole option, must notify Borrower of Lender’s election not to make such Uncommitted Advance no later than 12:00 p.m. (eastern time) the following Business Day. The treasury office of the Borrower agrees to immediately report to the Custodian and the Lender by facsimile transmission within one Business Day of discovery that any Wet Loans that were previously pledged to the Borrower do not close for any reason including, but not limited to, a Rescissionrecission.

Borrowing Procedure for Requesting an Advance. The A Borrower may request a borrowing to be secured by any Mortgage Loans hereunder, on any Business Day during the period from and including the Effective Date to the Termination Date, by delivering to the Lender, with a copy to the Custodian, a Mortgage Loan Data Transmission and an irrevocable Notice of Borrowing and Pledge substantially in the form of Exhibit D hereto (a “"Notice of Borrowing and Pledge”"), appropriately completed, and a Mortgage Loan Data Transmission which Notice of Borrowing and Pledge and Mortgage Loan Data Transmission must be received no later than 5:00 p.m. p.m (eastern time) the two Business Day Days prior to the requested Funding Date. Such Notice of Borrowing and Pledge shall clearly indicate those Mortgage Loans that are intended to be Wet Loans and Dry Loans and include a Mortgage Loan List in respect of the Eligible Mortgage Loans that the related Borrower proposes to pledge to the Lender and to be included in the Borrowing Base in connection with such borrowing; provided, however, that Borrower will notify Lender no later than 5:00 p.m. (eastern time) two Business Days prior to Borrower providing Lender with a Notice of Borrowing and Pledge, of Borrower’s intent to request an Uncommitted Advance, to which Lender, at its sole option, must notify Borrower of Lender’s election not to make such Uncommitted Advance no later than 12:00 p.m. (eastern time) the following Business Day. The Borrower agrees Borrowers agree to immediately report to the Custodian and the Lender by facsimile transmission within one Business Day of discovery that any Wet Loans that were previously pledged to the Borrower Lender do not close for any reason including, but not limited to, a RescissionRecission.

Borrowing Procedure for Requesting an Advance. The Borrower may request a borrowing to be secured by any Mortgage Loans hereunder, on any Business Day during the period from and including the Effective Date to the Termination Date, by delivering to the Lender, with a copy to the Custodian, a Mortgage Loan Data Transmission and an irrevocable Notice of Borrowing and Pledge substantially in the form of Exhibit D hereto (a “"Notice of Borrowing and Pledge”"), appropriately completed, which must be received no later than 5:00 p.m. p.m (eastern time) the two Business Day Days prior to the requested Funding Date. Such Notice of Borrowing and Pledge shall include a Mortgage Loan List in respect of the Eligible Mortgage Loans that the Borrower proposes to pledge to the Lender and to be included in the Borrowing Base in connection with such borrowing. Such Notice of Borrowing and Pledge shall clearly indicate those Mortgage Loans that are intended to be Wet Loans and Dry Loans and include a Mortgage Loan List in respect of the Eligible Mortgage Loans that the Borrower proposes to pledge to the Lender and to be included in the Borrowing Base in connection with such borrowing; provided, however, that Borrower will notify Lender no later than 5:00 p.m. (eastern time) two Business Days prior to Borrower providing Lender with a Notice of Borrowing and Pledge, of Borrower’s intent to request an Uncommitted Advance, to which Lender, at its sole option, must notify Borrower of Lender’s election not to make such Uncommitted Advance no later than 12:00 p.m. (eastern time) the following Business Day. The Borrower agrees to immediately report to the Custodian and the Lender by facsimile transmission within one Business Day of discovery that any Wet Loans that were previously pledged to the Borrower do not close for any reason including, but not limited to, a RescissionRecission.

Borrowing Procedure for Requesting an Advance. The (i) Unless otherwise agreed, a Borrower may shall request a borrowing to an Advance which shall be secured by Pledged Equity, the value of which Pledged Equity shall be based on the aggregate Collateral Value of the Contributed Properties owned by or contributed to such Borrower, and any Mortgage Loans hereunderadditional Properties proposed to be owned by or contributed to such Borrower and included in the Borrowing Base, on any Business Day during the period from and including the Effective Date to but excluding the Termination Maturity Date, by delivering (i) to Lender and Diligence Agent, a Property Schedule, no later than 11:00 a.m. (New York City time) one (1) Business Day prior to the Lenderproposed Funding Date (or such lesser period of time as Lender may agree), with (ii) to Lender and Calculation Agent, a copy Property Schedule and draft Notice of Borrowing and Pledge, no later than 11:00 a.m. (New York City time) one (1) Business Day prior to the Custodianproposed Funding Date (or such lesser period of time as Lender may agree) (iii) with respect to newly Contributed Properties, a Mortgage Loan Data Transmission and to Diligence Agent, the Property Files for each Eligible Property not previously included in the Borrowing Base by the times set forth herein. For the avoidance of doubt, any Borrower may request an irrevocable Advance concurrently with any notices requesting confirmation of eligibility pursuant to Section 2.03(a). (ii) Any Notice of Borrowing and Pledge substantially to be submitted by Borrowers pursuant to clause (i) above shall first be submitted to the Agents in draft form, for review in accordance with this clause (ii). The Calculation Agent shall deliver a Preliminary Report, as it deems appropriate, to the form Borrowers and the Lender, within one (1) Business Day after receipt of Exhibit D hereto (a “any such draft Notice of Borrowing and Pledge”. Promptly after receipt of a Preliminary Report, the Borrower shall resubmit its draft Notice of Borrowing and Pledge with any corrections required by such Preliminary Report (including an updated Property Schedule reflecting the removal of any Property which Diligence Agent has determined to not be an Eligible Property), appropriately completedand the foregoing process shall repeat until a Final Report is received. (iii) In the event of a conflict between the terms set forth in the request for Advance delivered by the related Borrower to Lender and Agents pursuant to Section 2.03(c)(i) and the terms set forth in the related Final Report delivered by Agents to such Borrower and Lender, the terms of the related Final Report shall control. In the event that Lender includes any terms in a Final Report which must be received relate to any Advance that Lender would not otherwise have been obligated to fund, then, in the event of any conflict between the terms set forth in this Loan Agreement and the terms set forth in any Final Report, the terms of such Final Report shall control to the extent that the Final Report notes such conflict and specifies that the Final Report shall control. (iv) Following receipt by the related Borrower of the related Final Report pursuant to Section 2.03(c)(ii) above, such Borrower shall deliver to Lender an executed Notice of Borrowing and Pledge no later than 5:00 3:00 p.m. (eastern New York City time) the one (1) Business Day (or such other period of time as the parties may mutually agree) prior to the requested proposed Funding Date. Such Date which Notice of Borrowing and Pledge shall clearly indicate those Mortgage Loans specify the proposed Funding Date and requested Advance amount (which shall, in all events, be at least equal to $500,000 on each day that are intended an Advance is made). Each Notice of Borrowing and Pledge shall include (i) with respect to be Wet Loans and Dry Loans and include newly Contributed Properties, a Mortgage Loan List Property Schedule in respect of the Eligible Mortgage Loans that the Properties proposed to be contributed to such Borrower or which such Borrower proposes to pledge to the Lender and to be included first include in the Borrowing Base on the related Funding Date, and (ii) with respect to any Funding Date in connection respect of one or more Borrowers, the name of the related Borrower that owns or will own each Property, and any other information reasonably requested by Lender with respect to such Borrower and the related Borrower Pledged Equity. (v) Upon a Borrower’s request for an Advance pursuant to Section 2.03(c)(i) above, Lender shall, assuming all conditions precedent set forth in this Section 2.03 and in Sections 5.01 and 5.02 have been met, and provided no Default which has not been cured to Lender’s satisfaction or waived shall have occurred, on the requested Funding Date make an Advance in an amount which would not cause the aggregate amount of Advances then outstanding to exceed the lesser of (i) the Maximum Credit and (ii) the Borrowing Base in effect as of such date. Subject to the foregoing, such borrowing will be made available to a Borrower by Lender transferring, via wire transfer to the Paying Agent, in immediately available funds the aggregate amount of such borrowing; provided, however, that and the Paying Agent shall promptly transfer the amounts so received to the Borrowers via wire transfer pursuant to wire transfer instructions provided by Borrower will notify Lender no later than 5:00 p.m. (eastern time) two Business Days on or prior to Borrower providing such Funding Date or, if an Advance is not made on such date because any condition precedent herein specified shall not have been met, Lender with a Notice of Borrowing and Pledge, of Borrower’s intent to request an Uncommitted Advance, to which Lender, at its sole option, must notify Borrower of Lender’s election not to make such Uncommitted Advance no later than 12:00 p.m. (eastern time) the following Business Day. The Borrower agrees to immediately report shall provide written instructions to the Custodian and Paying Agent to return the Lender by facsimile transmission within one Business Day of discovery that any Wet Loans that were previously pledged amounts so received to the Borrower do not close for any reason including, but not limited to, a RescissionLender.

Borrowing Procedure for Requesting an Advance. The Borrower may request a borrowing to be secured by any Mortgage Loans hereunder, on any Business Day during the period from and including the Effective Date to the Termination Date, by delivering to the Lender, with a copy to the Custodian, a Mortgage Loan Data Transmission and an irrevocable Notice of Borrowing and Pledge substantially in the form of Exhibit D hereto (a “"Notice of Borrowing and Pledge”"), appropriately completed, and a Mortgage Loan Data Transmission which Notice of Borrowing and Pledge and Mortgage Loan Data Transmission must be received no later than 5:00 p.m. p.m (eastern time) the two Business Day Days prior to the requested Funding Date. Such Notice of Borrowing and Pledge shall clearly indicate those Mortgage Loans that are intended to be Wet Loans and Dry Loans and include a Mortgage Loan List in respect of the Eligible Mortgage Loans that the Borrower proposes to pledge to the Lender and to be included in the Borrowing Base in connection with such borrowing; provided, however, that Borrower will notify Lender no later than 5:00 p.m. (eastern time) two Business Days prior to Borrower providing Lender with a Notice of Borrowing and Pledge, of Borrower’s intent to request an Uncommitted Advance, to which Lender, at its sole option, must notify Borrower of Lender’s election not to make such Uncommitted Advance no later than 12:00 p.m. (eastern time) the following Business Day. The Borrower agrees to immediately report to the Custodian and the Lender by facsimile transmission within one Business Day of discovery that any Wet Loans that were previously pledged to the Borrower do not close for any reason including, but not limited to, a RescissionRecission.

Borrowing Procedure for Requesting an Advance. The Borrower may request a borrowing to be secured by any Mortgage Loans hereunder, on any Business Day during the period from and including the Effective Date to the Termination Date, by delivering to the Lender, with a copy to the Custodian, a Mortgage Loan Data Transmission and an irrevocable Notice of Borrowing and Pledge delivered by the Borrower in hard copy or electronic format substantially in the form of Exhibit D hereto hereto, or other form acceptable to the Lender in its sole discretion (a “"Notice of Borrowing and Pledge”"), appropriately completed, which a Mortgage Loan Data Transmission and Wire Instruction Data; provided that, in connection with any Notice of Borrowing and Pledge, the Borrower shall be deemed to have made the certifications and representations and warranties set forth in Exhibit D hereto regardless of the form of such Notice of Borrowing and Pledge. The Notice of Borrowing and Pledge, Mortgage Loan Data Transmission and Wire Instruction Data must be received no later than 5:00 p.m. 6:00 p.m (eastern time) the one Business Day prior to the requested Funding Date for any Advance to be made by 9:00 a.m. (eastern time) on the Funding Date and no later than 3:00 p.m. (eastern time) on the requested Funding Date with respect to an Advance to be made by 4:00 p.m. (eastern time) on the Funding Date. Such Notice of Borrowing and Pledge shall clearly indicate those Mortgage Loans that are intended to be Wet Loans and Dry Loans and include a Mortgage Loan List in respect of the Eligible Mortgage Loans that the Borrower proposes to pledge to the Lender and to be included in the Borrowing Base in connection with such borrowing; provided, however, however to the extent that Borrower will notify Lender no later than 5:00 p.m. (eastern time) two Business Days prior to Borrower providing Lender with a Notice of Borrowing and Pledge, of Borrower’s intent to request any such requested borrowing shall constitute an Uncommitted Advance, to which Lenderthe Lender may, at its sole option, must notify Borrower of Lender’s election elect not to make such Uncommitted Advance no later than 12:00 p.m. (eastern time) Advance. Upon the following Business DayLender's request, the Borrower will deliver to the Lender a Takeout Commitment confirmation and assignment acknowledged by the Takeout Investor for each Mortgage Loan to be pledged to the Lender hereunder. The Borrower agrees to immediately report to the Custodian and the Lender by facsimile transmission within one Business Day of discovery that any Wet Loans that were previously pledged to the Borrower do not close for any reason including, but not limited to, a RescissionRecission. The Custodian will deliver a notice of intent to issue a Trust Receipt to Lender after the Custodian has reviewed the documents required to be reviewed pursuant to Section 2(a)(II) of the Custodial Agreement.

Borrowing Procedure for Requesting an Advance. The Borrower may request a borrowing to be secured by any Mortgage Loans hereunder, on any Business Day during the period from and including the Effective Date to the Termination Date, by delivering to the Lender, with a copy to the Custodian, a Mortgage Loan Data Transmission and an irrevocable Notice of Borrowing and Pledge substantially in the form of Exhibit D hereto (a “"Notice of Borrowing and Pledge”"), appropriately completed, which Notice of Borrowing and Pledge and Mortgage Loan Data Transmission must be received no later than 5:00 p.m. (eastern timeby the times and on the days specified in Section 2(a) of the Business Day prior to the requested Funding DateCustodial Agreement. Such Notice of Borrowing and Pledge shall clearly indicate those Mortgage Loans that are intended to be Wet Loans and Dry Loans and include a Mortgage Loan List in respect of the Eligible Mortgage Loans that the Borrower proposes to pledge to the Lender and to be included in the Borrowing Base in connection with such borrowing; provided, however, that Borrower will notify Lender no later than 5:00 p.m. (eastern time) two Business Days prior to Borrower providing Lender with a Notice of Borrowing and Pledge, of Borrower’s intent to request an Uncommitted Advance, to which Lender, at its sole option, must notify Borrower of Lender’s election not to make such Uncommitted Advance no later than 12:00 p.m. (eastern time) the following Business Day. The Borrower agrees to immediately report to the Custodian and the Lender by facsimile transmission within one Business Day of discovery that any Wet Loans that were previously pledged to the Borrower do not close for any reason including, but not limited to, a RescissionRecission.

Borrowing Procedure for Requesting an Advance. The (i) Unless otherwise agreed, not more than two (2) times in any one month period, Borrower may request a borrowing to which shall be secured by Pledged Equity, the value of which Pledged Equity shall be based on the aggregate Collateral Value of the Contributed REO Properties owned by or contributed to the Eligible REO Entities represented by such Pledged Equity, and any Mortgage Loans hereunderadditional REO Properties proposed to be owned by or contributed to such Eligible REO Entities and included in the Borrowing Base, on any Business Day during the period from and including the Effective Date to but excluding the Termination Datelast day of the Revolving Period, by delivering (i) to Lender, an REO Property Schedule seven (7) Business Days prior to the Lenderproposed Funding Date (or such lesser period of time as Lender may agree) and the aggregate Collateral Value of such REO Properties included therein, with a copy (ii) to Lender and the Custodian, an estimate of the amount of the related Advance, (iii) to the Custodian, the REO Property Files for each Eligible REO Property owned by such Eligible REO Entity and proposed to be pledged hereunder on the related Funding Date by the times set forth in the Custodial Agreement, and (iv) to Lender to the extent that new Eligible REO Entity Pledged Equity is being pledged, (1) an updated Pledged Equity Summary, (2) an Eligible REO Entity Guaranty and Pledge, duly and validly executed and delivered by such Eligible REO Entity, (3) a Mortgage Power of Attorney in the form attached hereto as Exhibit I, duly executed and delivered by such newly pledged Eligible REO Entity. Each item to be delivered to Lender and/or the Custodian pursuant to this Section 2.03(a) shall be delivered in accordance with the times specified in the Custodial Agreement. (ii) Lender shall notify Borrower of its agreement to make an Advance and confirm the terms of such Advance by delivering to Borrower a Funding Notice specifying the REO Properties Lender agrees to include in the Borrowing Base not later than 2:00 p.m. (New York City time) one (1) Business Day (or such other period of time as the parties may mutually agree) prior to the proposed Funding Date. In the event of a conflict between the terms set forth in request for advance delivered by Borrower to Lender under Section 2(a)(i) and the terms set forth in the related Funding Notice delivered by Lender to Borrower, the terms of the related Funding Notice shall control. In the event that Lender includes any terms in a Funding Notice which relate to any Advance that Lender would not otherwise have been obligated to fund, then, in the event of any conflict between the terms set forth in this Loan Data Transmission Agreement and the terms set forth in any Funding Notice, the terms of such Funding Notice shall control to the extent that the Funding Notice notes such conflict and specifies that the Funding Notice shall control. (iii) Following receipt by Borrower of the related Funding Notice pursuant to Section 2(a)(ii) above, the Borrower shall deliver to Lender an irrevocable executed Notice of Borrowing and Pledge substantially in the form of Exhibit D hereto (a “Notice of Borrowing and Pledge”), appropriately completed, which must be received no later than 5:00 p.m. (eastern New York City time) the one (1) Business Day (or such other period of time as the parties may mutually agree) prior to the requested proposed Funding Date. Such Date which Notice of Borrowing and Pledge shall clearly indicate those Mortgage Loans specify the proposed Funding Date and requested Advance amount (which shall, in all events, be at least equal to $1,000,000 on each day that are intended an Advance is made). In addition, each Notice of Borrowing and Pledge shall set forth the amount of each Advance allocable to be Wet Loans each individual REO Property. Each Notice of Borrowing and Dry Loans and Pledge shall include a Mortgage Loan List final REO Property Schedule in respect of the REO Properties proposed to be contributed to the related Eligible Mortgage Loans that the Borrower REO Entity or which such Eligible REO Entity owns or proposes to pledge purchase on the related Funding Date and, with respect to any Funding Date in respect of one or more Eligible REO Entities, the Lender name of the related Eligible REO Entity that owns or will own as of the related Funding Date each REO Property, and to be included in the Borrowing Base in connection with such borrowing; provided, however, that Borrower will notify Lender no later than 5:00 p.m. (eastern time) two Business Days prior to Borrower providing any other information reasonably requested by Lender with a Notice of Borrowing and Pledge, of Borrower’s intent respect to request an Uncommitted Advance, to which Lender, at its sole option, must notify Borrower of Lender’s election not to make such Uncommitted Advance no later than 12:00 p.m. (eastern time) the following Business Day. The Borrower agrees to immediately report to the Custodian Eligible REO Entity and the Lender by facsimile transmission within one Business Day of discovery that any Wet Loans that were previously pledged to the Borrower do not close for any reason including, but not limited to, a Rescissionrelated Eligible REO Entity Pledged Equity.

Borrowing Procedure for Requesting an Advance. The Borrower may request a borrowing to be secured by any Mortgage Loans hereunder, on any Business Day during the period from and including the Effective Date to the Termination Date, by delivering to the Lender, with a copy to the Custodian, a Mortgage Loan Data Transmission and Transmission, an irrevocable Notice of Borrowing and Pledge substantially in the form of Exhibit D hereto (a “"Notice of Borrowing and Pledge”"), appropriately completed, Wire Instruction Data, an Escrow Letter and an Insured Closing Letter, each of which must be received no later than 5:00 p.m. 6:00 p.m (eastern time) the one Business Day prior to the requested Funding Date for any Advance to be made by 9:00 a.m. on the Funding Date and no later than 2:00 p.m. on the requested Funding Date with respect to an Advance to be made by 4:00 p.m. on the Funding Date. Such Notice of Borrowing and Pledge shall clearly indicate those Mortgage Loans that are intended to be Wet Loans and Dry Loans and include a Mortgage Loan List in respect of the Eligible Mortgage Loans that the Borrower proposes to pledge to the Lender and to be included in the Borrowing Base in connection with such borrowing; provided, however, to the extent that Borrower will notify Lender no later than 5:00 p.m. (eastern time) two Business Days prior to Borrower providing Lender with a Notice of Borrowing and Pledge, of Borrower’s intent to request any such requested borrowing shall constitute an Uncommitted Advance, to which Lenderthe Lender may, at its sole option, must notify Borrower of Lender’s election elect not to make such Uncommitted Advance no later than 12:00 p.m. (eastern time) Advance. Upon the following Business DayLender's request, the Borrower will deliver to the Lender a Takeout Commitment confirmation and assignment acknowledged by the Takeout Investor for each Mortgage Loan to be pledged to the Lender hereunder. The Borrower agrees to immediately report to the Custodian and the Lender by facsimile transmission within one Business Day of discovery that any Wet Loans that were previously pledged to the Borrower do not close for any reason including, but not limited to, a Rescission. The Custodian will deliver a notice of intent to issue a Trust Receipt to Lender after the Custodian has reviewed the documents contained in Section 2(a)II of the Custodial Agreement.

Borrowing Procedure for Requesting an Advance. The (i) Unless otherwise agreed, a Borrower may shall request a borrowing to an Advance which shall be secured by Pledged Equity, the value of which Pledged Equity shall be based on the aggregate Collateral Value of the Contributed Properties owned by or contributed to such Borrower, and any Mortgage Loans hereunderadditional Properties proposed to be owned by or contributed to such Borrower and included in the Borrowing Base, on any Business Day during the period from and including the Effective Date to but excluding the Termination Maturity Date, by delivering (i) to Lender and Diligence Agent, a Property Schedule, no later than 11:00 a.m. (New York City time) four (4) Business Days prior to the Lenderproposed Funding Date (or such lesser period of time as Lender may agree), with (ii) to Lender and Calculation Agent, a copy Property Schedule and draft Notice of Borrowing and Pledge, no later than 11:00 a.m. (New York City time) four (4) Business Days prior to the Custodianproposed Funding Date (or such lesser period of time as Lender may agree) (iii) with respect to newly Contributed Properties, a Mortgage Loan Data Transmission and to Diligence Agent, the Property Files for each Eligible Property not previously included in the Borrowing Base by the times set forth herein. For the avoidance of doubt, any Borrower may request an irrevocable Advance concurrently with any notices requesting confirmation of eligibility pursuant to Section 2.03(a). (ii) Any Notice of Borrowing and Pledge substantially to be submitted by Borrowers pursuant to clause (i) above shall first be submitted to the Agents in draft form, for review in accordance with this clause (ii). The Calculation Agent shall deliver a Preliminary Report, as it deems appropriate, to the form Borrowers and the Lender, within three (3) Business Days after receipt of Exhibit D hereto (a “any such draft Notice of Borrowing and Pledge”. Promptly after receipt of a Preliminary Report, the Borrower shall resubmit its draft Notice of Borrowing and Pledge with any corrections required by such Preliminary Report (including an updated Property Schedule reflecting the removal of any Property which Diligence Agent has determined to not be an Eligible Property), appropriately completedand the foregoing process shall repeat until a Final Report is received. (iii) In the event of a conflict between the terms set forth in the request for Advance delivered by the related Borrower to Lender and Agents pursuant to Section 2.03(c)(i) and the terms set forth in the related Final Report delivered by Agents to such Borrower and Lender, the terms of the related Final Report shall control. In the event that Lender includes any terms in a Final Report which must be received relate to any Advance that Lender would not otherwise have been obligated to fund, then, in the event of any conflict between the terms set forth in this Loan Agreement and the terms set forth in any Final Report, the terms of such Final Report shall control to the extent that the Final Report notes such conflict and specifies that the Final Report shall control. (iv) Following receipt by the related Borrower of the related Final Report pursuant to Section 2.03(c)(ii) above, such Borrower shall deliver to Lender an executed Notice of Borrowing and Pledge no later than 5:00 3:00 p.m. (eastern New York City time) the one (1) Business Day (or such other period of time as the parties may mutually agree) prior to the requested proposed Funding Date. Such Date which Notice of Borrowing and Pledge shall clearly indicate those Mortgage Loans specify the proposed Funding Date and requested Advance amount (which shall, in all events, be at least equal to $500,000 on each day that are intended an Advance is made). Each Notice of Borrowing and Pledge shall include (i) with respect to be Wet Loans and Dry Loans and include newly Contributed Properties, a Mortgage Loan List Property Schedule in respect of the Eligible Mortgage Loans that the Properties proposed to be contributed to such Borrower or which such Borrower proposes to pledge to the Lender and to be included first include in the Borrowing Base on the related Funding Date, and (ii) with respect to any Funding Date in connection respect of one or more Borrowers, the name of the related Borrower that owns or will own each Property, and any other information reasonably requested by Lender with respect to such Borrower and the related Borrower Pledged Equity. (v) Upon a Borrower’s request for an Advance pursuant to Section 2.03(c)(i) above, Lender shall, assuming all conditions precedent set forth in this Section 2.03 and in Sections 5.01 and 5.02 have been met, and provided no Default which has not been cured to Lender’s satisfaction or waived shall have occurred, on the requested Funding Date make an Advance in an amount which would not cause the aggregate amount of Advances then outstanding to exceed the lesser of (i) the Maximum Credit and (ii) the Borrowing Base in effect as of such date. Subject to the foregoing, such borrowing will be made available to a Borrower by Lender transferring, via wire transfer to the Paying Agent, in immediately available funds the aggregate amount of such borrowing; provided, however, that and the Paying Agent shall promptly transfer the amounts so received to the Borrowers via wire transfer pursuant to wire transfer instructions provided by Borrower will notify Lender no later than 5:00 p.m. (eastern time) two Business Days on or prior to Borrower providing such Funding Date or, if an Advance is not made on such date because any condition precedent herein specified shall not have been met, Lender with a Notice of Borrowing and Pledge, of Borrower’s intent to request an Uncommitted Advance, to which Lender, at its sole option, must notify Borrower of Lender’s election not to make such Uncommitted Advance no later than 12:00 p.m. (eastern time) the following Business Day. The Borrower agrees to immediately report shall provide written instructions to the Custodian and Paying Agent to return the Lender by facsimile transmission within one Business Day of discovery that any Wet Loans that were previously pledged amounts so received to the Borrower do not close for any reason including, but not limited to, a RescissionLender.