Common use of Deemed Advances Clause in Contracts

Deemed Advances. (a) If: (i) a Borrower takes a Payment Holiday in respect of a Loan in the Covered Bond Portfolio in accordance with the relevant Mortgage Conditions and each of the Deemed Advance Preconditions (as defined below) are satisfied at such time, the amount equal to the unpaid interest and principal associated with that Payment Holiday and any such payment shall be deemed to constitute an Advance; or (ii) there is any increase in the True Balance of a Loan due to the Seller making a Further Advance or Line of Credit Loan Drawing to a Borrower occurs, such increase shall be deemed to constitute an Advance if each of the Deemed Advance Preconditions set out below are satisfied at such time; or (iii) on any Calculation Date, there is an increase in the Outstanding Principal Balance of Loans in the immediately preceding Calculation Period (being the period between the last most recent Calculation Date and the current Calculation Date) due to Capitalized Interest and/or Capitalized Arrears accruing on a Loan shall be deemed to constitute an Advance if each of the Deemed Advance Preconditions set out below are satisfied at such time. (b) The preconditions to a Deemed Advance are the following (collectively the Deemed Advance Preconditions): (i) the aggregate amount of all Advances outstanding at such time after giving effect to such Deemed Advance does not exceed the Total Credit Commitment; and (ii) such Deemed Advance does not result in the Guarantor LP being unable to satisfy the Asset Coverage Test on a pro forma basis following such deemed Advance; and (iii) the aggregate outstanding amount of all Advances after giving effect to such deemed Advance does not exceed the Total Credit Commitment; and (iv) no Issuer Event of Default, Guarantor LP Event of Default or Demand Loan Repayment Event has occurred.

Deemed Advances. (a) If: (ia) a Borrower takes a Payment Holiday in respect of a Loan in the Covered Bond Portfolio in accordance with the relevant Mortgage Conditions and each of the Deemed Advance Preconditions (as defined below) are satisfied at such time, the amount equal to the unpaid interest and principal associated with that Payment Holiday and any such payment shall be deemed to constitute an a Revolving Advance; or (iib) there is any increase in the True Outstanding Principal Balance of a Loan due to the Seller making a Further Advance or Line of Credit Loan Drawing to a Borrower occursBorrower, such increase shall be deemed to constitute an a Revolving Advance if each of the Deemed Advance Preconditions set out below are is satisfied at such time; or (iiic) on any Calculation Date, there is an increase in the Outstanding Principal Balance of Loans in the immediately preceding Calculation Period (being the period between the last most recent Calculation Date and the current Calculation Date) due to Capitalized Interest and/or Capitalized Arrears accruing on a Loan Loan, such increase shall be deemed from the date of such increase to constitute an a Revolving Advance if each of the Deemed Advance Preconditions set out below are satisfied at such time. (b) . The preconditions to a Deemed Advance are the following (collectively the “Deemed Advance Preconditions”): (ia) the aggregate amount of all Revolving Advances outstanding at such time after giving effect to such Deemed Advance does not exceed the Total Credit Revolving Commitment; and; (iib) such Deemed Advance does not result in the Guarantor LP being unable to satisfy the Asset Coverage Test on a pro forma basis following such deemed Deemed Advance; and; (iiic) the aggregate outstanding amount of all Advances after giving effect to such deemed Advance does not exceed the Total Credit Commitment; and (ivd) no Issuer Event of Default, Guarantor LP Event of Default or Demand Loan Repayment Event has occurred.

Deemed Advances. (a) If: (ia) a Borrower takes a Payment Holiday there is any increase in respect the Outstanding Principal Balance of a Loan in the Covered Bond Portfolio in accordance with the relevant Mortgage Conditions and each of the Deemed Advance Preconditions (as defined below) are satisfied at such time, the amount equal to the unpaid interest and principal associated with that Payment Holiday and any such payment shall be deemed to constitute an Advance; or (ii) there is any increase in the True Balance of a Loan due to the Seller making a Further Advance or Line of Credit Loan Drawing to a Borrower occursBorrower, such increase shall be deemed to constitute an a Revolving Advance if each of the Deemed Advance Preconditions set out below are is satisfied at such time; or (iiib) on any Calculation Date, there is an increase in the Outstanding Principal Balance of Loans in the Covered Bond Portfolio in the immediately preceding Calculation Period (being the period between the last most recent Calculation Date and the current Calculation Date) due to Capitalized Interest and/or Capitalized Arrears accruing on a Loan due to a Borrower taking a Payment Holiday, such increase shall be deemed from the date of such increase to constitute an a Revolving Advance if each of the Deemed Advance Preconditions set out below are satisfied at such time. (b) . The preconditions to a Deemed Advance are the following (collectively the “Deemed Advance Preconditions”): (ia) the aggregate amount of all Revolving Advances outstanding at such time after giving effect to such Deemed Advance does not exceed the Revolving Commitment; and (b) such Deemed Advance does not result in the Guarantor being unable to satisfy the Asset Coverage Test on a pro forma basis following such Deemed Advance; and (c) the aggregate outstanding amount of Advances after giving effect to such Deemed Advance does not exceed the Total Credit Commitment; and (ii) such Deemed Advance does not result in the Guarantor LP being unable to satisfy the Asset Coverage Test on a pro forma basis following such deemed Advance; and (iii) the aggregate outstanding amount of all Advances after giving effect to such deemed Advance does not exceed the Total Credit Commitment; and (ivd) no Issuer Event of Default, Guarantor LP Event of Default or Demand Loan Repayment Event has occurred.

Deemed Advances. (a) If: (i) a Borrower takes a Payment Holiday in respect of a Loan in the Covered Bond Portfolio in accordance with the relevant Mortgage Conditions and each of the Deemed Advance Preconditions (as defined below) are satisfied at such time, the amount equal to the unpaid interest and principal associated with that Payment Holiday and any such payment shall be deemed to constitute an a Revolving Advance; or (ii) there is any increase in the True Balance of a Loan due to the Seller making a Further Advance or Line of Credit Loan Drawing to a Borrower occurs, such increase shall be deemed to constitute an a Revolving Advance if each of the Deemed Advance Preconditions set out below are satisfied at such time; or (iii) on any Calculation Date, there is an increase in the Outstanding Principal Balance of Loans in the immediately preceding Calculation Period (being the period between the last most recent Calculation Date and the current Calculation Date) due to Capitalized Interest and/or Capitalized Arrears accruing on a Loan shall be deemed to constitute an a Revolving Advance if each of the Deemed Advance Preconditions set out below are satisfied at such time. (b) The preconditions to a Deemed Advance are the following (collectively the “Deemed Advance Preconditions”): (i) the aggregate amount of all Revolving Advances outstanding at such time after giving effect to such Deemed Advance does not exceed the Total Credit Revolving Commitment; and (ii) such Deemed Advance does not result in the Guarantor LP being unable to satisfy the Asset Coverage Test on a pro forma basis following such deemed Advance; and (iii) the aggregate outstanding amount of all Advances after giving effect to such deemed Advance does not exceed the Total Credit Commitment; and (iv) no Issuer Event of Default, Guarantor LP Event of Default or Demand Loan Repayment Event has occurred.

Deemed Advances. (a) If: (ia) a Borrower takes a Payment Holiday there is any increase in respect the Outstanding Principal Balance of a Loan in the Covered Bond Portfolio in accordance with the relevant Mortgage Conditions and each of the Deemed Advance Preconditions (as defined below) are satisfied at such time, the amount equal to the unpaid interest and principal associated with that Payment Holiday and any such payment shall be deemed to constitute an Advance; or (ii) there is any increase in the True Balance of a Loan due to the Seller making a Further Advance or Line of Credit Loan Drawing to a Borrower occursBorrower, such increase shall be deemed to constitute an a Revolving Advance if each of the Deemed Advance Preconditions set out below are is satisfied at such time; or (iiib) on any Calculation Date, there is an increase in the Outstanding Principal Balance of Loans in the Covered Bond Portfolio in the immediately preceding Calculation Period (being the period between the last most recent Calculation Date and the current Calculation Date) due to Capitalized Interest and/or Capitalized Arrears accruing on a Loan due to a Borrower taking a Payment Holiday, such increase shall be deemed from the date of such increase to constitute an a Revolving Advance if each of the Deemed Advance Preconditions set out below are satisfied at such time. (b) . The preconditions to a Deemed Advance are the following (collectively the “Deemed Advance Preconditions”): (ia) the aggregate amount of all Revolving Advances outstanding at such time after giving effect to such Deemed Advance does not exceed the Total Credit Revolving Commitment; and (iib) such Deemed Advance does not result in the Guarantor LP being unable to satisfy the Asset Coverage Test on a pro forma basis following such deemed Deemed Advance; and (iiic) the aggregate outstanding amount of all Advances after giving effect to such deemed Advance does not exceed the Total Credit Commitment; and (ivd) no Issuer Event of Default, Guarantor LP Event of Default or Demand Loan Repayment Event has occurred.

Deemed Advances. (a) If: (ia) a Borrower takes a Payment Holiday in respect of a Loan in the Covered Bond Portfolio in accordance with the relevant Mortgage Conditions and each of the Deemed Advance Preconditions (as defined below) are satisfied at such time, the amount equal to the unpaid interest and principal associated with that Payment Holiday and any such payment shall be deemed to constitute an a Revolving Advance; or (iib) there is any increase in the True Balance of a Loan due to the Seller making a Further Advance or Line of Credit Loan Drawing to a Borrower occursBorrower, such increase shall be deemed to constitute an a Revolving Advance if (i) each of the Deemed Advance Preconditions set out below are is satisfied at such time, and (ii) in the case of Further Advances only, the Seller determines in its discretion to sell such Further Advance to the Guarantor; or (iiic) on any Calculation Date, there is an increase in the Outstanding Principal Balance of Loans in the immediately preceding Calculation Period (being the period between the last most recent Calculation Date and the current Calculation Date) due to Capitalized Interest and/or Capitalized Arrears accruing on a Loan Loan, such increase shall be deemed from the date of such increase to constitute an a Revolving Advance if each of the Deemed Advance Preconditions set out below are satisfied at such time. (b) . The preconditions to a Deemed Advance are the following (collectively the “Deemed Advance Preconditions”): (id) the aggregate amount of all Revolving Advances outstanding at such time after giving effect to such Deemed Advance does not exceed the Total Credit Revolving Commitment; and (iie) such Deemed Advance does not result in the Guarantor LP being unable to satisfy the Asset Coverage Test on a pro forma basis following such deemed Deemed Advance; and (iiif) the aggregate outstanding amount of all Advances after giving effect to such deemed Advance does not exceed the Total Credit Commitment; and (ivg) no Issuer Event of Default, Guarantor LP Event of Default or Demand Loan Repayment Event has occurred.

Deemed Advances. (a) If: (ia) a Borrower takes a Payment Holiday in respect of a Loan in the Covered Bond Portfolio in accordance with the relevant Mortgage Conditions and each of the Deemed Advance Preconditions (as defined below) are satisfied at such time, the amount equal to the unpaid interest and principal associated with that Payment Holiday and any such payment shall be deemed to constitute an a Revolving Advance; or (iib) there is any increase in the True Balance of a Loan due to the Seller making a Further Advance or Line of Credit Loan Drawing to a Borrower occursBorrower, such increase shall be deemed to constitute an a Revolving Advance if each of the Deemed Advance Preconditions set out below are is satisfied at such time; or (iiic) on any Calculation Date, there is an increase in the Outstanding Principal Balance of Loans in the immediately preceding Calculation Period (being the period between the last most recent Calculation Date and the current Calculation Date) due to Capitalized Interest and/or Capitalized Arrears accruing on a Loan Loan, such increase shall be deemed from the date of such increase to constitute an a Revolving Advance if each of the Deemed Advance Preconditions set out below are satisfied at such time. (b) . The preconditions to a Deemed Advance are the following (collectively the “Deemed Advance Preconditions”): (ia) the aggregate amount of all Revolving Advances outstanding at such time after giving effect to such Deemed Advance does not exceed the Total Credit Revolving Commitment; and; (iib) such Deemed Advance does not result in the Guarantor LP being unable to satisfy the Asset Coverage Test on a pro forma basis following such deemed Deemed Advance; and; (iiic) the aggregate outstanding amount of all Advances after giving effect to such deemed Advance does not exceed the Total Credit Commitment; and (ivd) no Issuer Event of Default, Guarantor LP Event of Default or Demand Loan Repayment Event has occurred.

Deemed Advances. (a) If: (i) a Borrower takes a Payment Holiday in respect of a Loan in the Covered Bond Portfolio in accordance with the relevant Mortgage Conditions and each of the Deemed Advance Preconditions (as defined below) are satisfied at such time, the amount equal to the unpaid interest and principal associated with that Payment Holiday and any such payment shall be deemed to constitute an a Revolving Advance; or (ii) there is any increase in the True Balance of a Loan due to the Seller making a Further Advance or Line of Credit Loan Drawing to a Borrower occurs, such increase shall be deemed to constitute an a Revolving Advance if each of the Deemed Advance Preconditions set out below are satisfied at such time; or (iii) on any Calculation Date, there is an increase in the Outstanding Principal Balance of Loans in the immediately preceding Calculation Period (being the period between the last most recent Calculation Date and the current Calculation Date) due to Capitalized Interest and/or Capitalized Arrears accruing on a Loan shall be deemed to constitute an a Revolving Advance if each of the Deemed Advance Preconditions set out below are satisfied at such time. (b) The preconditions to a Deemed Advance are the following (collectively the “Deemed Advance Preconditions”): (iiv) the aggregate amount of all Revolving Advances outstanding at such time after giving effect to such Deemed Advance does not exceed the Total Credit Revolving Commitment; and (iiv) such Deemed Advance does not result in the Guarantor LP being unable to satisfy the Asset Coverage Test on a pro forma basis following such deemed Advance; and (iiivi) the aggregate outstanding amount of all Advances after giving effect to such deemed Advance does not exceed the Total Credit Commitment; and (ivvii) no Issuer Event of Default, Guarantor LP Event of Default or Demand Loan Repayment Event has occurred.

Deemed Advances. (a) If: (i) a Borrower takes a Payment Holiday in respect of a Loan Each Subordinated Lender has previously advanced, and may from time to time in the Covered Bond Portfolio in accordance with future advance, certain out-of-pocket expenses for the relevant Mortgage Conditions Borrower at the Borrower’s request. To the extent that any such out-of-pocket expenses are actually paid by a Subordinated Lender, and each of the Deemed Advance Preconditions (as defined below) are satisfied at such time, the amount equal if and to the unpaid interest extent that the Senior Lender approves such expenses in writing (which approval may be withheld in its sole and principal associated with that Payment Holiday and any absolute discretion), then such payment Subordinated Lender shall be deemed to constitute have made an Advance; or (ii) there is any increase additional Advance to the Borrower hereunder in the True amount of such expenses paid (provided that in no event shall the Aggregate Advance Balance of all Advances disbursed hereunder exceed the Aggregate Commitment Amount, and in no event shall the total amount of expenses paid by all Subordinated Lenders under this Section 2.02(d) deemed to be Advances exceed $100,000). Any Advance deemed made pursuant to this Section 2.02(d) shall be referred to herein as a Loan due “Deemed Expense Advance.” Before disbursing any such expenses after the Closing Date, each Subordinated Lender shall notify the other Subordinated Lenders and provide them with one Business Day’s notice to enable them to participate in the payment of the expense. If any other Subordinated Lender so elects, he shall have the sole right to advance his Commitment Percentage of the aggregate Deemed Expense Advance if he disburses such funds at or before the date and time specified in the notice provided pursuant to the Seller making a Further Advance or Line preceding sentence. No such expense payment in excess of Credit Loan Drawing to a Borrower occurs, such increase $10,000 shall be deemed to constitute an Advance if each of made unless the Deemed Advance Preconditions set out below are satisfied at such time; or (iii) on any Calculation DateSenior Lender provides prior written consent thereto. In addition, there is an increase the Subordinated Lenders shall notify FBR in the Outstanding Principal Balance of Loans in the immediately preceding Calculation Period (being the period between the last most recent Calculation Date and the current Calculation Date) due to Capitalized Interest and/or Capitalized Arrears accruing on a Loan shall be deemed to constitute an Advance if each of the Deemed Advance Preconditions set out below are satisfied at such time. (b) The preconditions to a Deemed Advance are the following (collectively the Deemed Advance Preconditions): (i) writing when the aggregate amount of all Borrower expenses paid by the Subordinated Lenders equals $25,000, when it equals $50,000, and when such aggregate amount equals each increment of $25,000 in excess of $50,000 (it being understood that the Deemed Advances outstanding at such time after giving effect to such Deemed Advance does not exceed the Total Credit Commitment; and (ii) such Deemed Advance does not result have been fully disbursed as of July 23, 2004), in the Guarantor LP being unable to satisfy the Asset Coverage Test on a pro forma basis following such deemed Advance; and (iii) the aggregate outstanding amount of all Advances after giving effect to such deemed Advance does not exceed the Total Credit Commitment; and (iv) no Issuer Event of Default$60,000 by Cxxxxxxx Xxxxx, Guarantor LP Event of Default or Demand Loan Repayment Event has occurred$14,000 by Pxxxx Xxxxxx, $20,000 by Wxxxxxx Xxxxx, and $6,000 by Gxxx Xxxxxxxx.

Deemed Advances. (a) If: (ia) a Borrower takes a Payment Holiday in respect of a Loan in the Covered Bond Portfolio in accordance with the relevant Mortgage Conditions and each of the Deemed Advance Preconditions (as defined below) are satisfied at such time, the amount equal to the unpaid interest and principal associated with that Payment Holiday and any such payment shall be deemed to constitute an a Revolving Advance; or (iib) there is any increase in the True Outstanding Principal Balance of a Loan in the Covered Bond Portfolio due to the Seller making a Further Advance or Line of Credit Loan Drawing to a Borrower occursBorrower, such increase shall be deemed to constitute an a Revolving Advance if (i) each of the Deemed Advance Preconditions set out MT DOCS 14908741v6 Intercompany Loan Agreement below are is satisfied at such time, and (ii) in the case of Further Advances only, the Seller determines in its discretion to sell such Further Advance to the Guarantor; or (iiic) on any Calculation Date, there is an increase in the Outstanding Principal Balance of Loans in the Covered Bond Portfolio in the immediately preceding Calculation Period (being the period between the last most recent Calculation Date and the current Calculation Date) due to Capitalized Interest and/or Capitalized Arrears accruing on a Loan Loan, such increase shall be deemed from the date of such increase to constitute an a Revolving Advance if each of the Deemed Advance Preconditions set out below are satisfied at such time. (b) . The preconditions to a Deemed Advance are the following (collectively the “Deemed Advance Preconditions”): (id) the aggregate amount of all Revolving Advances outstanding at such time after giving effect to such Deemed Advance does not exceed the Total Credit Revolving Commitment; and (iie) such Deemed Advance does not result in the Guarantor LP being unable to satisfy the Asset Coverage Test on a pro forma basis following such deemed Deemed Advance; and (iiif) the aggregate outstanding amount of all Advances after giving effect to such deemed Advance does not exceed the Total Credit Commitment; and (ivg) no Issuer Event of Default, Guarantor LP Event of Default or Demand Loan Repayment Event has occurred.

Deemed Advances. (a) If: (ia) a Borrower takes a Payment Holiday in respect of a Loan in the Covered Bond Portfolio in accordance with the relevant Mortgage Conditions and each of the Deemed Advance Preconditions (as defined below) are satisfied at such time, the amount equal to the unpaid interest and principal associated with that Payment Holiday and any such payment shall be deemed to constitute an a Revolving Advance; or (iib) there is any increase in the True Balance of a Loan due to the Seller making a Further Advance or Line of Credit Loan Drawing to a Borrower occursBorrower, such increase shall be deemed to constitute an a Revolving Advance if each of the Deemed Advance Preconditions set out below are is satisfied at such time; or (iiic) on any Calculation Date, there is an increase in the Outstanding Principal Balance of Loans in the immediately preceding Calculation Period (being the period between the last most recent Calculation Date and the current Calculation Date) due to Capitalized Interest and/or Capitalized Arrears accruing on a Loan Loan, such increase shall be deemed from the date of such increase to constitute an a Revolving Advance if each of the Deemed Advance Preconditions set out below are satisfied at such time. (b) . The preconditions to a Deemed Advance are the following (collectively the “Deemed Advance Preconditions”): (id) the aggregate amount of all Revolving Advances outstanding at such time after giving effect to such Deemed Advance does not exceed the Total Credit Revolving Commitment; and (iie) such Deemed Advance does not result in the Guarantor LP being unable to satisfy the Asset Coverage Test on a pro forma basis following such deemed Deemed Advance; and (iiif) the aggregate outstanding amount of all Advances after giving effect to such deemed Advance does not exceed the Total Credit Commitment; and (ivg) no Issuer Event of Default, Guarantor LP Event of Default or Demand Loan Repayment Event has occurred.