Delivery of Additional Collateral or Mandatory Prepayment. At least once a week during the term of this Agreement (or more often in the discretion of the Agent if it reasonably determines that market conditions warrant) and whenever a Request for Borrowing is made by the Companies (except that the Agent shall have no obligation to make such determination more frequently than once per day), the Agent shall:
(i) determine the aggregate Collateral Values for the Borrowing Base for each Category of Collateral (including the Collateral Value of any Collateral pledged on that day) Pledged to the Agent under this Agreement by summing the values of the individual items of Collateral as reported on (and recorded by the Agent from) the Companies’ Submission Lists and Pledged Loans Curtailment Reports, valuing at zero Collateral for which the Agent has current actual knowledge that a Disqualifier exists;
(ii) issue a statement of the value of each Borrowing Base as so determined; and
(iii) provide a copy of that certificate to the Companies. If the Agent shall determine on any day that the Borrowing Base is less than the outstanding Borrowings, then the Companies shall immediately (by no later than the next Business Day after the Agent’s request) either:
(a) Pledge to the Agent additional Collateral and deliver to the Custodian all Basic Papers for any such additional Collateral (such delivery to the Custodian may be deferred for up to seven (7) Business Days for any Wet Loans Pledged to the Agent as additional Collateral) and/or;
(b) after giving effect to the Collateral Value of any additional Collateral Pledged to the Agent and delivered to the Agent pursuant to Section 7.7(a), pay to the Agent cash for Pro Rata distribution to the Lenders, in aggregate amounts sufficient to cover the sum of the excess of each of (i) the sum of all Borrowings outstanding over (ii) the Collateral Value of the Borrowing Base provided, that the Companies may not elect under the provisions of Section 7.7(a) (and instead must make a cash paydown pursuant to Section 7.7(b)) if any Default or Event of Default has occurred that the Agent has not declared in writing to have been cured or waived.
Delivery of Additional Collateral or Mandatory Prepayment. At any time that the aggregate Collateral Value of the Pledged Mortgages, Pledged Securities and REO Property then pledged hereunder is less than the aggregate amount of the Warehousing Advances then outstanding hereunder, the Lender may request, and the Company shall within two (2) Business Days after Notice by the Lender (a) deliver to the Lender for pledge hereunder additional Mortgage Loans, and/or cash, with a Collateral Value sufficient to cover the difference between the Collateral Value of the Pledged Mortgages, Pledged Securities and REO Property pledged and the aggregate amount of Warehousing Advances outstanding hereunder, and/or (b) repay the Warehousing Advances in an amount sufficient to reduce the aggregate balance thereof outstanding to or below the Collateral Value of the Pledged Mortgages, Pledged Securities and REO Properties pledged hereunder.
Delivery of Additional Collateral or Mandatory Prepayment. At any time that the aggregate Collateral Value of the Collateral then pledged hereunder is less than the aggregate amount of the Advances then outstanding hereunder, the Lender may request, and the Company shall within two (2) Business Days after Notice by the Lender (a) deliver to the Lender or its designee for pledge hereunder additional Mortgage Loans and/or cash, in aggregate amounts sufficient to cover the difference between the Collateral Value of the Collateral pledged and the aggregate amount of Advances outstanding hereunder, or (b) repay the Advances in an amount sufficient to reduce the aggregate balance thereof outstanding to an amount equal to or below the Collateral Value of the Collateral pledged hereunder.
Delivery of Additional Collateral or Mandatory Prepayment. Lender shall have the right to redetermine the Collateral Value of each Pledged Mortgage Loan on a daily basis. If Lender shall determine, using industry accepted valuation methods, at any time, that the Collateral Value of a Pledged Mortgage Loan is less than the outstanding principal balance of the related Advance or the aggregate Collateral Value of the Pledged Mortgage Loans is less than the aggregate outstanding principal balance of the Advances, Borrower shall, at Lender's sole option, immediately:
(a) deliver to Lender for pledge hereunder additional Mortgage Loans satisfactory to Lender and/or cash, such that the Collateral Value of the additional Mortgage Loans and cash are equal to or greater than the difference between the Collateral Value of the then existing Pledged Mortgage Loans and the aggregate outstanding principal balance of the Advances; or
(b) repay one or more Advances in an amount sufficient to reduce the outstanding principal balance thereof to or below the Collateral Value of the Pledged Mortgage Loan(s). Notwithstanding the foregoing, Lender may, in its sole discretion, withdraw from the Over/Under Account amounts to serve as additional security for an Advance pursuant to Section 6.3(a) above or to repay an Advance pursuant to Section 6.3(b) above.
Delivery of Additional Collateral or Mandatory Prepayment. In --------------------------------------------------------- the event that the Banks, in their sole and reasonable discretion, shall determine at any time that the value of the Collateral then pledged hereunder (such value being determined at such time with respect to, among other things, Eligible Value as set forth in Section 2.1(d) hereof) is less than the aggregate amount of the Advances then outstanding hereunder, the Company shall immediately (a) deliver to the Agent for the account of the Banks for pledge hereunder additional Collateral satisfactory to the Banks, in aggregate amounts sufficient to cover the difference between the value of the Collateral pledged and the aggregate amount of Advances outstanding hereunder, or (b) repay the Advances in an amount sufficient to reduce the aggregate balance thereof outstanding to or below the value of the Collateral pledged hereunder.
Delivery of Additional Collateral or Mandatory Prepayment. At any time that the aggregate Collateral Value of the Collateral then pledged hereunder is less than the aggregate amount of the Advances then outstanding hereunder, the Lender may request, and the Borrowers shall within ten (10) Business Days after Notice by the Lender (a) deliver to the Lender or its designee for pledge hereunder additional Mortgage Loans and/or cash, in aggregate amounts sufficient to cover the difference between the Collateral Value of the Collateral pledged and the aggregate amount of Advances outstanding hereunder, or (b) repay the Advances in an amount sufficient to reduce the aggregate balance thereof outstanding to an amount equal to or below the Collateral Value of the Collateral pledged hereunder. If at any time the Collateral Value of any Collateral is zero, Borrowers shall immediately pay to Lender the aggregate balance of all Advances outstanding against such Collateral. If at any time the limitations of Section 2.1(b) (2) - (6) are exceeded, Borrowers shall immediately pay to Lender the amount of such excess.
Delivery of Additional Collateral or Mandatory Prepayment. In the event that the Bank shall determine at any time that the Collateral Value of the Eligible Collateral then pledged hereunder is less than the aggregate amount of the Advances then outstanding hereunder, the Borrower shall immediately (a) deliver to the Bank for pledge hereunder Collateral satisfactory to the Bank in its sole and absolute discretion and/or cash, in aggregate amounts sufficient to cover the difference between the Collateral Value of the Eligible Collateral pledged and the aggregate amount of Advances outstanding hereunder, or (b) repay the Advances in an amount sufficient to reduce the aggregate balance thereof outstanding to or below the Collateral Value of the Eligible Collateral pledged hereunder.
Delivery of Additional Collateral or Mandatory Prepayment. At least once a week during the term of this Agreement (or more often in the discretion of the Agent if it reasonably determines that market conditions warrant) and whenever a Request for Borrowing is made by a Company (except that the Agent shall have no obligation to make such determination more frequently than once per day), the Agent shall:
(i) determine the aggregate Collateral Values for the Borrowing Base for each Collateral Category (including the Collateral Value of any Collateral pledged on that day) Pledged to the Agent under this Agreement by summing the values of the individual items of Collateral as reported on (and recorded by the Agent from) the Companies' Submission Lists and Pledged Loans Curtailment Reports (valuing at zero Collateral for which the Agent has current actual knowledge that a Disqualifier exists except as to disqualified Collateral for which the Agent elects to exercise its discretionary authority under -- and within the limit prescribed by -- Section 14.4(b) to count and treat such disqualified Collateral as if no Disqualifier applied to it and using the Market Value of such Collateral, if any, as the Agent shall have elected to xxxx to market); and
(ii) issue a statement of the value of each Borrowing Base as so determined; and
(iii) provide a copy of that statement to the Companies. If the Agent shall determine on any day that any Borrowing Base is less than the outstanding Borrowings under the related Subline, then the Companies shall immediately either:
Delivery of Additional Collateral or Mandatory Prepayment. At any time that the aggregate Collateral Value of the Collateral then pledged hereunder, other than Unimproved Mortgage Loans is less than the aggregate amount of the Advances, other than Unimproved Advances, then outstanding hereunder, the Lender may request, and the Company shall within 2 Business Days after Notice by the Lender (a) deliver to the Lender for pledge hereunder additional Collateral, other than Unimproved Mortgage Loans, with a Collateral Value sufficient to cover the difference between the Collateral Value of the Collateral pledged and the aggregate amount of Advances, other than Unimproved Advances, outstanding hereunder, and/or (b) repay the Advances in an amount sufficient to reduce the aggregate balance thereof outstanding to or below the Collateral Value of the Collateral pledged hereunder.
Delivery of Additional Collateral or Mandatory Prepayment. At any time that the aggregate Collateral Value of the Pledged Mortgages, Pledged Securities, Hedging Arrangements that the Lender has agreed to include in the calculation of Collateral Value and cash then pledged hereunder is less than the aggregate amount of the Warehousing Advances then outstanding hereunder, the Lender may request, and the Borrowers shall within -6- Washington/Huntxxx:00/17/96 two (2) Business Days after Notice by the Lender (a) deliver to the Lender for pledge hereunder additional Mortgage Loans, Mortgage-backed Securities and/or cash, with a Collateral Value sufficient to cover the difference between the Collateral Value of the Pledged Mortgages, Pledged Securities, Hedging Arrangements and cash pledged and the aggregate amount of Warehousing Advances outstanding hereunder, and/or (b) repay the Warehousing Advances in an amount sufficient to reduce the aggregate balance thereof outstanding to or below the Collateral Value of the Pledged Mortgages, Pledged Securities, Hedging Arrangements and cash pledged hereunder.
14. Section 5.13 of the Agreement is amended to add the following after Section 5.13(e):
