Common use of Eligible Pledged Mortgage Loans Clause in Contracts

Eligible Pledged Mortgage Loans. The Collateral Value of an Eligible Pledged Mortgage Loan, at the time of any determination thereof, shall be an amount equal to the least of (a) the unpaid principal balance of such Eligible Pledged Mortgage Loan, (b) the Origination Price or the Acquisition Price, as the case may be, of such Eligible Pledged Mortgage Loan, (c) the purchase price under the Firm Take-Out Commitment or Standby Take-Out Commitment to which such Eligible Pledged Mortgage Loan has been assigned, or, if such Eligible Pledged Mortgage Loan has not been assigned to a specific Firm Take-Out Commitment or Standby Take-Out Commitment, the weighted average purchase price under the applicable Firm Take-Out Commitments and Standby Take-Out Commitments described in the most recent summary furnished to the Agent by the Company pursuant to Section 4.01 of the Credit Agreement, and (d) at the election of the Agent, the Fair Market Value of such Eligible Pledged Mortgage Loan, less an amount equal to (i) 5% of the least of (a), (b), (c) or (d) above for Forty Year Amortizing Mortgage Loans and Eligible Non-Conforming Mortgage Loans; and (ii) 2% of the least of (a), (b), (c) or (d) above for all other Eligible Pledged Mortgage Loans; provided, however, that: (A) the maximum aggregate Collateral Value that may be assigned to Eligible Pledged Mortgage Loans which are Wet Funded Loans shall be (1) 60% of the Aggregate Commitment Amount during the period from and including December 20, 2005 to and including January 10, 2006, (2) 50% of the Aggregate Commitment Amount during the last four Business Days of January 2006 and the first four and last four Business Days of each month thereafter and (3) 30% of the Aggregate Commitment Amount at all other times; (B) the maximum aggregate Collateral Value that may be assigned to Eligible Pledged Mortgage Loans which are Jumbo Mortgage Loans and Super Jumbo Mortgage Loans shall be 35% of the Aggregate Commitment Amount, and the maximum collateral value of all Super Jumbo Mortgage Loans shall not exceed 6.67% of the Aggregate Commitment Amount; (C) the maximum aggregate Collateral Value that may be assigned to Eligible Pledged Mortgage Loans with respect to which an instrument or document constituting or relating thereto has been redelivered to the Company for correction pursuant to Section 10.01 of the Pledge and Security Agreement, and has not been returned to the Collateral Agent, shall be $1,000,000; (D) the maximum aggregate Collateral Value that may be assigned to Eligible Pledged Mortgage Loans which are Forty Year Amortizing Mortgage Loans shall be 2.5% of the Aggregate Commitment Amount; (E) the maximum Collateral Value that may be assigned to Eligible Pledged Mortgage Loans that are Second Mortgage Loans shall be 10% of the Aggregate Commitment Amount; (F) the maximum Collateral Value that may be assigned to Eligible Pledged Mortgage Loans that are Alt-A Mortgage Loans shall be 10% of the Aggregate Commitment Amount; (G) the maximum Collateral Value that may be assigned to Eligible Pledged Mortgage Loans that are Non-Conforming Mortgage Loans shall be 5% of the Aggregate Commitment Amount; and (H) an Eligible Pledged Mortgage Loan will be considered as having no Collateral Value if any of the following events occur with respect thereto: (1) either (a) in the case of an Eligible Pledged Mortgage Loan which is other than a Jumbo Mortgage Loan or a Super Jumbo Mortgage Loan, 120 days (or, with the approval of the Agent, 150 days) elapse from the date on which such Eligible Pledged Mortgage Loan was pledged under the Pledge and Security Agreement, or (b) in the case of an Eligible Pledged Mortgage Loan which is a Jumbo Mortgage Loan or a Super Jumbo Mortgage Loan, 120 days elapse from the date on which such Eligible Pledged Mortgage Loan was pledged under the Pledge and Security Agreement, or (c) in the case of an Eligible Pledged Mortgage Loan which is a Second Mortgage Loan Mortgage or a Forty Year Amortizing Mortgage Loan, 60 days elapse from the date on which such Eligible Pledged Mortgage Loan was pledged under the Pledge and Security Agreement; (2) 45 days elapse from the date such Eligible Pledged Mortgage Loan was delivered to an investor for examination and purchase and such Eligible Pledged Mortgage Loan has not been returned to the Collateral Agent; (3) 21 days elapse from the date a Collateral document relating to such Eligible Pledged Mortgage Loan was delivered to the Company for correction or completion and such corrected or completed Collateral document has not been returned to the Collateral Agent; (4) in the case of an Eligible Pledged Mortgage Loan which is a Wet Funded Loan, seven (7) calendar days elapse from the date an Agreement to Pledge and a Collateral Identification Letter with respect to such Wet Funded Loan were executed by the Company and the Mortgage Note and other instruments and documents required by paragraph 2 of said Collateral Identification Letter have not been received by the Collateral Agent; (5) any payment required to be made under such Eligible Pledged Mortgage Loan is not paid when due and remains unpaid for a period of 60 days; (6) such Eligible Pledged Mortgage Loan ceases to be an Eligible Pledged Mortgage Loan; or (7) the Agent, at the direction of the Required Banks, notifies the Company that in the reasonable opinion of the Required Banks such Eligible Pledged Mortgage Loan is not marketable and should not be given Collateral Value hereunder. The Company shall provide the Agent with a certified schedule by the twentieth (20th) day of each calendar month, prepared as of the last day of the preceding calendar month, of all the Eligible Pledged Mortgage Loans in respect of which either of the events described in clauses (5) and (6) of clause (F) above have occurred.

Eligible Pledged Mortgage Loans. The Collateral Value of an Eligible Pledged Mortgage Loan, at the time of any determination thereof, shall be an amount equal to the least of (a) the unpaid principal balance of such Eligible Pledged Mortgage Loan, (b) the Origination Price or the Acquisition Price, as the case may be, of such Eligible Pledged Mortgage Loan, (c) the purchase price under the Firm Loan Specific Take-Out Commitment or Standby Take-Out Commitment Hedge to which such Eligible Pledged Mortgage Loan has been assigned, or, if such Eligible Pledged Mortgage Loan has not been assigned to a specific Firm Loan Specific Take-Out Commitment or Standby Take-Out CommitmentHedge, the weighted average purchase price under the applicable Firm Loan Specific Take-Out Commitments and Standby Take-Out Commitments Hxxxxx described in the most recent summary furnished to the Agent by the Company pursuant to Section 4.01 of the Credit Agreement, and (d) at the election of the Agent, the Fair Market Value of such Eligible Pledged Mortgage Loan, less an amount equal to (i) 5% of the least of (a), (b), (c) or (d) above for Forty Year Amortizing Mortgage Loans and Eligible Non-Conforming Mortgage Loans; and (ii) 2% of the least of (a), (b), (c) or (d) above for all other Eligible Pledged Mortgage Loans; provided, however, that: (A) the maximum aggregate Collateral Value that may be assigned to Eligible Pledged Mortgage Loans which are Wet Funded Loans shall be (1) 60% of the Aggregate Commitment Amount during the period from and including December 20, 2005 to and including January 10, 2006, (2) 50% of the Aggregate Commitment Amount during the last four Business Days of January 2006 and the first four and last four Business Days of each month thereafter month, and (3) 30% of the Aggregate Commitment Amount at all other times; (B) the maximum aggregate Collateral Value that may be assigned to Eligible Pledged Mortgage Loans which are Jumbo Mortgage Loans and Super Jumbo Mortgage Loans shall be 35% of the Aggregate Commitment Amount, and the maximum collateral value of all Super Jumbo Mortgage Loans shall not exceed 6.67% of the Aggregate Commitment Amount; (C) the maximum aggregate Collateral Value that may be assigned to Eligible Pledged Mortgage Loans with respect to which an instrument or document constituting or relating thereto has been redelivered to the Company for correction pursuant to Section 10.01 of the Pledge and Security Agreement, and has not been returned to the Collateral Agent, shall be $1,000,000; (D) the maximum aggregate Collateral Value that may be assigned to Eligible Pledged Mortgage Loans which are Forty Year Amortizing Mortgage Loans shall be 2.5% of the Aggregate Commitment Amount; (E) the maximum Collateral Value that may be assigned to Eligible Pledged Mortgage Loans that are Second Mortgage Loans shall be 1020% of the Aggregate Commitment Amount; (F) the maximum Collateral Value that may be assigned to Eligible Pledged Mortgage Loans that are Alt-A Mortgage Loans shall be 1075% of the Aggregate Commitment Amount; (G) the maximum Collateral Value that may be assigned to Eligible Pledged Mortgage Loans that are Non-Conforming Mortgage Loans shall be 5% of the Aggregate Commitment Amount; ; (H) the maximum Collateral Value that may be assigned to Eligible Pledged Mortgage Loans that are Uncovered Mortgage Loans shall be 10% of the Aggregate Commitment Amount: and (HI) an Eligible Pledged Mortgage Loan will be considered as having no Collateral Value if any of the following events occur with respect thereto: (1) either (a) in the case of an Eligible Pledged Mortgage Loan which is other than a Jumbo Mortgage Loan or a Super Jumbo Mortgage Loan, 120 days (or, with the approval of the Agent, 150 days) elapse from the date on which such Eligible Pledged Mortgage Loan was pledged under the Pledge and Security Agreement, or (b) in the case of an Eligible Pledged Mortgage Loan which is a Jumbo Mortgage Loan or a Super Jumbo Mortgage Loan, 120 days elapse from the date on which such Eligible Pledged Mortgage Loan was pledged under the Pledge and Security Agreement, or (c) in the case of an Eligible Pledged Mortgage Loan which is a Second Mortgage Loan Mortgage or a Forty Year Amortizing Mortgage LoanMortgage, 60 90 days elapse from the date on which such Eligible Pledged Mortgage Loan was pledged under the Pledge and Security Agreement; (2) 45 days elapse from the date such Eligible Pledged Mortgage Loan was delivered to an investor for examination and purchase and such Eligible Pledged Mortgage Loan has not been returned to the Collateral Agent; (3) 21 20 days elapse from the date a Collateral document relating to such Eligible Pledged Mortgage Loan was delivered to the Company for correction or completion and such corrected or completed Collateral document has not been returned to the Collateral Agent; (4) in the case of an Eligible Pledged Mortgage Loan which is a Wet Funded Loan, seven (7) calendar days elapse from the date an Agreement to Pledge and a Collateral Identification Letter with respect to such Wet Funded Loan were executed by the Company and the Mortgage Note and other instruments and documents required by paragraph 2 of said Collateral Identification Letter have not been received by the Collateral Agent; (5) any payment required to be made under such Eligible Pledged Mortgage Loan is not paid when due and remains unpaid for a period of 60 days; (6) such Eligible Pledged Mortgage Loan ceases to be an Eligible Pledged Mortgage Loan; or (7) the Agent, at the direction of the Required Banks, notifies the Company that in the reasonable opinion of the Required Banks such Eligible Pledged Mortgage Loan is not marketable and should not be given Collateral Value hereunder. The Company shall provide the Agent with a certified schedule by the twentieth (20th) last day of each calendar month, prepared as of the last day of the preceding calendar month, of all the Eligible Pledged Mortgage Loans in respect of which either of the events described in clauses (5) and (6) of clause (FI) above have occurred.

Eligible Pledged Mortgage Loans. The Collateral Value of an Eligible Pledged Mortgage Loan, at the time of any determination thereof, shall be an amount equal to the least of (a) the unpaid principal balance of such Eligible Pledged Mortgage Loan, (b) the Origination Price or the Acquisition Price, as the case may be, of such Eligible Pledged Mortgage Loan, (c) the purchase price under the Firm Loan Specific Take-Out Commitment or Standby Take-Out Commitment Hedge to which such Eligible Pledged Mortgage Loan has been assigned, or, if such Eligible Pledged Mortgage Loan has not been assigned to a specific Firm Loan Specific Take-Out Commitment or Standby Take-Out CommitmentHedge, the weighted average purchase price under the applicable Firm Loan Specific Take-Out Commitments and Standby Take-Out Commitments Hxxxxx described in the most recent summary furnished to the Agent by the Company pursuant to Section 4.01 of the Credit Agreement, and (d) at the election of the Agent, the Fair Market Value of such Eligible Pledged Mortgage Loan, less an amount equal to (i) 5% of the least of (a), (b), (c) or (d) above for Forty Year Amortizing Mortgage Loans, Second Mortgage Loans and Eligible NonAlt-Conforming A Mortgage Loans; and (ii) 2% of the least of (a), (b), (c) or (d) above for all other Eligible Pledged Mortgage Loans; provided, however, that: (A) the maximum aggregate Collateral Value that may be assigned to Eligible Pledged Mortgage Loans which are Wet Funded Loans shall be (1) 60% of the Aggregate Commitment Amount during the period from and including December 20, 2005 to and including January 10, 2006, (2) 50% of the Aggregate Commitment Amount during the last four Business Days of January 2006 and the first four and last four Business Days of each month thereafter month, and (3) 30% of the Aggregate Commitment Amount at all other times; (B) the maximum aggregate Collateral Value that may be assigned to Eligible Pledged Mortgage Loans which are Jumbo Mortgage Loans and Super Jumbo Mortgage Loans shall be 3515% of the Aggregate Commitment Amount, and the maximum collateral value of all Super Jumbo Mortgage Loans shall not exceed 6.675% of the Aggregate Commitment Amount; (C) the maximum aggregate Collateral Value that may be assigned to Eligible Pledged Mortgage Loans with respect to which an instrument or document constituting or relating thereto has been redelivered to the Company for correction pursuant to Section 10.01 of the Pledge and Security Agreement, and has not been returned to the Collateral Agent, shall be $1,000,000; (D) the maximum aggregate Collateral Value that may be assigned to Eligible Pledged Mortgage Loans which are Forty Year Amortizing Mortgage Loans shall be 2.55% of the Aggregate Commitment Amount; (E) the maximum Collateral Value that may be assigned to Eligible Pledged Mortgage Loans that are Second Mortgage Loans shall be 105% of the Aggregate Commitment Amount; (F) the maximum Collateral Value that may be assigned to Eligible Pledged Mortgage Loans that are Alt-A Mortgage Loans shall be 1015% of the Aggregate Commitment Amount; (G) the maximum Collateral Value that may be assigned to Eligible Pledged Mortgage Loans that are Non-Conforming Mortgage Loans shall be 50% of the Aggregate Commitment Amount; ; (H) the maximum Collateral Value that may be assigned to Eligible Pledged Mortgage Loans that are Uncovered Mortgage Loans shall be 0% of the Aggregate Commitment Amount: and (HI) an Eligible Pledged Mortgage Loan will be considered as having no Collateral Value if any of the following events occur with respect thereto: (1) either (a) in the case of an Eligible Pledged Mortgage Loan which is other than a Jumbo Mortgage Loan or a Super Jumbo Mortgage Loan, 120 days (or, with the approval of the Agent, 150 days) elapse from the date on which such Eligible Pledged Mortgage Loan was pledged under the Pledge and Security Agreement, or (b) in the case of an Eligible Pledged Mortgage Loan which is a Jumbo Mortgage Loan or a Super Jumbo Mortgage Loan, 120 days elapse from the date on which such Eligible Pledged Mortgage Loan was pledged under the Pledge and Security Agreement, or (c) in the case of an Eligible Pledged Mortgage Loan which is a Second Mortgage Loan Mortgage or a Forty Year Amortizing Mortgage LoanMortgage, 60 90 days elapse from the date on which such Eligible Pledged Mortgage Loan was pledged under the Pledge and Security Agreement; (2) 45 days elapse from the date such Eligible Pledged Mortgage Loan was delivered to an investor for examination and purchase and such Eligible Pledged Mortgage Loan has not been returned to the Collateral Agent; (3) 21 20 days elapse from the date a Collateral document relating to such Eligible Pledged Mortgage Loan was delivered to the Company for correction or completion and such corrected or completed Collateral document has not been returned to the Collateral Agent; (4) in the case of an Eligible Pledged Mortgage Loan which is a Wet Funded Loan, seven (7) calendar days elapse from the date an Agreement to Pledge and a Collateral Identification Letter with respect to such Wet Funded Loan were executed by the Company and the Mortgage Note and other instruments and documents required by paragraph 2 of said Collateral Identification Letter have not been received by the Collateral Agent; (5) any payment required to be made under such Eligible Pledged Mortgage Loan is not paid when due and remains unpaid for a period of 60 days; (6) such Eligible Pledged Mortgage Loan ceases to be an Eligible Pledged Mortgage Loan; or (7) the Agent, at the direction of the Required Banks, notifies the Company that in the reasonable opinion of the Required Banks such Eligible Pledged Mortgage Loan is not marketable and should not be given Collateral Value hereunder. The Company shall provide the Agent with a certified schedule by the twentieth (20th) last day of each calendar month, prepared as of the last day of the preceding calendar month, of all the Eligible Pledged Mortgage Loans in respect of which either of the events described in clauses (5) and (6) of clause (FI) above have occurred.

Eligible Pledged Mortgage Loans. The Collateral Value of an Eligible Pledged Mortgage Loan, at the time of any determination thereof, shall be an amount equal to eighty percent (80%) of the least of: (a) the unpaid principal balance Repurchase Price of such Eligible Pledged Mortgage Loan, (b) the Origination Price or the Acquisition Price, as the case may be, of such Eligible Pledged Mortgage Loan, (c) the purchase price under the Firm Take-Out Commitment or Standby Take-Out Commitment to which such Eligible Pledged Mortgage Loan has been assigned, or, if such Eligible Pledged Mortgage Loan has not been assigned to a specific Firm Take-Out Commitment or Standby Take-Out Commitment, the weighted average purchase price under the applicable Firm Take-Out Commitments and Standby Take-Out Commitments described in the most recent summary furnished to the Agent by the Company pursuant to Section 4.01 of the Credit Agreement, and (d) at the election of the Agent, the Fair Market Value unpaid principal balance of such Eligible Pledged Mortgage Loan, less an amount equal to (i) 5% of the least of (a), (b), and (c) or (d) above for Forty Year Amortizing Mortgage Loans and Eligible Non-Conforming Mortgage Loans; and (ii) 2% at the election of the least of (a)Bank, (b), (c) or (d) above for all other the Fair Market Value ofsuch Eligible Pledged Mortgage LoansLoan; provided, however, that: (A) the maximum aggregate Collateral Value that may be assigned to Eligible Pledged Mortgage Loans which are Wet Funded Loans shall be (1) 60% of the Aggregate Commitment Amount during the period from and including December 20, 2005 to and including January 10, 2006, (2) 50% of the Aggregate Commitment Amount during the last four Business Days of January 2006 and the first four and last four Business Days of each month thereafter and (3) 30% of the Aggregate Commitment Amount at all other times; (B) the maximum aggregate Collateral Value that may be assigned to Eligible Pledged Mortgage Loans which are Jumbo Mortgage Loans and Super Jumbo Mortgage Loans shall be 35% of the Aggregate Commitment Amount, and the maximum collateral value of all Super Jumbo Mortgage Loans shall not exceed 6.67% of the Aggregate Commitment Amount; (C) the maximum aggregate Collateral Value that may be assigned to Eligible Pledged Mortgage Loans with respect to which an instrument or document constituting or relating thereto has been redelivered to the Company for correction pursuant to Section 10.01 of the Pledge and Security Agreement, and has not been returned to the Collateral Agent, shall be $1,000,000; (D) the maximum aggregate Collateral Value that may be assigned to Eligible Pledged Mortgage Loans which are Forty Year Amortizing Mortgage Loans shall be 2.5% of the Aggregate Commitment Amount; (E) the maximum Collateral Value that may be assigned to Eligible Pledged Mortgage Loans that are Second Mortgage Loans shall be 10% of the Aggregate Commitment Amount; (F) the maximum Collateral Value that may be assigned to Eligible Pledged Mortgage Loans that are Alt-A Mortgage Loans shall be 10% of the Aggregate Commitment Amount; (G) the maximum Collateral Value that may be assigned to Eligible Pledged Mortgage Loans that are Non-Conforming Mortgage Loans shall be 5% of the Aggregate Commitment Amount; and (H) an Eligible Pledged Mortgage Loan will be considered as having no Collateral Value if any of the following events occur with respect thereto: (1) either (a) in the case of an Eligible Pledged Mortgage Loan which is other than a Jumbo Mortgage Loan or a Super Jumbo Mortgage Loan, 120 days (or, with the approval of the Agent, 150 days) elapse from the date on which such Eligible Pledged Mortgage Loan was pledged under the Pledge and Security Agreement, or (b) in the case of an Eligible Pledged Mortgage Loan which is a Jumbo Mortgage Loan or a Super Jumbo Mortgage Loan, 120 days elapse from the date on which such Eligible Pledged Mortgage Loan was pledged under the Pledge and Security Agreement, or (c) in the case of an Eligible Pledged Mortgage Loan which is a Second Mortgage Loan Mortgage or a Forty Year Amortizing Mortgage Loan, 60 180 days elapse from the date on which such Eligible Pledged Mortgage Loan was pledged under the Pledge and Security Agreement; (2) 45 days elapse from the date such Eligible Pledged Mortgage Loan was delivered to an investor Investor or a pool custodian for examination and purchase and such Eligible Pledged Mortgage Loan has not been returned to the Collateral AgentBank; (3) 21 days elapse from the date a Collateral document relating to such Eligible Pledged Mortgage Loan was delivered to the Company for correction or completion and such corrected or completed Collateral document has not been returned to the Collateral AgentBank; (4) in the case of an Eligible Pledged Mortgage Loan which is a Wet Funded Loan, seven (7) calendar days elapse from the date an Agreement to Pledge and a Collateral Identification Letter with respect to such Wet Funded Loan were executed by the Company and the Mortgage Note and other instruments and documents required by paragraph 2 of said Collateral Identification Letter have not been received by the Collateral Agent; (5) any payment required to be made under such Eligible Pledged Mortgage Loan is not paid when due and remains unpaid for a period of 60 days; (6) such Eligible Pledged Mortgage Loan ceases to be an Eligible Pledged Mortgage Loan; or (75) the Agent, at the direction of the Required Banks, Bank notifies the Company that in the reasonable opinion of the Required Banks Bank such Eligible Pledged Mortgage Loan is not marketable and should not be given Collateral Value hereunder. The Company Notwithstanding any of the foregoing, (A) a Pledged Mortgage Loan shall provide remain a part of the Agent with a certified schedule collateral pledged under the Pledge and Security Agreement until it is released by the twentieth (20th) day of each calendar monthBank pursuant to Section 10.04 thereof, prepared as of the last day of the preceding calendar monthnotwithstanding any determination that such Pledged Mortgage Loan is not, of all the or has ceased to be, an Eligible Pledged Mortgage Loan or that it does not have, or has ceased to have, Collateral Value, and (B) an Eligible Pledged Mortgage Loan which has been delivered to an Investor or a pool custodian for inclusion in a pool of Mortgage Loans in respect of which either backing a Related Mortgage-backed Security pursuant to Section 10.03 of the events described Pledge and Security Agreement shall remain a part of the Collateral pledged under the Pledge and Security Agreement and, to the extent provided in clauses (5) the first sentence of this paragraph 1, shall retain its Collateral Value until it is released pursuant to Section 10.04 of the Pledge and (6) of clause (F) above have occurredSecurity Agreement.

Eligible Pledged Mortgage Loans. The Collateral Value of an Eligible Pledged Mortgage Loan, at the time of any determination thereof, shall be an amount equal to the least of (a) the unpaid principal balance of such Eligible Pledged Mortgage Loan, (b) the Origination Price or the Acquisition Price, as the case may be, of such Eligible Pledged Mortgage Loan, (c) the purchase price under the Firm Take-Out Commitment or Standby Take-Out Commitment to which such Eligible Pledged Mortgage Loan has been assigned, or, if such Eligible Pledged Mortgage Loan has not been assigned to a specific Firm Take-Out Commitment or Standby Take-Out Commitment, the weighted average purchase price under the applicable Firm Take-Out Commitments and Standby Take-Out Commitments described in the most recent summary furnished to the Agent by the Company pursuant to Section 4.01 of the Credit Agreement, and (d) at the election of the Agent, the Fair Market Value of such Eligible Pledged Mortgage Loan, less an amount equal to (i) 5% of the least of (a), (b), (c) or (d) above for Forty Year Amortizing Mortgage Loans and Eligible Non-Conforming Mortgage Loans; and (ii) 2% of the least of (a), (b), (c) or (d) above for all other Eligible Pledged Mortgage Loans; provided, however, that: (A) the maximum aggregate Collateral Value that may be assigned to Eligible Pledged Mortgage Loans which are Wet Funded Loans shall be (1) 60% of the Aggregate Commitment Amount during the period from last four Business Days of September 2005 and including December 20, 2005 to and including January 10, 2006the first four Business Days of October 2005, (2) 50% of the Aggregate Commitment Amount during the last four Business Days of January 2006 October 2005 and the first four and last four Business Days of each month thereafter and (3) 30% of the Aggregate Commitment Amount at all other times; (B) the maximum aggregate Collateral Value that may be assigned to Eligible Pledged Mortgage Loans which are Jumbo Mortgage Loans and Super Jumbo Mortgage Loans shall be 35% of the Aggregate Commitment Amount, ; and the maximum collateral value of all Super Jumbo Mortgage Loans shall not exceed 6.67% of the Aggregate Commitment Amount; (C) the maximum aggregate Collateral Value that may be assigned to Eligible Pledged Mortgage Loans with respect to which an instrument or document constituting or relating thereto has been redelivered to the Company for correction pursuant to Section 10.01 of the Pledge and Security Agreement, and has not been returned to the Collateral Agent, shall be $1,000,000; (D) the maximum aggregate Collateral Value that may be assigned to Eligible Pledged Mortgage Loans which are Forty Year Amortizing Mortgage Loans shall be 2.5% of the Aggregate Commitment Amount; (E) the maximum Collateral Value that may be assigned to Eligible Pledged Mortgage Loans that are Second Mortgage Loans shall be 10% of the Aggregate Commitment Amount; (F) the maximum Collateral Value that may be assigned to Eligible Pledged Mortgage Loans that are Alt-A Mortgage Loans shall be 10% of the Aggregate Commitment Amount; (G) the maximum Collateral Value that may be assigned to Eligible Pledged Mortgage Loans that are Non-Conforming Mortgage Loans shall be 5% of the Aggregate Commitment Amount; and (H) an Eligible Pledged Mortgage Loan will be considered as having no Collateral Value if any of the following events occur with respect thereto: (1) either (a) in the case of an Eligible Pledged Mortgage Loan which is other than a Jumbo Mortgage Loan or a Super Jumbo Mortgage Loan, 120 days (or, with the approval of the Agent, 150 days) elapse from the date on which such Eligible Pledged Mortgage Loan was pledged under the Pledge and Security Agreement, or (b) in the case of an Eligible Pledged Mortgage Loan which is a Jumbo Mortgage Loan or a Super Jumbo Mortgage Loan, 120 days elapse from the date on which such Eligible Pledged Mortgage Loan was pledged under the Pledge and Security Agreement, or (c) in the case of an Eligible Pledged Mortgage Loan which is a Second Mortgage Loan Mortgage or a Forty Year Amortizing Mortgage Loan, 60 days elapse from the date on which such Eligible Pledged Mortgage Loan was pledged under the Pledge and Security Agreement; (2) 45 days elapse from the date such Eligible Pledged Mortgage Loan was delivered to an investor for examination and purchase and such Eligible Pledged Mortgage Loan has not been returned to the Collateral Agent; (3) 21 days elapse from the date a Collateral document relating to such Eligible Pledged Mortgage Loan was delivered to the Company for correction or completion and such corrected or completed Collateral document has not been returned to the Collateral Agent; (4) in the case of an Eligible Pledged Mortgage Loan which is a Wet Funded Loan, seven (7) calendar days elapse from the date an Agreement to Pledge and a Collateral Identification Letter with respect to such Wet Funded Loan were executed by the Company and the Mortgage Note and other instruments and documents required by paragraph 2 of said Collateral Identification Letter have not been received by the Collateral Agent; (5) any payment required to be made under such Eligible Pledged Mortgage Loan is not paid when due and remains unpaid for a period of 60 days; (6) such Eligible Pledged Mortgage Loan ceases to be an Eligible Pledged Mortgage Loan; or (7) the Agent, at the direction of the Required Banks, notifies the Company that in the reasonable opinion of the Required Banks such Eligible Pledged Mortgage Loan is not marketable and should not be given Collateral Value hereunder. The Company shall provide the Agent with a certified schedule by the twentieth (20th) day of each calendar month, prepared as of the last day of the preceding calendar month, of all the Eligible Pledged Mortgage Loans in respect of which either of the events described in clauses (5) and (6) of clause (F) above have occurred.