Common use of Funding Requests and Collateral Reporting Clause in Contracts

Funding Requests and Collateral Reporting. (a) Except with respect to a Next Day Funding or a Same Day Funding (each as defined below), no later than five (5) Business Days prior to each Funding Date, the Borrower shall deliver to the Lender a Borrower Funding Request accompanied by (i) a Servicing Schedule identifying all Eligible Servicing Rights to be pledged to Lender as Collateral under the terms and conditions of this Agreement and all Agency Obligations outstanding on the related Funding Date, and (ii) any other information reasonably requested by Xxxxxx and available to the Borrower with respect to either the Eligible Servicing Rights or any proposed acquisition of additional Servicing Rights by Xxxxxxxx. Borrower may request an additional Loan (a “Next Day Funding”) solely with respect to Eligible Servicing Rights that (a) have previously been pledged (and remain pledged) as Collateral and (b) were included in the monthly reporting provided to Lender and Valuation Agent for the previous calendar month for purposes of calculating the value of the Eligible Servicing Rights, by providing the following to Lender: (i) prior to 12:00 noon (eastern time) on the Business Day prior to the requested Funding Date, an initial written request for funding setting forth the requested funding amount (which may be in the form of a range), together with a statement from Borrower that to the best of Borrower’s knowledge there are no additional material Agency Obligations with respect to the Collateral since the date of the delivery by Borrower of the previous Agency Obligations report, and (ii) prior to 11:00 am (eastern time) on the requested Funding Date, a final Borrower Funding Request setting forth the specific requested Loan amount. Borrower may request an additional Loan in an aggregate amount not to exceed $50,000,000 unless otherwise approved by Xxxxxx (a “Same Day Funding”) solely with respect to Eligible Servicing Rights that (a) have previously been pledged (and remain pledged) as Collateral and (b) were included in the monthly reporting provided to Lender and Valuation Agent for the previous calendar month for purposes of calculating the value of the Eligible Servicing Rights, by providing to Lender prior to 12:00 noon (eastern time) on the requested Funding Date, a final Borrower Funding Request setting forth the specific requested Loan amount, together with a statement from Borrower that to the best of Borrower’s knowledge there are no additional material Agency Obligations with respect to the Collateral since the date of the delivery by Borrower of the previous Agency Obligations report. With respect to any Borrower Funding Request, subject to Xxxxxx’s confirmation that the funding of such Loan would not result in a Borrowing Base Deficiency and in accordance with the other terms and conditions set forth herein and in the Facility Documents, Lender shall make each Loan on the related Funding Date by wire transfer in accordance with the wire instructions specified in the Borrower Funding Request (provided that the Borrower shall not be permitted to change the wire instructions in the Borrower Funding Request only upon providing two (2) Business Days’ prior written notice to Lender of such change). Notwithstanding the foregoing, any excess of the amount funded on such Loan over the Borrowing Base shall result in a Borrowing Base Deficiency as set forth in Section 2.08(b) of the Agreement. By delivering a Borrower Funding Request, the Borrower represents and warrants to the Lender that, after taking into account the amount of the requested Loan, all conditions precedent to such Loan specified in Section 5.02 of the Agreement have been satisfied.

Funding Requests and Collateral Reporting. (a) Except with respect to a Next Day Funding or a Same Day Funding (each as defined below), no later than five (5) Business Days prior to each Funding Date, the Borrower shall deliver to the Lender a Borrower Funding Request accompanied by (i) a Servicing Schedule identifying all Eligible Servicing Rights to be pledged to Lender as Collateral under the terms and conditions of this Agreement and all Agency Obligations outstanding on the related Funding Date, and (ii) any other information reasonably requested by Xxxxxx and available to the Borrower with respect to either the Eligible Servicing Rights or any proposed acquisition of additional Servicing Rights by Xxxxxxxx. Borrower may request an additional Loan (a “Next Day Funding”) solely with respect to Eligible Servicing Rights that (a) have previously been pledged (and remain pledged) as Collateral and (b) were included in the monthly reporting provided to Lender and Valuation Agent for the previous calendar month for purposes of calculating the value of the Eligible Servicing Rights, by providing the following to Lender: (i) prior to 12:00 noon (eastern time) on the Business Day prior to the requested Funding Date, an initial written request for funding setting forth the requested funding amount (which may be in the form of a range), together with a statement from Borrower that to the best of Borrower’s knowledge there are no additional material Agency Obligations with respect to the Collateral since the date of the delivery by Borrower of the previous Agency Obligations report, and (ii) prior to 11:00 am (eastern time) on the requested Funding Date, a final Borrower Funding Request setting forth the specific requested Loan amount. Borrower may request an additional Loan in an aggregate amount not to exceed $50,000,000 unless otherwise approved by Xxxxxx Lender (a “Same Day Funding”) solely with respect to Eligible Servicing Rights that (a) have previously been pledged (and remain pledged) as Collateral and (b) were included in the monthly reporting provided to Lender and Valuation Agent for the previous calendar month for purposes of calculating the value of the Eligible Servicing Rights, by providing to Lender prior to 12:00 noon (eastern time) on the requested Funding Date, a final Borrower Funding Request setting forth the specific requested Loan amount, together with a statement from Borrower that to the best of Borrower’s knowledge there are no additional material Agency Obligations with respect to the Collateral since the date of the delivery by Borrower of the previous Agency Obligations report. With respect to any Borrower Funding Request, subject to Xxxxxx’s confirmation that the funding of such Loan would not result in a Borrowing Base Deficiency and in accordance with the other terms and conditions set forth herein and in the Facility Documents, Lender shall make each Loan on the related Funding Date by wire transfer in accordance with the wire instructions specified in the Borrower Funding Request (provided that the Borrower shall not be permitted to change the wire instructions in the Borrower Funding Request only upon providing two (2) Business Days’ prior written notice to Lender of such change). Notwithstanding the foregoing, any excess of the amount funded on such Loan over the Borrowing Base shall result in a Borrowing Base Deficiency as set forth in Section 2.08(b) of the Agreement. By delivering a Borrower Funding Request, the Borrower represents and warrants to the Lender that, after taking into account the amount of the requested Loan, all conditions precedent to such Loan specified in Section 5.02 of the Agreement have been satisfied.