Mandatory Prepayments or Pledge. If at any time the aggregate outstanding principal amount of Loans exceeds the Borrowing Base (a "Borrowing Base Deficiency"), as determined by the Lender and notified to the Borrower on any Business Day, the Borrower shall no later than one Business Day after receipt of such notice, either prepay the Loans in part or in whole or pledge additional Eligible Mortgage Loans (which Collateral shall be in all respects acceptable to the Lender) to the Lender, such that after giving effect to such prepayment or pledge the aggregate outstanding principal amount of the Loans does not exceed the Borrowing Base.
Mandatory Prepayments or Pledge. (a) If at any time the aggregate outstanding principal amount of Loans exceeds the Borrowing Base (a “Borrowing Base Deficiency”), as determined by the Agent and notified to the Borrowers on any Business Day, the Borrowers shall no later than one (1) Business Day after receipt of such notice, either prepay the Loans in part or in whole or pledge additional Eligible Mortgage Loans (which Collateral shall be in all respects acceptable to the Agent in its sole discretion) to the Agent for the account of the Lenders, such that after giving effect to such prepayment or pledge of additional Eligible Mortgage Loans a Borrowing Base Deficiency shall no longer exist.
Mandatory Prepayments or Pledge. On each Advance Date or other date on which there is a change in the Mortgage Loans held by the Custodian, the Custodian shall deliver to the Lender and the Borrower the Custodian Loan Transmission. The Lender shall deliver to the Borrower a Borrowing Base Certificate in the form attached hereto as Exhibit H, the calculation in such certificate to be based on the delinquency status and principal balance of the Eligible Mortgage Loans as of the later of the funding date balance or the last calendar day of the prior month. Such information shall be ascertained from the Servicing Transmission which shall be delivered or caused to be delivered by the Borrower in accordance with Section 7.20 and shall include all Mortgage Loans which were funded on or prior to the last calendar day of the previous month. In the event that such Borrowing Base Certificate indicates or if at any time the aggregate outstanding principal amount of Advances exceeds the Borrowing Base (a "Borrowing Base Deficiency"), as determined by the Lender and notified to the Borrower on any Business Day, the Borrower shall no later than one Business Day after receipt of such written notice, either prepay the Advances in part or in whole or pledge additional Eligible Mortgage Loans (which Collateral shall be in all respects acceptable to the Lender) to the Lender, such that after giving effect to such prepayment or pledge the aggregate outstanding principal amount of the Advances does not exceed the Borrowing Base.
Mandatory Prepayments or Pledge. 17 2.06 Prepayment Restrictions...................................... 19 2.07
Mandatory Prepayments or Pledge. (a) If at any time the aggregate outstanding principal amount of Loans exceeds the Borrowing Base (a "BORROWING BASE DEFICIENCY"), as determined by Agent, Borrower shall no later than one (1) Business Day after written notice from Agent to Borrower informing Borrower that a Borrowing Base Deficiency exists and the amount of the Borrowing Base Deficiency, either prepay the Revolving Loan in part or in whole or pledge additional Eligible Mortgage Loans and/or additional Eligible Securities (which Collateral shall be in all respects acceptable to Agent in its sole discretion) to Agent for the account of Lender, or deliver to Agent, for the benefit of Lender, Cash Collateral in accordance with the provisions of Section 4.12 of this Agreement, such that after giving effect to such prepayment or pledge of additional Eligible Mortgage Loans or additional Cash Collateral a Borrowing Base Deficiency shall no longer exist.
Mandatory Prepayments or Pledge. (a) Lender may determine and re-determine the Borrowing Base on any Business Day and on as many Business Days as it may elect. If at any time (i) the aggregate outstanding principal amount of Loans exceeds the Borrowing Base (a "Borrowing Base Deficiency"), as determined by Lender in its sole discretion and notified to Borrower on any Business Day, Borrower shall no later than one Business Day after receipt of such notice, or (ii) Borrower shall have received a prepayment of the principal of any loan or preferred equity interest comprising a portion of the Collateral (including, without limitation, the payment of casualty or condemnation proceeds), Borrower shall, not later than one (1) Business Day after receipt of such prepayment, either prepay the Loans in part or in whole or pledge additional Collateral (which Collateral shall be in all respects acceptable to Lender) to Lender, such that after giving effect to such prepayment or pledge the aggregate outstanding principal amount of the Loans does not exceed the Borrowing Base as re-determined by Lender after the addition of Collateral. So long as no Default or Event of Default has occurred and is then continuing, all partial repayments shall be applied against the Asset-Specific Loan Balance relating to the Loan being repaid.
Mandatory Prepayments or Pledge. Pursuant to the Custodial Agreement, on each Business Day on which there is a sale, release or other change in the Mortgage Loans held by the Custodian or REO Properties owned by an REO Subsidiary, the Custodian shall deliver to the Lender and the Borrower a Custodian Asset Transmission and an Exception Report. On the fifth Business Day of each calendar month, the Borrower shall cause the Servicer to deliver to the Lender the Servicing Transmission. No later than 5:00 p.m. eastern time on the Business Day preceding each Payment Date the Lender shall deliver to the Borrower a Borrowing Base Certificate, the calculation in such certificate to be based on (a) the principal balance and appraised value of the Mortgage Loans as of the last day of the preceding calendar month and (b) the appraised value of the REO Properties as of the last day of the preceding calendar month. Such information shall be ascertained from the Custodian Asset Transmission, the Exception Report and the Servicing Transmission. In the event that such Borrowing Base Certificate indicates that the aggregate outstanding principal amount of Advances exceeds the Borrowing Base (a “Borrowing Base Deficiency”), the Borrower or Guarantor shall on the related Payment Date, either prepay the Advances in part or in whole or pledge additional Eligible Assets (which Collateral shall be in all respects acceptable to the Lender) to the Lender, such that after giving effect to such prepayment or pledge the aggregate outstanding principal amount of the Advances does not exceed the Borrowing Base.
Mandatory Prepayments or Pledge. 19 Section 3. Payments; Computations; Etc...........................................................................19
Mandatory Prepayments or Pledge. (a) On any day on which Calculation Agent determines the Collateral Value of the Contributed Properties, Calculation Agent shall notify Borrowers of such determination, including Calculation Agent’s determination of the Borrowing Base as of such date. The Calculation Agent shall determine the Borrowing Base (i) as required by Section 2.03(b), (ii) as required by Section 3.05(d) and (iii) otherwise as reasonably requested by the Lender from time to time.
Mandatory Prepayments or Pledge. If at any time the aggregate outstanding principal amount of Loans exceeds the Borrowing Base (a "Borrowing Base Deficiency"), as determined by the ------------------------- Lender and notified to either of the Borrowers on any Business Day, the Borrowers shall no later than one Business Day after receipt of such notice, either prepay the Loans in part or in whole or pledge additional Eligible Mortgage Loans (which Collateral shall be in all respects acceptable to the Lender) to the Lender, such that after giving effect to such prepayment or pledge the aggregate outstanding principal amount of the Loans does not exceed the Borrowing Base. The Borrowers may not prepay Loans hereunder other than as specifically provided herein. In connection with any prepayment of a Loan, the Borrowers shall be required to pay a Breakage Fee to the Lender in addition to any other amounts due hereunder.
