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.
(b) Notwithstanding any provision to the contrary in any Loan Document, at all times during the term of and prior to the repayment in full of the Loans, Borrower covenants and agrees that the Collateral Value of all Mortgage Loans plus the amount of all Cash Collateral shall equal at least eighty percent (80%) of all sums owed by Borrower under the Loans. If at any time the Collateral Value of all Mortgage Loans (as determined by Lender in its sole but reasonable discretion at any time during the term of the Loan) plus the amount of all Cash Collateral is less than eighty percent (80%) of all sums owed by Borrower under the Loans, Borrower shall no later than one (1) Business Day after written notice from Agent to Borrower informing Borrower of the breach of the covenant set forth in this Section 2.05(b) either prepay the Revolving Loan in part or in whole or pledge additional Eligible Mortgage Loans (which Eligible Mortgage Loans 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, the breach of Borrower's covenant set forth in this Section 2.05(b) shall no longer exist.
(c) If at any time the aggregate outstanding principal amount of Loans exceeds the Maximum Credit then in effect, Borrower shall at such time prepay the Loans such that, a...
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 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 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. 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. 19 Section 3. Payments; Computations; Etc...........................................................................19
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 (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 Lender in its sole discretion) to the Lender, 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. (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.
(b) If at any time the aggregate outstanding principal amount of Loans exceeds the Maximum Credit then in effect, the Borrowers shall at such time prepay the Loans such that, after giving effect to such prepayment, the aggregate outstanding principal amount of Loans shall not exceed the Maximum Credit then in effect.”
(d) Schedule 4 to the Existing Loan Agreement is hereby deleted in its entirety and the Schedule 4 attached hereto is inserted in lieu thereof.
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 Lender 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 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.
(b) The Borrowers shall prepay the Loans in the amounts of prepayments remitted to the Lender in accordance with Section 7.20 hereof.
(c) If at any time MS & Co.‘s corporate bond rating has been lowered or downgraded to a rating below A- by S&P or A3 by Xxxxx’x and the Borrowers shall repay all amounts owing to the Lender under this Agreement, the Note and the other Loan Documents within ninety (90) days following such downgrade.
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. (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.
(b) In the event that at any time a Borrowing Base Deficiency is in existence, as determined by Calculation Agent and notified to Borrowers on any Business Day, Borrowers shall, in accordance with Section 2.06(c), prepay the Advances in part or in whole, such that after giving effect to such prepayment the aggregate outstanding principal amount of the Advances does not exceed the Borrowing Base.
(c) Notice required pursuant to Section 2.06(a) or Section 2.06(b) may be given by any means provided in Section 14.02 hereof, and the related mandatory prepayment shall be remitted to Paying Agent, for the account of Lender, no later than 5:00 p.m. (New York City time) on the following Business Day. The failure of Lender or any Agent, on any one or more occasions, to exercise its rights under this Section 2.06, shall not change or alter the terms and conditions to which this Loan Agreement is subject or limit the right of Lender to do so at a later date. Borrowers and Lender each agree that a failure or delay by Lender to exercise its rights hereunder shall not limit or waive Lender’s rights under this Loan Agreement or otherwise existing by law or in any way create additional rights for Borrowers.
