Common use of Maximum Line Clause in Contracts

Maximum Line. The sum of all outstanding advances under this Agreement shall not exceed the Maximum Line of Credit. Bank and Borrower agree that $20,000,000.00 of the Maximum Line of Credit shall be offered by the Bank in the form of a Committed Line, and that $10,000,000.00 of the Maximum Line of Credit shall be offered by the Bank in the form of an Uncommitted Line or Bulge Line. Requests for advances of amounts offered under an Uncommitted Line may or may not be honored by the Bank at the Bank’s sole discretion. Subject to the foregoing, the total amount of funds to be provided to the Closing Agent on Borrower’s behalf to assist in funding the origination of an Eligible Mortgage Loan shall not exceed the Advance Amount, unless otherwise agreed upon by Bank in writing. Bank shall have no obligation to make any advance under this Line of Credit against the security of any residential loan, the original principal amount of which exceeds seven hundred fifty thousand dollars ($750,000). In no case shall Bank have any obligation to make any Advance under this Line of Credit to the extent that such action may, in the judgment of the Bank, violate the legal lending limits applicable to Bank imposed by any applicable laws, rules, regulations or interpretations thereof. Borrower is aware that Advances made under the Line of Credit must be aggregated with other loans to Borrower and certain affiliates of Borrower for purposes of calculating Bank’s legal lending limit. Borrower represents and warrants to Bank that Borrower does not exceed Bank’s loan to one borrower limits.

Maximum Line. The sum of all outstanding advances under this Agreement shall not exceed the Maximum Line of Credit. Bank and Borrower agree that $20,000,000.00 of the Maximum Line of Credit shall be offered by the Bank in the form of a Committed Line, and that $10,000,000.00 of the Maximum Line of Credit shall be offered by the Bank in the form of an Uncommitted Line or Bulge Line. Requests for advances of amounts offered under an Uncommitted Line may or may not be honored by the Bank at the Bank’s sole discretion. Subject to the foregoing, the total amount of funds to be provided to the Closing Agent on Borrower’s behalf to assist in funding the origination of an Eligible Mortgage Loan shall not exceed the Advance Amount, unless otherwise agreed upon by Bank in writing. Bank shall have no obligation to make any advance under this Line of Credit against the security of any residential loan, the original principal amount of which exceeds seven hundred fifty thousand one million dollars ($750,0001,000,000). In no case shall Bank have any obligation to make any Advance under this Line of Credit to the extent that such action may, in the judgment of the Bank, violate the legal lending limits applicable to Bank imposed by any applicable laws, rules, regulations or interpretations thereof. Borrower is aware that Advances made under the Line of Credit must be aggregated with other loans to Borrower and certain affiliates of Borrower for purposes of calculating Bank’s legal lending limit. Borrower represents and warrants to Bank that Borrower does not exceed Bank’s loan to one borrower limits.

Maximum Line. The sum maximum Line of all outstanding advances Credit under this Agreement shall not exceed the Maximum Line sum of CreditFIFTEEN MILLION DOLLARS ($15,000,000.00). Bank and Borrower agree that $20,000,000.00 15,000,000.00 of the Maximum Line of Credit maximum $15,000,000.00 shall be offered by the Bank in the form of on a Committed Linecommitted basis, and that $10,000,000.00 0.00 of the Maximum Line of Credit maximum $15,000,000.00 shall be offered by the Bank in the form of on an Uncommitted Line or Bulge Line. Requests for advances of amounts offered under an Uncommitted Line may or may not be honored by the Bank at the Bank’s sole discretionuncommitted basis. Subject to the foregoing, the total amount of funds to be provided to the Closing Agent on Borrower’s 's behalf to assist in funding the origination of an Eligible Mortgage Loan shall not exceed the Advance Amount, unless otherwise agreed upon by Bank in writing. Bank shall have no obligation to make any advance under this Line of Credit against the security of any residential loan, the original principal amount of which exceeds seven five hundred fifty thousand dollars ($750,000500,000). In no case shall Bank have any obligation to make any Advance under this Line of Credit to the extent that such action may, in the judgment of the Bank, violate the legal lending limits applicable to Bank imposed by any applicable laws, rules, regulations or interpretations thereof. Borrower is aware that Advances made under the Line of Credit must be aggregated with other loans to Borrower and certain affiliates of Borrower for purposes of calculating Bank’s 's legal lending limit. Borrower represents and warrants to Bank that the Loans To One Borrower Certification submitted by it to Bank in connection with its application for this financing arrangement is true, complete and accurate in all material respects, and that Borrower does not exceed Bank’s 's loan to one borrower limits.