Ongoing Loans. As conditions precedent to the Lender's obligation to make any Loan hereunder, including the first Loan, at and as of the date of advance thereof; (1) There shall have been delivered to the Lender a Loan Request therefor; (2) The representations and warranties of the Company contained in the Credit Documents shall be accurate and complete in all material respects as if made on and as of the date of such advance, conversion or continuance (unless such representation specifically relates to an earlier date, in which case such representation shall have been true and correct as of such earlier date); (3) There shall not have occurred an Event of Default or Potential Default; (4) Following the funding of the requested Loan, the aggregate principal amount of Loans outstanding will not exceed the lesser of: (i) the Credit Limit and (ii) the Collateral Value of the Borrowing Base; (5) There shall not have occurred any material adverse change in the financial condition, assets, nature of assets, operations or prospects of the Company from that represented in this Agreement, the other Credit Documents, or the documents or information furnished to the Lender in connection herewith or therewith; and (6) The Required Documents for the Mortgage Loan(s) contained in the Borrowing Base shall have been received by the Lender (except as otherwise provided in subparagraph (o) of the definition of "Eligible Mortgage Loan"). By making a Loan Request to the Lender hereunder, the Company shall be deemed to have represented and warranted the accuracy and completeness of the statements set forth in subparagraphs (b)(2) through (b)(6) above.
Appears in 1 contract
Samples: Mortgage Loan Warehousing Agreement (Westmark Group Holdings Inc)
Ongoing Loans. As conditions precedent to the Lender's obligation to make any Loan hereunder, including the first Loan, at and as of the date of advance thereof;
(1) There shall have been delivered to the Lender a Loan Request therefor;
(2) The representations and warranties of the Company contained in the Credit Documents (as modified pursuant to additional information which may be provided in writing by the Company to the Lender from time to time) shall be accurate and complete in all material respects as if made on and as of the date of such advance, conversion or continuance (unless such representation specifically relates to an earlier date, in which case such representation shall have been true and correct as of such earlier date);
(3) There shall not have occurred an Event of Default or Potential Default;
(4) Following the funding of the requested Loan, the aggregate principal amount of Loans outstanding will not exceed the lesser of: (i) the Credit Limit and (ii) the Collateral Value of the Borrowing Base;
(5) There shall not have occurred any material adverse change in the financial condition, assets, nature of assets, operations or prospects of the Company from that represented in this Agreement, the other Credit Documents, or the documents or information furnished to the Lender in connection herewith or therewith; and
(6) The Required Documents for the Mortgage Loan(s) contained in the Borrowing Base being funded therewith shall have been received by the Lender (except as otherwise provided in subparagraph subsection (o) of the definition of "Eligible Mortgage Loan"). By making a Loan Request to the Lender hereunder, the Company shall be deemed to have represented and warranted the accuracy and completeness of the statements set forth in subparagraphs (b)(2) through (b)(6) above.
Appears in 1 contract
Ongoing Loans. As conditions precedent to the Lender's obligation to make any Loan hereunder, including the first Loan and including the conversion of any Loan to another type of Loan, at and as of the date of advance advance, conversion or continuance thereof;
(1) There shall have been delivered to the Lender a Loan Request therefor;
(2) The representations and warranties of the Company Companies or either of them contained in the Credit Documents shall be accurate and complete in all material respects as if made on and as of the date of such advance, conversion or continuance (unless such representation specifically relates to an earlier date, in which case such representation shall have been true and correct as of such earlier date)continuance;
(3) There shall not have occurred an Event of Default or Potential Default;
(4) Following the funding of the requested Loan, the aggregate principal amount of Loans outstanding will not exceed the lesser of: (i) the Credit Limit and (ii) the Collateral Value of the Borrowing Base;
(5) There shall not have occurred any material adverse change in the financial condition, assets, nature of assets, operations or prospects of the Company Companies taken as a whole or either of them from that represented in this Agreement, the other Credit Documents, or the documents or information furnished to the Lender in connection herewith or therewith; and
(6) The Required Documents for the Mortgage Loan(s) contained in the Borrowing Base being funded therewith shall have been received by the Lender (except as otherwise provided in subparagraph subsection (o) of the definition of "Eligible Mortgage Loan"). By making a Loan Request to the Lender hereunder, the Company Companies shall be deemed to have represented and warranted the accuracy and completeness of the statements set forth in subparagraphs (b)(2) through (b)(6) above.
Appears in 1 contract
Samples: Mortgage Loan Warehousing Agreement (Novastar Financial Inc)
Ongoing Loans. As conditions precedent to the Lender's ------------- obligation to make any Loan hereunder, including the first Loan and including the conversion of any Loan to another type of Loan, at and as of the date of advance advance, conversion or continuance thereof;
(1) There shall have been delivered to the Lender a Loan Request therefor;
(2) The representations and warranties of the Company contained in the Credit Documents shall be accurate and complete in all material respects as if made on and as of the date of such advance, conversion or continuance (unless such representation specifically relates to an earlier date, in which case such representation shall have been true and correct as of such earlier date)continuance;
(3) There shall not have occurred an Event of Default or Potential Default;
(4) Following the funding of the requested Loan, the aggregate principal amount of Loans outstanding will not exceed the lesser of: (i) the Credit Limit and (ii) the Collateral Value of the Borrowing Base;
(5) There shall not have occurred any material adverse change in the financial condition, assets, nature of assets, operations or prospects of the Company from that represented in this Agreement, the other Credit Documents, or the documents or information furnished to the Lender in connection herewith or therewith; and
(6) The Required Documents for the Mortgage Loan(s) contained in the Borrowing Base being funded therewith shall have been received by the Lender (except as otherwise provided in subparagraph subsection (o) of the definition of "Eligible Mortgage Loan"). By making a Loan Request to the Lender hereunder, the Company shall be deemed to have represented and warranted the accuracy and completeness of the statements set forth in subparagraphs (b)(2) through (b)(6) above.
Appears in 1 contract
Samples: Mortgage Loan Warehousing Agreement (Novastar Financial Inc)
Ongoing Loans. As conditions precedent to the Lender's obligation to make any Loan hereunder, including the first Loan, at and as of the date of advance thereof;
(1) There shall have been delivered to the Lender a Loan Request therefor;
(2) The representations and warranties of the Company contained in the Credit Documents shall be accurate and complete in all material respects as if made on and as of the date of such advance, conversion or continuance (unless such representation specifically relates to an earlier date, in which case such representation shall have been true and correct as of such earlier date)continuance;
(3) There shall not have occurred an Event of Default or Potential Default, and the making of such Loan will not create or give rise to an Event of Default or a Potential Default;
(4) Following the funding of the requested Loan, the aggregate principal amount of Loans outstanding will not exceed the lesser of: (i) the Credit Limit and (ii) the Collateral Value of the Borrowing Base;
(5) There shall not have occurred any material adverse change in the financial condition, assets, nature of assets, operations or prospects of the Company from that represented in this Agreement, the other Credit Documents, or the documents or information furnished to the Lender in connection herewith or therewith, which would reasonably be expected to impair the ability of the Company to repay the Obligations; and
(6) The Required Documents for the Mortgage Loan(s) contained in the Borrowing Base being funded therewith shall have been received by the Lender (except as otherwise provided in subparagraph (o) of the definition of "Eligible Mortgage Loan")Lender. By making a Loan Request to the Lender hereunder, the Company shall be deemed to have represented and warranted the accuracy and completeness of the statements set forth in subparagraphs (b)(2) through (b)(6) above.
Appears in 1 contract
Samples: Mortgage Loan Warehousing Agreement (Emergent Group Inc)
Ongoing Loans. As conditions precedent to the any Lender's obligation to make any Loan hereunder, including the first LoanLoan and including the conversion of any Loan to another type of Loan or the continuation of any Eurodollar Rate Loan after the end of an Interest Period, at and as of the date of advance advance, conversion or continuance thereof;
(1) There shall have been delivered to the Lender Administrative Agent a Loan Request therefor;
(2) The representations and warranties of the Company and Guarantors contained in the Credit Documents shall be accurate and complete in all material respects as if made on and as of the date of such advance, conversion or continuance (unless such representation specifically relates to an earlier date, in which case such representation shall have been true and correct as of such earlier date)continuance;
(3) There shall not have occurred an Event of Default or Potential Default;
(4) Following the funding of the requested Loan, (i) the aggregate principal amount of Loans outstanding will not exceed the lesser of: of (ia) the Credit Limit Aggregate Facility Commitment and (iib) the Collateral Value of the Borrowing Base, and (ii) the aggregate principal amount of Loans outstanding advanced by any Lender will not exceed its Maximum Commitment;
(5) There shall not have occurred any material adverse change in the financial condition, assets, nature of assets, operations or prospects of the Company or the Guarantors from that represented in this Agreement, the other Credit Documents, or the documents or information furnished to the Lender Administrative Agent or the Lenders in connection herewith or therewith; and
(6) The Required Documents for the Mortgage Loan(s) contained in the Borrowing Base being funded therewith shall have been received by the Lender Collateral Agent (except as otherwise provided in subparagraph (on) of the definition of "Eligible Mortgage Loan"). By making a Loan Request to the Lender Administrative Agent hereunder, the Company shall be deemed to have represented and warranted the accuracy and completeness of the statements set forth in subparagraphs (b)(2) through (b)(6) above.
Appears in 1 contract
Samples: Mortgage Loan Warehousing Agreement (Emergent Group Inc)