Procedures for Obtaining Advances. 2-1 2.1. Warehousing Advances ............................................................................2-1 3. INTEREST, PRINCIPAL AND FEES ...............................................................................3-1 3.1. Interest.........................................................................................3-1 3.2. Interest Limitation..............................................................................3-2 3.3. Principal Payments ..............................................................................3-2 3.4. Non-Usage Fees ..................................................................................3-4 3.5. Loan Package Fees, Wire Fees, Warehousing Fees ..................................................3-4 3.6. Miscellaneous Fees and Charges...................................................................3-4 3.7. Overdraft Advances............................................................................3-4 3.8. Method of Making Payments........................................................................3-5 4. COLLATERAL..................................................................................................4-1 4.1. Grant of Security Interest.......................................................................4-1 4.2. Maintenance of Collateral Records................................................................4-2 4.3. Release of Security Interest in Pledged Loans and Pledged Securities ............................4-2 4.4. Collection and Servicing Rights..................................................................4-3 4.5. Return of Collateral at End of Warehousing Commitment............................................4-4 4.6. Delivery of Collateral Documents ................................................................4-4 5. CONDITIONS PRECEDENT........................................................................................5-1 5.1. Initial Advance..................................................................................5-1 5.2. Each Advance.....................................................................................5-3 5.3. Force Majeure....................................................................................5-3 6. GENERAL REPRESENTATIONS AND WARRANTIES .....................................................................6-1 6.1. Place of Business................................................................................6-1 6.2. Organization; Good S...
Procedures for Obtaining Advances. (a) A Borrower may obtain an Advance hereunder against an Eligible Mortgage Loan or an Eligible Non-Conforming Mortgage Loan, subject to the satisfaction of the conditions set forth in Sections 4.1 and 4.2 hereof, upon compliance with the procedures set forth in this Section 2.2 and in EXHIBIT "C" attached hereto and made a part hereof. Requests for Advances shall be initiated by a Borrower (i) by delivering to the Lender and its designee, by telecopy (with original to be sent immediately thereafter by overnight mail) a completed and signed Advance Request in the form of EXHIBIT "A-1" attached hereto and made a part hereof, or (ii) by using the electronic data transmission service provided by the Lender and its licensor, MBMS Incorporated, to transmit to the Lender a request for Advance ("Electronic Request"), which shall include all information required by EXHIBIT "A-1" through the Warehouse Management System software provided by the Lender and its licensor, MBMS Incorporated. The Lender shall have the right, on not less than three (3) Business Days' prior notice to the Borrowers, to modify the Advance Request, Electronic Request, or any exhibits hereto to conform to current legal requirements or Lender practices, and, as so modified, said Advance Request, Electronic Request or exhibits shall be deemed a part hereof. In consideration of the Lender permitting the Borrowers to make Electronic Requests for Advances utilizing the Warehouse Management
(b) A Borrower may obtain an Advance hereunder against Investment Grade Securities subject to the satisfaction of the conditions set forth on EXHIBIT "O" hereto and all other terms and conditions set forth in this Agreement. Requests for Advances against Investment Grade Securities shall be initiated by a Borrower delivering to the Lender a completed and signed Advance Request in the form of EXHIBIT "A-2" attached hereto and made a part hereof for all purposes.
(c) Before funding, the Lender and its designee shall have a reasonable time to examine such Advance Request and the Collateral Documents to be delivered prior to such requested Advance, as set forth in the applicable Exhibit hereto, and may reject such of them as do not meet the requirements of this Agreement or of the related Purchase Commitment. The Advance Request and the Collateral Documents must be received by Lender no later than 2:00 p.m. Houston, Texas time in order for funding to occur the next Business Day. If the Advance Request and Collateral ...
Procedures for Obtaining Advances. (a) The Company may obtain an Advance hereunder, subject to the satisfaction of the conditions set forth in Sections 4.1 and 4.2 hereof, upon compliance with the procedures set forth in this Section 2.2 and in Exhibit “C” attached hereto and made a part hereof. Requests for Advances shall be initiated by the Company (i) by delivering to the Agent, by telecopy, a completed and signed request for an Advance (an “Advance Request”) in the form of Exhibit “A” attached hereto and made a part hereof, or (ii) by using the electronic data transmission service provided by the Agent and its licensor, MBMS Incorporated, to transmit to the Agent a request for Advance (“Electronic Request”), which shall include all information required by Exhibit “A” through the Warehouse Management System software provided by the Agent and its licensor, MBMS Incorporated. The Agent shall have the right, on not less than three (3) Business Days’ prior notice to the Company, to modify the Advance Request, Electronic Request, or any exhibits hereto to conform to current legal requirements or Agent practices, and, as so modified, said Advance Request, Electronic Request or exhibits shall be deemed a part hereof. In consideration of the Lenders permitting the Company to make Electronic Requests for Advances utilizing the Warehouse Management System software or Advance Requests by telecopy, the Company covenants and agrees to assume liability for and to protect, indemnify and save the Lenders and Agent harmless from, any and all liabilities, obligations, damages, penalties, claims, causes of action, costs, charges and expenses, including attorneys’ fees and expenses of employees, which may be imposed, incurred by or asserted against the Lenders or Agent by reason of any loss, damage or claim howsoever arising or incurred because of, out of or in connection with (i) any action of any Lender or the Agent pursuant to Electronic Requests or Advance Requests by telecopy, (ii) the breach of any provisions of this Agreement by the Company, (iii) the transfer of funds pursuant to such Electronic Requests or Advance Requests by telecopy, or (iv) the Agent’s or any Lender’s honoring or failing to honor any Electronic Request or Advance Request by telecopy for any reason or no reason whatsoever. The Agent and each Lender are entitled to rely upon and act upon Electronic Requests or Advance Requests by telecopy, and the Company shall be unconditionally and absolutely estopped from denying (x) the authen...
Procedures for Obtaining Advances. (a) The Company may obtain an Advance hereunder, subject to the satisfaction of the conditions set forth in Sections 4.1 and 4.2 hereof, upon compliance with the procedures set forth in this Section 2.2. Requests for Advances shall be initiated by the Company by delivering to the Bank a properly completed and signed Advance Request and Officer's Certification on the then current forms therefor approved by the Bank (together with Bank's completed inspection sheet if construction has commenced) (collectively, an "Advance Request"). The current form in use by the Bank as of the date hereof is set forth in Exhibit B hereto. The Bank shall have the right to revise or supplement approved forms of Advance Request by giving notice thereof to the Company and providing to the Company in electronic format for use on a going-forward basis the revised form Advance Request.
(b) The procedures to be followed by the Company in making an Advance Request and the documents relating to the Collateral described in the Advance Request (the "Collateral Documents") required to be delivered to the Bank shall consist of those set forth in Exhibit C hereto. The Bank shall have the right, by giving notice thereof to the Company, to modify the procedures and Collateral Documents described in Exhibit C to conform to current legal requirements or Bank's practices, and, as so modified, said Exhibit C shall be deemed part hereof.
(c) Before funding, the Bank shall have (i) with respect to any Advance Request received at or before 12:00 p.m., until the close of business of the same Business Day and (ii) with respect to any Advance Request received after 12:00 p.m., until the close of business of the next Business Day (in each case, such Business Day to be referred to as the "Funding Date"), to examine each Advance Request and, if such Advance Request is the Initial Request, the Collateral Documents to be delivered prior to the Advance as set forth in the Exhibit C hereto and may reject such of them as do not meet the requirements of this Loan Agreement. If the Advance Request is accepted within the applicable timeframes specified above, the Bank shall fund the Advance evidenced by the Advance Request no later than the close of business on the applicable Funding Date. Bank at its option may, at any time, require the Company to deliver to Bank all items and documents referred to in Exhibit C (including without limitation those listed in Parts C and and D thereof) as may be in the Company's p...
Procedures for Obtaining Advances. To obtain an Advance, the Company must comply with the conditions set forth in Sections 4.1 and 4.3 of this Agreement, the procedures set forth in this Section 2.2(a), and the procedures and documentation required under the EXHIBIT D for the type of Mortgage Loan for which the Company is requesting the Advance. The Company will request an Advance either by delivering to Lender a completed and signed advance request in the applicable form of EXHIBIT C or by sending to Lender an Electronic Advance Request, together with a list of Mortgage Loans for which the request is being made and a completed and signed RFConnects Pledge Agreement sent by facsimile (each an "Advance Request"), each no later than 1 Business Day prior to the Business Day the requested Advance is to be made. The current forms of the EXHIBIT C and EXHIBIT D referred to above are attached to this Agreement. The Lender is entitled, upon not less than 3 Business Days' prior Notice to the Company, to modify any of those Exhibits or the form of Electronic Advance Request to conform to current legal requirements or Lender's lending practices. Exhibits and Electronic Advance Requests so modified automatically become a part of this Agreement.
Procedures for Obtaining Advances. The Company may obtain an Advance hereunder, subject to the satisfaction of the conditions set forth in Sections 4.1 and 4.2 hereof, upon compliance with the procedures set forth in this Section 2.2 and in Exhibit D-SF with respect to Advances, attached hereto and made a part hereof including the delivery of all documents listed in Exhibit D-SF, as applicable (the "Collateral Documents") to the Lender. Requests for Advances shall be initiated by the Company by delivering to the Lender, no later than one (1) Business Day prior to any Business Day that the Company desires to borrow hereunder, a completed and signed request for an Advance (an "Advance Request") on the then current form approved by the Lender. The current form in use by the Lender is Exhibit C-SF for Advances, attached hereto and made a part hereof. The Lender shall have the right, on not less than three (3) Business Days' prior Notice to the Company, to modify any of said Exhibits to conform to current legal requirements or Lender practices, and, as so modified, said Exhibits shall be deemed a part hereof.
Procedures for Obtaining Advances. (a) The Borrower may obtain an Advance hereunder, subject to the satisfaction of the conditions set forth in Sections 4.1 and 4.2 hereof, upon compliance with the procedures set forth in this Section 2.2 and in the applicable Exhibit C attached hereto and made a part hereof. Requests for Advances shall be initiated by the Borrower (i) by delivering to the Agent not later than 1 Business Day before the Business Day on which the Borrower desires the Advance, a completed and signed request for an Advance (an “Advance Request”) in the form of Exhibit A attached hereto and made a part hereof, The Agent shall have the right, on not less than three (3) Business Days’ prior Notice to the Borrower, to modify the form of the Advance Request or any exhibits hereto, subject to the prior written consent of the Borrower, not to be unreasonably withheld, and, as so modified, said Advance Request or exhibits shall be deemed a part hereof.
(b) Subject to the delivery of an Advance Request, and the satisfaction of the conditions set forth in Sections 4.1 and 4.2, the Borrower is entitled to obtain an Advance under this Agreement upon compliance with the procedures set forth in this Section and in the applicable Exhibit C, including delivery to the Agent of all required Collateral Documents.
(c) To make an Advance, the Agent shall credit the Borrower’s Funding Account upon compliance by the Borrower with the terms of this Agreement.
Procedures for Obtaining Advances. 2-1 2.1. Warehousing Advances............................................2-1 2.2. Term Loan Advances..............................................2-1 2.3. Estimate of Advances............................................2-2 3. INTEREST, PRINCIPAL AND FEES..............................................3-1 3.1. Interest........................................................3-1 3.2. Interest Limitation.............................................3-2 3.3. Principal Payments..............................................3-2 3.4.
Procedures for Obtaining Advances. Each Company Subsidiary Loan Request is subject to Bank's approval. Such Bank approval is subject to the Conditions Precedent set forth in Section 4.1. Bank shall reasonably endeavor to provide a conditional approval or denial within four (4) Business Days for requests of less than $1,000,000.00 and within five (5) Business Days for requests of $1,000,000.00 or more. Before providing final approval and funding any Company Subsidiary Loan, the Bank shall have a reasonable amount of time (not less than five (5) Business Days) to examine the Collateral Documents required to be delivered to Bank or to Custodian, as set forth in Section 4.1, and may reject such of them as do not meet the requirements of this Agreement, and/or may reduce the amount of such Company Subsidiary Loan. Bank, in all events, reserves the right to reject any Company Subsidiary Loan Request to finance the purchase of, or which includes Advances for the purchase of a "high cost mortgage" as defined in Section 152(a) of the Home Ownership and Equity Protection Act of 1994, or if it is in violation of any corresponding state or local law.
Procedures for Obtaining Advances. The Company shall request Advances --------------------------------- not more frequently than daily. Requests for Advances shall be made and evidenced by a Request for Advance accompanied by a Warehouse Loan Balance Summary Report. Provided that no Event of Default or Default exists under this Agreement, and subject to the terms and conditions set forth herein and the conditions precedent set forth below, Lender shall disburse, within one (1) Business Day after receipt of a Request for Advance, the amount requested by the Company in such Request for Advance. As a condition precedent to Lender's obligation to make a disbursement with respect to any Request for Advance, the Company must have (a) satisfied the terms and conditions of Section 4.2(b) below with respect to any Additional Builder (as defined in Section 4.2(b)) and five (5) Business Days must have passed without disapproval of such Additional Builder and (b) delivered all of the items required by Exhibit "A" II. at least ----------- one (1) Business Day before the funds requested under the Request for Advance are to be disbursed by Lender.
