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. Buydowns ................................................................................ 3-4 3.5. Warehousing Commitment Fees ............................................................. 3-5 3.6. Loan Package Fees, Wire Fees and Warehousing Fees ....................................... 3-5 3.7. Miscellaneous Fees and Charges .......................................................... 3-5 3.8. Overdraft Advances ...................................................................... 3-5 3.9. Method of Making Payments ............................................................... 3-6 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 ............................................................................ 5-2 5.3. Force Majeure ........................................................................... 5-3 6. GENERAL REPRESENTATIONS AND WARRANTIES .................................................... 6-1 6.1. Place of Business ....................................................................... 6-1 6.2. Organization; Good Standing; Subsidiaries ............................................... 6-1 6.3. Authorization an...
Procedures for Obtaining Advances. (a) The Company may obtain an Advance hereunder subject to the following:
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
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.
Procedures for Obtaining Advances. 2.2(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 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 Company may obtain an Advance hereunder, subject to the satisfaction of the conditions set forth in Sections 4.1 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 completed and signed request for an Advance (an “Advance Request”) on the then current form therefor approved by the Bank and provided to the Company. The current form in use by the Bank is set forth in Exhibit B hereto. The Bank shall have the right to revise or supplement approved forms of Advance Request by giving prior written-notice thereof to the Company. Bank, in all events, reserves the right to reject any Loan Request to finance the acquisition of a Covered Loan.
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. 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. (a) Borrower may obtain an Advance hereunder by satisfying the conditions precedent set forth in Section 1.03 below and upon compliance with the procedures set forth in this Section 1.02.
Procedures for Obtaining Advances. 2.2(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 D-SF with respect to Warehousing Advances, attached hereto and made ------------ a part hereof including the delivery of all documents listed in Exhibit D- --------- SF (the "Collateral Documents") to the Lender within the time frames -- provided for in such Exhibit. Requests for Advances shall be initiated by the Company by delivering to the Lender, no later than (i) in the case of a request for a Wet Settlement Advance, 10:30 a.m. (Pacific time) on the Business Day the Company desires to borrow hereunder, and (ii) in the case of any other Advance, one (1) Business Day prior to any Business Day that the Company desires to borrow hereunder, a completed and signed request for an Advance on the then current form approved by the Lender. The current forms in use by the Lender are Exhibit C-SF (a "Warehousing Advance ------------ Request") for Warehousing Advances and Exhibit C-WC (a "Working Capital ------------ Advance Request") for Working Capital Advances, each of which is 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.
