Common use of Procedures for Obtaining Advances Clause in Contracts

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) A Borrower The Company may obtain an Advance hereunder against an Eligible Mortgage Loan or an Eligible Non-Conforming Mortgage Loanhereunder, 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 "Exhibit “C" ” attached hereto and made a part hereof. Requests for Advances shall be initiated by a Borrower the Company (i) by delivering to the Lender and its designeeAgent, by telecopy (with original to be sent immediately thereafter by overnight mail) telecopy, a completed and signed request for an Advance Request (an “Advance Request”) in the form of EXHIBIT "A-1" Exhibit “A” attached hereto and made a part hereof, or (ii) by using the electronic data transmission service provided by the Lender Agent and its licensor, MBMS Incorporated, to transmit to the Lender Agent a request for Advance ("“Electronic Request"”), which shall include all information required by EXHIBIT "A-1" Exhibit “A” through the Warehouse Management System software provided by the Lender Agent and its licensor, MBMS Incorporated. The Lender Agent shall have the right, on not less than three (3) Business Days' ’ prior notice to the BorrowersCompany, to modify the Advance Request, Electronic Request, or any exhibits hereto to conform to current legal requirements or Lender Agent practices, and, as so modified, said Advance Request, Electronic Request or exhibits shall be deemed a part hereof. In consideration of the Lender Lenders permitting the Borrowers Company to make Electronic Requests for Advances utilizing the Warehouse ManagementManagement 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 authenticity and validity of any such transaction so acted upon by any Lender once such Lender has advanced funds and has deposited or transferred such funds as requested in any such Electronic Request or Advance Request by telecopy, and (y) the Company’s liability and responsibility therefor.

Procedures for Obtaining Advances. (a) A Borrower The Company may obtain an Advance hereunder against an Eligible Mortgage Loan or an Eligible Non-Conforming Mortgage Loanhereunder, 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 "CD" attached hereto and made a part hereof. Requests for Advances shall be initiated by a Borrower the Company (i) by delivering to the Lender and its designeeAdministrative Agent, 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 hereofRequest, or (ii) by using the electronic data transmission service provided by the Lender Administrative Agent and its licensor, MBMS Incorporated, to transmit to the Lender Administrative Agent a request for Advance ("Electronic Request"), which shall include all information required by EXHIBIT "A-1" the Advance Request through the Warehouse Management System software provided by the Lender Administrative Agent and its licensor, MBMS Incorporated. The Lender Administrative Agent shall have the right, on not less than three (3) Business Days' prior notice to the BorrowersCompany, to modify the Advance Request, Electronic Request, or any exhibits hereto to conform to current legal requirements or Lender Administrative Agent's practices, and, as so modified, said Advance Request, Electronic Request or exhibits shall be deemed a part hereof. In consideration of the Lender Lenders permitting the Borrowers Company to make Electronic Requests for Advances utilizing the Warehouse ManagementManagement 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 the Administrative 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 the Administrative 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 the Administrative Agent or any Lender 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 Administrative Agent's or any Lender honoring or failing to honor any Electronic Request or Advance Request by telecopy for any reason or no reason whatsoever. The Administrative Agent is 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 authenticity and validity of any such transaction so acted upon by the Administrative Agent once the Administrative Agent has advanced funds and has deposited or transferred such funds as requested in any such Electronic Request or Advance Request by telecopy, and (y) the Company's liability and responsibility therefor.