Common use of Procedures for Obtaining Advances Clause in Contracts

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 possession at the time the Advance Request is made together with the Advance Request and in such event such delivery shall be a condition precedent to Bank's obligation to make requested Advances. (d) To make an Advance, the Bank shall wire transfer to the Company's designated deposit account, in the case of an initial request for an Advance under such Mortgage Loan ("Initial Request"), on or before the date of the Mortgage Loan or, for any requests after the Initial Request for a Mortgage Loan, within the time periods set forth in Section 2.2(c)(i) and (ii) hereinabove, as applicable. At the Company's option, the Bank will wire transfer to the closing attorney's Trust Account in advance of closing as reasonably determined by the Company, the attorney and the Bank, to facilitate a timely closing, for any Initial Requests. (e) All Advances under this Loan Agreement shall constitute a single indebtedness and all of the Collateral shall be security for the Note and for all Advances made thereunder and for the performance of all obligations of the Company to the Bank.

Procedures for Obtaining Advances. (a) The Company 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. Requests for ----------- Advances shall be initiated by the Company Borrower by delivering to the Bank a properly completed and signed request for an 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")) on the then --------------- current form therefor approved by the Bank. The current form in use by the Bank as of the date hereof is set forth in Exhibit B "C" 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 RequestBorrower. (b) Each Advance under this Agreement shall be in the aggregate amount of not less than $100,000.00. The procedures obligation of the Bank to be followed by the Company in making an make any Advance Request and the documents relating is subject to the Collateral described following further conditions precedent: (i) prior to 9:00 p.m. (Dallas, Texas time) on the Business Day five (5) Business Days prior to the Borrowing Date, Borrower shall give to the Bank telephonic or telecopy notice of the amount of such Borrowing and (ii) prior to 10:30 a.m. (Dallas, Texas time) on the Business Day five (5) Business Days prior to the Borrowing Date, Bank shall have received from the Borrower via telecopy or Federal Express an executed Advance Request; (ii) prior to the deadlines stated in Section 2.2(b)(i), Borrower ----------------- shall deliver to the Advance Request (possession of the "Collateral Documents") Bank all of the items 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.Section 2.2(c); -------------- (ciii) Before funding, the Bank shall have representations and warranties of Borrower contained in this Agreement or any Loan Document (i) with respect other than those representations and warranties which are by their terms limited 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 possession at the time the Advance Request is made together with the Advance Request and in such event such delivery shall be a condition precedent to Bank's obligation to make requested Advances. (d) To make an Advance, the Bank shall wire transfer to the Company's designated deposit account, in the case of an initial request for an Advance under such Mortgage Loan ("Initial Request"), on or before the date of the Mortgage Loan or, for any requests after agreement in which they are initially made) shall be true and correct in all material respects on and as of the Initial Request for a Mortgage Loan, within date of such Advance; (iv) no Default or Event of Default shall have occurred and be continuing as of the time periods set forth in Section 2.2(c)(idate of such Advance; (v) and (ii) hereinaboveno circumstance or event, as applicable. At the Company's option, the Bank will wire transfer to the closing attorney's Trust Account in advance of closing as reasonably determined by the CompanyBank in its reasonable discretion, having a Material Adverse Effect shall have occurred and be continuing; (vi) the Funding Account, the attorney Settlement Account and the Bank, to facilitate a timely closing, for any Initial Requests.Operating Account shall be established and in existence; and (evii) All Advances under this Loan Agreement no Net Collateral Deficit shall constitute a single indebtedness and all of the Collateral shall be security for the Note and for all Advances made thereunder and for the performance of all obligations of the Company to the Bankexist.

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 2.22.3 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 Collateral Agent. Requests for Advances shall be initiated by the Company by delivering to the Bank Credit Agent, with a properly copy to the Collateral Agent (unless they are the same Person), no later than 1 Business Day prior to any Business Day that the Company desires to borrow hereunder, a completed and signed request for an 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")) on the then current form approved by the Credit Agent. The current form forms in use by the Bank as of the date hereof Credit Agent is set forth in Exhibit B heretoEXHIBIT C-SF for Advances, attached hereto and made a part hereof. 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 Credit Agent shall have the right, by giving notice thereof on not less than 3 Business Days' prior Notice to the Company, to modify the procedures and Collateral Documents described in Exhibit C any of said Exhibits to conform to current legal requirements or Bank's Credit Agent practices, and, as so modified, said Exhibit C Exhibits shall be deemed a part hereof. If the Credit Agent and the Collateral Agent are the same Person, the Company shall only be required to be deliver the Advance Request to the Credit Agent. (b) In the case of any Wet Settlement Advance, the Company shall follow the procedures and, at or prior to the Lenders' making of such Wet Settlement Advance, shall deliver to the Collateral Agent the documents set forth in EXHIBIT D-SF hereto. In the case of a Mortgage Loan financed through a Wet Settlement Advance, the Company shall cause all Collateral Documents required to be delivered to the Collateral Agent within 7 Business Days after the date of the Wet Settlement Advance relating thereto. (c) Before funding, the Bank The Collateral Agent shall have 1 Business Day under ordinary circumstances to (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 (ii)reject Collateral that does not meet the requirements of this Loan Agreement. If Agreement and (iii) verify the Advance Request is accepted within amount. Unless the applicable timeframes specified aboveCollateral Agent and the Credit Agent are the same Person, before the Credit Agent funds any requested Advance, the Bank Credit Agent shall fund have received from the Advance evidenced Collateral Agent Notice (telephonic followed by written notice) of 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 amount that may be in the Company's possession at the time the Advance Request is made together with the Advance Request and in such event such delivery shall be a condition precedent advanced pursuant to Bank's obligation to make requested AdvancesSection 2.1(c). (d) The Company shall hold in trust for the Lenders, and the Company shall deliver to the Collateral Agent promptly upon request, or if the recorded Collateral Documents have not yet been returned from the recording office, immediately upon receipt by the Company of such recorded Collateral Documents, and the Pledged Mortgage is not being held by an Investor for purchase or has not been redeemed from pledge, the following: (1) the originals of the Collateral Documents for which copies are required to be delivered to the Collateral Agent pursuant to EXHIBIT D-SF, (2) the original lender's ALTA Policy of Title Insurance or an equivalent thereto, and (3) any other documents relating to a Pledged Mortgage which the Collateral Agent or Credit Agent may request, including, without limitation, documentation evidencing the FHA Commitment to Insure or the VA Guaranty of any Pledged Mortgage which is either FHA insured or VA guaranteed, the appraisal, Private Mortgage Insurance Certificate, if applicable, the Regulation Z Statement, certificates of casualty or hazard insurance, credit information on the maker of each such Mortgage Note, a copy of a HUD-1 or corresponding purchase advice and other documents of all kinds which are customarily desired for inspection or transfer incidental to the purchase of any Mortgage Note by an Investor and any additional documents which are customarily executed by the seller of a Mortgage Note to an. Investor. (e) Neither the Credit Agent nor the Collateral Agent nor any Lender shall incur any liability to the Company in acting upon any telephone notice, referred to in this Agreement, that the Credit Agent, the Collateral Agent or such Lender believes in good faith to have been given by a duly authorized officer or other Person authorized to borrow on behalf of the Company or for otherwise acting in good faith under this Section. Upon the funding of Advances by the Lenders in accordance with this Agreement pursuant to any telephonic notice, the Company shall have effected borrowings hereunder. Once made in any form permitted hereunder, an Advance Request shall be irrevocable, and the Company shall be bound to accept an Advance in accordance therewith. However, the Company may ask to revoke the Advance Request by giving telephone notice, electronic notice or other Notice to both the Credit Agent and the Collateral Agent; then, if both the Credit Agent and the Collateral Agent (each acting in its sole and absolute discretion) concur, they may consider the Advance Request revoked. (f) To make an Advance, the Credit Agent shall cause the Funding Bank to credit either the Wire Disbursement Account or the Check Disbursement Account upon compliance by the Company with the terms of the Loan Documents. The Credit Agent shall wire transfer determine in its sole discretion the method by which Advances and other amounts on deposit in the Wire Disbursement Account are disbursed by the Funding Bank to or for the account of the Company. (g) If, pursuant to the authorization given by the Company in the Funding Bank Agreement, for the purpose of funding a Mortgage Loan against which the Credit Agent has made an Advance in accordance with a Request for Advance (i) the Credit Agent debits the Company's designated deposit accountOperating Account at the Funding Bank to the extent necessary to cover a wire to be initiated by the Credit Agent, in the case of an initial request for an Advance under such Mortgage Loan ("Initial Request"), on or before the date of the Mortgage Loan or, for any requests after the Initial Request for a Mortgage Loan, within the time periods set forth in Section 2.2(c)(i) and (ii) hereinabovethe Credit Agent directs the Funding Bank to honor a check drawn by the Company on its Check Disbursement Account at the Funding Bank, as applicable. At and such debit or direction results in an overdraft, the Swingline Lender may make an additional Swingline Advance to fund such overdraft. (h) Upon an Event of Default, and without the necessity of prior demand or notice from the Credit Agent, the Company authorizes the Credit Agent to cause the Funding Bank to charge the Company's option, the Bank will wire transfer to the closing attorney's Trust Operating Account in advance of closing as reasonably determined by the Company, the attorney and the Bank, to facilitate a timely closing, for any Initial RequestsObligations due and owing the Lenders. (e) All Advances under this Loan Agreement shall constitute a single indebtedness and all of the Collateral shall be security for the Note and for all Advances made thereunder and for the performance of all obligations of the Company to the Bank.

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 request for an 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")) on the then current form therefor approved by the Bank. The current form in use by the Bank as of the date hereof is set forth in Exhibit B C 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 RequestCompany. (b) The procedures to be followed by the Company in making an Advance Request Request, and the documents document relating to the Collateral described in the Advance Request (the "Collateral Documents") required to be delivered to the Bank Bank, shall consist of those set forth in the following described Exhibit C attached hereto and hereby made part hereof: Procedures and Documentation for Warehousing Residential Mortgage loans, as set forth in Exhibit D hereto. Unless the related Advance is no longer outstanding, the Company shall require the remaining Collateral Documents, as set forth in the aforementioned Exhibit D, to be furnished to the Bank within three (3) Business Days after the date of the Wet Settlement. The Bank shall have the right, by giving on not less than three (3) Business Days prior notice thereof to the Company, to modify the procedures and Collateral Documents described in Exhibit C said Exhibit(s) to conform to current legal requirements or Bank's Bank practices, and, as so modified, said Exhibit C shall be deemed part hereof. (c) Before fundingfunding any Advance, 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"), a reasonable time to examine each Advance Request and, if such Advance Request is the Initial Request, and the Collateral Documents to be delivered prior to the Advance Advance, as set forth in the Exhibit C hereto Exhibits D hereto, and may reject such of them as do not meet the requirements of this Loan Agreement. If Agreement or of 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 possession at the time the Advance Request is made together with the Advance Request and in such event such delivery shall be a condition precedent to Bank's obligation to make requested Advancesrelated Purchase commitment. (d) To make an Advance, the Bank shall (i) wire transfer funds to the closing agent or authorize payment of the Company's designated deposit account, in draft upon compliance by the case Company with the terms of an initial request this Agreement and shall immediately thereafter debit said account for an Advance under such Mortgage Loan ("Initial Request"), on or before the date amount of the Mortgage Loan or, for any requests after Advance and transmit such amount in accordance with the Initial Request for a Mortgage Loan, within the time periods set forth in Section 2.2(c)(i) and (ii) hereinabove, as applicable. At the Company's option, the Bank will wire transfer to the closing attorney's Trust Account in advance of closing as reasonably determined by the Company, the attorney and the Bank, to facilitate a timely closing, for any Initial Requestsprocedures described herein. (e) All Advances under this Loan Agreement shall constitute a single indebtedness and all of the Collateral shall be security for the Note and for all Advances made thereunder and for the performance of all obligations of the Company to the Bank.

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 2.22.2 and in Exhibit D-SF with respect to Ordinary Warehousing Advances and Nonconforming Advances and Exhibit D-SF/CONSTRUCTION with respect to Construction Advances, attached hereto and made a part hereof including the delivery of all documents listed in Exhibit D-SF and Exhibit D-SF/CONSTRUCTION (the "Collateral Documents") to the Lender. Requests for Advances (other than Construction 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. Requests for Construction Advances shall be initiated by the Company by delivering to the Bank Lender, no later than two (2) Business Days prior to any Business Day that the Company desires to borrower hereunder, a properly completed and signed request for a Construction 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 a "Construction Advance Request"). The current form forms in use by the Bank as of the date hereof is set forth in Lender are Exhibit B heretoC-SF for Ordinary Warehousing Advances and Nonconforming Advances and Exhibit C-SF/CONSTRUCTION for Construction Advances, attached hereto and made a part hereof. 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 Lender shall have the right, by giving notice thereof on not less than three (3) Business Days' prior Notice to the Company, to modify the procedures and Collateral Documents described in Exhibit C any of said Exhibits to conform to current legal requirements or Bank's Lender practices, and, as so modified, said Exhibit C Exhibits shall be deemed a part hereof. (cb) Before fundingIn the case of any Wet Settlement Advances, the Bank Company shall have (i) with respect to any Advance Request received follow the procedures and, at or before 12:00 p.m.prior to the Lender's making of such Wet Settlement Advance, until shall deliver to the close of business of Lender the same Business Day and (ii) with respect to any Advance Request received after 12:00 p.m.documents set forth in Exhibit D-SF or Exhibit D-SF/CONSTRUCTION hereto, until the close of business of the next Business Day (in each case, such Business Day to be referred to as the "Funding Date")case may be, to examine each Advance Request and, if such Advance Request is together with a completed and executed Bailee Pledge Agreement in the Initial Requestform of Exhibit M hereto. In the case of a Mortgage Loan financed through a Wet Settlement Advance, the Company shall cause all Collateral Documents required to be delivered prior to the Advance Lender pursuant to Exhibit D-SF or Exhibit D-SF/CONSTRUCTION, 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 possession at the time the Advance Request is made together with the Advance Request and in such event such delivery shall be a condition precedent to Bank's obligation to make requested Advances. (d) To make an Advance, the Bank shall wire transfer to the Company's designated deposit account, in the case of an initial request for an Advance under such Mortgage Loan may be, within five ("Initial Request"), on or before 5) Business Days after the date of the Mortgage Loan or, for any requests after the Initial Request for a Mortgage Loan, within the time periods set forth in Section 2.2(c)(i) and (ii) hereinabove, as applicable. At the Company's option, the Bank will wire transfer to the closing attorney's Trust Account in advance of closing as reasonably determined by the Company, the attorney and the Bank, to facilitate a timely closing, for any Initial RequestsWet Settlement Advance relating thereto. (e) All Advances under this Loan Agreement shall constitute a single indebtedness and all of the Collateral shall be security for the Note and for all Advances made thereunder and for the performance of all obligations of the Company to the Bank.