Common use of Restriction on Borrowings Clause in Contracts

Restriction on Borrowings. In the case that the substitution of the proposed Substituted Mortgaged Property is not to occur simultaneously with the release of the proposed Collateral Release Property, from and after the release of the proposed Collateral Release Property until the addition of the proposed Substituted Mortgaged Property into the Collateral Pool in accordance with this Section 7.04, the Borrower shall not be permitted to have the aggregate unpaid principal balance of Loans Outstanding to be in excess of an amount equal to the then-existing Commitment minus the Allocable Credit Facility Amount attributable to the Collateral Release Property that was released, unless the Borrower shall have delivered to the Lender additional collateral reasonably acceptable to the Lender in an amount at least equal to such Allocable Credit Facility Amount. In the event that the aggregate unpaid principal balance of Advances Outstanding exceeds such amount (and additional collateral in an amount at least equal to the applicable Allocable Credit Facility Amount has not been delivered by the Borrower to the Lender), as a condition precedent to the substitution of a Substituted Mortgaged Property into the Collateral Pool, the Borrower shall pay such excess. Notwithstanding the foregoing, in no event shall the value of the additional collateral exceed 15% of the principal balance of the Loans Outstanding. Any payment received by the Lender under this Section 7.04(d) shall be applied against Loans Outstanding in the manner prescribed for Release Prices pursuant to Section 7.02. The additional collateral shall be released to the Borrower upon the addition of the applicable Substituted Mortgaged Property to the Collateral Pool in accordance with this Section 7.05.

Restriction on Borrowings. In the case that the substitution of the proposed Substituted Mortgaged Property is not to occur simultaneously with the release of the proposed Collateral Release Property, from and after the release of the proposed Collateral Release Property until the addition of the proposed Substituted Mortgaged Property into the Collateral Pool in accordance with this Section 7.04Article VII, the Borrower shall not be permitted to have the aggregate unpaid principal balance of Loans Advances Outstanding to be in excess of an amount equal to the then-existing Maximum Credit Facility Commitment minus the Allocable Credit Facility Amount attributable to the Collateral Release Property that was released, unless the Borrower shall have delivered to the Lender additional collateral reasonably acceptable to the Lender Additional Collateral in an amount at least equal to such Allocable Credit Facility Amount. In the event that the aggregate unpaid principal balance of Advances Outstanding exceeds such amount (and additional collateral Additional Collateral in an amount at least equal to the applicable Allocable Credit Facility Amount has not been -xliii- delivered by the Borrower to the Lender), as a condition precedent to the substitution of a Substituted Mortgaged Property into the Collateral Pool, the Borrower shall pay such excess. Notwithstanding the foregoing, in no event shall the value of the additional collateral exceed 15% of the principal balance of the Loans Outstanding. Any payment received by the Lender under this Section 7.04(d) 7.4 shall be applied against Loans Advances Outstanding in the manner prescribed for Release Prices pursuant to clauses (ii) and (iii) of Section 7.028.2(d). The additional collateral Subject to the provisions of Section 18.5, the Additional Collateral shall be released to the Borrower upon the addition of the applicable Substituted Mortgaged Property to the Collateral Pool in accordance with this Section 7.05Article VII.

Restriction on Borrowings. In If the case that the substitution addition of the proposed Substituted Substitute Mortgaged Property is not to occur simultaneously with such Collateral Pool and the release of the proposed Release Mortgaged Property from such Collateral Release PropertyPool does not occur simultaneously then, from and after the release of the proposed Collateral Release Property until the addition of the proposed Substituted Substitute Mortgaged Property into the to such Collateral Pool in accordance with this Section 7.04Pool, the Borrower shall not be permitted to have the aggregate unpaid principal balance of Loans Outstanding with respect to be in excess such Collateral Pool shall not exceed the amount of an amount equal the (i) Loans Outstanding immediately prior to the then-existing Commitment release of such Release Mortgaged Property minus (ii) the Allocable Credit Facility Loan Amount attributable to of the Collateral Release Property that was releasedMortgaged Property, unless the applicable Collateral Pool Borrower shall have has delivered to the Lender additional collateral Collateral reasonably acceptable to the Lender (including cash, letters of credit, and/or Cash Equivalents) in an amount at least equal to such Allocable Credit Facility Loan Amount. In the event that If the aggregate unpaid principal balance of Advances Loans Outstanding exceeds such the amount resulting from subtracting (g) minus (g) in the preceding sentence (and additional collateral in an amount at least equal Collateral reasonably acceptable to the applicable Allocable Credit Facility Amount Lender (including cash, letters of credit, and/or Cash Equivalents) has not been delivered by the applicable Collateral Pool Borrower to the Lender), such Collateral Pool Borrower shall repay the necessary amount as a condition precedent to the substitution addition of a Substituted Substitute Mortgaged Property into the Collateral Pool, the Borrower shall pay such excess. Notwithstanding the foregoing, in no event shall the value of the additional collateral exceed 15% of the principal balance of the Loans OutstandingProperty. Any payment received by the Lender under this Section 7.04(d) 3.03 shall be applied against Loans Outstanding in the manner prescribed for Release Prices pursuant to Section 7.023.02(d). The additional collateral Collateral shall be released to the applicable Collateral Pool Borrower upon the addition of the applicable Substituted Substitute Mortgaged Property to the such Collateral Pool in accordance with this Section 7.05Pool.

Restriction on Borrowings. In If the case that the substitution addition of the proposed Substituted Substitute Mortgaged Property is not to occur simultaneously with such Collateral Pool and the release of the proposed Release Mortgaged Property from such Collateral Release PropertyPool does not occur simultaneously then, from and after the release of the proposed Collateral Release Property until the addition of the proposed Substituted Substitute Mortgaged Property into the to such Collateral Pool in accordance with this Section 7.04Pool, the Borrower shall not be permitted to have the aggregate unpaid principal balance of Loans Outstanding with respect to be in excess such Collateral Pool shall not exceed the amount of an amount equal the (i) Loans Outstanding immediately prior to the then-existing Commitment release of such Release Mortgaged Property minus (ii) the Allocable Credit Facility Loan Amount attributable to of the Collateral Release Property that was releasedMortgaged Property, unless the applicable Collateral Pool Borrower shall have has delivered to the Lender additional collateral Collateral reasonably acceptable to the Lender (including cash, letters of credit, and/or Cash Equivalents) in an amount at least equal to such Allocable Credit Facility Loan Amount. In the event that If the aggregate unpaid principal balance of Advances Loans Outstanding exceeds such the amount resulting from subtracting (i) minus (ii) in the preceding sentence (and additional collateral in an amount at least equal Collateral reasonably acceptable to the applicable Allocable Credit Facility Amount Lender (including cash, letters of credit, and/or Cash Equivalents) has not been delivered by the applicable Collateral Pool Borrower to the Lender), such Collateral Pool Borrower shall repay the necessary amount as a condition precedent to the substitution addition of a Substituted Substitute Mortgaged Property into the Collateral Pool, the Borrower shall pay such excess. Notwithstanding the foregoing, in no event shall the value of the additional collateral exceed 15% of the principal balance of the Loans OutstandingProperty. Any payment received by the Lender under this Section 7.04(d) 3.03 shall be applied against Loans Outstanding in the manner prescribed for Release Prices pursuant to Section 7.023.02(d). The additional collateral Collateral shall be released to the applicable Collateral Pool Borrower upon the addition of the applicable Substituted Substitute Mortgaged Property to the such Collateral Pool in accordance with this Section 7.05Pool.

Restriction on Borrowings. In the case that the substitution of the proposed Substituted Mortgaged Property is not to occur simultaneously with the release of the proposed Collateral Release Property, from and after the release of the proposed Collateral Release Property until the addition of the proposed Substituted Mortgaged Property into the Collateral Pool in accordance with this Section 7.046.4, the Borrower shall not be permitted to have the aggregate unpaid principal balance of Loans Bonds Outstanding to be in excess of an amount equal to the then-existing Commitment minus the Allocable Credit Facility Amount attributable to the Collateral Release Property that was released, unless the Borrower shall have delivered to the Lender additional collateral Additional Collateral reasonably acceptable to the Lender Fannie Mae in an amount at least equal to such Allocable Credit Facility Amount. In the event that the aggregate unpaid principal balance of Advances Bonds Outstanding exceeds such amount (and additional collateral Additional Collateral in an amount at least equal to the applicable Allocable Credit Facility Amount has not been delivered by the Borrower to the LenderFannie Mae), as a condition precedent to the substitution of a Substituted Mortgaged Property into the Collateral Pool, the Borrower shall pay such excess. Notwithstanding the foregoing, in no event shall the value of the additional collateral Additional Collateral exceed 15% of the aggregate principal balance of the Loans OutstandingOutstanding Bonds. Any payment received by the Lender Fannie Mae under this Section 7.04(d6.4(d) shall be held and applied against Loans Outstanding in accordance with the manner prescribed for Release Prices pursuant to terms of the Cash Collateral Agreement and in accordance with Section 7.026.5. The additional collateral Additional Collateral shall be released to the Borrower upon the addition of the applicable Substituted Mortgaged Property to the Collateral Pool in accordance with this Section 7.056.4.