Common use of Shipment for Correction Clause in Contracts

Shipment for Correction. If no Default or Event of Default exists or occurs as a result of the shipment and if shipment would not result in any collateral documents for Pledged Mortgage Loans with more than a total face amount of $500,000.00 being outstanding for correction, then Borrower may - by a Trust Receipt delivered to Lender - request that Lender ship to Borrower the entire mortgage loan file of Collateral Documents for any Pledged Mortgage Loan pledged by it so that certain of those Collateral Documents may be corrected or replaced for clerical or other non-substantive mistakes. If Lender has no actual knowledge that any of the above conditions have not been satisfied, then and subject to the limitations below, then Lender shall ship to Borrower the entire mortgage loan file of Collateral Documents to be corrected or replaced. Borrower shall redeliver to Lender the corrected Collateral Documents before the expiration of the Correction Period for that Collateral. Collateral shipped under this section, unless returned to Lender ceases to be Eligible Mortgage Loans (a) to the extent that Collateral Documents for Pledged Mortgage Loans with more than a total face amount of $500,000.00 are outstanding for correction at any time and (b) upon the expiration of the Correction Period for that Collateral. The Lender Liens on any Collateral shipped under this section continue in full force and effect.

Shipment for Correction. If no Default or Event of Default Default, Potential Default, or Borrowing Excess exists or occurs as a result of the shipment shipment, and if shipment would not result in any collateral documents Collateral Documents for Pledged Mortgage Loans with more than a total face amount of $500,000.00 1,500,000 being outstanding for correction, then Borrower may - may, by a Trust Receipt delivered to Lender - Administrative Agent, request that Lender Administrative Agent ship to Borrower the entire mortgage loan file of Collateral Documents for any Pledged Mortgage Loan pledged by it so that certain of those Collateral Documents may be corrected or replaced for clerical or other non-substantive mistakes. If Lender Administrative Agent has no actual knowledge that any of the above conditions have not been satisfied, then then, and subject to the limitations below, then Lender Administrative Agent shall use its best efforts to ship to Borrower the entire mortgage loan file of Collateral Documents to be corrected or replacedreplaced by the end of the Business Day following the date of receipt of the applicable Trust Receipt. Borrower shall redeliver re-deliver to Lender Administrative Agent the corrected Collateral Documents (meeting the requirements of SCHEDULE 4.3) before the expiration of the Correction Period for that Collateral. Collateral shipped under this Us section, unless returned to Lender Administrative Agent, ceases to be Eligible an Eligible-Mortgage Loans Loan or Eligible-Repurchased Loan (a) to the extent that Collateral Documents for Pledged Mortgage Loans with more than a total face amount of $500,000.00 1,500,000 are outstanding for correction at any time time, and (b) upon the expiration of the Correction Period for that Collateral. The Lender Liens on any Collateral shipped under this section continue in full force and and. effect.

Shipment for Correction. If no Default or Event of Default Default, Potential Default, or Borrowing Base Deficiency exists or occurs as a result of the shipment and if shipment would not result in any collateral documents Mortgage Loan Documents for Pledged Mortgage Loans with more than a total face an aggregate outstanding principal CREDIT AGREEMENT PMC COMMERCIAL TRUST 36 amount of $500,000.00 5,000,000 being outstanding for correction, then Borrower may - may, by a Trust Receipt delivered to Lender - Collateral Agent, request that Lender Collateral Agent ship to Borrower the entire mortgage loan file of Collateral Mortgage Loan Documents for any Pledged Mortgage Loan pledged by it so that certain of those Collateral Mortgage Loan Documents may be corrected or replaced for clerical or other non-substantive mistakes. If Lender Collateral Agent has no actual knowledge that any of the above conditions have not been satisfied, then and subject to the limitations below, then Lender Collateral Agent shall ship to Borrower the entire mortgage loan file of Collateral Mortgage Loan Documents to be corrected or replaced. Borrower shall redeliver re-deliver to Lender Collateral Agent the corrected Collateral Mortgage Loan Documents (meeting the requirements of Schedule 5.2) before the expiration of the Correction Period for that Collateralthe applicable Mortgage Loan. Collateral Mortgage Loans shipped under this section, unless returned to Lender ceases Collateral Agent, cease to be Eligible Mortgage Loans (a) to the extent that Collateral Mortgage Loan Documents for Pledged Mortgage Loans with more than a total face an aggregate outstanding principal amount of $500,000.00 5,000,000 are outstanding for correction at any time and (b) upon the expiration of the Correction Period for that CollateralMortgage Loan. The Lender Liens on any Collateral shipped under this section continue in full force and effect.

Shipment for Correction. If no Default Default, Potential Default, or Event of Default ----------------------- Borrowing Excess exists or occurs as a result of the shipment and if shipment would not result in any collateral documents Collateral Documents for Pledged Mortgage Loans with more than a total face amount of $500,000.00 500,000 being outstanding for correction, then Borrower may - (by a Trust Receipt delivered to Lender - Agent) request that Lender Agent ship to Borrower the entire mortgage loan file of Collateral Documents for any Pledged Mortgage Loan pledged by it so that certain of those Collateral Documents may be corrected or replaced for clerical or other non-substantive mistakes. If Lender Agent has no actual knowledge that any of the above conditions have not been satisfied, then and subject to the limitations below, then Lender Agent shall use its best efforts to ship to Borrower the entire mortgage loan file of Collateral Documents to be corrected or replacedreplaced by the end of the Business Day following the date of receipt of the applicable Trust Receipt. Borrower shall redeliver re-deliver to Lender Agent the corrected Collateral Documents (meeting the requirements of SCHEDULE 4.3) before the expiration of the Correction Period for that Collateral. Collateral shipped under this section, unless returned to Lender Agent, ceases to be Eligible Eligible-Mortgage Loans Collateral (a) to the extent that Collateral Documents for Pledged Mortgage Loans with more than a total face amount of $500,000.00 500,000 are outstanding for correction at any time and (b) upon the expiration of the Correction Period for that Collateral. The Lender Liens on any Collateral shipped under this section continue in full force and effect.