Common use of Use of Proceeds of Advances Clause in Contracts

Use of Proceeds of Advances. Advances of the Revolving Credit shall be used solely to originate or acquire Pledged Mortgage Loans which are eligible for inclusion in the Borrowing Base, subject to the terms and conditions hereof.

Use of Proceeds of Advances. Advances of the Revolving Credit shall be used solely to originate or acquire Pledged Mortgage Loans which are eligible for inclusion in the Borrowing Base, subject to the terms and conditions hereof, or in the case of re-advances as described in the last sentence of Section 2.11 hereof, for the Borrower’s normal working capital purposes, subject to the terms and conditions hereof.

Use of Proceeds of Advances. Advances of the Revolving Credit shall be used solely to originate or acquire Pledged Mortgage Loans which are eligible for inclusion in the Borrowing Base, subject to the terms and conditions hereof, or in the case of re-advances as described in the last sentence of Section 2.11 hereof, for the Borrower’s normal working capital purposes, subject to the terms and conditions hereof.” 8.The following is added to the Mortgage Warehousing Agreement as new Section 2.11: “2.11

Use of Proceeds of Advances. Advances of the Revolving Credit shall be used solely to originate or acquire Pledged Mortgage Loans which are eligible for inclusion in the Borrowing Base, subject to the terms and conditions hereof, or in the case of re-advances as described in the last sentence of Section 2.11 hereof, for the Borrower’s normal working capital purposes, subject to the terms and conditions hereof.”