Warehouse Advances. Each Bank severally agrees to lend to the Company, and the Company agrees to borrow from each Bank, on the terms and conditions of this Credit Agreement, an aggregate amount not exceeding such Bank’s respective Warehouse Line Commitment, and the aggregate amount of all such Warehouse Line Commitments shall equal the Total Warehouse Line Commitment; provided, however the Total Warehouse Line Commitment includes a Wet Advance Sublimit. Subject to the terms and conditions contained herein, Warehouse Advances may be repaid until the Termination Date; provided, however, the Company acknowledges and agrees that no Advances of any type shall be requested by the Company or funded by the Agent or the Bank under this Credit Agreement from and after the close of business on March 31, 2010. Each Bank’s commitment to make Warehouse Advances under this Section 2.1 is herein called its “Warehouse Line Commitment” and is set forth opposite its name in Schedule 2.1 attached to this Credit Agreement and the aggregate maximum amount of the Warehouse Line Commitments is herein called the “Total Warehouse Line Commitment”. The Total Warehouse Line Commitment shall be equal to, as applicable, (i) Fifty Million Dollars ($50,000,000.00) to and until the close of business on January 14, 2010, (ii) Forty Million Dollars ($40,000,000.00) from January 15, 2010 to and until the close of business on February 14, 2010, or (iii) Thirty-Five Million Dollars ($35,000,000.00) from and after February 15, 2010; provided, however, the Company acknowledges and agrees that no Advances of any type shall be requested by the Company or funded by the Agent or the Bank under this Credit Agreement from and after the close of business on March 31, 2010 and shall be available to the Company as Warehouse Advances, Excess Advances and Swing Advances, subject to the terms and conditions hereof. Notwithstanding the foregoing, the Banks shall not be obligated to make a Warehouse Advance which, (a) when added to the sum of the Aggregate Outstanding Warehouse Balance plus the Aggregate Outstanding Excess Balance, would cause the Aggregate Outstanding Warehouse Balance plus the Aggregate Outstanding Excess Balance to exceed the Warehouse Borrowing Base at such time; (b) when added to the sum of the Aggregate Outstanding Warehouse Balance plus the Aggregate Outstanding Excess Balance, would cause or result in a violation of the financial covenants set forth in Article 5 hereof; (c) if such Warehouse Advance is a...
Warehouse Advances. The Bank agrees to lend to the Company, and the Company agrees to borrow from the Bank, on the terms and conditions of this Credit Agreement, an aggregate amount not exceeding the Bank's Warehouse Line Commitment, subject to the Sublimits. Subject to the terms and conditions contained herein, Warehouse Advances may be repaid and reborrowed until the Termination Date. The Bank's commitment to make Warehouse Advances under this SECTION 2.1 is herein called its "Warehouse Line Commitment". Notwithstanding the foregoing, the Bank shall not be obligated to make a Warehouse Advance which, (a) when added to the Outstanding Warehouse Balance would exceed the Borrowing Base at such time; (b) when added to the sum of the Outstanding Warehouse Balance would cause or result in a violation of the financial covenants set forth in ARTICLE 5; (c) if the Warehouse Advance is a Conforming/Government Loan Advance, when added to the outstanding balance of all Conforming/Government Loan Advances would cause or result in a violation in the Conforming/Government Loan Advance Sublimit; (d) if the Warehouse Advance is a Co-Op Advance, when added to the outstanding balance of all Co-Op Advances would cause or result in a violation in the Co-Op Advance Sublimit; (e) if the Warehouse Advance is a Jumbo Advance, when added to the outstanding balance of all Jumbo Advances would cause or result in a violation in the Jumbo Advance Sublimit; (f) if the Warehouse Advance is a Second Mortgage Loan Advance, when added to the outstanding balance of all Second Mortgage Loan Advances would cause or result in a violation in the Second Mortgage Loan Advance Sublimit; (g) if the Warehouse Advance is a Wet Advance, when added to the outstanding balance of all Wet would cause or result in a violation in the Wet Advance Sublimit; (h) if the Warehouse Advance is an Alt A Advance, when added to the outstanding balance of all Alt A Advances would cause or result in a violation in the Alt A Advance Sublimit; (i) if the Warehouse Advance is a Subprime Advance, when added to the outstanding balance of all Subprime Advances would cause or result in a violation in the Subprime Sublimit; or (j) if the Warehouse Advance would cause or result in the Outstanding Warehouse Balance to exceed the Total Line Commitment. The Bank shall not be obligated to honor any Request for Advance if the disbursement of funds thereunder would occur on or after the Termination Date, or if an Event of Default has occurred and has n...
Warehouse Advances. The Bank shall record the Warehouse Advances of the Bank in the records of the Bank. The Bank's records maintained pursuant to this SECTION 2.4 shall be available for inspection by the Company at any reasonable time and from time to time upon reasonable prior notice to the Bank.
Warehouse Advances. 11 2.2 Note.......................................................... 12 2.3
Warehouse Advances. The following sentence is added after the last paragraph of Section 2.1: "Furthermore, notwithstanding the foregoing, the Warehouse Promissory Note shall be increased to Twenty-Five Million Dollars ($25,000,000) from the date of this Second Amendment through the Maturity Date."
Warehouse Advances. Each Borrowing under this Section 2.01(b) ------------------ --------------- shall be in an aggregate amount of not less than $2,500.00 and shall consist of Warehouse Advances made on the Borrowing Date by the Bank according to its Commitment; provided, however, that: (i) the aggregate amount of Warehouse Advances at any time outstanding shall not exceed the Commitment; and (ii) the aggregate amount of Warehouse Advances outstanding shall not at any time exceed the Borrowing Base. Within the limits of the Bank's Commitment and subject to the other terms and conditions hereof, the Borrower may borrow, repay pursuant to Section 2.06 and reborrow under this ------------ Section 2.01(b). ---------------
Warehouse Advances. Each Borrowing under this Section 2.1(b) ------------------ shall be in an aggregate amount of not less than $100,000 and shall consist of Warehouse Advances made on the Borrowing Date by Lenders ratably according to their respective Commitment Amounts, provided, that:
(i) the aggregate amount of Warehouse Advances at any time outstanding shall not exceed the amount equal to the sum of (A) the Total Commitment plus (B) the total Guidance Line minus (x) the aggregate amount of Swing Advances plus (y) the amount of the L/C Exposure.
(ii) the sum of the aggregate amount of Warehouse Advances (committed and Guidance Line) outstanding and the aggregate amount of Swing Advances and L/C Advances outstanding shall not at any time exceed the Borrowing Base; and
(iii) the aggregate amount of Guidance Line Advances at any time outstanding shall not exceed the lesser of either (a) the total Guidance Line or (b) the sum of the Borrowing Base minus the Total Commitment. Within the limits of each Lender's Commitment together with each Lender's Guidance Line, and subject to the other terms and conditions hereof, Borrower may borrow, repay (whether pursuant to Section 2.5 of this Agreement or otherwise), and reborrow under this Section 2.1(b).
Warehouse Advances. The following sentence is added after the last paragraph of Section 2.1: "Notwithstanding the foregoing, the Warehouse Advance shall be increased to Twenty Million Dollars ($20,000,000) from and after April 18, 2002 through June 2, 2002, at which time the maximum principal amount of the Warehouse Note shall be decreased back to Fifteen Million Dollars ($15,000,000)."
Warehouse Advances. Each Borrowing under this SECTION 2.1(B) ------------------ shall be in an aggregate amount of not less than $100,000 and shall consist of Warehouse Advances made on the Borrowing Date by Lenders ratably according to their respective Commitment Amounts, provided, that:
(i) the aggregate amount of Warehouse Advances at any time outstanding shall not exceed the amount equal to the Total Commitment minus the aggregate amount of Swing Advances then outstanding; and
(ii) the sum of the aggregate amount of Warehouse Advances outstanding and the aggregate amount of Swing Advances outstanding shall not at any time exceed the Borrowing Base. Within the limits of each Lender's Commitment and subject to the other terms and conditions hereof, Borrower may borrow, repay (whether pursuant to SECTION 2.5 of this agreement or otherwise), and reborrow under this SECTION 2.1(B).
Warehouse Advances. Each Borrowing under this SECTION 2.1(b) shall be in an aggregate amount of not less than $2,500.00 and shall consist of Warehouse Advances made on the Borrowing Date by the Bank according to its Commitment; provided, however, that: (i) the aggregate amount of Warehouse Advances at any time outstanding shall not exceed the Commitment; and (ii) the aggregate amount of Warehouse Advances outstanding shall not at any time exceed the Borrowing Base. Within the limits of the Bank's Commitment and subject to the other terms and conditions hereof, the Borrower may borrow, repay pursuant to SECTION 2.6 and reborrow under this SECTION 2.1(b).
