Common use of Warehouse Advances Clause in Contracts

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, an Extended Wet Advance Sublimit, a Working Capital Advance Sublimit, a Jumbo Advance Sublimit, an Alternative Lending Advance Sublimit, a Sublimit, a Servicing Held for Bulk Sale Advance Sublimit and a Servicing Under Contract Advance Sublimit. Subject to the terms and conditions contained herein, Warehouse Advances may be repaid and reborrowed until the Termination Date. Each Bank’s commitment to make Warehouse Advances under this Section 2.1 is herein called its “Warehouse Line Commitment” and such commitments of all Banks in the aggregate are herein called the “Total Warehouse Line Commitment”. The Total Warehouse Line Commitment is equal to One Hundred Million Dollars ($100,000,000.00) to and until the Termination Date, and shall be available to the Company as Advances, subject to the right of the Agent and the Company in their sole, joint discretion to increase such amount by adding one or more Applicant Financial Institutions as a “Bank” or “Banks” hereunder pursuant to the provisions of Section 11.1 hereof. The principal amount set forth above (as the same may be increased pursuant to the terms hereof) shall be available to the Company as Warehouse Advances, Excess Advances and Swing Advances, subject to the terms and conditions hereof, at such times prior to the Termination Date and in such sums, as the Company may request. 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 6 hereof; (c) if such Advance is a Wet Advance, when added to the aggregate outstanding balance of all Wet Advances and Extended Wet Advances would cause or result in a violation of the Wet Advance Sublimit; (d) if such Advance is an Extended Wet Advance, when added to the outstanding balance of all Extended Wet Advances would cause or result in a violation of the Wet Advance Sublimit or the Extended Wet Advance Sublimit; (e) if such Advance is a Working Capital Advance, when added to the outstanding balance of all Working Capital Advances would cause or result in a violation of the Working Capital Advance Sublimit; (f) if such Advance is a, when added to the outstanding balance of all s would cause or result in a violation of the Sublimit; (g) if such Advance is a Jumbo Advance, when added to the outstanding of all Jumbo Advances would cause or result in a violation of the Jumbo Advance Sublimit; (h) if such Advance is an Alternative Lending Advance, when added to the outstanding balance of all Alternative Lending Advances would cause or result in a violation of the Alternative Lending Advance Sublimit; (i) if such Advance is a Servicing Under Contract Advance or a Servicing Held for Bulk Sale Advance, when added to the outstanding balance of all Servicing Under Contract Advances or Servicing Held for Bulk Sale Advances, respectively, would cause or result in a violation of any or all of the Servicing Under Contract Advance Sublimit, the Servicing Held for Bulk Sale Advance Sublimit or the Servicing Advance Sublimit; (j) if such Advance would cause or result in the Aggregate Outstanding Warehouse Balance plus the Aggregate Outstanding Excess Balance to exceed the Total Warehouse Line Commitment; or (k) if such Advance is an Agency Qualified A Minus Advance, when added to the outstanding balance of all Agency Qualified A Minus Advances, would cause or result in a violation of the Agency Qualified A Minus Advance Sublimit. The Banks shall not be obligated to honor any Request for Warehouse 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 not been cured within the specified grace period, or if such disbursement would cause or result in an Event of Default or an Unmatured Event of Default.

Warehouse Advances. Each Bank severally agrees to lend to the Company, and the Company agrees to borrow from each Bankthe Banks, on the terms and conditions of this Credit Agreement, an aggregate amount not exceeding such Bank’s '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, a Jumbo/Super Jumbo Advance Sublimit, a Repurchase Advance Sublimit, an Aged Loan/Extended Wet Period Shipped Loan Advance Sublimit, a Working Capital Advance Sublimit, a Super Jumbo Advance Sublimit, Sublimit and an Alternative Lending Advance Sublimit, a Sublimit, a Servicing Held for Bulk Sale Advance Sublimit and a Servicing Under Contract Advance Sublimit. Subject to the terms and conditions contained herein, Warehouse Advances may be repaid and reborrowed until the Termination Date. Each Bank’s 's commitment to make Warehouse Advances under this Section SECTION 2.1 is herein called its “"Warehouse Line Commitment” " and such commitments of all Banks in is set forth opposite its name on SCHEDULE 2.1 attached to this Credit Agreement and the aggregate are maximum amount of the Warehouse Line Commitments is herein called the “"Total Warehouse Line Commitment”". The Total Warehouse Line Commitment is equal to as applicable, either (i) One Hundred Twenty-Five Million Dollars ($100,000,000.00125,000,000.00) to and until the close of business on August 14, 2003, or (ii) One Hundred Ten Million Dollars ($110,000,000.00) from August 15, 2003 to and until the Termination Date, and shall in either case as may be available to increased by the Company as Advances, subject to the right of and the Agent and the Company in their sole, joint discretion to increase such amount by adding one or more Applicant Financial Institutions as a “"Bank” " or “"Banks” hereunder pursuant to the provisions of Section " hereunder, or as further permitted under SECTION 11.1 hereof. The principal amount set forth above (as the same may be increased pursuant to the terms hereof) shall be available to the Company as Warehouse Advances, Excess Advances and Swing Advances, subject to the terms and conditions hereof, at such times prior to the Termination Date and in such sums, as the Company may request. Notwithstanding the foregoing, the Banks shall not be obligated to make a Warehouse an 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 6 ARTICLE 5 hereof; (c) if such Advance is a Wet Advance, when added to the aggregate outstanding balance of all Wet Advances and Extended Wet Advances would cause or result in a violation of the Wet Advance Sublimit; (d) if such Advance is an Extended Wet a Jumbo Advance or a Super Jumbo Advance, when added to the aggregate outstanding balance of all Extended Wet Jumbo Advances and Super Jumbo Advances would cause or result in a violation of the Wet Advance Sublimit or the Extended Wet Jumbo/Super Jumbo Advance Sublimit; (e) if such Advance is a Super Jumbo Advance, when added to the aggregate outstanding balance of all Super Jumbo Advances would cause or result in a violation of the Super Jumbo Advance Sublimit; (f) if such Advance is an Alternative Lending Advance, when added to the aggregate outstanding balance of all Alternative Lending Advances would cause or result in a violation of the Alternative Lending Advance Sublimit; (g) if such Advance is a Repurchase Advance, when added to the aggregate outstanding balance of all Repurchase Advances would cause or result in a violation of the Repurchase Advance Sublimit; (h) if such Advance is an Aged Loan/Extended Period Shipped Loan Advance, when added to the aggregate outstanding balance of all Aged Loan/Extended Period Shipped Loan Advances would cause or result in a violation of the Aged Loan/Extended Period Shipped Loan Advance Sublimit; (i) if such Advance is a Working Capital Advance, when added to the aggregate outstanding balance of all Working Capital Advances would cause or result in a violation of the Working Capital Advance Sublimit; (fj) if such Advance is a, when added to the outstanding balance of all s would cause or result in a violation of the Sublimit; (g) if such Advance is a Jumbo an ALT A Advance, when added to the aggregate outstanding balance of all Jumbo ALT A Advances would cause or result in a violation of the Jumbo ALT A Advance Sublimit; or (h) if such Advance is an Alternative Lending Advance, when added to the outstanding balance of all Alternative Lending Advances would cause or result in a violation of the Alternative Lending Advance Sublimit; (i) if such Advance is a Servicing Under Contract Advance or a Servicing Held for Bulk Sale Advance, when added to the outstanding balance of all Servicing Under Contract Advances or Servicing Held for Bulk Sale Advances, respectively, would cause or result in a violation of any or all of the Servicing Under Contract Advance Sublimit, the Servicing Held for Bulk Sale Advance Sublimit or the Servicing Advance Sublimit; (jk) if such Advance would cause or result in the Aggregate Outstanding Warehouse Balance plus the Aggregate Outstanding Excess Balance to exceed the Total Warehouse Line Commitment; or (k) if such Advance is an Agency Qualified A Minus Advance, when added to the outstanding balance of all Agency Qualified A Minus Advances, would cause or result in a violation of the Agency Qualified A Minus Advance Sublimit. The Banks shall not be obligated to honor any Request for Warehouse 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 not been cured within the specified grace period, is continuing or if such disbursement would cause or result in an Event of Default or an Unmatured Event of Default.

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, an Extended Wet Advance Sublimit, a Working Capital Advance Sublimit, a Jumbo Advance Sublimit, an Alternative Lending Advance Sublimit, a Sublimit, a Servicing Held for Bulk Sale Advance Sublimit and a Servicing Under Contract Advance Sublimit. Subject to the terms and conditions contained herein, Warehouse Advances may be repaid and reborrowed 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 May 31, 2010. Each Bank’s commitment to make Warehouse Advances under this Section 2.1 is herein called its “Warehouse Line Commitment” and such commitments of all Banks is set forth opposite its name in Schedule 2.1 attached to this Credit Agreement and the aggregate are maximum amount of the Warehouse Line Commitments is herein called the “Total Warehouse Line Commitment”. The Total Warehouse Line Commitment is shall be equal to One Hundred Forty Million Dollars ($100,000,000.00) to 40,000,000.00); provided, however, the Company acknowledges and until the Termination Date, and agrees that no Advances of any type shall be available to requested by the Company as Advances, subject to the right of or funded by the Agent or the Bank under this Credit Agreement from and after the Company in their soleclose of business on May 31, joint discretion to increase such amount by adding one or more Applicant Financial Institutions as a “Bank” or “Banks” hereunder pursuant to the provisions of Section 11.1 hereof. The principal amount set forth above (as the same may be increased pursuant to the terms hereof) 2010 and shall be available to the Company as Warehouse Advances, Excess Advances and Swing Advances, subject to the terms and conditions hereof, at such times prior to the Termination Date and in such sums, as the Company may request. 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 6 5 hereof; (c) if such Warehouse Advance is a Wet Advance, when added to the aggregate outstanding balance of all Wet Advances and Extended Wet Advances would cause or result in a violation of the Wet Advance Sublimit; or (d) if such Advance is an Extended Wet Advance, when added to the outstanding balance of all Extended Wet Advances would cause or result in a violation of the Wet Advance Sublimit or the Extended Wet Advance Sublimit; (e) if such Advance is a Working Capital Advance, when added to the outstanding balance of all Working Capital Advances would cause or result in a violation of the Working Capital Advance Sublimit; (f) if such Advance is a, when added to the outstanding balance of all s would cause or result in a violation of the Sublimit; (g) if such Advance is a Jumbo Advance, when added to the outstanding of all Jumbo Advances would cause or result in a violation of the Jumbo Advance Sublimit; (h) if such Advance is an Alternative Lending Advance, when added to the outstanding balance of all Alternative Lending Advances would cause or result in a violation of the Alternative Lending Advance Sublimit; (i) if such Advance is a Servicing Under Contract Advance or a Servicing Held for Bulk Sale Advance, when added to the outstanding balance of all Servicing Under Contract Advances or Servicing Held for Bulk Sale Advances, respectively, would cause or result in a violation of any or all of the Servicing Under Contract Advance Sublimit, the Servicing Held for Bulk Sale Advance Sublimit or the Servicing Advance Sublimit; (j) if such Warehouse Advance would cause or result in the Aggregate Outstanding Warehouse Balance plus the Aggregate Outstanding Excess Balance to exceed the Total Warehouse Line Commitment; or (k) if such Advance is an Agency Qualified A Minus Advance, when added to the outstanding balance of all Agency Qualified A Minus Advances, would cause or result in a violation of the Agency Qualified A Minus Advance Sublimit. The Agent and the Banks shall not be obligated to honor any Request for Warehouse Advance if the disbursement of funds thereunder would occur on or after the Termination Dateclose of business on May 31, 2010, or if an Event of Default has occurred and has not been cured within the specified grace period, is continuing or if such disbursement would cause or result in an Event of Default or an Unmatured Event of Default.”

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, an Extended Wet Advance Sublimit, a Working Capital Advance Sublimit, a Jumbo Advance Sublimit, an Alternative Lending Advance Sublimit, a Sublimit, a Servicing Held for Bulk Sale Advance Sublimit and a Servicing Under Contract Jumbo Advance Sublimit. Subject to the terms and conditions contained herein, Warehouse Advances may be repaid and reborrowed until the Termination Date. Each Bank’s commitment to make Warehouse Advances under this Section 2.1 is herein called its “Warehouse Line Commitment” and such commitments of all Banks is set forth opposite its name in Schedule 2.1 attached to this Credit Agreement and the aggregate are maximum amount of the Warehouse Line Commitments is herein called the “Total Warehouse Line Commitment”. The Total Warehouse Line Commitment is equal to One Hundred Fifty Million Dollars ($100,000,000.00) to and until the Termination Date50,000,000.00), and shall as may be available to increased by the Company as Advances, subject to the right of and the Agent and the Company in their sole, joint discretion to increase such amount by adding one or more Applicant Financial Institutions as a “Bank” or “Banks” hereunder pursuant to and as may be decreased in accordance with the provisions requirements of Section 11.1 hereof. The principal amount set forth above (as the same may be increased pursuant to the terms hereof) shall be available to the Company as Warehouse Advances, Excess Advances and Swing Advances, subject to the terms and conditions hereof, at such times prior to the Termination Date and in such sums, as the Company may request. 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 6 5 hereof; (c) if such Warehouse Advance is a Wet Advance, when added to the aggregate outstanding balance of all Wet Advances and Extended Wet Advances would cause or result in a violation of the Wet Advance Sublimit; (d) if such Advance is an Extended Wet Advance, when added to the outstanding balance of all Extended Wet Advances would cause or result in a violation of the Wet Advance Sublimit or the Extended Wet Advance Sublimit; (e) if such Advance is a Working Capital Advance, when added to the outstanding balance of all Working Capital Advances would cause or result in a violation of the Working Capital Advance Sublimit; (f) if such Advance is a, when added to the outstanding balance of all s would cause or result in a violation of the Sublimit; (g) if such Warehouse Advance is a Jumbo Advance, when added to the aggregate outstanding of all Jumbo Advances would cause or result in a violation of the Jumbo Advance Sublimit; or (he) if such Advance is an Alternative Lending Advance, when added to the outstanding balance of all Alternative Lending Advances would cause or result in a violation of the Alternative Lending Advance Sublimit; (i) if such Advance is a Servicing Under Contract Advance or a Servicing Held for Bulk Sale Advance, when added to the outstanding balance of all Servicing Under Contract Advances or Servicing Held for Bulk Sale Advances, respectively, would cause or result in a violation of any or all of the Servicing Under Contract Advance Sublimit, the Servicing Held for Bulk Sale Advance Sublimit or the Servicing Advance Sublimit; (j) if such Warehouse Advance would cause or result in the Aggregate Outstanding Warehouse Balance plus the Aggregate Outstanding Excess Balance to exceed the Total Warehouse Line Commitment; or (k) if such Advance is an Agency Qualified A Minus Advance, when added to the outstanding balance of all Agency Qualified A Minus Advances, would cause or result in a violation of the Agency Qualified A Minus Advance Sublimit. The Agent and the Banks shall not be obligated to honor any Request for Warehouse 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 not been cured within the specified grace period, is continuing or if such disbursement would cause or result in an Event of Default or an Unmatured Event of Default.”

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, an Extended Wet Advance Sublimit, a Working Capital Advance Sublimit, a Jumbo Advance Sublimit, an Alternative Lending Advance Sublimit, a Sublimit, a Servicing Held for Bulk Sale Advance Sublimit and a Servicing Under Contract Advance Sublimit. Subject to the terms and conditions contained herein, Warehouse Advances may be repaid and reborrowed 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 such commitments of all Banks is set forth opposite its name in Schedule 2.1 attached to this Credit Agreement and the aggregate are maximum amount of the Warehouse Line Commitments is herein called the “Total Warehouse Line Commitment”. The Total Warehouse Line Commitment is shall be equal to One Hundred to, as applicable, (i) Fifty Million Dollars ($100,000,000.0050,000,000.00) to and until the Termination Dateclose 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 available to requested by the Company as Advances, subject to the right of or funded by the Agent or the Bank under this Credit Agreement from and after the Company in their soleclose of business on March 31, joint discretion to increase such amount by adding one or more Applicant Financial Institutions as a “Bank” or “Banks” hereunder pursuant to the provisions of Section 11.1 hereof. The principal amount set forth above (as the same may be increased pursuant to the terms hereof) 2010 and shall be available to the Company as Warehouse Advances, Excess Advances and Swing Advances, subject to the terms and conditions hereof, at such times prior to the Termination Date and in such sums, as the Company may request. 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 6 5 hereof; (c) if such Warehouse Advance is a Wet Advance, when added to the aggregate outstanding balance of all Wet Advances and Extended Wet Advances would cause or result in a violation of the Wet Advance Sublimit; or (d) if such Advance is an Extended Wet Advance, when added to the outstanding balance of all Extended Wet Advances would cause or result in a violation of the Wet Advance Sublimit or the Extended Wet Advance Sublimit; (e) if such Advance is a Working Capital Advance, when added to the outstanding balance of all Working Capital Advances would cause or result in a violation of the Working Capital Advance Sublimit; (f) if such Advance is a, when added to the outstanding balance of all s would cause or result in a violation of the Sublimit; (g) if such Advance is a Jumbo Advance, when added to the outstanding of all Jumbo Advances would cause or result in a violation of the Jumbo Advance Sublimit; (h) if such Advance is an Alternative Lending Advance, when added to the outstanding balance of all Alternative Lending Advances would cause or result in a violation of the Alternative Lending Advance Sublimit; (i) if such Advance is a Servicing Under Contract Advance or a Servicing Held for Bulk Sale Advance, when added to the outstanding balance of all Servicing Under Contract Advances or Servicing Held for Bulk Sale Advances, respectively, would cause or result in a violation of any or all of the Servicing Under Contract Advance Sublimit, the Servicing Held for Bulk Sale Advance Sublimit or the Servicing Advance Sublimit; (j) if such Warehouse Advance would cause or result in the Aggregate Outstanding Warehouse Balance plus the Aggregate Outstanding Excess Balance to exceed the Total Warehouse Line Commitment; or (k) if such Advance is an Agency Qualified A Minus Advance, when added to the outstanding balance of all Agency Qualified A Minus Advances, would cause or result in a violation of the Agency Qualified A Minus Advance Sublimit. The Agent and the Banks shall not be obligated to honor any Request for Warehouse Advance if the disbursement of funds thereunder would occur on or after the Termination Dateclose of business on March 31, 2010, or if an Event of Default has occurred and has not been cured within the specified grace period, is continuing or if such disbursement would cause or result in an Event of Default or an Unmatured Event of Default.”