Common use of Buydowns Clause in Contracts

Buydowns. Borrower may prepay a portion of the Warehousing Advances outstanding against Prime Mortgage Loans (a “Buydown”) upon Notice to Lender not later than (a) 1:00 p.m. on the Business Day immediately preceding the Business Day on which Borrower desires to make a Buydown in the amount of $10,000,000 or more or (b) 1:00 p.m. on the Business Day on which Borrower desires to make a Buydown in an amount less than $10,000,000. Each Buydown must be in an amount not less than $5,000, and Buydowns may not exceed the aggregate principal balance of the Warehousing Advances outstanding against Prime Mortgage Loans. A Buydown is a reduction in the aggregate amount of the Warehousing Advances outstanding against Prime Mortgage Loans, but does not represent the prepayment of any particular Warehousing Advance, and does not entitle Borrower to the release of any Collateral. Lender may apply Buydowns to reduce interest payable by Borrower on outstanding Warehousing Advances in any order that Lender determines in its sole discretion. Unless a Default or Event of Default exists, Borrower may reborrow all or any portion of a Buydown upon Notice to Lender not later than (m) 1:00 p.m. on the Business Day immediately preceding the Busines Day on which borrower desires to reborrow $10,000,000 or more or (n) 1:00 p.m. on the Business Day that Borrower desires to reborrow an amount less than $10,000,000. If Lender receives Buydowns or a combination of Buydowns and payments of Warehousing Advances that exceed the aggregate principal balance of the Warehousing Advances outstanding against Prime Mortgage Loans (an “Excess Buydown”), as long as no Default or Event of Default exists, Borrower may reborrow all or any portion of an Excess Buydown upon Notice to Lender not later than (y) 1:00 p.m. on the Business Day immediately preceding the Business Day on which Borrower desires to reborrow $10,000,000 or more or (z) 1:00 p.m. on the Business Day that Borrower desires to reborrow an amount less than $10,000,000. Alternatively, Lender may, in its sole discretion, re-advance to Borrower all or any portion of an Excess Buydown by causing the Funding Bank to credit the Operating Account in that amount. Lender has no obligation to pay or otherwise provide to Borrower any interest, dividends or other benefits on an Excess Buydown.

Buydowns. Borrower may prepay a portion of the Warehousing Advances outstanding against Prime Subprime Mortgage Loans (a “"Buydown”") upon Notice to Lender not later than (a) 1:00 p.m. on the Business Day immediately preceding the Business Day on which Borrower desires to make a Buydown in the amount of $10,000,000 or more or (b) 1:00 p.m. on the Business Day on which Borrower desires to make a Buydown in an amount less than $10,000,000. Each Buydown must be in an amount not less than $5,000, and Buydowns may not exceed exceed, in the aggregate principal balance of aggregate, the Warehousing Advances amount outstanding against Prime Subprime Mortgage Loans. A Buydown is a reduction in the aggregate amount of the Warehousing Advances outstanding against Prime Subprime Mortgage Loans, but does not represent the prepayment of any particular Warehousing Advance, and does not entitle Borrower to the release of any Collateral. Lender may apply Buydowns to reduce interest payable by Borrower on outstanding Warehousing Advances in any order that Lender determines in its sole discretion. Unless a Default or Event of Default exists, Borrower may reborrow all or any portion of a Buydown upon Notice to Lender not later than (m) 1:00 p.m. on the Business Day immediately preceding the Busines Business Day on which borrower Borrower desires to reborrow $10,000,000 or more or (n) 1:00 p.m. on the Business Day that Borrower desires to reborrow an amount less than $10,000,000. If Lender receives Buydowns or a combination of Buydowns and payments of Warehousing Advances that exceed the aggregate principal balance of the Warehousing Advances outstanding against Prime Subprime Mortgage Loans (an “"Excess Buydown”"), as long as no Default or Event of Default exists, Borrower may reborrow all or any portion of an Excess Buydown upon Notice to Lender not later than (y) 1:00 p.m. on the Business Day immediately preceding the Business Day on which Borrower desires to reborrow $10,000,000 or more or (z) 1:00 p.m. on the Business Day that Borrower desires to reborrow an amount less than $10,000,000. Alternatively, Lender may, in its sole discretion, re-advance to Borrower all or any portion of an Excess Buydown by causing the Funding Bank to credit the Operating Account in that amount. Lender has no obligation to pay or otherwise provide to Borrower any interest, dividends or other benefits on an Excess Buydown.

Buydowns. Borrower Borrowers may prepay a portion of the Warehousing Advances outstanding against Prime Mortgage Loans under this Agreement (a individually “Buydown” and collectively “Buydowns”) upon Notice to Lender Credit Agent not later than (a) 1:00 p.m. on the Business Day immediately preceding the Business Day on which Borrower desires Borrowers desire to make a Buydown in the amount of $10,000,000 or more or (b) 1:00 3:30 p.m. on the Business Day on which Borrower desires to make a Buydown in an amount less than $10,000,000. Each Buydown must be in an amount not less than $5,0001,000,000, and Buydowns Borrowers may not make Buydowns that exceed the aggregate principal balance of the all Warehousing Advances outstanding against Prime Mortgage Loansunder this Agreement. A Buydown is a reduction in the aggregate amount of the Warehousing Advances outstanding against Prime Mortgage Loansunder this Agreement, but does not represent the prepayment of any particular Warehousing AdvanceAdvance for the purposes of any Pledged Assets specifically related to such Warehousing Advances, and does not entitle Borrower Borrowers to the release of any Collateral, including Collateral consisting of the proceeds of Pledged Assets described in Sections 3.3(e) or 3.3(f). Lender To reduce interest payable by Borrowers, Credit Agent may apply Buydowns to reduce interest payable by Borrower on outstanding Warehousing Advances outstanding under this Agreement in any order that Lender determines determined by Credit Agent in its sole discretion. Unless Subject to the satisfaction of the conditions set forth in Sections 5.2(d) and 5.2(e) (which apply as if the requested reborrowing were a Default or Event of Default existsWarehousing Advance), Borrower may Borrowers may, from the Closing Date to the Business Day immediately preceding the Warehousing Maturity Date, reborrow all or any portion of a Buydown the Buydowns upon Notice to Lender Credit Agent not later than (m) 1:00 p.m. on the Business Day immediately preceding the Busines Business Day on which borrower desires Borrowers desire to reborrow $10,000,000 or more or (n) 1:00 3:30 p.m. on the Business Day that Borrower desires Borrowers desire to reborrow an amount less than $10,000,000. If Lender Credit Agent receives Buydowns or a combination of Buydowns and payments of Warehousing Advances that exceed the aggregate principal balance of the Warehousing Advances outstanding against Prime Mortgage Loans under this Agreement (an “Excess Buydown”), as long as no Default or Event of Default exists, Borrower Borrowers may reborrow request that Credit Agent return all or any portion of an Excess Buydown upon Notice to Lender Credit Agent not later than (y) 1:00 p.m. on the Business Day immediately preceding the Business Day on which Borrower desires to reborrow Borrowers request the return of $10,000,000 or more or (z) 1:00 3:30 p.m. on the Business Day that Borrower desires to reborrow an amount requests the return of less than $10,000,000. Alternatively, Lender Credit Agent may, in its sole discretion, re-advance return to Borrower Borrowers all or any portion of an Excess Buydown by causing the Funding Bank to credit the Operating Account in that amount. Credit Agent will notify each Lender not later than 1:00 p.m. on the Business Day of (i) a reborrowing of the Buydown, or (ii) the return of any Excess Buydown, and each Lender will make its Percentage Share of the (1) requested reborrowing, or (2) the Excess Buydown, available to Credit Agent in immediately available funds at the office of Credit Agent by 4:00 p.m. on that Business Day. Neither Credit Agent nor any Lender has no any obligation to pay or otherwise provide to Borrower Borrowers any interest, dividends or other benefits on an Excess Buydown.

Buydowns. Borrower may prepay a portion of the Warehousing Advances outstanding against Prime Mortgage Loans (a “"Buydown”") upon Notice to Lender not later than (a) 1:00 p.m. on the Business Day immediately preceding the Business Day on which Borrower desires to make a Buydown in the amount of $10,000,000 or more or (b) 1:00 p.m. on the Business Day on which Borrower desires to make a Buydown in an amount less than $10,000,000. Each Buydown must be in an amount not less than $5,000, and Buydowns may not exceed the aggregate principal balance of the Warehousing Advances outstanding against Prime Mortgage Loans. A Buydown is a reduction in the aggregate amount of the Warehousing Advances outstanding against Prime Mortgage Loans, but does not represent the prepayment of any particular Warehousing Advance, and does not entitle Borrower to the release of any Collateral. Lender may apply Buydowns to reduce interest payable by Borrower on outstanding Warehousing Advances in any order that Lender determines in its sole discretion. Unless a Default or Event of Default exists, Borrower may reborrow all or any portion of a Buydown upon Notice to Lender not later than (m) 1:00 p.m. on the Business Day immediately preceding the Busines Day on which borrower desires to reborrow $10,000,000 or more or (n) 1:00 p.m. on the Business Day that Borrower desires to reborrow an amount less than $10,000,000. If Lender receives Buydowns or a combination of Buydowns and payments of Warehousing Advances that exceed the aggregate principal balance of the Warehousing Advances outstanding against Prime Mortgage Loans (an “"Excess Buydown”"), as long as no Default or Event of Default exists, Borrower may reborrow all or any portion of an Excess Buydown upon Notice to Lender not later than (y) 1:00 p.m. on the Business Day immediately preceding the Business Day on which Borrower desires to reborrow $10,000,000 or more or (z) 1:00 p.m. on the Business Day that Borrower desires to reborrow an amount less than $10,000,000. Alternatively, Lender may, in its sole discretion, re-advance to Borrower all or any portion of an Excess Buydown by causing the Funding Bank to credit the Operating Account in that amount. Lender has no obligation to pay or otherwise provide to Borrower any interest, dividends or other benefits on an Excess Buydown.

Buydowns. Borrower may prepay a portion of the Warehousing Advances outstanding against Prime Mortgage Loans (a “Buydown”) upon Notice to Lender not later than (a) 1:00 p.m. on the Business Day immediately preceding the Business Day on which Borrower desires to make a Buydown in the amount of $10,000,000 or more or (b) 1:00 p.m. on the Business Day on which Borrower desires to make a Buydown in an Dated: 5/23/2003 Amended: 6/11/2004 amount less than $10,000,000. Each Buydown must be in an amount not less than $5,0001,000,000 or in integral multiples of $250,000 in excess of that amount, and Buydowns may not exceed exceed, in the aggregate principal balance of aggregate, the Warehousing Advances amount outstanding against Prime Mortgage LoansPledged Investments. A Buydown is a reduction in the aggregate amount of the Warehousing Advances outstanding against Prime Mortgage LoansPledged Investments, but does not represent the prepayment of any particular Warehousing Advance, and does not entitle Borrower to the release of any Collateral. Lender may apply Buydowns to reduce interest payable by Borrower on outstanding Warehousing Advances in any order that Lender determines in its sole discretion. Unless a Default or Event of Default exists, Borrower may reborrow all or any portion of a Buydown upon Notice to Lender not later than (m) 1:00 p.m. on the Business Day immediately preceding the Busines Day on which borrower desires to reborrow $10,000,000 or more or (n) 1:00 p.m. on the Business Day that Borrower desires to reborrow an amount less than $10,000,000. If Lender receives Buydowns or a combination of Buydowns and payments of Warehousing Advances that exceed the aggregate principal balance of the Warehousing Advances outstanding against Prime Mortgage Loans Pledged Investments (an “Excess Buydown”), as long as no Default or Event of Default exists, Borrower may reborrow all or any portion Lender shall, at the request of an Excess Buydown upon Notice to Lender not later than (y) 1:00 p.m. on the Business Day immediately preceding the Business Day on which Borrower desires to reborrow $10,000,000 or more or (z) 1:00 p.m. on the Business Day that Borrower desires to reborrow an amount less than $10,000,000. Alternatively, Lender may, in its sole discretionBorrower, re-advance to Borrower all or any portion of an Excess Buydown by causing the Funding Bank to credit the Operating Account in that amount. Lender has no obligation to pay or otherwise provide to Borrower any interest, dividends or other benefits on an Excess Buydown.

Buydowns. Borrower may prepay a portion of the Warehousing Advances outstanding against Prime Mortgage Loans (a “Buydown”) upon Notice to Lender not later than (a) 1:00 p.m. on the Business Day immediately preceding the Business Day on which Borrower desires to make a Buydown in the amount of $10,000,000 or more or (b) 1:00 1.00 p.m. on the Business Day on which Borrower desires to make a Buydown in an amount less than $10,000,000. Each Buydown must be in an amount not less than $5,000, and Buydowns may not exceed exceed, in the aggregate principal balance of aggregate, the Warehousing Advances amount outstanding against Prime Mortgage Loans. A Buydown is a reduction in the aggregate amount of the Warehousing Advances outstanding against Prime Mortgage Loans, but does not represent the prepayment of any particular Warehousing Advance, and does not entitle Borrower to the release of any Collateral. Lender may apply Buydowns to reduce interest payable by Borrower on outstanding Warehousing Advances in any order that Lender determines in its sole discretion. Unless a Default or Event of Default exists, Borrower may reborrow all or any portion of a Buydown upon Notice to Lender not later than (m) 1:00 p.m. on the Business Day immediately preceding the Busines Business Day on which borrower desires to reborrow $10,000,000 or more or (n) 1:00 p.m. on the Business Day that Borrower desires to reborrow an amount less than $10,000,000. If Lender receives Buydowns or a combination of Buydowns and payments of Warehousing Advances that exceed the aggregate principal balance of the Warehousing Advances outstanding against Prime Mortgage Loans (an “Excess Buydown”), ) as long as no Default or Event of Default exists, Borrower may reborrow all or any portion of an Excess Buydown upon Notice to Lender not later than (y) 1:00 p.m. on the Business Day immediately preceding the Business Day on which Borrower desires to reborrow $10,000,000 or more or (z) 1:00 p.m. on the Business Day that Borrower desires to reborrow an amount less than $10,000,000. Alternatively, Lender may, in its sole discretion, re-advance to Borrower all or any portion of an Excess Buydown by causing the Funding Bank to credit the Operating Account in that amount. Lender has no obligation to pay or otherwise provide to Borrower any interest, dividends or other benefits on an Excess Buydown.

Buydowns. Borrower may prepay a portion of the Warehousing Advances outstanding against Prime Subprime Mortgage Loans (a “Buydown”) upon Notice to Lender not later than (a) 1:00 p.m. on the Business Day immediately preceding the Business Day on which Borrower desires to make a Buydown in the amount of $10,000,000 or more or (b) 1:00 p.m. on the Business Day on which Borrower desires to make a Buydown in an amount less than $10,000,000Buydown. Each Buydown must be in an amount not less than $5,000100,000, and minimum increments of $5,000 in excess of $100,000, and Buydowns may not exceed the aggregate principal balance of the Warehousing Advances outstanding against Prime Subprime Mortgage Loans. A Buydown is a reduction in the aggregate amount of the Warehousing Advances outstanding against Prime Subprime Mortgage Loans, but does not represent the prepayment of any particular Warehousing Advance, and does not entitle Borrower to the release of any Collateral. Lender may apply Buydowns to reduce interest payable by Borrower on outstanding Warehousing Advances in any order that Lender determines in its sole discretion. Unless a Default or Event of Default exists, Borrower may reborrow all or any portion of a Buydown upon Notice to Lender not later than (m) 1:00 p.m. on the Business Day immediately preceding the Busines Business Day on which borrower desires to reborrow $10,000,000 or more or (n) 1:00 p.m. on the Business Day that Borrower desires to reborrow an amount less than $10,000,000reborrow. If Lender receives Buydowns or a combination of Buydowns and payments of Warehousing Advances that exceed the aggregate principal balance of the Warehousing Advances outstanding against Prime Subprime Mortgage Loans (an “Excess Buydown”), as long as no Default or Event of Default exists, Borrower may reborrow all or any portion of an Excess Buydown upon Notice to Lender not later than (y) 1:00 p.m. on the Business Day immediately preceding the Business Day on which Borrower desires to reborrow $10,000,000 or more or (z) 1:00 p.m. on the Business Day that Borrower desires to reborrow an amount less than $10,000,000reborrow. Alternatively, Lender may, in its sole discretion, re-advance to Borrower all or any portion of an Excess Buydown by causing the Funding Bank to credit the Operating Account in that amount. Lender has no obligation to pay or otherwise provide to Borrower any interest, dividends or other benefits on an Excess Buydown.

Buydowns. Borrower may prepay a portion of the Warehousing Advances outstanding against Prime Subprime Mortgage Loans (a “"Buydown”") upon Notice to Lender not later than (a) 1:00 p.m. on the Business Day immediately preceding the Business Day on which Borrower desires to make a Buydown in the amount of $10,000,000 or more or (b) 1:00 p.m. on the Business Day on which Borrower desires to make a Buydown in an amount less than $10,000,000Buydown. Each Buydown must be in an amount not less than $5,000100,000, and minimum increments of $5,000 in excess of $100,000, and Buydowns may not exceed the aggregate principal balance of the Warehousing Advances outstanding against Prime Subprime Mortgage Loans. A Buydown is a reduction in the aggregate amount of the Warehousing Advances outstanding against Prime Subprime Mortgage Loans, but does not represent the prepayment of any particular Warehousing Advance, and does not entitle Borrower to the release of any Collateral. Lender may apply Buydowns to reduce interest payable by Borrower on outstanding Warehousing Advances in any order that Lender determines in its sole discretion. Unless a Default or Event of Default exists, Borrower may reborrow all or any portion of a Buydown upon Notice to Lender not later than (m) 1:00 p.m. on the Business Day immediately preceding the Busines Day on which borrower desires to reborrow $10,000,000 or more or (n) 1:00 p.m. on the Business Day that Borrower desires to reborrow an amount less than $10,000,000reborrow. If Lender receives Buydowns or a combination of Buydowns and payments of Warehousing Advances that exceed the aggregate principal balance of the Warehousing Advances outstanding against Prime Subprime Mortgage Loans (an “"Excess Buydown”"), as long as no Default or Event of Default exists, Borrower may reborrow all or any portion of an Excess Buydown upon Notice to Lender not later than (y) 1:00 p.m. on the Business Day immediately preceding the Business Day on which Borrower desires to reborrow $10,000,000 or more or (z) 1:00 p.m. on the Business Day that Borrower desires to reborrow an amount less than $10,000,000reborrow. Alternatively, Lender may, in its sole discretion, re-advance to Borrower all or any portion of an Excess Buydown by causing the Funding Bank to credit the Operating Account in that amount. Lender has no obligation to pay or otherwise provide to Borrower any interest, dividends or other benefits on an Excess Buydown.

Buydowns. Borrower Borrowers may prepay a portion of the Warehousing Advances outstanding against Prime Mortgage Loans under this Agreement (a individually “Buydown” and collectively “Buydowns”) upon Notice to Lender Credit Agent not later than (a) 1:00 p.m. on the Business Day immediately preceding the Business Day on which Borrower desires Borrowers desire to make a Buydown in the amount of $10,000,000 or more or (b) 1:00 3:30 p.m. on the Business Day on which Borrower desires to make a Buydown in an amount less than $10,000,000. Each Buydown must be in an amount not less than $5,0001,000,000, and Buydowns Borrowers may not make Buydowns that exceed the aggregate principal balance of the all Warehousing Advances outstanding against Prime Mortgage Loansunder this Agreement. A Buydown is a reduction in the aggregate amount of the Warehousing Advances outstanding against Prime Mortgage Loansunder this Agreement, but does not represent the prepayment of any particular Warehousing AdvanceAdvance for the purposes of any Pledged Assets specifically related to such Warehousing Advances, and does not entitle Borrower Borrowers to the release of any Collateral, including Collateral consisting of the proceeds of Pledged Assets described in Sections 3.3(e) or 3.3(f). Lender To reduce interest payable by Borrowers, Credit Agent may apply Buydowns to reduce interest payable by Borrower on outstanding Warehousing Advances outstanding under this Agreement in any order that Lender determines determined by Credit Agent in its sole discretion. Unless Subject to the satisfaction of the conditions set forth in Sections 5.2(d) and 5.2(e) (which apply as if the requested reborrowing were a Default or Event of Default existsWarehousing Advance), Borrower may Borrowers may, from the Closing Date to the Business Day immediately preceding the Warehousing Maturity Date, reborrow all or any portion of a Buydown the Buydowns upon Notice to Lender Credit Agent not later than (m) 1:00 p.m. on the Business Day immediately preceding the Busines Business Day on which borrower desires Borrowers desire to reborrow $10,000,000 or more or (n) 1:00 3:30 p.m. on the Business Day that Borrower desires Borrowers desire to reborrow an amount less than $10,000,000. If Lender Credit Agent receives Buydowns or a combination of Buydowns and payments of Warehousing Advances that exceed the aggregate principal balance of the Warehousing Advances outstanding against Prime Mortgage Loans under this Agreement (an “Excess Buydown”), as long as no Default or Event of Default exists, Borrower Borrowers may reborrow request that Credit Agent return all or any portion of an Excess Buydown upon Notice to Lender Credit Agent not later than (y) 1:00 p.m. on the Business Day immediately preceding the Business Day on which Borrower desires to reborrow $10,000,000 or more or (z) 1:00 p.m. on the Business Day that Borrower desires to reborrow an amount less than $10,000,000. Alternatively, Lender may, in its sole discretion, re-advance to Borrower all or any portion of an Excess Buydown by causing the Funding Bank to credit the Operating Account in that amount. Lender has no obligation to pay or otherwise provide to Borrower any interest, dividends or other benefits on an Excess Buydown.1:00

Buydowns. Borrower may prepay a portion of the Warehousing Advances outstanding against Prime Mortgage Loans (a “"Buydown”") upon Notice to Lender not later than (a) 1:00 p.m. on the Business Day immediately preceding the Business Day on which Borrower desires to make a Buydown in the amount of $10,000,000 or more or (b) 1:00 p.m. on the Business Day on which Borrower desires to make a Buydown in an amount less than $10,000,000. Each Buydown must be in an amount not less than $5,000, and Buydowns may not exceed exceed, in the aggregate principal balance of aggregate, the Warehousing Advances amount outstanding against Prime Mortgage Loans. A Buydown is a reduction in the aggregate amount of the Warehousing Advances outstanding against Prime Mortgage Loans, but does not represent the prepayment of any particular Warehousing Advance, and does not entitle Borrower to the release of any Collateral. Lender may apply Buydowns to reduce interest payable by Borrower on outstanding Warehousing Advances in any order that Lender determines in its sole discretion. Unless a Default or Event of Default exists, Borrower may reborrow all or any portion of a Buydown upon Notice to Lender not later than (m) 1:00 p.m. on the Business Day immediately preceding the Busines Day on which borrower desires to reborrow $10,000,000 or more or (n) 1:00 p.m. on the Business Day that Borrower desires to reborrow an amount less than $10,000,000. If Lender receives Buydowns or a combination of Buydowns and payments of Warehousing Advances that exceed the aggregate principal balance of the Warehousing Advances outstanding against Prime Mortgage Loans (an “"Excess Buydown”"), as long as no Default or Event of Default exists, Borrower may reborrow all or any portion of an Excess Buydown upon Notice to Lender not later than (y) 1:00 p.m. on the Business Day immediately preceding the Business Day on which Borrower desires to reborrow $10,000,000 or more or (z) 1:00 p.m. on the Business Day that Borrower desires to reborrow an amount less than $10,000,000. Alternatively, Lender may, in its sole discretion, re-advance to Borrower all or any portion of an Excess Buydown by causing the Funding Bank to credit the Operating Account in that amount. Lender has no obligation to pay or otherwise provide to Borrower any interest, dividends or other benefits on an Excess Buydown.

Buydowns. Borrower may prepay a portion of the Warehousing Advances outstanding against Prime Mortgage Loans (a “Buydown”"BUYDOWN") upon Notice to Lender not later than (a) 1:00 p.m. on the Business Day immediately preceding the Business Day on which Borrower desires to make a Buydown in the amount of $10,000,000 or more or (b) 1:00 p.m. on the Business Day on which Borrower desires to make a Buydown in an amount less than $10,000,000. Each Buydown must be in an amount not less than $5,000, and Buydowns may not exceed the aggregate principal balance of the Warehousing Advances outstanding against Prime Mortgage Loans. A Buydown is a reduction in the aggregate amount of the Warehousing Advances outstanding against Prime Mortgage Loans, but does not represent the prepayment of any particular Warehousing Advance, and does not entitle Borrower to the release of any Collateral. Lender may apply Buydowns to reduce interest payable by Borrower on outstanding Warehousing Advances in any order that Lender determines in its sole discretion. Unless a Default or Event of Default exists, Borrower may reborrow all or any portion of a Buydown upon Notice to Lender not later than (m) 1:00 p.m. on the Business Day immediately preceding the Busines Day on which borrower desires to reborrow $10,000,000 or more or (n) 1:00 p.m. on the Business Day that Borrower desires to reborrow an amount less than $10,000,000. If Lender receives Buydowns or a combination of Buydowns and payments of Warehousing Advances that exceed the aggregate principal balance of the Warehousing Advances outstanding against Prime Mortgage Loans (an “Excess Buydown”"EXCESS BUYDOWN"), as long as no Default or Event of Default exists, Borrower may reborrow all or any portion of an Excess Buydown upon Notice to Lender not later than (y) 1:00 p.m. on the Business Day immediately preceding the Business Day on which Borrower desires to reborrow $10,000,000 or more or (z) 1:00 p.m. on the Business Day that Borrower desires to reborrow an amount less than $10,000,000. Alternatively, Lender may, in its sole discretion, re-advance to Borrower all or any portion of an Excess Buydown by causing the Funding Bank to credit the Operating Account in that amount. Lender has no obligation to pay or otherwise provide to Borrower any interest, dividends or other benefits on an Excess Buydown.

Buydowns. Borrower may prepay a portion of the Warehousing Advances outstanding against Prime Subprime Mortgage Loans (a “Buydown”) upon Notice to Lender not later than (a) 1:00 p.m. on the Business Day immediately preceding the Business Day on which Borrower desires to make a Buydown in the amount of $10,000,000 or more or (b) 1:00 p.m. on the Business Day on which Borrower desires to make a Buydown in an amount less than $10,000,000. Each Buydown must be in an amount not less than $5,000, and Buydowns may not exceed the aggregate principal balance of the Warehousing Advances outstanding against Prime Subprime Mortgage Loans. A Buydown is a reduction in the aggregate amount of the Warehousing Advances outstanding against Prime Subprime Mortgage Loans, but does not represent the prepayment of any particular Warehousing Advance, and does not entitle Borrower to the release of any Collateral. Lender may apply Buydowns to reduce interest payable by Borrower on outstanding Warehousing Advances in any order that Lender determines in its sole discretion. Unless a Default or Event of Default exists, Borrower may reborrow all or any portion of a Buydown upon Notice to Lender not later than (m) 1:00 p.m. on the Business Day immediately preceding the Busines Business Day on which borrower desires to reborrow $10,000,000 or more or (n) 1:00 p.m. on the Business Day that Borrower desires to reborrow an amount less than $10,000,000. If Lender receives Buydowns or a combination of Buydowns and payments of Warehousing Advances that exceed the aggregate principal balance of the Warehousing Advances outstanding against Prime Subprime Mortgage Loans (an “Excess Buydown”), as long as no Default or Event of Default exists, Borrower may reborrow (or receive a refund if no Warehousing Advances are outstanding) all or any portion of an Excess Buydown upon Notice to Lender not later than (y) 1:00 p.m. on the Business Day immediately preceding the Business Day on which Borrower desires to reborrow $10,000,000 or more or (z) 1:00 p.m. on the Business Day that Borrower desires to reborrow an amount less than $10,000,000. Alternatively, Lender may, in its sole discretion, re-advance to Borrower all or any portion of an Excess Buydown by causing the Funding Bank to credit the Operating Account in that amount. Lender has no obligation to pay or otherwise provide to Borrower any interest, dividends or other benefits on an Excess Buydown.

Buydowns. Without limiting any other rights of Borrower may to prepay a portion amounts outstanding under the Revolving Credit contained herein, Borrower may, at its option, prepay all or part of the Warehousing Advances outstanding against Prime Mortgage Loans principal amounts outstanding under the Revolving Credit (including the Swing Line) at any time without reducing the Revolving Credit Aggregate Commitment (such prepayment individually a “Buydown” and collectively, “Buydowns”) upon Notice to Lender not later than (a) 1:00 p.m. on the Business Day immediately preceding the Business Day on which Borrower desires to make a ). Any Buydown made in the amount of $10,000,000 accordance with this Section shall be without premium or more or (b) 1:00 p.m. on the Business Day on which Borrower desires to make a Buydown in an amount less than $10,000,000penalty. Each Buydown must shall be applied to repay outstanding Advances in an amount not less than $5,000the order and manner as determined by Agent and Borrower. For the avoidance of doubt, and Buydowns may not exceed the aggregate principal balance of the Warehousing Advances outstanding against Prime Mortgage Loans. A a Buydown is a reduction in the aggregate amount principal balance of the Warehousing Advances outstanding against Prime Mortgage Loansunder this Agreement, but does not represent the prepayment of any particular Warehousing AdvanceAdvance with respect to any Pledged Mortgage Loans and, and does accordingly, a Buydown shall not entitle Borrower to the release of any CollateralPledged Mortgage Loans and Agent shall continue to hold all Pledged Mortgage Loans as security for the Indebtedness until such time as Agent releases its lien upon the sale of any such Pledged Mortgage Loan in accordance with the terms of this Agreement or the other Loan Documents. Lender may apply Buydowns to reduce interest payable by Borrower on outstanding Warehousing Advances in any order that Lender determines in its sole discretion. Unless a Default or Event of Default exists, Borrower may reborrow request re-advances of all or any a portion of a Buydown upon Notice the amount(s) of any Buydown(s) subject to Lender not all of the terms and conditions for Advances, other than those terms and conditions expressly excluded with respect to re-advances in Section 2.3 of this Agreement, of the Revolving Credit under this Agreement.” 9.Section 5.19 of the Mortgage Warehousing Agreement is hereby amended and restated as follows: (a) If, no later than September 29, 2017, (mi) 1:00 p.m. on a Custodial Account with the Business Day immediately preceding Securities Custodian is not established by the Busines Day on which borrower desires to reborrow $10,000,000 or more or Borrower, and (nii) 1:00 p.m. on a Securities Account Control Agreement has not been executed by the Business Day that Agent, the Borrower desires to reborrow an amount less than $10,000,000. If Lender receives Buydowns or a combination of Buydowns and payments of Warehousing Advances that exceed the aggregate principal balance of Securities Custodian, as the Warehousing Advances outstanding against Prime custodian, (A) exclude from the Borrowing Base any Mortgage Loans representing, securing or backing an Agency MBS and (B) on or before October 2, 2017, repay the principal amount of each Advance that was made with respect to and/or is supported by such Mortgage Loans. (b) Provide the Agent with at least thirty (30) days’ prior written notice of any change in the Document Custodian or, if applicable, the Securities Custodian, and in connection therewith, if the Agent’s consent to such change is given, the Borrower shall make any revisions to its warehousing procedures that are required to satisfy the Agent’s operations policies in place at such time, including, if requested or required by the Agent, furnishing or causing to be furnished to the Agent custodial and/or intercreditor agreements, in form and substance satisfactory to the Agent, from the Borrower’s proposed Document Custodian and/or Securities Custodian. Further, to the extent the Borrower establishes a Custodial Account and delivers an “Excess Buydown”executed Securities Account Control Agreement as contemplated by Section 5.19(a), as long as no Default or Event of Default exists, the Borrower may reborrow shall at all or any portion of an Excess Buydown upon Notice to Lender not later than (y) 1:00 p.m. on times maintain the Business Day immediately preceding the Business Day on which Borrower desires to reborrow $10,000,000 or more or (z) 1:00 p.m. on the Business Day that Borrower desires to reborrow an amount less than $10,000,000. Alternatively, Lender may, in its sole discretion, re-advance to Borrower all or any portion of an Excess Buydown by causing the Funding Bank to credit the Operating Custodial Account in that amount. Lender has no obligation a manner acceptable to pay or otherwise provide to Borrower any interest, dividends or other benefits on an Excess Buydownthe Agent and comply with its obligations under the Securities Account Control Agreement.”

Buydowns. Borrower may prepay a portion of the Warehousing Advances outstanding against Prime Subprime Mortgage Loans (a “"Buydown”") upon Notice to Lender not later than (a) 1:00 p.m. on the Business Day immediately preceding the Business Day on which Borrower desires to make a Buydown in the amount of $10,000,000 or more or (b) 1:00 p.m. on the Business Day on which Borrower desires to make a Buydown in an amount less than $10,000,000the Buydown. Each Buydown must be in an amount not less than $5,000100,000, and Buydowns may not exceed exceed, in the aggregate principal balance aggregate, the lesser of (a) 50% of the Warehousing Advances Commitment Amount, and (b) the amount outstanding against Prime Subprime Mortgage Loans. A Buydown is a reduction in the aggregate amount of the Warehousing Advances outstanding against Prime Subprime Mortgage Loans, but does not represent the prepayment of any particular Warehousing Advance, and does not entitle Borrower to the release of any Collateral. Lender may apply Buydowns to reduce interest payable by Borrower on outstanding Warehousing Advances in any order that Lender determines in its sole discretion. Unless a Default or Event of Default exists, Borrower may reborrow all or any portion of a Buydown upon Notice to Lender not later than (m) 1:00 p.m. on the Business Day immediately preceding the Busines Day on which borrower desires to reborrow $10,000,000 or more or (n) 1:00 p.m. on the Business Day that Borrower desires to reborrow an amount less than $10,000,000that amount. If Lender receives Buydowns or a combination of Buydowns and payments of Warehousing Advances that exceed the aggregate principal balance of the Warehousing Advances outstanding against Prime Subprime Mortgage Loans (an “"Excess Buydown”)", as long as no Default or Event of Default exists, Borrower may reborrow all or any portion of an Excess Buydown upon Notice to Lender not later than (y) 1:00 p.m. on the Business Day immediately preceding the Business Day on which Borrower desires to reborrow $10,000,000 or more or (z) 1:00 p.m. on the Business Day that Borrower desires to reborrow an amount less than $10,000,000that amount. Alternatively, Lender may, in its sole discretion, re-advance to Borrower all or any portion of an Excess Buydown by causing the Funding Bank to credit the Operating Account in that amount. Lender has no obligation to pay or otherwise provide to Borrower any interest, dividends or other benefits on an Excess Buydown.