Common use of Buydowns Clause in Contracts

Buydowns. Borrower may prepay a portion of the Structured Facility Advances in an amount equal to $1,000,000 or an integral multiple $250,000 in excess thereof pursuant to this Section 3.4 (any such prepayment is hereafter referred to as a "Buydown"). A Buydown shall be deemed a prepayment of Structured Facility Advances as agreed between Borrower and Lender, but shall not entitle Borrower to the release of any Collateral. Borrower shall provide Lender 1 Business Day's advance notice of any Buydown. All or any portion of a Buydown may be reborrowed ("Buyup") in an amount equal to $1,000,000 or an integral multiple of $250,000 in excess thereof, upon written notice to Lender no later than 10:30 a.m. on any Business Day, provided no Default or Event of Default has occurred and is continuing and all other conditions precedent have been satisfied or waived. Lender Dated: 7/1/2003 Amended: 7/24/2003 shall withdraw each Buydown from Borrower's Operating Account by 12:00 noon on the day thereof. Each request for a Buydown or Buyup will be on the corporate letterhead of Borrower and no more than 2 Buydowns/Buyups will occur in any one-week period. In the event Lender receives a payment of Structured Facility Advances which would, as a result of the Buydown, reduce the outstanding principal balance of the Structured Facility Advances to an amount less than zero, a portion of the Buydown sufficient to eliminate such shortfall equal to $1,000,000 or an integral multiple of $250,000 in excess thereof, will be readvanced to Borrower. Lender may apply the Buydown to reduce the interest on Structured Facility Advances in such order as Lender, in its sole discretion, shall determine.

Buydowns. Borrower may prepay a portion of the Structured Facility Warehousing Advances in an amount equal to $1,000,000 250,000 or an integral multiple $250,000 100,000 in excess thereof pursuant to this Section 3.4 3.8 (any such prepayment is prepayments hereafter referred to as a "“Buydown"”). A Buydown shall be deemed a prepayment of Structured Facility Warehousing Advances as agreed between Borrower and Lender, but shall not entitle Borrower to the release of any Collateral. Borrower shall provide Lender 1 Business Day's with advance notice of any Buydown not later than 11:00 a.m. (Central Time) on the date of such Buydown. All or any portion of a Buydown may be reborrowed ("“Buyup"”) in an amount equal to $1,000,000 250,000 or an integral multiple of $250,000 100,000 in excess thereof, upon written notice to Lender no later than 10:30 a.m. (Central Time) on any Business Day, provided no Default or Event of Default has occurred and is continuing and all other conditions precedent have been satisfied or waived. Lender Dated: 7/1/2003 Amended: 7/24/2003 shall withdraw each Buydown from Borrower's ’s Operating Account by 12:00 noon (Central Time) on the day thereof. Each request for a Buydown or Buyup will be on the corporate letterhead of Borrower and no more than 2 Buydowns/Buyups will occur in any one-one week period. In the event Lender receives a payment of Structured Facility Warehousing Advances which would, as a result of the Buydown, reduce the outstanding principal balance of the Structured Facility Warehousing Advances to an amount less than zero, a portion of the Buydown sufficient to eliminate such shortfall equal to $1,000,000 250,000 or an integral multiple of $250,000 100,000 in excess thereof, will be readvanced to Borrower. Lender may apply the Buydown to reduce the interest on Structured Facility Warehousing Advances in such order as Lender, in its sole discretion, shall determine.