CERTAIN DEFINITIONS 24. Section 1.1 Certain Defined Terms 24 Section 1.2 Computation of Time Periods 52 Section 1.3 Construction 52 Section 1.4 Accounting Terms 53 ARTICLE II AMOUNTS AND TERMS OF THE ADVANCES 53 Section 2.1 Establishment of the Credit Facility 53 Section 2.2 The Advances 53 Section 2.3 Use of Proceeds 54 Section 2.4 Making the Advances 54 Section 2.5 Fees 55 Section 2.6 Borrowing Base 56 Section 2.7 Repayment of the Advances 56 Section 2.8 Application of Prepayment of Advances 59 Section 2.9 Mandatory Prepayments of Advances 59 Section 2.10 Optional Prepayments; Removal of Collateral 59 Section 2.11 Determination of Interest Rate 60 Section 2.12 Payments and Computations 63 Section 2.13 Payment on Non-Business Days 64 Section 2.14 Taxes 64 Section 2.15 Defaulting Lenders 68 Section 2.16 Security Interest 69 Section 2.17 Limited Pledge of Fannie Mae Servicing 70 ARTICLE III CONDITIONS OX XXXXING AND CLOSING 71 Section 3.1 Conditions Precedent to Closing 71 Section 3.2 Conditions Precedent to All Advances 73 ARTICLE IV REPRESENTATIONS AND WARRANTIES 74 Section 4.1 Representations and Warranties of the Borrower 74 ARTICLE V COVENANTS 81 Section 5.1 Affirmative Covenants 81 Section 5.2 Negative Covenants 87 ARTICLE VI EVENTS OF DEFAULT 90 Section 6.1 Events of Default 90 Section 6.2 Remedies 93 -ii- 742613903 21686243
