Cure or Repurchase of Loans Sample Clauses

Cure or Repurchase of Loans. In the event Purchaser discovers that any of the representations and warranties contained herein were not accurate in any material respect at or as of the time they were made by Seller and such inaccuracy materially and adversely affects the value of the Loans or the interest of the Purchaser, or that there exists a basis to demand indemnification hereunder with respect to any Loan, or if Seller defaults in its obligations under this Agreement, then in addition to any other rights and remedies it may have hereunder, at law or in equity, Purchaser may demand that Seller repurchase the related Loan or REO Property from Purchaser. Notwithstanding the foregoing, purchaser agrees to provide Seller with written notice and not more than forty five (45) days opportunity to cure any breach of a representation and warranty set forth in Articles III or IV of this Agreement which breach is susceptible of cure. The purchase price under this section for any repurchased Loan or REO Property shall equal the sum of: (a) the aggregate unpaid principal balance of the Loan as of the repurchase date (with respect to any REO Property, as of the date the foreclosure complaint is filed or with respect to a Cooperative Loan as of the date the UCC sale occurs), multiplied by the purchase price percentage applicable thereto; (b) any and all interest that formed a part of the Purchase Price of such Loan less any interest payments received after the Sale Date on account of interest accrued prior to the Sale Date; (c) accrued and unpaid interest at the Note rate from and after the Sale Date (and with respect to any REO Property, at the legal judgment rate from the date the foreclosure judgment is entered or UCC sale occurs), plus (d) all other unreimbursed reasonable out-of-pocket costs, expenses and advances incurred by Purchaser in connection with such Loan or Loans after the Sale Date. Such purchase or repurchase shall be accomplished by wire transfer with thirty (30) business days following receipt by Seller of written demand from Purchaser pursuant hereto. Seller shall prepare the Assignment and pay all costs and expenses reasonably incurred by Purchaser in effecting reconveyance of a repurchased Loan including, without limitation, the cost of recording the Assignment and/or UCC-3 with respect to the related Instrument of Collateral. Upon completion of such purchase or repurchase by Seller, Purchaser promptly shall forward to Seller and shall have Custodian forward to Seller all s...
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Cure or Repurchase of Loans 
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Related to Cure or Repurchase of Loans

  • Mandatory Prepayment of Loans (a) Subject to Section 2.06(c), on the date of receipt by the Borrower or any Restricted Subsidiary (or affiliate thereof) of any Net Cash Proceeds, the Borrower shall prepay the Loans in an aggregate amount equal to such Net Cash Proceeds (together with any amounts due pursuant to Section 2.07 or Section 2.09); provided that the Borrower shall have no obligation to prepay the Loans (i) to the extent that such Net Cash Proceeds are attributable to a Disposition permitted by clauses (a), (c), (e), (f), (g), (h) and (j) of Section 7.04, (ii) to the extent that such Net Cash Proceeds for any Disposition are not in excess of $1,000,000 individually or $10,000,000 in the aggregate for all such Dispositions or (iii) with respect to any Casualty Event or any Disposition permitted pursuant to clause (k) (but only with respect to Dispositions of Core Assets that were acquired by the Borrower or any Restricted Subsidiary following the Availability Date (it being understood that any Net Cash Proceeds received from other Dispositions pursuant to clause (k) shall not be able to be reinvested pursuant to this clause (iii)) and clause (l) of Section 7.04, if, within 365 days after receipt of such Net Cash Proceeds, the Borrower uses such Net Cash Proceeds to purchase, or otherwise reinvests such Net Cash Proceeds in, Oil and Gas Interests useful in the business of the Credit Parties (in each case, as certified by the Borrower in a certificate of a Responsible Officer delivered to the Administrative Agent and the Lead Lender); provided further that, if all or any portion of such Net Cash Proceeds are not so reinvested within the time period specified (or such earlier date, if any, as the applicable Credit Party determines not to reinvest such Net Cash Proceeds as set forth above), such remaining portion shall be applied on the last date of such period (or such earlier date, as the case may be) as provided in this Section 2.06(a) without regard to this proviso.

  • Borrowing Mechanics for Swing Line Loans (i) Swing Line Loans shall be made in an aggregate minimum amount of $500,000 and integral multiples of $100,000 in excess of that amount.

  • Borrowing Mechanics for Revolving Loans (i) Except pursuant to Section 2.4(d), Revolving Loans that are Base Rate Loans shall be made in an aggregate minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess of that amount, Revolving Loans that are Eurodollar Rate Loans shall be in an aggregate minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess of that amount.

  • Reduction of Commitment Prepayment of Loans Section 2.05 of the Financing Agreement is hereby amended as follows:

  • Conditions for voluntary prepayment The conditions referred to in Clause 8.4 are that:

  • Mandatory Prepayment Upon an Acceleration If the Term Loan Advances are accelerated by Bank following the occurrence and during the continuance of an Event of Default, Borrower shall immediately pay to Bank an amount equal to the sum of (i) all outstanding principal plus accrued and unpaid interest with respect to the Term Loan Advances, (ii) the Prepayment Fee, (iii) the Final Payment, and (iv) all other sums, if any, that shall have become due and payable with respect to the Term Loan Advances, including interest at the Default Rate with respect to any past due amounts.

  • Borrowing Mechanics for Loans Borrower shall deliver to Administrative Agent a fully executed Funding Notice no later than one Business Day prior to the Closing Date or such shorter period of time acceptable to Administrative Agent. Promptly upon receipt by Administrative Agent of such Funding Notice, Administrative Agent shall notify each Lender of the proposed borrowing.

  • Mandatory Prepayments of Loans If for any reason the Total Revolving Outstandings at any time exceed the Aggregate Revolving Commitments then in effect, the Borrower shall immediately prepay Revolving Loans and/or Swing Line Loans and/or Cash Collateralize the L/C Obligations in an aggregate amount equal to such excess; provided, however, that the Borrower shall not be required to Cash Collateralize the L/C Obligations pursuant to this Section 2.05(b)(i) unless after the prepayment in full of the Revolving Loans and Swing Line Loans the Total Revolving Outstandings exceed the Aggregate Revolving Commitments then in effect. All amounts required to be paid pursuant to this Section 2.05(b) shall be applied first, ratably to the L/C Borrowings and the Swing Line Loans, second, to the outstanding Revolving Loans, and, third, to Cash Collateralize the remaining L/C Obligations; and Within the parameters of the applications set forth above, prepayments shall be applied first to Base Rate Loans and then to Eurodollar Rate Loans in direct order of Interest Period maturities. All prepayments under this Section 2.05(b) shall be subject to Section 3.05, but otherwise without premium or penalty, and shall be accompanied by interest on the principal amount prepaid through the date of prepayment.

  • Mandatory Prepayment The Borrower shall be obliged to prepay the whole of the Loan if the Ship is sold or becomes a Total Loss:

  • Application of Mandatory Prepayments by Type of Loans Except as provided in subsection 2.4D, any amount required to be applied as a mandatory prepayment of the Loans and/or a reduction of the Revolving Loan Commitment Amount pursuant to subsections 2.4B(iii)(a)-(f) shall be applied first to prepay the Term Loans to the full extent thereof, second, to the extent of any remaining portion of such amount, to prepay the Swing Line Loans to the full extent thereof and to permanently reduce the Revolving Loan Commitment Amount by the amount of such prepayment, third, to the extent of any remaining portion of such amount, to prepay the Revolving Loans to the full extent thereof and to further permanently reduce the Revolving Loan Commitment Amount by the amount of such prepayment, fourth, to the extent of any remaining portion of such amount, to further permanently reduce the Revolving Loan Commitment Amount to the full extent thereof and fifth, to the extent of any remaining portion of such amount, to cash collateralize any outstanding Letters of Credit. Any mandatory reduction of the Revolving Loan Commitment Amount pursuant to this subsection 2.4B shall be in proportion to each Revolving Lender’s Pro Rata Share.

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