Net Funding. The Company and the Service Provider acknowledge and agree that the Service Provider may provide third party services including, without limitation, underwriting, administrative and other mortgage-related services to Correspondents from time to time under bilateral or tri-party agreements by and between the Service Provider and the Correspondent or by and among the Service Provider, the Correspondent and the Company, respectively. In connection with the Service Provider’s provision of such services, and for administrative purposes only, the Service Provider may cause the Company to “net fund” its purchase of Mortgage Loans from a Correspondent by reducing any Loan Commitment Price(s) paid by the Company to the Correspondent by the amount of fees owed to the Service Provider by such Correspondent; provided, however, that any such “net funding” shall comply with the terms of any applicable bailee letter governing the terms of the related purchase. The Service Provider shall then be entitled to collect the amount of such fees relating to such reduction directly from the Company. Any such “net funding” shall be at no cost to the Company and, in effect, a pass through of the Service Provider’s fees through the reduction in the Loan Commitment Price(s) on an individual or aggregate basis.
Net Funding. In order to simplify the cash movements in respect of the payment of the purchase price set forth in Section 1.1, the commitment fee described in Section 1.3 and the reimbursement amount set forth in Section 6.5, the Company and the Purchaser hereby agree that, at the option of the Purchaser, the commitment fee described in Section 1.3 and the reimbursement amount set forth in Section 6.5 shall be deducted from purchase price set forth in Section 1.1, such that the aggregate amount payable by the Purchaser on the Closing Date shall equal $197,750,000, whereupon, following the payment of such amount, all obligations of the Purchaser under this Agreement in connection with its payment of the purchase price set forth in Section 1.1 shall be deemed to have been satisfied in full as if the Purchaser had paid the full amount of the purchase price set forth in Section 1.1 to the Company.
Net Funding. In order to simplify the cash movements in respect of the payment of the purchase price set forth in Section 1.1 or the payment of any purchase price in connection with an Optional Share Purchase Closing in accordance with Section 1.4 and the reimbursement amount pursuant to the Expense Reimbursement Agreement, the Company and the Investors hereby agree that, at the option of the Investors, the then-outstanding reimbursement amount payable pursuant to the Expense Reimbursement Agreement shall, subject to the terms of the Expense Reimbursement Agreement, be deducted from such purchase price, whereupon, following the payment of such reduced purchase price amount, all obligations of the Investors under this Agreement in connection with its payment of such purchase price set forth in Section 1.1 or Section 1.4, as applicable, shall be deemed to have been satisfied in full as if the Investors had paid the full amount of the purchase price set forth in Section 1.1 or Section 1.4, as applicable to the Company. For the avoidance of doubt, the aggregate amount reimbursable pursuant to the Expense Reimbursement Agreement (by way of deduction from the applicable purchase price hereunder pursuant to this Section 7.14 at the Initial Closing or any Optional Share Purchase Closing, or otherwise) shall not exceed $600,000 in the aggregate.
Net Funding. In order to simplify the cash movements in respect of the payment of the Purchase Price and the reimbursement amount set forth in Section 5.1, the Company and the Purchaser hereby agree that, at the option of the Purchaser, the reimbursement amount set forth in Section 5.1 shall be deducted from the Purchase Price, whereupon, following the payment of such amount, all obligations of the Purchaser under this Agreement in connection with its payment of the Purchase Price shall be deemed to have been satisfied in full as if the Purchaser had paid the full amount of the Purchase Price to the Company.
Net Funding. In order to simplify the cash movements in respect of (i) the payment of the purchase price set forth in Section 1.1 or the payment of any purchase price in connection with an Optional Share Purchase Closing in accordance with Section 1.4, (ii) the Investor Expenses and (iii) the Facility Fee, the Company and the Investors hereby agree that, at the option of the Investors, the then-outstanding amount of Investor Expenses and Facility Fee payable pursuant to Section 7.5 shall be deducted from such purchase price, whereupon, following the payment of such reduced purchase price amount, all obligations of the Investors under this Agreement in connection with its payment of such purchase price set forth in Section 1.1 or Section 1.4, as applicable, shall be deemed to have been satisfied in full as if the Investors had paid the full amount of the purchase price set forth in Section 1.1 or Section 1.4, as applicable to the Company. For the avoidance of doubt, any amount of Investor Expenses or Facility Fee not offset against the Applicable Purchase Price pursuant to this Section 7.14 shall be payable in cash. Section 7.15
Net Funding. 16 SECTION 2.03 Non-Receipt of Funds ..................................... 17 SECTION 2.04
Net Funding. If any Bank shall make a new Loan hereunder on a day on which the Borrower is to repay all or any part of an outstanding Loan from such Bank, such Bank shall apply the proceeds of its new Loan to make such payment, and only an amount equal to the difference (if any) between the amount being borrowed and the amount being repaid shall be made available by such Bank to the Agent as provided in subsection (b), or remitted by the Borrower to the Agent as provided in 7.02, as the case may be.
Net Funding. In order to simplify the cash movements in respect of (i) the payment of the purchase price set forth in Section 1.1, (ii) the reimbursement amount pursuant to the Expense Reimbursement Agreements and (iii) the Additional Reimbursement, the Company and the Investors hereby agree that, at the option of the Investors, the then-outstanding reimbursement amount payable pursuant to the Expense Reimbursement Agreements, subject to the terms of the Expense Reimbursement Agreements, and the Additional Reimbursement shall be deducted from such purchase price, whereupon, following the payment of such reduced purchase price amount, all obligations of the Investors under this Agreement in connection with its payment of such purchase price set forth in Section 1.1, shall be deemed to have been satisfied in full as if the Investors had paid the full amount of the purchase price set forth in Section 1.1 to the Company. For the avoidance of doubt, the aggregate amount reimbursable pursuant to the Expense Reimbursement Agreements (by way of deduction from the Applicable Purchase Price hereunder pursuant to this Section 6.14) at the Closing shall not exceed $800,000 in the aggregate. For the avoidance of doubt, any amount reimbursable pursuant to the Expense Reimbursement Agreements or the Additional Reimbursement not offset against the Applicable Purchase Price pursuant to this Section 6.14 shall be payable by the Company in cash by wire transfer of immediately available funds or, with respect to Additional Reimbursement payable in Additional Shares, by the issuance thereof to the applicable Investor(s).
