Common use of Revolving Loans and Term Loans Clause in Contracts

Revolving Loans and Term Loans. Subject to and upon the terms and conditions of this Agreement, during the Revolving Loan Period, Alliance agrees to make one or more Advances (hereinafter called, individually, a “Revolving Loan” and, collectively, the “Revolving Loans”) to Borrower in an aggregate principal amount at any one time outstanding up to but not exceeding the Committed Sum. Within the limit of the Committed Sum in effect from time to time, during the Revolving Loan Period, Borrower may borrow, repay, and re-borrow at any time in whole or in part (subject to Section 2.4(c)) without penalty and from time to time from the Closing Date to the expiration of the Revolving Loan Period. If, by virtue of payments made on the Promissory Note during the Revolving Loan Period, the principal amount owed on the Promissory Note during its term reaches zero at any point, Borrower agrees that all of the Collateral and all of the Loan Documents shall remain in full force and effect to secure any Advances made thereafter, and Alliance shall be fully entitled to rely on all of the Collateral and all of the Loan Documents unless an appropriate release of all or any part of the Collateral or all or any part of the Loan Documents has been executed by Alliance. The Principal Balance may not exceed the Committed Sum at any time. Upon the expiration of the Revolving Loan Period, and provided that no Event of Default has occurred and is continuing, the Revolving Loans shall, without any further action by Alliance or Borrower, convert to a term loan (the “Term Loan”) in accordance with the terms of the Promissory Note.

Revolving Loans and Term Loans. Subject to and upon the terms and conditions of this Agreement, during the Revolving Loan Period, Alliance Bank agrees to make one or more Advances (hereinafter called, individually, a “Revolving Loan” and, collectively, the “Revolving Loans”) to Borrower for Approved Purposes in an aggregate principal amount at any one time outstanding up to but not exceeding the Committed SumBorrowing Limit. Within the limit of the Committed Sum Borrowing Limit in effect from time to time, during the Revolving Loan Period, Borrower may borrow, repay, and re-borrow at any time in whole or in part (subject to Section 2.4(c)) without penalty and from time to time from the Closing Effective Date to the earlier of (a) the expiration of the Revolving Loan Period, or (b) the termination of Bank’s Commitment hereunder (collectively, the “Commitment Termination Date”). If, by virtue of payments made on the Promissory Note during the Revolving Loan Period, the principal amount owed on the Promissory Note during its term reaches zero at any point, Borrower agrees that all of the Collateral and all of the Loan Documents shall remain in full force and effect to secure any Advances made thereafter, and Alliance Bank shall be fully entitled to rely on all of the Collateral and all of the Loan Documents unless an appropriate release of all or any part of the Collateral or all or any part of the Loan Documents has been executed by AllianceBank. The Principal Balance may not exceed the Committed Sum Borrowing Limit at any time. Upon the expiration of the Revolving Loan Period, and provided that no Event of Default and no event that, with the lapse of time or notice or both, would reasonably be expected to become an Event of Default, has occurred and is continuing, the Revolving Loans shall, without any further action by Alliance Bank or Borrower, convert to a term loan (the “Term Loan”) in accordance with the terms of the Promissory Note.

Revolving Loans and Term Loans. Subject to and upon the terms and conditions of this Agreement, during the Revolving Loan Period, Alliance Period Bank agrees to make one or more Advances to Borrower for Approved Purposes (hereinafter called, individuallyi) supported by the Pledged Servicing Rights portion of the Borrowing Base (hereafter, a “MSR Revolving Loan” and”), collectivelyand (ii) supported by the Pledged Servicing Receivables portion of the Borrowing Base (hereafter, the a “Servicing Advances Revolving LoansLoan”) to Borrower in an ). The aggregate principal amount of the Servicing Advances Revolving Loan at any one time outstanding up may not exceed the maximum principal amount of the Servicing Advances Note, and the aggregate principal amount of the Revolving Loans at any one time outstanding may not exceed the Borrowing Limit. Subject to but not exceeding Section 11 of the Committed Sum. Within Promissory Note, within the limit of the Committed Sum Borrowing Limit in effect from time to time, during the Revolving Loan Period, Borrower may borrow, repayrepay without penalty, and re-borrow at any time in whole or in part (subject to Section 2.4(c)) without penalty and from time to time from the Closing Effective Date to the earlier of (a) the expiration of the Revolving Loan Period, or (b) the earlier termination of Bank’s Commitment hereunder in accordance with Section 10.1 (the “Commitment Termination Date”). If, by virtue of payments made on the Promissory Note during the Revolving Loan Period, the principal amount owed on the Promissory Note during its term reaches zero at any point, Borrower agrees that all of the Collateral and all of the Loan Documents shall remain in full force and effect to secure any Advances made thereafter, and Alliance Bank shall be fully entitled to rely on all of the Collateral and all of the Loan Documents unless an appropriate release of all or any part of the Collateral or all or any part of the Loan Documents has been executed by AllianceBank. From time to time, and provided no Event of Default has occurred and is continuing, Borrower may provide Bank with a written request for release or substitution of Collateral (a “Collateral Request”), which Collateral Request shall include, at a minimum: a list of all Collateral that Borrower seeks to be released or substituted (by pool number and/or loan number) and stating the portion of the current market value of such Collateral evidenced by the Servicing Appraisal; provided that Bank shall receive any mandatory prepayment or pledge of additional Collateral with a market value sufficient to replace such released Collateral. The Principal Balance may not exceed the Committed Sum Borrowing Limit at any time. Upon the expiration of the Revolving Loan Period, and provided that no Event of Default and no event that, with the lapse of time or notice or both, could reasonably be expected to become an Event of Default, has occurred and is continuing, the MSR Revolving Loans Loan shall, without any further action by Alliance Bank or Borrower, convert to a term loan (the “Term Loan”) in accordance with the terms of the Promissory Note. Borrower may, without cause and for any reason whatsoever, terminate this Agreement by providing thirty (30) days’ prior written notice to Bank; provided that Borrower has paid in full all amounts then owing hereunder on or prior to such date of termination, including the Indebtedness and all other Obligations.