Common use of Shipment for Correction Clause in Contracts

Shipment for Correction. If no Default, Potential Default, or ----------------------- Borrowing Excess exists or occurs as a result of the shipment and if shipment would not result in any Collateral Documents for Mortgage Loans with more than a total face amount of $500,000 being outstanding for correction, then Borrower may (by a Trust Receipt delivered to Agent) request that Agent ship to Borrower the entire mortgage loan file of Collateral Documents for any Mortgage Loan so that certain of those Collateral Documents may be corrected or replaced for clerical or other non-substantive mistakes. If Agent has no actual knowledge that any of the above conditions have not been satisfied, then and subject to the limitations below, then Agent shall use its best efforts to ship to Borrower the entire mortgage loan file of Collateral Documents to be corrected or replaced by the end of the Business Day following the date of receipt of the applicable Trust Receipt. Borrower shall re-deliver to Agent the corrected Collateral Documents (meeting the requirements of SCHEDULE 4.3) before the expiration of the Correction Period for that Collateral. Collateral shipped under this section, unless returned to Agent, ceases to be Eligible-Mortgage Collateral (a) to the extent that Collateral Documents for Mortgage Loans with more than a total face amount of $500,000 are outstanding for correction at any time and (b) upon the expiration of the Correction Period for that Collateral. The Lender Liens on any Collateral shipped under this section continue in full force and effect.

Shipment for Correction. If no Event of Default, Potential Default, or ----------------------- Borrowing Excess Base Deficiency exists or occurs as a result of the shipment and if shipment would not result in any Collateral Mortgage Loan Documents for Mortgage Loans with more than a total face an aggregate outstanding principal CREDIT AGREEMENT PMC COMMERCIAL TRUST 36 amount of $500,000 5,000,000 being outstanding for correction, then Borrower may (may, by a Trust Receipt delivered to Collateral Agent) , request that Collateral Agent ship to Borrower the entire mortgage loan file of Collateral Mortgage Loan Documents for any Mortgage Loan so that certain of those Collateral Mortgage Loan Documents may be corrected or replaced for clerical or other non-substantive mistakes. If Collateral Agent has no actual knowledge that any of the above conditions have not been satisfied, then and subject to the limitations below, then Collateral Agent shall use its best efforts to ship to Borrower the entire mortgage loan file of Collateral Mortgage Loan Documents to be corrected or replaced by the end of the Business Day following the date of receipt of the applicable Trust Receiptreplaced. Borrower shall re-deliver to Collateral Agent the corrected Collateral Mortgage Loan Documents (meeting the requirements of SCHEDULE 4.3Schedule 5.2) before the expiration of the Correction Period for that Collateralthe applicable Mortgage Loan. Collateral Mortgage Loans shipped under this section, unless returned to Collateral Agent, ceases cease to be Eligible-Eligible Mortgage Collateral Loans (a) to the extent that Collateral Mortgage Loan Documents for Mortgage Loans with more than a total face an aggregate outstanding principal amount of $500,000 5,000,000 are outstanding for correction at any time and (b) upon the expiration of the Correction Period for that CollateralMortgage Loan. The Lender Liens on any Collateral shipped under this section continue in full force and effect.

Shipment for Correction. If no Event of Default, Potential Default, or ----------------------- Borrowing Excess exists or occurs as a result of the shipment shipment, and if shipment would not result in any Collateral Documents for Mortgage Loans with more than a total face amount of $500,000 1,500,000 being outstanding for correction, then Borrower may (may, by a Trust Receipt delivered to Administrative Agent) , request that Administrative Agent ship to Borrower the entire mortgage loan file of Collateral Documents for any Mortgage Loan so that certain of those Collateral Documents may be corrected or replaced for clerical or other non-substantive mistakes. If Administrative Agent has no actual knowledge that any of the above conditions have not been satisfied, then then, and subject to the limitations below, then Administrative Agent shall use its best efforts to ship to Borrower the entire mortgage loan file of Collateral Documents to be corrected or replaced by the end of the Business Day following the date of receipt of the applicable Trust Receipt. Borrower shall re-deliver to Administrative Agent the corrected Collateral Documents (meeting the requirements of SCHEDULE 4.3) before the expiration of the Correction Period for that Collateral. Collateral shipped under this Us section, unless returned to Administrative Agent, ceases to be an Eligible-Mortgage Collateral Loan or Eligible-Repurchased Loan (a) to the extent that Collateral Documents for Mortgage Loans with more than a total face amount of $500,000 1,500,000 are outstanding for correction at any time time, and (b) upon the expiration of the Correction Period for that Collateral. The Lender Liens on any Collateral shipped under this section continue in full force and and. effect.