Common use of The Commitment Clause in Contracts

The Commitment. (a) Subject to the terms and conditions of this Agreement and provided no Default or Event of Default has occurred and is continuing, each Lender severally and not jointly agrees, from time to time during the period from the date hereof up to, but not including the Maturity Date, to make Advances to the Borrower, provided, however, that (1) the sum of the total aggregate principal amount outstanding at any one time of all such Advances shall not exceed the Commitment, and (2) no Lender’s portion of the Advances shall exceed such Lender’s Commitment Amount. The aggregate amount of all Advances outstanding from time to time hereunder may hereinafter collectively be referred to as the “Loan.” Within the Commitment, the Borrower may borrow, repay and reborrow. All Advances under this Agreement shall constitute a single indebtedness, and all of the Collateral shall be security for the Notes and for the performance of all the Obligations of the Borrower. (b) Advances shall be used by the Borrower solely for the purpose of funding the origination of Eligible Loans as specified in the Advance Request, and none other, and shall be made at the request of the Borrower in the manner hereinafter provided in Section 2.2, against the pledge of such Mortgage Loans, and such other collateral as is set forth in Section 3.1 hereof as Collateral therefor. (c) In addition to the limitations set forth in this Agreement, each Advance to fund an Eligible Loan shall be limited to the lesser of (x) the Mortgage Note Amount, or (y) the Committed Purchase Price amount. (d) In the event at any time the outstanding principal balance of the Loan should exceed the lesser of (x) the Commitment or (y) the aggregate Collateral Value of all Eligible Loans against which Advances are then outstanding, the Borrower shall repay such excess amount on demand to the Agent so that the outstanding principal balance of the Loan is in compliance with the terms and provisions hereof. (e) The Lenders shall have no obligation to make any Advances hereunder to fund the origination of F▇▇▇▇▇ Mae DUS Mortgage Loans, Other F▇▇▇▇▇ M▇▇ Mortgage Loans or F▇▇▇▇▇▇ Mac Loans if Standard & Poor’s reduces the credit rating of F▇▇▇▇▇ M▇▇ (with respect to F▇▇▇▇▇ Mae DUS Mortgage Loans or Other F▇▇▇▇▇ M▇▇ Mortgage Loans) or F▇▇▇▇▇▇ Mac (with respect to F▇▇▇▇▇▇ Mac Loans) to A or lower (or another Rating Agency reduces such credit rating to a comparable rating).

The Commitment. (a) Subject to the terms and conditions of this Agreement and provided no Default or Event of Default has occurred and is continuing, each the Lender severally and not jointly agrees, agrees from time to time during the period from the date hereof up Closing Date to, but not including including, the Maturity Date, to make Advances to the BorrowerCompany, provided, however, that (1) the sum of provided the total aggregate principal amount outstanding at any one time of all such Advances shall not exceed the Commitment, and (2) no Lender’s portion of the Advances shall exceed such Lender’s Commitment Amount. The aggregate amount obligation of all the Lender to make Advances outstanding from time hereunder up to time hereunder may the Commitment Amount is hereinafter collectively be referred to as the “Loan"Commitment.” " Within the Commitment, the Borrower Company may borrow, repay and reborrow. Effective as of the date of this Agreement, all outstanding loans made pursuant to the Existing Credit Agreement shall for all purposes be deemed to be Advances made under this Agreement. All previous Advances and new Advances under this Agreement shall constitute a single indebtedness, and all of the Collateral shall be security for the Notes Note and for the performance of all the Obligations of the BorrowerObligations. 2.1 (b) b Advances shall be used by the Borrower Company solely for the purpose of funding the acquisition or origination of Eligible Loans as specified in the Advance Request, and none other, and shall be made at the request of the Borrower Company, in the manner hereinafter provided in Section 2.22.2 hereof, against the pledge of such Mortgage Loans, and such other collateral as is set forth in Section 3.1 hereof Eligible Loans as Collateral therefor. The limitations on the use of Advances set forth on Exhibit M attached hereto and made a part hereof shall be applicable. In addition, the following limitations on the use of Advances shall be applicable: (1) No Advance, other than a Construction/Permanent Advance or an Unimproved Advance, shall be made against any Mortgage Loan which was closed more than 90 days prior to the date of the requested Advance. (c2) In addition No Advance shall be made against a Mortgage Loan other than a Mortgage Loan secured by a Mortgage on real property located in one of the states of the United States or the District of Columbia. (3) No Advance shall be made against an Unimproved Mortgage Loan unless all payments which were due and payable under the related Unimproved Mortgage Loan on or prior to the limitations set forth in this Agreement, each date of such Advance to fund an Eligible Loan have been made. (4) No Advance shall be limited to the lesser of (x) made against an Unimproved Mortgage Loan secured by property intended for commercial development, if the Mortgage Note Amount, or (y) the Committed Purchase Price amount. (d) In the event at any time the outstanding principal balance Amount exceeds 80% of the Loan should exceed fair market value of such property as determined by the lesser of (x) the Commitment or (y) the aggregate Collateral Value of all Eligible Loans against which Advances are then outstanding, the Borrower shall repay such excess amount on demand to the Agent so that the outstanding principal balance of the Loan is Lender in compliance with the terms and provisions hereofits reasonable judgement. (e) The Lenders shall have no obligation to make any Advances hereunder to fund the origination of F▇▇▇▇▇ Mae DUS Mortgage Loans, Other F▇▇▇▇▇ M▇▇ Mortgage Loans or F▇▇▇▇▇▇ Mac Loans if Standard & Poor’s reduces the credit rating of F▇▇▇▇▇ M▇▇ (with respect to F▇▇▇▇▇ Mae DUS Mortgage Loans or Other F▇▇▇▇▇ M▇▇ Mortgage Loans) or F▇▇▇▇▇▇ Mac (with respect to F▇▇▇▇▇▇ Mac Loans) to A or lower (or another Rating Agency reduces such credit rating to a comparable rating).

The Commitment. (a) Subject to The Lender agrees, on the terms and conditions of this Agreement and provided no Default or Event of Default has occurred and is continuinghereinafter set forth, to make available advances (each Lender severally and not jointly agrees, an “Advance”) to the Borrower from time to time on any Business Day during the period from the Availability Date until the Commitment Termination Date (the “Commitment Period”) in an aggregate amount not to exceed at any time an aggregate principal amount of $330,000,000 in three (3) Tranches as follows: (a) Up to an aggregate principal amount of $150,000,000 (“Tranche A”), in up to four (4) Advances, whereof: (i) the first Advance shall be in an amount up to $60,000,000 ($90,000,000 if the vessel SEA BEAUTY (to be renamed PEREGRINE) shall have been acquired by Peregrine Shipping LLC prior to the date hereof up toof the first Advance), but not including the Maturity Date, to make Advances to and shall be applied by the Borrower, together with the proceeds of the IPO, to assist the Initial Guarantors fully to repay indebtedness under the Existing Credit Agreement in relation to the Delivered Vessels; and (ii) each additional Advance shall be applied by the Borrower to assist the relevant Initial Guarantor to finance up to 100% of the purchase price of the relevant Remaining Vessel under the relevant Memorandum of Agreement; (b) Up to an aggregate principal amount of $10,000,000 (“Tranche B”), in one or more Advances for working capital purposes; provided, however, that no Advance of Tranche B shall be made on or after the Tranche B Repayment Date; and (1c) the sum The balance of the total Commitment, after deducting the aggregate principal amount outstanding at any one time of all Advances of Tranche A or Tranche B outstanding as of the date of any Notice of Drawdown (such balance as of any relevant date, “Tranche C”), in one or more Advances, whereof each such Advance shall be applied by the Borrower to assist a Guarantor to finance a portion of the purchase price of an Additional Vessel under the relevant Memorandum of Agreement, and shall be an amount which, together with all other Advances of the Commitment then outstanding, shall not exceed sixty percent (60%) of the aggregate amount of the Fair Market Values of all Vessels which would be subject to a Mortgage immediately after the making of such Advance (determined on the basis of the most recent valuation for each Vessel delivered pursuant to Section 3.03(c)(iv)). Within the limits of the Commitment and each Tranche of the Commitment, and (2) no Lender’s portion of the Advances shall exceed such Lender’s Commitment Amount. The aggregate amount of all Advances outstanding from time to time hereunder may hereinafter collectively be referred to as the “Loan.” Within the CommitmentSection 2.02 hereof, the Borrower may borrowborrow under this Section 2.01, repay pursuant to Section 2.04 and reborrow. All Advances reborrow under this Agreement shall constitute a single indebtedness, and all of the Collateral shall be security for the Notes and for the performance of all the Obligations of the BorrowerSection 2.01. (b) Advances shall be used by the Borrower solely for the purpose of funding the origination of Eligible Loans as specified in the Advance Request, and none other, and shall be made at the request of the Borrower in the manner hereinafter provided in Section 2.2, against the pledge of such Mortgage Loans, and such other collateral as is set forth in Section 3.1 hereof as Collateral therefor. (c) In addition to the limitations set forth in this Agreement, each Advance to fund an Eligible Loan shall be limited to the lesser of (x) the Mortgage Note Amount, or (y) the Committed Purchase Price amount. (d) In the event at any time the outstanding principal balance of the Loan should exceed the lesser of (x) the Commitment or (y) the aggregate Collateral Value of all Eligible Loans against which Advances are then outstanding, the Borrower shall repay such excess amount on demand to the Agent so that the outstanding principal balance of the Loan is in compliance with the terms and provisions hereof. (e) The Lenders shall have no obligation to make any Advances hereunder to fund the origination of F▇▇▇▇▇ Mae DUS Mortgage Loans, Other F▇▇▇▇▇ M▇▇ Mortgage Loans or F▇▇▇▇▇▇ Mac Loans if Standard & Poor’s reduces the credit rating of F▇▇▇▇▇ M▇▇ (with respect to F▇▇▇▇▇ Mae DUS Mortgage Loans or Other F▇▇▇▇▇ M▇▇ Mortgage Loans) or F▇▇▇▇▇▇ Mac (with respect to F▇▇▇▇▇▇ Mac Loans) to A or lower (or another Rating Agency reduces such credit rating to a comparable rating).

The Commitment. (a) Subject to the terms and conditions of this Agreement and provided no Default or Event of Default has occurred and is continuing, each the Lender severally and not jointly agrees, from time to time during the period from the date hereof up to, but not to and including the Maturity Termination Date, to make Advances to the BorrowerBorrowers, provided, however, that (1) provided the sum of the total aggregate principal amount outstanding at any one time of all such Advances shall not exceed the Commitment, and (2) no Lender’s portion of the Advances shall exceed such Lender’s Commitment Amount. The aggregate amount of all Advances outstanding from time to time hereunder may hereinafter collectively be referred to as the “Loan.” Within the Commitment, the Borrower may borrow, repay and reborrow. All Advances under this Agreement shall constitute a single indebtedness, and all of the Collateral shall be security for the Notes and for the performance of all the Obligations of the Borrower.amount (b) Advances shall be used by the a Borrower solely for the purpose of funding the origination acquisition of Eligible Mortgage Loans as specified in the Advance Requestor Eligible Non-Conforming Mortgage Loans or for working capital purposes with respect to Advances against Investment Grade Securities, and none other, and shall be made at the request of the such Borrower in the manner hereinafter provided in Section 2.2, against the pledge of such Mortgage Loans, Investment Grade Securities, and such other collateral as is set forth in Section 3.1 hereof as Collateral therefor. Advances shall also be subject to the following restrictions: (1) No Advance shall be made against Mortgage Loans that are not Eligible Mortgage Loans or Eligible Non-Conforming Mortgage Loans. (2) The aggregate amount of Advances outstanding at any one time against Delinquent "30 - 59" Loans shall not exceed five percent (5%) of the aggregate amount of all Advances outstanding at the time of any determination. (3) The aggregate amount of Advances outstanding at any one time against Delinquent "60 - 89" Loans shall not exceed two percent (2%) of the aggregate amount of all Advances outstanding at the time of any determination. (4) The aggregate amount of Advances against Second Mortgage Loans outstanding at any one time shall not exceed five percent (5%) of the aggregate amount of all Advances outstanding at the time of any determination. (5) The aggregate amount of Advances against Investment Grade Securities outstanding at any one time shall not exceed FIFTEEN MILLION AND NO/100 DOLLARS ($15,000,000.00) and of this amount, no more than FIVE MILLION AND NO/100 DOLLARS ($5,000,000.00) may be outstanding at any one time against Investment Grade I- O Strip Securities. (6) The aggregate amount of Advances against Aged Mortgage Loans outstanding at any one time shall not exceed twenty-five percent (25%) of the aggregate amount of all Advances outstanding at the time of any determination. (c) In addition to the limitations set forth in this Agreement, each No Advance to fund against an Eligible Mortgage Loan that is not a Second Mortgage Loan shall be limited exceed an amount equal to the lesser of (x) the Mortgage Note Amount, or (y) the Committed Purchase Price amount. (d) In the event at any time the outstanding principal balance 95% of the Loan should exceed the lesser of (x) the Commitment or (y) the aggregate Collateral Value of all Eligible Loans against which Advances are then outstandingsuch Mortgage Loan, the Borrower shall repay such excess amount on demand to the Agent so that the outstanding principal balance be determined as of the date such Mortgage Loan is in compliance with the terms and provisions hereofpledged to Lender. (e) The Lenders shall have no obligation to make any Advances hereunder to fund the origination of F▇▇▇▇▇ Mae DUS Mortgage Loans, Other F▇▇▇▇▇ M▇▇ Mortgage Loans or F▇▇▇▇▇▇ Mac Loans if Standard & Poor’s reduces the credit rating of F▇▇▇▇▇ M▇▇ (with respect to F▇▇▇▇▇ Mae DUS Mortgage Loans or Other F▇▇▇▇▇ M▇▇ Mortgage Loans) or F▇▇▇▇▇▇ Mac (with respect to F▇▇▇▇▇▇ Mac Loans) to A or lower (or another Rating Agency reduces such credit rating to a comparable rating).

The Commitment. (a) Subject to the terms and conditions of this Agreement and provided no Default or Event of Default has occurred and is continuing, each the Lender severally and not jointly agrees, agrees from time to time during the period from the date hereof up Closing Date, to, but not including including, the Maturity Date, to make Advances to the BorrowerCompany, provided, however, that (1) the sum of provided the total aggregate principal amount outstanding at any one time of all such Advances shall not exceed the Commitment, and (2) no Lender’s portion of the Advances shall exceed such Lender’s Commitment Amount. The aggregate amount obligation of all the Lender to make Advances outstanding from time hereunder up to time hereunder may such limit, is hereinafter collectively be referred to as the “Loan"Commitment.” " Within the Commitment, the Borrower Company may borrow, repay and reborrow. Effective as of the date of this Agreement, all outstanding loans made pursuant to the Original Agreement shall for all purposes be deemed to be Advances made under this Agreement. All Advances under this Agreement shall constitute a single indebtedness, and all of the Collateral shall be security for the Notes Note and for the performance of all the Obligations of the Borrower.Obligations. 130 (b) Advances shall be used by the Borrower Company solely for the purpose of (i) funding the acquisition or origination of Eligible Mortgage Loans as specified in or (ii) reimbursing the Advance Request, and none otherCompany for its funding the acquisition or origination of Mortgage Loans, and shall be made at the request of the Borrower Company, in the manner hereinafter provided in Section 2.22.2 hereof, against the pledge of such Mortgage Loans, and such other collateral as is set forth in Section 3.1 hereof Loans as Collateral therefor. The following limitations on the use of Advances shall be applicable: (1) No Advance shall be made against a Mortgage Loan other than a Single-family Mortgage Loan and no Construction Advance shall be made against a Construction/Perm Mortgage Loan which is not a single-family detached dwelling. (c2) In addition to the limitations set forth in this Agreement, each No Advance to fund an Eligible Loan shall be limited to the lesser of (x) the made against a Mortgage Note Amount, or (y) the Committed Loan which is not covered by a Purchase Price amountCommitment. (d3) In the event at any time the outstanding principal balance of the Loan should exceed the lesser of (x) the Commitment or (y) the aggregate Collateral Value of all Eligible Loans No Advance shall be made against which Advances are then outstanding, the Borrower shall repay such excess amount on demand to the Agent so that the outstanding principal balance of the Loan is in compliance with the terms and provisions hereofa Home Equity Mortgage Loan. (e4) The Lenders aggregate amount of Wet Settlement Advances outstanding at any one time shall have no obligation to make not exceed thirty-five percent (35%) of the Commitment Amount. (5) The aggregate amount of Construction Advances outstanding at any Advances hereunder to fund the origination of F▇▇▇▇▇ Mae DUS Mortgage Loans, Other F▇▇▇▇▇ M▇▇ Mortgage Loans or F▇▇▇▇▇▇ Mac Loans if Standard & Poor’s reduces the credit rating of F▇▇▇▇▇ M▇▇ one time shall not exceed Five Million Dollars (with respect to F▇▇▇▇▇ Mae DUS Mortgage Loans or Other F▇▇▇▇▇ M▇▇ Mortgage Loans) or F▇▇▇▇▇▇ Mac (with respect to F▇▇▇▇▇▇ Mac Loans) to A or lower (or another Rating Agency reduces such credit rating to a comparable rating$5,000,000). (6) The aggregate amount of Nonconforming Advances outstanding at any one time shall not exceed One Million Dollars ($1,000,000). (7) No Ordinary Warehousing Advance (other than a Construction/Permanent Mortgage Loan) shall be made against any Mortgage Loan which was closed more than ninety (90) days prior to the date of the requested Advance.

The Commitment. (a) Subject to the terms and conditions of this Agreement and provided no Default or Event of Default has occurred and is continuing, each the Lender severally and not jointly agrees, from time to time during the period from the date hereof up to, but not to and including the Maturity Termination Date, to make Advances to the BorrowerCompany, provided, however, that (1) provided the sum of the total aggregate principal amount outstanding at any one time of all such Advances shall not exceed the Commitment, and FIFTY MILLION AND N0/100 DOLLARS (2) no Lender’s portion $50,000,000.00). The obligation of the Lender to make Advances shall exceed hereunder up to such Lender’s Commitment Amount. The aggregate amount of all Advances outstanding from time to time hereunder may limit is hereinafter collectively be referred to as the “Loan"Commitment.” " Within the Commitment, the Borrower Company may borrow, repay and reborrow. All Advances under this Agreement shall constitute a single indebtedness, and all of the Collateral shall be security for the Notes Note and for the performance of all the Obligations of the BorrowerCompany to the Lender. (b) Advances shall be used by the Borrower Company solely for the purpose of funding the acquisition or origination of Eligible Loans Mortgage Loans, as specified in the Advance Request, Request and none other, and shall be made at the request of the Borrower Company in the manner hereinafter provided in Section 2.2, against the pledge of such Mortgage Loans, Loans and such other collateral as is set forth in Section 3.1 hereof as Collateral therefor. Advances shall also be subject to the following restrictions: (1) No Advance shall be made against Mortgage Loans which are not Eligible Mortgage Loans. (2) The aggregate amount of Wet Settlement Advances outstanding at any one time shall not exceed SEVENTEEN MILLION FIVE HUNDRED THOUSAND AND NO/100 DOLLARS ($17,500,000.00). (3) The aggregate amount of Advances against Second Mortgage Loans outstanding at any one time shall not exceed TWO MILLION AND NO/100 DOLLARS ($2,000,000.00). (4) The aggregate amount of Advances against Aged Mortgage Loans outstanding at any one time shall not exceed FIVE MILLION AND N0/100 DOLLARS ($5,000,000.00). (c) In addition to the limitations set forth in this Agreement, each Advance to fund an Eligible Advances against a Mortgage Loan that is not a Subprime Mortgage Loan or a Second Mortgage Loan shall not exceed, in the aggregate, an amount equal to 100% of the Collateral Value of such Mortgage Loan, to be limited determined as of the date such Mortgage Loan is pledged to the lesser of (x) the Mortgage Note Amount, or (y) the Committed Purchase Price amountLender. (d) In Advances against a Mortgage Loan that is a Subprime Mortgage Loan or a Second Mortgage Loan shall not exceed, in the event at any time the outstanding principal balance aggregate, an amount equal to 95% of the Loan should exceed the lesser of (x) the Commitment or (y) the aggregate Collateral Value of all Eligible Loans against which Advances are then outstandingsuch Mortgage Loan, to be determined as of the Borrower shall repay date such excess amount on demand Mortgage Loan is pledged to the Agent so that the outstanding principal balance of the Loan is in compliance with the terms and provisions hereofLender. (e) The Lenders shall have no obligation to make any Advances hereunder to fund the origination of F▇▇▇▇▇ Mae DUS Mortgage Loans, Other F▇▇▇▇▇ M▇▇ Mortgage Loans or F▇▇▇▇▇▇ Mac Loans if Standard & Poor’s reduces the credit rating of F▇▇▇▇▇ M▇▇ (with respect to F▇▇▇▇▇ Mae DUS Mortgage Loans or Other F▇▇▇▇▇ M▇▇ Mortgage Loans) or F▇▇▇▇▇▇ Mac (with respect to F▇▇▇▇▇▇ Mac Loans) to A or lower (or another Rating Agency reduces such credit rating to a comparable rating).

The Commitment. (a) Subject to the terms and conditions of this Agreement and provided no Default or Event of Default has occurred and is continuing, each Lender severally and not jointly agrees, from time to time during the period from the date hereof up to, but not including the Maturity Date, to make Advances to the Borrower, provided, however, that (1) the sum of the total aggregate principal amount outstanding at any one time of all such Advances shall not exceed the Commitment, and (2) no Lender’s 's portion of the Advances shall exceed such Lender’s 's Commitment Amount. The aggregate amount of all Advances outstanding from time to time hereunder may hereinafter collectively be referred to as the “"Loan.” " Within the Commitment, the Borrower may borrow, repay and reborrow. All Advances under this Agreement shall constitute a single indebtedness, and all of the Collateral shall be security for the Notes and for the performance of all the Obligations of the Borrower. (b) Advances shall be used by the Borrower solely for the purpose of funding the origination of Eligible Loans as specified in the Advance Request, and none other, and shall be made at the request of the Borrower in the manner hereinafter provided in Section 2.2, against the pledge of such Mortgage Loans, and such other collateral as is set forth in Section 3.1 3.3 hereof as Collateral therefor. (c) In addition to the limitations set forth in this Agreement, each Advance to fund an Eligible Loan shall be limited to the lesser of (x) the Mortgage Note Amount, or (y) the Committed Purchase Price amount. (d) In the event at any time the outstanding principal balance of the Loan should exceed the lesser of (x) the Commitment or (y) the aggregate Collateral Value of all Eligible Loans against which Advances are then outstanding, the Borrower shall repay such excess amount on demand to the Agent so that the outstanding principal balance of the Loan is in compliance with the terms and provisions hereof. (e) The Lenders shall have no obligation to make any Advances hereunder to fund the origination of F▇▇▇▇▇ Mae DUS Mortgage Loans, Other F▇▇▇▇▇ M▇▇ Mortgage Loans or F▇▇▇▇▇▇ Mac Loans if Standard & Poor’s reduces the credit rating of F▇▇▇▇▇ M▇▇ (with respect to F▇▇▇▇▇ Mae DUS Mortgage Loans or Other F▇▇▇▇▇ M▇▇ Mortgage Loans) or F▇▇▇▇▇▇ Mac (with respect to F▇▇▇▇▇▇ Mac Loans) to A or lower (or another Rating Agency reduces such credit rating to a comparable rating).

The Commitment. (a) Subject to the terms and conditions of this Agreement and provided no Default or Event of Default has occurred and is continuing, each the Lender severally and not jointly agrees, from time to time during the period from the date hereof up to, but not to and including the Maturity Termination Date, to make Advances to the BorrowerCompany, provided, however, that (1) the sum of the total aggregate principal amount outstanding at any one time of all such Advances shall not exceed the Commitment, and (2) no Lender’s portion of the Advances shall exceed such Lender’s Commitment Amount. The aggregate amount obligation of all the Lender to make Advances outstanding from time hereunder up to time hereunder may but not exceeding the Commitment Amount is hereinafter collectively be referred to as the “Loan.” Commitment”. Within the Commitment, the Borrower Company may borrow, repay and reborrow. All Advances under this Agreement shall constitute a single indebtedness, and all of the Collateral shall be security for the Notes Note and for the performance of all the Obligations of the BorrowerCompany. (b) Advances shall be used by the Borrower Company solely for the purpose of funding the acquisition or origination of Eligible Loans Mortgage Loans, as specified in the Advance Request, and none other, and shall be made at the request of the Borrower Company in the manner hereinafter provided in Section 2.2, against the pledge of such Mortgage Loans, and such other collateral as is set forth in Section 3.1 hereof as Collateral therefor. Advances shall also be subject to the following restrictions: (1) No Advance shall be made against Mortgage Loans which are not Eligible Mortgage Loans. (2) The aggregate amount of Wet Settlement Advances outstanding at any one time shall not exceed an amount equal to forty percent (40%) of the Commitment Amount at any time during the first and last five business days of any calendar month or thirty percent (30%) of the Commitment Amount at any other time during such calendar month.. (3) The aggregate amount of Advances against Aged Mortgage Loans outstanding at any one time shall not exceed TWO MILLION FIVE HUNDRED THOUSAND AND NO/100 DOLLARS ($2,500,000.00). (4) The aggregate amount of Advances against HELOC Mortgage Loans outstanding at any one time shall not exceed TWO MILLION FIVE HUNDRED THOUSAND AND NO/100 DOLLARS ($2,500,000.00). (5) The aggregate amount of Advances against all Jumbo Loans and Super Jumbo Loans outstanding at any one time shall not exceed SEVEN MILLION FIVE HUNDRED THOUSAND AND NO/100 DOLLARS ($7,500,000.00); provided, further however, that in no event shall the aggregate amount of Advances against Super Jumbo Loans outstanding at any one time exceed FIVE MILLION AND NO/100 DOLLARS ($5,000,000.00).. (c) In addition to the limitations set forth in this Agreement, each No Advance to fund against an Eligible Mortgage Loan shall be limited exceed the following amounts: (i) with respect to the lesser of a Credit ”A” Mortgage Loan, an amount equal to ninety-eight percent (x98%) the Mortgage Note Amount, or (y) the Committed Purchase Price amount. (d) In the event at any time the outstanding principal balance of the Loan should exceed the lesser of (x) the Commitment or (y) the aggregate Collateral Value of all Eligible Loans against which Advances are then outstanding, such Mortgage Loan determined as of the Borrower shall repay such excess amount on demand date is pledged to the Agent so that the outstanding principal balance of the Loan is in compliance with the terms and provisions hereof. Lender; (eii) The Lenders shall have no obligation to make any Advances hereunder to fund the origination of F▇▇▇▇▇ Mae DUS Mortgage Loans, Other F▇▇▇▇▇ M▇▇ Mortgage Loans or F▇▇▇▇▇▇ Mac Loans if Standard & Poor’s reduces the credit rating of F▇▇▇▇▇ M▇▇ (with respect to F▇▇▇▇▇ Mae DUS a Relocation Mortgage Loans or Other F▇▇▇▇▇ M▇▇ Loan, an amount equal to ninety percent (90%) of the Collateral Value of such Mortgage LoansLoan determined as of the date is pledged to the Lender; and (iii) or F▇▇▇▇▇▇ Mac (with respect to F▇▇▇▇▇▇ Mac Loansa HELOC Mortgage Loan, an amount equal to ninety-six percent (96%) of the Collateral Value of such Mortgage Loan determined as of the date it is pledged to A or lower (or another Rating Agency reduces such credit rating to a comparable rating)the Lender.

The Commitment. (a) Subject to the terms and conditions of this Agreement and provided no Default or Event of Default has occurred and is continuing, each Lender severally and not jointly agrees, from time to time during the period from the date hereof up to, but not to and including the Maturity Termination Date, to make Advances to the BorrowerCompany, provided, however, that (1) the sum of the total aggregate principal amount outstanding at any one time of all such Advances shall not exceed the CommitmentAggregate Commitment Amount, and (2) no Lender’s portion of the Advances shall exceed such Lender’s Commitment Amount. The aggregate amount of all Advances outstanding from time to time hereunder may hereinafter collectively be referred to as the “Loan.” Within the Commitment, the Borrower Company may borrow, repay and reborrow. All Advances under this Agreement shall constitute a single indebtedness, and all of the Collateral shall be security for the Notes and for the performance of all the Obligations of the BorrowerCompany. (b) Advances shall be used by the Borrower Company solely for the purpose of funding the acquisition or origination of Eligible Loans Mortgage Loans, as specified in the Advance Request, and none other, and shall be made at the request of the Borrower Company in the manner hereinafter provided in Section 2.2, against the pledge of such Mortgage Loans, and such other collateral as is set forth in Section 3.1 hereof as Collateral therefor. Advances shall also be subject to the following restrictions: (1) No Advance shall be made against Mortgage Loans which are not Eligible Mortgage Loans. (2) The aggregate amount of Wet Settlement Advances outstanding at any one time shall not exceed the lesser of (i) TWENTY-FOUR MILLION AND NO/100 DOLLARS ($24,000,000.00) or (ii) forty-three percent (43%) of the Aggregate Commitment Amount. (3) The aggregate amount of Advances against Aged Mortgage Loans outstanding at any one time shall not exceed ONE MILLION AND NO/100 DOLLARS ($1,000,000.00). (4) The aggregate amount of Advances against HELOC Mortgage Loans outstanding at any one time shall not exceed TWO MILLION AND NO/100 DOLLARS ($2,000,000.00). (5) The aggregate amount of Advances against Repurchased Mortgage Loans outstanding at any one time shall not exceed FIVE HUNDRED THOUSAND AND NO/100 DOLLARS ($500,000.00). (c) In addition to the limitations set forth in this Agreement, each No Advance to fund against an Eligible Mortgage Loan shall be limited exceed the following amounts: (i) with respect to the lesser of a Credit “A” Mortgage Loan that is not a Wamu Mortgage Loan, an amount equal to ninety-eight percent (x98%) the Mortgage Note Amount, or (y) the Committed Purchase Price amount. (d) In the event at any time the outstanding principal balance of the Loan should exceed the lesser of (x) the Commitment or (y) the aggregate Collateral Value of all Eligible Loans against which Advances are then outstanding, such Mortgage Loan determined as of the Borrower shall repay such excess amount on demand date is pledged to the Agent so that the outstanding principal balance of the Loan is in compliance with the terms and provisions hereof. Agent; (eii) The Lenders shall have no obligation to make any Advances hereunder to fund the origination of F▇▇▇▇▇ Mae DUS Mortgage Loans, Other F▇▇▇▇▇ M▇▇ Mortgage Loans or F▇▇▇▇▇▇ Mac Loans if Standard & Poor’s reduces the credit rating of F▇▇▇▇▇ M▇▇ (with respect to F▇▇▇▇▇ Mae DUS a Wamu Mortgage Loans or Other F▇▇▇▇▇ M▇▇ Loan, an amount equal to one hundred percent (100%) of the Collateral Value of such Mortgage LoansLoan determined as of the date it is pledged to the Agent; (iii) or F▇▇▇▇▇▇ Mac (with respect to F▇▇▇▇▇▇ Mac Loansa HELOC Mortgage Loan, an amount equal to ninety-six percent (96%) of the Collateral Value of such Mortgage Loan determined as of the date it is pledged to A or lower the Agent; and (or another Rating Agency reduces such credit rating iv) with respect to a comparable rating)Repurchased Mortgage Loan, an amount equal to eighty percent (80%) of the Collateral Value of such Mortgage Loan determined as of the date it is pledged to the Agent.

The Commitment. (a) Subject to the terms and conditions of this Agreement and provided no Default or Event of Default has occurred and is continuing, each the Lender severally and not jointly agrees, from time to time during the period from the date hereof up to, but not including to the Maturity Date, to expiration date (unless such period is earlier determined pursuant hereto) make Advances to the BorrowerCompany, provided, however, that (1) the sum of provided the total aggregate principal amount which is outstanding at any one time of all such Advances shall not exceed the Commitment, and Fifteen Million Dollars (2) no Lender’s portion $15,000,000). The obligation of the Lender to make Advances shall exceed hereunder up to such Lender’s Commitment Amount. The aggregate limit or the amount of all Advances outstanding from time to time hereunder which such limit may be reduced pursuant to Section ------- 2.7(b) hereof, is hereinafter collectively be referred to as the “Loan.” "Commitment". Within the ------ Commitment, the Borrower Company may borrow, repay and reborrow. All Advances under this Agreement shall constitute a single indebtedness, and all of the Collateral shall be security for the Notes and for the performance of all the Obligations of the Borrower. (b) Advances shall be used by the Borrower Company solely for the purpose of funding the origination and/or purchase of Eligible Mortgage Loans as specified in the Advance Request, and none other, and shall be made at the request of the Borrower Company, in the manner hereinafter provided in Section 2.2, ----------- against the pledge of such Mortgage Loans, and . No Advance shall be made against any Mortgage Loan which is not covered by a Purchase Commitment. Such Purchase Commitment shall include a direction by the Company to the Investor of such other collateral as is set forth in Section 3.1 hereof as Collateral thereforMortgage Loan to pay the purchase price of such Mortgage Loan to the Lender. (c) In addition to Each Advance shall cover only one Mortgage Loan. No Advance shall exceed the limitations set forth Collateral Value of the related Mortgage Loan for which the Advance is made, unless such excess is collateralized by cash in this Agreement, each Advance to fund an Eligible Loan shall be limited to a restricted cash and collateral account with the lesser of (x) the Mortgage Note Amount, or (y) the Committed Purchase Price amountLender. (d) In the event The aggregate amount of all outstanding Advances funded through Wet Settlements shall not, at any time the outstanding principal balance of the Loan should time, exceed the lesser of (x) the Commitment or (y) the aggregate Collateral Value of all Eligible Loans against which Advances are then outstanding, the Borrower shall repay such excess amount on demand to the Agent so that the outstanding principal balance of the Loan is in compliance with the terms and provisions hereof$3,000,000. (e) The Lenders shall have no obligation to make any Advances hereunder to fund the origination of F▇▇▇▇▇ Mae DUS Mortgage Loans, Other F▇▇▇▇▇ M▇▇ Mortgage Loans or F▇▇▇▇▇▇ Mac Loans if Standard & Poor’s reduces the credit rating of F▇▇▇▇▇ M▇▇ (with respect to F▇▇▇▇▇ Mae DUS Mortgage Loans or Other F▇▇▇▇▇ M▇▇ Mortgage Loans) or F▇▇▇▇▇▇ Mac (with respect to F▇▇▇▇▇▇ Mac Loans) to A or lower (or another Rating Agency reduces such credit rating to a comparable rating).

The Commitment. (a) Subject to the terms and conditions of this Agreement and provided no Default or Event of Default has occurred and is continuing, each Lender severally and not jointly the Bank agrees, from time to time during the period from the date hereof up to the expiration date (unless such period is earlier determined pursuant hereto) make Advances to, but not including or on behalf of the Maturity DateCompany or its designee, to make Advances to the Borrower, provided, however, that (1) the sum of provided the total aggregate principal amount which is (i) outstanding at any one time of all such Advances shall not exceed the Commitment, Five Million Dollars ($5,000,000) and (2ii) no Lender’s portion advanced in any one (1) day shall not exceed Two Million Five Hundred Thousand Dollars ($2,500,000) without written request by the Company and subsequent approval by an officer of the Advances shall exceed such Lender’s Commitment AmountBank. The aggregate obligation of the Bank to make Advances hereunder up to such limits or the amount of all Advances outstanding from time to time hereunder which such limit may be reduced pursuant to Section 2.7(b) hereof, is hereinafter collectively be referred to as the “Loan.” "Commitment". Within the Commitment, the Borrower Company may borrow, repay and reborrow. All Notwithstanding the foregoing, the Bank shall not be obligated to make Advances under hereunder at all or up to any specified aggregate limit unless the Company elects to pay the Commitment Fee specified in Section 2.9 hereof, in which event this Agreement shall constitute a single indebtedness, and all of govern any Advances that the Collateral shall be security for Bank from time to time elects in its sole discretion to make to the Notes and for the performance of all the Obligations of the BorrowerCompany. (b) Advances shall be used by the Borrower Company solely for the purpose of funding the origination of Eligible Mortgage Loans as specified in the Advance Request, and none other, and shall be made at the request of the Borrower Company, in the manner hereinafter provided in Section 2.2, against the pledge of such Mortgage Loans, and such other collateral as . No Advance shall be made against any Mortgage Loan which is set forth in Section 3.1 hereof as Collateral therefor. (c) In addition not covered by a Purchase Commitment. Such Purchase Commitment shall include a direction by the Company to the limitations set forth in this Agreement, each Advance Investor of such Mortgage Loan to fund an Eligible pay the purchase price of such Mortgage Loan shall be limited to the lesser of (x) the Mortgage Note Amount, or (y) the Committed Purchase Price amountBank. (d) In the event at any time the outstanding principal balance of the Loan should exceed the lesser of (x) the Commitment or (y) the aggregate Collateral Value of all Eligible Loans against which Advances are then outstanding, the Borrower shall repay such excess amount on demand to the Agent so that the outstanding principal balance of the Loan is in compliance with the terms and provisions hereof. (e) The Lenders shall have no obligation to make any Advances hereunder to fund the origination of F▇▇▇▇▇ Mae DUS Mortgage Loans, Other F▇▇▇▇▇ M▇▇ Mortgage Loans or F▇▇▇▇▇▇ Mac Loans if Standard & Poor’s reduces the credit rating of F▇▇▇▇▇ M▇▇ (with respect to F▇▇▇▇▇ Mae DUS Mortgage Loans or Other F▇▇▇▇▇ M▇▇ Mortgage Loans) or F▇▇▇▇▇▇ Mac (with respect to F▇▇▇▇▇▇ Mac Loans) to A or lower (or another Rating Agency reduces such credit rating to a comparable rating).

The Commitment. (a) Subject to the terms and conditions of this Agreement and provided no Default or Event of Default has occurred and is continuing, each the Lender severally and not jointly agrees, agrees from time to time during the period from the date hereof up Closing Date to, but not including including, the Maturity Date, Date to make Term Loan Advances to the Borrower, provided, however, that (1) the sum of provided the total aggregate principal amount outstanding at any one time of all such Advances shall not exceed the Commitment, and (2) no Lender’s portion of the Advances shall exceed such Lender’s Commitment Amount. The aggregate amount obligation of all the Lender to make Advances outstanding from time hereunder up to time hereunder may the Commitment Amount is hereinafter collectively be referred to as the “Loan"Commitment.” Within " Amounts repaid on the Commitment, the Borrower Advances may borrow, repay and reborrownot be re- borrowed. All Advances under this Agreement shall constitute a single indebtedness, and all of the Collateral shall be security for the Notes Promissory Note and for the performance of all the Obligations of the BorrowerObligations. (b) Advances shall be used by the Borrower solely for the purpose of funding (i) refinancing Debt outstanding against the origination Pledged Certificates, (ii) paying liabilities of Eligible Loans as specified the Guarantor in connection with the Advance Requestfinancing of certain assets of the Guarantor that are being liquidated, (iii) general corporate purposes, and none other(iv) paying the Commitment Fee, and shall be made at the request of the Borrower Borrower, in the manner hereinafter provided in Section 2.2, against 2.4 hereof. The following limitations on the pledge of such Mortgage Loans, and such other collateral as is set forth in Section 3.1 hereof as Collateral therefor.Advances shall be applicable: (c1) In addition to the limitations set forth in this Agreement, each No Advance to fund an Eligible Loan shall be limited to made if, after giving effect thereto, the lesser of (x) the Mortgage Note Amount, or (y) the Committed Purchase Price amount. (d) In the event at any time the aggregate outstanding principal balance of the Loan should Advances would exceed the lesser of (x) the Commitment or (y) the aggregate Residual Interest Collateral Value of all Eligible Loans against which Advances are then outstanding, the Borrower shall repay such excess amount on demand to the Agent so that the outstanding principal balance as of the Loan is in compliance with the terms and provisions hereofdate of such Advance. (e) The Lenders shall have no obligation to make any Advances hereunder to fund the origination of F▇▇▇▇▇ Mae DUS Mortgage Loans, Other F▇▇▇▇▇ M▇▇ Mortgage Loans or F▇▇▇▇▇▇ Mac Loans if Standard & Poor’s reduces the credit rating of F▇▇▇▇▇ M▇▇ (with respect to F▇▇▇▇▇ Mae DUS Mortgage Loans or Other F▇▇▇▇▇ M▇▇ Mortgage Loans) or F▇▇▇▇▇▇ Mac (with respect to F▇▇▇▇▇▇ Mac Loans) to A or lower (or another Rating Agency reduces such credit rating to a comparable rating).

The Commitment. (a) Subject to the terms and conditions of this Agreement and provided no Default or Event of Default has occurred and is continuing, each the Lender severally and not jointly agrees, from time to time during the period from the date hereof up to, but not to and including the Maturity Termination Date, to make Advances to the BorrowerCompany, provided, however, that (1) provided the sum of the total aggregate principal amount outstanding at any one time of all such Advances plus the aggregate Purchase Prices of all Securities which have not been repurchased by the Company under the Master Repurchase Agreement shall not exceed the Commitment, and FORTY MILLION AND NO/100 DOLLARS (2) no Lender’s portion $40,000,000.00). The obligation of the Lender to make Advances shall exceed hereunder up to such Lender’s Commitment Amount. The aggregate amount of all Advances outstanding from time to time hereunder may limit is hereinafter collectively be referred to as the “Loan"Commitment.” " Within the Commitment, the Borrower Company may borrow, repay and reborrow. All Advances under this Agreement shall constitute a single indebtedness, and all of the Collateral shall be security for the Notes Note and for the performance of all the Obligations of the BorrowerCompany to the Lender. Notwithstanding anything contained herein to the contrary or otherwise, each purchase of Securities by the Lender under the Master Repurchase Agreement will automatically reduce by the amount of the purchase price for such Securities, dollar for dollar, the principal amount available to be borrowed within the Commitment for so long as that purchase is outstanding under the Master Repurchase Agreement. (b) Advances shall be used by the Borrower Company solely for the purpose of funding the acquisition or origination of Eligible Loans Mortgage Loans, as specified in the Advance Request, Request and none other, and shall be made at the request of the Borrower Company in the manner hereinafter provided in Section 2.2, against the pledge of such Mortgage Loans, Loans and such other collateral as is set forth in Section 3.1 hereof as Collateral therefor. Advances shall also be subject to the following restrictions: (1) No Advance shall be made against Mortgage Loans which are not Eligible Mortgage Loans. (2) The aggregate amount of Wet Settlement Advances outstanding at any one time shall not exceed FOUR MILLION AND NO/100 DOLLARS ($4,000,000.00). (3) The aggregate amount of Advances against Second Mortgage Loans outstanding at any one time shall not exceed FOUR MILLION AND NO/100 DOLLARS ($4,000,000.00). (4) The aggregate amount of Advances against Aged Mortgage Loans outstanding at any one time shall not exceed FOUR MILLION AND NO/100 DOLLARS ($4,000,000.00). (c) In addition to the limitations set forth in this Agreement, each No Advance to fund an Eligible against a Mortgage Loan shall be limited exceed an amount equal to the lesser of (x) the Mortgage Note Amount, or (y) the Committed Purchase Price amount. (d) In the event at any time the outstanding principal balance 99% of the Loan should exceed the lesser of (x) the Commitment or (y) the aggregate Collateral Value of all Eligible Loans against which Advances are then outstandingsuch Mortgage Loan, the Borrower shall repay such excess amount on demand to the Agent so that the outstanding principal balance be determined as of the date such Mortgage Loan is in compliance with the terms and provisions hereofpledged to Lender. (e) The Lenders shall have no obligation to make any Advances hereunder to fund the origination of F▇▇▇▇▇ Mae DUS Mortgage Loans, Other F▇▇▇▇▇ M▇▇ Mortgage Loans or F▇▇▇▇▇▇ Mac Loans if Standard & Poor’s reduces the credit rating of F▇▇▇▇▇ M▇▇ (with respect to F▇▇▇▇▇ Mae DUS Mortgage Loans or Other F▇▇▇▇▇ M▇▇ Mortgage Loans) or F▇▇▇▇▇▇ Mac (with respect to F▇▇▇▇▇▇ Mac Loans) to A or lower (or another Rating Agency reduces such credit rating to a comparable rating).

The Commitment. (a) Subject to the terms and conditions of this Agreement and provided no Default or Event of Default has occurred and is continuing, each the Lender severally and not jointly agrees, from time to time during the period from the date hereof up to, but not to and including the Maturity Termination Date, to make Advances to the BorrowerCompany, provided, however, that (1) provided the sum of the total aggregate principal amount outstanding at any one time of all such Advances shall not exceed the Commitment, and TWENTY-FIVE MILLION AND NO/100 DOLLARS (2) no Lender’s portion $25,000,000.00). The obligation of the Lender to make Advances shall exceed hereunder up to such Lender’s Commitment Amount. The aggregate amount of all Advances outstanding from time to time hereunder may limit is hereinafter collectively be referred to as the “Loan"Commitment.” " Within the Commitment, the Borrower Company may borrow, repay and reborrow. All Advances under this Agreement shall constitute a single indebtedness, and all of the Collateral shall be security for the Notes Note and for the performance of all the Obligations of the BorrowerCompany to the Lender. (b) Advances shall be used by the Borrower Company solely for the purpose of funding the acquisition or origination of Eligible Loans Mortgage Loans, as specified in the Advance Request, Request and none other, and shall be made at the request of the Borrower Company in the manner hereinafter provided in Section 2.2, against the pledge of such Mortgage Loans, Loans and such other collateral as is set forth in Section 3.1 hereof as Collateral therefor. Advances shall also be subject to the following restrictions: (1) No Advance shall be made against Mortgage Loans which are not Eligible Mortgage Loans. (2) The aggregate amount of Wet Settlement Advances outstanding at any one time shall not exceed TEN MILLION AND NO/100 DOLLARS ($10,000,000.00). (3) The aggregate amount of Subwarehouse Mortgage Loan Advances outstanding at any one time shall not exceed TWO MILLION FIVE HUNDRED THOUSAND AND NO/100 DOLLARS ($2,500,000.00). (4) The aggregate amount of Aged Mortgage Loan Advances outstanding at any one time shall not exceed ONE MILLION AND NO/100 DOLLARS ($1,000,000.00) (5) The aggregate amount of Second Mortgage Loan Advances outstanding at any one time shall not exceed Seven million Dollars ($7,000,000). (c) In addition No Advance shall exceed the following amounts applicable to the limitations set forth in this Agreementtype of Collateral, each Advance to fund an Eligible Loan shall be limited to the lesser of (x) the Mortgage Note Amount, or (y) the Committed Purchase Price amount. (d) In the event at any time the outstanding principal balance determined as of the Loan should exceed date the lesser of (x) the Commitment or (y) the aggregate Collateral Value of all Eligible Loans against which Advances are then outstanding, the Borrower shall repay such excess amount on demand is pledged to the Agent so that the outstanding principal balance of the Loan is in compliance with the terms and provisions hereofLender. (e) The Lenders shall have no obligation to make any Advances hereunder to fund the origination of F▇▇▇▇▇ Mae DUS Mortgage Loans, Other F▇▇▇▇▇ M▇▇ Mortgage Loans or F▇▇▇▇▇▇ Mac Loans if Standard & Poor’s reduces the credit rating of F▇▇▇▇▇ M▇▇ (with respect to F▇▇▇▇▇ Mae DUS Mortgage Loans or Other F▇▇▇▇▇ M▇▇ Mortgage Loans) or F▇▇▇▇▇▇ Mac (with respect to F▇▇▇▇▇▇ Mac Loans) to A or lower (or another Rating Agency reduces such credit rating to a comparable rating).

The Commitment. (a) Subject to the terms and conditions of this Agreement and provided no Default or Event of Default has occurred and is continuing, each the Lender severally and not jointly agrees, agrees from time to time during the period from the date hereof up Closing Date to, but not including including, the Maturity Date, to make Advances to the BorrowerCompany, provided, however, that (1) the sum of provided the total aggregate principal amount outstanding at any one time of all such Advances shall not exceed the Commitment, and (2) no Lender’s portion of the Advances shall exceed such Lender’s Commitment Amount. The aggregate amount obligation of all the Lender to make Advances outstanding from time hereunder up to time hereunder may the Commitment Amount is hereinafter collectively be referred to as the “Loan"Commitment.” " Within the Commitment, the Borrower Company may borrow, repay and reborrow. Effective as of the date of this Agreement, all outstanding loans made pursuant to the Warehousing Credit and Security Agreement shall for all purposes be deemed to be Advances made under this Agreement. All Advances under this Agreement shall constitute a single indebtedness, and all of the Collateral shall be security for the Notes Note and for the performance of all the Obligations of the BorrowerObligations. (b) Advances shall be used by the Borrower Company solely for the purpose of funding the acquisition or origination of Eligible Loans as specified in the Advance Request, and none other, and shall be made at the request of the Borrower Company, in the manner hereinafter provided in Section 2.22.2 hereof, against the pledge of such Mortgage Loans, and such other collateral as is set forth in Section 3.1 hereof Eligible Loans as Collateral therefor. The limitations on the use of Advances set forth on EXHIBIT M attached hereto and made a part hereof shall be applicable. In addition, the following limitations on the use of Advances shall be applicable: (1) No Advance shall be made against any Mortgage Loan which was closed more than 90 days prior to the date of the requested Advance. (2) No Advance shall be made against a Mortgage Loan other than a Mortgage Loan secured by a Mortgage on real property located in one of the states of the United States or the District of Columbia. (c) In addition No Advance shall exceed the following amount applicable to the limitations set forth in this Agreement, each type of Eligible Loan at the time it is pledged to secure an Advance to fund hereunder: (1) For an Eligible Loan shall be limited to the lesser of (x) the Mortgage Note Amount, or (y) the Committed Purchase Price amount. (d) In the event at any time the outstanding principal balance of the Loan should exceed the lesser of (x) the Commitment or (y) the aggregate Collateral Value of all Eligible Loans against which Advances are then outstandingpledged hereunder, the Borrower shall repay such excess amount set forth on demand to the Agent so that the outstanding principal balance of the Loan is in compliance with the terms EXHIBIT M attached hereto and provisions made a part hereof. (e) The Lenders shall have no obligation to make any Advances hereunder to fund the origination of F▇▇▇▇▇ Mae DUS Mortgage Loans, Other F▇▇▇▇▇ M▇▇ Mortgage Loans or F▇▇▇▇▇▇ Mac Loans if Standard & Poor’s reduces the credit rating of F▇▇▇▇▇ M▇▇ (with respect to F▇▇▇▇▇ Mae DUS Mortgage Loans or Other F▇▇▇▇▇ M▇▇ Mortgage Loans) or F▇▇▇▇▇▇ Mac (with respect to F▇▇▇▇▇▇ Mac Loans) to A or lower (or another Rating Agency reduces such credit rating to a comparable rating).

The Commitment. (a) Subject to the terms and conditions of this Agreement and provided no Default or Event of Default has occurred and is continuing, each the Lender severally and not jointly agrees, from time to time during the period from the date hereof up to, but not to and including the Maturity Termination Date, to make Advances to the BorrowerCompany, provided, however, that (1) provided the sum of the total aggregate principal amount outstanding at any one time of all such Advances plus the aggregate Purchase Prices of all Securities which have not been repurchased by the Company under the Master Repurchase Agreement shall not exceed the Commitment, and TEN MILLION AND NO/100 DOLLARS (2) no Lender’s portion $10,000,000.00). The obligation of the Lender to make Advances shall exceed hereunder up to such Lender’s Commitment Amount. The aggregate amount of all Advances outstanding from time to time hereunder may limit is hereinafter collectively be referred to as the “Loan"Commitment.” " Within the Commitment, the Borrower Company may borrow, repay and reborrow. All Advances under this Agreement shall constitute a single indebtedness, and all of the Collateral shall be security for the Notes Note and for the performance of all the Obligations of the BorrowerCompany to the Lender. Notwithstanding anything contained herein to the contrary or otherwise, each purchase of Securities by the Lender under the Master Repurchase Agreement will automatically reduce by the amount of the purchase price for such Securities, dollar for dollar, the principal amount available to be borrowed within the Commitment for so long as that purchase is outstanding under the Master Repurchase Agreement. (b) Advances shall be used by the Borrower Company solely for the purpose of funding the acquisition or origination of Eligible Loans Mortgage Loans, as specified in the Advance Request, Request and none other, and shall be made at the request of the Borrower Company in the manner hereinafter provided in Section 2.2, against the pledge of such Mortgage Loans, Loans and such other collateral as is set forth in Section 3.1 hereof as Collateral therefor. Advances shall also be subject to the following restrictions: (1) No Advance shall be made against Mortgage Loans which are not Eligible Mortgage Loans. (2) The aggregate amount of Wet Settlement Advances outstanding at any one time shall not exceed [*]. (3) The aggregate amount of Advances against Second Mortgage Loans outstanding at any one time shall not exceed [*]. (4) The aggregate amount of Advances against Aged Mortgage Loans outstanding at any one time shall not exceed [*]. (c) In addition to the limitations set forth in this Agreement, each No Advance to fund against an Eligible Mortgage Loan shall be limited exceed an amount equal to the lesser of (x) the Mortgage Note Amount, or (y) the Committed Purchase Price amount. (d) In the event at any time the outstanding principal balance [*] of the Loan should exceed the lesser of (x) the Commitment or (y) the aggregate Collateral Collateral, Value of all Eligible Loans against which Advances are then outstandingsuch Mortgage Loan, the Borrower shall repay such excess amount on demand to the Agent so that the outstanding principal balance be determined as of the date such Mortgage Loan is in compliance with the terms and provisions hereofpledged to Lender. (e) The Lenders shall have no obligation to make any Advances hereunder to fund the origination of F▇▇▇▇▇ Mae DUS Mortgage Loans, Other F▇▇▇▇▇ M▇▇ Mortgage Loans or F▇▇▇▇▇▇ Mac Loans if Standard & Poor’s reduces the credit rating of F▇▇▇▇▇ M▇▇ (with respect to F▇▇▇▇▇ Mae DUS Mortgage Loans or Other F▇▇▇▇▇ M▇▇ Mortgage Loans) or F▇▇▇▇▇▇ Mac (with respect to F▇▇▇▇▇▇ Mac Loans) to A or lower (or another Rating Agency reduces such credit rating to a comparable rating).

The Commitment. (a) Subject to the terms and conditions of this Agreement Agreement, including the conditions precedent set forth in Section 4.1 below, and provided no Default or Event of Default has occurred and is continuing, each Lender severally and not jointly the Bank agrees, from time to time during the period from the date hereof up to, but not including to the Maturity Dateexpiration date as provided in Section 2.6 hereof, to make Advances to to, or on behalf of, the BorrowerCompany solely for the purchase of Mortgage Loans in mortgage loan portfolio pools of less than $1,500,000, providedin the aggregate, howeverat the time of purchase (and known between the parties individually as a “Flow Transaction” and collectively, that (1) as the sum of “Flow Transactions”), provided the total aggregate principal amount which is outstanding at any one time of all such Advances shall not exceed Forty Million Dollars ($40,000,000.00) unless there is a written request by the Commitment, Company and (2) no Lender’s portion subsequent approval by an officer of the Advances shall exceed such Lender’s Commitment AmountBank to modify this amount. The aggregate obligation of the Bank to make Advances hereunder up to such limits or the amount of all Advances outstanding from time to time hereunder which such limit may be reduced pursuant to Section 2.7(b) hereof, is hereinafter collectively be referred to as the “LoanCommitment.” Within the Commitment, the Borrower Company may borrow, repay and reborrow. All Advances under this Agreement shall constitute a single indebtedness, and all of the Collateral shall be security for the Notes and for the performance of all the Obligations of the Borrowerre-borrow. (b) Advances shall be used by the Borrower Company solely for the purpose of funding or financing the origination purchase of Eligible Flow Transaction Mortgage Loans as specified in the Advance Request, and none other, and shall be made at the request of the Borrower Company, in the manner hereinafter provided in Section 2.2., against secured by the assignment and pledge of such Mortgage Loans, and such other collateral as is set forth in Section 3.1 hereof as Collateral thereforLoans to Bank. (c) In addition Unless otherwise agreed to by Bank at its sole discretion, no Advance for the limitations set forth in this Agreement, each Advance to fund an Eligible purchase of a Mortgage Loan shall be limited exceed (100%) of the purchase price, inclusive of the transaction fee payable to Bank and all out of pocket costs incurred by the lesser Company for the acquisition of (x) the such Mortgage Note Amount, or (y) the Committed Purchase Price amountLoan. (d) In Notwithstanding anything to the event at any time contrary herein, Advances may be obtained by the outstanding Company for the purpose of repurchasing Mortgage Loans that were sold by the Company to an Investor, provided, however, an Advance for such purpose shall be limited to 98% of the then unpaid principal balance of the Loan should exceed to be repurchased Mortgage Loan, and such Advances shall be repaid not later than the lesser later of (xi) sixty (60) days from the Commitment date of such Advance, or (yii) at the aggregate Collateral Value time of all Eligible Loans against which and included with the next refinancing of Advances are then outstanding, the Borrower shall repay such excess amount on demand through a term loan issued under and pursuant to the Agent so that Senior Debt Facility provided such repurchased Mortgage Loan qualifies for refinancing into the outstanding principal balance of the Loan is in compliance with the terms and provisions hereofSenior Debt Facility. (e) The Lenders shall have no obligation to make any Advances hereunder to fund the origination of F▇▇▇▇▇ Mae DUS Mortgage Loans, Other F▇▇▇▇▇ M▇▇ Mortgage Loans or F▇▇▇▇▇▇ Mac Loans if Standard & Poor’s reduces the credit rating of F▇▇▇▇▇ M▇▇ (with respect to F▇▇▇▇▇ Mae DUS Mortgage Loans or Other F▇▇▇▇▇ M▇▇ Mortgage Loans) or F▇▇▇▇▇▇ Mac (with respect to F▇▇▇▇▇▇ Mac Loans) to A or lower (or another Rating Agency reduces such credit rating to a comparable rating).