The Term Loan Commitment. (a) Subject to the terms and conditions of this Agreement and provided no Default or Event of Default has occurred and is continuing, the Lender agrees, from time to time during the period from the date hereof to and including the Term Loan Commitment Termination Date, to make Term Loan Advances to the Company, provided the total aggregate principal amount outstanding at any one time of all Term Loan Advances shall not exceed One Million Dollars ($1,000,000). The obligation of the Lender to make Term Loan Advances hereunder up to such limit is hereafter referred to as the "Term Loan Commitment." Within the Term Loan Commitment, the Company may borrower, repay and reborrow. All Term Loan Advances under this Agreement shall constitute a single indebtedness, and all of the Collateral shall be security for the Term Loan Promissory Note and for the payment and performance of all others Obligations. (b) Term Loan Advances shall be used by the Company solely for the purposes of (i) in the case of the initial Term Loan Advance, refinancing an existing Term Loan to the Company from Coastal Banc Savings Association, and (ii) in the case of Subsequent Term Loan Advances, financing Servicing Acquisitions. Term Loan Advances shall be made at the request of the Company, in the manner hereinafter provided in Section 2.4(a) hereof. The following limitations on the Term Loan Advances shall be applicable: (1) No Term Loan Advance shall be made if, after giving effect thereto, the aggregate outstanding principal balance of all Term Loan Advances and all Working Capital Advances would exceed the Servicing Collateral Value as of the date of such Term Loan Advance.
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Sources: Warehousing Credit and Security Agreement (Finet Holdings Corp)
The Term Loan Commitment. (a) Subject to the terms and conditions of this Agreement and provided no Default or Event of Default has occurred and is continuing, the Lender agrees, from time on the Closing Date, to time during make a Term Loan Advance to the period from Borrowers in an amount equal to the date hereof outstanding balance of the loans made pursuant to and including the Existing Term Loan Agreement, but not to exceed the Term Loan Commitment Termination Date, to make Term Loan Advances to the Company, provided the total aggregate principal amount outstanding at any one time of all Term Loan Advances shall not exceed One Million Dollars ($1,000,000)Amount. The obligation of the Lender to make the Term Loan Advances Advance hereunder up to such limit is hereafter hereinafter referred to as the "Term Loan Commitment." Within On the Closing Date, the Lender shall, without further request by the Borrowers, make the Term Loan Commitment, Advance and apply it to repay all outstanding loans made pursuant to the Company may borrower, repay and reborrow. All Existing Term Loan Advances under this Agreement Agreement. The Term Loan Advance shall constitute a single indebtedness, and all of the Collateral shall be security for the Term Loan Promissory Note and for the payment and performance of all others the Obligations.
(b) Term Loan Advances shall be used by the Company solely for the purposes of (i) in the case of the initial Term Loan Advance, refinancing an existing Term Loan to the Company from Coastal Banc Savings Association, and (ii) in the case of Subsequent Term Loan Advances, financing Servicing Acquisitions. Term Loan Advances shall be made at the request of the Company, in the manner hereinafter provided in Section 2.4(a) hereof. The following limitations on the Term Loan Advances shall be applicable:
(1) No Term Loan Advance shall be made ifjointly to Washington and Hunt▇▇▇, after giving effect theretoand Washington and Hunt▇▇▇, ▇▇intly and severally, shall be obligated to repay the aggregate outstanding principal balance of all Term Loan Advances and all Working Capital Advances would exceed the Servicing Collateral Value as of the date of such Term Loan Advance. With respect to its obligation to repay the Term Loan Advance, in the event the Term Loan Advance or any portion thereof is deemed to be made to either Borrower (rather than jointly to both Borrowers), the other Borrower agrees to the terms set forth in Exhibit L attached hereto and made a part hereof.
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