Common use of If Outstanding Advances Would Exceed the Borrowing Base Clause in Contracts

If Outstanding Advances Would Exceed the Borrowing Base. If, after giving effect to a requested Borrowing, the outstanding Borrowings would exceed the Borrowing Base, or if the Agent or the Custodian determines (either then or on any later day in the course of reviewing the same) that any such Total Pledged Servicing List, Submission List or Basic Papers submitted to it are incomplete or incorrect in any material respect (provided that if the Custodian reasonably determines that such a condition of incompleteness or incorrectness of Basic Papers is correctable and returns the subject Basic Papers to a Company for corrective action, then the affected Pledged Loan(s) shall not be excluded from the Borrowing Base unless and until the Company fails to correct and return such Basic Papers to the Custodian within twelve (12) Business Days after the Custodian sent them) then: (a) the Agent may withhold the entire Advance until the Companies shall have demonstrated (i) to the Agent’s reasonable satisfaction that the Total Pledged Servicing List or Submission Lists submitted and (ii) to the Custodian’s reasonable satisfaction that all required Basic Papers submitted (if any), are in fact not (or are no longer) incomplete or incorrect in any material respect; or (b) in the case of a Borrowing Base insufficiency, unless the Companies instruct the Agent in writing not to fund any of the requested Borrowing, and subject to the provisions and limitations of Sections 3.1 and 3.6, the Agent will fund such lesser amount(s) as the Agent shall determine is (are) supported by the Borrowing Base and will notify the Companies of such insufficiency, including the Agent’s calculation of such insufficiency set forth in reasonable detail.

If Outstanding Advances Would Exceed the Borrowing Base. If, after giving effect to a requested Borrowing, the outstanding Borrowings would exceed the Borrowing Base, or if the Agent or the Custodian determines (either then or on any later day in the course of reviewing the same) that any such Total Pledged Servicing List, Submission List or Basic Papers submitted to it are incomplete or incorrect in any material respect (provided that if the Custodian reasonably determines that such a condition of incompleteness or incorrectness of Basic Papers is correctable and returns the subject Basic Papers to a the Company for corrective action, then the affected Pledged Loan(s) shall not be excluded from the Borrowing Base unless and until the Company fails to correct and return such Basic Papers to the Custodian within twelve ten (1210) Business Days after the Custodian sent them) then: (a) the Agent may withhold the entire Advance until the Companies Company shall have demonstrated (i) to the Agent’s reasonable satisfaction that the Total Pledged Servicing List or Submission Lists submitted and (ii) to the Custodian’s 's reasonable satisfaction that all required Basic Papers submitted (if any), are in fact not (or are no longer) incomplete or incorrect in any material respect; or (b) in the case of a Borrowing Base insufficiency, unless the Companies instruct Company instructs the Agent in writing not to fund any of the requested Borrowing, and subject to the provisions and limitations of Sections 3.1 SECTIONS 2.1 and 3.62.5, the Agent will fund such lesser amount(s) as the Agent shall determine is (are) supported by the Borrowing Base and will notify the Companies Company of such insufficiency, including the Agent’s 's calculation of such insufficiency set forth in reasonable detail.

If Outstanding Advances Would Exceed the Borrowing Base. If, after giving effect to a requested Borrowing, the outstanding Borrowings would exceed the Borrowing Base, or if the Agent or the Custodian determines (either then or on any later day in the course of reviewing the same) that any such Total Pledged Servicing List, Total Pledged MBS List, Submission List or Basic Papers submitted to it are incomplete or incorrect in any material respect (provided that if the Custodian reasonably determines that such a condition of incompleteness or incorrectness of Basic Papers is correctable and returns the subject Basic Papers to a Company for corrective action, then the affected Pledged Loan(s) shall not be excluded from the Borrowing Base unless and until the Company fails to correct and return such Basic Papers to the Custodian within twelve (12) Business Days after the Custodian sent them) then: (a) the Agent may withhold the entire Advance until the Companies shall have demonstrated (i) to the Agent’s reasonable satisfaction that the Total Pledged Servicing List, Total Pledged MBS List or Submission Lists submitted and (ii) to the Custodian’s reasonable satisfaction that all required Basic Papers submitted (if any), are in fact not (or are no longer) incomplete or incorrect in any material respect; or (b) in the case of a Borrowing Base insufficiency, unless the Companies instruct the Agent in writing not to fund any of the requested Borrowing, and subject to the provisions and limitations of Sections 3.1 and 3.6, the Agent will fund such lesser amount(s) as the Agent shall determine is (are) supported by the Borrowing Base and will notify the Companies of such insufficiency, including the Agent’s calculation of such insufficiency set forth in reasonable detail.

If Outstanding Advances Would Exceed the Borrowing Base. If, after giving effect to a requested Borrowing, the outstanding Borrowings would exceed the Borrowing Base, or if the Agent or the Custodian determines (either then or on any later day in the course of reviewing the same) that any such Total Pledged Servicing List, Total Pledged MBS List, Submission List or Basic Papers submitted to it are incomplete or incorrect in any material respect (provided that if the Custodian reasonably determines that such a condition of incompleteness or incorrectness of Basic Papers is correctable and returns the subject Basic Papers to a the Company for corrective action, then the affected Pledged Loan(s) shall not be excluded from the Borrowing Base unless and until the Company fails to correct and return such Basic Papers to the Custodian within twelve (12) Business Days after the Custodian sent them) then: (a) the Agent may withhold the entire Advance until the Companies Company shall have demonstrated (i) to the Agent’s reasonable satisfaction that the Total Pledged Servicing List, Total Pledged MBS List or Submission Lists submitted and (ii) to the Custodian’s reasonable satisfaction that all required Basic Papers submitted (if any), are in fact not (or are no longer) incomplete or incorrect in any material respect; or (b) in the case of a Borrowing Base insufficiency, unless the Companies instruct Company instructs the Agent in writing not to fund any of the requested Borrowing, and subject to the provisions and limitations of Sections 3.1 2.1 and 3.62.6, the Agent will fund such lesser amount(s) as the Agent shall determine is (are) supported by the Borrowing Base and will notify the Companies Company of such insufficiency, including the Agent’s calculation of such insufficiency set forth in reasonable detail.

If Outstanding Advances Would Exceed the Borrowing Base. If, after giving effect to a requested Borrowing, the outstanding Borrowings would exceed the Borrowing Base, or if the Agent or the Custodian determines (either then or on any later day in the course of reviewing the same) that any such Total Pledged Servicing List, Submission List or Basic Papers submitted to it are incomplete or incorrect in any material respect (provided that if the Custodian reasonably determines that such a condition of incompleteness or incorrectness of Basic Papers is correctable and returns the subject Basic Papers to a the Company for corrective action, then the affected Pledged Loan(s) shall not be excluded from the Borrowing Base unless and until the Company fails to correct and return such Basic Papers to the Custodian within twelve ten (1210) Business Days after the Custodian sent them) then: (a) the Agent may withhold the entire Advance until the Companies Company shall have demonstrated (i) to the Agent’s reasonable satisfaction that the Total Pledged Servicing List or Submission Lists submitted and (ii) to the Custodian’s reasonable satisfaction that all required Basic Papers submitted (if any), are in fact not (or are no longer) incomplete or incorrect in any material respect; or (b) in the case of a Borrowing Base insufficiency, unless the Companies instruct Company instructs the Agent in writing not to fund any of the requested Borrowing, and subject to the provisions and limitations of Sections 3.1 2.1 and 3.62.5, the Agent will fund such lesser amount(s) as the Agent shall determine is (are) supported by the Borrowing Base and will notify the Companies Company of such insufficiency, including the Agent’s calculation of such insufficiency set forth in reasonable detail.