(n) Planned Indebtedness. Plan step three hereto, as amended from time to time pursuant to the monthly Compliance Certificate (the ?Scheduled Indebtedness?) and no defaults or events of default exist thereunder, which default or event of default entitles any party to require acceleration or prepayment of any Indebtedness thereunder. Seller shall give Buyer prompt notification if any Scheduled Indebtedness that is a repurchase agreement, warehouse facility or similar credit facility (in each case providing mortgage warehouse financing) or that is a servicing advance facility provides more favorable terms to the buyer with respect to any financial covenants covering the same or similar subject matter as the Financial Condition Covenants.

(w) . When it comes to each Agencies Approval and this new extent in past times approved, Seller is actually an excellent reputation, without knowledge with happened or you to definitely Seller reasonably believes you certainly will end up in, together with, in place of limit, a modification of insurance coverage which will often build Vendor not able in order to conform to the brand new qualifications criteria getting keeping most of the particularly applicable or want notification towards relevant Service.

Company Approvals

(c)(i)(C) any non-frivolous and you will reliable litigation or continuing that’s pending or endangered in writing (a) up against Seller where amount inside it is higher than the newest Litigation Endurance and that is not included in insurance coverage, where injunctive or similar relief is needed, otherwise hence, would relatively be expected getting a material Bad Perception, (b) in connection with any of the Repurchase Possessions loans in Tuscumbia, and that, in the event the negatively determined, perform reasonably be expected to have a material Bad Feeling and you can (c) you to concerns otherwise challenges conformity of any Home loan for the Ability to Pay back Laws or QM Signal;

(c)(i)(D) as soon as relatively you can, observe of any of one’s following the incidents: (A) a material reduced the insurance from Merchant, having a copy of proof of exact same attached; (B) any procedure change in bookkeeping regulations otherwise monetary revealing practices out of Seller; (C) punctually through to acknowledgment out-of notice or knowledge of one Lien otherwise safeguards interest (besides coverage welfare created hereby or around some other Program File otherwise as the otherwise considered here) into the, otherwise allege asserted facing, all Repurchase Assets; (D) new unconscious cancellation otherwise unconscious nonrenewal of every facility organization regarding Supplier that have a max dominant number (or comparable) readily available in excess of the new Studio Termination Threshold; (E) the fresh new decrease in any the time degrees of one warehousing place away from Seller; (F) any Improvement in Handle; and you will (G) all other feel, scenario otherwise position who’s got resulted, otherwise keeps a chances of resulting, for the a content Bad Effect; or

(c)(i)(E) in this several (2) Working days, (1) stepping into people payment with a governmental Authority, or (2) the new issuance from a permission acquisition by the any Governmental Power, where in the case of conditions (1) or (2), the brand new fines, charges, payment number and other wide variety owed by Merchant Class thereunder exceeds the newest Payment Tolerance about twelve (12) month several months preceding the fresh new Termination Go out; and you can

Notice of Extra Indebtedness

(x) . Provider should offer see to help you Buyer out of Provider entering into (i) one factory facility, financial maintenance studio otherwise upkeep improve studio and you can (ii) another Indebtedness over $[***], into the for each and every situation, pursuant with the month-to-month Conformity Certificate put below Part 11(d)(iv). To your cures from doubt, (x) Vendor shall promote such find so you can Visitors regarding Conformity Certificate that’s needed is getting delivered on otherwise until the past calendar day’s the modern week in which Provider incurs any of the items set forth for the clauses (i) and you can (ii) above and you can (y) upon receipt from the Customer of such notice, Plan step three hereto should be considered are automatically amended so you can become such as even more Indebtedness.