(n) Planned Indebtedness. Schedule 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 loans Fountain Covenants.
(w) . When it comes to for each and every Department Approval and also to the brand new the total amount prior to now approved, Supplier is during a good status, with no skills which have happened or you to definitely Seller reasonably believes you can expect to result in, along with, rather than limitation, a change in insurance that would either create Supplier not able in order to comply with the latest eligibility conditions to have keeping most of the instance relevant or wanted alerts to the associated Department.
Agencies Approvals
(c)(i)(C) people non-frivolous and you can legitimate legal actions otherwise continuing that’s pending or endangered in writing (a) against Supplier the spot where the number inside it is higher than this new Litigation Threshold that will be perhaps not covered by insurance rates, where injunctive or comparable recovery try sought, or and therefore, create reasonably be expected to have a material Bad Impression, (b) concerning the all Repurchase Possessions, and this, if the adversely calculated, would reasonably be likely to possess a material Bad Impression and (c) that concerns otherwise pressures conformity of every Home loan towards the Capacity to Pay Rule or QM Signal;
(c)(i)(D) whenever fairly you’ll be able to, observe of every of the following the events: (A) a content reduced the insurance out-of Provider, that have a copy regarding proof of same affixed; (B) people situation improvement in bookkeeping regulations or monetary reporting practices out of Seller; (C) on time abreast of acknowledgment of observe or expertise in any Lien otherwise shelter attract (other than protection passion created hereby otherwise lower than almost every other Program Document or just like the if not considered here) into, otherwise allege asserted up against, the Repurchase Possessions; (D) the brand new unconscious termination or involuntary nonrenewal of every facility institution out-of Supplier which have a maximum principal amount (otherwise similar) available greater than this new Studio Cancellation Threshold; (E) the brand new reduced total of one enough time degrees of people warehousing facilities from Seller; (F) one Change in Control; and you will (G) virtually any experiences, condition otherwise updates who has lead, or enjoys a possibility of ensuing, for the a content Adverse Impression; or
(c)(i)(E) inside one or two (2) Business days, (1) entering into people settlement that have a governmental Power, or (2) the issuance regarding a consent buy from the people Governmental Expert, where in the case of clauses (1) or (2), the latest fines, punishment, payment quantity or other quantity due by the Provider Class thereunder exceeds the fresh new Settlement Tolerance on the twelve (12) month several months before new Termination Day; and
Notice regarding Additional Indebtedness
(x) . Supplier will provide observe so you can Buyer away from Seller stepping into (i) people factory facility, financial upkeep studio or servicing get better business and you can (ii) any Indebtedness more than $[***], when you look at the each situation, pursuant towards monthly Conformity Certification introduced under Point eleven(d)(iv). Towards the reduction out-of question, (x) Seller should give such notice so you can Customer regarding Conformity Certification that’s needed is become lead into the otherwise before the last calendar day’s the current day in which Merchant incurs people of the things that established for the clauses (i) and you will (ii) significantly more than and you can (y) abreast of acknowledgment from the Client of such notice, Agenda 3 hereto would be deemed as immediately amended so you can tend to be such as for example extra Indebtedness.