Preview of our top selling Collateral and Security Agreement
E-Loan - Warehousing Credit And Security Agreement
================================================================================
WAREHOUSING CREDIT AND SECURITY AGREEMENT
(SINGLE-FAMILY MORTGAGE LOANS)
E-LOAN, INC.,
A CALIFORNIA CORPORATION
BANK UNITED,
A FEDERAL SAVINGS BANK
DATED AS OF FEBRUARY 3, 1999
================================================================================
TABLE OF CONTENTS
1. DEFINITIONS.........................................................................................Page 1
1.1 Defined Terms..............................................................................Page 1
1.2 Other Definitional Provisions.............................................................Page 11
2. THE CREDIT.........................................................................................Page 11
2.1 The Commitment............................................................................Page 11
2.2 Procedures for Obtaining Advances.........................................................Page 12
2.3 Note......................................................................................Page 13
2.4 Interest..................................................................................Page 13
2.5 Principal Payments........................................................................Page 14
2.6 Expiration of Commitment..................................................................Page 16
2.7 Method of Making Payments.................................................................Page 16
2.8 Non-Usage Fee.............................................................................Page 16
2.9 Miscellaneous Charges.....................................................................Page 17
2.10 Bailee....................................................................................Page 17
3. COLLATERAL.........................................................................................Page 17
3.1 Grant of Security Interest................................................................Page 17
3.2 Security Interest in Mortgage-backed Securities...........................................Page 18
3.3 Delivery of Collateral Documents..........................................................Page 19
3.4 Delivery of Additional Collateral or Mandatory Prepayment.................................Page 19
3.5 Right of Redemption from Pledge...........................................................Page 20
3.6 Collection and Servicing Rights...........................................................Page 20
3.7 Return or Release of Collateral at End of Commitment......................................Page 20
3.8 Master Repurchase Agreement...............................................................Page 20
4. CONDITIONS PRECEDENT...............................................................................Page 21
4.1 Initial Advance...........................................................................Page 21
4.2 Each Advance..............................................................................Page 22
5. REPRESENTATIONS AND WARRANTIES.....................................................................Page 23
5.1 Organization; Good Standing; Subsidiaries.................................................Page 23
5.2 Authorization and Enforceability..........................................................Page 23
5.3 Financial Condition.......................................................................Page 24
5.4 Litigation................................................................................Page 24
5.5 Compliance with Laws......................................................................Page 24
5.6 Regulation U..............................................................................Page 25
5.7 Investment Company Act....................................................................Page 25
5.8 Agreements................................................................................Page 25
5.9 Title to Properties.......................................................................Page 25
5.10 ERISA.....................................................................................Page 25
5.11 Eligibility...............................................................................Page 25
Page i
5.12 Special Representations Concerning Collateral.............................................Page 26
5.13 RICO......................................................................................Page 28
5.14 Proper Names..............................................................................Page 28
5.15 Direct Benefit From Loans.................................................................Page 28
5.16 Loan Documents Do Not Violate Other Documents.............................................Page 28
5.17 Consents Not Required.....................................................................Page 28
5.18 Material Fact Representations.............................................................Page 29
5.19 Place of Business.........................................................................Page 29
5.20 Use of Proceeds; Business Loans...........................................................Page 29
5.21 No Undisclosed Liabilities................................................................Page 29
5.22 Tax Returns and Payments..................................................................Page 29
5.23 Subsidiaries..............................................................................Page 30
5.24 Holding Company...........................................................................Page 30
5.25 Year 2000 Issue...........................................................................Page 30
6. AFFIRMATIVE COVENANTS..............................................................................Page 30
6.1 Payment of Note...........................................................................Page 30
6.2 Financial Statements and Other Reports....................................................Page 30
6.3 Maintenance of Existence; Conduct of Business.............................................Page 31
6.4 Compliance with Applicable Laws...........................................................Page 32
6.5 Inspection of Properties and Books........................................................Page 32
6.6 Notice....................................................................................Page 32
6.7 Payment of Debt, Taxes, etc...............................................................Page 32
6.8 Insurance.................................................................................Page 33
6.9 Other Loan Obligations....................................................................Page 33
6.10 Use of Proceeds of Advances...............................................................Page 33
6.11 Special Affirmative Covenants Concerning Collateral.......................................Page 33
6.12 Cure of Defects in Loan Documents.........................................................Page 34
6.13 Year 2000 Compliant.......................................................................Page 34
7. NEGATIVE COVENANTS.................................................................................Page 35
7.1 Contingent Liabilities....................................................................Page 35
7.2 Pledge of Mortgage Loans..................................................................Page 35
7.3 Merger; Acquisitions......................................................................Page 35
7.4 Loss of Eligibility.......................................................................Page 35
7.5 Debt to Adjusted Tangible Worth Ratio.....................................................Page 35
7.6 Minimum Adjusted Tangible Net Worth.......................................................Page 36
7.7 Transactions with Affiliates..............................................................Page 36
7.8 Limits on Corporate Distributions.........................................................Page 36
7.9 RICO......................................................................................Page 36
7.10 No Loans or Investments Except Approved Investments.......................................Page 36
7.11 Charter Documents and Business Termination................................................Page 37
7.12 Changes in Accounting Methods.............................................................Page 37
7.13 Changes in Business or Assets.............................................................Page 37
7.14 Changes in Office or Inventory Location...................................................Page 37
Page ii
7.15 Special Negative Covenants Concerning Collateral..........................................Page 37
7.16 No Indebtedness...........................................................................Page 38
8. DEFAULTS; REMEDIES.................................................................................Page 38
8.1 Events of Default.........................................................................Page 38
8.2 Remedies..................................................................................Page 41
8.3 Application of Proceeds...................................................................Page 43
8.4 Lender Appointed Attorney-in-Fact.........................................................Page 44
8.5 Right of Set-Off..........................................................................Page 44
9. NOTICES............................................................................................Page 45
10. REIMBURSEMENT OF EXPENSES; INDEMNITY...............................................................Page 45
11. FINANCIAL INFORMATION..............................................................................Page 46
12. MISCELLANEOUS......................................................................................Page 47
12.1 Terms Binding Upon Successors; Survival of Representations................................Page 47
12.2 Assignment................................................................................Page 47
12.3 Amendments................................................................................Page 47
12.4 Governing Law.............................................................................Page 47
12.5 Participations............................................................................Page 47
12.6 Relationship of the Parties...............................................................Page 47
12.7 Severability..............................................................................Page 48
12.8 Usury.....................................................................................Page 48
12.9 CONSENT TO JURISDICTION...................................................................Page 49
12.10 Arbitration...............................................................................Page 49
12.11 ADDITIONAL INDEMNITY......................................................................Page 50
12.12 No Waivers Except in Writing..............................................................Page 51
12.13 Waiver of Jury Trial......................................................................Page 51
12.14 Multiple Counterparts.....................................................................Page 51
12.15 No Third Party Beneficiaries..............................................................Page 51
12.16 RELEASE OF LENDER LIABILITY...............................................................Page 51
12.17 Entire Agreement; Amendment...............................................................Page 52
12.18 NO ORAL AGREEMENTS........................................................................Page 52
EXHIBIT "A".................................................................................................Page 54
EXHIBIT "B".................................................................................................Page 56
EXHIBIT "C".................................................................................................Page 57
EXHIBIT "D".................................................................................................Page 61
EXHIBIT "E".................................................................................................Page 62
Page iii
EXHIBIT "F".................................................................................................Page 63
ANNEX "A"...................................................................................................Page 64
EXHIBIT "G".................................................................................................Page 66
EXHIBIT "H".................................................................................................Page 67
EXHIBIT "I".................................................................................................Page 68
EXHIBIT "J".................................................................................................Page 69
EXHIBIT "K".................................................................................................Page 73
EXHIBIT "L".................................................................................................Page 75
EXHIBIT "M".................................................................................................Page 76
EXHIBIT "N".................................................................................................Page 79
Page iv
W