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Document Preview Security Agreement |
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Title: |
Security Agreement |
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Entities: |
Banc of America Securities LLC; Citigroup Global Markets Inc.; Deutsche Bank Trust Company Americas; McGraw-Hill Companies Inc.; New Century Financial Corp.; International Swaps & Derivatives Association, Inc.; Mayer, Brown, Rowe & Maw |
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Date: |
2003 |
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Size: |
Preview shows 52KB of 229KB total |
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Price: |
$90 |
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ID: |
#292612 |
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Start of Preview |
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SECURED LIQUIDITY NOTE MORTGAGE WAREHOUSE PROGRAM
SECURITY AGREEMENT
between
VON KARMAN FUNDING LLC
and
DEUTSCHE BANK TRUST COMPANY AMERICAS
as Collateral Agent
dated as of September 5, 2003
TABLE OF CONTENTS
| Page | ||||||
|
ARTICLE I |
DEFINITIONS |
1 | ||||
|
Section 1.01 |
Definitions | 1 | ||||
|
ARTICLE II |
OBLIGATIONS SECURED |
1 | ||||
|
Section 2.01 |
Obligations Secured Hereby | 1 | ||||
|
ARTICLE III |
REPRESENTATIONS AND WARRANTIES; COMPANY AGENTS AND DEPOSITARY AGENTS; COVENANTS | 2 | ||||
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Section 3.01 |
Representations and Warranties of the Company | 2 | ||||
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Section 3.02 |
Additional Representations and Warranties of the Company | 6 | ||||
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Section 3.03 |
Company Agents and Depositary Agents | 6 | ||||
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Section 3.04 |
Representations and Warranties of the Collateral Agent | 7 | ||||
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Section 3.05 |
Covenants of the Company | 7 | ||||
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ARTICLE IV |
SECURED LIQUIDITY NOTES |
14 | ||||
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Section 4.01 |
Conditions to Effectiveness | 14 | ||||
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Section 4.02 |
Issuance of Secured Liquidity Notes | 17 | ||||
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Section 4.03 |
Conditions Precedent to Issuance of Secured Liquidity Notes | 17 | ||||
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Section 4.04 |
Conversion to Extended Notes | 19 | ||||
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Section 4.05 |
Proceeds | 19 | ||||
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Section 4.06 |
Calculation of Extended Note Interest | 19 | ||||
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Section 4.07 |
Payment of Extended Note Interest | 21 | ||||
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Section 4.08 |
Payment of Senior Note Principal | 21 | ||||
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Section 4.09 |
Program Size | 22 | ||||
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ARTICLE V |
ASSIGNMENT |
22 | ||||
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Section 5.01 |
Assignment | 22 | ||||
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Section 5.02 |
Application of Assigned Collateral | 24 | ||||
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Section 5.03 |
Performance of Agreements | 25 | ||||
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Section 5.04 |
Amendments; Waivers | 26 | ||||
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Section 5.05 |
Location of Records | 26 | ||||
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Section 5.06 |
Notice of Default under Program Documents | 26 | ||||
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Section 5.07 |
Custody of Program Documents | 26 | ||||
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Section 5.08 |
Delivery of Assigned Collateral Including Eligible Investments | 26 | ||||
-i-
TABLE OF CONTENTS
(continued)
| Page | ||||||
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Section 5.09 |
Deliveries of Mortgage Loans | 27 | ||||
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Section 5.10 |
No Liability | 27 | ||||
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ARTICLE VI |
COLLATERAL ACCOUNT; RESERVE FUND; PAYMENT OF ALLOCATED EXPENSES |
27 | ||||
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Section 6.01 |
Establishment of Collateral Account | 27 | ||||
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Section 6.02 |
Assignment of Collateral Account | 28 | ||||
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Section 6.03 |
Withdrawals and Transfers from the Collateral Account, Reserve Fund | 28 | ||||
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Section 6.04 |
Eligible Investments | 32 | ||||
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Section 6.05 |
Reserve Fund, Market Value Reserve Account | 32 | ||||
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Section 6.06 |
Payment of Allocated Expenses | 35 | ||||
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Section 6.07 |
Market Value Events | 35 | ||||
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ARTICLE VII |
DEFAULT |
36 | ||||
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Section 7.01 |
Events of Default | 36 | ||||
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Section 7.02 |
Rights of the Collateral Agent Upon Default | 38 | ||||
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Section 7.03 |
Realization upon Collateral; Remedies | 39 | ||||
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Section 7.04 |
Waiver of Stays, etc | 40 | ||||
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ARTICLE VIII |
ADDITIONAL COLLATERAL DISPOSITION PROVISIONS |
40 | ||||
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Section 8.01 |
Disposition of Mortgage Loans | 40 | ||||
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Section 8.02 |
Release of Security Interest | 41 | ||||
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Section 8.03 |
Termination Event Auction | 41 | ||||
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ARTICLE IX |
THE COLLATERAL AGENT |
41 | ||||
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Section 9.01 |
Appointment and Powers of Collateral Agent | 41 | ||||
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Section 9.02 |
Successor Collateral Agent | 43 | ||||
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Section 9.03 |
Qualifications of Collateral Agent; Collateral Account | 44 | ||||
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Section 9.04 |
Instructions | 45 | ||||
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Section 9.05 |
Duties of Collateral Agent | 45 | ||||
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ARTICLE X |
AMENDMENTS, MODIFICATIONS, WAIVERS AND CONSENTS |
45 | ||||
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Section 10.01 |
Execution of Amendments, etc | 45 | ||||
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ARTICLE XI |
MISCELLANEOUS |
45 | ||||
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Section 11.01 |
Sale of Certain Collateral | 45 | ||||
-ii-
| Page | ||||||
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Section 11.02 |
Further Assurances | 46 | ||||
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Section 11.03 |
No Waiver; Cumulative Remedies | 46 | ||||
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Section 11.04 |
Notices, etc | 46 | ||||
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Section 11.05 |
Fees, Costs and Expenses, etc | 47 | ||||
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Section 11.06 |
Collateral Agent Appointed Attorney-in-Fact | 48 | ||||
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Section 11.07 |
Termination | 48 | ||||
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End of Preview |
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