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Title: |
Agreement |
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Entities: |
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Date: |
2002 |
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Size: |
10KB total |
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$31 |
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ID: |
#325219 |
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AGREEMENT
TO
INCREASE COMMITMENT AMOUNTS
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THIS AGREEMENT TO INCREASE COMMITMENT AMOUNTS (the "Agreement"), dated
as of September 28, 2001, is by and among NVR MORTGAGE FINANCE, INC.
("Borrower"), COMERICA BANK ("Comerica"), NATIONAL CITY BANK OF KENTUCKY
-------- --------
("National City Bank"), and U.S. BANK NATIONAL ASSOCIATION, a national banking
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association, as a Lender ("U.S. Bank") and as agent (the "Agent") for the
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Lenders party to the Loan Agreement described below.
Recitals
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A. The Borrower, the Lenders and the Agent are parties to a Loan
Agreement dated as of September 7, 1999, as amended by a Consent, Waiver and
First Amendment to Loan Agreement dated as of November 19, 1999, a Second
Amendment to Loan Agreement and Second Amendment to Pledge and Security
Agreement dated as of September 1, 2000, a Third Amendment to Loan Agreement
dated as of February 16, 2001, and a Fourth Amendment to Loan Agreement dated as
of August 31, 2001 (as so amended, the "Loan Agreement"), pursuant to which the
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Lenders provide the Borrower with a revolving mortgage warehousing credit
facility.
B. The Borrower, U.S. Bank, Comerica, National City Bank and the Agent
desire to increase temporarily the Commitment Amounts of U.S. Bank, Comerica,
and National City Bank to herein set forth.
C. This Agreement is delivered to the Agent by the Borrower, U.S. Bank,
Comerica, and National City Bank pursuant to Section 2.1(g) of the Loan
Agreement.
NOW, THEREFORE, in consideration of the premises herein contained and other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:
Article I
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Definitions
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Section 1.01. Incorporated Definitions. Capitalized terms used in this
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Agreement, to the extent not otherwise defined herein, shall have the same
meanings as in the Loan Agreement.
Article II
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Concerning the Increased Commitment Amount
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{PAGE}
Section 2.01. Changes in Commitment Amount. Effective as of September 28,
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2001, (the "Increase Date"), the Commitment Amount of U.S. Bank shall be
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increased from $45 million to $70 million, the Commitment Amount of Comerica
shall be increased from $20 million to $28 million, and the Commitment Amount of
National City Bank shall be increased from $20 million to $25 million. Effective
as of January 1, 2002, (the "Reduction Date"), the Commitment Amount of U.S.
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Bank shall be reduced from $70 million to $45 million, the Commitment Amount of
Comerica shall be reduced from $28 million to $20 million, and the Commitment
Amount of National City Bank shall be reduced from $25 million to $20 million.
Section 2.02. Warehousing Advances. Each of U.S. Bank, Comerica and
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National City Bank shall make Warehousing advances on the Increase Date, as
requested by the Agent, so that in outstanding Warehousing Advances are equal to
its respective Commitment Percentage of all Warehousing Advances outstanding on
the Increase Date. If the outstanding principal balance of all Warehousing
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