This excerpt taken from the LEND 10-Q filed Nov 9, 2006.
Demands and Notices. All demands, specifications and notices made by a party to this ANNEX will be made to the following:
(1) Addresses for Transfers.
Exposure means, for any Valuation Date or other date of determination, the greater of (i) the excess of the aggregate Outstanding Purchase Prices of all Mortgage Loans held by the issuer over the sum of (A) the Current Market Value and (B) the Market Value Reserve Available Amount and (ii) zero.
Current Market Value means, for any date of determination, the current market value of Mortgage Loans owned by the Issuer as determined by Party A (in its sole reasonable discretion in good faith) multiplied by 98%. For the avoidance of doubt, (i) the market value of any Mortgage Loan that (A) has become 60 days delinquent shall be zero, (ii) to the extent that the aggregate Outstanding Purchase Prices of ICU-4 Loans (other than 90 Day ICU-4 Loans) exceeds the greater of (A) 5% of the aggregate Outstanding Purchase Prices of the Mortgage Loans owned by the Issuer at such time and (B) $25,000,000, the current market value of the ICU-4 Loans (other than the 90 Day ICU-4 Loans) in excess of such limit shall be zero, and (iii) the market value of any 90 Day ICU-4 Loan shall be zero.
90 Day ICU-4 Loan means any ICU-4 Loan that has been owned by the Issuer for 90 days since it became an ICU-4 Loan.
ICU-4 Loan means any Mortgage Loan owned by the Issuer that is not a Defaulted Loan or Delinquent Loan that has not been sold by the Issuer after four attempts by the Servicer to sell such Mortgage Loan or otherwise is included on Party Bs internal ICU-4 report in accordance with the Servicers customary servicing procedures.
The parties executing this Credit Support Annex have executed the Master Agreement and have agreed as to the contents of this Credit Support Annex.