Fixed Facility Advances with MBS Execution Clause Samples

Fixed Facility Advances with MBS Execution. In the case of Fixed Facility Advances with an MBS execution, within one (1) Business Day after receipt of the Rate Form and upon satisfaction of all of the conditions to Lender’s obligation to make such Fixed Facility Advance (or for conversion, as applicable), Lender shall solicit bids from institutional investors selected by Lender based on the information in the Rate Form. If Lender obtains an MBS Commitment on terms equivalent (or better than) the terms in the draft Rate Form, Lender shall then complete and countersign the Rate Form thereby confirming the terms set forth therein, and shall immediately deliver by facsimile transmission the Rate Form to Borrower to be countersigned.