Forward Commitment. The Estimated APO Increase shall be calculated based on the most recent determination of the increase in the Aggregate Payment Obligation resulting from a sale of Eligible Subject Loans pursuant to a Shared Execution Forward Commitment (expressed as a percentage of the outstanding principal balance of the underlying Mortgage Loans) that satisfies the following requirements (a "Qualifying Sale"): (A) it involved Eligible Subject Loans with an aggregate principal balance of at least $10 million and (B) it was consummated not more than sixty (60) days prior to the most recent determination of the Residual Income Value of the entire Aggregate Payment Obligation. In the absence of a Qualifying Sale, the Estimated APO Increase shall be calculated based on the lesser of the following (expressed as a percentage of the outstanding principal balance of the underlying Mortgage Loan): (Y) the most recent determination of the increase in the Aggregate Payment Obligation resulting from a sale of Eligible Subject Loans pursuant to a Shared Execution Forward Commitment, or (Z) the most recent determination of the Residual Income Value of the entire Aggregate Payment Obligation.
Appears in 2 contracts
Sources: Warehousing Credit, Term Loan and Security Agreement (Accredited Home Lenders Holding Co), Warehousing Credit, Term Loan and Security Agreement (Accredited Home Lenders Holding Co)