Initiation Termination Clause Samples
Initiation Termination. 39 3.1. Seller Request; Agent Confirmation ............................................................................. 39 3.2. Request/Confirmation ................................................................................................... 40 3.3. Transaction Termination; Purchase Price Decrease ..................................................... 40 3.4. Place for Payments of Repurchase Prices ..................................................................... 41 3.5. Withdrawals from and Credits to Operating Account .................................................. 41 3.6. [Reserved] ..................................................................................................................... 42 3.7. Disbursements from Repurchase Settlement Account .................................................. 42 3.8. Delivery of Additional Mortgage Loans ....................................................................... 42 3.9. Application of Purchase Price Decreases ..................................................................... 42 3.10. Defaulting Buyers ......................................................................................................... 43 3.11. eMortgage Loan Transactions ....................................................................................... 45 Section 4. Transaction Limits and Sublimits. ........................................................................ 47 4.1. Transaction Limits ........................................................................................................ 47 4.2. Transaction Sublimits ................................................................................................... 48 4.3. Compliance ................................................................................................................... 49 Section 5.
Initiation Termination. Section 3 of the Existing Repurchase Agreement is hereby amended by deleting subsection (e) in its entirety and replacing it with the following:
Initiation Termination. Section 3 of the Existing Repurchase Agreement is hereby amended by adding the following new subsection (b)(xvi) in its proper order:
Initiation Termination. 2526 SECTION 4. MARGIN AMOUNT MAINTENANCE .......................................................3233 SECTION 5.
Initiation Termination. 17 4. RESERVED........................................................................ 22 5.
Initiation Termination. 21 SECTION 4.
Initiation Termination. Section 3 of the Existing Repurchase Agreement is hereby amended by:
2.1 deleting clauses (b)(vi), (b)(vii) and (b)(viii) in their entirety and replacing them with the following, respectively:
Initiation Termination. (a) Conditions Precedent to Initial Transaction. Buyer’s agreement to enter into the initial Transaction hereunder is subject to the satisfaction, immediately prior to or concurrently with the making of such Transaction, of the condition precedent that Buyer shall have received from Seller any fees and expenses payable hereunder, and all of the following documents, each of which shall be satisfactory to Buyer and its counsel in form and substance:
(i) The following Facility Documents, duly executed and delivered to Buyer:
(A) Agreement. This Agreement, duly executed by the parties thereto.
Initiation Termination. Section 3 of the Existing Repurchase Agreement is hereby amended by:
3.1 deleting the first paragraph of clause (b) in its entirety and replacing it with the following: Upon satisfaction of the conditions set forth in this Section 3(b), Buyer may enter into a Transaction with Seller up to the Maximum Aggregate Purchase Price. Buyer may enter into a Transaction in Buyer’s sole discretion. Buyer’s entering into each Transaction (including the initial Transaction) is subject to the satisfaction of the following further conditions precedent, both immediately prior to entering into such Transaction and also after giving effect thereto to the intended use thereof:
3.2 deleting clause (b)(iv) in its entirety and replacing it with the following:
Initiation Termination. Section 3 of the Existing Repurchase Agreement is hereby amended by adding the following lead in paragraph to the beginning thereto: “This Agreement is a commitment by Buyer to enter into Transactions with the Sellers for an amount equal to the Maximum Committed Purchase Price. This Agreement is not a commitment by Buyer to enter into Transactions with the Sellers for amounts exceeding the Maximum Committed Purchase Price but rather sets forth the procedures to be used in connection with periodic requests for Buyer to enter into Transactions with the Sellers. Each Seller hereby acknowledges that, beyond the Maximum Committed Purchase Price, Buyer is under no obligation to agree to enter into, or to enter into, any Transaction pursuant to this Agreement. The aggregate Purchase Price of Purchased Mortgage Loans subject to outstanding Transactions shall not exceed the Maximum Purchase Price.”