Program; Initiation of Transactions Clause Samples
The "Program; Initiation of Transactions" clause defines the procedures and requirements for starting transactions under a specific program or agreement. It typically outlines the steps parties must follow to initiate a transaction, such as submitting requests, meeting eligibility criteria, or providing necessary documentation. For example, it may specify how and when a party can request a service or product within the program's framework. This clause ensures that all transactions are initiated in a consistent and orderly manner, reducing confusion and establishing clear expectations for both parties.
Program; Initiation of Transactions a. This Repurchase Agreement is a commitment by the Buyer to purchase from the Sellers certain Mortgage Loans or REO Subsidiary Interests that have been either originated by a Seller or purchased by a Seller from other Qualified Originators and from time to time, the Seller may request a Purchase Price Increase as a result of the addition of REO Property to the REO Subsidiary, in all cases, up to the Maximum Committed Purchase Price; provided, that the Buyer shall have no commitment to enter into any Transaction requested which would result in the aggregate Purchase Price of the then outstanding Transactions to exceed the Maximum Committed Purchase Price. The Buyer’s obligation to enter into each Transaction not to exceed the Maximum Committed Purchase Price (including the initial Transaction) is subject to the satisfaction of the conditions precedent set forth in Section 3 below (as applicable) and Section 11, both immediately prior to entering into such Transaction and also after giving effect thereto. All Purchased Assets shall exceed or meet the Underwriting Guidelines, and shall be serviced by the Servicer.
b. With respect to each Transaction involving Purchased Assets which are not Wet-Ink Mortgage Loans or Repurchased Mortgage Loans, the Sellers shall give the Buyer and the Custodian at least one (1) Business Day prior notice of any proposed Purchase Date (the date on which such notice is given, a “Notice Date”). With respect to Wet-Ink Mortgage Loans or Repurchased Mortgage Loans, the Sellers shall deliver notice of any proposed purchase on or before 7:00 p.m. (New York City time), on the Business Day immediately preceding the Purchase Date (the date on which such notice is given, a “Notice Date”) (including Transactions resulting in a Purchase Price Increase). On a Notice Date, the Sellers shall (i) request that the Buyer enter into a Transaction by furnishing to the Buyer a Transaction Request, (ii) deliver to the Buyer and the Custodian an Asset Schedule and (iii) deliver to the Custodian, or the Buyer, with respect to each Wet-Ink Mortgage Loan, a Request for Certification in accordance with Section 11(b)(3) hereof. In the event the Asset Schedule provided by the Sellers contains erroneous computer data, is not formatted properly or the computer fields are otherwise improperly aligned, the Buyer shall provide written or electronic notice to the Sellers describing such error and the Sellers may either (a) give the Buyer written or electronic aut...
Program; Initiation of Transactions a. On the initial Purchase Date, Administrative Agent on behalf of Buyers purchased the REO Subsidiary Interests. From time to time, Seller may request, and Administrative Agent for the benefit of Buyers (i) will facilitate the purchase by Buyers from Seller of certain Transaction Mortgage Loans that have been either originated by Seller or purchased by Seller from other originators and (ii) may fund additional Purchase Price Increases in connection with the conveyance of Contributed REO Properties to the REO Subsidiary and the corresponding increases of the Purchase Price on account of the REO Subsidiary Interests. This Agreement is a commitment by Committed Buyer to enter into Transactions with Seller up to an aggregate amount equal to the Maximum Committed Purchase Price. This Agreement is not a commitment by Administrative Agent on behalf of Buyers to enter into Transactions with Seller for amounts exceeding the Maximum Committed Purchase Price, but rather, sets forth the procedures to be used in connection with periodic requests for Administrative Agent on behalf of Buyers to enter into Transactions with Seller. Seller hereby acknowledges that, beyond the Maximum Committed Purchase Price, Administrative Agent on behalf of Buyers is under no obligation to agree to enter into, or to enter into, any Transaction pursuant to this Agreement; provided that once Administrative Agent for the benefit of Buyers and Seller enter into a Transaction with respect to one or more Transaction Mortgage Loans or Contributed REO Properties that would in the aggregate exceed the Maximum Committed Purchase Price, Administrative Agent shall not require Seller to repurchase any such Transaction Mortgage Loans or Contributed REO Properties unless such repurchase is otherwise permitted by the terms of this Agreement. All Transaction Mortgage Loans shall exceed or meet the Underwriting Guidelines, and shall be serviced by Seller or Servicer, as applicable. The aggregate Purchase Price of the Purchased Assets (adjusted for any Purchase Price Increases or reductions in Purchase Price, as applicable) subject to outstanding Transactions shall not exceed the Maximum Aggregate Purchase Price.
b. Seller shall request that Administrative Agent enter into a Transaction with respect to Transaction Mortgage Loans by delivering (i) to Administrative Agent, a Transaction Request (A) one (1) Business Day prior to the proposed Purchase Date for Mortgage Loans that are not Wet‑Ink Mortgage Loan...
Program; Initiation of Transactions. Section 3 of the Existing Repurchase Agreement is hereby amended by deleting subsection a. thereof in its entirety and replacing it with the following:
a. From time to time, Buyer will purchase from Seller certain Mortgage Loans that have either been originated by Seller or purchased by Seller from a Correspondent Seller. This Agreement is a commitment by Buyer to enter into Transactions with Seller for an aggregate amount equal to the Maximum Committed Purchase Price. This Agreement is not a commitment by Buyer to enter into Transactions with Seller 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 Seller. 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. All Purchased Mortgage Loans shall exceed or meet the Underwriting Guidelines, and shall be serviced by Servicer. The aggregate Purchase Price of Purchased Mortgage Loans subject to outstanding Transactions shall not exceed the Maximum Aggregate Purchase Price.
Program; Initiation of Transactions. Section 3 of the Existing Repurchase Agreement is hereby amended by adding the following new subsection (h) at the end thereof:
Program; Initiation of Transactions a. From time to time, in the sole discretion of Buyer, Buyer may purchase from Seller certain Mortgage Loans that have been either originated by Seller or purchased by Seller from other originators. This Agreement is not a commitment by Buyer to enter into Transactions with Seller but rather sets forth the procedures to be used in connection with periodic requests for Buyer to enter into Transactions with Seller. Seller hereby acknowledges that Buyer is under no obligation to agree to enter into, or to enter into, any Transaction pursuant to this Agreement. All Purchased Mortgage Loans shall exceed or meet the Acquisition Guidelines, and shall be serviced by Seller or Servicer, as applicable. The aggregate Purchase Price of Purchased Mortgage Loans subject to outstanding Transactions shall not exceed the Maximum Aggregate Purchase Price.
b. Seller shall request that Buyer enter into a Transaction by delivering (i) to Buyer, a Transaction Request (A) one (1) Business Day prior to the proposed Purchase Date for Mortgage Loans that are not Wet-Ink Mortgage Loans or (B) by 3:30 p.m. (New York City time) on the proposed Purchase Date for Wet-Ink Mortgage Loans and (ii) to Buyer and Custodian a Mortgage Loan Schedule, in accordance with the Custodial Agreement. In the event the Mortgage Loan Schedule provided by Seller contains erroneous computer data, is not formatted properly or the computer fields are otherwise improperly aligned, Buyer shall provide written or electronic notice to Seller describing such error and Seller shall correct the computer data, reformat or properly align the computer fields itself and resubmit the Mortgage Loan Schedule as required herein.
c. With respect to each Exception Mortgage Loan, upon receipt of the Transaction Request, Buyer shall, consistent with this Agreement, specify the terms for such proposed Transaction, including the Purchase Price, the Pricing Rate, the Market Value, the Asset Value and the Repurchase Date in respect of such Transaction. The terms thereof shall be set forth in the Purchase Confirmation to be delivered to Seller on or prior to the Purchase Date.
d. With respect to each Exception Mortgage Loan, the Purchase Confirmation, together with this Agreement, shall constitute conclusive evidence of the terms agreed between Buyer and Seller with respect to the Transaction to which the Purchase Confirmation relates, and Seller’s acceptance of the related proceeds shall constitute Seller’s agreement to the terms ...
Program; Initiation of Transactions. (a) From time to time during the Funding Period, in the sole discretion of Buyer, Buyer may enter into Transactions with Seller and subsequent increases (including Future Advance Purchases) (and corresponding decreases, as applicable) in the Purchase Price thereof in connection with subsequent Transactions relating (i) to the contribution of additional Underlying Mortgage Loans into the Trust or (ii) Buyer’s purchase from the Seller of Purchased Assets consisting of Permitted REO Assets. This Agreement is not a commitment by ▇▇▇▇▇ to enter into Transactions with Seller but rather sets forth the procedures to be used in connection with periodic requests for Buyer to enter into Transactions with Seller. Seller hereby acknowledges that (i) Buyer is under no obligation to agree to enter into, or to enter into, any Transaction pursuant to this Agreement and (ii) with respect to any Underlying Asset for which less than the full principal amount has been funded by Seller as of the Purchase Date therefor, Buyer’s agreement to enter into a Transaction with respect to such Underlying Asset on such Purchase Date shall in no way obligate Buyer to make any additional advance with respect thereto unless ▇▇▇▇▇ agrees, in its sole and absolute discretion, to make such additional advance in accordance with this Agreement. All Underlying Assets proposed to be sold by Seller to Buyer or contributed to the Trustee on behalf of the Trust shall exceed or meet the Underwriting Guidelines and shall be serviced by Servicer on behalf of Buyer or Trustee on behalf of the Trust for the benefit of Buyer, as applicable. No Transaction shall be entered into if (i) any Margin Deficit, Default or Event of Default exists or would exist as a result of such Transaction; (ii) the Repurchase Date for the Purchased Assets or Underlying Assets subject to such Transaction would be later than the Termination Date; or (iii) after giving effect to such Transaction, the Aggregate Purchase Price then outstanding would exceed the Maximum Aggregate Purchase Price.
(b) With respect to each Transaction, the Seller shall provide notice of a proposed sale and comply with the procedures set forth in this Agreement. Following receipt of such request, ▇▇▇▇▇ may enter into such requested Transaction or may notify Seller of its intention not to enter into such Transaction for any reason. Seller may request a Transaction hereunder on any Business Day during the Funding Period by delivering to Buyer a Transaction ...
Program; Initiation of Transactions a. From time to time, Buyer will purchase from Seller certain Mortgage Loans that have been originated by Seller. This Agreement is a commitment by Buyer to enter into Transactions with Seller for an aggregate amount equal to the Maximum Committed Purchase Price. This Agreement is not a commitment by Buyer to enter into Transactions with Seller 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 Seller. Seller hereby acknowledges that, beyond the [***] Confidential treatment has been requested for the bracketed portions. The confidential redacted portion has been omitted and filed separately with the Securities and Exchange Commission.
Program; Initiation of Transactions. Section 3(a) of the Existing Repurchase Agreement is hereby amended by deleting the first sentence thereof and replacing it with the following: “From time to time, Buyer will purchase from Seller certain Mortgage Loans that have either been originated by Seller or purchased by Seller from a Correspondent Seller.”
Program; Initiation of Transactions a. From time to time, Buyer will purchase from Seller certain Mortgage Loans that have been either originated by Seller or purchased by Seller from other originators. This Agreement is not a commitment by Buyer to enter into Transactions with Seller but rather sets forth the procedures to be used in connection with periodic requests for Buyer to enter into Transactions with Seller. Seller hereby acknowledges that Buyer is under no obligation to agree to enter into, or to enter into, any Transaction pursuant to this Agreement. All Purchased Mortgage Loans shall exceed or meet the Underwriting Guidelines, and shall be serviced by
Program; Initiation of Transactions. Subsection (f) of Section 3 is hereby amended by adding the following sentence at the end thereof: "The Sellers shall disburse to the Disbursement Agent the funds related to the Wet-Ink Mortgage in accordance with the terms of the Disbursement Agreement."