Common use of Takeout Commitment Clause in Contracts

Takeout Commitment. Each Conforming Mortgage Loan, Jumbo Mortgage Loan, HECM Loan, High Balance Conforming Mortgage Loan, Other Agency Mortgage Loan, Mortgage Loan Release on Trust Receipt, Wet Loan, Specified Mortgage Loan and Agency Security is covered by a Takeout Commitment, does not exceed the availability under such Takeout Commitment (taking into consideration mortgage loans which have been purchased by the respective Approved Investor under the Takeout Commitment and mortgage loan which Seller has identified to Buyer as covered by such Takeout Commitment) and conforms to the requirements and the specifications set forth in such Takeout Commitment and the related regulations, rules, requirements and/or handbooks of the applicable Approved Investor and is eligible for sale to and insurance or guaranty by, respectively the applicable Approved Investor and applicable insurer. Each Takeout Commitment is a legal, valid and binding obligation of Seller enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law).

Takeout Commitment. Each Conforming Mortgage Loan, Jumbo Certified Conforming Mortgage Loan, HECM Exception Conforming Mortgage Loan, High Balance Conforming Mortgage Loan, Other Agency Mortgage Loan, Loan and Jumbo Mortgage Loan Release on Trust Receipt, Wet Loan, Specified Mortgage Loan and Agency Security is covered by a Takeout Commitment, does not exceed the availability under such Takeout Commitment (taking into consideration mortgage loans which have been purchased by the respective Approved Takeout Investor under the Takeout Commitment and mortgage loan which Seller has identified to Buyer as covered by such Takeout Commitment) and conforms to the requirements and the specifications set forth in such Takeout Commitment and the related regulations, rules, requirements and/or handbooks of the applicable Approved Takeout Investor and is eligible for sale to and insurance or guaranty by, respectively the applicable Approved Takeout Investor and applicable insurer. Each Takeout Commitment is a legal, valid and binding obligation of Seller enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law).

Takeout Commitment. Each Conforming Mortgage Loan, Jumbo Mortgage Loan, HECM Loan, High Balance Conforming Mortgage Loan, Other Agency Mortgage Loan, Mortgage Loan Release on Trust Receipt, Wet Loan, Specified Mortgage Loan and Agency Security is covered by a Take-out Commitment, which may be in the form of a "master" Takeout Commitment, does not exceed the availability under such Takeout Take-out Commitment (taking into consideration mortgage loans which have been purchased by the respective Approved Take-out Investor under the Takeout Take-out Commitment and mortgage loan which related Seller has identified to Buyer as covered by such Takeout Take-out Commitment) and conforms to the requirements and the specifications set forth in such Takeout Take-out Commitment and the related regulations, rules, requirements and/or handbooks of the applicable Approved Take-out Investor and is eligible for sale to and insurance or guaranty by, respectively the applicable Approved Take-out Investor and applicable insurer. Each Takeout Commitment is a legal, valid and binding obligation of related Seller enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ ' rights generally and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law).. Each Agency Takeout Commitment designates the Buyer as the payee of the purchase price thereunder;