Mandatory Commitment means a Commitment requiring Seller to unconditionally sell a Loan or group of Loans to Arc as set forth in such Mandatory Commitment. If Seller does not fulfill the Commitment terms prior to the Commitment expiration, the Seller will be subject to a Pair Off Fee payable to Arc.
Mandatory Commitment means a Commitment requiring Seller to unconditionally sell a loan or group of loans to Arc Home as set forth in such Mandatory Commitment. If Seller does not fulfill the Commitment terms prior to the Commitment expiration, the Seller will be subject to a Pair Off Fee payable to Arc Home.
Mandatory Commitment means an unexpired written commitment held by Borrower from an Approved Investor to purchase Mortgage Loans, in a form satisfactory to Agent, (a) that specifies (i) the type or item(s) of Mortgage Loans to be purchased, (ii) a purchase date or purchase deadline date, and (iii) a purchase price or the criteria by which the purchase price will be determined, and (b) that is a so-called “mandatory” commitment, under which the Borrower is obligated to sell such Mortgage Loan(s).
Examples of Mandatory Commitment in a sentence
Seller acknowledges and agrees that delivery of all Loans locked under a Mandatory Commitment and locked and closed under a Best Efforts Commitment is mandatory and that time is of the essence.
If accepted, Seller will provide Arc with a Best Efforts or Mandatory Commitment, as applicable.
If Seller fails to timely deliver a closed Best Effort Loan or fulfill its obligations under a Mandatory Commitment, Arc may renegotiate the Purchase Price of the Loan including without limitation extension and suspense fees in accordance with the Seller's Guide.
If the Seller fails to fulfill its obligations under a Best Efforts or Mandatory Commitment the Seller will be subject to a Pair Off Fee determined in accordance with the Arc Correspondent Seller's Guide.
Each Mandatory Commitment Reduction in this clause (d) will be in addition to, and will not be reduced by, any (x) other mandatory commitment reduction or (y) optional commitment reduction.
More Definitions of Mandatory Commitment
Mandatory Commitment means the required sale and delivery by Seller to Purchaser of one or more identified Mortgage Loans or a specified principal amount of Mortgage Loans. A Best Efforts Commitment with respect to a Locked Loan shall become a Mandatory Commitment with respect to such Mortgage Loan upon the related Closing Date.
Mandatory Commitment. A Commitment which Correspondent is unconditionally required to fulfill by selling the Loan set forth in such Mandatory Commitment to Chase.
Mandatory Commitment means a bona fide, current, unfilled and unexpired written commitment held by the Seller from an Approved Investor to purchase Mortgage Loans or, if applicable, an Agency MBS, in form and substance satisfactory to the Buyer in its sole discretion, (a) that specifies (i) the type or item(s) of Mortgage Loans or, if applicable, Agency MBS to be purchased, (ii) a purchase date or purchase deadline date, and (iii) a purchase price or the criteria by which the purchase price will be determined, and (b) that is a so-called “mandatory” commitment, under which the Seller is obligated to sell such Mortgage Loan(s) or, if applicable, Agency MBS.
Mandatory Commitment. A Commitment requiring Lender to unconditionally sell a Loan to New Penn Financial as set forth in such Mandatory Commitment. Notwithstanding the foregoing, any duty or obligation on the part of New Penn Financial to purchase a Loan under a Mandatory Commitment shall be conditioned upon such Loan complying with all of the terms and conditions of the Commitment, the Agreement, this Guide, and all of New Penn Financials documentation, underwriting, and product requirements in effect as of the Purchase Date. In no event shall New Penn Financial be required to purchase any Loan that does not fully comply with same.
Mandatory Commitment rows set forth therein in their entirety and replacing them, respectively, with the following: "Commitment: $1,000,000,000" "Mandatory Commitment: $700,000,000" (q) Schedule B (Eligible Receivable Criteria) is amended by deleting clauses 5, 6, 17 and 20 set forth therein in their entirety and replacing them, respectively, with the following: "5. which has a Principal Balance of at least $500 but not more than $100,000;" "6. which constitutes an 'account,' '"tangible chattel paper,' 'electronic chattel paper,' or a 'payment intangible' under and as defined in Article 9 of the UCC as then in effect in the relevant State;" "17. either (a) with respect to Receivables that are 'tangible chattel paper' under and as defined in Article 9 of the UCC as then in effect in the relevant State, (i) there is only one original executed copy of each Contract, (ii) such Contract is in the possession of the Collateral Custodian, (iii) such Contract has not been sold, transferred, assigned, or pledged by DFC to any Person other than the Borrower, and (iv) such Contract has not been stamped or otherwise marked to show any interest of any Person other than the Borrower; or (b) with respect to Receivables that are 'electronic chattel paper' under and as defined in Article 9 of the UCC as then in effect in the relevant
Mandatory Commitment means, with respect to any Lender or Lender Group, the amount set forth as the "Mandatory Commitment" in the related Lender Supplement, as such amount may be modified from time to time in accordance with the terms hereof. "Material Adverse Change" means any event or condition which would have a material adverse effect on (i) the collectability of all or a material portion of the Receivables, (ii) the condition (financial or otherwise), business or properties of the Borrower, (iii) the ability of the Servicer to collect on the Receivables, (iv) the condition (financial or otherwise), business or properties of DFC, or (v) the condition (financial or otherwise), businesses or investments of the Performance Guarantor. For the avoidance of doubt, the following is a non-exclusive list of changes to the Credit and Collection Policy which, if reasonably likely to negatively impact the creditworthiness or collectability of any Receivables, will be deemed to constitute a “Material Adverse Change” unless such changes are made with the consent of the Administrative Agent in the manner set forth in this Agreement: changes that would modify any of (a) the threshold that determines whether an origination can be made upon the authority of a “level 2 underwriter” or a "level 3 underwriter"; (b) the maximum allowable threshold limitations for substantial underwriting criteria, including but not limited to those related to loan term, Debt-to-Income Ratio, Payment-to-Income Ratio, and Loan-to-Value Ratio; (c) the categorization of receivables as delinquent, non-performing, defaulted or charged-off; (d) material collection processes relating, without limitation, to delinquent, non-performing, defaulted or charged-off receivables, loan loss recognition, loan modification (including extensions and deferrals), end-of-term recovery and processing, and collateral recovery; and (e) any provisions for credit exceptions; and (f) stated creditworthiness thresholds required for obligors. "Material Adverse Effect" means, with respect to any Person and to any event or circumstance, a material adverse effect on (i) the business, condition (financial or otherwise), operations, performance, properties or prospects of such Person (including any such change or effect resulting from the introduction of or change in any Applicable Laws or any ruling, order or other action by any Governmental Authority), taken as a whole, (ii) the validity or enforceability of this Agreement or any other Basic Do...
Mandatory Commitment. A Commitment requiring Lender to unconditionally sell a Loan to NewRez as set forth in such Mandatory Commitment. Notwithstanding the foregoing, any duty or obligation on the part of NewRez to purchase a Loan under a Mandatory Commitment shall be conditioned upon such Loan complying with all of the terms and conditions of the Commitment, the Agreement, this Guide, and all of NewRez's documentation, underwriting, and product requirements in effect as of the Purchase Date. In no event shall NewRez be required to purchase any Loan that does not fully comply with same.