Master Commitment definition

Master Commitment means an agreement between an MPF Bank and its participating member pursuant to which the member agrees to originate Agency Loans or sell Closed Loans for or to such MPF Bank and service such Mortgage Loans thereafter, in accordance with the Guides.

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Master Commitment shall have the meaning set forth in Section 4(a).

Master Commitment. A document (including any addenda or attachments thereto) executed by the PFI and the Bank in accordance with the Guides, which provides the terms under which the PFI will deliver mortgages to the Bank.

Examples of Master Commitment in a sentence

The maximum CE obligation is also stated in the Master Commitment.
Credit Enhancement Fee The PFI will be paid a monthly CE Fee of an amount mutually agreed upon, as specified in the Master Commitment.
The PFI will pay Realized Losses for a Master Commitment in excess of the balance of the FLA, up to the amount of the PFI's CE obligation.
The PFI CE obligation is equal to the total Credit Enhancement less the First Loss Account (“FLA”), subject, however, to a minimum PFI CE obligation as stated in the Master Commitment.
A PFI or Servicer that uses multiple custodians must name a Custodian for each Master Commitment under the MPF Program.
There can be more than one Master Commitment outstanding at any time.
Credit Enhancement Fee The PFI will be paid a monthly CE Fee of an amount mutually agreed upon, as specified in the Master Commitment, split into Fixed and Performance CE Fees.
Credit Enhancement Obligation Reset 5 years after the Master Commitment expires or is filled, whichever comes first and every year thereafter, the CE will be recalculated.
Credit Enhancement Obligation Reset Periodically (such time periods to be mutually agreed upon), after a Master Commitment is executed, the total CE will be recalculated and, if such recalculated total CE would result in the PFI's CE obligation being lower than the PFI's remaining obligation, the PFI’s CE obligation will be reset to the new, lower level.
Credit Enhancement Obligation Reset 10 years after a Master Commitment is executed the CE will be recalculated, and, if such recalculated CE would result in the PFI's CE obligation being lower than the PFI's remaining obligation, the PFI's CE obligation will be reset to the new, lower level.

More Definitions of Master Commitment

Master Commitment means a written master commitment or any ----------------- other written commitment, on general terms and conditions approved by the Agent, from an Investor to purchase from the Borrower from time to time up to a specified dollar amount of Mortgage Loans without specification of the yield or purchase price of each such Mortgage Loan.

Master Commitment. The Master Commitment dated as of November 1, 1996 between the Buyer and the MCA Companies hereto.

Master Commitment. A Master Commitment of the Originator to sell Mortgages under this Contract, to be entered into by the Originator and the Bank in accordance with the Guides.

Master Commitment. The Master Commitment for Corporate Finance Relationships dated as of December 16, 1996 among the Buyer and the Seller hereto.