COMMITMENT TO PURCHASE LOANS Clause Samples
The Commitment to Purchase Loans clause establishes the obligation of one party, typically a lender or investor, to buy specified loans from another party under agreed terms. In practice, this clause outlines the types of loans covered, the purchase price, and the conditions that must be met before the purchase occurs, such as due diligence or documentation requirements. Its core function is to provide certainty and structure to the loan sale process, ensuring both parties understand their rights and obligations and reducing the risk of disputes or failed transactions.
COMMITMENT TO PURCHASE LOANS. The following is hereby added at the end of the first sentence of Section 2: “except that for the purposes of Subprime Loans, the procedure pursuant to which Seller may commit to sell a Subprime Loan to Countrywide is detailed in the Subprime section of the Guide.”
COMMITMENT TO PURCHASE LOANS. The procedure pursuant to which Seller may commit to sell a Loan to Countrywide is detailed in the Loan Registration section of the Manual. For purposes of this Agreement, Countrywide and Seller define a best effort commitment to be a mandatory commitment if the Loan closes. Countrywide will confirm the conditions of the sale of the Loan to Countrywide by delivering a confirmation (“Commitment”) to Seller which sets forth the terms of the transaction, including the price Countrywide will pay for each Loan, as determined pursuant to the Pricing standards set forth in the Manual (the “Purchase Price”). The terms of the Commitment, including the Purchase Price, shall be in effect for the period of time requested by Seller and approved by Countrywide (the “Commitment Period”). If Seller is approved by Countrywide to sell Loans to Countrywide on a bulk sale basis, Countrywide and Seller shall execute the Addendum to Loan Purchase Agreement (Bulk Sales) which shall be attached to and incorporated into this Agreement by reference.
COMMITMENT TO PURCHASE LOANS. The procedure pursuant to which Seller may commit to sell a Loan to Plaza is prescribed in the Guide. Seller will only deliver loans on Best Efforts (see definition below) pricing and delivery programs. For purposes of this Agreement, Plaza and Seller define a best effort commitment to be a mandatory commitment if the Loan closes. Plaza will confirm the conditions of the sale of the Loan to Plaza by delivering a lock confirmation (the “Lock Confirmation”) to the Seller which sets forth the terms of the transaction and the price Plaza will pay for each Loan, as determined pursuant to the pricing standards set forth in the Guide (the “Purchase Price”). The terms of the commitment, including the Purchase Price, shall be in effect for the period of time requested by Seller and approved by Plaza (the “Commitment Period”).
COMMITMENT TO PURCHASE LOANS. The procedure pursuant to which Seller may commit to sell a Loan to PHM is prescribed in the Guide. Seller will only deliver loans on Best Efforts (see definition below) pricing and delivery programs. For purposes of this Agreement, PHM and Seller define a best effort commitment to be a mandatory commitment if the Loan closes. PHM will confirm the conditions of the sale of the Loan to PHM by delivering a lock confirmation (the “Lock Confirmation”) to the Seller which sets forth the terms of the transaction and the price PHM will pay for each Loan, as determined pursuant to the pricing standards set forth in the Guide (the “Purchase Price”). The terms of the commitment, including the Purchase Price, shall be in effect for the period of time requested by Seller and approved by PHM (the “Commitment Period”).
COMMITMENT TO PURCHASE LOANS. The procedure pursuant to which Seller may commit to sell a Loan to CMG shall be as set forth by CMG. Once requested to purchase a Loan, CMG will confirm the conditions of the sale of the Loan to CMG by delivering a confirmation (“Commitment”) to Seller which sets forth the terms of the transaction, including the price CMG will pay for each Loan (the “Purchase Price”), upon Seller’s fulfillment of its obligations under the Commitment and this Agreement. The terms of the Commitment, including the Purchase Price, shall be in effect for the period of time requested by Seller and approved by CMG (the “Commitment Period”).