Common use of COMMITMENT TO PURCHASE LOANS Clause in Contracts

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 Plaza is prescribed in the Guide. As determined by Plaza in its sole and absolute discretion, Seller will only deliver loans on may be approved to participate in Best Efforts (see definition below) below)-Mandatory 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”).