Common use of Commitment to Purchase Clause in Contracts

Commitment to Purchase. (a) From time to time, the Seller may present one or more loans for sale to the Purchaser. If the Purchaser determines that such loans meet its eligibility criteria, then the Purchaser and the Seller may execute a Commitment Letter, in the form of Exhibit 2 hereto, setting forth the terms of the sale and delivery of such Qualified Loans. (b) The execution of a Commitment Letter by the Seller and the Purchaser with respect to a Qualified Loan shall obligate the Seller to deliver, and shall obligate the Purchaser to pay for, the related Qualified Loan. In the event the Seller does not deliver a Qualified Loan on the related Sale Date, or in the event the Purchaser does not pay for a Qualified Loan on the related Sale Date, then the defaulting party shall be liable to the non-defaulting party for proven monetary damages (if any) available to it under applicable law. (c) Upon execution of a Commitment Letter as set forth in Section 2.01(b), the Seller shall sell, and the Purchaser shall purchase, on the terms and conditions stated herein and in the related Commitment Letter, without recourse, except as specifically set forth herein, all of the Seller's right, title and interest in, to and under Qualified Loans, as set forth in such Commitment Letter. (d) The terms and conditions set forth in the Commitment Letter with respect to each Qualified Loan and Sale Date shall be incorporated herein. In the event of any conflict between the terms of this Master Agreement and the related Commitment Letter, the Commitment Letter shall control.

Commitment to Purchase. (a) From time to time, the Seller may present one or more loans for sale to the Purchaser. If the Purchaser determines that such loans meet its eligibility criteria, then the Purchaser and the Seller may execute a Commitment Letter, substantially in the form of Exhibit 2 hereto, setting forth the terms of the sale and delivery of such Qualified Loans, including whether the Qualified Loan is a Covered Loan. (b) The execution of a Commitment Letter by the Seller and the Purchaser with respect to a Qualified Loan shall obligate the Seller to deliver, and shall obligate the Purchaser to pay for, the related Qualified Loan. In the event the Seller does not deliver a Qualified Loan on the related Sale Date, or in the event the Purchaser does not pay for a Qualified Loan on the related Sale Date, then the defaulting party shall be liable to the non-defaulting party for proven monetary damages (if any) available to it under applicable law. (c) Upon execution of a Commitment Letter as set forth in Section 2.01(b), the Seller shall sell, and the Purchaser shall purchase, on the terms and conditions stated herein and in the related Commitment Letter, without recourse, except as specifically set forth herein, all of the Seller's ’s right, title and interest in, to and under Qualified Loans, as set forth in such Commitment Letter. (d) The terms and conditions set forth in the Commitment Letter with respect to each Qualified Loan and Sale Date shall be incorporated herein. In the event of any conflict between the terms of this Master Agreement and the related Commitment Letter, the Commitment Letter shall control.