Loan Purchase Clause Samples
The Loan Purchase clause defines the terms and conditions under which one party may buy a loan from another party. Typically, this clause outlines the process for initiating a purchase, the calculation of the purchase price, and any required notifications or consents. For example, it may specify that the buyer must pay the outstanding principal plus accrued interest, and that the seller must transfer all rights and obligations associated with the loan. The core function of this clause is to provide a clear and orderly mechanism for transferring loan ownership, thereby facilitating liquidity and flexibility in financial arrangements.
Loan Purchase. (a) Prior to the issuance by CMGFC of its stock or units including its stock in anticipation of CMGFC electing Real Estate Investment Trust status (the "REIT Issuance"), in connection with any Securitization, CTS or an affiliate thereof (the "Purchaser") shall have the right to purchase from CMGFC, at CTS's sole option, an amount of Loans (the "Purchased Loans") representing up to (A) 75%, during and prior to 1997, (B) 50%, during 1998, and (C) 25%, during 1999 and thereafter, of the Loans, by principal balance, intended to be securitized in such Securitization (however, in individual transactions, the percentage so purchased may vary by as much as 5% from the level specified for such year), or such greater amount as agreed to by CMGFC and the Agent, immediately prior to their transfer for such Securitization.
(b) On or after the REIT Issuance, and through and including December 31, 2001, during each month the Purchaser shall have the right to purchase from CMGFC, at CTS's sole option, an amount of Loans (also the "Purchased Loans") representing up to 75% of the Loans that are fixed rate loans which are originated or acquired by CMGFC during such month, by principal balance (the "Monthly Purchase Target"), or such greater amount as agreed to by CMGFC and the Agent. CMGFC may also use Loans which are adjustable rate loans ("ARM Loans") to satisfy the Monthly Purchase Target for any month by offering to sell such Loans to the Purchaser, provided that the ARM Loans, by principal balance, represent no more than 50% of the related Monthly Purchase Target.
(c) On or after the REIT Issuance, and through and including December 31, 2001, on the fifth business day after the close of each calendar quarter, to the extent that the (i) sum of the Monthly Purchase Targets for the months in the previous calendar quarter, exceeds (ii) the aggregate principal balance of eligible Loans offered for sale by CMGFC to the Purchaser during such calendar quarter in accordance with the terms of this Investment Banking Services Agreement, then CMGFC shall promptly pay to CTS a sum equal to the product of (y) 0.0040, and (z) the amount by which value determined pursuant to clause (i) hereof, exceeds the value determined pursuant to clause (ii) hereof.
(d) The Purchased Loans will be selected so as to be representative in all respects to the Loans being securitized in such Securitization. The Purchaser shall pay CMGFC an amount equal to the fair market value of the Purchased Loans as ...
Loan Purchase. Table Funder shall purchase from Renasant Bank any Loan that Table Funder originated in violation of any term, condition, representation or warranty of this Agreement. The purchase price shall be equal to the unpaid principal balance of the Loan, any premium paid to Table Funder by Renasant Bank, plus any accrued but unpaid interest due on the date of purchase. Table Funder shall pay the purchase price to Renasant Bank within five (5) calendar days of Renasant Bank’s request.
Loan Purchase. In the event Purchaser elects for Purchaser or its designee to acquire the Loan (whether with or without a Partial Paydown Amount), (i) if Seller or 191 Finance Associates, L.P. does not have the original Note to deliver, an affidavit and indemnity in form reasonably acceptable to Purchaser that the original Note has been lost and attached thereto is a copy believed to be a true and correct copy of the Note, (ii) an endorsement of the Note to the order of Purchaser or its designee, and (iii) an assignment to Purchaser or its designee of the Security Deed and all other Loan Documents in the form attached hereto as Schedule 8. In the event Purchaser does not elect to acquire the Loan, Seller shall cause the Note to be canceled, the Security Deed satisfied of record and the other Loan Documents terminated.
Loan Purchase. Lender shall have completed its purchase of the Loan from HCN on terms satisfactory to Lender.
Loan Purchase. Broker shall purchase from SouthState any Loan that Broker originated in violation of any term, condition, representation or warranty of this Agreement. The purchase price shall be equal to the unpaid principal balance of the Loan, any premium paid to Broker by SouthState, plus any accrued but unpaid interest due on the date of purchase. Broker shall pay the purchase price to SouthState within five (5) calendar days of SouthState's request.
Loan Purchase. Section 10 of the Investment Banking Services Agreement shall be replaced in its entirety with the following:
Loan Purchase. Broker shall purchase from CenterState any Loan that Broker originated in violation of any term, condition, representation or warranty of this Agreement. The purchase price shall be equal to the unpaid principal balance of the Loan, any premium paid to Broker by CenterState, plus any accrued but unpaid interest due on the date of purchase. Broker shall pay the purchase price to CenterState within five (5) calendar days of CenterState’s request.
Loan Purchase. During the Term of Exclusivity, in connection with any Securitization, CTS or an affiliate thereof (the "Purchaser") shall have the right to purchase from CMGFC, at CTS's sole option, an amount of Loans (the "Purchased Loans") representing up to (A) 75%, during and prior to 1997, (B) 50%, during 1998, and (C) 25%, during 1999 and thereafter, of the Loans, by principal balance, intended to be securitized in such Securitization (however, in individual transactions, the percentage so purchased may vary by as much as 5% from the level specified for such year), or such greater amount as agreed to by CMGFC and the Agent, immediately prior to their transfer for such Securitization. The Purchased Loans will be selected so as to be representative in all respects to the Loans being securitized in such Securitization. The Purchaser shall pay CMGFC an amount equal to the fair market value of the Purchased Loans as the purchase price therefor. If CMGFC questions the Purchaser's determination of the fair market value of the Purchased Loans, CMGFC and the Purchaser will agree to reexamine such determination if CMGFC demonstrates that such determination is materially different from the prices bid by two or more separate unrelated third party investors who have extended binding offers to purchase such Purchased Loans. The sale of the Purchased Loans will be effected through a purchase agreement wherein CMGFC will provide the Purchaser with (i) the same representations and warranties with respect to the Purchased Loans as will be provided in the Securitization to the Issuer, with respect to the Loans securitized thereunder, (ii) indemnification for any liabilities resulting from the breach of such representations and warranties, and (iii) the right to assign such representations and warranties and such right to indemnification to any assignee of the Purchaser. The Purchaser shall have the right (x) to deposit the Purchased Loans into the Issuer effecting such Securitization, (y) to assign the rights described in clause (iii) above to the Issuer in lieu of being required to separately provide such representations and warranties and such indemnification and (z) to receive in consideration therefor a fractional portion of the total amount of (A) the Residual Interest and the I/O Interests issued in such Securitization, (B) the other Securities issued in such Securitization which were not sold to the public or the underwriters or privately placed with third persons, and (C) the...
Loan Purchase. Consummation of the acquisition of the Loans by Purchaser from Seller in accordance with the terms of the Loan Purchase Agreement and the acquisition of the REIT Loans by Purchaser from REIT in accordance with the terms of the REIT Loan Purchase Agreement.
Loan Purchase. The Holder shall have acquired the Loan from the Purchaser and such Loan shall have been exchanged for a new Loan from the Company payable to the order of the Holder.