Common use of Rate Confirmation Clause in Contracts

Rate Confirmation. In the case of a DMBS execution, within one (1) Business Day after receipt of the Rate Form and upon satisfaction of all of the conditions to Lender’s obligation to make the Advance, Lender shall solicit bids from institutional investors selected by Lender based on the information in the Rate Form and, provided the actual Coupon Rate would be at or below the Maximum Annual Coupon Rate, shall obtain a commitment (“DMBS Commitment”) for the purchase of an DMBS having the bid terms described in the related Rate Form. In the case of a cash execution, within one (1) Business Day after receipt of the Rate Form, Lender shall obtain a commitment from Xxxxxx Mae (“Xxxxxx Xxx Commitment”) for the purchase of the proposed Advance having the terms described in the related Rate Form. Lender shall then complete and countersign the Rate Form thereby confirming the amount, term, and Closing Date for the Advance, in the case of a Variable Advance, the DMBS Issue Date, DMBS Delivery Date or DMBS Imputed Interest Rate, Variable Facility Fee, Coupon Rate, Discount and Price, and in the case of a Fixed Advance, the Cash Interest Rate and shall immediately deliver by facsimile transmission the Rate Form to Borrower.

Rate Confirmation. In the case of a DMBS execution, within one (1) Business Day after receipt of the Rate Form and upon satisfaction of all of the conditions to Lender’s obligation to make the Advance, Lender shall solicit bids from institutional investors selected by Lender based on the information in the Rate Form and, provided the actual Coupon Rate would be at or below the Maximum Annual Coupon Rate, shall obtain a commitment (“DMBS Commitment”) for the purchase of an a DMBS having the bid terms described in the related Rate Form. In the case of a cash execution, within one (1) Business Day after receipt of the Rate Form, Lender shall obtain a commitment from Xxxxxx Mae (“Xxxxxx Xxx Commitment”) for the purchase of the proposed Advance having the terms described in the related Rate Form. Lender shall then complete and countersign the Rate Form thereby confirming the amount, term, and Closing Date for the Advance, in the case of a Variable DMBS Advance, the DMBS Issue Date, DMBS Delivery Date or Date, DMBS Imputed Interest Rate, Variable Facility Fee, Coupon Rate, Discount and Price, in the case of the Variable Structured ARM Advance, the Adjustable Rate, and in the case of a Fixed Advance, the Cash Interest Rate and shall immediately deliver by facsimile transmission the Rate Form to Borrower.

Rate Confirmation. In the case of a DMBS an MBS execution, within one (1) Business Day after receipt of the Rate Form and upon satisfaction of all of the conditions to Lender’s obligation to make the Advance, Lender shall solicit bids from institutional investors selected by Lender based on the information in the Rate Form and, provided the actual Coupon Rate would be at or below the Maximum Annual Coupon Rate, shall obtain a commitment (“DMBS MBS Commitment”) for the purchase of an DMBS MBS having the bid terms described in the related Rate Form. In the case of a cash execution, within one (1) Business Day after receipt of the Rate Form, Lender shall obtain a commitment from Xxxxxx Mae Xxx (“Xxxxxx Xxx Commitment”) for the purchase of the proposed Advance having the terms described in the related Rate Form. Lender shall then complete and countersign the Rate Form thereby confirming the amount, term, MBS Issue Date, MBS Delivery Date, MBS Imputed Interest Rate, Cash Interest Rate, Fixed Facility Fee or Variable Facility Fee, as the case may be, Coupon Rate, Discount, Price, and Closing Date for the Advance, in the case of a Variable Advance, the DMBS Issue Date, DMBS Delivery Date or DMBS Imputed Interest Rate, Variable Facility Fee, Coupon Rate, Discount and Price, and in the case of a Fixed Advance, the Cash Interest Rate Advance and shall immediately deliver by facsimile transmission the Rate Form to BorrowerBorrower Agent.