Rate Lock. The interest rate or Margin, as the case may be, and terms for each Mortgage will be set forth in the Commitment for such Mortgage and will be fixed at Rate Lock except as otherwise set forth in the applicable Commitment; provided, however, that without the approval of Fxxxxxx Mac and the Seller (as evidenced by the execution and delivery by Fxxxxxx Mac and Seller of any applicable Commitment or adjustment letter or amendment thereto), a Commitment will not contain terms inconsistent with this Agreement.
Rate Lock. The District understands that it is requesting that the Purchaser lock in the interest rate on the Closing Date (as defined herein). In response to the District’s request, the Purchaser has agreed on the Closing Date to lock in the interest rate (the “Locked Interest Rate”) set forth in the Rate Lock Letter Agreement dated November , 2021. The District acknowledges that the District’s commitment and obligation to perform its obligations under the Lease Documents on the Settlement Date (the “District’s Obligations”) is a material inducement for Purchaser to provide the Locked Interest Rate, and the Purchaser has relied on the District’s Obligations in entering into this Agreement and locking in the Locked Interest Rate. The District understands that, if for any reason other than cancellation by the Purchaser pursuant to Section 5(a)(3) hereof, on the Settlement Date (as defined herein) the Lease-Purchase Agreement is not issued on the specific terms set forth in this Agreement, the District shall pay to the Purchaser, within five (5) business days of the Purchaser’s written request, the Reinvestment Premium as provided in the Rate Lock Agreement.
Rate Lock. Upon satisfaction of the conditions set forth in this letter, Xxxxx and the Fund may lock the interest rate for the Proposed Loan for a ninety (90) day period (the “Rate Lock Period”).
Rate Lock. The Borrower may request that the Note Rate be established ("Rate Lock") at any time prior to the Rate Lock Expiration Date identified above; provided that the Lender may, at its sole discretion, require up to two (2) Business Days between the Rate Lock Date and the Closing. A "Rate Lock" shall not be possible until (a) all terms of this Commitment, including all Conditions to Rate Lock set forth in Exhibit B to this Commitment, have been fully satisfied, (b) the Lender has received payment from the Borrower and/or the Key Principals for the Rate Lock Deposit, which is equal to two percent (2%) of the Loan Amount, in immediately available funds, (c) the Borrower has executed and delivered to the Lender, via telecopy, a completed Authorization to Obtain Rate Lock in the form attached to this Commitment as Exhibit B. A portion of the Rate Lock Deposit will be refunded to the Borrower within 24 hours of Closing, less any amounts required to be held by the Investor. The remaining portion of the Rate Lock Deposit shall be refunded to Borrower upon the Investor's purchase of the Loan. If the Closing does not occur or the Investor does not purchase the Loan for any reason (other than the failure of the Lender to comply with the terms, conditions and requirements contained in or referred to in this Commitment), then the Rate Lock Deposit will be deemed earned by the Lender and will not be refundable to the Borrower. The Rate Lock Deposit must be wire transferred to the Lender. The Lender's wiring instructions are attached to this Commitment as Exhibit C.
Rate Lock. The Interest Rate will be communicated and calculated one (1) business day prior to the projected Closing unless Lender and Borrower enter into a separate agreement.
