Best Efforts Commitment definition

Best Efforts Commitment means a Commitment requiring Seller to sell a loan as set forth in such Best Efforts Commitment to Arc Home provided it closes. Best Efforts Commitments may only be entered into for loans that have not yet closed. Seller will act in good faith to encourage the Mortgagors to close the loan. Sellers may not enter into any other commitments with respect to a loan subject to a Best Efforts Commitment. A Best Efforts Commitment with respect to a locked loan shall be considered a Mandatory Commitment with respect to such loan on the related Disbursement Date.

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Best Efforts Commitment means a Commitment requiring Seller to sell a Loan as set forth in such Best Efforts Commitment to Arc provided it closes. Best Efforts Commitments may only be entered into for Loans that have not yet closed. Seller will act in good faith to encourage the Mortgagors to close the Loan. Sellers may not enter into any other commitments with respect to a loan subject to a Best Efforts Commitment. A Best Efforts Commitment with respect to a Locked Loan shall be considered a Mandatory Delivery with respect to such Loan on the related Disbursement Date.

Best Efforts Commitment means an unexpired written commitment held by Borrower from an Approved Investor to purchase Mortgage Loans, in a form satisfactory to Agent, (a) that specifies (i) the type or item(s) of Mortgage Loans to be purchased, (ii) a purchase date or purchase deadline date, and (iii) a purchase price or the criteria by which the purchase price will be determined, and (b) that is a so-called “best efforts” commitment, under which the Borrower has the right, but is not obligated, to sell such Mortgage Loan(s).

Examples of Best Efforts Commitment in a sentence

Seller acknowledges and agrees that delivery of all Loans locked under a Mandatory Commitment and locked and closed under a Best Efforts Commitment is mandatory and that time is of the essence.
Correspondent acknowledges that delivery of all Loans locked under a Mandatory Commitment and locked and closed under a Best Efforts Commitment is mandatory and that time is of the essence.
A Best Efforts Commitment with respect to a Locked Loan shall become a Mandatory Commitment with respect to such Loan on the related Closing Date.
Funds in said account received with respect to the Best Efforts Commitment will be accepted or rejected by the Company within one (1) business day of receipt and will remain in said account not later than one (1) business day before being transferred to the Company less commissions and allowances set forth hereinafter not later than noon of the day following receipt of such funds.
A Commitment requiring Lender to use its best efforts to sell Loans to NewRez as set forth in such Best Efforts Commitment.
Notwithstanding the foregoing, any duty or obligation on the part of NewRez to purchase a Loan under a Best Efforts Commitment shall be conditioned upon such Loan complying with all of the terms and conditions of the Commitment, the Agreement, this Guide, and all of NewRez's documentation, underwriting, and product requirements in effect as of the Purchase Date.
Correspondent acknowledges that delivery of all Mortgage Loans under a Mandatory Commitment and locked and closed by Correspondent under a Best Efforts Commitment is mandatory and that time is of the essence.
Notwithstanding the foregoing, any duty or obligation on the part of New Penn Financial to purchase a Loan under a Best Efforts Commitment shall be conditioned upon such Loan complying with all of the terms and conditions of the Commitment, the Agreement, this Guide, and all of New Penn Financials documentation, underwriting, and product requirements in effect as of the Purchase Date.
Funds in said account received with respect to the Best Efforts Commitment will be accepted or rejected by the Company within one (1) business day of receipt and will remain in said account not later than one (1) additional business day before being transferred to the Company less commissions and allowances set forth hereinafter.
The Purchase Confirmation shall constitute, when accepted and signed by Seller, a Best Efforts Commitment or a Mandatory Commitment, as therein provided.

More Definitions of Best Efforts Commitment

Best Efforts Commitment means a Commitment requiring Correspondent to use its best efforts to sell Purchasable Loans to Purchaser as set forth in such Commitment. A Best Efforts Commitment with respect to a Locked Loan shall become a Mandatory Delivery with respect to such Loan on the related Closing Date.

Best Efforts Commitment means a so-called “best efforts” written commitment or agreement from an investor acceptable to Bank, to purchase from the Company within a specified time period one or more specific Mortgage Loans, under which commitment the Company has the right, but is not obligated, to sell such Mortgage Loan(s).

Best Efforts Commitment means a Commitment requiring Seller to sell a Loan as set forth in such Best Efforts Commitment to ArcHome provided it closes. Best Efforts commitments may only be

Best Efforts Commitment means a bona fide, current, unfilled and unexpired written commitment held by the Seller from an Approved Investor to purchase Mortgage Loans or, if applicable, an Agency MBS, in form and substance satisfactory to the Buyer in its sole discretion, (a) that specifies (i) the type or item(s) of Mortgage Loans or, if applicable, Agency MBS to be purchased, (ii) a purchase date or purchase deadline date, and (iii) a purchase price or the criteria by which the purchase price will be determined, and (b) that is a so-called “best efforts” commitment, under which the Seller has the right, but is not obligated, to sell such Mortgage Loan(s) or, if applicable, Agency MBS.