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 Commitment with respect to such Loan on the related Disbursement Date.
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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).
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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.

  • 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.

  • 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.

  • 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) 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.

  • Any bids sent after 4:00 p.m. ET will be denied and requested to be submitted the following business day for the current price.• Best Efforts Commitment: Approved Sellers can register and lock Loans via PHH Correspondent portal.

  • A change to any attribute or loan feature of a Mortgage Loan in a Best Efforts Commitment may subject the loan to Reprice, Relock, cancellation, or rejection.

  • This number and time will assist the Lender in determining if there has been any rate/price changes published during a business day.• Rate sheets will include base pricing and all loan level pricing adjustments for all products that New Penn Financial is offering at that time.• Separate Rate Sheets will be published for Best Efforts Commitment Programs versus Mandatory Commitment Programs.

  • Sellers may extend the Lock Expiration Date on a Best Efforts Commitment for a maximum cumulative extension term not to exceed 30 calendar days from the initial lock expiration date.

  • Product and Program Changes A program change to a Mortgage Loan in a Best Efforts Commitment may trigger a Worse Case Reprice event and is priced accordingly.


More Definitions of Best Efforts Commitment

Best Efforts Commitment. A Commitment which Correspondent is required to use its best efforts to fulfill by selling the Loan set forth in such Best Efforts Commitment to Chase. A Best Efforts Commitment with respect to a Loan shall become a Mandatory Delivery with respect to such Loan on the related Closing Date.
Sample 1
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).
Sample 1
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.
Sample 1
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
Sample 1
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.
Sample 1

Related to Best Efforts Commitment

  • Term Commitment means, as to each Term Lender, its obligation to make Term Loans to the Borrower pursuant to Section 2.01(a) in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Term Lender’s name on Schedule 2.01 under the caption “Term Commitment” or opposite such caption in the Assignment and Assumption pursuant to which such Term Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement.

  • L/C Commitment Amount has the meaning given to that term in Section 2.3.(a).

  • L/C Commitment means the commitment of the Issuing Bank to issue Letters of Credit pursuant to Section 2.23.

  • Initial Term Loan Commitment means the commitment of a Lender to make or otherwise fund an Initial Term Loan and “Initial Term Loan Commitments” means such commitments of all of the Lenders in the aggregate. The amount of each Lender’s Initial Term Loan Commitment, if any, is set forth on Appendix A-1 or in the applicable Assignment Agreement, subject to any adjustment or reduction pursuant to the terms and conditions hereof. The aggregate amount of the Initial Term Loan Commitments as of the Closing Date is $200,000,000.

  • Initial Term Commitment means, as to each Term Lender, its obligation to make an Initial Term Loan to the Borrower pursuant to Section 2.01(a) in an aggregate principal amount not to exceed the amount set forth opposite such Term Lender’s name in Schedule 1.01A under the caption “Initial Term Commitment.” The initial aggregate principal amount of the Initial Term Commitments as of the Closing Date was $2,670,000,000.

  • Term A Commitment means, as to each Term A Lender, its obligation to make Term A Loans to the Borrower pursuant to Section 2.01(a) in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Term A Lender’s name on Schedule 2.01 under the caption “Term A Commitment” or opposite such caption in the Assignment and Assumption pursuant to which such Term A Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement.

  • Revolving Commitment Period the period from and including the Closing Date to the Revolving Termination Date.

  • Commitment Increase Notice as defined in Section 2.1(b).

  • Loan Commitment means a statement transmitted in writing or electronically by a mortgage lender setting forth the terms and conditions upon which the mortgage lender is willing to make a particular residential mortgage loan to a particular borrower.

  • Revolving Commitment Amount means the Revolving Commitment amount (if any) set forth adjacent to such Lender’s name on Schedule A attached hereto (or, in the case of any Lender that became party to this Agreement after the Closing Date pursuant to Section 16.3(c) or (d) hereof, the Revolving Commitment amount (if any) of such Lender as set forth in the applicable Commitment Transfer Supplement).

  • Total Initial Term Loan Commitment means the sum of the Initial Term Loan Commitments of all Lenders.

  • Total Revolving Commitment means the sum of the Revolving Commitments of the Revolving Lenders as the same may be decreased pursuant to Section 2.12(c) or increased pursuant to Section 2.19. As of the Closing Date, the amount of the Total Revolving Commitment is $100,000,000.

  • Revolving Commitment Increase Lender has the meaning specified in Section 2.14(a).

  • Total Term Loan Commitment means the sum of the amounts of the Lenders’ Term Loan Commitments.

  • Available Revolving Commitment as to any Revolving Lender at any time, an amount equal to the excess, if any, of (a) such Lender’s Revolving Commitment then in effect over (b) such Lender’s Revolving Extensions of Credit then outstanding; provided, that in calculating any Lender’s Revolving Extensions of Credit for the purpose of determining such Lender’s Available Revolving Commitment pursuant to Section 2.8(a), the aggregate principal amount of Swingline Loans then outstanding shall be deemed to be zero.

  • Tranche B Term Commitment as to any Tranche B Term Lender, the obligation of such Tranche B Term Lender to make an Initial Tranche B Term Loan to the Borrower in the principal amount set forth under the heading “Tranche B Term Commitment” opposite such Tranche B Term Lender’s name on Schedule 2.1 to this Agreement. The aggregate principal amount of the Tranche B Term Commitments as of the Closing Date is $1,025,000,000.

  • Commitment Amount means, as the context may require, the Revolving Loan Commitment Amount, the Letter of Credit Commitment Amount or the Swing Line Loan Commitment Amount.

  • Commitment Period the period from and including the date hereof to but not including the Termination Date or such earlier date on which the Commitments shall terminate as provided herein.

  • Base Capacity Demand Resource Price Decrement means, for the 2018/2019 and 2019/2020 Delivery Years, a difference between the clearing price for Base Capacity Demand Resources and Base Capacity Energy Efficiency Resources and the clearing price for Base Capacity Resources and Capacity Performance Resources, representing the cost to procure additional Base Capacity Resources or Capacity Performance Resources out of merit order when the Base Capacity Demand Resource Constraint is binding.

  • Term B Loan Commitment means the obligation of the Term B Lenders to make a Term B Loan on the Closing Date in an aggregate principal amount equal to $850,000,000. The Term B Loan Commitment on the Closing Date is $850,000,000.

  • Term Loan Commitment Amount means, with respect to each Lender, the sum of such Lender’s Term Loan Tranche 1 Commitment Amount and Term Loan Tranche 2 Commitment Amount.

  • Tranche C Term Loan Commitment means the commitment of a Lender to make a Tranche C Term Loan to Company pursuant to subsection 2.1A(iii), and "Tranche C Term Loan Commitments" means such commitments of all Lenders in the aggregate.

  • Available Commitment means a Lender’s Commitment minus:

  • Total Commitment Amount means, at any particular time, the aggregate of the Individual Commitments of all of the Lenders at such time.

  • Extended Revolving Commitment shall have the meaning assigned to such term in Section 2.19(a).

  • Delayed Draw Term Loan Commitment means the Lender’s obligation to make the Delayed Draw Term Loan to the Borrower pursuant to Section 2.01(a), as such amount may be adjusted from time to time in accordance with this Agreement.