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 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 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 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

  • With respect to any Pledged Mortgage Loan not covered by Mandatory Commitment or Best Efforts Commitment, maintain at all times a Hedge Agreement with respect thereto acceptable to Bank.

  • 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.

  • Correspondent acknowledges that delivery of all Loans under a Mandatory Commitment and locked and closed by Correspondent or its Chase approved Third Party Originator, under a Best Efforts Commitment is mandatory and that time is of the essence.


More Definitions of Best Efforts Commitment

Best Efforts Commitment means 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 DIME. 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.
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Best Efforts Commitment means a so-called "best efforts" written commitment or agreement from an investor acceptable to Bank, to purchase from the Borrower within a  Detroit_l5392182_3 specified time period one or more specific Mortgage Loans, under which commitment the Borrower has the right, but is not obligated, to sell such Mortgage Loan(s). 
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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.
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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.
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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 $50,000,000.

  • Initial Term Loan Commitment means, in the case of each Lender that is a Lender on the Closing Date, the amount set forth opposite such Lender’s name on Schedule 1.1(b) as such Lender’s Initial Term Loan Commitment. The aggregate amount of the Initial Term Loan Commitments as of the Closing Date is $820,000,000.

  • Take-out Commitment means a commitment of Seller to sell one or more Purchased Mortgage Loans to a Take-out Investor in an arms-length, all cash transaction, and the corresponding Take-out Investor’s commitment back to Seller to effectuate the foregoing.

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

  • Loan Commitment has the meaning set forth in Section 2.1.

  • Revolving Commitment Amount means, as to any Lender, the Revolving Commitment amount (if any) set forth opposite such Lender’s name on Schedule 1.1 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 Revolving Commitment means the sum of the Revolving Commitments of the Lenders as the same may be decreased or increased pursuant to the terms of this Agreement. As of the Closing Date, the amount of the Total Revolving Commitment is $250,000,000.

  • 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.

  • Commitment Amount means the aggregate amount of up to Ten Million Dollars ($10,000,000) which the Investor has agreed to provide to the Company in order to purchase the Company's Common Stock pursuant to the terms and conditions of this Agreement.

  • Commitment Period means the period commencing on the earlier to occur of (i) the Effective Date, or (ii) such earlier date as the Company and the Investor may mutually agree in writing, and expiring on the earliest to occur of (x) the date on which the Investor shall have made payment of Advances pursuant to this Agreement in the aggregate amount of the Commitment Amount, (y) the date this Agreement is terminated pursuant to Section 10.2 or (z) the date occurring thirty-six (36) months after the Effective Date.

  • Available Commitment means a Lender’s Commitment minus: