Mandatory Delivery Contract definition

Mandatory Delivery Contract or “MDC” means an Acquired Member Assets transaction in which a member is obligated to sell a specific dollar amount of mortgage loans with specific characteristics to the FHLBI at a specified purchase price on a specified Settlement Date.
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Examples of Mandatory Delivery Contract in a sentence

  • Purchases Purchases of Mortgages will be governed by the Master Commitment Contract, the Mandatory Delivery Contract, the Guide, this Master Agreement and the other Program Documents.

  • The PFI, its successors and assigns, is the sole insured of such lender’s title insurance policy, and such lender’s title insurance policy is in full force and effect and will be in force and effect upon the consummation of the transactions contemplated by the Master Agreement and the transfer of said Mortgage pursuant to the applicable Master Commitment Contract and Mandatory Delivery Contract, and will inure to the benefit of FHLB without any further act.

  • The Seller's compensation for Servicing Mortgages, including the management and disposal of Properties, under this Master Agreement is specified in the Mandatory Delivery Contract Confirmation and the Master Commitment.

  • The Seller, its successors and assigns, is the sole insured of such lender’s title insurance policy, and such lender’s title insurance policy is in full force and effect and will be in force and effect upon the consummation of the transactions contemplated by this Master Agreement and the transfer of said Mortgage pursuant to the applicable Master Commitment Contract and Mandatory Delivery Contract, and will inure to the benefit of FHLBI without any further act.

  • The Mortgages purchased by FHLB must meet the requirements in effect under the Guide, and this Master Agreement, on the day FHLB executes a Mandatory Delivery Contract.

  • The PFI’s compensation for Servicing Mortgages, including the management and disposal of Properties, under this Master Agreement is specified in the Mandatory Delivery Contract Confirmation.

  • The Mortgages purchased by FHLBI must meet the requirements in effect under the Guide, and this Master Agreement, on the day FHLBI executes a Mandatory Delivery Contract either via FHLBI’s Loan Acquisitions System (LAS) or verbally.

  • Purchases of Mortgages will be governed by the FHLBI Guidelines, the Master Commitment Contract, the Mandatory Delivery Contract, the Guide, this Master Agreement, and the other Program Documents.

  • Any excess class B stock held by the Seller on the settlement date of each Mandatory Delivery Contract shall be applied against this purchase requirement and then the Seller shall purchase additional class B stock, if necessary, to meet the purchase requirement.

  • Unless otherwise agreed, payment for such stock shall be made by crediting the total proceeds to be paid the Seller on each Mandatory Delivery Contract to the Seller's CMS account and then deducting the amount needed to pay for the stock.