Common use of No Commitment; Initiation Clause in Contracts

No Commitment; Initiation. Prior to the occurrence of an Event of Default and subject to the terms and conditions set forth herein, ▇▇▇▇▇ agrees that it may, in its sole discretion, enter into Transactions with Seller from time to time in an aggregate principal amount that will not cause the Aggregate Facility Purchase Price for all Purchased Assets subject to then outstanding Transactions under this Agreement, together with any Eligible Mortgage Loans that are being offered by Seller for allocation to the Participation Certificate in connection with such Transaction to exceed, as of any date determination, the Maximum Aggregate Purchase Price. Within the foregoing limits and subject to the terms and conditions set forth herein, Seller and Buyer may enter into Transactions with respect to (i) the Participation Certificate on the initial Purchase Date or (ii) a Purchase Price Increase in respect of the issuance of additional Participation Interests to Seller in respect of additional Underlying Mortgage Loans proposed to be originated or purchased by the Guarantor during the period from the Restatement Date to and excluding the Termination Date. This Agreement is not a commitment by ▇▇▇▇▇ to enter into Transactions with Seller but sets forth the requirements under which ▇▇▇▇▇ would consider entering into Transactions as set forth herein. For the sake of clarity, Seller hereby acknowledges that Buyer is under no obligation to agree to enter into, or to enter into, any Transaction pursuant to this Agreement.

No Commitment; Initiation. Prior to the occurrence of an Event of Default and subject to the terms and conditions set forth herein, ▇▇▇▇▇ Buyer agrees that it may, in its sole discretion, enter into Transactions with Seller from time to time in an aggregate principal amount that will not cause the Aggregate Facility Purchase Price for all Purchased Assets Mortgage Loans subject to then outstanding Transactions under this Agreement, together with any Eligible Mortgage Loans that are being offered by Seller for allocation to the Participation Certificate in connection with purchase under such Transaction to exceed, as of any date determination, the Maximum Aggregate Purchase Price. Within the foregoing limits and subject to the terms and conditions set forth herein, Seller and Buyer may enter into Transactions with respect to (i) the Participation Certificate on the initial Purchase Date or (ii) a Purchase Price Increase in respect of the issuance of additional Participation Interests to Seller in respect of additional Underlying Mortgage Loans proposed to be originated or purchased by the Guarantor during the period from the Restatement Date to and excluding the Termination DateTransactions. This Agreement is not a commitment by ▇▇▇▇▇ Buyer to enter into Transactions with Seller but sets forth the requirements under which ▇▇▇▇▇ Buyer would consider entering into Transactions as set forth herein. For the sake of clarity, Seller hereby acknowledges that Buyer is under no obligation to agree to enter into, or to enter into, any Transaction pursuant to this Agreement.. (a) Conditions Precedent to Initial Transaction. Buyer’s agreement (if any) to enter into the initial Transaction hereunder is subject to the satisfaction, immediately prior to or concurrently with the making of such Transaction, of the conditions precedent that Buyer shall have received from Seller any fees and expenses due and payable hereunder, and all of the following documents, each of which shall be satisfactory to Buyer and its counsel in form and substance: 28