Common use of Rate Confirmation Clause in Contracts

Rate Confirmation. Within one Business Day after receipt of the completed and executed Rate Setting Form, the Lender shall solicit bids from institutional investors selected by the Lender based on the information in the Rate Setting Form and, provided the actual Coupon Rate (if the low bid were accepted) would be at or below the Maximum Annual Coupon Rate, shall obtain a commitment (the "MBS COMMITMENT") for the purchase of a ▇▇▇▇▇▇ ▇▇▇ MBS having the bid terms described in the related Rate Setting Form, and shall immediately deliver to the Borrower by facsimile transmission a completed document, in the form attached as EXHIBIT N to this Agreement (the "RATE CONFIRMATION FORM") confirming the amount, term, MBS Issue Date, MBS Delivery Date, MBS Pass-Through Rate, Base Facility Fee, Coupon Rate, Price, Yield Maintenance Period, Specified U.S. Treasury Security and Closing Date for the Advance. The term "MBS PASS-THROUGH RATE" means, for a specified ▇▇▇▇▇▇ Mae MBS backed by a Base Facility Advance, the interest rate (rounded to three places) which the ▇▇▇▇▇▇ ▇▇▇ MBS will bear based on the MBS Commitment, as determined by the Lender. In the event that the Lender obtains an MBS Commitment and the Lender fails to fulfill the MBS Commitment because the Advance is not made (for a reason other than the default of the Lender to make the Advance), the Borrower shall pay all breakage and other costs, fees and damages incurred by the Lender in connection with its failure to fulfill the MBS Commitment.

Rate Confirmation. Within one Business Day after receipt of the completed and executed Rate Setting Form, the Lender shall solicit bids from institutional investors selected by the Lender based on the information in the Rate Setting Form and, provided the actual Coupon Rate (if the low such bid were accepted) would be at or below the Maximum Annual Coupon Rate, shall obtain a commitment (the "MBS COMMITMENT") for the purchase of a ▇▇▇▇▇▇ ▇▇▇ Mae MBS having the bid terms described in the related Rate Setting FormForm (which bid terms shall be from the bidder with the lowest MBS Pass-Through Rate or the lowest MBS Imputed Interest Rate, as applicable), and shall immediately deliver to the Borrower by facsimile transmission a completed document, in the form attached as EXHIBIT N S-1 OR S-2 to this Agreement Agreement, as applicable (the "RATE CONFIRMATION FORM") confirming the amount, term, MBS Issue Date, MBS Delivery Date, MBS Pass-Through Rate, Rate (if the Advance is a Base Facility FeeAdvance), MBS Imputed Interest Rate (if the Advance is a Revolving Facility Advance), Fee Spread, Coupon Rate, Discount (if the Advance is a Revolving Facility Advance), Price, Yield Maintenance PeriodPeriod (if the Advance is a Base Facility Advance), Specified U.S. Treasury Security (if the Advance is a Base Facility Advance), Amortization Period (if the Advance is a Base Facility Advance) and Closing Date for the Advance. The term "MBS PASS-THROUGH RATE" means, for a specified ▇▇▇▇▇▇ Mae ▇▇▇ MBS backed by a Base Facility Advance, the interest rate per annum (rounded to three places) which payable for the ▇▇▇▇▇▇ Mae MBS pursuant to the MBS Commitment. The term "MBS IMPUTED INTEREST RATE" means, for a specified ▇▇▇▇▇▇ ▇▇▇ MBS backed by a Revolving Facility Advance, the imputed interest rate per annum (rounded to three places) which the specified ▇▇▇▇▇▇ Mae MBS will bear based on the MBS Commitment, as determined by . The MBS Imputed Interest Rate shall be calculated in accordance with the Lender. In the event that the Lender obtains an MBS Commitment and the Lender fails to fulfill the MBS Commitment because the Advance is not made (for a reason other than the default of the Lender to make the Advance), the Borrower shall pay all breakage and other costs, fees and damages incurred by the Lender in connection with its failure to fulfill the MBS Commitment.following formula: