(a) Representations and Guarantees. Blog post cuatro shall be true and correct (without giving effect to materiality, Material Adverse Effect or any similar qualification) as of each Closing as if made at such time (except to the extent that any such representation and warranty expressly speaks as of an earlier date, in which case such representation and warranty shall be true and correct as of such earlier date).
(b) Faith Receipt. The Purchaser shall have received from the Custodian a trust receipt in form and substance acceptable to the Purchaser with respect to the Custodian’s receipt of the Collateral Files for the related HELOCs.
(d) Covenants. The covenants and agreements contained in this Agreement to be complied with by Seller on or before each Closing shall have been complied with in all material respects.
7.3 Criteria on the Obligations away from Vendor. The obligations of Seller hereunder to consummate the transactions contemplated by this Agreement are subject to the fulfillment, at or before each Closing, of each of the following conditions (all or any of which may be waived in writing in whole or in part by Seller in its sole reasonable discretion):
(a) Representations and Guarantees. Each of the representations and warranties of Purchaser in shall be true and correct (without giving effect to materiality or any similar qualification) as of each Closing as if made at such time (except to the extent that any such representation and warranty expressly speaks as of an earlier date, in which case such representation and warranty shall be true and correct as of such earlier date).
(b) Covenants. The covenants and agreements contained in this Agreement to be complied with by Purchaser on or before each Closing shall have been complied with in all material respects.
(a) The HELOCs might be bought from the Customer and you will marketed of the the seller with the a servicing-put-out base together with acquisition of new HELOCs from the Buyer will, for everyone purposes, are all Repair Rights relevant thereto. Within the Repair Period, the latest Servicer, since the another specialist and you will pretending alone, shall service new HELOCs ended up selling on the Buyer towards such as Closing Date according to Recognized Repair Strategies plus the terms of so it Contract on the behalf of Consumer since the proprietor of your HELOCs and you can Maintenance Rights.
Servicing Settlement
(b) The newest Servicer will service the fresh HELOCs according to the conditions of Article IV of the Current Servicing Contract while the associated Credit Agreement. Getting reason for the current Repair Agreement, all of the HELOCs are treated from the Servicer while the Mortgage loans, Qualified Mortgage loans, Non-Department Mortgage loans (to the the amount particularly arrangements are applicable so you can HELOCs), and you will possibly as First Lien Mortgage loans otherwise Second Lien Financial Loans, while the appropriate, so when understood from the related Mortgage loan Schedule.
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(c) To the extent set forth in and subject to the terms of the Delegation of Authority Matrix attached as Exhibit 10 to the Existing Servicing Agreement, Purchaser hereby delegates authority to the Servicer to carry out the Servicer’s servicing and administration duties with respect to the HELOCs without obtaining the Purchaser’s prior written approval.
8.2 . Just like the attention having upkeep this new HELOCs, the Customer should (a) spend the money for Servicer the new appropriate Repair Commission or any other Charges the fresh new Servicer try entitled to each month, and you may (b) permit the Servicer to hold more loan places in North Johns maintenance compensation about function off Supplementary Earnings, for every single in line with Schedule step 1 hereto.
(a) At the time of per Closure Go out, the brand new Customer shall suppose the brand new financial obligations of your Seller in order to loans Brings. Regardless of the foregoing, Servicer will administer the brand new Draw demands and you may Draws, because of the on top of other things using Mark desires from the Mortgagors, deciding perhaps the Mark consult is within the relevant Credit limit and Mark Months and you will or even permitted of the related Borrowing from the bank Agreement during the such as for example day, alerting Mortgagors if the Draw request could well be honored, and remitting the fresh new accepted Draw for the Mortgagor, if the applicable, in line with Acknowledged Repair Techniques.
