(a) Representations and you may Guarantees. Article 4 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 installment loans, Delta and warranty shall be true and correct as of such earlier date).
(b) Believe 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 Requirements on the Obligations of Seller. 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 you can Warranties. 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 brand new HELOCs was bought of the Consumer and ended up selling because of the the vendor toward a maintenance-put-out basis and the acquisition of the new HELOCs because of the Purchaser should, for all purposes, tend to be the Servicing Rights connected thereto. Inside the Upkeep Months, the new Servicer, just like the another company and acting alone, should service the HELOCs ended up selling with the Consumer with the such as for example Closure Date in accordance with Accepted Upkeep Methods while the terms of so it Agreement on behalf of Consumer as the manager of your own HELOCs and you can Upkeep Rights.
Maintenance Compensation
(b) Brand new Servicer will service this new HELOCs in accordance with the conditions from Post IV of one’s Established Repair Agreement additionally the associated Credit Agreement. To possess purposes of current Maintenance Arrangement, all HELOCs will be handled by Servicer as Mortgages, Qualified Mortgage loans, Non-Department Mortgages (to your extent particularly arrangements can be applied so you’re able to HELOCs), and you may sometimes as the Basic Lien Mortgages otherwise 2nd Lien Financial Finance, because the relevant, so when identified throughout the associated Real estate loan Plan.
Article 5
(c) To the extent set forth in and subject to the terms of the Delegation of Authority Matrix attached as Display ten 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 . Once the attention to have repair the latest HELOCs, new Customer should (a) afford the Servicer the brand new relevant Upkeep Commission and other Costs brand new Servicer is eligible to every month, and you may (b) permit the Servicer to hold extra servicing payment about means regarding Ancillary Money, each relative to Agenda step 1 hereto.
(a) At the time of each Closing Time, the Buyer should imagine the bills of Provider to help you loans Brings. Despite this, Servicer will give brand new Draw demands and you can Draws, of the on top of other things bringing the Draw desires regarding the Mortgagors, deciding whether the Mark request is in the associated Credit limit and you will Mark Period and you may or even let from the relevant Credit Arrangement within such as for example time, notifying Mortgagors if the Mark demand is honored, and you may remitting the latest approved Mark on the Mortgagor, if the applicable, relative to Approved Servicing Practices.
