Each one of the representations and you will guarantees off Provider within the
(a) Representations and Warranties. 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) 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 for the Obligations of Supplier. 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 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 is ordered of the Consumer and ended up selling because of the the vendor on a maintenance-put-out foundation plus the purchase of the fresh HELOCs by the Consumer should, for all aim, are all the Servicing Liberties linked thereto. Into the Servicing Period, the Servicer, just like the an independent contractor and you may pretending by yourself, will services the latest HELOCs ended up selling to the Consumer towards particularly Closing Time in line with Acknowledged Maintenance Practices in addition to regards to that it Contract on behalf of Buyer since owner of your HELOCs and you may Maintenance Rights.
Upkeep Payment
(b) Brand new Servicer shall provider the fresh HELOCs in accordance with the conditions out-of Article IV of one’s Established Servicing Arrangement therefore the associated Borrowing Agreement. To possess reason for the existing Servicing Agreement, all of the HELOCs is treated by Servicer because the Mortgages, Eligible Mortgages, Non-Agencies Mortgage loans (to the the quantity such as conditions can be applied so you can HELOCs), and you may sometimes due to the fact Basic Lien Mortgages or Second Lien Mortgage Funds, because applicable, and also as known from the related Real estate loan Schedule.
Article 5
(c) To the extent set forth in and subject to the terms of the Delegation of Authority Matrix attached as Exhibit 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.dos . As believe to have upkeep the fresh HELOCs, the fresh new Purchaser should (a) afford the Servicer this new appropriate Repair Commission and other Fees the new Servicer is actually permitted every month, and (b) allow the Servicer to hold even more repair compensation in the form away from Supplementary Money, for every single in line with Agenda step one hereto.
(a) Since for every single Closing Date, brand new Consumer should guess this new bills of your Merchant so you’re able to money Pulls. In spite of the foregoing, Servicer will provide the latest Mark desires and you can Brings, because of the among other things bringing the Draw desires in the Mortgagors, choosing perhaps the Mark demand is within the related Borrowing limit and you can Draw Period and you can otherwise permitted of the related Borrowing from the bank Agreement at the such go out, notifying Mortgagors whether the Mark consult was honored, and you may remitting the acknowledged Draw for the Mortgagor, loan for people on disability in the event that relevant, relative to Acknowledged Maintenance Techniques.
