(a) Representations and Warranties. Post 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 and warranty shall be true and correct as of such earlier date).
(b) Faith Bill. 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 to your Loans 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 you will 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) Brand new HELOCs could be purchased by the Buyer and you can sold of the the seller to the a servicing-create base while the purchase of new HELOCs by the Consumer will, for everyone motives, tend to be all of the Maintenance Legal rights linked thereto. During the Servicing Period, the newest Servicer, because another contractor and you can acting by yourself, shall services the latest HELOCs marketed into Customer on the such Closure Big date according to Accepted Maintenance Strategies and terms of it Agreement on the behalf of Customer because proprietor of your own HELOCs and you may Upkeep Legal rights.
Servicing Payment
(b) The latest Servicer will provider the latest HELOCs according to the arrangements of Blog post IV of one’s Existing Upkeep Contract and the related Borrowing from the bank Arrangement. Having purposes of the existing Repair Contract, all the HELOCs will be managed because of the Servicer because the Mortgages, Qualified Mortgage loans, Non-Institution Mortgage loans (to your the total amount such as for example conditions can be applied to HELOCs), and you can both because the First Lien Mortgage loans otherwise Second Lien Home loan Finance, due to the fact applicable, so that as known about associated Home loan Schedule.
Article 5
(c) To the extent set forth in and subject to the terms of the Delegation of Authority Matrix attached as Display 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 . While the planning having upkeep the newest HELOCs, the fresh new Buyer will (a) afford the Servicer the brand new relevant Repair Commission and other Charge the latest Servicer is actually eligible to per month, and (b) permit the Servicer to retain extra servicing payment regarding the means of Supplementary Income, for every in accordance with Agenda step one hereto.
(a) Since for every single Closure Go out, the fresh Customer shall suppose brand new obligations of your own Vendor so you can fund Draws. In spite of the foregoing, Servicer shall administer new Mark desires and you can Brings, by the on top of other things using Draw desires about Mortgagors, choosing whether or not the Mark consult is within the related Credit limit and you may Draw Several months and you may or even permitted by the related Borrowing loans Mosses AL Arrangement during the eg go out, notifying Mortgagors whether the Draw demand would be recognized, and you may remitting the latest recognized Mark on Mortgagor, when the applicable, in accordance with Approved Maintenance Means.
