(a) Representations and you can Guarantees. Blog post cuatro shall be true and correct (without online installment loans Iowa 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) Trust Acknowledgment. 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 into the Obligations of Merchant. 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 latest HELOCs will be bought by Customer and you can ended up selling by the the seller toward a repair-create base while the purchase of new HELOCs because of the Purchaser should, for all aim, tend to be all the Maintenance Legal rights relating thereto. In Maintenance Months, the newest Servicer, given that a different company and you may pretending alone, should provider the latest HELOCs offered towards Buyer into such as for instance Closure Big date relative to Acknowledged Maintenance Practices additionally the terms of which Agreement on behalf of Purchaser as the holder of one’s HELOCs and you may Repair Liberties.
Maintenance Compensation
(b) The new Servicer should solution the brand new HELOCs in accordance with the arrangements regarding Blog post IV of your own Present Maintenance Arrangement while the related Borrowing from the bank Arrangement. To possess reason for current Repair Arrangement, the HELOCs should be addressed from the Servicer once the Mortgages, Eligible Mortgages, Non-Agencies Mortgage loans (with the extent particularly specifications are applicable so you’re able to HELOCs), and you will sometimes because Basic Lien Mortgages otherwise Second Lien Financial Funds, just like the appropriate, and also as understood on the relevant Mortgage loan Plan.
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(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.dos . Due to the fact consideration to own upkeep the latest HELOCs, new Purchaser will (a) pay the Servicer brand new relevant Repair Percentage or other Charge the fresh new Servicer try entitled to every month, and you may (b) let the Servicer to hold more repair payment regarding the means from Supplementary Money, each prior to Schedule step one hereto.
(a) At the time of for each and every Closing Day, the fresh new Customer should suppose the newest bills of one’s Merchant to loans Brings. Regardless of the foregoing, Servicer shall give the brand new Draw desires and you can Pulls, because of the among other things bringing the Mark desires regarding the Mortgagors, deciding if the Draw consult is within the associated Borrowing limit and you can Draw Months and otherwise let because of the related Borrowing from the bank Agreement on including date, notifying Mortgagors whether or not the Draw demand will be recognized, and you can remitting new accepted Mark toward Mortgagor, when the applicable, according to Acknowledged Maintenance Strategies.
