(a) Representations and you may Warranties. 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 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 Criteria toward Obligations off Provider. 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 may 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 brand new HELOCs will be ordered by Purchaser and you will sold from the the vendor into a repair-put out base and the acquisition of the latest HELOCs because of the Customer shall, for everyone aim, is all the Servicing Legal rights relating thereto. Within the Servicing Several months, the latest Servicer, because the an independent company and pretending alone, should solution the new HELOCs sold towards Consumer towards such as for instance Closure Time cash advance Prattville, AL in accordance with Acknowledged Repair Techniques therefore the terms of so it Contract with respect to Customer as the proprietor of one’s HELOCs and you will Repair Rights.
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(b) The latest Servicer will services the HELOCs according to the terms of Post IV of the Existing Upkeep Agreement and the associated Credit Contract. Having purposes of the present Repair Contract, all the HELOCs shall be treated from the Servicer due to the fact Mortgages, Qualified Mortgage loans, Non-Department Mortgage loans (to your the amount eg terms can be applied to HELOCs), and you can either as the Earliest Lien Mortgages or 2nd Lien Mortgage Loans, since relevant, and also as recognized regarding related Home 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 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 . Since the consideration to have servicing the latest HELOCs, brand new Purchaser shall (a) afford the Servicer the brand new applicable Upkeep Fee or any other Fees the fresh Servicer try entitled to each month, and (b) let the Servicer to hold more upkeep settlement from the mode regarding Supplementary Earnings, for every in line with Plan 1 hereto.
(a) Since for every single Closing Time, the Purchaser shall imagine new obligations of the Seller so you can finance Brings. Despite the foregoing, Servicer shall give brand new Draw desires and you can Draws, because of the among other things bringing the Draw needs throughout the Mortgagors, choosing if the Draw demand is within the associated Credit limit and Draw Months and if you don’t enabled by related Credit Agreement at the such as for instance date, alerting Mortgagors whether the Mark consult was honored, and you will remitting the fresh recognized Draw with the Mortgagor, when the relevant, in line with Approved Maintenance Strategies.
