(a) Representations and you may Guarantees. 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) 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 Standards for the Obligations out-of 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 can 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 latest HELOCs might be ordered because of the Customer and offered of the the seller with the a servicing-released base while the purchase of the fresh HELOCs by Customer shall, for everyone motives, tend to be every Repair Rights connected thereto. Within the Upkeep Several months, brand new Servicer, once the a separate contractor and you may acting by yourself, shall services the newest HELOCs offered with the Customer for the including Closure Date relative to Acknowledged Repair Practices and also the terms of this Agreement with respect to Purchaser just like the owner of one’s HELOCs and Servicing Liberties.
Repair Payment
(b) This new Servicer will services the new HELOCs according to the terms from Article IV of the Current Repair Contract and the associated Borrowing Agreement. To have purposes of the current Servicing Contract, most of the HELOCs might be managed from the Servicer while the Mortgages, Eligible Mortgages, Non-Company Mortgages (on the amount such as for example specifications can be applied so you’re able to HELOCs), and you will either since the Earliest Lien Mortgage loans otherwise Second Lien Financial Fund, because applicable, and also as known throughout the relevant 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 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 . Due to the fact planning for maintenance the fresh new HELOCs, the brand new Purchaser will (a) spend the money for Servicer the newest appropriate Upkeep Fee and other Fees the Servicer is actually eligible to every month, and you can (b) allow the Servicer to retain even more servicing compensation about setting regarding Ancillary Money, for every according to Agenda step one hereto.
(a) Since for each and every Closure Go out, the newest Customer should suppose this new financial obligations of one’s Seller so you’re able to finance Draws. Notwithstanding the foregoing, Servicer shall provide the newest Mark demands and Draws, of the on top of other things using Draw demands on the Mortgagors, choosing if the Mark consult is within the associated Borrowing limit and you may Draw Several months and you can if not let by associated $400 loan no credit check Borrowing from the bank Agreement in the such day, alerting Mortgagors whether the Draw consult is honored, and you may remitting new approved Draw on Mortgagor, in the event the appropriate, relative to Recognized Servicing Means.