(a) Representations and you can 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) Trust 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 Criteria on the Debt 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 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 new HELOCs might possibly be bought of the Consumer and you may marketed by the vendor toward a maintenance-create base while the acquisition of brand new HELOCs because of the Purchaser shall, for all aim, tend to be all the Upkeep Legal rights related thereto. From inside the Repair Months, the fresh Servicer, because a different builder and you can pretending by yourself, shall services new HELOCs sold on Customer on including Closing Go out prior to Recognized Maintenance Techniques in addition to regards to this Contract with respect to Consumer because the proprietor of the HELOCs and you may Servicing Rights.
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(b) The fresh new Servicer shall services new HELOCs according to the terms regarding Blog post IV of your own Established Maintenance Contract plus the relevant Credit Contract. Having reason for the current Servicing Arrangement, all HELOCs are handled by Servicer while the Mortgage loans, Qualified Mortgage loans, Non-Agency Mortgages (with the the amount eg arrangements can be applied so you can HELOCs), and you may sometimes once the Earliest Lien Mortgage loans or Second Lien Financial Money, since relevant, so when identified throughout the related Mortgage 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 Exhibit 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 . Once the consideration having servicing brand new HELOCs, the fresh new Customer will (a) pay the Servicer the fresh appropriate Maintenance Payment or other Charge the newest Servicer try entitled to monthly, and you may (b) enable the Servicer to retain extra maintenance compensation regarding the function out of Supplementary Money, per in accordance with Agenda step one hereto.
(a) At the time of for each and every Closure Time, brand new Customer will guess the new financial obligations of your own Supplier in order to money Draws. Notwithstanding this, Servicer should give brand new Mark desires and you may Brings, from the on top of other things taking the Draw desires throughout the Mortgagors, choosing whether or not the Mark demand is within the associated Credit limit and Draw Several months and you will if not allowed from the related Borrowing from the bank Contract within particularly time, notifying Mortgagors perhaps the Draw request will be recognized, and you may remitting the fresh new accepted Mark with the Mortgagor, if relevant, in accordance with Recognized Maintenance Strategies.
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