(a) Representations and you may Guarantees. Blog 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 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 Standards into the Debt away from 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 you can 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 could be ordered because of the Consumer and you will ended up selling by owner towards a servicing-put out basis together with purchase of new HELOCs by Buyer should, for everyone aim, include the Maintenance Legal rights linked thereto. When you look at the Repair Period, the fresh Servicer, while the an independent company and you may acting alone, shall service the fresh new HELOCs sold on Purchaser toward like Closing Go out in line with Recognized Maintenance Practices plus the terms of which Agreement on behalf of Customer while the owner of your own HELOCs and you may Repair Legal rights.
Servicing Payment
(b) The newest Servicer should services the HELOCs in accordance with the arrangements off Article IV of your own Current Maintenance Contract as well as the relevant Borrowing Agreement. To own reason for the current Maintenance Agreement, all the HELOCs shall be addressed by Servicer since the Mortgages, Qualified Mortgages, Non-Agencies Mortgage loans (into the the quantity for example provisions can be applied so you can HELOCs), and you can possibly while the Basic Lien Mortgage loans or Next Lien Financial Finance, because applicable, and also as identified on the relevant Mortgage Plan.
Article 5
(c) To the extent set forth in and subject to the terms of loan places Pleasant Grove the Delegation of Authority Matrix attached as Showcase 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 . Because the attention having upkeep the new HELOCs, the Consumer should (a) pay the Servicer brand new appropriate Repair Payment or any other Fees the Servicer is eligible to each month, and you will (b) enable the Servicer to hold most servicing compensation on means regarding Supplementary Earnings, each in line with Agenda step one hereto.
(a) Since per Closing Day, the Customer should suppose the fresh obligations of one’s Merchant so you’re able to financing Draws. Regardless of this, Servicer shall give the brand new Draw needs and Brings, from the among other things bringing the Mark desires in the Mortgagors, deciding perhaps the Mark request is within the associated Credit limit and Mark Period and you will or even allowed from the associated Borrowing from the bank Contract from the such day, notifying Mortgagors whether or not the Mark request is honored, and you may remitting new approved Draw into Mortgagor, in the event that applicable, in accordance with Recognized Repair Techniques.