(a) Representations and you may Guarantees. 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 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 towards Obligations off Vendor. The obligations of Seller hereunder to consummate the transactions contemplated by this Agreement are subject to the fulfillment, at or bank loans Opelika 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 will 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 fresh new HELOCs might possibly be ordered from the Consumer and you will offered because of the the seller towards the a servicing-create basis and also the acquisition of the HELOCs by the Purchaser shall, for everybody motives, include all of the Servicing Liberties associated thereto. For the Servicing Period, this new Servicer, since a separate builder and you will pretending by yourself, will services new HELOCs ended up selling to your Purchaser for the eg Closure Date in accordance with Recognized Repair Practices additionally the terms of this Contract on behalf of Customer as the proprietor of your own HELOCs and you may Upkeep Legal rights.
Repair Settlement
(b) The fresh new Servicer should service brand new HELOCs in accordance with the arrangements away from Blog post IV of your own Present Repair Agreement additionally the related Credit Arrangement. To have purposes of the present Maintenance Contract, all of the HELOCs will be addressed from the Servicer due to the fact Mortgage loans, Eligible Mortgage loans, Non-Agencies Mortgages (on extent for example conditions can be applied so you can HELOCs), and you can both because Very first Lien Mortgages otherwise 2nd Lien Home loan Loans, given that appropriate, and also as known regarding associated Home mortgage Agenda.
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(c) To the extent set forth in and subject to the terms of 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.dos . Since said for maintenance brand new HELOCs, this new Purchaser will (a) afford the Servicer the fresh new appropriate Servicing Percentage and other Charges the new Servicer was permitted each month, and you will (b) allow the Servicer to hold even more servicing payment on function of Supplementary Money, for every prior to Plan step one hereto.
(a) At the time of each Closure Date, the new Consumer will suppose this new obligations of Vendor to help you money Brings. Notwithstanding the foregoing, Servicer shall give the fresh Mark desires and you may Draws, of the among other things using the Draw needs regarding the Mortgagors, deciding if the Draw request is in the relevant Borrowing limit and Draw Period and you can if you don’t enabled from the relevant Borrowing Agreement within like big date, alerting Mortgagors whether the Draw demand will be recognized, and you can remitting the accepted Draw towards Mortgagor, when the relevant, prior to Accepted Upkeep Methods.
