(a) Representations and you can 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) 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 Debt regarding 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 will 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) New HELOCs could be bought because of the Purchaser and ended up selling of the the seller toward a maintenance-put out foundation together with acquisition of new HELOCs by the Customer should, for everyone intentions, were the Servicing Liberties relating thereto. Within the Servicing Period, the fresh Servicer, while the a different specialist and pretending by yourself, shall service this new HELOCs marketed towards the Purchaser into the for example Closing Time relative to Accepted Maintenance Methods and the terms of it Arrangement with respect to Buyer because the manager of the HELOCs and you may Servicing Liberties.
Maintenance Compensation
(b) The latest Servicer will service the fresh new HELOCs according to the terms away from Post IV of Existing Maintenance Contract and the related Borrowing from the bank Agreement. To possess reason for the existing Servicing Arrangement, all the HELOCs might be addressed from the Servicer as the Mortgages, Eligible Mortgage loans, Non-Agency Mortgage loans (to the the amount such specifications can be applied in order to HELOCs), and both just like the Earliest Lien Mortgage loans or Second Lien Mortgage Financing, while the appropriate, and as recognized on the relevant Real estate loan 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 Display 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 cash advance loan Orrville . Just like the planning getting maintenance the fresh new HELOCs, the Purchaser shall (a) pay the Servicer brand new relevant Repair Fee or any other Costs the Servicer is actually entitled to each month, and you can (b) permit the Servicer to retain most repair compensation in the means out-of Supplementary Income, for each in accordance with Schedule step 1 hereto.
(a) As of each Closing Go out, the latest Purchaser should suppose this new financial obligations of the Supplier so you can money Draws. Despite this, Servicer will provide the Mark needs and you may Draws, of the among other things bringing the Mark demands regarding Mortgagors, choosing if the Draw request is in the associated Borrowing limit and you may Draw Months and you will if not let by related Credit Agreement from the like go out, alerting Mortgagors if the Mark consult would be honored, and you can remitting the latest approved Mark with the Mortgagor, in the event the appropriate, in accordance with Recognized Maintenance Means.