(a) Representations and you can 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) Believe 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 to your Debt regarding Seller. 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 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 brand new HELOCs could well be bought because of the Purchaser and marketed from the the seller for the a servicing-released base additionally the acquisition of the fresh new HELOCs because of the Purchaser will, for everyone intentions, tend to be most of the Maintenance Legal rights relevant thereto. When you look at the Maintenance Several months, the new Servicer, because an independent company and you will acting by yourself, shall solution new HELOCs marketed to your Customer towards such as for instance Closure Big date in accordance with Approved Upkeep Means additionally the regards to which Arrangement on behalf of Consumer once the manager of HELOCs and Servicing Legal rights.
Maintenance Payment
(b) This new Servicer shall solution the latest HELOCs in accordance with the conditions from Article IV of the Established Servicing Arrangement additionally the related Borrowing from the bank Arrangement. To own purposes of the present Upkeep Arrangement, every HELOCs is going to be treated by the Servicer just like the Mortgage loans, Eligible Mortgage loans, Non-Agencies Mortgage loans (on the quantity such as provisions are applicable so you can HELOCs), and you may sometimes since the Earliest Lien Mortgages otherwise 2nd Lien Home loan Money, as the appropriate, and as identified from the relevant 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 . Because idea getting upkeep this new HELOCs, new Buyer shall (a) afford the Servicer new appropriate Upkeep Fee or other Charges the brand new Servicer is eligible to every month, and you may (b) permit the Servicer to retain even more upkeep payment from the setting out of Supplementary Income, each prior to Agenda step Indiana loans 1 hereto.
(a) As of per Closure Big date, the latest Purchaser will assume the latest financial obligations of your Merchant so you can fund Pulls. Notwithstanding the foregoing, Servicer should provide the fresh Mark desires and you will Pulls, because of the among other things taking the Mark demands on the Mortgagors, choosing whether or not the Mark request is within the related Borrowing limit and you can Draw Several months and you can if you don’t enabled from the associated Borrowing Agreement from the eg big date, notifying Mortgagors perhaps the Mark consult could well be honored, and you can remitting the brand new approved Mark for the Mortgagor, in the event the applicable, relative to Recognized Repair Methods.