(a) Representations and you will Warranties. 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 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 Requirements to the Financial obligation from 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 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 HELOCs would-be bought by the Purchaser and you can marketed by the the seller on a repair-put out foundation as well as the purchase of this new HELOCs because of the Purchaser shall, for all purposes, include every Repair Legal rights connected thereto. In the Maintenance Period, the fresh Servicer, since an independent specialist and you can pretending alone, will solution the brand new HELOCs offered into the Consumer to the particularly Closure Go out relative to Accepted Repair Techniques and also the regards to it Contract on the behalf of Consumer once the holder of the HELOCs and Servicing Legal rights.
Maintenance Compensation
(b) The fresh new Servicer will service the brand new HELOCs in accordance with the specifications out of Article IV of one’s Current Repair Agreement in addition to associated Borrowing Agreement. To have reason for the existing Upkeep Agreement, most of the HELOCs can be treated by the Servicer while the Mortgage loans, Qualified Mortgage loans, Non-Company Mortgages (toward extent eg provisions can be applied to HELOCs), and you will either given that Very first Lien Mortgage loans or 2nd Lien Home loan Loans, because the relevant, so when known throughout the related Home mortgage click this over here now 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.dos . As the attention to have maintenance the HELOCs, the new Buyer will (a) afford the Servicer the applicable Repair Payment and other Charge brand new Servicer is actually entitled to monthly, and (b) let the Servicer to retain more maintenance compensation from the setting away from Supplementary Income, for each relative to Plan step 1 hereto.
(a) As of for every Closing Date, the Purchaser will assume new financial obligations of one’s Seller to finance Pulls. In spite of the foregoing, Servicer will give brand new Mark requests and you may Pulls, of the on top of other things using Draw desires about Mortgagors, choosing perhaps the Mark consult is within the associated Credit limit and you can Draw Period and you will if not permitted of the relevant Borrowing from the bank Agreement from the such time, notifying Mortgagors whether or not the Mark consult would-be honored, and you may remitting the latest recognized Mark toward Mortgagor, if appropriate, according to Approved Repair Means.