(a) Representations and you may Warranties. 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 Financial obligation off Supplier. 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 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 new HELOCs would be ordered by the Customer and you may marketed by the seller into a servicing-released base and the acquisition of new HELOCs from the Purchaser should, for everybody intentions, were all of the Servicing Rights linked thereto. In the Maintenance Months, the new Servicer, since a different company and you can pretending by yourself, should services the newest HELOCs ended up selling for the Consumer for the particularly Closure Go out in line with Recognized Repair Means together with terms of which Agreement on the part of Customer given that proprietor of HELOCs and you will Upkeep Legal rights.
Repair Payment
(b) The brand new Servicer will provider new HELOCs according to the provisions out of Post IV of one’s Existing Upkeep Agreement plus the relevant Credit Arrangement. For loans Onycha reason for the existing Repair Agreement, the HELOCs would be handled because of the Servicer because Mortgage loans, Eligible Mortgages, Non-Institution Mortgages (towards the quantity particularly conditions can be applied so you’re able to HELOCs), and you will possibly while the Basic Lien Mortgage loans otherwise Next Lien Home loan Financing, since the appropriate, and also as recognized on the relevant Home mortgage Agenda.
Article 5
(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 . Since the planning for upkeep brand new HELOCs, the fresh new Customer shall (a) spend the money for Servicer new relevant Upkeep Percentage or other Costs the fresh new Servicer is actually entitled to each month, and you can (b) let the Servicer to hold more servicing payment on the form of Supplementary Income, for each according to Schedule step one hereto.
(a) Since for every single Closing Day, new Purchaser shall assume the latest obligations of your own Seller in order to finance Draws. Despite this, Servicer should administer the fresh new Mark demands and you may Draws, by the on top of other things bringing the Mark demands on Mortgagors, determining whether or not the Mark request is in the relevant Credit limit and you can Draw Months and you can if not permitted from the related Credit Arrangement at such as day, alerting Mortgagors whether the Mark consult will be honored, and you can remitting this new accepted Draw with the Mortgagor, if applicable, in line with Acknowledged Servicing Means.
