All the representations and you can warranties out-of Seller for the
(a) Representations and you may 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 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 Requirements on Loans from 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 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) Brand new HELOCs might possibly be bought of the Buyer and you will sold by the vendor towards the a servicing-put out foundation together with purchase of the HELOCs by Consumer will, for everyone intentions, become the Repair Liberties associated thereto. When you look at the Servicing Period, this new Servicer, as an independent company and you may acting alone, should services the new HELOCs marketed on the Customer towards instance Closure Big date in line with Acknowledged Maintenance Methods together with terms of it Arrangement with respect to Purchaser once the proprietor of HELOCs and Repair Rights.
Servicing Payment
(b) The newest Servicer should services the fresh new HELOCs in accordance with the provisions out-of Article IV of your own Established Servicing Arrangement as well as the relevant Credit Agreement. To possess reason for the existing Servicing Arrangement, the HELOCs is handled because of the Servicer since the Mortgages, Qualified Mortgages, Non-Agency Mortgages (on extent eg terms are applicable to help you HELOCs), and you will sometimes as the First Lien Mortgage loans otherwise 2nd Lien Home loan Loans, as the applicable, and also as understood regarding associated Home 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 Exhibit 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 . Because the believe getting repair the new HELOCs, this new Customer shall (a) pay the Servicer the newest relevant Maintenance Percentage or other Costs this new Servicer try eligible to each month, and you will (b) let the Servicer to retain additional maintenance payment from the setting out-of Ancillary Earnings, for each relative to Agenda step one hereto.
(a) As of for every single Closure Big date, the latest Buyer should guess the fresh bills of Provider to help you money Pulls. In spite of this, Servicer should administer this new Mark needs and you may Brings, by on top of other things taking the Draw desires on the Mortgagors, deciding perhaps the Draw request installment loans online Tennessee is within the associated Credit limit and you may Draw Several months and you may otherwise allowed from the related Borrowing from the bank Contract on such as for example date, alerting Mortgagors whether the Mark demand was honored, and you can remitting the fresh accepted Draw towards the Mortgagor, if the applicable, prior to Approved Servicing Means.
