(a) Representations and you may Warranties. Article 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 Conditions on the Personal debt from Provider. 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) This new HELOCs might be bought by the Purchaser and you will marketed because of the the seller to the a maintenance-create base therefore the purchase of the latest HELOCs of the Buyer will, for all motives, were the Repair Liberties relating thereto. Inside Servicing Months, the fresh new Servicer, just like the a separate specialist and you may pretending by yourself, should solution new HELOCs sold on the Purchaser for the such Closure Big date in line with Recognized Servicing Practices plus the terms of that it Contract on behalf of Buyer because proprietor of one’s HELOCs and you may Maintenance Liberties.
Maintenance Compensation
(b) The newest Servicer shall solution the fresh HELOCs according to the terms off Post IV of one’s Current Upkeep Agreement as well as the related Borrowing from the bank Contract. To have reason for the current Upkeep Agreement, most of the HELOCs would be managed from the Servicer given that Mortgages, Qualified Mortgage loans, Non-Company Mortgages (towards the amount such arrangements are applicable so you can HELOCs), and you may often due to the fact Basic Lien Mortgages otherwise 2nd Lien Mortgage Loans, once the applicable, so that as recognized regarding related Home 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 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 . As attention to have maintenance the latest HELOCs, the brand new Purchaser shall (a) afford the Servicer the brand new relevant Upkeep Payment or any other Fees the fresh new Servicer try permitted per month, and you can (b) enable the Servicer to hold most maintenance compensation from the form out-of Supplementary Earnings, for every prior to Agenda 1 hereto.
(a) Since each Closure Big date, this new Purchaser shall imagine new bills of your own Supplier to finance Pulls. In spite of this, Servicer should give the new Mark desires and Brings, by among other things using the Mark demands regarding Mortgagors, choosing whether the Mark request is in the related Borrowing limit and you may Mark Several months and if you don’t allowed by payday loan with a prepaid debit card the associated Credit Contract during the eg time, notifying Mortgagors if the Draw request could be recognized, and you can remitting the latest recognized Mark to the Mortgagor, if relevant, in accordance with Acknowledged Upkeep Techniques.