09 Dec Each of the representations and warranties off Provider when you look at the
(a) Representations and you can 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 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 Standards towards the Financial obligation out of 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 will 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 will be purchased of the Buyer and you can offered by the the vendor on an upkeep-put-out base therefore the purchase of the fresh HELOCs of the Purchaser should, for all objectives, are every Repair Legal rights relevant thereto. Within the Upkeep Several months, the fresh new Servicer, because the an independent company and you installment loans for bad credit Jacksonville can pretending by yourself, will service the brand new HELOCs offered into Consumer into such as for example Closure Big date in accordance with Recognized Upkeep Strategies therefore the regards to this Contract with respect to Consumer because the owner of one’s HELOCs and you may Maintenance Liberties.
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(b) New Servicer should services new HELOCs in accordance with the provisions regarding Blog post IV of one’s Current Maintenance Contract plus the related Borrowing Contract. To own reason for the current Maintenance Contract, the HELOCs will be managed of the Servicer since Mortgage loans, Eligible Mortgage loans, Non-Department Mortgages (towards the the total amount such as for example provisions can be applied to help you HELOCs), and you will possibly since the Basic Lien Mortgage loans or 2nd Lien Home loan Money, due to the fact applicable, and also as recognized on the related 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 Display 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 . Just like the planning to own repair brand new HELOCs, new Buyer shall (a) afford the Servicer the fresh new applicable Upkeep Fee or other Charges this new Servicer is actually permitted per month, and you may (b) permit the Servicer to retain most upkeep payment from the setting out of Ancillary Income, each according to Plan 1 hereto.
(a) By per Closing Day, brand new Customer shall guess the fresh financial obligations of Seller to funds Brings. In spite of the foregoing, Servicer shall administer brand new Mark needs and you may Brings, of the on top of other things using the Mark desires about Mortgagors, determining if the Draw request is within the related Borrowing limit and Draw Several months and you may if you don’t allowed by associated Borrowing Agreement at including date, alerting Mortgagors perhaps the Mark consult could well be recognized, and remitting brand new recognized Mark on the Mortgagor, if the relevant, prior to Approved Upkeep Strategies.