(a) Representations and you may Guarantees. Blog post cuatro 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 Standards to the Loans away from Merchant. 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 fresh HELOCs was bought of the Purchaser and you will ended up selling of the the vendor toward a maintenance-create base plus the purchase of the newest HELOCs because of the Customer shall, for everybody purposes, include all Upkeep Rights related thereto. In Upkeep Several months, the fresh Servicer, because an independent contractor and you will acting by yourself, will service this new HELOCs sold with the Buyer towards such Closing Time according to Accepted Repair Practices plus the regards to it Arrangement on the part of Purchaser given that proprietor of your own HELOCs and you can Servicing Rights.
Upkeep Settlement
(b) The fresh Servicer will provider this new HELOCs according to the conditions regarding Post IV of Existing Servicing Contract while the associated Borrowing Arrangement. To possess reason for the current Upkeep Contract, all HELOCs are going to be managed from the Servicer since Mortgages, Eligible Mortgages, Non-Service Mortgages (to your the total amount such as for instance specifications are applicable so you can HELOCs), and you can both given that Basic Lien loans Petrey AL Mortgages otherwise Second Lien Home loan Finance, just like the applicable, and as known on related Mortgage loan Plan.
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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.
8.2 . Because the thought to own upkeep the HELOCs, the latest Consumer will (a) afford the Servicer new appropriate Servicing Percentage or any other Fees the fresh Servicer are permitted each month, and you can (b) permit the Servicer to retain extra servicing settlement on the form out-of Ancillary Earnings, for each in accordance with Agenda step 1 hereto.
(a) Since per Closure Date, the newest Purchaser will imagine the financial obligations of the Merchant in order to fund Pulls. Notwithstanding the foregoing, Servicer should administer this new Draw needs and you will Brings, by on top of other things bringing the Draw demands on Mortgagors, choosing whether or not the Mark demand is in the associated Credit limit and you may Draw Several months and or even let from the related Credit Arrangement from the such as for instance day, alerting Mortgagors whether the Mark consult could be honored, and you can remitting the latest recognized Draw with the Mortgagor, when the relevant, prior to Recognized Servicing Means.
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