(a) Representations and Warranties. Article 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) Trust 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 toward Personal debt out-of 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 you can 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 new HELOCs could well be purchased of the Consumer and you can offered of the the vendor to your a repair-put out base and acquisition of this new HELOCs of the Consumer will, for all purposes, are every Repair Rights associated thereto. Into the Servicing Months, the brand new Servicer, just like the a separate builder and you may pretending by yourself, will service this new HELOCs marketed on the Consumer toward such as Closure Big date according to Approved Servicing Methods as well as the terms of that it Arrangement on the part of Purchaser just like the owner of your own payday loans Rhode Island HELOCs and you may Repair Legal rights.
Upkeep Settlement
(b) The fresh Servicer shall solution the brand new HELOCs in accordance with the terms out of Blog post IV of your Established Upkeep Agreement plus the relevant Borrowing Agreement. To own purposes of current Maintenance Contract, every HELOCs will likely be treated of the Servicer given that Mortgage loans, Eligible Mortgages, Non-Agencies Mortgages (with the the amount such as for example specifications can be applied so you can HELOCs), and you will both since Basic Lien Mortgages otherwise Second Lien Financial Money, once the applicable, and as identified on the associated 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.
8.2 . While the said to own upkeep the fresh new HELOCs, the brand new Customer should (a) afford the Servicer the latest applicable Maintenance Commission or other Charges the fresh new Servicer is entitled to per month, and (b) permit the Servicer to retain even more upkeep payment throughout the means out-of Supplementary Earnings, each prior to Plan step one hereto.
(a) As of each Closing Day, the new Customer should imagine the latest obligations of Provider to help you loans Brings. Despite the foregoing, Servicer will give the newest Mark desires and you may Brings, by the on top of other things using the Draw requests regarding Mortgagors, determining perhaps the Mark demand is within the associated Borrowing limit and Mark Months and you can or even enabled because of the relevant Credit Agreement on such go out, alerting Mortgagors if the Draw demand will be honored, and you can remitting brand new accepted Mark to your Mortgagor, if the appropriate, in line with Acknowledged Maintenance Practices.