(a) Representations and you can Guarantees. 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) Faith 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 with the Personal debt regarding Vendor. 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) Brand new HELOCs might be purchased because of the Consumer and you can ended up selling by owner into the a maintenance-put-out base additionally the acquisition of this new HELOCs by the Purchaser shall, for all purposes, become all the Upkeep Liberties linked thereto. For the Servicing Several months, new Servicer, just like the an independent builder and you can pretending by yourself, will solution the fresh new HELOCs ended up selling toward Buyer into the including Closure Big date in line with Recognized Maintenance Means as well as the terms of this Agreement for Buyer given that manager of one's HELOCs and you may Upkeep Rights.
Repair Settlement
(b) The latest Servicer will provider the latest HELOCs according to the arrangements out of Article IV of Present Maintenance Contract plus the relevant Credit Agreement. To possess purposes of the existing Repair Arrangement, all HELOCs would be handled by Servicer once the Mortgages, Qualified Mortgage loans, Non-Agencies Mortgages (toward extent particularly arrangements can be applied to HELOCs), and you will sometimes as the Basic Lien Mortgage loans or 2nd Lien Mortgage Funds, given that applicable, so that as known on the associated Real estate loan Agenda.
Article 5
(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.dos . Just like the planning getting repair the HELOCs, the new Buyer shall (a) spend the money for Servicer the appropriate Servicing Payment or other Charges this new Servicer try entitled to per month, and you can credit personal loans in NY (b) allow the Servicer to hold additional maintenance payment from the means regarding Supplementary Money, for each in line with Agenda 1 hereto.
(a) At the time of each Closure Go out, the new Purchaser will imagine new bills of your Seller to help you loans Brings. Regardless of the foregoing, Servicer should provide the fresh Mark desires and you may Brings, of the on top of other things taking the Mark needs in the Mortgagors, choosing whether the Draw consult is within the associated Credit limit and you can Draw Period and or even allowed because of the related Borrowing Contract on such as for example big date, alerting Mortgagors if the Draw consult could well be recognized, and you will remitting the fresh new approved Mark for the Mortgagor, in the event that applicable, relative to Accepted Servicing Strategies.
