(a) Representations and Guarantees. 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 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 toward Obligations 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 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) This new HELOCs might possibly be ordered by the Purchaser and you may sold of the owner on an upkeep-released foundation while the acquisition of the latest HELOCs because of the Buyer will, for everyone intentions, were most of the Maintenance Rights relevant thereto. Inside Upkeep Months, the brand new Servicer installment loans for bad credit direct lenders Louisiane, because the an independent builder and you can pretending alone, will solution the newest HELOCs marketed into Purchaser to the such as for example Closing Time in line with Accepted Upkeep Techniques while the terms of that it Arrangement on the part of Purchaser since owner of your HELOCs and Maintenance Legal rights.
Upkeep Settlement
(b) This new Servicer should solution brand new HELOCs according to the specifications out of Article IV of your Current Repair Contract plus the relevant Borrowing Agreement. Having purposes of current Maintenance Arrangement, every HELOCs is managed from the Servicer given that Mortgage loans, Eligible Mortgage loans, Non-Service Mortgages (on the the total amount such provisions are applicable so you’re able to HELOCs), and both once the First Lien Mortgages or Second Lien Mortgage Finance, once the relevant, and also as understood about relevant Mortgage 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 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 . Since attention to have upkeep new HELOCs, this new Buyer shall (a) afford the Servicer the brand new appropriate Servicing Fee and other Charge brand new Servicer was entitled to every month, and you will (b) let the Servicer to retain even more maintenance payment about setting off Supplementary Income, each relative to Schedule 1 hereto.
(a) By per Closing Go out, the fresh Customer shall suppose brand new bills of your own Seller to help you finance Brings. Regardless of this, Servicer should provide the fresh Mark requests and you can Brings, by the on top of other things taking the Draw demands on the Mortgagors, deciding if the Mark demand is in the related Credit limit and you will Mark Months and you will otherwise permitted of the associated Borrowing Arrangement from the instance date, alerting Mortgagors whether the Draw consult might be honored, and you may remitting the recognized Draw into the Mortgagor, when the appropriate, in line with Approved Repair Means.