(a) Representations and Guarantees. Article 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 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 Requirements into the Debt from Provider. 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 may 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 latest HELOCs is bought of the Purchaser and you may ended up selling by owner into the a maintenance-released basis while the purchase of the latest HELOCs from the Buyer will, for everybody aim, include all Repair Rights connected thereto. Into the Upkeep Several months, the Servicer, just like the another contractor and you may acting alone, should services new HELOCs offered into the Consumer on the such Closure Go out prior to Acknowledged Maintenance Means while the regards to so it Agreement with respect to Customer just like the proprietor of your own HELOCs and Servicing Legal rights.
Maintenance Settlement
(b) The latest Servicer should service the brand new HELOCs according to the conditions off Post IV of the Existing Maintenance Arrangement additionally the associated Borrowing Contract. For reason for the present Servicing Agreement, every HELOCs would be treated because of the Servicer while the Mortgage loans, Qualified Mortgage loans, Non-Agencies Mortgages (to the extent for example specifications can be applied to HELOCs), and you can possibly as Very first Lien Mortgages or Second Lien Financial Loans, just like the relevant, and as known regarding related Mortgage 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.dos . Just like the consideration to have maintenance the latest HELOCs, the latest Consumer shall (a) pay the Servicer the fresh new appropriate Upkeep Fee or other Costs this new Servicer try permitted monthly, and you may (b) allow the Servicer to retain a lot more maintenance compensation regarding function away from Supplementary Earnings, per in accordance with Schedule step 1 hereto.
(a) By each Closing Day, brand new Consumer will imagine the fresh obligations of your own Merchant to help you money Draws. Despite this, Servicer should administer the Moody loans fresh Draw needs and Brings, by on top of other things using the Mark requests on the Mortgagors, choosing perhaps the Mark request is within the associated Credit limit and you will Draw Several months and you can if not enabled by the associated Borrowing from the bank Agreement within instance time, notifying Mortgagors perhaps the Draw request was recognized, and remitting new approved Draw into Mortgagor, if the appropriate, prior to Recognized Servicing Strategies.