(a) Representations and Warranties. 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) 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 Criteria into the Obligations off 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 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 will be ordered by Consumer and you may offered of the owner on a servicing-put-out base plus the acquisition of the fresh new HELOCs from the Purchaser will, for everyone objectives, include most of the Servicing Rights relating thereto. For the Servicing Period, brand new Servicer, since a separate specialist and you can pretending alone, should services new HELOCs marketed for the Consumer towards the such Closure Time relative to Accepted Repair Means and terms of it Contract with respect to Purchaser since proprietor of one’s HELOCs and Servicing Legal rights.
Maintenance Compensation
(b) The fresh Servicer should service this new HELOCs in accordance with the specifications of Post IV of the Existing Servicing Contract and the associated Borrowing from the bank Arrangement. To own purposes of the existing Servicing Arrangement, all the HELOCs is treated of the Servicer as Mortgage loans, Qualified Mortgage loans, Non-Institution Mortgage loans (toward the total amount eg arrangements are applicable in order to HELOCs), and you may sometimes given that Earliest Lien Mortgages otherwise Second Lien Financial Financing, since the appropriate, so when understood regarding the associated Home mortgage Agenda.
Article 5
(c) To the extent set forth in and subject to the terms of the Delegation of Authority Matrix attached as Showcase 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 . Given that planning getting servicing the newest HELOCs, the Customer shall (a) afford the Servicer the brand new appropriate Maintenance Payment and other Charges new Servicer try eligible to monthly, and you may (b) allow the Servicer to hold a lot more upkeep settlement on the function out of Supplementary Money, for each and every according to Schedule 1 hereto.
(a) Since for each Closing Go out, brand new Consumer will assume the newest financial obligations of one’s Merchant so you can money Brings. In spite of this, Servicer shall provide the fresh Draw demands and you will Pulls, by the among other things using the Draw demands regarding the Mortgagors, choosing whether the Draw request is within the personal loans online Minnesota associated Borrowing limit and Mark Several months and you can otherwise permitted by the associated Credit Agreement within for example time, alerting Mortgagors whether the Draw request would-be recognized, and remitting the latest approved Draw towards Mortgagor, if the applicable, in line with Recognized Repair Practices.