All the representations and you will warranties out of Vendor when you look at the
(a) Representations and you will 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) 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 Criteria on the Personal debt away from Seller. 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 will be ordered of the Customer and you will offered by the the vendor to the an upkeep-put-out base as well as the acquisition of the new HELOCs because of the Customer should, for everyone motives, were the Servicing Legal rights relevant thereto. From inside the Repair Several months, the Servicer, as a separate builder and you may acting by yourself, should services the fresh HELOCs marketed toward Consumer to your such as for example Closure Time relative to Acknowledged Upkeep Techniques together with regards to which Contract on behalf of Customer given that owner of the HELOCs and you can Upkeep Liberties.
Upkeep Compensation
(b) The fresh Servicer will provider the fresh new HELOCs in accordance with the arrangements from Blog post IV of one’s Existing Repair Contract and the associated Borrowing from the bank Contract. To have purposes of current Repair Contract, every HELOCs shall be handled because of the Servicer while the Mortgage loans, Qualified Mortgage loans, Non-Company Mortgages (towards the the quantity such as conditions can be applied so you can HELOCs), and you can both due to the fact First Lien Mortgages or 2nd Lien Home loan Financing, due to the fact applicable, so that as identified on 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 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.dos . As the idea to have repair installment loans Riverside Alabama the HELOCs, the new Buyer will (a) pay the Servicer the new applicable Repair Percentage and other Charges the newest Servicer is actually permitted monthly, and you can (b) allow the Servicer to hold extra upkeep payment from the mode of Supplementary Income, per in accordance with Schedule 1 hereto.
(a) As of for every Closing Go out, the newest Purchaser shall imagine the new obligations of one’s Provider so you’re able to finance Brings. Regardless of this, Servicer will administer the new Mark requests and you may Draws, by the on top of other things bringing the Draw demands from the Mortgagors, determining perhaps the Draw consult is within the associated Borrowing limit and Draw Months and if not enabled by the associated Credit Agreement at the like day, alerting Mortgagors whether the Mark demand would-be honored, and you may remitting brand new recognized Draw with the Mortgagor, when the relevant, according to Accepted Repair Means.