(a) Representations and you may 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) Trust Bill. 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 for the Personal 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 Warranties. 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 could well be bought by Customer and marketed by owner on a maintenance-put out basis and purchase of new HELOCs of the Purchaser will, for everybody objectives, tend to be all the Repair Liberties appropriate thereto. Inside Repair Period, the fresh Servicer, once the a different builder and you may pretending alone, will solution the brand new HELOCs marketed into Buyer towards the eg Closing Go out relative to Recognized Upkeep Strategies plus the regards to so it Agreement with respect to Customer due to the fact holder of HELOCs and Repair Rights.

Maintenance Compensation

(b) The Servicer will provider the new HELOCs in accordance with the provisions away from Blog post IV of your Established Servicing Arrangement plus the related Borrowing from the bank Agreement. For reason for current Maintenance Contract, all the HELOCs should be treated because of the Servicer due to the fact Mortgages, Qualified Mortgage loans, Non-Service Mortgages (towards the amount instance provisions are applicable so you’re able to HELOCs), and you may possibly since First Lien Mortgages otherwise Next Lien Home loan Money, because relevant, and also as understood on relevant Real estate loan Plan.

Post 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 to own upkeep the brand new HELOCs, the Consumer will (a) pay the Servicer this new applicable Upkeep Fee and other Charges the fresh new Servicer is entitled to monthly, and you will (b) let the Servicer to hold additional maintenance compensation on the form away from Ancillary Income, for each and every prior to Schedule step one hereto.

(a) At the time of for every http://www.paydayloanalabama.com/new-site/ single Closing Go out, the fresh Consumer should imagine the new bills of your Vendor to help you loans Pulls. Notwithstanding this, Servicer should administer the newest Draw demands and you will Draws, from the among other things taking the Mark requests regarding the Mortgagors, deciding perhaps the Mark consult is within the relevant Borrowing limit and you may Mark Several months and you will if you don’t let from the relevant Borrowing from the bank Arrangement within such day, notifying Mortgagors whether or not the Mark request could well be honored, and you will remitting the fresh acknowledged Mark toward Mortgagor, in the event the appropriate, according to Recognized Repair Means.