(a) Representations and you can 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 to your Obligations of 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 loans in Oak Grove 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 newest HELOCs would be purchased by the Buyer and marketed by the the seller on the a servicing-put out basis and the acquisition of the HELOCs of the Customer should, for all intentions, include all of the Upkeep Legal rights connected thereto. In Repair Period, this new Servicer, since a separate contractor and pretending alone, should services new HELOCs sold towards the Consumer towards particularly Closing Time in accordance with Recognized Servicing Strategies together with regards to that it Contract on the behalf of Purchaser once the manager of your own HELOCs and you may Repair Rights.
Repair Settlement
(b) This new Servicer should service new HELOCs according to the terms out of Article IV of Established Servicing Agreement and associated Borrowing Contract. To possess purposes of the existing Repair Contract, most of the HELOCs should be treated of the Servicer just like the Mortgages, Eligible Mortgage loans, Non-Agency Mortgage loans (toward the total amount particularly arrangements can be applied to help you HELOCs), and you will sometimes since Very first Lien Mortgages otherwise Second Lien Mortgage Money, once the relevant, so when understood from the related Home loan Plan.
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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 . Just like the attention to have servicing brand new HELOCs, new Buyer shall (a) spend the money for Servicer the relevant Repair Commission or other Costs the new Servicer was entitled to each month, and (b) allow the Servicer to retain most servicing payment throughout the means off Ancillary Earnings, for each and every in line with Plan step one hereto.
(a) By each Closure Go out, the fresh Buyer should imagine the financial obligations of your own Seller in order to finance Draws. Regardless of the foregoing, Servicer should administer brand new Draw needs and Pulls, by among other things bringing the Draw requests in the Mortgagors, determining whether or not the Mark demand is within the associated Borrowing limit and you will Mark Several months and if not permitted of the related Borrowing Agreement within such as day, alerting Mortgagors whether or not the Draw consult could well be recognized, and remitting the fresh acknowledged Mark on the Mortgagor, in the event the appropriate, according to Approved Maintenance Practices.