(a) Representations and you may 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 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 South Carolina installment loans interest 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 Personal debt regarding 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 can 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) New HELOCs might be ordered because of the Buyer and you may sold by the owner on the a servicing-put out base therefore the acquisition of the latest HELOCs by the Purchaser will, for all intentions, is all Maintenance Legal rights associated thereto. When you look at the Maintenance Several months, the Servicer, because the a different contractor and you may acting alone, shall service the new HELOCs offered with the Consumer into like Closing Date relative to Acknowledged Servicing Practices and also the terms of it Agreement on the part of Buyer while the manager of your own HELOCs and Upkeep Rights.
Upkeep Compensation
(b) The brand new Servicer shall service the newest HELOCs according to the terms of Blog post IV of the Established Repair Agreement in addition to related Borrowing from the bank Arrangement. Having reason for the present Upkeep Arrangement, most of the HELOCs might be managed by the Servicer due to the fact Mortgages, Eligible Mortgages, Non-Agency Mortgage loans (towards the quantity instance terms are applicable so you can HELOCs), and you can either since the Very first Lien Mortgages otherwise 2nd Lien Mortgage Financing, since the appropriate, and as known in the relevant Home mortgage Plan.
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.dos . Since the consideration for maintenance the fresh new HELOCs, the fresh Buyer should (a) spend the money for Servicer the newest appropriate Repair Fee or any other Charge the Servicer try entitled to every month, and (b) let the Servicer to hold additional maintenance compensation in the means out of Supplementary Earnings, for every in accordance with Agenda 1 hereto.
(a) Since for every single Closure Date, the Customer shall guess the latest financial obligations of your Provider so you’re able to money Brings. Notwithstanding the foregoing, Servicer shall give the brand new Mark needs and you can Pulls, by the among other things using the Mark requests from the Mortgagors, choosing perhaps the Mark demand is within the related Borrowing limit and you will Draw Several months and you may otherwise allowed because of the related Borrowing Arrangement during the such time, alerting Mortgagors whether the Draw request could well be honored, and you may remitting the new acknowledged Draw on the Mortgagor, if the applicable, prior to Accepted Repair Practices.