(a) Representations and 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 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 Standards to your Debt regarding Supplier. 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 will 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 is ordered of the Customer and you may offered of the the seller into the a maintenance-put out base plus the acquisition of this new HELOCs by the Customer should, for everybody aim, were all the Maintenance Legal rights connected thereto. In Maintenance Several months, this new Servicer, just like the a separate company and you will pretending alone, should services the newest HELOCs marketed on the Purchaser into the for example Closure Go out in accordance with Recognized Maintenance Practices and the terms of which Contract on the behalf of Customer because owner of one’s HELOCs and you can Servicing Rights.
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(b) The fresh new Servicer shall services the latest HELOCs in accordance with the terms regarding Blog post IV of one’s Present Repair Contract together with relevant Borrowing from the bank Agreement. To possess purposes of the current Servicing Arrangement, most of the HELOCs might be addressed from the Servicer due to the fact Mortgage loans, Qualified Mortgages, Non-Company Mortgage loans (to the the amount particularly specifications are applicable so you can HELOCs), and you may either as Basic Lien Mortgages otherwise Second Lien Home loan Loans, due to the fact relevant, so that as known regarding associated Mortgage loan Schedule.
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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 personal loans for bad credit Delaware approval.
8.2 . Once the planning to own maintenance new HELOCs, the new Consumer shall (a) spend the money for Servicer the fresh new applicable Upkeep Payment and other Costs the fresh new Servicer was entitled to every month, and you can (b) allow the Servicer to hold most maintenance payment throughout the form out of Ancillary Earnings, for each and every in accordance with Schedule step 1 hereto.
(a) At the time of for each and every Closure Big date, the latest Consumer will suppose the new financial obligations of the Merchant to funds Pulls. Regardless of this, Servicer should provide new Draw demands and you may Draws, by on top of other things using the Draw demands regarding the Mortgagors, deciding whether the Mark demand is in the relevant Credit limit and Draw Period and you may if you don’t let of the relevant Borrowing from the bank Arrangement within such as for instance go out, notifying Mortgagors if the Mark demand could be honored, and remitting this new accepted Draw into the Mortgagor, if appropriate, according to Accepted Repair Methods.
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