All the representations and you can guarantees out of Merchant from inside the

All the representations and you can guarantees out of Merchant from inside the

(a) Representations and you can 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) Trust 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 Conditions toward Financial obligation out 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 personal loans Mississippi 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 could be ordered because of the Buyer and you may ended up selling of the the seller into an upkeep-put out foundation plus the acquisition of new HELOCs from the Consumer should, for all aim, include the Upkeep Legal rights connected thereto. When you look at the Upkeep Months, brand new Servicer, since the an independent company and acting alone, will solution the latest HELOCs offered with the Consumer into such Closing Day in line with Acknowledged Maintenance Methods and the terms of it Contract with respect to Buyer while the proprietor of the HELOCs and you may Upkeep Rights.

Servicing Payment

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(b) The fresh Servicer should services the fresh HELOCs according to the terms out of Article IV of one’s Present Repair Agreement and also the related Borrowing Agreement. To own purposes of the existing Maintenance Contract, all the HELOCs can be addressed by Servicer since Mortgages, Eligible Mortgages, Non-Agencies Mortgage loans (into the the amount such specifications can be applied so you’re able to HELOCs), and you may either just like the Basic Lien Mortgage loans otherwise Next Lien Home loan Finance, once the appropriate, so that as recognized about associated Mortgage Plan.

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.

8.2 . Given that idea to have servicing the new HELOCs, the fresh Purchaser should (a) afford the Servicer the new relevant Maintenance Fee or other Fees new Servicer is entitled to per month, and you may (b) allow the Servicer to hold extra repair settlement in the means away from Supplementary Earnings, for each and every relative to Schedule step 1 hereto.

(a) Since for every single Closing Big date, the latest Customer will assume the new bills of the Vendor so you’re able to loans Pulls. Regardless of this, Servicer shall administer this new Draw requests and you may Brings, by the on top of other things using the Mark desires regarding Mortgagors, determining whether the Draw request is in the associated Borrowing limit and you can Draw Several months and you can or even let by relevant Credit Agreement at the such day, notifying Mortgagors whether the Mark consult could well be recognized, and you can remitting the brand new acknowledged Draw for the Mortgagor, when the appropriate, relative to Recognized Repair Strategies.

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