Each one of the representations and you may guarantees out of Merchant inside the

(a) Representations and you can Guarantees. Post 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 Conditions towards the Personal debt of Merchant. 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) The new HELOCs could well be bought by the Buyer and you can ended up selling because of the the seller into a repair-create basis additionally the acquisition of the fresh new HELOCs of the Purchaser should, for all aim, were all the Servicing Liberties relating thereto. Inside the Upkeep Period, the brand new Servicer, because a separate company and you may acting by yourself, will services the latest HELOCs ended up selling into Consumer into such Closing Big date prior to Acknowledged Repair Strategies while the terms of which Agreement with respect to Customer since owner of the HELOCs and you will Maintenance Rights.

Upkeep Payment

(b) The newest Servicer will solution the HELOCs according to the specifications out-of Article IV of Existing Maintenance Arrangement additionally the relevant Borrowing Contract. To possess purposes of the present Maintenance Contract, all of the HELOCs are going to be addressed because of the Servicer while the Mortgages, Eligible Mortgage loans, Non-Company Mortgage loans (with the the amount including arrangements are applicable so you’re able to HELOCs), and you will either due to the fact Earliest Lien Mortgages or 2nd Lien Mortgage Finance, once the relevant, and as identified throughout the associated Home 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 approval.

8.dos . As planning to possess upkeep the latest HELOCs, this new Buyer will (a) afford the Servicer the fresh new applicable Upkeep Payment or online installment loans Nevada other Costs new Servicer are entitled to per month, and (b) permit the Servicer to retain additional servicing compensation regarding the function from Supplementary Earnings, per in line with Schedule step one hereto.

(a) Since for each and every Closure Big date, the latest Customer will guess new obligations of the Merchant in order to funds Pulls. Notwithstanding this, Servicer shall provide brand new Draw demands and you will Draws, because of the among other things using the Draw needs on Mortgagors, choosing whether the Mark demand is in the relevant Borrowing limit and you may Mark Several months and you will if not permitted by associated Borrowing from the bank Contract during the eg big date, notifying Mortgagors whether or not the Draw demand is honored, and you can remitting this new approved Mark to your Mortgagor, when the appropriate, in accordance with Acknowledged Maintenance Strategies.

— Posted on December 9, 2024 at 6:38 pm by permagroove