(a) Representations and you can Warranties. 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) Believe 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 for the Debt from Vendor. 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 payday loans Oklahoma 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) The brand new HELOCs might be purchased by Customer and you can offered of the the vendor on a servicing-put-out basis and the purchase of the new HELOCs from the Consumer will, for everyone intentions, is all of the Servicing Liberties appropriate thereto. From inside the Upkeep Several months, the Servicer, due to the fact an independent specialist and pretending by yourself, should solution the fresh new HELOCs offered on the Consumer toward like Closing Day prior to Accepted Repair Methods therefore the terms of so it Agreement with respect to Customer due to the fact holder of your HELOCs and Maintenance Liberties.

Repair Payment

(b) The fresh Servicer shall solution this new HELOCs according to the conditions away from Article IV of the Existing Servicing Agreement additionally the relevant Borrowing Arrangement. To possess reason for the current Repair Agreement, all of the HELOCs might be addressed from the Servicer as Mortgages, Eligible Mortgage loans, Non-Department Mortgages (towards the quantity like provisions can be applied to help you HELOCs), and you may both as the Basic Lien Mortgages otherwise 2nd Lien Home loan Finance, given that appropriate, so that as identified regarding the associated Mortgage Agenda.

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(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 . Because the thought to have repair new HELOCs, the Consumer shall (a) spend the money for Servicer the fresh appropriate Upkeep Payment and other Fees the brand new Servicer try eligible to per month, and (b) permit the Servicer to retain most upkeep payment from the function regarding Ancillary Earnings, for every in line with Plan step 1 hereto.

(a) At the time of for every Closing Go out, the fresh Buyer will suppose the fresh obligations of Provider in order to funds Pulls. Despite this, Servicer should provide new Draw desires and you can Draws, by among other things using Mark demands regarding the Mortgagors, deciding perhaps the Draw demand is in the relevant Credit limit and you can Draw Months and you will if not enabled from the relevant Borrowing from the bank Arrangement during the like time, notifying Mortgagors if the Mark request might possibly be recognized, and you can remitting the latest acknowledged Draw towards Mortgagor, when the appropriate, in line with Recognized Maintenance Methods.