All the representations and you may warranties from Provider in

(a) Representations and you will 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 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 on the Obligations of 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 in its sole reasonable discretion):

(a) Representations and you may 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 fresh new HELOCs will be bought because of the Consumer and you can offered because of the the seller into an upkeep-put out foundation additionally the purchase of brand new HELOCs from the Purchaser should, for everyone aim, tend to be all Maintenance Legal rights appropriate thereto. From inside the Servicing Months, the new Servicer, because the an independent builder and you will pretending alone, should services the fresh new HELOCs sold towards Purchaser towards the for example Closing Big date in line with Approved Upkeep Techniques plus the terms of it Arrangement on the behalf of Buyer due to the fact manager of your own HELOCs and Repair Legal rights.

Maintenance Payment

(b) The latest Servicer should provider brand new HELOCs according to the provisions from Post IV of your own Established Upkeep Agreement as well as the related Borrowing Arrangement. Getting purposes of the present Maintenance Contract, every HELOCs shall be treated from the Servicer once the Mortgage loans, Qualified Mortgage loans, Non-Department Mortgage loans (for the the quantity like specifications can be applied so you can HELOCs), and often because Basic Lien Mortgages otherwise 2nd Lien Financial Loans, once the applicable, so when known on the related Mortgage loan Plan.

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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 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 . Due to the fact planning to possess repair the latest HELOCs, the newest Buyer will (a) spend the money for Servicer new relevant Repair Fee and other Costs brand new Servicer is entitled to monthly, and (b) permit the Servicer to hold most repair payment regarding setting off Ancillary Income, for every single in line with Schedule step one hereto.

(a) By for each and every Closing Time, americash loans New Hope the latest Purchaser will suppose the brand new financial obligations of your own Seller to help you finance Draws. In spite of this, Servicer shall administer the fresh new Mark requests and you may Pulls, by the on top of other things using Mark demands regarding the Mortgagors, deciding whether or not the Draw request is within the relevant Borrowing limit and you will Mark Months and you may if not permitted by associated Borrowing Agreement from the such as big date, alerting Mortgagors if the Draw request would be honored, and remitting new approved Draw towards Mortgagor, in the event that relevant, according to Accepted Servicing Strategies.