Each one of the representations and guarantees off Vendor into the

(a) Representations and Warranties. Blog 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) Trust Bill. 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 the Loans off 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 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) This new HELOCs might be bought because of the Customer and marketed because of the owner towards an upkeep-put-out base in addition to acquisition of the fresh new HELOCs by Purchaser shall, for all motives, were all Repair Liberties connected thereto. Inside Upkeep Period, the newest Servicer, due to the fact another contractor and you may acting by yourself, will provider the fresh HELOCs marketed with the Purchaser on such as for instance Closure Time in accordance with Accepted Servicing Practices and the terms of this Contract on the behalf of Purchaser because holder of one’s HELOCs and you can Upkeep Rights.

Repair Payment

(b) Brand new Servicer shall provider the brand new HELOCs in accordance with the arrangements regarding Post IV of your Current Repair Agreement and relevant Borrowing Agreement. To possess purposes of the existing Repair Agreement, the HELOCs can be handled of the Servicer since the Mortgage loans, Eligible Mortgages, Non-Company Mortgage loans (with the the amount for example specifications are applicable to HELOCs), and often as the Basic Lien Mortgage loans or Second Lien Home loan Funds, just like the relevant, so that as known on related Real estate 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 Display 10 to the Existing Servicing direct deposit loans in minutes 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 . Since the attention for upkeep new HELOCs, brand new Customer should (a) spend the money for Servicer the brand new appropriate Maintenance Payment or any other Costs this new Servicer try eligible to monthly, and you will (b) let the Servicer to retain extra servicing settlement in the setting off Ancillary Income, each prior to Schedule step 1 hereto.

(a) At the time of each Closing Day, the newest Buyer will imagine the obligations of your own Seller to fund Brings. Regardless of the foregoing, Servicer shall administer the brand new Mark requests and you will Pulls, of the on top of other things using the Mark demands throughout the Mortgagors, determining whether or not the Draw consult is within the associated Borrowing limit and you will Mark Months and you can if not permitted of the associated Credit Contract from the such as for example time, notifying Mortgagors whether or not the Mark request could be honored, and you may remitting the latest recognized Draw toward Mortgagor, in the event the applicable, in accordance with Recognized Servicing Practices.