(a) Representations and Guarantees. Post 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 for the Loans out-of Supplier. 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) The HELOCs is bought by Buyer and you will marketed by the the vendor to your an upkeep-put out foundation as well as the acquisition of the latest HELOCs by Purchaser will, for all intentions, are all the Servicing Legal rights associated thereto. Within the Maintenance Period, the Servicer, while the a different builder and you will pretending alone, shall service the HELOCs marketed to your Buyer on instance Closing Date in line with Acknowledged Repair Practices and the terms of that it Agreement on the behalf of Consumer because owner of one’s HELOCs and you can Maintenance Legal rights.

Repair Compensation

(b) The brand new Servicer shall solution the HELOCs according to the conditions from Article IV of your own Established Upkeep Agreement and also the associated Borrowing Arrangement. For purposes of the existing Maintenance Contract, most of the HELOCs shall be handled because of the Servicer due to the fact Mortgage loans, Eligible Mortgage loans, Non-Institution Mortgage loans (into the total amount instance conditions can be applied to HELOCs), and you can either just like the Very first Lien Mortgage loans otherwise Second Lien Home loan Loans, as applicable, so when understood throughout the related Home mortgage Agenda.

Article 5

(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 Agreement, Purchaser hereby delegates authority to the Servicer to carry out the Servicer’s bad credit installment loans Montana servicing and administration duties with respect to the HELOCs without obtaining the Purchaser’s prior written approval.

8.dos . Because idea having servicing this new HELOCs, brand new Purchaser should (a) afford the Servicer the latest appropriate Upkeep Commission or other Fees new Servicer are eligible to every month, and you will (b) allow the Servicer to retain most upkeep payment on the means of Supplementary Earnings, for each in accordance with Plan 1 hereto.

(a) At the time of each Closure Go out, the Consumer should guess new financial obligations of your Vendor to help you money Brings. In spite of this, Servicer shall give the fresh Mark requests and you will Pulls, because of the on top of other things bringing the Draw requests throughout the Mortgagors, determining perhaps the Draw request is within the related Borrowing limit and you can Mark Period and you may otherwise let by associated Credit Arrangement from the particularly time, notifying Mortgagors perhaps the Draw demand is recognized, and you may remitting the brand new recognized Mark towards the Mortgagor, if applicable, in line with Acknowledged Maintenance Methods.