Point 5
See. Section 9.3 of the Existing Master Repurchase Agreement is hereby amended by deleting subsections (g), (m) and (n) in their entirety and replacing them with the following:
(g) people change in any topic esteem to virtually any underwriting advice relevant to help you Eligible Mortgages hereunder, or correspondent direction (as well as, as opposed to limit the correspondent recognition process) off Merchant available at the time of the fresh new Energetic Time;
(m) in spite of the original phrase from the Part and also in any feel zero after than thirty (30) days? prior composed find so you’re able to Client, one (i) switch to the spot of their leader work environment/captain bar or nightclub away from you to definitely specified when you look at the Point 8.1(t), (ii) improvement in the name, identity otherwise corporate framework (or even the equivalent) otherwise change in the spot where Merchant keeps its information which have esteem into Purchased Property or any Purchased Issues, or (iii) reincorporation or reorganization away from Provider underneath the legislation of another jurisdiction;
(n) any (i) thing low-financial sanctions levied facing Seller; (ii) punishment otherwise charges levied facing Provider in excess of $[***] actually incurred right down to Provider?s strategies otherwise omission to behave; (iii) any change in Approval status off Seller otherwise (iv) the start of any matter low-routine Agencies Review, studies or perhaps the institution of every step up against Seller, within the each matter-of conditions (i), (ii) and you may (iv), from the any Agencies, HUD, this new FHA, the fresh Virtual assistant or even the RD otherwise any supervisory otherwise regulatory Political Authority supervising otherwise regulating the new origination otherwise servicing out of mortgage loans from the, and/or issuer or seller position off, Seller;
9.18 Of use Possession Certification. Seller shall at all times either (i) ensure that the Seller has delivered to Buyer a Beneficial Ownership Certification, if applicable, and that the information contained therein is true and correct in all respects, or (ii) deliver to Buyer an updated Beneficial Ownership Certification within five (5) Business Days following the date on which the information contained in any previously delivered Beneficial Ownership Certification ceases to be true and correct in all respects.
10.1 Financial obligation. Seller shall not incur any additional material Debt in excess of $[***] without the prior written consent of Buyer, other than (i) the Existing Debt, (ii) Debt incurred in connection with a repurchase agreement, warehouse facility or similar credit facility or mortgage servicing or servicing advance facility, (iii) Debt incurred with Buyer or its Affiliates, and (iv) usual and customary accounts payable for a mortgage company.
Part cuatro
10.3 Debt and you may Subordinated Debt. Seller shall not, either directly or indirectly, without the prior written consent of Buyer, pay any Debt or Subordinated Debt if excellent site to observe such payment shall cause a Potential Default or Event of Default. Further, if an Event of Default shall have occurred and for as long as such is occurring, Seller shall not, either directly or indirectly, without the prior written consent of Buyer, make any payment of any kind thereafter on such Debt or Subordinated Debt until all obligations of Seller hereunder have been paid and performed in full.
SECTION 7. Transactions having Associates. Section 10.7 of the Existing Master Repurchase Agreement is hereby amended by deleting such section in its entirety and replacing it with the following:
10.7 Purchases having Affiliates. Other than with respect to a Permitted Affiliate Transaction, Seller shall not, directly or indirectly, enter into any transaction with its Affiliates, without the prior written consent of Buyer, including, without limitation, (a) transferring, selling, pledging, assigning or otherwise disposing of any of its assets to or on behalf of an Affiliate, (b) purchasing or acquiring assets from an Affiliate, or (c) paying management fees to or on behalf of an Affiliate; provided, however, that Seller may, without the
