COLLECTIONS; INCOME PAYMENTS. (a) On each Business Day that a Transaction is outstanding, the Pricing Rate shall be reset and, unless otherwise agreed, the accrued and unpaid Price Differential shall be settled in cash on each related Repurchase Date. To the extent a Purchased Asset is subject to a Transaction for a period in excess of forty-five (45) calendar days, at Buyer’s sole option, Price Differential shall be settled in cash on such date and thereafter as more frequently requested by Buyer. (b) Upon request of Buyer, Seller shall establish and maintain a segregated time or demand deposit account for the benefit of Buyer (the “Custodial Account”) with Buyer, UBS AG Stamford Branch or an Insured Depository Institution acceptable to Buyer in its sole discretion and shall deposit into the Custodial Account, within two (2) Business Days of receipt, all Income received with respect to each Mortgage Loan sold hereunder. Seller shall cause all Income received with respect to the Purchased Assets by any Servicer to be remitted directly to the Custodial Account. Under no circumstances shall Seller deposit any of its own funds into the Custodial Account or otherwise commingle its own funds with funds belonging to Buyer as owner of any Mortgage Loans. Seller shall name the Custodial Account “xxxxXxxxx.xxx, LLC in trust for the benefit of UBS Bank USA.” (c) All Income received with respect to a Mortgage Loan purchased hereunder, whether or not deposited in the Custodial Account, shall be held in trust for the exclusive benefit of Buyer as the owner of such Mortgage Loan. (d) Following an Event of Default, Seller shall remit to Buyer all Income and any funds in the Custodial Account as instructed by Buyer in writing. Such remittances shall be by wire transfer in accordance with wire transfer instructions previously given to Seller by Buyer. (e) Seller authorizes Buyer to withdraw any Income otherwise due Buyer hereunder from any of the Warehouse Accounts and the Operating Account. (f) Seller shall not change the identity or location of the Custodial Account. Seller shall from time to time, at its own cost and expense, execute such directions to Buyer, and other papers, documents or instruments as may be reasonably requested by Buyer. (g) If Buyer so requests, Seller shall promptly notify Buyer of each deposit in the Custodial Account, and each withdrawal from the Custodial Account, made by it with respect to Mortgage Loans owned by Buyer and serviced by Seller. Seller shall also promptly deliver to Buyer photocopies of all periodic bank statements and other records relating to the Custodial Account as Buyer may from time to time request. (h) The amount required to be paid or remitted by Seller to Buyer, not made when due shall bear interest from the due date until the remittance, transfer or payment is made, payable by Seller, at the lesser of the Post-Default Rate or the maximum rate of interest permitted by law. If there is no maximum rate of interest specified by applicable law, interest on such sums shall accrue at the Post-Default Rate.
Appears in 2 contracts
Samples: Master Repurchase Agreement (loanDepot, Inc.), Master Repurchase Agreement (loanDepot, Inc.)
COLLECTIONS; INCOME PAYMENTS. (a) On each Business Day that a Transaction is outstanding, the Pricing Rate shall be reset and, unless otherwise agreed, the accrued and unpaid Price Differential shall be settled in cash on each related Repurchase Date. To the extent a Purchased Asset is subject to a Transaction for a period in excess of forty-five (45) calendar days, at Buyer’s sole option, Price Differential shall be settled in cash on such date and thereafter as more frequently requested by Buyer.
(b) Upon request of Buyer, Seller shall establish and maintain a segregated time or demand deposit account for the benefit of Buyer (the “Custodial Account”) with Buyer, UBS AG Stamford Branch or an Insured Depository Institution acceptable to Buyer in its sole discretion and shall deposit into the Custodial Account, within two (2) Business Days of receipt, all Income received with respect to each Mortgage Loan sold hereunder. Seller shall cause all applicable Subservicers to remit all Income received by them with respect to the Purchased Assets by any Servicer to be remitted each such Mortgage Loan directly to the Custodial AccountAccount on the remittance date specified in the related servicing agreement (but in no event less frequently than monthly). Under no circumstances shall Seller deposit any of its own funds into the Custodial Account or otherwise commingle its own funds with funds belonging to Buyer as owner of any Mortgage Loans. Seller shall name the Custodial Account “xxxxXxxxx.xxxM/I Financial LLC, LLC in trust for and for the benefit of UBS Bank USASterling National Bank.”
(cb) All Income received with respect to a Mortgage Loan purchased hereunder, whether or not deposited in the Custodial Account, shall be held in trust for the exclusive benefit of Buyer as the owner of such Mortgage LoanLoan and shall be released only as follows:
(i) after the Repurchase Price for such Mortgage Loan has been paid in full to Buyer, all amounts previously deposited in the Custodial Account with respect to such Mortgage Loan and then in the Custodial Account shall be:
(A) applied to any Obligations due and payable;
(B) to the extent that there exists no Default, released by Buyer to Seller;
(ii) if a Successor Servicer is appointed by Buyer, all amounts deposited in the Custodial Account with respect to Mortgage Loans to be so serviced shall be transferred into an account established by the Successor Servicer pursuant to its agreement with Buyer;
(iii) upon the occurrence and during the continuance of an Event of Default hereunder, all funds then held in the Custodial Account with respect to Mortgage Loans shall only be released by Buyer in its sole good faith discretion; and
(iv) funds may, in Buyer’s sole good faith discretion, be remitted to Buyer to cure any Margin Deficit.
(dc) Following an Event of Default, On each Payment Date Seller shall remit to Buyer all Income and any (or Buyer shall withdraw) a portion of the funds held in the Custodial Account as instructed by Buyer in writingwith respect to a Mortgage Loan for which the Repurchase Date has not yet occurred equal to the accrued and unpaid Price Differential for such Mortgage Loan. Such remittances shall be by wire transfer in accordance with wire transfer instructions previously given to Seller by Buyer.
(ed) Seller authorizes Buyer to withdraw any Income otherwise due Buyer hereunder the remittance amount as set forth in Section 5(c) above each month from any of Seller’s accounts as more particularly set forth in the Warehouse Accounts and the Operating Account.Customer Guide. ‑6‑
(fe) Seller shall not change the identity or location of the Custodial Account. Seller shall from time to time, at its own cost and expense, execute such directions to Buyer, and other papers, documents or instruments as may be reasonably requested by Buyer.
(gf) If Buyer so requests, Seller shall promptly notify Buyer of each deposit in the Custodial Account, and each withdrawal from the Custodial Account, made by it with respect to Mortgage Loans owned by Buyer and serviced by Seller. Seller shall also promptly deliver to Buyer photocopies of all periodic bank statements and other records relating to the Custodial Account as Buyer may from time to time request.
(hg) The amount required to be paid or remitted by Seller to Buyer, not made when due (subject to any applicable grace periods) shall bear interest from the due date until the remittance, transfer or payment is made, payable by Seller, at the lesser of the Post-Default Rate or the maximum rate of interest permitted by law. If there is no maximum rate of interest specified by applicable law, interest on such sums shall accrue at the Post-Default Rate.
Appears in 1 contract
COLLECTIONS; INCOME PAYMENTS. (a) On each Business Day that a Transaction is outstanding, the Pricing Rate shall be reset and, unless otherwise agreed, the accrued and unpaid Price Differential shall be settled in cash on each related Repurchase Date. To the extent a Purchased Asset Mortgage Loan is subject to a Transaction for a period in excess of forty-five sixty (4560) calendar days, at Buyer’s sole option, Price Differential shall be settled in cash on such date and thereafter as more frequently requested by Buyerdate.
(b) Upon request of Buyer, Seller shall establish and maintain a segregated time or demand deposit account for the benefit of Buyer (the “Custodial Account”) with Buyer, UBS AG Stamford Branch or an Insured Depository Institution acceptable to Buyer in its sole discretion and shall deposit into the Custodial Account, within two (2) Business Days of receipt, all Income received with respect to each Purchased Mortgage Loan sold hereunder. Seller shall cause all Income received with respect to the Purchased Assets Mortgage Loans by any Servicer to be remitted directly to the Custodial Account. Under no circumstances shall either Seller deposit any of its own funds into the Custodial Account or otherwise commingle its own funds with funds belonging to Buyer as owner of any Mortgage Loans. Seller shall name the Custodial Account “xxxxXxxxx.xxxQuicken Loans, LLC Inc., in trust for and for the benefit of UBS Bank USA.Real Estate Securities Inc.”
(c) All Income received with respect to a Purchased Mortgage Loan purchased hereunder, whether or not deposited in the Custodial Account, shall be held in trust for the exclusive benefit of Buyer as the owner of such Purchased Mortgage LoanLoan until such Mortgage Loan is no longer a Purchased Mortgage Loan (and shall be remitted to Seller on the Repurchase Date).
(d) Following an Event of Default, Seller shall remit to Buyer all Income and any funds in the Custodial Account as instructed required by Buyer in writingBuyer. Such remittances shall be by wire transfer in accordance with wire transfer instructions previously given to Seller by Buyer.
(e) Seller authorizes Buyer to withdraw any Income otherwise due Buyer hereunder from any of the Warehouse Accounts and the Operating Accounteither Seller’s accounts as provided in this Agreement.
(f) Neither Seller shall not change the identity or location of the Custodial Account. Seller shall from time to time, at its own cost and expense, execute such directions to Buyer, and other papers, documents or instruments with respect to the Custodial Account as may be reasonably requested by Buyer.
(g) If Buyer so requests, Seller shall promptly notify Buyer of each deposit in the Custodial Account, and each withdrawal from the Custodial Account, made by it with respect to Mortgage Loans owned by Buyer and serviced by Sellerthe Servicer. Seller shall also promptly deliver to Buyer photocopies of all periodic bank statements and other records relating to the Custodial Account as Buyer may from time to time request.
(h) The amount required to be paid or remitted by the Seller to Buyer, not made when due shall bear interest from the due date until the remittance, transfer or payment is made, payable by the Seller, at the lesser of the Post-Default Rate or the maximum rate of interest permitted by law. If there is no maximum rate of interest specified by applicable law, interest on such sums shall accrue at the Post-Default Rate.
Appears in 1 contract
Samples: Master Repurchase Agreement (Rocket Companies, Inc.)
COLLECTIONS; INCOME PAYMENTS. (a) On each Business Day that a Transaction is outstanding, the Pricing Rate shall be reset and, unless otherwise agreed, the accrued and unpaid Price Differential shall be settled in cash on each related Repurchase Date. To the extent a Purchased Asset is subject to a Transaction for a period in excess of forty-five (45) calendar days, at Buyer’s sole option, Price Differential shall be settled in cash on such date and thereafter as more frequently requested by Buyer.
(b) Upon request of Buyer, Seller shall establish and maintain a segregated time or demand deposit account for the benefit of Buyer (the “Custodial Collection Account”) with a financial institution reasonably satisfactory to Buyer, UBS AG Stamford Branch or an Insured Depository Institution acceptable which shall be subject to Buyer in its sole discretion a Control Agreement, and shall deposit deposit, or cause Servicer to deposit, into the Custodial Collection Account, within two (2) Business Days of receipton the Servicer Remittance Date, all Income (other than reserve payments and any servicing fees, expenses or other amounts due to the Servicer pursuant to the terms of the Servicing Agreement) received with respect to each Mortgage Loan sold hereunder. Seller shall cause all Income received with respect Purchased Asset subject to the Purchased Assets by any Servicer to be remitted directly to the Custodial Accounta Transaction. Under no circumstances shall Seller deposit any of its own funds into the Custodial Account or otherwise commingle its own funds with funds belonging to Buyer as owner of any Mortgage LoansCollection Account. Seller shall name the Custodial Collection Account “xxxxXxxxx.xxxas directed by Xxxxx.
(b) Unless an Event of Default has occurred and is continuing, LLC on or before 3:00 p.m. (New York time) on the Business Day prior to the Payment Date, Seller shall deliver to Buyer a Distribution Worksheet. On each Payment Date, upon approval of the Distribution Worksheet by Buyer, the Bank shall remit funds on deposit in the Collection Account in accordance with the Distribution Worksheet:
(i) first, to Buyer in payment of any accrued and unpaid fees and expenses then due and payable to Xxxxx’s account set forth in Section 7(a) hereof;
(ii) second, to the Servicer and/or the Custodian, in payment of any accrued and unpaid fees and expenses then due and owing to such party;
(iii) third, to Buyer in payment in full of that portion of the Repurchase Price that represents any accrued and unpaid Price Differential up to the related Payment Date to Buyer’s account set forth in Section 7(a) hereof;
(iv) fourth, to Buyer in payment of any unpaid Upfront Fees or any other fees and expenses then due and payable;
(v) fifth, without limiting the rights of Buyer under Section 5 of this Agreement, to Buyer in the amount of any unpaid Margin Deficit then due and payable to Buyer’s account set forth in Section 7(a) hereof;
(vi) sixth, if an Event of Default has occurred and is continuing, to Buyer in an amount to reduce the Repurchase Price to zero and pay all other Obligations;
(vii) seventh, to Buyer in an amount equal to the applicable Purchase Price Percentage for a Purchased Asset multiplied by the Principal Payments related to such Purchased Asset, to Buyer’s account set forth in Section 7(a) hereof to be applied against the Repurchase Price of such Purchased Asset; and
(viii) eighth, to Seller, any remaining amounts.
(c) Upon the occurrence and during the continuation of an Event of Default, all amounts remitted to the Collection Account shall be held in trust for Buyer and shall be withdrawn from the benefit of UBS Bank USACollection Account only by Buyer in accordance with Buyer’s rights under the Control Agreement and applied to the Obligations as determined by Buyer in its sole discretion.”
(cd) All Income received with respect to a Mortgage Loan purchased hereunderPurchased Asset subject to a Transaction, whether or not deposited in the Custodial Collection Account, shall be held in trust for the exclusive benefit of Buyer as the owner of such Mortgage Loan.
(d) Following an Event of Default, Seller shall remit to Buyer all Income and any funds in the Custodial Account as instructed by Buyer in writing. Such remittances shall be by wire transfer in accordance with wire transfer instructions previously given to Seller by Buyer.
(e) Seller authorizes Buyer to withdraw any Income otherwise due Buyer hereunder from any of the Warehouse Accounts and the Operating Account.
(f) Seller shall not change the identity or location of the Custodial AccountCollection Account without Xxxxx’s written consent. Seller shall from time to time, at its own cost and expense, execute such directions to Buyer, and other papers, documents or instruments as may be reasonably requested by BuyerXxxxx.
(gf) If Buyer so requestsrequests and to the extent not otherwise reflected on the applicable Distribution Worksheet, Seller shall promptly notify Buyer of each deposit in the Custodial Collection Account, and each withdrawal from the Custodial Account, made by it with respect to Mortgage Loans owned by Buyer and serviced by Seller. Seller shall also promptly deliver to Buyer photocopies of all periodic bank statements and other records relating to the Custodial Collection Account as Buyer Xxxxx may from time to time request.
(hg) The amount required to be paid or remitted by Seller to Buyer, not made when due shall bear interest from the due date until the remittance, transfer or payment is made, payable by Seller, at the lesser of the Post-Default Rate or the maximum rate of interest permitted by law. If there is no maximum rate of interest specified by applicable law, interest on such sums shall accrue at the Post-Default Rate.
(h) Unless an Event of Default shall have occurred and be continuing, all payments received by Buyer shall, after notice to Buyer, be applied by Buyer on the date of such receipt or, if such receipt is made and notice received after 3:00 p.m. (New York time), on the following Business Day, to reduce the Purchase Price of the related Purchased Asset.
Appears in 1 contract
Samples: Master Repurchase Agreement (FS Credit Real Estate Income Trust, Inc.)
COLLECTIONS; INCOME PAYMENTS. (a) On each Business Day that a Transaction is outstanding, the Pricing Rate shall be reset and, unless otherwise agreed, the accrued and unpaid Price Differential shall be settled in cash on each related Repurchase Date. To the extent a Purchased Asset is subject to a Transaction for a period in excess of forty-five (45) calendar days[***], at Buyer’s sole option, Price Differential shall be settled in cash on such date and thereafter as more frequently requested by Buyer.
(b) Upon request of Buyer, Seller shall establish and maintain a segregated time or demand deposit account for the benefit of Buyer (the “Custodial Account”) with Buyer, UBS AG Stamford Branch or an Insured Depository Institution acceptable to Buyer in its sole discretion and shall deposit into the Custodial Account, within two (2) Business Days of receipt, all Income received with respect to each Mortgage Loan sold hereunder. Seller shall cause all Income received with respect to the Purchased Assets by any Servicer to be remitted directly to the Custodial Account. Under no circumstances shall Seller deposit any of its own funds into the Custodial Account or otherwise commingle its own funds with funds belonging to Buyer as owner of any Mortgage Loans. Seller shall name the Custodial Account “xxxxXxxxx.xxx, LLC Home Point Financial Corporation in trust for the benefit of UBS Bank USA.”
(c) All Income received with respect to a Mortgage Loan purchased hereunder, whether or not deposited in the Custodial Account, shall be held in trust for the exclusive benefit of Buyer as the owner of such Mortgage Loan.
(d) Following an Event of Default, Seller shall remit to Buyer all Income and any funds in the Custodial Account as instructed by Buyer in writing. Such remittances shall be by wire transfer in accordance with wire transfer instructions previously given to Seller by Buyer.
(e) Seller authorizes Buyer to withdraw any Income otherwise due Buyer hereunder from any of the Warehouse Accounts and the Operating Account.
(f) Seller shall not change the identity or location of the Custodial Account. Seller shall from time to time, at its own cost and expense, execute such directions to Buyer, and other papers, documents or instruments as may be reasonably requested by Buyer.
(g) If Buyer so requests, Seller shall promptly notify Buyer of each deposit in the Custodial Account, and each withdrawal from the Custodial Account, made by it with respect to Mortgage Loans owned by Buyer and serviced by Seller. Seller shall also promptly deliver to Buyer photocopies of all periodic bank statements and other records relating to the Custodial Account as Buyer may from time to time request.
(h) The amount required to be paid or remitted by Seller to Buyer, not made when due shall bear interest from the due date until the remittance, transfer or payment is made, payable by Seller, at the lesser of the Post-Default Rate or the maximum rate of interest permitted by law. If there is no maximum rate of interest specified by applicable law, interest on such sums shall accrue at the Post-Default Rate.
Appears in 1 contract
Samples: Master Repurchase Agreement (Home Point Capital Inc.)
COLLECTIONS; INCOME PAYMENTS. (a) All Income from the Purchased Assets shall be the property of Buyer and shall be credited directly to Buyer; provided that, if Seller or any Affiliate of Seller receives any direct payment of Income or if any Income is forwarded to Seller or any Affiliate of Seller, Seller or its Affiliate shall remit all Income to Buyer within twenty-four hours of receipt. On each Business Day that a Transaction is outstandingPayment Date, Buyer shall remit all funds received by Xxxxx since the Pricing Rate shall be reset and, unless otherwise agreed, immediately preceding Payment Date in the accrued manner set forth below:
(1) any amounts due to Buyer on account of due and unpaid Price Differential shall be settled in cash accordance with Section 5(b) of this Agreement;
(2) any amounts due to Buyer on each related account of a Margin Deficit in accordance with Section 4;
(3) all amounts offset and applied by Buyer pursuant to Section 5(e) of this Agreement;
(4) with respect to any Principal Proceeds received, any amounts required to reduce the Repurchase Date. To Price of the extent a Purchased Asset is subject in respect of which such Principal Proceeds have been received until the Repurchase Price of such Purchased Asset has been reduced to a Transaction for a period zero; provided, that, in excess each case, each such application of forty-five (45) calendar days, at Buyer’s sole option, Price Differential Principal Proceeds shall be settled in cash on such date and thereafter as more frequently requested by Buyer.comply with the Bond Ratio Requirement;
(b5) Upon request any other Expenses, fees, including Facility Fees, or amounts due Buyer under the this Agreement;
(6) any amounts due and owing under Section 15 of this Agreement;
(7) to Mortgage Loan Facility Buyer, Seller shall establish any amounts then due and maintain a segregated time or demand deposit account for payable to Mortgage Loan Facility Buyer under the benefit Mortgage Loan Facility pursuant to priorities (1) through (6) of Buyer Section 5(a) of the Mortgage Loan Repurchase Agreement until such amounts then due and payable thereunder have been paid in full;
(the “Custodial Account”) with 8) to Buyer, UBS AG Stamford Branch or an Insured Depository Institution acceptable all remaining Income to reduce the aggregate Repurchase Price of all remaining Purchased Assets in such order as Buyer shall determine in its sole discretion and discretion; provided, that, in each case, each such application of Income shall deposit into comply with the Custodial Account, within two (2) Business Days of receipt, all Income received with respect to each Mortgage Loan sold hereunder. Seller shall cause all Income received with respect to the Purchased Assets by any Servicer to be remitted directly to the Custodial Account. Under no circumstances shall Seller deposit any of its own funds into the Custodial Account or otherwise commingle its own funds with funds belonging to Buyer as owner of any Mortgage Loans. Seller shall name the Custodial Account “xxxxXxxxx.xxx, LLC in trust for the benefit of UBS Bank USA.”Bond Ratio Requirement); and
(c9) All Income received with respect the remainder of funds to a Mortgage Loan purchased hereunder, whether or not deposited in the Custodial Account, shall be held in trust for the exclusive benefit of Buyer as the owner of such Mortgage LoanSeller.
(d) Following an Event of Default, Seller shall remit to Buyer all Income and any funds in the Custodial Account as instructed by Buyer in writing. Such remittances shall be by wire transfer in accordance with wire transfer instructions previously given to Seller by Buyer.
(e) Seller authorizes Buyer to withdraw any Income otherwise due Buyer hereunder from any of the Warehouse Accounts and the Operating Account.
(f) Seller shall not change the identity or location of the Custodial Account. Seller shall from time to time, at its own cost and expense, execute such directions to Buyer, and other papers, documents or instruments as may be reasonably requested by Buyer.
(g) If Buyer so requests, Seller shall promptly notify Buyer of each deposit in the Custodial Account, and each withdrawal from the Custodial Account, made by it with respect to Mortgage Loans owned by Buyer and serviced by Seller. Seller shall also promptly deliver to Buyer photocopies of all periodic bank statements and other records relating to the Custodial Account as Buyer may from time to time request.
(h) The amount required to be paid or remitted by Seller to Buyer, not made when due shall bear interest from the due date until the remittance, transfer or payment is made, payable by Seller, at the lesser of the Post-Default Rate or the maximum rate of interest permitted by law. If there is no maximum rate of interest specified by applicable law, interest on such sums shall accrue at the Post-Default Rate.
Appears in 1 contract
Samples: Master Repurchase Agreement (Finance of America Companies Inc.)
COLLECTIONS; INCOME PAYMENTS. (a) On each Business Day that a Transaction is outstanding, the Pricing Rate shall be reset and, unless otherwise agreed, the accrued and unpaid Price Differential shall be settled in cash on each related Repurchase Date. To the extent a Purchased Asset is subject to a Transaction for a period in excess of forty-five (45) calendar days, at Buyer’s sole option, Price Differential shall be settled in cash on such date and thereafter as more frequently requested by Buyer.
(b) Upon request of Buyer, Seller Sellers shall establish and maintain a segregated time or demand deposit account for the benefit of Buyer (the “Custodial Account”) with Buyer, UBS AG Stamford Branch or an Insured Depository Institution acceptable to Buyer in its sole discretion a Bank and shall deposit into the Custodial Account, within two (2) Business Days of after receipt, all Income received with respect to each Mortgage Loan sold hereunder. Seller Sellers shall cause all applicable Subservicers to remit all Income received by them with respect to the Purchased Assets by any Servicer to be remitted each such Mortgage Loan directly to the Custodial AccountAccount on the remittance date specified in the related servicing agreement (but in no event less frequently than monthly). Under no circumstances shall a Seller deposit any of its own funds into the Custodial Account or otherwise commingle its own funds with funds belonging to Buyer as owner of any Mortgage Loans. Seller Sellers shall name the Custodial Account “xxxxXxxxx.xxxExcel Mortgage Servicing, LLC Inc. and AmeriHome Mortgage Corporation, jointly, in trust for and for the benefit of UBS Bank USA.MetLife Bank, N.A.”
(cb) All Income received with respect to a Mortgage Loan purchased hereunder, whether or not deposited in the Custodial Account, shall be held in trust for the exclusive benefit of Buyer as the owner of such Mortgage Loan.Loan and, to the extent in the Custodial Account, shall be released only as follows:
(di) Following an Event of Defaultafter the Repurchase Price for, Seller shall remit to Buyer all Income and any funds Warehouse Fees and other Obligations related to, such Mortgage Loan have been paid in full to Buyer, all amounts previously deposited in the Custodial Account as instructed with respect to such Mortgage Loan and then in the Custodial Account shall be:
(A) applied to any Obligations then due and payable;
(B) to the extent that there exists no Default, released by Buyer to the applicable Seller;
(ii) if a Successor Servicer is appointed by Buyer, all amounts deposited in writing. Such remittances the Custodial Account with respect to Mortgage Loans to be so serviced shall be transferred into an account established by wire transfer the Successor Servicer pursuant to its agreement with Buyer;
(iii) upon the occurrence of an Event of Default that is continuing hereunder, all funds then held in accordance the Custodial Account with wire transfer instructions previously given respect to Seller Mortgage Loans shall only be released by the Bank to, or at the direction of, Buyer; and
(iv) funds may, in Buyer’s discretion, be remitted to Buyer to cure any Margin Deficit.
(ec) Seller authorizes Buyer to withdraw any Income otherwise due Buyer hereunder from any of the Warehouse Accounts and the Operating Account.
(f) Seller Sellers shall not change the identity or location of the Custodial AccountAccount without thirty (30) days prior notice to Buyer. Seller Sellers shall from time to time, at its their own cost and expense, execute such directions to Buyerthe depository Bank, and other papers, documents or instruments as may be reasonably requested by Buyer to reflect Buyer’s partial or complete ownership interest in the Custodial Account.
(gd) If Buyer so requests, Seller Sellers shall promptly notify Buyer of each deposit in the Custodial Account, and each withdrawal from the Custodial Account, made by it with respect to Mortgage Loans owned by Buyer and serviced by SellerSellers or a Subservicer. Seller Sellers shall also promptly deliver to Buyer photocopies of all periodic bank statements and other records relating to the Custodial Account as Buyer may from time to time request.
(he) The At any time while a Custodial Account is not required hereunder, the following provisions shall apply:
(i) Where a particular term of a Transaction extends over the date on which Income is paid in respect of any Purchased Assets subject to that Transaction, such Income shall be the property of Buyer. Notwithstanding the foregoing, and provided no Default has occurred and is continuing, Buyer agrees that Sellers shall be entitled to receive, solely from such Income, an amount equal to all Income received in respect of the Purchased Assets; provided, however, that any Income received by or on behalf of Sellers while the related Transaction is outstanding shall be deemed held by Sellers solely in trust for Buyer pending the repurchase on the related Repurchase Date.
(ii) In the event that a Default has occurred and is continuing, notwithstanding any provision set forth herein, Sellers shall remit to Buyer, by wire transfer in accordance with wire transfer instructions previously given to Sellers by Buyer, all Income received with respect to each Purchased Mortgage Loan on such date or dates as Buyer notifies Sellers in writing.
(f) All amounts required to be paid or remitted by Seller Sellers to Buyer, Buyer which are not made when due shall bear interest from the due date until the remittance, transfer or payment is made, payable by SellerSellers, at the lesser of the Post-Default Rate or the maximum rate of interest permitted by law. If there is no maximum rate of interest specified by applicable law, interest on such sums shall accrue at the Post-Default Rate.
Appears in 1 contract
Samples: Master Repurchase Agreement (Impac Mortgage Holdings Inc)
COLLECTIONS; INCOME PAYMENTS. (a) On each Business Day that Where a Transaction is outstandingparticular Transaction’s term extends over an Income payment date with respect to one or more Purchased Mortgage LoansAssets subject to such Transaction, all such Income shall be the property of Buyer. Seller shall or shall cause the Master Servicer or, to the extent received by such party, the Pricing Rate Underlying Servicer, as applicable, to deposit all Income within [*] following receipt (including, without limitation, receipt by any Subservicer) thereof (including, without limitation, all such Income that is required to be deposited therein pursuant to the applicable provisions of the Account Agreement) into a deposit account (the title of which shall indicate that the funds therein are being held in trust for Buyer) (the “Collection Account”) with the Bank and which is subject to the Account Agreement; provided that, if Seller or any Affiliate of Seller receives any direct payment of Income or if any Income is forwarded to Seller or any Affiliate of Seller, Seller or its Affiliate shall deposit all such Income into the Collection Account within twenty-four hours of receipt. For the avoidance of doubt, (i) any distributions to the holder of the Series 2023-GOT Trust Certificate shall be reset and, unless otherwise agreed, made to the accrued and unpaid Price Differential shall be settled Collection Account in cash on each related Repurchase Date. To accordance with the extent a Purchased Asset Series 2023-GOT Series Supplement for so long as the Series 2023-GOT Trust Certificate is subject to a Transaction for a period and (ii) the Underlying Servicer shall remit collections in excess respect of forty-five (45) calendar daysthe Participated Assets in accordance with the MPSA, at Buyer’s sole option, Price Differential shall be settled in cash on such date and thereafter as more frequently requested by Buyer.
(b) Upon request of Buyer, Seller shall establish and maintain a segregated time or demand deposit account for the benefit of Buyer (the “Custodial Account”) with Buyer, UBS AG Stamford Branch or an Insured Depository Institution acceptable to Buyer in its sole discretion and shall deposit into not be required to remit such funds to the Custodial Collection Account. Neither Seller nor Master Servicer nor the Underlying Servicer, within two (2) Business Days of receiptas applicable, all Income received with respect to each Mortgage Loan sold hereunder. Seller shall cause all Income received may give any instruction with respect to the Purchased Assets by any Servicer to be remitted directly to the Custodial Collection Account. Under no circumstances shall Seller deposit any of its own funds into On the Custodial Account Payment Date, the Master Servicer or otherwise commingle its own funds with funds belonging to Buyer the Underlying Servicer, as owner of any Mortgage Loans. Seller shall name the Custodial Account “xxxxXxxxx.xxx, LLC in trust for the benefit of UBS Bank USA.”
(c) All Income received with respect to a Mortgage Loan purchased hereunder, whether or not deposited in the Custodial Accountapplicable, shall be held prepare a detailed payment report in trust for the exclusive benefit of Buyer as the owner of such Mortgage Loan.
(d) Following an Event of Default, Seller shall remit to Buyer all Income form and any funds in the Custodial Account as instructed by Buyer in writing. Such remittances shall be by wire transfer in accordance with wire transfer instructions previously given to Seller by Buyer.
(e) Seller authorizes Buyer to withdraw any Income otherwise due Buyer hereunder from any of the Warehouse Accounts and the Operating Account.
(f) Seller shall not change the identity or location of the Custodial Account. Seller shall from time to time, at its own cost and expense, execute such directions substance acceptable to Buyer, which sets forth a reconciliation of all Income received through but not including such Payment Date (excluding Income detailed in any such report provided in connection with a prior Payment Date), and other papersthe amount of Periodic Advance Repurchase Payment due on the Purchased Mortgage Loans and, documents or instruments based on such report as may be reasonably requested approved by Buyer.
(g) If , Buyer so requests, Seller shall promptly notify Buyer of each withdraw any funds on deposit in the Custodial Account, Collection Account and each withdrawal from the Custodial Account, made by it with respect to Mortgage Loans owned by Buyer and serviced by Seller. Seller shall also promptly deliver to Buyer photocopies of all periodic bank statements and other records relating to the Custodial Account as Buyer may from time to time request.
(h) The amount required remit such funds to be paid or remitted by Seller to Buyer, not made when due shall bear interest from the due date until the remittance, transfer or payment is made, payable by Seller, at the lesser of the Post-Default Rate or the maximum rate of interest permitted by law. If there is no maximum rate of interest specified by applicable law, interest on such sums shall accrue at the Post-Default Rate.applied as follows:
Appears in 1 contract
Samples: Master Repurchase Agreement (Finance of America Companies Inc.)
COLLECTIONS; INCOME PAYMENTS. LEGAL02/44212932v3
(al) On each Business Day that a Transaction is outstanding, the Pricing Rate shall be reset and, unless otherwise agreed, the accrued and unpaid Price Differential shall be settled in cash on each related Repurchase Date. To the extent a Purchased Asset is subject to a Transaction for a period in excess of forty-five (45) calendar days[***] , at Buyer’s sole option, Price Differential shall be settled in cash on such date and thereafter as more frequently requested by BuyerXxxxx.
(bm) Upon request of BuyerXxxxx, Seller shall establish and maintain a segregated time or demand deposit account for the benefit of Buyer (the “Custodial Account”) with Buyer, UBS AG Stamford Branch or an Insured Depository Institution acceptable to Buyer in its sole discretion and, upon the occurrence and continuance of an Event of Default, shall deposit into the Custodial Account, within two (2) Business Days [***] of receipt, all Income received with respect to each Mortgage Loan sold hereunder. Upon the occurrence and during the continuance of an Event of Default, Seller shall cause all Income received with respect to the Purchased Assets by any Servicer to be remitted directly to the Custodial Account. Under no circumstances shall Seller deposit any of its own funds into the Custodial Account or otherwise commingle its own funds with funds belonging to Buyer as owner of any Mortgage Loans. Seller shall name the Custodial Account “xxxxXxxxx.xxx, LLC in trust for the benefit of UBS Bank USAAG, by and through its branch office at 0000 Xxxxxx xx xxx Xxxxxxxx, Xxx Xxxx, Xxx Xxxx.”
(cn) All Income received with respect to a Mortgage Loan purchased hereunder, whether or not deposited in the Custodial Account, shall be held in trust for the exclusive benefit of Buyer as the owner of such Mortgage Loan.
(do) Following an Event of Default, Seller shall remit to Buyer all Income and any funds in the Custodial Account as instructed by Buyer Xxxxx in writing. Such remittances shall be by wire transfer in accordance with wire transfer instructions previously given to Seller by BuyerXxxxx.
(ep) Seller authorizes Buyer to withdraw any Income otherwise due Buyer hereunder from any of the Warehouse Accounts and the Operating Account.
(fq) Seller shall not change the identity or location of the Custodial Account. Seller shall from time to time, at its own cost and expense, execute such directions to Buyer, and other papers, documents or instruments as may be reasonably requested by BuyerXxxxx.
(gr) If Buyer so requests, Seller shall promptly notify Buyer of each deposit in the Custodial Account, and each withdrawal from the Custodial Account, made by it with respect to Mortgage Loans owned by Buyer and serviced by Seller. Seller shall also promptly deliver to Buyer electronic copies or photocopies of all periodic bank statements and other records relating to the Custodial Account as Buyer may from time to time request.. LEGAL02/44212932v3
(hs) The amount required to be paid or remitted by Seller to Buyer, not made when due shall bear interest from the due date until the remittance, transfer or payment is made, payable by Seller, at the lesser of the Post-Default Rate or the maximum rate of interest permitted by law. If there is no maximum rate of interest specified by applicable law, interest on such sums shall accrue at the Post-Default Rate.
(t) If on any date, Buyer determines in its sole good faith discretion that, by reason of circumstances affecting the relevant market, (i) adequate and reasonable means do not exist for ascertaining the Benchmark; (ii) the Benchmark is no longer in existence; (iii) continued implementation of the Benchmark is no longer operationally, administratively or technically feasible or no significant market practice for the administration of the Benchmark exists, (iv) the Benchmark will not adequately and fairly reflect the cost to Buyer of purchasing or maintaining Transactions or (v) the Relevant Governmental Body, the CME Term SOFR Administrator or a Governmental Authority having jurisdiction over Buyer has made a public statement identifying a specific date after which the Benchmark shall no longer be made available or used for determining the interest rate of loans, Buyer may give prompt notice thereof to Seller, whereupon the rate for such period that will replace the Benchmark for such period, and for all subsequent periods until such notice has been withdrawn by Buyer, shall be the greater of (x) an alternative benchmark rate (including any mathematical or other adjustments to the benchmark rate (if any) incorporated therein) and (y) zero, together with any proposed Successor Rate Conforming Changes, as determined by Buyer in its sole discretion (any such rate, a “Successor Rate”). [AMENDMENT NO. 2]
(u) To the extent Buyer implements a Successor Rate and Successor Rate Conforming Changes it will promptly notify Seller Parties of the effectiveness of any such changes. Any determination of a Successor Rate and the adoption of Successor Rate Conforming Changes shall be made by Buyer in a manner substantially consistent with market practice with respect to similarly situated counterparties with substantially similar assets in similar facilities and any such Successor Rate Conforming Changes will become effective without any further action or consent of Seller Parties to this Agreement or the other Program Documents. [AMENDMENT NO. 2]
Appears in 1 contract
COLLECTIONS; INCOME PAYMENTS. (a) On each Business Day that a Transaction is outstanding, the Pricing Rate shall be reset and, unless otherwise agreed, the accrued and unpaid Price Differential shall be settled in cash on each related Repurchase Date. To the extent a Purchased Asset is subject to a Transaction for a period in excess of forty-five (45i) calendar days[***], with respect to a Purchased Asset that is a Jumbo Mortgage Loan and (ii) [***], with respect to any other Purchased Asset, at Buyer’s sole option, Price Differential shall be settled in cash on such date and thereafter as more frequently requested by Buyer.
(b) Upon request of Buyer, Seller shall establish and maintain a segregated time or demand deposit account for the benefit of Buyer (the “Custodial Account”) with Buyer, UBS AG Stamford Branch or an Insured Depository Institution acceptable to Buyer in its sole discretion and shall deposit into the Custodial Account, within two (2) Business Days of receipt, all Income received with respect to each Mortgage Loan sold hereunder. Seller shall cause all Income received with respect to the Purchased Assets by any Servicer to be remitted directly to the Custodial Account. Under no circumstances shall Seller deposit any of its own funds into the Custodial Account or otherwise commingle its own funds with funds belonging to Buyer as owner of any Mortgage Loans. Seller shall name the Custodial Account “xxxxXxxxx.xxxCaliber Home Loans, LLC Inc. in trust for and for the benefit of UBS Bank USAAG, by and through its branch office at 1285 Avenue of the Americas, New York, New York.”
(c) All Income received with respect to a Mortgage Loan purchased hereunder, whether or not deposited in the Custodial Account, shall be held in trust for the exclusive benefit of Buyer as the owner of such Mortgage Loan.
(d) Following an Event of Default, Seller shall remit to Buyer all Income and any funds in the Custodial Account as instructed by Buyer in writing. Such remittances shall be by wire transfer in accordance with wire transfer instructions previously given to Seller by Buyer.
(e) Seller authorizes Buyer to withdraw any Income otherwise due Buyer hereunder from any of the Warehouse Accounts and the Operating Account.
(f) Seller shall not change the identity or location of the Custodial Account. Seller shall from time to time, at its own cost and expense, execute such directions to Buyer, and other papers, documents or instruments as may be reasonably requested by Buyer.
(g) If Buyer so requests, Seller shall promptly notify Buyer of each deposit in the Custodial Account, and each withdrawal from the Custodial Account, made by it with respect to Mortgage Loans owned by Buyer and serviced by Seller. Seller shall also promptly deliver to Buyer photocopies of all periodic bank statements and other records relating to the Custodial Account as Buyer may from time to time reasonably request.
(h) The amount required to be paid or remitted by Seller to Buyer, not made when due shall bear interest from the due date until the remittance, transfer or payment is made, payable by Seller, at the lesser of the Post-Default Rate or the maximum rate of interest permitted by law. If there is no maximum rate of interest specified by applicable law, interest on such sums shall accrue at the Post-Default Rate.
Appears in 1 contract
Samples: Master Repurchase Agreement (Caliber Home Loans, Inc.)
COLLECTIONS; INCOME PAYMENTS. (a) On each Business Day that a Transaction is outstanding, the Pricing Rate shall be reset and, unless otherwise agreed, the accrued and unpaid Price Differential shall be settled in cash on each related Repurchase Date. To the extent a Purchased Asset is subject to a Transaction for a period in excess of forty-five (45) calendar days, at Buyer’s sole option, Price Differential shall be settled in cash on such date and thereafter as more frequently requested by Buyer.
(b) Upon request of Buyer, Seller shall establish and maintain a segregated time or demand deposit account for the benefit of Buyer (the “Custodial Account”) with Buyer, UBS AG Stamford Branch or an Insured Depository Institution acceptable to Buyer in its sole discretion and shall deposit into the Custodial Account, within two (2) Business Days of receipt, all Income received with respect to each Mortgage Loan sold hereunder. Seller shall cause all Income received with respect to the Purchased Assets by any Servicer to be remitted directly to the Custodial Account. Under no circumstances shall Seller deposit any of its own funds into the Custodial Account or otherwise commingle its own funds with funds belonging to Buyer as owner of any Mortgage Loans. Seller shall name the Custodial Account “xxxxXxxxx.xxxUnited Shore Financial Services, LLC in trust for the benefit of UBS Bank USA.”
(c) All Income received with respect to a Mortgage Loan purchased hereunder, whether or not deposited in the Custodial Account, shall be held in trust for the exclusive benefit of Buyer as the owner of such Mortgage Loan.
(d) Following an Event of Default, Seller shall remit to Buyer all Income and any funds in the Custodial Account as instructed required by Buyer in writingBuyer. Such remittances shall be by wire transfer in accordance with wire transfer instructions previously given to Seller by Buyer.
(e) Seller authorizes Buyer to withdraw any Income otherwise due Buyer hereunder from any of the Warehouse Accounts and the Operating Account.
(f) Seller shall not change the identity or location of the Custodial Account. Seller shall from time to time, at its own cost and expense, execute such directions to Buyer, and other papers, documents or instruments as may be reasonably requested by Buyer.
(g) If Buyer so requests, Seller shall promptly notify Buyer of each deposit in the Custodial Account, and each withdrawal from the Custodial Account, made by it with respect to Mortgage Loans owned by Buyer and serviced by Seller. Seller shall also promptly deliver to Buyer photocopies of all periodic bank statements and other records relating to the Custodial Account as Buyer may from time to time request.
(h) The amount required to be paid or remitted by Seller to Buyer, not made when due shall bear interest from the due date until the remittance, transfer or payment is made, payable by Seller, at the lesser of the Post-Default Rate or the maximum rate of interest permitted by law. If there is no maximum rate of interest specified by applicable law, interest on such sums shall accrue at the Post-Default Rate.
Appears in 1 contract
COLLECTIONS; INCOME PAYMENTS. (a) On each Business Day that a Transaction is outstanding, the Pricing Rate shall be reset and, unless otherwise agreed, the accrued and unpaid Price Differential shall be settled in cash on each related Repurchase Date. To the extent a Purchased Asset is subject to a Transaction for a period in excess of forty-five (45) calendar days, at Buyer’s sole option, Price Differential shall be settled in cash on such date and thereafter as more frequently requested by Buyer.
(b) Upon request of Buyer, Seller shall establish and maintain a segregated time or demand deposit account for the benefit of Buyer (the “Custodial Account”) with Buyer, UBS AG Stamford Branch or an Insured Depository Institution acceptable to Buyer in its sole discretion and shall deposit into the Custodial Account, within two (2) Business Days of receipt, all Income received with respect to each Mortgage Loan sold hereunder. Seller shall cause all Income received with respect to the Purchased Assets by any Servicer to be remitted directly to the Custodial Account. Under no circumstances shall Seller deposit any of its own funds into the Custodial Account or otherwise commingle its own funds with funds belonging to Buyer as owner of any Mortgage Loans. Seller shall name the Custodial Account “xxxxXxxxx.xxx, LLC LLC, in trust for and for the benefit of UBS Bank USA.Real Estate Securities Inc.”
(cb) All Income received with respect to a Mortgage Loan purchased hereunder, whether or not deposited in the Custodial Account, shall be held in trust for the exclusive benefit of Buyer as the owner of such Mortgage Loan.
(dc) Following an Event of Default, Seller shall remit to Buyer all Income and any funds in the Custodial Account as instructed required by Buyer in writingBuyer. Such remittances shall be by wire transfer in accordance with wire transfer instructions previously given to Seller by Buyer.
(ed) Seller authorizes Buyer to withdraw any Income otherwise due Buyer hereunder from any of Seller’s accounts as more particularly set forth in the Warehouse Accounts and the Operating AccountCustomer Guide.
(fe) Seller shall not change the identity or location of the Custodial Account. Seller shall from time to time, at its own cost and expense, execute such directions to Buyer, and other papers, documents or instruments as may be reasonably requested by Buyer.
(gf) If Buyer so requests, Seller shall promptly notify Buyer of each deposit in the Custodial Account, and each withdrawal from the Custodial Account, made by it with respect to Mortgage Loans owned by Buyer and serviced by Seller. Seller shall also promptly deliver to Buyer photocopies of all periodic bank statements and other records relating to the Custodial Account as Buyer may from time to time request.
(hg) The amount required to be paid or remitted by Seller to Buyer, not made when due shall bear interest from the due date until the remittance, transfer or payment is made, payable by Seller, at the lesser of the Post-Default Rate or the maximum rate of interest permitted by law. If there is no maximum rate of interest specified by applicable law, interest on such sums shall accrue at the Post-Default Rate.
Appears in 1 contract
COLLECTIONS; INCOME PAYMENTS. (a) On each Business Day that a Transaction is outstanding, the Pricing Rate shall be reset and, unless otherwise agreed, the accrued and unpaid Price Differential shall be settled in cash on each related Repurchase Date. To the extent a Purchased Asset is subject to a Transaction for a period in excess of forty-five (45) calendar days, at Buyer’s sole option, Price Differential shall be settled in cash on such date and thereafter as more frequently requested by Buyer.
(b) Upon request of Buyer, Seller shall establish and maintain a segregated time or demand deposit account for the benefit of Buyer (the “Custodial Account”) with Buyer, UBS AG Stamford Branch or an Insured Depository Institution acceptable to Buyer in its sole discretion and, upon the occurrence and continuance of an Event of Default, shall deposit into the Custodial Account, within two (2) Business Days of receipt, all Income received with respect to each Mortgage Loan sold hereunder. Upon the occurrence and during the continuance of an Event of Default, Seller shall cause all Income received with respect to the Purchased Assets by any Servicer to be remitted directly to the Custodial Account. Under no circumstances shall Seller deposit any of its own funds into the Custodial Account or otherwise commingle its own funds with funds belonging to Buyer as owner of any Mortgage Loans. Seller shall name the LEGAL02/40558019v11 Custodial Account “xxxxXxxxx.xxx, LLC in trust for the benefit of UBS Bank USAAG, by and through its branch office at 1285 Avenue of the Americas, New York, New York.”
(c) All Income received with respect to a Mortgage Loan purchased hereunder, whether or not deposited in the Custodial Account, shall be held in trust for the exclusive benefit of Buyer as the owner of such Mortgage Loan.
(d) Following an Event of Default, Seller shall remit to Buyer all Income and any funds in the Custodial Account as instructed by Buyer in writing. Such remittances shall be by wire transfer in accordance with wire transfer instructions previously given to Seller by Buyer.
(e) Seller authorizes Buyer to withdraw any Income otherwise due Buyer hereunder from any of the Warehouse Accounts and the Operating Account.
(f) Seller shall not change the identity or location of the Custodial Account. Seller shall from time to time, at its own cost and expense, execute such directions to Buyer, and other papers, documents or instruments as may be reasonably requested by Buyer.
(g) If Buyer so requests, Seller shall promptly notify Buyer of each deposit in the Custodial Account, and each withdrawal from the Custodial Account, made by it with respect to Mortgage Loans owned by Buyer and serviced by Seller. Seller shall also promptly deliver to Buyer electronic copies or photocopies of all periodic bank statements and other records relating to the Custodial Account as Buyer may from time to time request.
(h) The amount required to be paid or remitted by Seller to Buyer, not made when due shall bear interest from the due date until the remittance, transfer or payment is made, payable by Seller, at the lesser of the Post-Default Rate or the maximum rate of interest permitted by law. If there is no maximum rate of interest specified by applicable law, interest on such sums shall accrue at the Post-Default Rate.
(i) If Buyer determines that, by reason of circumstances affecting the relevant market, adequate and reasonable means do not exist for ascertaining One-Month LIBOR or Overnight LIBOR, Buyer shall give prompt notice thereof to Seller, whereupon the Index Rate and Operating Account Rate, until such notice has been withdrawn by Buyer, shall be an alternative per annum rate based on an index approximating the behavior of One-Month LIBOR or Overnight LIBOR, as applicable, as determined by Buyer in its sole discretion (such rate, a “Successor Rate”).
Appears in 1 contract
COLLECTIONS; INCOME PAYMENTS. (ai) On each Business Day that a Transaction is outstanding, the Pricing Rate shall be reset and, unless otherwise agreed, the accrued and unpaid Price Differential shall be settled in cash on each related Repurchase Date. To the extent a Purchased Asset Mortgage Loan is subject to a Transaction for a period in excess of forty-five sixty (4560) calendar days, at Buyer’s sole option, Price Differential shall be settled in cash on such date and thereafter as more frequently requested by Buyerdate.
(bii) Upon request of BuyerXxxxx, Seller Sellers shall establish and maintain a segregated time or demand deposit account for the benefit of Buyer (the “Custodial Account”) with Buyer, UBS AG Stamford Branch or an Insured Depository Institution acceptable to Buyer in its sole discretion and shall deposit into the Custodial Account, within two (2) Business Days of receipt, all Income received with respect to each Purchased Mortgage Loan sold hereunder. Seller Sellers shall cause all Income received with respect to the Purchased Assets Mortgage Loans by any Servicer to be remitted directly to the Custodial Account. Under no circumstances shall Seller Sellers deposit any of its own funds into the Custodial Account or otherwise commingle its own funds with funds belonging to Buyer as owner of any Mortgage Loans. Seller Sellers shall name the Custodial Account “xxxxXxxxx.xxxRocket Mortgage, LLC LLC, in trust for and for the benefit of UBS Bank USA.AG, by and through its branch office at 0000 Xxxxxx xx xxx Xxxxxxxx, Xxx Xxxx, Xxx Xxxx”
(ciii) All Income received with respect to a Purchased Mortgage Loan purchased hereunder, whether or not deposited in the Custodial Account, shall be held in trust for the exclusive benefit of Buyer as the owner of such Purchased Mortgage Loan.Loan until such Mortgage Loan is no longer a Purchased Mortgage Loan (and shall be remitted to Seller on the Repurchase Date). LEGAL02/43731153v4
(div) Following an Event of Default, Seller Sellers shall remit to Buyer all Income and any funds in the Custodial Account as instructed required by Buyer in writingXxxxx. Such remittances shall be by wire transfer in accordance with wire transfer instructions previously given to Seller Sellers by BuyerXxxxx.
(ev) Seller authorizes Sellers authorize Buyer to withdraw any Income otherwise due Buyer hereunder from any of the Warehouse Accounts and the Operating Accounteither Xxxxxx’s accounts as provided in this Agreement.
(fvi) No Seller shall not change the identity or location of the Custodial Account. Seller Sellers shall from time to time, at its their own cost and expense, execute such directions to Buyer, and other papers, documents or instruments with respect to the Custodial Account as may be reasonably requested by BuyerXxxxx.
(gvii) If Buyer so requests, Seller Sellers shall promptly notify Buyer of each deposit in the Custodial Account, and each withdrawal from the Custodial Account, made by it with respect to Mortgage Loans owned by Buyer and serviced by Sellerthe Servicer. Seller Sellers shall also promptly deliver to Buyer photocopies of all periodic bank statements and other records relating to the Custodial Account as Buyer Xxxxx may from time to time request.
(hviii) The amount required to be paid or remitted by Seller the Sellers to Buyer, not made when due shall bear interest from the due date until the remittance, transfer or payment is made, payable by Sellerthe Sellers, at the lesser of the Post-Default Rate or the maximum rate of interest permitted by law. If there is no maximum rate of interest specified by applicable law, interest on such sums shall accrue at the Post-Default Rate.
(ix) Anything herein to the contrary notwithstanding, if Buyer determines in its commercially reasonable discretion that, (A) by reason of circumstances affecting the relevant market, adequate and reasonable means do not exist for ascertaining the Benchmark; (B) the Benchmark is no longer in existence; (C) it becomes unlawful for Buyer to enter into Transactions with a Pricing Rate based on the Benchmark; (D) a Governmental Authority having jurisdiction over Buyer has made a public statement identifying a specific date after which the Benchmark shall no longer be made available or used for determining the interest rate of loans, or (E) it shall no longer enter into transactions based on the Benchmark in connection with repurchase facilities with similarly situated sellers with similar assets (such specific date, the “Scheduled Unavailability Date”), Buyer shall give prompt notice thereof to Sellers (the “Rate Change Notice”), whereupon the Pricing Rate from the date specified in such notice (which, in the case of (D), shall be no sooner than the earliest to occur of (i) [***] following the date of such Rate Change Notice, or (ii) the date specified by the applicable Governing Authority and in the case of (E) shall be no sooner than [***] following the date of such Rate Change Notice), until such time as the notice has been withdrawn by Buyer, shall be an alternative benchmark rate (including any mathematical or other adjustments to the benchmark rate (if any) incorporated therein) (any such rate, a “Successor Rate”), together with any proposed Successor Rate Conforming Changes, as determined by Buyer in its commercially reasonable discretion prior to such Scheduled Unavailability Date. The Successor Rate will be determined by Buyer consistent with the alternative benchmark rate Buyer implements in repurchase facilities with similarly situated sellers with similar assets. In the event that Sellers determine that either the Successor Rate or the Successor Rate Conforming Changes are unacceptable, Sellers shall provide notice of same to Buyer within [***] of receipt of the Rate Change Notice and Sellers shall have the right to terminate this Agreement, prior to the [***] following receipt of a Rate Change Notice (such specified date, the “Termination Option Expiration Date”), without the imposition of any form of penalty, breakage costs or exit fees. In the event that Sellers elect to terminate this Agreement in accordance with the foregoing, they shall pay the outstanding Obligations, including all unpaid fees and expenses due to Buyer, prior to the Termination Option Expiration Date and any commitment of Buyer to enter into Transactions hereunder shall terminate. In the event that Sellers do not (i) provide notice that either the Successor Rate or the Successor Rate Conforming LEGAL02/43731153v4 Changes are unacceptable within [***] of receipt of the Rate Change Notice, or (ii) pay the outstanding Obligations, including all unpaid fees and expenses due to Buyer, prior to the Termination Option Expiration Date, then the Successor Rate and the Successor Rate Conforming Changes shall become effective on the date specified in the Rate Change Notice.
Appears in 1 contract
Samples: Master Repurchase Agreement (Rocket Companies, Inc.)
COLLECTIONS; INCOME PAYMENTS. Section 5 of the Existing Repurchase Agreement is hereby amended by deleting subsection (ai) On each Business Day that in its entirety and replacing it with the following:
(i) Anything herein to the contrary notwithstanding, if Buyer determines in its commercially reasonable discretion that, (A) by reason of circumstances affecting the relevant market, adequate and reasonable means do not exist for ascertaining the Benchmark; (B) the Benchmark is no longer in existence; (C) it becomes unlawful for Buyer to enter into Transactions with a Transaction is outstandingPricing Rate based on the Benchmark; (D) a Governmental Authority having jurisdiction over Buyer has made a public statement identifying a specific date after which the Benchmark shall no longer be made available or used for determining the interest rate of loans, or (E) it shall no longer enter into transactions based on the Benchmark in connection with repurchase facilities with similarly situated sellers with similar assets (such specific date, the “Scheduled Unavailability Date”), Buyer shall give prompt notice thereof to Seller (the “Rate Change Notice”), whereupon the Pricing Rate from the date specified in such notice (which, in the case of (D), shall be reset andno sooner than the earliest to occur of (i) ninety (90) days following the date of such Rate Change Notice, unless otherwise agreed, or (ii) the accrued date specified by the applicable Governing Authority and unpaid Price Differential in the case of (E) shall be settled no sooner than ninety (90) days following the date of such Rate Change Notice), until such time as the notice has been withdrawn by Buyer, shall be an alternative benchmark rate (including any mathematical or other adjustments to the benchmark rate (if any) incorporated therein) (any such rate, a “Successor Rate”), together with any proposed Successor Rate Conforming Changes, as determined by Buyer in cash on each related Repurchase its commercially reasonable discretion prior to such Scheduled Unavailability Date. To The Successor Rate will be determined by Buyer consistent with the extent a Purchased Asset is subject alternative benchmark rate Buyer implements in repurchase facilities with similarly situated sellers with similar assets. In the event that Seller determines that either the Successor Rate or the Successor Rate Conforming Changes are unacceptable, Seller shall provide notice of same to a Transaction for a period in excess of fortyBuyer within seventy-five (4575) calendar days, at Buyer’s sole option, Price Differential shall be settled in cash on such date days of receipt of the Rate Change Notice and thereafter as more frequently requested by Buyer.
(b) Upon request of Buyer, Seller shall establish and maintain have the right to terminate this Agreement, prior to the ninetieth (90th) day following receipt of a segregated time or demand deposit account for the benefit of Buyer Rate Change Notice (such specified date, the “Custodial AccountTermination Option Expiration Date”) with Buyer), UBS AG Stamford Branch or an Insured Depository Institution acceptable to Buyer in its sole discretion and shall deposit into without the Custodial Account, within two (2) Business Days of receipt, all Income received with respect to each Mortgage Loan sold hereunder. Seller shall cause all Income received with respect to the Purchased Assets by any Servicer to be remitted directly to the Custodial Account. Under no circumstances shall Seller deposit any of its own funds into the Custodial Account or otherwise commingle its own funds with funds belonging to Buyer as owner imposition of any Mortgage Loansform of penalty, breakage costs or exit fees. In the event that Seller shall name the Custodial Account “xxxxXxxxx.xxx, LLC in trust for the benefit of UBS Bank USA.”
(c) All Income received with respect elects to a Mortgage Loan purchased hereunder, whether or not deposited in the Custodial Account, shall be held in trust for the exclusive benefit of Buyer as the owner of such Mortgage Loan.
(d) Following an Event of Default, Seller shall remit to Buyer all Income and any funds in the Custodial Account as instructed by Buyer in writing. Such remittances shall be by wire transfer terminate this Agreement in accordance with wire transfer instructions previously given to Seller by Buyer.
(e) Seller authorizes Buyer to withdraw any Income otherwise the foregoing, it shall pay the outstanding Obligations, including all unpaid fees and expenses due Buyer hereunder from any of the Warehouse Accounts and the Operating Account.
(f) Seller shall not change the identity or location of the Custodial Account. Seller shall from time to time, at its own cost and expense, execute such directions to Buyer, and other papers, documents or instruments as may be reasonably requested by Buyer.
(g) If Buyer so requests, Seller shall promptly notify Buyer of each deposit in the Custodial Account, and each withdrawal from the Custodial Account, made by it with respect to Mortgage Loans owned by Buyer and serviced by Seller. Seller shall also promptly deliver to Buyer photocopies of all periodic bank statements and other records relating prior to the Custodial Account as Termination Option Expiration Date and any commitment of Buyer may from time to time request.
enter into Transactions hereunder shall terminate. In the event that Seller does not (hi) The amount required to be paid provide notice that either the Successor Rate or remitted by Seller the Successor Rate Conforming Changes are unacceptable within seventy-five (75) days of receipt of the Rate Change Notice, or (ii) pay the outstanding Obligations, including all unpaid fees and expenses due to Buyer, not made when due prior to the Termination Option Expiration Date, then the Successor Rate and the Successor Rate Conforming Changes shall bear interest from become effective on the due date until specified in the remittance, transfer or payment is made, payable by Seller, at the lesser of the Post-Default Rate or the maximum rate of interest permitted by law. If there is no maximum rate of interest specified by applicable law, interest on such sums shall accrue at the Post-Default RateChange Notice.
Appears in 1 contract
Samples: Master Repurchase Agreement (Rocket Companies, Inc.)
COLLECTIONS; INCOME PAYMENTS. (a) On each Business Day that a Transaction is outstanding, the Pricing Rate shall be reset and, unless otherwise agreed, the accrued and unpaid Price Differential shall be settled in cash on each related Repurchase Date. To the extent a Purchased Asset is subject to a Transaction for a period in excess of forty-five (45) calendar days, at Buyer’s sole option, Price Differential shall be settled in cash on such date and thereafter as more frequently requested by Buyer.
(b) Upon request of Buyer, Seller shall establish and maintain or cause Collateral Administrator to establish and maintain a segregated time or demand deposit account for the benefit of Buyer (the “Custodial Control Account”) with a financial institution reasonably satisfactory to Buyer, UBS AG Stamford Branch or an Insured Depository Institution acceptable which shall be subject to Buyer in its sole discretion a Control Agreement, and shall deposit deposit, or cause the Collateral Administrator to deposit, into the Custodial Control Account, within two (2) Business Days of receipt, all Income (other than reserve payments) received with respect to each Mortgage Loan sold hereunder. Seller shall cause all Income received with respect Purchased Asset subject to the Purchased Assets by any Servicer to be remitted directly to the Custodial Accounta Transaction. Under no circumstances shall Seller deposit any of its own funds into the Custodial Account or otherwise commingle its own funds with funds belonging to Buyer as owner of any Mortgage LoansControl Account. Seller shall name the Custodial Control Account “xxxxXxxxx.xxxRAIT Partnership, LLC in trust L.P. as collateral manager for the benefit of UBS Bank USA.Real Estate Securities Inc.”
(b) Unless an Event of Default has occurred and is continuing, on or before 3:00 p.m. (New York time) on the Business Day prior to the Payment Date, Seller shall deliver to Buyer a Distribution Worksheet. On each Payment Date, upon approval of the Distribution Worksheet, Buyer shall make the following payments in accordance with the Distribution Worksheet:
(i) first, to the extent not paid by Seller, to the Custodian in payment of the Custodial Fee and any accrued and unpaid fees (including, without limitation, any Commitment Fee) and expenses;
(ii) second, to Buyer in payment of any accrued and unpaid fees and expenses to Buyer’s account set forth in Section 9(a) hereof;
(iii) third, following a Collateral Administrator Default which results in the replacement of the Collateral Administrator, to the replacement Collateral Administrator in payment of any accrued and unpaid fees and expenses then due and owing with respect to the transfer and performance of the Collateral Administrator duties;
(iv) fourth, to Buyer in payment in full of that portion of the Repurchase Price that represents any accrued and unpaid Price Differential up to the related Payment Date to Buyer’s account set forth in Section 9(a) hereof;
(v) fifth, to Buyer, any Price Differential Shortfall (which, for the avoidance of doubt, is only due and payable on the Termination Date);
(vi) sixth, to Buyer in payment of the Asset Manager Fee and any unpaid fees and expenses;
(vii) seventh, without limiting the rights of Buyer under Section 4 of this Agreement, to Buyer in the amount of any unpaid Margin Deficit or, with respect only to Income of the corresponding Purchased Asset, if any, the Reset Payment thereof, without duplication, to Buyer’s account set forth in Section 9(a) hereof;
(viii) eighth, if an Event of Default has occurred and is continuing, to Buyer in an amount to reduce the Repurchase Price to zero and pay all other Obligations then due and payable;
(ix) ninth, to Buyer in an amount equal to 100% of Income (including principal and interest) of any Purchased Asset which no longer satisfies either of the Minimum Purchase Price Debt Yield or the Debt Service Coverage Ratio requirements set forth in clause (h) or (i), respectively, of the definition of “Asset Value”, applied to reduce the Purchase Price of such Purchased Asset until the earlier of the date on which (i) such Purchase Price equals zero or (ii) such Purchased Asset again satisfies the applicable requirement;
(x) tenth, to Buyer in an amount equal to 50% of the Principal Payments of the type described in clause (i) of the definition thereof related to a Purchased Asset to Buyer’s account set forth in Section 9(a) hereof to be applied against the Repurchase Price of such Purchased Asset;
(xi) eleventh, to Buyer in an amount equal to 100% of the Principal Payments of the type described in the definition thereof (other than in clause (i)) with respect to the Purchased Assets subject to a Transaction up to the Purchase Price of the related Purchased Assets; or
(xii) twelfth, to Seller, any remaining amounts.
(c) Upon the occurrence and during the continuation of an Event of Default, all amounts remitted to the Control Account shall be held in trust for Buyer and shall be withdrawn from the Control Account only by Buyer in accordance with Buyer’s rights under the Control Agreement and applied to the Obligations as determined by Buyer in its sole discretion.
(d) All Income received with respect to a Mortgage Loan purchased hereunderPurchased Asset subject to a Transaction, whether or not deposited in the Custodial Control Account, shall be held in trust for the exclusive benefit of Buyer as the owner of such Mortgage Loan.
(d) Following an Event of Default, Seller shall remit to Buyer all Income and any funds in the Custodial Account as instructed by Buyer in writing. Such remittances shall be by wire transfer in accordance with wire transfer instructions previously given to Seller by Buyer.
(e) Seller authorizes Buyer to withdraw any Income otherwise due Buyer hereunder from any of the Warehouse Accounts and the Operating Account.
(f) Seller shall not change the identity or location of the Custodial AccountControl Account without Buyer’s written consent. Seller shall from time to time, at its own cost and expense, execute such directions to Buyer, and other papers, documents or instruments as may be reasonably requested by Buyer.
(gf) If Buyer so requestsrequests and to the extent not otherwise reflected on the applicable Distribution Worksheet, Seller shall promptly notify Buyer of each deposit in the Custodial Control Account, and each withdrawal from the Custodial Account, made by it with respect to Mortgage Loans owned by Buyer and serviced by Seller. Seller shall also promptly deliver to Buyer photocopies of all periodic bank statements and other records relating to the Custodial Control Account as Buyer may from time to time request.
(hg) The amount required to be paid or remitted by Seller to Buyer, not made when due shall bear interest from the due date until the remittance, transfer or payment is made, payable by Seller, at the lesser of the Post-Default Rate or the maximum rate of interest permitted by law. If there is no maximum rate of interest specified by applicable law, interest on such sums shall accrue at the Post-Default Rate.
(h) Unless an Event of Default shall have occurred and be continuing, all payments received by Buyer shall, after notice to Buyer, be applied by Buyer on the date of such receipt or, if such receipt is made and notice received after 3:00 p.m. (New York time), on the following Business Day, to reduce the Purchase Price of the related Purchased Asset.
Appears in 1 contract
COLLECTIONS; INCOME PAYMENTS. (a) On each Business Day that a Transaction is outstanding, the Pricing Rate shall be reset and, unless otherwise agreed, the accrued and unpaid Price Differential shall be settled in cash on each related Repurchase Date. To the extent a Purchased Asset is subject to a Transaction for a period in excess of forty-five (45) calendar days, at Buyer’s sole option, Price Differential shall be settled in cash on such date and thereafter as more frequently requested by Buyer.
(b) Upon request of Buyer, Seller shall establish and maintain a segregated time or demand deposit account for the benefit of Buyer (the “Custodial Control Account”) with a financial institution reasonably satisfactory to Buyer, UBS AG Stamford Branch or an Insured Depository Institution acceptable which shall be subject to Buyer in its sole discretion a Control Agreement, and shall deposit deposit, or cause the Collateral Administrator to deposit, into the Custodial Control Account, within two (2) Business Days of receiptreceipt of properly identified funds, all Income (other than reserve payments) received with respect to each Mortgage Loan sold hereunderPurchased Asset subject to a Transaction; provided, that neither Seller nor Collateral Administrator shall have any obligation to make such deposits unless and until it is able to identify the Purchased Asset to which such Income corresponds provided, further, that Seller and Collateral Administrator shall use commercially reasonable efforts and in any event shall complete such identification within three (3) Business Days of receipt of such Income. Seller shall cause Collateral Administrator to deliver to Buyer on the fifteenth (15th) day of each month, a remittance report associated with all Income received with respect remitted to the Purchased Assets by any Servicer to be remitted directly to the Custodial Control Account. Under no circumstances shall Seller deposit any of its own funds into the Custodial Account or otherwise commingle its own funds with funds belonging to Buyer as owner of any Mortgage LoansControl Account. Seller shall name the Control Account as directed by Buyer.
(b) On each Payment Date, upon approval of the Distribution Worksheet by Seller, Buyer shall make the following payments in accordance with the Distribution Worksheet:
(i) first, to the extent not paid by Seller, to the Custodian in payment of the Custodial Fee and any accrued and unpaid fees and expenses;
(ii) second, to Buyer in payment of any accrued and unpaid fees and expenses to Buyer’s account set forth in Section 9(a) hereof;
(iii) third, to Buyer in payment in full of that portion of the Repurchase Price that represents any accrued and unpaid Price Differential up to the related Payment Date to Buyer’s account set forth in Section 9(a) hereof;
(iv) fourth, to Buyer or its designee in payment of the Facility Administration Fee and any unpaid fees and expenses;
(v) fifth, without limiting the rights of Buyer under Section 4 of this Agreement, to Buyer in the amount of any unpaid Margin Deficit or, with respect only to Income of the corresponding Purchased Asset, if any, the Reset Payment thereof, without duplication, to Buyer’s account set forth in Section 9(a) hereof;
(vi) sixth, if an Event of Default or Mandatory Repurchase Event has occurred and is continuing, to Buyer in an amount to reduce the Repurchase Price to zero and pay all other Obligations;
(vii) seventh, to Buyer in an amount equal to 100% of Income (including principal and interest) of any Purchased Asset which no longer satisfies either of the Minimum Purchase Price Debt Yield or the Debt Service Coverage Ratio requirements set forth in clause (n) or (o), respectively, of the definition of “Asset Value”, applied to reduce the Purchase Price of such Purchased Asset until the earlier of the date on which (i) such Purchase Price equals zero or (ii) such Purchased Asset again satisfies the applicable requirement;
(viii) eighth, to Buyer in an amount equal to the applicable Purchase Price Percentage for such Purchased Asset multiplied by the Principal Payments related to a Purchased Asset to Buyer’s account set forth in Section 9(a) hereof to be applied against the Repurchase Price of such Purchased Asset;
(ix) ninth, to Buyer, any and all other amounts that may then be due and owing to Buyer under this Agreement;
(x) tenth, to Seller, any remaining amounts.
(c) Upon the occurrence and during the continuation of an Event of Default or Mandatory Repurchase Event, all amounts remitted to the Control Account “xxxxXxxxx.xxx, LLC shall be held in trust for Buyer and shall be withdrawn from the benefit of UBS Bank USAControl Account only by Buyer in accordance with Buyer’s rights under the Control Agreement and applied to the Obligations as determined by Buyer in its sole discretion.”
(cd) All Income received with respect to a Mortgage Loan purchased hereunderPurchased Asset subject to a Transaction, whether or not deposited in the Custodial Control Account, shall be held in trust for the exclusive benefit of Buyer as the owner of such Mortgage Loan.
(d) Following an Event of Default, Seller shall remit to Buyer all Income and any funds in the Custodial Account as instructed by Buyer in writing. Such remittances shall be by wire transfer in accordance with wire transfer instructions previously given to Seller by Buyer.
(e) Seller authorizes Buyer to withdraw any Income otherwise due Buyer hereunder from any of the Warehouse Accounts and the Operating Account.
(f) Seller shall not change the identity or location of the Custodial AccountControl Account without Buyer’s written consent. Seller shall from time to time, at its own cost and expense, execute such directions to Buyer, and other papers, documents or instruments as may be reasonably requested by Buyer.
(gf) If Buyer so requestsrequests and to the extent not otherwise reflected on the applicable Distribution Worksheet, Seller shall promptly notify Buyer of each deposit in the Custodial Control Account, and each withdrawal from the Custodial Account, made by it with respect to Mortgage Loans owned by Buyer and serviced by Seller. Seller shall also promptly deliver to Buyer photocopies of all periodic bank statements and other records relating to the Custodial Control Account as Buyer may from time to time request.
(hg) The amount required to be paid or remitted by Seller to Buyer, not made when due shall bear interest from the due date until the remittance, transfer or payment is made, payable by Seller, at the lesser of the Post-Default Rate or the maximum rate of interest permitted by law. If there is no maximum rate of interest specified by applicable law, interest on such sums shall accrue at the Post-Default Rate.
(h) Unless an Event of Default or Mandatory Repurchase Event shall have occurred and be continuing, all payments received by Buyer shall, after notice to Buyer, be applied by Buyer on the date of such receipt or, if such receipt is made and notice received after 3:00 p.m. (New York time), on the following Business Day, to reduce the Purchase Price of the related Purchased Asset.
Appears in 1 contract
Samples: Master Repurchase Agreement (Granite Point Mortgage Trust Inc.)
COLLECTIONS; INCOME PAYMENTS. Section 5 of the Existing Repurchase Agreement is hereby amended by adding the following new subsection at the end thereof:
(ai) On each Business Day that Anything herein to the contrary notwithstanding, if Buyer determines in its commercially reasonable discretion that, (A) by reason of circumstances affecting the relevant market, adequate and reasonable means do not exist for ascertaining any LIBOR Rate; (B) LIBOR Rates are no longer in existence; (C) it becomes unlawful for Buyer to enter into Transactions with a Transaction is outstandingPricing Rate based on any LIBOR Rate; (D) a Governmental Authority having jurisdiction over Buyer has made a public statement identifying a specific date after which any LIBOR Rate shall no longer be made available or used for determining the interest rate of loans, or (E) it shall no longer enter into transactions based on any LIBOR Rate in connection with repurchase facilities with similarly situated sellers with similar assets(such specific date, the “Scheduled Unavailability Date”), Buyer shall give prompt notice thereof to Seller (the “Rate Change Notice”), whereupon the Pricing Rate from the date specified in such notice (which, in the case of (D), shall be reset andno sooner than the earliest to occur of (i) ninety (90) days following the date of such Rate Change Notice, unless otherwise agreed, or (ii) the accrued date specified by the applicable Governing Authority and unpaid Price Differential in the case of (E) shall be settled no sooner than ninety (90) days following the date of such Rate Change Notice), until such time as the notice has been withdrawn by Buyer, shall be an alternative benchmark rate (including any mathematical or other adjustments to the benchmark rate (if any) incorporated therein) (any such rate, a “Successor Rate”), together with any proposed Successor Rate Conforming Changes, as determined by Buyer in cash on each related Repurchase its commercially reasonable discretion prior to such Scheduled Unavailability Date. To The Successor Rate will be determined by Buyer consistent with the extent a Purchased Asset is subject alternative benchmark rate Buyer implements in repurchase facilities with similarly situated sellers with similar assets. In the event that Seller determines that either the Successor Rate or the Successor Rate Conforming Changes are unacceptable, Seller shall provide notice of same to a Transaction for a period in excess of fortyBuyer within seventy-five (4575) calendar days, at Buyer’s sole option, Price Differential shall be settled in cash on such date days of receipt of the Rate Change Notice and thereafter as more frequently requested by Buyer.
(b) Upon request of Buyer, Seller shall establish and maintain have the right to terminate this Agreement, prior to the ninetieth (90th) day following receipt of a segregated time or demand deposit account for the benefit of Buyer Rate Change Notice (such specified date, the “Custodial AccountTermination Option Expiration Date”) with Buyer), UBS AG Stamford Branch or an Insured Depository Institution acceptable to Buyer in its sole discretion and shall deposit into without the Custodial Account, within two (2) Business Days of receipt, all Income received with respect to each Mortgage Loan sold hereunder. Seller shall cause all Income received with respect to the Purchased Assets by any Servicer to be remitted directly to the Custodial Account. Under no circumstances shall Seller deposit any of its own funds into the Custodial Account or otherwise commingle its own funds with funds belonging to Buyer as owner imposition of any Mortgage Loansform of penalty, breakage costs or exit fees. In the event that Seller shall name the Custodial Account “xxxxXxxxx.xxx, LLC in trust for the benefit of UBS Bank USA.”
(c) All Income received with respect elects to a Mortgage Loan purchased hereunder, whether or not deposited in the Custodial Account, shall be held in trust for the exclusive benefit of Buyer as the owner of such Mortgage Loan.
(d) Following an Event of Default, Seller shall remit to Buyer all Income and any funds in the Custodial Account as instructed by Buyer in writing. Such remittances shall be by wire transfer terminate this Agreement in accordance with wire transfer instructions previously given to Seller by Buyer.
(e) Seller authorizes Buyer to withdraw any Income otherwise the foregoing, it shall pay the outstanding Obligations, including all unpaid fees and expenses due Buyer hereunder from any of the Warehouse Accounts and the Operating Account.
(f) Seller shall not change the identity or location of the Custodial Account. Seller shall from time to time, at its own cost and expense, execute such directions to Buyer, and other papers, documents or instruments as may be reasonably requested by Buyer.
(g) If Buyer so requests, Seller shall promptly notify Buyer of each deposit in the Custodial Account, and each withdrawal from the Custodial Account, made by it with respect to Mortgage Loans owned by Buyer and serviced by Seller. Seller shall also promptly deliver to Buyer photocopies of all periodic bank statements and other records relating prior to the Custodial Account as Termination Option Expiration Date and any commitment of Buyer may from time to time request.
enter into Transactions hereunder shall terminate. In the event that Seller does not (hi) The amount required to be paid provide notice that either the Successor Rate or remitted by Seller the Successor Rate Conforming Changes are unacceptable within seventy-five (75) days of receipt of the Rate Change Notice, or (ii) pay the outstanding Obligations, including all unpaid fees and expenses due to Buyer, not made when due prior to the Termination Option Expiration Date, then the Successor Rate and the Successor Rate Conforming Changes shall bear interest from become effective on the due date until specified in the remittance, transfer or payment is made, payable by Seller, at the lesser of the Post-Default Rate or the maximum rate of interest permitted by law. If there is no maximum rate of interest specified by applicable law, interest on such sums shall accrue at the Post-Default RateChange Notice.
Appears in 1 contract
Samples: Master Repurchase Agreement (Rocket Companies, Inc.)
COLLECTIONS; INCOME PAYMENTS. (a) On each Business Day that a Transaction is outstanding, the Pricing Rate shall be reset and, unless otherwise agreed, the accrued and unpaid Price Differential shall be settled in cash on each related Repurchase Date. To the extent a Purchased Asset is subject to a Transaction for a period in excess of forty-five (45) calendar days, at Buyer’s sole option, Price Differential shall be settled in cash on such date and thereafter as more frequently requested by BuyerXxxxx.
(b) Upon request of BuyerXxxxx, Seller shall establish and maintain a segregated time or demand deposit account for the benefit of Buyer (the “Custodial Account”) with Buyer, UBS AG Stamford Branch or an Insured Depository Institution acceptable to Buyer in its sole discretion and shall deposit into the Custodial Account, within two (2) Business Days of receipt, all Income received with respect to each Mortgage Loan sold hereunder. Seller shall cause all Income received with respect to the Purchased Assets by any Servicer to be remitted directly to the Custodial Account. Under no circumstances shall Seller deposit any of its own funds into the Custodial Account or otherwise commingle its own funds with funds belonging to Buyer as owner of any Mortgage Loans. Seller shall name the Custodial Account “xxxxXxxxx.xxxUnited Wholesale Mortgage, LLC in trust for the benefit of UBS Bank USAAG, by and through its branch office at 0000 Xxxxxx xx xxx Xxxxxxxx, Xxx Xxxx, Xxx Xxxx.”
(c) All Income received with respect to a Mortgage Loan purchased hereunder, whether or not deposited in the Custodial Account, shall be held in trust for the exclusive benefit of Buyer as the owner of such Mortgage Loan.
(d) Following an Event of Default, Seller shall remit to Buyer all Income and any funds in the Custodial Account as instructed required by Buyer in writingXxxxx. Such remittances shall be by wire transfer in accordance with wire transfer instructions previously given to Seller by BuyerXxxxx.
(e) Seller authorizes Buyer to withdraw any Income otherwise due Buyer hereunder from any of the Warehouse Accounts and the Operating Account.
(f) Seller shall not change the identity or location of the Custodial Account. Seller shall from time to time, at its own cost and expense, execute such directions to Buyer, and other papers, documents or instruments as may be reasonably requested by BuyerXxxxx.
(g) If Buyer so requests, Seller shall promptly notify Buyer of each deposit in the Custodial Account, and each withdrawal from the Custodial Account, made by it with respect to Mortgage Loans owned by Buyer and serviced by Seller. Seller shall also promptly deliver to Buyer photocopies of all periodic bank statements and other records relating to the Custodial Account as Buyer Xxxxx may from time to time request.
(h) The amount required to be paid or remitted by Seller to Buyer, not made when due shall bear interest from the due date until the remittance, transfer or payment is made, payable by Seller, at the lesser of the Post-Default Rate or the maximum rate of interest permitted by law. If there is no maximum rate of interest specified by applicable law, interest on such sums shall accrue at the Post-Default Rate.
(i) If on any date, Buyer determines in its sole discretion that, by reason of circumstances affecting the relevant market, (i) adequate and reasonable means do not exist for ascertaining the Benchmark; (ii) the Benchmark is no longer in existence; (iii) continued implementation of the Benchmark is no longer operationally, administratively or technically feasible or no significant market practice for the administration of the Benchmark exists, (iv) the Benchmark will not adequately and fairly reflect the cost to Buyer of purchasing or maintaining Transactions or (v) the Relevant Governmental Body, the CME Term SOFR Administrator or a Governmental Authority having jurisdiction over Buyer has made a public statement identifying a specific date after which the Benchmark shall no longer be made available or used for determining the interest rate of loans, Buyer may give prompt written notice thereof to Seller Parties, whereupon the rate for such period that will replace the Benchmark for such period, and for all subsequent periods until such notice has been withdrawn by Buyer, shall be the greater of
Appears in 1 contract
COLLECTIONS; INCOME PAYMENTS. (ai) On each Business Day that a Transaction is outstanding, the Pricing Rate shall be reset and, unless otherwise agreed, the accrued and unpaid Price Differential shall be settled in cash on each related Repurchase Date. To the extent a Purchased Asset is subject to a Transaction for a period in excess of forty-five (45) calendar days, at Buyer’s sole option, Price Differential shall be settled in cash on such date and thereafter as more frequently requested by Buyer.
(b) Upon request of Buyer, Seller shall establish and maintain a segregated time or demand deposit account for the benefit of Buyer (the “Custodial Collection Account”) with a financial institution reasonably satisfactory to Buyer, UBS AG Stamford Branch or an Insured Depository Institution acceptable which shall be subject to Buyer in its sole discretion a Control Agreement, and shall deposit deposit, or cause Servicer to deposit, into the Custodial Collection Account, within two (2) Business Days of receipton the Servicer Remittance Date, all Income (other than reserve payments and any servicing fees, expenses or other amounts due to the Servicer pursuant to the terms of the Servicing Agreement) received with respect to each Mortgage Loan sold hereunder. Seller shall cause all Income received with respect Purchased Asset subject to the Purchased Assets by any Servicer to be remitted directly to the Custodial Accounta Transaction. Under no circumstances shall Seller deposit any of its own funds into the Custodial Account or otherwise commingle its own funds with funds belonging to Buyer as owner of any Mortgage LoansCollection Account. Seller shall name the Custodial Collection Account “xxxxXxxxx.xxxas directed by Xxxxx.
(ii) Unless an Event of Default has occurred and is continuing, LLC on or before 3:00 p.m. (New York time) on the Business Day prior to the Payment Date, Seller shall deliver to Buyer a Distribution Worksheet. On each Payment Date, upon approval of the Distribution Worksheet by Buyer, the Bank shall remit funds on deposit in the Collection Account in accordance with the Distribution Worksheet:
(1) first, to Buyer in payment of any accrued and unpaid fees and expenses then due and payable to Xxxxx’s account set forth in Section 7(a) hereof;
(2) second, to the Servicer and/or the Custodian, in payment of any accrued and unpaid fees and expenses then due and owing to such party;
(3) third, to Buyer in payment in full of that portion of the Repurchase Price that represents any accrued and unpaid Price Differential up to the related Payment Date to Buyer’s account set forth in Section 7(a) hereof;
(4) fourth, to Buyer in payment of any unpaid Upfront Fees or any other fees and expenses then due and payable;
(5) fifth, without limiting the rights of Buyer under Section 5 of this Agreement, to Buyer in the amount of any unpaid Margin Deficit then due and payable to Buyer’s account set forth in Section 7(a) hereof;
(6) sixth, if an Event of Default has occurred and is continuing, to Buyer in an amount to reduce the Repurchase Price to zero and pay all other Obligations;
(7) seventh, to Buyer in an amount equal to the applicable Purchase Price Percentage for a Purchased Asset multiplied by the Principal Payments related to such Purchased Asset, to Buyer’s account set forth in Section 7(a) hereof to be applied against the Repurchase Price of such Purchased Asset; and
(8) eighth, to Seller, any remaining amounts.
(iii) Upon the occurrence and during the continuation of an Event of Default, all amounts remitted to the Collection Account shall be held in trust for Buyer and shall be withdrawn from the benefit of UBS Bank USACollection Account only by Buyer in accordance with Buyer’s rights under the Control Agreement and applied to the Obligations as determined by Buyer in its sole discretion.”
(civ) All Income received with respect to a Mortgage Loan purchased hereunderPurchased Asset subject to a Transaction, whether or not deposited in the Custodial Collection Account, shall be held in trust for the exclusive benefit of Buyer as the owner of such Mortgage Loan.
(d) Following an Event of Default, Seller shall remit to Buyer all Income and any funds in the Custodial Account as instructed by Buyer in writing. Such remittances shall be by wire transfer in accordance with wire transfer instructions previously given to Seller by Buyer.
(e) Seller authorizes Buyer to withdraw any Income otherwise due Buyer hereunder from any of the Warehouse Accounts and the Operating Account.
(fv) Seller shall not change the identity or location of the Custodial AccountCollection Account without Xxxxx’s written consent. Seller shall from time to time, at its own cost and expense, execute such directions to Buyer, and other papers, documents or instruments as may be reasonably requested by BuyerXxxxx.
(gvi) If Buyer so requestsrequests and to the extent not otherwise reflected on the applicable Distribution Worksheet, Seller shall promptly notify Buyer of each deposit in the Custodial Collection Account, and each withdrawal from the Custodial Account, made by it with respect to Mortgage Loans owned by Buyer and serviced by Seller. Seller shall also promptly deliver to Buyer photocopies of all periodic bank statements and other records relating to the Custodial Collection Account as Buyer Xxxxx may from time to time request.
(hvii) The amount required to be paid or remitted by Seller to Buyer, not made when due shall bear interest from the due date until the remittance, transfer or payment is made, payable by Seller, at the lesser of the Post-Default Rate or the maximum rate of interest permitted by law. If there is no maximum rate of interest specified by applicable law, interest on such sums shall accrue at the Post-Default Rate.
(viii) Unless an Event of Default shall have occurred and be continuing, all payments received by Buyer shall, after notice to Buyer, be applied by Buyer on the date of such receipt or, if such receipt is made and notice received after 3:00 p.m. (New York time), on the following Business Day, to reduce the Purchase Price of the related Purchased Asset.
Appears in 1 contract
Samples: Master Repurchase Agreement (FS Credit Real Estate Income Trust, Inc.)
COLLECTIONS; INCOME PAYMENTS. (a) All Income from the Purchased Assets shall be the property of Buyer and shall be credited directly to Buyer; provided that, if Seller or any Affiliate of Seller receives any direct payment of Income or if any Income is forwarded to Seller or any Affiliate of Seller, Seller or its Affiliate shall remit all Income to Buyer within twenty-four hours of receipt. On each Business Day that a Transaction is outstandingPayment Date, Buyer shall remit all funds received by Buyer since the Pricing Rate shall be reset and, unless otherwise agreed, immediately preceding Payment Date in the accrued manner set forth below: (1) any amounts due to Buyer on account of due and unpaid Price Differential shall be settled in cash accordance with Section 5(b) of this Agreement; (2) any amounts due to Buyer on each related account of a Margin Deficit in accordance with Section 4; (3) all amounts offset and applied by Buyer pursuant to Section 5(e) of this Agreement; (4) with respect to any Principal Proceeds received, any amounts required to reduce the Repurchase Date. To Price of the extent a Purchased Asset is subject in respect of which such Principal Proceeds have been received until the Repurchase Price of such Purchased Asset has been reduced to a Transaction for a period zero; provided, that, in excess each case, each such application of forty-five Principal Proceeds shall comply with the Bond Ratio Requirement; (455) calendar daysany other Expenses, at Buyer’s sole optionfees, Price Differential shall be settled in cash on such date including Facility Fees, or amounts due Buyer under the this Agreement; (6) any amounts due and thereafter as more frequently requested by Buyer.
owing under Section 15 of this Agreement; (b7) Upon request of to Mortgage Loan Facility Buyer, Seller shall establish any amounts then due and maintain a segregated time or demand deposit account for payable to Mortgage Loan Facility Buyer under the benefit Mortgage Loan Facility pursuant to priorities (1) through (6) of Buyer Section 5(a) of the Mortgage Loan Repurchase Agreement until such amounts then due and payable thereunder have been paid in full; (the “Custodial Account”) with 8) to Buyer, UBS AG Stamford Branch or an Insured Depository Institution acceptable all remaining Income to reduce the aggregate Repurchase Price of all remaining Purchased Assets in such order as Buyer shall determine in its sole discretion and discretion; provided, that, in each case, each such application of Income shall deposit into comply with the Custodial Account, within two (2) Business Days of receipt, all Income received with respect to each Mortgage Loan sold hereunder. Seller shall cause all Income received with respect to the Purchased Assets by any Servicer to be remitted directly to the Custodial Account. Under no circumstances shall Seller deposit any of its own funds into the Custodial Account or otherwise commingle its own funds with funds belonging to Buyer as owner of any Mortgage Loans. Seller shall name the Custodial Account “xxxxXxxxx.xxx, LLC in trust for the benefit of UBS Bank USA.”
(c) All Income received with respect to a Mortgage Loan purchased hereunder, whether or not deposited in the Custodial Account, shall be held in trust for the exclusive benefit of Buyer as the owner of such Mortgage Loan.
(d) Following an Event of Default, Seller shall remit to Buyer all Income and any funds in the Custodial Account as instructed by Buyer in writing. Such remittances shall be by wire transfer in accordance with wire transfer instructions previously given to Seller by Buyer.
(e) Seller authorizes Buyer to withdraw any Income otherwise due Buyer hereunder from any of the Warehouse Accounts and the Operating Account.
(f) Seller shall not change the identity or location of the Custodial Account. Seller shall from time to time, at its own cost and expense, execute such directions to Buyer, and other papers, documents or instruments as may be reasonably requested by Buyer.
(g) If Buyer so requests, Seller shall promptly notify Buyer of each deposit in the Custodial Account, and each withdrawal from the Custodial Account, made by it with respect to Mortgage Loans owned by Buyer and serviced by Seller. Seller shall also promptly deliver to Buyer photocopies of all periodic bank statements and other records relating to the Custodial Account as Buyer may from time to time request.
(h) The amount required to be paid or remitted by Seller to Buyer, not made when due shall bear interest from the due date until the remittance, transfer or payment is made, payable by Seller, at the lesser of the Post-Default Rate or the maximum rate of interest permitted by law. If there is no maximum rate of interest specified by applicable law, interest on such sums shall accrue at the Post-Default Rate.Bond Ratio Requirement); and
Appears in 1 contract
Samples: Master Repurchase Agreement (Finance of America Companies Inc.)
COLLECTIONS; INCOME PAYMENTS. (a) On each Business Day that a Transaction is outstanding, the Pricing Rate shall be reset and, unless otherwise agreed, the accrued and unpaid Price Differential shall be settled in cash on each related Repurchase Date. To the extent a Purchased Asset is subject to a Transaction for a period in excess of forty-five (45) calendar days, at Buyer’s sole option, Price Differential shall be settled in cash on such date and thereafter as more frequently requested by Buyer.
(b) Upon request of Buyer, Seller shall establish and maintain a segregated time or demand deposit account for the benefit of Buyer (the “Custodial Collection Account”) with a financial institution reasonably satisfactory to Buyer, UBS AG Stamford Branch or an Insured Depository Institution acceptable which shall be subject to Buyer in its sole discretion a Control Agreement, and shall deposit deposit, or cause Servicer to deposit, into the Custodial Collection Account, within two (2) Business Days of receipton the Servicer Remittance Date, all Income (other than reserve payments and any servicing fees, expenses or other amounts due to the Servicer pursuant to the terms of the Servicing Agreement) received with respect to each Mortgage Loan sold hereunder. Seller shall cause all Income received with respect Purchased Asset subject to the Purchased Assets by any Servicer to be remitted directly to the Custodial Accounta Transaction. Under no circumstances shall Seller deposit any of its own funds into the Custodial Account or otherwise commingle its own funds with funds belonging to Buyer as owner of any Mortgage LoansCollection Account. Seller shall name the Custodial Collection Account “xxxxXxxxx.xxxas directed by Bxxxx.
(b) Unless an Event of Default has occurred and is continuing, LLC on or before 3:00 p.m. (New York time) on the Business Day prior to the Payment Date, Seller shall deliver to Buyer a Distribution Worksheet. On each Payment Date, upon approval of the Distribution Worksheet by Buyer, the Bank shall remit funds on deposit in the Collection Account in accordance with the Distribution Worksheet:
(i) first, to Buyer in payment of any accrued and unpaid fees and expenses then due and payable to Bxxxx’s account set forth in Section 7(a) hereof;
(ii) second, to the Servicer and/or the Custodian, in payment of any accrued and unpaid fees and expenses then due and owing to such party;
(iii) third, to Buyer in payment in full of that portion of the Repurchase Price that represents any accrued and unpaid Price Differential up to the related Payment Date to Buyer’s account set forth in Section 7(a) hereof;
(iv) fourth, to Buyer in payment of any unpaid Upfront Fees or any other fees and expenses then due and payable;
(v) fifth, without limiting the rights of Buyer under Section 5 of this Agreement, to Buyer in the amount of any unpaid Margin Deficit then due and payable to Buyer’s account set forth in Section 7(a) hereof;
(vi) sixth, if an Event of Default has occurred and is continuing, to Buyer in an amount to reduce the Repurchase Price to zero and pay all other Obligations;
(vii) seventh, to Buyer in an amount equal to the applicable Purchase Price Percentage for a Purchased Asset multiplied by the Principal Payments related to such Purchased Asset, to Buyer’s account set forth in Section 7(a) hereof to be applied against the Repurchase Price of such Purchased Asset; and
(viii) eighth, to Seller, any remaining amounts.
(c) Upon the occurrence and during the continuation of an Event of Default, all amounts remitted to the Collection Account shall be held in trust for Buyer and shall be withdrawn from the benefit of UBS Bank USACollection Account only by Buyer in accordance with Buyer’s rights under the Control Agreement and applied to the Obligations as determined by Buyer in its sole discretion.”
(cd) All Income received with respect to a Mortgage Loan purchased hereunderPurchased Asset subject to a Transaction, whether or not deposited in the Custodial Collection Account, shall be held in trust for the exclusive benefit of Buyer as the owner of such Mortgage Loan.
(d) Following an Event of Default, Seller shall remit to Buyer all Income and any funds in the Custodial Account as instructed by Buyer in writing. Such remittances shall be by wire transfer in accordance with wire transfer instructions previously given to Seller by Buyer.
(e) Seller authorizes Buyer to withdraw any Income otherwise due Buyer hereunder from any of the Warehouse Accounts and the Operating Account.
(f) Seller shall not change the identity or location of the Custodial AccountCollection Account without Bxxxx’s written consent. Seller shall from time to time, at its own cost and expense, execute such directions to Buyer, and other papers, documents or instruments as may be reasonably requested by BuyerBxxxx.
(gf) If Buyer so requestsrequests and to the extent not otherwise reflected on the applicable Distribution Worksheet, Seller shall promptly notify Buyer of each deposit in the Custodial Collection Account, and each withdrawal from the Custodial Account, made by it with respect to Mortgage Loans owned by Buyer and serviced by Seller. Seller shall also promptly deliver to Buyer photocopies of all periodic bank statements and other records relating to the Custodial Collection Account as Buyer Bxxxx may from time to time request.
(hg) The amount required to be paid or remitted by Seller to Buyer, not made when due shall bear interest from the due date until the remittance, transfer or payment is made, payable by Seller, at the lesser of the Post-Default Rate or the maximum rate of interest permitted by law. If there is no maximum rate of interest specified by applicable law, interest on such sums shall accrue at the Post-Default Rate.
(h) Unless an Event of Default shall have occurred and be continuing, all payments received by Buyer shall, after notice to Buyer, be applied by Buyer on the date of such receipt or, if such receipt is made and notice received after 3:00 p.m. (New York time), on the following Business Day, to reduce the Purchase Price of the related Purchased Asset.
Appears in 1 contract
Samples: Master Repurchase Agreement (FS Credit Real Estate Income Trust, Inc.)
COLLECTIONS; INCOME PAYMENTS. (a) On each Business Day that a Transaction is outstanding, the Pricing Rate shall be reset and, unless otherwise agreed, the accrued and unpaid Price Differential shall be settled in cash on each related Repurchase Date. To the extent a Purchased Asset is subject to a Transaction for a period in excess of forty-five (45) calendar days, at Buyer’s sole option, Price Differential shall be settled in cash on such date and thereafter as more frequently requested by Buyer.
(b) Upon request of Buyer, Seller shall establish and maintain a segregated time or demand deposit account for the benefit of Buyer (the “Custodial Account”) with Buyer, UBS AG Stamford Branch or an Insured Depository Institution acceptable to Buyer in its sole discretion and shall deposit into the Custodial Account, within two (2) Business Days of receipt, all Income received with respect to each Mortgage Loan sold hereunder. Seller shall cause all Income received with respect to the Purchased Assets by any Servicer to be remitted directly to the Custodial Account. Under no circumstances shall Seller deposit any of its own funds into the Custodial Account or otherwise commingle its own funds with funds belonging to Buyer as owner of any Mortgage Loans. Seller shall name the Custodial Account “xxxxXxxxx.xxxReverse Mortgage Solutions, LLC Inc., in trust for and for the benefit of UBS Bank USA.Real Estate Securities Inc.”
(cb) All Income received with respect to a Mortgage Loan purchased hereunder, whether or not deposited in the Custodial Account, shall be held in trust for the exclusive benefit of Buyer as the owner of such Mortgage Loan.
(dc) Following an Event of Default, Seller shall remit to Buyer all Income and any funds in the Custodial Account as instructed by Buyer in writingrequired under the terms of this Agreement. Such remittances shall be by wire transfer in accordance with wire transfer instructions previously given to Seller by Buyer.
(ed) Seller authorizes Buyer to withdraw any Income otherwise due Buyer hereunder from any of designated Seller’s accounts as more particularly set forth in the Warehouse Accounts and the Operating AccountCustomer Guide.
(fe) Seller shall not change the identity or location of the Custodial Account. Seller shall from time to time, at its own cost and expense, execute such directions to Buyer, and other papers, documents or instruments as may be mutually agreed to and reasonably requested by Buyer.
(gf) If Buyer so requests, Seller shall promptly notify Buyer of each deposit in the Custodial Account, and each withdrawal from the Custodial Account, made by it with respect to Mortgage Loans owned by Buyer and serviced by Seller. Seller shall also promptly deliver to Buyer Buyer, in a commercially reasonable timeframe, photocopies of all periodic bank statements and other records relating to the Custodial Account as Buyer may from time to time request.
(hg) The amount required to be paid or remitted by Seller to Buyer, not made when due shall bear interest from the due date until the remittance, transfer or payment is made, payable by Seller, at the lesser of the Post-Default Rate or the maximum rate of interest permitted by law. If there is no maximum rate of interest specified by applicable law, interest on such sums shall accrue at the Post-Default Rate.
Appears in 1 contract
Samples: Master Repurchase Agreement (Walter Investment Management Corp)
