Common use of Insured Depository Institution Representations Clause in Contracts

Insured Depository Institution Representations. If the Servicer is an Insured Depository Institution, the Servicer makes the following additional representations and warranties: (i) This Agreement between the Owner and the Servicer conforms to all applicable statutory and regulatory requirements; and (ii) This Agreement is (1) executed contemporaneously with the Loan Purchase Agreement, (2) approved by a specific corporate or banking association resolution by the Servicer's board of directors, which approval shall be reflected in the minutes of said board, and (3) an official record of the Servicer. A copy of such resolution, certified by a vice president or higher officer of the Servicer has been provided to the Owner.