Common use of Securitization Financing Clause in Contracts

Securitization Financing. The Borrower acknowledges and agrees that, with respect to any insured loan that is included by the Lender in a pooling program, for as long as such insured loan is included in the pooling program: any new or additional advances, increases to principal, or further borrowings beyond an initial advance or extensions of the term and including revolving loans, lines of credit and re-advances (each an “additional advance” and, collectively, “additional advances”), on such terms as notified to the Borrower from time to time, are only permitted on the condition that each additional advance is a new loan, and the new loan made to the Borrower will be treated as a separate and distinct loan for all purposes including enforcement, and the Borrower covenants and agrees to enter into such additional or new documentation or security requested by the Lender in respect of any such additional advance; any references or rights, in favour of the Lender or otherwise, with respect to any consolidation of any security, hypothecs, loans or property with respect to any insured loan under a pooling program are disclaimed by the Lender as against the hypothecary insurer and the Administrator so long as the hypothecary insurer and/or Administrator have an interest in the insured loan; and any references or rights, in favour of the Lender or otherwise, with respect to any cross collateralization or cross default of any security, hypothecs, loans or property, or the granting of property as security for more than one loan, or more than one loan being secured by a single property, in cases where not all of such loans secured by the Contract and the hypothecs thereunder are included in a pooling program, are disclaimed by the Lender as against the hypothecary insurer and the Administrator and such references or rights will not be exercised by the Lender with respect to any loans that are not included in a pooling program so long as the hypothecary insurer and/or Administrator have an interest in the insured loan; but, for certainty and notwithstanding the foregoing, the Borrower acknowledges and agrees that the Lender is in no way waiving, disclaiming, discharging or releasing the security of the hypothecs as against any persons, including the Borrower, any Surety or any other person having or taking an interest in the Hypothecated Property.

Securitization Financing. The Borrower acknowledges You acknowledge and agrees agree that, with respect to any insured loan that is included by the Lender us in a pooling program, for as long as such insured loan is included in the pooling program: any new or additional advances, increases to principal, or further borrowings beyond an initial advance or extensions of the term and including revolving loans, lines of credit and re-advances (each an “additional advance” and, collectively, “additional advances”), on such terms as notified to the Borrower you from time to time, are only permitted on the condition that each additional advance is a new loan, and the new loan made to the Borrower you will be treated as a separate and distinct loan for all purposes including enforcement, and the Borrower covenants you covenant and agrees agree to enter into such additional or new documentation or security requested by the Lender us in respect of any such additional advance; any references or rights, in favour of the Lender us or otherwise, with respect to any consolidation of any security, hypothecsmortgages, loans or property with respect to any insured loan under a pooling program are disclaimed by the Lender us as against the hypothecary mortgage insurer and the Administrator administrator so long as the hypothecary mortgage insurer and/or Administrator administrator have an interest in the insured loan; and any references or rights, in favour of the Lender us or otherwise, with respect to any cross collateralization or cross default of any security, hypothecsmortgages, loans or property, or the granting of property as security for more than one loan, or more than one loan being secured by a single property, in cases where not all of such loans secured by the Contract and the hypothecs thereunder mortgage are included in a pooling program, are disclaimed by the Lender us as against the hypothecary mortgage insurer and the Administrator administrator and such references or rights will not be exercised by the Lender us with respect to any loans that are not included in a pooling program so long as the hypothecary mortgage insurer and/or Administrator administrator have an interest in the insured loan; but, for certainty and notwithstanding the foregoing, the Borrower acknowledges you acknowledge and agrees agree that the Lender is we are in no way waiving, disclaiming, discharging or releasing the security of the hypothecs mortgage as against any persons, including the Borroweryou, any Surety guarantor or any other person having or taking an interest in the Hypothecated Propertyproperty. In connection with the processing, approving, funding, servicing and administering, or any insurance, sale, securitization, assignment or financing of all or any part of the indebtedness, including any loan under an agreement, or any interest therein, we, a mortgage insurer, the administrator, any other person having an interest or proposing to acquire any interest in all or any part of the indebtedness and/or in the mortgage from time to time (including our and their respective agents, advisors, lawyers, accountants, consultants, appraisers, credit verification sources, credit rating agencies and any party retained to service the mortgage), or any other person in connection with any collection or enforcement proceedings taken under or in respect of all or any part of the indebtedness including any loan or any loan agreement (“information access persons”), may, as it may determine in its sole discretion, subject always to and in accordance with privacy laws: collect, use and store information and materials (including confidential personal information) provided by you, any guarantor, your spouse, or obtained by or on behalf of, the relevant information access person, relating to the indebtedness, you, any guarantor, or the property (both before and after any new loan, any refinancing of a loan, an re-advances and any further advances on any loan and/or any default), without further notice to you, your spouse or any guarantor; and transfer, assign, release, disclose, exchange or share such information and materials (including confidential personal information) to or with (i) any other information access persons; and (ii) any governmental authority having jurisdiction over it or any of its activities, and you, your spouse and any guarantor hereby irrevocably consent to the collection, use, storage, release, disclosure, exchange, sharing, transfer and assignment of all such information and materials (including, confidential personal information). The foregoing is notwithstanding and in addition to the privacy notice and access to personal information provisions consented to in the commitment.