Common use of Special Affirmative Covenants Concerning Warehousing Collateral Clause in Contracts

Special Affirmative Covenants Concerning Warehousing Collateral. As long as the Commitments are outstanding or there remain any Obligations to be paid or performed under this Agreement or under any other Loan Document, Borrower shall: (a) Warrant and defend the right, title and interest of Administrative Agent and Lenders in and to the Collateral against the claims and demands of all Persons. (b) At its own expense, timely and fully perform and comply in all material respects with all provisions, covenants and other promises required to be observed by it under the Pledged Loans and all other agreements related to the Pledged Loans, cause all Pledged Loans to be serviced in accordance with the Loan Servicing Agreement and in accordance with the standards of the Targeted Permanent Loan Program for such Mortgage Loan, including taking all actions necessary to enforce the obligations of the obligors under such Mortgage Loans, and cause all escrow funds collected in respect of Pledged Loans to be held in trust, without commingling the same with non-custodial funds, and apply them for the purposes for which those funds were collected. (c) Execute and deliver to Administrative Agent with respect to the Collateral those further instruments of sale, pledge, assignment or transfer, and those powers of attorney, as necessary or as reasonably required by Administrative Agent, and do and perform all matters and things necessary or reasonably desirable to be done or performed, for the purpose of effectively creating, maintaining and preserving the security and benefits intended to be afforded Administrative Agent and Lenders under this Agreement. (d) Prior to closing each Mortgage Loan, and at such time as any Person is admitted as a mortgagor, guarantor or other obligor with respect to a Pledged Loan, conduct customary and usual searches for every mortgagor, guarantor and other obligor of every Mortgage Loan, and take commercially reasonable steps to insure that none of the mortgagors, guarantors or other obligors of any Mortgage Loan is a Person named in any Restriction List and to whom the provision of financial services is prohibited or otherwise restricted by applicable Law. (e) Review the Underwriting Guidelines periodically to confirm that those policies and procedures are being complied with in all material respects and are adequate to meet Borrower’s business objectives.

Special Affirmative Covenants Concerning Warehousing Collateral. As long as the Commitments are Warehousing Commitment is outstanding or there remain any Obligations to be paid or performed under this Agreement or under any other Loan Document, Borrower shall: (a) must: Warrant and defend the right, title and interest of Administrative Agent and Lenders Lender in and to the Collateral against the claims and demands of all Persons. (b) At its own expense, timely and fully perform and comply in all material respects with all provisions, covenants and other promises required . Service or cause to be observed by it under the Pledged Loans and all other agreements related to the Pledged Loans, cause serviced all Pledged Loans to be serviced in accordance with the Loan Servicing Agreement and in accordance with the standards standard requirements of the Targeted Permanent Loan Program for such Mortgage Loanissuers of Purchase Commitments covering them and all applicable HUD, Xxxxxx Xxx and Xxxxxxx Mac requirements, including taking all actions necessary to enforce the obligations of the obligors under such Mortgage Loans, . Service or cause to be serviced all Mortgage Loans backing Pledged Securities in accordance with applicable governmental requirements and cause requirements of issuers of Purchase Commitments covering them. Hold all escrow funds collected in respect of Pledged Loans to be held and Mortgage Loans backing Pledged Securities in trust, without commingling the same with non-custodial funds, and apply them for the purposes for which those funds were collected. (c) . Execute and deliver to Administrative Agent Lender with respect to the Collateral those further instruments of sale, pledge, assignment or transfer, and those powers of attorney, as necessary or as reasonably required by Administrative AgentLender, and do and perform all matters and things necessary or reasonably desirable to be done or performedobserved, for the purpose of effectively creating, maintaining and preserving the security and benefits intended to be afforded Administrative Agent and Lenders Lender under this Agreement. (d) Prior . Notify Lender within 3 Business Days of any default under, or of the termination of, any Purchase Commitment relating to closing each Mortgage Loan, and at such time as any Person is admitted as a mortgagor, guarantor or other obligor with respect to a Pledged Loan, conduct customary Eligible Mortgage Pool, or Pledged Security. Promptly comply in all respects with the terms and usual searches for conditions of all Purchase Commitments, and all extensions, renewals and modifications or substitutions of or to all Purchase Commitments. Deliver or cause to be delivered to the Investor the Pledged Loans and Pledged Securities to be sold under each Purchase Commitment not later than the mandatory delivery date of the Pledged Loans or Pledged Securities under the Purchase Commitment. Compare the names of every mortgagor, guarantor and other obligor of every Mortgage Loan, together with appropriate identifying information concerning those Persons obtained by Borrower, against every Restriction List, and take commercially reasonable steps to insure make certain that none of the mortgagors, guarantors or other obligors of any Mortgage Loan is a Person named in any Restriction List and to whom the provision of financial services is prohibited or otherwise restricted by applicable Lawlaw. Prior to the origination by Borrower of any Mortgage Loans for sale to Xxxxxx Xxx, enter into an agreement among Borrower, Lender and Xxxxxx Mae, pursuant to which Xxxxxx Xxx agrees to send all cash proceeds of Mortgage Loans sold by Borrower to Xxxxxx Mae to the Cash Collateral Account. Prior to the origination by Borrower of any Mortgage Loan to be registered on the MERS system, obtain the approval of Lender and enter into an Electronic Tracking Agreement. (e) Review the Underwriting Guidelines periodically to confirm that those policies and procedures are being complied with in all material respects and are adequate to meet Borrower’s business objectives.

Special Affirmative Covenants Concerning Warehousing Collateral. As long as the Commitments are outstanding or there remain any Obligations to be paid or performed under this Agreement or under any other Loan Document, Borrower shall: (a) Warrant and defend the right, title and interest of Administrative Agent and Lenders in and to the Collateral against the claims and demands of all Persons. (b) At its own expense, timely and fully perform and comply in all material respects with all provisions, covenants and other promises required to be observed by it under the Pledged Loans and all other agreements related to the Pledged Loans, cause Cause all Pledged Loans to be serviced in accordance with the Loan Servicing Agreement and in accordance with the standards of the Targeted Permanent Loan Program for such Mortgage LoanAgreement, including taking all actions necessary to enforce the obligations of the obligors under such Mortgage Loans, and cause all escrow funds collected in respect of Pledged Loans to be held in trust, without commingling the same with non-custodial funds, and apply them for the purposes for which those funds were collected. (c) Execute and deliver to Administrative Agent with respect to the Collateral those further instruments of sale, pledge, assignment or transfer, and those powers of attorney, as necessary or as reasonably required by Administrative Agent, and do and perform all matters and things necessary or reasonably desirable to be done or performed, for the purpose of effectively creating, maintaining and preserving the security and benefits intended to be afforded Administrative Agent and Lenders under this Agreement. (d) Prior to closing each Mortgage Loan, and at such time as any Person is admitted as a mortgagor, guarantor or other obligor with respect to a Pledged Loan, conduct customary and usual searches for Compare the names of every mortgagor, guarantor and other obligor of every Mortgage Loan, together with appropriate identifying information concerning those Persons obtained by Borrower, against every Restriction List, and take commercially reasonable steps to insure make reasonably certain that none of the mortgagors, guarantors or other obligors of any Mortgage Loan is a Person named in any Restriction List and to whom the provision of financial services is prohibited or otherwise restricted by applicable Lawlaw. (e) Review the Underwriting Guidelines periodically to confirm that those policies and procedures are being complied with in all material respects and are adequate to meet Borrower’s business objectives. (f) If the aggregate of the market value (as determined by a third party MAI appraisal acceptable to the Administrative Agent and the Borrower) multiplied by the Advance Rate for each Eligible Loan is less than the aggregate outstanding Warehousing Advances with respect to such Eligible Loan the Borrower shall, within sixty (60) Business Days after written Notice from the Administrative Agent, pay to the Administrative Agent a sum sufficient to cause the foregoing deficiency to no longer exist, so that the market value with respect to the Property securing the Mortgaged Loan is within the Advance Rate parameters set forth in this Agreement.

Special Affirmative Covenants Concerning Warehousing Collateral. As long as the Commitments are Warehousing Commitment is outstanding or there remain any Obligations to be paid or performed under this Agreement or under any other Loan Document, Borrower shallmust, unless Credit Agent and the Required Lenders (or all of the Lenders, if required pursuant to Section 11.14(a)) consent in writing: (a) Warrant and defend the right, title and interest of Administrative Agent Credit Agent, for itself and Lenders as agent of Lenders, in and to the Collateral against the claims and demands of all Persons. (b) At its own expense, timely and fully perform and comply in all material respects with all provisions, covenants and other promises required Service or cause to be observed by it under the Pledged Loans and all other agreements related to the Pledged Loans, cause serviced all Pledged Loans to be serviced in accordance with the Loan Servicing Agreement and in accordance with the standards standard requirements of the Targeted Permanent Loan Program for such Mortgage Loanissuers of Purchase Commitments covering them and all applicable Federal Agency requirements, including taking all actions necessary to enforce the obligations of the obligors under such Mortgage Loans, . Service or cause to be serviced all Mortgage Loans backing Pledged Securities in accordance with applicable governmental requirements and cause requirements of issuers of Purchase Commitments covering them. Hold all escrow funds collected in respect of Pledged Loans to be held and Mortgage Loans backing Pledged Securities in trust, without commingling the same with non-custodial funds, and apply them for the purposes for which those funds were collected. (c) Execute and deliver to Administrative Agent Credit Agent, with respect to the Collateral Collateral, those further instruments of sale, pledge, assignment or transfer, and those powers of attorney, as necessary or as reasonably required by Administrative Credit Agent, and do and perform all matters and things necessary or reasonably desirable to be done or performedobserved, for the purpose of effectively creating, maintaining and preserving the security and benefits intended to be afforded Administrative Credit Agent and Lenders under this Agreement. (d) Prior Notify Credit Agent within 2 Business Days of any default under, or of the termination of, any Purchase Commitment relating to closing each Mortgage Loan, and at such time as any Person is admitted as a mortgagor, guarantor or other obligor with respect to a Pledged Loan, conduct customary Eligible Mortgage Pool or Pledged Security. (e) Promptly comply in all respects with the terms and usual searches for conditions of all Purchase Commitments, and all extensions, renewals and modifications or substitutions of or to all Purchase Commitments. Deliver or cause to be delivered to the Investor the Pledged Loans and Pledged Securities to be sold under each Purchase Commitment not later than the mandatory delivery date of the Pledged Loans or Pledged Securities under the Purchase Commitment. (f) Compare the names of every mortgagor, guarantor and other obligor of every Mortgage Loan, together with appropriate identifying information concerning those Persons obtained by Borrower, against every Restriction List, and take commercially reasonable steps to insure make certain that none of the mortgagors, guarantors or other obligors of any Mortgage Loan is a Person named in any Restriction List and to whom the provision of financial services is prohibited or otherwise restricted by applicable Lawlaw. (eg) Review Other than with respect to Xxxxxx Xxx DUS Mortgage Loans or FHA Modified Mortgage Loans, prior to the Underwriting Guidelines periodically origination by Borrower of any Mortgage Loans for sale to confirm that those policies a Federal Agency, Borrower shall have entered into an agreement among Credit Agent, the Investor under the applicable Purchase Commitment, and procedures are being complied with in Borrower, pursuant to which such Investor agrees to send all material respects cash proceeds of Mortgage Loans sold by Borrower to such Investor to the applicable Cash Collateral Account. With respect to FHA Modified Mortgage Loans, prior to the funding of any Warehousing Advance to be used by Borrower for the repurchase of an existing Xxxxxx Mae Mortgage-backed Security, Borrower shall have entered into an agreement among Credit Agent, the Investor under the applicable Purchase Commitment, and are adequate Borrower, pursuant to meet Borrower’s business objectiveswhich such Investor agrees to send all cash proceeds of the new Xxxxxx Xxx Mortgage-backed Security sold by Borrower to such Investor to the applicable Cash Collateral Account.

Special Affirmative Covenants Concerning Warehousing Collateral. As long as the Commitments are Warehousing Commitment is outstanding or there remain any Obligations to be paid or performed under this Agreement or under any other Loan Document, Borrower shall:must: 9.3 (a) Warrant and defend the right, title and interest of Administrative Agent and Lenders Lender in and to the Collateral against the claims and demands of all Persons. (b) At its own expense, timely and fully perform and comply in all material respects with all provisions, covenants and other promises required Service or cause to be observed by it under the Pledged Loans and all other agreements related to the Pledged Loans, cause serviced all Pledged Loans to be serviced in accordance with the Loan Servicing Agreement and in accordance with the standards standard requirements of the Targeted Permanent Loan Program for such Mortgage Loanissuers of Purchase Commitments covering them and all applicable HUD, including Fannie Mae and Freddie Xxx xexxxremenxx, xxxluding taking all actions necessary to enforce the obligations of the obligors under such Mortgage Loans, . Service or cause to be serviced all Mortgage Loans backing Pledged Securities in accordance with applicable governmental requirements and cause requirements of issuers of Purchase Commitments covering them. Hold all escrow funds collected in respect of Pledged Loans to be held and Mortgage Loans backing Pledged Securities in trust, without commingling the same with non-custodial funds, and apply them for the purposes for which those funds were collected.. 9.3 (c) Execute and deliver to Administrative Agent Lender, with respect to the Collateral Collateral, those further instruments of sale, pledge, assignment or transfer, and those powers of attorney, as necessary or as reasonably required by Administrative AgentLender, and do and perform all matters and things necessary or reasonably desirable to be done or performedobserved, for the purpose of effectively creating, maintaining and preserving the security and benefits intended to be afforded Administrative Agent and Lenders Lender under this Agreement. 9.3 (d) Notify Lender within 2 Business Days of any default under, or of the termination of, any Purchase Commitment relating to any Pledged Loan, Eligible Mortgage Pool or Pledged Security. 9.3 (e) Promptly comply in all respects with the terms and conditions of all Purchase Commitments, and all extensions, renewals and modifications or substitutions of or to all Purchase Commitments. Deliver or cause to be delivered to the Investor the Pledged Loans and Pledged Securities to be sold under each Purchase Commitment not later than the mandatory delivery date of the Pledged Loans or Pledged Securities under the (f) Prior to the origination by Borrower of any Mortgage Loans for sale to Fannie Mae, enter into xx xxrxxxent among Borrower, Lender and Fannie Mae, pursuant tx xxxxh Fannie Mae agrees to sxxx xxl xxsh proceeds of Mortgage Loans sold by Borrower to Fannie Mae to the Cash Xxxxxteral Account. (g) Prior to the origination by Borrower of any Mortgage Loan to be registered on the MERS system, obtain the approval of Lender and enter into an Electronic Tracking Agreement. (dh) Prior to closing each Mortgage Loan, and at such time as any Person is admitted as a mortgagor, guarantor or other obligor with respect to a Pledged Loan, conduct customary and usual searches for Compare the names of every mortgagor, guarantor and other obligor of every Mortgage Loan, together with appropriate identifying information concerning those Persons obtained by Borrower, against every Restriction List, and take commercially reasonable steps to insure make certain that none of the mortgagors, guarantors or other obligors of any Mortgage Loan is a Person named in any Restriction List and to whom the provision of financial services is prohibited or otherwise restricted by applicable Lawlaw. (e) Review the Underwriting Guidelines periodically to confirm that those policies and procedures are being complied with in all material respects and are adequate to meet Borrower’s business objectives.

Special Affirmative Covenants Concerning Warehousing Collateral. As long as the Commitments are Warehousing Commitment is outstanding or there remain any Obligations to be paid or performed under this Agreement or under any other Loan Document, Borrower shallmust: (a) Warrant and defend the right, title and interest of Administrative Agent and Lenders Lender in and to the Collateral against the claims and demands of all Persons. (b) At its own expense, timely and fully perform and comply in all material respects with all provisions, covenants and other promises required Service or cause to be observed by it under the Pledged Loans and all other agreements related to the Pledged Loans, cause serviced all Pledged Loans to be serviced in accordance with the Loan Servicing Agreement and in accordance with the standards standard requirements of the Targeted Permanent Loan Program for such Mortgage Loanissuers of Purchase Commitments covering them and all applicable HUD, Fannie Mae and Freddie Mac requirements, including taking all actions xxxxxxx necessary to enforce the obligations of the obligors under such Mortgage Loans, . Service or cause to be serviced all Mortgage Loans backing Pledged Securities in accordance with applicable governmental requirements and cause requirements of issuers of Purchase Commitments covering them. Hold all escrow funds collected in respect of Pledged Loans to be held and Mortgage Loans backing Pledged Securities in trust, without commingling the same with non-custodial funds, and apply them for the purposes for which those funds were collected. (c) Execute and deliver to Administrative Agent Lender such Uniform Commercial Code financing statements with respect to the Collateral as Lender may request, and those further instruments of sale, pledge, assignment or transfer, and those powers of attorney, as necessary or as reasonably required by Administrative AgentLender, and do and perform all matters and things necessary or reasonably desirable to be done or performedobserved, for the purpose of effectively creating, maintaining and preserving the security and benefits intended to be afforded Administrative Agent and Lenders Lender under this Agreement. (d) Prior Notify Lender within 2 Business Days of any default under, or of the termination of, any Purchase Commitment relating to closing each Mortgage Loan, and at such time as any Person is admitted as a mortgagor, guarantor or other obligor with respect to a Pledged Loan, conduct customary and usual searches for every mortgagorEligible Mortgage Pool, guarantor and other obligor of every Mortgage Loan, and take commercially reasonable steps to insure that none of the mortgagors, guarantors or other obligors of any Mortgage Loan is a Person named in any Restriction List and to whom the provision of financial services is prohibited or otherwise restricted by applicable LawPledged Security. (e) Review the Underwriting Guidelines periodically to confirm that those policies and procedures are being complied with in all material respects and are adequate to meet Borrower’s business objectives.

Special Affirmative Covenants Concerning Warehousing Collateral. As long as the Commitments are outstanding or there remain any Obligations to be paid or performed under this Agreement or under any other Loan Document, Borrower shall: (a) Warrant and defend the right, title and interest of Administrative Agent and Lenders in and to the Collateral against the claims and demands of all Persons. (b) At its own expense, timely and fully perform and comply in all material respects with all provisions, covenants and other promises required to be observed by it under the Pledged Loans and all other agreements related to the Pledged Loans, cause Cause all Pledged Loans to be serviced in accordance with the Loan Servicing Agreement and in accordance with the standards of the Targeted Permanent Loan Program for such Mortgage LoanAgreement, including taking all actions necessary to enforce the obligations of the obligors under such Mortgage Loans, and cause all escrow funds collected in respect of Pledged Loans to be held in trust, without commingling the same with non-custodial funds, and apply them for the purposes for which those funds were collected. (c) Execute and deliver to Administrative Agent with respect to the Collateral those further instruments of sale, pledge, assignment or transfer, and those powers of attorney, as necessary or as reasonably required by Administrative Agent, and do and perform all matters and things necessary or reasonably desirable to be done or performed, for the purpose of effectively creating, maintaining and preserving the security and benefits intended to be afforded Administrative Agent and Lenders under this Agreement. (d) Prior to closing each Mortgage Loan, and at such time as any Person is admitted as a mortgagor, guarantor or other obligor with respect to a Pledged Loan, conduct customary and usual searches for Compare the names of every mortgagor, guarantor and other obligor of every Mortgage Loan, together with appropriate identifying information concerning those Persons obtained by Borrower, against every Restriction List, and take commercially reasonable steps to insure make reasonably certain that none of the mortgagors, guarantors or other obligors of any Mortgage Loan is a Person named in any Restriction List and to whom the provision of financial services is prohibited or otherwise restricted by applicable Lawlaw. (e) Review the Underwriting Guidelines periodically to confirm that those policies and procedures are being complied with in all material respects and are adequate to meet Borrower’s business objectives. (f) Within thirty (30) days after each anniversary of the last day of the calendar month in which a Warehousing Advance was made, deliver, or cause to be delivered by the Servicer, all detailed operating information with respect to the related Mortgaged Property and the calculation of such Mortgaged Property’s Property NOI as of such date on a trailing twelve (12) month basis, sufficient for Administrative Agent to determine the Warehousing Debt Service Coverage Ratio as of such testing date.