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Amendment No. 8 to Grasp Repurchase Contract, dated as of endment?), by and between Bank of America, N.A. (?Consumer?) and Caliber Home Loans, Inc. (?Seller?).
Credit Organization
Buyer and Seller are parties to that certain Master Repurchase Agreement, dated as of ended, restated, supplemented or otherwise modified from time to time, the ?Present Master Repurchase Contract?; and as further amended by this Amendment, the ?Master Repurchase Agreement?).
Visitors and you can Vendor features agreed, at the mercy of the fresh terms and conditions in the Amendment, the Established Master Repurchase Contract feel amended in order to mirror specific agreed upon updates to your regards to current Master Repurchase Contract.
Consequently, Visitors and Seller hereby agree, in the believe of shared pledges and you will mutual financial obligation set forth here, that Existing Learn Repurchase Arrangement is actually hereby amended as follows:
SECTION 1. Approved Payees. Section 3.7 of the Existing Master Repurchase Agreement is hereby amended by deleting subsection (b) in its entirety and replacing it with the following:
Warehouse Loan providers
(b) . So a warehouse bank giving money according from a good Correspondent Mortgage getting appointed an approved Payee regarding people Purchase price, Provider will submit to Customer an authored request, like the title and you will address of one’s factory bank, proving an incredible importance of for example designation. Despite this, Buyer supplies the ability to decline to designate such warehouse bank since the a prescription Payee, otherwise, alternatively, to require a lot more fine print so Client in order to pay a price so you can like factory lender.
4.14 Choice Rates. If prior to any Payment Date, Buyer determines in its sole discretion that, by reason of circumstances affecting the relevant market, adequate and reasonable means do not exist for ascertaining One-Month LIBOR, One-Month LIBOR is no longer in existence, or the administrator of One-Month LIBOR or a Governmental Authority having jurisdiction over Buyer has made a public statement identifying a specific date after which One-Month LIBOR shall no longer be made available or used for determining the interest rate of loans (such installment loans online in Alaska specific date, the ?Scheduled Unavailability Big date?), Buyer shall give prompt notice thereof to Seller. In addition, upon such time as Buyer chooses in good faith an alternative benchmark rate (including any mathematical or other adjustments to the benchmark rate (if any) incorporated therein and any proposed Replacement Speed Conforming Changes, as determined by Buyer and consistent with the benchmark rate of similarly situated counterparties with similar assets in similar facilities) (such rate, a ?Successor Rate?) to succeed One-Month LIBOR, Buyer shall give prompt notice thereof to Seller, and the Applicable Pricing Rate shall be such Successor Rate from the date specified in such notice until such notice has been withdrawn by Buyer.
(g) . The only credit facilities, including repurchase agreements for mortgage loans and mortgage-backed securities, of Seller that are presently in effect and are secured by mortgage loans or provide for the purchase, repurchase or early funding of mortgage loan sales, are either (i) with Persons disclosed to Buyer at the time of application, or thereafter disclosed on the monthly compliance certificate, and, if required by Buyer, such Persons have executed and delivered an Intercreditor Agreement (or will execute and deliver an Intercreditor Agreement within sixty (60) days following the Effective Date in accordance with Section eight.step 3) or (ii) warehouse lenders that provide financing in respect of a Correspondent Mortgage Loan that are Approved Payees.