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Amendment No. 8 to Grasp Repurchase Agreement, dated as of online payday loan Louisiane endment?), by and between Bank of America, N.A. (?Consumer?) and Caliber Home Loans, Inc. (?Supplier?).
Credit Institution
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 Learn Repurchase Agreement?; and as further amended by this Amendment, the ?Master Repurchase Agreement?).
Client and you may Provider features consented, susceptible to the newest small print of this Modification, the Present Learn Repurchase Agreement feel revised to echo certain decided revisions on the terms of the current Learn Repurchase Arrangement.
Appropriately, Consumer and you can Supplier hereby consent, during the believe of your own shared claims and you can shared financial obligation established here, that Established Grasp Repurchase Agreement was hereby revised 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 Lenders
(b) . To make sure that a facility bank that provides funding in respect out-of a Correspondent Home mortgage becoming designated a prescription Payee with regards to one Cost, Merchant shall submit to Client a created demand, such as the term and target of one’s facility financial, exhibiting an importance of such designation. Notwithstanding the foregoing, Consumer supplies the ability to will not employ such as for example warehouse bank since a medication Payee, or, rather, to require a lot more terms and conditions to ensure Client to pay a price in order to such as for instance facility bank.
4.14 Alternative Rate. 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 specific date, the ?Arranged 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 Successor Price 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.
