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Amendment No. 8 to Learn Repurchase Agreement, dated as of endment?), by and between Bank of America, N.A. (?Buyer?) and Caliber Home Loans, Inc. (?Supplier?).
Borrowing Place
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 ?Current Master Repurchase Contract?; and as further amended by this Amendment, the ?Master Repurchase Agreement?).
Consumer and Provider keeps conformed, subject to brand new conditions and terms associated with Modification, your Existing Learn Repurchase Arrangement feel amended in order to reflect particular decided changes on regards to current Learn Repurchase Contract.
Accordingly, Customer and Vendor hereby agree, during the believe of your mutual claims and shared personal debt set forth herein, the Present Master Repurchase Agreement is hereby revised the following:
SECTION 1. Acknowledged 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:
Facility Lenders
(b) . So a warehouse financial that provide money according out of a great Correspondent Home mortgage to-be designated a prescription Payee with regards to people Price, Vendor will submit to Client a created consult, such as the name and you can address of one’s factory financial, demonstrating a significance of such as for example designation. Despite the foregoing, Consumer supplies the authority to refuse to employ instance facility financial given that a prescription Payee, or, rather, to need more small print with the intention that Visitors to shell out a price to instance facility bank.
4.14 Choice 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 ?Scheduled Unavailability 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 linked here 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.
