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Amendment No. 8 to Grasp Repurchase Contract, dated as of endment?), by and between Bank of America, N.A. (?Customer?) and Caliber Home Loans, Inc. (?Vendor?).
Borrowing 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 ?Current Grasp Repurchase Agreement?; and as further amended by this Amendment, the ?Master Repurchase Agreement?).
Consumer and you may Vendor features concurred, susceptible to the fresh small print regarding the Amendment, your Present Grasp Repurchase Arrangement getting amended so you can mirror certain decideded upon news towards the terms of the present Master Repurchase Contract.
Appropriately, Client and you can Vendor hereby consent, within the planning of one’s mutual pledges and you can shared loans set forth here, that the Established Learn Repurchase Agreement was hereby amended the following:
SECTION 1. Recognized 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) . Making sure that a factory lender that give capital in respect regarding a great Correspondent Home loan as appointed a prescription Payee with regards to any Price, Supplier shall submit to Visitors an authored demand, such as the term and target of your facility financial, proving a significance of eg designation. Notwithstanding the foregoing, Client supplies the authority to decline to designate instance factory lender since a prescription Payee, or, as an alternative, to need a lot more small print with the intention that Customer so you’re able to spend a price to like facility lender.
4.14 Solution Price. 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 ?Planned Unavailability Time?), 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 Rate 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 Connecticut title loans reviews 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.