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Amendment No. 8 to Grasp Repurchase Agreement, dated as of endment?), by and between Bank of America, N.A. (?Client?) and Caliber Home Loans, Inc. (?Supplier?).
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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 ?Existing Grasp Repurchase Contract?; and as further amended by this Amendment, the ?Master Repurchase Agreement?).
Client and Supplier enjoys concurred, susceptible to the fresh new terms and conditions regarding the Amendment, your Established Grasp Repurchase Agreement end up being revised so you can mirror certain agreed upon news into regards to the existing Master Repurchase Arrangement.
Consequently, Buyer and Vendor hereby agree, when you look at the said of your mutual claims and you can shared personal debt set forth herein, the Existing Grasp Repurchase Arrangement are hereby amended below:
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:
Factory Loan providers
(b) . So that a warehouse lender that provides capital in respect from a Correspondent Real estate loan getting designated a medication Payee with regards to one Cost, Seller will yield to Buyer a composed demand, like the label and you may dominant site target of the factory financial, appearing a need for like designation. Notwithstanding the foregoing, Consumer supplies the ability to refuse to designate instance facility bank while the a prescription Payee, or, as an alternative, to require even more small print to make sure that Consumer in order to shell out a price so you can such as facility 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 specific date, the ?Scheduled Unavailability Day?), 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 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 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.3) or (ii) warehouse lenders that provide financing in respect of a Correspondent Mortgage Loan that are Approved Payees.
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