Common use of Excluded Loans Clause in Contracts

Excluded Loans. Notwithstanding any provision to the contrary contained in this Operating Agreement, it is the intent of this Agreement that on and after the Closing Date, Banc One shall not be obligated to sell to HomeSide Lending any (a) Subprime Mortgage Loan or related Servicing Rights, (b) Home Equity Loans or related Servicing Rights, (c) open-end real estate secured loan or related servicing rights or (d) home improvement or construction loan or related servicing rights; provided, however, that Banc One represents and warrants that as of the Effective Date, substantially all of the New Mortgage Loans are originated by the Affiliate Mortgage Company.