Common use of REPRESENTATIONS BY CUSTOMER Clause in Contracts

REPRESENTATIONS BY CUSTOMER. Customer hereby represents and warrants to --------------------------- Nikko and Custodian that: (a) The proceeds of each Mortgage Loan have been fully advanced to the obligor under the Mortgage Note or in accordance with the written directions of the obligor as contained in the obligor's loan application; (b) Any and all funds advanced into the Wire Out Account pursuant to Customer's request in accordance with Section 8(a) shall be deemed to be an Advance to Customer; (c) The Wire Out Account shall be used only to disburse funds for the sole purpose of funding the related Mortgage Loan or to return funds to Nikko; (d) Except for any funds to be advanced by Nikko as contemplated by Section 6(f), all other documents and requirements to create an enforceable first or second lien mortgage, as applicable, on the related real property have been completed and duly executed with respect to each Mortgage Loan held by Custodian pursuant to this Agreement; and (e) All Required Documents related to such Mortgage Loans withdrawn from Custodian shall be held in trust by Customer for Nikko, and Customer will not attempt to pledge, hypothecate or otherwise transfer such Mortgage Loans to any other party until the related Advance has been paid in full.

REPRESENTATIONS BY CUSTOMER. Customer hereby represents and warrants to --------------------------- Nikko DLJ and Custodian that: (a) The proceeds Any payee from the Wire Out Account is an entity that is engaged in escrow activities, is a Title Company or is a correspondent of each Mortgage Loan have been fully advanced to the obligor under the Mortgage Note or in accordance with the written directions Customer as a normal course of the obligor as contained in the obligor's loan applicationits business; (b) Any and all funds advanced into the Wire Out Account pursuant to Customer's request in accordance with Section 8(a) shall be deemed to be an Advance to Customer; (c) The Wire Out Account shall be used only to disburse (i) wire funds to Title Companies, or a correspondent of Customer from which Customer is purchasing the respective Mortgage Loans, for the sole purpose of funding the related Mortgage Loan or to (ii) return funds to NikkoDLJ; (d) Unless otherwise agreed by DLJ, no Mortgage Loan held by Custodian pursuant to this Agreement shall remain deposited with Custodian for more than forty-five consecutive days; and (e) Except for any the funds to be advanced by Nikko DLJ as contemplated by Section 6(f)provided herein, all other documents and requirements to create an enforceable first or second lien mortgage, as applicable, on the related real property have been completed and duly executed with respect to each Mortgage Loan held by Custodian pursuant to this Agreement; and (e) All Required Documents related to such Mortgage Loans withdrawn from Custodian shall be held in trust by Customer for Nikko, and Customer will not attempt to pledge, hypothecate or otherwise transfer such Mortgage Loans to any other party until the related Advance has been paid in fullexecuted.