ESTABLISHED ADEQUATE RESERVES DETERMINED IN
ACCORDANCE WITH GAAP, CONSISTENTLY APPLIED.
THE AMOUNTS RESERVED, AS A
LIABILITY FOR INCOME AND OTHER TAXES PAYABLE, IN THE FINANCIAL STATEMENTS
DESCRIBED IN PARAGRAPH 11(G) ARE SUFFICIENT FOR PAYMENT OF ALL UNPAID FEDERAL,
STATE AND LOCAL INCOME, EXCISE, PROPERTY AND OTHER TAXES, WHETHER OR NOT
DISPUTED, OF SELLER AND ITS SUBSIDIARIES, ACCRUED FOR OR APPLICABLE TO THE
PERIOD AND ON THE DATES OF SUCH FINANCIAL STATEMENTS AND ALL YEARS AND PERIODS
PRIOR THERETO AND FOR WHICH SELLER AND SELLER'S SUBSIDIARIES MAY BE LIABLE IN
THEIR OWN RIGHT OR AS TRANSFEREE OF THE ASSETS OF, OR AS SUCCESSOR TO, ANY OTHER
PERSON.
(XXII)
NO WARRANTS; SHARES VALID, PAID AND
NON-ASSESSABLE.
SELLER HAS NOT ISSUED, AND DOES NOT HAVE OUTSTANDING, ANY
WARRANTS, OPTIONS, RIGHTS OR OTHER OBLIGATIONS TO ISSUE OR PURCHASE ANY SHARES
OF ITS CAPITAL STOCK OR OTHER SECURITIES (OR OTHER EQUITY EQUIVALENT).
THE
OUTSTANDING SHARES OF CAPITAL STOCK (OR OTHER EQUITY EQUIVALENT) OF SELLER HAVE
BEEN DULY AUTHORIZED AND VALIDLY ISSUED AND ARE FULLY PAID AND NON-ASSESSABLE.
(XXIII)
CREDIT INFORMATION.
SELLER HAS FULL RIGHT AND
AUTHORITY AND IS NOT PRECLUDED BY LAW OR CONTRACT FROM FURNISHING TO BUYER THE
APPLICABLE CONSUMER REPORT (AS DEFINED IN THE FAIR CREDIT REPORTING ACT, PUBLIC
LAW 91-508) AND ALL OTHER CREDIT INFORMATION RELATING TO EACH PURCHASED MORTGAGE
LOAN SOLD HEREUNDER, AND BUYER WILL NOT BE PRECLUDED FROM FURNISHING SUCH
MATERIALS TO THE RELATED APPROVED TAKEOUT INVESTOR BY SUCH LAWS.
NEITHER THE
FOREGOING NOR ANY OTHER PROVISION OF THIS AGREEMENT OR ANY OTHER TRANSACTION
DOCUMENT SHALL BE CONSTRUED TO IMPOSE ANY OBLIGATION ON BUYER TO KEEP THE ABOVE
DESCRIBED MATERIALS CONFIDENTIAL OR TO OTHERWISE COMPLY WITH THE FAIR CREDIT
REPORTING ACT OR ANY SIMILAR LAWS.
(XXIV)
NO DISCRIMINATION.
SELLER MAKES CREDIT ACCESSIBLE TO
ALL QUALIFIED APPLICANTS IN ACCORDANCE WITH ALL REQUIREMENTS OF LAW.
SELLER HAS
NOT DISCRIMINATED, AND WILL NOT DISCRIMINATE, AGAINST CREDIT APPLICANTS ON THE
BASIS OF ANY PROHIBITED CHARACTERISTIC, INCLUDING RACE, COLOR, RELIGION,
NATIONAL ORIGIN, SEX, MARITAL OR FAMILIAL STATUS, AGE (PROVIDED THAT THE
APPLICANT HAS THE ABILITY TO ENTER INTO A BINDING CONTRACT), HANDICAP, SEXUAL
ORIENTATION OR BECAUSE ALL OR PART OF THE APPLICANT'S INCOME IS DERIVED FROM A
PUBLIC ASSISTANCE PROGRAM OR BECAUSE OF THE APPLICANT'S GOOD FAITH EXERCISE OF
RIGHTS UNDER THE FEDERAL CONSUMER PROTECTION ACT.
FURTHERMORE, SELLER HAS NOT
DISCOURAGED, AND WILL NOT DISCOURAGE, THE COMPLETION OF ANY CREDIT APPLICATION
BASED ON ANY OF THE FOREGOING PROHIBITED BASES.
IN ADDITION, SELLER HAS
COMPLIED WITH ALL ANTI-REDLINING PROVISIONS AND EQUAL CREDIT OPPORTUNITY LAWS
APPLICABLE UNDER ALL REQUIREMENTS OF LAW.
(XXV)
HOME OWNERSHIP AND EQUITY PROTECTION ACT.
THERE IS
NO LITIGATION, PROCEEDING OR GOVERNMENTAL INVESTIGATION EXISTING OR PENDING, OR
ANY ORDER, INJUNCTION OR DECREE OUTSTANDING AGAINST OR RELATING TO SELLER,
RELATING TO ANY VIOLATION OF THE HOME
35
OWNERSHIP AND EQUITY PROTECTION ACT OR ANY STATE, CITY OR DISTRICT HIGH COST
HOME MORTGAGE OR PREDATORY LENDING LAW.
(XXVI)
PLACE OF BUSINESS AND FORMATION.
THE PRINCIPAL PLACE
OF BUSINESS OF SELLER IS LOCATED AT THE ADDRESS