Common use of Endorsement of Check and Delivery of Funds Clause in Contracts

Endorsement of Check and Delivery of Funds. The Seller shall, within one (1) Business Day of receipt thereof, endorse any check or draft payable to the Seller representing insurance proceeds as to Mortgage Loans sold to Buyer and (i) in the event there are no other payees on such check or draft, deliver such check or draft to the Buyer and (ii) in the event such check or draft is also payable to the Buyer, forward, via overnight courier, such endorsed check or draft to the Buyer for endorsement and return. The Seller will hold in trust and remit to the Buyer, within one (1) Business Day of receipt thereof, any funds received with respect to the Mortgage Loans after the initial Closing Date.