Loan Payments and Information Received After the Closing Date. (a) Following the Closing Date, the Seller agrees:
(i) to credit promptly, to a deposit account of the Purchaser maintained with the Seller, an amount equal to any payments which are received by the Seller on or after the Closing Date that relate to the Loans;
(ii) to provide promptly, whether electronically or by other means, a report containing sufficient information, to the extent such information is available to the Seller, so that any such payments credited to the Purchaser may be properly applied; and
(iii) to forward promptly, whether electronically or by other means, to the Purchaser copies of all notices or other correspondence received on or after the Closing Date that relate to the Deposit Liabilities, the Loans or any of the other Assets.
(b) The Purchaser shall have forty-five (45) days following the Closing to notify the Seller in writing of any Loan that should have been excluded at the Closing from the Assets under Section 1.4 hereof. If such Loan is properly excluded from the Assets, the Seller agrees to promptly repurchase such Loan for an amount equal to the amount paid therefor by the Purchaser.
(c) The Purchaser shall be liable for all returned checks representing payments received by the Seller on, prior to or after the Closing Date on any Loan. The Seller shall promptly deliver each such returned check received by it to the Purchaser, and the Purchaser shall promptly pay to the Seller the face amount thereof.
Loan Payments and Information Received After the Closing Date. (a) At such time as shall be mutually agreeable to Buyer and Seller, but in no event later than thirty (30) calendar days before the anticipated Closing Date, Seller and Buyer shall notify, at Buyer’s expense, the holders of the Loans that, subject to closing requirements, Buyer will be acquiring the Loans. Each party shall obtain the approval of the other on its notification letter and each party shall be solely responsible for any additional costs or expenses incurred by such party in performing the actions required by this Section 12.13. In addition, in order to enhance the transition of the Loan payment collection process after Closing, Buyer agrees, at its cost and expense, to notify each Loan debtor in writing, within five (5) calendar days after the Closing Date, of the Buyer’s assumption of the Loan and that the debtor should make payments on the Loan directly to Buyer rather than making payment to the Seller. When giving such notice, Buyer shall furnish each debtor with a new coupon book for the Loan, where applicable.
(b) Seller agrees that for the first sixty (60) days following the Closing Date, it shall forward promptly (which shall mean delivery electronically and/or by an overnight courier service at Seller’s expense) to the Buyer:
(i) any payments which are received by the Seller on or after the Closing Date that relate to the Loans and to provide sufficient information so that any such payments may be properly applied to the extent such information is available to the Seller; and
(ii) any notices or other correspondence received on or after the Closing Date that relate to the Loans or other Assets.
(c) For a period of sixty (60) days following the Closing Date, Seller shall have the right to chargeback any dishonored Loan payment to the extent that it has collected and credited such Loan payment for payment on the Loan account.
Loan Payments and Information Received After the Closing Date. The Seller agrees to forward promptly (which shall mean, for the first thirty (30) days following the Closing Date, delivery by an overnight courier service at Purchaser’s expense) to the Purchaser:
(a) any payments (properly endorsed without recourse as necessary) which are received by the Seller on or after the Effective Time that relate to the Loans and to provide sufficient information so that any such payments may be properly applied to the extent such information is available to the Seller; and
(b) any notices or other correspondence received on or after the Effective Time that relate to the Loans or other Assets.
Loan Payments and Information Received After the Closing Date. (a) In order to enhance the transition of the Loan payment collection process after Closing, the Purchaser agrees, at its cost and expense, to notify each Loan debtor in writing, within five (5) calendar days after the Closing Date, of the Purchaser's assumption of the Loan and that the debtor should make payments on the Loan directly to the Purchaser rather than making payment to the Seller. When giving such notice, the Purchaser shall furnish each debtor with a new coupon book for the Loan.
(b) The Seller agrees that for the first 60 days following the Closing Date, it shall forward promptly (which shall mean delivery electronically and/or by an overnight courier service at Seller's expense) to the Purchaser:
(i) any payments which are received by the Seller on or after the Closing Date that relate to the Loans and to provide sufficient information so that any such payments may be properly applied to the extent such information is available to the Seller; and
(ii) any notices or other correspondence received on or after the Closing Date that relate to the Loans or other Assets.
(c) For a period of 60 days following the Closing Date, the Seller shall have the right to chargeback any dishonored Loan payment to the extent that it has collected and credited such Loan payment for payment on the Loan account.
Loan Payments and Information Received After the Closing Date. Seller agrees to forward promptly (which shall mean, for the first sixty (60) days following the Closing Date or the Deferred Loan Closing Date, as appropriate, delivery by an overnight courier service at Purchaser’s expense) to Purchaser:
(a) any payments (properly endorsed without recourse as necessary) which are received by Seller on or after the Effective Time that relate to the Loans that are not Deferred Loans or after the Deferred Loan Closing Date for Deferred Loans and to provide sufficient information so that any such payments may be properly applied to the extent such information is available to Seller; and
(b) any notices or other correspondence received on or after the Effective Time or the Deferred Loan Closing Date, as appropriate, that relate to the non-Deferred Loans or Deferred Loans or other Assets.
Loan Payments and Information Received After the Closing Date. The Seller agrees that if it should receive payments on a Loan after the Closing Date, it shall forward them promptly by an overnight courier service at Purchaser's expense to the Purchaser, together with any notices or other correspondence received on or after the Closing Date that relate to the Loans.
Loan Payments and Information Received After the Closing Date. (a) Following the Closing Date, the Seller agrees:
(i) to forward promptly to the Purchaser all payments (properly endorsed without recourse as necessary) which are received by the Seller on or after the Closing Date that relate to the Loans and to provide sufficient information so that any such payments may be properly applied to the extent such information is available to the Seller; and
(ii) to forward promptly to the Purchaser all notices or other correspondence received on or after the Closing Date that relate to the Loans or any of the other Assets.
(b) The Purchaser shall have sixty (60) days following the Closing to notify the Seller in writing that any Loan should have been excluded at the Closing from the Assets under Section 1.
Loan Payments and Information Received After the Closing Date. Seller agrees to forward promptly (which will mean, for the first 60 days following the Closing Date, delivery of checks by an overnight courier service at Purchaser’s expense and electronic transfer to Purchaser of electronic payments received electronically by Seller) to Purchaser:
i. any payments (in the case of checks, properly endorsed without recourse as necessary) which are received by Seller on or after the Effective Time that relate to the Loans and to provide sufficient information so that any such payments may be properly applied to the extent such information is available to Seller; and
ii. any notices or other correspondence received on or after the Effective Time that relate to the Loans or other Assets or to liabilities assumed by Purchaser pursuant to this Agreement.
Loan Payments and Information Received After the Closing Date. Following the Closing, and for a period of 60 days after the Closing, Seller agrees to forward promptly to Purchaser:
(a) any payments (properly endorsed without recourse as necessary) which are received by Seller on or after the Closing Date that relate to the Loans and to provide sufficient information so that any such payments may be properly applied to the extent such information is available to Seller;
(b) any notices or other correspondence received on or after the Closing Date that relate to the Loans or other Assets; and
(c) with respect to credit life, credit accident and health policies and on Loans, as applicable:
(i) at the Closing, Seller shall assign all of its right, title and interest in and to all insurance certificates in effect in connection with closed end loans and lines of credit, including the credit life insurance and credit accident and health insurance, and all its right, title, and interest in such policies given as security for the loans. Seller shall notify the appropriate insurance companies that the loans and the respective insurance coverages have been transferred to Purchaser and secure consent thereof to the extent necessary to effect the transfers contemplated hereunder. Seller shall prepare and provide to Purchaser a listing of such loan accounts which shall identify the policies and insurance companies applicable to such accounts. From and after the Closing, Purchaser shall be solely responsible for (A) obtaining from each insurer payment of claims in relation to such insurance in connection with a loan, and (B) any and all refunds of insurance premiums due to be paid under applicable law or the loan documents by Purchaser to a debtor regardless of whether received from any insurer;
(ii) Seller shall transfer to Purchaser at the Closing all unearned premiums (if any) on such policies held by Seller as of the Closing Date, and
(iii) Seller and Purchaser shall, prior to the Closing, agree upon a method by which the Purchaser may avoid rebating from the Purchaser’s own funds the unearned insurance premiums on prepaid Loans without having received from Seller that portion of the premiums held thereon by the Seller but unearned as of the Closing Date. The parties anticipate developing an appropriate methodology for transferring such items and products and assuming such items and products. With respect to Section 2.9(a) and Section 2.9(b) hereof, for the first 60 days after the Closing, the Seller will accept and forward to P...
Loan Payments and Information Received After the Closing Date. (a) Following the Closing Date, the Seller agrees:
(i) to forward promptly to the Purchaser all payments (properly endorsed without recourse) which are received by the Seller on or after the Closing Date that relate to the Loans and to provide sufficient information so that any such payments may be properly applied to the extent such information is available to the Seller; and
(ii) to forward promptly to the Purchaser all notices or other correspondence received on or after the Closing Date that relate to the Deposit Liabilities, the Loans or any of the other Assets.
(b) The Purchaser shall be liable for all returned checks representing payments received by the Seller on or prior to the Closing Date on any Loan. The Seller shall promptly deliver each such returned check received by it to the Purchaser, and the Purchaser shall promptly pay to the Seller the face amount thereof.
