Common use of Loan Payments and Information Received After the Closing Date Clause in Contracts

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) 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 hereofas an Excluded Loan. If such Loan is an Excluded Loan that is to be properly excluded from the Assets, the Seller agrees to promptly repurchase such Loan for an amount equal to the amount paid therefor by the PurchaserPurchaser less any principal and interest received by the Purchaser following the Closing Date. (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) Following the Closing Date, the Seller agrees: (i) to credit promptly, forward promptly to a deposit account of the Purchaser maintained with the Seller, an amount equal to any all payments (properly endorsed without recourse) which are received by the Seller on or after the Closing Date that relate to the Loans; (ii) Loans and to provide promptly, whether electronically or by other means, a report containing sufficient information, information so that any such payments may be properly applied to the extent such information is available to the Seller, so that any such payments credited to the Purchaser may be properly applied; and (iiiii) to forward promptly, whether electronically or by other means, promptly 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, on or 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.