Common use of Mortgage Payments Received After Transfer Date Clause in Contracts

Mortgage Payments Received After Transfer Date. For a period of sixty days after the Transfer Date any related Monthly Payments received by the Servicer shall be forwarded to the Purchaser by overnight mail on the date of receipt. After the initial sixty day period such payments may be delivered by regular mail or such other method(s) as may be agreed to by the parties. The Servicer shall notify the Purchaser of the particulars of the payments, which notification requirement shall be satisfied if the Servicer forwards with its payment sufficient information to permit appropriate processing of the payment by the Purchaser.