Common use of Notices to Obligors on Loans Clause in Contracts

Notices to Obligors on Loans. (a) Purchaser shall no earlier than January 16, 2002 nor later than fifteen (15) days prior to the Closing Date prepare and transmit, at Purchaser's sole cost and expense, to each obligor on each Loan, a notice in a form satisfying all legal requirements and reasonably acceptable to Seller to the effect that the Loan will be transferred to Purchaser and directing that payments be made after the Closing Date to Purchaser at any address of Purchaser specified by Purchaser, with Purchaser's name as payee on any checks or other instruments used to make as payments, and, with respect to all such Loans on which payment notices or coupon books have been issued, to issue new notices or coupon books reflecting the name and address of Purchaser as the Person to whom and the place at which payments are to be made. To the extent that Purchaser's notice pursuant to the prior sentence shall be legally insufficient, Seller agrees, at Purchaser's sole expense, to provide, or to use its commercially reasonable efforts to cause Huntington pursuant to the Huntington Agreement to provide, all Loan obligors with all required notices of the assignment and transfer of the Loans. (b) Seller will, or will use its commercially reasonable efforts to cause Huntington pursuant to the Huntington Agreement to, render a final statement to each depositor of a Deposit account assumed under this Agreement for which statements are provided as to transactions occurring through the Effective Time and will comply with all laws, rules and regulations regarding tax reporting of transactions of such accounts through the Effective Time. Seller, or Huntington, as applicable, will be entitled to impose normal fees and service charges on a per-item basis, but Seller will not, and Seller will use its commercially reasonable efforts to cause Huntington pursuant to the Huntington Agreement to not, impose periodic fees or blanket charges in connection with such final statements. Purchaser will comply with all laws, rules and regulations regarding tax reporting of transactions of such accounts after the Effective Time. (c) To the extent that any of the Loans transferred from Seller or Huntington, as applicable, to Purchaser involve a transfer of servicing as defined and governed by the Real Estate Settlement Procedure Act (12 U.S.C. Section 2601 et seq.), Seller and Purchaser will jointly coordinate any appropriate required customer notices and Seller will use its commercially reasonable efforts to cause Huntington pursuant to the Huntington Agreement to cooperate with Seller and Purchaser in connection with such notices, provided that no such notices shall be sent prior to January 16, 2002.

Notices to Obligors on Loans. (a) Purchaser shall no earlier than January 16, 2002 nor later than fifteen (15) 15 days prior to the Closing Date prepare and transmit, at Purchaser's sole cost and expense, transmit to each obligor on each Assigned Loan, a notice in a form satisfying all legal requirements and reasonably acceptable to Seller to the effect that the Assigned Loan will be transferred to Purchaser and directing that payments be made after the Closing Date to Purchaser at any address of Purchaser specified by Purchaser, with Purchaser's ’s name as payee on any checks or other instruments used to make as payments, and, with respect to all such Assigned Loans on which payment notices or coupon books have been issued, to shall issue new notices or coupon books reflecting the name and address of Purchaser as the Person to whom and the place at which payments are to be made. To the extent that Purchaser's ’s notice pursuant to the prior sentence shall be legally insufficient, Seller agrees, at Purchaser's sole expense, to provide, or to use its commercially reasonable efforts to cause Huntington pursuant to the Huntington Agreement to provide, will provide all Assigned Loan obligors with all required notices of the assignment and transfer of the Assigned Loans. Purchaser and Seller shall equally share the expenses incurred in connection with the obligations to send notices hereunder. (b) Seller will, or will use its commercially reasonable efforts to cause Huntington pursuant to the Huntington Agreement to, render a final statement to each depositor of a Deposit account assumed under this Agreement for which statements are provided as to transactions occurring through the Effective Time and will comply with all laws, rules and regulations regarding tax reporting of transactions of such accounts through the Effective Time. Seller, or Huntington, as applicable, will be entitled to impose normal fees and service charges on a per-item basis, but Seller will not, and Seller will use its commercially reasonable efforts to cause Huntington pursuant to the Huntington Agreement to not, impose periodic fees or blanket charges in connection with such final statements. Purchaser will comply with all laws, rules and regulations regarding tax reporting of transactions of such accounts after the Effective Time. (c) To the extent that any of the Assigned Loans transferred from Seller or Huntington, as applicable, to Purchaser involve a transfer of servicing as defined and governed by the Real Estate Settlement Procedure Act (12 U.S.C. Section §§ 2601 et seq.), Seller and Purchaser will jointly coordinate any appropriate required customer notices and at Purchaser’s sole expense. (c) Seller will use its commercially reasonable efforts shall remit to cause Huntington pursuant Purchaser via overnight delivery for a period of 180 days following the Closing all payments Seller receives as payments for Assigned Loans. Thereafter, Seller shall return the payments to the Huntington Agreement customers with notice that payment should be made to cooperate with Seller and Purchaser in connection with such notices, provided that no such notices shall be sent prior to January 16, 2002Purchaser.

Notices to Obligors on Loans. (a) Purchaser shall no earlier than January 16, 2002 nor later than fifteen (15) days prior to the Closing Date prepare and transmit, at Purchaser's sole cost and expense, to each obligor on each Loan, a notice in a form satisfying all legal requirements and reasonably acceptable to Seller Sellers to the effect that the Loan will be transferred to Purchaser and directing that payments be made after the Closing Date to Purchaser at any address of Purchaser specified by Purchaser, with Purchaser's name as payee on any checks or other instruments used to make as payments, and, with respect to all such Loans on which payment notices or coupon books have been issued, to issue new notices or coupon books reflecting the name and address of Purchaser as the Person to whom and the place at which payments are to be made. To the extent that Purchaser's notice pursuant to the prior sentence shall be legally insufficient, Seller agreesSellers agree, at Purchaser's sole expense, to provide, or to use its commercially reasonable efforts to cause Huntington pursuant to the Huntington Agreement to provide, provide all Loan obligors with all required notices of the assignment and transfer of the Loans. (b) Seller will, or Sellers will use its commercially reasonable efforts to cause Huntington pursuant to the Huntington Agreement to, render a final statement to each depositor of a Deposit account assumed under this Agreement for which statements are provided as to transactions occurring through the Effective Time and will comply with all laws, rules and regulations regarding tax reporting of transactions of such accounts through the Effective Time. Seller, or Huntington, as applicable, Sellers will be entitled to impose normal fees and service charges on a per-item basis, but Seller Sellers will not, and Seller will use its commercially reasonable efforts to cause Huntington pursuant to the Huntington Agreement to not, not impose periodic fees or blanket charges in connection with such final statements. Purchaser will comply with all -39- laws, rules and regulations regarding tax reporting of transactions of such accounts after the Effective Time. (c) To the extent that any of the Loans transferred from Seller or Huntington, as applicable, Sellers to Purchaser involve a transfer of servicing as defined and governed by the Real Estate Settlement Procedure Act (12 U.S.C. Section 2601 et seq.), Seller Sellers and Purchaser will jointly coordinate any appropriate required customer notices and Seller will use its commercially reasonable efforts to cause Huntington pursuant to the Huntington Agreement to cooperate with Seller and Purchaser in connection with such notices, provided that no such notices shall be sent prior to January 16, 2002.

Notices to Obligors on Loans. (a) Purchaser shall no earlier than January 16, 2002 nor later than fifteen (15) 15 days prior to the Closing Date prepare and transmit, at Purchaser's sole cost and expense, transmit to each obligor on each Assigned Loan, a notice in a form satisfying all legal requirements and reasonably acceptable to Seller to the effect that the Assigned Loan will be transferred to Purchaser and directing that payments be made after the Closing Date to Purchaser at any address of Purchaser specified by Purchaser, with Purchaser's ’s name as payee on any checks or other instruments used to make as payments, and, with respect to all such Assigned Loans on which payment notices or coupon books have been issued, to shall issue new notices or coupon books reflecting the name and address of Purchaser as the Person to whom and the place at which payments are to be made. To the extent that Purchaser's ’s notice pursuant to the prior sentence shall be legally insufficient, Seller agrees, at Purchaser's sole expense, to provide, or to use its commercially reasonable efforts to cause Huntington pursuant to the Huntington Agreement to provide, will provide all Assigned Loan obligors with all required notices of the assignment and transfer of the Assigned Loans. Purchaser and Seller shall equally share the expenses incurred in connection with the obligations to send notices hereunder. (b) Seller will, or will use its commercially reasonable efforts to cause Huntington pursuant to the Huntington Agreement to, render a final statement to each depositor of a Deposit account assumed under this Agreement for which statements are provided as to transactions occurring through the Effective Time and will comply with all laws, rules and regulations regarding tax reporting of transactions of such accounts through the Effective Time. Seller, or Huntington, as applicable, will be entitled to impose normal fees and service charges on a per-item basis, but Seller will not, and Seller will use its commercially reasonable efforts to cause Huntington pursuant to the Huntington Agreement to not, impose periodic fees or blanket charges in connection with such final statements. Purchaser will comply with all laws, rules and regulations regarding tax reporting of transactions of such accounts after the Effective Time. (c) To the extent that any of the Assigned Loans transferred from Seller or Huntington, as applicable, to Purchaser involve a transfer of servicing as defined and governed by the Real Estate Settlement Procedure Act (12 U.S.C. Section §§2601 et seq.), Seller and Purchaser will jointly coordinate any appropriate required customer notices and at Purchaser’s sole expense. (c) Seller will use its commercially reasonable efforts shall remit to cause Huntington pursuant Purchaser via overnight delivery for a period of 180 days following the Closing all payments Seller receives as payments for Assigned Loans. Thereafter, Seller shall return the payments to the Huntington Agreement customers with notice that payment should be made to cooperate with Seller and Purchaser in connection with such notices, provided that no such notices shall be sent prior to January 16, 2002Purchaser.