Common use of Pre Closing Information FMC Purchase Clause in Contracts

Pre Closing Information FMC Purchase. (a) LOAN INFORMATION. Program Lender will cause Servicer to inform FMC periodically of information reasonably requested by FMC in anticipation of a Securitization Transaction, including, without limitation, the number of Seasoned Loans ready for purchase, the amount of paid and unpaid principal and accrued interest with respect to each such Seasoned Loan, payment status (including defaulted loans presented for guaranty payment), and the identity of Participating Institutions affected by the Securitization, together with the information contained in PHEAA's MR-50 and MR-53 reports and TERI's weekly origination report, which reports shall be provided in electronic media in the Servicer's or TERI's standard format. FMC hereby agrees and covenants to hold information contained in the reports confidential and only use such information for the purposes outlined in Section VI of the Umbrella Agreement.