Common use of Reporting and Remittance Clause in Contracts

Reporting and Remittance. Within five (5) Business Days, or such other period to be mutually agreed upon by the Seller and Countrywide, following the conclusion of each calendar month reporting and remittance cycle occurring during the Interim Servicing Period (each, a “Reporting Cycle”), if any, the Seller shall forward to Countrywide with respect to the Mortgage Loans a remittance report in an electronic format acceptable to Countrywide and the Servicer, and a trial balance as of the end of each such Reporting Cycle, which remittance report and trial balance shall include information relating to all payment and other activity on the Mortgage Loans. With respect to any payments of principal or interest (including all prepayments) received, or applied to any Mortgagor’s account, by the Seller during the Interim Servicing Period (or prior to the Closing Date, if any such payments were not reflected in the calculation of the Purchase Proceeds), the Seller shall remit to Countrywide all such payments of principal and interest on the Mortgage Loans no later than the fifth (5th) Business Day of the month following the conclusion of each Reporting Cycle, or such other period to be mutually agreed upon by the Seller and Countrywide, and, with respect to the month in which the related Servicing Transfer Date occurs, no later than the fifth (5th) Business Day thereafter, or such other period to be mutually agreed upon by the Seller and Countrywide.