Common use of Subsequent Settlement Clause in Contracts

Subsequent Settlement. If mutually agreed upon by the Parties, on or before the date specified in such agreement, HUD shall deliver to Purchaser a list of the Mortgage Loans acquired by HUD from the Prior Servicer for any Subsequent Settlement Date (the ―Subsequent Assets‖). The list shall include for each such Mortgage Loan on such list, the information set forth on Exhibit C hereto. On the Subsequent Settlement Date, the list of Subsequent Assets shall be attached as Supplement No. 2 to Schedule I. Purchaser shall purchase the Subsequent Assets for an amount equal to the Aggregate Sales Price of such Subsequent Assets. On the Subsequent Settlement Date, the Settlement Date Payment shall be an amount equal to the amount set forth on the Settlement Statement for the Subsequent Assets. The aggregate positive escrow and suspense balances for the Subsequent Assets shall be subtracted from the Aggregate Sales Price to determine the net amount due as the Settlement Date Payment. The Settlement Date Payment is to be wired on the Subsequent Settlement Date prior to 2:00 p.m. ET to the account identified below: R & T Number ▇▇▇▇▇▇▇▇▇ Bank FHLB ATL City/State Atlanta, GA To Credit FHA Single Family Account Account Number ▇▇▇▇▇▇▇▇ Upon receipt of the Settlement Date Payment by HUD, HUD shall be deemed to have sold and conveyed to Purchaser, as of the applicable Claim Date for each Mortgage Loan, the Subsequent Assets identified as being purchased on Supplement No. 2 to Schedule I. On or before the date agreed upon by the parties, HUD shall deliver to Purchaser a Settlement Statement in the form of Exhibit E-3 for the Subsequent Settlement Date and Supplement No. 2 to Schedule I for all of the Subsequent Assets to be conveyed on the Subsequent Settlement Date.