Curtailment Holdback Sample Clauses

Curtailment Holdback. (i) From and after the Closing Date, Purchaser shall retain the Curtailment Holdback, which shall be available to Purchaser as the initial source of funds to cover Curtailment Losses actually incurred by Purchaser in respect of each applicable HECM Loan listed on the Curtailment Schedule. For the avoidance of doubt, the Curtailment Holdback shall not be available as a source of funds with respect to any other losses pertaining to such HECM Loans or Curtailment Losses incurred in respect of HECM Loans that are not listed on the Curtailment Schedule. (ii) In the event that Purchaser actually incurs Curtailment Losses with respect to a HECM Loan listed on the Curtailment Schedule, upon resolution of the FHA Insurance claim, other disposition of the Mortgaged Property pertaining to such HECM Loan or the related Mortgagor’s event of default is cured, (i) Purchaser shall retain all or a portion of the Curtailment Holdback reflected on the Curtailment Schedule as attributable to such HECM Loan equal to the actual Curtailment Losses incurred by Purchaser related to such HECM Loan and (ii) all residual funds from the Curtailment Holdback amount related to such HECM Loan as reflected on the Curtailment Schedule, if any, shall be promptly remitted by Purchaser to Seller. (iii) In the event that the related portion of the Curtailment Holdback is insufficient to satisfy any Curtailment Losses actually incurred by Purchaser with respect to a HECM Loan listed on the Curtailment Schedule, and in respect of Curtailment Losses incurred by Purchaser in connection with any HECM Loan that is not listed on the Curtailment Schedule, Purchaser may bring a claim for indemnification pursuant to Section 3.04(g). (iv) From the Closing Date until such time all amounts representing the Curtailment Holdback have either been retained by Purchaser or remitted to Seller in accordance with this Section 3.04(h), Purchaser shall maintain true and accurate accounting records of the current Curtailment Holdback balance and any funds retained by Purchaser or remitted to Seller and the reasons for any such actions, including a detailed account of the Curtailment Losses related to any such HECM Loans. Purchaser shall provide a copy of such records to Seller on a monthly basis.