Common use of First Settlement Clause in Contracts

First Settlement. The first settlement date is October 18, 2012 (the ―First Settlement Date‖). On or before October 16, 2012, HUD shall deliver to Purchaser a list of the Mortgage Loans acquired by HUD from the Prior Servicer for the First Settlement Date (the ―Initial Assets‖). The list shall include for each such Mortgage Loan on such list, the information set forth on Exhibit C hereto. On the First Settlement Date, the list of Initial Assets shall be attached as Schedule I to this Agreement. Purchaser shall purchase the Initial Assets for an amount equal to the Aggregate Sales Price of such Initial Assets. On the First Settlement Date, the Settlement Date Payment shall be an amount equal to the amount set forth on the Settlement Statement for the Initial Assets. The aggregate positive escrow and suspense balances for the Initial 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 First 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 Initial Assets identified as being purchased on Schedule I. On or before October 16, 2012, HUD shall deliver to Purchaser a Settlement Statement in the form of Exhibit E-1 for the First Settlement Date and Schedule I for all of the Initial Assets to be conveyed on the First Settlement Date.

First Settlement. The first settlement date is October 1831, 2012 (the ―First Settlement Date‖). On or before October 1629, 2012, HUD shall deliver to Purchaser a list of the Mortgage Loans acquired by HUD from the Prior Servicer for the First Settlement Date (the ―Initial Assets‖). The list shall include for each such Mortgage Loan on such list, the information set forth on Exhibit C hereto. On the First Settlement Date, the list of Initial Assets shall be attached as Schedule I to this Agreement. Purchaser shall purchase the Initial Assets for an amount equal to the Aggregate Sales Price of such Initial Assets. On the First Settlement Date, the Settlement Date Payment shall be an amount equal to the amount set forth on the Settlement Statement for the Initial Assets. The aggregate positive escrow and suspense balances for the Initial 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 First 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 Initial Assets identified as being purchased on Schedule I. On or before October 1629, 2012, HUD shall deliver to Purchaser a Settlement Statement in the form of Exhibit E-1 for the First Settlement Date and Schedule I for all of the Initial Assets to be conveyed on the First Settlement Date.