Common use of After an Event of Default Clause in Contracts

After an Event of Default. If an Event of Default exists and remains uncured, all Income deposited into the Waterfall Account in respect of the Purchased Assets shall be applied by Waterfall Account Bank, Buyer or a Person designated by Buyer pursuant to the related Controlled Account Agreement on the second Business Day following the date on which each amount of Income is so deposited, in the following order of priority: first, to pay to Buyer an amount equal to the Price Differential accrued with respect to all Purchased Assets as of such date; second, to pay to Buyer an amount equal to all default interest, late fees, fees, expenses and Indemnified Amounts then due and payable from any Seller and other applicable Persons to Buyer under the Repurchase Documents; third, to pay any custodial fees and expenses due and payable under the Custodial Agreement; fourth, to pay to Buyer an amount equal to the aggregate Repurchase Price of all Purchased Assets (to be applied in such order and in such amounts as determined by Buyer, until the aggregate Repurchase Price of all Purchased Assets has been reduced to zero); fifth, to pay to Interim Servicer, amounts due and payable under the Servicing Agreement; sixth, to pay to Buyer all other Repurchase Obligations due to Buyer; and seventh, if all of the Repurchase Obligations have been fully repaid, to pay to the applicable Seller any remainder for its own account, subject, however, to the covenants and other requirements of the Repurchase Documents.

After an Event of Default. If either an Event of Default exists has occurred and remains uncuredis continuing, or if Buyer is required to do so pursuant to priority eighth in Section 5.02, all Income deposited into the Waterfall Account in respect of the Purchased Assets shall be applied by Waterfall Deposit Account Bank, Buyer or a Person designated by Buyer pursuant to the related Controlled Account Agreement on the second Business Day next following the date Business Day on which each amount of Income is so deposited, in the following order of priority: first, to pay to Buyer an amount equal to the Price Differential accrued with respect to all Purchased Assets as of such date; second, to pay to Buyer an amount equal to all default interest, late fees, fees, expenses and Indemnified Amounts then due and payable from any Seller and other applicable Persons to Buyer under the Repurchase Documents; third, to pay any custodial and servicing fees and expenses due and payable under the Custodial Agreement and any Servicing Agreement; fourth, to pay to Buyer an amount equal to the aggregate Repurchase Price of all Purchased Assets (to be applied in such order and in such amounts as determined by Buyer, until the aggregate Repurchase Price of all Purchased Assets Aggregate Amount Outstanding has been reduced to zero); and fifth, to pay to Interim Servicer, amounts due and payable under the Servicing Agreement; sixth, to pay to Buyer all other Repurchase Obligations due to Buyer; and seventh, if all of the Repurchase Obligations have been fully repaid, to pay to the applicable Seller any remainder for its own account, subject, however, to the covenants and other requirements of the Repurchase Documents.

After an Event of Default. If an Event of Default exists and remains uncuredexists, all Income deposited into the Waterfall Collection Account in respect of the Purchased Assets shall be applied by Waterfall Collection Account Bank, Buyer or a Person designated by Buyer pursuant to the related Controlled Account Agreement on the second Business Day next following the date Business Day on which each amount of Income is so deposited, in the following order of priority: first, to pay all then-currently due and payable servicing fees to Buyer (or its designated Servicer), and to reimburse Buyer (or its designated Servicer) for any and all costs, expenses, advances and similar amounts incurred by Buyer (or its designated Servicer) in connection with the servicing of the Purchased Assets; second, to the extent such payments are actually remitted by the Underlying Obligor to the Collection Account, to remit the tax (and insurance, if applicable) escrow portion of any payments received from each Underlying Obligor to the respective escrow agents pursuant to the escrow agreements for the related Mortgage Loan or Underlying Mortgage Loans, and whether or not any event of default exists with respect to the related Mortgage Loan or Underlying Mortgage Loan; third, to pay to Buyer an amount equal to the Price Differential accrued with respect to all Purchased Assets as of such dateRemittance Date; secondfourth, to pay to Buyer an amount equal to all default interest, late fees, fees, expenses and Indemnified Amounts then due and payable from any Seller and other applicable Persons to Buyer under the Repurchase Documents; thirdfifth, to pay any custodial fees and expenses due and payable under the Custodial Agreement; fourthsixth, to pay to Buyer an amount equal to the aggregate Repurchase Price of all Purchased Assets (to be applied in such order and in such amounts as determined by BuyerBuyer in its discretion, until the aggregate Repurchase such Purchase Price of all Purchased Assets has been reduced to zero); fifth, to pay to Interim Servicer, ) plus all other amounts due and payable to Buyer under the Servicing AgreementRepurchase Documents; sixthseventh, to pay to Buyer all other Repurchase Obligations due to Buyer; and seventh, if all of the Repurchase Obligations have been fully repaideighth, to pay to the applicable Seller any remainder for its own account, subject, however, to the covenants and other requirements of the Repurchase Documents.

After an Event of Default. If an Event of Default exists has occurred and remains uncuredis continuing, all Income deposited into the Waterfall Account in respect of the Purchased Assets shall be applied by Waterfall Deposit Account Bank, Buyer or a Person designated by Buyer pursuant to the related Controlled Account Agreement on the second Business Day next following the date Business Day on which each amount of Income is so deposited, in the following order of priority: first, to pay to Buyer an amount equal to the Price Differential accrued with respect to all Purchased Assets as of such date; second, to pay to Buyer an amount equal to all default interest, late fees, fees, expenses and Indemnified Amounts then due and payable from any Seller and other applicable Persons to Buyer under the Repurchase Documents; third, to pay any custodial and servicing fees and expenses due and payable under the Custodial Agreement and any Servicing Agreement; fourth, (i) to pay to Buyer an amount equal to the aggregate Repurchase Price of all Purchased Assets (to be applied in such order and in such amounts as determined by Buyer, until the aggregate Repurchase Price of all Purchased Assets Aggregate Amount Outstanding has been reduced to zero); fifth, and (ii) to pay to Interim Servicer, amounts due and any Affiliated Hedge Counterparty an amount equal to all termination payments payable under the Servicing with respect to each related Interest Rate Protection Agreement; sixthand fifth, to pay to Buyer all other Repurchase Obligations due to Buyer; and seventh, if all of the Repurchase Obligations have been fully repaid, to pay to the applicable Seller any remainder for its own account, subject, however, to the covenants and other requirements of the Repurchase Documents.

After an Event of Default. If an Event of Default exists and remains uncured, all Income deposited into the Waterfall Account in respect of the Purchased Assets shall be applied by Waterfall Account Bank, Buyer or a Person designated by Buyer pursuant to the related Controlled Account Agreement on the second Business Day following the date on which each amount of Income is so deposited, in the following order of priority: first, to pay to Buyer an amount equal to the Price Differential accrued with respect to all Purchased Assets as of such date; second, to pay to Buyer an amount equal to all default interest, late fees, fees, expenses and Indemnified Amounts then due and payable from any Seller and other applicable Persons to Buyer under the Repurchase Documents; third, to pay any custodial fees and expenses due and payable under the Custodial Agreement; fourth, to pay to Buyer an amount equal to the aggregate Repurchase Price of all Purchased Assets (to be applied in such order and in such amounts as determined by Buyer, until the aggregate Repurchase such Purchase Price of all Purchased Assets has been reduced to zero); fifth, to pay to Interim Servicer, amounts due and payable under the Servicing Agreement; sixth, to pay to Buyer all other Repurchase Obligations due to Buyer; and seventh, if all of the Repurchase Obligations have been fully repaid, to pay to the applicable Seller any remainder for its own account, subject, however, to the covenants and other requirements of the Repurchase Documents.

After an Event of Default. If either an Event of Default exists has occurred and remains uncuredis continuing, or if Buyer is required to do so pursuant to priority ninth in Section 5.02, all Income deposited into the Waterfall Account in respect of the Purchased Assets shall be applied by Waterfall Deposit Account Bank, Buyer or a Person designated by Buyer pursuant to the related Controlled Account Agreement on the second Business Day next following the date Business Day on which each amount of Income is so deposited, in the following order of priority: first, to pay to Buyer an amount equal to the Price Differential accrued with respect to all Purchased Assets as of such date; second, to pay to Buyer an amount equal to all default interest, late fees, fees, expenses and Indemnified Amounts then due and payable from any Seller and other applicable Persons to Buyer under the Repurchase Documents; third, to pay any custodial and servicing fees and expenses due and payable under the Custodial Agreement and any Servicing Agreement; fourth, to pay to Buyer an amount equal to the aggregate Repurchase Price of all Purchased Assets (to be applied in such order and in such amounts as determined by Buyer, until the aggregate Repurchase Price of all Purchased Assets Aggregate Amount Outstanding has been reduced to zero); and fifth, to pay to Interim Servicer, amounts due and payable under the Servicing Agreement; sixth, to pay to Buyer all other Repurchase Obligations due to Buyer; and seventh, if all of the Repurchase Obligations have been fully repaid, to pay to the applicable Seller any remainder for its own account, subject, however, to the covenants and other requirements of the Repurchase Documents.

After an Event of Default. If an Event of Default exists has occurred and remains uncuredis continuing, all Income deposited into the Waterfall Account in respect of the Purchased Assets shall be applied by Waterfall Deposit Account Bank, Buyer or a Person designated by Buyer pursuant to the related Controlled Account Agreement on the second Business Day next following the date Business Day on which each amount of Income is so deposited, in the following order of priority: first, to pay to Buyer an amount equal to the Price Differential accrued with respect to all Purchased Assets as of such date; second, to pay to Buyer an amount equal to all default interest, late fees, fees, expenses and Indemnified Amounts then due and payable from any Seller and other applicable Persons to Buyer under the Repurchase Documents; third, to pay any custodial and servicing fees and expenses due and payable under the Custodial Agreement and any Servicing Agreement; fourth, to pay to Buyer an amount equal to the remaining aggregate Repurchase Price of all Purchased Assets (to be applied in such order and in such amounts as determined by Buyer, until the aggregate Repurchase Price of all Purchased Assets Aggregate Amount Outstanding has been reduced to zero); fifth, to pay to Interim Servicer, amounts due and payable under the Servicing Agreement; sixth, to pay to Buyer all other Repurchase Obligations due to Buyer; and seventh, if all of the Repurchase Obligations have been fully repaidsixth, to pay to the applicable Seller any remainder for its own account; provided, subjectthat if Buyer has exercised the remedies described in Section 10.02(d)(ii) with respect to any or all Purchased Assets, however, Seller shall not be entitled to the covenants and other requirements any proceeds from any eventual sale of the Repurchase Documentssuch Purchased Assets.

After an Event of Default. If an Event of Default exists and remains uncuredexists, all Income deposited into the Waterfall Account in respect of the Purchased Assets shall be applied by Waterfall Deposit Account Bank, Buyer or a Person designated by Buyer pursuant to the related Controlled Account Agreement Bank on the second Business Day next following the date Business Day on which each amount of Income is so deposited, in the following order of priority: first, to pay to Buyer an amount equal to the Price Differential accrued with respect to all Purchased Assets as of such date; second, to pay to Buyer an amount equal to all default interest, late fees, fees, expenses and Indemnified Amounts then due and payable from any Seller and other applicable Persons to Buyer under the Repurchase Documents; third, to pay any custodial and servicing fees and expenses due and payable under the Custodial Agreement and any Servicing Agreement; fourth, to pay to Buyer an amount equal to the aggregate Repurchase Price of all Purchased Assets (to be applied in such order and in such amounts as determined by Buyer, until the aggregate such Repurchase Price of all Purchased Assets has been reduced to zero); fifth, and (ii) to pay to Interim Servicer, amounts due and any Affiliated Hedge Counterparty an amount equal to all termination payments payable under the Servicing with respect to each related Interest Rate Protection Agreement; sixthfifth, to pay to Buyer all other Repurchase Obligations due to Buyer; and seventh, if all of the Repurchase Obligations have been fully repaidsixth, to pay to the applicable Seller any remainder for its own account, subject, however, to the covenants and other requirements of the Repurchase Documents.