Common use of After Default or Event of Default Clause in Contracts

After Default or Event of Default. If a Default or Event of Default exists, all Income deposited into the Waterfall Account in respect of the Purchased Assets shall be applied by Deposit Account Bank, on the Business Day next following the 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;

After Default or Event of Default. If a Default or an Event of Default exists, all Income deposited into the Waterfall Account in respect of the Purchased Assets shall be applied by Deposit Account Bank, on the Business Day next immediately following the Business Day on which each amount of Income is so deposited, to satisfy all outstanding Repurchase Obligations; provided that the foregoing shall not restrict or otherwise limit the ability of Buyer to enforce any of its rights or remedies as set forth 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;Section 10.02 hereof.