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 and in the event Buyer has not elected to exercise the remedy of a “deemed sale” in accordance with Section 10.02(d)(ii), or after the Funding Expiration Date, all Income deposited into the Waterfall Account in respect of the Purchased Assets shall be applied by Waterfall 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; second, to pay to Buyer an amount equal to all default interest, late fees, fees, expenses and Indemnified Amounts then due and payable from 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 Purchase Price (to be applied in such order and in such amounts as determined by Buyer, until such Purchase Price has been reduced to zero); and fifth, to pay to Buyer all other Repurchase Obligations due to Buyer.

After Default or Event of Default. If a Default or Event of Default exists and in the event Buyer has not elected to exercise the remedy of a “deemed sale” in accordance with Section 10.02(d)(ii), or after the Funding Expiration Dateexists, all Income deposited into the Waterfall Securities Account in respect of the Purchased Assets shall be applied by Waterfall Securities Account Bank, at the written direction of Buyer, 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; second, to pay to Buyer an amount equal to all default interest, late fees, fees, expenses and Indemnified Amounts then due and payable from 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 Purchase aggregate Repurchase Price of all Purchased Assets (to be applied in such order and in such amounts as determined by Buyer, until such Purchase Price has been reduced to zero); and fifth, to pay to Buyer all other Repurchase Obligations due to Buyer; and sixth, if all of the Repurchase Obligations have been fully repaid, to pay to Seller any remainder for its own account, subject, however, to the covenants and other requirements of the Repurchase Documents.

After Default or Event of Default. If a Default or Event of Default exists and in the event Buyer has not elected to exercise the remedy of a “deemed sale” in accordance with Section 10.02(d)(ii), or after the Funding Expiration Dateexists, all Income deposited into the Waterfall Account in respect of the Purchased Assets shall be applied by Waterfall 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; second, to pay to Buyer an amount equal to all default interest, late fees, fees, expenses and Indemnified Amounts then due and payable from 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 Purchase aggregate Repurchase Price of all Purchased Assets (to be applied in such order and in such amounts as determined by Buyer, until such Purchase Price the Aggregate Amount Outstanding has been reduced to zero); and fifth, to pay to Buyer all other Repurchase Obligations due to Buyer.