Common use of Escrow and Income after Event of Default Clause in Contracts

Escrow and Income after Event of Default. After the occurrence and during the continuance of an Event of Default, (i) Seller shall cause Servicer and any Subservicers to deposit all Income, excluding escrow payments, into the Income Account within two Business Days of receipt by Servicer or such Subservicer (ii) all funds received on or in connection with a Purchased Loan shall be received and held by Seller, Servicer and each Subservicer in trust for the benefit of the Administrative Agent on behalf of the Buyers as owner of the Purchased Loans and (iii) neither Seller nor Servicer shall be deemed to have any rights or ownership interest in such funds prior to their being remitted to the Administrative Agent on behalf of the Buyers.

Escrow and Income after Event of Default. After the occurrence and during the continuance of an Event of Default, (i) Seller shall cause Servicer and any Subservicers to deposit all Income, excluding escrow payments, into the Income Account within two (2) Business Days of receipt by Servicer or such Subservicer (ii) all funds received on or in connection with a Purchased Loan shall be received and held by Seller, Servicer and each Subservicer in trust for the benefit of the Administrative Agent on behalf of the Buyers as owner of the Purchased Loans and (iii) neither Seller nor Servicer shall be deemed to have any rights or ownership interest in such funds prior to their being remitted to the Administrative Agent on behalf of the Buyers.