Common use of Gross Underwriting Proceeds Clause in Contracts

Gross Underwriting Proceeds. The Current Issuer undertakes that on the Closing Date it will apply the gross underwriting proceeds for the Notes forthwith in making a loan to Funding pursuant to the terms of the Intercompany Loan Agreement. Funding undertakes that it will apply the proceeds of the Intercompany Loan to make payment to the Mortgages Trustee or at the Mortgages Trustee's direction of the purchase price of a portion of Funding's beneficial share of the Additional Assigned Mortgage Portfolio and related rights pursuant to the Mortgage Sale Agreement.