Common use of If Repurchase Price Not Paid Clause in Contracts

If Repurchase Price Not Paid. If the Seller fails for any reason to repurchase any one or more Purchased Loans on the relevant Repurchase Date in the manner and by the time specified in Sections 3.4 and 3.5, the Administrative Agent is hereby specifically and irrevocably authorized to withdraw funds from the Operating Account in an amount equal to the sum of the Repurchase Prices of all Purchased Loans that are Past Due on that day and cause application of such funds withdrawn to the payment of the Repurchase Prices of such Purchased Loans in such order and manner as the Administrative Agent may elect and if funds in the Operating Account are insufficient to pay the Repurchase Prices of all such Purchased Loans, the Seller shall pay the amount due hereunder on demand by wire to the address in Section 3.5. If the Repurchase Price is paid by the Administrative Agent’s authorized withdrawal from sufficient funds in the Operating Account on the day due, the Seller shall not be deemed to have defaulted in the performance of its obligation to pay such Repurchase Price.