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

Income and Escrow Accounts after Default. Upon the occurrence and during the continuation of a Default or Event of Default, the Seller shall have no right to direct withdrawal or application of funds in the Income Account and the Escrow Account unless authorized to do so in writing by the Administrative Agent. The Administrative Agent may cause all amounts on deposit in the Income Account to be paid to it or its designee for application in the following order to pay (i) accrued and unpaid Price Differential, (ii) costs, fees or other amounts due to the Administrative Agent and Buyers under this Agreement, (iii) reduction of the Repurchase Price of for Purchased Loans under Open Transactions, (iv) any other Obligations, and (v) any excess over the Obligations, to the Seller. The Administrative Agent or its designee shall direct payments from the Escrow Account for the purposes for which such funds are deposited into the Escrow Account.

Income and Escrow Accounts after Default. Upon the occurrence and during the continuation of a Default or Event of Default, the Seller shall have no right to direct withdrawal or application of funds in the Income Account and the Escrow Account unless authorized to do so in writing by the Administrative Agent. The Administrative Agent may cause all amounts on deposit in the Income Account to be paid to it or its designee for application in the following order to pay (i) accrued and unpaid Price Differential, (ii) costs, fees or other amounts due to the Administrative Agent, Syndication Agent and Buyers under this Agreement, (iii) reduction of the Repurchase Price of for Purchased Loans under Open Transactions, (iv) any other Obligations, and (v) any excess over the Obligations, to the Seller. The Administrative Agent or its designee shall direct payments from the Escrow Account for the purposes for which such funds are deposited into the Escrow Account.