Income Payments. Seller shall be entitled to receive an amount equal to all Income paid or distributed on or in respect of the Securities that is not otherwise received by Seller, to the full extent it would be so entitled if the Securities had not been sold to Buyer. Buyer shall, as the parties may agree with respect to any Transaction (or, in the absence of any such agreement, as Buyer shall reasonably determine in its discretion), on the date such Income is paid or distributed either (i) transfer to or credit to the account of Seller such Income with respect to any Purchased Securities subject to such Transaction or (ii) with respect to Income paid in cash, apply the Income payment or payments to reduce the amount, if any, to be transferred to Buyer by Seller upon termination of such Transaction. Buyer shall not be obligated to take any action pursuant to the preceding sentence (A) to the extent that such action would result in the creation of a Margin Deficit, unless prior thereto or simultaneously therewith Seller transfers to Buyer cash or Additional Purchased Securities sufficient to eliminate such Margin Deficit, or (B) if an Event of Default with respect to Seller has occurred and is then continuing at the time such Income is paid or distributed.
Income Payments a. All Income received on account of the Purchased Mortgage Loans, Contributed Assets or Subsidiary Certificates during the term of a Transaction shall be the property of Administrative Agent for the benefit Buyers. Sellers shall and shall cause (i) the applicable Servicer to deposit all Income with respect to Purchased Mortgage Loans other than New Origination Mortgage Loans into the Collection Account within two (2) Business Days following receipt by any Seller, the Underlying Repurchase Counterparty or the applicable Servicer and the Underlying Repurchase Counterparty, (ii) the applicable Servicer to deposit all REO Subsidiary Income into the REO Subsidiary Account within two (2) Business Days following receipt by REO Subsidiary or a Servicer, as applicable, and (iii) the Property Manager to deposit all Income received with respect to the Subsidiary Certificates for the REO Subsidiary and Rental Properties during the immediately preceding calendar month into the REO Subsidiary Account within five (5) Business Days of receipt thereof; provided, however, that notwithstanding the foregoing, the applicable Servicer shall be entitled to retain Ancillary Income to which it is entitled under the applicable Servicing Agreement, without any obligation to deposit such Income into the Collection Account or a REO Subsidiary Account.
b. Provided that no Event of Default has occurred and is continuing, on each Payment Date, (i) Administrative Agent for the benefit of Buyers shall cause the Seller Parties or Property Manager, as applicable, to remit all amounts collected on account of Rental Properties and the REO Subsidiary Account to the Collection Account, and (ii) Administrative Agent shall, or shall direct the Bank to, remit amounts with respect to Contributed Assets and Seasoned Mortgage Loans, on deposit in the Collection Account as follows:
(1) first, to Administrative Agent for the benefit of Buyers in payment of any accrued and unpaid Price Differential, to the extent not paid by Sellers to Administrative Agent for the benefit of Buyers pursuant to Section 5;
(2) second, to Administrative Agent for the benefit of Buyers in reduction of the Repurchase Price or Allocated Repurchase Price of any Liquidated Asset, an amount equal to the lesser of (x) Liquidation Proceeds received on or with respect to such Liquidated Asset or (y) Repurchase Price or Allocated Repurchase Price of such Liquidated Asset;
(3) third, without limiting the rights of Administrative Agen...
Income Payments. (a) Where a particular term of a Transaction extends over the date on which Income is paid in respect of any Purchased Asset subject to that Transaction, such Income shall be the property of Buyer. The Seller shall (i) segregate all Income collected by or on behalf of the Seller on account of the Purchased Assets and shall hold such Income in trust for the benefit of Buyer that is clearly marked as such in the Seller’s records and (ii) deposit all Income with respect to each Purchased Asset after the related Purchase Date and before the related Repurchase Date into the Collection Account within three (3) Business Days of receipt. Notwithstanding the foregoing, so long as no Event of Default has occurred and is continuing, neither Seller nor any Person acting on its behalf (as a servicer or otherwise) shall have an obligation to deposit any amounts into the Collection Account; provided that any Income received by the Seller while the related Transaction is outstanding shall be deemed to be held by the Seller solely in trust for Buyer pending the repurchase on the related Repurchase Date.
(b) Notwithstanding anything to the contrary set forth herein, upon receipt by Seller of any prepayment of principal in full with respect to a Purchased Asset, Seller shall (i) provide prompt written notice to Buyer of such prepayment, and (ii) remit such amount to Buyer and Buyer shall apply such amount received by Buyer plus accrued interest on such amount against the Repurchase Price of such Purchased Asset pursuant to Sections 4(a)(i) and 6(d) but not on a pro rata basis.
Income Payments. (i) Where a particular term of a Transaction extends over the date on which Income is paid in respect of any Purchased Asset subject to that Transaction, Income collected in respect of the Mortgage Loans shall be the Property of the Purchaser subject to subsections 16(f)(ii) and (iii) below. The Collection Account shall be subject to the terms and conditions of the Collection Account Control Agreement from and after the date of such Collection Account Control Agreement.
(ii) Except as otherwise provided in Section 16(f)(iv), on the Monthly Payment Date, the Purchaser shall cause amounts deposited in its respective Collection Account to be released to RMS, which amounts shall be applied by RMS to (A) reduce outstanding Price Differential due and payable in respect of Purchased Assets for which the Purchaser has received the related Repurchase Price (other than Price Differential) pursuant to Section 3(f) during the prior calendar month, (B) reduce the Repurchase Price for all outstanding Transactions, and (C) pay all other Obligations then due and payable to the Purchaser. Notwithstanding anything set forth in this Agreement, RMS can remit on a more frequent basis with the written consent of the Purchaser and the Agent.
(iii) Notwithstanding anything herein or in the Collection Account Control Agreements to the contrary, RMS shall in no event be permitted to withdraw funds from the Collection Account to the extent that such action would result in the creation of a Margin Deficit (unless prior thereto or simultaneously therewith RMS cures such Margin Deficit in accordance with Section 7), or if an Event of Default is then continuing. Further, if an uncured Margin Deficit exists as of such Monthly Payment Date, RMS shall cause the Bank to disburse the Income related to the Transaction for which the Margin Deficit exists to the Purchaser (up to the amount of such Margin Deficit), which amounts shall be applied by Purchaser to reduce the related Repurchase Price.
(iv) If a successor servicer takes delivery of such Mortgage Loans and rights to service such REO Properties either under the circumstances set forth in Section 16(i) or otherwise, all amounts deposited in the Collection Account shall be paid to the Purchaser promptly upon such delivery.
Income Payments. Customer shall be entitled to receive with respect to any Hypothecated Security, an amount equal to any principal thereof and all interest, dividends or other distributions paid or distributed on or in respect of the Hypothecated Securities (“Income”) that is not otherwise received by Customer. BNPP PB, Inc. shall, on the date such Income is paid or distributed either transfer to or credit to the Special Custody Account such Income with respect to any Hypothecated Securities, provided that BNPP PB, Inc. shall make commercially reasonable efforts to return Hypothecated Securities receiving Income prior to the record date for a distribution.
Income Payments. Where a particular term of a Transaction extends over the date on which Income is paid in respect of any Purchased Loan subject to that Transaction, such Income shall be the property of Buyer. Notwithstanding the foregoing, and provided no Default or Event of Default has occurred and is continuing, Buyer agrees that Seller shall be entitled to receive an amount equal to all Income (other than any FNMA Loan Purchase Proceeds) received in respect of the Purchased Loans, whether by Buyer, Custodian or any servicer or any other Person, which is not otherwise received by Seller, to the full extent it would be so entitled if the Purchased Loans had not been sold to Buyer; provided that any Income received by Seller while the related Transaction is outstanding shall be deemed to be held by Seller solely in trust for Buyer pending the repurchase on the related Repurchase Date; provided further that Seller shall hold all such Income (other than any FNMA Loan Purchase Proceeds) in the Collection Account. Seller shall deposit all Income (other than any FNMA Loan Purchase Proceeds) received by it into the Collection Account within three (3) Business Days of Seller’s receipt thereof. Seller shall direct FNMA to deposit all FNMA Loan Purchase Proceeds directly into the FNMA Loan Purchase Account. In addition, Seller shall direct FNMA Account Bank to deposit directly to the GCFP Sub-Account the purchase price, and all other amounts on deposit in the FNMA Loan Purchase Account that relate to Fxxxxx Mae’s purchase from Seller from time to time of Landscape Loans that are from time to time subject to Transactions under this Agreement. Seller shall instruct FNMA Account Bank to withdraw amounts on deposit in the GCFP Sub-Account on a daily basis and to pay such funds to or upon the order of Buyer to the extent necessary to reduce the aggregate outstanding Repurchase Price of all Purchased Loans sold by Seller to Fxxxxx Mae and all other related Obligations to zero. Provided no Default or Event of Default has occurred, Buyer shall, as the parties may agree with respect to any Transaction (or, in the absence of any such agreement, as Buyer shall reasonably determine in its sole discretion), on the Repurchase Date following the date any Income (including any FNMA Loan Purchase Proceeds—GCFP remaining after giving effect to Buyer’s application on such Repurchase Date of amounts on deposit in the GCFP Sub-Account as described in the immediately preceding sentence) is received by ...
Income Payments. Unless otherwise agreed -
(i) where the Term of a particular Transaction extends over an Income Payment Date in respect of any Securities subject to that Transaction, Buyer shall on the date such Income is paid by the issuer transfer to or credit to the account of Seller an amount equal to (and in the same currency as) the amount paid by the issuer;
(ii) where Margin Securities are transferred from one party (“the first party”) to the other party (“the second party”) and an Income Payment Date in respect of such Securities occurs before Equivalent Margin Securities are transferred by the second party to the first party, the second party shall on the date such Income is paid by the issuer transfer to or credit to the account of the first party an amount equal to (and in the same currency as) the amount paid by the issuer; and for the avoidance of doubt references in this paragraph to the amount of any Income paid by the issuer of any Securities shall be to an amount paid without any withholding or deduction for or on account of taxes or duties notwithstanding that a payment of such Income made in certain circumstances may be subject to such a withholding or deduction.
Income Payments. Where a particular Transaction's term extends over an Income payment date on the Securities subject to that Transaction, Buyer shall, as the parties may agree with respect to such Transaction (or, in the absence of any agreement, as Buyer shall reasonably determine in its discretion), on the date such Income is payable either (i) transfer to or credit to the account of Seller an amount equal to such Income payment or payments with respect to any Purchased Securities subject to such Transaction or (ii) apply the Income payment or payments to reduce the amount to be transferred to Buyer by Seller upon termination of the Transaction. Buyer shall not be obligated to take any action pursuant to the preceding sentence to the extent that such action would result in the creation of a Margin Deficit, unless prior thereto or simultaneously therewith Seller transfers to Buyer cash or Additional Purchased Securities sufficient to eliminate such Margin Deficit.
Income Payments a. If Income is paid in respect of any Purchased Asset during the term of a Transaction, such Income shall be the property of the Buyer. Notwithstanding the foregoing, and provided no Event of Default has occurred and is continuing, the Buyer agrees that if a third-party Servicer is in place for any Purchased Assets, such Servicer shall deposit such Income to the Collection Account. New Century Mortgage Corporation shall deposit all Income received in its capacity as Servicer of any Purchased Assets to the Collection Account in accordance with Section 13(c) hereof.
b. Provided no Event of Default has occurred and is continuing, on each Price Differential Payment Date, Sellers shall remit to the Buyer an amount equal to the Price Differential out of the interest portion of the Income paid in respect to the Purchased Assets for the preceding month in accordance with Section 5 of this Agreement. Upon termination of any Transaction, to the extent that there is any excess Income after repayment of all amounts to be transferred to the Buyer by the Sellers, the Buyer shall remit such excess Income to the Sellers.
c. In the event that an Event of Default has occurred and is continuing, notwithstanding any provision set forth herein, the Sellers shall remit to the Buyer all Income received with respect to each Purchased Mortgage Loan on the related Price Differential Payment Date or on such other date or dates as the Buyer notifies the Sellers in writing.
d. Notwithstanding any provision to the contrary in this Section 7, monthly, no later than the fifteenth (15th) day of each month, the Sellers shall remit the aggregate amount of all prepayments of principal to the Buyer and the Buyer shall immediately apply any such amount received by the Buyer to reduce the amount of the Repurchase Price due upon termination of the related Transaction.
e. Notwithstanding anything to the contrary set forth herein, in the event that an Event of Default has occurred and is continuing, upon notice by the Buyer to the Sellers, the Sellers shall remit to the Buyer all collections received by the Servicer or any Seller on the Purchased Assets in accordance with the Buyer’s directions no later than the day on which aggregate collections of principal and interest (excluding principal prepayments) on the Purchased Mortgaged Loans reach an amount to be indicated by the Buyer in its sole discretion.
Income Payments. (a) Notwithstanding that Buyer and the Sellers intend that the Transactions hereunder be sales to Buyer of the Purchased Mortgage Loans, other than for tax purposes, as described in Section 7(h), Sellers shall pay to Buyer the accreted value of the Price Differential (less any amount of such Price Differential previously paid by the Sellers to Buyer) plus the amount of any unpaid Margin Deficit (each such payment, a “Periodic Advance Repurchase Payment”) on each Payment Date. Notwithstanding the preceding sentence, if Sellers fail to make all or part of the Periodic Advance Repurchase Payment by 3:00 p.m. (New York time) on any Payment Date, the Pricing Rate shall be equal to the Post-Default Rate until the Periodic Advance Repurchase Payment is received in full by Buyer.
(b) The Sellers shall hold for the benefit of, and in trust for, Buyer all Income, including without limitation all Income received by or on behalf of the Sellers with respect to such Purchased Mortgage Loans. All Income shall be held in trust for Buyer, shall constitute the property of Buyer. With respect to each Payment Date, the Sellers shall remit all Income as follows:
(i) first, to the payment of all costs and fees payable by the Sellers pursuant to this Repurchase Agreement;
(ii) second, to the Buyer in payment of any accrued and unpaid Price Differential; and
(iii) third, without limiting the rights of Buyer under Section 4 of this Repurchase Agreement, to the Buyer, in the amount of any unpaid Margin Deficit.
(c) After the occurrence of a Default or an Event of Default, the Sellers shall deposit such Income in a deposit account (the title of which shall indicate that the funds therein are being held in trust for Buyer) (the “Collection Account”) with a financial institution acceptable to Buyer and subject to the Account Agreement. All such Income shall be held in trust for Buyer, shall constitute the property of Buyer and shall not be commingled with other property of the Sellers or any Affiliate of any Seller except as expressly permitted above. Funds deposited in the Collection Account during any month shall be held therein, in trust for the Buyer, until the next Payment Date.
(d) To the extent that the Buyer receives any funds from a Takeout Investor with respect to the purchase by such Takeout Investor of a Mortgage Loan, the Buyer shall promptly apply such funds in accordance with the same order of priority set forth in Section 5(b) hereof.
(e) Notwithstanding the preceding ...
