Income Payments Sample Clauses

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. If Income is paid in respect of any Purchased Mortgage Loan during the term of a Transaction, such Income shall be the property of Buyer. Upon an Event of Default, Seller shall and shall cause Servicer to deposit all Income to the account set forth in Section 9, upon receipt thereof, in accordance with Section 12(c) hereof. b. Provided no Event of Default has occurred and is continuing, on each Price Differential Payment Date, Seller shall remit to Buyer an amount equal to the Price Differential out of the interest portion of the Income paid in respect to the Purchased Mortgage Loans for the preceding month in accordance with Section 5 of this Agreement. Provided no Event of Default has occurred and is continuing, upon termination of any Transaction or portion thereof, Servicer shall retain from the Income relating thereto any servicing fee and other amounts due under the Servicing Agreement and remit all remaining amounts as follows: (1) first, to Buyer in payment of any accrued and unpaid Price Differential, to the extent not paid by Seller to Buyer pursuant to Section 5; (2) second, without limiting the rights of Buyer under Section 6 of this Agreement, to Buyer, in the amount of any unpaid Margin Deficit; (3) third, to Buyer in reduction of the Repurchase Price of the Purchased Mortgage Loans, an amount equal to the full or partial prepayments of principal received on or with respect to such Purchased Mortgage Loans; (4) fourth, to the payment of all other costs and fees payable to Buyer pursuant to this Agreement; and (5) fifth, to Seller, any remaining amounts. c. Notwithstanding any provision to the contrary in this Section 7, within two (2) Business Days of receipt by Seller of any prepayment of principal in full, with respect to a Purchased Mortgage Loan, Seller shall remit such amount to Buyer and Buyer shall immediately apply any such amount received by Buyer to reduce the amount of the Repurchase Price due upon termination of the related Transaction.

Income Payments xiii. If Income is paid in respect of any Purchased Asset during the term of a Transaction, such Income shall be the property of Administrative Agent for the benefit of Buyers. xiv. Notwithstanding that Administrative Agent and Sellers intend that the Transactions hereunder be sales to Administrative Agent on behalf of Buyers of the Purchased Assets for all purposes except accounting and tax purposes, Sellers shall pay to Administrative Agent the accrued and unpaid Price Differential (less any amount of such Price Differential previously paid by Sellers to Administrative Agent) on each Price Differential Payment Date. Notwithstanding the preceding sentence, if the applicable Seller fails to pay all or part of the Price Differential then due by 4:00 p.m. (New York time) on any Price Differential Payment Date, the Pricing Rate shall be equal to the Post-Default Rate until the Price Differential then due is received in full by Administrative Agent. xv. The Sellers shall cause the Servicer to deposit all Income received in respect of any Contributed Mortgage Loan into the Participation Account pursuant to the terms of the Participation Agreement. xvi. On each Price Differential Payment Date, all Income held on deposit in the Participation Account shall be remitted by Participation Registrar into the Repo Account. xvii. To the extent that a Seller Party is holding any Income, such Seller Party shall deposit such Income into the Repo Account within two (2) Business Days of such Seller Party’s knowledge thereof. xviii. All such Income shall be held in trust for Administrative Agent on behalf of Buyers, shall constitute the property of Administrative Agent except for tax purposes which shall be treated as income and property of Seller Parties and shall not be commingled with other property of Seller Parties or any Subsidiary of Seller Parties. xix. Funds deposited in the Repo Account during any Collection Period shall be held therein, in trust for Administrative Agent on behalf of Buyers, until the related Price Differential Payment Date. Funds on deposit in the Repo Account shall be applied on each Price Differential Payment Date and the Termination Date (unless a Default or an Event of Default has occurred and is continuing) as follows: a. first, pro rata, to Administrative Agent on account of any Price Differential then due and owing hereunder and any “Price Differential” then due and owing under and as defined in the BMA and until paid in full; b. second, XXXX...

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. (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. 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. 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. Custodian shall receive for each Account any money or other assets, including payments of principal, dividends and interest, due and payable on or on account of the securities and other assets in each Account and shall promptly notify Customer when such are not timely received. Custodian shall not, however, be required to enforce collection, by legal means or otherwise, of any payments due and payable but not paid when due, but shall receive the proceeds of such collections as may be effected by it or its agents in the ordinary course of business.

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 if an Event of Default with respect to Seller has occurred and is then continuing at the time such Income is paid or distributed.