Option Premium Adjustment Sample Clauses

Option Premium Adjustment. Grantor shall determine and inform Buyer of the Market Value of all Pool Assets then-owned by Grantor on at least a bi-weekly basis If (a) the Market Value of the Pool Assets is less than the Mortgage Loan Balances of the Pool Assets or (b) the amount determined by subtracting the Securitization Costs for all Pool Assets from the Market Value of all Pool Assets is less than 103% of the Adjusted Book Amount of all Pool Assets, then (i) Grantor may deliver a Market Deficit Notice to Buyer and to CLFC, and (ii) Buyer shall remit payment of an Option Premium Adjustment Amount, in good funds, to Grantor within five Business Days of receipt of the Market Deficit Notice. Grantor shall hold for its own account all Option Premium Adjustment Amounts paid by Buyer in an interest-bearing account. Prior to the Expiration Date, if Grantor has received payment of an Option Premium Adjustment Amount from Buyer and the Market Value of the Pool Assets subsequently increases such that the Market Value of all Pool Assets is at least 103% of the Adjusted Book Amount of all Pool Assets, then within five Business Days of such increase Grantor shall pay to Buyer the amount by which the Market Value for all Pool Assets exceeds the greater of (i) 103% of the Adjusted Book Amount of all Pool Assets or (ii) the sum of all Mortgage Loan Balances for all Pool Assets, together with all interest accrued thereon. In no event, however, shall Grantor be required to pay to Buyer any amount that, if aggregated with all prior amounts previously refunded by Grantor to Buyer under the terms of this Section 4, would exceed the aggregate of all Option Premium Adjustment Amounts previously paid by Buyer to Grantor. Failure by Buyer to pay an Option Premium Adjustment Amount within five Business Days after receipt of a Market Deficit Notice shall be an Event of Default, and Buyer shall have no further ability to exercise the Call Option.