Payments from the Payment Account. (a) On each Payment Date, the Securities Administrator (or the Paying Agent on behalf of the Securities Administrator) shall withdraw amounts on deposit in the Payment Account and pay such amounts as specified in the remainder of this Section 10.2. (b) On each Payment Date, other than a date on which an Indenture Event of Default has occurred and is continuing, the Securities Administrator (or the Paying Agent on behalf of the Securities Administrator) will pay the following amounts, in the following order of priority, from Available Funds, based solely on the information from the Servicer Report: (i) Interest Proceeds will be paid in the following order of priority:
Appears in 1 contract
Samples: Transfer and Servicing Agreement (Lares Asset Securitization, Inc.)
