Common use of Payments With Respect to Shared-Loss Assets Clause in Contracts

Payments With Respect to Shared-Loss Assets. After the Shared Loss Payment Trigger is reached, not later than fifteen (15) days after the date on which the Receiver receives the Monthly Certificate, the Receiver shall pay to the Assuming Institution, in immediately available funds, or as set forth in the last sentence of this subsection (d), an amount equal to eighty percent (80%) of the Monthly Shared-Loss Amount reported on the Monthly Certificate. If the total Monthly Shared-Loss Amount reported on the Monthly Certificate is a negative number, the Assuming Institution shall pay or cause to be paid to the Receiver in immediately available funds eighty percent (80%) of that amount. Any net amounts payable by the Receiver to the Assuming Institution pursuant to this Single Family Shared-Loss Agreement may, at the option of the Receiver, be applied (by setoff or otherwise) to reduce the outstanding principal balance of the Note.