Common use of Withdrawal of Assets from the Trust Account Clause in Contracts

Withdrawal of Assets from the Trust Account. (i) In the event that the Grantor fails to pay any undisputed amount due and payable by the Grantor to the Beneficiary pursuant to the terms of the Reinsurance Agreement, and such payment failure has not been cured within the time frames specified in the Reinsurance Agreement and is continuing (a “Defaulted Payment”), the Beneficiary shall have the right, subject to and in accordance with Section 2(a)(iv), to withdraw Assets from the Trust Account in an amount equal to such Defaulted Payment; provided, however, that if the Beneficiary withdraws a Whole Loan, the Beneficiary shall be permitted to withdraw the entire Whole Loan and promptly return to the Trust Account any excess of the proceeds from the sale of such Whole Loan over the Defaulted Payment. Subject to Section 2(a)(iv), the Beneficiary is permitted to withdraw Assets from the Trust Account under the preceding sentence, upon prior written notice from a Beneficiary Authorized Officer to the Grantor and the Trustee, in accordance with