Common use of Withdrawals from and Credits to Operating Account Clause in Contracts

Withdrawals from and Credits to Operating Account. If the Seller fails for any reason to repurchase any one or more Purchased Loans on the relevant Repurchase Date, to pay any Price Differential or fees when due or to satisfy any Margin Call in the manner and by the time specified in Sections 3.4 and 3.6, the Buyer is hereby specifically and irrevocably authorized to withdraw funds from the Operating Account or any other account (other than an escrow, trust or deposit account) of the Seller in an amount equal to the sum of the Xxxxxxxxxx Prices of all Purchased Loans that are Past Due, plus accrued, unpaid Price Differential or fees, plus Margin Deficit (if applicable), on that day and cause application of such funds withdrawn to the payment of the Repurchase Prices of such Purchased Loans, Price Differential or fees, and Margin Deficit (if applicable) in such order and manner as the Buyer may elect and, if funds in the Operating Account or such other accounts are insufficient to pay the Repurchase Prices of all such Purchased Loans, the Seller shall pay the amount due hereunder on demand by wire to the Settlement Account. As long as no Default or Event of Default has occurred and is continuing, the Buyer shall, at the written request of the Seller, cause any amount deposited in the Settlement Account in excess of amounts required hereunder to be transferred to the Operating Account.

Withdrawals from and Credits to Operating Account. If the Seller fails for any reason to repurchase any one or more Purchased Loans on the relevant Repurchase Date, to pay any Price Differential or fees when due or to satisfy any Margin Call in the manner and by the time specified in Sections 3.4 3.3 and 3.63.4, the Buyer Agent is hereby specifically and irrevocably authorized to withdraw funds from the Operating Account or any other account (other than an escrow, trust or deposit account) of the Seller in an amount equal to the sum of the Xxxxxxxxxx Repurchase Prices of all Purchased Loans that are Past Due, plus accrued, unpaid Price Differential or fees, plus Margin Deficit (if applicable), on that day and cause application of such funds withdrawn to the payment of the Repurchase Prices of such Purchased Loans, Price Differential or fees, and Margin Deficit (if applicable) in such order and manner as the Buyer Agent may elect and, if funds in the Operating Account or such any other accounts account of the Seller are insufficient to pay the Repurchase Prices of all such Purchased Loansamounts, the Seller shall pay the amount due hereunder on demand by wire to the Repurchase Settlement Account. As long as no Default or Event of Default has occurred and is continuing, or thereafter with the Buyer consent of the Required Buyers, the Agent shall, at the written request of the Seller, cause any amount deposited in the Repurchase Settlement Account in excess of amounts required hereunder to be transferred to the Operating Account.

Withdrawals from and Credits to Operating Account. If the Seller fails for any reason to repurchase any one or more Purchased Loans on the relevant Repurchase Date, to pay any Price Differential or fees when due or to satisfy any Margin Call in the manner and by the time specified in Sections 3.4 3.4, 3.5, 5.3 and 3.66.1, the Buyer Agent is hereby specifically and irrevocably authorized to withdraw funds from the Operating Account or any other account (other than an escrow, trust or deposit account) of the Seller in an amount equal to the sum of the Xxxxxxxxxx Repurchase Prices of all Purchased Loans that are Past Due, plus accrued, unpaid Price Differential or fees, plus Margin Deficit (if applicable), on that day and cause application of such funds withdrawn to the payment of the Repurchase Prices of such Purchased Loans, Price Differential or fees, and Margin Deficit (if applicable) in such order and manner as the Buyer Agent may elect and, and if funds in the Operating Account or such any other accounts account of the Seller are insufficient to pay the Repurchase Prices of all such Purchased Loans, the Seller shall pay the amount due hereunder on demand by wire to the Repurchase Settlement Account. As long as no Default or Event of Default has occurred and is continuing, or thereafter with the Buyer consent of the Required Buyers, the Agent shall, at the written request of the Seller, cause any amount deposited in the Repurchase Settlement Account in excess of amounts required hereunder to be transferred to the Operating Account.

Withdrawals from and Credits to Operating Account. If the Seller fails for any reason to repurchase any one or more Purchased Loans on the relevant Repurchase Date, to pay any Price Differential or fees when due or to satisfy any Margin Call in the manner and by the time specified in Sections 3.4 3.3 and 3.63.4, the Buyer Agent is hereby specifically and irrevocably authorized to withdraw funds from the Operating Account or any other account (other than an escrow, trust or deposit account) of the Seller in an amount equal to the sum of the Xxxxxxxxxx Repurchase Prices of all Purchased Loans that are Past Due, plus accrued, unpaid Price Differential or fees, plus Margin Deficit (if applicable), on that day and cause application of such funds withdrawn to the payment of the Repurchase Prices of such Purchased Loans, Price Differential or fees, and Margin Deficit (if applicable) in such order and manner as the Buyer Agent may elect and, if funds in the Operating Account or such any other accounts account of the Seller are insufficient to pay the Repurchase Prices of all such Purchased Loansamounts, the Seller shall pay the amount due hereunder on demand by wire to the Repurchase Settlement Account. As long as no Default or The Operating Account shall be subject to setoff by the Agent for Pro Rata distribution to the Buyers and, upon the occurrence and during the continuance of an Event of Default has occurred and is continuingDefault, the Buyer shall, at the written request of Agent may also terminate the Seller’s right to withdraw, cause any amount deposited or direct the payment of funds in the Settlement Operating Account until the Obligations (other than (a) contingent reimbursement and indemnification obligations as to which no claim has been asserted and (b) Obligations related to any Products or any Hedge Agreements) have been paid in excess of amounts required hereunder to be transferred to the Operating Accountfull. 3.6. [Reserved]. 3.7.

Withdrawals from and Credits to Operating Account. If the Seller fails for any reason to repurchase any one or more Purchased Loans on the relevant Repurchase Date, to pay any Price Differential or fees when due or to satisfy any Margin Call in the manner and by the time specified in Sections 3.4 and 3.63.5, the Buyer Agent is hereby specifically and irrevocably authorized to withdraw funds from the Operating Account or any other account (other than an escrow, trust or deposit account) of the Seller in an amount equal to the sum of the Xxxxxxxxxx Repurchase Prices of all Purchased Loans that are Past Due, plus accrued, unpaid Price Differential or fees, plus Margin Deficit (if applicable), on that day and cause application of such funds withdrawn to the payment of the Repurchase Prices of such Purchased Loans, Price Differential or fees, and Margin Deficit (if applicable) in such order and manner as the Buyer Agent may elect and, and if funds in the Operating Account or such any other accounts account of the Seller are insufficient to pay the Repurchase Prices of all such Purchased Loans, the Seller shall pay the amount due hereunder on demand by wire to the Repurchase Settlement Account. As long as no Default or Event of Default has occurred and is continuing, or thereafter with the Buyer consent of the Required Buyers, the Agent shall, at the written request of the Seller, cause any amount deposited in the Repurchase Settlement Account in excess of amounts required hereunder to be transferred to the Operating Account.