APPLICATION OF FUNDS IN EVENT OF DEFAULT. (a) Upon the occurrence and continuation of an Event of Default, the Special Servicer shall deposit, or cause to be deposited, in the applicable REO Property Account within one (1) Business Day after receipt all revenues received from any Foreclosed Collateral and all other amounts received by the Special Servicer or Servicer with respect to the Security Documents and the Underlying Collateral. All funds in the REO Property Account, in excess of the amount that, in the reasonable judgment of the Special Servicer, will be required to defray costs relating to the Foreclosed Collateral which this Indenture contemplates are payable from the REO Property Account, shall be remitted to the Collection Account at or before 3:00 p.m. (New York time) two Business Days prior to each Payment Date.
Appears in 4 contracts
Samples: Indenture and Servicing Agreement (Gotham Golf Corp), Indenture and Servicing Agreement (Gotham Golf Corp), Indenture and Servicing Agreement (Gotham Golf Corp)
