Common use of Buydown Amount Clause in Contracts

Buydown Amount. The Buydown Amount shall be held as unsegregated cash margin and collateral for all Obligations under this Agreement. Without limiting the generality of the foregoing, in the event that a Margin Call or other Default or an Event of Default exists, the Buyer shall be entitled to use any or all of the Buydown Amount and to withdraw such amount from the Operating Account in Buyer’s sole discretion to cure such circumstance or otherwise exercise remedies available to the Buyer without prior notice to, or consent from, Seller. Regardless of whether a Margin Call or other Default or an Event of Default exists, Buyer also may withdraw interest paid to the Operating Account in its discretion from time to time, and without prior notice to or consent from the Seller, as a full or partial off-set to Seller’s obligation hereunder to pay the Price Differential. Within [***] receipt of written request from Seller, and provided no Margin Call or other Default or an Event of Default exists, Buyer shall (x) withdraw any portion of such Buydown Amount from the Operating Account and promptly remit such amount back to Seller and (y) implement the applicable changes to the Purchase Price Percentages set forth on Schedule 1-A or Schedule 1-B to the Pricing Letter. Seller shall not be permitted to make a deposit or withdraw from the Operating Account which would result in more than one (1) change per week to the Purchase Price Percentages set forth on Schedule 1-A and Schedule 1-B to the Pricing Letter. 2.3 adding the following new clause at the end thereof:

Buydown Amount. The Buydown Amount shall be held as unsegregated cash margin and collateral for all Obligations under this Agreement. Without limiting the generality of the foregoing, in the event that a Margin Call or other Default or an Event of Default exists, the Buyer shall be entitled to use any or all of the Buydown Amount and to withdraw such amount from the Operating Account in Buyer’s sole discretion to cure such circumstance or otherwise exercise remedies available to the Buyer without prior notice to, or consent from, Seller. Regardless of whether a Margin Call or other Default or an Event of Default exists, Buyer also may withdraw interest paid to the Operating Account in its discretion from time to time, and without prior notice to or consent from the Seller, as a full or partial off-set to Seller’s obligation hereunder to pay the Price Differential, Repurchase Price or other amounts due hereunder when due. If the Buyer withdraws any such interest paid to the Operating Account after the occurrence and during the continuance of an Event of Default, Buyer shall promptly give Seller written notice following any such withdrawal. If the Buyer withdraws any such interest paid to the Operating Account at any time when no Event of Default has occurred and is continuing, Buyer shall give Seller advance written notice of any such withdrawal. Within [***] two (2) Business Days’ receipt of written request from Seller, and provided no Margin Call or other Default or an Event of Default exists, Buyer shall (x) withdraw any portion of such Buydown Amount from the Operating Account and promptly remit such amount back to Seller and (y) implement Seller; provided that in the applicable changes event any request to the Purchase Price Percentages set forth on Schedule 1-A or Schedule 1-B to the Pricing Letter. Seller shall not be permitted to make a deposit or withdraw from funds would result in amounts in the Operating Account which would result in more to be less than one (1) change per week to the Purchase Price Percentages set forth on Schedule 1-A and Schedule 1-B to the Pricing LetterMinimum Balance Requirement, Seller shall provide Buyer with [***] days prior written notice of such request. 2.3 adding the following new clause at the end thereof: