Before a Default or an Event of Default. If no Default or Event of Default exists, all Income described in Section 5.01 and deposited into the Waterfall Account during each Pricing Period shall be applied by Deposit Account Bank by no later than the next following Remittance Date in the following order of priority: first, to pay to Buyer an amount equal to the Price Differential accrued with respect to all Purchased Assets as of such Remittance Date;
Before a Default or an Event of Default. If no Default or Event of Default exists, all Income described in Section 5.01 and other amounts deposited into the Waterfall Account during each Pricing Period shall be applied by Deposit Account Bank on the next following Remittance Date in the following order of priority: first, to pay to Buyer an amount equal to the Price Differential accrued with respect to all Purchased Assets as of such Remittance Date; second, to pay to Buyer an amount equal to all default interest, late fees, fees, expenses and Indemnified Amounts then due and payable from Seller and other applicable Persons to Buyer under the Repurchase Documents; third, to pay to Buyer an amount sufficient to eliminate any outstanding Margin Call (without limiting Seller’s obligation to satisfy a Margin Call in a timely manner as required by Section 4.01); fourth, to pay any custodial fees and expenses due and payable under the Custodial Agreement; fifth, to pay to Buyer, the Applicable Percentage of any Principal Payments (to the extent actually deposited into the Waterfall Account); sixth, to pay to Buyer the Release Amount then due pursuant to Section 3.05, if any, which Release Amount shall be applied to reduce the then-current unpaid Purchase Prices of one or more of the remaining Purchased Assets, as Buyer shall determine in its discretion; seventh, to pay to Buyer any other amounts due and payable from Seller and other applicable Persons to Buyer under the Repurchase Documents; and -50- LEGAL02/38049601v7
Before a Default or an Event of Default. Prior to the Funding Expiration Date, if no Default or Event of Default exists, all Income described in Section 5.01 and deposited into the Waterfall Account during each Pricing Period shall be applied by Waterfall Account Bank by no later than the next following Remittance Date in the following order of priority: first, to pay to Buyer an amount equal to the Price Differential accrued with respect to all Purchased Assets as of such Remittance Date; second, to pay to Buyer an amount equal to all default interest, late fees, fees, expenses and Indemnified Amounts then due and payable from Seller and other applicable Persons to Buyer under the Repurchase Documents; third, to pay any custodial fees and expenses due and payable under the Custodial Agreement; fourth, to pay to Buyer an amount sufficient to eliminate any outstanding Margin Deficit (without limiting Seller’s obligation to satisfy a Margin Deficit in a timely manner as required by Section 4.01); fifth, to pay to Buyer any other amounts due and payable from Seller and other applicable Persons to Buyer under the Repurchase Documents; and sixth, to pay to Seller any remainder for its own account subject, however, to the covenants and other requirements of the Repurchase Documents.
Before a Default or an Event of Default. (a) If no Default or Event of Default exists, Buyer shall instruct the Account Bank to apply all Income deposited in the Waterfall Account during each Reporting Period on the next following Remittance Date in the following order of priority:
Before a Default or an Event of Default. If no Default or Event of Default exists, all Income described in Section 5.01 and deposited into the Securities Account during each Pricing Period shall be applied by Securities Account Bank by no later than the next following Remittance Date in the following order of priority: first, to pay any custodial fees, expenses and indemnities due and payable under the Custodial Agreement; second, pro rata, (i) to pay to Buyer an amount equal to the Price Differential accrued with respect to all Purchased Assets as of such Remittance Date and (ii) to pay to any Affiliated Hedge Counterparty an amount equal to all amounts (other than termination payments) payable with respect to each related Interest Rate Protection Agreement;
Before a Default or an Event of Default. If no Default or Event of Default exists, all Income described in Section 5.01 and deposited into the Waterfall Account during each Pricing Period shall be applied by Waterfall Account Bank by no later than the next following Remittance Date (except as set forth below) in the following order of priority: first, on a pari passu basis, (i) to pay to Buyer an amount equal to the Price Differential accrued with respect to all Purchased Assets as of such Remittance Date and (ii) to pay any Affiliated Hedge Counterparty an amount equal to all amounts payable with respect to each related Interest Rate Protection Agreement (other than termination payments);
Before a Default or an Event of Default. If no Default or Event of Default exists, all Income described in Section 5.01 and deposited into the REO Collection Account or the Waterfall Account during each Pricing Period shall be applied by Account Bank by no later than the next following Remittance Date as provided in clauses (a), (b), (c) and (d) below:
Before a Default or an Event of Default. If no Default or Event of Default exists, all Income described in Section 5.01 and other amounts deposited into the Waterfall Account during each Pricing Period shall be applied by Deposit Account Bank on the next following Remittance Date in the following order of priority: first, to pay to Buyer an amount equal to the Price Differential accrued with respect to all Purchased Assets as of such Remittance Date; second, to pay to Buyer an amount equal to all default interest, late fees, fees, expenses and Indemnified Amounts then due and payable from Seller and other applicable Persons to Buyer under the Repurchase Documents; third, to pay to Buyer an amount sufficient to eliminate any outstanding Margin Call (without limiting Seller’s obligation to satisfy a Margin Call in a timely manner as required by Section 4.01);
