Common use of After an Event of Default Clause in Contracts

After an Event of Default. If either an Event of Default has occurred and is continuing, or if Buyer is required to do so pursuant to priority seventh in Section 5.02, all Income deposited into the Waterfall Account in respect of the Purchased Assets shall be applied by Waterfall Account Bank, on the Business Day next following the Business Day on which each amount of Income is so deposited, 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 date;

After an Event of Default. If either an Event of Default has occurred and is continuing, or if Buyer is required to do so pursuant to priority seventh in Section 5.02, all Income deposited into the Waterfall Account in respect of the Purchased Assets shall be applied by Waterfall Deposit Account Bank, on the Business Day next following the Business Day on which each amount of Income is so deposited, 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 date;