Administration of Buydown Funds Sample Clauses
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Administration of Buydown Funds. (a) With respect to any Buydown Mortgage Loan, the Subservicer has deposited Buydown Funds in an account that satisfies the requirements for a Subservicing Account (the "Buydown Account"). The Master Servicer shall cause the Subservicing Agreement to require that upon receipt from the Mortgagor of the amount due on a Due Date for each Buydown Mortgage Loan, the Subservicer will withdraw from the Buydown Account the predetermined amount that, when added to the amount due on such date from the Mortgagor, equals the full Monthly Payment and transmit that amount in accordance with the terms of the Subservicing Agreement to the Master Servicer together with the related payment made by the Mortgagor or advanced by the Subservicer.
(b) If the Mortgagor on a Buydown Mortgage Loan prepays such loan in its entirety during the period (the "Buydown Period") when Buydown Funds are required to be applied to such Buydown Mortgage Loan, the Subservicer shall be required to withdraw from the Buydown Account and remit any Buydown Funds remaining in the Buydown Account in accordance with the related buydown agreement. The amount of Buydown Funds which may be remitted in accordance with the related buydown agreement may reduce the amount required to be paid by the Mortgagor to fully prepay the related Mortgage Loan. If the Mortgagor on a Buydown Mortgage Loan defaults on such Mortgage Loan during the Buydown Period and the property securing such Buydown Mortgage Loan is sold in the liquidation thereof (either by the Master Servicer or the insurer under any related Primary Insurance Policy), the Subservicer shall be required to withdraw from the Buydown Account the Buydown Funds for such Buydown Mortgage Loan still held in the Buydown Account and remit the same to the Master Servicer in accordance with the terms of the Subservicing Agreement for deposit in the Custodial Account or, if instructed by the Master Servicer, pay to the insurer under any related Primary Insurance Policy if the Mortgaged Property is transferred to such insurer and such insurer pays all of the loss incurred in respect of such default. Any amount so remitted pursuant to the preceding sentence will be deemed to reduce the amount owed on the Mortgage Loan.
Administration of Buydown Funds. (See Section 3.21 of the Standard Terms)
Administration of Buydown Funds. Obligations of the Master Servicer in Respect of Loan Rates and Monthly Payments.
Administration of Buydown Funds. (a) With respect to any Buydown Mortgage Loan, the Subservicer has deposited Buydown Funds in an account that satisfies the requirements for a Subservicing Account (the
Administration of Buydown Funds. 75 ARTICLE IV
Administration of Buydown Funds. (a) With respect to any Buydown Mortgage Loan, the Master Servicer or the related Subservicer has deposited Buydown Funds in an account that satisfies the requirements for a Custodial Account (the "Buydown Account"). Upon receipt from the Mortgagor of the amount due on a Due Date for each Buydown Mortgage Loan, the Master Servicer or the related Subservicer, as applicable, will withdraw from the Buydown Account the predetermined amount that, when added to the amount due on such date from the Mortgagor, equals the full Monthly Payment and deposit that amount in the Custodial Account in accordance with the terms hereof or transmit that amount in accordance with the terms of the Subservicing Agreement to the
Administration of Buydown Funds. Section 3.26 Obligations of the Master Servicer in Respect of Loan Rates and Monthly Payments.
ARTICLE IV PAYMENTS TO CERTIFICATEHOLDERS Section 4.01 Distribution Account; Distributions.
Administration of Buydown Funds. (a) With respect to any Buydown Mortgage Loan, the Servicer will withdraw from the account that satisfies the requirements for a Subservicing Account (the "Buydown Account") the predetermined amount that, when added to the amount due on such date from the Mortgagor, equals the full Monthly Payment and deposit that amount in the Custodial Account together with the related payment made by the Mortgagor or advanced by the Subservicer.
Administration of Buydown Funds. (a) With respect to any Buydown Mortgage Loan, the Master Servicer or the related Sub-Servicer has deposited Buydown Funds in an account that satisfies the requirements for a Sub-Servicing Account (the "Buydown Account"). The Master Servicer shall cause the related Sub-Servicing Agreement to require that upon receipt from the Mortgagor of the amount due on a Due Date for each Buydown Mortgage Loan, the Subservicer will withdraw from the Buydown Account the predetermined amount that, when added to the amount due on such date from the Mortgagor, equals the full Monthly Payment and transmit that amount in accordance with the terms of the Sub-Servicing Agreement to the Master Servicer together with the related payment made by the Mortgagor or advanced by the Sub-Servicer.