Common use of Administration of Buydown Funds Clause in Contracts

Administration of Buydown Funds. The Buydown Account established and maintained by the Master Servicer with respect to each Buydown Mortgage Loan shall be an Eligible Account. Upon receipt from the Mortgagor of the amount due on a Due Date for each Buydown Mortgage Loan, the Master Servicer will withdraw from the related Buydown Account the predetermined amount that, when added to the amount due on such date from the Mortgagor, equals the Monthly Payment and will deposit that amount together with the related payment made by the Mortgagor in the Collection Account. The Buydown Account shall not be an asset of any REMIC and for federal income tax purposes shall be owned by the Master Servicer. If any Mortgagor on a Buydown Mortgage Loan prepays such Mortgage Loan in its entirety during the Buydown Period, when Buydown Funds are required to be applied to such Buydown Mortgage Loan, the Master Servicer will withdraw from the related Buydown Account and remit to such Mortgagor or any other Person in accordance with the related Buydown Agreement any Buydown Funds remaining in the Buydown Account. If a Principal Prepayment by a Mortgagor during the Buydown Period, together with any Buydown Funds in the related Buydown Account, will result in a Principal Prepayment in Full, the Master Servicer will withdraw from the related Buydown Account for deposit in the Collection Account the Buydown Funds, which together with such Principal Prepayment, will result in a Principal Prepayment in Full. If a Mortgagor defaults during the Buydown Period with respect to a Buydown Mortgage Loan and the Mortgaged Property is sold at foreclosure or title thereto is acquired on behalf of the Certificateholders, the Master Servicer will withdraw from the Buydown Account the Buydown Funds (which shall thereupon constitute “Liquidation Proceeds” for purposes of this Agreement) for deposit in the Collection Account.

Administration of Buydown Funds. The Buydown Account established and maintained by the Master Servicer with respect to each Buydown Mortgage Loan shall be an Eligible Account. Upon receipt from the Mortgagor of the amount due on a Due Date for each Buydown Mortgage Loan, the Master Servicer will withdraw from the related Buydown Account the predetermined amount that, when added to the amount due on such date from the Mortgagor, equals the Monthly Payment and will deposit that amount together with the related payment made by the Mortgagor in the Collection Account. The Buydown Account shall not be an asset of any REMIC and for federal income tax purposes shall be owned by the Master Servicer. If any Mortgagor on a Buydown Mortgage Loan prepays such Mortgage Loan in its entirety during the Buydown Period, when Buydown Funds are required to be applied to such Buydown Mortgage Loan, the Master Servicer will withdraw from the related Buydown Account and remit to such Mortgagor or any other Person in accordance with the related Buydown Agreement any Buydown Funds remaining in the Buydown Account. If a Principal Prepayment by a Mortgagor during the Buydown Period, together with any Buydown Funds in the related Buydown Account, will result in a Principal Prepayment in Full, the Master Servicer will withdraw from the related Buydown Account for deposit in the Collection Account the Buydown Funds, which together with such Principal Prepayment, will result in a Principal Prepayment in Full. If a Mortgagor defaults during the Buydown Period with respect to a Buydown Mortgage Loan and the Mortgaged Property is sold at foreclosure or title thereto is acquired on behalf of the Certificateholders, the Master Servicer will withdraw from the Buydown Account the Buydown Funds (which shall thereupon constitute “"Liquidation Proceeds” " for purposes of this Agreement) for deposit in the Collection Account.

Administration of Buydown Funds. The Buydown Account established and maintained by the Master Servicer with respect to each Buydown Mortgage Loan shall be an Eligible Account. Upon receipt from the Mortgagor of the amount due on a Due Date for each Buydown Mortgage Loan, the Master Servicer will withdraw from the related Buydown Account the predetermined amount that, when added to the amount due on such date from the Mortgagor, equals the Monthly Payment and will deposit that amount together with the related payment made by the Mortgagor in the Collection Account. The Buydown Account shall not be an asset of any REMIC and for federal income tax purposes shall be owned by the Master Servicer or the applicable Sub-Servicer. If any Mortgagor on a Buydown Mortgage Loan prepays such Mortgage Loan in its entirety during the Buydown Period, when Buydown Funds are required to be applied to such Buydown Mortgage Loan, the Master Servicer will withdraw from the related Buydown Account and remit to such Mortgagor or any other Person in accordance with the related Buydown Agreement any Buydown Funds remaining in the Buydown Account. If a Principal Prepayment by a Mortgagor during the Buydown Period, together with any Buydown Funds in the related Buydown Account, will result in a Principal Prepayment in Fullfull, the Master Servicer will withdraw from the related Buydown Account for deposit in the Collection Account the Buydown Funds, which together with such Principal Prepayment, will result in a Principal Prepayment in Full. If a Mortgagor defaults during the Buydown Period with respect to a Buydown Mortgage Loan and the Mortgaged Property is sold at foreclosure or title thereto is acquired on behalf of the Certificateholders, the Master Servicer will withdraw from the Buydown Account the Buydown Funds (which shall thereupon constitute “Liquidation Proceeds” for purposes of this Agreement) for deposit in the Collection Account.

Administration of Buydown Funds. The Buydown Account established and maintained by the Master Servicer with respect to each Buydown Mortgage Loan shall be an a non-interest bearing Eligible Account. Upon receipt from the Mortgagor of the amount due on a Due Date for each Buydown Mortgage Loan, the Master Servicer will withdraw from the related Buydown Account the predetermined amount that, when added to the amount due on such date from the Mortgagor, equals the Monthly Payment and will deposit that amount together with the related payment made by the Mortgagor in the Collection Account. The Buydown Account shall not be an asset of any REMIC and for federal income tax purposes shall be owned by the Master Servicer. If any Mortgagor on a Buydown Mortgage Loan prepays such Mortgage Loan in its entirety during the Buydown Period, when Buydown Funds are required to be applied to such Buydown Mortgage Loan, the Master Servicer will withdraw from the related Buydown Account and remit to such Mortgagor or any other Person in accordance with the related Buydown Agreement any Buydown Funds remaining in the Buydown Account. If a Principal Prepayment by a Mortgagor during the Buydown Period, together with any Buydown Funds in the related Buydown Account, will result in a Principal Prepayment in Fullfull, the Master Servicer will withdraw from the related Buydown Account for deposit in the Collection Account the Buydown Funds, which together with such Principal Prepayment, will result in a Principal Prepayment in Fullfull. If a Mortgagor defaults during the Buydown Period with respect to a Buydown Mortgage Loan and the Mortgaged Property is sold at foreclosure or title thereto is acquired on behalf of the Certificateholders, the Master Servicer will withdraw from the Buydown Account the Buydown Funds (which shall thereupon constitute “"Liquidation Proceeds” " for purposes of this Agreement) for deposit in the Collection Account.

Administration of Buydown Funds. The Buydown Account established and maintained by the Master Servicer with respect to each Buydown Mortgage Loan shall be an Eligible Account. Upon receipt from the Mortgagor of the amount due on a Due Date for each Buydown Mortgage Loan, the Master Servicer will withdraw from the related Buydown Account the predetermined amount that, when added to the amount due on such date from the Mortgagor, equals the Monthly Payment and will deposit that amount together with the related payment made by the Mortgagor in the Collection Account. The Buydown Account shall not be an asset of any REMIC and for federal income tax purposes shall be owned by the [Master Servicer]. If any Mortgagor on a Buydown Mortgage Loan prepays such Mortgage Loan in its entirety during the Buydown Period, when Buydown Funds are required to be applied to such Buydown Mortgage Loan, the Master Servicer will withdraw from the related Buydown Account and remit to such Mortgagor or any other Person in accordance with the related Buydown Agreement any Buydown Funds remaining in the Buydown Account. If a Principal Prepayment by a Mortgagor during the Buydown Period, together with any Buydown Funds in the related Buydown Account, will result in a Principal Prepayment in Fullfull, the Master Servicer will withdraw from the related Buydown Account for deposit in the Collection Account the Buydown Funds, which together with such Principal Prepayment, will result in a Principal Prepayment in Full. If a Mortgagor defaults during the Buydown Period with respect to a Buydown Mortgage Loan and the Mortgaged Property is sold at foreclosure or title thereto is acquired on behalf of the Certificateholders, the Master Servicer will withdraw from the Buydown Account the Buydown Funds (which shall thereupon constitute “Liquidation Proceeds” for purposes of this Agreement) for deposit in the Collection Account.

Administration of Buydown Funds. The Buydown Account established and maintained by the Master Servicer with respect to each Buydown Mortgage Loan shall be an a non-interest bearing Eligible Account. Upon receipt from the Mortgagor of the amount due on a Due Date for each Buydown Mortgage Loan, the Master Servicer will withdraw from the related Buydown Account the predetermined amount that, when added to the amount due on such date from the Mortgagor, equals the Monthly Payment and will deposit that amount together with the related payment made by the Mortgagor in the Collection Account. The Buydown Account shall not be an asset of any REMIC and for federal income tax purposes shall be owned by the Master Servicer. 82 If any Mortgagor on a Buydown Mortgage Loan prepays such Mortgage Loan in its entirety during the Buydown Period, when Buydown Funds are required to be applied to such Buydown Mortgage Loan, the Master Servicer will withdraw from the related Buydown Account and remit to such Mortgagor or any other Person in accordance with the related Buydown Agreement any Buydown Funds remaining in the Buydown Account. If a Principal Prepayment by a Mortgagor during the Buydown Period, together with any Buydown Funds in the related Buydown Account, will result in a Principal Prepayment in Full, the Master Servicer will withdraw from the related Buydown Account for deposit in the Collection Account the Buydown Funds, which together with such Principal Prepayment, will result in a Principal Prepayment in Full. If a Mortgagor defaults during the Buydown Period with respect to a Buydown Mortgage Loan and the Mortgaged Property is sold at foreclosure or title thereto is acquired on behalf of the Certificateholders, the Master Servicer will withdraw from the Buydown Account the Buydown Funds (which shall thereupon constitute “"Liquidation Proceeds” " for purposes of this Agreement) for deposit in the Collection Account.

Administration of Buydown Funds. The Buydown Account established and maintained by the Master Servicer with With respect to each Buydown Mortgage Loan included in the Trust Fund, the related Servicer shall be deposit Buydown Funds in an Eligible account that satisfies the requirements for a Servicing Account (the "Buydown Account"). Upon receipt from the Mortgagor of the amount due on a Due Date for On each Servicer Remittance Date, such Servicer will, as to each Buydown Mortgage LoanLoan serviced by it, the Master Servicer will withdraw from the related Buydown Account the predetermined in an amount equal to an aggregate amount of payments that, when added added, as required by such buydown plan, to the amount required to be paid by the related mortgagor on each Due Date in accordance with such buydown plan, is equal to the full monthly payment due on such date from the Mortgagor, equals the Monthly Payment Due Date and will deposit that amount together in the Certificate Account for distribution in accordance with the related payment made by the Mortgagor in the Collection Account. The Buydown Account shall not be an asset provisions of any REMIC Section 3.08 and for federal income tax purposes shall be owned by the Master ServicerSection 3.12. If any the Mortgagor on a Buydown Mortgage Loan prepays such Mortgage Loan loan in its entirety during the period (the "Buydown Period, ") when Buydown Funds are required to be applied to such Buydown Mortgage Loan, the Master Servicer will shall withdraw from the related Buydown Account and remit to such Mortgagor or any other Person the Master Servicer for deposit in accordance with the related Buydown Agreement any Certificate Account the Buydown Funds remaining in the Buydown AccountAccount for distribution in accordance with the provisions of Section 3.08 and Section 3.12. If the Mortgagor on a Principal Prepayment by a Mortgagor during the Buydown Period, together with any Buydown Funds in the related Buydown Account, will result in a Principal Prepayment in Full, the Master Servicer will withdraw from the related Buydown Account for deposit in the Collection Account the Buydown Funds, which together with Mortgage Loan defaults on such Principal Prepayment, will result in a Principal Prepayment in Full. If a Mortgagor defaults loan during the Buydown Period with respect to a and the property securing such Buydown Mortgage Loan and the Mortgaged Property is sold at foreclosure or title thereto is acquired on behalf of in the Certificateholdersliquidation thereof (either by the Master Servicer, the Master Pool Insurer or the insurer under any related Primary Mortgage Insurance Policy), the Servicer will shall withdraw from the Buydown Account and remit to the Master Servicer or deposit in the Certificate Account or, if so instructed by the Master Servicer pay to (i) the Pool Insurer if the Mortgaged Property has been transferred to the Pool Insurer pursuant to the Pool Insurance Policy and 100% of the related claim under the Pool Insurance Policy is paid or (ii) the insurer under any related Primary Mortgage 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, the Buydown Funds (which shall thereupon constitute “Liquidation Proceeds” for such Buydown Mortgage Loan still held in the Buydown Account. Any amount remitted pursuant to the preceding sentence will reduce the amount owed on the Mortgage Loan for purposes of this Agreement) for deposit in the Collection Accountcalculating Liquidation Proceeds.

Administration of Buydown Funds. The Buydown Account established and maintained by the Master Servicer with With respect to each Buydown Mortgage Loan shall be an Eligible Account. Upon receipt from the Mortgagor of the amount due on a Due Date for each any Buydown Mortgage Loan, the Master Servicer will withdraw from the related account that satisfies the requirements for a Subservicing Account (the "Buydown Account Account") the predetermined amount that, when added to the amount due on such date from the Mortgagor, equals the full Monthly Payment and will deposit that amount in the Custodial Account together with the related payment made by the Mortgagor in the Collection Account. The Buydown Account shall not be an asset of any REMIC and for federal income tax purposes shall be owned or advanced by the Master ServicerSubservicer. If any the Mortgagor on a Buydown Mortgage Loan prepays such Mortgage Loan loan in its entirety during the period (the "Buydown Period, ") when Buydown Funds are required to be applied to such Buydown Mortgage Loan, the Master Servicer will shall withdraw from the related Buydown Account and remit to such Mortgagor or any other Person in accordance with the related Buydown Agreement any Buydown Funds remaining in the Buydown AccountAccount 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 Principal Prepayment by a Mortgagor during the Buydown Period, together with any Buydown Funds in the related Buydown Account, will result in a Principal Prepayment in Full, the Master Servicer will withdraw from the related Buydown Account for deposit in the Collection Account the Buydown Funds, which together with Mortgage Loan defaults on such Principal Prepayment, will result in a Principal Prepayment in Full. If a Mortgagor defaults Mortgage Loan during the Buydown Period with respect to a and the property securing such Buydown Mortgage Loan and the Mortgaged Property is sold at foreclosure in the liquidation thereof (either by the Servicer or title thereto is acquired on behalf of the Certificateholdersinsurer under any related Primary Insurance Policy), the Master Servicer will shall withdraw from the Buydown Account the Buydown Funds (which shall thereupon constitute “Liquidation Proceeds” for purposes of this Agreement) for deposit such Buydown Mortgage Loan still held in the Collection AccountBuydown Account and deposit the same in the Custodial Account or, 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. The Buydown Account established and maintained by the Master Servicer with respect to each Buydown Mortgage Loan shall be an Eligible Account. Upon receipt from the Mortgagor of the amount due on a Due Date for each Buydown Mortgage Loan, the Master Servicer will withdraw from the related Buydown Account the predetermined amount that, when added to the amount due on such date from the Mortgagor, equals the Monthly Payment and will deposit that amount together with the related payment made by the Mortgagor in the Collection Account. The Buydown Account shall not be an asset of any the REMIC and for federal income tax purposes shall be owned by the Master Servicer. If any Mortgagor on a Buydown Mortgage Loan prepays such Mortgage Loan in its entirety during the Buydown Period, when Buydown Funds are required to be applied to such Buydown Mortgage Loan, the Master Servicer will withdraw from the related Buydown Account and remit to such Mortgagor or any other Person in accordance with the related Buydown Agreement any Buydown Funds remaining in the Buydown Account. If a Principal Prepayment by a Mortgagor during the Buydown Period, together with any Buydown Funds in the related Buydown Account, will result in a Principal Prepayment in Full, the Master Servicer will withdraw from the related Buydown Account for deposit in the Collection Account the Buydown Funds, which together with such Principal Prepayment, will result in a Principal Prepayment in Full. If a Mortgagor defaults during the Buydown Period with respect to a Buydown Mortgage Loan and the Mortgaged Property is sold at foreclosure or title thereto is acquired on behalf of the Certificateholders, the Master Servicer will withdraw from the Buydown Account the Buydown Funds (which shall thereupon constitute “"Liquidation Proceeds” " for purposes of this Agreement) for deposit in the Collection Account.

Administration of Buydown Funds. The Buydown Account established and maintained by the Master Servicer with respect to each Buydown Mortgage Loan shall be an Eligible Account. Upon receipt from the Mortgagor of the amount due on a Due Date for each Buydown Mortgage Loan, the Master Servicer will withdraw from the related Buydown Account the predetermined amount that, when added to the amount due on such date from the Mortgagor, equals the Monthly Payment and will deposit that amount together with the related payment made by the Mortgagor in the Collection Account. The Buydown Account shall not be an asset of any the REMIC and for federal income tax purposes shall be owned by the Master Servicer. If any Mortgagor on a Buydown Mortgage Loan prepays such Mortgage Loan in its entirety during the Buydown Period, when Buydown Funds are required to be applied to such Buydown Mortgage Loan, the Master Servicer will withdraw from the related Buydown Account and remit to such Mortgagor or any other Person in accordance with the related Buydown Agreement any Buydown Funds remaining in the Buydown Account. If a Principal Prepayment by a Mortgagor during the Buydown Period, together with any Buydown Funds in the related Buydown Account, will result in a Principal Prepayment in Full, the Master Servicer will withdraw from the related Buydown Account for deposit in the Collection Account the Buydown Funds, which together with such Principal Prepayment, will result in a Principal Prepayment in Full. If a Mortgagor defaults during the Buydown Period with respect to a Buydown Mortgage Loan and the Mortgaged Property is sold at foreclosure or title thereto is acquired on behalf of the Certificateholders, the Master Servicer will withdraw from the Buydown Account the Buydown Funds (which shall thereupon constitute “Liquidation Proceeds” for purposes of this Agreement) for deposit in the Collection Account.

Administration of Buydown Funds. The Buydown Account established and maintained by the Master Servicer with With respect to each Buydown Mortgage Loan Contract included in the Trust Fund, the related Servicer shall be deposit Buydown Funds in an Eligible account that satisfies the requirements for a Servicing Account (the "Buydown Account"). Upon receipt from the Mortgagor of the amount due on a Due Date for On each Servicer Remittance Date, such Servicer will, as to each Buydown Mortgage LoanContract serviced by it, the Master Servicer will withdraw from the related Buydown Account the predetermined in an amount equal to an aggregate amount of payments that, when added added, as required by such buydown plan, to the amount required to be paid by the related obligor on each Due Date in accordance with such related obligor on each Due Date in accordance with such buydown plan, is equal to the full monthly payment due on such date from the Mortgagor, equals the Monthly Payment Due Date and will deposit that amount together in the Certificate Account, for distribution in accordance with the related payment made by the Mortgagor in the Collection Account. The Buydown Account shall not be an asset provisions of any REMIC Section 3.08 and for federal income tax purposes shall be owned by the Master ServicerSection 3.12. If any Mortgagor the Obligor on a Buydown Mortgage Loan Contract prepays such Mortgage Loan loan in its entirety during the period (the "Buydown Period, ") when Buydown Funds are required to be applied to such Buydown Mortgage LoanContract, the Master Servicer will shall withdraw from the related Buydown Account and remit to such Mortgagor or any other Person the Master Servicer for deposit in accordance with the related Buydown Agreement any Certificate Account the Buydown Funds such Buydown Contract remaining in the Buydown Account, for distribution in accordance with the provisions of Section 3.08 and Section 3.12. If the Mortgagor on a Principal Prepayment by a Mortgagor during the Buydown Period, together with any Buydown Funds in the related Buydown Account, will result in a Principal Prepayment in Full, the Master Servicer will withdraw from the related Buydown Account for deposit in the Collection Account the Buydown Funds, which together with Contract defaults on such Principal Prepayment, will result in a Principal Prepayment in Full. If a Mortgagor defaults loan during the Buydown Period with respect to a Buydown Mortgage Loan and the Mortgaged Property property securing such Buydown Contract is sold at foreclosure or title thereto is acquired on behalf of in the Certificateholdersliquidation thereof (either by the Master Servicer, the Master Pool Insurer or the insurer under any related Primary Credit Insurance Policy), the Servicer will shall withdraw from the Buydown Account and remit to the Master Servicer or deposit in the Certificate Account or, if so instructed by the Master Servicer pay to (i) the Pool Insurer if the Manufactured Home has been transferred to the Pool Insurer pursuant to the Pool Insurance Policy and 100% of the related claim under the Pool Insurance Policy is paid or (ii) the insurer under any related Primary Credit Insurance Policy if the Manufactured Home is transferred to such insurer and such insurer pays all of the loss incurred in respect of such default, the Buydown Funds (which shall thereupon constitute “Liquidation Proceeds” for such Buydown Contract still held in the Buydown Account. Any amount remitted pursuant to the preceding sentence will reduce the amount owed on the Contract for purposes of this Agreement) for deposit in the Collection Accountcalculating Liquidation Proceeds.]