Administration of Buydown Funds. (a) With respect to any Buydown Mortgage Loan, the 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 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 Sub-Servicer 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.
Appears in 9 contracts
Samples: Pooling and Servicing Agreement (Impac Secured Assets Corp), Pooling and Servicing Agreement (Impac Secured Assets Corp), Pooling and Servicing Agreement (Impac Secured Assets Corp)
Administration of Buydown Funds. (a) With respect to any Buydown Mortgage Loan, the 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 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 Sub-Servicer 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-ServicerServ.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Impac Secured Assets Corp)
Administration of Buydown Funds. (a) With respect to any Buydown Mortgage Loan, the 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 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 Sub-Servicer 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.Servi
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Impac Secured Assets Corp)
