Buydown Period definition

Buydown Period. The period of time when a Buydown Agreement is in effect with respect to a related Buydown Mortgage Loan.
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Buydown Period. As defined in Section 3.21(b).
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Buydown Period. The period during which Buydown Funds are required to be applied to the related Buydown Mortgage Loans as provided in Section 3.25.
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Examples of Buydown Period in a sentence

  • If a Mortgagor on a Buydown Mortgage Loan prepays such Mortgage Loan in its entirety during the related Buydown Period, the Company shall be required to withdraw from the Escrow Account any Buydown Funds remaining in the Escrow Account with respect to such Buydown Mortgage Loan in accordance with the related Buydown Agreement.

  • The effective interest rate of a Buydown Mortgage Loan if less than the interest rate set forth in the related Mortgage Note will increase within the Buydown Period as provided in the related Buydown Agreement so that the effective interest rate will be equal to the interest rate as set forth in the related Mortgage Note.

  • If a Mortgagor on a Buydown Mortgage Loan prepays such Mortgage Loan in it entirety during the related Buydown Period, the Company shall be required to withdraw from the Escrow Account any Buydown Funds remaining in the Escrow Account with respect to such Buydown Mortgage Loan in accordance with the related Buydown Agreement.

  • If a Buydown Mortgage Loan is the subject of a Principal Prepayment in full during the related Buydown Period, the related Buydown Funds will be applied or returned to the Person entitled thereto in accordance with the terms of such Buydown Mortgage Loan.

  • 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 Mortgagor on a Buydown Mortgage Loan prepays such Mortgage Loan in its entirety during the related Buydown Period, the Servicer shall be required to withdraw from the Escrow Account any Buydown Funds remaining in the Escrow Account with respect to such Buydown Mortgage Loan in accordance with the related Buydown Agreement.

  • 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.

  • If a Mortgagor on a Buydown Mortgage Loan prepays such Mortgage Loan in its entirety during the related Buydown Period, the Company shall distribute to the Owner, on the Remittance Date occurring in the calendar month immediately following the date on which such prepayment is received, any Buydown Funds related to such Buydown Mortgage Loan then remaining in the Custodial Account.

  • 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.


More Definitions of Buydown Period

Buydown Period. The period of time when a Buydown Agreement is in effect with respect to a related Buydown Mortgage Loan. Closing Date: March 26, 2003. Code: The Internal Revenue Code of 1986, as it may be amended from time to time or any successor statute thereto, and applicable U.S. Department of the Treasury regulations issued pursuant thereto. Company: ▇▇▇▇▇ Fargo Home Mortgage, Inc., or its successor in interest or assigns, or any successor to the Company under this Agreement appointed as herein provided.
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Buydown Period. The period of time when a Buydown Agreement is in effect with respect to a related Buydown Mortgage Loan. Closing Date: The date or dates on which the Purchaser from time to time shall purchase and the Company from time to time shall sell the Mortgage Loans listed on the related Mortgage Loan Schedule with respect to the related Mortgage Loan Package. Code: The Internal Revenue Code of 1986, as it may be amended from time to time or any successor statute thereto, and applicable U.S. Department of the Treasury regulations issued pursuant thereto. Commission: The United States Securities and Exchange Commission. Company: ▇▇▇▇▇ Fargo Bank, N.A., or its successor in interest or assigns, or any successor to the Company under this Agreement appointed as herein provided.
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Buydown Period. The period of time when a Buydown Agreement is in effect with respect to a related Buydown Mortgage Loan. CLOSING DATE: June 11, 2003.
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Buydown Period. The period of time when a Buydown Agreement is in effect with respect to a related Buydown Mortgage Loan. Closing Date: June 10, 2004 Code: The Internal Revenue Code of 1986, as it may be amended from time to time or any successor statute thereto, and applicable U.S. Department of the Treasury regulations issued pursuant thereto. Commitment Letter: That certain letter agreement dated April 29, 2004, between the Company and the Purchaser. Company: ▇▇▇▇▇ Fargo Bank, N.A., or its successor in interest or assigns, or any successor to the Company under this Agreement appointed as herein provided. Condemnation Proceeds: All awards or settlements in respect of a Mortgaged Property, whether permanent or temporary, partial or entire, by exercise of the power of eminent domain or condemnation, to the extent not required to be released to a Mortgagor in accordance with the terms of the related Mortgage Loan Documents.
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Buydown Period. The period of time when a Buydown Agreement is in effect with respect to a related Buydown Mortgage Loan, as specified on the Mortgage Loan Schedule. Closing Date: July 18, 2011, or such other date as mutually agreed upon by the parties hereto, on which the Purchaser will purchase and the Seller will sell the Mortgage Loans. CLTV: Combined Loan-to-Value Ratio.
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Buydown Period. The period during which Buydown Funds are required to be applied to the related Buydown Mortgage Loan. Certificates: Any or all of the Certificates issued pursuant to the Trust Agreement.
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Related to Buydown Period

  • Wind-Down Period has the meaning set forth in Section 10.6(c).

  • Drawdown Period means, in relation to an Advance, the period commencing on the date of this Agreement and ending on the relevant Termination Date or the period ending on such earlier date (if any) on which (a) the aggregate amount of all Advances is equal to the Commitment or (b) the Commitment is reduced to zero pursuant to clauses 4.3, 10.2 or 12 or (c) Delivery of the Ship relevant to such Advance occurs;

  • Buydown means an arrangement or arrangements involving the

  • Loan Period means with respect to any LIBOR Rate Loan, the period commencing on such LIBOR Rate Loan’s Funding Date, the date of the Conversion of any Base Rate Loan into such LIBOR Rate Loan or the date of the Continuation of such LIBOR Rate Loan for a new Loan Period and ending 1, 2, 3 or 6 months thereafter as selected by the Borrower pursuant to Section 2.2(a); provided, however, that:

  • Remaining Amortization Period means, at any point in time, the number of consecutive calendar months equal to the number of months in the Amortization Period minus the number of scheduled monthly installments of principal and interest that have elapsed since the date of this Note.