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.
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. 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. (See Section 3.21 of the Standard Terms)
Administration of Buydown Funds. Section 3.26 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 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.
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 Master Servicer, in either case 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 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 of such Buydown Mortgage Loan 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 of such Buydown Mortgage Loan 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 applicable Custodial Account in accordance with the terms hereof or transmit that amount in accordance with the terms of the Subservicing Agreement to such Master Servicer, in either case together with the related payment made by the Mortgagor or advanced by the Subservicer.
