Common use of Administration of Buydown Funds Clause in Contracts

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 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.the