Common use of Establishment of and Deposits to Buydown Account Clause in Contracts

Establishment of and Deposits to Buydown Account. (a) The Seller shall segregate and hold all Buydown Funds collected and received pursuant to the Buydown Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Buydown Accounts, in the form of time deposit or demand accounts, titled "Wachovia Mortgage Corporation, in trust for the Purchaser, its successors or assigns, and/or subsequent purchasers of Residential Mortgage Loans, and various Mortgagors." The Buydown Accounts shall be established with an Eligible Account, in a manner which shall provide maximum available insurance thereunder. Upon request of the Purchaser and within ten (10) days thereof, the Seller shall provide the Purchaser with written confirmation of the existence of such Buydown Account. Funds deposited in the Buydown Account may be drawn on by the Seller in accordance with this Section 4.15.

Establishment of and Deposits to Buydown Account. (a) The Seller Servicer shall segregate and hold all Buydown Funds collected and received pursuant to the Buydown Mortgage Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Buydown Accounts, in the form of time deposit or demand accounts, titled "Wachovia “Saxon Mortgage CorporationServices, Inc., in trust for the PurchaserOwner, its successors or assigns, and/or subsequent purchasers of Residential Mortgage Loans, and various Mortgagors." ” The Buydown Accounts shall be established with an Eligible Accounta Qualified Depository, in a manner which shall provide maximum available insurance thereunder. Upon request of the Purchaser Owner and within ten (10) days thereof, the Seller Servicer shall provide the Purchaser Owner with written confirmation of the existence of such Buydown Account. Funds deposited in the Buydown Account may be drawn on by the Seller Servicer in accordance with this Section 4.152.22.

Establishment of and Deposits to Buydown Account. (a) The Seller shall segregate and hold all Buydown Funds collected and received pursuant to the Buydown Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Buydown Accounts, in the form of time deposit or demand accounts, titled "“Wachovia Mortgage Corporation, in trust for the Purchaser, its successors or assigns, and/or subsequent purchasers of Residential Mortgage Loans, and various Mortgagors." ” The Buydown Accounts shall be established with an Eligible Account, in a manner which shall provide maximum available insurance thereunder. Upon request of the Purchaser and within ten (10) days thereof, the Seller shall provide the Purchaser with written confirmation of the existence of such Buydown Account. Funds deposited in the Buydown Account may be drawn on by the Seller in accordance with this Section 4.15.