Section 21.63 - Purchase Date and Purchase AmountThe Purchase Date is the last business day of each month for all Loan Participations delivered to MHMFA prior to the 20th day of that month.
Seller shall calculate the purchase price of each Loan Participation on the Loan Participation Certificate.
MHMFA will pay to Seller for each Loan Participation purchased as of the Purchase Date:
(a) 90% of the unpaid principal balance of the Mortgage Loan; and(b) interest calculated at the MHMFA Required Rate accrued on the Mortgage Loan. Accrued interest shall be calculated at the MHMFA Required Rate from the last payment date to the anticipated Purchase Date. Servicer shall remit to MHMFA on the next scheduled remittance date all interest at the MHMFA Required Rate due on the Mortgage Loan including interest equal to the accrued interest paid by MHMFA. All interest calculations shall be based on a 360-day calendar year.