Early Pay Off. An early payoff is defined as any loan, whether a first or second lien loans, that pays off in full within one hundred and eighty (180) days after the purchase date of the loan by GMFS LLC. When an early payoff occurs if the payoff proceeds were sent to the Correspondent, the Correspondent is obligated to forward the payoff proceeds to GMFS LLC. Further, the Correspondent is obligated to refund the servicing release premium and other premium pricing paid to the Correspondent by GMFS LLC for the early payoff loan. GMFS LLC will send the Correspondent a bill for the refund of the service release premium and/or premium pricing for all early payoff loans. If the loan has been sold by GMFS LLC to an investor, the bill may also include an assessment for interest due in the month of payoff.
Early Pay Off. It is expressly understood by both parties that the resident may at any time pay the total amount due thereby satisfying this agreement in full. The $52/semester processing fee will still apply.
Early Pay Off. If a Loan prepays in full before the receipt of the first six (6) scheduled monthly payments following the purchase date by PHM, Seller shall, within twenty (20) days after receipt of notice from PHM, reimburse PHM for the premium over par that PHM paid for such Loan.
Early Pay Off. In the event a Mortgage Loan is prepaid in full within one hundred fifty (150) days after the Mortgage Loan was closed, Seller shall, upon written request by Purchaser, pay to Purchaser an amount equal to the amount Purchaser paid to Seller in connection with the Mortgage.
Early Pay Off. Refer to Plaza’s Correspondent Seller Guide for details.
Early Pay Off. Regardless of whether or not solicitation on the part of Correspondent pursuant to paragraph 10.6 above occurred, if any Loan sold to PRMG under this Agreement is paid in full within 180 days of the date such Loan is purchased by PRMG, Correspondent will promptly repay the original service release premium plus any premium paid to Correspondent for the Loan to PRMG, regardless of whether or not PRMG is the purchaser of a new loan or the current holder of the Loan that was paid in full.
Early Pay Off. The Purchaser agrees to (i) promptly notify the Seller in the event that any Mortgage Loan is prepaid in full within ninety (90) days of the Purchase Date, and (ii) pay to the Seller the Discount Recapture Amount within thirty (30) days of receiving the Seller’s written demand therefor.
Early Pay Off. Broker understands and agrees that if a mortgage loan funded by FundLoans is repaid in full before the borrower makes his or her first six (6) scheduled monthly payments following the closing of such mortgage loan, Broker shall reimburse FundLoans the amount of any compensation that was paid to Broker by FundLoans in connection with such mortgage loan. Broker shall reimburse FundLoans within ten (10) days after FundLoans notifies Broker of the early payoff. Any delay by FundLoans in notifying Broker of such early payoff shall in no circumstance constitute a waiver of FundLoans’ right to reimbursement.
Early Pay Off. 64 SECTION 8. Amendments.................................................................................64 SECTION 9. Random Removal.............................................................................65 SECTION 10. DPO Policy................................................................................65 SECTION 11. Eligible Receivables......................................................................65 SECTION 12. [Reserved.]...............................................................................66 SECTION 13. Counterparts..............................................................................66 SECTION 14. UCC Security Interest Representations.....................................................66
Early Pay Off. The Seller may redeem the Notes (a "Payoff") from funds deposited into the Payment Account representing the proceeds of the refinancing of any outstanding Series of notes on any Payment Date on or after July 15, 2008 (the Payment Date on which the Notes are to be refinanced, the "Payoff Date"), in whole or in part (without premium) from funds deposited into the Payment Account equal to the Payoff Price, upon notice to the Trustee of such election. The Payoff Price will be deposited in the Payment Account by no later than 1:00 p.m. New York City time on the Payoff Date. Amounts on deposit in the Payment Account for any such Payoff will be paid to the Noteholders, first to redeem all of the Class A Notes, next to redeem all of the Class B Notes, next to redeem all of the Class C Notes and finally to redeem all of the Class D Notes. If the Notes are to be redeemed on a Payoff Date, the Seller shall commence efforts towards a refinancing of the Notes by the issuance of new debt, on or before July 15, 2008. The Early Payoff rights of the Seller described in this Section 7 will terminate in the event that, as a result of changes in applicable accounting principles, such Early Payoff rights would cause the transfer of the Receivables to not be treated as a sale under such accounting principles.
