Common use of Early Termination Fees Clause in Contracts

Early Termination Fees. (a) Servicer shall not waive any part of any Early Termination Fee unless the waiver relates to a default or a reasonably foreseeable default, the collection of any Early Termination Fee would violate any relevant law or regulation or the waiving of the Early Termination Fee would otherwise benefit the Trust Fund and it is expected that the waiver would maximize recovery of total proceeds taking into account the value of the Early Termination Fee and related Mortgage Loan and doing so is standard and customary in servicing similar Mortgage Loans (including any waiver of a Early Termination Fee in connection with a refinancing of a Mortgage Loan that is related to a default or a reasonably foreseeable default). The Servicer shall not waive a Early Termination Fee in connection with a refinancing of a Mortgage Loan that is not related to a default or a reasonably foreseeable default.