Loan and Other Prepayments Sample Clauses

Loan and Other Prepayments. The Servicer shall not accept any prepayment of Loan principal serviced hereunder, except as authorized by applicable law and regulations and provided for by the terms of the applicable Loan Document. In the event that a prepayment is made on any Loan serviced hereunder, the Servicer shall credit the account with the amount of principal prepaid and collected and the maximum amount of prepayment penalty authorized and collected under the terms of the applicable Loan instrument, all in accordance with applicable law, rules, and regulations as from time to time amended.

Loan and Other Prepayments. In the event that a prepayment is made on any Pledged Mortgage Loan, Borrower will be responsible for segregating and delivering, or causing Servicer to segregate and deliver, within five (5) Business Days thereof to Lender the full amount of principal prepaid and of any prepayment penalty assessed and collected; provided that Borrower or Servicer, as applicable, shall assess and collect the maximum amount of prepayment penalty authorized under the terms of the applicable mortgage instrument and in accordance with applicable laws, rules and regulations as from time to time amended. If Lender does not receive within the period specified above its pro rata portion of such collected prepayment and any prepayment penalty, Borrower shall be subject to a late charge of five percent (5%) of such pro rata portion of the prepayment and any prepayment penalty not received by Lender. Such late charge shall be payable by Borrower on demand by Lender or, alternatively, Lender shall be entitled to debit Borrower’s Accounts for the amount of such late charge. Funds received on the account of the Mortgagor for the purpose of paying taxes, assessments, insurance premiums or other similar purpose will be retained and disbursed by Borrower or Servicer, as applicable, in a manner consistent with good and prudent mortgage servicing practices and consistent with all applicable laws.

Loan and Other Prepayments. RMI warrants that it will not accept any prepayment of mortgage principal on any loan sold hereunder except as authorized by applicable law and regulations, and provided by the terms of the applicable mortgage instrument. Funds received on the account of the Loan Debtor for the purpose of paying taxes, assessments, insurance premiums, or other similar purpose will be retained and disbursed by RMI.

Loan and Other Prepayments. Seller warrants that Servicer will not accept any prepayment of mortgage principal on any loan sold hereunder except as authorized by applicable law and regulations, and provided by the terms of the applicable mortgage instrument. In the event that a total prepayment is made on any loan sold hereunder, the Seller warrants that Servicer will segregate and deliver within 10 working days thereof to Buyer the amount of principal prepaid and collected,and the maximum amount of prepayment penalty authorized and collected under the terms of the applicable mortgage instrument and in accordance with applicable law, rules and regulations as from time to time amended. If Buyer does not receive within the period specified above such collected prepayment and any prepayment penalty, Seller shall be subject to a late charge of 1% of such prepayment and any prepayment penalty not received; and such late charge shall be payable on demand by Buyer. Funds received on the account of the loan debtor for the purpose of paying taxes, assessments, insurance premiums, or other similar purpose will be retained and disbursed by the Servicer.

Loan and Other Prepayments. In the event that a prepayment is made on any loan, Seller will be responsible for segregating and delivering to all Participants their pro rata portion of the amount of principal prepaid in accordance with the remittance schedule set forth in the Participation Certificate. Funds received on the account of the loan debtor for the purpose of paying taxes, assessments, insurance premiums, or other similar purposes will be retained and disbursed by Servicer at its discretion.