PAYOFFS. A. Provide a list of loans that have prepayment penalty provisions in the mortgage.
B. Loan level prepayment penalty information must be provided on any loan with a prepayment penalty. This information should be provided in an electronic file or hard copy.
C. Unprocessed payoff funds should be accompanied by a copy of the payoff quotation.
D. Information should be furnished on any issued and unexpired payoff statements or assumptions in process.
E. Information on any incomplete partial release should be provided.
PAYOFFS. No Mortgage Loans prepaid in full prior to the Closing Date;
PAYOFFS. Payoff letters from those creditors listed in Section 7.1(e) of the Disclosure Schedules;
PAYOFFS o The Master Servicer has 2 Business Days to confirm the payoff amount including any required prepayment premium from the date it is provided by the Primary Servicer. o If approval of the Special Servicer is required, to the extent such request is not made directly to the Special Servicer by the Primary Servicer, the Master Servicer shall forward its recommendation to the Special Servicer within such 2 Business Day period and shall immediately upon receipt of the Special Servicer's decision (not to exceed 1 Business Day) advise the Primary Servicer of such decision or, if applicable, immediately (not to exceed 1 Business Day) advise the Primary Servicer that the Special Servicer's time to respond lapsed without a response. o Failure of the Master Servicer to respond within the timeframes specified above will be deemed a waiver of its right to consent and as such the recommendation of the Primary Servicer shall be deemed approved. LETTER OF CREDIT RENEWALS AND RELEASES o The Master Servicer has 5 Business Days to respond to the recommendation of the Primary Servicer from the date of receipt of Primary Servicer's recommendation. o If approval of the Special Servicer is required, to the extent such request is not made directly to the Special Servicer by the Primary Servicer, the Master Servicer shall forward its recommendation to the Special Servicer within such 5 Business Day period and shall immediately upon receipt of the Special Servicer's decision (not to exceed 1 Business Day) advise the Primary Servicer of such decision or, if applicable, immediately (not to exceed 1 Business Day) advise the Primary Servicer that the Special Servicer's time to respond lapsed without a response. o Failure of the Master Servicer to respond within the timeframes specified above will be deemed a waiver of its right to consent and as such the recommendation of the Primary Servicer shall be deemed approved. o If a release of the Letter of Credit is approved, the party holding the Letter has a 5 Business Day period to release.
PAYOFFS. All Payoffs received by the Servicer with respect to the Mortgage Loan must be accepted by the Servicer. For purposes of this Uniform Reporting Supplement, the term "Payoff" shall mean a payment received by the Servicer with respect to the Mortgage Loan equal to the entire unpaid principal balance, together with accrued interest thereon, plus any other charges or payments due under the terms of the Mortgage Loan. In connection with the receipt of the Payoff, the Servicer must not assess any prepayment penalties against the Mortgagor unless the Mortgage Loan specifically authorizes the right to assess prepayment penalties.
PAYOFFS. Role: Any prepayment quote, including any required prepayment premium, must be forwarded to the Master Servicer for verification. Timing (Interaction with Master Servicer): The Master Servicer has 2 Business Days from the date the quote is provided by the Primary Servicer to confirm the amount. Failure of the Master Servicer to respond to the Primary Servicer's request within 2 Business Days shall be deemed a waiver of its right to verify such prepayment quote. Fee: No fee will be charged for pay off quotes.
PAYOFFS. Subservicer shall process all Mortgage Loan Payoffs and Loan Document satisfactions/reconveyances in compliance with Agency Requirements and Applicable Law. Subservicer shall not act or fail to act in any manner which may result in imposition of any penalty for late satisfaction/reconveyance of a Mortgage Loan. Servicer shall reimburse Subservicer for recording fees imposed for the recording of satisfactions/reconveyances required by applicable law to be recorded by the lender, and which cannot, under applicable law, be imposed upon the Borrower.
PAYOFFS. In the event a Purchased Receivable is paid in full with good funds or released as provided in Section 4.9, Servicer shall, if requested by the Borrower, and upon receipt thereof by Servicer from Owner or otherwise (a) stamp the Original Purchased Contract "Paid" and return the Certificate of Title to the Borrower, and (b) release the lien on the related collateral.
PAYOFFS. As of the Cut-off Date, you shall not have received notice that any of the Mortgage Loans will be prepaid-in-full. The Purchaser or its assignee shall be entitled to receive all prepayment penalties required to be paid by any borrower under the terms of any Mortgage Loan after the related Cut-off Date and Seller shall not waive any prepayment penalty other than in accordance with the Agreement. For any Mortgage Loans that prepay-in-full within one (1) month following the related Settlement Date, you shall remit to Citigroup or its Assignee the Premium (as defined below) with respect to such prepaid Mortgage Loan; provided that, the amount of such Premium that is reimbursed to Citigroup shall be reduced, but not below zero dollars, by the amount of any prepayment penalty collected by Citigroup with respect to such Mortgage Loan. With respect to each prepaid Mortgage Loan, the Premium shall be an amount equal to the product of (x) the excess of the purchase price percentage used to determine the purchase price in Section 7 hereof over 100%, times (y) the outstanding principal balance of such prepaid Mortgage Loan as of the related Cut-off Date.
