Common use of Premium Rebate Clause in Contracts

Premium Rebate. In the event that a premium is paid by the Buyer to the Seller on a Loan and such Loan is prepaid in full by the Borrower, other than by a refinancing by the Buyer or any of its subsidiaries or affiliates, within twelve (12) months of Settlement Date, the Seller shall, upon demand by the Buyer, refund to the Buyer the premium paid by the Buyer to the Seller as follows: if prepayment in full is within one (1) month of the Settlement Date, 12/12ths of the premium shall be refunded; if prepayment in full is within two (2) months of the Settlement Date, 11/12ths of the premium shall be refunded; if prepayment in full is within three (3) months of the Settlement Date, 10/12ths of the premium shall be refunded; if prepayment in full is within four (4) months of the Settlement Date, 9/12ths of the premium shall be refunded; if prepayment in full is within five (5) months of the Settlement Date, 8/12ths of the premium shall be refunded; if prepayment in full is within six (6) months of the Settlement Date, 7/12ths of the premium shall be refunded; if prepayment in full is within seven (7) months of the Settlement Date, 6/12ths of the premium shall be refunded; if prepayment in full is within eight (8) months of the Settlement Date, 5/12ths of the premium shall be refunded; if prepayment in full is within nine (9) months of the Settlement Date, 4/12ths of the premium shall be refunded; if prepayment in full is within ten (10) months of the Settlement Date, 3/12ths of the premium shall be refunded; if prepayment in full is within eleven (11) months of the Settlement Date, 2/12ths of the premium shall be refunded; if prepayment in full is within twelve (12) months of the Settlement Date, 1/12ths of the premium shall be refunded. In the event any Loan is prepaid in full later than twelve (12) months from the Settlement Date of such Loan, no refund shall be due. In the event the Note carrier a prepayment penalty, the Buyer agrees first to recapture the premium rebate from the proceeds of the prepayment penalty and them from the Seller, if there is any deficient balance according to the refund calculation specified above.

Premium Rebate. In the event that a premium is paid by the Buyer to the Seller on a Loan and such Loan is prepaid in full by the Borrower, other than by a refinancing by the Buyer or any of its subsidiaries or affiliates, within twelve (12) months of Settlement Date, the Seller shall, upon demand by the Buyer, refund to the Buyer the premium paid by the Buyer to the Seller as follows: if prepayment in full is within one (1) month of the Settlement Date, 12/12ths of the premium shall be refunded; if prepayment in full is within two (2) months of the Settlement Date, 11/12ths of the premium shall be refunded; if prepayment in full is within three (3) months of the Settlement Date, 10/12ths of the premium shall be refunded; if prepayment in full is within four (4) months of the Settlement Date, 9/12ths of the premium shall be refunded; if prepayment in full is within five (5) months of the Settlement Date, 8/12ths of the premium shall be refunded; if prepayment in full is within six (6) months of the Settlement Date, 7/12ths of the premium shall be refunded; if prepayment in full is within seven (7) months of the Settlement Date, 6/12ths of the premium shall be refunded; if prepayment in full is within eight (8) months of the Settlement Date, 5/12ths of the premium shall be refunded; if prepayment in full is within nine (9) months of the Settlement Date, 4/12ths of the premium shall be refunded; if prepayment in full is within ten (10) months of the Settlement Date, 3/12ths of the premium shall be refunded; if prepayment in full is within eleven (11) months of the Settlement Date, 2/12ths of the premium shall be refunded; if prepayment in full is within twelve (12) months of the Settlement Date, 1/12ths 1/12th of the premium shall be refunded. In the event any Loan is prepaid in full later than twelve (12) months from the Settlement Date of such Loan, no refund shall be due. In the event the Note carrier carries a prepayment penalty, the Buyer agrees first to recapture the premium rebate from the proceeds of the prepayment penalty and them then from the Seller, if there is any deficient balance according to the refund calculation specified above.

Premium Rebate. In the event that a premium Premium is paid by the Buyer to the Seller on a Loan and such Loan is prepaid in full by the Borrower, other than by a refinancing by the Buyer or any of its subsidiaries or affiliates, within twelve (12) months of Settlement Date, the Seller shall, upon demand by the Buyer, refund to the Buyer the premium Premium paid by the Buyer to the Seller as follows: if prepayment in full is within one (1) month of the Settlement Date, 12/12ths of the premium Premium shall be refunded; if prepayment in full is within between one (1) and two (2) months of the Settlement Date, 11/12ths of the premium Premium shall be refunded; if prepayment in full is within between two (2) and three (3) months of the Settlement Date, 10/12ths of the premium Premium shall be refunded; if prepayment in full is within between three (3) and four (4) months of the Settlement Date, 9/12ths of the premium Premium shall be refunded; if prepayment in full is within between four (4) and five (5) months of the Settlement Date, 8/12ths of the premium Premium shall be refunded; if prepayment in full is within between five (5) and six (6) months of the Settlement Date, 7/12ths of the premium Premium shall be refunded; if prepayment in full is within between six (6) and seven (7) months of the Settlement Date, 6/12ths of the premium Premium shall be refunded; if prepayment in full is within between seven (7) and eight (8) months of the Settlement Date, 5/12ths of the premium Premium shall be refunded; if prepayment in full is within between eight (8) and nine (9) months of the Settlement Date, 4/12ths of the premium Premium shall be refunded; if prepayment in full is within between nine (9) and ten (10) months of the Settlement Date, 3/12ths of the premium Premium shall be refunded; if prepayment in full is within between ten (10) and eleven (11) months of the Settlement Date, 2/12ths of the premium Premium shall be refunded; if prepayment in full is within between eleven (11) and twelve (12) months of the Settlement Date, 1/12ths 1/12th of the premium Premium shall be refunded. In the event any Loan is prepaid in full later than twelve (12) months from the Settlement Date of such Loan, no refund shall be due. In the event the Note carrier carries a prepayment penalty, the Buyer agrees first to recapture the premium Premium rebate from the proceeds of the prepayment penalty and them then from the Seller, if there is any deficient balance according to the refund calculation specified above.

Premium Rebate. (i) In the event that a premium is paid by the Buyer to the Seller on a Loan and such Loan is a fixed rate Loan secured by residential real property located in any state or an adjustable rate Loan secured by residential real property located in any state, except in Illinois, Indiana, Michigan, New Jersey and Pennsylvania, and said Loan is prepaid in full by the Borrower, other than by a refinancing by the Buyer or any of its subsidiaries or affiliates, within twelve (12) months of Settlement Date, Date the Seller shall, upon demand by the Buyer, refund to the Buyer the premium paid by the Buyer to the Seller as follows: if prepayment in full is within one (1) month of the Settlement Date, 12/12ths of the premium shall be refunded; if prepayment in full is within two (2) months of the Settlement Date, 11/12ths of the premium shall be refunded; if prepayment in full is within three (3) months of the Settlement Date, 10/12ths of the premium shall be refunded; if prepayment in full is within four (4) months of the Settlement Date, 9/12ths of the premium shall be refunded; if prepayment in full is within five (5) months of the Settlement Date, 8/12ths of the premium shall be refunded; if prepayment in full is within six (6) months of the Settlement Date, 7/12ths of the premium shall be refunded; if prepayment in full is within seven (7) months of the Settlement Date, 6/12ths of the premium shall be refunded; if prepayment in full is within eight (8) months of the Settlement Date, Date 5/12ths of the premium shall be refunded; if prepayment in full is within nine (9) months of the Settlement Date, 4/12ths of the premium shall be refunded; if prepayment in full is within ten (10) 10 months of the Settlement Date, 3/12ths of the premium shall be refunded; if prepayment in full is within eleven (11) months of the Settlement Date, 2/12ths of the premium shall be refunded; if prepayment in full is within twelve (12) months of the Settlement Date, 1/12ths 1/12th of the premium shall be refunded. In the event any fixed rate Loan is prepaid in full later than twelve (12) months from the Settlement Date of such Loan, no refund shall be due. In the event the Note carrier carries a prepayment penalty, the Buyer agrees first to recapture the premium rebate from the proceeds of the prepayment penalty and them then from the Seller, if there is any deficient balance according to the refund calculation specified above.

Premium Rebate. (i) In the event that a premium is paid by the Buyer to the Seller on a Loan and such Loan is a fixed rate Loan secured by residential real property located in any state or an adjustable rate Loan secured by residential real property located in any state, except in Illinois, Indiana, Michigan, New Jersey and Pennsylvania, and said Loan is prepaid in full by the Borrower, other than by a refinancing by the Buyer or any of its subsidiaries or affiliates, within twelve (12) months of Settlement Date, the Seller shall, upon demand by the Buyer, refund to the Buyer the premium paid by the Buyer to the Seller as follows: if prepayment in full is within one (1) month of the Settlement Date, 12/12ths of the premium shall be refunded; if prepayment in full is within two (2) months of the Settlement Date, 11/12ths of the premium shall be refunded; if prepayment in full is within three (3) months of the Settlement Date, 10/12ths of the premium shall be refunded; if prepayment in full is within four (4) months of the Settlement Datedate, 9/12ths of the premium shall be refunded; if prepayment in full is within five (5) months of the Settlement Date, 8/12ths of the premium shall be refunded; if prepayment in full is within six (6) months of the Settlement Date, 7/12ths of the premium shall be refunded; if prepayment in full is within seven (7) months of the Settlement Date, 6/12ths of the premium shall be refunded; if prepayment in full is within eight (8) months of the Settlement Date, 5/12ths of the premium shall be refunded; if prepayment in full is within nine (9) months of the Settlement Date, 4/12ths of the premium shall be refunded; if prepayment in full is within ten (10) months of the Settlement Date, 3/12ths of the premium shall be refunded; if prepayment in full is within eleven (11) months of the Settlement Date, 2/12ths of the premium shall be refunded; if prepayment in full is within twelve (12) months of the Settlement Date, 1/12ths 1/12th of the premium shall be refunded. In the event any fixed rate Loan is prepaid in full later than twelve (12) months from the Settlement Date of such Loan, no refund shall be due. In the event the Note carrier carries a prepayment penalty, the Buyer agrees first to recapture the premium rebate from the proceeds of the prepayment penalty and them then from the Seller, if there is any deficient balance according to the refund calculation specified above.

Premium Rebate. (i) In the event that a premium is paid by the Buyer to the Seller on a Loan and such Loan is a fixed rate Loan secured by residential real property located in any state or an adjustable rate Loan secured by residential real property located in any state, except in IL, IN, MI, NJ and PA, and said Loan is prepaid in full by the Borrower, other than by a refinancing by the Buyer or any of its subsidiaries or affiliates, within twelve (12) months of Settlement Date, the Seller shall, upon demand by the Buyer, refund to the Buyer the premium paid by the Buyer to the Seller as follows: if prepayment in full is within one (1) month of the Settlement Date, 12/12ths of the premium shall be refunded; if prepayment in full is within two (2) months of the Settlement Date, 11/12ths of the premium shall be refunded; if prepayment in full is within three (3) months of the Settlement Date, 10/12ths of the premium shall be refunded; if prepayment in full is within four (4) months of the Settlement Date, 9/12ths of the premium shall be refunded; if prepayment in full is within five (5) months of the Settlement Date, 8/12ths of the premium shall be refunded; if prepayment in full is within six (6) months of the Settlement Date, 7/12ths of the premium shall be refunded; if prepayment in full is within seven (7) months of the Settlement Date, 6/12ths of the premium shall be refunded; if prepayment in full is within eight (8) months of the Settlement Date, 5/12ths of the premium shall be refunded; if prepayment in full is within nine (9) months of the Settlement Date, 4/12ths of the premium shall be refunded; if prepayment in full is within ten (10) months of the Settlement Date, 3/12ths of the premium shall be refunded; if prepayment in full is within eleven (11) months of the Settlement Date, 2/12ths of the premium shall be refunded; if prepayment in full is within twelve one (121) months month of the Settlement Date, 1/12ths of the premium shall be refunded. In the event any fixed rate Loan is prepaid in full later than twelve (12) months from the Settlement Date of such Loan, no refund shall be due. In the event the Note carrier carries a prepayment penalty, the Buyer agrees first to recapture the premium rebate from the proceeds of the prepayment penalty and them then from the Seller, if there is any deficient balance according to the refund calculation specified above.