Premium Recapture. With respect to any Mortgage Loan without prepayment penalties that prepays in full during the first six months following the related Closing Date, the Seller shall pay the Purchaser, within five (5) Business Days after such prepayment in full, an amount equal to the excess of the Purchase Price Percentage for such Mortgage Loan over par, multiplied by the outstanding principal balance of such Mortgage Loan as of the related Cut-off Date. Notwithstanding the foregoing, such provision shall not apply to Mortgage Loans containing legally enforceable prepayment penalties due to the Purchaser but waived and not collected by the related servicer.
Appears in 11 contracts
Samples: Assignment and Recognition Agreement (Morgan Stanley Home Equity Loan Trust 2006-3), Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley Home Equity Loan Trust 2005-4), Indemnification and Contribution Agreement (Morgan Stanley Home Equity Loan Trust 2007-1)
Premium Recapture. With respect to any Mortgage Loan without prepayment penalties that prepays in full during the first six months following the related Closing Date, the Seller shall pay the Purchaser, within five seven (57) Business Days after Purchaser notifies such Seller in writing (with backup documentation) of such prepayment, such prepayment in full, an amount equal to the excess of the Purchase Price Percentage for such Mortgage Loan over par, multiplied by the outstanding principal balance of such Mortgage Loan as of the related Cut-off Date. Notwithstanding the foregoing, such provision shall not apply to Mortgage Loans containing legally enforceable prepayment penalties due to the Purchaser but waived and not collected by the related servicer.
Appears in 10 contracts
Samples: Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley Mortgage Loan Trust 2007-5ax), Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley Mortgage Loan Trust 2007-7ax), Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley Mortgage Loan Trust 2007-11ar)
Premium Recapture. With respect to any Mortgage Loan without prepayment penalties that prepays in full during the first six months following the related Closing Date, the applicable Seller shall pay the Purchaser, within five seven (57) Business Days after Purchaser notifies such Seller in writing (with backup documentation) of such prepayment, such prepayment in full, an amount equal to the excess of the Purchase Price Percentage for such Mortgage Loan over par, multiplied by the outstanding principal balance of such Mortgage Loan as of the related Cut-off Date. Notwithstanding the foregoing, such provision shall not apply to Mortgage Loans containing legally enforceable prepayment penalties due to the Purchaser but waived and not collected by the related servicer.
Appears in 1 contract
Samples: Assignment and Recognition Agreement (Morgan Stanley Home Equity Loan Trust 2007-2)
