Common use of Premium Recapture Clause in Contracts

Premium Recapture. With respect to any Mortgage Loan without prepayment penalties that prepays in full on or prior to the related Closing Date or during the first sixty (60) days following the related Closing Date, the Seller shall pay the Purchaser, within thirty (30) Business Days after such prepayment in full or repurchase, 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 anything contained herein to the contrary, Seller shall not be required to reimburse any applicable premium with respect to any Mortgage Loan that prepays in full during the time periods specified in this Subsection 7.05 unless Purchaser provides written notification of the prepayment in full within ninety (90) days of the Purchaser's receipt of notice of such prepayment in full.

Premium Recapture. With respect to any Mortgage Loan without prepayment penalties that prepays in full on or prior to the related Closing Date or during the first sixty (60) days following the related Closing Date, the Seller shall pay the Purchaser, within thirty (30) Business Days after such prepayment in full or repurchase, 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 anything contained herein to the contrary, Seller shall not be required to reimburse any applicable premium with respect to any Mortgage Loan that prepays in full during the time periods specified in this Subsection 7.05 unless Purchaser provides written notification of the prepayment in full within ninety (90) days of the Purchaser's ’s receipt of notice of such prepayment in full.