Common use of Premium Recapture Clause in Contracts

Premium Recapture. With respect to any Mortgage Loan which prepays in full within the first month following the Closing Date, (i) with respect to any such Mortgage Loan that does not provide for a Prepayment Penalty, the Company shall reimburse the Purchaser for the premium paid in excess of par as set forth in the Commitment Letter, together with any adjustments provided therein, and (ii) with respect to any such Mortgage Loan that provides for a Prepayment Penalty, the Company shall pay to the Purchaser such Prepayment Penalty, plus the amount, if any, by which the purchase price premium in excess of par paid by the Purchaser exceeds the amount of such Prepayment Penalty. Upon receipt of the monthly remittance advice each month, the Purchaser or its designee shall xxxx the Company for any amounts payable pursuant to this Section 3.05.

Premium Recapture. With respect to any Mortgage Loan which prepays in full within the first month two (2) months following the Closing Date, (i) with respect to any such Mortgage Loan that does not provide for a Prepayment Penalty, the Company shall will reimburse the Purchaser for the premium paid in excess of par as set forth in the Commitment Letter, together with any adjustments provided therein, and (ii) with respect to any such Mortgage Loan that provides for a Prepayment Penalty, the Company shall pay to the Purchaser such Prepayment Penalty, plus the amount, if any, by which the purchase price premium in excess of par paid by the Purchaser exceeds the amount of such Prepayment Penalty. Upon receipt of the monthly remittance advice each month, the Purchaser or its designee shall xxxx the Company for any amounts payable pursuant to this Section 3.05Section.