Common use of Prepayment Penalties Clause in Contracts

Prepayment Penalties. With respect to Mortgage Loans with Prepayment Penalties, all information on the related Mortgage Loan Schedule, Data File, the Company Underwriting Guidelines with respect to Company Mortgage Loans (other than the exceptions identified for Exception Mortgage Loans on the related Assignment and Conveyance Agreement) or the Third-Party Underwriting Guidelines with respect to Third-Party Mortgage Loans regarding Prepayment Penalties is complete and accurate in all material respects and except for Balloon Loans originated in certain states specified in the Company Underwriting Guidelines with respect to Company Mortgage Loans (other than the exceptions identified for Exception Mortgage Loans on the related Assignment and Conveyance Agreement) or the Third-Party Underwriting Guidelines with respect to Third-Party Mortgage Loans with restrictions on collection of Prepayment Penalties, each Prepayment Penalty is permissible and enforceable in accordance with the terms under applicable law. Prepayment Penalties on the Mortgage Loans are applicable to prepayments resulting from both refinancings and sales of the related Mortgaged Properties and the terms of such Prepayment Penalties do not provide for a waiver or release (i.e., "holidays") during the term of the Prepayment Penalty. No Mortgage Loan originated on or after October 1, 2002 provides for the payment of a Prepayment Penalty beyond the three-year term following the origination of the Mortgage Loan. No Mortgage Loan originated prior to such date provides for the payment of a Prepayment Penalty beyond the five-year term following the origination of the Mortgage Loan;

Prepayment Penalties. With respect to Mortgage Loans with Prepayment Penalties, all information on the related Mortgage Loan Schedule, Data File, the Company Underwriting Guidelines with respect to Company Mortgage Loans (other than the exceptions identified for Exception Mortgage Loans on the related Assignment and Conveyance Agreement) or the Third-Party Underwriting Guidelines with respect to Third-Party Mortgage Loans regarding Prepayment Penalties is complete and accurate in all material respects and except for Balloon Loans originated in certain states specified in the Company Underwriting Guidelines with respect to Company Mortgage Loans (other than the exceptions identified for Exception Mortgage Loans on the related Assignment and Conveyance Agreement) or the Third-Party Underwriting Guidelines with respect to Third-Party Mortgage Loans with restrictions on collection of Prepayment Penalties, each Prepayment Penalty is permissible and enforceable in accordance with the terms under applicable law. Prepayment Penalties on the Mortgage Loans are applicable to prepayments resulting from both refinancings and sales of the related Mortgaged Properties and the terms of such Prepayment Penalties do not provide for a waiver or release (i.e., "“holidays"”) during the term of the Prepayment Penalty. No Mortgage Loan originated on or after October 1, 2002 provides for the payment of a Prepayment Penalty beyond the three-year term following the origination of the Mortgage Loan. No Mortgage Loan originated prior to such date provides for the payment of a Prepayment Penalty beyond the five-year term following the origination of the Mortgage Loan;