Prepayments in Full Clause Samples
The "Prepayments in Full" clause defines the borrower's right or obligation to pay off the entire outstanding balance of a loan before its scheduled maturity date. In practice, this clause outlines the conditions under which a borrower can make such a full prepayment, including any required advance notice to the lender and whether any penalties or fees apply. Its core function is to provide flexibility for borrowers who wish to settle their debt early, while also protecting the lender's interests by specifying any costs or procedures associated with early repayment.
Prepayments in Full. With respect to any Mortgage Loan which prepays in full on or prior to the date which is six (6) months after the related Closing Date, the Seller shall pay the Purchaser, within five (5) Business Days of such prepayment in full (or, if such prepayment in full occurs during the Interim Period, on or prior to the related Mortgage Loan remittance date following the pay-off date), (a) with respect to any Mortgage Loan without a Prepayment Penalty, an amount equal to the difference between (i) the Purchase Price (as adjusted) for such Mortgage Loan and (ii) the unpaid principal balance as of the pay-off date of such Mortgage Loan, and (b) with respect to any Mortgage Loan with a Prepayment Penalty, an amount equal to the difference between (i) the Purchase Price (as adjusted) for such Mortgage Loan and (ii) the sum of the unpaid principal balance as of the pay-off date of such Mortgage Loan and the Prepayment Penalty actually received by the Purchaser; provided that the Purchaser shall notify and invoice the Seller of any obligation to remit to the Purchaser the premium with respect to such Mortgage Loan pursuant to this Subsection 9.06 within one hundred eighty (180) days following the date on which such Mortgage Loan was paid in full for such claim(s) to be valid and enforceable.
Prepayments in Full. With respect to each Mortgage Loan, the Servicer agrees to deliver on or prior to the fifth (5th) Business Day of each month to the Owner, a report setting forth information with respect to any prepayments in full with respect to such Mortgage Loan.
Prepayments in Full. With respect to any Mortgage Loan which prepays in full on or prior to the date which is the earlier of six (6) months after the related Closing Date or (b) the date of the related net interest margin securitization, the Seller shall pay the Purchaser, within two (2) Business Days of such prepayment in full, (a) with respect to any Mortgage Loan without a Prepayment Penalty, an amount equal to the difference between (i) the Purchase Price (as adjusted) for such Mortgage Loan and (ii) the outstanding principal balance of such Mortgage Loan as of the Cut-off Date, and (b) with respect to any Mortgage Loan with a Prepayment Penalty, an amount equal to the difference between (i) the Purchase Price (as adjusted) for such Mortgage Loan and (ii) the sum of the outstanding principal balance of such Mortgage Loan as of the related Cut-off Date and the Prepayment Penalty contractually due (regardless of whether modified, altered, waived or not collected by the related Successor Servicer).
Prepayments in Full. 44 Section 4.26 Tax and Flood Service Contracts. 44
Prepayments in Full. Notwithstanding any provision of this Section 2.04 to the contrary, in the event that any prepayments of any Revolving ------------ Credit Loans are made in connection with the termination of this Loan Agreement, such prepayments shall be made only upon five (5) Business Days' prior express written notice to the Lender.
Prepayments in Full. Notwithstanding any term, condition or ------------------- provision of this Section 2.04 to the contrary, in the event that any ------------ prepayments of any Revolving Credit Loans are made in connection with the termination of this Loan Agreement, such prepayments shall be made only upon three (3) Business Days' prior express written notice to the Lender.
Prepayments in Full. With respect to any Mortgage Loan which prepays in full during the first three (3) months following the related Closing Date, the Seller shall pay the Purchaser, within five (5) Business Days of such prepayment in full, (a) with respect to any Mortgage Loan without a Prepayment Penalty, an amount equal to the difference between (i) the Purchase Price (as adjusted) for such Mortgage Loan and (ii) the outstanding principal balance of such Mortgage Loan as of the Cut-off Date, and (b) with respect to any Mortgage Loan with a Prepayment Penalty, an amount equal to the difference between (i) the Purchase Price (as adjusted) for such Mortgage Loan and (ii) the sum of the outstanding principal balance of such Mortgage Loan as of the related Cut-off Date and the Prepayment Penalty actually received by the Purchaser.