Common use of Waiver of Prepayment Penalties Clause in Contracts

Waiver of Prepayment Penalties. Except as provided below, the Servicer or any designee of the Servicer shall not waive any Prepayment Charge with respect to any Securitized Loan. If the Servicer or its designee fails to collect a Prepayment Charge at the time of the related prepayment of any Securitized Loan subject to such Prepayment Charge, the Servicer shall pay to the Trust at such time (by deposit to the Custodial Account) an amount equal to the amount of the Prepayment Charge not collected. The Seller warrants that the schedule of Prepayment Charges listed in each Transfer Notice shall be complete, true and accurate and may be relied on by the Servicer in its calculation of Prepayment Charges. Notwithstanding the above, the Servicer or its designee may waive a Prepayment Charge only if (i) the related prepayment is not the result of a refinancing by the Servicer or its designee, (ii) such waiver relates to a defaulted Securitized Loan or a reasonably foreseeable default, (iii) such waiver is standard and customary in servicing similar mortgage loans to the Securitized Loans, and (iv) such waiver, in the reasonable judgment of the Servicer, would maximize recovery of total proceeds from the Securitized Loan, taking into account the amount of such Prepayment Charge and the related Securitized Loan.

Waiver of Prepayment Penalties. Except as provided below, the Servicer or any designee of the Servicer shall not waive any Prepayment Charge prepayment charge with respect to any Securitized Serviced Mortgage Loan. If the Servicer or its designee fails to collect a Prepayment Charge prepayment charge at the time of the related prepayment of any Securitized Serviced Mortgage Loan subject to such Prepayment Chargeprepayment charge, the Servicer shall pay to the Trust at such time Fund (by deposit to the Custodial Account) an amount equal to the amount of the Prepayment Charge prepayment charge not collected. The Seller warrants that the schedule of Prepayment Charges listed in each Transfer Notice shall be complete, true and accurate and may be relied on by the Servicer in its calculation of Prepayment Charges. Notwithstanding the above, the Servicer or its designee may waive a Prepayment Charge prepayment charge without paying to the Trust Fund the amount of such prepayment charge only if (i) the related prepayment is not the result of a refinancing by the Servicer or its designee, (ii) designee and such waiver (i) relates to a defaulted Securitized Serviced Mortgage Loan or a reasonably foreseeable default, (iii) such waiver is standard default and customary in servicing similar mortgage loans to the Securitized Loans, and (iv) such waiver, in the reasonable judgment of the Servicer, would maximize recovery of total proceeds from the Securitized Serviced Mortgage Loan, taking into account the amount of such Prepayment Charge prepayment charge and the related Securitized Serviced Mortgage Loan, or (ii) relates to a prepayment charge the collection of which, in the reasonable judgment of the Servicer, would be a violation of applicable laws.