Common use of Prepayment Fee Clause in Contracts

Prepayment Fee. With respect to each Mortgage Loan that has a prepayment fee feature, each such prepayment fee is enforceable and will be enforced by the Company, and each prepayment penalty in permitted pursuant to federal, state and local law, including the Parity Act of 1982. No Mortgage Loan will impose a prepayment penalty for a term in excess of five years from the date such Mortgage Loan was originated. Except as otherwise set forth in the related Mortgage Loan Schedule, with respect to each Mortgage Loan that contains a prepayment fee, such prepayment fee is at least equal to the lesser of (A) the maximum amount permitted under applicable law and (B) six months interest at the related Mortgage Interest Rate on the amount prepaid in excess of 20% of the original principal balance of such Mortgage Loan. With respect to any Mortgage Loan that contains a provision permitting imposition of a premium upon a prepayment prior to maturity: (i) prior to the loan’s origination, the Mortgagor agreed to such premium in exchange for a monetary benefit, including but not limited to a rate or fee reduction, (ii) prior to the loan’s origination, the Mortgagor was offered the option of obtaining a mortgage loan that did not require payment of such a premium, (iii) the prepayment premium is disclosed to the borrower in the loan documents pursuant to applicable state and federal law, (iv) except as set forth on the related Mortgage Loan Schedule, for Mortgage Loans originated on or after September 1, 2004, the duration of the prepayment period shall not exceed three (3) years from the date of the note, unless the Mortgage Loan was modified to reduce the prepayment period to no more than three years from the date of the Mortgage Note and the Mortgagor was notified in writing of such reduction in prepayment period, and (v) notwithstanding any state or federal law to the contrary, prior to the Transfer Date, the Company or any servicer of the Mortgage Loan shall not have imposed such prepayment premium in any instance when the mortgage debt is accelerated as the result of the Mortgagor’s default in making the loan payments;

Prepayment Fee. Except as set forth on the related Loan Purchase Detail, none of the Mortgage Loans are subject to a prepayment fee. With respect to each Mortgage Loan that has a prepayment fee feature, each such prepayment fee is enforceable and will be enforced by such Seller for the Companybenefit of the Trust, and each prepayment penalty in fee is permitted pursuant to federal, state and local law, including the Parity Act of 1982. No Mortgage Loan will impose a prepayment penalty for a term in excess of five years from the date such Mortgage Loan was originated. Except as otherwise set forth in the related Mortgage Loan Schedule, law and is only payable (i) with respect to each a Mortgage Loan that contains originated prior to October 1, 2002, during the first 5 years of the term of the Mortgage Loan, and (ii) with respect to a prepayment feeMortgage Loan originated on or after October 1, 2002, during the first 3 years of the term of the Mortgage Loan. Each such prepayment fee is at least in an amount equal to the lesser of (A) the maximum amount permitted under applicable law and (B) six months interest at the related Mortgage Interest Rate on the amount prepaid in excess of 20% of the original principal balance of such Mortgage Loanlaw. With respect to any Mortgage Loan that contains a provision permitting imposition of a premium prepayment fee upon a prepayment prior to maturity: (i) prior to the loan’s origination, the Mortgagor agreed to such premium prepayment fee in exchange for a monetary benefit, including but not limited to a rate or fee reduction, (ii) prior to the loan’s origination, the Mortgagor was offered the option of obtaining a mortgage loan Mortgage Loan that did not require payment of such a premiumprepayment fee, (iii) the prepayment premium fee is disclosed to the borrower Mortgagor in the loan documents pursuant to applicable state and federal law, and (iv) except as set forth on the related Mortgage Loan Schedule, for Mortgage Loans originated on or after September 1, 2004, the duration of the prepayment period shall not exceed three (3) years from the date of the note, unless the Mortgage Loan was modified to reduce the prepayment period to no more than three years from the date of the Mortgage Note and the Mortgagor was notified in writing of such reduction in prepayment period, and (v) notwithstanding any state or federal law to the contrary, prior to the Transfer Date, the Company or any servicer of the Mortgage Loan such Seller shall not have imposed impose such prepayment premium fee in any instance when the mortgage debt is accelerated as the result of the Mortgagor’s default in making the loan payments;

Prepayment Fee. Except as set forth on the related Mortgage Loan Schedule, none of the Mortgage Loans are subject to a prepayment fee. With respect to each Mortgage Loan that has a prepayment fee feature, each such prepayment fee is enforceable and will be enforced by Sellers for the Companybenefit of Buyer, and each prepayment penalty in fee is permitted pursuant to federal, state and local law, including the Parity Act of 1982. No Mortgage Loan will impose a prepayment penalty for a term in excess of five years from the date such Mortgage Loan was originated. Except as otherwise set forth in the related Mortgage Loan Schedulelaw and, with respect to each any Agency Eligible Mortgage Loan, is only payable (i) with respect to a Mortgage Loan that contains originated prior to October 1, 2002, during the first 5 years of the term of the Mortgage Loan, and (ii) with respect to a prepayment feeMortgage Loan originated on or after October 1, 2002, during the first 3 years of the term of the Mortgage Loan. Each such prepayment fee is at least equal to the lesser of (A) in an amount not greater than the maximum amount permitted under applicable law and (B) six months interest at the related Mortgage Interest Rate on the amount prepaid in excess of 20% of the original principal balance of such Mortgage Loanlaw. With respect to any Mortgage Loan that contains a provision permitting imposition of a premium prepayment fee upon a prepayment prior to maturity: (i) prior to the loan’s origination, the Mortgagor agreed to such premium prepayment fee in exchange for a monetary benefit, including but not limited to a rate or fee reduction, (ii) with respect to any Agency Eligible Mortgage Loan, prior to the loan’s origination, the Mortgagor was offered the option of obtaining a mortgage loan Mortgage Loan that did not require payment of such a premiumprepayment fee, (iii) the prepayment premium fee is disclosed to the borrower Mortgagor in the loan documents pursuant to applicable state and federal law, and (iv) except as set forth on the related Mortgage Loan Schedule, for Mortgage Loans originated on or after September 1, 2004, the duration of the prepayment period shall not exceed three (3) years from the date of the note, unless the Mortgage Loan was modified to reduce the prepayment period to no more than three years from the date of the Mortgage Note and the Mortgagor was notified in writing of such reduction in prepayment period, and (v) notwithstanding any state or federal law to the contrary, prior to the Transfer Date, the Company or any servicer of the Mortgage Loan Sellers shall not have imposed impose such prepayment premium fee in any instance when the mortgage debt is accelerated as the result of the Mortgagor’s default in making the loan payments;

Prepayment Fee. With respect to each Mortgage Loan In connection with any prepayment of the Loans, the Borrower shall pay Agent for the account of the Banks any sums that has may be due under ss.4.8 and a prepayment fee featurein an amount equal to the product of the percentage set forth on Schedule 3.5 corresponding to the date on which such prepayment occurs multiplied by the principal amount of the Loans prepaid. No prepayment fees shall be due on prepayments made after February 20, each 2004. Under any and all circumstances where all or any portion of the Notes is paid prior to the date set forth above, whether such prepayment is voluntary or involuntary, even if such prepayment results from a payment pursuant to ss.3.2, or Agent's or the Banks' exercise of their rights upon the occurrence of an Event of Default and acceleration of the Maturity Date of the Notes, Borrower shall to the extent permitted by applicable law pay to the Banks the prepayment fee calculated as provided above, which prepayment fee shall be in addition to any other sums due hereunder or under any of the other Loan Documents. No tender of a prepayment of the Notes with respect to which a prepayment fee is enforceable and will due shall be enforced effective unless such prepayment is accompanied by the Companyprepayment fee. Borrower acknowledges that the prepayment fee is a bargained for consideration and not a penalty, and each prepayment penalty Borrower recognizes that the Banks would incur substantial additional costs and expenses in permitted pursuant to federal, state and local law, including the Parity Act event of 1982. No Mortgage Loan will impose a prepayment penalty of the Loans and that the prepayment fee compensates the Banks for such costs and expenses (including, without limitation, the loss of the Banks' investment opportunity for the period following the prepayment). Borrower agrees that the Banks shall not, as a term in excess of five years from condition to receiving the date such Mortgage Loan was originated. Except as otherwise set forth in the related Mortgage Loan Schedule, with respect to each Mortgage Loan that contains a prepayment fee, such prepayment fee is at least equal be obligated to the lesser of (A) the maximum amount permitted under applicable law and (B) six months interest at the related Mortgage Interest Rate on actually reinvest the amount prepaid in excess of 20% of the original principal balance of such Mortgage Loan. With respect to any Mortgage Loan that contains a provision permitting imposition of a premium upon a prepayment prior to maturity: (i) prior to the loan’s origination, the Mortgagor agreed to such premium in exchange for a monetary benefit, including but not limited to a rate treasury obligation or fee reduction, (ii) prior to the loan’s origination, the Mortgagor was offered the option of obtaining a mortgage loan that did not require payment of such a premium, (iii) the prepayment premium is disclosed to the borrower in the loan documents pursuant to applicable state and federal law, (iv) except as set forth on the related Mortgage Loan Schedule, for Mortgage Loans originated on or after September 1, 2004, the duration of the prepayment period shall not exceed three (3) years from the date of the note, unless the Mortgage Loan was modified to reduce the prepayment period to no more than three years from the date of the Mortgage Note and the Mortgagor was notified in writing of such reduction in prepayment period, and (v) notwithstanding any state or federal law to the contrary, prior to the Transfer Date, the Company or any servicer of the Mortgage Loan shall not have imposed such prepayment premium in any instance when the mortgage debt is accelerated as the result of the Mortgagor’s default in making the loan payments;other manner whatsoever.