Common use of Prepayment Penalties Clause in Contracts

Prepayment Penalties. The Servicer or any designee of the Servicer shall not waive any Prepayment Penalty with respect to any Mortgage Loan containing a Prepayment Penalty that prepays during the term of the charge. If the Servicer or its designee fails to collect the Prepayment Penalty upon any prepayment of any Mortgage Loan that contains a Prepayment Penalty, the Servicer shall pay the Trust Fund at such time (by deposit to the Custodial Account) an amount equal to amount of the Prepayment Penalty that was not collected. Notwithstanding the above, the Servicer or its designee may waive (and shall waive, in the case of (ii)(b) and (c) below) a Prepayment Penalty without paying the Trust Fund the amount of the Prepayment Penalty if (i) the Mortgage Loan is in default (defined as 61 days or more delinquent) and such waiver would maximize recovery of total proceeds taking into account the value of such Prepayment Penalty and the related Mortgage Loan or (ii) the prepayment is not a result of a refinance by the Servicer or any of its affiliates and (a) the Mortgage Loan is foreseen to be in default and such waiver would maximize recovery of total proceeds taking into account the value of such Prepayment Penalty and the related Mortgage Loan, (b) the collection of the Prepayment Penalty would be in violation of applicable laws or (c) notwithstanding any state or federal law to the contrary, in any instance when a Mortgage Loan is in foreclosure.

Prepayment Penalties. The Servicer or any designee of the Servicer shall not waive any Prepayment Penalty with respect to any Mortgage Loan containing that contains a Prepayment Penalty that prepays during the term of the chargepenalty. If the Servicer or its designee fails to collect the Prepayment Penalty upon any prepayment of any Mortgage Loan that contains a Prepayment Penalty, the Servicer shall pay deposit into the Trust Fund at such time (by deposit to Collection Account from the Custodial Account) Servicer’s own funds an amount equal to amount of the Prepayment Penalty that was not collected. Notwithstanding the above, the Servicer or its designee may waive (and shall waive, in the case of (ii)(b) and (c) below) a Prepayment Penalty without paying depositing the Trust Fund amount thereof into the Collection Account the amount of the Prepayment Penalty if (i) the Mortgage Loan is in default sixty-one (defined as 61 61) days or more delinquent) delinquent and such waiver would maximize recovery of total proceeds taking into account the value of such Prepayment Penalty and the related Mortgage Loan or (ii) if the prepayment is not a result of a refinance by the Servicer or any of its affiliates Affiliates and (a) the Mortgage Loan is foreseen to be in default and such waiver would maximize recovery of total proceeds taking into account the value of such Prepayment Penalty and the related Mortgage Loan, (b) the collection of the Prepayment Penalty would be in violation of applicable laws or (c) notwithstanding the collection of such Prepayment Charge would be considered “predatory” pursuant to written guidance published or issued by any applicable federal, state or federal law to the contrary, local regulatory authority acting in any instance when a Mortgage Loan is in foreclosureits official capacity and having jurisdiction over such matters.

Prepayment Penalties. The Servicer or any designee of the Servicer shall not waive any Prepayment Penalty with respect to any Mortgage Loan containing that contains a Prepayment Penalty that prepays during the term of the chargepenalty. If the Servicer or its designee fails to collect the Prepayment Penalty upon any prepayment of any Mortgage Loan that contains a Prepayment Penalty, the Servicer shall pay shall, at the Trust Fund at time of such time (by prepayment, deposit to into the Custodial Account) Account from the Servicer’s own funds an amount equal to amount of the Prepayment Penalty that was not collected. Notwithstanding the above, the Servicer or its designee may waive (and shall waive, in the case of (ii)(b) and (c) below) a Prepayment Penalty without paying depositing the Trust Fund amount thereof into the Custodial Account the amount of the Prepayment Penalty if (i) the Mortgage Loan is in default sixty-one (defined as 61 61) days or more delinquent) delinquent and such waiver would maximize recovery of total proceeds taking into account the value of such Prepayment Penalty and the related Mortgage Loan or (ii) the prepayment is not a result of a refinance by the Servicer or any of its affiliates Affiliates and (a) the Mortgage Loan is foreseen to be in default and such waiver would maximize recovery of total proceeds taking into account the value of such Prepayment Penalty and the related Mortgage Loan, (b) the collection of the Prepayment Penalty would be in violation of applicable laws or (c) notwithstanding the collection of such Prepayment Penalty would be considered “predatory” pursuant to written guidance published or issued by any applicable federal, state or federal law local regulatory authority acting in its official capacity and having jurisdiction over such matters. The Servicer shall be obligated to collect Prepayment Penalties under the terms of the related Mortgage Loan without regard to the contrary, amount of Prepayment Penalty set forth for such loan in any instance when a the Mortgage Loan is in foreclosureSchedule.

Prepayment Penalties. The Servicer or any designee of the Servicer Company shall not waive any Prepayment Penalty with respect to any Mortgage Loan containing a Prepayment Penalty that prepays during the term of the chargeLoan. If the Servicer or its designee Company fails to collect the Prepayment Penalty upon any prepayment of any Mortgage Loan that contains a Prepayment Penalty, the Servicer Company shall pay the Trust Fund Purchaser at such time (by deposit to the Custodial Account) an amount equal to the amount of the Prepayment Penalty that which was not collected. Notwithstanding the above, the Servicer or its designee Company may waive (and shall waive, in the case of (ii)(b) and (cv) below) a Prepayment Penalty without paying the Trust Fund Purchaser the amount of the Prepayment Penalty if (i) if the Mortgage Loan is in default (defined as 61 days or more delinquent) and such waiver would maximize recovery of total proceeds taking into account the value of such Prepayment Penalty and the related Mortgage Loan or Loan, (ii) if the prepayment is not a result of a refinance refinancing by the Servicer Company or any of its affiliates and (a) the Mortgage Loan is foreseen to be in default and such waiver would maximize recovery of total proceeds taking into account the value of such Prepayment Penalty and the related Mortgage Loan, (biii) if the collection of the Prepayment Penalty would be in violation of applicable laws law, (iv) if the collection of such Prepayment Penalty would be considered “predatory” pursuant to written guidance published or issued by any applicable federal, state or local regulatory authority acting in its official capacity and having jurisdiction over such matters and (cv) notwithstanding any state or federal law to the contrary, in any instance when a Mortgage Loan is in foreclosure.

Prepayment Penalties. The Servicer or any designee of the Servicer shall not waive any Prepayment Penalty with respect to any Mortgage Loan containing that contains a Prepayment Penalty that prepays during the term of the chargepenalty. If the Servicer or its designee fails to collect the Prepayment Penalty upon any prepayment of any Mortgage Loan that contains a Prepayment Penalty, the Servicer shall pay shall, at the Trust Fund at time of such time (by prepayment, deposit to into the Custodial Account) Account from the Servicer's own funds an amount equal to amount of the Prepayment Penalty that was not collected. Notwithstanding the above, the Servicer or its designee may waive (and shall waive, in the case of (ii)(b) and (c) below) a Prepayment Penalty without paying depositing the Trust Fund amount thereof into the Custodial Account the amount of the Prepayment Penalty if (i) the Mortgage Loan is in default sixty-one (defined as 61 61) days or more delinquent) Delinquent and such waiver would maximize recovery of total proceeds taking into account the value of such Prepayment Penalty and the related Mortgage Loan or (ii) the prepayment is not a result of a refinance by the Servicer or any of its affiliates Affiliates and (a) the Mortgage Loan is foreseen to be in default and such waiver would maximize recovery of total proceeds taking into account the value of such Prepayment Penalty and the related Mortgage Loan, (b) the collection of the Prepayment Penalty would be in violation of applicable laws or (c) notwithstanding the collection of such Prepayment Penalty would be considered "predatory" pursuant to written guidance published or issued by any applicable federal, state or federal law local regulatory authority acting in its official capacity and having jurisdiction over such matters. The Servicer shall be obligated to collect Prepayment Penalties under the terms of the related Mortgage Loan without regard to the contrary, amount of Prepayment Penalty set forth for such loan in any instance when a the Mortgage Loan is in foreclosureSchedule.

Prepayment Penalties. The Servicer or any designee of the Servicer shall not waive any Prepayment Penalty with respect to any Mortgage Loan containing that contains a Prepayment Penalty that prepays during the term of the chargepenalty. If the Servicer or its designee fails to collect the Prepayment Penalty upon any prepayment of any Mortgage Loan that contains a Prepayment Penalty, the Servicer shall pay deposit into the Trust Fund at such time (by deposit to Collection Account from the Custodial Account) Servicer’s own funds an amount equal to amount of the Prepayment Penalty that was not collected. Notwithstanding the above, the Servicer or its designee may waive (and shall waive, in the case of (ii)(b) and (c) below) a Prepayment Penalty without paying depositing the Trust Fund amount thereof into the Collection Account the amount of the Prepayment Penalty if (i) the Mortgage Loan is in default sixty-one (defined as 61 61) days or more delinquent) delinquent and such waiver would maximize recovery of total proceeds taking into account the value of such Prepayment Penalty and the related Mortgage Loan or (ii) if the prepayment is not a result of a refinance by the Servicer or any of its affiliates Affiliates and (a) the Mortgage Loan is foreseen to be in default and such waiver would maximize recovery of total proceeds taking into account the value of such Prepayment Penalty and the related Mortgage Loan, Loan or (b) the collection of the Prepayment Penalty would be in violation of applicable laws or (c) notwithstanding any state or federal law to the contrary, in any instance when a Mortgage Loan is in foreclosurelaws.