Purchase Price Protection. With respect to any Mortgage Loan that prepays in full on or prior to the last day of the third full month following the related Funding Date (or such other date set forth in the related Confirmation or Purchase Price and Terms Letter, as applicable, the Seller shall reimburse the Purchaser an amount equal to the product of (a) the amount by which Purchase Price Percentage paid by the Purchaser to the Seller for such Mortgage Loan exceeds 100% and (b) the Unpaid Principal Balance of the Mortgage Loan as of the Cut-off Date. Such payment shall be made within thirty (30) days of such payoff.
Appears in 5 contracts
Samples: Servicing Agreement (Sequoia Mortgage Trust 2012-1), Servicing Agreement (Sequoia Mortgage Trust 2011-1), Servicing Agreement (Sequoia Mortgage Trust 2013-1)
