Prepayment Premium definition

Prepayment Premium means, with respect to the Mortgage Loan, any prepayment premium, spread maintenance premium, yield maintenance premium or similar fee required to be paid in connection with a prepayment of the Mortgage Loan pursuant to the Mortgage Loan Documents, including any exit fee.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Prepayment Premium. With respect to any Mortgage Loan, any premium, fee or other additional amount (other than a Yield Maintenance Charge) paid or payable, as the context requires, by a Borrower in connection with a Principal Prepayment on, or other early collection of principal of, such Mortgage Loan or any successor REO Mortgage Loan with respect thereto (including any payoff of a Mortgage Loan by a mezzanine lender on behalf of the subject Borrower if and as set forth in the related intercreditor agreement).

Prepayment Premium has the meaning specified in Section 2.05(a)(iii).

Examples of Prepayment Premium in a sentence

• Concurrently with any reduction of the Aggregate Revolving Loan Commitment, Borrower shall (x) if applicable, repay the principal balance of the Revolving Loans to an amount not in excess of the Aggregate Revolving Loan Commitment as so reduced, along with all interest on the Revolving Loans so repaid, and (y) make payment of the Prepayment Premium (if any) as provided in Section 2.02(d).

• Borrower acknowledges and agrees that (x) the provisions of this Section 2.02(d) shall remain in full force and effect notwithstanding any rescission by Agent or Required Lenders of an acceleration with respect to all or any portion of the Obligations pursuant to Section 7.02 or otherwise, and (y) the payment of any Prepayment Premium under this Section 2.02(d) constitutes liquidated damages and not a penalty.

• Notwithstanding anything to the contrary set forth herein or in any of the other Loan Documents, on the Termination Date, Borrowers shall pay to Agent the sum of all accrued and unpaid interest fees (including, without limitation, the amount of the Prepayment Premium due with respect to any prepayment before, or payment on, such date), and reimbursements due and payable hereunder.

• Notwithstanding anything to the contrary set forth herein or in any of the other Loan Documents, on the earlier to occur of the Maturity Date or the Termination Date, Borrowers shall pay to Agent the sum of all accrued and unpaid interest fees (including, without limitation, the Prepayment Premium, amount payable pursuant to Section 3.1(c), and other amounts set forth in the Fee Letter) and reimbursements due and payable hereunder.

• Any prepayment made of the Loans pursuant to this Section 2.01(c)(ii)(A) (I) shall permanently reduce the Aggregate Revolving Loan Commitment on a dollar-for-dollar basis, and (II) shall not result in any Prepayment Premium being due and payable.

More Definitions of Prepayment Premium

Prepayment Premium means (i) any premium payable by the Borrower pursuant to the Borrower Loan Documents in connection with a prepayment of the Borrower Note (including any Prepayment Premium as set forth in the Borrower Note) and (ii) any premium payable on the Governmental Lender Note pursuant to this Funding Loan Agreement.

Prepayment Premium. Any prepayment premium, penalty or charge collected by the Servicer with respect to a Mortgage Loan from a Mortgagor in connection with any voluntary Principal Prepayment in Full pursuant to the terms of the related Mortgage Note.

Prepayment Premium. With respect to each Mortgage Loan, the prepayment charge or penalty interest required to be paid by the Mortgagor in connection with a prepayment of the related Mortgage Loan, as provided in the related Mortgage Note or Mortgage, and as specified on the Mortgage Loan Schedule.

Prepayment Premium has the meaning set forth in Section 3.03(a).

Prepayment Premium. Any premium, penalty or fee (other than a Yield Maintenance Charge) paid or payable, as the context requires, by a Mortgagor in connection with a Principal Prepayment.

Prepayment Premium. With respect to any Mortgage Loan and Prepayment Period, any prepayment premium, penalty or charge collected by the Servicer from a Mortgagor in connection with any voluntary Principal Prepayment and held from time to time as a part of the Trust Fund. The Servicer shall calculate, in good faith using Accepted Servicing Practices, the amount of any Prepayment Premium solely pursuant to the terms of the related Mortgage Note.

Prepayment Premium. Any premium, penalty or fee paid or payable, as the context requires, by a Mortgagor in connection with a Principal Prepayment on, or other early collection of principal of, a Mortgage Loan or any successor REO Loan.