PARTIAL REPAYMENT. If a premium is paid by REDSTONE to Broker for an Eligible Loan, and such Eligible Loan is prepaid in any amount which, in the aggregate, exceeds twenty percent (20%) of the original principal balance of the loan, within ninety (90) days after the closing date, Broker shall, upon demand by REDSTONE, refund to REDSTONE a pro‐rated portion of the premium paid by REDSTONE to the Broker for such Eligible Loan. The payment shall be calculated by dividing the aggregate prepayment amount by the original principal balance of the loan and multiplying the result by the original premium amount. Such payments shall be due to REDSTONE within thirty (30) days of notice.
Appears in 2 contracts
Sources: Broker Approval Agreement, Broker Approval Agreement