Premium Recapture. With respect to any Mortgage Loan without prepayment penalties that prepays in full during the first three months following the related Closing Date, the Seller shall pay the Purchaser (i) an amount equal to the excess of the Purchase Price Percentage for such Mortgage Loan over par, multiplied by the outstanding principal balance of such Mortgage Loan as of the related Cut-off Date (the "Full Premium Amount") and (ii) during the fourth through the sixth month following the related Closing Date, the Seller shall pay the Purchaser an amount equal to 50 percent (50%) of the Full Premium Amount. Such amount shall be paid by the Seller to the Purchaser within three (3) Business Days following discovery by or notice to the Seller of any such prepayment in full.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (Morgan Stanley Abs Capital I Inc), Pooling and Servicing Agreement (Morgan Stanley Home Equity Loan Trust 2005-2), Pooling and Servicing Agreement (Morgan Stanley Home Equity Loan Trust Series 2005-3)