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 Closing Date (or such other earlier date set forth in the related PPTL), 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 outstanding principal balance of the Mortgage Loan as of the Cut-off Date, reduced by the amount of any Prepayment Charge collected. Such payment shall be made within thirty (30) days of such payoff.
Appears in 6 contracts
Sources: Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2013-6), Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2013-3), Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2012-6)