Common use of Annual True-up of Floor Component Amount Clause in Contracts

Annual True-up of Floor Component Amount. By no later than January 31st of each calendar year, Subservicer shall calculate and deliver to KRECM a calculation (a “Calculation Notice”) of any Ancillary True-Up Payments due and payable by KRECM pursuant to this Section 4.03. As of December 31 of each calendar year, if (x) the aggregate Floor Component Amount paid to Subservicer during such calendar year under all Sub-Servicing Agreements is less than (y) 33.3% of the aggregate Borrower Paid Fees actually collected, received and delivered by Subservicer to KRECM during such calendar year under all Securitization Servicing Agreements (such difference, the “Annual True-up Deficiency”), then KRECM shall, within fifteen (15) Business Days after receiving the Calculation Notice, pay to Subservicer an amount equal to such Annual True-up Deficiency. Calculations in accordance with the preceding sentence shall be prorated during the first year of this Agreement. Subservicer’s calculation of the Annual True-up Deficiency shall be subject to KRECM’s review and written approval (which shall not be unreasonably withheld, conditioned, or delayed), which approval shall be deemed granted if not denied within ten (10) Business Days of its receipt of the Subservicer’s calculation.

Annual True-up of Floor Component Amount. By no later than January 31st of each calendar year, Subservicer shall calculate and deliver to KRECM a calculation (a “Calculation Notice”) of any Ancillary True-Up Payments due and payable by KRECM pursuant to this Section 4.03. As of December 31 of each calendar year, if (x) the aggregate Floor Component Amount paid to Subservicer during such calendar year under all Sub-Servicing Agreements is less than (y) 33.3[__]% of the aggregate Borrower Paid Fees actually collected, received and delivered by Subservicer to KRECM during such calendar year under all Securitization Servicing Agreements (such difference, the “Annual True-up Deficiency”), then KRECM shall, within fifteen (15) Business Days after receiving the Calculation Notice, pay to Subservicer an amount equal to such Annual True-up Deficiency. Calculations in accordance with the preceding sentence shall be prorated during the first year of this Agreement. Subservicer’s calculation of the Annual True-up Deficiency shall be subject to KRECM’s review and written approval (which shall not be unreasonably withheld, conditioned, or delayed), which approval shall be deemed granted if not denied within ten (10) Business Days of its receipt of the Subservicer’s calculation.