Backup Servicer Fee Sample Clauses
The Backup Servicer Fee clause defines the payment terms and conditions for compensating a backup servicer in a financial transaction, typically in securitizations or structured finance deals. This clause specifies how much the backup servicer will be paid, the frequency of payments, and under what circumstances the fee becomes payable, such as upon activation of backup servicing duties if the primary servicer fails. Its core practical function is to ensure that a qualified party is incentivized and available to step in and manage servicing responsibilities if needed, thereby mitigating operational risk and ensuring continuity of service.
Backup Servicer Fee. The fee to be paid to the Backup Servicer as set forth in the Agents/Backup Servicer Fee Letter.
Backup Servicer Fee. In consideration of KPMG acting as Manager of a Trust during the Period of Appointment in respect of that Trust, Perpetual shall, on each Distribution Date for that Trust, pay the amount of the Backup Servicer Fee then payable to KPMG in respect of that Trust by way of deducting that amount from the Manager's Fee payable on that Distribution Date.
Backup Servicer Fee. Section 1.1
Backup Servicer Fee. The Borrower shall pay the Backup Servicer Fee to the Backup Servicer each month, provided, however, that if the Backup Servicer is acting as Successor Servicer, the Backup Servicer shall be instead paid the Servicing Fee and such Servicing Fee shall be paid to the Backup Servicer monthly in the same priority as the Backup Servicing Fee is paid pursuant to Section 2.5(B)(i). On the Closing Date, the Borrower shall pay the Backup Servicer Commitment Fee to the Backup Servicer.