Common use of Fees and Expenses of Trustee; Indemnification of Trustee and Fiscal Agent Clause in Contracts

Fees and Expenses of Trustee; Indemnification of Trustee and Fiscal Agent. (a) As compensation for the performance of its duties, the Trustee will be paid the Trustee Fee, equal to one month's interest at the Trustee Fee Rate, which shall cover recurring and otherwise reasonably anticipated expenses of the Trustee (including in the Trustee's capacity as the initial Extension Adviser). The Trustee Fee shall be paid monthly on a Mortgage Loan-by-Mortgage Loan basis. As to each Mortgage Loan and REO Loan, the Trustee Fee shall accrue from time to time at the Trustee Fee Rate and shall be computed on the basis of the Stated Principal Balance of such Mortgage Loan and for the same period of time which any interest payment due on such Mortgage Loan or deemed due on such REO Loan is computed. The Trustee Fee (which shall not be limited to any provision of law in regard to the compensation of a trustee of an express trust) shall constitute the Trustee's sole form of compensation for all services rendered by it in the execution of the trusts hereby created and in the exercise and performance of any of the powers and duties of the Trustee hereunder. The Trustee shall pay, at its own expense, the fees and expenses of the Fiscal Agent.

Appears in 5 contracts

Samples: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Inc), Pooling and Servicing Agreement (Chase Commercial Mortgage Securities Corp), Pooling and Servicing Agreement (Chase Commercial Mortgage Securities Corp)

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Fees and Expenses of Trustee; Indemnification of Trustee and Fiscal Agent. (a) As compensation for the performance of its duties, the Trustee will be paid the Trustee Fee, equal to one month's interest at the Trustee Fee Rate, which shall cover recurring and otherwise reasonably anticipated expenses of the Trustee [(including in the Trustee's capacity as the initial Extension Adviser)]. The Trustee Fee shall be paid monthly on a Mortgage Loan-by-Mortgage Loan basis. As to each Mortgage Loan and REO Loan, the Trustee Fee shall accrue from time to time at the Trustee Fee Rate and shall be computed on the basis of the Stated Principal Balance of such Mortgage Loan and [a 360-day year consisting of twelve 30-day months] [for the same period of time which any interest payment due on such Mortgage Loan or deemed due on such REO Loan is computed]. The Trustee Fee (which shall not be limited to any provision of law in regard to the compensation of a trustee of an express trust) shall constitute the Trustee's sole form of compensation for all services rendered by it in the execution of the trusts hereby created and in the exercise and performance of any of the powers and duties of the Trustee hereunder. The Trustee shall pay, at its own expense, the fees and expenses of the Fiscal Agent.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Ge Commercial Mortgage Corp), Pooling and Servicing Agreement (Ge Capital Commercial Mortgage Corp)

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Fees and Expenses of Trustee; Indemnification of Trustee and Fiscal Agent. (a) As compensation for the performance of its dutiesrespective duties hereunder, the Trustee will be paid the Trustee Fee, equal to the Trustee's portion of one month's interest at the Trustee Fee Rate, which shall cover recurring and otherwise reasonably anticipated expenses of the Trustee (including in the Trustee's capacity as the initial Extension Adviser). The Trustee Fee shall be paid monthly on a Mortgage Loan-by-Mortgage Loan basis. As to each Mortgage Loan and REO Loan, the Trustee Fee shall accrue from time to time at the Trustee's respective portion of Trustee Fee Rate and shall be computed on the basis of the Stated Principal Balance of such Mortgage Loan and for the same period a 360-day year consisting of time which any interest payment due on such Mortgage Loan or deemed due on such REO Loan is computedtwelve 30-day months. The Trustee Fee (which shall not be limited to any provision of law in regard to the compensation of a trustee of an express trust) shall constitute the Trustee's sole form of compensation for all services rendered by it in the execution of the trusts hereby created and in the exercise and performance of any of the powers and duties of the Trustee hereunder. The No Trustee Fee shall pay, at its own expense, be payable with respect to the fees and expenses of the Fiscal AgentCompanion Loans.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (J.P.Morgan Chase Commercial Mortgage Securities Series 2004-Cibc9), Pooling and Servicing Agreement (J.P. Morgan Chase Commercial Mortgage Securities Corp. Commercial Mortgage Pass-Through Certificates, Series 2004-C2)

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