Primary Servicer Compensation.
(a) Unless otherwise provided in the related Servicing Contract, each Primary Servicer will be entitled to a Servicing Fee for its direct servicing activities with respect to the Trusts that include Mortgage Loans serviced by it. If and to the extent provided in the related Servicing Contract, the Primary Servicer, in payment for its services to the Trust, will be permitted to retain its Servicing Fee prior to depositing the remaining portion of principal and interest collections to the Custodial Account.
(b) Subject to the related Servicing Contract, all or any portion of any Excess Spread with respect to certain Mortgage Loans serviced by a Primary Servicer may be paid to that Primary Servicer as additional compensation while that Primary Servicer is servicing those Mortgage Loans under its Servicing Contract. Subject to the related Servicing Contract, the Primary Servicer may retain such Excess Spread at the same time and in the same manner as the Servicing Fee. To the extent permitted in the Servicing Contract, the Primary Servicer may transfer all or any portion of the Excess Spread with respect to the Mortgage Loans serviced by that Primary Servicer to the Issuer for deposit to an Other Xxxxxx Xxx Trust or pursuant to Subsection 5.1(7). The transfer of any portion of Excess Spread that has become Securitized Excess Spread is irrevocable. Neither the Primary Servicer nor any successor Primary Servicer will have any right to any Securitized Excess Spread as a result of its servicing relationship, and the Other Xxxxxx Xxx Trust through which the Securitized Excess Spread is securitized will continue to receive the Securitized Excess Spread in accordance with the terms of the transfer.
(c) Unless otherwise provided in the related Issue Supplement, any additional compensation for performance of servicing functions, including assumption fees, late payment charges, partial release fees, asset management fees, collateral substitution fees, any portion of the Prepayment Premium permitted to be retained under the Servicing Contract and other administrative fees or expenses permitted under the Mortgage Documents, will be retained by the Primary Servicer or the Master Servicer as provided in the related Servicing Contract.
Primary Servicer Compensation. As consideration for the Primary Servicer's performance hereunder, the Primary Servicer shall be entitled to net income and gain realized from any investment of funds on deposit in the Primary Servicer Certificate Account, to the extent provided in Section 3.01(c)(iv), and any net interest or other income earned on deposits in the Primary Servicer Escrow Accounts, to the extent provided in Section 3.01(c)(iv) and not required to be paid to any Mortgagor under applicable law. As additional consideration for the Primary Servicer's performance hereunder, the Primary Servicer shall be entitled to retain, and (subject to any contrary provisions of the Waterside Shops Intercreditor Agreement) shall not be required to deposit into the Primary Servicer Certificate Account pursuant to Section 3.01(d)(ii), additional servicing compensation in the form of:
(i) the product of (a) assumption application fees, assumption fees, extension fees, Modification Fees and forbearance fees, to the extent that the Master Servicer is otherwise entitled thereto under Section 8.10(b) of the Pooling and Servicing Agreement and (b) either 100% (if the Primary Servicer is authorized hereunder to enter into the transaction without the consent or deemed consent of the Master Servicer) or 50% (if the Primary Servicer is authorized hereunder to enter into the transaction only with the consent or deemed consent of the Master Servicer); and
(ii) other usual and customary charges and fees actually received from Mortgagors, to the extent that the Master Servicer is otherwise entitled thereto under Section 8.10(b) of the Pooling and Servicing Agreement; provided, however, that, in each case, any fee shall be considered in the above clauses only to the extent that such fee is paid by the Mortgagor and only to the extent that all amounts then due and payable with respect to the related Mortgage Loan have been paid and in no event shall the Primary Servicer be entitled to Prepayment Premiums, default interest or late payment charges.
Primary Servicer Compensation. Each Primary Servicer shall be entitled to a fee (the "Primary ------- Servicing Fee"), with respect to each Related Mortgage Loan, other than an ------------- REO Mortgage Loan, that shall be equal to one-twelfth of the product of (a) the Primary Servicing Fee Rate and (b) the Scheduled Principal Balance of such Related Mortgage Loan as of the Due Date in the preceding calendar month or, in the case of the initial Primary Remittance Date for such Related Mortgage Loan, the outstanding principal balance of such Related Mortgage Loan as of the Cut-off Date. Notwithstanding the foregoing, in lieu of the Primary Servicing Fee set forth above, the Primary Servicer for the Combined Servicing Mortgage Loans and the Master Servicer shall be collectively entitled to a Primary Servicing Fee calculated as described above but based on a Primary Servicing Fee Rate equal to 0.04% per annum. The Primary Servicing Fee is payable to the extent permitted by Section 4.03(ii) hereof. A Primary Servicer shall also be entitled to receive as part of its servicing compensation net reinvestment income pursuant to Section 4.02(b) and certain fees described in clause (2) of Section 4.02(c) and as otherwise permitted under this Agreement.
