Common use of Servicing and Special Servicing Compensation; Interest on and Reimbursement of Servicing Advances; Payment of Certain Expenses Clause in Contracts

Servicing and Special Servicing Compensation; Interest on and Reimbursement of Servicing Advances; Payment of Certain Expenses. (a) As compensation for its activities hereunder, the Servicer shall be entitled to receive a fee on each Payment Date for the Interest Accrual Period ending on or immediately preceding such Payment Date (such fee, the “Servicing Fee”). The Servicing Fee shall accrue on a 30/360 Basis during each Interest Accrual Period at the Servicing Fee Rate on the aggregate Outstanding Class Principal Balance of all Classes of the Notes Outstanding on the first day of such Interest Accrual Period. The Servicing Fee shall cease to accrue if no Notes are Outstanding. The Servicing Fee for each Interest Accrual Period shall be payable in arrears on each Payment Date pursuant to Article V of the Indenture. The Servicer shall also be entitled to recover unpaid Servicing Fees out of any related Insurance Proceeds, Condemnation Proceeds or Net Liquidation Proceeds. As additional compensation, on the Initial Closing Date, the Servicer shall also be entitled to receive the Transaction Structuring Fee. After termination or resignation of Midland as Servicer, Midland shall not have any rights under this Agreement except as set forth in this Section 2.04, the final sentence of each of Section 4.03, Section 4.04, Section 4.06, the second to last paragraph of Section 5.01, Section 5.02 and Section 6.02. Subject to the Servicer’s right to employ Sub-Servicers, the right to receive the Servicing Fee or Other Servicing Fees may not be transferred in whole or in part except pursuant to this Section 2.04 and in connection with the transfer of all of the Servicer’s responsibilities and obligations under this Agreement. The Servicer shall be entitled to receive reasonable out-of-pocket expenses for any consent, approval or other action requested by the Issuer and such expenses shall be payable as Additional Issuer Expenses.

Appears in 2 contracts

Samples: Servicing Agreement, Servicing Agreement (Landmark Infrastructure Partners LP)

AutoNDA by SimpleDocs

Servicing and Special Servicing Compensation; Interest on and Reimbursement of Servicing Advances; Payment of Certain Expenses. (a) As part of its compensation for its activities hereunder, the Servicer shall be entitled to receive a fee on monthly the Servicing Fee. For each Payment Date for the Interest Accrual Period ending on calendar month (commencing with July 2009) or immediately preceding such Payment Date (such feeany applicable portion thereof, the “Servicing Fee”). The Servicing Fee shall accrue on a 30/360 Basis during each Interest Accrual Period at the Servicing Fee Rate on the aggregate Outstanding Class Principal Balance of all Classes of the Notes Outstanding on at the first day beginning of such Interest Accrual the related Collection Period. The Servicing Fee shall cease to accrue if no Notes are Outstanding. The Servicing Fee for each Interest Accrual Period shall be payable in arrears monthly on each Payment Date (commencing with the Payment Date in August 2009), from general collections on deposit in the Central Account pursuant to Article V of the Indenture. The Servicer shall also be entitled to recover unpaid Servicing Fees out of any related Insurance Proceeds, Condemnation Proceeds or Net Liquidation Proceeds. As additional compensation, on the Initial Closing Date, the Servicer shall also be entitled to receive a processing fee (the Transaction Structuring “Tower Site Release/Substitution Fee”) equal to $1,000 plus reimbursement of all reasonable expenses related to each requested or permitted Tower Site disposition, termination (including a Ground Lease or Easement termination) or substitution made in accordance with the Indenture. As additional compensation, the Servicer shall also be entitled to receive a processing fee (the “Tower Site Acquisition Fee”) equal to $1,000 plus reimbursement of all reasonable out-of-pocket expenses related to each requested or permitted Tower Site acquisition (including modification to a Ground Lease or Easement to increase the area of real property covered thereby). After termination or resignation of Midland as Servicer, Midland shall not have any rights or obligations under this Agreement except as set forth in this Section 2.04, the final sentence of each of Section 4.03, Section 4.04, Section 4.06, the second to last paragraph of Section 5.01, Section 5.02 and Section 6.02. Subject to the Servicer’s right to employ Sub-Servicers, the right to receive the Servicing Fee or Other Servicing Fees may not be transferred in whole or in part except pursuant to this Section 2.04 and in connection with the transfer of all of the Servicer’s responsibilities and obligations under this Agreement. The Servicer shall be entitled to receive reasonable out-of-pocket expenses for any consent, approval or other action requested by the Issuer and such expenses shall be payable as Additional Issuer Expenses.

Appears in 1 contract

Samples: Servicing Agreement (Crown Castle International Corp)

AutoNDA by SimpleDocs

Servicing and Special Servicing Compensation; Interest on and Reimbursement of Servicing Advances; Payment of Certain Expenses. (a) As compensation for its activities hereunder, the Servicer shall be entitled to receive a fee on each Payment Date for the Interest Accrual Period ending on or immediately preceding such Payment Date (such fee, the “Servicing Fee”). The Servicing Fee shall accrue on a 30/360 Basis during each Interest Accrual Period at the Servicing Fee Rate on the aggregate Outstanding Class Principal Balance of all Classes of the Notes Outstanding on the first day of such Interest Accrual Period. The Servicing Fee shall cease to accrue if no Notes are Outstanding. The Servicing Fee for each Interest Accrual Period shall be payable in arrears on each Payment Date pursuant to Article V of the Indenture. The Servicer shall also be entitled to recover unpaid Servicing Fees out of any related Insurance Proceeds, Condemnation Proceeds or Net Liquidation Proceeds. As additional compensation, on the Initial Closing Date, the Servicer shall also be entitled to receive the Transaction Structuring Fee. After termination or resignation of Midland as the Servicer, Midland the Servicer shall not have any rights under this Agreement except as set forth in this Section 2.04, the final sentence of each of Section 4.03, Section 4.04, Section 4.06, the second to last paragraph of Section 5.01, Section 5.02 and Section 6.02. Subject to the Servicer’s right to employ Sub-Servicers, the right to receive the Servicing Fee or Other Servicing Fees may not be transferred in whole or in part except pursuant to this Section 2.04 and in connection with the transfer of all of the Servicer’s responsibilities and obligations under this Agreement. The Servicer shall be entitled to receive reasonable out-of-pocket expenses for any consent, approval or other action requested by the Issuer and such expenses shall be payable as Additional Issuer Expenses.

Appears in 1 contract

Samples: Servicing Agreement (Landmark Infrastructure Partners LP)

Time is Money Join Law Insider Premium to draft better contracts faster.