Subservicing Compensation. (a) As compensation for its activities under this Agreement, for each calendar month, the Subservicer shall be entitled to withdraw from the Servicing Fee Account the Base Legacy Servicing Compensation and the Base Future Servicing Compensation, as applicable on the 2nd Business Day of the immediately succeeding calendar month (and if such day is not a Business Day, the next succeeding Business Day). In the event that there are insufficient funds in the Servicing Fee Account to pay the Base Legacy Servicing Compensation and Base Future Servicing Compensation, as applicable for any month, the Subservicer shall be entitled to withdraw the amount of any deficiency from the Ancillary Fee Account provided there are excess funds in such account after payment of the Floor Component Amount in any month. In the event funds in the Base Servicing Compensation Account and any remaining funds in the Ancillary Fee Account are insufficient to pay the Base Legacy Servicing Compensation and Base Future Servicing Compensation, as applicable in any month, the Subservicer shall send an invoice via email to KRECM’s portfolio manager for the balance of the Base Legacy Servicing Compensation and Base Future Servicing Compensation, as applicable and KRECM shall pay such invoice within ten (10) Business Days of receipt of such invoice by wire transfer of funds pursuant to the wire transfer instructions provided by Subservicer to KRECM from time to time. (b) In addition to the compensation payable pursuant to Section 4.01(a), for each calendar month, the Subservicer shall be entitled to withdraw from the Ancillary Fee Account, one-twelfth of the Floor Component Amount on the 2nd Business Day of the immediately succeeding calendar month (or if such day is not a Business Day, the next succeeding Business Day). In the event there are insufficient funds to pay the Floor Component Amount for any month, the Subservicer shall be entitled to withdraw the amount of any deficiency from the Servicing Fee Account to the extent of any excess funds are remaining in such account after payment of the Base Legacy Servicing Compensation and Base Future Servicing Compensation, as applicable. If the funds in the Ancillary Fee Account and any remaining funds in the Servicing Fee Account are insufficient to pay the Floor Component Amount in any month, the Subservicer shall send an invoice via email to KRECM portfolio manager for the balance to KRECM and KRECM shall pay such invoice within ten (10) Business Days of receipt of such invoice by wire transfer of funds pursuant to the wire transfer instructions provided by Subservicer to KRECM from time to time. The Subservicer shall be entitled to withdraw [__]% of Borrower Paid Fees that constitute returned check charges for checks returned for insufficient funds at any time. The Subservicer shall be entitled to retain interest or other investment earnings on the deposit amounts in the Accounts (but only to the extent of net investment earnings and to the extent not required to be paid to the Borrower under applicable law or the related loan documents). (c) On the fifth (5th) Business Day of each calendar month, the Subservicer shall send to KRECM the remaining balance of the Servicing Fee Account and Ancillary Fee Account after reconciliation of the Base Servicing Compensation and Floor Component Amount, if any, by wire transfer pursuant to the wire transfer instructions provided by KRECM to Subservicer from time to time Amended & Restated Master Subservicing Agreement
Appears in 4 contracts
Samples: Subservicing Agreement, Subservicing Agreement (Citigroup Commercial Mortgage Trust 2016-Gc37), Subservicing Agreement (Morgan Stanley Capital I Trust 2016-Ubs9)
Subservicing Compensation. (a) As compensation for its activities under this Agreement, for each calendar month, the Subservicer shall be entitled to withdraw from the Servicing Fee Account the Base Legacy Servicing Compensation and the Base Future Servicing Compensation, as applicable on the 2nd Business Day of the immediately succeeding calendar month (and if such day is not a Business Day, the next succeeding Business Day). In the event that there are insufficient funds in the Servicing Fee Account to pay the Base Legacy Servicing Compensation and Base Future Servicing Compensation, as applicable for any month, the Subservicer shall be entitled to withdraw the amount of any deficiency from the Ancillary Fee Account provided there are excess funds in such account after payment of the Floor Component Amount in any month. In the event funds in the Base Servicing Compensation Account and any remaining funds in the Ancillary Fee Account are insufficient to pay the Base Legacy Servicing Compensation and Base Future Servicing Compensation, as applicable in any month, the Subservicer shall send an invoice via email to KRECM’s portfolio manager for the balance of the Base Legacy Servicing Compensation and Base Future Servicing Compensation, as applicable and KRECM shall pay such invoice within ten (10) Business Days of receipt of such invoice by wire transfer of funds pursuant to the wire transfer instructions provided by Subservicer to KRECM from time to time.
(b) In addition to the compensation payable pursuant to Section 4.01(a), for each calendar month, the Subservicer shall be entitled to withdraw from the Ancillary Fee Account, one-twelfth of the Floor Component Amount on the 2nd Business Day of the immediately succeeding calendar month (or if such day is not a Business Day, the next succeeding Business Day). In the event there are insufficient funds to pay the Floor Component Amount for any month, the Subservicer shall be entitled to withdraw the amount of any deficiency from the Servicing Fee Account to the extent of any excess funds are remaining in such account after payment of the Base Legacy Servicing Compensation and Base Future Servicing Compensation, as applicable. If the funds in the Ancillary Fee Account and any remaining funds in the Servicing Fee Account are insufficient to pay the Floor Component Amount in any month, the Subservicer shall send an invoice via email to KRECM portfolio manager for the balance to KRECM and KRECM shall pay such invoice within ten (10) Business Days of receipt of such invoice by wire transfer of funds pursuant to the wire transfer instructions provided by Subservicer to KRECM from time to time. The Subservicer shall be entitled to withdraw [__]100% of Borrower Paid Fees that constitute returned check charges for checks returned for insufficient funds at any time. The Subservicer shall be entitled to retain interest or other investment earnings on the deposit amounts in the Accounts (but only to the extent of net investment earnings and to the extent not required to be paid to the Borrower under applicable law or the related loan documents).
(c) On the fifth (5th) Business Day of each calendar month, the Subservicer shall send to KRECM the remaining balance of the Servicing Fee Account and Ancillary Fee Account after reconciliation of the Base Servicing Compensation and Floor Component Amount, if any, by wire transfer pursuant to the wire transfer instructions provided by KRECM to Subservicer from time to time Amended & Restated Master Subservicing AgreementAgreement along with a reconciliation in form and substance agreed to by KRECM and Subservicer showing the calculation of the Base Legacy Servicing Compensation and Base Future Servicing Compensation, as applicable, and Floor Component Amount for the prior calendar month.
Appears in 3 contracts
Samples: Subservicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2015-C21), Subservicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2015-C21), Subservicing Agreement (CSAIL 2015-C1 Commercial Mortgage Trust)
Subservicing Compensation. (a) As compensation for its activities under this Agreement, for each calendar month, the Subservicer shall be entitled to withdraw from the Servicing Fee Account the Base Legacy Servicing Compensation and the Base Future Servicing Compensation, as applicable on the 2nd Business Day of the immediately succeeding calendar month (and if such day is not a Business Day, the next succeeding Business Day). In the event that there are insufficient funds in the Servicing Fee Account to pay the Base Legacy Servicing Compensation and Base Future Servicing Compensation, as applicable for any month, the Subservicer shall be entitled to withdraw the amount of any deficiency from the Ancillary Fee Account provided there are excess funds in such account after payment of the Floor Component Amount in any month. In the event funds in the Base Servicing Compensation Account and any remaining funds in the Ancillary Fee Account are insufficient to pay the Base Legacy Servicing Compensation and Base Future Servicing Compensation, as applicable in any month, the Subservicer shall send an invoice via email to KRECM’s portfolio manager for the balance of the Base Legacy Servicing Compensation and Base Future Servicing Compensation, as applicable and KRECM shall pay such invoice within ten (10) Business Days of receipt of such invoice by wire transfer of funds pursuant to the wire transfer instructions provided by Subservicer to KRECM from time to time.
(b) In addition to the compensation payable pursuant to Section 4.01(a), for each calendar month, the Subservicer shall be entitled to withdraw from the Ancillary Fee Account, one-twelfth of the Floor Component Amount on the 2nd Business Day of the immediately succeeding calendar month (or if such day is not a Business Day, the next succeeding Business Day). In the event there are insufficient funds to pay the Floor Component Amount for any month, the Subservicer shall be entitled to withdraw the amount of any deficiency from the Servicing Fee Account to the extent of any excess funds are remaining in such account after payment of the Base Legacy Servicing Compensation and Base Future Servicing Compensation, as applicable. If the funds in the Ancillary Fee Account and any remaining funds in the Servicing Fee Account are insufficient to pay the Floor Component Amount in any month, the Subservicer shall send an invoice via email to KRECM portfolio manager for the balance to KRECM and KRECM shall pay such invoice within ten (10) Business Days of receipt of such invoice by wire transfer of funds pursuant to the wire transfer instructions provided by Subservicer to KRECM from time to time. The Subservicer shall be entitled to withdraw [__]100% of Borrower Paid Fees that constitute returned check charges for checks returned for insufficient funds at any time. The Subservicer shall be entitled to retain interest or other investment earnings on the deposit amounts in the Accounts (but only to the extent of net investment earnings and to the extent not required to be paid to the Borrower under applicable law or the related loan documents).
(c) On the fifth (5th) Business Day of each calendar month, the Subservicer shall send to KRECM the remaining balance of the Servicing Fee Account and Ancillary Fee Account after reconciliation of the Base Servicing Compensation and Floor Component Amount, if any, by wire transfer pursuant to the wire transfer instructions provided by KRECM to Subservicer from time to time Amended & Restated Master Subservicing Agreementalong with a reconciliation in form and substance agreed to by KRECM and Subservicer showing the calculation of the Base Legacy Servicing Compensation and Base Future Servicing Compensation, as applicable, and Floor Component Amount for the prior calendar month.
Appears in 1 contract
Samples: Subservicing Agreement (COMM 2015-Dc1 Mortgage Trust)