Common use of Warehouse Fees Clause in Contracts

Warehouse Fees. With respect to each Facility, the Service Provider shall be entitled to fees that accrue (a) at a rate equal to $25,000 per annum, and (b) in the amount of $50 with respect to each Mortgage Loan that is subject to a Transaction thereunder. The fee described in clause (a) shall accrue and be payable monthly not later than the last Business Day of each month from and after the execution of the related Facility Documents. The fee described in clause (b) shall accrue and be payable monthly not later than the fifth (5th) Business Day following the month during which the related Mortgage Loan first becomes subject to a Transaction. Notwithstanding anything in the Agreement to the contrary, the Service Provider shall not be entitled to collect the Warehouse Fees described in clause (a) above with respect to any Facility during any month in which the Transaction Counterparty thereunder is also a Correspondent under an Early Purchase Program. In such instances, the Service Provider shall be entitled to collect only the Early Purchase Program Fees as described in clause (a) above under the heading Early Purchase Program Fees.