Common use of Servicing Fees Clause in Contracts

Servicing Fees. The Master Servicer shall pay to the Subservicer, on or before the 25th day of each month, or within fifteen (15) days of billing statement (which may be sent by the Subservicer), for and in consideration of the services performed by the Subservicer hereunder for the preceding month, the fee provided for in Schedule A of this Agreement ("Servicing Fee"). In the event Servicing Fees are not paid within thirty (30) days of the billing statement, the Master Servicer agrees the Subservicer will have the following rights to (a) impose a late charge of one and one-half percent (1 1/2%) per month against the entire outstanding balance of the past due Servicing Fee including any prior late charge; and (b) terminate services without notice if nonpayment persists for sixty (60) days from billing or more. The Servicing Fee and related charges shall be paid only to the extent moneys are available as provided for under the terms of the Indenture.

Servicing Fees. The Master Servicer shall pay to the Subservicer, on or before the 25th day of each month, or within fifteen (15) days of billing statement (which may be sent by the Subservicer), for and in consideration of the services performed by the Subservicer hereunder for the preceding month, the fee provided for in Schedule A of this Agreement ("“Servicing Fee"”). In the event Servicing Fees are not paid within thirty (30) days of the billing statement, the Master Servicer agrees the Subservicer will have the following rights to (a) impose a late charge of one and one-half percent (1 1/2%½%) per month against the entire outstanding balance of the past due Servicing Fee including any prior late charge; and (b) terminate services without notice if nonpayment persists for sixty (60) days from billing or more. The Servicing Fee and related charges shall be paid only to the extent moneys are available as provided for under the terms of the Indenture.