Special Servicing Fee. If there is an Event of Default by Borrower under this Agreement and the Loan is transferred to a special workout person (“Special Servicer”) for workout, including, without limitation, advising, structuring, drafting, reviewing, administering, or amending Loan documents in any form or fashion, the Special Servicer is entitled to collect a fee for their services equal to one percent (1.0%) per annum based on the unpaid principal loan balance at the time the Loan is transferred. Said fee will be due and payable monthly on each Payment Date and will be in addition to any other Loan payment requirements contained in the Loan Documents.
Appears in 2 contracts
Sources: Term Loan and Security Agreement, Term Loan and Security Agreement (Lexicon Pharmaceuticals, Inc.)