Back-Up Fee definition

Back-Up Fee. As defined in the Property Management Agreement.
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Back-Up Fee. With respect to each Mortgage Loan and Property, the monthly fee payable to the Back-Up Manager pursuant to Section 3.09(f) in an amount equal to the product of (i) the Back-Up Fee Rate and (ii) the Aggregate Series Principal Balance as of the related Determination Date.
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Back-Up Fee. With respect to each Mortgage Loan and each Lease, the fee payable to the Back-Up Manager pursuant to Section 3.11(h).
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Examples of Back-Up Fee in a sentence

  • The right to receive the monthly Back-Up Fee may not be transferred in whole or in part except in connection with the transfer of all of the Back-Up Manager’s responsibilities and obligations under this Agreement.

  • Funds withdrawn by the Property Manager for the payment of the Property Management Fee, Back-Up Fee, Workout Fees, Liquidation Fees, Additional Servicing Compensation, any reimbursements of Advances (including Nonrecoverable Advances) plus interest thereon, and any applicable Special Servicing Fee shall not constitute part of the Available Amount on any Payment Date.

  • For so long as KeyBank is the Sub- Manager, KeyBank hereby waives its right to receive the Back-Up Fee.

  • The parties hereto acknowledge and agree that the effectiveness of this modification to the Back-Up Fee Rate will begin with the period relating to the July 2015 Payment Date.

  • Funds withdrawn by the Property Manager for the payment of the Property Management Fee, Back-Up Fee, Workout Fees, Liquidation Fees, Emergency Property Expenses, Additional Servicing Compensation, any reimbursements of Advances (including Nonrecoverable Advances) plus interest thereon, and any applicable Special Servicing Fee shall not constitute part of the Available Amount on any Payment Date.

  • In the event that a successor back-up servicer is not appointed within 180 days of the Servicer’s receipt of such notice from the Back-Up Servicer, the Servicer shall pay the Master Servicer, from its own funds, the Master Servicer Back-Up Fee on a monthly basis until such time as a back-up servicer, reasonably acceptable to the Master Servicer, shall be appointed by the Servicer.

  • In the event that a successor back-up servicer is not appointed by the first anniversary after the Closing Date, the Servicer shall pay the Master Servicer from its own funds, the Master Servicer Back-Up Fee on a monthly basis until such time as a successor back-up servicer, reasonably acceptable to the Master Servicer, is appointed by the Servicer.


More Definitions of Back-Up Fee

Back-Up Fee. With respect to each Mortgage Loan and each Mortgaged Property (that does not otherwise secure a Mortgage Loan), the fee payable to the Back-Up Manager pursuant to Section 3.11(h) . “Back-Up Fee Rate ”: With respect to each Mortgage Loan and each Mortgaged Property, a fixed percentage rate equal to 0.0100% per annum. “Back-Up Manager ”: Midland Loan Services, a division of PNC Bank, National Association, a Delaware corporation, or its successor in interest. “Balloon Loan ”: Mortgage Loans which have substantial payments of principal (relative to the initial principal balance of such Mortgage Loan) due at their stated maturities. “Bankruptcy Code ”: The federal Bankruptcy Code of 1978, Title 11 of the United States Code, as amended from time to time. “Borrower ”: For any Mortgage Loan, the obligor or obligors on the related Mortgage Note, including any Person that has acquired the related collateral and assumed the obligations of the original obligor or obligors under such Mortgage Note. “Business Day ”: Any day other than a Saturday, a Sunday or a day on which banking institutions are authorized or obligated by law or executive order to remain closed in New York, New York, Scottsdale, Arizona, or any other city in which is located the principal office of an Issuer, the Primary Servicing Office of the Property Manager or the Special Servicer or the Indenture Trustee’s office. “Cashflow Coverage Ratio ”: With respect to any Determination Date and the Collateral Pool, the ratio, expressed as a fraction, the numerator of which is the Cashflow Coverage Ratio Numerator for such Determination Date, and the denominator of which is the Total Debt Service for such Determination Date. “Cashflow Coverage Ratio Numerator ”: With respect to any Determination Date, the sum of (i) the Monthly Loan Payments and the Monthly Lease Payments received during the Collection Period ending on such Determination Date, (ii) any income earned from the investment of funds on deposit in the Collection Account and the Release Account during the Collection Period ending on such Determination Date, (iii) any Liquidity Reserve Amounts and 4 US-DOCS\ 96557504.7 102826315.7
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Back-Up Fee shall have the meaning set forth in the Property Management Agreement.
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