Subordinate Servicing Fee definition
Subordinate Servicing Fee means, with respect to any Distribution Date and with respect to any successor Servicer, the excess, if any, of the Servicing Fee calculated using $20.00 in clause (ii)(b) of the definition thereof over the Servicing Fee calculated using $15.00 in clause (ii)(b) thereof.
Subordinate Servicing Fee. For each Payment Date, an amount equal to the sum of the products, for each day during the related Collection Period, of (i) the Outstanding Loan Balance of each Loan as of the preceding Determination Date, (ii) the applicable Servicing Fee Rate, and (iii) a fraction, the numerator of which is one and the denominator of which is 365 (or, with respect to a Collection Period, or the portion thereof, which occurs in a leap year, 366 days).
Subordinate Servicing Fee. For each Payment Date, an amount equal to the sum of the products, for each day during the related Collection Period, of (i) the Outstanding Loan Balance of each Loan as of the preceding Determination Date, (ii) the applicable Servicing Fee Rate, and (iii) a fraction, the numerator of which is one and the denominator of which is 365 (or, with respect to a Collection Period, or the portion thereof, which occurs in a leap year, 366 days). Subservicer: PCM, as adviser under the Advisory Agreement. Successor Servicer: Defined in Section 7.19(a).
Examples of Subordinate Servicing Fee in a sentence
To the extent that at any time there is more than one servicer in respect of the Loans, the Senior Servicing Fee or the Subordinate Servicing Fee, as applicable, payable hereunder shall be allocated to each servicer pro rata on the basis of the aggregate Outstanding Loan Balance serviced or managed by such servicer.
Coverage of a spouse or dependent at the time of divorce, legal separation or emancipation of dependent is in accordance with plan documents and COBRA requirements.
More Definitions of Subordinate Servicing Fee
Subordinate Servicing Fee means for any Monthly Period during which PF Servicing, LLC or any Affiliate acts as Servicer, an amount equal to the product of (i) 1.50%, (ii) one-twelfth and (iii) the aggregate Outstanding Receivables Balance as of the last day of the immediately prior Monthly Period (provided, that the Subordinate Servicing Fee for the first Payment Date shall be based upon the actual number of days in the first Monthly Period and assuming a 30-day month)