Work-out Fee definition
Work-out Fee means a fee payable with respect to any Rehabilitated Mortgage Loan (other than any Non-Serviced Mortgage Loan), Serviced Companion Mortgage Loan or B Note, equal to the product of (x) 1.0% and (y) the amount of each collection of interest (other than default interest and any Excess Interest) and principal received (including any Condemnation Proceeds received and applied as a collection of such interest and principal) on such Mortgage Loan, Serviced Companion Mortgage Loan or B Note for so long as it remains a Rehabilitated Mortgage Loan.
Work-out Fee. A fee payable to the Special Servicer pursuant to Section 3.17 equal to 0.50% of each payment of principal and interest (other than Default Interest) made on the Mortgage Loan following resolution of a Special Servicing Loan Event by a written agreement with the Borrower negotiated by the Special Servicer for so long as another Special Servicing Loan Event does not occur.
Work-out Fee. A fee payable to the Special Servicer pursuant to Section 3.17 equal to 0.50% of each payment of principal and interest (other than Default Interest) made on the Whole Loan following resolution of a Special Servicing Loan Event by a written agreement with the Loan Borrowers negotiated by the Special Servicer for so long as another Special Servicing Loan Event does not occur. For the avoidance of doubt, the intent of Section 9.17(f) of the Loan Agreement requires the Loan Borrowers to be responsible for the payment of Work-out Fees and the Special Servicer will be entitled to, and may collect, any Work-out Fees payable to it from the Loan Borrowers pursuant to such Section 9.17(f) of the Loan Agreement as would be calculated hereunder. Notwithstanding the foregoing, the Work-out Fee with respect to the Specially Serviced Loan shall be reduced by any Modification Fees paid by or on behalf of the Loan Borrowers and received by the Special Servicer as compensation, but only to the extent those fees have not previously been deducted from a Work-out Fee or Liquidation Fee.
Examples of Work-out Fee in a sentence
If a Special Servicing Loan Event is terminated following resolution of such Special Servicing Loan Event by a written agreement with the Borrowers negotiated by the Special Servicer, the Special Servicer shall be entitled to receive the Work-out Fee on all payments of principal and interest made on the Whole Loan following such written agreement for so long as another Special Servicing Loan Event does not occur.
No Work-out Fee shall be payable to the Special Servicer if any mezzanine lender purchases the Whole Loan pursuant to any intercreditor agreement within 90 days of the date on which the Purchase Option Notice (as defined in any intercreditor agreement) is first delivered to a mezzanine lender.
Notwithstanding anything herein to the contrary, with respect to any Collection Period, the Special Servicer shall only be entitled to receive a Work-out Fee or a Liquidation Fee, but not both.
More Definitions of Work-out Fee
Work-out Fee. A fee payable to the Special Servicer pursuant to Section 3.17 equal to 0.50% of each payment of principal and interest made on the Whole Loan following resolution of a Special Servicing Loan Event by a written agreement with the Borrower negotiated by the Special Servicer for so long as another Special Servicing Loan Event with respect to the Whole Loan does not occur, subject to a $1,000,000 cap per workout. The Work-out Fee with respect to the Specially Serviced Loan shall be reduced by the amount of any Modification Fees paid by or on behalf of the Borrower in regard to any Special Servicing Loan Event and received by the Special Servicer as compensation within the 12 month period preceding payment of the Work-out Fee, but only to the extent those fees have not previously been deducted from a Work-out Fee or Liquidation Fee.
Work-out Fee. A fee payable to the Special Servicer pursuant to Section 3.17 equal to 0.25% of each payment of principal and interest (other than Default Interest) made on the Whole Loan following the execution of a written agreement with the applicable Loan Parties negotiated by the Special Servicer, if a Special Servicing Loan Event is terminated following resolution of such Special Servicing Loan Event by such agreement (for so long as another Special Servicing Loan Event does not occur); provided that any such Work-out Fee shall be reduced by any Net Modification Fees paid by the Borrower with respect to the Whole Loan that were received and retained by the Special Servicer within 18 months prior to such workout, but only to the extent those Net Modification Fees have not previously been deducted from a Work-out Fee or Liquidation Fee (each amount of the Work-out Fee will be reduced to an amount (but not to an amount less than zero) until the aggregate amount of such reductions equals such Net Modification Fees).
Work-out Fee means a fee payable with respect to any Rehabilitated Mortgage Loan, equal to the product of (x) 1.00% and (y) the amount of each collection of interest (other than default interest and Excess Interest) and principal received (including any Condemnation Proceeds received and applied as a collection of such interest and principal) on such Mortgage Loan (or Serviced Companion Loan, as applicable) so long as it remains a Rehabilitated Mortgage Loan or otherwise payable as set forth in Section 9.21(d).
Work-out Fee means a fee payable with respect to any Rehabilitated Mortgage Loan (other than the One Seaport Plaza Pari Passu Loan), equal to the product of (x) 1.0% and (y) the amount of each collection of interest (other than default interest and Excess Interest) and principal received (including any Condemnation Proceeds received and applied as a collection of such interest and principal) on such Mortgage Loan or the San ▇▇▇▇▇ B Note for so long as it remains a Rehabilitated Mortgage Loan.
Work-out Fee. A fee payable to the Special Servicer pursuant to Section 3.17 equal to 0.50% of each payment of principal and interest (other than Default Interest, Monthly Additional Interest Amounts, Accrued Interest and Accrued and Deferred Principal) made on the Mortgage Loan following resolution of a Special Servicing Loan Event by a written agreement with the Borrower negotiated by the Special Servicer for so long as another Special Servicing Loan Event does not occur; provided, that in no event shall the Work-out Fee payable in respect of the Mortgage Loan or Foreclosed Property exceed $2,500,000.
Work-out Fee. A fee payable to the Special Servicer pursuant to Section 3.17 equal to the product of (i) 0.25% (25 basis points) and (ii) each payment of principal and interest (other than Default Interest) made on the Whole Loan following the execution of a written agreement with the applicable Borrowers negotiated by the Special Servicer, if a Special Servicing Loan Event is terminated following resolution of such Special Servicing Loan Event by such agreement (for so long as another Special Servicing Loan Event does not occur); provided, that any such Work-out Fee shall be reduced by any Net Modification Fees paid by the Borrowers with respect to the Whole Loan that were received and retained by the Special Servicer within 18 months prior to such work-out, but only to the extent those Net Modification Fees have not previously been deducted from a Work-out Fee or Liquidation Fee (each amount of the Work-out Fee shall be reduced to an amount (but not to an amount less than zero) until the aggregate amount of such reductions equals such Net Modification Fees); provided, further, that if the Whole Loan becomes a Specially Serviced Whole Loan only because of an event described in clause (i) of the definition of “Special Servicing Loan Event” and the related collection of principal and interest is received within three (3) months following the related maturity date as a result of the Whole Loan being re-financed or otherwise repaid in full, the Special Servicer will not be entitled to collect a Work-out Fee out of the proceeds received in connection with such workout if such fee would reduce the amount available for distributions to Certificateholders and RR Interest Owners, but the Special Servicer may collect from the Borrowers and retain (x) a workout fee, (y) such other fees as are provided for in the Whole Loan Documents and (z) other appropriate fees in connection with such workout. No Work-out Fee will be payable to the Special Servicer if a mezzanine lender purchases the Whole Loan pursuant to an intercreditor agreement within 90 days of the date on which the first purchase option notice is delivered to such mezzanine lender.
Work-out Fee. A fee payable to the Special Servicer pursuant to Section 3.17 equal to the lesser of (a) 0.25% of each payment of principal and interest (other than at the Default Rate) made on the Mortgage Loan following resolution of a Special Servicing Loan Event by a written agreement with the Borrower negotiated by the Special Servicer for so long as another Special Servicing Loan Event with respect to the Mortgage Loan does not occur and (b) $1,500,000 in the aggregate with respect to any such particular workout of the Mortgage Loan. The Work-out Fee with respect to the Specially Serviced Loan shall be reduced by the amount of any Modification Fees paid by or on behalf of the Borrower in regard to any Special Servicing Loan Event and received by the Special Servicer as compensation, but only to the extent those fees have not previously been deducted from a Workout Fee or Liquidation Fee.