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 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.

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.

Examples of Work-out Fee in a sentence

• Notwithstanding anything herein to the contrary, with respect to any amount collected in a Collection Period, the Special Servicer shall only be entitled to receive a Work-out Fee or a Liquidation Fee, but not both.

• 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.

• No Work-out Fee shall be payable to the Special Servicer if any related mezzanine lender purchases the Mortgage Loan pursuant to the related mezzanine intercreditor agreement or similar agreement or any Loan Seller repurchases its Loan Seller Percentage Interest in the Trust Loan or makes a Loss of Value Payment pursuant to the related Trust Loan Purchase Agreement.

• If a Special Servicing Loan Event is terminated following resolution of such Special Servicing Loan Event by a written agreement with the Borrower 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 with respect to the Whole Loan.

• If a Special Servicing Loan Event is terminated following resolution of such Special Servicing Loan Event by a written agreement with the Borrower negotiated by the Special Servicer, the Special Servicer shall be entitled to receive the Work-out Fee on all payments of principal and interest (other than Default Interest) made on the Mortgage Loan following such written agreement for so long as another Special Servicing Loan Event does not occur.

More Definitions of Work-out Fee

Work-out Fee means a fee payable with respect to any Rehabilitated Mortgage Loan, equal to the product of (x) 1.0% and (y) the amount of each collection of interest (other than default interest) and principal received on such Mortgage Loan 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 0.25% 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, with respect to any Loan Event that is terminated following resolution of such Loan Event by a written agreement negotiated by the Special Servicer, a fee equal to 1% of any amounts paid to or for the benefit of the Holders pursuant to such agreement if and until another Loan Event occurs, provided that the aggregate of all Work-Out Fees paid hereunder shall not exceed $100,000 for each Loan Event that is terminated pursuant to a written agreement negotiated by the Special Servicer.

Work-out Fee means a fee payable with respect to any Rehabilitated Mortgage Loan, 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, Companion Loan or B Note for so long as it remains a Rehabilitated Mortgage Loan; provided, however, that in the case of Mortgage Loan No. 1 (together with any related Companion Loan), such fee shall equal, in the aggregate, no more than $1,000,000 and, in the case of the 1290 A/B Mortgage Loan, such fee shall equal, in the aggregate, no more than $1,000,000.

Work-out Fee. As defined in Section 3.12(b)(i).

Work-out Fee means, with respect to any Loan Event that is terminated following resolution of such Loan Event by a written agreement negotiated by the Special Servicer or the Servicer, a fee equal to $250,000 per occurrence.

Work-out Fee means any "Work-Out Fee" (or term of similar meaning) as defined in the Servicing Agreement in effect with respect to the Loan from time to time.