Base Servicing Fee

Base Servicing Fee. Means, with respect to each Portfolio and each Collection Period, an amount equal to the product of (A) the aggregate outstanding principal balance of the Portfolio Mortgage Loans as of the first day of such Collection Period and (B) one-twelfth of 0.125%; provided, however, that (1) with respect to all Portfolio Mortgage Loans in such Portfolio, if the initial Collection Period is less than a full month, such fee for each such Portfolio Mortgage Loan shall be an amount equal to the product of... the fee otherwise described above and a fraction, the numerator of which is the number of days in such initial Collection Period and the denominator of which is 360; (2) if any Portfolio Mortgage Loan ceases to be part of the Portfolio during such Collection Period as a result of a termination of the Company's duties as servicer under the applicable Servicing Agreement or Agency Guide, the portion of such amount that is attributable to such Portfolio Mortgage Loan shall be adjusted to an amount equal to the product of such portion and a fraction, the numerator of which is the number of days in such Collection Period during which such Portfolio Mortgage Loan was included in the Portfolio and denominator of which is 360; and (3) if the Portfolio Collections for such Portfolio and such Collection Period were used to cover prepayment interest shortfalls on the Portfolio Mortgage Loans the fee otherwise described above shall be reduced by the amount of such reduction. View More