Common use of Servicing and Costs Clause in Contracts

Servicing and Costs. The Borrower will contract with the Servicer to perform for the Borrower all operations required on a daily basis to service the Receivables Pool. The Borrower will pay the Servicer a Servicing Fee for performing those operations. For shared expense items not reflected in the Servicing Fee, such as legal, auditing and other professional services, such expenses will be reimbursed by the Borrower to the Servicer (out of funds distributed to the Borrower in accordance with Section 4.01) at a rate of $1,500 per month, which amount approximates to the extent practical, the value of such services to the Borrower.