Common use of Annual Fee Clause in Contracts

Annual Fee. As compensation for its activities hereunder, the Asset Representations Reviewer shall be entitled to receive an annual fee (the “Annual Fee”) with respect to each annual period prior to the termination of the Issuer, in an amount equal to $5,000; provided, that the Asset Representations Reviewer will return to the Servicer or the Issuer, as applicable, the pro rata portion of the Annual Fee to the extent the Issuer is terminated prior to the end of an annual period for which an Annual Fee has been paid. The Annual Fee will be paid by the Servicer on the Closing Date and on each anniversary of the Closing Date until this Agreement is terminated.

Appears in 54 contracts

Samples: Asset Representations Review Agreement (Carmax Auto Funding LLC), Asset Representations Review Agreement (Carmax Auto Funding LLC), Asset Representations Review Agreement (Carmax Auto Funding LLC)

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Annual Fee. As compensation for its activities hereunder, the Asset Representations Reviewer shall be entitled to receive an annual fee (the “Annual Fee”) with respect to each annual period prior to the termination of the Issuer, in an amount equal to $5,0007,500; provided, that the Asset Representations Reviewer will return to the Servicer or the Issuer, as applicable, the pro rata portion of the Annual Fee to the extent the Issuer is terminated prior to the end of an annual period for which an Annual Fee has been paid. The Annual Fee will be paid by the Servicer on the Closing Date and on each anniversary of the Closing Date until this Agreement is terminated.

Appears in 12 contracts

Samples: Asset Representations Review Agreement (CarMax Auto Owner Trust 2016-1), Asset Representations Review Agreement (CarMax Auto Owner Trust 2016-1), Asset Representations Review Agreement (Carmax Auto Funding LLC)

Annual Fee. As compensation for its activities hereunder, the Asset Representations Reviewer shall be entitled to receive an annual fee (the “Annual Fee”) with respect to each annual period prior to the termination of the Issuer, in an amount equal to $5,000[_____]; provided, that the Asset Representations Reviewer will return to [the Servicer or the Issuer, as applicable], the pro rata portion of the Annual Fee to the extent the Issuer is terminated prior to the end of an annual period for which an Annual Fee has been paid. The Annual Fee will be paid by [the Servicer Servicer] on the Closing Date and on each anniversary of the Closing Date until this Agreement is terminated.

Appears in 4 contracts

Samples: Asset Representations Review Agreement (World Omni Auto Receivables LLC), Asset Representations Review Agreement (World Omni LT), Asset Representations Review Agreement (World Omni LT)

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Annual Fee. As compensation for its activities hereunder, the Asset Representations Reviewer shall be entitled to receive an annual fee (the “Annual Fee”) with respect to each annual period prior to the termination of the IssuerIssuing Entity, in an amount equal to $5,000; provided, that the Asset Representations Reviewer will return to the Servicer or the IssuerIssuing Entity, as applicable, the pro rata portion of the Annual Fee to the extent the Issuer Issuing Entity is terminated prior to the end of an annual period for which an Annual Fee has been paid. The Annual Fee will be paid by the Servicer on the Closing Date and on each anniversary of the Closing Date until this Agreement is terminated.

Appears in 2 contracts

Samples: Asset Representations Review Agreement (World Omni Select Auto Trust 2021-A), Asset Representations Review Agreement (World Omni Select Auto Trust 2021-A)

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