{"component": "clause", "props": {"groups": [{"samples": [{"hash": "dmtpt6Wi0Nl", "uri": "/contracts/dmtpt6Wi0Nl#annual-fee", "label": "Asset Representations Review Agreement (Toyota Auto Receivables 2026-B Owner Trust)", "score": 37.3011627197, "published": true}, {"hash": "3TDTjeqLVbs", "uri": "/contracts/3TDTjeqLVbs#annual-fee", "label": "Asset Representations Review Agreement (Toyota Auto Receivables 2026-B Owner Trust)", "score": 37.2874755859, "published": true}, {"hash": "bKSvKP4m96t", "uri": "/contracts/bKSvKP4m96t#annual-fee", "label": "Asset Representations Review Agreement (Toyota Auto Receivables 2026-a Owner Trust)", "score": 37.0547561646, "published": true}], "snippet": "As compensation for its activities hereunder, the Asset Representations Reviewer shall be entitled to receive an annual fee (the \u201cAnnual Fee\u201d) with respect to each Annual Period prior to the termination of the Issuer, in an amount equal to $5,000.", "size": 167, "snippet_links": [{"key": "compensation-for", "type": "clause", "offset": [3, 19]}, {"key": "asset-representations-reviewer", "type": "clause", "offset": [50, 80]}, {"key": "to-receive", "type": "definition", "offset": [99, 109]}, {"key": "an-annual", "type": "clause", "offset": [110, 119]}, {"key": "with-respect-to", "type": "clause", "offset": [143, 158]}, {"key": "annual-period", "type": "definition", "offset": [164, 177]}, {"key": "termination-of-the-issuer", "type": "clause", "offset": [191, 216]}, {"key": "equal-to", "type": "definition", "offset": [231, 239]}], "hash": "7792dc28497fcc43047e59b0af658326", "id": 1}, {"samples": [{"hash": "fNpV9wUswME", "uri": "/contracts/fNpV9wUswME#annual-fee", "label": "Asset Representations Review Agreement (Nissan Auto Lease Trust 2026-A)", "score": 37.1533203125, "published": true}, {"hash": "51ziTs89YLg", "uri": "/contracts/51ziTs89YLg#annual-fee", "label": "Asset Representations Review Agreement (Nissan Auto Lease Trust 2026-A)", "score": 37.1368942261, "published": true}, {"hash": "21x8jQmp2Wi", "uri": "/contracts/21x8jQmp2Wi#annual-fee", "label": "Asset Representations Review Agreement (Nissan Auto Receivables 2025-B Owner Trust)", "score": 36.8987007141, "published": true}], "snippet": "The Sponsor shall pay to the Asset Representations Reviewer, as reasonable compensation for its services, an annual fee in the amount of $5,000 (the \u201cAnnual Fee\u201d). 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provided, however, that if the Asset Representations Reviewer resigns or is removed in accordance with Section 6.02, then the Asset Representations Reviewer shall refund to the Sponsor the portion of the Annual ARR Fee attributable to the portion of the annual period during which \u2587\u2587\u2587\u2587\u2587\u2587\u2587 will no longer act as the Asset Representations Reviewer, assuming for purposes of such calculation that the Annual ARR Fee for each day during the annual period is an amount equal to the Annual ARR Fee divided by 365.", "size": 69, "snippet_links": [{"key": "compensation-for", "type": "clause", "offset": [3, 19]}, {"key": "asset-representations-reviewer", "type": "clause", "offset": [50, 80]}, {"key": "to-receive", "type": "definition", "offset": [99, 109]}, {"key": "an-annual", "type": "clause", "offset": [110, 119]}, {"key": "equal-to", "type": "definition", "offset": [137, 145]}, {"key": "annual-arr-fee", "type": "definition", "offset": [159, 173]}, {"key": "during-the-term-of-this-agreement", "type": "clause", "offset": [176, 209]}, {"key": "by-or-on-behalf-of", "type": "definition", "offset": [231, 249]}, {"key": "the-sponsor", "type": "clause", "offset": [250, 261]}, {"key": "date-hereof", "type": "clause", "offset": [284, 295]}, {"key": "with-respect-to", "type": "clause", "offset": [297, 312]}, {"key": "the-annual", "type": "clause", "offset": [363, 373]}, {"key": "in-accordance-with", "type": "definition", "offset": [536, 554]}, {"key": "period-during-which", "type": "clause", "offset": [713, 732]}, {"key": "for-purposes-of", "type": "clause", "offset": [808, 823]}, {"key": "divided-by", "type": "clause", "offset": [944, 954]}], "hash": "e79385dd6dcbaa6b23ac8c4818e2972f", "id": 10}, {"samples": [{"hash": "b3fn2P4fAX", "uri": "/contracts/b3fn2P4fAX#annual-fee", "label": "Asset Representations Review Agreement (CarMax Auto Owner Trust 2026-2)", "score": 37.3066392882, "published": true}, {"hash": "2ReDEtGpRNE", "uri": "/contracts/2ReDEtGpRNE#annual-fee", "label": "Asset Representations Review Agreement (CarMax Select Receivables Trust 2026-A)", "score": 37.1505813599, "published": true}, {"hash": "1aG3zAZXDzT", "uri": "/contracts/1aG3zAZXDzT#annual-fee", "label": "Asset Representations Review Agreement (CarMax Select Receivables Trust 2026-A)", "score": 37.1368942261, "published": true}], "snippet": "As compensation for its activities hereunder, the Asset Representations Reviewer shall be entitled to receive an annual fee (the \u201cAnnual Fee\u201d) 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. 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The annual fee will be paid as agreed in Section 4.3(d) by the Sponsor until this Agreement is terminated; provided, that in the year in which all Notes are paid in full, the annual fee shall be reduced pro rata by an amount equal to the days of the year in which the Notes are no longer outstanding.", "size": 74, "snippet_links": [{"key": "the-sponsor-will", "type": "clause", "offset": [0, 16]}, {"key": "asset-representations-reviewer", "type": "clause", "offset": [25, 55]}, {"key": "compensation-for", "type": "clause", "offset": [60, 76]}, {"key": "to-act", "type": "definition", "offset": [86, 92]}, {"key": "this-agreement", "type": "clause", "offset": [137, 151]}, {"key": "an-annual", "type": "clause", "offset": [153, 162]}, {"key": "equal-to", "type": "definition", "offset": [167, 175]}, {"key": "the-annual", "type": "clause", "offset": [184, 194]}, {"key": "as-agreed", "type": "clause", "offset": [212, 221]}, {"key": "the-year", "type": "definition", "offset": [309, 317]}, {"key": "all-notes", "type": "definition", "offset": [327, 336]}, {"key": "paid-in-full", "type": "clause", "offset": [341, 353]}, {"key": "pro-rata", "type": "clause", "offset": [387, 395]}, {"key": "the-notes-are", "type": "definition", "offset": [448, 461]}], "hash": "ef546e0ef71157fc9a6bb001739c2d9d", "id": 8}], "next_curs": "ClMSTWoVc35sYXdpbnNpZGVyY29udHJhY3Rzci8LEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IhNhbm51YWwtZmVlIzAwMDAwMDBhDKIBAmVuGAAgAA==", "clause": {"children": [["amount", "Amount"], ["initial-annual-fee", "Initial Annual Fee"], ["when-due", "When Due"], ["cpi-adjustments", "CPI Adjustments"], ["cpi-adjustment", "CPI Adjustment"]], "size": 2619, "title": "Annual Fee", "parents": [["fees-and-expenses", "Fees and Expenses"], ["asset-representations-reviewer", "Asset Representations Reviewer"], ["fees-expenses-and-indemnities", "Fees Expenses and Indemnities"], ["asset-representations-review-process", "Asset Representations Review Process"], ["asset-representations-reviewer-fees", "Asset Representations Reviewer Fees"]], "id": "annual-fee", "related": [["annual-fees", "Annual Fees", "<strong>Annual Fees</strong>"], ["base-fee", "Base Fee", "Base Fee"], ["monthly-fee", "Monthly Fee", "Monthly Fee"], ["initial-fee", "Initial Fee", "Initial Fee"], ["consulting-fee", "Consulting Fee", "Consulting Fee"]], "related_snippets": [], "updated": "2026-04-25T04:25:46+00:00", "also_ask": ["What negotiation levers exist for adjusting the annual fee structure?", "Which essential terms must be included to avoid ambiguity in annual fee clauses?", "What are the most common legal pitfalls or unenforceable provisions in annual fee clauses?", "How do annual fee provisions in this agreement compare to industry standards or statutory requirements?", "What factors do courts consider when determining the enforceability of annual fee obligations?"], "drafting_tip": "Specify the fee amount and payment schedule to ensure clarity; define adjustment mechanisms to address future changes; state consequences of non-payment to promote compliance.", "explanation": "The Annual Fee clause establishes the requirement for a party to pay a specified fee each year as part of their contractual obligations. Typically, this clause outlines the amount due, the payment schedule, and any conditions under which the fee may be adjusted or waived. Its core practical function is to ensure predictable, recurring compensation for ongoing services or rights provided under the agreement, thereby clarifying financial expectations and reducing the risk of payment disputes."}, "json": true, "cursor": ""}}