Limits on Fees. (i) Verify that the Fees paid do not exceed or are in compliance with the following:
(a) The annual fees of the Trustee, Delaware Trustee, the Eligible Lender Trustee and the Market Agent authorized by the Supplemental Indenture then in effect;
(b) The Broker-Dealer Fee payable is at the Broker-Dealer Fee rate authorized by the Supplemental Indenture then in effect;
(c) The Auction Agent fee payable is at the Auction Agent Fee rate authorized by the Supplemental Indenture then in effect;
(d) There will be no other additional payments on the above Note Fees unless prior Rating Agency Confirmation is obtained;
(e) The Administration Fees are equal to 1/12 of 0.05% of the ending Principal Balance of the Student Loans, plus accrued interest thereon during the previous month;
(f) Servicing fees do not exceed the amounts established in the Servicing Agreements; and
(g) The aggregate amount of Servicing Fees, Administration Fees and Note Fees paid from the Administration Fund does not exceed the amount as provided for by the Supplemental Indenture then in effect.
(ii) Verify that all Issuer Orders directing the payment of Fees from the Administration Fund have attached to it the appropriate invoice from the payee.
Limits on Fees. The Model Interoperability Agreement addresses fees that may be charged by service providers to the other service provider or that service provider’s customers in Section 10.2 (the Model Interoperability Agreement does not address the fees a service provider may charge its own customer):
Section 10.2— No Set Up or Professional Fees Parties carry all their own costs including development and implementation of the Interoperability Services as well as all on-going maintenance and other costs required during the use of the Interoperability Services. Optional Per Transaction Fees Any per transaction fees for the Services are set forth in Appendix 1, provided that each Party agrees not to assess to the other Party expenses that are attributable to such Party’s own Customers.38 This provision is intended to prevent against hidden fees to trading partners by service providers the trading partner did not select.39 Any fees that one service provider passes on to the other (and which can be expected to be passed on to the trading partner) must be disclosed and agreed to up front.40 Otherwise, each ser- vice provider is responsible for collecting all fees from its own customers—those fees are not regulated or affected by the Model Interoperability Agreement.41 Relationship to Other Developments in the European Union Regarding Electronic Invoicing In July 2010 the European Commission passed “Council Directive 2010/45/EU amending Directive 2006/112/EC on the common system of value added tax as regards the rules of invoicing.”42 The new VAT Directive has the po- tential to change substantially how electronic commerce and electronic invoicing is performed in the European Union.43 The member states have until January 1, 2013 to implement national legislation consistent with that new Directive.44 Under both the new and the old VAT Directive, electronic invoices may be used so long as the authenticity of the origin (the identity of the sender) and the integrity of the content (no one has altered the invoice in transmission) is demonstrated.45 The old Directive authorized only two specific technological 38. Id. § 10.2, at 14. 39. Id. 40. Id. 41. Id. 42. Council Directive 2010/45/EU, Amending Directive 2006/112/EC on the Common System of Value Added Tax as Regards the Rules on Invoicing, 2010 O.J. (L 189) 1 (EU) [hereinafter VAT Di- rective], available at xxxx://xxx-xxx.xxxxxx.xx/LexUriServ/XxxXxxXxxx.xx?uri=OJ:L:2010:189:0001: 0008:EN:PDF.
Limits on Fees. (i) Verify that fees paid do not exceed or are in compliance with the following:
(a) Any fees paid to the Trustee, the Delaware Trustee and the Eligible Lender Trustee are authorized by the applicable Supplemental Indenture;
(b) The payments with respect to Note Fees other than the fees described in subsection (i)(a) above do not exceed any limit set forth in the applicable Supplemental Indenture unless prior Rating Agency Confirmation is obtained;
(c) The fees paid to the Issuer Administrator do not exceed the Administration Fee (as defined in the applicable Supplemental Indenture);
(d) Servicing Fees do not exceed the amounts established in the Servicing Agreements; and
(e) The aggregate amount of Servicing Fees, Administration Fees and Note Fees paid from the Collection Fund does not exceed the limits set forth in the applicable Supplemental Indenture.
(ii) Verify that all Issuer Orders directing the payment of Fees from the Administration Fund or the Collection Fund, as applicable, have attached to it the appropriate invoice from the payee.
Limits on Fees. (i) Verify that fees are in compliance with the following:
(a) Any fees paid to the Servicers, the Indenture Trustee, the Delaware Trustee, the Eligible Lender Trustee and the Administrator (including reimbursement of any fees paid by the Administrator to any Remarketing Agent) are authorized by the Indenture and do not exceed any applicable limit set forth therein;
(b) Servicing Fees do not exceed the amounts established in the Servicing Agreements; and
(c) Fees paid to any Broker-Dealer or any Auction Agent are authorized by the Indenture and do not exceed any applicable limit set forth therein.
(ii) Verify that each Issuer Order directing the payment of any fee referred to in subsection (i) above has attached to it the appropriate invoice from the payee.
Limits on Fees. (i) Verify that fees paid do not exceed or are in compliance with the following:
(a) Any fees paid to the Indenture Trustee, the Delaware Trustee and the Eligible Lender Trustee are authorized by the Indenture;
(b) The payments with respect to Note Fees other than the fees described in subsection (i)(a) above do not exceed any limit set forth in the Indenture unless prior Rating Confirmation is obtained;
(c) The fees paid to the Administrator do not exceed the Administration Fee (as defined in the Indenture); and
(d) Servicing Fees do not exceed the amounts established in the Servicing Agreements.
(ii) Verify that all Issuer Orders directing the payment of Note Fees from the Collection Fund have attached to it the appropriate invoice from the payee.
