Common use of Servicer Fees Clause in Contracts

Servicer Fees. Servicer shall be entitled to receive a fee (the “Servicer Fee”) equal to 1.00% per annum multiplied by the average daily aggregate Outstanding Balance of all Eligible Receivables, payable in arrears on each Monthly Settlement Date for the immediately preceding Monthly Period out of Collections available for such purpose pursuant to Article II on such Monthly Settlement Date. The Investors’ share of the Servicer Fee shall be equal to the Servicer Fee Rate multiplied by the average daily Aggregate Capital of the Investor Interests payable as provided above. Upon the appointment of a successor servicer under this Agreement which is not an Affiliate of Servicer, the Servicer Fee shall be such amount as the Managing Agents, with the consent of the Required Committed Investors, shall reasonably determine. Notwithstanding anything herein to the contrary, the Servicer Fee shall be payable only from Collections pursuant to, and subject to the priority of payments set forth in, Article II. To the extent such Collections are not sufficient to pay the Servicer Fee in full, none of Seller, the Program Agent or any Managing Agent or Investor shall have any liability for the deficiency. The Computation Agent shall be entitled to receive a fee and reimbursement of expenses from Servicer in such amounts and payable at such times as the Computation Agent and Servicer may agree upon from time to time. In no event shall Seller, the Program Agent or any Managing Agent or Investor shall have any liability for payment of any fees or expenses of the Computation Agent.

Servicer Fees. Servicer shall be entitled to receive a fee (the “Servicer Fee”) equal to 1.00% per annum multiplied by the lesser of (i) the average daily aggregate Outstanding Balance of all Eligible ReceivablesReceivables and (ii) the average daily Program Limit, payable in arrears on each Monthly Settlement Date for the immediately preceding Monthly Period out of Collections available for such purpose pursuant to Article II on such Monthly Settlement Date. The Investors’ share of the Servicer Fee shall be equal to the Servicer Fee Rate multiplied by the average daily Aggregate Capital of the Investor Interests payable as provided above. Upon the appointment of a successor servicer under this Agreement which is not an Affiliate of Servicer, the Servicer Fee shall be such amount as the Managing Agents, with the consent of the Required Committed Investors, shall reasonably determine. Notwithstanding anything herein to the contrary, the Servicer Fee shall be payable only from Collections pursuant to, and subject to the priority of payments set forth in, Article II. To the extent such Collections are not sufficient to pay the Servicer Fee in full, none of Seller, the Program Agent or any Managing Agent or Investor shall have any liability for the deficiency. The Computation Agent shall be entitled to receive a fee and reimbursement of expenses from Servicer in such amounts and payable at such times as the Computation Agent and Servicer may agree upon from time to time. In no event shall Seller, the Program Agent or any Managing Agent or Investor shall have any liability for payment of any fees or expenses of the Computation Agent.