To the extent not paid by the Sponsor within sixty (60) days of any annual due date of an Annual ARR Fee, the Annual ARR Fee shall be paid by the Issuer pursuant to the priority of payments sets forth in Section 4.4 of the Sale and Servicing Agreement or Section 5.4(b) of the Indenture, as applicable.
Annual Fee has the meaning stated in Section 4.02(a).
referral arrangement means any arrangement in which a registrant agrees to pay or receive a referral fee;
referral fee means any form of compensation, direct or indirect, paid for the referral of a client to or from a registrant.
Annual income means all amounts, monetary or not, which:
Final Average Compensation means the aggregate amount of a member's compensation earned within the averaging period in which the aggregate amount of compensation was highest divided by the member's number of years, including any fraction of a year, of credited service during the averaging period. The averaging period shall be 36 consecutive calendar months if the member contributes to the member investment plan except for a member who contributes to the member investment plan and first became a member on or after July 1, 2010; otherwise, the averaging period shall be 60 consecutive calendar months. A member who contributes to the member investment plan and first became a member on or after July 1, 2010 shall also have an averaging period of 60 consecutive calendar months. If the member has less than 1 year of credited service in the averaging period, the number of consecutive calendar months in the averaging period shall be increased to the lowest number of consecutive calendar months that contains 1 year of credited service.