Common use of Benchmark Determination Clause in Contracts

Benchmark Determination. (a) If the Benchmark is One-Month LIBOR, on each LIBOR Determination Date, One-Month LIBOR shall be determined in accordance with the procedures set forth in such definition on Appendix A to the Sale and Servicing Agreement. If the Benchmark is any rate other than One-Month LIBOR, on each Benchmark Determination Date, the Issuing Entity will notify the Servicer and the Indenture Trustee in writing (including by email) of the Benchmark for the related Interest Accrual Period. All determinations of the Benchmark by the Issuing Entity, in the absence of manifest error, will be conclusive and binding on the Noteholders.