Common use of Interest Allocations Clause in Contracts

Interest Allocations. Beginning on the cut-off date, each class (other than any PO class) will accrue interest for each month on its principal or notional balance at the certificate rate for the class stated in “The series – General terms for classes” above. In calculating accrued interest, · a class’s principal or notional balance on the last day of a month will be considered to be the class’s principal or notional balance on every day of the month, and · interest for a month will be calculated at 1/12 of the certificate rate, regardless of the number of days in the month.

Interest Allocations. Beginning on the cut-off date, each class (other than any PO class) will accrue interest for each month on its principal or notional balance at the certificate rate for the class stated in “The series – - General terms for classes” above. In calculating accrued interest, · a class’s principal or notional balance on the last day of a month will be considered to be the class’s principal or notional balance on every day of the month, and · interest for a month will be calculated at 1/12 of the certificate rate, regardless of the number of days in the month.