Common use of Monthly Interest Clause in Contracts

Monthly Interest. (a) The amount of monthly interest ("Monthly Interest") with respect to the Series 2000-B Certificates on any Distribution Date, commencing with the Initial Distribution Date, shall be an amount equal to the product of (i) the Certificate Rate, (ii) the outstanding principal balance of the Series 2000-B Certificates as of the close of business on the preceding Distribution Date (after giving effect to all repayments of principal made to Series 2000-B Certificateholders on such preceding Distribution Date, if any) or, in the case of the Initial Distribution Date, the Closing Date and (iii) a fraction, the numerator of which is the actual number of days elapsed in such Interest Period and the denominator of which is 360. On the Determination Date preceding each Distribution Date, commencing with the Initial Distribution Date, the Servicer shall determine the excess, if any (the "Interest Shortfall"), of (x) the aggregate Monthly Interest for the Interest Period applicable to such Distribution Date over (y) the amount which will be available to be distributed to Series 2000-B Certificateholders on such Distribution Date in respect thereof pursuant to this Series Supplement. If the Interest Shortfall with respect to any Distribution Date is greater than zero, an additional amount ("Additional Interest") equal to the product of (i) the Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for the Interest Period commencing on the related Distribution Date (or, for subsequent Interest Periods, the Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for such subsequent Interest Periods), (ii) such Interest Shortfall (or the portion thereof which has not been paid to Series 2000-B Certificateholders) and (iii) a fraction, the numerator of which is the actual number of days elapsed in such Interest Period (or in a subsequent Interest Period) and the denominator of which is 360, shall be payable as provided herein with respect to the Series 2000-B Certificates on each Distribution Date following such Distribution Date to and including the Distribution Date on which such Interest Shortfall is paid to Series 2000-B Certificateholders. Notwithstanding anything to the contrary herein, Additional Interest shall be payable or distributed to Certificateholders only to the extent permitted by applicable law.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Carco Auto Loan Master Trust), Carco Auto Loan Master Trust

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Monthly Interest. (a) The amount of monthly interest with respect to the Class A Certificates ("Class A Monthly Interest") with respect to the Series 2000-B Certificates on any Distribution Date, commencing with the Initial Distribution Date, Date shall be an ------------------------ amount equal to (x) the actual number of days elapsed in the related Interest Period divided by 360 days, multiplied by (y) the product of (i) the Class A Certificate Rate, Rate and (ii) the outstanding principal balance of the Series 2000-B Class A Certificates as of the close of business on the preceding Distribution Date (after giving effect to all repayments of principal made allocated to Series 2000-B Certificateholders the Class A Certificates on such preceding Distribution Date, if any) or); provided, in however, -------- ------- with respect to the case of the Initial first Distribution Date, the Closing Date and (iii) a fraction, the numerator of which is the actual number of days elapsed in such Class A Monthly Interest Period and the denominator of which is 360shall be equal to $__________. On the Determination Date preceding Two Business Days prior to each Distribution Date, commencing with the Initial Distribution Date, the Servicer shall determine and notify the Trustee in the Distribution Date Statement of the excess, if any (the "Interest Shortfall")any, of (x) the aggregate sum of Class A Monthly Interest for the Interest Period applicable to such Distribution Date plus the amount, if any, of the Class A Interest Shortfall which was due but not paid on the prior Distribution Date over (y) the amount which will be available to be distributed with respect to Series 2000-B Certificateholders the Class A Certificates on such Distribution Date in respect thereof pursuant to this Series SupplementSupplement (such excess, the "Class A Interest ---------------- Shortfall"). If If, on any Distribution Date, the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, then an additional amount ("Class A Additional Interest") --------------------------- equal to (x) the actual number of days in the Interest Period commencing on such Distribution Date divided by 360 days multiplied by (y) the product of (i) the Class A Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for the such Interest Period commencing on the related Distribution Date (or, for subsequent Interest Periods, the Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for such subsequent Interest Periods), and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to Series 2000-B Certificateholders) and (iii) a fraction, the numerator of which is the actual number of days elapsed in such Interest Period (or in a subsequent Interest Period) and the denominator of which is 360, shall be payable as provided herein with respect to the Series 2000-B Class A Certificates on each the Distribution Date following such Distribution Date to and including the Distribution Date on which such Interest Shortfall is paid to Series 2000-B CertificateholdersDate. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed with respect to Certificateholders the Class A Certificates only to the extent permitted by applicable law.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Bombardier Credit Receivables Corp), Pooling and Servicing Agreement (Bombardier Receivables Master Trust I)

Monthly Interest. (a) The amount of monthly interest with respect to the Class A Certificates ("Class A Monthly Interest") with respect to the Series 2000-B Certificates on any Distribution Date, commencing with the Initial Distribution Date, Date shall be an amount equal to (x) the actual number of days elapsed in the related Interest Period divided by 360 days, multiplied by (y) the product of (i) the Class A Certificate Rate, Rate and (ii) the outstanding principal balance of the Series 2000-B Class A Certificates as of the close of business on the preceding Distribution Date (after giving effect to all repayments of principal made allocated to Series 2000-B Certificateholders the Class A Certificates on such preceding Distribution Date, if any) or, in or for the case of the Initial first Distribution Date, as of the Closing Date and (iii) a fractionDate; provided, however, with respect to the numerator of which is the actual number of days elapsed in such Interest Period and the denominator of which is 360. On the Determination Date preceding each first Distribution Date, commencing with the Initial Class A Monthly Interest shall be equal to $[ ]. Two Business Days prior to each Distribution Date, the Servicer shall determine and notify the Trustee in the Distribution Date Statement of the excess, if any (the "Interest Shortfall")any, of (x) the aggregate sum of Class A Monthly Interest for the Interest Period applicable to such Distribution Date plus the amount, if any, of the Class A Interest Shortfall which was due but not paid on the prior Distribution Date over (y) the amount which will be available to be distributed with respect to Series 2000-B Certificateholders the Class A Certificates on such Distribution Date in respect thereof pursuant to this Series SupplementSupplement (such excess, the "Class A Interest Shortfall"). If If, on any Distribution Date, the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, then an additional amount ("Class A Additional Interest") equal to (x) the actual number of days in the Interest Period commencing on such Distribution Date divided by 360 days multiplied by (y) the product of (i) the Class A Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for the such Interest Period commencing on the related Distribution Date (or, for subsequent Interest Periods, the Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for such subsequent Interest Periods), and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to Series 2000-B Certificateholders) and (iii) a fraction, the numerator of which is the actual number of days elapsed in such Interest Period (or in a subsequent Interest Period) and the denominator of which is 360, shall be payable as provided herein with respect to the Series 2000-B Class A Certificates on each the Distribution Date following such Distribution Date to and including the Distribution Date on which such Interest Shortfall is paid to Series 2000-B CertificateholdersDate. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed with respect to Certificateholders the Class A Certificates only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Bombardier Credit Receivables Corp)

Monthly Interest. (a) The amount of monthly interest with respect to the Class A Certificates ("Class A Monthly Interest") with respect to the Series 2000-B Certificates on any Distribution Date, commencing with the Initial Distribution Date, Date shall be an amount equal to (x) the actual number of days elapsed in the related Interest Period divided by 360 days, multiplied by (y) the product of (i) the Class A Certificate Rate, Rate and (ii) the outstanding principal balance of the Series 2000-B Class A Certificates as of the close of business on the preceding Distribution Date (after giving effect to all repayments of principal made allocated to Series 2000-B Certificateholders the Class A Certificates on such preceding Distribution Date, if any) or, in or for the case of the Initial first Distribution Date, as of the Closing Date and (iii) a fractionDate; provided, however, with respect to the numerator of which is the actual number of days elapsed in such Interest Period and the denominator of which is 360. On the Determination Date preceding each first Distribution Date, commencing with the Initial Class A Monthly Interest shall be equal to $777,190.94. Two Business Days prior to each Distribution Date, the Servicer shall determine and notify the Trustee in the Distribution Date Statement of the excess, if any (the "Interest Shortfall")any, of (x) the aggregate sum of Class A Monthly Interest for the Interest Period applicable to such Distribution Date plus the amount, if any, of the Class A Interest Shortfall which was due but not paid on the prior Distribution Date over (y) the amount which will be available to be distributed with respect to Series 2000-B Certificateholders the Class A Certificates on such Distribution Date in respect thereof pursuant to this Series SupplementSupplement (such excess, the "Class A Interest Shortfall"). If If, on any Distribution Date, the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, then an additional amount ("Class A Additional Interest") equal to (x) the actual number of days in the Interest Period commencing on such Distribution Date divided by 360 days multiplied by (y) the product of (i) the Class A Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for the such Interest Period commencing on the related Distribution Date (or, for subsequent Interest Periods, the Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for such subsequent Interest Periods), and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to Series 2000-B Certificateholders) and (iii) a fraction, the numerator of which is the actual number of days elapsed in such Interest Period (or in a subsequent Interest Period) and the denominator of which is 360, shall be payable as provided herein with respect to the Series 2000-B Class A Certificates on each the Distribution Date following such Distribution Date to and including the Distribution Date on which such Interest Shortfall is paid to Series 2000-B CertificateholdersDate. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed with respect to Certificateholders the Class A Certificates only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Bombardier Credit Receivables Corp)

Monthly Interest. (a) The amount of monthly interest ("Monthly Interest") with respect to the Series 20001996-B 1 Certificates on any Distribution Date, commencing with the Initial Distribution Date, Date shall be an amount equal to one-twelfth of the product of (i) the Certificate Rate, Rate and (ii) the outstanding principal balance of the Series 20001996-B 1 Certificates as of the close of business on the preceding Distribution Date (after giving effect to all repayments of principal made to Series 2000-B Certificateholders on such preceding Distribution Date, if any) or); provided, in however, with respect to the case of the Initial first Distribution Date, Monthly Interest shall be equal to $3,055,555.55. Monthly Interest shall be calculated on the Closing Date and (iii) basis of a fraction, the numerator 360-day year of which is the actual number of days elapsed in such Interest Period and the denominator of which is 360twelve 30-day months. On the Determination Date preceding each Distribution Date, commencing with the Initial Distribution Date, the Servicer shall determine the excess, if any (the "Interest Shortfall"), of (x) the aggregate Monthly Interest for the Interest Period applicable to such Distribution Date over (y) the amount which will be available to be distributed to Series 2000-B Certificateholders deposited in the Interest Funding Account on such Distribution Date in respect thereof pursuant to this Series Supplement. If If, on any SemiAnnual Payment Date or any Special Payment Date, an amount covering any Interest Shortfall for any prior Distribution Date shall not have been deposited into the Interest Shortfall with respect Funding Account pursuant to any Distribution Date is greater than zeroSection 4.06(a)(i), then an additional amount ("Additional Interest") equal to one-twelfth of the product of (i) the Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for the Interest Period commencing on the related Distribution Date (or, for subsequent Interest Periods, the Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for such subsequent Interest Periods), plus two percentage points and (ii) such Interest Shortfall (or the portion thereof which has not been paid to Series 2000-B Certificateholdersor deposited in the Interest Funding Account) and (iii) a fraction, the numerator of which is the actual number of days elapsed in such Interest Period (or in a subsequent Interest Period) and the denominator of which is 360, shall be payable as provided herein with respect to the Series 20001996-B 1 Certificates on each Distribution Date following such Distribution Date to and including the Distribution Date on which such Interest Shortfall is paid to Series 2000-B Certificateholdersor deposited in the Interest Funding Account. Notwithstanding anything to the contrary herein, Additional Interest shall be payable to the Interest Funding Account or distributed to Series 1996-1 Certificateholders only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Ford Credit Auto Loan Master Trust)

Monthly Interest. (a) The amount of monthly interest ("Monthly Interest") with respect to the Series 20001996-B 1 Certificates on any Distribution Date, commencing with the Initial Distribution Date, Date shall be an amount equal to one-twelfth of the product of (i) the Certificate Rate, Rate and (ii) the outstanding principal balance of the Series 20001996-B 1 Certificates as of the close of business on the preceding Distribution Date (after giving effect to all repayments of principal made to Series 2000-B Certificateholders on such preceding Distribution Date, if any) or); provided, in however, with respect to the case of the Initial first Distribution Date, Monthly Interest shall be equal to $[ ]. Monthly Interest shall be calculated on the Closing Date and (iii) basis of a fraction, the numerator 360-day year of which is the actual number of days elapsed in such Interest Period and the denominator of which is 360twelve 30-day months. On the Determination Date preceding each Distribution Date, commencing with the Initial Distribution Date, the Servicer shall determine the excess, if any (the "Interest Shortfall"), of (x) the aggregate Monthly Interest for the Interest Period applicable to such Distribution Date over (y) the amount which will be available to be distributed to Series 2000-B Certificateholders deposited in the Interest Funding Account on such Distribution Date in respect thereof pursuant to this Series Supplement. If If, on any Semi-Annual Payment Date or any Special Payment Date, an amount covering any Interest Shortfall for any prior Distribution Date shall not have been deposited into the Interest Shortfall with respect Funding Account pursuant to any Distribution Date is greater than zeroSection 4.06(a)(i), then an additional amount ("Additional Interest") equal to one-twelfth of the product of (i) the Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for the Interest Period commencing on the related Distribution Date (or, for subsequent Interest Periods, the Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for such subsequent Interest Periods), plus two percentage points and (ii) such Interest Shortfall (or the portion thereof which has not been paid to Series 2000-B Certificateholdersor deposited in the Interest Funding Account) and (iii) a fraction, the numerator of which is the actual number of days elapsed in such Interest Period (or in a subsequent Interest Period) and the denominator of which is 360, shall be payable as provided herein with respect to the Series 20001996-B 1 Certificates on each Distribution Date following such Distribution Date to and including the Distribution Date on which such Interest Shortfall is paid to Series 2000-B Certificateholdersor deposited in the Interest Funding Account. Notwithstanding anything to the contrary herein, Additional Interest shall be payable to the Interest Funding Account or distributed to Series 1996-1 Certificateholders only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Ford Credit Auto Receivables Corp)

Monthly Interest. (a) The amount of monthly interest ("Monthly Interest") with respect to the Series 20002001-B A Certificates on any Distribution Date, commencing with the Initial Distribution Date, shall be an amount equal to the product of (i) the Certificate Rate, (ii) the outstanding principal balance of the Series 20002001-B A Certificates as of the close of business on the preceding Distribution Date (after giving effect to all repayments of principal made to Series 20002001-B A Certificateholders on such preceding Distribution Date, if any) or, in the case of the Initial Distribution Date, the Closing Date and (iii) a fraction, the numerator of which is the actual number of days elapsed in such Interest Period and the denominator of which is 360. On the Determination Date preceding each Distribution Date, commencing with the Initial Distribution Date, the Servicer shall determine the excess, if any (the "Interest Shortfall"), of (x) the aggregate Monthly Interest for the Interest Period applicable to such Distribution Date over (y) the amount which will be available to be distributed to Series 20002001-B A Certificateholders on such Distribution Date in respect thereof pursuant to this Series Supplement. If the Interest Shortfall with respect to any Distribution Date is greater than zero, an additional amount ("Additional Interest") equal to the product of (i) the Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for the Interest Period commencing on the related Distribution Date (or, for subsequent Interest Periods, the Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for such subsequent Interest Periods), (ii) such Interest Shortfall (or the portion thereof which has not been paid to Series 20002001-B A Certificateholders) and (iii) a fraction, the numerator of which is the actual number of days elapsed in such Interest Period (or in a subsequent Interest Period) and the denominator of which is 360, shall be payable as provided herein with respect to the Series 20002001-B A Certificates on each Distribution Date following such Distribution Date to and including the Distribution Date on which such Interest Shortfall is paid to Series 20002001-B A Certificateholders. Notwithstanding anything to the contrary herein, Additional Interest shall be payable or distributed to Certificateholders only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Daimlerchrysler Wholesale Receivables LLC

Monthly Interest. (a) The amount of monthly interest with respect to the Class A Certificates ("Class A Monthly Interest") with respect to the Series 2000-B Certificates on any Distribution Date, commencing with the Initial Distribution Date, Date shall be an amount equal to (x) the actual number of days elapsed in the related Interest Period divided by 360 days, multiplied by (y) the product of (i) the Class A Certificate Rate, Rate and (ii) the outstanding principal balance of the Series 2000-B Class A Certificates as of the close of business on the preceding Distribution Date (after giving effect Two Business Days prior to all repayments of principal made to Series 2000-B Certificateholders on such preceding Distribution Date, if any) or, in the case of the Initial Distribution Date, the Closing Date and (iii) a fraction, the numerator of which is the actual number of days elapsed in such Interest Period and the denominator of which is 360. On the Determination Date preceding each Distribution Date, commencing with the Initial Distribution Date, the Servicer shall determine and notify the Trustee in the Distribution Date Statement of the excess, if any (the "Interest Shortfall")any, of (x) the aggregate sum of Class A Monthly Interest for the Interest Period applicable to such Distribution Date plus the amount, if any, of the Class A Interest Shortfall which was due but not paid on the prior Distribution Date over (y) the amount which will be available to be distributed with respect to Series 2000-B Certificateholders the Class A Certificates on such Distribution Date in respect thereof pursuant to this Series SupplementSupplement (such excess, the "Class A Interest Shortfall"). If If, on any Distribution Date, the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, then an additional amount ("Class A Additional Interest") equal to (x) the actual number of days in the Interest Period commencing on such Distribution Date divided by 360 days multiplied by (y) the product of (i) the Class A Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for the such Interest Period commencing on the related Distribution Date (or, for subsequent Interest Periods, the Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for such subsequent Interest Periods), and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to Series 2000-B Certificateholders) and (iii) a fraction, the numerator of which is the actual number of days elapsed in such Interest Period (or in a subsequent Interest Period) and the denominator of which is 360, shall be payable as provided herein with respect to the Series 2000-B Class A Certificates on each the Distribution Date following such Distribution Date to and including the Distribution Date on which such Interest Shortfall is paid to Series 2000-B CertificateholdersDate. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed with respect to Certificateholders the Class A Certificates only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Bombardier Credit Receivables Corp)

Monthly Interest. (a) The amount of monthly interest ("Class A-1 Monthly Interest") with respect to the Series 2000-B Class A-1 Certificates on any Distribution Date, commencing with the Initial Distribution Date, shall be an amount equal to the product of (i) the Class A-1 Certificate Rate, (ii) the outstanding principal balance of the Series 2000-B Class A-1 Certificates as of the close of business on the preceding Distribution Date (after giving effect to all repayments of principal made to Series 2000-B Class A-1 Certificateholders on such preceding Distribution Date, if any) or, in the case of the Initial Distribution Date, the Closing Date and (iii) a fraction, the numerator of which is the actual number of days elapsed in such Interest Period and the denominator of which is 360. On the Determination Date preceding each Distribution Date, commencing with the Initial Distribution Date, the Servicer shall determine the excess, if any (the "Class A-1 Interest Shortfall"), of (x) the aggregate Class A-1 Monthly Interest for the Interest Period applicable to such Distribution Date over (y) the amount which will be available to be distributed to Series 2000-B Class A-1 Certificateholders on such Distribution Date in respect thereof pursuant to this Series Supplement. If the Class A-1 Interest Shortfall with respect to any Distribution Date is greater than zero, an additional amount ("Additional Class A-1 Interest") equal to the product of (i) the Class A-1 Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for the Interest Period commencing on the related Distribution Date (or, for subsequent Interest Periods, the Class A-1 Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for such subsequent Interest Periods), (ii) such Class A-1 Interest Shortfall (or the portion thereof which has not been paid to Series 2000-B Class A-1 Certificateholders) and (iii) a fraction, the numerator of which is the actual number of days elapsed in such Interest Period (or in a subsequent Interest Period) and the denominator of which is 360, shall be payable as provided herein with respect to the Series 2000-B Class A-1 Certificates on each Distribution Date following such Distribution Date to and including the Distribution Date on which such Class A-1 Interest Shortfall is paid to Series 2000-B Class A-1 Certificateholders. Notwithstanding anything to the contrary herein, Additional Class A-1 Interest shall be payable or distributed to Certificateholders only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Conformed Copy (Carco Auto Loan Master Trust)

Monthly Interest. (a) The amount of monthly interest ("Monthly Interest") with respect to the Series 2000-B C Certificates on any Distribution Date, commencing with the Initial Distribution Date, shall be an amount equal to the product of (i) the Certificate Rate, (ii) the outstanding principal balance of the Series 2000-B C Certificates as of the close of business on the preceding Distribution Date (after giving effect to all repayments of principal made to Series 2000-B C Certificateholders on such preceding Distribution Date, if any) or, in the case of the Initial Distribution Date, the Closing Date and (iii) a fraction, the numerator of which is the actual number of days elapsed in such Interest Period and the denominator of which is 360. On the Determination Date preceding each Distribution Date, commencing with the Initial Distribution Date, the Servicer shall determine the excess, if any (the "Interest Shortfall"), of (x) the aggregate Monthly Interest for the Interest Period applicable to such Distribution Date over (y) the amount which will be available to be distributed to Series 2000-B C Certificateholders on such Distribution Date in respect thereof pursuant to this Series Supplement. If the Interest Shortfall with respect to any Distribution Date is greater than zero, an additional amount ("Additional Interest") equal to the product of (i) the Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for the Interest Period commencing on the related Distribution Date (or, for subsequent Interest Periods, the Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for such subsequent Interest Periods), (ii) such Interest Shortfall (or the portion thereof which has not been paid to Series 2000-B C Certificateholders) and (iii) a fraction, the numerator of which is the actual number of days elapsed in such Interest Period (or in a subsequent Interest Period) and the denominator of which is 360, shall be payable as provided herein with respect to the Series 2000-B C Certificates on each Distribution Date following such Distribution Date to and including the Distribution Date on which such Interest Shortfall is paid to Series 2000-B C Certificateholders. Notwithstanding anything to the contrary herein, Additional Interest shall be payable or distributed to Certificateholders only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Carco Auto Loan Master Trust

Monthly Interest. [(a) )] The amount of monthly interest ("Monthly Interest") with respect to the Series 2000-B [199_-_] Certificates on any Distribution Date, commencing with the Initial Distribution Date, Date shall be [an amount equal to the product of (i) the Certificate Rate, (ii) the outstanding principal balance of the Series 2000-B [199_-_] Certificates as of the close of business on the preceding Distribution Date (after giving effect to all repayments of principal made to Series 2000-B [199_-_] Certificateholders on such preceding Distribution Date, if any) or, in the case of the Initial Distribution Date, the Closing Date and (iii) a fraction, the numerator of which is the actual number of days elapsed in such Interest Period and the denominator of which is [360] [other]][an amount equal to one twelfth of the product of (i) the outstanding principal balance of the Series [199_-_] Certificates as of the close of business on the preceding Distribution Date after giving effect to all repayments of principal made to the Series [199_-_] Certificateholders on such preceding Distribution Date, if any, and (ii) the Certificate Rate; provided, however, that with respect to the first such Distribution Date, Monthly Interest shall be equal to $____. Monthly Interest shall be calculated on the basis of a 360- day year of twelve 30-day months]. On the Determination Date preceding each Distribution Date, commencing with the Initial Distribution Date, the Servicer shall determine the excess, if any (the "Interest Shortfall"), of (x) the aggregate Monthly Interest for the [Interest Period Period] [Accrual Record] applicable to such Distribution Date over (y) the amount which will be available to be [deposited in the Interest Funding Account or] distributed to Series 2000-B [199_-_] Certificateholders on such Distribution Date in respect thereof pursuant to this Series Supplement. If the Interest Shortfall with respect to any Distribution Date is greater than zero, an additional amount ("Additional Interest") equal to [the product of (i) the Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for the [Interest Period Period] commencing on the related Distribution Date (or, for subsequent [Interest Periods] [Accrual Periods], the Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for such subsequent [Interest PeriodsPeriod] [Accrual Period]), (ii) such Interest Shortfall (or the portion thereof which has not been [deposited in the Interest Funding Account or] paid to Series 2000-B [199_-_] Certificateholders) and (iii) a fraction, the numerator of which is the actual number amount of days elapsed in such [Interest Period Period] [Accrual Period] (or in a subsequent [Interest Period] [Accrual Period]) and the denominator of which is 360[ ] 360 [other]] [one-twelfth of the product of (i) the Certificate Rate and (ii) such Interest Shortfall (or the portion thereof which has not been [deposited to the Interest Funding Account or] paid to the Series [199_-_] Certificateholders], shall be payable as provided herein with respect to the Series 2000-B [199_-_] Certificates on each Distribution Date following such Distribution Date to and including the Distribution Date on which such Interest Shortfall is paid to Series 2000-B [199_-_] Certificateholders. Notwithstanding anything to the contrary herein, Additional Interest shall be payable or distributed to Series [199_-_] Certificateholders only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Carco Auto Loan Master Trust)

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Monthly Interest. (a) The amount of monthly interest ("Monthly Interest") with respect to the Series 2000-B Certificates 1 Notes on any Distribution Date, commencing with the Initial Distribution Payment Date, shall be an amount equal to the product of (i) the Certificate Note Rate, (ii) the outstanding principal balance of the Series 2000-B Certificates 1 Notes as of the close of business on the preceding Distribution Payment Date (after giving effect to all repayments of principal made to Series 2000-B Certificateholders 1 Noteholders on such preceding Distribution Payment Date, if any) or, in the case of the Initial Distribution Date, the Closing Date and (iii) a fraction, the numerator of which is the actual number of days elapsed in such the related Interest Period and the denominator of which is 360; provided, however, that with respect -------- ------- to the first such Payment Date, Monthly Interest shall be equal to $[ ]. On the Determination Date preceding each Distribution Date, commencing with the Initial Distribution Payment Date, the Servicer shall determine the excess, if any (the "Interest Shortfall"), of (x) the aggregate Monthly Interest for the Interest Period applicable to such Distribution Payment Date over (y) the amount which will be available to be distributed to Series 2000-B Certificateholders 1 Noteholders on such Distribution Payment Date in respect thereof pursuant to this Series Supplement. If the Interest Shortfall with respect to any Distribution Payment Date is greater than zero, an additional amount ("Additional Interest") equal to the product of (i) the Certificate Note Rate (calculated pursuant to clause (a) of the definition thereof) for the Interest Period commencing on the related Distribution Payment Date (or, for subsequent Interest Periods, the Certificate Note Rate (calculated pursuant to clause (a) of the definition thereof) for such subsequent Interest PeriodsPeriod), (ii) such Interest Shortfall (or the portion thereof which has not been paid to Series 2000-B Certificateholders1 Noteholders) and (iii) a fraction, the numerator of which is the actual number amount of days elapsed in such Interest Period (or in a subsequent Interest Period) and the denominator of which is 360, shall be payable as provided herein with respect to the Series 2000-B Certificates 1 Notes on each Distribution Payment Date following such Distribution Payment Date to and including the Distribution Payment Date on which such Interest Shortfall is paid to Series 2000-B Certificateholders1 Noteholders. Notwithstanding anything to the contrary herein, Additional Interest shall be payable or distributed to Certificateholders Series 2000-1 Noteholders only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Volkswagen Dealer Finance LLC

Monthly Interest. (a) The amount of monthly interest ("Monthly Interest") with respect to the Series 20001996-B 2 Certificates on any Distribution Date, commencing with the Initial Distribution Date, shall be an amount equal to the product of (i) the Certificate Rate, (ii) the outstanding principal balance of the Series 20001996-B 2 Certificates as of the close of business on the preceding Distribution Date (after giving effect to all repayments of principal made to Series 20001996-B 2 Certificateholders on such preceding Distribution Date, if any) or, in the case of the Initial Distribution Date, the Closing Date and (iii) a fraction, the numerator of which is the actual number of days elapsed in such Interest Period and the denominator of which is 360. On the Determination Date preceding each Distribution Date, commencing with the Initial Distribution Date, the Servicer shall determine the excess, if any (the "Interest Shortfall"), of (x) the aggregate Monthly Interest for the Interest Period applicable to such Distribution Date over (y) the amount which will be available to be distributed to Series 20001996-B 2 Certificateholders on such Distribution Date in respect thereof pursuant to this Series Supplement. If the Interest Shortfall with respect to any Distribution Date is greater than zero, an additional amount ("Additional Interest") equal to the product of (i) the Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for the Interest Period commencing on the related Distribution Date (or, for subsequent Interest Periods, the Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for such subsequent Interest Periods), (ii) such Interest Shortfall (or the portion thereof which has not been paid to Series 20001996-B 2 Certificateholders) and (iii) a fraction, the numerator of which is the actual number of days elapsed in such Interest Period (or in a subsequent Interest Period) and the denominator of which is 360, shall be payable as provided herein with respect to the Series 20001996-B 2 Certificates on each Distribution Date following such Distribution Date to and including the Distribution Date on which such Interest Shortfall is paid to Series 20001996-B 2 Certificateholders. Notwithstanding anything to the contrary herein, Additional Interest shall be payable or distributed to Series 1996-2 Certificateholders only to the extent permitted by applicable law. Certificateholders in respect thereof on such Distribution Date pursuant to this Series Supplement. If the Carry-over Shortfall with respect to any Distribution Date is greater than zero, an additional amount ("Additional Carry-over Amount") equal to the product of (i) the Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for the Interest Period commencing on the related Distribution Date (or, for subsequent Interest Periods, the Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for such subsequent Interest Periods), (ii) such Carry-over Shortfall (or the portion thereof which has not been paid to Series 1996-2 Certificateholders) and (iii) a fraction, the numerator of which is the actual number of days elapsed in such Interest Period (or in a subsequent Interest Period) and the denominator of which is 360, shall be payable as provided herein with respect to the Series 1996-2 Certificates on each Distribution Date following such Distribution Date to the Distribution Date on which such Carry-over Shortfall is paid to Series 1996-2 Certificateholders. Notwithstanding anything to the contrary herein, any Additional Carry-Over Amount shall be payable or distributed to Series 1996-2 Certificateholders only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Carco Auto Loan Master Trust

Monthly Interest. (a) The amount of monthly interest ("Monthly Interest") with respect to the Series 20001996-B 2 Certificates on any Distribution Date, commencing with the Initial Distribution Date, Date shall be an amount equal to (a) the actual number of days in the related Interest Period divided by 360 multiplied by (b) of the product of (i) the Certificate Rate, Rate and (ii) the outstanding principal balance of the Series 20001996-B 2 Certificates as of the close of business on the preceding Distribution Date (after giving effect to all repayments of principal made to Series 2000-B Certificateholders on such preceding Distribution Date, if any) or); provided, in however, with respect to the case of the Initial first Distribution Date, the Closing Date and (iii) a fraction, the numerator of which is the actual number of days elapsed in such Monthly Interest Period and the denominator of which is 360shall be equal to $[ ]. On the Determination Date preceding each Distribution Date, commencing with the Initial Distribution Date, the Servicer shall determine the excess, if any (the "Interest Shortfall"), of (x) the aggregate Monthly Interest for the Interest Period applicable to such Distribution Date over (y) the amount which will be available to be distributed to Series 2000-B Certificateholders deposited in the Interest Funding Account on such Distribution Date in respect thereof pursuant to this Series Supplement. If If, on any Quarterly Payment Date or any Special Payment Date, an amount covering any Interest Shortfall for any prior Distribution Date shall not have been deposited into the Interest Shortfall with respect Funding Account pursuant to any Distribution Date is greater than zeroSection 4.06(a)(i), then an additional amount ("Additional Interest") equal to (a) the actual number of days in the related Interest Period divided by 360 multiplied (b) the product of (i) the Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for the Interest Period commencing on the related Distribution Date (or, for subsequent Interest Periods, the Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for such subsequent Interest Periods), plus two percentage points and (ii) such Interest Shortfall (or the portion thereof which has not been paid to Series 2000-B Certificateholdersor deposited in the Interest Funding Account) and (iii) a fraction, the numerator of which is the actual number of days elapsed in such Interest Period (or in a subsequent Interest Period) and the denominator of which is 360, shall be payable as provided herein with respect to the Series 20001996-B 2 Certificates on each Distribution Date following such Distribution Date to and including the Distribution Date on which such Interest Shortfall is paid to Series 2000-B Certificateholdersor deposited in the Interest Funding Account. Notwithstanding anything to the contrary herein, Additional Interest shall be payable to the Interest Funding Account or distributed to Series 1996-2 Certificateholders only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Ford Credit Auto Receivables Corp)

Monthly Interest. (a) The amount of monthly interest with respect to the Class A Certificates ("Class A Monthly Interest") with respect to the Series 2000-B Certificates on any Distribution Date, commencing with the Initial Distribution Date, Date shall be an amount equal to (x) the actual number of days elapsed in the related Interest Period divided by 360 days, multiplied by (y) the product of (i) the Class A Certificate Rate, Rate and (ii) the outstanding principal balance of the Series 2000-B Class A Certificates as of the close of business on the preceding Distribution Date (after giving effect to all repayments of principal made allocated to Series 2000-B Certificateholders the Class A Certificates on such preceding Distribution Date, if any) or); provided, in however, with respect to the case of the Initial first Distribution Date, the Closing Date and (iii) a fraction, the numerator of which is the actual number of days elapsed in such Class A Monthly Interest Period and the denominator of which is 360shall be equal to $[__________]. On the Determination Date preceding Two Business Days prior to each Distribution Date, commencing with the Initial Distribution Date, the Servicer shall determine and notify the Trustee in the Distribution Date Statement of the excess, if any (the "Interest Shortfall")any, of (x) the aggregate sum of Class A Monthly Interest for the Interest Period applicable to such Distribution Date plus the amount, if any, of the Class A Interest Shortfall which was due but not paid on the prior Distribution Date over (y) the amount which will be available to be distributed with respect to Series 2000-B Certificateholders the Class A Certificates on such Distribution Date in respect thereof pursuant to this Series SupplementSupplement (such excess, the "Class A Interest Shortfall"). If If, on any Distribution Date, the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, then an additional amount ("Class A Additional Interest") equal to (x) the actual number of days in the Interest Period commencing on such Distribution Date divided by 360 days multiplied by (y) the product of (i) the Class A Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for the such Interest Period commencing on the related Distribution Date (or, for subsequent Interest Periods, the Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for such subsequent Interest Periods), and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to Series 2000-B Certificateholders) and (iii) a fraction, the numerator of which is the actual number of days elapsed in such Interest Period (or in a subsequent Interest Period) and the denominator of which is 360, shall be payable as provided herein with respect to the Series 2000-B Class A Certificates on each the Distribution Date following such Distribution Date to and including the Distribution Date on which such Interest Shortfall is paid to Series 2000-B CertificateholdersDate. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed with respect to Certificateholders the Class A Certificates only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Bombardier Receivables Master Trust I)

Monthly Interest. (a) The amount of monthly interest ---------------- ("Monthly Interest") with respect to the Series 2000-B (_) Certificates on any Distribution Date, commencing with the Initial Distribution Date, Date shall be an amount equal to (a) (the actual number of days in the related Interest Period divided by 360 multiplied by) (one-twelfth multiplied by) (b) the product of (i) the Certificate Rate, Rate and (ii) the outstanding principal balance of the Series 2000-B (_) Certificates as of the close of business on the day immediately preceding Distribution Date (after giving effect to all repayments of principal made to Series 2000-B Certificateholders on such preceding the Distribution Date, if any) or, in the case of the Initial Distribution Date, the Closing Date and (iii) a fraction, the numerator of which is the actual number of days elapsed in such Interest Period and the denominator of which is 360. On the Determination Date preceding each Distribution Date, commencing with the Initial Distribution Date, the Master Servicer shall determine the excess, if any (the "Interest Shortfall"), of (x) the aggregate Monthly Interest for the Interest Period applicable to such Distribution Date over (y) the amount which will be available to be distributed to Series 2000-B Certificateholders deposited in the Interest Funding Account on such Distribution Date in respect thereof pursuant to this Series Supplement. If If, on any (Quarterly) (Semi-annual) Payment Date or any Special Payment Date, an amount covering any Interest Shortfall for any prior Distribution Date shall not have been deposited into the Interest Shortfall with respect Funding Account pursuant to any Distribution Date is greater than zeroSection 4.06(a)(i), then an additional amount ("Additional Interest") equal to (a) (the actual number of days in the related Interest Period divided by 360 multiplied by) (one-twelfth multiplied by) (b) the product of (i) the Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for the Interest Period commencing on the related Distribution Date (or, for subsequent Interest Periods, the Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for such subsequent Interest Periods), plus two percentage points and (ii) such Interest Shortfall ---- (or the portion thereof which has not been paid to Series 2000-B Certificateholdersor deposited in the Interest Funding Account) and (iii) a fraction, the numerator of which is the actual number of days elapsed in such Interest Period (or in a subsequent Interest Period) and the denominator of which is 360, shall be payable as provided herein with respect to the Series 2000-B (_) Certificates on each Distribution Date following such Distribution Date to and including the Distribution Date on which such Interest Shortfall is paid to Series 2000-B Certificateholdersor deposited in the Interest Funding Account. Notwithstanding anything to the contrary herein, Additional Interest shall be payable to the Interest Funding Account or distributed to Certificateholders Series (_) Certificateholder only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Ford Credit Auto Receivables LLC)

Monthly Interest. (a) The amount of monthly interest ("Monthly Interest") with respect to the Series 20001996-B 1 Certificates on any Distribution Date, commencing with the Initial Distribution Date, shall be an amount equal to the product of (i) the Certificate Rate, (ii) the outstanding principal balance of the Series 20001996-B 1 Certificates as of the close of business on the preceding Distribution Date (after giving effect to all repayments of principal made to Series 20001996-B 1 Certificateholders on such preceding Distribution Date, if any) or, in the case of the Initial Distribution Date, the Closing Date and (iii) a fraction, the numerator of which is the actual number of days elapsed in such Interest Period and the denominator of which is 360. On the Determination Date preceding each Distribution Date, commencing with the Initial Distribution Date, the Servicer shall determine the excess, if any (the "Interest Shortfall"), of (x) the aggregate Monthly Interest for the Interest Period applicable to such Distribution Date over (y) the amount which will be available to be distributed to Series 20001996-B 1 Certificateholders on such Distribution Date in respect thereof pursuant to this Series Supplement. If the Interest Shortfall with respect to any Distribution Date is greater than zero, an additional amount ("Additional Interest") equal to the product of (i) the Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for the Interest Period commencing on the related Distribution Date (or, for subsequent Interest Periods, the Certificate Rate (calculated pursuant to clause (a) of the definition thereof) for such subsequent Interest Periods), (ii) such Interest Shortfall (or the portion thereof which has not been paid to Series 20001996-B 1 Certificateholders) and (iii) a fraction, the numerator of which is the actual number of days elapsed in such Interest Period (or in a subsequent Interest Period) and the denominator of which is 360, shall be payable as provided herein with respect to the Series 20001996-B 1 Certificates on each Distribution Date following such Distribution Date to and including the Distribution Date on which such Interest Shortfall is paid to Series 20001996-B 1 Certificateholders. Notwithstanding anything to the contrary herein, Additional Interest shall be payable or distributed to Series 1996-1 Certificateholders only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Carco Auto Loan Master Trust

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