Collateral Minimum Monthly Interest definition

Collateral Minimum Monthly Interest shall have the meaning specified in subsection 4.02(c).
Collateral Minimum Monthly Interest shall have the meaning specified ----------------------------------- in Section 4.02(c).

Examples of Collateral Minimum Monthly Interest in a sentence

  • Collateral Minimum Monthly Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months.


More Definitions of Collateral Minimum Monthly Interest

Collateral Minimum Monthly Interest shall have the meaning specified in Section 4.2(c).
Collateral Minimum Monthly Interest shall have the meaning specified in Section 4.02(c).
Collateral Minimum Monthly Interest shall have the meaning specified in SECTION 4.02(c).
Collateral Minimum Monthly Interest means the
Collateral Minimum Monthly Interest distributable from the Collection Account with respect to the Collateral Invested Amount on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Collateral Minimum Interest Rate and (ii) the Collateral Initial Invested Amount less the aggregate amount of principal payments distributed to the Collateral Interest Holder on all prior Distribution Dates; provided, however, that in the event the Collateral Minimum Interest Rate has been modified (as described in the definition thereof) during the period from (and including) the immediately preceding Distribution Date to (but excluding) such Distribution Date, the rate described in (i) above shall reflect a weighted average rate calculated on the basis of the actual number of days each Collateral Minimum Interest Rate was in effect during such period and a year of 360 days. On the Determination Date preceding each Distribution Date, the Servicer shall determine an amount (the “Collateral Interest Shortfall”) equal to (x) the aggregate Collateral Minimum Monthly Interest for such Distribution Date minus (y) the aggregate amount of funds allocated and available to pay such Collateral Minimum Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Collateral Interest Shortfall is fully paid, an additional amount (“Collateral Additional Interest”) shall be payable as provided herein with respect to the Collateral Invested Amount equal to one-twelfth of the product of (i) the Collateral Minimum Interest Rate and (ii) such Collateral Interest Shortfall (or the portion thereof which has not been paid to the Collateral Interest Holder). Notwithstanding anything to the contrary herein, Collateral Additional Interest shall be payable or distributed to the Collateral Interest Holder only to the extent permitted by applicable law.
Collateral Minimum Monthly Interest shall have the meaning specified in subsection 4.02(c). Table of Contents

Related to Collateral Minimum Monthly Interest

  • Class A Monthly Interest shall have the meaning specified in subsection 4.02(a).

  • Class B Monthly Interest shall have the meaning specified in subsection 4.02(b).

  • Monthly Interest means, with respect to any Distribution Date, the Class A Monthly Interest, the Class B Monthly Interest and the Collateral Minimum Monthly Interest for such Distribution Date.

  • Deficiency Amount means any amount that is less than the entire amount a Borrower is entitled to receive by way of contribution or subrogation from, but that has not been paid by, the other Borrowers in respect of any Recovery Amount attributable to the Borrower entitled to contribution, until the Deficiency Amount has been reduced to Zero Dollars ($0) through contributions and reimbursements made under the terms of this Section 2.10(e) or otherwise.