Formula Note Rate definition
Formula Note Rate. For any Payment Date, the rate determined by clause (i) of the definition of "Note Rate" for such Payment Date.
Formula Note Rate. With respect to the Notes and an Interest Accrual Period, is the per annum rate equal to the lesser of (i) LIBOR plus (a) [____]%, on or prior to the Optional Redemption Date and (b) [____]%, after the Optional Redemption Date; and (ii) the Maximum Rate for such Payment Date. GAAP: Generally accepted accounting principles, consistently applied. Grant: Mortgage, pledge, bargain, sell, warrant, alienate, remise, release, convey, assign, transfer, create, ▇▇▇▇▇ ▇ ▇▇▇▇ upon and a security interest in and right of set off against, deposit, set over and confirm pursuant to the Indenture. A Grant of the Collateral or of any other agreement or instrument shall include all rights, powers and options (but none of the obligations) of the granting party thereunder, including the immediate and continuing right to claim for, collect, receive and give receipt for principal and interest payments in respect of the Collateral and all other monies payable thereunder, to give and receive notices and other communications, to make waivers or other agreements, to exercise all rights and options, to bring proceedings in the name of the granting party or otherwise and generally to do and receive anything that the granting party is or may be entitled to do or receive thereunder or with respect thereto. [_________]:[_________], or any successor thereto. [_________] Additional Balance Contributed Amount: As to any Payment Date and during the Managed Amortization Period, the difference, if any, between (a) the aggregate excess, if any, for all prior Payment Dates of (i) the aggregate principal amount of all Additional Balances in respect of the [_________] Mortgage Loans created during the Collection Period relating to each such Payment Date over (ii) Principal Collections in respect of the [_________] Mortgage Loans relating to such Payment Date, and (b) the aggregate [_________] Additional Balance Contributed Amounts paid to [_________] on all prior Payment Dates pursuant to Section 5.03(b)(iii) of this Agreement. During the Rapid Amortization Period, zero. [_________]:[_________], or any successor in interest thereto.
Formula Note Rate. With respect to the Notes and any Interest Accrual Period, the per annum rate equal to LIBOR plus 0.16%.
Examples of Formula Note Rate in a sentence
With respect to the Notes and any Payment Date, the excess, if any, of interest due at the applicable Formula Note Rate over interest due at the applicable Note Rate.
With respect to the Notes of each Class and any Payment Date, the excess, if any, of interest due at the applicable Formula Note Rate over interest due at the applicable Note Rate.
The Insurance Policy for the Notes does not cover the Available Funds Cap Carry Forward Amount; the payment of such amount may be funded only from (i) any excess interest resulting from the Available Funds Cap being in excess of the Formula Note Rate on Future Payment Dates, and (ii) any Net Monthly Excess Cashflow which would otherwise be paid to the Servicer or the Indenture Trustee on account of certain reimburseable amounts, or to the Owners of the Residual Interests.
More Definitions of Formula Note Rate
Formula Note Rate. For any Payment Date, the lesser of (x)(i) with respect to any Payment Date which occurs on or prior to the Redemption Date, LIBOR plus ____% per annum and (ii) with respect to any Payment Date thereafter, LIBOR plus ____% per annum and (y) _____% per annum.
Formula Note Rate. The rate determined by clause (x) of the definition of "Adjustable Rate Note Rate."
Formula Note Rate. For any Interest Accrual Period, (x) with respect to any Payment Date which occurs on or prior to the Optional Redemption Date, LIBOR plus ____% per annum and (y) for any Payment Date thereafter, LIBOR plus ____% per annum.
Formula Note Rate. The Formula Note Rate for the Class A-2 Notes for any Payment Date will equal the lesser of (x) (i) with respect to any Payment Date which occurs on or prior to the Optional Redemption Date, one-month LIBOR plus [ %] per annum, or (ii) with respect to any Payment Date that occurs after the Optional Redemption Date, one-month LIBOR plus [ %] per annum and (y) [13.00%] per annum. The Formula Note Rate for the Class A-3 Notes for any Payment Date will equal the lesser of (x) (i) with respect to any Payment Date which occurs on or prior to the Optional Redemption Date, one-month LIBOR plus [ %] per annum, or (ii) with respect to any Payment Date that occurs after the Optional Redemption Date, one-month LIBOR plus [ %] per annum and (y) [13.00%] per annum. DESCRIPTION OF SECURITIES (continued)
Formula Note Rate. With respect to any Interest Accrual Period, (x) with respect to any Payment Date which occurs on or prior to the first Clean-Up Call Date, LIBOR plus 0.23% per annum and (y) for any Payment Date after the first Clean-Up Call Date, LIBOR plus 0.46% per annum.
Formula Note Rate. With respect to the Notes and an Interest Accrual Period, is the per annum rate equal to the lesser of (i) LIBOR plus (a) [____]%, on or prior to the Optional Redemption Date and (b) [____]%, after the Optional Redemption Date; and (ii) the Maximum Rate for such Payment Date. GAAP: Generally accepted accounting principles, consistently applied. Grant: Mortgage, pledge, bargain, sell, warrant, alienate, remise, release, convey, assign, transfer, create, ▇▇▇▇▇ ▇ ▇▇▇▇ upon and a security interest in and right of set off against, deposit, set over and confirm pursuant to the Indenture. A Grant of the Collateral or of any other agreement or instrument shall include all rights, powers and options (but none of the obligations) of the granting party thereunder, including the immediate and continuing right to claim for, collect, receive and give receipt for principal and interest payments in respect of the Collateral and all other monies payable thereunder, to give and receive notices and other communications, to make waivers or other agreements, to exercise all rights and options, to bring proceedings in the name of the granting party or otherwise and generally to do and receive anything that the granting party is or may be entitled to do or receive thereunder or with respect thereto. [_________]:[_________], or any successor thereto.