Late Payment Rate means the lesser of (a) the greater of (i) the per annum rate of interest publicly announced from time to time by Citibank, N.A. as its prime or base lending rate (any change in such rate of interest to be effective on the date such change is announced by Citibank, N.A.), plus 2% per annum and (ii) the then applicable highest rate of interest on the Class A Notes and (b) the maximum rate permissible under applicable usury or similar laws limiting interest rates. The Late Payment Rate shall be computed on the basis of the actual number of days elapsed over a year of 360 days.

Late Payment Rate. For any Payment Date, the rate of interest, as it is publicly announced by Citibank, N.A. at its principal office in New York, New York as its prime rate (any change in such prime rate of interest to be effective on the date such change is announced by Citibank, N.A.) plus 3%. The Late Payment Rate shall be computed on the basis of a year of 365 days calculating the actual number of days elapsed. In no event shall the Late Payment Rate exceed the maximum rate permissible under any applicable law limiting interest rates.

Late Payment Rate. As defined in the Insurance Agreement.

## Examples of *Late Payment Rate* in a sentence

If any such examination reveals any overcharge or undercharge, the necessary adjustments in such statement and the payments thereof shall be made promptly and shall include interest at the

**Late Payment Rate**from the date the overpayment or underpayment was made until credited or paid.Any undisputed amounts not paid by the due date shall be deemed delinquent and shall accrue interest at the

**Late Payment Rate**, such interest to be calculated from and including the due date to but excluding the date the delinquent amount is paid in full.

## More Definitions of *Late Payment Rate*

Late Payment Rate means the lesser of (a) the greater of (i) the per annum rate of interest, publicly announced from time to time by JPMorgan Chase Bank, N.A., at its principal office in The City of New York, New York, as its prime or base lending rate (“Prime Rate”) (any change in such Prime Rate to be effective on the date such change is announced by JPMorgan Chase Bank, N.A.) plus 3%, and (ii) the then applicable highest rate of interest on the Insured Obligations and (b) the maximum rate permissible under applicable usury or similar laws limiting interest rates. In the event JPMorgan Chase Bank, N.A., ceases to announce its Prime Rate, the Prime Rate shall be the prime or base lending rate of such other bank, banking association or trust company as BAM, in its sole and absolute discretion, shall designate. Interest at the Late Payment Rate on any amount owing to BAM shall be computed on the basis of the actual number of days elapsed in a year of 360 days.

Late Payment Rate means the greater of a per annum rate equal to 3% in excess of (i) Financial Security's cost of funds, determined on a monthly basis, or (ii) the arithmetic average of the prime or base lending rates publicly announced by The Chase Manhattan Bank, N.A. (New York, New York) and Citibank, N.A. (New York, New York), as in effect on the last day of the month for which interest is being computed, but in no event greater than the maximum rate permitted by law.

Late Payment Rate. Has the meaning ascribed thereto in the Insurance Agreement.

Late Payment Rate. Has the meaning ascribed thereto in the Insurance and Indemnity Agreement.