Net Interest and Related Charges means the sum of (i) the amount, if any, by which interest payable to the Liquidity Provider on any Interest Drawing, Final Drawing and/or Applied Downgrade Advance (as defined in the Liquidity Facilities) exceeds the amount which would be payable if such drawings bore interest at the Designated Interest Rate plus (ii) any amounts payable under Section 3.1, Section 3.2, Section 3.3 or Section 7.7 of each Liquidity Facility (or similar provisions of any succeeding Liquidity Facility) which result from any Interest Drawing, Final Drawing or Applied Downgrade Advance (as defined in the Liquidity Facilities). As used in this Section "Designated Interest Rate" means the weighted average Past Due Rate (as defined in the applicable Indentures) except with respect to that portion of any Final Drawing (or Applied Downgrade Advance which becomes a Final Drawing) which remains in a Cash Collateral Account, Designated Interest Rate means the weighted average Investment Earnings of funds in the Cash Collateral Accounts. As used in this Section, a Payment Default when used in connection with a Secured Certificate or Equipment Note means a default in the payment of principal thereof or interest thereon which has not been cured other than solely because of acceleration. The following terms are used in this Section as defined in the Intercreditor Agreement without regard to any amendment, modification or supplement thereto after the Closing Date: Cash Collateral Account, Equipment Notes, Final Drawing, Indentures, Interest Drawing and Investment Earnings. The Secured Certificates shall be executed on behalf of the Owner Trustee by its President or one of its Vice Presidents, Assistant Vice Presidents or Assistant Secretaries or other authorized officer. Secured Certificates bearing the signatures of individuals who were at any time the proper officers of the Owner Trustee shall bind the Owner Trustee, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Secured Certificates or did not hold such offices at the respective dates of such Secured Certificates. The Owner Trustee may from time to time execute and deliver Secured Certificates with respect to the Aircraft to the Indenture Trustee for authentication upon original issue and such Secured Certificates shall thereupon be authenticated and delivered by the Indenture Trustee upon the written request of the Owner Trustee signed by a Vice Pres...
Net Interest and Related Charges means the sum of (i) the amount, if any, by which interest payable to each Liquidity Provider on any Interest Drawing and/or Final Drawing exceeds the amount which would be payable if such drawings bore interest at the weighted average Past Due Rate applicable to amounts in default on all Certificates plus (ii) any amounts payable under Section 3.01, Section 3.02, Section 3.03, Section 3.09 or Section 7.07 of each Liquidity Facility (or similar provisions of any replacement Liquidity Facility) which result from any Interest Drawing or Final Drawing. As used in this Section, a Payment Default when used in connection with a Certificate issued hereunder or a Certificate issued under any Related Indenture means a default in the payment of principal thereof or interest thereon (which default has not been cured), other than solely because of acceleration.
Net Interest and Related Charges means the sum of (i) the amount, if any, by which interest payable to each Liquidity Provider on any Interest Drawing and/or Final Drawing exceeds the amount which would be payable if such drawings bore interest at the weighted average Past Due Rate applicable to amounts in default on all Certificates plus (ii) any amounts payable under Section 3.01, Section 3.02, Section 3.03, Section 3.09 or Section 7.07 of each Liquidity Facility (or similar provisions of any replacement Liquidity Facility) which result from any Interest Drawing or Final Drawing. As used in this Section, a Payment Default when used in connection with a Certificate issued hereunder or a Certificate issued under any Related Indenture means a default in the payment of principal thereof or interest thereon (which default has not been cured), other than solely because of acceleration. As used in this Section, "Related Indentures" means, collectively, the Trust Indenture and Security Agreement for each of Federal Express Corporation Trust Nos. N670FE, N671FE, N672FE, N673FE, N674FE and N584FE, each dated as of May 1, 1997, between the Owner Trustee and the Indenture Trustee, the Trust Indenture and Security Agreement for Federal Express Corporation Trust No. N581FE, dated as of May 1, 1997, between Wilmington Trust Company, as owner trustee and the Indenture Trustee, and the Trust Indenture and Security Agreement for Federal Express Corporation Trust No. N587FE, dated as of December 1, 1996, as amended and restated as of May 1, 1997, between Wilmington Trust Company, as owner trustee and the Indenture Trustee.
More Definitions of Net Interest and Related Charges
Net Interest and Related Charges means the sum of (i) the amount, if any, by which interest payable to the Liquidity Provider on any Interest Drawing, Final Drawing, Applied Downgrade Advance and/or Applied Non-Extension Advance (as defined in the Liquidity Facilities) exceeds the amount which would be payable if such drawings bore interest at the Designated Interest Rate plus (ii) any amounts payable under Section 3.01, Section 3.02, Section 3.03 or Section 7.07 of each Liquidity Facility (or similar provisions of any succeeding Liquidity Facility) which result from any Interest Drawing, Final Drawing, Applied Downgrade Advance or
Net Interest and Related Charges means the sum of (i) the amount, if any, by which interest payable to the Liquidity Provider on any Interest Drawing, Final Drawing, Applied Downgrade Advance and/or Applied Non-Extension Advance (as defined in the Liquidity Facilities) exceeds the amount which would be payable if such drawings bore interest at the Designated Interest Rate plus (ii) any amounts payable under Section 3.1, Section 3.2, Section 3.3 or Section 7.7 of each Liquidity Facility (or similar provisions of any succeeding Liquidity Facility) which result from any Interest Drawing, Final Drawing, Applied Downgrade Advance or Applied Non-Extension Advance (as defined in the Liquidity Facilities). As used in this Section "Designated Interest Rate" means the weighted average Past Due Rate (as defined in the applicable Indentures) except with respect to that portion of any Final Drawing (or Applied Downgrade Advance or Applied Non-Extension Advance which becomes a Final Drawing) which remains in a Cash Collateral Account, Designated
Net Interest and Related Charges means the sum of (i) the amount, if any, by which interest payable to each Liquidity Provider on any Interest Drawing and Final Drawing exceeds the amount which would be payable if such drawings bore interest at the weighted average Past Due Rate applicable to amounts in default on all Certificates plus (ii) any amounts payable under Section 3.1, Section 3.2, Section 3.3, Section 3.9 or Section 7.7 of each Liquidity Facility (or similar provisions of any replacement Liquidity Facility) which result from any Interest Drawing or Final Drawing. As used in this Section, a "Payment Default" when used in connection with a Certificate issued hereunder or a Certificate issued under any Related Indenture means a default in the payment of principal thereof or interest thereon (which default has not been cured), other than solely because of acceleration.
Net Interest and Related Charges means the sum of (i) the amount, if any, by which interest payable to the Liquidity Provider on any Interest Drawing, Final Drawing, Applied Downgrade Advance and/or Applied Non-Extension Advance (as defined in the Liquidity Facilities) exceeds the amount which would be payable if such drawings bore interest at the Designated Interest Rate plus (ii) any amounts payable under Section 3.01, Section 3.02, Section 3.03 or Section 7.07 of each Liquidity Facility (or similar provisions of any succeeding Liquidity Facility) which result from any Interest Drawing, Final Drawing, Applied Downgrade Advance or Applied Non-Extension Advance (as defined in the Liquidity Facilities). As used in this Section "DESIGNATED INTEREST RATE" means the weighted average Past Due Rate (as defined in the applicable Indentures) except that [(i) the Debt Rate for the Series D Secured Certificates shall not be taken into account for the calculation of such weighted average rate and
Net Interest and Related Charges means, with respect to a Primary Liquidity Facility, the sum of (i) the amount, if any, by which interest payable to such Primary Liquidity Provider on any Interest Drawing, Final Drawing, Applied Downgrade Advance and/or Applied Non-Extension Advance (as defined in such Primary Liquidity Facility) exceeds the amount which would be payable if such drawings bore interest at the Designated Interest Rate plus (ii) any amounts payable under Section 3.01, Section 3.02, Section 3.03 or Section 7.07 of such Primary Liquidity Facility (or similar provisions of any succeeding Primary
Net Interest and Related Charges means the sum of (i) the amount, if any, by which interest payable to each Liquidity Provider on any Unpaid Advance and/or Applied Provider Advance exceeds the sum of (x) the amount which would be payable if such Advances bore interest at the weighted average Payment Due Rate applicable to amounts in default on all "Equipment Notes" issued under the Operative Indentures plus (y) any Investment Earnings from any Final Advance plus (ii) any amount payable under Section 3.1, Section 3.2, Section 3.3, Section 3.9 or Section 7.7 of each Liquidity Facility (or similar provisions of any replacement Liquidity Facility), which results from any Unpaid Advance or Applied Provider Advance. As used in this Section 2.15, a Payment Default when used in connection with Equipment Notes issued hereunder or "Equipment Notes" issued under any Operative Indenture means a default in the payment of Original Amount thereof or interest thereon (which default has not been cured), other than solely because of acceleration. For purposes of this Section, the terms "Advance", "Applied Provider Advance", "Final Advance", "Investment Earnings", and "Unpaid Advance" shall have the meanings specified in each Liquidity Facility.
Net Interest and Related Charges has the meaning specified for such term in Section 2.02 of the Trust Indenture.