Net Trust Note Rate definition

Net Trust Note Rate. With respect to any Distribution Date and any Trust Note, the annualized rate at which interest would have to accrue in respect of such Trust Note on the basis of a 360-day year consisting of twelve 30-day months in the Certificate Interest Accrual Period preceding such Distribution Date in order to produce the aggregate amount of interest (net of interest at the Servicing Fee Rate, the CREFC® Intellectual Property Royalty License Fee Rate and the Certificate Administrator Fee Rate (including the portion that is the Trustee Fee) and exclusive of Default Interest) that actually accrues on such Trust Note during the related Whole Loan Interest Accrual Period; provided that any modification of the Mortgage Loan that changes any Note Rate shall be disregarded for purposes of calculating the Pass Through Rates for the Certificates; provided, further, however, that (i) the Net Trust Note Rate for the Whole Loan Interest Accrual Period for the Payment Dates in (a) January and February in each year that is not a leap year or (b) in February only in each year that is a leap year (in the case of either (a) or (b), unless the related Distribution Date is the final Distribution Date), shall be the annualized rate at which interest would have to accrue in respect of such Trust Note on the basis of a 360-day year consisting of twelve 30-day months in order to produce the aggregate amount of interest (net of interest at the Servicing Fee Rate, the Certificate Administrator Fee Rate (including the portion that is the Trustee Fee) and the CREFC® Intellectual Property Royalty License Fee Rate and exclusive of any rate at which Default Interest accrues on such Trust Note) actually accrued on such Trust Note during the related Whole Loan Interest Accrual Period, minus the applicable Withheld Amount and (ii) the Net Trust Note Rate for the Whole Loan Interest Accrual Period for the Payment Date in March (or February, if the related Distribution Date is the final Distribution Date), shall be the annualized rate at which interest would have to accrue in respect of such Trust Note on the basis of a 360-day year consisting of twelve 30-day months in order to produce the aggregate amount of interest (net of interest at the Servicing Fee Rate, the Certificate Administrator Fee Rate (including the portion that is the Trustee Fee) and the CREFC® Intellectual Property Royalty License Fee Rate and exclusive of Default Interest) actually accrued on such Trust Note during the related Whol...
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Net Trust Note Rate. With respect to the Trust Loan (including, without limitation, as an REO Trust Loan), a per annum rate equal to the applicable Note Rate minus the Administrative Fee Rate.
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Related to Net Trust Note Rate

  • Class A-1 Note Rate means, (i) with respect to the initial Series 2002-1 Interest Period, 2.04% per annum and (ii) with respect to each Series 2002-1 Interest Period thereafter, a rate per annum equal to One-Month LIBOR for such Series 2002-1 Interest Period plus 0.20% per annum.

  • Class A-1 Note Interest Rate means a rate per annum equal to 0.64000%.

  • Class A Note Rate means 2.97% per annum.

  • Class A-1 Interest Rate means [ ]% per annum (computed on the basis of the actual number of days elapsed during the applicable Interest Period, but assuming a 360-day year).

  • Class A-3 Interest Rate means [ ]% per annum (computed on the basis of a 360-day year of twelve 30-day months).

  • Class A-2 Note Interest Rate means a rate per annum equal to %.

  • Class A-2-B Interest Rate means LIBOR + 0.27% per annum (computed on the basis of the actual number of days elapsed during the applicable Interest Period, but assuming a 360 day year); provided, however, that for any Interest Period for which the sum of LIBOR + 0.27% is less than 0.00%, the Class A-2-B Interest Rate shall be deemed to be 0.00%.

  • Class A-4 Interest Rate means [ ]% per annum (computed on the basis of a 360-day year of twelve 30-day months).

  • Class C Note Rate means 3.48% per annum.

  • Class B Note Rate means % per annum, computed on the basis of a 360-day year consisting of twelve 30-day months.

  • Class A-2-A Interest Rate means [ ]% per annum (computed on the basis of a 360-day year of twelve 30-day months).

  • Class A Note Interest Rate means a per annum rate of [ ]% [in excess of LIBOR as determined on the LIBOR Determination Date for the applicable Interest Period].

  • Class A Interest Rate has the meaning assigned to such term in the Indenture.

  • Net Note Rate means, with respect to each Note, the applicable Note Rate minus the Servicing Fee Rate.

  • Class A-2 Note Rate With respect to any Payment Date, the per annum rate equal to the lesser of (i) the Class A-2 Formula Note Rate and (ii) the Class A-2 Net WAC Cap Rate for such Payment Date.

  • Class A-3 Note Interest Rate means a rate per annum equal to %.

  • Class C Note Interest Rate means a per annum rate of [ ]% [in excess of LIBOR as determined on the LIBOR Determination Date for the applicable Interest Period].

  • Class A-2b Interest Rate means LIBOR + 0.16% per annum (computed on the basis of the actual number of days elapsed, but assuming a 360-day year).

  • Class A-2a Interest Rate means [●]% per annum (computed on the basis of a 360-day year of twelve 30-day months).

  • Note Rate means, in the case of the Class A-1 Notes, the Class A-1 Rate; in the case of the Class A-2a Notes, the Class A-2a Rate; in the case of the Class A-2b Notes, the Class A-2b Rate; in the case of the Class A-3 Notes, the Class A-3 Rate; in the case of the Class A-4 Notes, the Class A-4 Rate; in the case of the Class B Notes, the Class B Rate; in the case of the Class C Notes, the Class C Rate; and in the case of the Class D Notes, the Class D Rate.

  • Class B Interest Rate means [ ]% per annum (computed on the basis of a 360-day year of twelve 30-day months).

  • Class B Note Interest Rate means a per annum rate of [ ]% [in excess of LIBOR as determined on the LIBOR Determination Date for the applicable Interest Period].

  • Class D Interest Rate means [ ]% per annum (computed on the basis of a 360-day year of twelve 30-day months).

  • Certificate Interest Rate With respect to each Class of Certificates and any Distribution Date, the applicable per annum rate set forth or described in the Preliminary Statement hereto.

  • Class C Interest Rate means [ ]% per annum (computed on the basis of a 360-day year of twelve 30-day months).

  • Note Interest Rate means a per annum rate equal to 0.02% in excess of LIBOR as determined by the Calculation Agent on the related LIBOR Determination Date with respect to each Interest Period.