Note Monthly Interest definition

Note Monthly Interest means, for a Class and a Payment Date, the aggregate amount of interest accrued on the Note Balance of the Class at the Note Interest Rate for the Class for the related Interest Period.

Note Monthly Interest as defined in the Note Purchase Agreement.

Note Monthly Interest means, with respect to a Payment Date, the amount of interest payable with respect to the Notes on such Payment Date calculated at the Note Interest Rate.

Examples of Note Monthly Interest in a sentence

• If the Extended Note Calculation Agent is unable or unwilling to act as such or is removed by the Issuer, or if the Extended Note Calculation Agent fails to determine the Extended Note Rate for each Class of Extended Notes and the Aggregate Extended Note Monthly Interest for any Interest Period, the Issuer will promptly appoint as a replacement Extended Note Calculation Agent a leading bank which is engaged in transactions in Eurodollar deposits in the international Eurodollar market.

• If the amounts described in this Section 4.07 are not sufficient to pay Extended Note Monthly Interest on any Distribution Date, payments of interest to the holders of Extended Notes will be reduced on a pro rata basis by the amount of such deficiency.

• For each Payment Date, the amount of interest due on the 2015-B Exchange Note (the “Accrued Exchange Note Interest”) will be an amount equal to the sum of the Exchange Note Monthly Interest and the Exchange Note Interest Shortfall.

• Note Monthly Interest Distributable Amount (the sum of items 4, 5, and 6)$2,213,321.85 F.

• For each Payment Date, the amount of interest due with respect to the 2014-A Exchange Note (the “Accrued Exchange Note Interest”) will be an amount equal to the sum of the Exchange Note Monthly Interest and the Exchange Note Interest Shortfall.

• Note Monthly Interest Distributable Amount (the sum of items 4, 5, and 6)$1,618,880.42 F.

• For each Payment Date, the amount of interest due with respect to the 2012-B Exchange Note (the “Accrued Exchange Note Interest”) will be an amount equal to the sum of the Exchange Note Monthly Interest and the Exchange Note Interest Shortfall.

• Note Monthly Interest Distributable Amount (the sum of items 4, 5, and 6)$2,168,527.36 F.

• On the third Business Day immediately preceding each Payment Date, the Agent shall calculate the Note Monthly Interest applicable to all Notes for the applicable Accrual Period and shall notify the Indenture Trustee and the Servicer of such amount by written notice in the form of Exhibit C hereto.

• For each Payment Date, the amount of interest due with respect to the 2012-A Exchange Note (the “Accrued Exchange Note Interest”) will be an amount equal to the sum of the Exchange Note Monthly Interest and the Exchange Note Interest Shortfall.

More Definitions of Note Monthly Interest

Note Monthly Interest means, with respect to any Accrual Period, the sum of (a) the amount of interest accrued on the outstanding amount of the Notes on the preceding Payment Date calculated at the Note Interest Rate with respect to the Interest Period equivalent to such Accrual Period, (b) with respect to the amount of each Borrowing during such Accrual Period, the amount of interest accrued on the amount of each such Borrowing calculated at the Note Interest Rate with respect to the Interest Period relating to such Borrowing and (c) any installment of the program Fee due under the Fee Letter on the Payment Date with respect to such Accrual Period, provided that if any principal amount described in clause (a) or (b) together with interest accrued thereon to the date of payment is paid prior to the end of such Accrual Period pursuant to Section 3.8 of the Sale and Servicing Agreement, then (x) Note Monthly Interest with respect to such Accrual Period shall not include the amount of interest so prepaid and (y) such principal amount shall cease accruing interest as of the date preceding such prepayment. Amounts prepaid pursuant to such Section 3.8 shall be allocated among the amounts set forth in clauses (a) and (b) of the preceding sentence by the Agent, after consultation with the Servicer.

Note Monthly Interest means, with respect to any Accrual Period, the sum of (a) the amount of interest accrued on the outstanding amount of the Notes on the preceding Payment Date calculated at the Note Interest Rate with respect to the Interest Period equivalent to such Accrual Period and (b) with respect to the amount of each Borrowing during such Accrual Period, the amount of interest accrued on the amount of each such Borrowing calculated at the Note Interest Rate with respect to the Interest Period relating to such Borrowing, provided that if any principal amount described in clause (a) or (b) together with interest accrued thereon to the date of payment is paid prior to the end of such Accrual Period pursuant to Section 3.8 of the Sale and Servicing Agreement, then (x) Note Monthly Interest with respect to such Accrual Period shall not include the amount of interest so prepaid and (y) such principal amount shall cease accruing interest as of the date preceding such prepayment. Amounts prepaid pursuant to such Section 3.8 shall be allocated among the amounts set forth in clauses (a) and (b) of the preceding sentence by the Agent, after consultation with the Servicer.