Common use of Calculation of Interest; Etc Clause in Contracts

Calculation of Interest; Etc. (a) On or before the second Business Day after the end of each Monthly Period, the Agent shall calculate for the related Distribution Date, the Noteholders’ Interest Distributable Amount payable on such Distribution Date and provide such calculation to the Servicer in writing. If any Funding Tranche begins to accrue interest at a Funding Rate other than the CP Rate after the date the Agent provides the Noteholders’ Interest Distributable Amount calculation for any Distribution Date, the Agent shall promptly provide the Servicer a calculation of the interest that will accrue on such Funding Tranche and be included in the definition of “Noteholders’ Interest Distributable Amount” for such Distribution Date. The parties acknowledge that the interest calculation set forth in clause (C) of the definition of “Noteholders’ Interest Distributable Amount” shall be an estimate. If the estimated accruals exceed the actual accruals, the Agent shall reimburse such excess. If the actual accruals exceed the estimated accruals, the Seller shall reimburse the Agent. (b) If (i) any distribution of principal is made with respect to any Funding Tranche with a Fixed Period and a fixed interest rate other than on a Distribution Date and (ii) as a consequence of such distribution the interest paid by an Investor to providers of funds to it to fund that Funding Tranche exceeds returns earned by such Investor with respect to such Funding Tranche, factoring in actual returns earned during the Fixed Period and assuming redeployment of such funds in highly rated short-term money market instruments from the date of principal distribution through the end of the Fixed Period, then, upon written notice (including a detailed calculation of such Breakage Payment) from the Agent to the Servicer, such Investor shall be entitled to receive additional amounts in the amount of such excess (each, a “Breakage Payment”) on the date of such distribution, so long as such written notice is received not later than noon, New York City time, on the first Business Day immediately preceding such distribution. (c) On each date the principal amount of the Purchased Note is reduced, a duly authorized officer, employee or agent of the Agent (or its nominee) shall make appropriate notations in its books and records of the applicable rates of interest and the amount of each such reduction, as applicable. Each of the Servicer, the Seller and each Investor authorizes each duly authorized officer, employee and agent of the Agent (or its nominee) to make such notations on the books and records as aforesaid and such notation made in accordance with the foregoing authority shall be binding on the Servicer, the Seller and each Investor absent manifest error. (d) Whenever any amount is paid pursuant to the Indenture to the Agent in connection with the Purchased Note, the Agent shall promptly allocate such amounts among the applicable Investors and pay, or cause to be paid, out of such funds received by it, to each applicable Investor, its applicable share of such amount; provided, that if any such amount paid to the Agent is insufficient to pay the amount due to each Investor in respect of such amounts, the Agent shall distribute the amount it has received to each Investor pro rata based on the amounts owed to each Investor and forthwith report the amount of such deficiency to the Seller, the Indenture Trustee and the Servicer.

Calculation of Interest; Etc. (a) On or before the second Business Day after the end of each Monthly Period, the Agent shall calculate for the related Distribution Date, the Noteholders’ Interest Distributable Amount payable on such Distribution Date and provide such calculation to the Servicer in writing. If (i) there is an Incremental Funding on or after the first day of any calendar month but prior to the Distribution Date in such calendar month and/or (ii) any Funding Tranche begins to accrue interest at a Funding Rate other than by reference to the CP Rate Corporate Base Rate, in each case, after the date the Agent provides the Noteholders’ Interest Distributable Amount calculation for any Distribution Date, the Agent shall promptly provide the Servicer a calculation recalculation of the interest that will accrue on such Funding Tranche and be included in the definition of “Noteholders’ Interest Distributable Amount” for such Distribution Date. The parties acknowledge that the interest calculation set forth in clause (C) of the definition of “Noteholders’ Interest Distributable Amount” shall be an estimate. If the estimated accruals exceed the actual accruals, the Agent shall reimburse such excess. If the actual accruals exceed the estimated accruals, the Seller shall reimburse the Agent. (b) If (i) any distribution of principal is made with respect to any Funding Tranche with a Fixed Period and a fixed interest rate other than on a Distribution Date or any Notice of Funding is delivered by the Seller but the proposed Incremental Funding is not drawn upon by the Seller and (ii) as a consequence of such distribution or failure to draw the interest paid by an Investor to providers of funds to it to fund that such Funding Tranche Tranche, or to fund such failed Incremental Funding, exceeds returns earned by such Investor with respect to such Funding TrancheTranche or the funds raised to fund such failed Incremental Funding, factoring in actual returns earned during the Fixed Period and assuming redeployment of such funds in highly rated short-term money market instruments from the date of principal distribution (or failure to draw) through the end of the Fixed Period, then, upon written notice (including a detailed calculation of such the Breakage Payment) from the Agent to the Servicer, such Investor shall be entitled to receive additional amounts in the amount of such excess (each, a “Breakage Payment”) on the date of second Business Day after the Servicer receives such distributionnotice or, so long as such written notice is received not later than noon, New York City timeif later, on the first Business Day immediately preceding date of such distribution. (c) On each date the principal amount of the Purchased Note is increased or reduced, a duly authorized officer, employee or agent of the Agent (or its nominee) shall make appropriate notations in its books and records of the applicable rates of interest and the amount of each such increase or reduction, as applicable. Each of the Servicer, the Seller and each Investor authorizes each duly authorized officer, employee and agent of the Agent (or its nominee) to make such notations on the books and records as aforesaid and such notation made in accordance with the foregoing authority shall be binding on the Servicer, the Seller and each Investor absent manifest error. (d) Whenever any amount is paid pursuant to the Indenture to the Agent in connection with the Purchased Note, the Agent shall promptly allocate such amounts among the applicable Investors and pay, or cause to be paid, out of such funds received by it, to each applicable Investor, its applicable share of such amount; provided, that if any such amount paid to the Agent is insufficient to pay the amount due to each Investor in respect of such amounts, the Agent shall distribute the amount it has received to each Investor pro rata based on the amounts owed to each Investor and forthwith report the amount of such deficiency to the Seller, the Indenture Trustee and the Servicer.

Calculation of Interest; Etc. (a) On or before the second Business Day after the end of each Monthly Period, the Agent shall calculate for the related Distribution Date, the Noteholders’ Interest Distributable Amount payable on such Distribution Date and provide such calculation to the Servicer in writing. If any Funding Tranche begins to accrue interest at a Funding Rate other than the CP Rate after the date the Agent provides the Noteholders’ Interest Distributable Amount calculation for any Distribution Date, the Agent shall promptly provide the Servicer a calculation of the interest that will accrue on such Funding Tranche and be included in the definition of “Noteholders’ Interest Distributable Amount” for such Distribution Date. The parties acknowledge that the interest calculation set forth in clause (C) of the definition of “Noteholders’ Interest Distributable Amount” shall be an estimate. If the estimated accruals exceed the actual accruals, the Agent shall reimburse such excess. If the actual accruals exceed the estimated accruals, the Seller shall reimburse the Agent. (b) If (i) any distribution of principal is made with respect to any Funding Tranche with a Fixed Period and a fixed interest rate other than on a Distribution Date and (ii) as a consequence of such distribution the interest paid by an Investor to providers of funds to it to fund that Funding Tranche exceeds returns earned by such Investor with respect to such Funding Tranche, factoring in actual returns earned during the Fixed Period and assuming redeployment of such funds in highly rated short-term money market instruments from the date of principal distribution through the end of the Fixed Period, then, upon written notice (including a detailed calculation of such Breakage Payment) from the Agent to the Servicer, such Investor shall be entitled to receive additional amounts in the amount of such excess (each, a “Breakage Payment”) on the date of second Business Day after the Servicer receives such distributionnotice or, so long as such written notice is received not later than noon, New York City timeif later, on the first Business Day immediately preceding date of such distribution. (c) On each date the principal amount of the Purchased Note is reduced, a duly authorized officer, employee or agent of the Agent (or its nominee) shall make appropriate notations in its books and records of the applicable rates of interest and the amount of each such reduction, as applicable. Each of the Servicer, the Seller and each Investor authorizes each duly authorized officer, employee and agent of the Agent (or its nominee) to make such notations on the books and records as aforesaid and such notation made in accordance with the foregoing authority shall be binding on the Servicer, the Seller and each Investor absent manifest error. (d) Whenever any amount is paid pursuant to the Indenture to the Agent in connection with the Purchased Note, the Agent shall promptly allocate such amounts among the applicable Investors and pay, or cause to be paid, out of such funds received by it, to each applicable Investor, its applicable share of such amount; provided, that if any such amount paid to the Agent is insufficient to pay the amount due to each Investor in respect of such amounts, the Agent shall distribute the amount it has received to each Investor pro rata based on the amounts owed to each Investor and forthwith report the amount of such deficiency to the Seller, the Indenture Trustee and the Servicer.

Calculation of Interest; Etc. (a) On or before the second Business Day after the end of each Monthly Period, the Agent shall calculate for the related Distribution Date, the Noteholders’ Interest Distributable Amount payable on such Distribution Date and provide such calculation to the Servicer in writing. If any Funding Tranche begins to accrue interest at a Funding Rate other than the CP Rate after the date the Agent provides the Noteholders’ Interest Distributable Amount calculation for any Distribution Date, the Agent shall promptly provide the Servicer a calculation of the interest that will accrue on such Funding Tranche and be included in the definition of “Noteholders’ Interest Distributable Amount” for such Distribution Date. The parties acknowledge that the interest calculation set forth in clause (C) of the definition of “Noteholders’ Interest Distributable Amount” shall be an estimate. If the estimated accruals exceed the actual accruals, the Agent shall reimburse such excess. If the actual accruals exceed the estimated accruals, the Seller shall reimburse the Agent. (b) If (i) any distribution of principal is made with respect to any Funding Tranche with a Fixed Period and a fixed interest rate other than on a Distribution Date and (ii) as a consequence of such distribution the interest paid by an Investor to providers of funds to it to fund that Funding Tranche exceeds returns earned by such Investor with respect to such Funding TrancheTranceh, factoring in actual returns earned during the Fixed Period and assuming redeployment of such funds in highly rated short-term money market instruments from the date of principal distribution through the end of the Fixed Period, then, upon written notice (including a detailed calculation of such Breakage Payment) from the Agent to the Servicer, such Investor shall be entitled to receive additional amounts in the amount of such excess (each, a “Breakage Payment”) on the date of such distribution, so long as such written notice is received not later than noon, New York City time, on the first Business Day immediately preceding such distribution. (c) On each date the principal amount of the Purchased Note is reduced, a duly authorized officer, employee or agent of the Agent (or its nominee) shall make appropriate notations in its books and records of the applicable rates of interest and the amount of each such reduction, as applicable. Each of the Servicer, the Seller and each Investor authorizes each duly authorized officer, employee and agent of the Agent (or its nominee) to make such notations on the books and records as aforesaid and such notation made in accordance with the foregoing authority shall be binding on the Servicer, the Seller and each Investor absent manifest error. (d) Whenever any amount is paid pursuant to the Indenture to the Agent in connection with the Purchased Note, the Agent shall promptly allocate such amounts among the applicable Investors and pay, or cause to be paid, out of such funds received by it, to each applicable Investor, its applicable share of such amount; provided, that if any such amount paid to the Agent is insufficient to pay the amount due to each Investor in respect of such amounts, the Agent shall distribute the amount it has received to each Investor pro rata based on the amounts owed to each Investor and forthwith report the amount of such deficiency to the Seller, the Indenture Trustee and the Servicer.

Calculation of Interest; Etc. (a) On or before the second Business Day after the end of each Monthly Period, the Agent shall calculate for the related Distribution Date, the Noteholders’ Interest Distributable Amount payable on such Distribution Date and provide such calculation to the Servicer and NFC in writing. If any Funding Tranche begins to accrue interest at a Funding Rate other than the CP Rate after the date the Agent provides the Noteholders’ Interest Distributable Amount calculation for any Distribution Date, the Agent shall promptly provide the Servicer and NFC a calculation of the interest that will accrue on such Funding Tranche and be included in the definition of “Noteholders’ Interest Distributable Amount” for such Distribution Date. The parties acknowledge that the interest calculation set forth in clause (C) of the definition of “Noteholders’ Interest Distributable Amount” shall be an estimate. If the estimated accruals exceed the actual accruals, the Agent shall reimburse such excess. If the actual accruals exceed the estimated accruals, the Seller shall reimburse the Agent. (b) If (i) any distribution of principal is made with respect to any Funding Tranche with a Fixed Period and a fixed interest rate other than on a the Final Scheduled Distribution Date and (ii) as a consequence of such distribution the interest paid by an Investor to providers of funds to it to fund that such Funding Tranche exceeds returns earned by such Investor with respect to such Funding Tranche, factoring in actual returns earned during the Fixed Period and assuming redeployment of such funds in highly rated short-term money market instruments from the date of principal distribution through the end of the Fixed Period, then, upon written notice (including a detailed calculation of such the Breakage Payment) from the Agent to the ServicerServicer and NFC, such Investor shall be entitled to receive additional amounts in the amount of such excess (each, a “Breakage Payment”) on the date of second Business Day after the Servicer receives such distributionnotice or, so long as such written notice is received not later than noon, New York City timeif later, on the first Business Day immediately preceding date of such distribution. (c) On each date the principal amount of the Purchased Note is reduced, a duly authorized officer, employee or agent of the Agent (or its nominee) shall make appropriate notations in its books and records of the applicable rates of interest and the amount of each such reduction, as applicable. Each of NFC, the Servicer, the Seller and each Investor authorizes each duly authorized officer, employee and agent of the Agent (or its nominee) to make such notations on the books and records as aforesaid and such notation made in accordance with the foregoing authority shall be binding on NFC, the Servicer, the Seller and each Investor absent manifest error. (d) Whenever any amount is paid pursuant to the Indenture to the Agent in connection with the Purchased Note, the Agent shall promptly allocate such amounts among the applicable Investors and pay, or cause to be paid, out of such funds received by it, to each applicable Investor, its applicable share of such amount; provided, that if any such amount paid to the Agent is insufficient to pay the amount due to each Investor in respect of such amounts, the Agent shall distribute the amount it has received to each Investor pro rata based on the amounts owed to each Investor and forthwith report the amount of such deficiency to NFC, the Seller, the Indenture Trustee and the Servicer.

Calculation of Interest; Etc. (a) On or before the second Business Day after the end of each Monthly Period, the Agent shall calculate for the related Distribution Date, the Noteholders’ Interest Distributable Amount payable on such Distribution Date and provide such calculation to the Servicer in writing. If any Funding Tranche begins to accrue interest at a Funding Rate other than the CP Promissory Note Rate after the date the Agent provides the Noteholders’ Interest Distributable Amount calculation for any Distribution Date, the Agent shall promptly provide the Servicer a calculation of the interest that will accrue on such Funding Tranche and be included in the definition of “Noteholders’ Interest Distributable Amount” for such Distribution Date. The parties acknowledge that the interest calculation set forth in clause (C) of the definition of “Noteholders’ Interest Distributable Amount” shall be an estimate. If the estimated accruals exceed the actual accruals, the Agent shall reimburse such excess. If the actual accruals exceed the estimated accruals, the Seller shall reimburse the Agent. (b) If (i) any distribution of principal is made with respect to any Funding Tranche with a Fixed Period and a fixed interest rate other than on a Distribution Date or any Notice of Funding is delivered by the Seller but not drawn and (ii) as a consequence of such distribution or failure to draw the interest paid by an Investor to providers of funds to it to fund that Funding Tranche exceeds returns earned by such Investor with respect to such Funding Tranche, factoring in actual returns earned during the Fixed Period and assuming redeployment of such funds in highly rated short-term money market instruments from the date of principal distribution (or failure to draw) through the end of the Fixed Period, then, upon written notice (including a detailed calculation of such Breakage Payment) from the Agent to the Servicer, such Investor shall be entitled to receive additional amounts in the amount of such excess (each, a “Breakage Payment”) on the date of second Business Day after the Servicer receives such distributionnotice or, so long as such written notice is received not later than noon, New York City timeif later, on the first Business Day immediately preceding date of such distribution. (c) On each date the principal amount of the Purchased Note is reduced, a duly authorized officer, employee or agent of the Agent (or its nominee) shall make appropriate notations in its books and records of the applicable rates of interest and the amount of each such reduction, as applicable. Each of the Servicer, the Seller and each Investor authorizes each duly authorized officer, employee and agent of the Agent (or its nominee) to make such notations on the books and records as aforesaid and such notation made in accordance with the foregoing authority shall be binding on the Servicer, the Seller and each Investor absent manifest error. (d) Whenever any amount is paid pursuant to the Indenture to the Agent in connection with the Purchased Note, the Agent shall promptly allocate such amounts among the applicable Investors and pay, or cause to be paid, out of such funds received by it, to each applicable Investor, its applicable share of such amount; provided, that if any such amount paid to the Agent is insufficient to pay the amount due to each Investor in respect of such amounts, the Agent shall distribute the amount it has received to each Investor pro rata based on the amounts owed to each Investor and forthwith report the amount of such deficiency to the Seller, the Indenture Trustee and the Servicer.