Common use of Calculation of Interest on the Revolving Facility and the Exchange Notes Clause in Contracts

Calculation of Interest on the Revolving Facility and the Exchange Notes. The Lender will calculate for the Revolving Facility Balance the Revolving Facility Interest Rate for the related Interest Period (in each case, at a rate per annum rounded, if necessary, to the nearest 1/100,000 of 1% (0.0000001), with five one-millionths of a percentage point rounded upward) and the amount of interest payable (rounded to the nearest cent, with half a cent being rounded upward) on the related Payment Date. The determination of the Revolving Facility Interest Rate by the Lender will be final and binding upon all parties absent manifest error. The Exchange Note Interest Rate on any Exchange Note will be calculated in the manner set forth in the related Exchange Note Supplement. ARTICLE THREE APPOINTMENT OF COLLATERAL AGENT AND GRANT OF SECURITY

Appears in 3 contracts

Samples: Collateral Agency Agreement (Mercedes-Benz Auto Lease Trust 2023-A), Collateral Agency Agreement (Mercedes-Benz Auto Lease Trust 2023-A), Collateral Agency Agreement (Daimler Trust)

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Calculation of Interest on the Revolving Facility and the Exchange Notes. The Lender will calculate for the Revolving Facility Balance Advances the Revolving Facility Interest Rate Rate, for the related Interest Period (in each case, at a rate per annum rounded, if necessary, to the nearest 1/100,000 of 1% (0.0000001.0000001), with five one-millionths of a percentage point rounded upward) and the amount of interest payable (rounded to the nearest cent, with half a cent being rounded upward) on the related Payment Date. The determination of the Revolving Facility Interest Rate by the Lender will be final and binding upon all parties absent manifest error. The Exchange Note Interest Rate on any Exchange Note will be calculated in the manner set forth in the related Exchange Note Supplement. ARTICLE THREE APPOINTMENT OF COLLATERAL AGENT AND GRANT OF SECURITY.

Appears in 1 contract

Samples: Credit and Security Agreement (CAB West LLC)

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