Common use of Calculation of LIBOR Clause in Contracts

Calculation of LIBOR. (a) On each Interest Determination Date, the Trustee will determine LIBOR based on the rate for one-month U.S. dollar deposits (the "One Month Index Maturity") which appears on Telerate Page 3750 as of 11:00 a.m., London time, on such date in determining the Class AV-1 Remittance Rate for the Remittance Date in the following month. If such LIBOR rate does not appear on Telerate Page 3750, the LIBOR rate for that day will be determined on the basis of the rates at which deposits in United States dollars, having the One-Month Index Maturity and in a principal amount of not less than U.S. $1,000,000, are offered at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market by the Reference Banks. The Trustee will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that day will be the arithmetic mean of the quotations. If fewer than two quotations are provided, the rate for that day will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Trustee, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks having a One-Month Index Maturity and in a principal amount equal to an amount of not less than U.S. $1,000,000; provided that if the banks selected as aforesaid are not quoting as mentioned in this sentence, LIBOR in effect for the applicable Interest Period will be LIBOR in effect for the previous Interest Period. Neither the Representative, Servicer nor the Trustee shall have any liability or responsibility to any Person for the selection of any Reference Bank for the purpose of determining LIBOR. In determining LIBOR and the Class AV-1 Remittance Rate, the Trustee may conclusively rely and shall be protected in relying upon the rates appearing on Telerate Page 3750 or the offered quotations (whether written, oral or on Telerate Page 3750) from Reference Banks, as appropriate, in effect from time to time. Neither of the Representative, the Servicer, the Certificate Insurer nor the Trustee shall have liability or responsibility to any Person for (i) the Trustee's selection of Reference Banks for purposes of determining LIBOR or (ii) the Trustee's or the Servicer's inability, as applicable, following a good-faith reasonable effort, to obtain such quotations from Reference Banks or such New York City banks or to determine such arithmetic mean, all as provided for in this Section 12.15. The establishment of LIBOR and the Class AV-1 Remittance Rate by the Trustee shall (in the absence of manifest error) be final, conclusive and binding upon each Holder of a Certificate, the Representative and the Servicer. The Trustee is not responsible for determining (or for the failure of the Servicer to determine) the Net Funds Cap.

Calculation of LIBOR. (a) On each Interest Determination Date, the Trustee will determine LIBOR based on the rate for one-month U.S. dollar deposits (the "One Month Index Maturity") which appears on Telerate Page 3750 as of 11:00 a.m., London time, on such date in determining the Class AV-1 A-10 Remittance Rate for the Remittance Date in the following month. If such LIBOR rate does not appear on Telerate Page 3750, the LIBOR rate for that day will be determined on the basis of the rates at which deposits in United States dollars, having the One-Month Index Maturity and in a principal amount of not less than U.S. $1,000,000, are offered at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market by the Reference Banks. The Trustee will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that day will be the arithmetic mean of the quotations. If fewer than two quotations are provided, the rate for that day will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Trustee, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks having a One-Month Index Maturity and in a principal amount equal to an amount of not less than U.S. $1,000,000; provided that if the banks selected as aforesaid are not quoting as mentioned in this sentence, LIBOR in effect for the applicable Interest Period will be LIBOR in effect for the previous Interest Period. Neither the Representative, Servicer nor the Trustee shall have any liability or responsibility to any Person for the selection of any Reference Bank for the purpose of determining LIBOR. In determining LIBOR and the Class AV-1 A-9 Remittance Rate, the Trustee may conclusively rely and shall be protected in relying upon the rates appearing on Telerate Page 3750 or the offered quotations (whether written, oral or on Telerate Page 3750) from Reference Banks, as appropriate, in effect from time to time. Neither of the Representative, the Servicer, the Certificate Insurer nor the Trustee shall have liability or responsibility to any Person for (i) the Trustee's selection of Reference Banks for purposes of determining LIBOR or (ii) the Trustee's or the Servicer's inability, as applicable, following a good-faith reasonable effort, to obtain such quotations from Reference Banks or such New York City banks or to determine such arithmetic mean, all as provided for in this Section 12.15. The establishment of LIBOR and the Class AV-1 A-9 Remittance Rate by the Trustee shall (in the absence of manifest error) be final, conclusive and binding upon each Holder of a Certificate, the Representative Representative, the Servicer and the ServicerCertificate Insurer. The Trustee is not responsible for determining (or for the failure of the Servicer to determine) the Net Funds Cap.

Calculation of LIBOR. (a) On each Interest Determination Date, the Trustee will determine LIBOR based on the rate for one-month U.S. dollar deposits (the "One Month Index Maturity") which appears on Telerate Page 3750 as of 11:00 a.m., London time, on such date in determining the Class AV-1 AV and Class BV Remittance Rate Rates for the Remittance Date in the following month. If such LIBOR rate does not appear on Telerate Page 3750, the LIBOR rate for that day will be determined on the basis of the rates at which deposits in United States dollars, having the One-Month Index Maturity and in a principal amount of not less than U.S. $1,000,000, are offered at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market by the Reference Banks. The Trustee will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that day will be the arithmetic mean of the quotations. If fewer than two quotations are provided, the rate for that day will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Trustee, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks having a One-Month Index Maturity and in a principal amount equal to an amount of not less than U.S. $1,000,000; provided that if the banks selected as aforesaid are not quoting as mentioned in this sentence, LIBOR in effect for the applicable Interest Period will be LIBOR in effect for the previous Interest Period. Neither the Representative, Servicer nor the Trustee shall have any liability or responsibility to any Person for the selection of any Reference Bank for the purpose of determining LIBOR. In determining LIBOR and the Class AV-1 AV and Class BV Remittance RateRates, the Trustee may conclusively rely and shall be protected in relying upon the rates appearing on Telerate Page 3750 or the offered quotations (whether written, oral or on Telerate Page 3750) from Reference Banks, as appropriate, in effect from time to time. Neither of the Representative, the Servicer, the Certificate Insurer nor the Trustee shall have liability or responsibility to any Person for (i) the Trustee's selection of Reference Banks for purposes of determining LIBOR or (ii) the Trustee's or the Servicer's inability, as applicable, following a good-faith reasonable effort, to obtain such quotations from Reference Banks or such New York City banks or to determine such arithmetic mean, all as provided for in this Section 12.15. The establishment of LIBOR and the Class AV-1 AV and Class BV Remittance Rate Rates by the Trustee shall (in the absence of manifest error) be final, conclusive and binding upon each Holder of a Certificate, the Representative and the Servicer. The Trustee is not responsible for determining (or for the failure of the Servicer to determine) the Net Funds Cap.

Calculation of LIBOR. (a) On each Interest Determination Date, the Trustee will determine LIBOR based on the rate for one-month U.S. dollar deposits (the "One Month Index Maturity") which appears on Telerate Page 3750 as of 11:00 a.m., London time, on such date in determining the Class AV-1 A-10 and Class A-11 Remittance Rate Rates for the Remittance Date in the following month. If such LIBOR rate does not appear on Telerate Page 3750, the LIBOR rate for that day will be determined on the basis of the rates at which deposits in United States dollars, having the One-Month Index Maturity and in a principal amount of not less than U.S. $1,000,000, are offered at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market by the Reference Banks. The Trustee will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that day will be the arithmetic mean of the quotations. If fewer than two quotations are provided, the rate for that day will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Trustee, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks having a One-Month Index Maturity and in a principal amount equal to an amount of not less than U.S. $1,000,000; provided that if the banks selected as aforesaid are not quoting as mentioned in this sentence, LIBOR in effect for the applicable Interest Period will be LIBOR in effect for the previous Interest Period. Neither the Representative, Servicer nor the Trustee shall have any liability or responsibility to any Person for the selection of any Reference Bank for the purpose of determining LIBOR. In determining LIBOR and the Class AV-1 A-10 and Class A-11 Remittance RateRates, the Trustee may conclusively rely and shall be protected in relying upon the rates appearing on Telerate Page 3750 or the offered quotations (whether written, oral or on Telerate Page 3750) from Reference Banks, as appropriate, in effect from time to time. Neither of the Representative, the Servicer, the Certificate Insurer nor the Trustee shall have liability or responsibility to any Person for (i) the Trustee's selection of Reference Banks for purposes of determining LIBOR or (ii) the Trustee's or the Servicer's inability, as applicable, following a good-faith reasonable effort, to obtain such quotations from Reference Banks or such New York City banks or to determine such arithmetic mean, all as provided for in this Section 12.15. The establishment of LIBOR and the Class AV-1 A-10 and Class A-11 Remittance Rate Rates by the Trustee shall (in the absence of manifest error) be final, conclusive and binding upon each Holder of a Certificate, the Representative Representative, the Servicer and the ServicerCertificate Insurer. The Trustee is not responsible for determining (or for the failure of the Servicer to determine) the Net Funds Cap.

Calculation of LIBOR. (a) On each Interest Determination Date, the Trustee Trust Administrator will determine LIBOR based on the rate for one-month U.S. dollar deposits (the "One Month Index Maturity") which appears on Telerate Page 3750 as of 11:00 a.m., London time, on such date in determining the Class AV-1 AV Remittance Rate for the Remittance Date in the following month. If such LIBOR rate does not appear on Telerate Page 3750, the LIBOR rate for that day will be determined on the basis of the rates at which deposits in United States dollars, having the One-Month Index Maturity and in a principal amount of not less than U.S. $1,000,000, are offered at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market by the Reference Banks. The Trustee Trust Administrator will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that day will be the arithmetic mean of the quotations. If fewer than two quotations are provided, the rate for that day will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the TrusteeTrust Administrator, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks having a One-Month Index Maturity and in a principal amount equal to an amount of not less than U.S. $1,000,000; provided that if the banks selected as aforesaid are not quoting as mentioned in this sentence, LIBOR in effect for the applicable Interest Period will be LIBOR in effect for the previous Interest Period. Neither the Representative, Servicer nor the Trustee Co-Trustees shall have any liability or responsibility to any Person for the selection of any Reference Bank for the purpose of determining LIBOR. In determining LIBOR and the Class AV-1 AV Remittance Rate, Rates the Trustee Trust Administrator may conclusively rely and shall be protected in relying upon the rates appearing on Telerate Page 3750 or the offered quotations (whether written, oral or on Telerate Page 3750) from Reference Banks, as appropriate, in effect from time to time. Neither of the Representative, the Servicer, the Certificate Insurer nor the Trustee Co-Trustees shall have liability or responsibility to any Person for (i) the TrusteeTrust Administrator's selection of Reference Banks for purposes of determining LIBOR or (ii) the TrusteeTrust Administrator's or the Servicer's inability, as applicable, following a good-faith reasonable effort, to obtain such quotations from Reference Banks or such New York City banks or to determine such arithmetic mean, all as provided for in this Section 12.15. The establishment of LIBOR and the Class AV-1 AV Remittance Rate by the Trustee Trust Administrator shall (in the absence of manifest error) be final, conclusive and binding upon each Holder of a Certificate, the Representative and the Servicer. The Trustee Trust Administrator is not responsible for determining (or for the failure of the Servicer to determine) the Net Funds Cap.

Calculation of LIBOR. (a) On each Interest Determination Date, the Trustee Trust Administrator will determine LIBOR based on the rate for one-month U.S. dollar deposits (the "One Month Index Maturity") which appears on Telerate Page 3750 as of 11:00 a.m., London time, on such date in determining the Class AV-1 Remittance Rate Rates for the Remittance Date in the following month. If such LIBOR rate does not appear on Telerate Page 3750, the LIBOR rate for that day will be determined on the basis of the rates at which deposits in United States dollars, having the One-Month Index Maturity and in a principal amount of not less than U.S. $1,000,000, are offered at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market by the Reference Banks. The Trustee Trust Administrator will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that day will be the arithmetic mean of the quotations. If fewer than two quotations are provided, the rate for that day will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the TrusteeTrust Administrator, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks having a One-Month Index Maturity and in a principal amount equal to an amount of not less than U.S. $1,000,000; provided that if the banks selected as aforesaid are not quoting as mentioned in this sentence, LIBOR in effect for the applicable Interest Period will be LIBOR in effect for the previous Interest Period. Neither the Representative, Servicer nor the Indenture Trustee shall have any liability or responsibility to any Person for the selection of any Reference Bank for the purpose of determining LIBOR. In determining LIBOR and the Class AV-1 Remittance Rate, Rates the Trustee Trust Administrator may conclusively rely and shall be protected in relying upon the rates appearing on Telerate Page 3750 or the offered quotations (whether written, oral or on Telerate Page 3750) from Reference Banks, as appropriate, in effect from time to time. Neither of the Representative, the Servicer, the Certificate Note Insurer nor the Indenture Trustee shall have liability or responsibility to any Person for (i) the TrusteeTrust Administrator's selection of Reference Banks for purposes of determining LIBOR or (ii) the TrusteeTrust Administrator's or the Servicer's inability, as applicable, following a good-faith reasonable effort, to obtain such quotations from Reference Banks or such New York City banks or to determine such arithmetic mean, all as provided for in this Section 12.15. The establishment of LIBOR and the Class AV-1 Remittance Rate Rates by the Trustee Trust Administrator shall (in the absence of manifest error) be final, conclusive and binding upon each Holder of a CertificateNote, the Representative and the Servicer. The Trustee Trust Administrator is not responsible for determining (or for the failure of the Servicer to determine) the Net Funds Cap.

Calculation of LIBOR. (a) On each Interest Determination Date, the Trustee will determine LIBOR based on the rate for one-month U.S. dollar deposits (the "One Month Index Maturity") which appears on Telerate Page 3750 as of 11:00 a.m., London time, on such date in determining the Class AV-1 A-5, Class A-8 and Class A-10 Remittance Rate Rates for the Remittance Date in the following month. If such LIBOR rate does not appear on Telerate Page 3750, the LIBOR rate for that day will be determined on the basis of the rates at which deposits in United States dollars, having the One-Month Index Maturity and in a principal amount of not less than U.S. $1,000,000, are offered at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market by the Reference Banks. The Trustee will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that day will be the arithmetic mean of the quotations. If fewer than two quotations are provided, the rate for that day will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Trustee, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks having a One-Month Index Maturity and in a principal amount equal to an amount of not less than U.S. $1,000,000; provided that if the banks selected as aforesaid are not quoting as mentioned in this sentence, LIBOR in effect for the applicable Interest Period will be LIBOR in effect for the previous Interest Period. Neither the Representative, Servicer nor the Trustee shall have any liability or responsibility to any Person for the selection of any Reference Bank for the purpose of determining LIBOR. In determining LIBOR and the Class AV-1 A-5, Class A-8 and Class A-10 Remittance RateRates, the Trustee may conclusively rely and shall be protected in relying upon the rates appearing on Telerate Page 3750 or the offered quotations (whether written, oral or on Telerate Page 3750) from Reference Banks, as appropriate, in effect from time to time. Neither of the Representative, the Servicer, the Certificate Insurer nor the Trustee shall have liability or responsibility to any Person for (i) the Trustee's selection of Reference Banks for purposes of determining LIBOR or (ii) the Trustee's or the Servicer's inability, as applicable, following a good-faith reasonable effort, to obtain such quotations from Reference Banks or such New York City banks or to determine such arithmetic mean, all as provided for in this Section 12.15. The establishment of LIBOR and the Class AV-1 A-5, Class A-8 and Class A-10 Remittance Rate Rates by the Trustee shall (in the absence of manifest error) be final, conclusive and binding upon each Holder of a Certificate, the Representative Representative, the Servicer and the ServicerCertificate Insurer. The Trustee is not responsible for determining (or for the failure of the Servicer to determine) the Net Funds Cap.

Calculation of LIBOR. (a) On each Interest Determination Date, the Trustee Trust Administrator will determine LIBOR based on the rate for one-month U.S. dollar deposits (the "One Month Index Maturity") which appears on Telerate Page 3750 as of 11:00 a.m., London time, on such date in determining the Class AV-1 Remittance Rate Rates for the Remittance Date in the following month. If such LIBOR rate does not appear on Telerate Page 3750, the LIBOR rate for that day will be determined on the basis of the rates at which deposits in United States dollars, having the One-One- Month Index Maturity and in a principal amount of not less than U.S. $1,000,000, are offered at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market by the Reference Banks. The Trustee Trust Administrator will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that day will be the arithmetic mean of the quotations. If fewer than two quotations are provided, the rate for that day will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the TrusteeTrust Administrator, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks having a One-Month Index Maturity and in a principal amount equal to an amount of not less than U.S. $1,000,000; provided that if the banks selected as aforesaid are not quoting as mentioned in this sentence, LIBOR in effect for the applicable Interest Period will be LIBOR in effect for the previous Interest Period. Neither the Representative, Servicer nor the Indenture Trustee shall have any liability or responsibility to any Person for the selection of any Reference Bank for the purpose of determining LIBOR. In determining LIBOR and the Class AV-1 Remittance Rate, Rates the Trustee Trust Administrator may conclusively rely and shall be protected in relying upon the rates appearing on Telerate Page 3750 or the offered quotations (whether written, oral or on Telerate Page 3750) from Reference Banks, as appropriate, in effect from time to time. Neither of the Representative, the Servicer, the Certificate Insurer Servicer nor the Indenture Trustee shall have liability or responsibility to any Person for (i) the TrusteeTrust Administrator's selection of Reference Banks for purposes of determining LIBOR or (ii) the TrusteeTrust Administrator's or the Servicer's inability, as applicable, following a good-faith reasonable effort, to obtain such quotations from Reference Banks or such New York City banks or to determine such arithmetic mean, all as provided for in this Section 12.15. The establishment of LIBOR and the Class AV-1 Remittance Rate Rates by the Trustee Trust Administrator shall (in the absence of manifest error) be final, conclusive and binding upon each Holder of a CertificateNote, the Representative and the Servicer. The Trustee Trust Administrator is not responsible for determining (or for the failure of the Servicer to determine) the Net Funds Cap.

Calculation of LIBOR. (a) On each Interest Determination Date, the Trustee will determine LIBOR based on the rate for one-month U.S. dollar deposits (the "One Month Index Maturity") which appears on Telerate Page 3750 as of 11:00 a.m., London time, on such date in determining the Class AV-1 AV Remittance Rate for the Remittance Date in the following month. If such LIBOR rate does not appear on Telerate Page 3750, the LIBOR rate for that day will be determined on the basis of the rates at which deposits in United States dollars, having the One-Month Index Maturity and in a principal amount of not less than U.S. $1,000,000, are offered at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market by the Reference Banks. The Trustee will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that day will be the arithmetic mean of the quotations. If fewer than two quotations are provided, the rate for that day will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Trustee, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks having a One-Month Index Maturity and in a principal amount equal to an amount of not less than U.S. $1,000,000; provided that if the banks selected as aforesaid are not quoting as mentioned in this sentence, LIBOR in effect for the applicable Interest Period will be LIBOR in effect for the previous Interest Period. Neither the Representative, Servicer nor the Trustee shall have any liability or responsibility to any Person for the selection of any Reference Bank for the purpose of determining LIBOR. In determining LIBOR and the Class AV-1 AV Remittance Rate, Rates the Trustee may conclusively rely and shall be protected in relying upon the rates appearing on Telerate Page 3750 or the offered quotations (whether written, oral or on Telerate Page 3750) from Reference Banks, as appropriate, in effect from time to time. Neither of the Representative, the Servicer, the Certificate Insurer nor the Trustee shall have liability or responsibility to any Person for (i) the Trustee's selection of Reference Banks for purposes of determining LIBOR or (ii) the Trustee's or the Servicer's inability, as applicable, following a good-faith reasonable effort, to obtain such quotations from Reference Banks or such New York City banks or to determine such arithmetic mean, all as provided for in this Section 12.15. The establishment of LIBOR and the Class AV-1 AV Remittance Rate by the Trustee shall (in the absence of manifest error) be final, conclusive and binding upon each Holder of a Certificate, the Representative and the Servicer. The Trustee is not responsible for determining (or for the failure of the Servicer to determine) the Net Funds Cap.

Calculation of LIBOR. (a) On each Interest Determination Date, the Trustee Certificate Administrator will determine LIBOR based on the rate for one-month U.S. dollar deposits (the "One Month Index Maturity") which appears on Telerate Page 3750 as of 11:00 a.m., London time, on such date in determining the Class AV-1 Remittance each Pass-Through Rate for the Remittance Distribution Date in the following month. If such LIBOR rate does not appear on Telerate Page 3750, the LIBOR rate for that day will be determined on the basis of the rates at which deposits in United States dollars, having the One-Month Index Maturity and in a principal amount of not less than U.S. $1,000,000, are offered at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market by the Reference Banks. The Trustee Certificate Administrator will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that day will be the arithmetic mean of the quotations. If fewer than two quotations are provided, the rate for that day will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the TrusteeCertificate Administrator, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks having a One-Month Index Maturity and in a principal amount equal to an amount of not less than U.S. $1,000,000; provided that if the banks selected as aforesaid are not quoting as mentioned in this sentence, LIBOR in effect for the applicable Interest Accrual Period will be LIBOR in effect for the previous Interest Accrual Period. Neither the RepresentativeSeller, Servicer nor the Trustee shall have any liability or responsibility to any Person for the selection of any Reference Bank for the purpose of determining LIBOR. In determining LIBOR and the Class AV-1 Remittance Rate, Pass-Through Rates the Trustee Certificate Administrator may conclusively rely and shall be protected in relying upon the rates appearing on Telerate Page 3750 or the offered quotations (whether written, oral or on Telerate Page 3750) from Reference Banks, as appropriate, in effect from time to time. Neither of the RepresentativeSeller, the Servicer, the Certificate Insurer Servicer nor the Trustee shall have liability or responsibility to any Person for (i) the TrusteeCertificate Administrator's selection of Reference Banks for purposes of determining LIBOR or (ii) the TrusteeCertificate Administrator's or the Servicer's inability, as applicable, following a good-faith reasonable effort, to obtain such quotations from Reference Banks or such New York City banks or to determine such arithmetic mean, all as provided for in this Section 12.15. The establishment of LIBOR and the Class AV-1 Remittance Rate Pass-Through Rates by the Trustee Certificate Administrator shall (in the absence of manifest error) be final, conclusive and binding upon each Holder of a Certificate, the Representative Seller and the Servicer. The Trustee Certificate Administrator is not responsible for determining (or for the failure of the Servicer to determine) the Net Funds Pool Cap.

Calculation of LIBOR. (a) On each Interest Determination Date, the Trustee Trust Administrator will determine LIBOR based on the rate for one-month U.S. dollar deposits (the "One Month Index Maturity") which appears on Telerate Page 3750 as of 11:00 a.m., London time, on such date in determining the Class AV-1 each Remittance Rate for the Remittance Date in the following month. If such LIBOR rate does not appear on Telerate Page 3750, the LIBOR rate for that day will be determined on the basis of the rates at which deposits in United States dollars, having the One-Month Index Maturity and in a principal amount of not less than U.S. $1,000,000, are offered at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market by the Reference Banks. The Trustee Trust Administrator will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that day will be the arithmetic mean of the quotations. If fewer than two quotations are provided, the rate for that day will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the TrusteeTrust Administrator, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks having a One-Month Index Maturity and in a principal amount equal to an amount of not less than U.S. $1,000,000; provided that if the banks selected as aforesaid are not quoting as mentioned in this sentence, LIBOR in effect for the applicable Interest Period will be LIBOR in effect for the previous Interest Period. Neither the Representative, Servicer nor the Trustee shall have any liability or responsibility to any Person for the selection of any Reference Bank for the purpose of determining LIBOR. In determining LIBOR and the Class AV-1 Remittance Rate, Rates the Trustee Trust Administrator may conclusively rely and shall be protected in relying upon the rates appearing on Telerate Page 3750 or the offered quotations (whether written, oral or on Telerate Page 3750) from Reference Banks, as appropriate, in effect from time to time. Neither of the Representative, the Servicer, the Certificate Insurer Servicer nor the Trustee shall have liability or responsibility to any Person for (i) the TrusteeTrust Administrator's selection of Reference Banks for purposes of determining LIBOR or (ii) the TrusteeTrust Administrator's or the Servicer's inability, as applicable, following a good-faith reasonable effort, to obtain such quotations from Reference Banks or such New York City banks or to determine such arithmetic mean, all as provided for in this Section 12.15. The establishment of LIBOR and the Class AV-1 Remittance Rate Rates by the Trustee Trust Administrator shall (in the absence of manifest error) be final, conclusive and binding upon each Holder of a Certificate, the Representative and the Servicer. The Trustee Trust Administrator is not responsible for determining (or for the failure of the Servicer to determine) the Net Funds Cap.

Calculation of LIBOR. (a) On each Interest Determination Date, the Trustee will determine LIBOR based on the rate for one-month U.S. dollar deposits (the "One Month Index Maturity") which appears on Telerate Page 3750 as of 11:00 a.m., London time, on such date in determining the Class AV-1 A-10 Remittance Rate for the Remittance Date in the following month. If such LIBOR rate does not appear on Telerate Page 3750, the LIBOR rate for that day will be determined on the basis of the rates at which deposits in United States dollars, having the One-Month Index Maturity and in a principal amount of not less than U.S. $1,000,000, are offered at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market by the Reference Banks. The Trustee will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that day will be the arithmetic mean of the quotations. If fewer than two quotations are provided, the rate for that day will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Trustee, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks having a One-Month Index Maturity and in a principal amount equal to an amount of not less than U.S. $1,000,000; provided that if the banks selected as aforesaid are not quoting as mentioned in this sentence, LIBOR in effect for the applicable Interest Period will be LIBOR in effect for the previous Interest Period. Neither the Representative, Servicer nor the Trustee shall have any liability or responsibility to any Person for the selection of any Reference Bank for the purpose of determining LIBOR. In determining LIBOR and the Class AV-1 A-10 Remittance Rate, the Trustee may conclusively rely and shall be protected in relying upon the rates appearing on Telerate Page 3750 or the offered quotations (whether written, oral or on Telerate Page 3750) from Reference Banks, as appropriate, in effect from time to time. Neither of the Representative, the Servicer, the Certificate Insurer nor the Trustee shall have liability or responsibility to any Person for (i) the Trustee's selection of Reference Banks for purposes of determining LIBOR or (ii) the Trustee's or the Servicer's inability, as applicable, following a good-faith reasonable effort, to obtain such quotations from Reference Banks or such New York City banks or to determine such arithmetic mean, all as provided for in this Section 12.15. The establishment of LIBOR and the Class AV-1 A-10 Remittance Rate by the Trustee shall (in the absence of manifest error) be final, conclusive and binding upon each Holder of a Certificate, the Representative Representative, the Servicer and the ServicerCertificate Insurer. The Trustee is not responsible for determining (or for the failure of the Servicer to determine) the Net Funds Cap.