Calculation of Monthly Interest. (a) Prior to the occurrence of a Series 2004-1 Pay Out Event, the Class A Notes shall accrue CP Costs with respect to the portion of the outstanding principal balance of the Class A Notes funded by the Conduit Purchasers for each day that such amount is outstanding. The outstanding principal balance of the Class A Notes funded with Pooled Commercial Paper will accrue CP Costs each day on a pro rata basis, based upon the percentage share that such amount represents in relation to all assets held by the applicable Conduit Purchaser and funded substantially with related Pooled Commercial Paper. On the Determination Date, each Conduit Purchaser shall calculate the aggregate amount of CP Costs allocated to its Class A Note for the applicable Due Period and shall notify the Servicer of such aggregate amount.
(b) Prior to the occurrence of a Series 2004-1 Pay Out Event, the Class A Notes shall accrue Yield with respect to the portion of the outstanding principal balance of the Class A Notes funded by the Committed Purchasers or the Liquidity Purchasers (as the case may be) for each day during the Tranche Period at either LIBOR or the Prime Rate in accordance with the terms and conditions hereof. Until the Transferor gives notice to the Funding Agent of another Alternate Rate in accordance with Section 2.06(c), the initial Alternate Rate for any Funding Tranche transferred to the Committed Purchasers or the Liquidity Purchasers by a Conduit Purchaser as provided for herein or pursuant to a Liquidity Agreement (as the case may be), shall be the Prime Rate with a Tranche Period of five days. If the Committed Purchasers or the Liquidity Purchasers acquire by assignment from a Conduit Purchaser any Funding Tranche as provided for herein or pursuant to a Liquidity Agreement (as the case may be), each Funding Tranche so assigned shall each be deemed to have a new Tranche Period commencing on the date of any such assignment. The Transferor or the applicable Managing Agent, upon notice to and consent by the other received by 12:00 p.m. (noon) (New York City Time) at least three (3) Business Days prior to the end of a Tranche Period (the "Terminating Tranche") for any Funding Tranche, may, effective on the last day of the Terminating Tranche: (i) divide any such Funding Tranche into multiple Funding Tranches, (ii) combine any such Funding Tranche with one or more other Funding Tranches that have a Terminating Tranche ending on the same day as such Terminating Tranche or (i...
Calculation of Monthly Interest. (a) On the Business Day prior to each Determination Date, the Funding Agent shall calculate (with respect to the CP Rate, based solely on such information provided by the Conduit Purchaser or its program administrator), for the applicable Accrual Period, the aggregate Monthly Interest for each Funding Tranche.
(b) The Issuer agrees to pay, and the Issuer agrees to instruct the Servicer and the Trustee to pay, all amounts payable by it with respect to the VFN, this Note Purchase Agreement and the Series Supplement to the account designated by the applicable Purchaser. All such amounts shall be paid no later than 12:00 noon, New York City time, on the day when due as determined in accordance with this Note Purchase Agreement, the Indenture and the other Transaction Documents, in Dollars in immediately available funds.
Calculation of Monthly Interest. (a) On the Business Day prior to each Determination Date, the Funding Agent shall calculate (with respect to the CP Rate, based solely on such information provided by the Conduit Purchaser or its program administrator), for the applicable Accrual Period, the aggregate Monthly Interest for each Funding Tranche.
(b) The Issuer agrees to pay, and the Issuer agrees to instruct the Servicer and the Trustee to pay, all amounts payable by it with respect to the VFN, this Note Purchase Agreement and the Series Supplement (including, without limitation, VFN Financing Costs determined pursuant to Section 5.12 of the Series Supplement) to the account designated by the applicable Purchaser. All such amounts shall be paid no later than 12:00 noon, New York City time, on the day when due as determined in accordance with this Note Purchase Agreement, the Indenture and the other Transaction Documents, in Dollars in immediately available funds.
Calculation of Monthly Interest. (a) On the Business Day prior to each Series Transfer Date, the Administrator (with respect to Three Pillars) and the Funding Agent (with respect to PARCO and the Committed Purchaser) shall calculate, for the applicable Interest Period, the aggregate Monthly Interest for each Funding Tranche (such Monthly Interest to be calculated using the Note Rate, if necessary, for the remaining days in such Interest Period). Each of the Administrator and the Funding Agent may, in its sole discretion, determine the Commercial Paper Rate for its related Conduit Purchaser with respect to each Series Transfer Date using the Match Funding Rate or the Pool Funding Rate; provided, however, that to the extent that the related Conduit Purchaser may choose between the Match Funding Rate or the Pool Funding Rate, the Issuer may request the Administrator or the Funding Agent, as applicable, to use either the Match Funding Rate or the Pool Funding Rate in determining the Commercial Paper Rate for its related Conduit Purchaser with respect to such Series Transfer Date (it being understood and agreed that the Administrator or the Funding Agent, as applicable, shall have no obligation to follow any such request by the Issuer).
(b) The Issuer agrees to pay, and the Issuer agrees to instruct the Servicer and the Trustee to pay, all amounts payable by it with respect to the Notes, this Note Purchase Agreement and the Series Supplement to the accounts designated by the Administrator and the Funding Agent. All such amounts shall be paid no later than noon, New York City time, on the day when due as determined in accordance with this Note Purchase Agreement, the Indenture and the other Transaction Documents, in lawful money of the United States in immediately available funds. Amounts received after that time shall be deemed to have been received on the next Business Day and shall bear interest at the Default Rate, which interest shall be payable on demand.
Calculation of Monthly Interest. (a) On the Business Day immediately preceding the Determination Date for each Payment Date, the Agent shall calculate for the applicable Accrual Period, the Monthly Interest (such Monthly Interest shall be calculated using an estimate of the Funding Rate for any Funding Tranche, if necessary, for the remaining days in such Accrual Period); provided, however, that each such estimated amount shall be adjusted as provided in Section 2.13(b) hereof. The Agent shall report the amount of such Monthly Interest to the Servicer and the Indenture Trustee on the same day such amount is calculated.
(b) On or before the Business Day preceding each Payment Date, if the Agent shall have used an estimate of the Funding Rate for any Funding Tranche to calculate the Monthly Interest pursuant to Section 2.13(a) with respect to the preceding Accrual Period, the Agent shall compute the actual Funding Rate for each day and each Funding Tranche during such Accrual Period, and (i) if the actual Monthly Interest so computed is greater than the estimated Monthly Interest for such preceding Accrual Period, the Monthly Interest calculated pursuant to Section 2.13(a) for the current Accrual Period shall be increased by the amount of such difference, and (ii) if the actual Monthly Interest so computed is less than the estimated Monthly Interest for such preceding Accrual Period, the Monthly Interest calculated pursuant to Section 2.13(a) for the current Accrual Period shall be decreased by the amount of such difference.
Calculation of Monthly Interest. No later than three (3) ------------------------------- Business Days preceding the Determination Date for each Payment Date, the Funding Agent shall calculate, for the applicable Accrual Period, the Monthly Interest. The Funding Agent shall report the amount of such Monthly Interest to the Servicer and the Indenture Trustee on the same day such amount is calculated.
Calculation of Monthly Interest. (a) On the Business Day prior to each Determination Date, the Funding Agent shall calculate, for the applicable Accrual Period, the aggregate Monthly Interest for each Funding Tranche.
(b) The Issuer agrees to pay, and the Issuer agrees to instruct the Servicer and the Trustee to pay, all amounts payable by it with respect to the VFN, this Note Purchase Agreement and the Series Supplement to the account designated by the applicable Purchaser. All such amounts shall be paid no later than 12:00 noon, New York City time, on the day when due as determined in accordance with this Note Purchase Agreement, the Indenture and the other Transaction Documents, in Dollars in immediately available funds.
Calculation of Monthly Interest. (a) On the Business Day immediately prior to each Series Transfer Date, the Purchaser shall calculate, for the applicable Interest Period, the aggregate Monthly Interest for each Funding Tranche (such Monthly Interest to be calculated using the Note Rate, if necessary, for the remaining days in such Interest Period).
(b) The Issuer agrees to pay, and the Issuer agrees to instruct the Servicer and the Trustee to pay, all amounts payable by the Issuer with respect to the Notes, this Series 2007-A Note Purchase Agreement and the Series 2007-A Supplement to the account designated by the Purchaser. All such amounts shall be paid no later than noon, New York City time, on the day when due as determined in accordance with this Series 2007-A Note Purchase Agreement, the Series 2007-A Indenture and the other Series 2007-A Transaction Documents, in lawful money of the United States in immediately available funds. Amounts received after that time shall be deemed to have been received on the next Business Day and shall bear interest at 2% per annum above the Base Rate then in effect, which interest shall be payable on demand.
