Common use of Certificate Interest Clause in Contracts

Certificate Interest. During the initial Interest Period, the Certificates shall bear interest at the Certificate Initial Rate. Thereafter, the Certificates shall bear interest during each applicable Interest Period at the Certificate Rate. During each Interest Period, interest at the Certificate Rate shall accrue daily and shall be computed for the actual number of days elapsed on the basis of a year consisting of 360 days. The Master Servicer shall calculate One-Month LIBOR on each Rate Determination Date and shall notify the Eligible Lender Trustee and the Indenture Trustee of One-Month LIBOR. The determination by the Master Servicer of One-Month LIBOR shall (in the absence of manifest error) be final and binding upon all parties.