Class A Note Rate. From the Series 2016-1 Closing Date until the Series 2016-1 Class A Outstanding Principal Amount has been reduced to zero, the Series 2016-1 Class A Notes (after giving effect to all payments of principal made to Noteholders as of the first day of each Interest Accrual Period, or if such day is not a Quarterly Payment Date, as of the following Quarterly Payment Date, and also giving effect to repurchases and cancellations of Series 2016-1 Class A Notes during such Interest Accrual Period) will accrue interest at the Series 2016-1 Class A Note Rate. Such accrued interest will be due and payable in arrears on each Quarterly Payment Date, from amounts that are made available for payment thereof (i) on any related Quarterly Allocation Date in accordance with the Priority of Payments, amounts on deposit in the Collection Account and, if necessary, amounts on deposit in the Class A Notes Interest Reserve Account and amounts available under the Interest Reserve Letters of Credit to fund the Class A Notes Accrued Quarterly Interest Shortfall and (ii) on such Quarterly Payment Date in accordance with Section 5.9 of the Base Indenture, commencing on December 20, 2016; provided that in any event all accrued but unpaid interest shall be due and payable in full on the Series 2016-1 Legal Final Maturity Date, on any Series 2016-1 Prepayment Date with respect to a prepayment in full of the Series 2016-1 Class A Notes or on any other day on which all of the Series 2016-1 Class A Outstanding Principal Amount is required to be paid in full. Failure to pay the full amount of Series 2016-1 Class A Notes Quarterly Interest that is due and payable on any Quarterly Payment Date, which failure continues for five (5) Business Days after an Authorized Officer of the Manager has Actual Knowledge thereof will be an Event of Default, and to the extent any interest accruing at the Series 2016-1 Class A Note Rate is not paid when due, such unpaid interest will accrue interest to the extent legally permissible at the Series 2016-1 Class A Note Rate plus 2.0% per annum (the “Default Rate”). All computations of interest at the Series 2016-1 Class A Note Rate shall be made on the basis of a year of 360 days and twelve 30-day months.
Class A Note Rate. Each related Class A Advance funded or maintained by a Class A Noteholder during the related Series 2020-1 Interest Period shall bear interest at 3.00% (the “Class A Note Rate”).
