Determination of Interest. (a) JPMorgan Chase is hereby appointed Calculation Agent for the purpose of determining the Series 2003-2 Note Rates for each Series 2003-2 Interest Period. On each LIBOR Determination Date, the Calculation Agent shall determine the Series 2003-2 Note Rate for each Class of Series 2003-2 Investor Notes for the next succeeding Series 2003-2 Interest Period and deliver notice of such Series 2003-2 Note Rates to the Indenture Trustee. On each LIBOR Determination Date, the Indenture Trustee shall deliver to the Administrator notice of the Series 2003-2 Note Rate for each Class of Series 2003-2 Investor Notes for the next succeeding Series 2003-2 Interest Period. (b) Until the Administrator shall give the Indenture Trustee written notice that neither Class of the Series 2003-2 Investor Notes is listed on the Luxembourg Stock Exchange, the Indenture Trustee shall, or shall instruct the Calculation Agent to, cause (i) the Series 2003-2 Note Rate applicable to each Class of the Series 2003-2 Investor Notes for the next succeeding Series 2003-2 Interest Period, the number of days in such Series 2003-2 Interest Period, the Payment Date for such Series 2003-2 Interest Period and the amount of interest payable on each Class of Series 2003-2 Investor Notes on such Payment Date to be (A) communicated to DTC, the Paying Agent in Luxembourg and the Luxembourg Stock Exchange no later than the Business Day immediately following each LIBOR Determination Date and (B) published in the Authorized Newspaper as soon as possible after its determination. (c) On each Determination Date, the Administrator shall determine the excess, if any (the “Interest Shortfall Amount”), of (i) the sum of (A) the Series 2003-2 Monthly Interest for the Series 2003-2 Interest Period ending on the next succeeding Payment Date and (B) the amount of any unpaid Interest Shortfall Amount, as of the preceding Payment Date (together with any Additional Interest on such Interest Shortfall Amount) over (ii) the amount which will be available to pay interest on the Series 2003-2 Investor Notes in accordance with Section 5A.4(c) on such Payment Date. If the Interest Shortfall Amount with respect to any Payment Date is greater than zero, payments of interest to the Series 2003-2 Investor Noteholders will be reduced on a pro rata basis, based on the amount of interest payable to each such Series 2003-2 Investor Noteholder, by the Interest Shortfall Amount. The portion of the Interest Shortfall Amount allocable to each Class of Series 2003-2 Investor Notes shall be referred to as the “Class A-1 Interest Shortfall Amount” and the “Class A-2 Interest Shortfall Amount”, respectively. An additional amount of interest (“Additional Interest”) shall accrue on the Class A-1 Interest Shortfall Amount and the Class A-2 Interest Shortfall Amount for each Series 2003-2 Interest Period at the applicable Series 2003-2 Note Rate for such Series 2003-2 Interest Period. Until the Administrator shall give the Indenture Trustee written notice that neither Class of the Series 2003-2 Investor Notes is listed on the Luxembourg Stock Exchange, the Indenture Trustee shall, or shall instruct the Calculation Agent to, notify the Luxembourg Stock Exchange if, based solely on the information contained in the Monthly Settlement Statement with respect to the Series 2003-2 Investor Notes, the amount of interest to be paid on any Class of the Series 2003-2 Investor Notes on any Payment Date is less than the amount payable thereon on such Payment Date, the amount of such deficit and the amount of interest that will accrue on such deficit during the next succeeding Series 2003-2 Interest Period by the Business Day prior to such Payment Date.
Appears in 2 contracts
Samples: Indenture Supplement (Chesapeake Funding LLC), Indenture Supplement (Cendant Corp)
Determination of Interest. (a) JPMorgan Chase is hereby appointed Calculation Agent for the purpose of determining the Series 20032002-2 1 Note Rates for each Series 20032002-2 1 Interest Period. On each LIBOR Determination Date, the Calculation Agent shall determine the Series 20032002-2 1 Note Rate for each Class of Series 20032002-2 1 Investor Notes for the next succeeding Series 20032002-2 1 Interest Period and deliver notice of such Series 20032002-2 1 Note Rates to the Indenture Trustee. On each LIBOR Determination Date, the Indenture Trustee shall deliver to the Administrator notice of the Series 20032002-2 1 Note Rate for each Class of Series 20032002-2 1 Investor Notes for the next succeeding Series 20032002-2 1 Interest Period.
(b) Until the Administrator shall give the Indenture Trustee written notice that neither Class of the Series 20032002-2 1 Investor Notes is listed on the Luxembourg Stock Exchange, the Indenture Trustee shall, or shall instruct the Calculation Agent to, cause (i) the Series 20032002-2 1 Note Rate applicable to each Class of the Series 20032002-2 1 Investor Notes for the next succeeding Series 20032002-2 1 Interest Period, the number of days in such Series 20032002-2 1 Interest Period, the Payment Date for such Series 20032002-2 1 Interest Period and the amount of interest payable on each Class of Series 20032002-2 1 Investor Notes on such Payment Date to be (A) communicated to DTC, the Paying Agent in Luxembourg and the Luxembourg Stock Exchange no later than the Business Day immediately following each LIBOR Determination Date and (B) published in the Authorized Newspaper as soon as possible after its determination.
(c) On each Determination Date, the Administrator shall determine the excess, if any (the “Interest Shortfall Amount”"INTEREST SHORTFALL"), of (i) the sum of (A) the Series 20032002-2 1 Monthly Interest for the Series 20032002-2 1 Interest Period ending on the next succeeding Payment Date and (B) the amount of any unpaid Interest Shortfall AmountShortfall, as of the preceding Payment Date (together with any Additional Interest on such Interest Shortfall AmountShortfall) over OVER (ii) the amount which will be available to pay interest on the Series 2003-2 Investor Notes such amount in accordance with Section SECTION 5A.4(c) on such Payment Date. If the Interest Shortfall Amount with respect to any Payment Date is greater than zero, payments of interest to the Series 20032002-2 1 Investor Noteholders will be reduced on a pro rata basis, based on PRO RATA basis by the amount of interest payable to each such Series 2003-2 Investor Noteholder, by the Interest Shortfall AmountShortfall. The portion of the Interest Shortfall Amount allocable to each Class of Series 20032002-2 1 Investor Notes shall be referred to as the “Class "CLASS A-1 Interest Shortfall Amount” INTEREST SHORTFALL AMOUNT" and the “Class "CLASS A-2 Interest Shortfall Amount”INTEREST SHORTFALL AMOUNT", respectively. An additional amount of interest (“Additional Interest”"ADDITIONAL INTEREST") shall accrue on the Class A-1 Interest Shortfall Amount and the Class A-2 Interest Shortfall Amount for each Series 20032002-2 1 Interest Period at the applicable Series 20032002-2 1 Note Rate for such Series 20032002-2 1 Interest Period. Until the Administrator shall give the Indenture Trustee written notice that neither Class of the Series 20032002-2 1 Investor Notes is listed on the Luxembourg Stock Exchange, the Indenture Trustee shall, or shall instruct the Calculation Agent to, notify the Luxembourg Stock Exchange if, based solely on the information contained in the Monthly Settlement Statement with respect to the Series 20032002-2 1 Investor Notes, the amount of interest to be paid on any Class of the Series 20032002-2 1 Investor Notes on any Payment Date is less than the amount payable thereon on such Payment Date, the amount of such deficit and the amount of interest that will accrue on such deficit during the next succeeding Series 20032002-2 1 Interest Period by the Business Day prior to such Payment Date.
(d) All communications by or on behalf of the Indenture Trustee to the Luxembourg Stock Exchange pursuant to this SECTION 5A.3 shall be sent by facsimile to 352 2626 5155, attention: Xxxxx Xxx.
Appears in 1 contract
Determination of Interest. (a) JPMorgan Chase On each Determination Date, the Administrator shall determine the Class A Note Rate for the Series 2010-1 Interest Rate Period ending on the next succeeding Payment Date, based on the information provided by the Non-Conduit Purchasers and the Funding Agents pursuant to this Section 5A.3(a), and the amount of interest payable on such next succeeding Payment Date on the Class A Investor Notes (“Class A Monthly Interest”). Class A Monthly Interest for each Series 2010-1 Interest Period will equal the product of (i) the Class A Note Rate for such Series 2010-1 Interest Period, (ii) the average daily Class A Invested Amount during such Series 2010-1 Interest Period and (iii) the actual number of days elapsed in such Series 2010-1 Interest Period divided by 360. On each Determination Date, each Non-Conduit Purchaser and the Funding Agent with respect to each CP Conduit Purchaser Group shall provide written notice to the Administrator of the Class A Monthly Funding Costs with respect to its Related Purchaser Group with respect to the portion of the current Series 2010-1 Interest Period ending on such Determination Date (or, in the case of the Series 2010-1 Interest Period immediately preceding the Series 2010-1 Note Termination Date, an estimate of the Class A Monthly Funding Costs with respect to such Purchaser Group for such Series 2010-1 Interest Period). For the purposes of determining Class A Monthly Interest for each Series 2010-1 Interest Period (other than the Series 2010-1 Interest Period immediately preceding the Series 2010-1 Note Termination Date), the Administrator may make a reasonable estimation of the portion of the Class A Monthly Funding Costs with respect to each Purchaser Group to accrue during the portion of such Series 2010-1 Interest Period succeeding such Determination Date, based on its reasonable expectations of the Purchaser Group Invested Amount with respect to such Purchaser Group during such period, the Discount on the Commercial Paper, if any, issued by, or for the benefit of, such Purchaser Group to fund such Purchaser Group Invested Amount during such period or the LIBO Rates, the Adjusted LIBO Rates or the Alternate Base Rate applicable to such Purchaser Group Invested Amount during such period. If the actual amount of the portion of the Class A Monthly Funding Costs with respect to any Purchaser Group accruing during the portion of any Series 2010-1 Interest Period succeeding the Determination Date in such Series 2010-1 Interest Period is less than or greater than the amount thereof estimated by the Administrator on such Determination Date, the Administrator will reduce or increase the Class A Monthly Funding Costs with respect to such Purchaser Group with respect to the next succeeding Series 2010-1 Interest Period accordingly. The Administrator shall determine Class A Monthly Interest for the Series 2010-1 Interest Period immediately preceding the Series 2010-1 Note Termination Date on the Determination Date immediately preceding the last day of such Series 2010-1 Interest Period based on the information provided by the Non-Conduit Purchasers and the Funding Agents. If a Non-Conduit Purchaser or a Funding Agent with respect to any CP Conduit Purchaser Group determines that the actual Class A Monthly Funding Costs with respect to its Related Purchaser Group for the Series 2010-1 Interest Period immediately preceding the Series 2010-1 Note Termination Date will be more or less than the estimate thereof provided to the Administrator and informs the Administrator of such variance prior to the Payment Date for such Series 2010-1 Interest Period, the Administrator will amend the Monthly Settlement Statement relating thereto to reflect that variance and provide the Indenture Trustee, the Administrative Agent, each Non-Conduit Purchaser and each Funding Agent with an amended Monthly Settlement Statement on or prior to such Payment Date.
(b) The Bank of New York Mellon is hereby appointed Calculation Agent for the purpose of determining the Series 2003-2 Class B Note Rates Rate for each Series 20032010-2 1 Interest Period. On each LIBOR Determination Date, the Calculation Agent shall determine the Series 2003-2 Class B Note Rate for each Class of Series 2003-2 Investor Notes for the next succeeding Series 20032010-2 1 Interest Period and deliver notice of such Series 2003-2 Class B Note Rates Rate to the Indenture Trustee. On each LIBOR Determination Date, the Indenture Trustee Calculation Agent shall deliver to the Administrator notice of the Series 2003-2 Class B Note Rate for each Class of Series 2003-2 Investor Notes for the next succeeding Series 20032010-2 1 Interest Period.
(b) Until the Administrator shall give . The rights, protections, immunities and indemnities afforded the Indenture Trustee written notice that neither Class of pursuant to the Series 2003-2 Investor Notes is listed on the Luxembourg Stock Exchange, the Base Indenture Trustee shall, or shall instruct be afforded to the Calculation Agent to, cause (i) the Series 2003-2 Note Rate applicable to each Class of the Series 2003-2 Investor Notes for the next succeeding Series 2003-2 Interest Period, the number of days in such Series 2003-2 Interest Period, the Payment Date for such Series 2003-2 Interest Period and the amount of interest payable on each Class of Series 2003-2 Investor Notes on such Payment Date to be (A) communicated to DTC, the Paying Agent in Luxembourg and the Luxembourg Stock Exchange no later than the Business Day immediately following each LIBOR Determination Date and (B) published in the Authorized Newspaper as soon as possible after its determinationhereunder.
(c) On each Determination Date, the Administrator shall determine determine:
(i) the sum of the Class A Senior Monthly Funding Costs and the sum of the Class A Contingent Monthly Funding Costs for each Purchaser Group for the Series 2010-1 Interest Period ending on the next succeeding Payment Date;
(ii) the excess, if any (the “Interest Shortfall AmountClass A Senior Monthly Funding Costs Shortfall”), of (iA) the sum of (Ax) the Class A Senior Monthly Funding Costs for each Purchaser Group for such Series 20032010-2 Monthly Interest for the Series 2003-2 1 Interest Period ending on the next succeeding Payment Date and (By) the amount of any unpaid Interest Shortfall AmountClass A Senior Monthly Funding Costs Shortfall, as of the preceding Payment Date (together with any Class A Additional Interest on such Interest Shortfall Amount) Class A Senior Monthly Funding Costs Shortfall), over (iiB) the amount which will be available to pay interest on be distributed to the Series 2003-2 Class A Investor Notes in accordance with Section 5A.4(c) Noteholders on such Payment DateDate in respect thereof pursuant to Section 5A.4(c)(iv);
(iii) the excess, if any (the “Class A Contingent Monthly Funding Costs Shortfall”), of (A) the sum of (x) the Class A Contingent Monthly Funding Costs for each Purchaser Group for such Series 2010-1 Interest Period and (y) the amount of any unpaid Class A Contingent Monthly Funding Costs Shortfall, as of the preceding Payment Date (together with any Class A Additional Interest on such Class A Contingent Monthly Funding Costs Shortfall), over (B) the amount which will be available to be distributed to the Class A Investor Noteholders on such Payment Date in respect thereof pursuant to Section 5A.4(c)(xiii);
(iv) Class B Contingent Monthly Interest and Class B Senior Monthly Interest for such Series 2010-1 Interest Period;
(v) the excess, if any (the “Class B Senior Monthly Interest Shortfall”), of (A) the sum of (x) Class B Senior Monthly Interest for such Series 2010-1 Interest Period and (y) the Class B Senior Monthly Interest Shortfall, if any, as of the preceding Payment Date (together with Class B Additional Interest on such Class B Senior Monthly Interest Shortfall) (such sum, the “Class B Senior Monthly Interest Payment”), over (B) the amount which will be available to be distributed to the Class B Investor Noteholders on such Payment Date in respect thereof pursuant to Section 5A.4(c)(vi); and
(vi) the excess, if any (the “Class B Contingent Monthly Interest Shortfall”), of (A) the sum of (x) the Class B Contingent Monthly Interest for such Series 2010-1 Interest Period and (y) the amount of any unpaid Class B Contingent Monthly Interest Shortfall as of the preceding Payment Date (together with Class B Additional Interest on such Class B Contingent Monthly Interest Shortfall) ) (such sum, the “Class B Contingent Monthly Interest Payment”), over (B) the amount which will be available to be distributed to the Class B Investor Noteholders on such Payment Date in respect thereof pursuant to Section 5A.4(c)(xiv). If the Interest Class A Senior Monthly Funding Costs Shortfall Amount or the Class A Contingent Monthly Funding Costs Shortfall with respect to any Payment Date is greater than zero, payments of interest to the Series 2003-2 Investor Noteholders will be reduced on a pro rata basis, based on the an additional amount of interest payable to each such Series 2003-2 Investor Noteholder, by the Interest Shortfall Amount. The portion of the Interest Shortfall Amount allocable to each Class of Series 2003-2 Investor Notes shall be referred to as the (“Class A-1 Interest Shortfall Amount” and the “Class A-2 Interest Shortfall Amount”, respectively. An additional amount of interest (“A Additional Interest”) equal to the product of (A) the number of days until such Class A Monthly Funding Costs Shortfall shall accrue on be repaid divided by 365 (or 366, as the case may be), (B) the Alternate Base Rate plus 3.75% and (C) such Class A Monthly Funding Costs Shortfall (or the portion thereof which has not been paid to the Class A-1 A Investor Noteholders) shall be payable as provided herein on each Payment Date following such Payment Date, to but excluding the Payment Date on which such Class A Monthly Funding Costs Shortfall is paid to the Class A Investor Noteholders. If the Class B Senior Monthly Interest Shortfall Amount and or the Class A-2 B Contingent Monthly Interest Shortfall Amount for each Series 2003-2 Interest Period at the applicable Series 2003-2 Note Rate for such Series 2003-2 Interest Period. Until the Administrator shall give the Indenture Trustee written notice that neither Class of the Series 2003-2 Investor Notes is listed on the Luxembourg Stock Exchange, the Indenture Trustee shall, or shall instruct the Calculation Agent to, notify the Luxembourg Stock Exchange if, based solely on the information contained in the Monthly Settlement Statement with respect to the Series 2003-2 Investor Notes, the amount of interest to be paid on any Class of the Series 2003-2 Investor Notes on any Payment Date is less greater than zero, an additional amount (“Class B Additional Interest”) equal to the amount product of (A) the number of days until such Class B Interest Shortfall shall be repaid divided by 365 (or 366, as the case may be), (B) the Alternate Base Rate plus 3.75% and (C) such Class B Monthly Interest Shortfall (or the portion thereof which has not been paid to the Class B Investor Noteholders) shall be payable thereon as provided herein on each Payment Date following such Payment Date, to but excluding the amount of Payment Date on which such deficit and Class B Monthly Interest Shortfall is paid to the amount of interest that will accrue on such deficit during the next succeeding Series 2003-2 Interest Period by the Business Day prior to such Payment DateClass B Investor Noteholders.
Appears in 1 contract
Samples: Indenture Supplement (PHH Corp)
Determination of Interest. (a) JPMorgan Chase The Bank of New York Mellon is hereby appointed Calculation Agent for the purpose of determining the Series 20032009-2 1 Note Rates Rate for each Series 20032009-2 1 Interest Period. On each LIBOR Determination Date, the Calculation Agent shall determine the Series 20032009-2 1 Note Rate for each Class of Series 2003-2 Investor Notes for the next succeeding Series 20032009-2 1 Interest Period and deliver notice of such Series 20032009-2 1 Note Rates Rate to the Indenture Trustee. On each LIBOR Determination Date, the Indenture Trustee shall deliver to the Administrator notice of the Series 20032009-2 1 Note Rate for each Class of Series 2003-2 Investor Notes for the next succeeding Series 20032009-2 1 Interest Period.
(b) Until the Administrator shall give the Indenture Trustee written notice that neither Class of the Series 2003-2 Investor Notes is listed on the Luxembourg Stock Exchange, the Indenture Trustee shall, or shall instruct the Calculation Agent to, cause (i) the Series 2003-2 Note Rate applicable to each Class of the Series 2003-2 Investor Notes for the next succeeding Series 2003-2 Interest Period, the number of days in such Series 2003-2 Interest Period, the Payment Date for such Series 2003-2 Interest Period and the amount of interest payable on each Class of Series 2003-2 Investor Notes on such Payment Date to be (A) communicated to DTC, the Paying Agent in Luxembourg and the Luxembourg Stock Exchange no later than the Business Day immediately following each LIBOR Determination Date and (B) published in the Authorized Newspaper as soon as possible after its determination.
(c) On each Determination Date, the Administrator shall determine (i) the excess, if any (the “Interest Shortfall Amount”), of (iA) the sum of (Ax) the Series 20032009-2 1 Monthly Interest for the Series 20032009-2 1 Interest Period ending on the next succeeding Payment Date and (By) the amount of any unpaid Interest Shortfall Amount, if any, as of the preceding Payment Date (together with any Additional Interest on such Interest Shortfall Amount) (such sum, the “Monthly Interest Payment”) over (iiB) the amount which will be available to pay interest on the Series 20032009-2 1 Investor Notes in accordance with Section 5A.4(c) 5A.5 on such Payment Date. If the Interest Shortfall Amount with respect to any Payment Date is greater than zero, payments of interest to the Series 20032009-2 1 Investor Noteholders will be reduced on a pro rata basis, based on the amount of interest payable to each such Series 20032009-2 1 Investor Noteholder, by the such Interest Shortfall Amount. The portion of the Interest Shortfall Amount allocable to each Class of Series 2003-2 Investor Notes shall be referred to as the “Class A-1 Interest Shortfall Amount” and the “Class A-2 Interest Shortfall Amount”, respectively. An additional amount of interest (“Additional Interest”) shall accrue on the Class A-1 Interest Shortfall Amount and the Class A-2 Interest Shortfall Amount for each Series 20032009-2 1 Interest Period at the applicable Series 20032009-2 1 Note Rate for such Series 20032009-2 1 Interest Period. Until the Administrator shall give the Indenture Trustee written notice that neither Class of the Series 2003-2 Investor Notes is listed on the Luxembourg Stock Exchange, the Indenture Trustee shall, or shall instruct the Calculation Agent to, notify the Luxembourg Stock Exchange if, based solely on the information contained in the Monthly Settlement Statement with respect to the Series 2003-2 Investor Notes, the amount of interest to be paid on any Class of the Series 2003-2 Investor Notes on any Payment Date is less than the amount payable thereon on such Payment Date, the amount of such deficit and the amount of interest that will accrue on such deficit during the next succeeding Series 2003-2 Interest Period by the Business Day prior to such Payment Date.
Appears in 1 contract
Samples: Indenture Supplement (PHH Corp)
Determination of Interest. (a) JPMorgan Chase The Bank of New York Mellon is hereby appointed Calculation Agent for the purpose of determining the Series 20032009-2 3 Note Rates for each Series 20032009-2 3 Interest Period. On each LIBOR Determination Date, the Calculation Agent shall determine the Series 20032009-2 3 Note Rate for each Class of Series 20032009-2 3 Investor Notes for the next succeeding Series 20032009-2 3 Interest Period and deliver notice of such Series 20032009-2 3 Note Rates to the Indenture Trustee. On each LIBOR Determination Date, the Indenture Trustee shall deliver to the Administrator notice of the Series 20032009-2 3 Note Rate for each Class of Series 20032009-2 3 Investor Notes for the next succeeding Series 20032009-2 3 Interest Period.
(b) Until the Administrator shall give the Indenture Trustee written notice that neither Class of the Series 2003-2 Investor Notes is listed on the Luxembourg Stock Exchange, the Indenture Trustee shall, or shall instruct the Calculation Agent to, cause (i) the Series 2003-2 Note Rate applicable to each Class of the Series 2003-2 Investor Notes for the next succeeding Series 2003-2 Interest Period, the number of days in such Series 2003-2 Interest Period, the Payment Date for such Series 2003-2 Interest Period and the amount of interest payable on each Class of Series 2003-2 Investor Notes on such Payment Date to be (A) communicated to DTC, the Paying Agent in Luxembourg and the Luxembourg Stock Exchange no later than the Business Day immediately following each LIBOR Determination Date and (B) published in the Authorized Newspaper as soon as possible after its determination.
(c) On each Determination Date, the Administrator shall determine (i) the excess, if any (the “Class A Interest Shortfall Amount”), of (iA) the sum of (Ax) the Series 2003-2 Class A Monthly Interest for the Series 20032009-2 3 Interest Period ending on the next succeeding Payment Date and (By) the amount of any unpaid Class A Interest Shortfall Amount, if any, as of the preceding Payment Date (together with any Additional Interest on such Class A Interest Shortfall Amount) (such sum, the “Class A Monthly Interest Payment”) over (iiB) the amount which will be available to pay interest on the Series 2003-2 Class A Investor Notes in accordance with Section 5A.4(c5A.5 on such Payment Date, (ii) the excess, if any (the “Class B Interest Shortfall Amount”), of (A) the sum of (x) the Class B Monthly Interest for the Series 2009-3 Interest Period ending on the next succeeding Payment Date and (y) the Class B Interest Shortfall Amount, if any, as of the preceding Payment Date (together with Additional Interest on such Class B Interest Shortfall Amount) (such sum, the “Class B Monthly Interest Payment”) over (B) the amount which will be available to pay interest on the Class B Investor Notes in accordance with Section 5A.5 on such Payment Date and (iii) the excess, if any (the “Class C Interest Shortfall Amount”), of (A) the sum of (x) the Class C Monthly Interest for the Series 2009-3 Interest Period ending on the next succeeding Payment Date and (y) the Class C Interest Shortfall Amount, if any, as of the preceding Payment Date (together with Additional Interest on such Class C Interest Shortfall Amount) (such sum, the “Class C Monthly Interest Payment”) over (B) the amount which will be available to pay interest on the Class C Investor Notes in accordance with Section 5A.5 on such Payment Date. If the Class A Interest Shortfall Amount with respect to any Payment Date is greater than zero, payments of interest to the Series 2003-2 Class A Investor Noteholders will be reduced on a pro rata basis, based on the amount of interest payable to each such Series 2003-2 Class A Investor Noteholder, by the such Class A Interest Shortfall Amount. The portion of If the Class B Interest Shortfall Amount allocable with respect to any Payment Date is greater than zero, payments of interest to the Class B Investor Noteholders will be reduced on a pro rata basis, based on the amount of interest payable to each such Class of Series 2003-2 B Investor Notes shall be referred to as the “Noteholder, by such Class A-1 B Interest Shortfall Amount” and . If the “Class A-2 C Interest Shortfall Amount with respect to any Payment Date is greater than zero, payments of interest to the Class C Investor Noteholders will be reduced on a pro rata basis, based on the amount of interest payable to each such Class C Investor Noteholder, by such Class C Interest Shortfall Amount”, respectively. An additional amount of interest (“Additional Interest”) shall accrue on the Class A-1 A Interest Shortfall Amount, the Class B Interest Shortfall Amount and the Class A-2 C Interest Shortfall Amount for each Series 20032009-2 3 Interest Period at the applicable Series 20032009-2 3 Note Rate for such Series 20032009-2 3 Interest Period. Until the Administrator shall give the Indenture Trustee written notice that neither Class of the Series 2003-2 Investor Notes is listed on the Luxembourg Stock Exchange, the Indenture Trustee shall, or shall instruct the Calculation Agent to, notify the Luxembourg Stock Exchange if, based solely on the information contained in the Monthly Settlement Statement with respect to the Series 2003-2 Investor Notes, the amount of interest to be paid on any Class of the Series 2003-2 Investor Notes on any Payment Date is less than the amount payable thereon on such Payment Date, the amount of such deficit and the amount of interest that will accrue on such deficit during the next succeeding Series 2003-2 Interest Period by the Business Day prior to such Payment Date.
Appears in 1 contract
Samples: Indenture Supplement (PHH Corp)
Determination of Interest. (a) JPMorgan Chase is hereby appointed Calculation Agent for the purpose of determining the Series 2003-2 1 Note Rates for each Series 2003-2 1 Interest Period. On each LIBOR Determination Date, the Calculation Agent shall determine the Series 2003-2 1 Note Rate for each Class of Series 2003-2 1 Investor Notes for the next succeeding Series 2003-2 1 Interest Period and deliver notice of such Series 2003-2 1 Note Rates to the Indenture Trustee. On each LIBOR Determination Date, the Indenture Trustee shall deliver to the Administrator notice of the Series 2003-2 1 Note Rate for each Class of Series 2003-2 1 Investor Notes for the next succeeding Series 2003-2 1 Interest Period.
(b) Until the Administrator shall give the Indenture Trustee written notice that neither Class of the Series 2003-2 1 Investor Notes is listed on the Luxembourg Stock Exchange, the Indenture Trustee shall, or shall instruct the Calculation Agent to, cause (i) the Series 2003-2 1 Note Rate applicable to each Class of the Series 2003-2 1 Investor Notes for the next succeeding Series 2003-2 1 Interest Period, the number of days in such Series 2003-2 1 Interest Period, the Payment Date for such Series 2003-2 1 Interest Period and the amount of interest payable on each Class of Series 2003-2 1 Investor Notes on such Payment Date to be (A) communicated to DTC, the Paying Agent in Luxembourg and the Luxembourg Stock Exchange no later than the Business Day immediately following each LIBOR Determination Date and (B) published in the Authorized Newspaper as soon as possible after its determination.
(c) On each Determination Date, the Administrator shall determine the excess, if any (the “Interest Shortfall Amount”"INTEREST SHORTFALL AMOUNT"), of (i) the sum of (A) the Series 2003-2 1 Monthly Interest for the Series 2003-2 1 Interest Period ending on the next succeeding Payment Date and (B) the amount of any unpaid Interest Shortfall Amount, as of the preceding Payment Date (together with any Additional Interest on such Interest Shortfall Amount) over OVER (ii) the amount which will be available to pay interest on the Series 2003-2 1 Investor Notes in accordance with Section SECTION 5A.4(c) on such Payment Date. If the Interest Shortfall Amount with respect to any Payment Date is greater than zero, payments of interest to the Series 2003-2 1 Investor Noteholders will be reduced on a pro rata PRO RATA basis, based on the amount of interest payable to each such Series 2003-2 1 Investor Noteholder, by the Interest Shortfall Amount. The portion of the Interest Shortfall Amount allocable to each Class of Series 2003-2 1 Investor Notes shall be referred to as the “Class "CLASS A-1 Interest Shortfall Amount” INTEREST SHORTFALL AMOUNT" and the “Class "CLASS A-2 Interest Shortfall Amount”INTEREST SHORTFALL AMOUNT", respectively. An additional amount of interest (“Additional Interest”"ADDITIONAL INTEREST") shall accrue on the Class A-1 Interest Shortfall Amount and the Class A-2 Interest Shortfall Amount for each Series 2003-2 1 Interest Period at the applicable Series 2003-2 1 Note Rate for such Series 2003-2 1 Interest Period. Until the Administrator shall give the Indenture Trustee written notice that neither Class of the Series 2003-2 1 Investor Notes is listed on the Luxembourg Stock Exchange, the Indenture Trustee shall, or shall instruct the Calculation Agent to, notify the Luxembourg Stock Exchange if, based solely on the information contained in the Monthly Settlement Statement with respect to the Series 2003-2 1 Investor Notes, the amount of interest to be paid on any Class of the Series 2003-2 1 Investor Notes on any Payment Date is less than the amount payable thereon on such Payment Date, the amount of such deficit and the amount of interest that will accrue on such deficit during the next succeeding Series 2003-2 1 Interest Period by the Business Day prior to such Payment Date.
(d) All communications by or on behalf of the Indenture Trustee to the Luxembourg Stock Exchange pursuant to this SECTION 5A.3 shall be sent by electronic mail to The Bank of New York c/o xxxxxxxx@xxxxxxxx.xxx.
Appears in 1 contract
Determination of Interest. (a) JPMorgan Chase On each Determination Date, the Administrator shall determine the Class A Note Rate for the Series 2010-1 Interest Rate Period ending on the next succeeding Payment Date, based on the information provided by the Non-Conduit Purchasers and the Funding Agents pursuant to this Section 5A.3(a), and the amount of interest payable on such next succeeding Payment Date on the Class A Investor Notes (“Class A Monthly Interest”). Class A Monthly Interest for each Series 2010-1 Interest Period will equal the product of (i) the Class A Note Rate for such Series 2010-1 Interest Period, (ii) the average daily Class A Invested Amount during such Series 2010-1 Interest Period and (iii) the actual number of days elapsed in such Series 2010-1 Interest Period divided by 360. On each Determination Date, each Non-Conduit Purchaser and the Funding Agent with respect to each CP Conduit Purchaser Group shall provide written notice to the Administrator of the Class A Monthly Funding Costs with respect to its Related Purchaser Group with respect to the portion of the current Series 2010-1 Interest Period ending on such Determination Date (or, in the case of the Series 2010-1 Interest Period immediately preceding the Series 2010-1 Note Termination Date, an estimate of the Class A Monthly Funding Costs with respect to such Purchaser Group for such Series 2010-1 Interest Period). For the purposes of determining Class A Monthly Interest for each Series 2010-1 Interest Period (other than the Series 2010-1 Interest Period immediately preceding the Series 2010-1 Note Termination Date), the Administrator may make a reasonable estimation of the portion of the Class A Monthly Funding Costs with respect to each Purchaser Group to accrue during the portion of such Series 2010-1 Interest Period succeeding such Determination Date, based on its reasonable expectations of the Purchaser Group Invested Amount with respect to such Purchaser Group during such period, the Discount on the Commercial Paper, if any, issued by, or for the benefit of, such Purchaser Group to fund such Purchaser Group Invested Amount during such period or the LIBO Rates, the Adjusted LIBO Rates or the Alternate Base Rate applicable to such Purchaser Group Invested Amount during such period. If the actual amount of the portion of the Class A Monthly Funding Costs with respect to any Purchaser Group accruing during the portion of any Series 2010-1 Interest Period succeeding the Determination Date in such Series 2010-1 Interest Period is less than or greater than the amount thereof estimated by the Administrator on such Determination Date, the Administrator will reduce or increase the Class A Monthly Funding Costs with respect to such Purchaser Group with respect to the next succeeding Series 2010-1 Interest Period accordingly. The Administrator shall determine Class A Monthly Interest for the Series 2010-1 Interest Period immediately preceding the Series 2010-1 Note Termination Date on the Determination Date immediately preceding the last day of such Series 2010-1 Interest Period based on the information provided by the Non-Conduit Purchasers and the Funding Agents. If a Non-Conduit Purchaser or a Funding Agent with respect to any CP Conduit Purchaser Group determines that the actual Class A Monthly Funding Costs with respect to its Related Purchaser Group for the Series 2010-1 Interest Period immediately preceding the Series 2010-1 Note Termination Date will be more or less than the estimate thereof provided to the Administrator and informs the Administrator of such variance prior to the Payment Date for such Series 2010-1 Interest Period, the Administrator will amend the Monthly Settlement Statement relating thereto to reflect that variance and provide the Indenture Trustee, the Administrative Agent, each Non-Conduit Purchaser and each Funding Agent with an amended Monthly Settlement Statement on or prior to such Payment Date.
(b) The Bank of New York Mellon is hereby appointed Calculation Agent for the purpose of determining the Series 2003-2 Class B Note Rates Rate for each Series 20032010-2 1 Interest Period. On each LIBOR Determination Date, the Calculation Agent shall determine the Series 2003-2 Class B Note Rate for each Class of Series 2003-2 Investor Notes for the next succeeding Series 20032010-2 1 Interest Period and deliver notice of such Series 2003-2 Class B Note Rates Rate to the Indenture Trustee. On each LIBOR Determination Date, the Indenture Trustee Calculation Agent shall deliver to the Administrator notice of the Series 2003-2 Class B Note Rate for each Class of Series 2003-2 Investor Notes for the next succeeding Series 20032010-2 1 Interest Period.
(b) Until the Administrator shall give . The rights, protections, immunities and indemnities afforded the Indenture Trustee written notice that neither Class of pursuant to the Series 2003-2 Investor Notes is listed on the Luxembourg Stock Exchange, the Base Indenture Trustee shall, or shall instruct be afforded to the Calculation Agent to, cause (i) the Series 2003-2 Note Rate applicable to each Class of the Series 2003-2 Investor Notes for the next succeeding Series 2003-2 Interest Period, the number of days in such Series 2003-2 Interest Period, the Payment Date for such Series 2003-2 Interest Period and the amount of interest payable on each Class of Series 2003-2 Investor Notes on such Payment Date to be (A) communicated to DTC, the Paying Agent in Luxembourg and the Luxembourg Stock Exchange no later than the Business Day immediately following each LIBOR Determination Date and (B) published in the Authorized Newspaper as soon as possible after its determinationhereunder.
(c) On each Determination Date, the Administrator shall determine determine:
(i) the sum of the Class A Senior Monthly Funding Costs and the sum of the Class A Contingent Monthly Funding Costs for each Purchaser Group for the Series 2010-1 Interest Period ending on the next succeeding Payment Date; (ii) the excess, if any (the “Interest Shortfall AmountClass A Senior Monthly Funding Costs Shortfall”), of (iA) the sum of (Ax) the Class A Senior Monthly Funding Costs for each Purchaser Group for such Series 20032010-2 Monthly Interest for the Series 2003-2 1 Interest Period ending on the next succeeding Payment Date and (By) the amount of any unpaid Interest Shortfall AmountClass A Senior Monthly Funding Costs Shortfall, as of the preceding Payment Date (together with any Class A Additional Interest on such Interest Shortfall Amount) Class A Senior Monthly Funding Costs Shortfall), over (iiB) the amount which will be available to pay interest on be distributed to the Series 2003-2 Class A Investor Notes in accordance with Section 5A.4(c) Noteholders on such Payment Date. If the Interest Shortfall Amount with Date in respect thereof pursuant to any Payment Date is greater than zero, payments of interest to the Series 2003-2 Investor Noteholders will be reduced on a pro rata basis, based on the amount of interest payable to each such Series 2003-2 Investor Noteholder, by the Interest Shortfall Amount. The portion of the Interest Shortfall Amount allocable to each Class of Series 2003-2 Investor Notes shall be referred to as the “Class A-1 Interest Shortfall Amount” and the “Class A-2 Interest Shortfall Amount”, respectively. An additional amount of interest (“Additional Interest”) shall accrue on the Class A-1 Interest Shortfall Amount and the Class A-2 Interest Shortfall Amount for each Series 2003-2 Interest Period at the applicable Series 2003-2 Note Rate for such Series 2003-2 Interest Period. Until the Administrator shall give the Indenture Trustee written notice that neither Class of the Series 2003-2 Investor Notes is listed on the Luxembourg Stock Exchange, the Indenture Trustee shall, or shall instruct the Calculation Agent to, notify the Luxembourg Stock Exchange if, based solely on the information contained in the Monthly Settlement Statement with respect to the Series 2003-2 Investor Notes, the amount of interest to be paid on any Class of the Series 2003-2 Investor Notes on any Payment Date is less than the amount payable thereon on such Payment Date, the amount of such deficit and the amount of interest that will accrue on such deficit during the next succeeding Series 2003-2 Interest Period by the Business Day prior to such Payment Date.Section 5A.4(c)(iv);
Appears in 1 contract
Samples: Indenture Supplement (PHH Corp)
Determination of Interest. (a) JPMorgan Chase The Bank of New York Mellon is hereby appointed Calculation Agent for the purpose of determining the Series 20032009-2 Note Rates for each Series 20032009-2 Interest Period. On each LIBOR Determination Date, the Calculation Agent shall determine the Series 20032009-2 Note Rate for each Class of Series 20032009-2 Investor Notes for the next succeeding Series 20032009-2 Interest Period and deliver notice of such Series 20032009-2 Note Rates to the Indenture Trustee. On each LIBOR Determination Date, the Indenture Trustee shall deliver to the Administrator notice of the Series 20032009-2 Note Rate for each Class of Series 20032009-2 Investor Notes for the next succeeding Series 20032009-2 Interest Period.
(b) Until the Administrator shall give the Indenture Trustee written notice that neither Class of the Series 2003-2 Investor Notes is listed on the Luxembourg Stock Exchange, the Indenture Trustee shall, or shall instruct the Calculation Agent to, cause (i) the Series 2003-2 Note Rate applicable to each Class of the Series 2003-2 Investor Notes for the next succeeding Series 2003-2 Interest Period, the number of days in such Series 2003-2 Interest Period, the Payment Date for such Series 2003-2 Interest Period and the amount of interest payable on each Class of Series 2003-2 Investor Notes on such Payment Date to be (A) communicated to DTC, the Paying Agent in Luxembourg and the Luxembourg Stock Exchange no later than the Business Day immediately following each LIBOR Determination Date and (B) published in the Authorized Newspaper as soon as possible after its determination.
(c) On each Determination Date, the Administrator shall determine (i) the excess, if any (the “Class A Interest Shortfall Amount”), of (iA) the sum of (Ax) the Series 2003-2 Class A Monthly Interest for the Series 20032009-2 Interest Period ending on the next succeeding Payment Date and (By) the amount of any unpaid Class A Interest Shortfall Amount, if any, as of the preceding Payment Date (together with any Additional Interest on such Class A Interest Shortfall Amount) (such sum, the “Class A Monthly Interest Payment”) over (iiB) the amount which will be available to pay interest on the Series 2003-2 Class A Investor Notes in accordance with Section 5A.4(c5A.5 on such Payment Date, (ii) the excess, if any (the “Class B Interest Shortfall Amount”), of (A) the sum of (x) the Class B Monthly Interest for the Series 2009-2 Interest Period ending on the next succeeding Payment Date and (y) the Class B Interest Shortfall Amount, if any, as of the preceding Payment Date (together with Additional Interest on such Class B Interest Shortfall Amount) (such sum, the “Class B Monthly Interest Payment”) over (B) the amount which will be available to pay interest on the Class B Investor Notes in accordance with Section 5A.5 on such Payment Date and (iii) the excess, if any (the “Class C Interest Shortfall Amount”), of (A) the sum of (x) the Class C Monthly Interest for the Series 2009-2 Interest Period ending on the next succeeding Payment Date and (y) the Class C Interest Shortfall Amount, if any, as of the preceding Payment Date (together with Additional Interest on such Class C Interest Shortfall Amount) (such sum, the “Class C Monthly Interest Payment”) over (B) the amount which will be available to pay interest on the Class C Investor Notes in accordance with Section 5A.5 on such Payment Date. If the Class A Interest Shortfall Amount with respect to any Payment Date is greater than zero, payments of interest to the Series 2003-2 Class A Investor Noteholders will be reduced on a pro rata basis, based on the amount of interest payable to each such Series 2003-2 Class A Investor Noteholder, by the such Class A Interest Shortfall Amount. The portion of If the Class B Interest Shortfall Amount allocable with respect to any Payment Date is greater than zero, payments of interest to the Class B Investor Noteholders will be reduced on a pro rata basis, based on the amount of interest payable to each such Class of Series 2003-2 B Investor Notes shall be referred to as the “Noteholder, by such Class A-1 B Interest Shortfall Amount” and . If the “Class A-2 C Interest Shortfall Amount with respect to any Payment Date is greater than zero, payments of interest to the Class C Investor Noteholders will be reduced on a pro rata basis, based on the amount of interest payable to each such Class C Investor Noteholder, by such Class C Interest Shortfall Amount”, respectively. An additional amount of interest (“Additional Interest”) shall accrue on the Class A-1 A Interest Shortfall Amount, the Class B Interest Shortfall Amount and the Class A-2 C Interest Shortfall Amount for each Series 20032009-2 Interest Period at the applicable Series 20032009-2 Note Rate for such Series 20032009-2 Interest Period. Until the Administrator shall give the Indenture Trustee written notice that neither Class of the Series 2003-2 Investor Notes is listed on the Luxembourg Stock Exchange, the Indenture Trustee shall, or shall instruct the Calculation Agent to, notify the Luxembourg Stock Exchange if, based solely on the information contained in the Monthly Settlement Statement with respect to the Series 2003-2 Investor Notes, the amount of interest to be paid on any Class of the Series 2003-2 Investor Notes on any Payment Date is less than the amount payable thereon on such Payment Date, the amount of such deficit and the amount of interest that will accrue on such deficit during the next succeeding Series 2003-2 Interest Period by the Business Day prior to such Payment Date.
Appears in 1 contract
Samples: Indenture Supplement (PHH Corp)
Determination of Interest. (a) JPMorgan Chase is hereby appointed Calculation Agent for the purpose of determining the Series 20031999-2 Note Rates for each Series 20031999-2 Interest Period. On each LIBOR Determination Date, the Calculation Agent shall determine the Series 20031999-2 Note Rate for each Class of Series 20031999-2 Investor Notes for the next succeeding Series 20031999-2 Interest Period and deliver notice of such Series 20031999-2 Note Rates to the Indenture Trustee. On each LIBOR Determination Date, the Indenture Trustee shall deliver to the Administrator notice of the Series 20031999-2 Note Rate for each Class of Series 20031999-2 Investor Notes for the next succeeding Series 20031999-2 Interest Period.
(b) Until the Administrator shall give the Indenture Trustee written notice that neither Class of the Series 20031999-2 Investor Notes is listed on the Luxembourg Stock Exchange, the Indenture Trustee shall, or shall instruct the Calculation Agent to, cause (i) the Series 20031999-2 Note Rate applicable to each Class of the Series 20031999-2 Investor Notes for the next succeeding Series 20031999-2 Interest Period, the number of days in such Series 20031999-2 Interest Period, the Payment Date for such Series 20031999-2 Interest Period and the amount of interest payable on each Class of Series 20031999-2 Investor Notes on such Payment Date to be (A) communicated to DTC, Euroclear, Cedelbank, the Paying Agent in Luxembourg and the Luxembourg Stock Exchange no later than the Business Day immediately following each LIBOR Determination Date and (B) published in the Authorized Newspaper as soon as possible after its determination.
(c) On each Determination Date, the Administrator shall determine the excess, if any (the “"Interest Shortfall Amount”Shortfall"), of (i) the sum of (A) the Series 20031999-2 Monthly Interest for the Series 20031999-2 Interest Period ending on the next succeeding Payment Date and (B) the amount of any unpaid Interest Shortfall AmountShortfall, as of the preceding Payment Date (together with any Additional Interest on such Interest Shortfall AmountShortfall) over (ii) the amount which will be available to pay interest on the Series 2003-2 Investor Notes such amount in accordance with Section 5A.4(c) on such Payment Date. If the Interest Shortfall Amount with respect to any Payment Date is greater than zero, payments of interest to the Series 20031999-2 Investor Noteholders will be reduced on a pro rata basis, based on basis by the amount of interest payable to each such Series 2003-2 Investor Noteholder, by the Interest Shortfall AmountShortfall. The portion of the Interest Shortfall Amount allocable to each Class of Series 20031999-2 Investor Notes shall be referred to as the “"Class A-1 Interest Shortfall Amount” " and the “"Class A-2 Interest Shortfall Amount”", respectively. An additional amount of interest (“"Additional Interest”") shall accrue on the Class A-1 Interest Shortfall Amount and the Class A-2 Interest Shortfall Amount for each Series 20031999-2 Interest Period at the applicable Series 20031999-2 Note Rate for such Series 20031999-2 Interest Period. Until the Administrator shall give the Indenture Trustee written notice that neither Class of the Series 20031999-2 Investor Notes is listed on the Luxembourg Stock Exchange, the Indenture Trustee shall, or shall instruct the Calculation Agent to, notify the Luxembourg Stock Exchange if, based solely on the information contained in the Monthly Settlement Statement with respect to the Series 20031999-2 Investor Notes, the amount of interest to be paid on any Class of the Series 20031999-2 Investor Notes on any Payment Date is less than the amount payable thereon on such Payment Date, the amount of such deficit and the amount of interest that will accrue on such deficit during the next succeeding Series 20031999-2 Interest Period by the Business Day prior to such Payment Date.
(d) All communications by or on behalf of the Indenture Trustee to the Luxembourg Stock Exchange pursuant to this Section 5A.3 shall be sent by facsimile to 352 47 793 6238, attention: Xxxx Xxxxxxx.
Appears in 1 contract
Determination of Interest. (a) JPMorgan Chase The Bank of New York Mellon is hereby appointed Calculation Agent for the purpose of determining the Series 20032011-2 Note Rates for each Series 20032011-2 Interest Period. On each LIBOR Determination Date, the Calculation Agent shall determine the Series 20032011-2 Note Rate for each Class of Series 20032011-2 Investor Notes for the next succeeding Series 20032011-2 Interest Period and deliver notice of such Series 20032011-2 Note Rates to the Indenture Trustee. On each LIBOR Determination Date, the Indenture Trustee shall deliver to the Administrator notice of the Series 20032011-2 Note Rate for each Class of Series 20032011-2 Investor Notes for the next succeeding Series 20032011-2 Interest Period.
(b) Until the Administrator shall give the Indenture Trustee written notice that neither Class of the Series 2003-2 Investor Notes is listed on the Luxembourg Stock Exchange, the Indenture Trustee shall, or shall instruct the Calculation Agent to, cause (i) the Series 2003-2 Note Rate applicable to each Class of the Series 2003-2 Investor Notes for the next succeeding Series 2003-2 Interest Period, the number of days in such Series 2003-2 Interest Period, the Payment Date for such Series 2003-2 Interest Period and the amount of interest payable on each Class of Series 2003-2 Investor Notes on such Payment Date to be (A) communicated to DTC, the Paying Agent in Luxembourg and the Luxembourg Stock Exchange no later than the Business Day immediately following each LIBOR Determination Date and (B) published in the Authorized Newspaper as soon as possible after its determination.
(c) On each Determination Date, the Administrator shall determine (i) the excess, if any (the “Class A Interest Shortfall Amount”), of (iA) the sum of (Ax) the Series 2003-2 Class A Monthly Interest for the Series 20032011-2 Interest Period ending on the next succeeding Payment Date and (By) the amount of any unpaid Class A Interest Shortfall Amount, if any, as of the preceding Payment Date (together with any Additional Interest on such Class A Interest Shortfall Amount) (such sum, the “Class A Monthly Interest Payment”) over (iiB) the amount which will be available to pay interest on the Series 2003-2 Class A Investor Notes in accordance with Section 5A.4(c5A.5 on such Payment Date, (ii) the excess, if any (the “Class B Interest Shortfall Amount”), of (A) the sum of (x) the Class B Monthly Interest for the Series 2011-2 Interest Period ending on the next succeeding Payment Date and (y) the Class B Interest Shortfall Amount, if any, as of the preceding Payment Date (together with Additional Interest on such Class B Interest Shortfall Amount) (such sum, the “Class B Monthly Interest Payment”) over (B) the amount which will be available to pay interest on the Class B Investor Notes in accordance with Section 5A.5 on such Payment Date and (iii) the excess, if any (the “Class C Interest Shortfall Amount”), of (A) the sum of (x) the Class C Monthly Interest for the Series 2011-2 Interest Period ending on the next succeeding Payment Date and (y) the Class C Interest Shortfall Amount, if any, as of the preceding Payment Date (together with Additional Interest on such Class C Interest Shortfall Amount) (such sum, the “Class C Monthly Interest Payment”) over (B) the amount which will be available to pay interest on the Class C Investor Notes in accordance with Section 5A.5 on such Payment Date. If the Class A Interest Shortfall Amount with respect to any Payment Date is greater than zero, payments of interest to the Series 2003-2 Class A Investor Noteholders will be reduced on a pro rata basis, based on the amount of interest payable to each such Series 2003-2 Class A Investor Noteholder, by the such Class A Interest Shortfall Amount. The portion of If the Class B Interest Shortfall Amount allocable with respect to any Payment Date is greater than zero, payments of interest to the Class B Investor Noteholders will be reduced on a pro rata basis, based on the amount of interest payable to each such Class of Series 2003-2 B Investor Notes shall be referred to as the “Noteholder, by such Class A-1 B Interest Shortfall Amount” and . If the “Class A-2 C Interest Shortfall Amount with respect to any Payment Date is greater than zero, payments of interest to the Class C Investor Noteholders will be reduced on a pro rata basis, based on the amount of interest payable to each such Class C Investor Noteholder, by such Class C Interest Shortfall Amount”, respectively. An additional amount of interest (“Additional Interest”) shall accrue on the Class A-1 A Interest Shortfall Amount, the Class B Interest Shortfall Amount and the Class A-2 C Interest Shortfall Amount for each Series 20032011-2 Interest Period at the applicable Series 20032011-2 Note Rate for such Series 20032011-2 Interest Period. Until the Administrator shall give the Indenture Trustee written notice that neither Class of the Series 2003-2 Investor Notes is listed on the Luxembourg Stock Exchange, the Indenture Trustee shall, or shall instruct the Calculation Agent to, notify the Luxembourg Stock Exchange if, based solely on the information contained in the Monthly Settlement Statement with respect to the Series 2003-2 Investor Notes, the amount of interest to be paid on any Class of the Series 2003-2 Investor Notes on any Payment Date is less than the amount payable thereon on such Payment Date, the amount of such deficit and the amount of interest that will accrue on such deficit during the next succeeding Series 2003-2 Interest Period by the Business Day prior to such Payment Date.
Appears in 1 contract
Samples: Indenture Supplement (PHH Corp)
Determination of Interest. (a) JPMorgan Chase On each Determination Date, the Administrator shall determine the Class A Note Rate for the Series 2011-1 Interest Rate Period ending on the next succeeding Payment Date, based on the information provided by the Non-Conduit Purchasers and the Funding Agents pursuant to this Section 5A.3(a), and the amount of interest payable on such next succeeding Payment Date on the Class A Investor Notes (“Class A Monthly Interest”). Class A Monthly Interest for each Series 2011-1 Interest Period will equal the product of (i) the Class A Note Rate for such Series 2011-1 Interest Period, (ii) the average daily Class A Invested Amount during such Series 2011-1 Interest Period and (iii) the actual number of days elapsed in such Series 2011-1 Interest Period divided by 360. On each Determination Date, each Non-Conduit Purchaser and the Funding Agent with respect to each CP Conduit Purchaser Group shall provide written notice to the Administrator of the Class A Monthly Funding Costs with respect to its Related Purchaser Group with respect to the portion of the current Series 2011-1 Interest Period ending on such Determination Date (or, in the case of the Series 2011-1 Interest Period immediately preceding the Series 2011-1 Note Termination Date, an estimate of the Class A Monthly Funding Costs with respect to such Purchaser Group for such Series 2011-1 Interest Period). For the purposes of determining Class A Monthly Interest for each Series 2011-1 Interest Period (other than the Series 2011-1 Interest Period immediately preceding the Series 2011-1 Note Termination Date), the Administrator may make a reasonable estimation of the portion of the Class A Monthly Funding Costs with respect to each Purchaser Group to accrue during the portion of such Series 2011-1 Interest Period succeeding such Determination Date, based on its reasonable expectations of the Purchaser Group Invested Amount with respect to such Purchaser Group during such period, the Discount on the Commercial Paper, if any, issued by, or for the benefit of, such Purchaser Group to fund such Purchaser Group Invested Amount during such period or the LIBO Rates, the Adjusted LIBO Rates or the Alternate Base Rate applicable to such Purchaser Group Invested Amount during such period. If the actual amount of the portion of the Class A Monthly Funding Costs with respect to any Purchaser Group accruing during the portion of any Series 2011-1 Interest Period succeeding the Determination Date in such Series 2011-1 Interest Period is less than or greater than the amount thereof estimated by the Administrator on such Determination Date, the Administrator will reduce or increase the Class A Monthly Funding Costs with respect to such Purchaser Group with respect to the next succeeding Series 2011-1 Interest Period accordingly. The Administrator shall determine Class A Monthly Interest for the Series 2011-1 Interest Period immediately preceding the Series 2011-1 Note Termination Date on the Determination Date immediately preceding the last day of such Series 2011-1 Interest Period based on the information provided by the Non-Conduit Purchasers and the Funding Agents. If a Non-Conduit Purchaser or a Funding Agent with respect to any CP Conduit Purchaser Group determines that the actual Class A Monthly Funding Costs with respect to its Related Purchaser Group for the Series 2011-1 Interest Period immediately preceding the Series 2011-1 Note Termination Date will be more or less than the estimate thereof provided to the Administrator and informs the Administrator of such variance prior to the Payment Date for such Series 2011-1 Interest Period, the Administrator will amend the Monthly Settlement Statement relating thereto to reflect that variance and provide the Indenture Trustee, the Administrative Agent, each Non-Conduit Purchaser and each Funding Agent with an amended Monthly Settlement Statement on or prior to such Payment Date.
(b) The Bank of New York Mellon is hereby appointed Calculation Agent for the purpose of determining the Series 2003-2 Class B Note Rates Rate for each Series 20032011-2 1 Interest Period. On each LIBOR Determination Date, the Calculation Agent shall determine the Series 2003-2 Class B Note Rate for each Class of Series 2003-2 Investor Notes for the next succeeding Series 20032011-2 1 Interest Period and deliver notice of such Series 2003-2 Class B Note Rates Rate to the Indenture Trustee. On each LIBOR Determination Date, the Indenture Trustee Calculation Agent shall deliver to the Administrator notice of the Series 2003-2 Class B Note Rate for each Class of Series 2003-2 Investor Notes for the next succeeding Series 20032011-2 1 Interest Period.
(b) Until the Administrator shall give . The rights, protections, immunities and indemnities afforded the Indenture Trustee written notice that neither Class of pursuant to the Series 2003-2 Investor Notes is listed on the Luxembourg Stock Exchange, the Base Indenture Trustee shall, or shall instruct be afforded to the Calculation Agent to, cause (i) the Series 2003-2 Note Rate applicable to each Class of the Series 2003-2 Investor Notes for the next succeeding Series 2003-2 Interest Period, the number of days in such Series 2003-2 Interest Period, the Payment Date for such Series 2003-2 Interest Period and the amount of interest payable on each Class of Series 2003-2 Investor Notes on such Payment Date to be (A) communicated to DTC, the Paying Agent in Luxembourg and the Luxembourg Stock Exchange no later than the Business Day immediately following each LIBOR Determination Date and (B) published in the Authorized Newspaper as soon as possible after its determinationhereunder.
(c) On each Determination Date, the Administrator shall determine determine:
(i) the sum of the Class A Senior Monthly Funding Costs and the sum of the Class A Contingent Monthly Funding Costs for each Purchaser Group for the Series 2011-1 Interest Period ending on the next succeeding Payment Date;
(ii) the excess, if any (the “Interest Shortfall AmountClass A Senior Monthly Funding Costs Shortfall”), of (iA) the sum of (Ax) the Class A Senior Monthly Funding Costs for each Purchaser Group for such Series 20032011-2 Monthly Interest for the Series 2003-2 1 Interest Period ending on the next succeeding Payment Date and (By) the amount of any unpaid Interest Shortfall AmountClass A Senior Monthly Funding Costs Shortfall, as of the preceding Payment Date (together with any Class A Additional Interest on such Interest Shortfall Amount) Class A Senior Monthly Funding Costs Shortfall), over (iiB) the amount which will be available to pay interest on be distributed to the Series 2003-2 Class A Investor Notes in accordance with Section 5A.4(c) Noteholders on such Payment DateDate in respect thereof pursuant to Section 5A.4(c)(iv);
(iii) the excess, if any (the “Class A Contingent Monthly Funding Costs Shortfall”), of (A) the sum of (x) the Class A Contingent Monthly Funding Costs for each Purchaser Group for such Series 2011-1 Interest Period and (y) the amount of any unpaid Class A Contingent Monthly Funding Costs Shortfall, as of the preceding Payment Date (together with any Class A Additional Interest on such Class A Contingent Monthly Funding Costs Shortfall), over (B) the amount which will be available to be distributed to the Class A Investor Noteholders on such Payment Date in respect thereof pursuant to Section 5A.4(c)(xiii);
(iv) Class B Contingent Monthly Interest and Class B Senior Monthly Interest for such Series 2011-1 Interest Period;
(v) the excess, if any (the “Class B Senior Monthly Interest Shortfall”), of (A) the sum of (x) Class B Senior Monthly Interest for such Series 2011-1 Interest Period and (y) the Class B Senior Monthly Interest Shortfall, if any, as of the preceding Payment Date (together with Class B Additional Interest on such Class B Senior Monthly Interest Shortfall) (such sum, the “Class B Senior Monthly Interest Payment”), over (B) the amount which will be available to be distributed to the Class B Investor Noteholders on such Payment Date in respect thereof pursuant to Section 5A.4(c)(vi); and
(vi) the excess, if any (the “Class B Contingent Monthly Interest Shortfall”), of (A) the sum of (x) the Class B Contingent Monthly Interest for such Series 2011-1 Interest Period and (y) the amount of any unpaid Class B Contingent Monthly Interest Shortfall as of the preceding Payment Date (together with Class B Additional Interest on such Class B Contingent Monthly Interest Shortfall) ) (such sum, the “Class B Contingent Monthly Interest Payment”), over (B) the amount which will be available to be distributed to the Class B Investor Noteholders on such Payment Date in respect thereof pursuant to Section 5A.4(c)(xiv). If the Interest Class A Senior Monthly Funding Costs Shortfall Amount or the Class A Contingent Monthly Funding Costs Shortfall with respect to any Payment Date is greater than zero, payments of interest to the Series 2003-2 Investor Noteholders will be reduced on a pro rata basis, based on the an additional amount of interest payable to each such Series 2003-2 Investor Noteholder, by the Interest Shortfall Amount. The portion of the Interest Shortfall Amount allocable to each Class of Series 2003-2 Investor Notes shall be referred to as the (“Class A-1 Interest Shortfall Amount” and the “Class A-2 Interest Shortfall Amount”, respectively. An additional amount of interest (“A Additional Interest”) equal to the product of (A) the number of days until such Class A Monthly Funding Costs Shortfall shall accrue on be repaid divided by 365 (or 366, as the case may be), (B) the Alternate Base Rate plus 3.90% and (C) such Class A Monthly Funding Costs Shortfall (or the portion thereof which has not been paid to the Class A-1 A Investor Noteholders) shall be payable as provided herein on each Payment Date following such Payment Date, to but excluding the Payment Date on which such Class A Monthly Funding Costs Shortfall is paid to the Class A Investor Noteholders. If the Class B Senior Monthly Interest Shortfall Amount and or the Class A-2 B Contingent Monthly Interest Shortfall Amount for each Series 2003-2 Interest Period at the applicable Series 2003-2 Note Rate for such Series 2003-2 Interest Period. Until the Administrator shall give the Indenture Trustee written notice that neither Class of the Series 2003-2 Investor Notes is listed on the Luxembourg Stock Exchange, the Indenture Trustee shall, or shall instruct the Calculation Agent to, notify the Luxembourg Stock Exchange if, based solely on the information contained in the Monthly Settlement Statement with respect to the Series 2003-2 Investor Notes, the amount of interest to be paid on any Class of the Series 2003-2 Investor Notes on any Payment Date is less greater than zero, an additional amount (“Class B Additional Interest”) equal to the amount product of (A) the number of days until such Class B Interest Shortfall shall be repaid divided by 365 (or 366, as the case may be), (B) the Alternate Base Rate plus 3.90% and (C) such Class B Monthly Interest Shortfall (or the portion thereof which has not been paid to the Class B Investor Noteholders) shall be payable thereon as provided herein on each Payment Date following such Payment Date, to but excluding the amount of Payment Date on which such deficit and Class B Monthly Interest Shortfall is paid to the amount of interest that will accrue on such deficit during the next succeeding Series 2003-2 Interest Period by the Business Day prior to such Payment DateClass B Investor Noteholders.
Appears in 1 contract
Samples: Indenture Supplement (PHH Corp)
