Common use of Funding rate Clause in Contracts

Funding rate. Funding Rate" as measured on any Payment Date means a per annum percentage rate determined in accordance with the following formula: FR = 0.02% + DRP + SFP + EXP where: FR = the Funding Rate as measured on such Payment Date; DRP = the "Discount Rate Percentage", which shall be equal to a fraction (expressed as a percentage) (x) the numerator of which is the sum of the products obtained by multiplying (A) each CP Rate or Alternate Rate applicable to each Portion of Capital outstanding as of the first day of the calendar month ending immediately prior to such Payment Date, times (B) the amount of the Portion of Capital to which such CP Rate or Alternate Rate applied on such first day, and (y) the denominator of which is the aggregate outstanding amount of Capital on such first day; SFP = the "Servicer's Fee Percentage", which shall be equal to the per annum percentage rate contemplated by the definition of Servicing Fee; and EXP = the amount, which shall be equal to a fraction (expressed as a percentage), (x) the numerator of which is the sum of any fees, costs and expenses incurred by the Initial Purchaser during the calendar month preceding such Payment Date (and not accounted for in the Discount Rate Percentage), including without limitation reserve costs, tax payments and indemnity obligations of the Initial Purchaser for which the Initial Purchaser is not indemnified pursuant to this Agreement and (y) the denominator of which is the aggregate Outstanding Balance of the Pool Receivables that were purchased from such Originator during the Purchase Period immediately preceding such Payment Date; provided, however, that, for purposes of minimizing fluctuations in the rate calculated as the Funding Rate, the Servicer may allocate and spread any unscheduled or unaccruable costs and expenses of the Initial Purchaser over several Payment Dates at the Servicer's reasonable discretion, subject to the requirement that such allocation be reasonably calculated to allow the Initial Purchaser to recover such costs and expenses over a reasonable period of time.

Funding rate. Funding RateFUNDING RATE" as measured on any Payment Date Business Day means a per annum percentage rate determined in accordance with the following formula: FR = 0.02% + DRP + SFP + EXP whereWHERE: FR = the Funding Rate as measured on such Payment DateBusiness Day; DRP = the "Discount Rate PercentageDISCOUNT RATE PERCENTAGE", which shall be equal to a fraction (expressed as a percentage) (x) the numerator NUMERATOR of which is the sum SUM of the products PRODUCTS obtained by multiplying MULTIPLYING (A) each CP Rate or Alternate Bank Rate applicable to each Portion of Capital Investment outstanding as of the first day of the calendar month ending immediately prior to such Payment DateBusiness Day, times TIMES (B) the amount of the Portion of Capital Investment to which such CP Rate or Alternate Bank Rate applied on such first day, and (y) the denominator DENOMINATOR of which is the aggregate outstanding amount of Capital Investment on such first day; SFP = the "Servicer's Fee PercentageSERVICER'S FEE PERCENTAGE", which shall be equal to the per annum percentage rate contemplated by the definition of Servicing Fee; and EXP = the amount, which shall be equal to a fraction (expressed as a percentage)per annum percentage rate, (x) the numerator of which is the sum of any fees, costs and expenses incurred by the Initial Purchaser during the calendar month preceding Company on such Payment Date Business Day (and not accounted for in the Discount Rate Percentage), including without limitation reserve costs, tax payments and indemnity obligations of the Initial Purchaser Company for which the Initial Purchaser Company is not indemnified pursuant to this Agreement and (y) the denominator of which is the aggregate Outstanding Balance of the Pool Receivables that were purchased from such Originator during the Purchase Period immediately preceding such Payment DateAgreement; providedPROVIDED, howeverHOWEVER, that, for purposes of minimizing fluctuations in the rate calculated as the Funding Rate, the Servicer may allocate and spread any unscheduled or unaccruable costs and expenses of the Initial Purchaser Company over several Payment Dates months at the Servicer's reasonable discretion, subject to the requirement that such allocation be reasonably calculated to allow the Initial Purchaser Company to recover such costs and expenses over a reasonable period of time.

Funding rate. Funding Rate" as measured on any Payment Date means a per annum percentage rate determined in accordance with the following formula: FR = 0.02% + DRP + SFP + EXP where: FR = the Funding Rate as measured on such Payment Date; DRP = the "Discount Rate Percentage", which shall be equal to a fraction (expressed as a percentage) (x) the numerator of which is the sum of the products obtained by multiplying (A) each CP Rate or Alternate Rate applicable to each Portion of Capital outstanding as of the first day of the calendar month Purchase Period ending on the Month-End Date immediately prior to preceding such Payment Date, times (B) the amount of the Portion of Capital to which such CP Rate or Alternate Rate applied on such first day, and (y) the denominator of which is the aggregate outstanding amount of Capital on such first day; SFP = the "Servicer's Fee Percentage", which shall be equal to the per annum percentage rate contemplated by the definition of Servicing Fee; and EXP = the amount, which shall be equal to a fraction (expressed as a percentage)per annum percentage rate, (x) the numerator of which is the sum of any fees, costs and expenses incurred by the Initial Purchaser during the calendar month Purchase Period preceding such Payment Date (and not accounted for in the Discount Rate Percentage), including without limitation reserve costs, tax payments and indemnity obligations of the Initial Purchaser for which the Initial Purchaser is not indemnified pursuant to this Agreement and (y) the denominator of which is the aggregate Outstanding Balance of the Pool Receivables that were purchased from such Originator during the Purchase Period immediately preceding such Payment DateAgreement; provided, however, that, for purposes of minimizing fluctuations in the rate calculated as the Funding Rate, the Servicer may allocate and spread any unscheduled or unaccruable costs and expenses of the Initial Purchaser over several Payment Dates at the Servicer's reasonable discretion, subject to the requirement that such allocation be reasonably calculated to allow the Initial Purchaser to recover such costs and expenses over a reasonable period of time.

Funding rate. Funding RateFUNDING RATE" as measured on any Payment Date means a per annum percentage rate determined in accordance with the following formula: FR = 0.02% + DRP + SFP + EXP where: FR = the Funding Rate as measured on such Payment Date; DRP = the "Discount Rate PercentageDISCOUNT RATE PERCENTAGE", which shall be equal to a fraction (expressed as a percentage) (x) the numerator NUMERATOR of which is the sum SUM of the products PRODUCTS obtained by multiplying MULTIPLYING (A) each CP Rate or Alternate Rate applicable to each Portion of Capital outstanding as of the first day of the calendar month Purchase Period ending on the Month-End Date immediately prior to preceding such Payment Date, times TIMES (B) the amount of the Portion of Capital to which such CP Rate or Alternate Rate applied on such first day, and (y) the denominator DENOMINATOR of which is the aggregate outstanding amount of Capital on such first day; SFP = the "Servicer's Fee PercentageSERVICER'S FEE PERCENTAGE", which shall be equal to the per annum percentage rate contemplated by the definition of Servicing Fee; and EXP = the amount, which shall be equal to a fraction (expressed as a percentage)per annum percentage rate, (x) the numerator of which is the sum of any fees, costs and expenses incurred by the Initial Purchaser during the calendar month Purchase Period preceding such Payment Date (and not accounted for in the Discount Rate Percentage), including without limitation reserve costs, tax payments and indemnity obligations of the Initial Purchaser for which the Initial Purchaser is not indemnified pursuant to this Agreement and (y) the denominator of which is the aggregate Outstanding Balance of the Pool Receivables that were purchased from such Originator during the Purchase Period immediately preceding such Payment DateAgreement; providedPROVIDED, howeverHOWEVER, that, for purposes of minimizing fluctuations in the rate calculated as the Funding Rate, the Servicer may allocate and spread any unscheduled or unaccruable costs and expenses of the Initial Purchaser over several Payment Dates at the Servicer's reasonable discretion, subject to the requirement that such allocation be reasonably calculated to allow the Initial Purchaser to recover such costs and expenses over a reasonable period of time.