Common use of Funding rate Clause in Contracts

Funding rate. FUNDING RATE" as measured on any Business Day 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 Business Day; 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 Bank Rate applicable to each Portion of Investment outstanding as of such Business Day, TIMES (B) the amount of the Portion of Investment to which such CP Rate or Bank Rate applied on such day, and (y) the DENOMINATOR of which is the aggregate outstanding amount of Investment on such 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, expressed as a per annum percentage rate, of any fees, costs and expenses incurred by the Company on such Business Day (and not accounted for in the Discount Rate Percentage), including without limitation reserve costs, tax payments and indemnity obligations of the Company for which the Company is not indemnified pursuant to this Agreement; 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 Company over several months at the Servicer's reasonable discretion, subject to the requirement that such allocation be reasonably calculated to allow the Company to recover such costs and expenses over a reasonable period of time.

Funding rate. FUNDING RATEFunding Rate" as measured on any Business Day Payment Date 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 Business DayPayment 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 Bank Alternate Rate applicable to each Portion of Investment Capital outstanding as of the first day of the Purchase Period ending on the Month-End Date immediately preceding such Business DayPayment Date, TIMES times (B) the amount of the Portion of Investment Capital to which such CP Rate or Bank Alternate Rate applied on such first day, and (y) the DENOMINATOR denominator of which is the aggregate outstanding amount of Investment 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, expressed as a per annum percentage rate, of any fees, costs and expenses incurred by the Company on Initial Purchaser during the Purchase Period preceding such Business Day Payment Date (and not accounted for in the Discount Rate Percentage), including without limitation reserve costs, tax payments and indemnity obligations of the Company Initial Purchaser for which the Company Initial Purchaser is not indemnified pursuant to this Agreement; 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 Company Initial Purchaser over several months Payment Dates at the Servicer's reasonable discretion, subject to the requirement that such allocation be reasonably calculated to allow the Company Initial Purchaser to recover such costs and expenses over a reasonable period of time.

Funding rate. FUNDING RATEFunding Rate" as measured on any Business Day Payment Date 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 Business DayPayment 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 Bank Alternate Rate applicable to each Portion of Investment Capital outstanding as of the first day of the calendar month ending immediately prior to such Business DayPayment Date, TIMES times (B) the amount of the Portion of Investment Capital to which such CP Rate or Bank Alternate Rate applied on such first day, and (y) the DENOMINATOR denominator of which is the aggregate outstanding amount of Investment 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 per annum percentage ratepercentage), (x) the numerator of which is the sum of any fees, costs and expenses incurred by the Company on Initial Purchaser during the calendar month preceding such Business Day Payment Date (and not accounted for in the Discount Rate Percentage), including without limitation reserve costs, tax payments and indemnity obligations of the Company Initial Purchaser for which the Company Initial Purchaser is not indemnified pursuant to this AgreementAgreement 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; 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 Company Initial Purchaser over several months Payment Dates at the Servicer's reasonable discretion, subject to the requirement that such allocation be reasonably calculated to allow the Company Initial Purchaser to recover such costs and expenses over a reasonable period of time.

Funding rate. FUNDING RATE" as measured on any Business Day Payment Date 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 Business DayPayment 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 Bank Alternate Rate applicable to each Portion of Investment Capital outstanding as of the first day of the Purchase Period ending on the Month-End Date immediately preceding such Business DayPayment Date, TIMES (B) the amount of the Portion of Investment Capital to which such CP Rate or Bank Alternate Rate applied on such first day, and (y) the DENOMINATOR of which is the aggregate outstanding amount of Investment 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, expressed as a per annum percentage rate, of any fees, costs and expenses incurred by the Company on Initial Purchaser during the Purchase Period preceding such Business Day Payment Date (and not accounted for in the Discount Rate Percentage), including without limitation reserve costs, tax payments and indemnity obligations of the Company Initial Purchaser for which the Company Initial Purchaser is not indemnified pursuant to this Agreement; 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 Company Initial Purchaser over several months Payment Dates at the Servicer's reasonable discretion, subject to the requirement that such allocation be reasonably calculated to allow the Company Initial Purchaser to recover such costs and expenses over a reasonable period of time.