Interest Allocations. Beginning on the cut-off date, each class (other than any PO class) will accrue interest for each month on its principal or notional balance at the certificate rate for the class stated in “The series - General terms for classes” above. In calculating accrued interest, · a class’s principal or notional balance on the last day of a month will be considered to be the class’s principal or notional balance on every day of the month, and · interest for a month will be calculated at 1/12 of the certificate rate, regardless of the number of days in the month. Example: Suppose that on January 1, a class has a principal balance of $1,020,000 and a certificate rate of 6% per annum. On the January distribution day, the class’s principal balance is reduced by $20,000. As a result, the principal balance of the class on January 31 is $1 million. Then the interest accrued for the class during January (which is paid on the February distribution day) is 1/12 of 6% of $1 million = $5,000; that the principal balance of the class was greater than $1 million before the January distribution day, and that January has 31 days, are irrelevant.
Interest Allocations. Each Managing Agent shall, from time to time and in its sole discretion, determine whether interest in respect of the Advances then outstanding and owing to the Lenders in the related Group, or any portion thereof, shall be calculated by reference to the Commercial Paper Rate (such portion of the Principal Debt being herein called a “CP Allocation”), the Eurodollar Rate or the Alternate Base Rate (such portion of the Principal Debt as shall be calculated based on the Alternate Base Rate or the Eurodollar Rate collectively, being herein called an “ABR Allocation”; provided, however, that each Advance made by a Bank hereunder shall be allocated to the ABR Allocation. Each Managing Agent shall provide the Borrower with reasonably prompt notice of the allocations made by it pursuant to this Section 2.9. In making its allocation decision pursuant to the foregoing sentence, each Managing Agent shall use reasonable efforts, taking into account market conditions, to accommodate the Borrower’s preferences; provided, however, that the Managing Agents shall have the ultimate authority to make all such decisions. Following designation by each Managing Agent of any Advance, or any portion thereof, as being a CP Allocation, the Borrower may, at all times that such designation remains in effect, consult with such Managing Agent as to the number and length of Interest Periods relating to such CP Allocation. In selecting such Interest Periods, each Managing Agent shall use reasonable efforts, taking into account market conditions, to accommodate the Borrower’s preferences; provided, however, that each Managing Agent shall have the ultimate authority to make all such selections.
Interest Allocations. 21 Section 3.4 Fees.......................................................... 21 Section 3.5 Computation of Interest and Fees.............................. 21
Interest Allocations. On each Distribution Date, the Trustee, upon written instructions from the Servicer, will transfer all Interest Collections received in the Interest Collection Account during the immediately preceding Due Period to the Note Distribution Account. On each Distribution Date (other than a Distribution Date following an Event of Default and acceleration of the Notes), the Trustee, upon written instructions from the Servicer, will distribute such transferred amounts, to the extent there are sufficient funds in the Note Distribution Account, to the following parties in the order of priority set forth below. With respect to each class of Notes then Outstanding, payments shall be made pro rata to the Holders of Notes of the related class based on their respective Percentage Interests.
1. to the payment of Administrative Expenses (in the order specified in the definition thereof), subject to the limitations set forth in the definition thereof; provided that the cumulative amount of Administrative Expenses paid under this clause 1 in any rolling twelve month period shall not exceed $250,000 plus 0.03% of the Aggregate Outstanding Loan Balance as of the first day of the related Due Period;
2. to the Servicer, to the extent not previously reimbursed, the sum of (i) Scheduled Payment Advances relating to interest on such Loans, together with accrued interest thereon, from Interest Collections received on the Loans for which such Scheduled Payment Advances were made and (ii) Servicing Advances relating to interest on such Loans, together with accrued interest thereon, from Interest Collections received on the Loans for which such Servicing Advances were made; provided that the cumulative amount of Servicing Advances reimbursed on any individual Loan under this clause 2 and under clause 2 of Section 7.05(b) in any rolling twelve month period shall not exceed the amount of interest payments scheduled to be paid at the contract rate for such Loan over such time period;
3. to the Servicer, its accrued and unpaid Servicing Fee;
4. to the Class A Noteholders, the Class A Interest Amount for the related Interest Period;
5. to the Class B Noteholders, the Class B Interest Amount for the related Interest Period;
6. if either of the Collateral Coverage Tests is not satisfied as of the related Determination Date (provided that, with respect to the Interest Coverage Test only, such Determination Date is not the first Determination Date), to pay principal of, first, the Class A Notes...
Interest Allocations. Administrator shall from time to time and in its sole discretion determine whether interest in respect of the Loans then outstanding, or any portion thereof, shall be calculated by reference to the Commercial Paper Rate (such portion being herein called a "CP Allocation") or the Alternative Rate (such portion being herein called an "Alternative Rate Allocation", and together with a CP Allocation individually called an "Allocation", and collectively, "Allocations"); provided, however, that, Administrator shall use its reasonable efforts to allocate all or substantially all of the Loans from Lender to a CP Allocation; provided further, however, that Administrator may determine, at any time and in its sole discretion, that the Commercial Paper Rate is unavailable or otherwise not desirable, in which case the Loans from Lender will be allocated to an Alternative Rate Allocation (unless the Default Rate is in effect).
Interest Allocations. Administrator shall from time to time and in its sole discretion determine whether interest in respect of the Loans then outstanding, or any portion thereof, shall be calculated by reference to the Commercial Paper Rate (such portion being herein called a "CP ALLOCATION") or an Alternative Rate (such portion being herein called an "ALTERNATIVE RATE ALLOCATION", and together with a CP Allocation individually called an "ALLOCATION", and collectively, "ALLOCATIONS"); PROVIDED, HOWEVER, that, Administrator shall use its reasonable efforts to allocate all or substantially all of the Loans from Lender to a CP Allocation (it being understood that if Lender is not able to issue sufficient Commercial Paper Notes to fund all of its assets at such time and no Significant Event or Unmatured Significant Event has occurred and is continuing, Lender and Administrator shall, at least, fund the Loans pro rata with its other non-defaulted assets with Commercial Paper Notes); PROVIDED FURTHER, HOWEVER, that Administrator may determine, at any time and in its sole discretion, that the Commercial Paper Rate is unavailable or otherwise not desirable, in which case the Loans from Lender will be allocated to an Alternative Rate Allocation (unless the Default Rate is in effect).
Interest Allocations. Administrator shall from time to time and in its sole discretion determine whether interest in respect of the Loans then outstanding, or any portion thereof, shall be calculated by reference to the Commercial Paper Rate (such portion being herein called a "CP Allocation") or an Alternative Rate (such portion being herein called an "Alternative Rate Allocation", and together with a CP Allocation individually called an "Allocation", and collectively, "Allocations"); provided, however, that, Administrator shall use its reasonable efforts to allocate all or substantially all of the Loans from Lender to a CP Allocation (it being understood that if Lender is not able to issue sufficient Commercial Paper Notes to fund all of its assets at such time and no Significant Event or Unmatured Significant Event has occurred and is continuing, Lender and Administrator shall, at least, fund the Loans pro rata with its other non-defaulted assets with Commercial Paper Notes); provided further, however, that Administrator may determine, at any time and in its sole discretion, that the Commercial Paper Rate is unavailable or otherwise not desirable, in which case the Loans from Lender will be allocated to an Alternative Rate Allocation (unless the Default Rate is in effect).
Interest Allocations. 41 2.10. Interest Rates................................................. 42 2.11. Quotation of Rates............................................. 42 2.12. Default Rate................................................... 42 2.13. Interest Recapture............................................. 42 2.14. Interest Calculations.......................................... 42 2.15. Interest Period................................................ 43 2.16.
Interest Allocations. Beginning on the cut-off date, each class (other than any PO class) will accrue interest for each month on its principal or notional balance at the certificate rate for the class stated in “The series – General terms for classes” above. In calculating accrued interest, · a class’s principal or notional balance on the last day of a month will be considered to be the class’s principal or notional balance on every day of the month, and · interest for a month will be calculated at 1/12 of the certificate rate, regardless of the number of days in the month.
Interest Allocations. Any and all interest which would result from or arise out of the deposits being made and held in escrow by the APPLICANT shall revert to the use and enjoyment of the escrow holder as compensation for the services rendered in connection with this Escrow Agreement, unless otherwise specified in Section 2 pertaining to the escrow funds exceeding $5,000.00.
