Interest on the Class A Notes Sample Clauses
Interest on the Class A Notes. The Class A Notes shall bear interest at the Class A Note Rate in accordance with the definition of Class A Monthly Interest Amount. On each Payment Date, the Class A Monthly Interest Amount with respect to such Payment Date shall be paid in accordance with the provisions hereof. If the amounts described in Section 5.3 are insufficient to pay the Class A Monthly Interest Amount for any Payment Date, payments of such Class A Monthly Interest Amount to the Class A Noteholders will be reduced by the amount of such insufficiency (the aggregate amount, if any, of such insufficiency on such Payment Date, the “Class A Deficiency Amount”), and interest shall accrue on any such Class A Deficiency Amount at the Class A Note Rate in accordance with the definition of Class A Monthly Interest Amount.
Interest on the Class A Notes. (a) Each Class A Note shall accrue interest on its then outstanding Class A Note Principal Amount in the following manner. No later than 4:00 p.m. on each Business Day during each Collection Period, the Administrator shall report to the Issuer and the Indenture Trustee the Class A Note Rate in effect for such day, which report shall describe the computation of such Class A Note Rate. No later than 11:00 a.m., New York City time on the Determination Date, the Indenture Trustee shall determine the Class A Note Interest for the related Payment Date and shall inform the Issuer and the Insurer of such amount. If the Administrator fails to report the Class A Note Rate (a "Class A Note Rate Reporting Failure"), the Class A Note Rate for such day will be deemed to be a rate equal to the Class A Note Rate for the immediately preceding day.