Common use of Negative LIBOR Triggers Clause in Contracts

Negative LIBOR Triggers. For any Payment Date for which One-Month LIBOR is less than the applicable Negative LIBOR Trigger (as defined in the Global Agency Agreement) for a Class of Interest Only RCR Notes, the amount of interest that will accrue on such Class of Interest Only RCR Notes will be the lesser of the (x) the amount of interest calculated according to Section 3.02(a) above and (y) (1) in the case of the Class 1A-I1, Class 1A-I2, Class 1A-I3, Class 1A-I4, Class 1B-I1, Class 1B-I2, Class 1B-I3, Class 1B-I4, Class 1C- I1, Class 1C-I2, Class 1C-I3 or Class 1C-I4 Notes, the excess of (A) the interest amount payable on the related Class of Exchangeable Notes for that Payment Date over (B) the interest amount payable on the Class of floating rate RCR Notes included in the same Combination for that Payment Date or (2) in the case of the Class 1-X1, Class 1-X2, Class 1-X3, Class 1-X4, Class 1- Y1, Class 1-Y2, Class 1-Y3 or Class 1-Y4 Notes, the aggregate of the interest amounts payable on the Classes of RCR Notes included in the same Combination that were exchanged for such Class of Interest Only RCR Notes for that Payment Date.

Negative LIBOR Triggers. For any Payment Date for which One-Month LIBOR is less than the applicable Negative LIBOR Trigger (as defined in the Global Agency Agreement) for a Class of Interest Only RCR Notes, the amount of interest that will accrue on such Class of Interest Only RCR Notes will be the lesser of the (x) the amount of interest calculated according to Section 3.02(a) above and (y) (1) in the case of the Class 1A2A-I1, Class 1A2A-I2, Class 1A2A-I3, Class 1A2A-I4, Class 1B2B-I1, Class 1B2B-I2, Class 1B2B-I3, Class 1B2B-I4, Class 1C- 2C- I1, Class 1C2C-I2, Class 1C2C-I3 or Class 1C2C-I4 Notes, the excess of (A) the interest amount payable on the related Class of Exchangeable Notes for that Payment Date over (B) the interest amount payable on the Class of floating rate RCR Notes included in the same Combination for that Payment Date or (2) in the case of the Class 12-X1, Class 12-X2, Class 12-X3, Class 12-X4, Class 1- 2- Y1, Class 12-Y2, Class 12-Y3 or Class 12-Y4 Notes, the aggregate of the interest amounts payable on the Classes of RCR Notes included in the same Combination that were exchanged for such Class of Interest Only RCR Notes for that Payment Date.

Negative LIBOR Triggers. For any Payment Date for which One-Month LIBOR is less than the applicable Negative LIBOR Trigger (as defined in the Global Agency Agreement) for a Class of Interest Only RCR Notes, the amount of interest that will accrue on such Class of Interest Only RCR Notes will be the lesser of the (x) the amount of interest calculated according to Section 3.02(a) above and (y) (1) in the case of the Class 1A-I1, Class 1A-I2, Class 1A-I3, Class 1A-I4, Class 1B-I1, Class 1B-I2, Class 1B-I3, Class 1B-I4, Class 1C- I1, Class 1C-I2, Class 1C-I3 or Class 1C-I4 Notes, the excess of (A) the interest amount payable on the related Class of Exchangeable Notes for that Payment Date over (B) the interest amount payable on the Class of floating rate RCR Notes included in the same Combination for that Payment Date or (2) in the case of the Class 1-X1, Class 1-X2, Class 1-X3, Class 1-X4, Class 1- Y1, Class 1-Y2, Class 1-Y3, Class 1-Y4 Notes, Class 2-X1, Class 2-X2, Class 2-X3, Class 2-X4, Class 2-Y1, Class 2-Y2, Class 2-Y3 or Class 12-Y4 Notes, the aggregate of the interest amounts payable on the Classes of RCR Notes included in the same Combination that were exchanged for such Class of Interest Only RCR Notes for that Payment Date.