Common use of Payment of Principal and Interest; Principal and Interest Rights Preserved Clause in Contracts

Payment of Principal and Interest; Principal and Interest Rights Preserved. (a) The Notes shall bear interest on the unpaid principal amount thereof at the applicable Note Rate (calculated on the basis of a 360-day year consisting of 12 months of 30 days each), monthly from and including the first day of each Due Period through the last day of such Due Period (except with respect to the Initial Payment Date, from the Closing Date through November 30, 2000) and (to the extent that the payment of such interest shall be legally enforceable) on any overdue installment of principal or interest (such overdue interest and interest at the applicable Note Rate on such overdue interest, the "Overdue Interest") from the date such principal or interest became due and payable until fully paid. Interest shall be due and payable in arrears on each Payment Date, with each payment of interest calculated as described above on the unpaid principal amount of the Outstanding Notes at the close of business on the Payment Date immediately preceding such Payment Date or, with respect to interest payable on the Initial Payment Date, on the principal amount of the Outstanding Notes on the Closing Date; provided, however, that in making any interest payment, if the interest calculation with respect to any Note shall result in a portion of such payment being less than $.01, then such payment shall be decreased to the nearest whole cent, and no subsequent adjustment shall be made in respect thereof. To the extent that there is a shortfall in the amount available to pay the interest owed on the Class A Notes, the amount of interest paid to the holders of each such Class of Class A Notes shall be determined by multiplying the amount available for such distribution by the ratio of the amount of interest (including Overdue Interest) owed on such Class to the amount of interest (including Overdue Interest) owed on all Classes of the Class A Notes (each such amount with respect to each Class, the "Interest Shortfall Payment"). With respect to the Notes of any Class, due but unpaid interest will accrue interest at the related Note Rate.

Payment of Principal and Interest; Principal and Interest Rights Preserved. (a) The Notes shall bear interest on the unpaid principal amount thereof at the applicable Note Rate (calculated on the basis of a 360-day year consisting of 12 months of 30 days each), monthly from and including the first day of each Due Period through the last day of such Due Period (except with respect to the Initial Payment Date, from the Closing Date through November 30August 31, 20001999) and (to the extent that the payment of such interest shall be legally enforceable) on any overdue installment of principal or interest (such overdue interest and interest at the applicable Note Rate on such overdue interest, the "Overdue Interest") from the date such principal or interest became due and payable until fully paid. Interest shall be due and payable in arrears on each Payment Date, with each payment of interest calculated as described above on the unpaid principal amount of the Outstanding Notes at the close of business on the Payment Date immediately preceding such Payment Date or, with respect to interest payable on the Initial Payment Date, on the principal amount of the Outstanding Notes on the Closing Date; provided, however, that in making any interest payment, if the interest calculation with respect to any Note shall result in a portion of such payment being less than $.01, then such payment shall be decreased to the nearest whole cent, and no subsequent adjustment shall be made in respect thereof. To the extent that there is a shortfall in the amount available to pay the interest owed on the Class A Notes, the amount of interest paid to the holders of each such Class of Class A Notes shall be determined by multiplying the amount available for such distribution by the ratio of the amount of interest (including Overdue Interest) owed on such Class to the amount of interest (including Overdue Interest) owed on all Classes of the Class A Notes (each such amount with respect to each Class, the "Interest Shortfall Payment"). With respect to the Notes of any Class, due but unpaid interest will accrue interest at the related Note Rate.

Payment of Principal and Interest; Principal and Interest Rights Preserved. (a) The Notes shall bear interest on the unpaid principal amount thereof at the applicable Note Rate (calculated on the basis of a 360-day year consisting of 12 months of 30 days each), monthly from and including the first day of each Due Period through the last day of such Due Period (except with respect to the Initial Payment Date, from the Closing Date through November 30August 31, 20002001) and (to the extent that the payment of such interest shall be legally enforceable) on any overdue installment of principal or interest (such overdue interest and interest at the applicable Note Rate on such overdue interest, the "Overdue Interest") from the date such principal or interest became due and payable until fully paid. Interest shall be due and payable in arrears on each Payment Date, with each payment of interest calculated as described above on the unpaid principal amount of the Outstanding Notes at the close of business on the Payment Date immediately preceding such Payment Date or, with respect to interest payable on the Initial Payment Date, on the principal amount of the Outstanding Notes on the Closing Date; provided, however, that in making any interest payment, if the interest calculation with respect to any Note shall result in a portion of such payment being less than $.01, then such payment shall be decreased to the nearest whole cent, and no subsequent adjustment shall be made in respect thereof. To the extent that there is a shortfall in the amount available to pay the interest owed on the Class A Notes, the amount of interest paid to the holders of each such Class of Class A Notes shall be determined by multiplying the amount available for such distribution by the ratio of the amount of interest (including Overdue Interest) owed on such Class to the amount of interest (including Overdue Interest) owed on all Classes of the Class A Notes (each such amount with respect to each Class, the "Interest Shortfall Payment"). With respect to the Notes of any Class, due but unpaid interest will accrue interest at the related Note Rate.

Payment of Principal and Interest; Principal and Interest Rights Preserved. (a) The Notes shall bear interest on the unpaid principal amount thereof from and including the Closing Date at the applicable Note Interest Rate (calculated on the basis of a 360-day year and the actual number of days elapsed when the Note Interest Rate is a floating rate, and calculated on the basis of a 360-day year consisting of 12 months of 30 days each)each when the Note Interest Rate is a fixed rate) through the day immediately preceding the Initial Payment Date and thereafter, monthly from and including the first most recent Payment Date through and including the day of each Due Period through immediately preceding the last day of such Due Period (except with respect to the Initial next Payment Date, from the Closing Date through November 30, 2000) and (to the extent that the payment of such interest shall be legally enforceable) on any overdue installment of principal or interest (such overdue interest and interest at the applicable Note Rate on such overdue interest, the "Overdue Interest") from the date such principal or interest became due and payable (giving effect to any applicable grace periods provided herein) until fully paid. Interest shall be due and payable in arrears on each Payment Date, with each payment of interest calculated as described above on the unpaid principal amount of the Outstanding Notes at the close of business on the immediately preceding Payment Date immediately preceding (after the distributions on the Notes on such Payment Date date) or, with respect to interest payable on the Initial Payment Date, on the principal amount of the Outstanding Notes on the Closing Delivery Date; provided, however, that in making any interest payment, if the interest calculation with respect to any Note shall result in a portion of such payment being less than $.01, then such payment shall be decreased to the nearest whole cent, and no subsequent adjustment shall be made in respect thereof. To the extent that there is a shortfall in the amount available to pay the interest owed on the Class A Notes, the amount of interest paid to the holders of each such Class of Class A Notes shall be determined by multiplying the amount available for such distribution by the ratio of the amount of interest (including Overdue Interest) owed on such Class to the amount of interest (including Overdue Interest) owed on all Classes of the Class A Notes (each such amount with respect to each Class, the "Interest Shortfall Payment"). With respect to the Notes of any Class, due but unpaid interest will accrue interest at the related Note Rate.

Payment of Principal and Interest; Principal and Interest Rights Preserved. (a) The Notes of each Class shall bear accrue interest during each Interest Accrual Period, on the unpaid outstanding principal amount thereof after giving effect to all payments of principal made on the Payment Date relating to the immediately preceding Interest Accrual Period, at the applicable Note Interest Rate (calculated specified in Section 2.3. Interest on the basis of a 360-day year consisting of 12 months of 30 days each), monthly from and including the first day of each Due Period through the last day of such Due Period (except with respect to the Initial Payment Date, from the Closing Date through November 30, 2000) and (to the extent that the payment of such interest shall be legally enforceable) on any overdue installment of principal or interest (such overdue interest and interest at the applicable Note Rate on such overdue interest, the "Overdue Interest") from the date such principal or interest became due and payable until fully paid. Interest Notes shall be due and payable in arrears on each Payment Date, with each payment of interest calculated as described above on the unpaid principal amount of the Outstanding Notes at the close of business on the Payment Date immediately preceding such Payment Date or, with respect to interest payable on following the Initial Payment Date, on the principal amount of the Outstanding Notes on the Closing Daterelated Interest Accrual Period; provided, however, that payment of interest on the Class A Notes is subordinated to the payment on each Payment Date of other amounts in making any accordance with the Priority of Payments, and that payment of interest paymenton each Class of Notes is subordinated to the payment on each Payment Date of the interest due and payable on each Class of Notes with an earlier alphabetical designation (including Deferred Interest and Default Interest, if any) and other amounts in accordance with the Priority of Payments. So long as any Class of Notes with an earlier alphabetical designation is Outstanding, any payment of interest calculation due on the Class C Notes, Class D Notes, Class E Notes, Class F Notes, Class G Notes, Class H Notes, Class J Notes or Class K Notes which is not available to be paid in accordance with the Priority of Payments on any Payment Date shall not be considered “due and payable” for the purposes of Section 5.1(a) (and the failure to pay such interest shall not be an Event of Default) but shall instead be deferred until the Payment Date on which such interest is available to be paid in accordance with the Priority of Payments (such deferred interest, “Deferred Interest”), shall bear interest, compounded monthly, at the related Note Interest Rate and shall be payable on the first Payment Date on which funds are permitted to be used for such purpose in accordance with the Priority of Payments. Interest will cease to accrue on each Note or, in the case of a partial repayment, on such part, from the date of repayment or Stated Maturity unless payment of principal is improperly withheld or unless a Default occurs with respect to any Note shall result in a portion such payments of such payment being less than $.01, then such payment shall be decreased to the nearest whole cent, and no subsequent adjustment shall be made in respect thereofprincipal. To the extent that there is a shortfall in the amount available to pay the interest owed on the Class A Noteslawful and enforceable, the amount of interest paid to the holders of each such Class of Class A Notes Default Interest shall be determined by multiplying the amount available for such distribution by the ratio of the amount of interest (including Overdue Interest) owed on such Class to the amount of interest (including Overdue Interest) owed on all Classes of the Class A Notes (each such amount with respect to each Class, the "Interest Shortfall Payment"). With respect to the Notes of any Class, due but unpaid interest will accrue bear interest at the related applicable Note Interest Rate, compounded monthly, until paid as provided herein.

Payment of Principal and Interest; Principal and Interest Rights Preserved. (a) The Notes shall bear interest on the unpaid principal amount Outstanding Principal Amount thereof for each applicable Accrual Period at the applicable Note Interest Rate in effect at the beginning of the related Accrual Period (calculated on the basis of a 360-day year consisting of 12 months of 30 days each)) for such Series, monthly from and including the first day of each Due Period through until the last day of such Due Period (except with respect to preceding the Initial Final Payment Date, from the Closing Date through November 30, 2000) and (to the extent that the payment of such interest shall be legally enforceable) on any overdue installment of principal or interest (such overdue interest and interest at the applicable Note Rate on such overdue interest, the "Overdue Interest") from the date such principal or interest became due and payable (giving effect to any applicable grace periods provided herein) until fully paid. Interest shall be due and payable in arrears on each Payment Date, with each payment of interest calculated as described above on the unpaid principal Outstanding Principal Amount of the Notes immediately following the preceding Payment Date or on the applicable Delivery Date, if there has not been any preceding Payment Date, except that with respect to any Warehouse Fundings occurring since the preceding Payment Date, interest on the related Warehouse Funding Amounts from the related Warehouse Funding Date through the end of the Accrual Period in which such Warehouse Funding occurs shall be paid in the amount of the Outstanding Notes applicable First Period Warehouse Interest at the close time of business on the Payment Date immediately preceding such Payment Date or, with respect to interest payable on the Initial Payment Date, on the principal amount of the Outstanding Notes on the Closing Date; provided, however, that fundings as provided in Section 3.05 hereof. In making any such interest payment, if the interest calculation with respect to any a Note shall result in a portion of such payment being less than $.01, then such payment shall be decreased to the nearest whole cent, and no subsequent adjustment shall be made in respect thereof. To the extent that there is a shortfall in the amount available to pay the interest owed on the Class A Notes, the amount of interest paid to the holders of each such Class of Class A Notes shall be determined by multiplying the amount available for such distribution by the ratio of the amount of interest (including Overdue Interest) owed on such Class to the amount of interest (including Overdue Interest) owed on all Classes of the Class A Notes (each such amount with respect to each Class, the "Interest Shortfall Payment"). With respect to the Notes of any Class, due but unpaid interest will accrue interest at the related Note Rate.