SIMPLE INTEREST DEFICIENCIES Sample Clauses

SIMPLE INTEREST DEFICIENCIES. (a) On each Determination Date, based on the information provided in the Servicer Remittance Report the Trustee shall determine if there is a Class M-1 Simple Interest Deficiency, a Class M-2 Simple Interest Deficiency, a Class B-1 Simple Interest Deficiency and/or a Class B-2 Simple Interest Deficiency. On the Business Day prior to the related Distribution Date, the Trustee shall determine the total amount of funds in the Certificate Account available to pay such deficiency on the related Distribution Date. If the total amount of funds in the Certificate Account is not sufficient to pay the deficiency, the Trustee shall reflect such deficiency in the reports delivered to Certificateholders pursuant to Section 4.04. (b) If the Trustee determines that there is a Class M-1 Simple Interest Deficiency, a Class M-2 Simple Interest Deficiency, a Class B-1 Simple Interest Deficiency and/or a Class B-2 Simple Interest Deficiency for the related Distribution Date, the Trustee shall withdraw from the Certificate Account (to the extent of funds on deposit therein one Business Day prior to such Distribution Date, after all required distributions on such Distribution Date) an amount equal to the Class M-1 Simple Interest Deficiency, the Class M-2 Simple Interest Deficiency, the Class B-1 Simple Interest Deficiency and the Class B-2 Simple Interest Deficiency (or the amount of such funds in the Certificate Account, if less) and distribute such amount, first to the Class M-1 Certificateholders, as part of the Class M-1 Interest Distribution Amount, up to the amount of the Class M-1 Simple Interest Deficiency (or pro rata, if such funds are less than the Class M-1 Simple Interest Deficiency), if any, then to the Class M-2 Certificateholders, as part of the Class M-2 Interest Distribution Amount, up to the amount of the Class M-2 Simple Interest Deficiency (or pro rata, if such funds are less than the Class M-2 Simple Interest Deficiency), if any, then to the Class B-1 Certificateholders, as part of the Class B-1 Interest Distribution Amount, up to the amount of the Class B-1 Simple Interest Deficiency (or pro rata, if such remaining funds are less than the Class B-1 Simple Interest Deficiency) and then to the Class B-2 Certificateholders, as part of the Class B-2 Interest Distribution Amount, up to the amount of the Class B-2 Simple Interest Deficiency (or pro rata, if such remaining funds are less than the Class B-2 Simple Interest Deficiency); provided, however, that (i...
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Related to SIMPLE INTEREST DEFICIENCIES

  • Simple Interest Each Receivable provides for scheduled monthly payments that fully amortize the Amount Financed by maturity (except for minimally different payments in the first or last month in the life of the Receivable) and provides for a finance charge or yield interest at its APR, in either case calculated based on the Simple Interest Method.

  • Default Rate Interest In the event that the Corporation does not make timely payment of all or any portion of a Tax Benefit Payment to a Member on or before the Final Payment Date as determined pursuant to Section 3.1(a), the amount of “Default Rate Interest” calculated in respect of the Net Tax Benefit (including previously accrued Imputed Interest and Extension Rate Interest) for a Taxable Year will equal interest calculated at the Default Rate from the Final Payment Date for a Tax Benefit Payment as determined pursuant to Section 3.1(a) until the date on which the Corporation makes such Tax Benefit Payment to such Member. For the avoidance of doubt, the amount of any Default Rate Interest as determined with respect to any Net Tax Benefit payable by the Corporation to a Member shall be included in the Hypothetical Tax Liability of the Corporation for purposes of calculating Realized Tax Benefits and Realized Tax Detriments pursuant to this Agreement.

  • Interest Calculations Interest shall be calculated on the basis of a 360-day year, consisting of twelve 30 calendar day periods, and shall accrue daily commencing on the Original Issue Date until payment in full of the outstanding principal, together with all accrued and unpaid interest, liquidated damages and other amounts which may become due hereunder, has been made. Interest hereunder will be paid to the Person in whose name this Note is registered on the records of the Company regarding registration and transfers of this Note (the “Note Register”).

  • Interest Due Without limiting any other rights or remedies available to either Party, each Party shall pay the other interest on any payments that are not paid on or before the date such payments are due under this Agreement at a rate of [*] per annum or the maximum applicable legal rate, if less, calculated on the total number of days payment is delinquent.

  • Interest After Default To the extent permitted by Law, upon the occurrence of an Event of Default and until such time such Event of Default shall have been cured or waived, and at the discretion of the Administrative Agent or upon written demand by the Required Lenders to the Administrative Agent:

  • Interest Rate The LHIN may charge the HSP interest on any amount owing by the HSP at the then current interest rate charged by the Province of Ontario on accounts receivable.

  • Interest and Principal Payments Holders shall be entitled to receive, and Borrower shall pay, simple interest on the outstanding principal amount of this Note at the annual rate of eight percent (8%) (as subject to increase as set forth in this Note) from the Original Issue Date through the Maturity Date. Principal and interest shall be due and payable on the Maturity Date.

  • INTEREST CALCULATION COSTS 10.1 As set forth in 31 CFR 205.27, interest calculation costs are defined as those costs necessary for the actual calculation of interest, including the cost of developing and maintaining clearance patterns in support of the interest calculations. Interest calculation costs do not include expenses for normal disbursing services, such as processing of checks or maintaining records for accounting and reconciliation of cash balances, or expenses for upgrading or modernizing accounting systems. Interest calculation costs in excess of $50,000 in any year are not eligible for reimbursement, unless the State provides justification with the annual report. 10.2 The State expects to incur the following types of interest calculation costs: Costs of calculating interest, including the cost of developing and maintaining clearance patterns in support of interest calculations. 10.3 The State shall submit all claims for reimbursement of interest calculation costs with its Annual Report in accordance with 31 CFR 205.

  • Deferred Interest The amount by which the interest due on a Mortgage exceeds the borrower’s monthly payment, which amount is added to the unpaid principal balance of the Mortgage.

  • Interest Accrual Each Class of Notes will accrue interest on its Note Balance for each Interest Period until the Note Balance has been paid in full at a rate per annum equal to its Note Interest Rate for that Interest Period. Interest on the Class A-1 and Class A-2b Notes will be calculated for each Interest Period on the basis of the actual number of days in the Interest Period and a 360-day year. Interest on the Notes (other than the Class A-1 and Class A-2b Notes) for each Interest Period will be calculated on the basis of a 360-day year consisting of twelve 30-day months. Interest on each Note for each Interest Period will be due and payable on the related Payment Date.

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