Advance Interest Rate. The “prime rate” published in the “Money Rates” section of The Wall Street Journal. If The Wall Street Journal ceases to publish the “prime rate”, then the Servicer shall select an equivalent publication that publishes such “prime rate”, and if such “prime rate” is no longer generally published or is limited, regulated or administered by a governmental or quasi-governmental body, then the Servicer is required to reasonably select a comparable interest rate index.
Advance Interest Rate shall have the meaning assigned to the term “Advance Rate” or such other analogous term used in the Servicing Agreement.
Examples of Advance Interest Rate in a sentence
Manager Advances will accrue interest at the Advance Interest Rate and shall be reimbursable on each Weekly Allocation Date in accordance with the Priority of Payments.
In connection with any Mandatory Decrease, the Master Issuer shall reimburse the Trustee, the Servicer and the Manager, as applicable, for any unreimbursed Advances and Manager Advances (in each case, with interest thereon at the Advance Interest Rate).
In connection with any Voluntary Decrease, the Master Issuer shall reimburse the Trustee, the Servicer and the Manager, as applicable, for any unreimbursed Advances and Manager Advances (in each case, with interest thereon at the Advance Interest Rate).
It shall be a condition to any Voluntary Decrease that the amount on deposit in the Collection Account is sufficient to pay the Trustee, the Servicer and the Manager, as applicable, for any unreimbursed Advances and Manager Advances (in each case, with interest thereon at the Advance Interest Rate), if any, on the Weekly Allocation Date immediately following such Voluntary Decrease.
In connection with any Mandatory Decrease, the Co-Issuers shall reimburse the Trustee, the Servicer and the Manager, as applicable, for any unreimbursed Servicing Advances and Manager Advances (in each case, with interest thereon at the Advance Interest Rate).
More Definitions of Advance Interest Rate
Advance Interest Rate. The greater of: (a) the “prime rate” published in the “Money Rates” section of The Wall Street Journal; and (b) 2.0% per annum, compounded annually. If The Wall Street Journal ceases to publish the “prime rate”, then the Servicer shall select an equivalent publication that publishes such “prime rate”, and if such “prime rate” is no longer generally published or is limited, regulated or administered by a governmental or quasi-governmental body, then the Servicer is required to reasonably select a comparable interest rate index.
Advance Interest Rate has the meaning stated in Section 7.16(b). AFFILIATE of any Person means (i) any other Person which, directly or indirectly, is in Control of, is controlled by or is under common control with, such Person; (ii) any other Person who is a director or officer of (x) such Person, (y) any subsidiary of such Person, or (z) any Person described in clause (i) above, or (iii) any corporation, limited liability company or partnership which has a director any Person described in clause (ii) above. For purposes of this definition, one entity (the "controlled entity") is controlled by another (the "controlling entity") if the controlling entity has the power, directly or indirectly, to direct or cause the direction of the management and policies of the controlled entity, whether through the ownership of voting securities, by contract, or otherwise. A controlling entity shall be deemed to have control of a controlled entity in the following circumstances: (i) if the controlled entity is a corporation, the controlling entity owns more than fifty-one percent (51%) of the shares of the controlled entity's capital stock that have voting power to elect directors, including shares that have voting power by reason of the occurrence of one or more conditions or contingencies; (ii) if the controlled entity is a limited partnership, the controlling entity both owns more than fifty-one percent (51%) of the equity interests in the partnership and controls (in accordance with the balance of this definition) the general partner of the partnership; (iii) if the controlling entity is a limited liability company, the controlling entity either owns more than fifty-one percent (51%) of the equity interests in the limited liability company or controls (in accordance with the balance of this definition) a majority of the managers or members of the limited liability company; or (iv) if the controlling entity is a business trust, the controlling entity either owns more than fifty-one percent (51%) of the equity interests in the business trust or controls (in accordance with the balance of this definition) a majority of the trustees of the business trust.
Advance Interest Rate shall refer to the Reference Rate plus 50 annual basis points.
Advance Interest Rate has the meaning stated in Section 7.17(c).
Advance Interest Rate. With respect to each Note and each Interest Period or any shorter period for which interest accrues, a per annum rate determined in arrears of the daily weighted average cost of funding of the Noteholders' purchase or carrying of their Note during such Interest Period or any shorter period for which interest accrues, which shall be: (A) prior to the occurrence of an Amortization Event, (i) the CP Rate plus 0.225%, to the extent the purchase or carrying of such Note issued pursuant to the Indenture is funded by the applicable Noteholders by issuing Commercial Paper Notes, (ii) the Offshore Rate or LIBOR, as applicable, plus the Applicable Margin, to the extent the purchase or carrying of such Note issued pursuant to the Indenture is funded by the applicable Noteholders by such rate and (iii) the Reference Rate, to the extent the purchase or carrying of such Note issued pursuant to the Indenture is funded by such rate and (B) after the occurrence of an Amortization Event, the Reference Rate for such Note; PROVIDED, that from and after the occurrence of an Amortization Event, the Advance Interest Rate shall not exceed the Maximum Interest Rate, and either Agent may, on any Business Day, by prior written notice to the other Agent, the Issuer, the Indenture Trustee, the Seller, the Servicer and the Security Insurer, convert the Advance Interest Rate for its related Note to a fixed interest rate not to exceed the Maximum Interest Rate as of the close of business on the date such Amortization Event occurs, such fixed interest rate not to exceed the Two Year Treasury Yield (as of the close of business on the date such Amortization Event occurs) plus 0.60% PLUS the Basis Fee Percent.
Advance Interest Rate means a rate equal to the Prime Rate plus 2.0% calculated on the basis of a 360-day year of twelve 30-day months.