Examples of Available Funds Rate in a sentence
The Mortgage Rate and Net Mortgage Rate as to any Mortgage Loan will be deemed not reduced by any servicing modification, so that the calculation of any Available Funds Rate will not be affected by the servicing modification.
The Note Interest Rate for the Class A-1, Class A-2, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class B-1 and Class B-2 Notes will be the least of (a) a floating rate based on One-Month LIBOR plus [x.xx]%, [x.xx]%, [x.xx]%, [x.xx]%, [x.xx]%, [x.xx]%, [x.xx]%, [x.xx]% and [x.xx]%, respectively, (b) 11.500% per annum and (c) the Available Funds Rate.
Any such rate shall be subject to the Available Funds Rate on the related Payment Date, as calculated by the Servicer.
The Available Funds Rate will equal the product of (i) the quotient of (a) 360 divided by (b) the actual number of days in the accrual period, multiplied by (ii) the quotient of (a) the total interest received or advanced on the mortgage loans for the related collection period less Net Swap Payments and Swap Termination Payments not due to a Swap Provider Termination Event divided by (b) the aggregate principal balance of the mortgage loans as of the first day of the related collection period.
The “Note Interest Rate” with respect to each Class of Notes means the lesser of (a) the related Formula Rate and (b) the Available Funds Rate.