Class A-1 Interest definition

Class A-1 Interest means, with respect to any Distribution Date, the sum of (i) interest on the Class A-1 VFC Principal Balance for the immediately preceding Interest Accrual Period computed pursuant to subsection (b) and, if applicable, subsection (c), below, plus or minus (as the case may be) (ii) any Estimated Interest Adjustment with respect to the previous Distribution Date.

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Class A-1 Interest means, with respect to each Distribution Date, the interest distributable in respect of the Class A-1 Certificates as calculated in accordance with subsection 4.6(a) of the Agreement.

Class A-1 Interest. Rate: 5.626% per annum, calculated on a basis of a 360-day year consisting of twelve 30-day months. Class A-1 Mandatory Redemption Amount: (a) with respect to the Mandatory Redemption Date on which the Class A Mandatory Redemption Amount is less than $100,000, the Class A Mandatory Redemption Amount, and (b) with respect to any Payment Date on which the Class A Mandatory Redemption Amount is greater than $100,000, the product of (i) the Class A Mandatory Redemption Amount, and (ii) a fraction, the numerator of which is the Class A-1 Note Balance as of the close of business on the date prior to the related Payment Date and the denominator of which is the Class A Note Balance as of the close of business on the date prior to the related Payment Date.

Examples of Class A-1 Interest in a sentence

• Interest will be computed on the basis of the actual number of days in the Class A-1 Interest Accrual Period divided by 360.

• The Issuer shall pay interest on overdue installments of interest at the Class A-1 Interest Rate to the extent lawful.

• Interest on the Class A-1 Notes will be computed on the basis of the actual number of days in the Class A-1 Interest Accrual Period divided by 360.

• The Issuer will pay interest on this Note at the Class A-1 Interest Rate.

• The Issuer will pay interest on this Note at the Class A-1 Interest Rate, on each Payment Date until the principal of this Note is paid or made available for payment, on the principal amount of this Note outstanding on the close of business on the preceding Payment Date, subject to certain limitations contained in Article V of the Sale and Servicing Agreement (referred to on the reverse side hereof).

• Interest will be computed on the basis of the actual number of days in the Class [A-1] Interest Accrual Period divided by 360.

• All calculations of interest made hereunder shall be made on the basis of a year of 360 days of twelve 30-day months, other than the calculation of interest accrued on the Class A-1 Notes at the Class A-1 Interest Rate, which will be calculated on the basis of a 360-day year based upon the actual number of days elapsed.

• If the Agent Bank at any time for any reason does not determine an Interest Rate for the Offered Notes, or calculate a Class A-1 Interest Amount or Class A-3 Interest Amount (each as defined in the Offered Note Conditions), the Offered Note Trustee must do so and each such determination or calculation will be as if made by the Agent Bank for the purposes of the Offered Note Conditions.

• Interest on the Class [A-1] Notes will be computed on the basis of the actual number of days in the Class [A-1] Interest Accrual Period divided by 360.

• The CLASS A-1 CARRY-FORWARD AMOUNT: for any Payment Date will be the sum of (a) the amount, if any, by which (x) the Class A-1 Interest Payment Amount as of the immediately preceding Payment Date exceeded (y) the amount of interest actually paid to the holders of the Class A-1 Notes on such immediately preceding Payment Date and (b) thirty days' interest on the amount described in clause (a), calculated at an interest rate equal to the Class A-1 Note Rate.

More Definitions of Class A-1 Interest

Class A-1 Interest shall have the meaning specified in subsection 4(a) of this Issuance Supplement.

Class A-1 Interest. The REMIC regular interest in the Upper-Tier REMIC that corresponds to the Class A-1 Certificates.

Class A-1 Interest. A regular interest in REMIC 3 that has an initial principal balance of $300,034,000 and will bear interest at a rate equal to the least of (a) the London interbank offered rate for one-month U.S. dollar deposits plus a Pass-Through Margin of 0.31% and (b) the Net Funds Cap.

Class A-1 Interest means an Interest which is held by a Class A-1 Member. There shall be up to Twenty Thousand (20,000) Class A-1 Interests, each representing a capital contribution of One Thousand Dollars ($1,000), unless increased at the discretion of Manager.

Class A-1 Interest means an interest which is held by a Class A-1 Member, identified as such in Exhibit 1. Subject to the maximum limitation on all Class A Interests, there shall be up to 4,000 Class A-1 Interests, each representing a capital contribution of One Thousand Dollars ($1,000), unless increased at the discretion of Manager. The minimum purchase requirement for subscriptions to Class A-1 Interests is $1,000. A Member will be assigned Class A-1 Interests if the Member’s total Capital Contribution is less than $50,000.

Class A-1 Interest. Rate: 3.52% per annum.