Class B-3 Interest Rate definition
Class B-3 Interest Rate. With respect to any Payment Date, the least of:
Class B-3 Interest Rate. With respect to each Payment Date, the Class B-3 Interest Rate per annum is One-Month LIBOR, as determined on the applicable Floating Rate Determination Date, plus 1.75%, subject to a cap of 11.00%, except that (i) for the initial Payment Date, the Class B-3 Interest Rate is 7.40% per annum; and (ii) the Class B-3 Interest Rate per annum for any Payment Date following the first Payment Date on which the Issuer has the option to redeem the Class B-3 Bonds is One-Month LIBOR, as determined on the applicable Floating Rate Determination Date, plus 2.25%, subject to a cap of 11.50%; provided that, if the Issuer redeems the Class B-3 Bonds through an Affiliate and the Class B-3 Bonds remain Outstanding following such purchase, such Class B-3 Interest Rate shall not be increased as provided in this clause (ii).
Class B-3 Interest Rate. The Class B-3 Interest Rate is the per annum rate equal to One-Month LIBOR, as determined on the applicable Floating Rate Determination Date, plus 1.75%, subject to a cap of 11%, accrued during the applicable Accrual Period on the outstanding principal balance of the Class B-3 Bonds immediately prior to such Payment Date, except that (i) for the initial Payment Date, the Class B-3 Interest Rate is 7.4375% per annum; and (ii) the Class B-3 Interest Rate for any Payment Date following the first Payment Date on which the Issuer has the option to redeem the Bonds shall be the per annum rate equal to One-Month LIBOR, as determined on the applicable Floating Rate Determination Date, plus 2.25% subject to a cap of 11.50%; provided that, if the Issuer redeems the Class B-3 Bonds through an Affiliate and the Class B-3 Bonds remain outstanding following such purchase, the Class B-3 Interest Rate shall not be increased as provided in this clause (ii).
Examples of Class B-3 Interest Rate in a sentence
Interest shall accrue on the Class B Deficiency Amount for the Class B-1 Notes at the Class B-1 Interest Rate, on the Class B Deficiency Amount for the Class B-2 Notes at the Class B-2 Interest Rate and on the Class B Deficiency Amount for the Class B-3 Notes at the Class B-3 Interest Rate.
More Definitions of Class B-3 Interest Rate
Class B-3 Interest Rate means an interest rate equal to 7.80% per annum, calculated on the basis of a 360-day year of twelve 30-day months.