Class B Note Interest. With respect to any Payment Date, the sum of (i) the product of (A) the Class B Principal Balance immediately prior to such Payment Date and (B) one-twelfth of the Class B Interest Rate and (ii) the Class B Overdue Interest from the preceding Payment Date.

Class B Note Interest means, (a) with respect to the initial Payment Date, the product of (x) 1/360 of the Class B Interest Rate times (y) the number of days from and including the Closing Date through the day immediately preceding the initial Payment Date (calculated on the basis of a 360-day year consisting of twelve 30-day months) times (z) the Aggregate Outstanding Principal Balance of the Class B Notes as of the Closing Date; provided that, with respect to the initial Payment Date, Class B Note Interest shall equal $951,225.56, and (b) with respect to any subsequent Payment Date, the sum of (i) the product of (x) one-twelfth of the Class B Interest Rate times (y) the Aggregate Outstanding Principal Balance of the Class B Notes outstanding as of the immediately preceding Payment Date after giving effect to all payments of principal of the Class B Notes on such immediately preceding Payment Date and (ii) the Class B Overdue Interest, if any.

Examples of Class B Note Interest in a sentence

The Issuer will pay interest on the unpaid principal amount of this Note at the Class B Note Interest Rate on each Distribution Date until the principal amount of this Note is paid in full.
The Issuer will pay interest on the unpaid principal amount of this Note at the Class B Note Interest Rate on each Payment Date until the principal amount of this Note is paid in full.
During each Interest Accrual Period, this Class B Note will bear interest at the Class B Note Interest Rate.
Class B Note Interest –– to the class B noteholders, accrued and unpaid interest on the class B notes;6.
The Issuer will pay interest on overdue installments of interest at the Class B Note Interest Rate to the extent lawful.

More Definitions of Class B Note Interest

Class B Note Interest means, for any Payment Date, the sum of the Class B Interest Payment Amount for such Payment Date and the Class B Interest Carryover Shortfall, if any, as of the immediately preceding Payment Date.

Class B Note Interest means, (a) with respect to the initial Payment Date, the product of (x) 1/360 of the Class B Interest Rate times (y) the number of days from and including the Closing Date through the day immediately preceding the initial Payment Date (calculated on the basis of a 360-day year consisting of twelve 30-day months) times (z) the Aggregate Outstanding Principal Balance of the Class B Notes as of the Closing Date, and (b) with respect to any subsequent Payment Date, the sum of (i) the product of (x) one-twelfth of the Class B Interest Rate times (y) the Aggregate Outstanding Principal Balance of the Class B Notes outstanding as of the immediately preceding Payment Date after giving effect to all payments of principal of the Class B Notes on such immediately preceding Payment Date and (ii) the Class B Overdue Interest, if any.

Class B Note Interest shall have the meaning specified in Section 4.4A(iii).

Class B Note Interest means each undivided interest in the Class B Notes acquired by the Class B Conduit Investor or the Class B Alternate Investors in connection with the funding of the Class B Initial Invested Amount, the making of Class B Incremental Fundings by the Class B Conduit Investor or the Class B Alternate Investors pursuant to Section 2.04 or the funding of any Assignment Purchase Price by the Class B Alternate Investors pursuant to Section 2.09.

Class B Note Interest means (a) with respect to the initial Payment Date, the product of (i) 1/360 of the Class B Note Interest Rate times (ii) the actual number of days from and including the Closing Date through the day immediately preceding the initial Payment Date times (iii) the Note Principal Balance of the Class B Notes as of the Closing Date, and (b) with respect to any subsequent Payment Date, the sum of (i) the product of (x) 1/12 of the Class B Note Interest Rate times (y) the Note Principal Balance of the Class B Notes as of the immediately preceding Payment Date after giving effect to all payments of principal of the Class B Notes on such immediately preceding Payment Date and (ii) the Class B Overdue Interest, if any.

Class B Note Interest means, for any Payment Date, the sum of the Class B Interest Payment Amount for such Payment Date and the Class B Interest Carryover Shortfall as of the immediately preceding Payment Date.