Class B Senior Note Rate definition

Class B Senior Note Rate means for any Series 2010-6 Interest Period, the interest rate equal to the product of (a) the percentage equivalent of a fraction, the numerator of which is equal to the sum of the Class B Senior Monthly Funding Costs with respect to each Purchaser Group for such Series 2010-6 Interest Period and the denominator of which is equal to the average daily Class B Invested Amount during such Series 2010-6 Interest Period and (b) a fraction, the numerator of which is 360 and the denominator of which is the number of days in such Series 2010-6 Interest Period; provided, however, that the Class B Senior Note Rate will in no event be higher than the maximum rate permitted by applicable law.
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Class B Senior Note Rate means for any Series 2015-3 Interest Period, the interest rate equal to the product of (a) the percentage equivalent of a fraction, the numerator of which is equal to the sum of the Class B Senior Monthly Funding Costs with respect to each Purchaser Group for such Series 2015-3 Interest Period and the denominator of which is equal to the average daily Class B Invested Amount during such Series 2015-3 Interest Period and (b) a fraction, the numerator of which is 360 and the denominator of which is the number of days in such Series 2015-3 Interest Period; provided, however, that the Class B Senior Note Rate will in no event be higher than the maximum rate permitted by applicable law.
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Examples of Class B Senior Note Rate in a sentence

  • The Administrator shall determine the Senior Monthly Funding Costs, the Contingent Monthly Funding Costs, the Class A Senior Note Rate and the Class B Senior Note Rate based on the information provided by the Funding Agents and the Non-Conduit Purchasers.

  • The Administrator shall determine the Senior Monthly Funding Costs, the Contingent Monthly Funding Costs, the Class A Senior Note Rate and the Class B Senior Note Rate for the last Series 2010-6 Interest Period on the Determination Date immediately preceding the final Distribution Date based on the information provided by the Funding Agents and the Non-Conduit Purchasers.

  • The Administrator shall determine the Senior Monthly Funding Costs, the Contingent Monthly Funding Costs, the Class A Senior Note Rate and the Class B Senior Note Rate for the last Series 2015-3 Interest Period on the Determination Date immediately preceding the final Distribution Date based on the information provided by the Funding Agents and the Non-Conduit Purchasers.