Class C Interest Amount definition

Class C Interest Amount means, for each Interest Accrual Period, an amount equal to the product of (i) the Class C Note Interest Rate as of the first day of such Interest Accrual Period, (ii) the lesser of (a) the Outstanding Principal Balance of the Class C Notes as of the first day of such Interest Accrual Period (after giving effect to all distributions made on such day) and (b) the excess, if any, of (1) the Aggregate Outstanding Loan Balance as of the last day of the Due Period immediately preceding the start of such Interest Accrual Period over (2) the Outstanding Principal Balance of the Class A Notes and the Class B Notes as of the first day of such Interest Accrual Period (after giving effect to all distributions made on such day) and (iii) a fraction, the numerator of which is the number of days in such Interest Accrual Period and the denominator of which is 360.

Class C Interest Amount means, with respect to each Interest Accrual Period, an amount equal to the product of (i) the Note Interest Rate applicable to the Class C Notes for such Interest Accrual Period and (ii) the lesser of (a) the Outstanding Principal Balance of the Class C Notes as of the first day of such Interest Accrual Period after giving effect to all distributions on such day and (b) the excess, if any, of (x) the Aggregate Outstanding Loan Balance as of the last day of the related Collection Period over (y) the sum of the Outstanding Principal Balances of the Class A Notes and Class B Notes as of the first day of such Interest Accrual Period after giving effect to all distributions on such day; provided that for purposes of this definition in no event will the amount determined pursuant to clause (b) hereof be less than zero.

Class C Interest Amount means, for each Interest Period, an amount equal to the product of (i) the Class C Note Interest Rate for such Interest Period, (ii) the lesser of (a) the Outstanding Principal Balance of the Class C Notes for such Interest Period (after giving effect to all distributions made on such day) and (b) the excess, if any, of (1) the Aggregate Outstanding Loan Balance as of the last day of the Due Period immediately preceding the start of such Interest Period over (2) the Outstanding Principal Balance of the Class A Notes and the Class B Notes as of the first day of such Interest Period (after giving effect to all distributions made on such day) and (iii) a fraction, the numerator of which is the number of days in such Interest Period and the denominator of which is 360.

Examples of Class C Interest Amount in a sentence

• If there are any Class B Interest Amount Arrears or Class C Interest Amount Arrears on any Interest Payment Date (other than the Final Maturity Date), such amounts shall not be regarded as payable on such date and shall accrue interest during the Interest Period in which such Interest Payment Date falls in accordance with Condition 7.12 (Default Interest).

• If, on any Calculation Date, the Issuer shall determine that any Deferred Interest Amount Arrears will arise on the immediately succeeding Interest Payment Date, notice to this effect shall be given by the Issuer in accordance with the Notices Condition, specifying the amount of the Class B Interest Amount Arrears and the amount of the Class C Interest Amount Arrears, as applicable, to be deferred on such following Interest Payment Date in respect of each Class B Note and each Class C Note.

• If there are any Class B Interest Amount Arrears, Class C Interest Amount Arrears or Class D Interest Amount Arrears on any Notes Payment Date (other than the Notes Final Maturity Date), such amounts shall not be regarded as payable on such date and shall accrue interest during the Notes Calculation Period in which such Notes Payment Date falls in accordance with Condition 8.12 (Default Interest).

• If the amounts described in this Section 4.8(c) are insufficient, after taking into account any funds available in the Series 1997 1/N1 Excess Funding Account and any portion of the Series 1997 1/N1 Letter of Credit Amount applied as described in Section 4.9(c) of this Supplement and subject to the provisions of Section 4.16 of this Supplement, to pay the Class C Interest Amount on any Payment Date, payments of interest to the Class C Noteholders will be reduced by the amount of such shortfall.

• If, on any Calculation Date, the Issuer shall determine that any Deferred Interest Amount Arrears will arise on the immediately succeeding Interest Payment Date, notice to this effect shall be given by the Issuer in accordance with the Notices Condition, specifying the amount of the Class B Interest Amount Arrears and the amount of the Class C Interest Amount Arrears to be deferred on such following Interest Payment Date in respect of each Class B Note and each Class C Note.

More Definitions of Class C Interest Amount

Class C Interest Amount means, for each Interest Accrual Period, an amount equal to the product of (i) the Class C Note Interest Rate as of the first day of such Interest Accrual Period,

Class C Interest Amount means, for each Interest Accrual Period, an amount equal to the product of (a) the Class C Note Interest Rate as of the first (1st) day of such Interest Accrual Period, (b) the lesser of (i) the Outstanding Principal Balance of the Class C Notes as of the first (1st) day of such Interest Accrual Period (after giving effect to all distributions made on such day) and (ii) the greater of (A) the excess, if any, of (x) the Aggregate Outstanding Loan Balance as of the last day of the Due Period immediately preceding the start of such Interest Accrual Period over the (y) Outstanding Principal Balance of the Class A Notes and the Class B Notes as of the first (1st) day of such Interest Accrual Period (after giving effect to all distributions made on such day) or (B) zero, and (c) a fraction, the numerator of which is the number of days in such Interest Accrual Period and the denominator of which is 360.

Class C Interest Amount has the meaning specified in Section 4.8(c) of this Supplement.

Class C Interest Amount means, with respect to any Payment Date, an amount equal to the amount received by the holder of the Class C Note pursuant to Section 7.05(a) clause TWELFTH.

Class C Interest Amount means a Class C Floating Interest Amount, a Class C Additional Interest Amount and a Class C Third Additional Amount Distribution.

Class C Interest Amount means, on any Payment Date, the higher of:

Class C Interest Amount means, (i) for each Interest Accrual Period prior to the Class C Interest Commencement Date, zero; and (ii) for each Interest Accrual Period beginning on and after the Class C Interest Commencement Date, the product of (a) the Note Interest Rate applicable to the Class C Notes as of the first (1st) day of such Interest Accrual Period, (b) the lesser of (I) the Outstanding Principal Balance of the Class C Notes as of the first (1st) day of such Interest Accrual Period (after giving effect to all distributions made on such day) and (II) the greater of (1) the excess, if any, of (x) the Aggregate Outstanding Loan Balance as of the last day of the Due Period immediately preceding the start of such Interest Accrual Period over (y) the Outstanding Principal Balance of the Class A Notes and Class B Notes as of the first (1st) day of such Interest Accrual Period (after giving effect to all distributions made on such day) and (2) zero, and (C) a fraction, the numerator of which is the number of days in such Interest Accrual Period and the denominator of which is 360.