Class C Monthly Interest definition

Class C Monthly Interest is defined in Section 4.1(c).

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Class C Monthly Interest due and payable with respect to the Class C Notes on any Payment Date shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, (ii) the Class C Interest Rate in effect with respect to the related Interest Period and (iii) the Class C Note Principal Balance as of the close of business on the last day of the preceding Monthly Period (or, with respect to the initial Payment Date, the Class C Note Initial Principal Balance). With respect to each Payment Date, the Issuer shall determine the excess, if any (the “Class C Deficiency Amount”), of (x) the aggregate amount of Class C Monthly Interest payable pursuant to this Section 4.1(c) as of the prior Payment Date over (y) the amount of Class C Monthly Interest actually paid on such Payment Date. If the Class C Deficiency Amount for any Payment Date is greater than zero, on each subsequent Payment Date until such Class C Deficiency Amount is fully paid, an additional amount (“Class C Additional Interest”) equal to the product of (i) a fraction, the numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, (ii) the Class C Note Interest Rate in effect with respect to the related Interest Period plus 2% per annum and (iii) such Class C Deficiency Amount (or the portion thereof which has not been paid to the Class C Noteholders) shall be payable as provided herein with respect to the Class C Notes. Notwithstanding anything to the contrary herein, Class C Additional Interest shall be payable or distributed to the Class C Noteholders only to the extent permitted by applicable law.

Class C Monthly Interest means, for any Distribution Date, one-twelfth (or, in the case of the first Distribution Date, the number of days from and including the Closing Date to but excluding the 15th day of the month in which such Distribution Date occurs, assuming each month has 30 days, divided by 360) of the product of (A) the Class C Rate and (B) the outstanding principal balance of the Class C Notes as of the preceding Distribution Date (after giving effect to all payments of principal made to the Holders of the Class C Notes on or before such preceding Distribution Date).

Examples of Class C Monthly Interest in a sentence

On the Note Transfer Date preceding each Payment Date, the Servicer shall determine an amount (the “Class C Interest Shortfall”) equal to (x) the aggregate Class C Monthly Interest for such Payment Date minus (y) the aggregate amount of funds allocated and available to pay such Class C Monthly Interest on such Payment Date.
Accrued and unpaid interest in respect of overdue Class C Monthly Interest and Fees, shall be payable as a part of Class C Monthly Interest and Fees on each Distribution Date.
The amount of any shortfall in interest based on such variation shall be included in the portion of Class C Monthly Interest and Fees payable to such CP Conduit on the following Distribution Date, and the amount of any overpayment of interest to such CP Conduit based on such variation shall be credited, dollar for dollar, against the portion of Class C Monthly Interest and Fees otherwise payable to such CP Conduit for the following Interest Period.
For the avoidance of doubt, Class C CP True-Up Payment Amounts, if any, shall be paid in accordance with Section 5.3 as a component of the Class C Monthly Interest Amount.
Notwithstanding anything to the contrary herein, the portion of Carryover Class C Monthly Interest that constitutes CTO Additional Interest shall be payable or distributable to CTO Securityholders only to the extent permitted by applicable law.

More Definitions of Class C Monthly Interest

Class C Monthly Interest means (i) for the initial Distribution Date, $[ ], and (ii) for any Distribution Date thereafter, one-twelfth of the product of (A) the Class C Rate and (B) the outstanding principal balance of the Class C Notes as of the preceding Distribution Date (after giving effect to all payments of principal made to the Holders of the Class C Notes on or before such preceding Distribution Date).

Class C Monthly Interest means, with respect to (i) the initial Series 2019-2 Interest Period, an amount equal to $165,360 and (ii) any other Series 2019-2 Interest Period, an amount equal to the product of (A) one-twelfth of the Class C Note Rate and (B) the Class C Invested Amount on the first day of such Series 2019-2 Interest Period, after giving effect to any principal payments made on such date.

Class C Monthly Interest means, (A) for so long as ABRCF owns 100% of the Class C Notes, $0 and (B) if ABRCF owns less than 100% of the Class C Notes, with respect to (i) the initial Series 2023-3 Interest Period, an amount equal to $368,362.50 and (ii) any other Series 2023-3 Interest Period, an amount equal to the product of (A) one-twelfth of the Class C Note Rate and (B) the Class C Invested Amount on the first day of such Series 2023-3 Interest Period, after giving effect to any principal payments made on such date.

Class C Monthly Interest means the interest distributable in respect of the Class C Certificates as calculated in accordance with subsection 4.6(c).

Class C Monthly Interest has the meaning specified in Section 5.12(c).

Class C Monthly Interest shall have the meaning specified in Section 3.02(c).

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