Class R Monthly Interest definition

Class R Monthly Interest means, with respect to any Series 2015-3 Interest Period, an amount equal to the product of (a) the average daily Class R Invested Amount during such Series 2015-3 Interest Period, (b) the Class R Note Rate for such Series 2015-3 Interest Period and (c) the number of days in such Series 2015-3 Interest Rate Period (assuming a 360-day year consisting of twelve 30-day months) divided by 360.

Class R Monthly Interest means, with respect to (i) the initial Series 2023-8 Interest Period, an amount equal to $317,171.56 and (ii) any other Series 2023-8 Interest Period, an amount equal to the product of (A) one-twelfth of the Class R Note Rate and (B) the Class R Invested Amount on the first day of such Series 2023-8 Interest Period, after giving effect to any principal payments made on such date.

Class R Monthly Interest means, with respect to any Series 2010-6 Interest Period, an amount equal to the product of (a) the average daily Class R Invested Amount during such Series 2010-6 Interest Period, (b) the Class R Note Rate for such Series 2010-6 Interest Period and (c) the number of days in such Series 2010-6 Interest Rate Period (assuming a 360-day year consisting of twelve 30-day months) divided by 360.

Examples of Class R Monthly Interest in a sentence

• If the amounts described in Section 2.3 are insufficient to pay the amounts described in clauses (i) through (vi) of Section 2.3(a) and the Class R Monthly Interest on any Distribution Date, payments of interest to the Class R Noteholders will be reduced on a pro rata basis by the amount of such deficiency.

• If the amounts described in Section 2.3 are insufficient to pay the amounts described in clauses (i) through (viii) of Section 2.3(a) and the Class R Monthly Interest on any Distribution Date, payments of interest to the Class R Noteholders will be reduced on a pro rata basis by the amount of such deficiency.

• The aggregate amount, if any, of such deficiency on any Distribution Date (which deficiency on any Distribution Date shall not exceed the Class R Monthly Interest for the Series 2020-1 Interest Period ended on the day preceding such Distribution Date), together with the aggregate unpaid amount of any such deficiencies with respect to all prior Distribution Dates, shall be referred to as the “Class R Shortfall”.

• The aggregate amount, if any, of such deficiency on any Distribution Date (which deficiency on any Distribution Date shall not exceed the Class R Monthly Interest for the Series 2022-5 Interest Period ended on the day preceding such Distribution Date), together with the aggregate unpaid amount of any such deficiencies with respect to all prior Distribution Dates, shall be referred to as the “Class R Shortfall”.

• The aggregate amount, if any, of such deficiency on any Distribution Date (which deficiency on any Distribution Date shall not exceed the Class R Monthly Interest for the Series 2020-2 Interest Period ended on the day preceding such Distribution Date), together with the aggregate unpaid amount of any such deficiencies with respect to all prior Distribution Dates, shall be referred to as the “Class R Shortfall”.

More Definitions of Class R Monthly Interest

Class R Monthly Interest means, with respect to (i) the initial Series 2022-5 Interest Period, an amount equal to $197,939.47 and (ii) any other Series 2022-5 Interest Period, an amount equal to the product of (A) one-twelfth of the Class R Note Rate and (B) the Class R Invested Amount on the first day of such Series 2022-5 Interest Period, after giving effect to any principal payments made on such date.

Class R Monthly Interest means, with respect to (i) the initial Series 2023-3 Interest Period, an amount equal to $271,161.00 and (ii) any other Series 2023-3 Interest Period, an amount equal to the product of (A) one-twelfth of the Class R Note Rate and (B) the Class R 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 R Monthly Interest means, with respect to (i) the initial Series 2020-2 Interest Period, an amount equal to $241,511.11 and (ii) any other Series 2020-2 Interest Period, an amount equal to the product of (A) one-twelfth of the Class R Note Rate and (B) the Class R Invested Amount on the first day of such Series 2020-2 Interest Period, after giving effect to any principal payments made on such date.

Class R Monthly Interest means, with respect to (i) the initial Series 2024-1 Interest Period, an amount equal to $587,081 and (ii) any other Series 2024-1 Interest Period, an amount equal to the product of (A) one-twelfth of the Class R Note Rate and (B) the Class R Invested Amount on the first day of such Series 2024-1 Interest Period, after giving effect to any principal payments made on such date.

Class R Monthly Interest means, with respect to (i) the initial Series 2021-2 Interest Period, an amount equal to $230,444.50 and (ii) any other Series 2021-2 Interest Period, an amount equal to the product of (A) one-twelfth of the Class R Note Rate and (B) the Class R Invested Amount on the first day of such Series 2021-2 Interest Period, after giving effect to any principal payments made on such date.

Class R Monthly Interest means, with respect to (i) the initial Series 2018-2 Interest Period, an amount equal to

Class R Monthly Interest means, with respect to (i) the initial Series 2019-2 Interest Period, an amount equal to$158,891 and (ii) any other Series 2019-2 Interest Period, an amount equal to the product of (A) one-twelfth of the Class R Note Rate and (B) the Class R Invested Amount on the first day of such Series 2019-2 Interest Period, after giving effect to any principal payments made on such date.