Net Receivables Rate means, for any Distribution Date, the sum of (i) the weighted average of the interest rates borne by the Receivables during the second preceding Monthly Period (because interest payments on the Receivables at such rates will be due and payable in the Monthly Period preceding such Distribution Date), plus (ii) the product of (x) the Monthly Payment Rate for the Monthly Period preceding such Distribution Date, the (y) Discount Factor, if any, for such Distribution Date, and (z) twelve, less 2% per annum, unless the Servicing Fee has been waived for such Monthly Period.
Net Receivables Rate means, for any Adjustment Date, (a) the weighted average interest rates borne by the Receivables included in the Pool for the preceding Collection Period minus (b) 2%, if BCI is the Servicer or, if BCI is not the Servicer, 3%.
Examples of Net Receivables Rate in a sentence
Therefore, it is anticipated that the Net Receivables Rate will not be used as the interest rate on the Offered Certificates.
It is anticipated that factors which cause changes in LIBOR will, under most reasonable scenarios, cause similar changes to the rates on the Receivables and, thus, that the Net Receivables Rate generally will experience changes similar to those of LIBOR.
We note that the interest rates on the Offered Certificates are subject to a maximum rate equal to the Net Receivables Rate.
The Pooling and Servicing Agreement provides that the Offered Certificateholders are entitled to receive a fixed principal amount and a rate of return (i.e., a floating rate based on a spread over LIBOR which is set at the time of the issuance of the Certificates or, if less, the Net Receivables Rate).
The Pooling and Servicing Agreement provides that the Offered Certificateholders are entitled to receive a fixed principal amount and a rate of return (i.e., a floating rate based on a spread over LIBOR which is set at the time of the issuance of the Offered Certificates or, if less, the Net Receivables Rate).
More Definitions of Net Receivables Rate
Net Receivables Rate means, with respect to a Distribution Date and unless otherwise specified for a Series in the related Supplement, (i) the weighted average of the interest rates borne by the Receivables during the second preceding Collection Period (interest payments on the Receivables at such rates being due and payable in the Collection Period preceding such Distribution Date) plus (ii) the product of (x) the Monthly Payment Rate for the Collection Period preceding such Distribution Date, (y) the Discount Factor for such Distribution Date and (z) twelve less (iii) 2% per annum, unless the Servicing Fee has been waived for such Collection Period.
Net Receivables Rate means, with respect to each Distribution Date immediately following an Interest Period, (i) the weighted average of the interest rates borne by the Receivables during the second Collection Period preceding such Distribution Date (interest payments on the Receivables at such rates being due and payable in the Collection Period preceding such Distribution Date) plus (ii) the product of (x) the Monthly Payment Rate for the Collection Period preceding such Distribution Date, (y) the Discount Factor for such Distribution Date and (z) twelve less (iii) 2% per annum, unless the Monthly Servicing Fee has been waived (other than a deemed waiver under Section 3.1) for such Distribution Date, in which case, solely for that Distribution Date, "2% per annum" will be deemed to be replaced by "0% per annum".
Net Receivables Rate means, with respect to a Payment Date and unless otherwise specified for a Series in the related Supplement, (i) the weighted average of the interest rates borne by the Receivables during the second Collection Period preceding such Payment Date (interest payments on the Receivables at such rates being due and payable in the Collection Period preceding such Payment Date) plus (ii) the product of (x) the Monthly Payment Rate for the Collection Period preceding such Payment Date, (y) the Discount Factor for such Payment Date and (z) twelve less (iii) 2% per annum unless the Monthly Servicing Fee has been waived (other than a deemed waiver) pursuant to each Supplement, in which case solely, for that Payment Date, "2% per annum" will be deemed to be replaced by "0% per annum".
Net Receivables Rate means, with respect to a Distribution Date and unless otherwise specified for a Series in the related Supplement, (i) the weighted average of the interest rates borne by the Receivables during the second Collection Period preceding such Distribution Date (interest payments on the Receivables at such rates being due and payable in the Collection Period preceding such Distribution Date) plus (ii) the product of (x) the Monthly Payment Rate for the Collection Period preceding such Distribution Date, (y) the Discount Factor for such Distribution Date and (z) twelve less (iii) 2% per annum.
Net Receivables Rate means, for any Distribution Date, the sum of (i)the weighted average of the interest rates borne by the Receivables during the second preceding Monthly Period (because interest payments on the Receivables at such rates will be due and payable in the Monthly Period preceding such Distribution Date), plus (ii)the product of (x)the Monthly Payment Rate for the Monthly Period preceding such Distribution Date, the (y)Discount Factor, if any, for such Distribution Date, and (z)twelve, less 2% per annum, unless the Servicing Fee has been waived for such Monthly Period.
Net Receivables Rate means, for any Distribution Date, the sum of (i) the weighted average of the interest rates borne by the Receivables during the second preceding Monthly Period (because interest payments on the Receivables at such rates will be due and payable in the Monthly Period preceding such Distribution Date), plus (ii) the product of (x) the Monthly Payment Rate for the Monthly Period preceding such Distribution Date, the (y) Discount Factor, if any, for such Distribution Date, and (z) twelve, less 1% per annum if Green Tree or an affiliate is the Servicer, or 2% per annum if Green Tree or an affiliate is not the Servicer, unless the Servicing Fee has been waived for such Monthly Period.
Net Receivables Rate means, for any Distribution Date, the sum of (i) the weighted average of the interest rates borne by the Receivables during the second preceding Monthly Period (because interest payments on the Receivables at such rates will be due and payable in the Monthly Period preceding such Distribution Date), plus (ii) the product of (x) the Monthly Payment Rate for the Monthly Period preceding such Distribution Date, the (y) Discount Factor, if any, for such Distribution Date, and (z) twelve, less 1% per annum if Conseco Finance Corp. or an affiliate is the Servicer, or 2% per annum if Conseco Finance Corp. or an affiliate is not the Servicer, unless the Servicing Fee has been waived for such Monthly Period.