Promissory Note Rate means, for any Settlement Period:

Promissory Note Rate means, for any Settlement Period, the per annum rate equal to the weighted average of the per annum rates paid or payable by the Conduit Lenders from time to time as interest on or otherwise (by means of interest rate xxxxxx or otherwise) in respect of the Promissory Notes that are allocated, in whole or in part, by the Agent (on behalf of the Conduit Lenders) to fund or maintain the Conduit Lenders' Advances during such Settlement Period, as determined by the Agent (on behalf of the Conduit Lenders) and reported to the Issuer and the Master Servicer, which rates shall reflect and give effect to the commissions of placement agents and dealers in respect of Promissory Notes, to the extent such commissions are allocated, in whole or in part, to such Promissory Notes by the Agent (on behalf of the Conduit Lenders); provided, however, that if any component of such rate is a discount rate, in calculating the "Promissory Note Rate" for such Settlement Period, the Agent shall for such component use the rate resulting from converting such discount rate to an interest bearing equivalent rate per annum; provided, further, that the Promissory Note Rate with respect to Advances funded by Participants shall be the same rate as in effect from time to time on Advances or portions thereof that are not funded by a Participant; provided, further, that if all of the Advances maintained by the Conduit Lenders are funded by Participants, then the Promissory Note Rate shall be the applicable Conduit Lender's pool funding rate in effect from time to time for its largest size pool of transactions which settles with a frequency corresponding to the Settlement Period.

Promissory Note Rate means, for any Fixed Period and any Funding Tranche relating to a Conduit Investor, the per annum rate equal to the weighted average of the per annum rates paid or payable by such Conduit Investor from time to time as interest on or otherwise (by means of interest rate xxxxxx or otherwise) in respect of the Promissory Notes that are allocated, in whole or in part, by the Agent (on behalf of a Conduit Investor) to fund or maintain such Conduit Investor’s Funding Tranche during such Fixed Period, as determined by the Agent (on behalf of such Conduit Investor) and reported to the Servicer, which rates shall reflect and give effect to the commissions of placement agents and dealers in respect of Promissory Notes, to the extent such commissions are allocated, in whole or in part, to such Promissory Notes by the Agent (on behalf of such Conduit Investor); provided, however, that if any component of such rate is a discount rate, in calculating the “Promissory Note Rate” for such Fixed Period, the Agent shall for such component use the rate resulting from converting such discount rate to an interest bearing equivalent rate per annum ; provided, further, that the Promissory Note Rate with respect to Funding Tranches or portions thereof, interests or participations in which have been sold or assigned by such Conduit Investors to any Person (each, a “Participant”) pursuant to Section 8.01(b) (other than to any Program Support Provider) shall be the same rate as in effect from time to time on Funding Tranches or portions thereof that are not funded by a Participant; provided, further, that if all of the Funding Tranches maintained by such Conduit Investor are funded by Participants, then the Promissory Note Rate shall be such Conduit Investor’s pool funding rate in effect from time to time for its largest size pool of transactions which settles with a frequency corresponding to such Fixed Period.

Examples of Promissory Note Rate in a sentence

If any Funding Tranche begins to accrue interest at a Funding Rate other than the Promissory Note Rate after the date the Agent provides the Noteholders’ Interest Distributable Amount calculation for any Distribution Date, the Agent shall promptly provide the Servicer a calculation of the interest that will accrue on such Funding Tranche and be included in the definition of “Noteholders’ Interest Distributable Amount” for such Distribution Date.
The Administrative Agent shall promptly following its receipt of notice or obtaining knowledge thereof, notify the Issuer in each case where the Borrowing related to such Borrowing Notice will not be funded at the Promissory Note Rate for all or any portion of the related Settlement Period.

Related to Promissory Note Rate

Net Note Rate means, with respect to each Note, the applicable Note Rate minus the Servicing Fee Rate.
Promissory Notes Security", "Record", "Security Account", "Software", and "Supporting Obligations".
Promissory Note means an instrument that evidences a promise to pay a monetary obligation, does not evidence an order to pay, and does not contain an acknowledgment by a bank that the bank has received for deposit a sum of money or funds.
Term Note A means a promissory note of the Borrower payable to the order of a requesting Lender in the principal amount of such Lender’s Term Loan A Commitment, in substantially the form of Exhibit E-1.
Note Rate means, in the case of the Class A-1 Notes, the Class A-1 Rate; in the case of the Class A-2a Notes, the Class A-2a Rate; in the case of the Class A-2b Notes, the Class A-2b Rate; in the case of the Class A-3 Notes, the Class A-3 Rate; in the case of the Class A-4 Notes, the Class A-4 Rate; in the case of the Class B Notes, the Class B Rate; in the case of the Class C Notes, the Class C Rate; and in the case of the Class D Notes, the Class D Rate.
Term Loan Interest Rate means for any day a per annum rate of interest equal to the greater of either (i) 9.25% plus the prime rate as reported in The Wall Street Journal minus 3.50% and (ii) 9.25%.
Term Note means a promissory note of the Borrower payable to any Term Lender or its registered assigns, in substantially the form of Exhibit C-1 hereto, evidencing the aggregate Indebtedness of the Borrower to such Term Lender resulting from the Term Loans made by such Term Lender.
Loan Interest Rate means, as to any Loan, the annual rate of interest specified in the Loan.
Class A-1 Note Rate means, with respect to any Quarterly Interest Period, the interest rate per annum (computed on the basis of the actual number of days in such Quarterly Interest Period over a year of 360 days) equal to Three-Month LIBOR for the related LIBOR Reset Period plus 0.08%.
Class A Note Rate means 2.97% per annum.
Class B Note Rate means % per annum, computed on the basis of a 360-day year consisting of twelve 30-day months.
Term Notes means the promissory notes of the Borrower in favor of each of the Lenders evidencing the portion of the Term Loan provided pursuant to Section 2.2(d), individually or collectively, as appropriate, as such promissory notes may be amended, modified, restated, supplemented, extended, renewed or replaced from time to time.
Class A-2 Note Interest Rate means a rate per annum equal to %.
Class A-1 Note Interest Rate means a rate per annum equal to 0.64000%.
Net Note B Rate means the Note B Rate minus the Servicing Fee Rate.
Prime Interest Rate means the publicly quoted variable annual basic rate of interest, published from time to time by the bankers of FUNDI as being their prime rate and as certified by the auditors of FUNDI, whose appointment it shall not be necessary to prove. Details of such bankers will be provided to the Applicant when so requested in writing.
Class A-3 Note Interest Rate means a rate per annum equal to %.
Revolving Loan Agreement means that certain Revolving Credit and Security Credit Agreement dated as of the Closing Date by and among Revolving Loan Agent, the Revolving Loan Lenders and the Loan Parties, as amended, restated or otherwise modified from time to time to the extent not prohibited by the Intercreditor Agreement.
Class C Note Rate means 3.48% per annum.
Note Interest Rate means a per annum rate equal to 0.02% in excess of LIBOR as determined by the Calculation Agent on the related LIBOR Determination Date with respect to each Interest Period.
Class A Note Interest Rate means a per annum rate of [ ]% [in excess of LIBOR as determined on the LIBOR Determination Date for the applicable Interest Period].
U.S. Treasury Note Rate on any date means (i) the yield as calculated by reference to the bid price quotation of the actively traded, current coupon Treasury Note with a maturity most nearly comparable to the length of the related Dividend Period, as such bid price quotation is published on the Business Day immediately preceding such date by the Federal Reserve Bank of New York in its Composite 3:30 P.M. Quotations for U.S. Government Securities report for such Business Day, or (ii) if such yield as so calculated is not available, the Alternate Treasury Note Rate on such date. "Alternate Treasury Note Rate" on any date means the yield as calculated by reference to the arithmetic average of the bid price quotations of the actively traded, current coupon Treasury Note with a maturity most nearly comparable to the length of the related Dividend Period, as determined by the bid price quotations as of any time on the Business Day immediately preceding such date, obtained from at least three recognized primary U.S. Government securities dealers selected by the Auction Agent.
Maximum Mortgage Interest Rate With respect to each Adjustable Rate Mortgage Loan, a rate that is set forth on the related Mortgage Loan Schedule and in the related Mortgage Note and is the maximum interest rate to which the Mortgage Interest Rate on such Mortgage Loan may be increased on any Adjustment Date.
Subordinated Note Amount has the meaning set forth in the Recitals.
Class B Note Interest Rate means a per annum rate of [ ]% [in excess of LIBOR as determined on the LIBOR Determination Date for the applicable Interest Period].
Term Loan Agreement has the meaning assigned to such term in the recitals of this Agreement.

Promissory Note Rate definition

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