Examples of Variable Rate Certificates in a sentence
The establishment of LIBOR by the Trustee and the Trustee's subsequent calculation of the Pass-Through Rates applicable to the Variable Rate Certificates for the relevant Interest Accrual Period, in the absence of manifest error, will be final and binding.
If on such date fewer than two quotations are provided as requested, the rate will be the arithmetic mean of the rates quoted by one or more major banks in New York City, selected by the Trustee after consultation with the Servicer, as of 11:00 A.M., New York City time, on such date for loans in U.S. Dollars to leading European banks for a period of one month in amounts approximately equal to the aggregate Certificate Principal Balance of the Variable Rate Certificates then outstanding.
The Trustee's determination of each Pass-Through Rate for the Variable Rate Certificates for the related Interest Accrual Period will (in the absence of manifest error) be final and binding upon each Holder of a Certificate and the Trustee.
On each Determination Date, and so long as any Class of Variable Rate Certificates is outstanding, the Trustee will ascertain the Pass-Through Rate for the Variable Rate Certificates based on information provided to the Trustee by the Master Servicer.
The Certificate Rate for the Variable Rate Certificates shall be calculated on the basis of a 360-day year and the actual number of days elapsed.