Common use of Calculation of Monthly Interest Clause in Contracts

Calculation of Monthly Interest. (a) On the Business Day prior to each Determination Date, the Funding Agent shall calculate (with respect to the CP Rate, based solely on such information provided by the Conduit Purchaser or its program administrator), for the applicable Accrual Period, the aggregate Monthly Interest for each Funding Tranche. (b) The Issuer agrees to pay, and the Issuer agrees to instruct the Servicer and the Trustee to pay, all amounts payable by it with respect to the VFN, this Note Purchase Agreement and the Series Supplement to the account designated by the applicable Purchaser. All such amounts shall be paid no later than 12:00 noon, New York City time, on the day when due as determined in accordance with this Note Purchase Agreement, the Indenture and the other Transaction Documents, in Dollars in immediately available funds.