Common use of Calculation of Monthly Interest Clause in Contracts

Calculation of Monthly Interest. (a) On the Business Day immediately preceding the Determination Date for each Payment Date, the Agent shall calculate for the applicable Accrual Period, the Monthly Interest (such Monthly Interest shall be calculated using an estimate of the Funding Rate for any Funding Tranche, if necessary, for the remaining days in such Accrual Period); provided, however, that each such estimated amount shall be adjusted as provided in Section 2.13(b) hereof. The Agent shall report the amount of such Monthly Interest to the Servicer and the Indenture Trustee on the same day such amount is calculated. (b) On or before the Business Day preceding each Payment Date, if the Agent shall have used an estimate of the Funding Rate for any Funding Tranche to calculate the Monthly Interest pursuant to Section 2.13(a) with respect to the preceding Accrual Period, the Agent shall compute the actual Funding Rate for each day and each Funding Tranche during such Accrual Period, and (i) if the actual Monthly Interest so computed is greater than the estimated Monthly Interest for such preceding Accrual Period, the Monthly Interest calculated pursuant to Section 2.13(a) for the current Accrual Period shall be increased by the amount of such difference, and (ii) if the actual Monthly Interest so computed is less than the estimated Monthly Interest for such preceding Accrual Period, the Monthly Interest calculated pursuant to Section 2.13(a) for the current Accrual Period shall be decreased by the amount of such difference.

Calculation of Monthly Interest. (a) On the Business Day immediately preceding the Determination Date for each Payment Date, the Agent shall calculate for the applicable Accrual Period, the Monthly Interest (such Monthly Interest shall be calculated using an estimate of the Funding Rate for any Funding Tranche, if necessary, for the remaining days in such Accrual Period); provided, however, that each such estimated amount shall be adjusted as provided in Section 2.13(b2.10(b) hereof. The Agent shall report the amount of such Monthly Interest to the Servicer and the Indenture Trustee on the same day such amount is calculated. (b) On or before the Business Day preceding each Payment Date, if the Agent shall have used an estimate of the Funding Rate for any Funding Tranche to calculate the Monthly Interest pursuant to Section 2.13(a2.10(a) with respect to the preceding Accrual Period, the Agent shall compute the actual Funding Rate for each day and each Funding Tranche during such Accrual Period, and (i) if the actual Monthly Interest so computed is greater than the estimated Monthly Interest for such preceding Accrual Period, the Monthly Interest calculated pursuant to Section 2.13(a2.10(a) for the current Accrual Period shall be increased by the amount of such difference, and (ii) if the actual Monthly Interest so computed is less than the estimated Monthly Interest for such preceding Accrual Period, the Monthly Interest calculated pursuant to Section 2.13(a) for the current Accrual Period shall be decreased by the amount of such difference.to