Determination of LIBOR. (a) On each LIBOR Determination Date, the Trustee will determine LIBOR for the related Interest Accrual Period, which shall be the rate for deposits in United States dollars for a period equal to one month (commencing on the first day of such Interest Accrual Period) that appears on Reuters Screen LIBOR01 Page as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 Page, the rate for the LIBOR Determination Date will be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one month (commencing on the first day of such Interest Accrual Period). The Servicer will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one month (commencing on the first day of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Period. (b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee at its Corporate Trust Office at (▇▇▇) ▇▇▇-▇▇▇▇. (c) On each LIBOR Determination Date prior to 3:00 p.m., New York City time, the Trustee shall send to the Transferors and the Servicer by facsimile, notification of LIBOR for the following Interest Accrual Period.
Appears in 29 contracts
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC)
Determination of LIBOR. (a) On If the outstanding Certificates include any LIBOR Certificates, then on each LIBOR Determination Date, Date the Trustee will shall determine LIBOR for the related Interest Accrual Period, which shall be the Period as such rate for deposits in United States dollars for a period equal to one month (commencing the Interest Settlement Rate. If such rate does not appear on the first day of such Interest Accrual Period) that appears on Reuters Screen LIBOR01 Designated Telerate Page as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such applicable LIBOR Determination Date. If :
(i) The Trustee will request the principal London office of each Reference Bank (as defined in Section 5.08(e)) to provide such rate does not appear on Reuters Screen LIBOR01 Page, the rate for the LIBOR Determination Date will be determined on the basis of the rates at which deposits in United States dollars are bank's offered by the Reference Banks at approximately 11:00 a.m., London time, on that day quotation (expressed as a percentage per annum) to prime banks in the London interbank market for a period equal to one one-month (commencing U.S. Dollar deposits as of 11:00 a.m., London time, on the first day of such Interest Accrual Period). The Servicer will request the principal London office of each applicable LIBOR Determination Date.
(ii) If on any LIBOR Determination Date, two or more of the Reference Banks to provide a quotation of its rate. If at least two such quotations are providedoffered quotations, LIBOR for the rate for that LIBOR Determination Date next Interest Accrual Period will be the arithmetic mean of such offered quotations (rounding such arithmetic mean upwards, if necessary, to the quotationsnearest whole multiple of 1/16%). If fewer than two quotations are provided as requested, the rate for that on any LIBOR Determination Date only one or none of the Reference Banks provide such offered quotations, LIBOR for the next Interest Accrual Period will be the rate per annum the Trustee determines to be the arithmetic mean (rounding such arithmetic mean upwards, if necessary, to the nearest whole multiple of 1/16%) of the rates quoted by one-month Eurodollar lending rate that three major banks in New York City, City selected by the Servicer, at Trustee are quoting as of approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one month (commencing on the first day of such the applicable Interest Accrual Period). .
(iii) If on any LIBOR Determination Date the banks selected by Trustee is required but unable to determine LIBOR in the Servicer are not quoting rates as manner provided in the immediately preceding sentencesubparagraph (ii) of this Section 5.08(a), LIBOR for such the next Interest Accrual Period will be LIBOR as determined on the previous LIBOR Determination Date, or, in effect the case of the first LIBOR Determination Date, the Initial LIBOR Rate.
(b) The establishment of LIBOR by the Trustee and the Trustee's subsequent calculation of the Certificate Interest Rates applicable to the LIBOR Certificates for the relevant Interest Accrual Period, in the absence of manifest error, will be final and binding.
(c) Within five Business Days of the Trustee's calculation of the Certificate Interest Rates of the LIBOR Certificates, the Trustee shall furnish to the Company by telecopy (or by such other means as the Trustee and the Company may agree from time to time) such Certificate Interest Rates.
(d) The Trustee shall provide to Certificateholders who inquire of it by telephone the Certificate Interest Rates of the LIBOR Certificates for the current and immediately preceding Interest Accrual Period.
(be) The Servicer As used herein, "Reference Banks" shall determinemean no more than four leading banks engaged in transactions in Eurodollar deposits in the international Eurocurrency market (i) with an established place of business in London, England, (ii) whose quotations appear on the display designated "LIBO" on the Reuters Monitor Money Rates Service (the "Reuters Screen LIBO Page") on the applicable LIBOR Determination Date and promptly notify the Transferors and (iii) which have been designated as such by the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate are able and Class B Certificate Rate applicable willing to provide such quotations to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee at its Corporate Trust Office at (▇▇▇) ▇▇▇-▇▇▇▇.
(c) On on each LIBOR Determination Date prior Date. The Reference Banks initially shall be: Barclay's plc, Bank of Tokyo, National Westminster Bank and Trust Company and Bankers Trust Company. If any of the initial Reference Banks should be removed from the Reuters Screen LIBO Page or in any other way fail to 3:00 p.m.meet the qualifications of a Reference Bank, New York City timeor if such page is no longer published, the Trustee Trustee, after consultation with the Company, shall send use its best efforts to the Transferors and the Servicer by facsimile, notification of LIBOR for the following Interest Accrual Perioddesignate alternate Reference Banks.
Appears in 19 contracts
Sources: Pooling and Servicing Agreement (Ge Capital Mort Serv Inc Remic Mort Pa Thro Cert Ser 2000-11), Pooling and Servicing Agreement (Ge Capital Mortgage Services Inc), Pooling and Servicing Agreement (Ge Capital Mortgage Services Inc 2000-7 Trust)
Determination of LIBOR. (a) On each LIBOR Determination Date, the Trustee will determine LIBOR for the related Interest Accrual Period, which shall be the rate for deposits in United States dollars for a period equal to one month (commencing on the first day of such Interest Accrual Period) that appears on Reuters Screen LIBOR01 Telerate Page 3750 as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 PageTelerate Page 3750, the rate for the LIBOR Determination Date will be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one month (commencing on the first day of such Interest Accrual Period). The Servicer will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one month (commencing on the first day of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee at its Corporate Trust Office at (▇▇▇) ▇▇▇-▇▇▇▇.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City time, the Trustee shall send to the Transferors and the Servicer by facsimile, notification of LIBOR for the following Interest Accrual Period.
Appears in 19 contracts
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Ii), Pooling and Servicing Agreement (American Express Receivables Financing Corp Ii), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC)
Determination of LIBOR. (a) On each LIBOR Determination Date, the Trustee will determine LIBOR for the related Interest Accrual Period, which shall be the rate for deposits in United States dollars for a period equal to one month (commencing on the first day of such Interest Accrual Period) that appears on Reuters Screen LIBOR01 Telerate Page 3750 as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 PageTelerate Page 3750, the rate for the LIBOR Determination Date will be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one month (commencing on the first day of such Interest Accrual Period). The Servicer will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one month (commencing on the first day of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee at its Corporate Trust Office at (▇▇▇) ▇▇▇-▇▇▇▇.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City time, the Trustee shall send to the Transferors and the Servicer by facsimile, notification of LIBOR for the following Interest Accrual Period.
Appears in 11 contracts
Sources: Pooling and Servicing Agreement (American Express Credit Account Master Trust), Pooling and Servicing Agreement (American Express Centurion Bank), Pooling and Servicing Agreement (American Express Receivables Financing Corp Ii)
Determination of LIBOR. (a) On each LIBOR Determination Date, the Trustee will determine LIBOR for the related Interest Accrual Period, which shall be the rate for deposits in United States dollars for a period equal to one month (commencing on the first day of such Interest Accrual Period) that appears on Reuters Screen LIBOR01 Page Telerate page 3750 as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 PageTelerate Page 3750, the rate for the LIBOR Determination Date will be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one month (commencing on the first day of such Interest Accrual Period). The Servicer will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one month (commencing on the first day of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee at its Corporate Trust Office at (▇▇▇) ▇▇▇-▇▇▇▇.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City time, the Trustee shall send to the Transferors and the Servicer by facsimile, notification of LIBOR for the following Interest Accrual Period.
Appears in 7 contracts
Sources: Pooling and Servicing Agreement (American Express Centurion Bank), Pooling and Servicing Agreement (American Express Receivables Financing Corp Ii), Pooling and Servicing Agreement (American Express Receivables Financing Corp Ii)
Determination of LIBOR. (a) On each LIBOR Determination Date, the Trustee will determine LIBOR for the related Interest Accrual Period, which shall be the rate for deposits in United States dollars for a period equal to one month (commencing on the first day of such Interest Accrual Period) that appears on Reuters Screen LIBOR01 Page as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 Page, the rate for the LIBOR Determination Date will be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one month (commencing on the first day of such Interest Accrual Period). The Servicer will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by four major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one month (commencing on the first day of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee at its Corporate Trust Office at (▇▇▇) ▇▇▇-▇▇▇▇.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City time, the Trustee shall send to the Transferors and the Servicer by facsimile, notification of LIBOR for the following Interest Accrual Period.
Appears in 4 contracts
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC)
Determination of LIBOR. (a) On each LIBOR Determination Date, the Trustee will determine LIBOR for on the related Interest Accrual Period, which shall be basis of the rate for deposits in United States dollars for a period equal to one month the relevant Interest Period (commencing on the first day of such Interest Accrual Period) that which appears on Reuters Screen LIBOR01 Telerate Page 3750 as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 PageTelerate Page 3750, the rate for the that LIBOR Determination Date will be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m.am., London time, on that day to prime banks in the London interbank market for a period equal to one month the relevant Interest Period (commencing on the first day of such Interest Accrual Period). The Servicer Trustee will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one month the relevant Interest Period (commencing on the first day of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder Holder by telephoning the Trustee at its Corporate Trust Office at (▇▇▇) ▇▇▇-▇▇▇▇Office.
(c) On each LIBOR Determination Date prior to 3:00 p.m., 12:00 noon New York City time, the Trustee shall send to the Transferors and the Servicer by facsimile, notification of LIBOR for the following Interest Accrual Period.
Appears in 4 contracts
Sources: Pooling and Servicing Agreement (Mellon Bank Premium Finance Loan Master Trust), Pooling and Servicing Agreement (Mellon Premium Finance Loan Owner Trust), Pooling and Servicing Agreement (Mellon Bank Premium Finance Loan Master Trust)
Determination of LIBOR. (a) On each LIBOR Determination Date, the Trustee will determine LIBOR for on the related Interest Accrual Period, which shall be basis of the rate for deposits in United States dollars for a three-month period equal to one month (or, commencing on the Class A Scheduled Payment Date or the first day of such Interest Accrual Distribution Date with respect to the Rapid Amortization Period, for a one-month period) that which appears on Reuters Screen LIBOR01 Telerate Page 3750 as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 PageTelerate Page 3750, the rate for the that LIBOR Determination Date will be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a three-month period equal to one month (or, commencing on the Class A Scheduled Payment Date or the first day of such Interest Accrual Distribution Date with respect to the Rapid Amortization Period, for a one-month period). The Servicer Trustee will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a three-month period equal to one month (or, commencing on the Class A Scheduled Payment Date or the first day of such Interest Accrual Distribution Date with respect to the Rapid Amortization Period, for a one-month period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Period.
(bbbb) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee at its Corporate Trust Office at (▇2▇▇) ▇▇▇-▇▇▇▇.
. (cccc) On each LIBOR Determination Date prior to 3:00 p.m., 12:00 noon New York City time, the Trustee shall send to the Transferors and the Servicer by facsimile, notification of LIBOR for the following Interest Accrual Period.
Appears in 4 contracts
Sources: Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii), Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii), Series Supplement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii)
Determination of LIBOR. (a) LIBOR applicable to the calculation of the Pass-Through Rate on the LIBOR Certificates for any Interest Accrual Period will be determined as of each LIBOR Rate Adjustment Date. On each LIBOR Determination Rate Adjustment Date, or if such LIBOR Rate Adjustment Date is not a Business Day, then on the next succeeding Business Day, LIBOR shall be established by the Trustee will determine LIBOR for the related and, as to any Interest Accrual Period, which shall be will equal the rate for deposits in one month United States dollars for a period equal to one month (commencing on the first day of such Interest Accrual Period) dollar deposits that appears on Reuters the Telerate Screen LIBOR01 Page 3750 as of 11:00 a.m., London time, on such dateLIBOR Rate Adjustment Date. Upon "Telerate Screen Page 3750" means the display designated as page 3750 on the Bridge Telerate Service (or such determination, other page as may replace page 3750 on that service for the Trustee shall notify the Servicer purpose of LIBOR for such LIBOR Determination Datedisplaying London interbank offered rates of major banks). If such rate does not appear on Reuters Screen LIBOR01 Pagesuch page (or such other page as may replace that page on that service, or if such service is no longer offered, LIBOR shall be so established by use of such other service for displaying LIBOR or comparable rates as may be selected by the Trustee after consultation with the Master Servicer), the rate for will be the LIBOR Determination Date Reference Bank Rate. The "Reference Bank Rate" will be determined on the basis of the rates at which deposits in United States dollars U.S. Dollars are offered by the Reference Banks at approximately reference banks (which shall be any three major banks that are engaged in transactions in the London interbank market, selected by the Trustee after consultation with the Master Servicer) as of 11:00 a.m., London time, on that day the LIBOR Rate Adjustment Date to prime banks in the London interbank market for a period of one month in amounts approximately equal to one month (commencing on the first day aggregate Certificate Principal Balance of such Interest Accrual Period)the LIBOR Certificates then outstanding. The Servicer will Trustee shall request the principal London office of each of the Reference Banks reference banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will be the arithmetic mean of the quotationsquotations rounded up to the next multiple of 1/16%. If on such date fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date 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 Master Servicer, at approximately as of 11:00 a.m., New York City time, on that day such date for loans in United States dollars U.S. Dollars to leading European banks for a period of one month in amounts approximately equal to one the aggregate Certificate Principal Balance of the LIBOR Certificates then outstanding. If no such quotations can be obtained, the rate will be LIBOR for the prior Distribution Date; provided however, if, under the priorities described above, LIBOR for a Distribution Date would be based on LIBOR for the previous Distribution Date for the third consecutive Distribution Date, the Trustee, shall select an alternative comparable index (over which the Trustee has no control), used for determining one-month Eurodollar lending rates that is calculated and published (commencing or otherwise made available) by an independent party. The establishment of LIBOR by the Trustee on any LIBOR Rate Adjustment Date and the first day Trustee's subsequent calculation of such the Pass-Through Rates applicable to the LIBOR Certificates for the relevant Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided , in the immediately preceding sentenceabsence of manifest error, LIBOR for such Interest Accrual Period will be final and binding. Promptly following each LIBOR in effect Rate Adjustment Date the Trustee shall supply the Master Servicer with the results of its determination of LIBOR on such date. Furthermore, the Trustee shall supply to any Certificateholder so requesting by calling 1-800-934-6802, the Pass-Through Rate on the LIBOR Certificates for the current and the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee at its Corporate Trust Office at (▇▇▇) ▇▇▇-▇▇▇▇.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City time, the Trustee shall send to the Transferors and the Servicer by facsimile, notification of LIBOR for the following Interest Accrual Period.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (RASC Series 2006-Emx8 Trust), Pooling and Servicing Agreement (RASC Series 2006-Emx6 Trust), Pooling and Servicing Agreement (RASC Series 2006-Emx9 Trust)
Determination of LIBOR. (a) On each LIBOR Determination Date, the Indenture Trustee will shall determine LIBOR for the related Interest Accrual Period, which shall be the rate for deposits in United States dollars for a period equal to one one-month (commencing on the first day of such Interest Accrual Period) that appears on Reuters Screen LIBOR01 Page as of 11:00 a.m.A.M., London time, on such date; provided, however, that with respect to the first Interest Period, LIBOR will be the rate appearing on Reuters Screen LIBOR01 Page (or such other page as may replace that page on that service for the purpose of displaying comparable rates or prices) as of 11:00 a.m., London time, on that date for an interpolated rate for deposits in United States dollars for a period that corresponds to the actual number of days in the first Interest Period. Upon such determination, the Indenture Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 Page, the rate for the LIBOR Determination Date will shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m.A.M., London time, on that day to prime banks in the London interbank market for a period equal to one one-month (or, for the first Interest Period, an interpolated rate for deposits in United States dollars for a period that corresponds to the actual number of days in the first Interest Period) commencing on the first day of such Interest Accrual Period). The Servicer will shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two (2) such quotations are provided, the rate for that LIBOR Determination Date will shall be the arithmetic mean of the quotations. If fewer than two (2) quotations are provided as requested, the rate for that LIBOR Determination Date will shall be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m.A.M., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one one-month (or, for the first Interest Period, an interpolated rate for deposits in United States dollars for a period that corresponds to the actual number of days in the first Interest Period) commencing on the first day of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will shall be LIBOR in effect for the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, as applicable, and promptly notify the Transferors Transferor and the Indenture Trustee of, the Class A Certificate Note Interest Rate and the Class B Certificate Note Interest Rate for the applicable Interest Accrual Period. The Class A Certificate Note Interest Rate and the Class B Certificate Note Interest Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder Series [•] Noteholder by telephoning the Indenture Trustee at its Corporate Trust Office at (▇▇▇) ▇▇▇1-▇▇▇▇800-934-6802.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City time, the Trustee shall send to the Transferors and the Servicer by facsimile, notification of LIBOR for the following Interest Accrual Period.]
Appears in 3 contracts
Sources: Indenture Supplements (Barclays Dryrock Issuance Trust), Indenture Supplement (Barclays Dryrock Funding LLC), Indenture Supplement (Barclays Bank Delaware)
Determination of LIBOR. (a) On each LIBOR Determination Date, the LIBOR shall be determined in accordance with the following provisions:
(a) Subject to clause (b), (c), (d) and (e) below, the Trustee will determine LIBOR for the related Interest Accrual Period, which shall be the rate for deposits in United States dollars for a period equal to one month (commencing on the first day of such Interest Accrual Period) that appears on Reuters Screen LIBOR01 Page as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If .
(b) If, on any LIBOR Determination Date, such rate does not appear on Reuters Screen LIBOR01 PagePage and the Servicer has not determined that LIBOR has been discontinued, the rate for the LIBOR Determination Date will be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one month (commencing on the first day of such Interest Accrual Period). The Servicer will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by four major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one month (commencing on the first day of such Interest Accrual Period). If the fewer than four major banks in New York City so selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Period.
(bc) The If, with respect to any Interest Period, the Servicer shall determinedetermines that LIBOR has been discontinued and that an alternative reference rate has been selected by the central bank, and promptly notify reserve bank, monetary authority or any similar institution (including any committee or working group thereof), or identified through any other applicable regulatory or legislative action or guidance, that is consistent with accepted market practice, the Transferors and Servicer will direct the Trustee ofto use such alternative rate as a substitute for LIBOR for the current LIBOR Determination Date and for each future LIBOR Determination Date unless and until directed otherwise. As part of such substitution, the Class A Certificate Rate Servicer may make, or direct the Trustee to make, such adjustments to the alternative rate or the spread thereon, as well as the business day convention, interest determination dates and the Class B Certificate Rate related provisions and definitions, in each case that are consistent with accepted market practice or applicable regulatory or legislative action or guidance for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to use of such alternative rate for securities such as the then current and Series 2018-9 Certificates, as determined by the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee at Servicer in its Corporate Trust Office at (▇▇▇) ▇▇▇-▇▇▇▇sole discretion.
(cd) On each If, with respect to any Interest Period, the Servicer determines that LIBOR has been discontinued, but that there is no clear market consensus as to whether any rate has replaced LIBOR in customary market usage, the Servicer may, in its sole discretion, determine the alternative rate and make any adjustments thereon, which determinations shall be binding on the Trustee and the Series 2018-9 Certificateholders, and direct the Trustee to use such alternative rate as a substitute for LIBOR for the current LIBOR Determination Date prior and for each future LIBOR Determination Date unless and until directed otherwise.
(e) If, with respect to 3:00 p.m., New York City timeany Interest Period, the Trustee shall send to the Transferors and the Servicer by facsimiledetermines that LIBOR has been discontinued, notification of LIBOR but for the following Interest Accrual Period.any reason an alternative rate has not been identified in accordance with clause
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)
Determination of LIBOR. (a) LIBOR applicable to the calculation of the Pass-Through Rate on the Class A and Class M Certificates for any Interest Accrual Period will be determined on each LIBOR Rate Adjustment Date. On each LIBOR Determination Rate Adjustment Date, or if such LIBOR Rate Adjustment Date is not a Business Day, then on the next succeeding Business Day, LIBOR shall be established by the Trustee will determine LIBOR for the related and, as to any Interest Accrual Period, which shall be will equal the rate for deposits in one month United States dollars for a period equal to one month (commencing on the first day of such Interest Accrual Period) dollar deposits that appears on Reuters the Telerate Screen LIBOR01 Page 3750 as of 11:00 a.m.A.M., London time, on such dateLIBOR Rate Adjustment Date. Upon "Telerate Screen Page 3750" means the display designated as page 3750 on the Bridge Telerate Service (or such determination, other page as may replace page 3750 on that service for the Trustee shall notify the Servicer purpose of LIBOR for such LIBOR Determination Datedisplaying London interbank offered rates of major banks). If such rate does not appear on Reuters Screen LIBOR01 Pagesuch page (or such other page as may replace that page on that service, or if such service is no longer offered, LIBOR shall be so established by use of such other service for displaying LIBOR or comparable rates as may be selected by the Trustee after consultation with the Master Servicer), the rate for will be the LIBOR Determination Date Reference Bank Rate. The "Reference Bank Rate" will be determined on the basis of the rates at which deposits in United States dollars U.S. Dollars are offered by the Reference Banks at approximately reference banks (which shall be any three major banks that are engaged in transactions in the London interbank market, selected by the Trustee after consultation with the Master Servicer) as of 11:00 a.m.A.M., London time, on that day the LIBOR Rate Adjustment Date to prime banks in the London interbank market for a period of one month in amounts approximately equal to one month (commencing on the first day aggregate Certificate Principal Balance of such Interest Accrual Period)the Class A and Class M Certificates then outstanding. The Servicer will Trustee shall request the principal London office of each of the Reference Banks reference banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will be the arithmetic mean of the quotationsquotations rounded up to the next multiple of 1/16%. If on such date fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date 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 Master Servicer, at approximately as of 11:00 a.m.A.M., New York City time, on that day such date for loans in United States dollars U.S. Dollars to leading European banks for a period of one month in amounts approximately equal to one the aggregate Certificate Principal Balance of the Class A and Class M Certificates then outstanding. If no such quotations can be obtained, the rate will be LIBOR for the prior Distribution Date; provided however, if, under the priorities described above, LIBOR for a Distribution Date would be based on LIBOR for the previous Distribution Date for the third consecutive Distribution Date, the Trustee, after consultation with the Master Servicer, shall select an alternative comparable index (over which the Trustee has no control), used for determining one-month Eurodollar lending rates that is calculated and published (commencing or otherwise made available) by an independent party. The establishment of LIBOR by the Trustee on any LIBOR Rate Adjustment Date and the first day Trustee's subsequent calculation of such the Pass-Through Rates applicable to the Class A and Class M Certificates for the relevant Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided , in the immediately preceding sentenceabsence of manifest error, LIBOR for such Interest Accrual Period will be final and binding. Promptly following each LIBOR in effect Rate Adjustment Date the Trustee shall supply the Master Servicer with the results of its determination of LIBOR on such date. Furthermore, the Trustee shall supply to any Certificateholder so requesting by calling the Trustee at 1-800-934-6802 the Pass-Through Rate on the Class A and Class M Certificates for the current and the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee at its Corporate Trust Office at (▇▇▇) ▇▇▇-▇▇▇▇.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City time, the Trustee shall send to the Transferors and the Servicer by facsimile, notification of LIBOR for the following Interest Accrual Period.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (RAMP Series 2006-Nc1 Trust), Pooling and Servicing Agreement (RAMP Series 2006-Nc3 Trust)
Determination of LIBOR. (a) On each LIBOR Determination Date, the Trustee will determine LIBOR for the related Interest Accrual Period, which shall be the rate for deposits in United States dollars for a period equal to one month (commencing on the first day of such Interest Accrual Period) that appears on Reuters Screen LIBOR01 Page as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 Page, the rate for the LIBOR Determination Date will be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one month (commencing on the first day of such Interest Accrual Period). The Servicer will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by four major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one month (commencing on the first day of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, and promptly notify the Transferors Transferor and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee at its Corporate Trust Office at (▇▇▇) ▇▇▇-▇▇▇▇.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City time, the Trustee shall send to the Transferors Transferor and the Servicer by facsimile, notification of LIBOR for the following Interest Accrual Period.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)
Determination of LIBOR. (a) On each LIBOR Determination DateDate in respect of a Distribution Period, the Indenture Trustee will shall determine LIBOR for on the related Interest Accrual Period, which shall be basis of the rate for deposits in United States dollars for a period equal to one month (commencing of the Designated Maturity which appears on the first day of such Interest Accrual Period) that appears on Reuters Screen LIBOR01 Designated LIBOR Page as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 the Designated LIBOR Page, the rate for the LIBOR that Distribution Period Determination Date will shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one month (commencing on of the first day of such Interest Accrual Period)Designated Maturity. The Servicer will Indenture Trustee shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two (2) such quotations are provided, the rate for that LIBOR Determination Date will Distribution Period shall be the arithmetic mean of the quotations. If fewer than two (2) quotations are provided as requested, the rate for that LIBOR Determination Date Distribution Period will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one month (commencing on of the Designated Maturity. LIBOR for the first day of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Distribution Period will be LIBOR determined by straight-line interpolation, based on the actual number of days in effect such Distribution Period from the date of the initial Class A Incremental Funding to but excluding November 16, 2009, between two rates determined in accordance with the preceding paragraph, one of which will be determined for the immediately preceding Interest Accrual Perioda maturity of one month and one of which will be determined for a maturity of two months.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate LIBOR that may be applicable to the then current and the immediately preceding Interest Accrual Distribution Periods may be obtained by any Investor Certificateholder by telephoning the Indenture Trustee at its Corporate Trust Office corporate trust office at (▇▇▇) ▇▇▇-▇▇▇▇▇ or such other telephone number as shall be designated by the Indenture Trustee for such purpose by prior written notice by the Indenture Trustee to each Series 2009-VFN Noteholder from time to time.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City timeDate, the Indenture Trustee shall send to the Transferors and the Servicer by facsimilefacsimile transmission or electronic mail, notification of LIBOR for the following Interest Accrual Distribution Period.
Appears in 2 contracts
Sources: Series 2009 VFN Indenture Supplement (Alliance Data Systems Corp), Indenture Supplement (Alliance Data Systems Corp)
Determination of LIBOR. (a) On each LIBOR Determination Date, the Trustee will shall determine LIBOR for on the related Interest Accrual Period, which shall be basis of the rate for deposits in United States dollars for a period equal to one month (commencing on the first day of such relevant Interest Accrual Period) that Period which appears on Reuters Screen LIBOR01 Telerate Page 3750 as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 PageTelerate Page 3750, the rate for the LIBOR Determination Date will shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one month (commencing on the first day of such relevant Interest Accrual Period). The Servicer will Trustee shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will shall be the arithmetic mean of the quotationsquotations (rounded upward to the nearest 0.015625%). If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean (rounded upward to the nearest 0.015625%) of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one month (commencing on the first day of such relevant Interest Accrual Period). If ; provided, however, that if the banks selected by Trustee is unable to determine a rate in accordance with one of the Servicer are not quoting rates as provided in the immediately preceding sentenceprocedures described above, LIBOR for such Interest Accrual Period will shall be LIBOR in effect for as determined on the immediately preceding Interest Accrual Periodmost recent LIBOR Determination Date.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee ofClass A Certificate Rate, the Class A B Certificate Rate, the Class C Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B D Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Series 1999-1 Certificateholder by telephoning the Trustee at its Corporate Trust Office at (▇▇▇) ▇▇▇-▇▇▇▇.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City timeDate, the Trustee shall send to the Transferors and the Servicer by facsimile, facsimile notification of LIBOR for the following Interest Accrual Period. Following the listing of the Class A Certificates and the Class B Certificates on the Luxembourg Stock Exchange and for so long as such Certificates are so listed, the Trustee shall cause the Class A Certificate Rate and the Class B Certificate Rate as well as the amount of Class A Monthly Interest and Class B Monthly Interest applicable to an Interest Accrual Period and the length of such Interest Accrual Period (i) to be published in the Luxemburger Wort, and (ii) to be provided to the Luxembourg Stock Exchange, in each case as soon as possible after its determination but in no event later than the first day of such Interest Accrual Period.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Greentree Floorplan Funding Corp), Pooling and Servicing Agreement (Greentree Floorplan Funding Corp)
Determination of LIBOR. (a) On each LIBOR Determination Date, the Trustee will shall determine LIBOR for on the related Interest Accrual Period, which shall be basis of the rate for deposits in United States dollars for a one-month period equal to one month (commencing on the first day of such Interest Accrual Period) that which appears on Reuters Screen LIBOR01 Telerate Page 3750 or as reported by Bloomberg Financial Markets Commodities News (or by another source selected by the Trustee with notice to the Control Party) as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 PageTelerate Page 3750, the rate for the that LIBOR Determination Date will be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one one-month (commencing on the first day of such Interest Accrual Period). The Servicer will request the principal London office of each of the Reference Banks to provide a quotation of its rateperiod. If at least two on such quotations are provided, the rate for that LIBOR Determination Date two or more Reference Banks provide such offered quotations, LIBOR for such related Interest Accrual Period will be the arithmetic mean of such offered quotations (rounded upwards if necessary to the quotationsnearest whole multiple of 0.0001%). If on such LIBOR Determination Date fewer than two quotations are provided as requestedReference Banks provide such offered quotations, LIBOR for the rate for that LIBOR Determination Date related Interest Accrual Period will be the arithmetic mean (rounded upwards if necessary to the nearest whole multiple of 0.0001%) of the one-month U.S. dollar lending rates quoted by major banks in that three New York City, City banks selected by the Servicer, Trustee are quoting at approximately 11:00 a.m., a.m. (New York City time, ) on that day for loans in United States dollars the relevant LIBOR Determination Date to leading European banks for a period equal to one month (commencing banks. The establishment of LIBOR on the first day of such Interest Accrual Period). If the banks selected each LIBOR Determination Date by the Servicer are not quoting rates as provided in Trustee and the immediately preceding sentence, LIBOR Trustee’s calculation of the rate of interest applicable to the Class A-2 Notes for such the related Interest Accrual Period will (in the absence of manifest error) be LIBOR in effect for the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, final and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Periodbinding. The Class A Certificate Rate and Class B Certificate Rate applicable to Trustee shall, upon the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee at its Corporate Trust Office at (▇▇▇) ▇▇▇-▇▇▇▇.
(c) On establishment of LIBOR on each LIBOR Determination Date prior to 3:00 p.m.Date, New York City time, notify the Trustee shall send to the Transferors Issuer and the Servicer by facsimile, notification of LIBOR for the following Interest Accrual Periodrate.
Appears in 2 contracts
Sources: Indenture and Servicing Agreement (Cendant Corp), Indenture and Servicing Agreement (Wyndham Worldwide Corp)
Determination of LIBOR. (a) On each LIBOR Determination DateDate in respect of an Interest Period after the first Interest Period, the Trustee will Deutsche Bank Trust Company Americas, as Paying Agent, shall determine LIBOR for on the related Interest Accrual Period, which shall be basis of the rate per annum displayed in the Bloomberg Financial Markets system as the composite offered rate for London interbank deposits in United States dollars for a period equal to one one-month (commencing on the first day of such Interest Accrual Period) that appears on Reuters Screen LIBOR01 Page period, as of 11:00 a.m., London time, on such that date. Upon such determinationIf that rate does not appear on that display page, the Trustee shall notify the Servicer of LIBOR for such that Interest Period will be the rate per annum shown on page 3750 of the Bridge Telerate Services Report screen or any successor page as the composite offered rate for London interbank deposits for a one-month period, as shown under the heading “USD” as of 11:00 a.m., London time, on the LIBOR Determination Date. If no rate is shown as described in the preceding two sentences, LIBOR for that Interest Period will be the rate per annum based on the rates at which U.S. dollar deposits for a one-month period are displayed on page “LIBOR” of the Reuters Monitor Money Rates Service or such rate does not other page as may replace the LIBOR page on that service for the purpose of displaying London interbank offered rates of major banks as of 11:00 a.m., London time, on the LIBOR Determination Date; provided, that if at least two rates appear on Reuters Screen LIBOR01 Pagethat page, the rate will be the arithmetic mean of the displayed rates and if fewer than two rates are displayed, or if no rate is relevant, the rate for the LIBOR Determination Date will that Interest Period shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one one-month (commencing on the first day of such Interest Accrual Period)period. The Servicer will Indenture Trustee shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two (2) such quotations are provided, the rate LIBOR for that LIBOR Determination Date will Interest Period shall be the arithmetic mean of the quotationsall quotations provided. If fewer than two (2) quotations are provided as requested, the rate LIBOR for that LIBOR Determination Date Interest Period will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Master Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one one-month (commencing on period. Notwithstanding the first day of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentenceforegoing, LIBOR for such the first Interest Accrual Period will be determined by reference to straight line interpolation between one-month and two-month LIBOR based on the actual number of days in effect for the immediately preceding first Interest Accrual Period.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Note Interest Rate, Class B Certificate Rate for the applicable Note Interest Accrual Period. The Class A Certificate Rate and Class B Certificate C Note Interest Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee at its Corporate Deutsche Bank Trust Office Company Americas, as Paying Agent, at (▇▇▇) ▇▇▇-▇▇▇▇▇ or such other telephone number as shall be designated by the Indenture Trustee for such purpose by prior written notice by Deutsche Bank Trust Company Americas, as Paying Agent, to each Series 2006-4 Noteholder from time to time.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City timeDate, the Indenture Trustee shall send to the Transferors and the Servicer Issuer, by facsimilefacsimile transmission, notification of LIBOR for the following Interest Accrual Period.
Appears in 2 contracts
Sources: Indenture Supplement (CDF Funding, Inc.), Indenture Supplement (CDF Funding, Inc.)
Determination of LIBOR. (a) On each LIBOR Determination Date, the Trustee will determine LIBOR for the related Interest Accrual Period, which shall be the rate for deposits in United States dollars for a period equal to one month (commencing on the first day of such Interest Accrual Period) that appears on Reuters Screen LIBOR01 Page Telerate page 3750 as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 PageTelerate Page 3750, the rate for the LIBOR Determination Date will be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one month (commencing on the first day of such Interest Accrual Period). The Servicer will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one month (commencing on the first day of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee at its Corporate Trust Office at (▇▇▇) ▇▇▇-▇▇▇▇.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City time, the Trustee shall send to the Transferors and the Servicer by facsimile, notification of LIBOR for the following Interest Accrual Period.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (American Express Credit Account Master Trust), Pooling and Servicing Agreement (American Express Centurion Bank)
Determination of LIBOR. (a) On each LIBOR Determination Date, the Trustee will shall determine LIBOR for on the related Interest Accrual Period, which shall be basis of the rate for deposits in United States dollars for a period equal to one month the relevant Interest Period (commencing on the first day of such Interest Accrual Period) that which appears on Reuters Screen LIBOR01 Telerate Page 3750 as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 PageTelerate Page 3750, the rate for the that LIBOR Determination Date will shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one month the relevant Interest Period (commencing on the first day of such Interest Accrual Period). The Servicer will Trustee shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will shall be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one month the relevant Interest Period (commencing on the first day of such Interest Accrual Period). If Upon such determination, the banks selected by Trustee shall notify the Servicer are not quoting rates as provided in the immediately preceding sentence, of LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual PeriodDetermination Date.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Interest Rate and the Class B Certificate Interest Rate for the applicable Interest Accrual Period. The Class A Certificate Interest Rate and Class B Certificate Interest Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder Securityholder by telephoning the Trustee at its Corporate Trust Office at (▇▇▇) ▇▇▇-▇▇▇▇.
(c) On each LIBOR Determination Date prior to 3:00 p.m., p.m. New York City time, the Trustee shall send to the Transferors and the Servicer by facsimile, notification of LIBOR for the following Interest Accrual Period. Section 4.14.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Partners First Credit Card Master Trust), Pooling and Servicing Agreement (Partners First Credit Card Master Trust)
Determination of LIBOR. (a) On each LIBOR Determination Date, the The Indenture Trustee will determine LIBOR the interest rate for the related each Interest Accrual Period, which shall be Period by determining the London interbank offered rate (“LIBOR”) for deposits in United States dollars U.S. Dollars for a period equal to of one month (commencing on the first day of such Interest Accrual Period“One–Month Index Maturity”) that which appears on Reuters Screen LIBOR01 Telerate Page 3750 as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such day that is two London Banking Days preceding that Interest Accrual Period (“LIBOR Determination Date”). If such rate does not appear on Reuters Screen LIBOR01 PageTelerate Page 3750 on the related LIBOR Determination Date, the rate for that Interest Accrual Period will be determined as if the LIBOR Determination Date parties had specified “USD–LIBOR–Reference Banks” as the applicable rate. “USD–LIBOR–Reference Banks” means that the interest rate for an Interest Accrual Period will be determined on the basis of the rates at which deposits in United States dollars U.S. Dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day the related LIBOR Determination Date to prime banks in the London interbank market for a period equal to one month (the One–Month Index Maturity commencing on the first day beginning of such that Interest Accrual Period)Period and in a Representative Amount. The Servicer Indenture Trustee will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date Interest Accrual Period will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date Interest Accrual Period will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the ServicerIndenture Trustee, at approximately 11:00 a.m., a.m. New York City time, on the beginning of that day Interest Accrual Period for loans in United States dollars U.S. Dollars to leading European banks for a period equal to one month (the One–Month Index Maturity commencing on at the first day beginning of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such that Interest Accrual Period will be LIBOR and in effect for the immediately preceding Interest Accrual Perioda Representative Amount.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee at its Corporate Trust Office at (▇▇▇) ▇▇▇-▇▇▇▇.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City time, the Trustee shall send to the Transferors and the Servicer by facsimile, notification of LIBOR for the following Interest Accrual Period.
Appears in 2 contracts
Sources: Sale and Servicing Agreement (Capitalsource Inc), Sale and Servicing Agreement (Capitalsource Inc)
Determination of LIBOR. (a) On each LIBOR Determination DateDate for a Class of LIBOR Certificates, the Trustee will Master Servicer shall determine LIBOR for the related applicable Distribution Date on the basis of the British Bankers’ Association (“BBA”) “Interest Accrual Period, which shall be the rate Settlement Rate” for one month deposits in United States dollars for a period equal to one month (commencing U.S. Dollars as found on the first day of such Interest Accrual Period) that appears on Reuters Screen LIBOR01 Page Telerate page 3750 as of 11:00 a.m., a.m. London time, time on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. As used herein, “Telerate page 3750” means the display designated as page 3750 on the Bridge Telerate Service. If such rate does not appear on Reuters Screen LIBOR01 Page, the rate for the any LIBOR Determination Date will be determined for a Class of LIBOR Certificates, the Master Servicer is unable to determine LIBOR on the basis of the method set forth in the preceding paragraph, LIBOR for the applicable Distribution Date will be whichever is higher of (x) LIBOR as determined on the previous LIBOR Determination Date for such Class of LIBOR Certificates or (y) the Reserve Interest Rate. The “Reserve Interest Rate” will be the rate per annum which the Master Servicer determines to be either (A) the arithmetic mean (rounding such arithmetic mean upwards if necessary to the nearest whole multiple of 1/16%) of the one month U.S. Dollar lending rates at which deposits in United States dollars are offered that New York City banks selected by the Reference Banks at approximately 11:00 a.m., London timeMaster Servicer are quoting, on that day the relevant LIBOR Determination Date, to prime the principal London offices of at least two leading banks in the London interbank market for a period equal to or (B) in the event that the Master Servicer can determine no such arithmetic mean, the lowest one month (commencing on U.S. Dollar lending rate that the first day of such Interest Accrual Period). The Servicer will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one month (commencing on the first day of such Interest Accrual Period). If the banks selected by the Master Servicer are not quoting rates as on such LIBOR Determination Date to leading European banks. If on any LIBOR Determination Date for a Class of LIBOR Certificates, the Master Servicer is required but is unable to determine the Reserve Interest Rate in the manner provided in the immediately preceding sentenceparagraph, LIBOR for such Interest Accrual Period the applicable Distribution Date will be LIBOR as determined on the previous LIBOR Determination Date for such Class of LIBOR Certificates, or, in effect the case of the first LIBOR Determination Date, the Initial LIBOR Rate. The establishment of LIBOR by the Master Servicer and the Master Servicer’s subsequent calculation of the rates of interest applicable to each of the LIBOR Certificates in the absence of manifest error, will be final and binding. After a LIBOR Determination Date, the Master Servicer shall provide the Pass-Through Rates of the LIBOR Certificates for the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A related Distribution Date to Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable Owners or Holders of LIBOR Certificates who place a telephone call to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee at its Corporate Trust Office Master Servicer at (▇▇▇) ▇▇▇-▇▇▇▇▇ and make a request therefor.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City time, the Trustee shall send to the Transferors and the Servicer by facsimile, notification of LIBOR for the following Interest Accrual Period.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mastr Asset Sec Tr 2003 11), Pooling and Servicing Agreement (Mastr Asset Securitization Trust 2004-1)
Determination of LIBOR. (a) On each LIBOR Determination Date, the LIBOR shall be determined in accordance with the following provisions:
(a) Subject to clause (b), (c), (d) and (e) below, the Trustee will determine LIBOR for the related Interest Accrual Period, which shall be the rate for deposits in United States dollars for a period equal to one month (commencing on the first day of such Interest Accrual Period) that appears on Reuters Screen LIBOR01 Page as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If .
(b) If, on any LIBOR Determination Date, such rate does not appear on Reuters Screen LIBOR01 PagePage and the Servicer has not determined that LIBOR has been discontinued, the rate for the LIBOR Determination Date will be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one month (commencing on the first day of such Interest Accrual Period). The Servicer will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by four major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one month (commencing on the first day of such Interest Accrual Period). If the fewer than four major banks in New York City so selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Period.
(bc) The If, with respect to any Interest Period, the Servicer shall determinedetermines that LIBOR has been discontinued and that an alternative reference rate has been selected by the central bank, and promptly notify reserve bank, monetary authority or any similar institution (including any committee or working group thereof), or identified through any other applicable regulatory or legislative action or guidance, that is consistent with accepted market practice, the Transferors and Servicer will direct the Trustee ofto use such alternative rate as a substitute for LIBOR for the current LIBOR Determination Date and for each future LIBOR Determination Date unless and until directed otherwise. As part of such substitution, the Class A Certificate Rate Servicer may make, or direct the Trustee to make, such adjustments to the alternative rate or the spread thereon, as well as the business day convention, interest determination dates and the Class B Certificate Rate related provisions and definitions, in each case that are consistent with accepted market practice or applicable regulatory or legislative action or guidance for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to use of such alternative rate for securities such as the then current and Series 2018-7 Certificates, as determined by the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee at Servicer in its Corporate Trust Office at (▇▇▇) ▇▇▇-▇▇▇▇sole discretion.
(cd) On each If, with respect to any Interest Period, the Servicer determines that LIBOR has been discontinued, but that there is no clear market consensus as to whether any rate has replaced LIBOR in customary market usage, the Servicer may, in its sole discretion, determine the alternative rate and make any adjustments thereon, which determinations shall be binding on the Trustee and the Series 2018-7 Certificateholders, and direct the Trustee to use such alternative rate as a substitute for LIBOR for the current LIBOR Determination Date prior and for each future LIBOR Determination Date unless and until directed otherwise.
(e) If, with respect to 3:00 p.m., New York City timeany Interest Period, the Trustee shall send to the Transferors and the Servicer by facsimiledetermines that LIBOR has been discontinued, notification of LIBOR but for the following Interest Accrual Period.any reason an alternative rate has not been identified in accordance with clause
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)
Determination of LIBOR. (a) LIBOR applicable to the calculation of the Pass-Through Rate on the LIBOR Certificates for any Interest Accrual Period will be determined as of each LIBOR Rate Adjustment Date. On each LIBOR Determination Rate Adjustment Date, or if such LIBOR Rate Adjustment Date is not a Business Day, then on the next succeeding Business Day, LIBOR shall be established by the Trustee will determine LIBOR for the related and, as to any Interest Accrual Period, which shall be will equal the rate for deposits in one month United States dollars for a period equal to one month (commencing on the first day of such Interest Accrual Period) dollar deposits that appears on Reuters the Telerate Screen LIBOR01 Page 3750 as of 11:00 a.m., London time, on such dateLIBOR Rate Adjustment Date. Upon "Telerate Screen Page 3750" means the display designated as page 3750 on the Bridge Telerate Service (or such determination, other page as may replace page 3750 on that service for the Trustee shall notify the Servicer purpose of LIBOR for such LIBOR Determination Datedisplaying London interbank offered rates of major banks). If such rate does not appear on Reuters Screen LIBOR01 Pagesuch page (or such other page as may replace that page on that service, or if such service is no longer offered, LIBOR shall be so established by use of such other service for displaying LIBOR or comparable rates as may be selected by the Trustee after consultation with the Master Servicer), the rate for will be the LIBOR Determination Date Reference Bank Rate. The "Reference Bank Rate" will be determined on the basis of the rates at which deposits in United States dollars U.S. Dollars are offered by the Reference Banks at approximately reference banks (which shall be any three major banks that are engaged in transactions in the London interbank market, selected by the Trustee after consultation with the Master Servicer) as of 11:00 a.m., London time, on that day the LIBOR Rate Adjustment Date to prime banks in the London interbank market for a period of one month in amounts approximately equal to one month (commencing on the first day aggregate Certificate Principal Balance of such Interest Accrual Period)the LIBOR Certificates then outstanding. The Servicer will Trustee shall request the principal London office of each of the Reference Banks reference banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will be the arithmetic mean of the quotationsquotations rounded up to the next multiple of 1/16%. If on such date fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date 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 Master Servicer, at approximately as of 11:00 a.m., New York City time, on that day such date for loans in United States dollars U.S. Dollars to leading European banks for a period of one month in amounts approximately equal to one the aggregate Certificate Principal Balance of the LIBOR Certificates then outstanding. If no such quotations can be obtained, the rate will be LIBOR for the prior Distribution Date; provided however, if, under the priorities described above, LIBOR for a Distribution Date would be based on LIBOR for the previous Distribution Date for the third consecutive Distribution Date, the Trustee, after consultation with the Master Servicer, shall select an alternative comparable index (over which the Trustee has no control), used for determining one-month Eurodollar lending rates that is calculated and published (commencing or otherwise made available) by an independent party. The establishment of LIBOR by the Trustee on any LIBOR Rate Adjustment Date and the first day Trustee's subsequent calculation of such the Pass-Through Rates applicable to the LIBOR Certificates for the relevant Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided , in the immediately preceding sentenceabsence of manifest error, LIBOR for such Interest Accrual Period will be final and binding. Promptly following each LIBOR in effect Rate Adjustment Date the Trustee shall supply the Master Servicer with the results of its determination of LIBOR on such date. Furthermore, the Trustee shall supply to any Certificateholder so requesting by calling the Trustee's bondholders services group at 1-800-934-6802, the Pass-Through Rate on the LIBOR Certificates for the current and the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee at its Corporate Trust Office at (▇▇▇) ▇▇▇-▇▇▇▇.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City time, the Trustee shall send to the Transferors and the Servicer by facsimile, notification of LIBOR for the following Interest Accrual Period.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (RASC Series 2007-Ks1 Trust), Pooling and Servicing Agreement (RASC Series 2007-Ks1 Trust)
Determination of LIBOR. (a) On each LIBOR Determination DateDate for a Class of LIBOR Certificates, the Trustee will Master Servicer shall determine LIBOR for the related applicable Distribution Date on the basis of the British Bankers' Association ("BBA") "Interest Accrual Period, which shall be the rate Settlement Rate" for one-month deposits in United States dollars for a period equal to one month (commencing U.S. Dollars as found on the first day of such Interest Accrual Period) that appears on Reuters Screen LIBOR01 Page Telerate page 3750 as of 11:00 a.m., A.M. London time, time on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. As used herein, "Telerate page 3750" means the display designated as page 3750 on the Bridge Telerate Service. If such rate does not appear on Reuters Screen LIBOR01 Page, the rate for the any LIBOR Determination Date will be determined for a Class of LIBOR Certificates, the Master Servicer is unable to determine LIBOR on the basis of the method set forth in the preceding paragraph, LIBOR for the applicable Distribution Date will be whichever is higher of (x) LIBOR as determined on the previous LIBOR Determination Date for such Class of LIBOR Certificates or (y) the Reserve Interest Rate. The "Reserve Interest Rate" will be the rate per annum that the Master Servicer determines to be either (A) the arithmetic mean (rounding such arithmetic mean upwards if necessary to the nearest whole multiple of 1/16%) of the one-month U.S. Dollar lending rates at which deposits in United States dollars are offered that New York City banks selected by the Reference Banks at approximately 11:00 a.m., London timeMaster Servicer are quoting, on that day the relevant LIBOR Determination Date, to prime the principal London offices of at least two leading banks in the London interbank market for a period equal to one month or (commencing on B) in the first day of event that the Master Servicer can determine no such Interest Accrual Period). The Servicer will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are providedarithmetic mean, the lowest one-month U.S. Dollar lending rate for that LIBOR Determination Date will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one month (commencing on the first day of such Interest Accrual Period). If the banks selected by the Master Servicer are not quoting rates as on such LIBOR Determination Date to leading European banks. If on any LIBOR Determination Date for a Class of LIBOR Certificates, the Master Servicer is required but is unable to determine the Reserve Interest Rate in the manner provided in the immediately preceding sentenceparagraph, LIBOR for such Interest Accrual Period the applicable Distribution Date will be LIBOR in effect for as determined on the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee at its Corporate Trust Office at (▇▇▇) ▇▇▇-▇▇▇▇.
(c) On each previous LIBOR Determination Date prior to 3:00 p.m.for such Class of LIBOR Certificates, New York City timeor, in the case of the first LIBOR Determination Date, the Trustee Initial LIBOR Rate. The establishment of LIBOR by the Master Servicer and the Master Servicer's subsequent calculation of the rates of interest applicable to each of the LIBOR Certificates in the absence of manifest error, will be final and binding. After a LIBOR Determination Date, the Master Servicer shall send provide the Pass-Through Rates of the LIBOR Certificates for the related Distribution Date to Certificate Owners or Holders of LIBOR Certificates who place a telephone call to the Transferors Master Servicer at 301-815-6600 and the Servicer by facsimile, notification of LIBOR for the following Interest Accrual Periodmake a request therefor.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Mastr Adjustable Rate Mortgages Trust 2004-2), Pooling and Servicing Agreement (Master Adjustable Rate Mortgages Trust 2004-2)
Determination of LIBOR. (a) On each LIBOR Determination DateDate in respect of a Distribution Period, the Indenture Trustee will shall determine LIBOR for on the related Interest Accrual Period, which shall be basis of the rate for deposits in United States dollars for a period equal to one month (commencing on of the first day of such Interest Accrual Period) that Designated Maturity which appears on Reuters Screen LIBOR01 Page page, or any other page as may replace such page on that service for the purpose of displaying comparable rates or price, as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 Pagepage, or such comparable page, the rate for the LIBOR that Distribution Period Determination Date will shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one month (commencing on of the first day of such Interest Accrual Period)Designated Maturity. The Servicer will Indenture Trustee shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two (2) such quotations are provided, the rate for that LIBOR Determination Date will Distribution Period shall be the arithmetic mean of the quotations. If fewer than two (2) quotations are provided as requested, the rate for that LIBOR Determination Date Distribution Period will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one month (commencing on of the first day of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual PeriodDesignated Maturity.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee ofClass A Note Interest Rate, the Class A Certificate M Note Interest Rate, the Class B Note Interest Rate[,] [and] the Class C Note Interest Rate [and the Class B Certificate Rate for the applicable D Note Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate Rate] applicable to the then current and the immediately preceding Interest Accrual Distribution Periods may be obtained by any Investor Certificateholder by telephoning the Indenture Trustee at its Corporate Trust Office corporate trust office at (▇▇▇) ▇▇▇-▇▇▇▇[•] or such other telephone number as shall be designated by the Indenture Trustee for such purpose by prior written notice by the Indenture Trustee to each Series 20[•]-[•] Noteholder from time to time.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City timeDate, the Indenture Trustee shall send to the Transferors and the Servicer by facsimilefacsimile transmission, notification of LIBOR for the following Interest Accrual Distribution Period.]
Appears in 2 contracts
Sources: Indenture Supplement (World Financial Network Credit Card Master Trust), Indenture Supplement (World Financial Network Credit Card Master Trust)
Determination of LIBOR. (a) On each LIBOR Determination Date, the Trustee will determine LIBOR for the related Interest Accrual Period, which shall be the rate for deposits in United States dollars for a period equal to one month three months (commencing on the first day of such Interest Accrual Period) that appears on Reuters Screen LIBOR01 Page Telerate page 3750 as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 PageTelerate Page 3750, the rate for the LIBOR Determination Date will be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one month three months (commencing on the first day of such Interest Accrual Period). The Servicer will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one month three months (commencing on the first day of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee at its Corporate Trust Office at (▇▇▇) ▇▇▇-▇▇▇▇.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City time, the Trustee shall send to the Transferors and the Servicer by facsimile, notification of LIBOR for the following Interest Accrual Period.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (American Express Credit Account Master Trust), Pooling and Servicing Agreement (American Express Centurion Bank)
Determination of LIBOR. (a) On each LIBOR" shall mean, as of any LIBOR Determination Date, the Trustee will determine LIBOR for the related Interest Accrual Period, which shall be the rate for deposits in United States dollars for a period equal to one month (commencing on the first day of such the relevant Interest Accrual Period) that which appears on Reuters Screen LIBOR01 Telerate Page 3750 as of 11:00 a.m.A.M., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR Determination Date for such LIBOR Determination DateInterest Accrual Period. If such rate does not appear on Reuters Screen LIBOR01 PageTelerate Page 3750, the rate for the such LIBOR Determination Date will be determined on the basis of the rates at which deposits in United States dollars are offered by four major banks in the Reference Banks London interbank market selected by the Servicer at approximately 11:00 a.m., London time, on that day such LIBOR Determination Date to prime banks in the London interbank market for a period equal to one month (commencing on the first day of such the relevant Interest Accrual Period). The Servicer Trustee will request the principal London office of each of the Reference Banks such bank to provide a quotation of its rate. If at least two such quotations are provided, the rate for that such LIBOR Determination Date will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that such LIBOR Determination Date will be the arithmetic mean of the rates quoted by four major banks in New York City, selected by the ServicerTrustee, at approximately 11:00 a.m., New York City time, on that day the LIBOR Determination Date for loans in United States dollars to leading European banks for a period equal to one month (commencing on the first day of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such The CTO Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder CTO Securityholder by telephoning the Trustee at its Corporate Trust Office at (▇▇▇212) ▇▇▇-▇▇▇▇.
(c) 815- 5737. On each LIBOR Determination Date prior to 3:00 p.m., New York City timeDate, the Trustee shall send to the Transferors and the Servicer by facsimile, facsimile notification of LIBOR for the following Interest Accrual Periodsuch LIBOR Determination Date.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Federated Department Stores Inc /De/), Pooling and Servicing Agreement (Federated Department Stores Inc /De/)
Determination of LIBOR. (a) On each LIBOR Determination Date, the Trustee will shall determine LIBOR for on the related Interest Accrual Period, which shall be basis of the rate for deposits in United States dollars for a period equal to one month (commencing on the first day of such relevant Interest Accrual Period) that Period which appears on Reuters Screen LIBOR01 Telerate Page 3750 as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 PageTelerate Page 3750, the rate for the that LIBOR Determination Date will shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one month (commencing on the first day of such relevant Interest Accrual Period). The Servicer will Trustee shall request the principal London office of each of the Reference Refer ence Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will shall be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European Europe an banks for a period equal to one month (commencing on the first day of such relevant Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and Rate, the Class B Certificate Rate for and the applicable Interest Accrual Period. The Class A Certificate Rate and Class B CIA Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Series 1997-10 Certificateholder by telephoning the Trustee Paying Agent at its Corporate Trust Office corporate trust office at (▇▇▇) ▇▇▇-▇▇▇▇.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City timeDate, the Trustee shall send to the Transferors and the Servicer by facsimile, facsimile notification of LIBOR for the following Interest Accrual Period. The Trustee shall cause the Class A Certificate Rate and the Class B Certificate Rate applicable to an Interest Period to be provided to the Luxembourg Stock Exchange as soon as possible after its determination but in no event later than the first day of such Interest Period. In addition, the Trustee shall cause the Class A Monthly Interest and the Class B Monthly Interest applicable to an Interest Period to be provided to the Luxembourg Stock Exchange within one Business Day of the date on which the Trustee receives notification of the Class A Monthly Interest and the Class B Monthly Interest from the Servicer.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (First Usa Credit Card Master Trust)
Determination of LIBOR. (a) On each LIBOR Determination Date, the Indenture Trustee will shall determine LIBOR for on the related Interest Accrual Period, which shall be basis of the rate for deposits in United States dollars for having a period equal to maturity of one month (commencing on the first day of such Interest Accrual Period) that LIBOR Determination Date which appears on Reuters Screen LIBOR01 Telerate Page 3750 as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 PageTelerate Page 3750, the rate LIBOR for the that LIBOR Determination Date will shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a one-month period equal to one month (commencing on the first day and in an amount of such Interest Accrual Period)not less than U.S. $1,000,000. The Servicer will Indenture Trustee shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two (2) such quotations are provided, the rate LIBOR for that LIBOR Determination Date will shall be the arithmetic mean of the quotations. If fewer than two (2) quotations are provided as requested, the rate LIBOR for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a one-month period equal to one month (commencing on the first day and in an amount of such Interest Accrual Period). If not less than U.S. $1,000,000; provided, that, if the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentencesuch rates, LIBOR for such Interest Accrual Period that LIBOR Determination Date will be the same as LIBOR in effect for the immediately preceding Interest Accrual PeriodLIBOR Determination Date.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee ofClass A Note Interest Rate, the Class A Certificate B Note Interest Rate, the Class C Note Interest Rate and the Class B Certificate Rate for the applicable D Note Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Indenture Trustee at its Corporate Trust Office corporate trust office at (▇▇▇) ▇▇▇-▇▇▇▇▇ or such other telephone number as shall be designated by the Indenture Trustee for such purpose by prior written notice by the Indenture Trustee to each Series 2003-B Noteholder from time to time.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City timeDate, the Indenture Trustee shall send to the Transferors and the Servicer Transferor by facsimilefacsimile transmission, notification of LIBOR for the following Interest Accrual Period.
Appears in 1 contract
Sources: Indenture Supplement (Advanta Business Recievables Corp)
Determination of LIBOR. (a) On each LIBOR Determination DateDate for a Class of LIBOR Certificates, the Trustee will Master Servicer shall determine LIBOR for the related applicable Distribution Date on the basis of the British Bankers' Association ("BBA") "Interest Accrual Period, which shall be the rate Settlement Rate" for one-month deposits in United States dollars for a period equal to one month (commencing U.S. Dollars as found on the first day of such Interest Accrual Period) that appears on Reuters Screen LIBOR01 Page Telerate page 3750 as of 11:00 a.m., a.m. London time, time on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. As used herein, "Telerate page 3750" means the display designated as page 3750 on the Bridge Telerate Service. If such rate does not appear on Reuters Screen LIBOR01 Page, the rate for the any LIBOR Determination Date will be determined for a Class of LIBOR Certificates, the Master Servicer is unable to determine LIBOR on the basis of the method set forth in the preceding paragraph, LIBOR for the applicable Distribution Date will be whichever is higher of (x) LIBOR as determined on the previous LIBOR Determination Date for such Class of LIBOR Certificates or (y) the Reserve Interest Rate. The "Reserve Interest Rate" will be the rate per annum which the Master Servicer determines to be either (A) the arithmetic mean (rounding such arithmetic mean upwards if necessary to the nearest whole multiple of 1/16%) of the one-month U.S. Dollar lending rates at which deposits in United States dollars are offered that New York City banks selected by the Reference Banks at approximately 11:00 a.m., London timeMaster Servicer are quoting, on that day the relevant LIBOR Determination Date, to prime the principal London offices of at least two leading banks in the London interbank market for a period equal to one month or (commencing on B) in the first day of event that the Master Servicer can determine no such Interest Accrual Period). The Servicer will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are providedarithmetic mean, the lowest one-month U.S. Dollar lending rate for that LIBOR Determination Date will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one month (commencing on the first day of such Interest Accrual Period). If the banks selected by the Master Servicer are not quoting rates as on such LIBOR Determination Date to leading European banks. If on any LIBOR Determination Date for a Class of LIBOR Certificates, the Master Servicer is required but is unable to determine the Reserve Interest Rate in the manner provided in the immediately preceding sentenceparagraph, LIBOR for such Interest Accrual Period the applicable Distribution Date will be LIBOR in effect for as determined on the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee at its Corporate Trust Office at (▇▇▇) ▇▇▇-▇▇▇▇.
(c) On each previous LIBOR Determination Date prior to 3:00 p.m.for such Class of LIBOR Certificates, New York City timeor, in the case of the first LIBOR Determination Date, the Trustee Initial LIBOR Rate. The establishment of LIBOR by the Master Servicer and the Master Servicer's subsequent calculation of the rates of interest applicable to each of the LIBOR Certificates in the absence of manifest error, will be final and binding. After a LIBOR Determination Date, the Master Servicer shall send provide the Pass-Through Rates of the LIBOR Certificates for the related Distribution Date to Certificate Owners or Holders of LIBOR Certificates who place a telephone call to the Transferors Master Servicer at 301-815-6600 and the Servicer by facsimile, notification of LIBOR for the following Interest Accrual Periodmake a request therefor.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pass THR Certs Ser 2003-6)
Determination of LIBOR. (a) On each LIBOR Determination Date, the Trustee will shall determine LIBOR for on the related Interest Accrual Period, which shall be basis of the rate for deposits in United States dollars for a one- month period equal to one month (commencing on the first day of such Interest Accrual Period) that which appears on Reuters Screen LIBOR01 Telerate Page 3750 as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 PageTelerate Page 3750, the rate for the that LIBOR Determination Date will shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one one-month (commencing on the first day of such Interest Accrual Period)period. The Servicer will Trustee shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will shall be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one one-month (commencing on the first day of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Periodperiod.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Series 2001-2 Certificateholder by telephoning the Trustee at its Corporate Trust Office Paying Agent at (▇▇▇) ▇▇▇-▇▇▇▇.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City timeDate, the Trustee shall send to the Transferors and the Servicer by facsimile, facsimile notification of LIBOR for the following Interest Accrual Period. The Trustee shall cause the Class A Certificate Rate and the Class B Certificate Rate applicable to an Interest Period to be provided to the Luxembourg Stock Exchange and to be published in a daily newspaper in Luxembourg as soon as possible after its determination but in no event later than the first day of such Interest Period. In addition, the Trustee shall cause the Class A Monthly Interest and the Class B Monthly Interest applicable to an Interest Period to be provided to the Luxembourg Stock Exchange and to be published in a daily newspaper in Luxembourg as soon as possible after the Trustee receives notification from the Servicer of the Class A Monthly Interest and the Class B Monthly Interest, but in no event later than the first day of such Interest Period.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (First Usa Credit Card Master Trust)
Determination of LIBOR. LIBOR applicable to the calculation of the Pass-Through Rates on the Adjustable Rate Certificates for any Interest Accrual Period (aother than the initial Interest Accrual Period) will be determined as described below: On each LIBOR Determination Distribution Date, LIBOR shall be established by the Trustee will determine LIBOR and as to any Interest Accrual Period for the related Adjustable Rate Certificates, other than the initial Interest Accrual Period, which shall be LIBOR will equal the rate for deposits in United States dollars dollar deposits for a period equal to one month (commencing which appears on the first day Telerate Screen Page 3750 of such Interest Accrual Period) that appears on Reuters Screen LIBOR01 Page the Moneyline Telerate Capital Markets Report as of 11:00 a.m.A.M., London time, on such the second LIBOR business day prior to the first day of that Interest Accrual Period, or the LIBOR rate adjustment date. Upon such determination, Telerate Screen Page 3750 means the Trustee shall notify display designated as page 3750 on the Servicer Telerate Service or any other page as may replace page 3750 on that service for the purpose of LIBOR for such LIBOR Determination Datedisplaying London interbank offered rates of major banks. If such the rate does not appear on Reuters Screen LIBOR01 Pagethat page or any other page as may replace that page on that service, or if the service is no longer offered, any other service for displaying LIBOR or comparable rates that may be selected by the trustee after consultation with the master servicer, the rate for will be the LIBOR Determination Date reference bank rate. The reference bank rate will be determined on the basis of the rates at which deposits in United States dollars U.S. Dollars are offered by the Reference Banks at approximately reference banks, which shall be three major banks that are engaged in transactions in the London interbank market, selected by the trustee after consultation with the Master Servicer. The reference bank rate will be determined as of 11:00 a.m.A.M., London time, on the day that is one LIBOR business day prior to the immediately preceding Distribution Date to prime banks in the London interbank market for a period of one month in amounts approximately equal to one month (commencing on the first day aggregate Certificate Principal Balance of such Interest Accrual Period)the Adjustable Rate Certificates then outstanding. The Servicer Trustee will request the principal London office of each of the Reference Banks reference banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will be the arithmetic mean of the quotations. If on that date fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date 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 Master Servicer, at approximately as of 11:00 a.m.A.M., New York City time, on that day date for loans in United States dollars U.S. Dollars to leading European banks for a period of one month in amounts approximately equal to one month (commencing on the aggregate Certificate Principal Balance of the Adjustable Rate Certificates then outstanding. If no quotations can be obtained, the rate will be LIBOR for the prior Distribution Date, or in the case of the first LIBOR rate adjustment date, 2.85% per annum; provided however, if, under the priorities listed previously in this paragraph, LIBOR for a Distribution Date would be based on LIBOR for the previous Distribution Date for the third consecutive Distribution Date, the Trustee shall, after consultation with the Master Servicer, select an alternative comparable index over which the trustee has no control, used for determining one-month Eurodollar lending rates that is calculated and published or otherwise made available by an independent party. LIBOR business day means any day other than (i) a Saturday or a Sunday or (ii) a day on which banking institutions in the city of such London, England are required or authorized by law to be closed. The establishment of LIBOR by the Trustee and the Master Servicer's subsequent calculation of the Pass-through Rates applicable to the Adjustable Rate Certificates for the relevant Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided , in the immediately preceding sentenceabsence of manifest error, LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Periodfinal and binding.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee at its Corporate Trust Office at (▇▇▇) ▇▇▇-▇▇▇▇.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City time, the Trustee shall send to the Transferors and the Servicer by facsimile, notification of LIBOR for the following Interest Accrual Period.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Residential Accredit Loans Inc)
Determination of LIBOR. (a) On each LIBOR Determination Date, the Trustee will determine LIBOR for on the related Interest Accrual Period, which shall be basis of the rate for deposits in United States dollars for a three-month period equal to one month (or, commencing on the Class A Scheduled Payment Date or the first day of such Interest Accrual Distribution Date with respect to the Rapid Amortization Period, for a one-month period) that which appears on Reuters Screen LIBOR01 Telerate Page 3750 as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 PageTelerate Page 3750, the rate for the that LIBOR Determination Date will be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a three-month period equal to one month (or, commencing on the Class A Scheduled Payment Date or the first day of such Interest Accrual Distribution Date with respect to the Rapid Amortization Period, for a one-month period). The Servicer Trustee will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a three-month period equal to one month (or, commencing on the Class A Scheduled Payment Date or the first day of such Interest Accrual Distribution Date with respect to the Rapid Amortization Period, for a one-month period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Period.
(bbbb) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee at its Corporate Trust Office at (▇▇▇) ▇▇▇-▇▇▇▇.
. (cccc) On each LIBOR Determination Date prior to 3:00 p.m., 12:00 noon New York City time, the Trustee shall send to the Transferors and the Servicer by facsimile, notification of LIBOR for the following Interest Accrual Period.
Appears in 1 contract
Sources: Series 1996 L Supplement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii)
Determination of LIBOR. (a) On each LIBOR Determination Date, the Indenture Trustee will shall determine LIBOR for the related Interest Accrual Period, which shall be the rate for deposits in United States dollars for a period equal to one month (commencing on the first day of such Interest Accrual Period) that appears on Reuters Screen LIBOR01 Page as of 11:00 a.m., London time, on such date. Upon such determination, the Indenture Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 Page, the rate for the LIBOR Determination Date will shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one month (commencing on the first day of such Interest Accrual Period). The Servicer will shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will shall be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will shall be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one month (commencing on the first day of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will shall be LIBOR in effect for the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, and promptly notify the Transferors Transferor and the Indenture Trustee of, the Class A Certificate Note Interest Rate, the Class B Note Interest Rate and the Class B Certificate Rate C Note Interest for the applicable Interest Accrual Period. The Class A Certificate Note Interest Rate, the Class B Note Interest Rate and the Class B Certificate C Note Interest Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder Series 2007-1 Noteholder by telephoning the Indenture Trustee at its Corporate Trust Office at (▇▇▇) ▇▇▇-▇▇▇▇.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City time, the Indenture Trustee shall send to the Transferors Transferor and the Servicer by facsimile, notification facsimile or electronic transmission of LIBOR for the following Interest Accrual Period.
Appears in 1 contract
Sources: Indenture Supplement (American Express Issuance Trust)
Determination of LIBOR. (a) On each LIBOR Determination Date, the Trustee will shall determine LIBOR for the related Interest Accrual PeriodLIBOR, which shall be the rate for deposits in United States dollars for a period equal to one month the relevant Interest Period (commencing on the first day of such Interest Accrual Period) that which appears on Reuters Screen LIBOR01 Page Telerate page 3750 as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 PageTelerate Page 3750, the rate for the LIBOR Determination Date will be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one month the relevant Interest Period (commencing on the first day of such Interest Accrual Period). The Servicer will shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one month the relevant Interest Period (commencing on the first day of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will shall be LIBOR in effect for the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee at its Corporate Trust Office at (▇▇▇___) ▇▇▇-▇▇▇▇________.
(c) On each LIBOR Determination Date prior to 3:00 p.m., p.m. New York City time, the Trustee shall send to the Transferors and the Servicer by facsimile, notification of LIBOR for the following Interest Accrual Period.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Credit Card Receivables Funding Corp)
Determination of LIBOR. (a) On each LIBOR Determination Date, the Trustee will determine LIBOR for the related Interest Accrual Period, which shall be the rate for deposits in United States dollars for a period equal to one month (commencing on the first day of such Interest Accrual Period) that appears on Reuters Screen LIBOR01 Telerate Page 3750 as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 PageTelerate Page 3750, the rate for the LIBOR Determination Date will be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one month (commencing on the first day of such Interest Accrual Period). The Servicer will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one month (commencing on the first day of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee at its Corporate Trust Office at (▇▇▇) ▇▇▇-▇▇▇▇.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City time, the Trustee shall send to the Transferors and the Servicer by facsimile, notification of LIBOR for the following Interest Accrual Period.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC)
Determination of LIBOR. (a) On each Rate Determination Date for a Class of LIBOR Determination DateCertificates, the Trustee will Securities Administrator shall determine LIBOR for the related Interest Accrual Period, which shall be the rate for deposits in United States dollars for a period equal to one month (commencing on the first day of such Interest Accrual Period) that appears on Reuters Screen LIBOR01 Page as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 Page, the rate for the LIBOR Determination applicable Distribution Date will be determined on the basis of the rates at which British Bankers' Association ("BBA") "Interest Settlement Rate" for one-month deposits in United States dollars are offered U.S. Dollars as found on Telerate page 3750 as of 11:00 A.M. London time on such Rate Determination Date. As used herein, "Telerate page 3750" means the display designated as page 3750 on the Reuters Telerate Service. If on any Rate Determination Date for a Class of LIBOR Certificates, the Securities Administrator is unable to determine LIBOR on the basis of the method set forth in the preceding paragraph, LIBOR for the applicable Distribution Date will be whichever is higher of (x) LIBOR as determined on the previous Rate Determination Date for such Class of LIBOR Certificates or (y) the Reserve Interest Rate. The "Reserve Interest Rate" will be the rate per annum which the Securities Administrator determines to be either (A) the arithmetic mean (rounding such arithmetic mean upwards if necessary to the nearest whole multiple of 1/16%) of the one-month U.S. Dollar lending rates that New York City banks selected by the Reference Banks at approximately 11:00 a.m., London timeSecurities Administrator are quoting, on that day the relevant Rate Determination Date, to prime the principal London offices of at least two leading banks in the London interbank market for a period equal to one month or (commencing on B) in the first day of event that the Securities Administrator can determine no such Interest Accrual Period). The Servicer will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are providedarithmetic mean, the lowest one-month U.S. Dollar lending rate for that LIBOR Determination Date will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one month (commencing on the first day of such Interest Accrual Period). If the banks selected by the Servicer Securities Administrator are not quoting rates as on such Rate Determination Date to leading European banks. If on any Rate Determination Date for a Class of LIBOR Certificates, the Securities Administrator is required but is unable to determine the Reserve Interest Rate in the manner provided in the immediately preceding sentenceparagraph, LIBOR for such Interest Accrual Period the applicable Distribution Date will be LIBOR as determined on the previous Rate Determination Date for such Class of LIBOR Certificates, or, in effect the case of the first Rate Determination Date for which the Securities Administrator is required to determine LIBOR, 4.36%. The establishment of LIBOR by the Securities Administrator and the Securities Administrator's subsequent calculation of the rates of interest applicable to each of the LIBOR Certificates in the absence of manifest error, will be final and binding. After a Rate Determination Date, the Securities Administrator shall provide the Pass-Through Rates of the LIBOR Certificates for the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable related Distribution Date to Beneficial Owners or Holders of LIBOR Certificates who place a telephone call to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee at its Corporate Trust Office Securities Administrator at (▇▇▇301) ▇▇▇815-▇▇▇▇6600 and make a request therefor.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City time, the Trustee shall send to the Transferors and the Servicer by facsimile, notification of LIBOR for the following Interest Accrual Period.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (SunTrust Alternative Loan Trust, Series 2005-1f)
Determination of LIBOR. (a) On each Rate Determination Date for a Class of LIBOR Determination DateCertificates, the Trustee will Securities Administrator shall determine LIBOR for the related Interest Accrual Period, which shall be the rate for deposits in United States dollars for a period equal to one month (commencing on the first day of such Interest Accrual Period) that appears on Reuters Screen LIBOR01 Page as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 Page, the rate for the LIBOR Determination applicable Distribution Date will be determined on the basis of the rates at which British Bankers' Association ("BBA") "Interest Settlement Rate" for one-month deposits in United States dollars are offered U.S. Dollars as found on Telerate page 3750 as of 11:00 A.M. London time on such Rate Determination Date. As used herein, "Telerate page 3750" means the display designated as page 3750 on the Reuters Telerate Service. If on any Rate Determination Date for a Class of LIBOR Certificates, the Securities Administrator is unable to determine LIBOR on the basis of the method set forth in the preceding paragraph, LIBOR for the applicable Distribution Date will be whichever is higher of (x) LIBOR as determined on the previous Rate Determination Date for such Class of LIBOR Certificates or (y) the Reserve Interest Rate. The "Reserve Interest Rate" will be the rate per annum which the Securities Administrator determines to be either (A) the arithmetic mean (rounding such arithmetic mean upwards if necessary to the nearest whole multiple of 1/16%) of the one-month U.S. Dollar lending rates that New York City banks selected by the Reference Banks at approximately 11:00 a.m., London timeSecurities Administrator are quoting, on that day the relevant Rate Determination Date, to prime the principal London offices of at least two leading banks in the London interbank market for a period equal to one month or (commencing on B) in the first day of event that the Securities Administrator can determine no such Interest Accrual Period). The Servicer will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are providedarithmetic mean, the lowest one-month U.S. Dollar lending rate for that LIBOR Determination Date will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one month (commencing on the first day of such Interest Accrual Period). If the banks selected by the Servicer Securities Administrator are not quoting rates as on such Rate Determination Date to leading European banks. If on any Rate Determination Date for a Class of LIBOR Certificates, the Securities Administrator is required but is unable to determine the Reserve Interest Rate in the manner provided in the immediately preceding sentenceparagraph, LIBOR for such Interest Accrual Period the applicable Distribution Date will be LIBOR as determined on the previous Rate Determination Date for such Class of LIBOR Certificates, or, in effect the case of the first Rate Determination Date for which the Securities Administrator is required to determine LIBOR, 4.32%. The establishment of LIBOR by the Securities Administrator and the Securities Administrator's subsequent calculation of the rates of interest applicable to each of the LIBOR Certificates in the absence of manifest error, will be final and binding. After a Rate Determination Date, the Securities Administrator shall provide the Pass-Through Rates of the LIBOR Certificates for the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable related Distribution Date to Beneficial Owners or Holders of LIBOR Certificates who place a telephone call to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee at its Corporate Trust Office Securities Administrator at (▇▇▇301) ▇▇▇815-▇▇▇▇6600 and make a request therefor.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City time, the Trustee shall send to the Transferors and the Servicer by facsimile, notification of LIBOR for the following Interest Accrual Period.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Funding 2005-8 Trust)
Determination of LIBOR. (a) On each LIBOR Determination Date, the Indenture Trustee will shall determine LIBOR for on the related Interest Accrual Period, which shall be basis of the rate for deposits in United States dollars for having a period equal to maturity of one month (commencing on the first day of such Interest Accrual Period) that LIBOR Determination Date which appears on Reuters Screen LIBOR01 Telerate Page 3750 as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 PageTelerate Page 3750, the rate LIBOR for the that LIBOR Determination Date will shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a one-month period equal to one month (commencing on the first day and in an amount of such Interest Accrual Period)not less than U.S. $1,000,000. The Servicer will Indenture Trustee shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two (2) such quotations are provided, the rate LIBOR for that LIBOR Determination Date will shall be the arithmetic mean of the quotations. If fewer than two (2) quotations are provided as requested, the rate LIBOR for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a one-month period equal to one month (commencing on the first day and in an amount of such Interest Accrual Period). If not less than U.S. $1,000,000; provided, that, if the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentencesuch rates, LIBOR for such Interest Accrual Period that LIBOR Determination Date will be the same as LIBOR in effect for the immediately preceding Interest Accrual PeriodLIBOR Determination Date.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee ofClass A Note Interest Rate, the Class A Certificate B Note Interest Rate, the Class C Note Interest Rate and the Class B Certificate Rate for the applicable D Note Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Indenture Trustee at its Corporate Trust Office corporate trust office at (▇▇▇) ▇▇▇-▇▇▇▇▇ or such other telephone number as shall be designated by the Indenture Trustee for such purpose by prior written notice by the Indenture Trustee to each Series 2003-D Noteholder from time to time.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City timeDate, the Indenture Trustee shall send to the Transferors and the Servicer Transferor by facsimilefacsimile transmission, notification of LIBOR for the following Interest Accrual Period.
Appears in 1 contract
Sources: Indenture Supplement (Advanta Business Receivables Corp)
Determination of LIBOR. (a) On each LIBOR Determination Date, the Trustee will shall determine LIBOR for on the related Interest Accrual Period, which shall be basis of the rate for deposits in United States dollars for a period equal to one month (commencing on the first day of such relevant Interest Accrual Period) that Period which appears on Reuters Screen LIBOR01 Telerate Page 3750 as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 PageTelerate Page 3750, the rate for the that LIBOR Determination Date will shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one month (commencing on the first day of such relevant Interest Accrual Period). The Servicer will Trustee shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will shall be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one month (commencing on the first day of such relevant Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Series 1998-4 Certificateholder by telephoning the Trustee Paying Agent at its Corporate Trust Office corporate trust office at (▇▇▇212) ▇▇▇-▇▇▇▇.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City timeDate, the Trustee shall send to the Transferors and the Servicer by facsimile, facsimile notification of LIBOR for the following Interest Accrual Period. The Trustee shall cause the Class A Certificate Rate and the Class B Certificate Rate applicable to an Interest Period to be provided to the Luxembourg Stock Exchange as soon as possible after its determination but in no event later than the first day of such Interest Period. In addition, the Trustee shall cause the Class A Monthly Interest and the Class B Monthly Interest applicable to an Interest Period to be provided to the Luxembourg Stock Exchange within one Business Day of the date on which the Trustee receives notification of the Class A Monthly Interest and the Class B Monthly Interest from the Servicer.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (First Usa Credit Card Master Trust)
Determination of LIBOR. (a) LIBOR applicable to the calculation of the Pass-Through Rate on the LIBOR Certificates for any Interest Accrual Period will be determined as of each LIBOR Rate Adjustment Date. On each LIBOR Determination Rate Adjustment Date, or if such LIBOR Rate Adjustment Date is not a Business Day, then on the next succeeding Business Day, LIBOR shall be established by the Trustee will determine LIBOR for the related and, as to any Interest Accrual Period, which shall be will equal the rate for deposits in one month United States dollars for a period equal to one month (commencing on the first day of such Interest Accrual Period) dollar deposits that appears on Reuters the Telerate Screen LIBOR01 Page 3750 as of 11:00 a.m., London time, on such dateLIBOR Rate Adjustment Date. Upon "Telerate Screen Page 3750" means the display designated as page 3750 on the Bridge Telerate Service (or such determination, other page as may replace page 3750 on that service for the Trustee shall notify the Servicer purpose of LIBOR for such LIBOR Determination Datedisplaying London interbank offered rates of major banks). If such rate does not appear on Reuters Screen LIBOR01 Pagesuch page (or such other page as may replace that page on that service, or if such service is no longer offered, LIBOR shall be so established by use of such other service for displaying LIBOR or comparable rates as may be selected by the Trustee after consultation with the Master Servicer), the rate for will be the LIBOR Determination Date Reference Bank Rate. The "Reference Bank Rate" will be determined on the basis of the rates at which deposits in United States dollars U.S. Dollars are offered by the Reference Banks at approximately reference banks (which shall be any three major banks that are engaged in transactions in the London interbank market, selected by the Trustee after consultation with the Master Servicer) as of 11:00 a.m., London time, on that day the LIBOR Rate Adjustment Date to prime banks in the London interbank market for a period of one month in amounts approximately equal to one month (commencing on the first day aggregate Certificate Principal Balance of such Interest Accrual Period)the LIBOR Certificates then outstanding. The Servicer will Trustee shall request the principal London office of each of the Reference Banks reference banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will be the arithmetic mean of the quotationsquotations rounded up to the next multiple of 1/16%. If on such date fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date 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 Master Servicer, at approximately as of 11:00 a.m., New York City time, on that day such date for loans in United States dollars U.S. Dollars to leading European banks for a period of one month in amounts approximately equal to one the aggregate Certificate Principal Balance of the LIBOR Certificates then outstanding. If no such quotations can be obtained, the rate will be LIBOR for the prior Distribution Date; provided however, if, under the priorities described above, LIBOR for a Distribution Date would be based on LIBOR for the previous Distribution Date for the third consecutive Distribution Date, the Trustee, shall select an alternative comparable index (over which the Trustee has no control), used for determining one-month Eurodollar lending rates that is calculated and published (commencing or otherwise made available) by an independent party. The establishment of LIBOR by the Trustee on any LIBOR Rate Adjustment Date and the first day Trustee's subsequent calculation of such the Pass-Through Rates applicable to the LIBOR Certificates for the relevant Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided , in the immediately preceding sentenceabsence of manifest error, LIBOR for such Interest Accrual Period will be final and binding. Promptly following each LIBOR in effect for the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, and promptly notify the Transferors and Rate Adjustment Date the Trustee ofshall supply the Master Servicer with the results of its determination of LIBOR on such date. Furthermore, the Class A Certificate Rate and Trustee shall supply to any Certificateholder so requesting by calling the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee Bondholder Inquiry Line at its Corporate Trust Office at (▇-▇▇▇) -▇▇▇-▇▇▇▇.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City time, the Trustee shall send to Pass-Through Rate on the Transferors LIBOR Certificates for the current and the Servicer by facsimile, notification of LIBOR for the following immediately preceding Interest Accrual Period.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (RAMP Series 2006-Rz2 Trust)
Determination of LIBOR. (a) On each LIBOR Determination Date, the Indenture Trustee will shall determine LIBOR for on the related Interest Accrual Period, which shall be basis of the rate for deposits in United States dollars for a one- month period equal to one month (commencing on the first day of such Interest Accrual Period) that which appears on Reuters Screen LIBOR01 Telerate Page 3750 as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 PageTelerate Page 3750, the rate for the that LIBOR Determination Date will shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one one-month (commencing on the first day of such Interest Accrual Period)period. The Servicer will Indenture Trustee shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two (2) such quotations are provided, the rate for that LIBOR Determination Date will shall be the arithmetic mean of the quotations. If fewer than two (2) quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one one-month (commencing on the first day of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Periodperiod.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Note Interest Rate, Class B Certificate Rate for the applicable Note Interest Accrual Period. The Class A Certificate Rate and Class B Certificate C Note Interest Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Indenture Trustee at its Corporate Trust Office corporate trust office at (▇▇▇) ▇▇▇-▇▇▇▇▇ or such other telephone number as shall be designated by the Indenture Trustee for such purpose by prior written notice by the Indenture Trustee to each Series 2000-A Noteholder from time to time.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City timeDate, the Indenture Trustee shall send to the Transferors and the Servicer Seller by facsimilefacsimile transmission, notification of LIBOR for the following Interest Accrual Period.]
Appears in 1 contract
Determination of LIBOR. (a) On each Rate Determination Date for a Class of LIBOR Determination DateCertificates, the Trustee will Securities Administrator shall determine LIBOR for the related Interest Accrual Period, which shall be the rate for deposits in United States dollars for a period equal to one month (commencing on the first day of such Interest Accrual Period) that appears on Reuters Screen LIBOR01 Page as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 Page, the rate for the LIBOR Determination applicable Distribution Date will be determined on the basis of the rates at which British Bankers' Association ("BBA") "Interest Settlement Rate" for one-month deposits in United States dollars are offered U.S. Dollars as found on Telerate page 3750 as of 11:00 A.M. London time on such Rate Determination Date. As used herein, "Telerate page 3750" means the display designated as page 3750 on the Reuters Telerate Service. If on any Rate Determination Date for a Class of LIBOR Certificates, the Securities Administrator is unable to determine LIBOR on the basis of the method set forth in the preceding paragraph, LIBOR for the applicable Distribution Date will be whichever is higher of (x) LIBOR as determined on the previous Rate Determination Date for such Class of LIBOR Certificates or (y) the Reserve Interest Rate. The "Reserve Interest Rate" will be the rate per annum which the Securities Administrator determines to be either (A) the arithmetic mean (rounding such arithmetic mean upwards if necessary to the nearest whole multiple of 1/16%) of the one-month U.S. Dollar lending rates that New York City banks selected by the Reference Banks at approximately 11:00 a.m., London timeSecurities Administrator are quoting, on that day the relevant Rate Determination Date, to prime the principal London offices of at least two leading banks in the London interbank market for a period equal to one month or (commencing on B) in the first day of event that the Securities Administrator can determine no such Interest Accrual Period). The Servicer will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are providedarithmetic mean, the lowest one-month U.S. Dollar lending rate for that LIBOR Determination Date will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one month (commencing on the first day of such Interest Accrual Period). If the banks selected by the Servicer Securities Administrator are not quoting rates as on such Rate Determination Date to leading European banks. If on any Rate Determination Date for a Class of LIBOR Certificates, the Securities Administrator is required but is unable to determine the Reserve Interest Rate in the manner provided in the immediately preceding sentenceparagraph, LIBOR for such Interest Accrual Period the applicable Distribution Date will be LIBOR as determined on the previous Rate Determination Date for such Class of LIBOR Certificates, or, in effect the case of the first Rate Determination Date for which the Securities Administrator is required to determine LIBOR, 4.03%. The establishment of LIBOR by the Securities Administrator and the Securities Administrator's subsequent calculation of the rates of interest applicable to each of the LIBOR Certificates in the absence of manifest error, will be final and binding. After a Rate Determination Date, the Securities Administrator shall provide the Pass-Through Rates of the LIBOR Certificates for the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable related Distribution Date to Beneficial Owners or Holders of LIBOR Certificates who place a telephone call to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee at its Corporate Trust Office Securities Administrator at (▇▇▇301) ▇▇▇815-▇▇▇▇6600 and make a request therefor.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City time, the Trustee shall send to the Transferors and the Servicer by facsimile, notification of LIBOR for the following Interest Accrual Period.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Funding Corp. 2005-6 Trust)
Determination of LIBOR. (a) On each LIBOR Determination DateDate in respect of an Interest Period after the first Interest Period, the Trustee will Deutsche Bank Trust Company Americas, as Paying Agent, shall determine LIBOR for on the related Interest Accrual Period, which shall be basis of the rate per annum displayed in the Bloomberg Financial Markets system as the composite offered rate for London interbank deposits in United States dollars for a period equal to one one-month (commencing on the first day of such Interest Accrual Period) that appears on Reuters Screen LIBOR01 Page period, as of 11:00 a.m., London time, on such that date. Upon such determinationIf that rate does not appear on that display page, the Trustee shall notify the Servicer of LIBOR for such that Interest Period will be the rate per annum shown on page 3750 of the Bridge Telerate Services Report screen or any successor page as the composite offered rate for London interbank deposits for a one-month period, as shown under the heading “USD” as of 11:00 a.m., London time, on the LIBOR Determination Date. If no rate is shown as described in the preceding two sentences, LIBOR for that Interest Period will be the rate per annum based on the rates at which U.S. dollar deposits for a one-month period are displayed on page “LIBOR” of the Reuters Monitor Money Rates Service or such rate does not other page as may replace the LIBOR page on that service for the purpose of displaying London interbank offered rates of major banks as of 11:00 a.m., London time, on the LIBOR Determination Date; provided, that if at least two rates appear on Reuters Screen LIBOR01 Pagethat page, the rate will be the arithmetic mean of the displayed rates and if fewer than two rates are displayed, or if no rate is relevant, the rate for the LIBOR Determination Date will that Interest Period shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one one-month (commencing on the first day of such Interest Accrual Period)period. The Servicer will Indenture Trustee shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two (2) such quotations are provided, the rate LIBOR for that LIBOR Determination Date will Interest Period shall be the arithmetic mean of the quotationsall quotations provided. If fewer than two (2) quotations are provided as requested, the rate LIBOR for that LIBOR Determination Date Interest Period will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Master Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one one-month (commencing on period. Notwithstanding the first day of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentenceforegoing, LIBOR for such the first Interest Accrual Period will be determined by reference to straight line interpolation between one-month and two-month LIBOR based on the actual number of days in effect for the immediately preceding first Interest Accrual Period.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Note Interest Rate, Class B Certificate Rate for the applicable Note Interest Accrual Period. The Class A Certificate Rate and Class B Certificate C Note Interest Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee at its Corporate Deutsche Bank Trust Office Company Americas, as Paying Agent, at (▇▇▇) ▇▇▇-▇▇▇▇▇ or such other telephone number as shall be designated by the Indenture Trustee for such purpose by prior written notice by Deutsche Bank Trust Company Americas, as Paying Agent, to each Series 2006-1 Noteholder from time to time.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City timeDate, the Indenture Trustee shall send to the Transferors and the Servicer Issuer, by facsimilefacsimile transmission, notification of LIBOR for the following Interest Accrual Period.. 20 2006-1 Indenture Supplement
Appears in 1 contract
Sources: Indenture Supplement (GE Dealer Floorplan Master Note Trust)
Determination of LIBOR. (a) On each LIBOR Determination Date, the Indenture Trustee will shall determine LIBOR for the related Interest Accrual Period, which shall be the rate for deposits in United States dollars for a period equal to one month (commencing on the first day of such Interest Accrual Period) that appears on Reuters Screen LIBOR01 Page as of 11:00 a.m., London time, on such date. Upon such determination, the Indenture Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 Page, the rate for the LIBOR Determination Date will shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one month (commencing on the first day of such Interest Accrual Period). The Servicer will shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will shall be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will shall be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one month (commencing on the first day of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will shall be LIBOR in effect for the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, and promptly notify the Transferors Transferor and the Indenture Trustee of, the Class A Certificate Note Interest Rate, the Class B Note Interest Rate and the Class B Certificate Rate C Note Interest for the applicable Interest Accrual Period. The Class A Certificate Note Interest Rate, the Class B Note Interest Rate and the Class B Certificate C Note Interest Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder Series 2007-2 Noteholder by telephoning the Indenture Trustee at its Corporate Trust Office at (▇▇▇) ▇▇▇-▇▇▇▇.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City time, the Indenture Trustee shall send to the Transferors Transferor and the Servicer by facsimile, notification facsimile or electronic transmission of LIBOR for the following Interest Accrual Period.
Appears in 1 contract
Sources: Indenture Supplement (American Express Issuance Trust)
Determination of LIBOR. (a) On each LIBOR Determination Date, the Indenture Trustee will shall determine LIBOR for on the related Interest Accrual Period, which shall be basis of the rate for deposits in United States dollars for having a period equal to maturity of one month (commencing on the first day of such Interest Accrual Period) that LIBOR Determination Date which appears on Reuters Screen LIBOR01 Telerate Page 3750 as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 PageTelerate Page 3750, the rate LIBOR for the that LIBOR Determination Date will shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a one-month period equal to one month (commencing on the first day and in an amount of such Interest Accrual Period)not less than U.S. $1,000,000. The Servicer will Indenture Trustee shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two (2) such quotations are provided, the rate LIBOR for that LIBOR Determination Date will shall be the arithmetic mean of the quotations. If fewer than two (2) quotations are provided as requested, the rate LIBOR for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a one-month period equal to one month (commencing on the first day and in an amount of such Interest Accrual Period). If not less than U.S. $1,000,000; provided, that, if the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentencesuch rates, LIBOR for such Interest Accrual Period that LIBOR Determination Date will be the same as LIBOR in effect for the immediately preceding Interest Accrual PeriodLIBOR Determination Date.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee ofClass A Note Interest Rate, the Class A Certificate B Note Interest Rate, the Class C Note Interest Rate and the Class B Certificate Rate for the applicable D Note Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Indenture Trustee at its Corporate Trust Office corporate trust office at (▇▇▇800) ▇▇▇735-7777 or such other telephone number as shall be designated by the ▇▇▇▇▇▇▇▇e Trustee for such purpose by prior written notice by the Indenture Trustee to each Series 2002-A Noteholder from time to time.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City timeDate, the Indenture Trustee shall send to the Transferors and the Servicer Transferor by facsimilefacsimile transmission, notification of LIBOR for the following Interest Accrual Period.
Appears in 1 contract
Sources: Indenture Supplement (Advanta Business Recievables Corp)
Determination of LIBOR. (a) On each LIBOR Determination DateDate in respect of a Distribution Period (other than the first Distribution Period), the Indenture Trustee will shall determine LIBOR for on the related Interest Accrual Period, which shall be basis of the rate for deposits in United States dollars for a one-month period equal to one month (commencing on the first day of such Interest Accrual Period) that which appears on Reuters Screen LIBOR01 Page as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 PageLIBOR01, the rate for the LIBOR that Distribution Period Determination Date will shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one one-month (commencing on the first day of such Interest Accrual Period)period. The Servicer will Indenture Trustee shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two (2) such quotations are provided, the rate for that LIBOR Determination Date will Distribution Period shall be the arithmetic mean of the quotations. If fewer than two (2) quotations are provided as requested, the rate for that LIBOR Determination Date Distribution Period will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one one-month (commencing on period. LIBOR for the first day of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Distribution Period will be LIBOR determined by straight-line interpolation, based on the actual number of days in effect such Distribution Period from the Closing Date to but excluding October 15, 2008, between two rates determined in accordance with the preceding paragraph, one of which will be determined for the immediately preceding Interest Accrual Perioda maturity of one month and one of which will be determined for a maturity of two months.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee ofClass A Note Interest Rate, the Class A Certificate M Note Interest Rate and the Class B Certificate Rate for the applicable Note Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Distribution Periods may be obtained by any Investor Certificateholder by telephoning the Indenture Trustee at its Corporate Trust Office corporate trust office at (▇▇▇) ▇▇▇-▇▇▇▇▇ or such other telephone number as shall be designated by the Indenture Trustee for such purpose by prior written notice by the Indenture Trustee to each Series 2008-A Noteholder from time to time.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City timeDate, the Indenture Trustee shall send to the Transferors and the Servicer by facsimilefacsimile transmission, notification of LIBOR for the following Interest Accrual Distribution Period.
Appears in 1 contract
Determination of LIBOR. (a) On each LIBOR Determination Date, the Trustee will determine LIBOR for the related Interest Accrual Period, which shall be the rate for deposits in United States dollars for a period equal to one month (commencing on the first day of such Interest Accrual Period) that appears on Reuters Screen LIBOR01 Telerate Page 3750 as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 PageTelerate Page 3750, the rate for the LIBOR Determination Date will be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one month (commencing on the first day of such Interest Accrual Period). The Servicer will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one month (commencing on the first day of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee at its Corporate Trust Office at (▇▇▇212) ▇▇▇815-▇▇▇▇6258.
(c) On each LIBOR Determination Date prior to 3:00 Dat▇ ▇▇▇▇▇ ▇▇ ▇:▇0 p.m., New York City time, the Trustee shall send to the Transferors and the Servicer by facsimile, notification of LIBOR for the following Interest Accrual Period.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Ii)
Determination of LIBOR. (a) On each Rate Determination Date for a Class of LIBOR Determination DateCertificates, the Trustee will Securities Administrator shall determine LIBOR for the related Interest Accrual Period, which shall be the rate for deposits in United States dollars for a period equal to one month (commencing on the first day of such Interest Accrual Period) that appears on Reuters Screen LIBOR01 Page as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 Page, the rate for the LIBOR Determination applicable Distribution Date will be determined on the basis of the rates at which British Bankers' Association ("BBA") "Interest Settlement Rate" for one-month deposits in United States dollars are offered U.S. Dollars as found on Telerate page 3750 as of 11:00 A.M. London time on such Rate Determination Date. As used herein, "Telerate page 3750" means the display designated as page 3750 on the Moneyline Telerate Service. If on any Rate Determination Date for a Class of LIBOR Certificates, the Securities Administrator is unable to determine LIBOR on the basis of the method set forth in the preceding paragraph, LIBOR for the applicable Distribution Date shall be whichever is higher of (x) LIBOR as determined on the previous Rate Determination Date for such Class of LIBOR Certificates or (y) the Reserve Interest Rate. The "Reserve Interest Rate" shall be the rate per annum which the Securities Administrator determines to be either (A) the arithmetic mean (rounding such arithmetic mean upwards if necessary to the nearest whole multiple of 1/16%) of the one-month U.S. Dollar lending rates that New York City banks selected by the Reference Banks at approximately 11:00 a.m., London timeSecurities Administrator are quoting, on that day the relevant Rate Determination Date, to prime the principal London offices of at least two leading banks in the London interbank market for a period equal to one month or (commencing on B) in the first day of event that the Securities Administrator can determine no such Interest Accrual Period). The Servicer will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are providedarithmetic mean, the lowest one-month U.S. Dollar lending rate for that LIBOR Determination Date will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one month (commencing on the first day of such Interest Accrual Period). If the banks selected by the Servicer Securities Administrator are not quoting rates as on such Rate Determination Date to leading European banks. If on any Rate Determination Date for a Class of LIBOR Certificates, the Securities Administrator is required but is unable to determine the Reserve Interest Rate in the manner provided in the immediately preceding sentenceparagraph, LIBOR for such Interest Accrual Period will the applicable Distribution Date shall be LIBOR as determined on the previous Rate Determination Date for such Class of LIBOR Certificates, or, in effect the case of the first Rate Determination Date, 3.640%. The establishment of LIBOR by the Securities Administrator and the Securities Administrator's subsequent calculation of the rates of interest applicable to each of the LIBOR Certificates in the absence of manifest error, shall be final and binding. After a Rate Determination Date, the Securities Administrator shall provide the Pass-Through Rates of the LIBOR Certificates for the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable related Distribution Date to Beneficial Owners or Holders of LIBOR Certificates who place a telephone call to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee at its Corporate Trust Office Securities Administrator at (▇▇▇301) ▇▇▇815-▇▇▇▇6600 and make a request therefor.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City time, the Trustee shall send to the Transferors and the Servicer by facsimile, notification of LIBOR for the following Interest Accrual Period.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Funding Corp. 2005-F Trust)
Determination of LIBOR. (a) On each LIBOR Determination Date, the Trustee will shall determine LIBOR for on the related Interest Accrual Period, which shall be basis of the rate for deposits in United States dollars for a period equal to one month (commencing on the first day of such relevant Interest Accrual Period) that Period which appears on Reuters Screen LIBOR01 Telerate Page 3750 as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 PageTelerate Page 3750, the rate for the that LIBOR Determination Date will shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one month (commencing on the first day of such relevant Interest Accrual Period). The Servicer will Trustee shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will shall be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one month (commencing on the first day of such relevant Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and Rate, the Class B Certificate Rate for and the applicable Interest Accrual Period. The Class A Certificate Rate and Class B CIA Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Series 1996-6 Certificateholder by telephoning the Trustee Paying Agent at its Corporate Trust Office corporate trust office at (▇▇▇) ▇▇▇-▇▇▇▇.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City timeDate, the Trustee shall send to the Transferors and the Servicer by facsimile, facsimile notification of LIBOR for the following Interest Accrual Period. The Trustee shall cause the Class A Certificate Rate and the Class B Certificate Rate applicable to an Interest Period to be provided to the Luxembourg Stock Exchange as soon as possible after its determination but in no event later than the first day of such Interest Period. In addition the Trustee shall cause the Class A Monthly Interest and Class B Monthly Interest applicable to an Interest Period to be provided to the Luxembourg Stock Exchange within one Business Day of the date on which the Trustee receives notification of the Class A Monthly Interest and the Class B Monthly Interest from the Servicer.
Appears in 1 contract
Determination of LIBOR. (a) On each LIBOR Determination Date, the Trustee will shall determine LIBOR for on the related Interest Accrual Period, which shall be basis of the rate for deposits in United States dollars for a one- month period equal to one month (commencing on the first day of such Interest Accrual Period) that which appears on Reuters Screen LIBOR01 Telerate Page 3750 as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 PageTelerate Page 3750, the rate for the that LIBOR Determination Date will shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one one-month (commencing on the first day of such Interest Accrual Period)period. The Servicer will Trustee shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will shall be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one one-month (commencing on the first day of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Periodperiod.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Series 2001-1 Certificateholder by telephoning the Trustee at its Corporate Trust Office Paying Agent at (▇▇▇) ▇▇▇-▇▇▇▇.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City timeDate, the Trustee shall send to the Transferors and the Servicer by facsimile, facsimile notification of LIBOR for the following Interest Accrual Period. The Trustee shall cause the Class A Certificate Rate and the Class B Certificate Rate applicable to an Interest Period to be provided to the Luxembourg Stock Exchange and to be published in a daily newspaper in Luxembourg as soon as possible after its determination but in no event later than the first day of such Interest Period. In addition, the Trustee shall cause the Class A Monthly Interest and the Class B Monthly Interest applicable to an Interest Period to be provided to the Luxembourg Stock Exchange and to be published in a daily newspaper in Luxembourg as soon as possible after the Trustee receives notification from the Servicer of the Class A Monthly Interest and the Class B Monthly Interest, but in no event later than the first day of such Interest Period.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (First Usa Credit Card Master Trust)
Determination of LIBOR. (a) a. On each LIBOR Determination Date, the Trustee will shall determine LIBOR for on the related Interest Accrual Period, which shall be basis of the rate for deposits in United States dollars for a period equal to one month (commencing on the first day of such relevant Interest Accrual Period) that Period which appears on Reuters Screen LIBOR01 Telerate Page 3750 as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 PageTelerate Page 3750, the rate for the that LIBOR Determination Date will shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one month (commencing on the first day of such relevant Interest Accrual Period). The Servicer will Trustee shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will shall be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one month (commencing on the first day of such relevant Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Period.
(b) b. The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Series 1998-5 Certificateholder by telephoning the Trustee Paying Agent at its Corporate Trust Office corporate trust office at (▇▇▇212) ▇▇▇-▇▇▇▇.
(c) c. On each LIBOR Determination Date prior to 3:00 p.m., New York City timeDate, the Trustee shall send to the Transferors and the Servicer by facsimile, facsimile notification of LIBOR for the following Interest Accrual Period. The Trustee shall cause the Class A Certificate Rate and the Class B Certificate Rate applicable to an Interest Period to be provided to the Luxembourg Stock Exchange as soon as possible after its determination but in no event later than the first day of such Interest Period. In addition, the Trustee shall cause the Class A Monthly Interest and the Class B Monthly Interest applicable to an Interest Period to be provided to the Luxembourg Stock Exchange within one Business Day of the date on which the Trustee receives notification of the Class A Monthly Interest and the Class B Monthly Interest from the Servicer.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (First Usa Credit Card Master Trust)
Determination of LIBOR. (a) On each LIBOR Determination Date, the Trustee will shall determine LIBOR for on the related Interest Accrual Period, which shall be basis of the rate for deposits in United States dollars for a one-month period equal to one month (commencing on the first day of such Interest Accrual Period) that which appears on Reuters Screen LIBOR01 Telerate Page 3750 as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 PageTelerate Page 3750, the rate for the that LIBOR Determination Date will shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one one-month (commencing on the first day of such Interest Accrual Period)period. The Servicer will Trustee shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will shall be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one one-month (commencing on the first day of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Periodperiod.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Series 1999-2 Certificateholder by telephoning the Trustee at its Corporate Trust Office Paying Agent at (▇▇▇800) ▇▇▇-▇▇▇▇.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City timeDate, the Trustee shall send to the Transferors and the Servicer by facsimile, facsimile notification of LIBOR for the following Interest Accrual Period. The Trustee shall cause the Class A Certificate Rate and the Class B Certificate Rate applicable to an Interest Period to be provided to the Luxembourg Stock Exchange and to be published in a daily newspaper in Luxembourg as soon as possible after its determination but in no event later than the first day of such Interest Period. In addition, the Trustee shall cause the Class A Monthly Interest and the Class B Monthly Interest applicable to an Interest Period to be provided to the Luxembourg Stock Exchange and to be published in a daily newspaper in Luxembourg as soon as possible after the Trustee receives notification from the Servicer of the Class A Monthly Interest and the Class B Monthly Interest, but in no event later than the first day of such Interest Period.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (First Usa Credit Card Master Trust)
Determination of LIBOR. (a) LIBOR applicable to the calculation of the Pass-Through Rate on the LIBOR Certificates for any Interest Accrual Period will be determined as of each LIBOR Rate Adjustment Date. On each LIBOR Determination Rate Adjustment Date, or if such LIBOR Rate Adjustment Date is not a Business Day, then on the next succeeding Business Day, LIBOR shall be established by the Trustee will determine LIBOR for the related and, as to any Interest Accrual Period, which shall be will equal the rate for deposits in one month United States dollars for a period equal to one month (commencing on the first day of such Interest Accrual Period) dollar deposits that appears on Reuters the Telerate Screen LIBOR01 Page 3750 as of 11:00 a.m., London time, on such dateLIBOR Rate Adjustment Date. Upon "Telerate Screen Page 3750" means the display designated as page 3750 on the Bridge Telerate Service (or such determination, other page as may replace page 3750 on that service for the Trustee shall notify the Servicer purpose of LIBOR for such LIBOR Determination Datedisplaying London interbank offered rates of major banks). If such rate does not appear on Reuters Screen LIBOR01 Pagesuch page (or such other page as may replace that page on that service, or if such service is no longer offered, LIBOR shall be so established by use of such other service for displaying LIBOR or comparable rates as may be selected by the Trustee after consultation with the Master Servicer), the rate for will be the LIBOR Determination Date Reference Bank Rate. The "Reference Bank Rate" will be determined on the basis of the rates at which deposits in United States dollars U.S. Dollars are offered by the Reference Banks at approximately reference banks (which shall be any three major banks that are engaged in transactions in the London interbank market, selected by the Trustee after consultation with the Master Servicer) as of 11:00 a.m., London time, on that day the LIBOR Rate Adjustment Date to prime banks in the London interbank market for a period of one month in amounts approximately equal to one month (commencing on the first day aggregate Certificate Principal Balance of such Interest Accrual Period)the LIBOR Certificates then outstanding. The Servicer will Trustee shall request the principal London office of each of the Reference Banks reference banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will be the arithmetic mean of the quotationsquotations rounded up to the next multiple of 1/16%. If on such date fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date 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 Master Servicer, at approximately as of 11:00 a.m., New York City time, on that day such date for loans in United States dollars U.S. Dollars to leading European banks for a period of one month in amounts approximately equal to one the aggregate Certificate Principal Balance of the LIBOR Certificates then outstanding. If no such quotations can be obtained, the rate will be LIBOR for the prior Distribution Date; provided however, if, under the priorities described above, LIBOR for a Distribution Date would be based on LIBOR for the previous Distribution Date for the third consecutive Distribution Date, the Trustee, shall select an alternative comparable index (over which the Trustee has no control), used for determining one-month Eurodollar lending rates that is calculated and published (commencing or otherwise made available) by an independent party. The establishment of LIBOR by the Trustee on any LIBOR Rate Adjustment Date and the first day Trustee's subsequent calculation of such the Pass-Through Rates applicable to the LIBOR Certificates for the relevant Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided , in the immediately preceding sentenceabsence of manifest error, LIBOR for such Interest Accrual Period will be final and binding. Promptly following each LIBOR in effect Rate Adjustment Date the Trustee shall supply the Master Servicer with the results of its determination of LIBOR on such date. Furthermore, the Trustee shall supply to any Certificateholder so requesting by calling 1-800-934-6802 the Pass-Through Rate on the LIBOR Certificates for the current and the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee at its Corporate Trust Office at (▇▇▇) ▇▇▇-▇▇▇▇.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City time, the Trustee shall send to the Transferors and the Servicer by facsimile, notification of LIBOR for the following Interest Accrual Period.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Residential Asset Securities Corp)
Determination of LIBOR. (a) On each LIBOR Determination Date, the Indenture Trustee will shall determine LIBOR for the related Interest Accrual Period, which shall be the rate for deposits in United States dollars for a period equal to one month (commencing on the first day of such Interest Accrual Period) that appears on Reuters Screen LIBOR01 Page as of 11:00 a.m., London time, on such date. Upon such determination, the Indenture Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 Page, the rate for the LIBOR Determination Date will shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one month (commencing on the first day of such Interest Accrual Period). The Servicer will shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will shall be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will shall be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one month (commencing on the first day of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will shall be LIBOR in effect for the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, and promptly notify the Transferors Transferor and the Indenture Trustee of, the Class A Certificate Note Interest Rate, the Class B Note Interest Rate and the Class B Certificate Rate C Note Interest for the applicable Interest Accrual Period. The Class A Certificate Note Interest Rate, the Class B Note Interest Rate and the Class B Certificate C Note Interest Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder Series 2013-2 Noteholder by telephoning the Indenture Trustee at its Corporate Trust Office at (▇▇▇) ▇▇▇-▇▇▇▇.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City time, the Indenture Trustee shall send to the Transferors Transferor and the Servicer by facsimile, notification facsimile or electronic transmission of LIBOR for the following Interest Accrual Period.
Appears in 1 contract
Sources: Indenture Supplement (American Express Issuance Trust II)
Determination of LIBOR. (a) On each LIBOR Determination Date, the Indenture Trustee will determine LIBOR for on the related Interest Accrual Period, which shall be basis of the rate for deposits in United States dollars for a period equal to of one month (commencing which appears on the first day of such Interest Accrual Period) that appears on Reuters Screen LIBOR01 Page as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on the Reuters Screen LIBOR01 Page, the rate for the that LIBOR Determination Date will be determined on the basis of the rates at which deposits in United States U.S. dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to of one month (commencing on the first day such date and in a principal amount of such Interest Accrual Period)at least U.S.$1,000,000. The Servicer Indenture Trustee will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will be by the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by three major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., a.m. (New York City time, ) on that day for loans in United States U.S. dollars to leading European banks for a period equal to of one month (commencing on the first day such date and in a principal amount of such Interest Accrual Period). If at least U.S.$1,000,000; provided, however, that if the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentencerates, LIBOR for such Interest Accrual Period date will be the same as LIBOR in effect for the immediately preceding Interest Accrual PeriodLIBOR Determination Date.
(b) On each LIBOR Determination Date, the Indenture Trustee will send to the Servicer, the Issuer and the Administrator by facsimile transmission, notification of LIBOR for the following Interest Period.
(c) The Servicer shall determine, and promptly notify will provide on the Transferors and Distribution Date Statement the Trustee ofClass A-2 Note Interest Rate applicable to each Distribution Date. On each Distribution Date, the Class A Certificate Rate and the Class B Certificate Rate for the applicable A-2 Note Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee Series 2010-5 Noteholders through the Indenture Trustee's internet website, which initially is located at its Corporate Trust Office at (h▇▇▇) ://▇▇▇-▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇▇▇▇▇▇▇.▇▇▇.
(cd) On each LIBOR Determination Date prior to 3:00 p.m., New York City time, Other than the Trustee shall send to the Transferors and the Servicer by facsimile, notification determination of LIBOR as provided for herein, all other determinations and calculations provided for in this Indenture Supplement will be made by the following Interest Accrual PeriodServicer.
Appears in 1 contract
Sources: Indenture Supplement (Ford Credit Floorplan Master Owner Trust a Series 2010-5)
Determination of LIBOR. (a) On each LIBOR Determination Date, the Indenture Trustee will shall determine LIBOR for the related Interest Accrual Period, which shall be the rate for deposits in United States dollars for a period equal to one one-month (commencing on the first day of such Interest Accrual Period) that appears on Reuters Screen LIBOR01 Page as of 11:00 a.m.A.M., London time, on such date; provided, however, that with respect to the first Interest Period, LIBOR will be the rate Back to Contents appearing on Reuters Screen LIBOR01 Page (or such other page as may replace that page on that service for the purpose of displaying comparable rates or prices) as of 11:00 a.m., London time, on that date for an interpolated rate for deposits in United States dollars for a period that corresponds to the actual number of days in the first Interest Period. Upon such determination, the Indenture Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 Page, the rate for the LIBOR Determination Date will shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m.A.M., London time, on that day to prime banks in the London interbank market for a period equal to one one-month (or, for the first Interest Period, an interpolated rate for deposits in United States dollars for a period that corresponds to the actual number of days in the first Interest Period) commencing on the first day of such Interest Accrual Period). The Servicer will shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two (2) such quotations are provided, the rate for that LIBOR Determination Date will shall be the arithmetic mean of the quotations. If fewer than two (2) quotations are provided as requested, the rate for that LIBOR Determination Date will shall be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m.A.M., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one one-month (or, for the first Interest Period, an interpolated rate for deposits in United States dollars for a period that corresponds to the actual number of days in the first Interest Period) commencing on the first day of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will shall be LIBOR in effect for the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, as applicable, and promptly notify the Transferors Transferor and the Indenture Trustee of, the Class A Certificate Note Interest Rate and the Class B Certificate Note Interest Rate for the applicable Interest Accrual Period. The Class A Certificate Note Interest Rate and the Class B Certificate Note Interest Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder Series 2013-1 Noteholder by telephoning the Indenture Trustee at its Corporate Trust Office at (▇▇▇) ▇▇▇1-▇▇▇▇800-934-6802.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City time, the Trustee shall send to the Transferors and the Servicer by facsimile, notification of LIBOR for the following Interest Accrual Period.
Appears in 1 contract
Determination of LIBOR. (a) On each LIBOR Determination Date, the Trustee will determine LIBOR for the related Interest Accrual PeriodLIBOR, which shall be the rate for deposits in United States dollars for a period equal to one month the relevant Interest Period (commencing on the first day of such Interest Accrual Period) that which appears on Reuters Screen LIBOR01 Page Telerate page 3750 as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 PageTelerate Page 3750, the rate for the LIBOR Determination Date will be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, 42 EXHIBIT 4.1 TO FORM 8-K on that day to prime banks in the London interbank market for a period equal to one month the relevant Interest Period (commencing on the first day of such Interest Accrual Period). The Servicer will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one month the relevant Interest Period (commencing on the first day of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee at its Corporate Trust Office at (▇▇▇212) ▇▇▇-▇▇▇▇.
(c) On each LIBOR Determination Date prior to 3:00 p.m., p.m. New York City time, the Trustee shall send to the Transferors and the Servicer by facsimile, notification of LIBOR for the following Interest Accrual Period.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (At&t Universal Card Master Trust)
Determination of LIBOR. (a) On each LIBOR Determination Date, the Trustee will determine LIBOR for the related Interest Accrual Period, which shall be the rate for deposits in United States dollars for a period equal to one month (commencing on the first day of such Interest Accrual Period) that which appears on Reuters Screen LIBOR01 Page Telerate page 3750 as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 PageTelerate Page 3750, the rate for the LIBOR Determination Date will be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one month (commencing on the first day of such Interest Accrual Period). The Servicer will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one month (commencing on the first day of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee at its Corporate Trust Office at (▇▇▇) ▇▇▇-▇▇▇▇.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City time, the Trustee shall send to the Transferors and the Servicer by facsimile, notification of LIBOR for the following Interest Accrual Period.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (American Express Centurion Bank)
Determination of LIBOR. (a) On each LIBOR Determination DateDate in respect of an Interest Period after the first Interest Period, the Trustee will Deutsche Bank Trust Company Americas, as Paying Agent, shall determine LIBOR for on the related Interest Accrual Period, which shall be basis of the rate per annum displayed in the Bloomberg Financial Markets system as the composite offered rate for London interbank deposits in United States dollars for a period equal to one one-month (commencing on the first day of such Interest Accrual Period) that appears on Reuters Screen LIBOR01 Page period, as of 11:00 a.m., London time, on such that date. Upon such determinationIf that rate does not appear on that display page, the Trustee shall notify the Servicer of LIBOR for such that Interest Period will be the rate per annum shown on page 3750 of the Bridge Telerate Services Report screen or any successor page as the composite offered rate for London interbank deposits for a one-month period, as shown under the heading “USD” as of 11:00 a.m., London time, on the LIBOR Determination Date. If no rate is shown as described in the preceding two sentences, LIBOR for that Interest Period will be the rate per annum based on the rates at which U.S. dollar deposits for a one-month period are displayed on page “LIBOR” of the Reuters Monitor Money Rates Service or such rate does not other page as may replace the LIBOR page on that service for the purpose of displaying London interbank offered rates of major banks as of 11:00 a.m., London time, on the LIBOR Determination Date; provided, that if at least two rates appear on Reuters Screen LIBOR01 Pagethat page, the rate will be the arithmetic mean of the displayed rates and if fewer than two rates are displayed, or if no rate is relevant, the rate for the LIBOR Determination Date will that Interest Period shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one one-month (commencing on the first day of such Interest Accrual Period)period. The Servicer will Indenture Trustee shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two (2) such quotations are provided, the rate LIBOR for that LIBOR Determination Date will Interest Period shall be the arithmetic mean of the quotationsall quotations provided. If fewer than two (2) quotations are provided as requested, the rate LIBOR for that LIBOR Determination Date Interest Period will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Master Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one one-month (commencing on period. Notwithstanding the first day of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentenceforegoing, LIBOR for such the first Interest Accrual Period will be determined by reference to straight line interpolation between one-month and two-month LIBOR based on the actual number of days in effect for the immediately preceding first Interest Accrual Period.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Note Interest Rate, Class B Certificate Rate for the applicable Note Interest Accrual Period. The Class A Certificate Rate and Class B Certificate C Note Interest Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee at its Corporate Deutsche Bank Trust Office Company Americas, as Paying Agent, at (▇▇▇) ▇▇▇-▇▇▇▇▇ or such other telephone number as shall be designated by the Indenture Trustee for such purpose by prior written notice by Deutsche Bank Trust Company Americas, as Paying Agent, to each Series 2006-2 Noteholder from time to time.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City timeDate, the Indenture Trustee shall send to the Transferors and the Servicer Issuer, by facsimilefacsimile transmission, notification of LIBOR for the following Interest Accrual Period.. 20 2006-2 Indenture Supplement
Appears in 1 contract
Sources: Indenture Supplement (GE Dealer Floorplan Master Note Trust)
Determination of LIBOR. (a) On each LIBOR Determination Date, the Indenture Trustee will determine LIBOR for on the related Interest Accrual Period, which shall be basis of the rate for deposits in United States dollars for a one-month period equal to one month (commencing on the first day of such Interest Accrual Period) that which appears on Reuters Screen LIBOR01 Telerate Page 3750 as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 PageTelerate Page 3750, the rate for the that LIBOR Determination Date will be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one one-month (commencing on the first day of such Interest Accrual Period)period. The Servicer Indenture Trustee will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., a.m. (New York City time, ) on that day for loans in United States dollars to leading European banks for a period equal to one one-month (commencing on the first day of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Periodperiod.
(b) On each LIBOR Determination Date, the Indenture Trustee will send to the Servicer, the Issuer and the Administrator by facsimile transmission, notification of LIBOR for the following Interest Period.
(c) The Servicer shall determine, and promptly notify will provide on the Transferors and the Trustee of, Monthly Statement the Class A Certificate Note Interest Rate and the Class B Certificate Note Interest Rate for applicable to each Distribution Date. On each Distribution Date, the applicable Interest Accrual Period. The Class A Certificate Note Interest Rate and the Class B Certificate Note Interest Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee Series 2006-4 Noteholders through the Indenture Trustee's internet website, which initially is located at its Corporate Trust Office at (▇▇▇) ▇://▇▇▇-.▇▇▇▇▇▇▇▇.▇▇▇/sfr.
(cd) On each LIBOR Determination Date prior to 3:00 p.m., New York City time, Other than the Trustee shall send to the Transferors and the Servicer by facsimile, notification determination of LIBOR as provided for herein, all other determinations and calculations provided for in this Indenture Supplement shall be made by the following Interest Accrual PeriodServicer.
Appears in 1 contract
Sources: Indenture Supplement (Ford Credit Floorplan Master Owner Trust a Series 2006-4)
Determination of LIBOR. (a) On each LIBOR Determination Date, the Indenture Trustee will shall determine LIBOR for on the related Interest Accrual Period, which shall be basis of the rate for deposits in United States dollars for having a period equal to maturity of one month (commencing on the first day of such Interest Accrual Period) that LIBOR Determination Date which appears on Reuters Screen LIBOR01 Telerate Page 3750 as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 PageTelerate Page 3750, the rate LIBOR for the that LIBOR Determination Date will shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a one-month period equal to one month (commencing on the first day and in an amount of such Interest Accrual Period)not less than U.S. $1,000,000. The Servicer will Indenture Trustee shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two (2) such quotations are provided, the rate LIBOR for that LIBOR Determination Date will shall be the arithmetic mean of the quotations. If fewer than two (2) quotations are provided as requested, the rate LIBOR for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a one-month period equal to one month (commencing on the first day and in an amount of such Interest Accrual Period). If not less than U.S. $1,000,000; provided, that, if the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentencesuch rates, LIBOR for such Interest Accrual Period that LIBOR Determination Date will be the same as LIBOR in effect for the immediately preceding Interest Accrual PeriodLIBOR Determination Date.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee ofClass A Note Interest Rate, the Class A Certificate B Note Interest Rate, the Class C Note Interest Rate and the Class B Certificate Rate for the applicable D Note Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Indenture Trustee at its Corporate Trust Office corporate trust office at (▇▇▇) ▇▇▇-▇▇▇▇▇ or such other telephone number as shall be designated by the Indenture Trustee for such purpose by prior written notice by the Indenture Trustee to each Series 2003-A Noteholder from time to time.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City timeDate, the Indenture Trustee shall send to the Transferors and the Servicer Transferor by facsimilefacsimile transmission, notification of LIBOR for the following Interest Accrual Period.
Appears in 1 contract
Sources: Indenture Supplement (Advanta Business Recievables Corp)
Determination of LIBOR. (a) On each LIBOR Determination Date, the Indenture Trustee will shall determine LIBOR for on the related Interest Accrual Period, which shall be basis of the rate for deposits in United States dollars for a one-month period equal to one month (commencing on the first day of such Interest Accrual Period) that which appears on Reuters Screen LIBOR01 Telerate Page 3750 as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 PageTelerate Page 3750, the rate for the that LIBOR Determination Date will shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one one-month (commencing on the first day of such Interest Accrual Period)period. The Servicer will Indenture Trustee shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will shall be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one one-month (commencing on the first day of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Periodperiod.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee ofClass A Note Interest Rate, the Class A Certificate B Note Interest Rate and the Class B Certificate Rate for the applicable C Note Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Indenture Trustee at its Corporate Trust Office at (▇▇▇) ▇▇▇or such other address and telephone number as shall be designated by the Indenture Trustee for such purpose by prior written notice by the Indenture Trustee to each Series 2002-▇▇▇▇2 Noteholder from time to time.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City timeDate, the Indenture Trustee shall send to the Transferors Servicer and the Servicer Administrator by facsimilefacsimile transmission, notification of LIBOR for the following Interest Accrual Period. On the March 26, 2002 LIBOR Determination Date, such notification set LIBOR as 1.90875%.
Appears in 1 contract
Determination of LIBOR. (a) On each LIBOR Determination Date, the Trustee will determine LIBOR for the related Interest Accrual Period, which shall be the rate for deposits in United States dollars for a period equal to one month (commencing on the first day of such Interest Accrual Period) that appears on Reuters Screen LIBOR01 Telerate Page 3750 as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 PageTelerate Page 3750, the rate for the LIBOR Determination Date will be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one month (commencing on the first day of such Interest Accrual Period). The Servicer will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one month (commencing on the first day of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee at its Corporate Trust Office at (▇▇▇212) ▇▇▇328-▇▇▇▇7547.
(c) On each LIBOR Determination Date prior to 3:00 Dat▇ ▇▇▇▇▇ ▇▇ ▇:▇0 p.m., New York City time, the Trustee shall send to the Transferors and the Servicer by facsimile, notification of LIBOR for the following Interest Accrual Period.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (American Express Centurion Bank)
Determination of LIBOR. (a) On each LIBOR Determination Date, the Trustee will shall determine LIBOR for on the related Interest Accrual Period, which shall be basis of the rate for deposits in United States dollars for a one-month period equal to one month (commencing on the first day of such Interest Accrual Period) that which appears on Reuters Screen LIBOR01 Telerate Page 3750 as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 PageTelerate Page 3750, the rate for the that LIBOR Determination Date will shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one one-month (commencing on the first day of such Interest Accrual Period)period. The Servicer will Trustee shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will shall be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one one-month (commencing on the first day of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Periodperiod.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Series 1999-1 Certificateholder by telephoning the Trustee Paying Agent at its Corporate Trust Office corporate trust office at (▇▇▇800) ▇▇▇-▇▇▇▇.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City timeDate, the Trustee shall send to the Transferors and the Servicer by facsimile, facsimile notification of LIBOR for the following Interest Accrual Period. The Trustee shall cause the Class A Certificate Rate and the Class B Certificate Rate applicable to an Interest Period to be provided to the Luxembourg Stock Exchange and to be published in a daily newspaper in Luxembourg as soon as possible after its determination but in no event later than the first day of such Interest Period. In addition, the Trustee shall cause the Class A Monthly Interest and the Class B Monthly Interest applicable to an Interest Period to be provided to the Luxembourg Stock Exchange and to be published in a daily newspaper in Luxembourg as soon as possible after the Trustee receives notification from the Servicer of the Class A Monthly Interest and the Class B Monthly Interest, but in no event later than the first day of such Interest Period.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (First Usa Credit Card Master Trust)
Determination of LIBOR. (a) LIBOR applicable to the calculation of the Pass-Through Rate on the Class A and Class M Certificates for any Interest Accrual Period will be determined on each LIBOR Rate Adjustment Date. On each LIBOR Determination Rate Adjustment Date, or if such LIBOR Rate Adjustment Date is not a Business Day, then on the next succeeding Business Day, LIBOR shall be established by the Trustee will determine LIBOR for the related and, as to any Interest Accrual Period, which shall be will equal the rate for deposits in one month United States dollars for a period equal to one month (commencing on the first day of such Interest Accrual Period) dollar deposits that appears on Reuters the Telerate Screen LIBOR01 Page 3750 as of 11:00 a.m.A.M., London time, on such dateLIBOR Rate Adjustment Date. Upon "Telerate Screen Page 3750" means the display designated as page 3750 on the Bridge Telerate Service (or such determination, other page as may replace page 3750 on that service for the Trustee shall notify the Servicer purpose of LIBOR for such LIBOR Determination Datedisplaying London interbank offered rates of major banks). If such rate does not appear on Reuters Screen LIBOR01 Pagesuch page (or such other page as may replace that page on that service, or if such service is no longer offered, LIBOR shall be so established by use of such other service for displaying LIBOR or comparable rates as may be selected by the Trustee after consultation with the Master Servicer), the rate for will be the LIBOR Determination Date Reference Bank Rate. The "Reference Bank Rate" will be determined on the basis of the rates at which deposits in United States dollars U.S. Dollars are offered by the Reference Banks at approximately reference banks (which shall be any three major banks that are engaged in transactions in the London interbank market, selected by the Trustee after consultation with the Master Servicer) as of 11:00 a.m.A.M., London time, on that day the LIBOR Rate Adjustment Date to prime banks in the London interbank market for a period of one month in amounts approximately equal to one month (commencing on the first day aggregate Certificate Principal Balance of such Interest Accrual Period)the Class A and Class M Certificates then outstanding. The Servicer will Trustee shall request the principal London office of each of the Reference Banks reference banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will be the arithmetic mean of the quotationsquotations rounded up to the next multiple of 1/16%. If on such date fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date 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 Master Servicer, at approximately as of 11:00 a.m.A.M., New York City time, on that day such date for loans in United States dollars U.S. Dollars to leading European banks for a period of one month in amounts approximately equal to one the aggregate Certificate Principal Balance of the Class A and Class M Certificates then outstanding. If no such quotations can be obtained, the rate will be LIBOR for the prior Distribution Date; provided however, if, under the priorities described above, LIBOR for a Distribution Date would be based on LIBOR for the previous Distribution Date for the third consecutive Distribution Date, the Trustee, after consultation with the Master Servicer shall select an alternative comparable index (over which the Trustee has no control), used for determining one-month Eurodollar lending rates that is calculated and published (commencing or otherwise made available) by an independent party. The establishment of LIBOR by the Trustee on any LIBOR Rate Adjustment Date and the first day Master Servicer's subsequent calculation of such the Pass-Through Rates applicable to the Class A and Class M Certificates for the relevant Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided , in the immediately preceding sentenceabsence of manifest error, LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, final and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Periodbinding. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee at its Corporate Trust Office at (▇▇▇) ▇▇▇-▇▇▇▇.
(c) On Promptly following each LIBOR Determination Rate Adjustment Date prior to 3:00 p.m., New York City time, the Trustee shall send to supply the Transferors and Master Servicer with the Servicer by facsimile, notification results of its determination of LIBOR for the following Interest Accrual Periodon such date.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (RAAC Series 2007-Sp1 Trust)
Determination of LIBOR. (a) On each LIBOR Determination Date, the Indenture Trustee will shall determine LIBOR for on the related Interest Accrual Period, which shall be basis of the rate for deposits in United States dollars for a one-month period equal to one month (commencing on the first day of such Interest Accrual Period) that which appears on Reuters Screen LIBOR01 Telerate Page 3750 as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 PageTelerate Page 3750, the rate for the that LIBOR Determination Date will shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one one-month (commencing on the first day of such Interest Accrual Period)period. The Servicer will Indenture Trustee shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will shall be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one one-month (commencing on the first day of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Periodperiod.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Note Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Note Interest Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Indenture Trustee at its Corporate Trust Office at (▇▇▇) ▇▇▇-▇▇▇▇or such other address and telephone number as shall be designated by the Indenture Trustee for such purpose by prior written notice by the Indenture Trustee to each Series 2003-[ ] Noteholder from time to time.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City timeDate, the Indenture Trustee shall send to the Transferors Servicer and the Servicer Administrator by facsimilefacsimile transmission, notification of LIBOR for the following Interest Accrual Period.
Appears in 1 contract
Sources: Indenture Supplement (Household Consumer Loan Corp Ii)
Determination of LIBOR. (a) On each LIBOR Determination Date, the Trustee will determine LIBOR for the related Interest Accrual Period, which shall be the rate for deposits in United States dollars for a period equal to one month (commencing on the first day of such Interest Accrual Period) that appears on Reuters Screen LIBOR01 Telerate Page 3750 as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 PageTelerate Page 3750, the rate for the LIBOR Determination Date will be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one month (commencing on the first day of such Interest Accrual Period). The Servicer will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one month (commencing on the first day of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee at its Corporate Trust Office at (▇▇▇212) ▇▇▇815-▇▇▇▇6258.
(c▇) On each LIBOR Determination Date prior to 3:00 p.m., New York City time, the Trustee shall send to the Transferors and the Servicer by facsimile, notification of LIBOR for the following Interest Accrual Period.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (American Express Receivables Financing Corp Ii)
Determination of LIBOR. (a) On each LIBOR Determination Date, the The Indenture Trustee will determine LIBOR the interest rate for the related each Interest Accrual Period, which shall be Period by determining the rate for deposits in United States dollars U.S. Dollars for a period equal to one month of three months (commencing on the first day of such Interest Accrual Period“Three-Month Index Maturity”) that which appears on Reuters Screen LIBOR01 Page as of 11:00 a.m., London time, on such date. Upon such determinationthe day that is two London Banking Days preceding (i) in the case of the first Interest Accrual Period, the Trustee shall notify Closing Date, and (ii) in the Servicer case of LIBOR for each subsequent Interest Period, the first day of such LIBOR Determination DateInterest Accrual Period (“LIBOR”). If such rate the Three-Month Index Maturity does not appear on Reuters Screen LIBOR01 Pageat such time, the rate for that Interest Accrual Period will be determined as if the LIBOR Determination Date parties had specified “USD-LIBOR-Reference Banks” as the applicable rate. “USD-LIBOR-Reference Banks” means that the interest rate for an Interest Accrual Period will be determined on the basis of the rates at which deposits in United States dollars U.S. Dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on the day that day is two London Banking Days preceding the beginning of that Interest Accrual Period to prime banks in the London interbank market for a period equal to one month (the Three-Month Index Maturity commencing on the first day beginning of such that Interest Accrual Period)Period and in a Representative Amount. The Servicer Indenture Trustee will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date Interest Accrual Period will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date Interest Accrual Period will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the ServicerIndenture Trustee, at approximately 11:00 a.m., New York City time, on the beginning of that day Interest Accrual Period for loans in United States dollars U.S. Dollars to leading European banks for a period equal to one month (the Three-Month Index Maturity commencing on at the first day beginning of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such that Interest Accrual Period will be LIBOR and in effect for the immediately preceding Interest Accrual Perioda Representative Amount.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee at its Corporate Trust Office at (▇▇▇) ▇▇▇-▇▇▇▇.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City time, the Trustee shall send to the Transferors and the Servicer by facsimile, notification of LIBOR for the following Interest Accrual Period.
Appears in 1 contract
Sources: Transfer and Servicing Agreement (American Capital Strategies LTD)
Determination of LIBOR. (a) On If the outstanding Certificates include any LIBOR Certificates, then on each LIBOR Determination Date, Date the Trustee will shall determine LIBOR for the related Interest Accrual Period, which shall be the Period as such rate for deposits in United States dollars for a period equal to one month (commencing the Interest Settlement Rate. If such rate does not appear on the first day of such Interest Accrual Period) that appears on Reuters Screen LIBOR01 Designated Telerate Page as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such applicable LIBOR Determination Date. If :
(i) The Trustee will request the principal London office of each Reference Bank (as defined in Section 5.08(e)) to provide such rate does not appear on Reuters Screen LIBOR01 Page, the rate for the LIBOR Determination Date will be determined on the basis of the rates at which deposits in United States dollars are bank's offered by the Reference Banks at approximately 11:00 a.m., London time, on that day quotation (expressed as a percentage per annum) to prime banks in the London interbank market for a period equal to one one-month (commencing U.S. Dollar deposits as of 11:00 a.m., London time, on the first day of such Interest Accrual Period). The Servicer will request the principal London office of each applicable LIBOR Determination Date.
(ii) If on any LIBOR Determination Date, two or more of the Reference Banks to provide a quotation of its rate. If at least two such quotations are providedoffered quotations, LIBOR for the rate for that LIBOR Determination Date next Interest Accrual Period will be the arithmetic mean of such offered quotations (rounding such arithmetic mean upwards, if necessary, to the quotationsnearest whole multiple of 1/16%). If fewer than two quotations are provided as requested, the rate for that on any LIBOR Determination Date only one or none of the Reference Banks provide such offered quotations, LIBOR for the next Interest Accrual Period will be the rate per annum the Trustee determines to be the arithmetic mean (rounding such arithmetic mean upwards, if necessary, to the nearest whole multiple of 1/16%) of the rates quoted by one-month Eurodollar lending rate that three major banks in New York City, City selected by the Servicer, at Trustee are quoting as of approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one month (commencing on the first day of such the applicable Interest Accrual Period). .
(iii) If on any LIBOR Determination Date (or, if applicable pursuant to clause (a)(ii) above, the banks selected by first day of the Servicer are not quoting rates as applicable Interest Accrual Period) the Trustee is required but unable to determine LIBOR in the manner provided in the immediately preceding sentencesubparagraph (ii) of this section 5.08(a), LIBOR for such the next Interest Accrual Period will be LIBOR as determined on the previous LIBOR Determination Date (or, if applicable pursuant to clause (a)(ii) above, the first day of the applicable Interest Accrual Period), or, in effect the case of the first LIBOR Determination Date, the Initial LIBOR Rate.
(b) The establishment of LIBOR by the Trustee and the Trustee's subsequent calculation of the Certificate Interest Rates applicable to the LIBOR Certificates for the relevant Interest Accrual Period, in the absence of manifest error, will be final and binding.
(c) Within five Business Days of the Trustee's calculation of the Certificate Interest Rates of the LIBOR Certificates, the Trustee shall furnish to the Company by telecopy (or by such other means as the Trustee and the Company may agree from time to time) such Certificate Interest Rates.
(d) The Trustee shall provide to Certificateholders who inquire of it by telephone the Certificate Interest Rates of the LIBOR Certificates for the current and immediately preceding Interest Accrual Period.
(be) The Servicer As used herein, "Reference Banks" shall determinemean no more than four leading banks engaged in transactions in Eurodollar deposits in the international Eurocurrency market (i) with an established place of business in London, England, (ii) whose quotations appear on the display designated "LIBO" on the Reuters Monitor Money Rates Service (the "Reuters Screen LIBO Page") on the applicable LIBOR Determination Date and promptly notify the Transferors and (iii) which have been designated as such by the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate are able and Class B Certificate Rate applicable willing to provide such quotations to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee at its Corporate Trust Office at (▇▇▇) ▇▇▇-▇▇▇▇.
(c) On on each LIBOR Determination Date prior Date. The Reference Banks initially shall be: Barclay's plc, Bank of Tokyo, National Westminster Bank and Trust Company and Bankers Trust Company. If any of the initial Reference Banks should be removed from the Reuters Screen LIBO Page or in any other way fail to 3:00 p.m.meet the qualifications of a Reference Bank, New York City timeor if such page is no longer published, the Trustee Trustee, after consultation with the Company, shall send use its best efforts to the Transferors and the Servicer by facsimile, notification of LIBOR for the following Interest Accrual Perioddesignate alternate Reference Banks.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Ge Capital Mortgage Services Inc)
Determination of LIBOR. (a) LIBOR applicable to the calculation of the Pass-Through Rate on the Class A and Class M Certificates for any Interest Accrual Period will be determined on each LIBOR Rate Adjustment Date. On each LIBOR Determination Rate Adjustment Date, or if such LIBOR Rate Adjustment Date is not a Business Day, then on the next succeeding Business Day, LIBOR shall be established by the Trustee will determine LIBOR for the related and, as to any Interest Accrual Period, which shall be will equal the rate for deposits in one month United States dollars for a period equal to one month (commencing on the first day of such Interest Accrual Period) dollar deposits that appears on Reuters the Telerate Screen LIBOR01 Page 3750 as of 11:00 a.m.A.M., London time, on such dateLIBOR Rate Adjustment Date. Upon "Telerate Screen Page 3750" means the display designated as page 3750 on the Bridge Telerate Service (or such determination, other page as may replace page 3750 on that service for the Trustee shall notify the Servicer purpose of LIBOR for such LIBOR Determination Datedisplaying London interbank offered rates of major banks). If such rate does not appear on Reuters Screen LIBOR01 Pagesuch page (or such other page as may replace that page on that service, or if such service is no longer offered, LIBOR shall be so established by use of such other service for displaying LIBOR or comparable rates as may be selected by the Trustee after consultation with the Master Servicer), the rate for will be the LIBOR Determination Date Reference Bank Rate. The "Reference Bank Rate" will be determined on the basis of the rates at which deposits in United States dollars U.S. Dollars are offered by the Reference Banks at approximately reference banks (which shall be any three major banks that are engaged in transactions in the London interbank market, selected by the Trustee after consultation with the Master Servicer) as of 11:00 a.m.A.M., London time, on that day the LIBOR Rate Adjustment Date to prime banks in the London interbank market for a period of one month in amounts approximately equal to one month (commencing on the first day aggregate Certificate Principal Balance of such Interest Accrual Period)the Class A and Class M Certificates then outstanding. The Servicer will Trustee shall request the principal London office of each of the Reference Banks reference banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will be the arithmetic mean of the quotationsquotations rounded up to the next multiple of 1/16%. If on such date fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date 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 Master Servicer, at approximately as of 11:00 a.m.A.M., New York City time, on that day such date for loans in United States dollars U.S. Dollars to leading European banks for a period of one month in amounts approximately equal to one the aggregate Certificate Principal Balance of the Class A and Class M Certificates then outstanding. If no such quotations can be obtained, the rate will be LIBOR for the prior Distribution Date; provided however, if, under the priorities described above, LIBOR for a Distribution Date would be based on LIBOR for the previous Distribution Date for the third consecutive Distribution Date, the Trustee, after consultation with the Master Servicer shall select an alternative comparable index (over which the Trustee has no control), used for determining one-month Eurodollar lending rates that is calculated and published (commencing or otherwise made available) by an independent party. The establishment of LIBOR by the Trustee on any LIBOR Rate Adjustment Date and the first day Master Servicer's subsequent calculation of such the Pass-Through Rates applicable to the Class A and Class M Certificates for the relevant Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided , in the immediately preceding sentenceabsence of manifest error, LIBOR for such Interest Accrual Period will be final and binding. Promptly following each LIBOR in effect Rate Adjustment Date the Trustee shall supply the Master Servicer with the results of its determination of LIBOR on such date. Furthermore, the Trustee shall supply to any Certificateholder so requesting by calling the Trustee at 1-800-934-6802 the Pass-Through Rate on the Class A and Class M Certificates for the current and the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee at its Corporate Trust Office at (▇▇▇) ▇▇▇-▇▇▇▇.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City time, the Trustee shall send to the Transferors and the Servicer by facsimile, notification of LIBOR for the following Interest Accrual Period.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (RAAC Series 2006-Sp4 Trust)
Determination of LIBOR. (a) On each Rate Determination Date for a Class of LIBOR Determination DateCertificates, the Trustee will Securities Administrator shall determine LIBOR for the related Interest Accrual Period, which shall be the rate for deposits in United States dollars for a period equal to one month (commencing on the first day of such Interest Accrual Period) that appears on Reuters Screen LIBOR01 Page as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 Page, the rate for the LIBOR Determination applicable Distribution Date will be determined on the basis of the rates at which British Bankers' Association ("BBA") "Interest Settlement Rate" for one-month deposits in United States dollars are offered U.S. Dollars as found on Telerate page 3750 as of 11:00 A.M. London time on such Rate Determination Date. As used herein, "Telerate page 3750" means the display designated as page 3750 on the Reuters Telerate Service. If on any Rate Determination Date for a Class of LIBOR Certificates, the Securities Administrator is unable to determine LIBOR on the basis of the method set forth in the preceding paragraph, LIBOR for the applicable Distribution Date will be whichever is higher of (x) LIBOR as determined on the previous Rate Determination Date for such Class of LIBOR Certificates or (y) the Reserve Interest Rate. The "Reserve Interest Rate" will be the rate per annum which the Securities Administrator determines to be either (A) the arithmetic mean (rounding such arithmetic mean upwards if necessary to the nearest whole multiple of 1/16%) of the one-month U.S. Dollar lending rates that New York City banks selected by the Reference Banks at approximately 11:00 a.m., London timeSecurities Administrator are quoting, on that day the relevant Rate Determination Date, to prime the principal London offices of at least two leading banks in the London interbank market for a period equal to one month or (commencing on B) in the first day of event that the Securities Administrator can determine no such Interest Accrual Period). The Servicer will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are providedarithmetic mean, the lowest one-month U.S. Dollar lending rate for that LIBOR Determination Date will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one month (commencing on the first day of such Interest Accrual Period). If the banks selected by the Servicer Securities Administrator are not quoting rates as on such Rate Determination Date to leading European banks. If on any Rate Determination Date for a Class of LIBOR Certificates, the Securities Administrator is required but is unable to determine the Reserve Interest Rate in the manner provided in the immediately preceding sentenceparagraph, LIBOR for such Interest Accrual Period the applicable Distribution Date will be LIBOR as determined on the previous Rate Determination Date for such Class of LIBOR Certificates, or, in effect the case of the first Rate Determination Date for which the Securities Administrator is required to determine LIBOR, 4.12%, with respect to the Class 1-A-1, Class 1-A-2, Class 1-A-5, Class 2-A-1 and Class 2-A-2 Certificates, 4.14%, with respect to the Class 3-A-12 and Class 3-A-13 Certificates, and 4.19%, with respect to the Class 4-A-1 and Class 4-A-2 Certificates. The establishment of LIBOR by the Securities Administrator and the Securities Administrator's subsequent calculation of the rates of interest applicable to each of the LIBOR Certificates in the absence of manifest error, will be final and binding. After a Rate Determination Date, the Securities Administrator shall provide the Pass-Through Rates of the LIBOR Certificates for the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable related Distribution Date to Beneficial Owners or Holders of LIBOR Certificates who place a telephone call to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee at its Corporate Trust Office Securities Administrator at (▇▇▇301) ▇▇▇815-▇▇▇▇6600 and make a request therefor.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City time, the Trustee shall send to the Transferors and the Servicer by facsimile, notification of LIBOR for the following Interest Accrual Period.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Funding Corp. 2005-7 Trust)
Determination of LIBOR. (a) On each LIBOR Determination Date, the Indenture Trustee will determine LIBOR for on the related Interest Accrual Period, which shall be basis of the rate for deposits in United States dollars for a one-month period equal to one month (commencing on the first day of such Interest Accrual Period) that which appears on Reuters Screen LIBOR01 Page as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 Page, the rate for the that LIBOR Determination Date will be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one one-month (commencing on the first day of such Interest Accrual Period)period. The Servicer Indenture Trustee will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., a.m. (New York City time, ) on that day for loans in United States dollars to leading European banks for a period equal to one one-month (commencing on the first day of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Periodperiod.
(b) On each LIBOR Determination Date, the Indenture Trustee will send to the Servicer, the Issuer and the Administrator by facsimile transmission, notification of LIBOR for the following Interest Period.
(c) The Servicer shall determine, and promptly notify will provide on the Transferors and Distribution Date Statement the Trustee ofClass A Note Interest Rate applicable to each Distribution Date. On each Distribution Date, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Note Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee Series 2009-2 Noteholders through the Indenture Trustee's internet website, which initially is located at its Corporate Trust Office at (h▇▇▇) ://▇▇▇-▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇▇▇▇▇▇▇.▇▇▇.
(cd) On each LIBOR Determination Date prior to 3:00 p.m., New York City time, Other than the Trustee shall send to the Transferors and the Servicer by facsimile, notification determination of LIBOR as provided for herein, all other determinations and calculations provided for in this Indenture Supplement will be made by the following Interest Accrual PeriodServicer.
Appears in 1 contract
Sources: Indenture Supplement (Ford Credit Floorplan Master Owner Trust a Series 2009-2)
Determination of LIBOR. (a) On each LIBOR Determination Date, the Indenture Trustee will shall determine LIBOR for on the related Interest Accrual Period, which shall be basis of the rate for deposits in United States dollars for a one-month period equal to one month (commencing on the first day of such Interest Accrual Period) that which appears on Reuters Screen LIBOR01 Telerate Page 3750 as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 PageTelerate Page 3750, the rate for the that LIBOR Determination Date will shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one one-month (commencing on the first day of such Interest Accrual Period)period. The Servicer will Indenture Trustee shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will shall be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one one-month (commencing on the first day of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Periodperiod.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Note Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Note Interest Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Indenture Trustee at its Corporate Trust Office at (▇▇▇) ▇▇▇or such other address and telephone number as shall be designated by the Indenture Trustee for such purpose by prior written notice by the Indenture Trustee to each Series 2001-▇▇▇▇1 Noteholder from time to time.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City timeDate, the Indenture Trustee shall send to the Transferors Servicer and the Servicer Administrator by facsimilefacsimile transmission, notification of LIBOR for the following Interest Accrual Period.
Appears in 1 contract
Determination of LIBOR. (a) On each LIBOR Determination Date, the Trustee will shall determine LIBOR for on the related Interest Accrual Period, which shall be basis of the rate for deposits in United States dollars for a period equal to one month (commencing on the first day of such relevant Interest Accrual Period) that Period which appears on Reuters Screen LIBOR01 Telerate Page 3750 as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 PageTelerate Page 3750, the rate for the that LIBOR Determination Date will shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one month (commencing on the first day of such relevant Interest Accrual Period). The Servicer will Trustee shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will shall be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one month (commencing on the first day of such relevant Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and Rate, the Class B Certificate Rate for and the applicable Interest Accrual Period. The Class A Certificate Rate and Class B CIA Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Series 1996-8 Certificateholder by telephoning the Trustee Paying Agent at its Corporate Trust Office corporate trust office at (▇▇▇) ▇▇▇-▇▇▇▇.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City timeDate, the Trustee shall send to the Transferors and the Servicer by facsimile, facsimile notification of LIBOR for the following Interest Accrual Period. The Trustee shall cause the Class A Certificate Rate and the Class B Certificate Rate applicable to an Interest Period to be provided to the Luxembourg Stock Exchange as soon as possible after its determination but in no event later than the first day of such Interest Period. In addition the Trustee shall cause the Class A Monthly Interest and Class B Monthly Interest applicable to an Interest Period to be provided to the Luxembourg Stock Exchange within one Business Day of the date on which the Trustee receives notification of the Class A Monthly Interest and the Class B Monthly Interest from the Servicer.
Appears in 1 contract
Determination of LIBOR. (a) On each LIBOR Determination Date, the Indenture Trustee will shall determine LIBOR for the related Interest Accrual Period, which shall be the rate for deposits in United States dollars for a period equal to one one-month (commencing on the first day of such Interest Accrual Period) that appears on Reuters Screen LIBOR01 Page as of 11:00 a.m.A.M., London time, on such date; provided, however, that with respect to the first Interest Period, LIBOR will be the rate appearing on Reuters Screen LIBOR01 Page (or such other page as may replace that page on that service for the purpose of displaying comparable rates or prices) as of 11:00 a.m., London time, on that date for an interpolated rate for deposits in United States dollars for a period that corresponds to the actual number of days in the first Interest Period. Upon such determination, the Indenture Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 Page, the rate for the LIBOR Determination Date will shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m.A.M., London time, on that day to prime banks in the London interbank market for a period equal to one one-month (or, for the first Interest Period, an interpolated rate for deposits in United States dollars for a period that corresponds to the actual number of days in the first Interest Period) commencing on the first day of such Interest Accrual Period). The Servicer will shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two (2) such quotations are provided, the rate for that LIBOR Determination Date will shall be the arithmetic mean of the quotations. If fewer than two (2) quotations are provided as requested, the rate for that LIBOR Determination Date will shall be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m.A.M., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one one-month (or, for the first Interest Period, an interpolated rate for deposits in United States dollars for a period that corresponds to the actual number of days in the first Interest Period) commencing on the first day of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will shall be LIBOR in effect for the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, as applicable, and promptly notify the Transferors Transferor and the Indenture Trustee of, the Class A Certificate Note Interest Rate and the Class B Certificate Note Interest Rate for the applicable Interest Accrual Period. The Class A Certificate Note Interest Rate and the Class B Certificate Note Interest Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder Series [•] Noteholder by telephoning the Indenture Trustee at its Corporate Trust Office at (▇▇▇) ▇▇▇1-▇▇▇▇800-934-6802.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City time, the Trustee shall send to the Transferors and the Servicer by facsimile, notification of LIBOR for the following Interest Accrual Period.
Appears in 1 contract
Sources: Indenture Supplement (Barclays Dryrock Funding LLC)
Determination of LIBOR. (a) On each LIBOR Determination Date, the Trustee will determine LIBOR for the related Interest Accrual PeriodLIBOR, which shall be the rate for deposits in United States dollars for a period equal to one month the relevant Interest Period (commencing on the first day of such Interest Accrual Period) that which appears on Reuters Screen LIBOR01 Page Telerate page 3750 as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 PageTelerate Page 3750, the rate for the LIBOR Determination Date will be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one month the relevant Interest Period (commencing on the first day of such Interest Accrual Period). The Servicer will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one month the relevant Interest Period (commencing on the first day of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee at its Corporate Trust Office at (▇▇▇212) ▇▇▇-▇▇▇▇.
(c) On each LIBOR Determination Date prior to 3:00 p.m., p.m. New York City time, the Trustee shall send to the Transferors and the Servicer by facsimile, notification of LIBOR for the following Interest Accrual Period.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (At&t Universal Funding Corp)
Determination of LIBOR. (a) On each LIBOR Determination Date, the Indenture Trustee will shall determine LIBOR for the related Interest Accrual Period, which shall be the rate for deposits in United States dollars for a period equal to one one-month (commencing on the first day of such Interest Accrual Period) that appears on Reuters Screen LIBOR01 Page as of 11:00 a.m.A.M., London time, on such date; provided, however, that with respect to the first Interest Period, LIBOR will be the rate appearing on Reuters Screen LIBOR01 Page (or such other page as may replace that page on that service for the purpose of displaying comparable rates or prices) as of 11:00 a.m., London time, on that date for an interpolated rate for deposits in United States dollars for a period that corresponds to the actual number of days in the first Interest Period. Upon such determination, the Indenture Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 Page, the rate for the LIBOR Determination Date will shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m.A.M., London time, on that day to prime banks in the London interbank market for a period equal to one one-month (or, for the first Interest Period, an interpolated rate for deposits in United States dollars for a period that corresponds to the actual number of days in the first Interest Period) commencing on the first day of such Interest Accrual Period). The Servicer will shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two (2) such quotations are provided, the rate for that LIBOR Determination Date will shall be the arithmetic mean of the quotations. If fewer than two (2) quotations are provided as requested, the rate for that LIBOR Determination Date will shall be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m.A.M., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one one-month (or, for the first Interest Period, an interpolated rate for deposits in United States dollars for a period that corresponds to the actual number of days in the first Interest Period) commencing on the first day of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will shall be LIBOR in effect for the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, as applicable, and promptly notify the Transferors Transferor and the Indenture Trustee of, the Class A Certificate Note Interest Rate and the Class B Certificate Note Interest Rate for the applicable Interest Accrual Period. The Class A Certificate Note Interest Rate and the Class B Certificate Note Interest Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder Series 2014-1 Noteholder by telephoning the Indenture Trustee at its Corporate Trust Office at (▇▇▇) ▇▇▇1-▇▇▇▇800-934-6802.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City time, the Trustee shall send to the Transferors and the Servicer by facsimile, notification of LIBOR for the following Interest Accrual Period.
Appears in 1 contract
Determination of LIBOR. (a) On each LIBOR Determination Date, the Trustee will shall determine LIBOR for on the related Interest Accrual Period, which shall be basis of the rate for deposits in United States dollars for a one- month period equal to one month (commencing on the first day of such Interest Accrual Period) that which appears on Reuters Screen LIBOR01 Telerate Page 3750 as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 PageTelerate Page 3750, the rate for the that LIBOR Determination Date will shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one one-month (commencing on the first day of such Interest Accrual Period)period. The Servicer will Trustee shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will shall be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one one-month (commencing on the first day of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Periodperiod.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Series 1999-4 Certificateholder by telephoning the Trustee at its Corporate Trust Office Paying Agent at (▇▇▇) ▇▇▇-▇▇▇▇.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City timeDate, the Trustee shall send to the Transferors and the Servicer by facsimile, facsimile notification of LIBOR for the following Interest Accrual Period. The Trustee shall cause the Class A Certificate Rate and the Class B Certificate Rate applicable to an Interest Period to be provided to the Luxembourg Stock Exchange and to be published in a daily newspaper in Luxembourg as soon as possible after its determination but in no event later than the first day of such Interest Period. In addition, the Trustee shall cause the Class A Monthly Interest and the Class B Monthly Interest applicable to an Interest Period to be provided to the Luxembourg Stock Exchange and to be published in a daily newspaper in Luxembourg as soon as possible after the Trustee receives notification from the Servicer of the Class A Monthly Interest and the Class B Monthly Interest, but in no event later than the first day of such Interest Period.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (First Usa Credit Card Master Trust)
Determination of LIBOR. (a) On each LIBOR Determination DateDate for a Class of LIBOR Certificates, the Trustee will Master Servicer shall determine LIBOR for the related applicable Distribution Date on the basis of the British Bankers’ Association (“BBA”) “Interest Accrual Period, which shall be the rate Settlement Rate” for one-month deposits in United States dollars for a period equal to one month (commencing U.S. Dollars as found on the first day of such Interest Accrual Period) that appears on Reuters Screen LIBOR01 Page Telerate page 3750 as of 11:00 a.m., a.m. London time, time on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. As used herein, “Telerate page 3750” means the display designated as page 3750 on the Bridge Telerate Service. If such rate does not appear on Reuters Screen LIBOR01 Page, the rate for the any LIBOR Determination Date will be determined for a Class of LIBOR Certificates, the Master Servicer is unable to determine LIBOR on the basis of the method set forth in the preceding paragraph, LIBOR for the applicable Distribution Date will be whichever is higher of (x) LIBOR as determined on the previous LIBOR Determination Date for such Class of LIBOR Certificates or (y) the Reserve Interest Rate. The “Reserve Interest Rate” will be the rate per annum which the Master Servicer determines to be either (A) the arithmetic mean (rounding such arithmetic mean upwards if necessary to the nearest whole multiple of 1/16%) of the one-month U.S. Dollar lending rates at which deposits in United States dollars are offered that New York City banks selected by the Reference Banks at approximately 11:00 a.m., London timeMaster Servicer are quoting, on that day the relevant LIBOR Determination Date, to prime the principal London offices of at least two leading banks in the London interbank market for a period equal to one month or (commencing on B) in the first day of event that the Master Servicer can determine no such Interest Accrual Period). The Servicer will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are providedarithmetic mean, the lowest one-month U.S. Dollar lending rate for that LIBOR Determination Date will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one month (commencing on the first day of such Interest Accrual Period). If the banks selected by the Master Servicer are not quoting rates as on such LIBOR Determination Date to leading European banks. If on any LIBOR Determination Date for a Class of LIBOR Certificates, the Master Servicer is required but is unable to determine the Reserve Interest Rate in the manner provided in the immediately preceding sentenceparagraph, LIBOR for such Interest Accrual Period the applicable Distribution Date will be LIBOR as determined on the previous LIBOR Determination Date for such Class of LIBOR Certificates, or, in effect the case of the first LIBOR Determination Date, the Initial LIBOR Rate. The establishment of LIBOR by the Master Servicer and the Master Servicer’s subsequent calculation of the rates of interest applicable to each of the LIBOR Certificates in the absence of manifest error, will be final and binding. After a LIBOR Determination Date, the Master Servicer shall provide the Pass-Through Rates of the LIBOR Certificates for the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A related Distribution Date to Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable Owners or Holders of LIBOR Certificates who place a telephone call to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee Master Servicer at its Corporate Trust Office at (▇▇▇) ▇▇▇-▇▇▇-▇▇▇▇ and make a request therefor.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City time, the Trustee shall send to the Transferors and the Servicer by facsimile, notification of LIBOR for the following Interest Accrual Period.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Mortgage Asset Seczt Trans Inc Mort Pass Thru Certs 2003-8)
Determination of LIBOR. (a) On each LIBOR Determination Date, the Indenture Trustee will shall determine LIBOR for the related Interest Accrual Period, which shall be the rate for deposits in United States dollars for a period equal to one month (commencing on the first day of such Interest Accrual Period) that appears on Reuters Screen LIBOR01 Page as of 11:00 a.m., London time, on such date. Upon such determination, the Indenture Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 Page, the rate for the LIBOR Determination Date will shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one month (commencing on the first day of such Interest Accrual Period). The Servicer will shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will shall be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will shall be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one month (commencing on the first day of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will shall be LIBOR in effect for the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, and promptly notify the Transferors Transferor and the Indenture Trustee of, the Class A Certificate Note Interest Rate, the Class B Note Interest Rate and the Class B Certificate Rate C Note Interest for the applicable Interest Accrual Period. The Class A Certificate Note Interest Rate, the Class B Note Interest Rate and the Class B Certificate C Note Interest Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder Series 2008-1 Noteholder by telephoning the Indenture Trustee at its Corporate Trust Office at (▇▇▇) ▇▇▇-▇▇▇▇.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City time, the Indenture Trustee shall send to the Transferors Transferor and the Servicer by facsimile, notification facsimile or electronic transmission of LIBOR for the following Interest Accrual Period.
Appears in 1 contract
Sources: Indenture Supplement (American Express Receivables Financing CORP v LLC)
Determination of LIBOR. (a) On each LIBOR Determination DateDate in respect of an Interest Period after the first Interest Period, the Trustee will Deutsche Bank Trust Company Americas, as Paying Agent, shall determine LIBOR for on the related Interest Accrual Period, which shall be basis of the rate per annum displayed in the Bloomberg Financial Markets system as the composite offered rate for London interbank deposits in United States dollars for a period equal to one one-month (commencing on the first day of such Interest Accrual Period) that appears on Reuters Screen LIBOR01 Page period, as of 11:00 a.m., London time, on such that date. Upon such determinationIf that rate does not appear on that display page, the Trustee shall notify the Servicer of LIBOR for such that Interest Period will be the rate per annum shown on page 3750 of the Bridge Telerate Services Report screen or any successor page as the composite offered rate for London interbank deposits for a one-month period, as shown under the heading “USD” as of 11:00 a.m., London time, on the LIBOR Determination Date. If no rate is shown as described in the preceding two sentences, LIBOR for that Interest Period will be the rate per annum based on the rates at which U.S. dollar deposits for a one-month period are displayed on page “LIBOR” of the Reuters Monitor Money Rates Service or such rate does not other page as may replace the LIBOR page on that service for the purpose of displaying London interbank offered rates of major banks as of 11:00 a.m., London time, on the LIBOR Determination Date; provided, that if at least two rates appear on Reuters Screen LIBOR01 Pagethat page, the rate will be the arithmetic mean of the displayed rates and if fewer than two rates are displayed, or if no rate is relevant, the rate for the LIBOR Determination Date will that Interest Period shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one one-month (commencing on the first day of such Interest Accrual Period)period. The Servicer will Indenture Trustee shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two (2) such quotations are provided, the rate LIBOR for that LIBOR Determination Date will Interest Period shall be the arithmetic mean of the quotationsall quotations provided. If fewer than two (2) quotations are provided as requested, the rate LIBOR for that LIBOR Determination Date Interest Period will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Master Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one one-month (commencing on period. Notwithstanding the first day of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentenceforegoing, LIBOR for such the first Interest Accrual Period will be determined by reference to straight line interpolation between one-month and two-month LIBOR based on the actual number of days in effect for the immediately preceding first Interest Accrual Period.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Note Interest Rate, Class B Certificate Rate for the applicable Note Interest Accrual Period. The Class A Certificate Rate and Class B Certificate C Note Interest Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee at its Corporate Deutsche Bank Trust Office Company Americas, as Paying Agent, at (▇▇▇) ▇▇▇-▇▇▇▇▇ or such other telephone number as shall be designated by the Indenture Trustee for such purpose by prior written notice by Deutsche Bank Trust Company Americas, as Paying Agent, to each Series 2006-2 Noteholder from time to time.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City timeDate, the Indenture Trustee shall send to the Transferors and the Servicer Issuer, by facsimilefacsimile transmission, notification of LIBOR for the following Interest Accrual Period.
Appears in 1 contract
Determination of LIBOR. (a) On each LIBOR Determination Date, the Indenture Trustee will shall determine LIBOR for on the related Interest Accrual Period, which shall be basis of the rate for deposits in United States dollars for a one-month period equal to one month (commencing on the first day of such Interest Accrual Period) that which appears on Reuters Screen LIBOR01 Telerate Page 3750 as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 PageTelerate Page 3750, the rate for the that LIBOR Determination Date will shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one one-month (commencing on the first day of such Interest Accrual Period)period. The Servicer will Indenture Trustee shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will shall be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one one-month (commencing on the first day of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Periodperiod.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Note Interest Rate and the Class B Certificate Rate for the applicable Note Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Indenture Trustee at its Corporate Trust Office at (▇▇▇) ▇▇▇-▇▇▇▇or such other address and telephone number as shall be designated by the Indenture Trustee for such purpose by prior written notice by the Indenture Trustee to each Series 2003-[*] Noteholder from time to time.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City timeDate, the Indenture Trustee shall send to the Transferors and the Servicer by facsimilefacsimile transmission, notification of LIBOR for the following Interest Accrual Period. On the [*] 2003 LIBOR Determination Date, such notification set LIBOR as [*]%.
Appears in 1 contract
Sources: Indenture Supplement (Household Affinity Funding Corp Iii)
Determination of LIBOR. (a) LIBOR applicable to the calculation of the Pass-Through Rate on the Class A, Class M and Class B-1 Certificates for any Interest Accrual Period will be determined on each LIBOR Rate Adjustment Date. On each LIBOR Determination Rate Adjustment Date, or if such LIBOR Rate Adjustment Date is not a Business Day, then on the next succeeding Business Day, LIBOR shall be established by the Trustee will determine LIBOR for the related and, as to any Interest Accrual Period, which shall be will equal the rate for deposits in one month United States dollars for a period equal to one month (commencing on the first day of such Interest Accrual Period) dollar deposits that appears on Reuters the Telerate Screen LIBOR01 Page 3750 as of 11:00 a.m.A.M., London time, on such dateLIBOR Rate Adjustment Date. Upon "Telerate Screen Page 3750" means the display designated as page 3750 on the Bridge Telerate Service (or such determination, other page as may replace page 3750 on that service for the Trustee shall notify the Servicer purpose of LIBOR for such LIBOR Determination Datedisplaying London interbank offered rates of major banks). If such rate does not appear on Reuters Screen LIBOR01 Pagesuch page (or such other page as may replace that page on that service, or if such service is no longer offered, LIBOR shall be so established by use of such other service for displaying LIBOR or comparable rates as may be selected by the Trustee after consultation with the Master Servicer), the rate for will be the LIBOR Determination Date Reference Bank Rate. The "Reference Bank Rate" will be determined on the basis of the rates at which deposits in United States dollars U.S. Dollars are offered by the Reference Banks at approximately reference banks (which shall be any three major banks that are engaged in transactions in the London interbank market, selected by the Trustee after consultation with the Master Servicer) as of 11:00 a.m.A.M., London time, on that day the LIBOR Rate Adjustment Date to prime banks in the London interbank market for a period of one month in amounts approximately equal to one month (commencing on the first day aggregate Certificate Principal Balance of such Interest Accrual Period)the Class A, Class M and Class B-1 Certificates then outstanding. The Servicer will Trustee shall request the principal London office of each of the Reference Banks reference banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will be the arithmetic mean of the quotationsquotations rounded up to the next multiple of 1/16%. If on such date fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date 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 Master Servicer, at approximately as of 11:00 a.m.A.M., New York City time, on that day such date for loans in United States dollars U.S. Dollars to leading European banks for a period of one month in amounts approximately equal to one the aggregate Certificate Principal Balance of the Class A, Class M and Class B-1 Certificates then outstanding. If no such quotations can be obtained, the rate will be LIBOR for the prior Distribution Date; provided however, if, under the priorities described above, LIBOR for a Distribution Date would be based on LIBOR for the previous Distribution Date for the third consecutive Distribution Date, the Trustee, after consultation with the Master Servicer, shall select an alternative comparable index (over which the Trustee has no control), used for determining one-month Eurodollar lending rates that is calculated and published (commencing or otherwise made available) by an independent party. The establishment of LIBOR by the Trustee on any LIBOR Rate Adjustment Date and the first day Trustee's subsequent calculation of such the Pass-Through Rates applicable to the Class A, Class M and Class B-1 Certificates for the relevant Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided , in the immediately preceding sentenceabsence of manifest error, LIBOR for such Interest Accrual Period will be final and binding. Promptly following each LIBOR in effect Rate Adjustment Date the Trustee shall supply the Master Servicer with the results of its determination of LIBOR on such date. Furthermore, the Trustee shall supply to any Certificateholder so requesting by calling the Trustee at 1-800-934-6802 the Pass-Through Rate on the Class A, Class M and Class B-1 Certificates for the current and the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee at its Corporate Trust Office at (▇▇▇) ▇▇▇-▇▇▇▇.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City time, the Trustee shall send to the Transferors and the Servicer by facsimile, notification of LIBOR for the following Interest Accrual Period.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (RAMP Series 2006-Nc2 Trust)
Determination of LIBOR. (a) On each LIBOR Determination Date, the Indenture Trustee will shall determine LIBOR for on the related Interest Accrual Period, which shall be basis of the rate for deposits in United States dollars for a one-month period equal to one month (commencing on the first day of such Interest Accrual Period) that which appears on Reuters Screen LIBOR01 Telerate Page 3750 as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 PageTelerate Page 3750, the rate for the that LIBOR Determination Date will shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one one-month (commencing on the first day of such Interest Accrual Period)period. The Servicer will Indenture Trustee shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will shall be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one one-month (commencing on the first day of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Periodperiod.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Note Interest Rate and the Class B Certificate Rate for the applicable Note Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Indenture Trustee at its Corporate Trust Office at (▇▇▇) ▇▇▇or such other address and telephone number as shall be designated by the Indenture Trustee for such purpose by prior written notice by the Indenture Trustee to each Series 2002-▇▇▇▇1 Noteholder from time to time.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City timeDate, the Indenture Trustee shall send to the Transferors Servicer and the Servicer Administrator by facsimilefacsimile transmission, notification of LIBOR for the following Interest Accrual Period.
Appears in 1 contract
Sources: Indenture Supplement (Household Receivables Funding Inc Iii)
Determination of LIBOR. (a) On each LIBOR Determination Date, the Indenture Trustee will shall determine LIBOR for on the related Interest Accrual Period, which shall be basis of the rate for deposits in United States dollars for a one-month period equal to one month (commencing on the first day of such Interest Accrual Period) that which appears on Reuters Screen LIBOR01 Telerate Page 3750 as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 PageTelerate Page 3750, the rate for the that LIBOR Determination Date will shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one one-month (commencing on the first day of such Interest Accrual Period)period. The Servicer will Indenture Trustee shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will shall be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one one-month (commencing on the first day of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Periodperiod.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee ofClass A Note Interest Rate, the Class A Certificate B Note Interest Rate, Class C Note Interest Rate and the Class B Certificate Rate for the applicable D Note Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Indenture Trustee at its Corporate Trust Office at (▇▇▇) ▇▇▇or such other address and telephone number as shall be designated by the Indenture Trustee for such purpose by prior written notice by the Indenture Trustee to each Series 2001-▇▇▇▇A Noteholder from time to time.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City timeDate, the Indenture Trustee shall send to the Transferors Servicer and the Servicer Administrator by facsimilefacsimile transmission, notification of LIBOR for the following Interest Accrual Period.
Appears in 1 contract
Sources: Indenture Supplement (Conseco Finance Credit Card Funding Corp)
Determination of LIBOR. (a) On each Rate Determination Date for a Class of LIBOR Determination DateCertificates, the Trustee will Securities Administrator shall determine LIBOR for the related Interest Accrual Period, which shall be the rate for deposits in United States dollars for a period equal to one month (commencing on the first day of such Interest Accrual Period) that appears on Reuters Screen LIBOR01 Page as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 Page, the rate for the LIBOR Determination applicable Distribution Date will be determined on the basis of the rates at which British Bankers' Association ("BBA") "Interest Settlement Rate" for one-month deposits in United States dollars are offered U.S. Dollars as found on Telerate page 3750 as of 11:00 A.M. London time on such Rate Determination Date. As used herein, "Telerate page 3750" means the display designated as page 3750 on the Moneyline Telerate Service. If on any Rate Determination Date for a Class of LIBOR Certificates, the Securities Administrator is unable to determine LIBOR on the basis of the method set forth in the preceding paragraph, LIBOR for the applicable Distribution Date will be whichever is higher of (x) LIBOR as determined on the previous Rate Determination Date for such Class of LIBOR Certificates or (y) the Reserve Interest Rate. The "Reserve Interest Rate" will be the rate per annum which the Securities Administrator determines to be either (A) the arithmetic mean (rounding such arithmetic mean upwards if necessary to the nearest whole multiple of 1/16%) of the one-month U.S. Dollar lending rates that New York City banks selected by the Reference Banks at approximately 11:00 a.m., London timeSecurities Administrator are quoting, on that day the relevant Rate Determination Date, to prime the principal London offices of at least two leading banks in the London interbank market for a period equal to one month or (commencing on B) in the first day of event that the Securities Administrator can determine no such Interest Accrual Period). The Servicer will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are providedarithmetic mean, the lowest one-month U.S. Dollar lending rate for that LIBOR Determination Date will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one month (commencing on the first day of such Interest Accrual Period). If the banks selected by the Servicer Securities Administrator are not quoting rates as on such Rate Determination Date to leading European banks. If on any Rate Determination Date for a Class of LIBOR Certificates, the Securities Administrator is required but is unable to determine the Reserve Interest Rate in the manner provided in the immediately preceding sentenceparagraph, LIBOR for such Interest Accrual Period the applicable Distribution Date will be LIBOR as determined on the previous Rate Determination Date for such Class of LIBOR Certificates, or, in effect the case of the first Rate Determination Date, 2.41%. The establishment of LIBOR by the Securities Administrator and the Securities Administrator's subsequent calculation of the rates of interest applicable to each of the LIBOR Certificates in the absence of manifest error, will be final and binding. After a Rate Determination Date, the Securities Administrator shall provide the Pass-Through Rates of the LIBOR Certificates for the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable related Distribution Date to Beneficial Owners or Holders of LIBOR Certificates who place a telephone call to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee at its Corporate Trust Office Securities Administrator at (▇▇▇301) ▇▇▇815-▇▇▇▇6600 and make a request therefor.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City time, the Trustee shall send to the Transferors and the Servicer by facsimile, notification of LIBOR for the following Interest Accrual Period.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Funding Corp. 2004-5 Trust)
Determination of LIBOR. (a) On each LIBOR Determination Date, the Trustee will shall determine LIBOR for on the related Interest Accrual Period, which shall be basis of the rate for deposits in United States dollars for a one- month period equal to one month (commencing on the first day of such Interest Accrual Period) that which appears on Reuters Screen LIBOR01 Telerate Page 3750 as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 PageTelerate Page 3750, the rate for the that LIBOR Determination Date will shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one one-month (commencing on the first day of such Interest Accrual Period)period. The Servicer will Trustee shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will shall be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one one-month (commencing on the first day of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Periodperiod.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Series 2001-4 Certificateholder by telephoning the Trustee at its Corporate Trust Office Paying Agent at (▇▇▇) ▇▇▇-▇▇▇▇.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City timeDate, the Trustee shall send to the Transferors and the Servicer by facsimile, facsimile notification of LIBOR for the following Interest Accrual Period. The Trustee shall cause the Class A Certificate Rate and the Class B Certificate Rate applicable to an Interest Period to be provided to the Luxembourg Stock Exchange and to be published in a daily newspaper in Luxembourg as soon as possible after its determination but in no event later than the first day of such Interest Period. In addition, the Trustee shall cause the Class A Monthly Interest and the Class B Monthly Interest applicable to an Interest Period to be provided to the Luxembourg Stock Exchange and to be published in a daily newspaper in Luxembourg as soon as possible after the Trustee receives notification from the Servicer of the Class A Monthly Interest and the Class B Monthly Interest, but in no event later than the first day of such Interest Period.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (First Usa Bank National Association)
Determination of LIBOR. (a) LIBOR applicable to the calculation of the Pass-Through Rate on the Class A and Class M Certificates for any Interest Accrual Period will be determined on each LIBOR Rate Adjustment Date. On each LIBOR Determination Rate Adjustment Date, or if such LIBOR Rate Adjustment Date is not a Business Day, then on the next succeeding Business Day, LIBOR shall be established by the Trustee will determine LIBOR for the related and, as to any Interest Accrual Period, which shall be will equal the rate for deposits in one month United States dollars for a period equal to one month (commencing on the first day of such Interest Accrual Period) dollar deposits that appears on Reuters the Telerate Screen LIBOR01 Page 3750 as of 11:00 a.m., London time, on such dateLIBOR Rate Adjustment Date. Upon "Telerate Screen Page 3750" means the display designated as page 3750 on the Bridge Telerate Service (or such determination, other page as may replace page 3750 on that service for the Trustee shall notify the Servicer purpose of LIBOR for such LIBOR Determination Datedisplaying London interbank offered rates of major banks). If such rate does not appear on Reuters Screen LIBOR01 Pagesuch page (or such other page as may replace that page on that service, or if such service is no longer offered, LIBOR shall be so established by use of such other service for displaying LIBOR or comparable rates as may be selected by the Trustee after consultation with the Master Servicer), the rate for will be the LIBOR Determination Date Reference Bank Rate. The "Reference Bank Rate" will be determined on the basis of the rates at which deposits in United States dollars U.S. Dollars are offered by the Reference Banks at approximately reference banks (which shall be any three major banks that are engaged in transactions in the London interbank market, selected by the Trustee after consultation with the Master Servicer) as of 11:00 a.m., London time, on that day the LIBOR Rate Adjustment Date to prime banks in the London interbank market for a period of one month in amounts approximately equal to one month (commencing on the first day aggregate Certificate Principal Balance of such Interest Accrual Period)the Class A and Class M Certificates then outstanding. The Servicer will Trustee shall request the principal London office of each of the Reference Banks reference banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will be the arithmetic mean of the quotationsquotations rounded up to the next multiple of 1/16%. If on such date fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date 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 Master Servicer, at approximately as of 11:00 a.m., New York City time, on that day such date for loans in United States dollars U.S. Dollars to leading European banks for a period of one month in amounts approximately equal to one month (commencing on the first day aggregate Certificate Principal Balance of such Interest Accrual Period)the Class A and Class M Certificates then outstanding. If no such quotations can be obtained, the banks selected by rate will be LIBOR for the Servicer are not quoting rates as prior Distribution Date; provided in however, if, under the immediately preceding sentencepriorities described above, LIBOR for such Interest Accrual Period will a Distribution Date would be based on LIBOR in effect for the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate previous Distribution Date for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee at its Corporate Trust Office at (▇▇▇) ▇▇▇-▇▇▇▇.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City timethird consecutive Distribution Date, the Trustee shall send to select an alternative comparable index (over which the Transferors Trustee has no control), used for determining one-month Eurodollar lending rates that is calculated and the Servicer published (or otherwise made available) by facsimile, notification an independent party. The establishment of LIBOR by the Trustee on any LIBOR Rate Adjustment Date for the following relevant Interest Accrual Period, in the absence of manifest error, will be final and binding. Promptly following each LIBOR Rate Adjustment Date the Trustee shall supply the Master Servicer with the results of its determination of LIBOR on such date.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (RAMP Series 2007-Rs2 Trust)
Determination of LIBOR. (a) On each LIBOR Determination Date, the Trustee will shall determine LIBOR for on the related Interest Accrual Period, which shall be basis of the rate for deposits in United States dollars for a period equal to one month (commencing on the first day of such relevant Interest Accrual Period) that Period which appears on Reuters Screen LIBOR01 Telerate Page 3750 as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 PageTelerate Page 3750, the rate for the that LIBOR Determination Date will shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one month (commencing on the first day of such relevant Interest Accrual Period). The Servicer will Trustee shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will shall be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one month (commencing on the first day of such relevant Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Series 1998-1 Certificateholder by telephoning the Trustee Paying Agent at its Corporate Trust Office corporate trust office at (▇▇▇) ▇▇▇-▇▇▇▇.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City timeDate, the Trustee shall send to the Transferors and the Servicer by facsimile, facsimile notification of LIBOR for the following Interest Accrual Period. The Trustee shall cause the Class A Certificate Rate and the Class B Certificate Rate applicable to an Interest Period to be provided to the Luxembourg Stock Exchange as soon as possible after its determination but in no event later than the first day of such Interest Period. In addition, the Trustee shall cause the Class A Monthly Interest and the Class B Monthly Interest applicable to an Interest Period to be provided to the Luxembourg Stock Exchange within one Business Day of the date on which the Trustee receives notification of the Class A Monthly Interest and the Class B Monthly Interest from the Servicer.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (First Usa Credit Card Master Trust)
Determination of LIBOR. (a) On each LIBOR Determination Date, the Indenture Trustee will determine LIBOR for on the related Interest Accrual Period, which shall be basis of the rate for deposits in United States dollars for a one-month period equal to one month (commencing on the first day of such Interest Accrual Period) that which appears on Reuters Screen LIBOR01 Telerate Page 3750 as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 PageTelerate Page 3750, the rate for the that LIBOR Determination Date will be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one one-month (commencing on the first day of such Interest Accrual Period)period. The Servicer Indenture Trustee will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., a.m. (New York City time, ) on that day for loans in United States dollars to leading European banks for a period equal to one one-month (commencing on the first day of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Periodperiod.
(b) On each LIBOR Determination Date, the Indenture Trustee will send to the Servicer, the Issuer and the Administrator by facsimile transmission, notification of LIBOR for the following Interest Period.
(c) The Servicer shall determine, and promptly notify will provide on the Transferors and the Trustee of, Monthly Statement the Class A Certificate Note Interest Rate and the Class B Certificate Note Interest Rate for applicable to each Distribution Date. On each Distribution Date, the applicable Interest Accrual Period. The Class A Certificate Note Interest Rate and the Class B Certificate Note Interest Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning Series 2006-3 Noteholders through the Trustee Indenture Trustee's internet website, which initially is located at its Corporate Trust Office at (▇▇▇) ▇://▇▇▇-.▇▇▇▇▇▇▇▇.▇▇▇/sfr.
(cd) On each LIBOR Determination Date prior to 3:00 p.m., New York City time, Other than the Trustee shall send to the Transferors and the Servicer by facsimile, notification determination of LIBOR as provided for herein, all other determinations and calculations provided for in this Indenture Supplement shall be made by the following Interest Accrual PeriodServicer.
Appears in 1 contract
Sources: Indenture Supplement (Ford Credit Floorplan Master Owner Trust a Series 2006-3)
Determination of LIBOR. (a) On each LIBOR Determination Date, the Indenture Trustee will determine LIBOR for on the related Interest Accrual Period, which shall be basis of the rate for deposits in United States dollars for a one-month period equal to one month (commencing on the first day of such Interest Accrual Period) that which appears on Reuters Screen LIBOR01 Telerate Page 3750 as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 PageTelerate Page 3750, the rate for the that LIBOR Determination Date will be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one one-month (commencing on the first day of such Interest Accrual Period)period. The Servicer Indenture Trustee will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., a.m. (New York City time, ) on that day for loans in United States dollars to leading European banks for a period equal to one one-month (commencing on the first day of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Periodperiod.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Note Interest Rate and the Class B Certificate Rate for the applicable Note Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Indenture Trustee at its Corporate Trust Office at (▇▇▇) ▇▇▇-▇▇▇▇▇ or such other telephone number as may be designated by the Indenture Trustee for such purpose by prior written notice by the Indenture Trustee to each Noteholder from time to time.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City timeDate, the Indenture Trustee shall will send to the Transferors Servicer, the Issuer and the Servicer Administrator by facsimilefacsimile transmission, notification of LIBOR for the following Interest Accrual Period.
Appears in 1 contract
Sources: Indenture Supplement (Ford Credit Floorplan Master Owner Trust a Series 2004-1)
Determination of LIBOR. (a) On each LIBOR Determination Date, the Trustee will shall determine LIBOR for on the related Interest Accrual Period, which shall be basis of the rate for deposits in United States dollars for a period equal to one month (commencing on the first day of such relevant Interest Accrual Period) that Period which appears on Reuters Screen LIBOR01 Telerate Page 3750 as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 PageTelerate Page 3750, the rate for the that LIBOR Determination Date will shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one month (commencing on the first day of such relevant Interest Accrual Period). The Servicer will Trustee shall request the principal London office of each of the Reference Refer- ence Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will shall be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one month (commencing on the first day of such relevant Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and Rate, the Class B Certificate Rate for and the applicable Interest Accrual Period. The Class A Certificate Rate and Class B CIA Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Series 1997-1 Certificateholder by telephoning the Trustee Paying Agent at its Corporate Trust Office corporate trust office at (▇▇▇) ▇▇▇-▇▇▇▇.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City timeDate, the Trustee shall send to the Transferors and the Servicer by facsimile, facsimile notification of LIBOR for the following Interest Accrual Period. The Trustee shall cause the Class A Certificate Rate and the Class B Certificate Rate applicable to an Interest Period to be provided to the Luxembourg Stock Exchange as soon as possible after its determination but in no event later than the first day of such Interest Period. In addition the Trustee shall cause the Class A Monthly Interest and Class B Monthly Interest applicable to an Interest Period to be provided to the Luxembourg Stock Exchange within one Business Day of the date on which the Trustee receives notification of the Class A Monthly Interest and the Class B Monthly Interest from the Servicer.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (First Usa Credit Card Master Trust)
Determination of LIBOR. (a) On each Rate Determination Date for a Class of LIBOR Determination DateCertificates, the Trustee will Securities Administrator shall determine LIBOR for the related Interest Accrual Period, which shall be the rate for deposits in United States dollars for a period equal to one month (commencing on the first day of such Interest Accrual Period) that appears on Reuters Screen LIBOR01 Page as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 Page, the rate for the LIBOR Determination applicable Distribution Date will be determined on the basis of the rates at which British Bankers' Association ("BBA") "Interest Settlement Rate" for one-month deposits in United States dollars are offered U.S. Dollars as found on Telerate page 3750 as of 11:00 A.M. London time on such Rate Determination Date. As used herein, "Telerate page 3750" means the display designated as page 3750 on the Moneyline Telerate Service. If on any Rate Determination Date for a Class of LIBOR Certificates, the Securities Administrator is unable to determine LIBOR on the basis of the method set forth in the preceding paragraph, LIBOR for the applicable Distribution Date will be whichever is higher of (x) LIBOR as determined on the previous Rate Determination Date for such Class of LIBOR Certificates or (y) the Reserve Interest Rate. The "Reserve Interest Rate" will be the rate per annum which the Securities Administrator determines to be either (A) the arithmetic mean (rounding such arithmetic mean upwards if necessary to the nearest whole multiple of 1/16%) of the one-month U.S. Dollar lending rates that New York City banks selected by the Reference Banks at approximately 11:00 a.m., London timeSecurities Administrator are quoting, on that day the relevant Rate Determination Date, to prime the principal London offices of at least two leading banks in the London interbank market for a period equal to one month or (commencing on B) in the first day of event that the Securities Administrator can determine no such Interest Accrual Period). The Servicer will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are providedarithmetic mean, the lowest one-month U.S. Dollar lending rate for that LIBOR Determination Date will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one month (commencing on the first day of such Interest Accrual Period). If the banks selected by the Servicer Securities Administrator are not quoting rates as on such Rate Determination Date to leading European banks. If on any Rate Determination Date for a Class of LIBOR Certificates, the Securities Administrator is required but is unable to determine the Reserve Interest Rate in the manner provided in the immediately preceding sentenceparagraph, LIBOR for such Interest Accrual Period the applicable Distribution Date will be LIBOR as determined on the previous Rate Determination Date for such Class of LIBOR Certificates, or, in effect the case of the first Rate Determination Date for which the Securities Administrator is required to determine LIBOR, 3.09% with respect to the Class 1-A-6 and Class 1-A-7 Certificates and 3.00% with respect to the Class 2-A-5, Class 2-A-6 and Class 2-A-7 Certificates. The establishment of LIBOR by the Securities Administrator and the Securities Administrator's subsequent calculation of the rates of interest applicable to each of the LIBOR Certificates in the absence of manifest error, will be final and binding. After a Rate Determination Date, the Securities Administrator shall provide the Pass-Through Rates of the LIBOR Certificates for the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable related Distribution Date to Beneficial Owners or Holders of LIBOR Certificates who place a telephone call to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee at its Corporate Trust Office Securities Administrator at (▇▇▇301) ▇▇▇815-▇▇▇▇6600 and make a request therefor.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City time, the Trustee shall send to the Transferors and the Servicer by facsimile, notification of LIBOR for the following Interest Accrual Period.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Funding 2005-3 Trust)
Determination of LIBOR. (a) On each LIBOR Determination Date, the The Indenture Trustee will determine LIBOR the interest rate for the related each Interest Accrual Period, which shall be Period by determining the rate for deposits in United States dollars U.S. Dollars for a period equal to one month of three months (commencing on the first day of such Interest Accrual Period“Three-Month Index Maturity”) that which appears on Reuters Screen LIBOR01 Telerate Page 3750 as of 11:00 a.m., London time, on such date. Upon such determinationthe day that is two London Banking Days preceding (i) in the case of the first Interest Accrual Period, the Trustee shall notify date of the Servicer Purchase Agreement, and (ii) in the case of each subsequent Interest Period, the first day of such Interest Accrual Period (“LIBOR”); provided that with respect to the first Interest Accrual Period (other than for the calculations pertaining to the second and third Draws under the Class A-2A Notes), the calculations to determine the LIBOR for such LIBOR Determination Daterate will be based upon a period of four months rather than three months. If such rate the Three-Month Index Maturity does not appear on Reuters Screen LIBOR01 PageTelerate Page 3750 at such time, the rate for that Interest Accrual Period will be determined as if the LIBOR Determination Date parties had specified “USD-LIBOR-Reference Banks” as the applicable rate. “USD-LIBOR-Reference Banks” means that the interest rate for an Interest Accrual Period will be determined on the basis of the rates at which deposits in United States dollars U.S. Dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on the day that day is two London Banking Days preceding the beginning of that Interest Accrual Period to prime banks in the London interbank market for a period equal to one month (the Three-Month Index Maturity commencing on the first day beginning of such that Interest Accrual Period)Period and in a Representative Amount. The Servicer Indenture Trustee will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date Interest Accrual Period will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date Interest Accrual Period will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the ServicerIndenture Trustee, at approximately 11:00 a.m., New York City time, on the beginning of that day Interest Accrual Period for loans in United States dollars U.S. Dollars to leading European banks for a period equal to one month (the Three-Month Index Maturity commencing on at the first day beginning of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such that Interest Accrual Period will be LIBOR and in effect for the immediately preceding Interest Accrual Perioda Representative Amount.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee at its Corporate Trust Office at (▇▇▇) ▇▇▇-▇▇▇▇.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City time, the Trustee shall send to the Transferors and the Servicer by facsimile, notification of LIBOR for the following Interest Accrual Period.
Appears in 1 contract
Sources: Transfer and Servicing Agreement (American Capital Strategies LTD)
Determination of LIBOR. (a) On each LIBOR Determination Date, the Indenture Trustee will shall determine LIBOR for on the related Interest Accrual Period, which shall be basis of the rate for deposits in United States dollars for a one-month period equal to one month (commencing on the first day of such Interest Accrual Period) that which appears on Reuters Screen LIBOR01 Telerate Page 3750 as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 PageTelerate Page 3750, the rate for the that LIBOR Determination Date will shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one one-month (commencing on the first day of such Interest Accrual Period)period. The Servicer will Indenture Trustee shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will shall be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one one-month (commencing on the first day of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Periodperiod.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate B Note Interest Rate and the Class B Certificate Rate for the applicable C Note Interest Accrual Period. The Class A Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Indenture Trustee at its Corporate Trust Office at (▇▇▇) ▇▇▇or such other address and telephone number as shall be designated by the Indenture Trustee for such purpose by prior written notice by the Indenture Trustee to each Series 2002-▇▇▇▇1 Noteholder from time to time.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City timeDate, the Indenture Trustee shall send to the Transferors Servicer and the Servicer Administrator by facsimilefacsimile transmission, notification of LIBOR for the following Interest Accrual Period. On the March 26, 2002 LIBOR Determination Date, such notification set LIBOR as 1.90875%.
Appears in 1 contract
Determination of LIBOR. (a) On each LIBOR Determination Date, the Trustee will determine LIBOR for the related Interest Accrual Period, which shall be the rate for deposits in United States dollars for a period equal to one month (commencing on the first day of such Interest Accrual Period) that appears on Reuters Screen LIBOR01 Telerate Page 3750 as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 PageTelerate Page 3750, the rate for the LIBOR Determination Date will be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one month (commencing on the first day of such Interest Accrual Period). The Servicer will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one month (commencing on the first day of such Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A (Series 2003-3 Supplement) 28 Certificate Rate and Class B Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Certificateholder by telephoning the Trustee at its Corporate Trust Office at (▇▇▇) ▇▇▇-▇▇▇▇.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City time, the Trustee shall send to the Transferors and the Servicer by facsimile, notification of LIBOR for the following Interest Accrual Period.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (American Express Credit Account Master Trust)
Determination of LIBOR. (a) On each LIBOR Determination Date, the Trustee will shall determine LIBOR for on the related Interest Accrual Period, which shall be basis of the rate for deposits in United States dollars for a period equal to one month (commencing on the first day of such relevant Interest Accrual Period) that Period which appears on Reuters Screen LIBOR01 Telerate Page 3750 as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 PageTelerate Page 3750, the rate for the that LIBOR Determination Date will shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one month (commencing on the first day of such relevant Interest Accrual Period). The Servicer will Trustee shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will shall be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one month (commencing on the first day of such relevant Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and Rate, the Class B Certificate Rate for and the applicable Interest Accrual Period. The Class A Certificate Rate and Class B CIA Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Series 1997-4 Certificateholder by telephoning the Trustee Paying Agent at its Corporate Trust Office corporate trust office at (▇▇▇) ▇▇▇-▇▇▇▇.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City timeDate, the Trustee shall send to the Transferors and the Servicer by facsimile, facsimile notification of LIBOR for the following Interest Accrual Period. The Trustee shall cause the Class A Certificate Rate and the Class B Certificate Rate applicable to an Interest Period to be provided to the Luxembourg Stock Exchange as soon as possible after its determination but in no event later than the first day of such Interest Period. In addition the Trustee shall cause the Class A Monthly Interest and Class B Monthly Interest applicable to an Interest Period to be provided to the Luxembourg Stock Exchange within one Business Day of the date on which the Trustee receives notification of the Class A Monthly Interest and the Class B Monthly Interest from the Servicer.
Appears in 1 contract
Determination of LIBOR. (a) On each LIBOR Determination Date, the Trustee will shall determine LIBOR for on the related Interest Accrual Period, which shall be basis of the rate for deposits in United States dollars for a period equal to one month (commencing on the first day of such relevant Interest Accrual Period) that Period which appears on Reuters Screen LIBOR01 Telerate Page 3750 as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 PageTelerate Page 3750, the rate for the LIBOR Determination Date will shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one month (commencing on the first day of such relevant Interest Accrual Period). The Servicer will Trustee shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will shall be the arithmetic mean of the quotationsquotations (rounded upward to the nearest 0.015625%). If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean (rounded upward to the nearest 0.015625%) of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one month (commencing on the first day of such relevant Interest Accrual Period). If ; provided, however, that if the banks selected by Trustee is unable to determine a rate in accordance with one of the Servicer are not quoting rates as provided in the immediately preceding sentenceprocedures described above, LIBOR for such Interest Accrual Period will shall be LIBOR in effect for as determined on the immediately preceding Interest Accrual Periodmost recent LIBOR Determination Date.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee ofClass A Certificate Rate, the Class A B Certificate Rate, the Class C Certificate Rate and the Class B Certificate Rate for the applicable Interest Accrual Period. The Class A Certificate Rate and Class B D Certificate Rate applicable to the then current and the immediately preceding Interest Accrual Periods may be obtained by any Investor Series 1998-2 Certificateholder by telephoning the Trustee at its Corporate Trust Office at (▇▇▇) ▇▇▇-▇▇▇▇.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City timeDate, the Trustee shall send to the Transferors and the Servicer by facsimile, facsimile notification of LIBOR for the following Interest Accrual Period. Following the listing of the Class A Certificates and the Class B Certificates on the Luxembourg Stock Exchange and for so long as such Certificates are so listed, the Trustee shall cause the Class A Certificate Rate and the Class B Certificate Rate as well as the amount of Class A Monthly Interest and Class B Monthly Interest applicable to an Interest Accrual Period and the length of such Interest Accrual Period (i) to be published in the Luxemburger Wort, and (ii) to be provided to the Luxembourg Stock Exchange, in each case as soon as possible after its determination but in no event later than the first day of such Interest Accrual Period.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Greentree Floorplan Funding Corp)
Determination of LIBOR. (a) On each LIBOR Determination Date, the Trustee will shall determine LIBOR for on the related Interest Accrual Period, which shall be basis of the rate for deposits in United States dollars for a period equal to one month (commencing on the first day of such relevant Interest Accrual Period) that Period which appears on Reuters Screen LIBOR01 Telerate Page 3750 as of 11:00 a.m., London time, on such date. Upon such determination, the Trustee shall notify the Servicer of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 PageTelerate Page 3750, the rate for the that LIBOR Determination Date will shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a period equal to one month (commencing on the first day of such relevant Interest Accrual Period). The Servicer will Trustee shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date will shall be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one month (commencing on the first day of such relevant Interest Accrual Period). If the banks selected by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will be LIBOR in effect for the immediately preceding Interest Accrual Period.
(b) The Servicer shall determine, and promptly notify the Transferors and the Trustee of, the Class A Certificate Rate and Rate, the Class B Certificate Rate for and the applicable Interest Accrual Period. The Class A Certificate Rate and Class B CIA Certificate Rate applicable to the then current and the immediately preceding pre- ceding Interest Accrual Periods may be obtained by any Investor Series 1997-7 Certificateholder by telephoning the Trustee Paying Agent at its Corporate Trust Office corporate trust office at (▇▇▇) ▇▇▇-▇▇▇▇.
(c) On each LIBOR Determination Date prior to 3:00 p.m., New York City timeDate, the Trustee shall send to the Transferors and the Servicer by facsimile, facsimile notification of LIBOR for the following Interest Accrual Period. The Trustee shall cause the Class A Certificate Rate and the Class B Certificate Rate applicable to an Interest Period to be provided to the Luxembourg Stock Exchange as soon as possible after its determination but in no event later than the first day of such Interest Period. In addition, the Trustee shall cause the Class A Monthly Interest and the Class B Monthly Interest applicable to an Interest Period to be provided to the Luxembourg Stock Exchange within one Business Day of the date on which the Trustee receives notification of the Class A Monthly Interest and the Class B Monthly Interest from the Servicer.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (First Usa Credit Card Master Trust)