Distributions and Interest Amount. (i) The “Interest Rate”, with respect to Posted Collateral in the form of Cash, for any day, will be the rate opposite the caption “Federal funds (effective)” for such day as published by the Federal Reserve Publication H.15 (519) or any successor publication as published by the Board of Governors of the Federal Reserve System. (ii) The “Transfer of Interest Amount” will be made on each Distribution Date (as defined in Part I of Appendix A to the Trust Sale and Servicing Agreement); provided that Party B shall not be obligated to so transfer any Interest Amount unless and until it has earned and received such interest.
Appears in 2 contracts
Sources: Isda Master Agreement (Capital Auto Receivables LLC), Isda Master Agreement (Multicurrency Cross Border) (Capital Auto Receivables Asset Trust 2007-3)