Common use of LIBOR Determination Clause in Contracts

LIBOR Determination. If the Benchmark is LIBOR, on each Benchmark Determination Date, the Calculation Agent will notify the Servicer, the Issuer and the Administrator by email of the Benchmark for the related Interest Period. If the Benchmark is any rate other than LIBOR, on each Benchmark Determination Date, the Issuer will notify the Servicer and the Indenture Trustee by email of the Benchmark for the related Interest Period. All determinations of the Benchmark by the Calculation Agent or the Issuer, as applicable, in the absence of manifest error, will be conclusive and binding on the Series 2020-1 Noteholders.

LIBOR Determination. If the Benchmark is LIBOR, on each Benchmark Determination Date, the Calculation Agent will notify the Servicer, the Issuer and the Administrator by email of the Benchmark for the related Interest Period. If the Benchmark is any rate other than LIBOR, on each Benchmark Determination Date, the Issuer will notify the Servicer and the Indenture Trustee by email of the Benchmark for the related Interest Period. All determinations of the Benchmark by the Calculation Agent or the Issuer, as applicable, in the absence of manifest error, will be conclusive and binding on the Series 20202019-1 3 Noteholders.