Unpaid Class B Interest Sample Clauses
The 'Unpaid Class B Interest' clause defines how interest that has accrued but not yet been paid on Class B securities or loans is handled. Typically, this clause outlines the process for tracking, accumulating, and eventually paying any outstanding interest amounts owed to holders of Class B interests, often specifying the order of priority for payments or the conditions under which unpaid interest may be carried forward. Its core practical function is to ensure that all parties understand how and when unpaid interest will be addressed, thereby providing clarity and predictability regarding the treatment of outstanding obligations.
Unpaid Class B Interest. On each Business Day, the Trustee, acting in accordance with the instructions from the Servicer, shall withdraw from the Collection Account and deposit in the Interest Funding Account for distribution to the Class B Certificateholders on the next Distribution Date, to the extent of any Series Available Interest Collections remaining after giving effect to the withdrawals pursuant to subsections 4.9(a)(i) through (vi), an amount equal to the lesser of (x) any such remaining Series Available Interest Collections and (y) the sum of (1) the amount of interest which has accrued with respect to the outstanding aggregate principal amount of the Class B Certificates at the Class B Certificate Rate but which has not been deposited into the Interest Funding Account with respect to the Class B Certificateholders and (2) any additional interest (to the extent permitted by applicable law) at the Class B Certificate Rate accrued on interest that was due during a prior Monthly Period pursuant to this subsection but was not deposited in the Interest Funding Account or paid to the Class B Certificateholders.
Unpaid Class B Interest. On each Distribution Date, the Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Collection Account for distribution to the Class B Certificateholders to the extent funds are available from the Floating Allocation Percentage of Yield Collections for the Due Period immediately preceding such Distribution Date, after giving effect to subsections 4.08(a), (b), (c), (d) and (e), an amount equal to the amount of interest which has accrued with respect to the outstanding aggregate principal amount of the Class B Certificates at the Class B Certificate Rate but has not been paid to the Class B Certificateholders either on such Distribution Date or on a prior Distribution Date plus any additional interest at the Class B Certificate Rate plus 2% per annum with respect to such interest amounts that were due but not paid to Class B Certificateholders on any previous Distribution Date. Interest on the Class B Certificates for any Distribution Date shall be calculated on the basis of the actual number of days in the period from and including the preceding Distribution Date (or, in the case of the first Distribution Date, from and including the Closing Date) to but excluding such Distribution Date and a 360-day year.
Unpaid Class B Interest. On each Business Day, the Trustee, acting in accordance with the instructions from the Servicer, shall allocate to the Class B Securities and withdraw first from the Cap Proceeds Account, to the extent of the remaining Cap Receipt Amount for such Business Day and then from the Collection Account and then from the Payment Reserve Account and deposit in the Interest Funding Account, to the extent of the Available Series 1998-1 Finance Charge Collections remaining after giving effect to the withdrawals pursuant to subsections 4.9(a)(i) through (vii), an amount equal to the lesser of (x) any such remaining Available Series 1998-1 Finance Charge Collections and (y) the sum of (1) the excess of the Daily Portion of the product of (i) the Class B Interest Rate and (ii) a fraction the numerator of which is the actual number of days in the then current Interest Accrual Period and the denominator of which is 360 and (iii) the Class B Outstanding Principal Amount as of the close of business on the first day of such Interest Accrual Period, over the amount on deposit in the Interest Funding Account or previously paid to the Class B Securityholders with respect thereto and (2) any additional interest (to the extent permitted by applicable law) at the Class B Interest Rate plus 2% for interest that has accrued on interest that was due during a prior Monthly Period pursuant to this subsection but was not deposited in the Interest Funding Account or paid to the Class B Securityholders.
Unpaid Class B Interest. On each Distribution Date, the Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Collection Account for distribution to the Class B Certificateholders to the extent funds are available from the Floating Allocation Percentage of Yield Collections for the Due Period immediately preceding such Distribution Date, after giving effect to subsections 4.08(a), (b), (c), (d) and (e), an amount equal to the amount of interest which has accrued with respect to the outstanding aggregate principal amount of the Class B Certificates at the Class B Certificate Rate but has not been paid to the Class B Certificateholders either on such Distribution Date or on a prior Distribution Date plus any additional interest at the Class B Certificate Rate plus 2% per annum with respect to such interest amounts that were due but not paid to Class B Certificateholders on any previous Distribution Date. Interest on the Class B Certificates shall be calculated on the basis of a 360- day year of twelve 30-day months.