Accumulation Account. (i) If, on any Distribution Date, principal would be payable to the Reset Rate Notes then structured not to receive a payment of principal until the end of the related Reset Period, principal allocated to the Reset Rate Notes pursuant to Section 2.8(f) above will be deposited into the Accumulation Account for those Reset Rate Notes. (ii) If the Reset Rate Notes are denominated in U.S. Dollars and are structured during the then-current Reset Period not to receive a payment of principal until the end of the related Reset Period, the Administrator shall instruct the Indenture Trustee in writing no later than one Business Day preceding each Distribution Date that is also a Reset Date, to withdraw from the Accumulation Account on such Distribution Date (after any additional allocations of principal are made to that account on such Distribution Date) the amount (less any Investment Earnings) on deposit in such Accumulation Account and distribute (by 1:00 p.m. (New York time) on the related Distribution Date) such amounts to the Reset Rate Noteholders as of the immediately current Record Date, pro rata, as a payment of principal as set forth in Section 2.8(f) above. If the Reset Rate Notes are in Foreign Exchange Mode and are structured during the then-current Reset Period not to receive a payment of principal until the end of the related Reset Period and a Swap Agreement is in effect for those Notes, the Administrator shall instruct the Indenture Trustee in writing no later than one Business Day preceding each Distribution Date that is also a Reset Date, to withdraw from the Accumulation Account on such Distribution Date (after any additional allocations of principal are made to that account on such Distribution Date) the amount (less any Investment Earnings) on deposit in such Accumulation Account and deliver such amounts to the related Currency Swap Counterparty or Counterparties in exchange for the amount of the applicable non-U.S. Dollar currency, determined using the exchange rate set forth in the related Swap Agreement, for payment to the Reset Rate Noteholders as of the immediately preceding Record Date, pro rata, as a payment of principal as set forth in Section 2.8(f) above. Amounts (less any Investment Earnings) on deposit in the Accumulation Account may be used only to pay principal on the Reset Rate Notes (or to the related Currency Swap Counterparty or Counterparties) and for no other purpose. If no Swap Agreement is in effect for those Reset Rate Notes, such payment shall be made as set forth in Section 2.7. (iii) In the event that on any Distribution Date the amount (less any Investment Earnings) on deposit for the Reset Rate Notes in the Accumulation Account, including amounts deposited on that Distribution Date, would equal the Outstanding Amount of the Reset Rate Notes, then no additional amounts will be deposited into the Accumulation Account and all amounts therein, less any Investment Earnings, will be distributed on the next related Reset Date, pursuant to Section 2.10(c)(ii) above, and the Outstanding Amount of that class of Reset Rate Notes will be reduced to zero.
Appears in 3 contracts
Samples: Administration Agreement (SLM Student Loan Trust 2005-5), Administration Agreement (SLM Student Loan Trust 2005-6), Administration Agreement (SLM Student Loan Trust 2005-8)
Accumulation Account. (i) If, on any Distribution Date, principal would be payable to the Reset Rate Notes then structured not to receive bearing interest at a payment fixed rate (including, without limitation, the Reset Rate Notes that bears a fixed rate of principal interest during its respective initial Reset Period until the end of and including the related Initial Reset PeriodDate), principal allocated to the Reset Rate Notes pursuant to Section 2.8(f) above will be deposited into the Accumulation Account for those Reset Rate NotesAccount.
(ii) If the Reset Rate Notes are denominated in U.S. Dollars and are structured bear interest at a fixed rate during the then-current Reset Period not to receive a payment of principal until the end of the related Reset Period, the Administrator shall instruct the Indenture Trustee in writing no later than one Business Day preceding each Distribution Date that is also a Reset Date, to withdraw from the Accumulation Account on such Distribution Date (after any additional allocations of principal are made to that account on such Distribution Date) the amount (less any Investment Earnings) on deposit in such Accumulation Account and distribute (by 1:00 p.m. (New York time) on the related Distribution Date) such amounts to the Reset Rate Noteholders as of the immediately current Record Date, pro rata, as a payment of principal as set forth in Section clause 2.8(f) above. If the Reset Rate Notes are in Foreign Exchange Mode and are structured bear interest at a fixed rate during the then-current Reset Period not to receive a payment of principal until the end of the related Reset Period and a Swap Agreement is in effect for those NotesPeriod, the Administrator shall instruct the Indenture Trustee in writing no later than one Business Day preceding each Distribution Date that is also a Reset Date, to withdraw from the Accumulation Account on such Distribution Date (after any additional allocations of principal are made to that account on such Distribution Date) the amount (less any Investment Earnings) on deposit in such Accumulation Account and deliver such amounts to the related Cross-Currency Swap Counterparty or Cross-Currency Swap Counterparties in exchange for the amount of the applicable non-U.S. Dollar currency, determined using the exchange rate set forth in the related Swap Agreement, for payment to the Reset Rate Noteholders as of the immediately preceding Record Date, pro rata, as a payment of principal as set forth in Section clause 2.8(f) above. Amounts (less any Investment Earnings) on deposit in the Accumulation Account may be used only to pay principal on the Reset Rate Notes (or to the related Currency Swap Counterparty or Counterparties) and for no other purpose. If no Swap Agreement is in effect for those Reset Rate Notes, such payment shall be made as set forth in Section 2.7.
(iii) In the event that on any Distribution Date the amount (less any Investment Earnings) on deposit for the Reset Rate Notes in the Accumulation Account, including amounts deposited on that Distribution Date, would equal the Outstanding Amount of the Reset Rate Notes, then no additional amounts will be deposited into the Accumulation Account and all amounts therein, less any Investment Earnings, will be distributed on the next related Reset Date, pursuant to Section 2.10(c)(ii) above, and the Outstanding Amount of that class of the Reset Rate Notes will be reduced to zero.
Appears in 3 contracts
Samples: Administration Agreement (SLM Funding LLC), Administration Agreement (SLM Funding LLC), Administration Agreement Supplement (SLM Funding LLC)
Accumulation Account. (i) If, on any Distribution Date, principal would be payable to the any Reset Rate Notes then structured not to receive a payment of principal until the end of the related Reset Period, principal allocated to the that class of Reset Rate Notes pursuant to Section 2.8(f) above will be deposited into the related Accumulation Account for those Reset Rate Notes.
(ii) If the any class of Reset Rate Notes are is denominated in U.S. Dollars and are is structured during the then-current Reset Period not to receive a payment of principal until the end of the related Reset Period, the Administrator shall instruct the Indenture Trustee in writing no later than one Business Day preceding each Distribution Date that is also a Reset Date, to withdraw from the related Accumulation Account on such Distribution Date (after any additional allocations of principal are made to that account on such Distribution Date) the amount (less any Investment Earnings) on deposit in such Accumulation Account and distribute (by 1:00 p.m. (New York time) on the related Distribution Date) such amounts to the related Reset Rate Noteholders as of the immediately current Record Date, pro rata, as a payment of principal as set forth in Section 2.8(f) above. If the any class of Reset Rate Notes are is in Foreign Exchange Mode and are is structured during the then-current Reset Period not to receive a payment of principal until the end of the related Reset Period and a Swap Agreement is in effect for those Notes, the Administrator shall instruct the Indenture Trustee in writing no later than one Business Day preceding each Distribution Date that is also a Reset Date, to withdraw from the related Accumulation Account on such Distribution Date (after any additional allocations of principal are made to that account on such Distribution Date) the amount (less any Investment Earnings) on deposit in such Accumulation Account and deliver such amounts to the related Currency Swap Counterparty or Counterparties in exchange for the amount of the applicable non-U.S. Dollar currency, determined using the exchange rate set forth in the related Swap Agreement, for payment to the related Reset Rate Noteholders as of the immediately preceding Record Date, pro rata, as a payment of principal as set forth in Section 2.8(f) above. Amounts (less any Investment Earnings) on deposit in the related Accumulation Account may be used only to pay principal on the related class of Reset Rate Notes (or to the related Currency Swap Counterparty or Counterparties) and for no other purpose. If no Swap Agreement is in effect for those Reset Rate Notes, such payment shall be made as set forth in Section 2.7.
(iii) In the event that on any Distribution Date the amount (less any Investment Earnings) on deposit for the any class of Reset Rate Notes in the related Accumulation Account, including amounts deposited on that Distribution Date, would equal the Outstanding Amount of the that class of Reset Rate Notes, then no additional amounts will be deposited into the related Accumulation Account and all amounts therein, less any Investment Earnings, will be distributed on the next related Reset Date, pursuant to Section 2.10(c)(ii) above, and the Outstanding Amount of that class of Reset Rate Notes will be reduced to zero.
Appears in 2 contracts
Samples: Administration Agreement (SLM Student Loan Trust 2005-7), Administration Agreement (SLM Student Loan Trust 2005-9)
Accumulation Account. (i) If, on any Distribution Date, principal would be payable to the Reset Rate Notes then structured not to receive bearing interest at a payment fixed rate (including, without limitation, the Reset Rate Notes that bear a fixed rate of principal interest during their respective initial Reset Period until the end of and including the related Initial Reset PeriodDate), principal allocated to the Reset Rate Notes pursuant to Section 2.8(f) above will be deposited into the Accumulation Account for those Reset Rate NotesAccount.
(ii) If the Reset Rate Notes are denominated in U.S. Dollars and are structured bear interest at a fixed rate during the then-current Reset Period not to receive a payment of principal until the end of the related Reset Period, the Administrator shall instruct the Indenture Trustee in writing no later than one Business Day preceding each Distribution Date that is also a Reset Date, to withdraw from the Accumulation Account on such Distribution Date (after any additional allocations of principal are made to that account on such Distribution Date) the amount (less any Investment Earnings) on deposit in such Accumulation Account and distribute (by 1:00 p.m. (New York time) on the related Distribution Date) such amounts to the Reset Rate Noteholders as of the immediately current Record Date, pro rata, as a payment of principal as set forth in Section clause 2.8(f) above. If the Reset Rate Notes are in Foreign Exchange Mode and are structured bear interest at a fixed rate during the then-current Reset Period not to receive a payment of principal until the end of the related Reset Period and a Swap Agreement is in effect for those NotesPeriod, the Administrator shall instruct the Indenture Trustee in writing no later than one Business Day preceding each Distribution Date that is also a Reset Date, to withdraw from the Accumulation Account on such Distribution Date (after any additional allocations of principal are made to that account on such Distribution Date) the amount (less any Investment Earnings) on deposit in such Accumulation Account and deliver such amounts to the related Cross-Currency Swap Counterparty or Cross-Currency Swap Counterparties in exchange for the amount of the applicable non-U.S. Dollar currency, determined using the exchange rate set forth in the related Swap Agreement, for payment to the Reset Rate Noteholders as of the immediately preceding Record Date, pro rata, as a payment of principal as set forth in Section clause 2.8(f) above. Amounts (less any Investment Earnings) on deposit in the Accumulation Account may be used only to pay principal on the Reset Rate Notes (or to the related Currency Swap Counterparty or Counterparties) and for no other purpose. If no Swap Agreement is in effect for those Reset Rate Notes, such payment shall be made as set forth in Section 2.7.
(iii) In the event that on any Distribution Date the amount (less any Investment Earnings) on deposit for the Reset Rate Notes in the Accumulation Account, including amounts deposited on that Distribution Date, would equal the Outstanding Amount of the Reset Rate Notes, then no additional amounts will be deposited into the Accumulation Account and all amounts therein, less any Investment Earnings, will be distributed on the next related Reset Date, pursuant to Section 2.10(c)(ii) above, and the Outstanding Amount of that class of the Reset Rate Notes will be reduced to zero.
Appears in 2 contracts
Samples: Administration Agreement (SLM Funding LLC), Administration Agreement (SLM Funding LLC)
Accumulation Account. (i) If, on any Distribution Date, principal would be payable to the Reset Rate Notes then structured not to receive bearing interest at a payment fixed rate (including, without limitation, the Reset Rate Notes that bears a fixed rate of principal interest during its respective initial Reset Period until the end of and including the related Initial Reset PeriodDate), principal allocated to the Reset Rate Notes pursuant to Section 2.8(f) above will be deposited into the Accumulation Account for those Reset Rate NotesAccount.
(ii) If the Reset Rate Notes are denominated in U.S. Dollars and are structured bear interest at a fixed rate during the then-current Reset Period not to receive a payment of principal until the end of the related Reset Period, the Administrator shall instruct the Indenture Trustee in writing no later than one Business Day preceding each Distribution Date that is also a Reset Date, to withdraw from the Accumulation Account on such Distribution Date (after any additional allocations of principal are made to that account on such Distribution Date) the amount (less any Investment Earnings) on deposit in such Accumulation Account and distribute (by 1:00 p.m. (New York time) on the related Distribution Date) such amounts to the Reset Rate Noteholders as of the immediately current Record Date, pro rata, as a payment of principal as set forth in Section clause 2.8(f) above. If the Reset Rate Notes are in Foreign Exchange Mode and are structured bear interest at a fixed rate during the then-current Reset Period not to receive a payment of principal until the end of the related Reset Period and a Swap Agreement is in effect for those NotesPeriod, the Administrator shall instruct the Indenture Trustee in writing no later than one Business Day preceding each Distribution Date that is also a Reset Date, to withdraw from the Accumulation Account on such Distribution Date (after any additional allocations of principal are made to that account on such Distribution Date) the amount (less any Investment Earnings) on deposit in such Accumulation Account and deliver such amounts to the related Class A-6 Currency Swap Counterparty or Counterparties in exchange for the amount of the applicable non-U.S. Dollar currency, determined using the exchange rate set forth in the related Swap Agreement, for payment to the Reset Rate Noteholders as of the immediately preceding Record Date, pro rata, as a payment of principal as set forth in Section clause 2.8(f) above. Amounts (less any Investment Earnings) on deposit in the Accumulation Account may be used only to pay principal on the Reset Rate Notes (or to the related Class A-6 Currency Swap Counterparty or Counterparties) and for no other purpose. If no Swap Agreement is in effect for those Reset Rate Notes, such payment shall be made as set forth in Section 2.7.
(iii) In the event that on any Distribution Date the amount (less any Investment Earnings) on deposit for the Reset Rate Notes in the Accumulation Account, including amounts deposited on that Distribution Date, would equal the Outstanding Amount of the Reset Rate Notes, then no additional amounts will be deposited into the Accumulation Account and all amounts therein, less any Investment Earnings, will be distributed on the next related Reset Date, pursuant to Section 2.10(c)(ii) above, and the Outstanding Amount of that class of the Reset Rate Notes will be reduced to zero.
Appears in 1 contract
Accumulation Account. (i) If, on any Distribution Date, principal would be payable to the any Reset Rate Notes then structured not to receive a payment of principal until the end of the related Reset Period, principal allocated to the that class of Reset Rate Notes pursuant to Section 2.8(f) above will be deposited into the related Accumulation Account for those Reset Rate Notes.
(ii) If the any class of Reset Rate Notes are is denominated in U.S. Dollars and are is structured during the then-current Reset Period not to receive a payment of principal until the end of the related Reset Period, the Administrator shall instruct the Indenture Trustee in writing no later than one Business Day preceding each Distribution Date that is also a Reset Date, to withdraw from the related Accumulation Account on such Distribution Date (after any additional allocations of principal are made to that account on such Distribution Date) the amount (less any Investment Earnings) on deposit in such Accumulation Account and distribute (by 1:00 p.m. (New York time) on the related Distribution Date) such amounts to the related Reset Rate Noteholders as of the immediately current Record Date, pro rata, as a payment of principal as set forth in Section 2.8(f) above. If the any class of Reset Rate Notes are is in Foreign Exchange Mode and are is structured during the then-current Reset Period not to receive a payment of principal until the end of the related Reset Period and a Swap Agreement is in effect for those Notes, the Administrator shall instruct the Indenture Trustee in writing no later than one Business Day preceding each Distribution Date that is also a Reset Date, to withdraw from the related Accumulation Account on such Distribution Date (after any additional allocations of principal are made to that account on such Distribution Date) the amount (less any Investment Earnings) on deposit in such Accumulation Account and deliver such amounts to the related Currency Swap Counterparty or Counterparties in exchange for the amount of the applicable non-U.S. Dollar currency, determined using the exchange rate set forth in the related Swap Agreement, for payment to the related Reset Rate Noteholders as of the immediately preceding Record Date, pro rata, as a payment of principal as set forth in Section 2.8(f) above. Amounts (less any Investment Earnings) on deposit in the related Accumulation Account may be used only to pay principal on the related class of Reset Rate Notes (or to the related Currency Swap Counterparty or Counterparties) and for no other purpose. If no Swap Agreement is in effect for those Reset Rate Notes, such payment shall be made as set forth in Section 2.72.7 above.
(iii) In the event that on any Distribution Date the amount (less any Investment Earnings) on deposit for the any class of Reset Rate Notes in the related Accumulation Account, including amounts deposited on that Distribution Date, would equal the Outstanding Amount of the that class of Reset Rate Notes, then no additional amounts will be deposited into the related Accumulation Account and all amounts therein, less any Investment Earnings, will be distributed on the next related Reset Date, pursuant to Section 2.10(c)(ii) above, and the Outstanding Amount of that class of Reset Rate Notes will be reduced to zero.
Appears in 1 contract
Samples: Administration Agreement (SLM Student Loan Trust 2006-5)
Accumulation Account. (i) If, on any Distribution Date, principal would be payable to the a class of Reset Rate Notes then structured not to receive bearing interest at a payment fixed rate (including, without limitation, each class of principal Reset Rate Notes that bears a fixed rate of interest during its respective initial Reset Period until the end of and including the related Initial Reset PeriodDate), principal allocated to the Reset Rate Notes that class pursuant to Section 2.8(f) above will be deposited into the related Accumulation Account for those Reset Rate NotesAccount.
(ii) If the For a class of Reset Rate Notes are denominated in U.S. Dollars and are structured that bears interest at a fixed rate during the then-current Reset Period not to receive a payment of principal until the end of the related Reset Period, the Administrator shall instruct the Indenture Trustee in writing no later than one Business Day preceding each Distribution Date that is also a Reset Date, to withdraw from the related Accumulation Account on such Distribution Date (after any additional allocations of principal are made to that account on such Distribution Date) the amount (less any Investment Earnings) on deposit in such Accumulation Account and distribute (by 1:00 p.m. (New York time) on the related Distribution Date) such amounts to the related Reset Rate Noteholders as of the immediately current Record Date, pro rata, as a payment of principal as set forth in Section 2.8(f) above. If the Reset Rate Notes are in Foreign Exchange Mode and are structured during the then-current Reset Period not to receive a payment of principal until the end of the related Reset Period and a Swap Agreement is in effect for those Notes, the Administrator shall instruct the Indenture Trustee in writing no later than one Business Day preceding each Distribution Date that is also a Reset Date, to withdraw from the Accumulation Account on such Distribution Date (after any additional allocations of principal are made to that account on such Distribution Date) the amount (less any Investment Earnings) on deposit in such Accumulation Account and deliver such amounts to the related Currency Swap Counterparty or Counterparties in exchange for the amount of the applicable non-U.S. Dollar currency, determined using the exchange rate set forth in the related Swap Agreement, for payment to the Reset Rate Noteholders as of the immediately preceding Record Date, pro rata, as a payment of principal as set forth in Section clause 2.8(f) above. Amounts (less any Investment Earnings) on deposit in the an Accumulation Account may be used only to pay principal on the related class of Reset Rate Notes (or to the related Currency Swap Counterparty or Counterparties) and for no other purpose. If no Swap Agreement is in effect for those Reset Rate Notes, such payment shall be made as set forth in Section 2.7.
(iii) In the event that on any Distribution Date the amount (less any Investment Earnings) on deposit for the a class of Reset Rate Notes in the related Accumulation Account, including amounts deposited on that Distribution Date, would equal the Outstanding Amount of the Reset Rate Notesthat class, then no additional amounts will be deposited into the related Accumulation Account and all amounts therein, less any Investment Earnings, will be distributed on the next related Reset Date, pursuant to Section 2.10(c)(ii) above, and the Outstanding Amount of that class of Reset Rate Notes will be reduced to zero.
Appears in 1 contract