Application of Interest Payments for the Auction Rate Notes. (i) The Indenture Trustee shall determine not later than 2:00 p.m., eastern time, on the Business Day next succeeding a Distribution Date, whether a Payment Default has occurred. If a Payment Default has occurred, the Indenture Trustee shall, not later than 2:15 p.m., eastern time, on such Business Day, send a notice thereof in substantially the form of EXHIBIT C attached hereto to the Auction Agent by telecopy or similar means and, if such Payment Default is cured, the Indenture Trustee shall immediately send a notice in substantially the form of EXHIBIT D attached hereto to the Auction Agent by telecopy or similar means.
Appears in 3 contracts
Samples: Administration Agreement (SLM Funding LLC), SLM Funding Corp, SLM Funding LLC
Application of Interest Payments for the Auction Rate Notes. (ia) The Indenture Trustee shall determine not later than 2:00 p.m.12:00 Noon, eastern time, on the Business Day next succeeding a an Auction Period Distribution Date, whether a Payment Default has occurred. If a Payment Default has occurred, the Indenture Trustee shall, not later than 2:15 12:15 p.m., eastern time, on such Business Day, send a notice thereof in substantially the form of EXHIBIT C Exhibit F attached hereto to the Auction Agent by telecopy or similar means and, if such Payment Default is cured, the Indenture Trustee shall immediately send a notice in substantially the form of EXHIBIT D Exhibit G attached hereto to the Auction Agent by telecopy or similar means.
Appears in 2 contracts
Samples: Terms Supplement (Student Loan Funding LLC), Student Loan Funding LLC
Application of Interest Payments for the Auction Rate Notes. (i) The Indenture Trustee shall determine not later than 2:00 p.m., eastern time, on the Business Day next succeeding a an Auction Rate Distribution Date, whether a Payment Default has occurred. If a Payment Default has occurred, the Indenture Trustee shall, not later than 2:15 p.m., eastern time, on such Business Day, send a notice thereof in substantially the form of EXHIBIT C Exhibit D attached hereto to the Auction Agent by telecopy or similar means and, if such Payment Default is cured, the Indenture Trustee shall immediately send a notice in substantially the form of EXHIBIT D Exhibit E attached hereto to the Auction Agent by telecopy or similar means.
Appears in 2 contracts
Samples: Loan Purchase Agreement (Nelnet Inc), Loan Purchase Agreement (Nelnet Education Loan Funding Inc)
Application of Interest Payments for the Auction Rate Notes. (i) The Indenture Trustee shall determine not later than 2:00 p.m., eastern time, on the Business Day next succeeding a Distribution an Interest Payment Date, whether a Payment Default has occurred. If a Payment Default has occurred, the Indenture Trustee shall, not later than 2:15 p.m., eastern time, on such Business Day, send a notice thereof in substantially the form of EXHIBIT Exhibit C attached hereto to the Auction Agent by telecopy or similar means and, if such Payment Default is cured, the Indenture Trustee shall immediately send a notice in substantially the form of EXHIBIT Exhibit D attached hereto to the Auction Agent by telecopy or similar means.
Appears in 2 contracts
Samples: Servicing Agreement (Nelnet Student Loan Corp- 2), Nelnet Inc
Application of Interest Payments for the Auction Rate Notes. (i) The Indenture Trustee shall determine not later than 2:00 p.m., eastern time, on the Business Day next succeeding a Distribution an Interest Payment Date, whether a Payment Default has occurred. If a Payment Default has occurred, the Indenture Trustee shall, not later than 2:15 p.m., eastern time, on such Business Day, send a notice thereof in substantially the form of EXHIBIT C Exhibit F attached hereto to the Auction Agent by telecopy or similar means and, if such Payment Default is cured, the Indenture Trustee shall immediately send a notice in substantially the form of EXHIBIT D Exhibit G attached hereto to the Auction Agent by telecopy or similar means.
Appears in 1 contract
Samples: Servicing Agreement (Union Financial Services I Inc)