Auction Rate and Carry-Over Amounts. During the Initial Period, each Class of Auction Rate Notes shall bear interest at the Initial Rate for such Class. Thereafter, and except with respect to an Auction Period Adjustment, the Auction Rate Notes shall bear interest at an Auction Note Interest Rate based on a 28-day Auction Period for the Auction Rate Notes, as determined pursuant to this Section 2.01 and Section 2.02 of this APPENDIX A-2. For the Auction Rate Notes during the Initial Period and each Auction Period thereafter, interest at the applicable Auction Rate Notes Interest Rate shall accrue daily and shall be computed for the actual number of days elapsed on the basis of a year consisting of 360 days. The Auction Note Interest Rate to be borne by the Auction Rate Notes after such Initial Period for each Auction Period until an Auction Period Adjustment, if any, shall be determined as described below. Each such Auction Period after the Initial Period shall commence on and include the day following the expiration of the immediately preceding Auction Period and terminate on and include the third Business Day of the following fourth week in the case of the Class A-6 Notes, the Class A-7 Notes, the Class A-8 Notes, the Class A-9 Notes and the Class B Notes; provided, however, that in the case of the Auction Period that immediately follows the Initial Period for the Auction Rate Notes, such Auction Period shall commence on the Initial Rate Adjustment Date. The Auction Note Interest Rate of the Auction Rate Notes for each Auction Period shall be the Auction Rate in effect for such Auction Period as determined in accordance with Section 2.02(a) of this Appendix A-2; provided that if, on any Interest Rate Determination Date, an Auction is not held for any reason, then the Auction Note Interest Rate on such Auction Rate Notes for the next succeeding Auction Period shall be the applicable Cap Rate. Notwithstanding the foregoing:
Appears in 2 contracts
Samples: Administration Agreement (SLM Funding LLC), SLM Funding LLC
Auction Rate and Carry-Over Amounts. During the Initial Period, each Class of Auction Rate Notes shall bear interest at the Initial Rate for such Class. Thereafter, and except with respect to an Auction Period Adjustment, the Auction Rate Notes shall bear interest at an Auction Note Interest Rate based on a 28-day Auction Period for the Auction Rate Notes, as determined pursuant to this Section 2.01 and Section 2.02 of this APPENDIX Appendix A-2. For the Auction Rate Notes during the Initial Period and each Auction Period thereafter, interest at the applicable Auction Rate Notes Interest Rate shall accrue daily and shall be computed for the actual number of days elapsed on the basis of a year consisting of 360 days. The Auction Note Interest Rate to be borne by the Auction Rate Notes after such Initial Period for each Auction Period until an Auction Period Adjustment, if any, shall be determined as described below. Each such Auction Period after the Initial Period shall commence on and include the day following the expiration of the immediately preceding Auction Period and terminate on and include the third Business Day of the following fourth week in the case of the Class A-6 Notes, the Class A-7 Notes, the Class A-8 Notes, the Class A-9 A-3 Notes and the Class B A-4 Notes; provided, however, that in the case of the Auction Period that immediately follows the Initial Period for the Auction Rate Notes, such Auction Period shall commence on the Initial Rate Adjustment Date. The Auction Note Interest Rate of the Auction Rate Notes for each Auction Period shall be the Auction Rate in effect for such Auction Period as determined in accordance with Section 2.02(a) of this Appendix A-2; provided that if, on any Interest Rate Determination Date, an Auction is not held for any reason, then the Auction Note Interest Rate on such Auction Rate Notes for the next succeeding Auction Period shall be the applicable Cap Rate. Notwithstanding the foregoing:
Appears in 2 contracts
Samples: Indenture (SLM Education Credit Funding LLC), Indenture (SLM Education Credit Funding LLC)
Auction Rate and Carry-Over Amounts. During the Initial Period, each Class of Auction Rate Notes Securities shall bear interest at the Initial Rate for such Class. Thereafter, and except with respect to an Auction Period Adjustment, the Auction Rate Notes Securities shall bear interest at an Auction Note Interest Rate based on a 28-day Auction Period for the Auction Rate NotesSecurities, as determined pursuant to this Section 2.01 and Section 2.02 of this APPENDIX A-2. Appendix A. For the Auction Rate Notes Securities during the Initial Period and each Auction Period thereafter, interest at the applicable Auction Rate Notes Securities Interest Rate shall accrue daily and shall be computed for the actual number of days elapsed on the basis of a year consisting of 360 daysdays and rounding the resultant figure to the fifth decimal place. The Auction Note Interest Rate to be borne by the Auction Rate Notes Securities after such Initial Period for each Auction Period until an Auction Period Adjustment, if any, shall be determined as described below. Each such Auction Period after the Initial Period shall commence on and include the day Business Day following the expiration of the immediately preceding Auction Period and terminate on and include the third (i) second Business Day of the following fourth week in the case of the Class A-6 A-1AR Notes, the Class A-7 Notes, the Class A-8 Notes, the Class A-9 A-2AR Notes and the Class B Notes, and (ii) fourth Business Day of the following fourth week in the case of the Class A-3AR Notes; provided, however, that in the case of the Auction Period that immediately follows the Initial Period for the Auction Rate NotesSecurities, such Auction Period shall commence on the Initial Rate Adjustment Date. The Auction Note Interest Rate of the Auction Rate Notes Securities for each Auction Period shall be the Auction Rate in effect for such Auction Period as determined in accordance with Section 2.02(a) of this Appendix A-2A; provided that if, on any Interest Rate Determination Date, an Auction is not held for any reason, then the Auction Note Interest Rate on such Auction Rate Notes Securities for the next succeeding Auction Period shall be the applicable Cap Rate. Notwithstanding the foregoing:
Appears in 1 contract
Samples: Gmac Education Loan Funding Trust I
Auction Rate and Carry-Over Amounts. During the Initial Period, each Class of Auction Rate Notes shall bear interest at the Initial Rate for such Class. Thereafter, and except with respect to an Auction Period Adjustment, the Auction Rate Notes shall bear interest at an Auction Note Interest Rate based on a 28-day Auction Period for the Auction Rate Notes, as determined pursuant to this Section 2.01 and Section 2.02 of this APPENDIX Appendix A-2. For the Auction Rate Notes during the Initial Period and each Auction Period thereafter, interest at the applicable Auction Rate Notes Interest Rate shall accrue daily and shall be computed for the actual number of days elapsed on the basis of a year consisting of 360 days. The Auction Note Interest Rate to be borne by the Auction Rate Notes after such Initial Period for each Auction Period until an Auction Period Adjustment, if any, shall be determined as described below. Each such Auction Period after the Initial Period shall commence on and include the day following the expiration of the immediately preceding Auction Period and terminate on and include the third Business Day of the following fourth week in the case of the Class A-6 Notes, the Class A-7 Notes, the Class A-8 Notes, the Class A-9 Notes and the Class B Auction Rate Notes; provided, however, that in the case of the Auction Period that immediately follows the Initial Period for the Auction Rate Notes, such Auction Period shall commence on the Initial Rate Adjustment Date. The Auction Note Interest Rate of the Auction Rate Notes for each Auction Period shall be the Auction Rate in effect for such Auction Period as determined in accordance with Section 2.02(a) of this Appendix A-2; provided that if, on any Interest Rate Determination Date, an Auction is not held for any reason, then the Auction Note Interest Rate on such Auction Rate Notes for the next succeeding Auction Period shall be the applicable Cap Rate. Notwithstanding the foregoing:
Appears in 1 contract
Auction Rate and Carry-Over Amounts. During the Initial Period, each Class of Auction Rate Notes shall bear interest at the Initial Rate for such Class. Thereafter, and except with respect to an Auction Period Adjustment, the Auction Rate Notes shall bear interest at an Auction Note Interest Rate based on a 28-day Auction Period for the Auction Rate Notes, as determined pursuant to this Section 2.01 and Section 2.02 of this APPENDIX A-2. For the Auction Rate Notes during the Initial Period and each Auction Period thereafter, interest at the applicable Auction Rate Notes Interest Rate shall accrue daily and shall be computed for the actual number of days elapsed on the basis of a year consisting of 360 days. The Auction Note Interest Rate to be borne by the Auction Rate Notes after such Initial Period for each Auction Period until an Auction Period Adjustment, if any, shall be determined as described below. Each such Auction Period after the Initial Period shall commence on and include the day following the expiration of the immediately preceding Auction Period and terminate on and include the third Business Day of the following fourth week in the case of the Class A-6 Notes, the Class A-7 Notes, the Class A-8 Notes, the Class A-9 Notes, the Class A-10 Notes, the Class A-11 Notes and the Class B Notes; provided, however, that in the case of the Auction Period that immediately follows the Initial Period for the Auction Rate Notes, such Auction Period shall commence on the Initial Rate Adjustment Date. The Auction Note Interest Rate of the Auction Rate Notes for each Auction Period shall be the Auction Rate in effect for such Auction Period as determined in accordance with Section 2.02(a) of this Appendix A-2; provided that if, on any Interest Rate Determination Date, an Auction is not held for any reason, then the Auction Note Interest Rate on such Auction Rate Notes for the next succeeding Auction Period shall be the applicable Cap Rate. Notwithstanding the foregoing:
Appears in 1 contract
Samples: SLM Funding Corp