Calculation of Maximum Auction Rate. All Hold Rate, Net Weighted Average Contract Rate and One-Month LIBOR. The Trustee shall inform the Auction Agent of the Net Weighted Average Contract Rate applicable to the Class A-2 Certificates in writing no later than the Business Day preceding each Auction Date as calculated by Servicer pursuant to Section 5.04(r)(ii) of the Pooling and Servicing Agreement. The Auction Agent shall calculate the Maximum Auction Rate, the All Hold Rate and One-Month LIBOR, on each Auction Date and shall notify the Trustee, the Servicer and the Broker- Dealers of the Net Weighted Average Contract Rate, the Maximum Auction Rate, the All Hold Rate and One-Month LIBOR, as provided in the Auction Agent Agreement. If the ownership of the Class A-2 Certificates is no longer maintained in Book- Entry Form by the Depository, the Trustee shall calculate the Maximum Auction Rate and the Net Weighted Average Contract Rate on the Business Day immediately preceding the first day of each Interest Accrual Period commencing after the delivery of certificates representing the Class A-2 Certificates. The Auction Agent shall determine One-Month LIBOR for each Interest Accrual Period other than the Initial Period; provided, that if the ownership of the Class A-2 Certificates is no longer maintained in Book-Entry Form, then the Trustee shall determine One-Month LIBOR for each such Interest Accrual Period. The determination by the Trustee or the Auction Agent, as the case may be, of One- Month LIBOR shall (in the absence of manifest error) be final and binding upon all parties.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Greenpoint Credit LLC)
Calculation of Maximum Auction Rate. All Hold Rate, Net Weighted Average Contract Loan Rate, Applicable LIBOR Rate and OneNon-Month LIBOR. The Trustee shall inform the Auction Agent of the Net Weighted Average Contract Rate applicable to the Class A-2 Certificates in writing no later than the Business Day preceding each Auction Date as calculated by Servicer pursuant to Section 5.04(r)(ii) of the Pooling and Servicing AgreementPayment Rate. The Auction Agent shall calculate the Maximum Auction Rate, the All Hold Rate and One-Month LIBOR, the Applicable LIBOR Rate on each Auction Interest Determination Date and shall notify the Trustee, the Servicer Indenture Trustee and the Broker- Broker-Dealers of the Net Weighted Average Contract Rate, the Maximum Auction Rate, the All Hold Rate and One-Month LIBOR, the Applicable LIBOR Rate as provided in the Auction Agent Agreement. The Administrator shall calculate the Net Loan Rate and no later than the Business Day immediately preceding each Interest Determination Date shall report to the Auction Agent in writing, the Net Loan Rate. Upon receipt of notice from the Indenture Trustee of a failed Auction Period Conversion as described in Section 2.03.2.9 hereof, the Auction Agent shall calculate the Maximum Auction Rate and the Administrator will report to the Auction Agent in writing the Net Loan Rate as of such failed Auction Period Conversion and give notice thereof as provided and to the parties specified in Section 2.3(b)(iv) of the Auction Agent Agreement. If the ownership of the Class A-2 Certificates a Series of Auction Rate Notes is no longer maintained in Book- Book-Entry Form form by the Depository, the Indenture Trustee shall calculate the Maximum Auction Rate and Administrator shall report to the Indenture Trustee in writing the Net Weighted Average Contract Loan Rate on the Business Day immediately preceding the first day commencement of each Interest Accrual Period commencing after the delivery of certificates representing such Series of Auction Rate Notes pursuant to this Indenture. If a Payment Default shall have occurred, the Class A-2 CertificatesIndenture Trustee shall calculate the Non-Payment Rate on the Interest Determination Date for (i) each Interest Accrual Period commencing on or after the occurrence and during the continuance of such Payment Default and (ii) any Interest Accrual Period commencing less than two Business Days after the cure of any Payment Default. The Auction Agent shall determine One-Month the Applicable LIBOR Rate for each Interest Accrual Period other than the Initial Period; provided, that if the ownership of the Class A-2 Certificates Auction Rate is no longer maintained in Book-Entry Formform, or if a Payment Default has occurred, then the Indenture Trustee shall determine One-Month the Applicable LIBOR Rate for each such Interest Accrual Period. The determination by the Indenture Trustee or the Auction Agent, as the case may be, of One- Month LIBOR shall (in the absence of manifest error) be final and binding upon all parties.the
Appears in 1 contract
Samples: Student Loan Funding LLC
Calculation of Maximum Auction Rate. All Hold Rate, Net Weighted Average Contract Rate and Funds Cap, One-Month LIBORLIBOR and Non-Payment Rate. The Trustee Servicer shall calculate the Net Funds Cap applicable to the Auction Rate Certificates and inform the Auction Agent of the Net Weighted Average Contract Rate applicable to the Class A-2 Certificates thereof in writing no later than the Business Day preceding each Auction Date as calculated by Servicer pursuant to Section 5.04(r)(ii) of the Pooling and Servicing AgreementDate. The Auction Agent shall calculate the Maximum Auction Rate, the All Hold Rate and One-Month LIBOR, on each Auction Date and shall notify the Trustee, the Servicer Representative and the Broker- Broker-Dealers of the Net Weighted Average Contract RateFunds Cap, the Maximum Auction Rate, the All Hold Rate and One-Month LIBOR, as provided in the Auction Agent Agreement. If the ownership of the Class A-2 Auction Rate Certificates is no longer maintained in Book- Book-Entry Form by the Depository, the Trustee shall calculate the Maximum Auction Rate Rate, and the Servicer will report to the Trustee in writing the Net Weighted Average Contract Rate Funds Cap, on the Business Day immediately preceding the first day of each Interest Accrual Period commencing after the delivery of certificates representing the Auction Rate Certificates. If a Certificate Insurer Default shall have occurred, the Trustee shall calculate the Non-Payment Rate on the Class A-2 CertificatesRate Determination Date for (i) each Interest Period commencing after the occurrence and during the continuance of such Certificate Insurer Default and (ii) any Interest Period commencing less than two Business Days after the cure of any Certificate Insurer Default. The Auction Agent shall determine One-Month LIBOR for each Interest Accrual Period other than the Initial first Interest Period; provided, that if the ownership of the Class A-2 Auction Rate Certificates is no longer maintained in Book-Entry Form, or if a Certificate Insurer Default has occurred, then the Trustee shall determine One-Month LIBOR for each such Interest Accrual Period. The determination by the Trustee or the Auction Agent, as the case may be, of One- One-Month LIBOR shall (in the absence of manifest error) be final and binding upon all parties. If calculated or determined by the Auction Agent, the Auction Agent shall promptly advise the Trustee and the Representative of One-Month LIBOR.
Appears in 1 contract
Samples: Sub Servicing Agreement (Money Store Home Equity Corp)
Calculation of Maximum Auction Rate. All Hold Rate, Net Weighted Average Contract Rate and One-Month LIBOR. The Trustee shall inform the Auction Agent of the Net Weighted Average Contract Rate applicable to the Class II A-2 Certificates in writing no later than the Business Day preceding each Auction Date as calculated by Servicer pursuant to Section 5.04(r)(ii) of the Pooling and Servicing Agreement. The Auction Agent shall calculate the Maximum Auction Rate, the All Hold Rate and One-Month LIBOR, on each Auction Date and shall notify the Trustee, the Servicer and the Broker- Dealers of the Net Weighted Average Contract RateRate of the Group II Contracts, the Maximum Auction Rate, the All Hold Rate and One-Month LIBOR, as provided in the Auction Agent Agreement. If the ownership of the Class II A-2 Certificates is no longer maintained in Book- Book-Entry Form by the Depository, the Trustee shall calculate the Maximum Auction Rate and the Net Weighted Average Contract Rate of the Group II Contracts on the Business Day immediately preceding the first day of each Interest Accrual Period commencing after the delivery of certificates representing the Class II A-2 Certificates. The Auction Agent shall determine One-Month LIBOR for each Interest Accrual Period other than the Initial Period; provided, that if the ownership of the Class II A-2 Certificates is no longer maintained in Book-Entry Form, then the Trustee shall determine One-Month LIBOR for each such Interest Accrual Period. The determination by the Trustee or the Auction Agent, as the case may be, of One- One-Month LIBOR shall (in the absence of manifest error) be final and binding upon all parties.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Greenpoint Financial Corp)