Common use of Capitalized Interest Account Clause in Contracts

Capitalized Interest Account. A. On the Closing Date, the Issuer shall deposit the Capitalized Interest Account Initial Deposit into the Capitalized Interest Account. 1. In the event that the Class A Noteholders' Interest Distribution Amount and the Class B Noteholders' Interest Distribution Amount for any Distribution Date through the July 25, 2002 Distribution Date exceeds the amounts distributed to the Noteholders pursuant to Sections 2.7C.4 and 2.7C.5 on such Distribution Date, the Administrator shall instruct the Indenture Trustee in writing to withdraw from the Capitalized Interest Account an amount equal to such excess, to the extent of funds available therein, and to distribute such amount first to the Class A Noteholders until they have received the Class A Noteholders' Interest Distribution Amount for that Distribution Date and then to the Class B Noteholders until they have received the Class B Noteholders' Interest Distribution Amount for that Distribution Date.

Appears in 1 contract

Samples: Administration Agreement Supplement (SLM Funding Corp)

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Capitalized Interest Account. A. On the Closing Date, the Issuer shall deposit the Capitalized Interest - Account Initial Deposit into the Capitalized Interest Account. 1B.1. In the event that the Class A Noteholders' Interest Distribution Amount and the Class B Noteholders' Interest Distribution Amount for any Distribution Date through the July April 25, 2002 Distribution Date exceeds the amounts distributed to the Noteholders pursuant to Sections 2.7C.4 and 2.7C.5 on such Distribution Date, the Administrator shall instruct the Indenture Trustee in writing to withdraw from the Capitalized Interest Account an amount equal to such excess, to the extent of funds available therein, and to distribute such amount first to the Class A Noteholders until they have received the Class A Noteholders' Interest Distribution Amount for that Distribution Date and then to the Class B Noteholders until they have received the Class B Noteholders' Interest Distribution Amount for that Distribution Date. B.2. After giving effect to Section 2.8.2B.1 on the April 25, 2002 Distribution Date, the Administrator shall instruct the Indenture Trustee in writing to withdraw any amounts remaining from the Capitalized Interest Account and to distribute such amount to the Seller or its assignee, as Holder of the Excess Distribution Certificate.

Appears in 1 contract

Samples: Administration Agreement Supplement (SLM Funding Corp)

Capitalized Interest Account. A. On the Closing Date, the Issuer shall deposit the Capitalized Interest Account Initial Deposit into the Capitalized Interest Account. 1. In the event that the Class A Noteholders' Interest Distribution Amount and the Class B Noteholders' Interest Distribution Amount for any Distribution Date through the July 25, 2002 June 2004 Distribution Date exceeds the amounts distributed to the Noteholders pursuant to Sections 2.7C.4 and 2.7C.5 on such Distribution Date, the Administrator shall instruct the Indenture Trustee in writing to withdraw from the Capitalized Interest Account an amount equal to such excess, to the extent of funds available therein, and to distribute such amount first to the Class A Noteholders until they have received the Class A Noteholders' Interest Distribution Amount for that Distribution Date and then to the Class B Noteholders until they have received the Class B Noteholders' Interest Distribution Amount for that Distribution Date.

Appears in 1 contract

Samples: Administration Agreement Supplement (SLM Funding LLC)

Capitalized Interest Account. A. On the Closing Date, the Issuer shall deposit the Capitalized Interest Account Initial Deposit into the Capitalized Interest Account. 1. In the event that the Class A Noteholders' Interest Distribution Amount and the Class B Noteholders' Interest Distribution Amount for any Distribution Date through the July 25, 2002 December 2003 Distribution Date exceeds the amounts distributed to the Noteholders pursuant to Sections 2.7C.4 2.7C.5 and 2.7C.5 2.7C.6 on such Distribution Date, the Administrator shall instruct the Indenture Trustee in writing to withdraw from the Capitalized Interest Account an amount equal to such excess, to the extent of funds available therein, and to distribute such amount first to the Class A Noteholders until they have received the Class A Noteholders' Interest Distribution Amount for that Distribution Date and then to the Class B Noteholders until they have received the Class B Noteholders' Interest Distribution Amount for that Distribution Date.

Appears in 1 contract

Samples: Administration Agreement Supplement (SLM Funding Corp)

Capitalized Interest Account. A. On the Closing Date, the Issuer shall deposit the Capitalized Interest Account Initial Deposit into the Capitalized Interest Account. 1. In the event that the Class A Noteholders' Interest Distribution Amount and the Class B Noteholders' Interest Distribution Amount for any Distribution Date through the July 25September 16, 2002 Distribution Date exceeds the amounts distributed to the Noteholders pursuant to Sections 2.7C.4 and 2.7C.5 on such Distribution Date, the Administrator shall instruct the Indenture Trustee in writing to withdraw from the Capitalized Interest Account an amount equal to such excess, to the extent of funds available therein, and to distribute such amount first to the Class A Noteholders until they have received the Class A Noteholders' Interest Distribution Amount for that Distribution Date and then to the Class B Noteholders until they have received the Class B Noteholders' Interest Distribution Amount for that Distribution Date.

Appears in 1 contract

Samples: Administration Agreement Supplement (SLM Funding Corp)

Capitalized Interest Account. A. On the Closing Date, the Issuer shall deposit the Capitalized Interest Account Initial Deposit into the Capitalized Interest Account. 1. In the event that the Class A Noteholders' Interest Distribution Amount and the Class B Noteholders' Interest Distribution Amount for any Distribution Date through the July 25January 27, 2002 2003 Distribution Date exceeds the amounts distributed to the Noteholders pursuant Noteholders'pursuant to Sections 2.7C.4 and 2.7C.5 on such Distribution Date, the Administrator shall instruct the Indenture Trustee in writing to withdraw from the Capitalized Interest Account an amount equal to such excess, to the extent of funds available therein, and to distribute such amount first to the Class A Noteholders until they have received the Class A Noteholders' Interest Distribution Amount for that Distribution Date and then to the Class B Noteholders until they have received the Class B Noteholders' Interest Distribution Amount for that Distribution Date.

Appears in 1 contract

Samples: Administration Agreement Supplement (SLM Funding Corp)

Capitalized Interest Account. A. On the Closing Date, the Issuer shall deposit the Capitalized Interest - Account Initial Deposit into the Capitalized Interest Account. 1B.1. In the event that the Class A Noteholders' Interest Distribution Amount and the Class B Noteholders' Interest Distribution Amount for any Distribution Date through the July April 25, 2002 2003 Distribution Date exceeds the amounts distributed to the Noteholders pursuant to Sections 2.7C.4 and 2.7C.5 on such Distribution Date, the Administrator shall instruct the Indenture Trustee in writing to withdraw from the Capitalized Interest Account an amount equal to such excess, to the extent of funds available therein, and to distribute such amount first to the Class A Noteholders until they have received the Class A Noteholders' Interest Distribution Amount for that Distribution Date and then to the Class B Noteholders until they have received the Class B Noteholders' Interest Distribution Amount for that Distribution Date. B.2. After giving effect to Section 2.8.2B.1 on the April 25, 2003 Distribution Date, the Administrator shall instruct the Indenture Trustee in writing to withdraw any amounts remaining from the Capitalized Interest Account and to distribute such amount to the Seller or its assignee, as Holder of the Excess Distribution Certificate.

Appears in 1 contract

Samples: Administration Agreement Supplement (SLM Funding Corp)

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Capitalized Interest Account. A. On the Closing Date, the Issuer shall deposit the Capitalized Interest Account Initial Deposit into the Capitalized Interest Account. 1. In the event that the Class A Noteholders' Interest Distribution Amount and the Class B Noteholders' Interest Distribution Amount for any Distribution Date through the July 25, 2002 September 2004 Distribution Date exceeds the amounts distributed to the Noteholders pursuant to Sections 2.7C.4 and 2.7C.5 on such Distribution Date, the Administrator shall instruct the Indenture Trustee in writing to withdraw from the Capitalized Interest Account an amount equal to such excess, to the extent of funds available therein, and to distribute such amount first to the Class A Noteholders until they have received the Class A Noteholders' Interest Distribution Amount for that Distribution Date and then to the Class B Noteholders until they have received the Class B Noteholders' Interest Distribution Amount for that Distribution Date.

Appears in 1 contract

Samples: Administration Agreement Supplement (SLM Funding LLC)

Capitalized Interest Account. A. On the Closing Date, the Issuer shall deposit the Capitalized Interest Account Initial Deposit into the Capitalized Interest Account. 1B.1. In the event that the Class A Noteholders' Interest Distribution Amount and the Class B Noteholders' Interest Distribution Amount for any Distribution Date through the July 25December 15, 2002 2003 Distribution Date exceeds the amounts distributed to the Noteholders pursuant Noteholderspursuant to Sections 2.7C.4 and 2.7C.5 on such Distribution Date, the Administrator shall instruct the Indenture Trustee in writing to withdraw from the Capitalized Interest Account an amount equal to such excess, to the extent of funds available therein, and to distribute such amount first to the Class A Noteholders until they have received the Class A Noteholders' Interest Distribution Amount for that Distribution Date and then to the Class B Noteholders until they have received the Class B Noteholders' Interest Distribution InterestDistribution Amount for that Distribution Date. B.2. After giving effect to Section 2.8.2B.1 on the December 15, 2003 Distribution Date, the Administrator shall instruct the Indenture Trustee in writing to withdraw any amounts remaining from the Capitalized Interest Account and to distribute such amount to the Seller or its assignee, as Holder of the Excess Distribution Certificate.

Appears in 1 contract

Samples: Administration Agreement Supplement (SLM Funding Corp)

Capitalized Interest Account. A. On the Closing Date, the Issuer shall deposit the Capitalized Interest Account Initial Deposit into the Capitalized Interest Account. 1. In the event that the Class A Noteholders' Interest Distribution Amount and the Class B Noteholders' Interest Distribution Amount for any Distribution Date through the July 25December 16, 2002 Distribution Date exceeds the amounts distributed to the Noteholders pursuant to Sections 2.7C.4 and 2.7C.5 on such Distribution Date, the Administrator shall instruct the Indenture Trustee in writing to withdraw from the Capitalized Interest Account an amount equal to such excess, to the extent of funds available therein, and to distribute such amount first to the Class A Noteholders until they have received the Class A Noteholders' Interest Distribution Amount for that Distribution Date and then to the Class B Noteholders until they have received the Class B Noteholders' Interest Distribution Amount for that Distribution Date.

Appears in 1 contract

Samples: Administration Agreement Supplement (SLM Funding Corp)

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