Common use of Changes in Auction Period or Periods Clause in Contracts

Changes in Auction Period or Periods. The Issuing Entity may change, from time to time, the length of the one or more Auction Periods in order to conform with then current market practice with respect to similar securities or to accommodate economic and financial factors that may affect or be relevant to the length of the Auction Period or the interest rate borne by the Auction Rate Securities (an "Auction Period Adjustment"). The Issuing Entity will not initiate such change in the length of the Auction Period unless it has received the written consent of the Calculation Agent, which consent may not be unreasonably withheld, not less than fifteen (15) days nor more than twenty (20) days prior to the effective date of an Auction Period Adjustment. The Issuing Entity will initiate an Auction Period Adjustment by giving written notice to the Indenture Trustee, the Auction Agent, the Calculation Agent, the Depository and each Rating Agency then rating the Auction Rate Securities subject to such Auction Period Adjustment at least ten (10) days prior to the Rate Determination Date for such Auction Period. No Auction Period Adjustment may result in an Auction Period of less than 7 nor more than 91 days, with respect to Auction Rate Securities with a Short Auction Period, or in an Auction Period that is more than three months shorter or longer than the Auction Period established upon the issuance or Auction Period Conversion of such Auction Rate Securities, with respect to Auction Rate Securities with a Long Auction Period. An Auction Period Adjustment will not be allowed unless Sufficient Clearing Bids existed or all Auction Rate Securities were subject to Submitted Hold Orders at both the Auction preceding the date on which the notice of the proposed change was given as described above and the Auction preceding the proposed change. An Auction Period Adjustment will take effect only if (A) the Indenture Trustee and the Auction Agent receive, by 11:00 A.M., eastern time, on the Business Day before the Rate Determination Date for the first such Auction Period, a certificate from the Issuing Entity authorizing an Auction Period Adjustment specified in such certificate and the written consent of the Calculation Agent described above, and (B) Sufficient Clearing Bids exist or all Auction Rate Securities were subject to Submitted Hold Orders at the Auction on the Rate Determination Date for such first Auction Period. If the condition referred to in (A) is not met, the Auction Rate applicable for the next Auction Period will be determined pursuant to the Auction Procedures and the length of the Auction Period will remain the same. If the condition referred to in (A) is met, but the condition referred to in (B) above is not met, the Auction Rate applicable for the next Auction Period will be the lesser of the Maximum Auction Rate and the Net Contract Rate, but in no event greater than 18.00%, and the length of the Auction Period will remain the same. The Issuing Entity, with the written consent of the Rating Agencies then rating the Class A-2 Notes, may, from time to time, change the length of one or more Auction Periods pursuant to an Auction Period Conversion. In the event of a failed Auction Period Conversion, the Auction Rate for the Auction Period for which the proposed Auction Period Conversion was to have been effective will be the Maximum Auction Rate, and the length of the Auction Period commencing upon the failed Auction Period Adjustment will remain the same.

Appears in 2 contracts

Samples: Servicing Agreement (Origen Manufactured Housing Contract Trust Collateralized Notes, Series 2006-A), Manufactured Housing Contract (Origen Residential Securities, Inc.)

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Changes in Auction Period or Periods. The Issuing Entity may change(a) While any of the Auction Rate Notes are Outstanding, the Issuer may, from time to time, convert on an Auction Period Distribution Date the length of the one or more Auction Periods pursuant to an Auction Period Adjustment, in order to conform with then current market practice with respect to similar securities or to accommodate economic and financial factors that may affect or be relevant to the length of the Auction Period or and the interest rate borne by the Auction Rate Securities (an "Auction Period Adjustment"). The Issuing Entity will not Notes; provided, however that the Issuer shall only initiate such a change in the length of in the Auction Period to an Auction Period of other than seven (7) or twenty-eight (28) days upon written evidence based on a Cash Flow Statement from each of the Rating Agencies then rating any Outstanding Auction Rate Notes that such a change will not adversely affect any rating of such Rating Agencies on any Outstanding Auction Rate Notes; provided, further, however, that each Rating Agency may waive the requirement for delivery of a Cash Flow Statement. The Issuer shall not initiate an Auction Period Adjustment unless it has shall have received the written consent of the Calculation Agent, which consent may shall not be unreasonably withheld, not less than fifteen (15) days nor more than twenty (20) days prior to the effective date of an Auction Period Adjustment. The Issuing Entity will Issuer shall initiate an the Auction Period Adjustment by giving written notice to the Indenture Trustee, the Auction Agent, the Calculation Agent, the Depository and each Rating Agency then rating the Auction Rate Securities Notes subject to such Auction Period Adjustment in substantially the form of, or containing substantially the information contained in, Exhibit H to this Indenture at least ten (10) days prior to the Rate Interest Determination Date for such Auction Period. No Auction Period Adjustment may result in an Auction Period of less than 7 nor more than 91 days, with respect to Auction Rate Securities with a Short Auction Period, or in an Auction Period that is more than three months shorter or longer than the Auction Period established upon the issuance or Auction Period Conversion of such Auction Rate Securities, with respect to Auction Rate Securities with a Long Auction Period. An Auction Period Adjustment will not be allowed unless Sufficient Clearing Bids existed or all Auction Rate Securities were subject to Submitted Hold Orders at both the Auction preceding the date on which the notice of the proposed change was given as described above and the Auction preceding the proposed change. An Auction Period Adjustment will take effect only if (A) the Indenture Trustee and the Auction Agent receive, by 11:00 A.M., eastern time, on the Business Day before the Rate Determination Date for the first such Auction Period, a certificate from the Issuing Entity authorizing an Auction Period Adjustment specified in such certificate and the written consent of the Calculation Agent described above, and (B) Sufficient Clearing Bids exist or all Auction Rate Securities were subject to Submitted Hold Orders at the Auction on the Rate Determination Date for such first Auction Period. If the condition referred to in (A) is not met, the Auction Rate applicable for the next Auction Period will be determined pursuant to the Auction Procedures and the length of the Auction Period will remain the same. If the condition referred to in (A) is met, but the condition referred to in (B) above is not met, the Auction Rate applicable for the next Auction Period will be the lesser of the Maximum Auction Rate and the Net Contract Rate, but in no event greater than 18.00%, and the length of the Auction Period will remain the same. The Issuing Entity, with the written consent of the Rating Agencies then rating the Class A-2 Notes, may, from time to time, change the length of one or more Auction Periods pursuant to an Auction Period Conversion. In the event of a failed Auction Period Conversion, the Auction Rate for the Auction Period for which the proposed Auction Period Conversion was to have been effective will be the Maximum Auction Rate, and the length of the Auction Period commencing upon the failed Auction Period Adjustment will remain the same.such

Appears in 1 contract

Samples: Terms Supplement (Student Loan Funding LLC)

Changes in Auction Period or Periods. The Issuing Entity may changeWhile any of the Series 200_-_ Notes are Outstanding, the Issuer may, from time to time, time convert the length of the one or more Auction Periods and designate an Auction Period of a different length than set forth in the definition of Interest Period (an "Auction Period Adjustment"), in order to conform with then current market practice with respect to similar securities or to accommodate economic and financial factors that may affect or be relevant to the length of the Auction Period or and the interest rate Applicable Interest Rate borne by any series of the Series 200_-_ Notes. The Issuer shall not initiate an Auction Rate Securities (an "Period Adjustment unless it shall have received, not less than 10 days nor more than 20 days prior to the Auction Period Adjustment"). The Issuing Entity will not initiate such change in the length of the Auction Period unless it has received , the written consent of the Calculation applicable Market Agent, which consent may shall not be unreasonably withheld, not less than fifteen (15) days nor more than twenty (20) days prior to the effective date of an Auction Period Adjustment. The Issuing Entity will Issuer shall initiate an the Auction Period Adjustment by giving written notice by Issuer Order to the Indenture Trustee, the Auction Agent, the Calculation Agentapplicable Market Agent and the Securities Depository in substantially the form of, or containing substantially the Depository and each Rating Agency then rating the Auction Rate Securities subject information contained in, Exhibit E to such Auction Period Adjustment this _____ Supplement at least ten (10) days prior to the Rate Determination Auction Date for such Auction Period. No Auction Period Adjustment may result in an Auction Period of less than 7 nor more than 91 days, with respect to Auction Rate Securities with a Short Auction Period, or in an Auction Period that is more than three months shorter or longer than the Auction Period established upon the issuance or Auction Period Conversion of such Auction Rate Securities, with respect to Auction Rate Securities with a Long Auction Period. An Auction Period Adjustment will not be allowed unless Sufficient Clearing Bids existed or all Auction Rate Securities were subject to Submitted Hold Orders at both the Auction preceding the date on which the notice of the proposed change was given as described above and the Auction preceding the proposed change. An Auction Period Adjustment will shall take effect only (a) if (A) the Indenture Trustee and the Auction Agent receive, by 11:00 A.M.a.m., eastern New York City time, on the Business Day before the Rate Determination Auction Date for the first such Auction Period, a certificate from an Issuer Certificate in substantially the Issuing Entity form attached as, or containing substantially the same information contained in, Exhibit F to this _____ Supplement, authorizing an the Auction Period Adjustment specified in such certificate and along with written confirmation that the written consent of the Calculation Agent described aboveRating Agency Condition has been satisfied with respect to such Auction Period Adjustment, and (Bb) Sufficient Clearing Bids exist or all Auction Rate Securities were subject to Submitted Hold Orders at as of the Auction on the Rate Determination Auction Date for such first Auction Period. If the condition referred to in (Aa) above is not met, the Auction Applicable Interest Rate applicable for the next Auction Period will shall be determined pursuant to the Auction Procedures provisions of Sections 4 through 9 hereof and the length of the Auction Period will remain shall be the sameAuction Period determined without reference to the proposed change. If the condition referred to in (Aa) is met, met but the condition referred to in (Bb) above is not met, the Auction Applicable Interest Rate applicable for the next Auction Period will shall be the lesser of the Maximum Auction Rate and the Net Contract Rate, but and in no event greater than 18.00%either case the Auction Period shall be the Auction Period determined without reference to the proposed change. In connection with any Auction Period Adjustment, and the length Auction Agent shall provide such further notice to such parties as is specified in Section 2.5 of the Auction Period will remain the same. The Issuing Entity, with the written consent of the Rating Agencies then rating the Class A-2 Notes, may, from time to time, change the length of one or more Auction Periods pursuant to an Auction Period Conversion. In the event of a failed Auction Period Conversion, the Auction Rate for the Auction Period for which the proposed Auction Period Conversion was to have been effective will be the Maximum Auction Rate, and the length of the Auction Period commencing upon the failed Auction Period Adjustment will remain the sameAgent Agreement.

Appears in 1 contract

Samples: College Loan Corp Trust I

Changes in Auction Period or Periods. The Issuing Entity may change(a) While any of the Notes are Outstanding, the Issuer may, from time to time, convert on an Auction Period Distribution Date the length of the one or more Auction Periods pursuant to an Auction Period Adjustment, in order to conform with then current market practice with respect to similar securities or to accommodate economic and financial factors that may affect or be relevant to the length of the Auction Period or and the interest rate borne by the Auction Rate Securities (an "Auction Period Adjustment"). The Issuing Entity will not Notes; provided, however that the Issuer shall only initiate such a change in the length of in the Auction Period to an Auction Period of other than seven (7) or twenty-eight (28) days upon written evidence based on a Cash Flow Statement from each of the Rating Agencies then rating any Outstanding Notes that such a change will not adversely affect any rating of such Rating Agencies on any Outstanding Notes; provided, further, however, that each Rating Agency may waive the requirement for delivery of a Cash Flow Statement. The Issuer shall not initiate an Auction Period Adjustment unless it has shall have received the written consent of the Calculation Agent, which consent may shall not be unreasonably withheld, not less than fifteen (15) days nor more than twenty (20) days prior to the effective date of an Auction Period Adjustment. The Issuing Entity will Issuer shall initiate an the Auction Period Adjustment by giving written notice to the Indenture Trustee, the Auction Agent, the Calculation Agent, the Depository and each Rating Agency then rating the Auction Rate Securities Notes subject to such Auction Period Adjustment in substantially the form of, or containing substantially the information contained in, Exhibit G to this Indenture at least ten (10) days prior to the Rate Interest Determination Date for such Auction Period. No Auction Period Adjustment may result in an Auction Period of less than 7 nor more than 91 days, with respect to Auction Rate Securities with a Short Auction Period, or in an Auction Period that is more than three months shorter or longer than the Auction Period established upon the issuance or Auction Period Conversion of such Auction Rate Securities, with respect to Auction Rate Securities with a Long Auction Period. An Auction Period Adjustment will not be allowed unless Sufficient Clearing Bids existed or all Auction Rate Securities were subject to Submitted Hold Orders at both the Auction preceding the date on which the notice of the proposed change was given as described above and the Auction preceding the proposed change. An Auction Period Adjustment will take effect only if (A) the Indenture Trustee and the Auction Agent receive, by 11:00 A.M., eastern time, on the Business Day before the Rate Determination Date for the first such Auction Period, a certificate from the Issuing Entity authorizing an Auction Period Adjustment specified in such certificate and the written consent of the Calculation Agent described above, and (B) Sufficient Clearing Bids exist or all Auction Rate Securities were subject to Submitted Hold Orders at the Auction on the Rate Determination Date for such first Auction Period. If the condition referred to in (A) is not met, the Auction Rate applicable for the next Auction Period will be determined pursuant to the Auction Procedures and the length of the Auction Period will remain the same. If the condition referred to in (A) is met, but the condition referred to in (B) above is not met, the Auction Rate applicable for the next Auction Period will be the lesser of the Maximum Auction Rate and the Net Contract Rate, but in no event greater than 18.00%, and the length of the Auction Period will remain the same. The Issuing Entity, with the written consent of the Rating Agencies then rating the Class A-2 Notes, may, from time to time, change the length of one or more Auction Periods pursuant to an Auction Period Conversion. In the event of a failed Auction Period Conversion, the Auction Rate for the Auction Period for which the proposed Auction Period Conversion was to have been effective will be the Maximum Auction Rate, and the length of the Auction Period commencing upon the failed Auction Period Adjustment will remain the same.

Appears in 1 contract

Samples: Student Loan Funding LLC

Changes in Auction Period or Periods. The Issuing Entity may changeWhile any of the Series 2001 Notes are Outstanding, the Issuer may, from time to time, convert the length of the one or more Auction Periods (an "Auction Period Adjustment"), in order to conform with then current market practice with respect to similar securities or to accommodate economic and financial factors that may affect or be relevant to the length of the Auction Period or and the interest rate Applicable Interest Rate borne by any series of the Series 2001 Notes. The Issuer shall not initiate an Auction Rate Securities (an "Period Adjustment unless it shall have received, not less than ten days nor more than twenty days prior to the Auction Period Adjustment"). The Issuing Entity will not initiate such change in the length of the Auction Period unless it has received , the written consent of the Calculation applicable Market Agent, which consent may shall not be unreasonably withheld, not less than fifteen (15) days nor more than twenty (20) days prior to the effective date of an Auction Period Adjustment. The Issuing Entity will Issuer shall initiate an the Auction Period Adjustment by giving written notice by Issuer Order to the Indenture Trustee, the Auction Agent, the Calculation Agentapplicable Market Agent and the Securities Depository in substantially the form of, or containing substantially the Depository and each Rating Agency then rating the Auction Rate Securities subject information contained in, Exhibit E to such Auction Period Adjustment this First Supplemental Indenture at least ten (10) days prior to the Rate Determination Auction Date for such Auction Period. No Any such adjusted Auction Period Adjustment may result in an Auction Period of shall not be less than 7 seven days nor more than 91 days, with respect to Auction Rate Securities with a Short Auction Period, or in an Auction Period that is more than three months shorter or longer than the Auction Period established upon the issuance or Auction Period Conversion of such Auction Rate Securities, with respect to Auction Rate Securities with a Long Auction Periodone year. An Auction Period Adjustment will not be allowed unless Sufficient Clearing Bids existed or all Auction Rate Securities were subject to Submitted Hold Orders at both the Auction preceding the date on which the notice of the proposed change was given as described above and the Auction preceding the proposed change. An Auction Period Adjustment will shall take effect only if (A) if the Indenture Trustee and the Auction Agent receive, by 11:00 A.M.a.m., eastern New York City time, on the Business Day before the Rate Determination Auction Date for the first such Auction Period, a certificate from an Issuer Certificate in substantially the Issuing Entity form attached as, or containing substantially the same information contained in, Exhibit F to this First Supplemental Indenture, authorizing an the Auction Period Adjustment specified in such certificate and along with written confirmation that the written consent of the Calculation Agent described aboveRating Agency Condition has been satisfied with respect to such Auction Period Adjustment, and (B) Sufficient Clearing Bids exist or all Auction Rate Securities were subject to Submitted Hold Orders at as of the Auction on the Rate Determination Auction Date for such first Auction Period. If the condition referred to in (A) above is not met, the Auction Applicable Interest Rate applicable for the next Auction Period will shall be determined pursuant to the Auction Procedures provisions of Sections 4 through 9 hereof and the length of the Auction Period will remain shall be the sameAuction Period determined without reference to the proposed change. If the condition referred to in (A) is met, met but the condition referred to in (B) above is not met, the Auction Applicable Interest Rate applicable for the next Auction Period will shall be the lesser of the Maximum Auction Rate and the Net Contract Rate, but and in no event greater than 18.00%either case the Auction Period shall be the Auction Period determined without reference to the proposed change. In connection with any Auction Period Adjustment, and the length Auction Agent shall provide such further notice to such parties as is specified in Section 2.5 of the Auction Period will remain the same. The Issuing Entity, with the written consent of the Rating Agencies then rating the Class A-2 Notes, may, from time to time, change the length of one or more Auction Periods pursuant to an Auction Period Conversion. In the event of a failed Auction Period Conversion, the Auction Rate for the Auction Period for which the proposed Auction Period Conversion was to have been effective will be the Maximum Auction Rate, and the length of the Auction Period commencing upon the failed Auction Period Adjustment will remain the sameAgent Agreement.

Appears in 1 contract

Samples: Collegiate Funding Services Inc

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Changes in Auction Period or Periods. The Issuing Entity may changeWhile any of the Series 2002 Notes are Outstanding, the Issuer may, from time to time, convert the length of the one or more Auction Periods (an "Auction Period Adjustment"), in order to conform with then current market practice with respect to similar securities or to accommodate economic and financial factors that may affect or be relevant to the length of the Auction Period or and the interest rate Applicable Interest Rate borne by any series of the Series 2002 Notes. The Issuer shall not initiate an Auction Rate Securities (an "Period Adjustment unless it shall have received, not less than ten days nor more than twenty days prior to the Auction Period Adjustment"). The Issuing Entity will not initiate such change in the length of the Auction Period unless it has received , the written consent of the Calculation applicable Market Agent, which consent may shall not be unreasonably withheld, not less than fifteen (15) days nor more than twenty (20) days prior to the effective date of an Auction Period Adjustment. The Issuing Entity will Issuer shall initiate an the Auction Period Adjustment by giving written notice by Issuer Order to the Indenture Trustee, the Auction Agent, the Calculation Agentapplicable Market Agent and the Securities Depository in substantially the form of, or containing substantially the Depository and each Rating Agency then rating the Auction Rate Securities subject information contained in, Exhibit E to such Auction Period Adjustment this Second Supplemental Indenture at least ten (10) days prior to the Rate Determination Auction Date for such Auction Period. No Any such adjusted Auction Period Adjustment may result in an Auction Period of shall not be less than 7 seven days nor more than 91 days, with respect to Auction Rate Securities with a Short Auction Period, or in an Auction Period that is more than three months shorter or longer than the Auction Period established upon the issuance or Auction Period Conversion of such Auction Rate Securities, with respect to Auction Rate Securities with a Long Auction Periodone year. An Auction Period Adjustment will not be allowed unless Sufficient Clearing Bids existed or all Auction Rate Securities were subject to Submitted Hold Orders at both the Auction preceding the date on which the notice of the proposed change was given as described above and the Auction preceding the proposed change. An Auction Period Adjustment will shall take effect only if (A) if the Indenture Trustee and the Auction Agent receive, by 11:00 A.M.a.m., eastern New York City time, on the Business Day before the Rate Determination Auction Date for the first such Auction Period, a certificate from an Issuer Certificate in substantially the Issuing Entity form attached as, or containing substantially the same information contained in, Exhibit F to this Second Supplemental Indenture, authorizing an the Auction Period Adjustment specified in such certificate and along with written confirmation that the written consent of the Calculation Agent described aboveRating Agency Condition has been satisfied with respect to such Auction Period Adjustment, and (B) Sufficient Clearing Bids exist or all Auction Rate Securities were subject to Submitted Hold Orders at as of the Auction on the Rate Determination Auction Date for such first Auction Period. If the condition referred to in (A) above is not met, the Auction Applicable Interest Rate applicable for the next Auction Period will shall be determined pursuant to the Auction Procedures provisions of Sections 4 through 9 hereof and the length of the Auction Period will remain shall be the sameAuction Period determined without reference to the proposed change. If the condition referred to in (A) is met, met but the condition referred to in (B) above is not met, the Auction Applicable Interest Rate applicable for the next Auction Period will shall be the lesser of the Maximum Auction Rate and the Net Contract Rate, but and in no event greater than 18.00%either case the Auction Period shall be the Auction Period determined without reference to the proposed change. In connection with any Auction Period Adjustment, and the length Auction Agent shall provide such further notice to such parties as is specified in Section 2.06(a) of the Auction Period will remain the same. The Issuing Entity, with the written consent of the Rating Agencies then rating the Class A-2 Notes, may, from time to time, change the length of one or more Auction Periods pursuant to an Auction Period Conversion. In the event of a failed Auction Period Conversion, the Auction Rate for the Auction Period for which the proposed Auction Period Conversion was to have been effective will be the Maximum Auction Rate, and the length of the Auction Period commencing upon the failed Auction Period Adjustment will remain the sameAgent Agreement.

Appears in 1 contract

Samples: Collegiate Funding Services Inc

Changes in Auction Period or Periods. The Issuing Entity may change(a) While any of the Auction Rate Notes are Outstanding, the Issuer may, from time to time, convert on an Auction Period Distribution Date the length of the one or more Auction Periods pursuant to an Auction Period Adjustment, in order to conform with then current market practice with respect to similar securities or to accommodate economic and financial factors that may affect or be relevant to the length of the Auction Period or and the interest rate borne by the Auction Rate Securities (an "Auction Period Adjustment"). The Issuing Entity will not Notes; provided, however that the Issuer shall only initiate such a change in the length of in the Auction Period to an Auction Period of other than seven (7) or twenty-eight (28) days upon written evidence based on a Cash Flow Statement from each of the Rating Agencies then rating any Outstanding Auction Rate Notes that such a change will not adversely affect any rating of such Rating Agencies on any Outstanding Auction Rate Notes; provided, further, however, that each Rating Agency may waive the requirement for delivery of a Cash Flow Statement. The Issuer shall not initiate an Auction Period Adjustment unless it has shall have received the written consent of the Calculation Agent, which consent may shall not be unreasonably withheld, not less than fifteen (15) days nor more than twenty (20) days prior to the effective date of an Auction Period Adjustment. The Issuing Entity will Issuer shall initiate an the Auction Period Adjustment by giving written notice to the Indenture Trustee, the Auction Agent, the Calculation Agent, the Depository and each Rating Agency then rating the Auction Rate Securities Notes subject to such Auction Period Adjustment in substantially the form of, or containing substantially the information contained in, Exhibit H to this Indenture at least ten (10) days prior to the Rate Interest Determination Date for such Auction Period. No Auction Period Adjustment may result in an Auction Period of less than 7 nor more than 91 days, with respect to Auction Rate Securities with a Short Auction Period, or in an Auction Period that is more than three months shorter or longer than the Auction Period established upon the issuance or Auction Period Conversion of such Auction Rate Securities, with respect to Auction Rate Securities with a Long Auction Period. An Auction Period Adjustment will not be allowed unless Sufficient Clearing Bids existed or all Auction Rate Securities were subject to Submitted Hold Orders at both the Auction preceding the date on which the notice of the proposed change was given as described above and the Auction preceding the proposed change. An Auction Period Adjustment will take effect only if (A) the Indenture Trustee and the Auction Agent receive, by 11:00 A.M., eastern time, on the Business Day before the Rate Determination Date for the first such Auction Period, a certificate from the Issuing Entity authorizing an Auction Period Adjustment specified in such certificate and the written consent of the Calculation Agent described above, and (B) Sufficient Clearing Bids exist or all Auction Rate Securities were subject to Submitted Hold Orders at the Auction on the Rate Determination Date for such first Auction Period. If the condition referred to in (A) is not met, the Auction Rate applicable for the next Auction Period will be determined pursuant to the Auction Procedures and the length of the Auction Period will remain the same. If the condition referred to in (A) is met, but the condition referred to in (B) above is not met, the Auction Rate applicable for the next Auction Period will be the lesser of the Maximum Auction Rate and the Net Contract Rate, but in no event greater than 18.00%, and the length of the Auction Period will remain the same. The Issuing Entity, with the written consent of the Rating Agencies then rating the Class A-2 Notes, may, from time to time, change the length of one or more Auction Periods pursuant to an Auction Period Conversion. In the event of a failed Auction Period Conversion, the Auction Rate for the Auction Period for which the proposed Auction Period Conversion was to have been effective will be the Maximum Auction Rate, and the length of the Auction Period commencing upon the failed Auction Period Adjustment will remain the same.

Appears in 1 contract

Samples: Student Loan Funding LLC

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