Common use of Compensation, Remedies and Indemnification Clause in Contracts

Compensation, Remedies and Indemnification. (a) With respect to each series of Taxable Auction Rate Series 1997-1 Notes, not later than 12:00 noon, New York City time, on the first Interest Payment Date relating to such series, the Issuer, pursuant to Section 5(b) of the First Supplemental Indenture, shall pay in arrears to the Auction Agent, solely from moneys available therefor in the Administration Fund, an amount in cash equal to the product of (i) the Auction Agent Fee Rate times (ii) a fraction, the numerator of which is the number of days from the Closing Date to such Interest Payment Date (or, if such series of Taxable Auction Rate Series 1997-1 Notes ceased to be outstanding prior to such Interest Payment Date, the date on which such series ceased to be outstanding) and the denominator of which is 360, times (iii) the aggregate principal amount of Taxable Auction Rate Series 1997-1 Notes of such series on the date of original issuance of the Series 1997-1 Notes.

Appears in 2 contracts

Samples: Auction Agent Agreement (Education Loans Inc /De), Broker Dealer Agreement (Education Loans Inc /De)

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Compensation, Remedies and Indemnification. (a) With respect to each series of Taxable Tax Exempt Auction Rate Series 1997-1 Notes, not later than 12:00 noon, New York City time, on the first Interest Payment Date relating to such series, the Issuer, pursuant to Section 5(b) of the First Supplemental Indenture, shall pay in arrears to the Auction Agent, solely from moneys available therefor in the Administration Fund, an amount in cash equal to the product of (i) the Auction Agent Fee Rate times (ii) a fraction, the numerator of which is the number of days from the Closing Date to such Interest Payment Date (or, if such series of Taxable Tax Exempt Auction Rate Series 1997-1 Notes ceased to be outstanding prior to such Interest Payment Date, the date on which such series ceased to be outstanding) and the denominator of which is 360, times (iii) the aggregate principal amount of Taxable Tax Exempt Auction Rate Series 1997-1 Notes of such series on the date of original issuance of the Series 1997-1 Notes.

Appears in 2 contracts

Samples: Auction Agent Agreement (Education Loans Inc /De), Auction Agent Agreement (Education Loans Inc /De)

Compensation, Remedies and Indemnification. (a) With respect to each series of Taxable Auction Rate Series 19971999-1 Notes, not later than 12:00 noon, New York City time, on the first Interest Payment Date relating to such series, the Issuer, pursuant to Section 5(b) of the First Supplemental Indenture, shall pay in arrears to the Auction Agent, solely from moneys available therefor in the Administration Fund, an amount in cash equal to the product of (i) the Auction Agent Fee Rate times (ii) a fraction, the numerator of which is the number of days from the Closing Date to such Interest Payment Date (or, if such series of Taxable Auction Rate Series 19971999-1 Notes ceased to be outstanding prior to such Interest Payment Date, the date on which such series ceased to be outstanding) and the denominator of which is 360, times (iii) the aggregate principal amount of Taxable Auction Rate Series 19971999-1 Notes of such series on the date of original issuance of the Series 19971999-1 Notes.

Appears in 2 contracts

Samples: Auction Agent Agreement (Education Loans Inc /De), Auction Agent Agreement (Education Loans Inc /De)

Compensation, Remedies and Indemnification. (a) With respect to each series of Taxable Auction Rate Series 19972002-1 Notes, not later than 12:00 noon, New York City time, on the first Interest Payment Date relating to such series, the Issuer, pursuant to Section 5(b) of the First Fourth Supplemental Indenture, shall pay in arrears to the Auction Agent, solely from moneys available therefor in the Administration Fund, an amount in cash equal to the product of (i) the Auction Agent Fee Rate times (ii) a fraction, the numerator of which is the number of days from the Closing Date to such Interest Payment Date (or, if such series of Taxable Auction Rate Series 19972002-1 Notes ceased to be outstanding prior to such Interest Payment Date, the date on which such series ceased to be outstanding) and the denominator of which is 360, times (iii) the aggregate principal amount of Taxable Auction Rate Series 19972002-1 Notes of such series on the date of original issuance of the Series 19972002-1 Notes.

Appears in 1 contract

Samples: Auction Agent Agreement (Education Loans Inc /De)

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Compensation, Remedies and Indemnification. (a) With respect to each series of Taxable Auction Rate Series 19972001-1 Notes, not later than 12:00 noon, New York City time, on the first Interest Payment Date relating to such series, the Issuer, pursuant to Section 5(b) of the First Third Supplemental Indenture, shall pay in arrears to the Auction Agent, solely from moneys available therefor in the Administration Fund, an amount in cash equal to the product of (i) the Auction Agent Fee Rate times (ii) a fraction, the numerator of which is the number of days from the Closing Date to such Interest Payment Date (or, if such series of Taxable Auction Rate Series 19972001-1 Notes ceased to be outstanding prior to such Interest Payment Date, the date on which such series ceased to be outstanding) and the denominator of which is 360, times (iii) the aggregate principal amount of Taxable Auction Rate Series 19972001-1 Notes of such series on the date of original issuance of the Series 19972001-1 Notes.

Appears in 1 contract

Samples: Auction Agent Agreement (Education Loans Inc /De)

Compensation, Remedies and Indemnification. (a) With respect to each series of Taxable Auction Rate Series 19972000-1 Notes, not later than 12:00 noon, New York City time, on the first Interest Payment Date relating to such series, the Issuer, pursuant to Section 5(b) of the First Second Supplemental Indenture, shall pay in arrears to the Auction Agent, solely from moneys available therefor in the Administration Fund, an amount in cash equal to the product of (i) the Auction Agent Fee Rate times (ii) a fraction, the numerator of which is the number of days from the Closing Date to such Interest Payment Date (or, if such series of Taxable Auction Rate Series 19972000-1 Notes ceased to be outstanding prior to such Interest Payment Date, the date on which such series ceased to be outstanding) and the denominator of which is 360, times (iii) the aggregate principal amount of Taxable Auction Rate Series 19972000-1 Notes of such series on the date of original issuance of the Series 19972000-1 Notes.

Appears in 1 contract

Samples: Auction Agent Agreement (Education Loans Inc /De)

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