Common use of Deferred Payment Clause in Contracts

Deferred Payment. Funding shall pay the Deferred Payment to Xxxxxx Mae when and as the same is received by Funding. If the Trust Student Loans are purchased by Funding pursuant to Section 6.1 of the Administration Agreement, Funding shall pay to Xxxxxx Xxx as part of the Deferred Payment 66 2/3% of the present value of the excess of the projected future yield on the Trust Student Loans after the date of such purchase over the projected cost to Funding of carrying the Trust Student Loans as reasonably estimated by Funding assuming (1) that interest rates applicable to the Trust Student Loans in effect on the date of such purchase remain in effect, (2) that the cost to Funding of carrying the Trust Student Loans is equal to the blended rate on the Notes and Certificates on the date of such purchase, (3) that the servicing costs and loss experience applicable to the Trust Student Loans during the one year period preceding such purchase continue during the remaining life of the Trust Student Loans and (4) a discount rate equal to the blended rate on the Notes and Certificates on the date of such purchase. If the Trust Student Loans are sold pursuant to the auction provision in Section 4.4 of the Indenture, Funding shall pay to Xxxxxx Mae as part of the Deferred Payment 66 2/3% of the amount, if any, by which the sale price exceeds the Minimum Purchase Amount and any costs of terminating the Trust. Funding shall also be obligated to pay Xxxxxx Xxx as part of the Deferred Payment, in the event that the provisions of Section 2.8C(F) of the Administration Agreement are operative, upon payment in full of the Notes and Certificates to the extent of amounts then distributable by the Trust to Funding, 66 2/3% of the aggregate amount that would have been distributed to Funding pursuant to Section 2.8C(G) of the Administration Agreement (exclusive of the amount of any such distribution attributable to the reduction from time to time of the Specified Reserve Account Balance) but for the operation of Section 2.8C(F) of the Administration Agreement.

Deferred Payment. Funding shall pay the Deferred Payment to Xxxxxx Mae when and as the same is received by Funding. If the Trust Student Loans are purchased by Funding pursuant to Section 6.1 of the Administration Agreement, Funding shall pay to Xxxxxx Xxx as part of the Deferred Payment 66 2/3% of the present value of the excess of the projected future yield on the Trust Student Loans after the date of such purchase over the projected cost to Funding of carrying the Trust Student Loans as reasonably estimated by Funding assuming (1) that interest rates applicable to the Trust Student Loans in effect on the date of such purchase remain in effect, (2) that the cost to Funding of carrying the Trust Student Loans is equal to the blended rate on the Notes and Certificates on the date of such purchase, (3) that the servicing costs and loss experience applicable to the Trust Student Loans during the one year period preceding such purchase continue during the remaining life of the Trust Student Loans and (4) a discount rate equal to the blended rate on the Notes and Certificates on the date of such purchase. If the Trust Student Loans are sold pursuant to the auction provision in Section 4.4 of the Indenture, Funding shall pay to Xxxxxx Mae as part of the Deferred Payment 66 2/3% of the amount, if any, by which the sale price exceeds the Minimum Purchase Amount and any costs of terminating the Trust. Funding shall also be obligated to pay Xxxxxx Xxx as part of the Deferred Payment, in the event that the provisions of Section 2.8C(F2.8C(E) of the Administration Agreement are operative, upon payment in full of the Notes and Certificates to the extent of amounts then distributable by the Trust to Funding, 66 2/3% of the aggregate amount that would have been distributed to Funding pursuant to Section 2.8C(G2.8C(F) of the Administration Agreement (exclusive of the amount of any such distribution attributable to the reduction from time to time of the Specified Reserve Account Balance) but for the operation of Section 2.8C(F2.8C(E) of the Administration Agreement.

Deferred Payment. Funding shall pay the Deferred Payment to Xxxxxx Mae when and as the same is received by Funding. If the Trust Student Loans are purchased by Funding pursuant to Section 6.1 of the Administration Agreement, Funding shall pay to Xxxxxx Xxx as part of the Deferred Payment 66 2/3% of the present value of the excess of the projected future yield on the Trust Student Loans after the date of such purchase over the projected cost to Funding of carrying the Trust Student Loans as reasonably estimated by Funding assuming (1) that interest rates applicable to the Trust Student Loans in effect on the date of such purchase remain in effect, (2) that the cost to Funding of carrying the Trust Student Loans is equal to the blended rate on the Notes and Certificates on the date of such purchase, (3) that the servicing costs and loss experience applicable to the Trust Student Loans during the one year period preceding such purchase continue during the remaining life of the Trust Student Loans and (4) a discount rate equal to the blended rate on the Notes and Certificates on the date of such purchase. If the Trust Student Loans are sold pursuant to the auction provision in Section 4.4 of the Indenture, Funding shall pay to Xxxxxx Mae as part of the Deferred Payment 66 2/3% of the amount, if any, by which the sale price exceeds the Minimum Purchase Amount and any costs of terminating the Trust. Funding shall also be obligated to pay Xxxxxx Xxx Mae as part of the Deferred Payment, in the event that the provisions of Section 2.8C(F2.8C(E) of the Administration Agreement are operative, upon payment in full of the Notes and Certificates to the extent of amounts then distributable by the Trust to Funding, 66 2/3% of the aggregate amount that would have been distributed to Funding pursuant to Section 2.8C(G2.8C(F) of the Administration Agreement (exclusive of the amount of any such distribution attributable to the reduction from time to time of the Specified Reserve Account Balance) but for the operation of Section 2.8C(F2.8C(E) of the Administration Agreement.

Deferred Payment. Funding shall pay the Deferred Payment to Xxxxxx Mae when and as the same is received by Funding. If the Trust Student Loans are purchased by Funding pursuant to Section 6.1 of the Administration Agreement, Funding shall pay to Xxxxxx Xxx as part of the Deferred Payment 66 2/3% of the present value of the excess of the projected future yield on the Trust Student Loans after the date of such purchase over the projected cost to Funding of carrying the Trust Student Loans as reasonably estimated by Funding assuming (1) that interest rates applicable to the Trust Student Loans in effect on the date of such purchase remain in effect, (2) that the cost to Funding of carrying the Trust Student Loans is equal to the blended rate on the Notes and Certificates on the date of such purchase, (3) that the servicing costs and loss experience applicable to the Trust Student Loans during the one year period preceding such purchase continue during the remaining life of the Trust Student Loans and (4) a discount rate equal to the blended rate on the Notes and Certificates on the date of such purchase. If the Trust Student Loans are sold pursuant to the auction provision in Section 4.4 of the Indenture, Funding shall pay to Xxxxxx Mae as part of the Deferred Payment 66 2/3% of the amount, if any, by which the sale price exceeds the Minimum Purchase Amount and any costs of terminating the Trust. Funding shall also be obligated to pay Xxxxxx Xxx Mae as part of the Deferred Payment, in the event that the provisions of Section 2.8C(F) of the Administration Agreement are operative, upon payment in full of the Notes and Certificates to the extent of amounts then distributable by the Trust to Funding, 66 2/3% of the aggregate amount that would have been distributed to Funding pursuant to Section 2.8C(G) of the Administration Agreement (exclusive of the amount of any such distribution attributable to the reduction from time to time of the Specified Reserve Account Balance) but for the operation of Section 2.8C(F) of the Administration Agreement.