Common use of Floor Income Rebate Account Clause in Contracts

Floor Income Rebate Account. (i) On or before each Monthly Allocation Date, the Administrator will instruct the Indenture Trustee to transfer from the Collection Account to the Floor Income Rebate Account the monthly accrual of interest paid by borrowers on Trust Student Loans originated on or after April 1, 2006 that exceeds the special allowance support levels applicable to such Trust Student Loans (“Floor Income”). Such deposits will be used to offset the amount of Floor Income, if any, that is expected to be netted by the Department against the Interest Subsidy Payments and/or Special Allowance Payments otherwise due to the Issuer for that Collection Period. (ii) At the end of each Collection Period, the Administrator will instruct the Indenture Trustee to transfer all sums deposited into the Floor Income Rebate Account during the immediately preceding Collection Period to the Collection Account on the Quarterly Distribution Date, which will become part of Available Funds on such Quarterly Distribution Date. (iii) [Reserved].

Floor Income Rebate Account. (i) On or before the 25th of each Monthly Allocation Datemonth, the Administrator will instruct the Indenture Trustee to transfer from the Collection Account to the Floor Income Rebate Account the monthly accrual of interest paid by borrowers on Trust Student Loans originated on or after April 1, 2006 that exceeds the special allowance support levels applicable to such Trust Student Loans (“Floor Income”). Such deposits will be used to offset the amount of Floor Income, if any, that is expected to be netted by the Department against the Interest Subsidy Payments and/or Special Allowance Payments otherwise due to the Issuer for that Collection Period. (ii) At the end of each Collection Period, the Administrator will instruct the Indenture Trustee to transfer all sums deposited into the Floor Income Rebate Account during the immediately preceding Collection Period to the Collection Account on the Quarterly related Distribution Date, which will become part of Available Funds on such Quarterly Distribution Date. (iii) [Reserved].

Floor Income Rebate Account. (i) i. On or before each Monthly Allocation Date, the Administrator will instruct the Indenture Trustee to transfer from the Collection Account to the Floor Income Rebate Account the monthly accrual of interest paid by borrowers on Trust Student Loans originated on or after April 1, 2006 that exceeds the special allowance support levels applicable to such Trust Student Loans (“Floor Income”). Such deposits will be used to offset the amount of Floor Income, if any, that is expected to be netted by the Department against the Interest Subsidy Payments and/or Special Allowance Payments otherwise due to the Issuer for that Collection Period. (ii) . At the end of each Collection Period, the Administrator will instruct the Indenture Trustee to transfer all sums deposited into the Floor Income Rebate Account during the immediately preceding Collection Period to the Collection Account on the Quarterly Distribution Date, which will become part of Available Funds on such Quarterly Distribution Date. (iii) [Reserved].

Floor Income Rebate Account. (i) On or before each Monthly Allocation Date, the Administrator will instruct the Indenture Trustee to transfer from the Collection Account to the Floor Income Rebate Account the monthly accrual of interest paid by borrowers on Trust Student Loans originated on or after April 1, 2006 that exceeds the special allowance support levels applicable to such Trust Student Loans (“Floor Income”). Such deposits will be used to offset the amount of Floor Income, if any, that is expected to be netted by the Department against the Interest Subsidy Payments and/or Special Allowance Payments otherwise due to the Issuer for that Collection Period. (ii) At the end of each Collection Period, the Administrator will instruct the Indenture Trustee to transfer all sums deposited into the Floor Income Rebate Account during the immediately preceding Collection Period to the Collection Account on the Quarterly Distribution Date, which will become part of Available Funds on such Quarterly Distribution Date. (iii) [Reserved].

Floor Income Rebate Account. (i) On or before the 25th of each Monthly Allocation Datemonth, the Administrator will instruct the Indenture Trustee to transfer from the Collection Account to the Floor Income Rebate Account the monthly accrual of interest paid by borrowers on Trust Student Loans originated on or after April 1, 2006 that exceeds the special allowance support levels applicable to such Trust Student Loans (“Floor Income”). Such deposits will be used to offset the amount of Floor Income, if any, that is expected to be netted by the Department against the Interest Subsidy Payments and/or Special Allowance Payments otherwise due to the Issuer for that Collection Period. (ii) At the end of each Collection Period, the Administrator will instruct the Indenture Trustee to transfer all sums deposited into the Floor Income Rebate Account Administration Agreement during the immediately preceding Collection Period to the Collection Account on the Quarterly related Distribution Date, which will become part of Available Funds on such Quarterly Distribution Date. (iii) [Reserved].

Floor Income Rebate Account. (i) On or before each Monthly Allocation Date, the Administrator will instruct the Indenture Trustee to transfer from the Collection Account to the Floor Income Rebate Account the monthly accrual of interest paid by borrowers on Trust Student Loans originated on or after April 1, 2006 that exceeds the special allowance support levels applicable to such Trust Student Loans (“Floor Income”). Such deposits will be used to offset the amount of Floor Income, if any, that is expected to be netted by the Department against the Interest Subsidy Payments and/or Special Allowance Payments otherwise due to the Issuer for that Collection Period. (ii) At the end of each Collection Period, the Administrator will instruct the Indenture Trustee to transfer all sums deposited into the Floor Income Rebate Account during the immediately preceding Collection Period to the Collection Account on the Quarterly Distribution Date, which will become part of Available Funds on such Quarterly Distribution Date. (iii) [Reserved].

Floor Income Rebate Account. (i) On or before each Monthly Allocation Date, the Administrator will instruct the Indenture Trustee to transfer from the Collection Account to the Floor Income Rebate Account the monthly accrual of interest paid by borrowers on Trust Student Loans originated on or after April 1, 2006 that exceeds the special allowance support levels applicable to such Trust Student Loans (“Floor Income”). Such deposits will be used to offset the amount of Floor Income, if any, that is expected to be netted by the Department against the Interest Subsidy Payments and/or Special Allowance Payments otherwise due to the Issuer for that Collection Period. (ii) At the end of each Collection Period, the Administrator will instruct the Indenture Trustee to transfer all sums deposited into the Floor Income Rebate Account during the immediately preceding Collection Period to the Collection Account on the Quarterly Distribution Date, which will become part of Available Funds on such Quarterly Distribution Date. (iii) [Reserved].