Interest Rates; Principal Payments. (a) The Reset Rate Notes will bear interest for each Reset Period at the rate set forth on Schedule A attached to the Reset Rate Note as determined in accordance with Section 2(b) below; provided, that for the initial Reset Period, the Reset Rate Notes will bear interest from the Closing Date through and including the Initial Reset Date at the rate set forth in the first sentence of the definitions of “Class A-[·] Rate”. Interest on the Reset Rate Notes shall be payable by the Trust with respect to each Distribution Date at the priority level set forth in Section 2.8(d) of the Administration Agreement; provided, that if interest due to the Reset Rate Notes is payable through a Swap Agreement, the related Swap Interest Payments will be payable by the Trust to the related Swap Counterparty, and by the Swap Counterparty to the Trust (for payment to the Reset Rate Noteholders), as described in Section 10 below.
Appears in 2 contracts
Samples: Indenture (SLM Funding LLC), Indenture (SLM Funding LLC)
Interest Rates; Principal Payments. (a) The Reset Rate Notes will bear interest for each related Reset Period at the rate set forth on Schedule A attached to the Reset Rate Note Notes as determined in accordance with Section 2(b) below; provided, provided that for the during their initial Reset Period, the Reset Rate Notes will bear interest from the Closing Date through and including the Initial Reset Date at the rate set forth in the first sentence of the definitions definition of “Class A-[·] A-5 Rate”. .” Interest on the Reset Rate Notes shall be payable by the Trust with respect to each Distribution Date at the priority level set forth in Section 2.8(d) of the Administration Agreement; provided, provided that if interest due to the Reset Rate Notes is payable through a Swap Agreement, the related Swap Interest Payments will be payable by the Trust to the related Swap Counterparty, and by the Swap Counterparty to the Trust (for payment to the Reset Rate Noteholders), as described in Section 10 below.
Appears in 1 contract
Samples: SLM Student Loan Trust 2005-5
Interest Rates; Principal Payments. (a) The Reset Rate Notes will bear interest for each Reset Period at the rate set forth on Schedule A attached to the Reset Rate Note as determined in accordance with Section 2(b) below; provided, that for the initial Reset Period, the Reset Rate Notes will bear interest from the Closing Date through and including the Initial Reset Date at the rate set forth in the first sentence of the definitions of “Class A-[·] A-7 Rate”. Interest on the Reset Rate Notes shall be payable by the Trust with respect to each Distribution Date at the priority level set forth in Section 2.8(d) of the Administration Agreement; provided, that if interest due to the Reset Rate Notes is payable through a Swap Agreement, the related Swap Interest Payments will be payable by the Trust to the related Swap Counterparty, and by the Swap Counterparty to the Trust (for payment to the Reset Rate Noteholders), as described in Section 10 below.
Appears in 1 contract
Samples: Indenture (SLM Funding LLC)
Interest Rates; Principal Payments. (a) The Reset Rate Notes will bear interest for each Reset Period at the rate set forth on Schedule A attached to the Reset Rate Note as determined in accordance with Section 2(b) below; provided, that for the initial Reset Period, the Reset Rate Notes will bear interest from the Closing Date through and including the Initial Reset Date at the rate set forth in the first sentence of the definitions of “Class A-[·] A-6 Rate”. Interest on the Reset Rate Notes shall be payable by the Trust with respect to each Distribution Date at the priority level set forth in Section 2.8(d) of the Administration Agreement; provided, that if interest due to the Reset Rate Notes is payable through a Swap Agreement, the related Swap Interest Payments will be payable by the Trust to the related Swap Counterparty, and by the Swap Counterparty to the Trust (for payment to the Reset Rate Noteholders), as described in Section 10 below.
Appears in 1 contract
Samples: Indenture (SLM Funding LLC)
Interest Rates; Principal Payments. (a) The Reset Rate Notes will bear interest for each Reset Period at the rate set forth on Schedule A attached to the Reset Rate Note as determined in accordance with Section 2(b) below; provided, provided that for the initial Reset Period, the Reset Rate Notes will bear interest from the Closing Date through and including the Initial Reset Date at the rate set forth in the first sentence of the definitions definition of “"Class A-[·] A-6 Rate”". Interest on the Reset Rate Notes shall be payable by the Trust with respect to each Distribution Date at the priority level set forth in Section 2.8(d) of the Administration Agreement; provided, provided that if interest due to the Reset Rate Notes is payable through a Swap Agreement, the related Swap Interest Payments will be payable by the Trust to the related Swap Counterparty, and by the Swap Counterparty to the Trust (for payment to the Reset Rate Noteholders), as described in Section 10 below.
Appears in 1 contract
Samples: Indenture (SLM Funding LLC)
Interest Rates; Principal Payments. (a) The Reset Rate Notes will bear interest for each related Reset Period at the rate set forth on Schedule A attached to the Reset Rate Note Notes as determined in accordance with Section 2(b) below; provided, provided that for the during their initial Reset Period, the Reset Rate Notes will bear interest from the Closing Date through and including the Initial Reset Date at the rate set forth in the first sentence of the definitions definition of “Class A-[·] A-5B Rate”. .” Interest on the Reset Rate Notes shall be payable by the Trust with respect to each Distribution Date at the priority level set forth in Section 2.8(d) of the Administration Agreement; provided, provided that if interest due to the Reset Rate Notes is payable through a Swap Agreement, the related Swap Interest Payments will be payable by the Trust to the related Swap Counterparty, and by the Swap Counterparty to the Trust (for payment to the Reset Rate Noteholders), as described in Section 10 below.
Appears in 1 contract
Samples: SLM Student Loan Trust 2005-6
Interest Rates; Principal Payments. (ab) The Reset Rate Notes will bear interest for each related Reset Period at the rate set forth on Schedule A attached to the Reset Rate Note Notes as determined in accordance with Section 2(b) below; provided, provided that for the during their initial Reset Period, the Reset Rate Notes will bear interest from the Closing Date through and including the Initial Reset Date at the rate set forth in the first sentence of the definitions definition of “Class A-[·] A-4 Rate”. .” Interest on the Reset Rate Notes shall be payable by the Trust with respect to each Distribution Date at the priority level set forth in Section 2.8(d) of the Administration Agreement; provided, provided that if interest due to the Reset Rate Notes is payable through a Swap Agreement, the related Swap Interest Payments will be payable by the Trust to the related Swap Counterparty, and by the Swap Counterparty to the Trust (for payment to the Reset Rate Noteholders), as described in Section 10 below.
Appears in 1 contract
Samples: SLM Student Loan Trust 2005-8