Common use of Interest Rates; Principal Payments Clause in Contracts

Interest Rates; Principal Payments. (a) Each class of Reset Rate Notes will bear interest for each Reset Period at the rate set forth on Schedule A attached to the related Reset Rate Note as determined in accordance with Section 2(b) below; provided, that for the initial Reset Period, each class of the Reset Rate Notes will bear interest from the Closing Date through and including the related Initial Reset Date at the rate set forth in the first sentence of the definitions of "Class A-5A Rate" and "Class A-5B Rate," respectively. Interest on each class of Reset Rate Notes shall be payable by the Trust with respect to each quarterly Distribution Date at the priority level set forth in Section 2.7C of the Administration Agreement; provided, that if interest due to a class of 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 related Reset Rate Noteholders), as described in Section 10 below.

Appears in 1 contract

Samples: Administration Agreement (SLM Funding LLC)

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Interest Rates; Principal Payments. (a) Each class of Reset Rate Notes will bear interest for each related Reset Period at the rate set forth on Schedule A attached to the related Reset Rate Note as determined in accordance with Section 2(b) below; provided, provided that for the during each initial Reset Period, each class of the Reset Rate Notes will bear interest from the Closing Date through and including the related Initial Reset Date at the rate set forth in the first sentence of the definitions of "Class A-5A Rate" and "Class A-5B A-6 Rate," ” and “Class A-7A Rate,” respectively. Interest on each class of Reset Rate Notes shall be payable by the Trust with respect to each quarterly Distribution Date at the priority level set forth in Section 2.7C 2.8(d) of the Administration Agreement; provided, provided that if interest due to a class of 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 related Reset Rate Noteholders), as described in Section 10 below.

Appears in 1 contract

Samples: SLM Student Loan Trust 2005-9

Interest Rates; Principal Payments. (a) Each class of Reset Rate Notes will bear interest for each related Reset Period at the rate set forth on Schedule A attached to the related Reset Rate Note as determined in accordance with Section 2(b) below; provided, provided that for the during each initial Reset Period, each class of the Reset Rate Notes will bear interest from the Closing Date through and including the related Initial Reset Date at the rate set forth in the first sentence of the definitions of "Class A-5A Rate" and "Class A-5B A-3 Rate," ” and “Class A-5 Rate,” respectively. Interest on each class of Reset Rate Notes shall be payable by the Trust with respect to each quarterly Distribution Date at the priority level set forth in Section 2.7C 2.8(d) of the Administration Agreement; provided, provided that if interest due to a class of 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 related Reset Rate Noteholders), as described in Section 10 below.

Appears in 1 contract

Samples: Indenture (SLM Student Loan Trust 2005-7)

Interest Rates; Principal Payments. (a) Each class of Reset Rate Notes will bear interest for each related Reset Period at the rate set forth on Schedule A attached to the related Reset Rate Note as determined in accordance with Section 2(b) below; provided, provided that for the during each initial Reset Period, each class of the Reset Rate Notes will bear interest from the Closing Date through and including the related Initial Reset Date at the rate set forth in the first sentence of the definitions of "Class A-5A A-6A Rate" and "Class A-5B A-6B Rate," respectively. Interest on each class of Reset Rate Notes shall be payable by the Trust with respect to each quarterly Distribution Date at the priority level set forth in Section 2.7C 2.8(d) of the Administration Agreement; provided, provided that if interest due to a class of 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 related Reset Rate Noteholders), as described in Section 10 below.

Appears in 1 contract

Samples: Indenture (SLM Funding LLC)

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Interest Rates; Principal Payments. (a) Each class of Reset Rate Notes will bear interest for each related Reset Period at the rate set forth on Schedule A attached to the related Reset Rate Note as determined in accordance with Section 2(b) below; provided, provided that for the during each initial Reset Period, each class of the Reset Rate Notes will bear interest from the Closing Date through and including the related Initial Reset Date at the rate set forth in the first sentence of the definitions of "Class A-5A A-5 Rate" and "Class A-5B A-6 Rate," respectively. Interest on each class of Reset Rate Notes shall be payable by the Trust with respect to each quarterly Distribution Date at the priority level set forth in Section 2.7C 2.8(d) of the Administration Agreement; provided, provided that if interest due to a class of 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 related Reset Rate Noteholders), as described in Section 10 below.

Appears in 1 contract

Samples: Indenture (SLM Funding LLC)

Interest Rates; Principal Payments. (a) Each class of Reset Rate Notes will bear interest for each related Reset Period at the rate set forth on Schedule A attached to the related Reset Rate Note as determined in accordance with Section 2(b) below; provided, provided that for the during each initial Reset Period, each class of the Reset Rate Notes will bear interest from the Closing Date through and including the related Initial Reset Date at the rate set forth in the first sentence of the definitions of "Class A-5A Rate" and "Class A-5B A-6B Rate," ” and “Class A-6C Rate,” respectively. Interest on each class of Reset Rate Notes shall be payable by the Trust with respect to each quarterly Distribution Date at the priority level set forth in Section 2.7C 2.8(d) of the Administration Agreement; provided, provided that if interest due to a class of 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 related Reset Rate Noteholders), as described in Section 10 below.

Appears in 1 contract

Samples: Indenture (SLM Student Loan Trust 2006-5)

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