SERIES 1996A NOTE AND SERIES 1996B NOTE DETAILS Sample Clauses

SERIES 1996A NOTE AND SERIES 1996B NOTE DETAILS. (a) (i) The aggregate principal amount of the Series 1996A Notes which were initially authenticated and delivered under this Indenture was limited to $107,700,000, consisting of $96,600,000 of Class 1996A Notes and $11,100,000 of Class 1996B Notes, except for Series 1996A Notes authenticated and delivered upon transfer of, or in exchange for, or in lieu of Notes pursuant to Sections 2.03 and 2.04 hereof. In addition, the Class 1996A Notes were issued in two (2) separate subclasses (each a "subclass" of the Class 1996A Notes) consisting of $48,300,000 of Class 1996A-1 Notes and $48,300,000 of Class 1996A-2 Notes. The Class 1996A-1 Notes and the Class 1996A-2 Notes are known and designated as "Union Financial Services-1, Inc., Taxable Student Loan Asset-Backed Notes, Class 1996A Senior Auction Rate Securities-SM- (ARS-SM-)" with the appropriate -1 or -2 designation and the Class 1996B Notes are known and designated as "Union Financial Services-1, Inc., Taxable Student Loan Asset-Backed Notes, Class 1996B Subordinate LIBOR Rate." The Series 1996A Notes were issuable only as fully registered notes in the Authorized Denominations of $100,000 or any integral multiple thereof. The Series 1996A Notes of each class and subclass are each lettered "R" and numbered separately from 1 upwards. The Class 1996A Notes (also known as "Auction Notes") are dated their Date of Issuance and bear interest payable on each Interest Payment Date for such subclass, except that Auction Notes issued upon transfer, exchange or other replacement shall bear interest from the most recent Interest Payment Date to which interest has been paid, or if no interest has been paid, from the Date of Issuance. The Class 1996A-1 Notes shall mature on July 1, 2014 and the Class 1996A-2 Notes shall mature on July 1, 2014. Interest on the Class 1996A-1 Notes and the Class 1996A-2 Notes shall be computed on the basis of a 360-day year and actual days elapsed. The terms of and definitions related to the Auction Notes are found in Appendix A hereto. The Class 1996B Notes are dated their Date of Issuance and bear interest, payable on each Interest Payment Date, commencing April 1, 1996, except that Class 1996B Notes which are issued upon transfer, exchange or other replacement shall bear interest from the most recent Interest Payment Date to which interest has been paid, or if no interest has been paid, from the date of the Class 1996B Notes. The Class 1996B Notes shall mature on July 1, 2014 in the princi...