Student Loan Rate for any Accrual Period shall equal the product of (a) the quotient obtained by dividing (i) 365 (or 366 in the case of a leap year) by (ii) the actual number of days elapsed in such Accrual Period and (b) the percentage equivalent of a fraction, (i) the numerator of which is equal to Expected Interest Collections for the related Collection Period less the Primary Servicing Fee, the Administration Fee and any prior unpaid Administration Fees with respect to such Collection Period and (ii) the denominator of which is the Pool Balance as of the first day of such Collection Period. Each holder of this Trust Certificate acknowledges and agrees that its rights to receive distributions in respect of this Trust Certificate from Available Funds and amounts on deposit in the Reserve Account are subordinated to the rights of the Noteholders as described in the Trust Agreement, the Indenture and the Administration Agreement. It is the intent of the Depositor, the Certificateholders and the Certificate Owners that, for purposes of Federal, state and local income and franchise and any other income taxes, the Trust will be treated as a partnership and the Certificateholders (including the Depositor in its capacity as Certificateholder and as recipient of distributions from the Reserve Account) will be treated as partners in that partnership. The Depositor and the other Certificateholders by acceptance of a Trust Certificate (and the Certificate Owners by acceptance of a beneficial interest in a Trust Certificate), agree to treat, and to take no action inconsistent with the treatment of, the Trust Certificates for such tax purposes as partnership interests in the Trust. Each Certificateholder or Certificate Owner, by its acceptance of a Trust Certificate or, in the case of a Certificate Owner, a beneficial interest in a Trust Certificate, covenants and agrees that such Certificateholder or Certificate Owner, as the case may be, will not at any time institute against the Depositor or the Trust, or join in any institution against the Depositor or the Trust of, any bankruptcy, reorganization, arrangement, insolvency, receivership or liquidation proceedings, or other proceedings under any United States Federal or state bankruptcy or similar law in connection with any obligations relating to the Trust Certificates, the Notes, the Trust Agreement or any of the other Basic Documents. Distributions on this Trust Certificate will be made as provided in the Trust Agreement by the E...
Student Loan Rate means for any class of Securities for any Interest Period a rate equal to the product of (a) the quotient obtained by dividing (i) 365 (or 366 in a leap year) by (ii) the actual number of days elapsed in such Interest Period and (b) the percentage equivalent of a fraction, (i) the numerator of which is equal to Expected Interest Collections for the Collection Period relating to such Interest Period less the Servicing Fees and the Administration Fee payable on the related Distribution Date and any Servicing Fees paid on the two preceding Monthly Servicing Payment Dates during the related Collection Period and (ii) the denominator of which is the outstanding principal balance of the Securities as of the first day of such Interest Period.
Student Loan Rate means, respect to any Accrual Period applicable to the Auction Rate Notes, the rate of interest per annum (rounded to the next highest one-hundredth of one percent) equal to (i) the weighted average Effective Interest Rate of the Trust Student Loans for the calendar quarter immediately preceding such Accrual Period, as determined by the Issuer on the last day of such calendar quarter, less (ii) the Expense Percentage, as determined by the Issuer on the last day of each calendar year. The determinations made by the Issuer in (b)(i) and (ii) of this definition of "Student Loan Rate" shall be given in writing to the Auction Agent, the Indenture Trustee and the Broker-Dealers immediately upon their respective calculation dates.
Examples of Student Loan Rate in a sentence
Floating Rate Payments: A-2 Cap Rate: Adjusted Student Loan Rate.
Floating Rate Payments: A-1 Cap Rate: Adjusted Student Loan Rate.
If the Auction Rate for the Auction Rate Notes is greater than the Student Loan Rate, then the Variable Rate applicable to such Auction Rate Notes for that Accrual Period will be the Student Loan Rate and the Issuer shall determine the Carry-over Amount, if any, with respect to such Auction Rate Notes for such Accrual Period.
In connection therewith, the Administrator shall calculate Three-Month LIBOR, the Class A-1 Note LIBOR Rate, the Class A-2 Note LIBOR Rate, the Subordinate Note LIBOR Rate and the Adjusted Student Loan Rate in accordance with the respective definitions thereof.
Floating Rate Payments: A-3 Cap Rate: Adjusted Student Loan Rate.
More Definitions of Student Loan Rate
Student Loan Rate means for any Class of Securities for any Interest Period will equal the product of (a) the quotient obtained by dividing (i) 365 (or 366 in a leap year) by (ii) the actual number of days elapsed in such Interest Period and (b) the percentage equivalent of a fraction, (i) the numerator of which is equal to Expected Interest Collections for the Collection Period relating to such Interest Period, plus any Net Trust Swap Receipt actually received by the Trust with respect to the related Collection Period, less the sum of the Master Servicing Fees, the premiums due to the Securities Insurer and the Administration Fee payable on the related Distribution Date and any Master Servicing Fees paid on the two preceding Monthly Servicing Payment Dates during the related Collection Period, minus any Net Trust Swap Payment due to the Swap Counterparty for the related Collection Period, and (ii) the denominator of which is the outstanding principal balance of the Securities as of the first day of such Interest Period. Pursuant to the Sale and Servicing Agreement, the Administrator shall determine the Three-Month LIBOR for purposes of calculating the Note Interest Rates for each given Interest Period. "Three-Month LIBOR" means the London interbank offered rate for deposits in U.S. dollars having a maturity of three months commencing on the related LIBOR Determination Date (the "Index Maturity") which appears on Telerate Page 3750 (or such comparable page on another comparable service), as of 11:00 a.m., London time, on such LIBOR Determination Date. If such rate does not appear on Telerate Page 3750 (or such comparable page on another comparable service), the rate for that day will be determined on the basis of the rates at which deposits in U.S. dollars, having the Index Maturity and in a principal amount of not less than U.S. $1,000,000, are offered at approximately 11:00 a.m., London time, on such LIBOR Determination Date to prime banks in the London interbank market by the Reference Banks. The Administrator will request the principal London office of each of such Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that day will be the arithmetic mean of the quotations. If fewer than two quotations are provided, the rate for that day will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Administrator, at approximately 11:00 a.m., New York City time, on such LIBOR Deter...
Student Loan Rate for any Accrual Period shall equal the product of (a) the quotient obtained by dividing (i) 365 (or 366 in the case of a leap year) by (ii) the actual number of days elapsed in such Accrual Period and (b) the percentage equivalent of a fraction, (i) the numerator of which is equal to Expected Interest Collections for the Collection Period relating to such Accrual Period less the Primary Servicing Fee and the Administration Fee with respect to such Collection Period, and (ii) the denominator of which is the Pool Balance as of the first day of such Collection Period. Any Note Interest Carryover that may exist on any Distribution Date attributable to the Notes shall be payable to the Noteholders on that Distribution Date and any succeeding Distribution Dates, solely out of the funds available and required to be applied thereto pursuant to the Administration Agreement. Payments of interest on this Note on each Distribution Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register on the Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency, unless Definitive Notes have been issued (initially, such nominee to be Cede & Co.), payments shall be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment, and the mailing of such check shall constitute payment of the amount thereof regardless of whether such check is returned undelivered. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Distribution Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, shall notify the Person wh...
Student Loan Rate means for any Class of Group I Notes for any Interest Period will equal the product of (a) the quotient obtained by dividing (i) 365 (or 366 in a leap year) by (ii) the actual number of days elapsed in such Interest Period and (b) the percentage equivalent of a fraction, (i) the numerator of which is equal to Expected Interest Collections for the Group I Student Loans for the Collection Period relating to such Interest Period, plus any Net Trust Swap Receipt (with respect to the Group I Interest Rate Swap) actually received by the Trust with respect to the related Collection Period, less the sum of the related Master Servicing Fees, the Administration Fee allocated to the Group I Notes payable on the related Distribution Date and any related Master Servicing Fees paid on the two preceding Monthly Servicing Payment Dates during the related Collection Period, minus any Net Trust Swap Payment (with respect to the Group I Interest Rate Swap) due to the Swap Counterparty for the related Collection Period, and (ii) the denominator of which is the outstanding principal balance of the Group I Notes as of the first day of such Interest Period.
Student Loan Rate means for any Class of Notes for any Interest Period will equal the product of (a) the quotient obtained by dividing (i) 365 (or 366 in a leap year) by (ii) the actual number of days elapsed in such Interest Period and (b) the percentage equivalent of a fraction, (i) the numerator of which is equal to Expected Interest Collections for the Group I Student Loans for the Collection Period relating to such Interest Period, plus any Net Trust Swap Receipt (with respect to the Group I Interest Rate Swap) actually received by the Trust with respect to the related Collection Period, less the sum of the related Master Servicing Fees, the Administration Fee allocated to the Group I Notes payable on the related Distribution Date and any related Master Servicing Fees paid on the two preceding Monthly Servicing Payment Dates during the related Collection Period, minus any Net Trust Swap Payment (with respect to the Group I Interest Rate Swap) due to the Swap Counterparty for the related Collection Period, and (ii) the denominator of which is the outstanding principal balance of the Group I Notes as of the first day of such Interest Period. Pursuant to the Sale and Servicing Agreement, the Administrator shall determine the Three-Month LIBOR for purposes of calculating the Note Interest Rates for each given Interest Period. "Three-Month LIBOR" means the London interbank offered rate for deposits in U.S. dollars having a maturity of three months commencing on the related LIBOR Determination Date (the "Index Maturity") which appears on Telerate Page 3750 (or such comparable page on another comparable service), as of 11:00 a.m., London time, on such LIBOR Determination Date. If such rate does not appear on Telerate Page 3750 (or such comparable page on another comparable service), the rate for that day will be determined on the basis of the rates at which deposits in U.S. dollars, having the Index Maturity and in a principal amount of not less than U.S. $1,000,000, are offered at approximately 11:00 a.m., London time, on such LIBOR Determination Date to prime banks in the London interbank market by the Reference Banks. The Administrator will request the principal London office of each of such Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that day will be the arithmetic mean of the quotations. If fewer than two quotations are provided, the rate for that day will be the arithmetic mean of the rates quoted by maj...
Student Loan Rate for any Quarterly Interest Period will equal the product of (a) the quotient obtained by dividing (i) 365 (366 in the case of a leap year) by (ii) the actual number of days elapsed in such Quarterly Interest Period and (b) the percentage equivalent of a fraction (i) the numerator of which is equal to the sum of the Expected Interest Collections and, if the Swap Agreement is still in effect, the Net Trust Swap Receipt, if any, for such Quarterly Interest Period less the sum of the Servicing Fee, the Administration Fee and, if the Swap Agreement is still in effect, the Net Trust Swap Payment, if any, with respect to such Quarterly Interest Period and the denominator of which is the aggregate principal amount of the Notes outstanding as of the last day of such Quarterly Interest Period. Pursuant to the Administration Agreement, the Administrator will determine Three-Month LIBOR for purposes of calculating the Class A-1 Note LIBOR Rate for (a) each Quarterly Interest Period other than the initial Quarterly Interest Period on the second business day prior to the commencement of each LIBOR Reset Period within such Quarterly Interest Period (or, in the case of the initial LIBOR Reset Period, on the second business day prior the Closing Date) and (b) with respect to the initial Quarterly Interest Period, as determined pursuant to clause (a) for the period from the Closing Date to but excluding July 28, 1999 and as determined on the second business day prior to July 28, 1999 for the period from July 28, 1999 to but excluding October 28, 1999 (each, a "LIBOR Determination Date"). For purposes of calculating Three-Month LIBOR, a business day is any day on which banks in The City of New York and the City of London are open for the transaction of international business. Interest due for any Quarterly Interest Period will be determined based on the actual number of days in such Quarterly Interest Period over a 360-day year.
Student Loan Rate means for any Class of Securities for any Interest Period a rate equal to the product of (a) the quotient obtained by dividing (i) 365 (or 366 in a leap year) by (ii) the actual number of days elapsed in such Interest Period and (b) the percentage equivalent of a fraction, (i) the numerator of which is equal to Expected Interest Collections for the Collection Period relating to such Interest Period, plus any Net Trust Swap Receipt actually received by the Trust with respect to the related Collection Period, less the sum of the Master Servicing Fees, the premiums due to the Securities Insurer and the Administration Fee payable on the related Distribution Date and any Master Servicing Fees paid on the two preceding Monthly Servicing Payment Dates during the related Collection Period, minus any Net Trust Swap Payment due to the Swap Counterparty for the related Collection Period, and (ii) the denominator of which is the outstanding principal balance of the Securities as of the first day of such Interest Period.
Student Loan Rate means for any Class of Securities for any Interest Period a rate equal to the product of (a) the quotient obtained by dividing (i) 365 (or 366 in a leap year) by (ii) the actual number of days elapsed in such Interest Period and (b) the percentage equivalent of a fraction, (i) the numerator of which is equal to Expected Interest Collections for the Collection Period relating to such Interest Period less the Master Servicing Fees and the Administration Fee payable on the related Distribution Date and any Master Servicing Fees paid on the two preceding Monthly Servicing Payment Dates during the related Collection Period and (ii) the denominator of which is the outstanding principal balance of the Securities as of the first day of such Interest Period.