Interest Account. Borrower authorizes Agent to record in an account or accounts maintained by Agent on its books (the "Interest Account") (i) the interest rates applicable to all Loans and the effective dates of all changes thereto, (ii) the Interest Period for each LIBOR Loan, (iii) the date and amount of each principal and interest payment on each Loan and (iv) such other information as Agent may determine is necessary for the computation of interest payable by Borrower hereunder.
Interest Account. On or before each Interest Payment Date, the Trustee shall set aside from the Revenue Fund and deposit in the Interest Account that amount of money which is equal to the amount of interest becoming due and payable on all Outstanding Bonds on such Interest Payment Date. No deposit need be made in the Interest Account if the amount contained therein and available to pay interest on the Bonds is at least equal to the aggregate amount of interest becoming due and payable on all Outstanding Bonds on such Interest Payment Date. All money in the Interest Account shall be used and withdrawn by the Trustee solely for the purpose of paying the interest on the Bonds as it shall become due and payable (including accrued interest on any Bonds purchased or redeemed prior to maturity).
Interest Account. 8 TRANSFERS AMONG ACCOUNTS...................................................9 SURRENDERING OR WITHDRAWING PART OF YOUR ACCOUNT VALUE....................10 CHARGES...................................................................10
Interest Account. With respect to each series of ---------------- Class A Notes or Class B Notes, the Trustee shall, upon delivery to the original purchasers thereof and from the proceeds thereof, credit to the Interest Account the amount, if any, specified in the Supplemental Indenture providing for the issuance of such series of Notes. The Trustee shall also deposit in the Interest Account (i) that portion of the proceeds from the sale of Financed Student Loans as is specified in Section 4.2 hereof, (ii) that portion of the proceeds from the sale of the Corporation's bonds, notes or other evidences of indebtedness, if any, to be used to pay interest on the Class A Notes or the Class B Notes, (iii) all Counterparty Swap Payments, (iv) all payments under any Credit Enhancement Facilities by Credit Facility Providers to be used to pay interest on Class A Notes or Class B Notes, and (v) all amounts required to be transferred thereto from the Funds and Accounts specified in the last sentence of the following paragraph. The moneys in the Interest Account shall be invested in Investment Securities as provided in Section 4.11 hereof, and any earnings on or income from such investments shall be deposited in the Revenue Fund as provided in Section 4.6 hereof. To provide for the payment of each installment of interest which falls due upon Class A Notes or Class B Notes on each regularly scheduled Interest Payment Date and all Corporation Swap Payments and fees to a Credit Facility Provider payable on such Interest Payment Date, the Trustee shall make six (6) equal monthly deposits to the credit of the Interest Account not later than the six (6) Monthly Payment Dates preceding such Interest Payment Date, to aggregate the full amount of such interest, payment and fees, except that if the first such Interest Payment Date occurs in six (6) months and fifteen (15) days or less from the date on which the Class A Notes or Class B Notes of such series are delivered to the initial purchasers thereof, then the Trustee shall make equal monthly deposits to the credit of the Interest Account not later than each Monthly Payment Date beginning with the calendar month following the calendar month in which such Notes are delivered to the initial purchasers and ending with the last such Monthly Payment Date prior to such first Interest Payment Date (provided, however, with respect to any Variable Rate Notes, deposits shall be made in an amount equal to the interest accrued on such Notes from the last...
Interest Account. The Trustee, on each Interest Payment Date, shall withdraw and apply from moneys on deposit in the Interest Account an amount which shall be sufficient to pay interest payable on the outstanding Bonds on such Interest Payment Date.
Interest Account. Borrower authorizes Lender to record in an account or accounts maintained by Lender on its books (the “Interest Account”) (i) the interest rates applicable to all Revolving Loans and the effective dates of all changes thereto, (ii) the date and amount of each principal and interest payment on each Revolving Loan and (iii) such other information as Lender may determine is necessary for the computation of interest payable by Borrower hereunder.
Interest Account. 13 Section 3.03. Principal Account.....................................13 Section 3.04. Reserve Account.......................................14 Section 3.05. Distributions.........................................14 Section 3.06. Distribution Statements...............................16 Section 3.07.
Interest Account. The Trustee shall collect the interest on the Bonds as it becomes payable (including all interest accrued but unpaid prior to the date of deposit of the Bonds in trust and including that part of the proceeds of the sale, liquidation, redemption or maturity of any Bonds or insurance on any Bonds which represents accrued interest thereon and including all moneys representing penalties for the failure to make timely payments on the Bonds, or as liquidated damages for default or breach of any conditions or term of the Bonds or of any instrument underlying such Bonds) and credit such interest to a separate account to be known as the "Interest Account."
Interest Account. On or before each Interest Payment Date, the Trustee shall deposit in the Interest Account an amount required to cause the aggregate amount on deposit in the Interest Account to equal the amount of interest becoming due and payable on such Interest Payment Date on all Outstanding Bonds and any Additional Bonds. No deposit need be made into the Interest Account if the amount contained therein is at least equal to the interest becoming due and payable upon all Outstanding Bonds and any Additional Bonds on each succeeding Interest Payment Date within the then current Bond Year. All moneys in the interest Account shall be used and withdrawn by the Trustee solely for the purpose of paying the interest on the Bonds and any Additional Bonds as it shall become due and payable (including accrued interest on any Bonds and any Additional Bonds redeemed prior to maturity).
Interest Account. Subject to the succeeding sentence, on each Interest Payment Date, the Trustee shall apply the amount of monies then credited to the Interest Account equal to the interest then payable on the Bonds to the payment of such interest on such Interest Payment Date. In the event a Direct-Pay Credit Facility is in place and payments are required to be made in the order specified in Section 9.02 (a)(ii), the Trustee shall request a draw, borrowing or payment under the Direct-Pay Credit Facility in accordance with the terms thereof in an amount equal to the amount required to pay the interest payable on the Outstanding Bonds on such Interest Payment Date and shall notify the Company of the amount and date of such request. If sufficient funds are not available under Section 9.02(a)(ii)(I) to pay such interest, the Trustee shall apply funds, if any, available pursuant to Section 9.02(a)(ii)(II), to the extent necessary, to such payment of interest. If the interest on the Bonds has been paid in full when due and all payments required under the Direct-Pay Credit Facility have been made, the Trustee shall apply remaining funds, if any, available pursuant to Section 9.02(a)(ii)(II) in an amount not to exceed the amount of the draw or borrowing under the Direct-Pay Credit Facility to reimburse the Credit Facility Issuer for such draw or borrowing after such draw or borrowing has been honored by the Credit Facility Issuer.
