Interest Accruing. Each Financed Student Loan is accruing interest (whether or not such interest is being paid currently, by the Borrower or by the Department, or is being capitalized) at the maximum interest rate permitted by the Higher Education Act and qualifies for Special Allowance Payments, except as expressly permitted by the Basic Documents.
Appears in 9 contracts
Samples: Loan Sale Agreement (Usa Group Secondary Market Services Inc), Loan Sale Agreement (Wells Fargo Student Loans Receivables I LLC), Loan Sale Agreement (SMS Student Loan Trust 2000-A)
Interest Accruing. Each Financed Student Loan is accruing interest (whether or not such interest is being paid currently, by the Borrower Obligor or by the Department, or is being capitalized) at the maximum interest rate permitted by the Higher Education Act and qualifies for Special Allowance Payments), except as otherwise expressly permitted by the Basic Documents.
Appears in 7 contracts
Samples: Transfer and Servicing Agreement (PNC Bank National Association/), Third Supplemental Sale and Servicing Agreement (Classnotes Trust 1995-1 Asset Backed Ser 1996-2), Transfer and Servicing Agreement (PNC Student Loan Trust I)
