Examples of Add-On Consolidation Loan in a sentence
On the Closing Date, the Issuer shall deposit the Add-On Consolidation Loan Account Initial Deposit into the Add-On Consolidation Loan Account.
During the Consolidation Loan Add-On Period, the Servicer, upon receiving a Request to include Add-On Consolidation Loan(s) with an existing Trust Student Loan shall cause the Indenture Trustee to remit payment for such Add-On Consolidation Loan(s) to the applicable lender(s) in an amount equal to the outstanding principal balance of such Add-On Consolidation Loan(s), plus accrued and unpaid interest, if any, to the extent of sufficient amounts on deposit in the Add-On Consolidation Loan Account.
During the Consolidation Loan Add-On Period, the Servicer, upon receiving a Request to include Add-On Consolidation Loan(s) with an existing Consolidation Loan shall cause the Indenture Trustee to remit payment for such Add-On Consolidation Loan(s) to the applicable lender(s) in an amount equal to the outstanding principal balance of such Add-On Consolidation Loan(s), plus accrued and unpaid interest, if any, to the extent of sufficient amounts on deposit in the Add-On Consolidation Loan Account.
During the Consolidation Loan Add-On Period, the Servicer shall, upon receiving a Request to Add Loans to a Federal Consolidation Loan (Federal Family Education Loan Program) cause the Indenture Trustee to remit payment for such Add-On Consolidation Loan(s) to the applicable lender(s) in an amount equal to the outstanding principal balance of such Add-On Consolidation Loan(s), plus accrued and unpaid interest, if any, to the extent of sufficient amounts on deposit in the Add-On Consolidation Loan Account.
The Initial Payment for the Loans shall equal $2,477,301,875, equal to $2,563,348,750 (representing the sale price of the Notes less underwriters' discounts and fees), less $6,296,875 (representing the Reserve Account Initial Deposit), less $61,000,000 (representing the Capitalized Interest Account Initial Deposit), less $18,750,000 (representing the Add-On Consolidation Loan Account Initial Deposit) and less $0 (representing the Collection Account Initial Deposit).
During the Consolidation Loan Add-On Period, the Servicer, upon receiving a request to include Add-On Consolidation Loan(s) with an existing Trust Student Loan shall cause the Indenture Trustee to remit payment for such Add-On Consolidation Loan(s) to the applicable lender(s) in an amount equal to the outstanding principal balance of such Add-On Consolidation Loan(s), plus accrued and unpaid interest, if any, to the extent of sufficient amounts on deposit in the Add-On Consolidation Loan Account.
The Initial Payment for the Loans shall equal $__________ (equal to $__________ (representing the sale price of the Notes less underwriters’ discounts and fees), less $__________ (representing the Reserve Account Initial Deposit), less $__________ (representing the Collection Account Initial Deposit), less $__________ (representing the Capitalized Interest Account Deposit), less $__________ (representing the Add-On Consolidation Loan Account Initial Deposit).
On the fifth Business Day preceding each Monthly Servicing Payment Date that is not a Distribution Date, as applicable, the Administrator shall calculate all amounts required to be deposited into the Collection Account from the Reserve Account, the Capitalized Interest Account and the Add-On Consolidation Loan Account, and the amounts to be distributed therefrom on the related Monthly Servicing Payment Date.
Moneys on deposit in the Add-On Consolidation Loan Account of the Acquisition Fund shall be used, upon receipt by the Trustee of an Eligible Loan Acquisition Certificate, to acquire any Add-On Consolidation Loans at a price not in excess of 100% of the outstanding principal balance of such Eligible Loans, plus accrued interest.
The Trustee shall also deposit in the Add-On Consolidation Loan Account any other amounts specified in a Supplemental Indenture to be deposited therein.