Common use of Capitalized Interest Account Clause in Contracts

Capitalized Interest Account. On the Closing Date, the Issuer shall deposit the Capitalized Interest Account Initial Deposit into the Capitalized Interest Account. (i) In the event that the Available Funds, less the Principal Distribution Amounts, are insufficient to make the payments described under Sections 2.8(a) through 2.8(d) on a Distribution Date (prior to any distributions from amounts on deposit in the Reserve Account), the Administrator shall instruct the Indenture Trustee in writing to withdraw from the Capitalized Interest Account an amount equal to such deficiencies, to the extent of funds available therein, and to distribute such amount, as follows: (1) to the Servicer until it has received the full Primary Servicing Fee due on that Distribution Date; (2) to the Administrator until it has received the full Administration Fee due on that Distribution Date; and (3) to the Class A Noteholders, pro rata, based on the amounts of such shortfalls, until they have received the Class A Noteholders’ Interest Distribution Amount for that Distribution Date and second, so long as the events described in sub-clauses (i) and (ii) of clause (x) of Section 2.8 have not occurred, to the Class B Noteholders until they have received the Class B Noteholders’ Interest Distribution Amount for that Distribution Date. Notwithstanding the foregoing, funds on deposit in the Capitalized Interest Account may be withdrawn by the Administrator at any time to pay any amounts owed to the Department in respect of any shortfalls in amounts on deposit in the Floor Income Rebate Account in respect of Interest Subsidy Payments and/or Special Allowance Payments on the Trust Student Loans. (ii) [Reserved]. (iii) After giving effect to Section 2.10(a)(i) above, on the Distribution Date in July 2013, the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts remaining in the Capitalized Interest Account and include such funds with other Available Funds on that Distribution Date.

Capitalized Interest Account. On the Closing Date, the Issuer shall deposit the Capitalized Interest Account Initial Deposit into the Capitalized Interest Account. (i) In the event that the Available Funds, less the Principal Distribution Amounts, are insufficient to make the payments described under Sections 2.8(a2.8(c) through and 2.8(d) on a Distribution Date (prior to any distributions from amounts on deposit in the Reserve Account), the Administrator shall instruct the Indenture Trustee in writing to withdraw from the Capitalized Interest Account an amount equal to such deficiencies, to the extent of funds available therein, and to distribute such amount, as follows: (1) to the Servicer until it has received the full Primary Servicing Fee due on that Distribution Date; (2) to the Administrator until it has received the full Administration Fee due on that Distribution Date; and (3) to the Class A Noteholders, pro rata, based on the amounts of such shortfalls, to the Class A Noteholders until they have received the Class A Noteholders’ Interest Distribution Amount for that Distribution Date Date; and second, (4) so long as the events described in sub-clauses (i) and (ii) of clause paragraph (x) of Section 2.8 have not occurred, to the Class B Noteholders until they have received the Class B Noteholders’ Interest Distribution Amount for that Distribution Date. Notwithstanding the foregoing, funds on deposit in the Capitalized Interest Account may be withdrawn by the Administrator at any time to pay any amounts owed to the Department in respect of any shortfalls in amounts on deposit in the Floor Income Rebate Account in respect of Interest Subsidy Payments and/or Special Allowance Payments on the Trust Student Loans. (ii) [Reserved]. (iii) After giving effect to Section 2.10(a)(i) above, (A) on the Distribution Date in July 2013[____] 20[__], the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts in excess of $[____] on deposit in the Capitalized Interest Account and include such funds with other Available Funds on that Distribution Date; and (B) on the Distribution Date in [____] 20[__], the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts remaining in the Capitalized Interest Account and include such funds with other Available Funds on that Distribution Date.

Capitalized Interest Account. On the Closing Date, the Issuer shall deposit the Capitalized Interest Account Initial Deposit into the Capitalized Interest Account. (i) In the event that the Available Funds, less the Principal Distribution Amounts, are insufficient to make the payments described under Sections 2.8(a2.8(c) through and 2.8(d) on a Quarterly Distribution Date (prior to any distributions from amounts on deposit in the Reserve Account), the Administrator shall instruct the Indenture Trustee in writing to withdraw from the Capitalized Interest Account an amount equal to such deficiencies, to the extent of funds available therein, and to distribute such amount, as follows: (1) to the Servicer until it has received the full Primary Servicing Fee due on that Quarterly Distribution Date; (2) to the Administrator until it has received the full Administration Fee due on that Quarterly Distribution Date; and (3) to the Class A Noteholders, pro rata, based on the amounts of such shortfalls, to the Class A Noteholders until they have received the Class A Noteholders’ Interest Distribution Amount for that Quarterly Distribution Date and second, so long as the events described in sub-clauses (i) and (ii) of clause (x) of Section 2.8 have not occurred, to the Class B Noteholders until they have received the Class B Noteholders’ Interest Distribution Amount for that Quarterly Distribution Date. Notwithstanding the foregoing, funds on deposit in the Capitalized Interest Account may be withdrawn by the Administrator at any time to pay any amounts owed to the Department in respect of any shortfalls in amounts on deposit in the Floor Income Rebate Account in respect of Interest Subsidy Payments and/or Special Allowance Payments on the Trust Student Loans. (ii) [Reserved]. (iii) After giving effect to Section 2.10(a)(i) above, on the Quarterly Distribution Date in July 20132009, the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts remaining in the Capitalized Interest Account and include such funds with other Available Funds on that Quarterly Distribution Date.

Capitalized Interest Account. On the Closing Date, the Issuer shall deposit the Capitalized Interest Account Initial Deposit into the Capitalized Interest Account. (i) In the event that the Available Funds, less the Principal Distribution Amounts, are insufficient to make the payments described under Sections 2.8(a2.8(c) through and 2.8(d) on a Quarterly Distribution Date (prior to any distributions from amounts on deposit in the Reserve Account), the Administrator shall instruct the Indenture Trustee in writing to withdraw from the Capitalized Interest Account an amount equal to such deficiencies, to the extent of funds available therein, and to distribute such amount, as follows: (1) to the Servicer until it has received the full Primary Servicing Fee due on that Quarterly Distribution Date; (2) to the Administrator until it has received the full Administration Fee due on that Quarterly Distribution Date; and (3) to the Class A Noteholders, pro rata, based on the amounts of such shortfalls, to the Class A Noteholders until they have received the Class A Noteholders’ Interest Distribution Amount for that Quarterly Distribution Date and second, so long as the events described in sub-clauses (i) and (ii) of clause (x) of Section 2.8 have not occurred, to the Class B Noteholders until they have received the Class B Noteholders’ Interest Distribution Amount for that Quarterly Distribution Date. Notwithstanding the foregoing, funds on deposit in the Capitalized Interest Account may be withdrawn by the Administrator at any time to pay any amounts owed to the Department in respect of any shortfalls in amounts on deposit in the Floor Income Rebate Account in respect of Interest Subsidy Payments and/or Special Allowance Payments on the Trust Student Loans. (ii) [Reserved]. (iii) After giving effect to Section 2.10(a)(i) above, on the Quarterly Distribution Date in July 2013October 2009, the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts remaining in the Capitalized Interest Account and include such funds with other Available Funds on that Quarterly Distribution Date.

Capitalized Interest Account. On the Closing Date, the Issuer shall deposit the Capitalized Interest Account Initial Deposit into the Capitalized Interest Account. (i) In the event that the Available Funds, less the Principal Distribution Amounts, are insufficient to make the payments described under Sections 2.8(a2.8(c) through and 2.8(d) on a Distribution Date (prior to any distributions from amounts on deposit in the Reserve Account), the Administrator shall instruct the Indenture Trustee in writing to withdraw from the Capitalized Interest Account an amount equal to such deficiencies, to the extent of funds available therein, and to distribute such amount, as follows: (1) to the Servicer until it has received the full Primary Servicing Fee due on that Distribution Date; (2) to the Administrator until it has received the full Administration Fee due on that Distribution Date; and (3) to the Class A Noteholders, pro rata, based on the amounts of such shortfalls, to the Class A Noteholders until they have received the Class A Noteholders’ Interest Distribution Amount for that Distribution Date Date; and second, (4) so long as the events described in sub-clauses (i) and (ii) of clause paragraph (x) of Section 2.8 have not occurred, to the Class B Noteholders until they have received the Class B Noteholders’ Interest Distribution Amount for that Distribution Date. Notwithstanding the foregoing, funds on deposit in the Capitalized Interest Account may be withdrawn by the Administrator at any time to pay any amounts owed to the Department in respect of any shortfalls in amounts on deposit in the Floor Income Rebate Account in respect of Interest Subsidy Payments and/or Special Allowance Payments on the Trust Student Loans.] (ii) [Reserved]. (iii) After giving effect to Section 2.10(a)(i) above, (A) on the Distribution Date in July 2013[____] 20[__], the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts in excess of $[____] on deposit in the Capitalized Interest Account and include such funds with other Available Funds on that Distribution Date; and (B) on the Distribution Date in [____] 20[__], the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts remaining in the Capitalized Interest Account and include such funds with other Available Funds on that Distribution Date.]

Capitalized Interest Account. On the Closing Date, the Issuer shall deposit the Capitalized Interest Account Initial Deposit into the Capitalized Interest Account. (i) In the event that the Available Funds, less the Principal Distribution Amounts, are insufficient to make the payments described under Sections 2.8(a) through 2.8(d) on a Distribution Date (prior to any distributions from amounts on deposit in the Reserve Account), the Administrator shall instruct the Indenture Trustee in writing to withdraw from the Capitalized Interest Account an amount equal to such deficiencies, to the extent of funds available therein, and to distribute such amount, as follows: (1) to the Servicer until it has received the full Primary Servicing Fee due on that Distribution Date; (2) to the Administrator until it has received the full Administration Fee due on that Distribution Date; and (3) to the Class A Noteholders, pro rata, based on the amounts of such shortfalls, until they have received the Class A Noteholders’ Interest Distribution Amount for that Distribution Date and second, so long as the events described in sub-clauses (i) and (ii) of clause (x) of Section 2.8 have not occurred, to the Class B Noteholders until they have received the Class B Noteholders’ Interest Distribution Amount for that Distribution Date. Notwithstanding the foregoing, funds on deposit in the Capitalized Interest Account may be withdrawn by the Administrator at any time to pay any amounts owed to the Department in respect of any shortfalls in amounts on deposit in the Floor Income Rebate Account in respect of Interest Subsidy Payments and/or Special Allowance Payments on the Trust Student Loans. (ii) [Reserved]. (iii) After giving effect to Section 2.10(a)(i) above, on the Distribution Date in July October 2013, the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts remaining in the Capitalized Interest Account and include such funds with other Available Funds on that Distribution Date.

Capitalized Interest Account. On the Closing Date, the Issuer shall deposit the Capitalized Interest Account Initial Deposit into the Capitalized Interest Account. (i) In the event that the Available Funds, less the Principal Distribution Amounts, are insufficient to make the payments described under Sections 2.8(a) through 2.8(d) on a Distribution Date (prior to any distributions from amounts on deposit in the Reserve Account), the Administrator shall instruct the Indenture Trustee in writing to withdraw from the Capitalized Interest Account an amount equal to such deficiencies, to the extent of funds available therein, and to distribute such amount, as follows: (1) to the Servicer until it has received the full Primary Servicing Fee due on that Distribution Date; (2) to the Administrator until it has received the full Administration Fee due on that Distribution Date; and (3) to the Class A Noteholders, pro rata, based on the amounts of such shortfalls, until they have received the Class A Noteholders’ Interest Distribution Amount for that Distribution Date and second, so long as the events described in sub-clauses (i) and (ii) of clause (x) of Section 2.8 have not occurred, to the Class B Noteholders until they have received the Class B Noteholders’ Interest Distribution Amount for that Distribution Date. Notwithstanding the foregoing, funds on deposit in the Capitalized Interest Account may be withdrawn by the Administrator at any time to pay any amounts owed to the Department in respect of any shortfalls in amounts on deposit in the Floor Income Rebate Account in respect of Interest Subsidy Payments and/or Special Allowance Payments on the Trust Student Loans. (ii) [Reserved]. (iii) After giving effect to Section 2.10(a)(i) above, (A) on the Distribution Date in July May 2012, the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts in excess of $68,000,000 on deposit in the Capitalized Interest Account and include such funds with other Available Funds, (B) on the Distribution Date in November 2012, the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts in excess of $67,000,000 on deposit in the Capitalized Interest Account and include such funds with other Available Funds on that Distribution Date, (C) on the Distribution Date in May 2013, the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts in excess of $64,000,000 on deposit in the Capitalized Interest Account and include such funds with other Available Funds on that Distribution Date, (D) on the Distribution Date in November 2013, the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts in excess of $59,000,000 on deposit in the Capitalized Interest Account and include such funds with other Available Funds on that Distribution Date, (E) on the Distribution Date in May 2014, the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts in excess of $52,000,000 on deposit in the Capitalized Interest Account and include such funds with other Available Funds on that Distribution Date, (F) on the Distribution Date in November 2014, the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts in excess of $42,000,000 on deposit in the Capitalized Interest Account and include such funds with other Available Funds on that Distribution Date, (G) on the Distribution Date in May 2015, the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts in excess of $29,000,000 on deposit in the Capitalized Interest Account and include such funds with other Available Funds on that Distribution Date, (H) on the Distribution Date in November 2015, the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts in excess of $17,000,000 on deposit in the Capitalized Interest Account and include such funds with other Available Funds on that Distribution Date, (I) on the Distribution Date in May 2016, the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts in excess of $1,000,000 on deposit in the Capitalized Interest Account and include such funds with other Available Funds on that Distribution Date and (J) on the Distribution Date in May 2017, the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts remaining in the Capitalized Interest Account and include such funds with other Available Funds on that Distribution Date.

Capitalized Interest Account. On the Closing Date, the Issuer shall deposit the Capitalized Interest Account Initial Deposit into the Capitalized Interest Account. (i) In the event that the Available Funds, less the Principal Distribution Amounts, are insufficient to make the payments described under Sections 2.8(a) through 2.8(d) on a Distribution Date (prior to any distributions from amounts on deposit in the Reserve Account), the Administrator shall instruct the Indenture Trustee in writing to withdraw from the Capitalized Interest Account an amount equal to such deficiencies, to the extent of funds available therein, and to distribute such amount, as follows: (1) to the Servicer until it has received the full Primary Servicing Fee due on that Distribution Date; (2) to the Administrator until it has received the full Administration Fee due on that Distribution Date; and (3) to the Class A Noteholders, pro rata, based on the amounts of such shortfalls, Noteholders until they have received the Class A Noteholders’ Interest Distribution Amount for that Distribution Date and second, so long as the events described in sub-clauses (i) and (ii) of clause (x) of Section 2.8 have not occurred, to the Class B Noteholders until they have received the Class B Noteholders’ Interest Distribution Amount for that Distribution Date. Notwithstanding the foregoing, funds on deposit in the Capitalized Interest Account may be withdrawn by the Administrator at any time to pay any amounts owed to the Department in respect of any shortfalls in amounts on deposit in the Floor Income Rebate Account in respect of Interest Subsidy Payments and/or Special Allowance Payments on the Trust Student Loans. (ii) [Reserved]. (iii) After giving effect to Section 2.10(a)(i) above, on the Distribution Date in July 2013March 2014, the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts remaining in the Capitalized Interest Account and include such funds with other Available Funds on that Distribution Date.

Capitalized Interest Account. On the Closing Date, the Issuer shall deposit the Capitalized Interest Account Initial Deposit into the Capitalized Interest Account. (i) In the event that the Available Funds, less the Principal Distribution Amounts, are insufficient to make the payments described under Sections 2.8(a2.8(d) through 2.8(dand 2.8(e) on a Quarterly Distribution Date (prior to any distributions and/or allocations from amounts on deposit in the Reserve Account), the Administrator shall instruct the Indenture Trustee in writing to withdraw from the Capitalized Interest Account an amount equal to such deficiencies, to the extent of funds available therein, and to distribute and/or allocate such amount, as follows: (1) to the Servicer until it has received the full Primary Servicing Fee due on that Distribution Date; (2) to the Administrator until it has received the full Administration Fee due on that Distribution Date; and (3) to the Class A Noteholders, pro rata, based on the amounts of such shortfalls, to the Class A Noteholders until they have received the Class A Noteholders’ Interest Distribution Amount for that Quarterly Distribution Date and second, so long as the events described in sub-clauses (i) and (ii) of clause (x) of Section 2.8 have not occurred, to the Class B Noteholders until they have received the Class B Noteholders’ Interest Distribution Amount for that Quarterly Distribution Date. Notwithstanding . (ii) In the foregoing, funds on deposit in the Capitalized Interest Account may be withdrawn by the Administrator at any time to pay any amounts owed to the Department in respect of any shortfalls in event that amounts on deposit in the Floor Income Rebate Collection Account are insufficient to make the allocations described under Section 2.8A fourth above on a Monthly Allocation Date (prior to any distributions and/or allocations from amounts on deposit in respect the Reserve Account), the Administrator shall instruct the Indenture Trustee in writing to withdraw from the Capitalized Interest Account an amount equal to such deficiency, to the extent of Interest Subsidy Payments and/or Special Allowance Payments on the Trust Student Loans. (ii) [Reserved]funds available therein. (iii) After giving effect to Section 2.10(a)(i) above, (A) on the Distribution Date in July 2013October 2008, the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts in excess of $3,000,000 on deposit in the Capitalized Interest Account and include such funds with other Available Funds on that Distribution Date; and (B) on the Distribution Date in April 2009, the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts remaining in the Capitalized Interest Account and include such funds with other Available Funds on that Distribution Date.

Capitalized Interest Account. On the Closing Date, the Issuer shall deposit the Capitalized Interest Account Initial Deposit into the Capitalized Interest Account. (i) In the event that the Available Funds, less the Principal Distribution Amounts, are insufficient to make the payments described under Sections 2.8(a2.8(c) through and 2.8(d) on a Quarterly Distribution Date (prior to any distributions from amounts on deposit in the Reserve Account), the Administrator shall instruct the Indenture Trustee in writing to withdraw from the Capitalized Interest Account an amount equal to such deficiencies, to the extent of funds available therein, and to distribute such amount, as follows: (1) to the Servicer until it has received the full Primary Servicing Fee due on that Quarterly Distribution Date; (2) to the Administrator until it has received the full Administration Fee due on that Quarterly Distribution Date; and (3) to the Class A Noteholders, pro rata, based on the amounts of such shortfalls, Noteholders until they have received the Class A Noteholders’ Interest Distribution Amount for that Distribution Date and second, so long as the events described in sub-clauses (i) and (ii) of clause (x) of Section 2.8 have not occurred, to the Class B Noteholders until they have received the Class B Noteholders’ Interest Distribution Amount for that Quarterly Distribution Date. Notwithstanding the foregoing, funds on deposit in the Capitalized Interest Account may be withdrawn by the Administrator at any time to pay any amounts owed to the Department in respect of any shortfalls in amounts on deposit in the Floor Income Rebate Account in respect of Interest Subsidy Payments and/or Special Allowance Payments on the Trust Student Loans. (ii) [Reserved]. (iii) After giving effect to Section 2.10(a)(i) above, (A) on the Quarterly Distribution Date in July January 2012, the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts in excess of $25,000,000 on deposit in the Capitalized Interest Account and include such funds with other Available Funds on that Quarterly Distribution Date; and (B) on the Quarterly Distribution Date in January 2013, the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts remaining in the Capitalized Interest Account and include such funds with other Available Funds on that Quarterly Distribution Date.

Capitalized Interest Account. On the Closing Date, the Issuer shall deposit the Capitalized Interest Account Initial Deposit into the Capitalized Interest Account. (i) In the event that the Available Funds, less the Principal Distribution Amounts, are insufficient to make the payments described under Sections 2.8(a) through 2.8(d) on a Distribution Date (prior to any distributions from amounts on deposit in the Reserve Account), the Administrator shall instruct the Indenture Trustee in writing to withdraw from the Capitalized Interest Account an amount equal to such deficiencies, to the extent of funds available therein, and to distribute such amount, as follows: (1) to the Servicer until it has received the full Primary Servicing Fee due on that Distribution Date; (2) to the Administrator until it has received the full Administration Fee due on that Distribution Date; and (3) to the Class A Noteholders, pro rata, based on the amounts of such shortfalls, Noteholders until they have received the Class A Noteholders’ Interest Distribution Amount for that Distribution Date and second, so long as the events described in sub-clauses (i) and (ii) of clause (x) of Section 2.8 have not occurred, to the Class B Noteholders until they have received the Class B Noteholders’ Interest Distribution Amount for that Distribution Date. Notwithstanding the foregoing, funds on deposit in the Capitalized Interest Account may be withdrawn by the Administrator at any time to pay any amounts owed to the Department in respect of any shortfalls in amounts on deposit in the Floor Income Rebate Account in respect of Interest Subsidy Payments and/or Special Allowance Payments on the Trust Student Loans. (ii) [Reserved]. (iii) After giving effect to Section 2.10(a)(i) above, (A) on the Distribution Date in July August 2012, the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts in excess of $73,000,000 on deposit in the Capitalized Interest Account and include such funds with other Available Funds, (B) on the Distribution Date in February 2013, the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts in excess of $71,000,000 on deposit in the Capitalized Interest Account and include such funds with other Available Funds on that Distribution Date, (C) on the Distribution Date in August 2013, the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts in excess of $68,000,000 on deposit in the Capitalized Interest Account and include such funds with other Available Funds on that Distribution Date, (D) on the Distribution Date in February 2014, the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts in excess of $62,000,000 on deposit in the Capitalized Interest Account and include such funds with other Available Funds on that Distribution Date, (E) on the Distribution Date in August 2014, the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts in excess of $55,000,000 on deposit in the Capitalized Interest Account and include such funds with other Available Funds on that Distribution Date, (F) on the Distribution Date in February 2015, the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts in excess of $44,000,000 on deposit in the Capitalized Interest Account and include such funds with other Available Funds on that Distribution Date, (G) on the Distribution Date in August 2015, the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts in excess of $31,000,000 on deposit in the Capitalized Interest Account and include such funds with other Available Funds on that Distribution Date, (H) on the Distribution Date in February 2016, the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts in excess of $18,000,000 on deposit in the Capitalized Interest Account and include such funds with other Available Funds on that Distribution Date, (I) on the Distribution Date in August 2016, the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts in excess of $2,000,000 on deposit in the Capitalized Interest Account and include such funds with other Available Funds on that Distribution Date, (J) on the Distribution Date in February 2017, the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts in excess of $1,000,000 on deposit in the Capitalized Interest Account and include such funds with other Available Funds on that Distribution Date and (K) on the Distribution Date in August 2017, the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts remaining in the Capitalized Interest Account and include such funds with other Available Funds on that Distribution Date.

Capitalized Interest Account. On the Closing Date, the Issuer shall deposit the Capitalized Interest Account Initial Deposit into the Capitalized Interest Account. (i) In the event that the Available Funds, less the Principal Distribution Amounts, are insufficient to make the payments described under Sections 2.8(a2.8(d) through 2.8(dand 2.8(e) on a Quarterly Distribution Date (prior to any distributions and/or allocations from amounts on deposit in the Reserve Account), the Administrator shall instruct the Indenture Trustee in writing to withdraw from the Capitalized Interest Account an amount equal to such deficiencies, to the extent of funds available therein, and to distribute and/or allocate such amount, as follows: (1) to the Servicer until it has received the full Primary Servicing Fee due on that Distribution Date; (2) to the Administrator until it has received the full Administration Fee due on that Distribution Date; and (3) to the Class A Noteholders, pro rata, based on the amounts of such shortfalls, to the Class A Noteholders until they have received the Class A Noteholders’ Interest Distribution Amount for that Quarterly Distribution Date and the Currency Swap Counterparty until it has received the Swap Interest Payments required to be made under Section 2.8(d)(2) above and second, so long as the events described in sub-clauses (i) and (ii) of clause (x) of Section 2.8 have not occurred, to the Class B Noteholders until they have received the Class B Noteholders’ Interest Distribution Amount for that Quarterly Distribution Date. Notwithstanding . (ii) In the foregoing, funds on deposit in the Capitalized Interest Account may be withdrawn by the Administrator at any time to pay any amounts owed to the Department in respect of any shortfalls in event that amounts on deposit in the Floor Income Rebate Collection Account are insufficient to make the allocations described under Section 2.8A fourth above on a Monthly Allocation Date (prior to any distributions and/or allocations from amounts on deposit in respect the Reserve Account), the Administrator shall instruct the Indenture Trustee in writing to withdraw from the Capitalized Interest Account an amount equal to such deficiency, to the extent of Interest Subsidy Payments and/or Special Allowance Payments on the Trust Student Loans. (ii) [Reserved]funds available therein. (iii) After giving effect to Section 2.10(a)(i) above, on the Quarterly Distribution Date in July 2013October 2008, the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts remaining in from the Capitalized Interest Account and include such funds with other Available Funds on that Quarterly Distribution Date.

Capitalized Interest Account. On the Closing Date, the Issuer shall deposit the Capitalized Interest Account Initial Deposit into the Capitalized Interest Account. (i) In the event that the Available Funds, less the Principal Distribution Amounts, are insufficient to make the payments described under Sections 2.8(a) through 2.8(d) on a Distribution Date (prior to any distributions from amounts on deposit in the Reserve Account), the Administrator shall instruct the Indenture Trustee in writing to withdraw from the Capitalized Interest Account an amount equal to such deficiencies, to the extent of funds available therein, and to distribute such amount, as follows: (1) to the Servicer until it has received the full Primary Servicing Fee due on that Distribution Date; (2) to the Administrator until it has received the full Administration Fee due on that Distribution Date; and (3) to the Class A Noteholders, pro rata, based on the amounts of such shortfalls, until they have received the Class A Noteholders’ Interest Distribution Amount for that Distribution Date and second, so long as the events described in sub-clauses (i) and (ii) of clause (x) of Section 2.8 have not occurred, to the Class B Noteholders until they have received the Class B Noteholders’ Interest Distribution Amount for that Distribution Date. Notwithstanding the foregoing, funds on deposit in the Capitalized Interest Account may be withdrawn by the Administrator at any time to pay any amounts owed to the Department in respect of any shortfalls in amounts on deposit in the Floor Income Rebate Account in respect of Interest Subsidy Payments and/or Special Allowance Payments on the Trust Student Loans. (ii) [Reserved]. (iii) After giving effect to Section 2.10(a)(i) above, on the Distribution Date in July May 2013, the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts remaining in the Capitalized Interest Account and include such funds with other Available Funds on that Distribution Date.

Capitalized Interest Account. On the Closing Date, the Issuer shall deposit the Capitalized Interest Account Initial Deposit into the Capitalized Interest Account. (i) i. In the event that the Available Funds, less the Principal Distribution Amounts, are insufficient to make the payments described under Sections 2.8(a2.8(d) through 2.8(dand 2.8(e) on a Quarterly Distribution Date (prior to any distributions and/or allocations from amounts on deposit in the Reserve Account), the Administrator shall instruct the Indenture Trustee in writing to withdraw from the Capitalized Interest Account an amount equal to such deficiencies, to the extent of funds available therein, and to distribute and/or allocate such amount, as follows: (1) to the Servicer until it has received the full Primary Servicing Fee due on that Distribution Date; (2) to the Administrator until it has received the full Administration Fee due on that Distribution Date; and (3) to the Class A Noteholdersfirst, pro rata, rata based on the amounts of such shortfalls, to the Class A Noteholders until they have received the Class A Noteholders’ Interest Distribution Amount for that Quarterly Distribution Date and second, so long as the events described in sub-clauses (i) and (ii) of clause (x) of Section 2.8 have not occurred, to the Class B Noteholders until they have received the Class B Noteholders’ Interest Distribution Amount for that Quarterly Distribution Date. Notwithstanding Administration Agreement 19 ii. In the foregoing, funds on deposit in the Capitalized Interest Account may be withdrawn by the Administrator at any time to pay any amounts owed to the Department in respect of any shortfalls in event that amounts on deposit in the Floor Income Rebate Collection Account are insufficient to make the allocations described under Section 2.8A fourth above on a Monthly Allocation Date (prior to any distributions and/or allocations from amounts on deposit in respect the Reserve Account), the Administrator shall instruct the Indenture Trustee in writing to withdraw from the Capitalized Interest Account an amount equal to such deficiency, to the extent of Interest Subsidy Payments and/or Special Allowance Payments on the Trust Student Loansfunds available therein. (ii) [Reserved]. (iii) . After giving effect to Section 2.10(a)(i) above, on the Quarterly Distribution Date in July 2013October 2007, the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts on deposit in the Capitalized Interest Account in excess of $40,000,000 and include such funds with other Available Funds on that Quarterly Distribution Date. iv. After giving effect to Section 2.10(a)(i) above, on the Quarterly Distribution Date in January 2009, the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts remaining in from the Capitalized Interest Account and include such funds with other Available Funds on that Quarterly Distribution Date.

Capitalized Interest Account. On the Closing Date, the Issuer shall deposit the Capitalized Interest Account Initial Deposit into the Capitalized Interest Account. (i) In the event that the Available Funds, less the Principal Distribution Amounts, are insufficient to make the payments described under Sections 2.8(a2.8(c) through and 2.8(d) on a Quarterly Distribution Date (prior to any distributions from amounts on deposit in the Reserve Account), the Administrator shall instruct the Indenture Trustee in writing to withdraw from the Capitalized Interest Account an amount equal to such deficiencies, to the extent of funds available therein, and to distribute such amount, as follows: (1) to the Servicer until it has received the full Primary Servicing Fee due on that Quarterly Distribution Date; (2) to the Administrator until it has received the full Administration Fee due on that Quarterly Distribution Date; and (3) to the Class A Noteholders, pro rata, based on the amounts of such shortfalls, to the Class A Noteholders until they have received the Class A Noteholders’ Interest Distribution Amount for that Quarterly Distribution Date and second, so long as the events described in sub-clauses (i) and (ii) of clause (x) of Section 2.8 have not occurred, to the Class B Noteholders until they have received the Class B Noteholders’ Interest Distribution Amount for that Quarterly Distribution Date. Notwithstanding the foregoing, funds on deposit in the Capitalized Interest Account may be withdrawn by the Administrator at any time to pay any amounts owed to the Department in respect of any shortfalls in amounts on deposit in the Floor Income Rebate Account in respect of Interest Subsidy Payments and/or Special Allowance Payments on the Trust Student Loans. (ii) [Reserved]. (iii) After giving effect to Section 2.10(a)(i) above, on the Quarterly Distribution Date in July 2013October 2009, the Administrator shall instruct the Indenture Trustee in Administration Agreement writing to withdraw all amounts remaining in the Capitalized Interest Account and include such funds with other Available Funds on that Quarterly Distribution Date.

Capitalized Interest Account. On the Closing Date, the Issuer shall deposit the Capitalized Interest Account Initial Deposit into the Capitalized Interest Account. (i) In the event that the Available Funds, less the Principal Distribution Amounts, are insufficient to make the payments described under Sections 2.8(a2.8(c) through and 2.8(d) on a Quarterly Distribution Date (prior to any distributions from amounts on deposit in the Reserve Account), the Administrator shall instruct the Indenture Trustee in writing to withdraw from the Capitalized Interest Account an amount equal to such deficiencies, to the extent of funds available therein, and to distribute such amount, as follows: (1) to the Servicer until it has received the full Primary Servicing Fee due on that Quarterly Distribution Date; (2) to the Administrator until it has received the full Administration Fee due on that Quarterly Distribution Date; and (3) first, to the Class A Noteholders, pro rata, based on the amounts of such shortfalls, Noteholders until they have received the Class A Noteholders’ Interest Distribution Amount for that Quarterly Distribution Date and second, so long as the events described in sub-clauses (i) and (ii) of clause (x) of Section 2.8 have not occurred, to the Class B Noteholders until they have received the Class B Noteholders’ Interest Distribution Amount for that Quarterly Distribution Date. Notwithstanding the foregoing, funds on deposit in the Capitalized Interest Account may be withdrawn by the Administrator at any time to pay any amounts owed to the Department in respect of any shortfalls in amounts on deposit in the Floor Income Rebate Account in respect of Interest Subsidy Payments and/or Special Allowance Payments on the Trust Student Loans. (ii) [Reserved]. (iii) After giving effect to Section 2.10(a)(i) above, on the Quarterly Distribution Date in July 2013October 2009, the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts remaining in the Capitalized Interest Account and include such funds with other Available Funds on that Quarterly Distribution Date.

Capitalized Interest Account. On the Closing Date, the Issuer shall deposit the Capitalized Interest Account Initial Deposit into the Capitalized Interest Account. (i) In the event that the Available Funds, less the Principal Distribution Amounts, are insufficient to make the payments described under Sections 2.8(a) through 2.8(d) on a Distribution Date (prior to any distributions from amounts on deposit in the Reserve Account), the Administrator shall instruct the Indenture Trustee in writing to withdraw from the Capitalized Interest Account an amount equal to such deficiencies, to the extent of funds available therein, and to distribute such amount, as follows: (1) to the Servicer until it has received the full Primary Servicing Fee due on that Distribution Date; (2) to the Administrator until it has received the full Administration Fee due on that Distribution Date; and (3) to the Class A Noteholders, pro rata, based on the amounts of such shortfalls, Noteholders until they have received the Class A Noteholders’ Interest Distribution Amount for that Distribution Date and second, so long as the events described in sub-clauses (i) and (ii) of clause (x) of Section 2.8 have not occurred, to the Class B Noteholders until they have received the Class B Noteholders’ Interest Distribution Amount for that Distribution Date. Notwithstanding the foregoing, funds on deposit in the Capitalized Interest Account may be withdrawn by the Administrator at any time to pay any amounts owed to the Department in respect of any shortfalls in amounts on deposit in the Floor Income Rebate Account in respect of Interest Subsidy Payments and/or Special Allowance Payments on the Trust Student Loans. (ii) [Reserved]. (iii) After giving effect to Section 2.10(a)(i) above, on the Distribution Date in July August 2013, the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts remaining in the Capitalized Interest Account and include such funds with other Available Funds on that Distribution Date.

Capitalized Interest Account. On the Closing Date, the Issuer shall deposit the Capitalized Interest Account Initial Deposit into the Capitalized Interest Account. (i) In the event that the Available Funds, less the Principal Distribution Amounts, are insufficient to make the payments described under Sections 2.8(a2.8(c) through and 2.8(d) on a Quarterly Distribution Date (prior to any distributions from amounts on deposit in the Reserve Account), the Administrator shall instruct the Indenture Trustee in writing to withdraw from the Capitalized Interest Account an amount equal to such deficiencies, to the extent of funds available therein, and to distribute such amount, as follows: (1) to the Servicer until it has received the full Primary Servicing Fee due on that Quarterly Distribution Date; (2) to the Administrator until it has received the full Administration Fee due on that Quarterly Distribution Date; and (3) to the Class A Noteholders, pro rata, based on the amounts of such shortfalls, Noteholders until they have received the Class A Noteholders’ Interest Distribution Amount for that Distribution Date and second, so long as the events described in sub-clauses (i) and (ii) of clause (x) of Section 2.8 have not occurred, to the Class B Noteholders until they have received the Class B Noteholders’ Interest Distribution Amount for that Quarterly Distribution Date. Notwithstanding the foregoing, funds on deposit in the Capitalized Interest Account may be withdrawn by the Administrator at any time to pay any amounts owed to the Department in respect of any shortfalls in amounts on deposit in the Floor Income Rebate Account in respect of Interest Subsidy Payments and/or Special Allowance Payments on the Trust Student Loans. (ii) [Reserved]. (iii) After giving effect to Section 2.10(a)(i) above, (A) on the Quarterly Distribution Date in July January 2012, the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts in excess of $10,000,000 on deposit in the Capitalized Interest Account and include such funds with other Available Funds on that Quarterly Distribution Date; and (B) on the Quarterly Distribution Date in January 2013, the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts remaining in the Capitalized Interest Account and include such funds with other Available Funds on that Quarterly Distribution Date.

Capitalized Interest Account. On the Closing Date, the Issuer shall deposit the Capitalized Interest Account Initial Deposit into the Capitalized Interest Account. (i) i. In the event that the Available Funds, less the Principal Distribution Amounts, are insufficient to make the payments described under Sections 2.8(a) through 2.8(d) on a Distribution Date (prior to any distributions and/or allocations from amounts on deposit in the Reserve Account), the Administrator shall instruct the Indenture Trustee in writing to withdraw from the Capitalized Interest Account an amount equal to such deficiencies, to the extent of funds available therein, and to distribute and/or allocate such amount, amount as follows: (1) to the Servicer until it has received the full Primary Servicing Fee due on that Distribution Date; (2) to the Administrator until it has received the full Administration Fee due on that Distribution Date; and (3) to the Class A Noteholders, pro rata, based on the amounts of such shortfalls, to the Class A Noteholders until they have received the Class A Noteholders’ Interest Distribution Amount for that Distribution Date and second, the Currency Swap Counterparty until it has received the Swap Interest Payments required to be made under Section 2.8(c)(2) above; and (4) so long as the events described in sub-clauses (i) and (ii) of clause (x) of Section 2.8 have not occurred, to the Class B Noteholders until they have received the Class B Noteholders’ Interest Distribution Amount for that Distribution Date. Notwithstanding the foregoing, funds on deposit in the Capitalized Interest Account may be withdrawn by the Administrator at any time to pay any amounts owed to the Department in respect of any shortfalls in amounts on deposit in the Floor Income Rebate Account in respect of Interest Subsidy Payments and/or Special Allowance Payments on the Trust Student Loans. (ii) [Reserved]. (iii) . After giving effect to Section 2.10(a)(i) above, on the Distribution Date in July 2013January 2008, the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts remaining in from the Capitalized Interest Account and include such funds with other Available Funds on that Distribution Date.

Capitalized Interest Account. On the Closing Date, the Issuer shall deposit the Capitalized Interest Account Initial Deposit into the Capitalized Interest Account. (i) In the event that the Available Funds, less the Principal Distribution Amounts, are insufficient to make the payments described under Sections 2.8(a) through 2.8(d) on a Distribution Date (prior to any distributions from amounts on deposit in the Reserve Account), the Administrator shall instruct the Indenture Trustee in writing to withdraw from the Capitalized Interest Account an amount equal to such deficiencies, to the extent of funds available therein, and to distribute such amount, as follows: (1) to the Servicer until it has received the full Primary Servicing Fee due on that Distribution Date; (2) to the Administrator until it has received the full Administration Fee due on that Distribution Date; and (3) to the Class A Noteholders, pro rata, based on the amounts of such shortfalls, until they have received the Class A Noteholders’ Interest Distribution Amount for that Distribution Date and second, so long as the events described in sub-clauses (i) and (ii) of clause (x) of Section 2.8 have not occurred, to the Class B Noteholders until they have received the Class B Noteholders’ Interest Distribution Amount for that Distribution Date. Notwithstanding the foregoing, funds on deposit in the Capitalized Interest Account may be withdrawn by the Administrator at any time to pay any amounts owed to the Department in respect of any shortfalls in amounts on deposit in the Floor Income Rebate Account in respect of Interest Subsidy Payments and/or Special Allowance Payments on the Trust Student Loans. (ii) [Reserved]. (iii) After giving effect to Section 2.10(a)(i) above, (A) on the Distribution Date in July September 2011, the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts in excess of $65,000,000 on deposit in the Capitalized Interest Account and include such funds with other Available Funds, (B) on the Distribution Date in March 2012, the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts in excess of $61,000,000 on deposit in the Capitalized Interest Account and include such funds with other Available Funds on that Distribution Date, (C) on the Distribution Date in March 2013, the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts in excess of $60,000,000 on deposit in the Capitalized Interest Account and include such funds with other Available Funds on that Distribution Date, (D) on the Distribution Date in September 2013, the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts in excess of $55,000,000 on deposit in the Capitalized Interest Account and include such funds with other Available Funds on that Distribution Date, (E) on the Distribution Date in March 2014, the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts in excess of $48,000,000 on deposit in the Capitalized Interest Account and include such funds with other Available Funds on that Distribution Date, (F) on the Distribution Date in September 2014, the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts in excess of $38,000,000 on deposit in the Capitalized Interest Account and include such funds with other Available Funds on that Distribution Date, (G) on the Distribution Date in March 2015, the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts in excess of $26,000,000 on deposit in the Capitalized Interest Account and include such funds with other Available Funds on that Distribution Date, (H) on the Distribution Date in September 2015, the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts in excess of $15,000,000 on deposit in the Capitalized Interest Account and include such funds with other Available Funds on that Distribution Date, and (I) on the Distribution Date in February 2016, the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts remaining in the Capitalized Interest Account and include such funds with other Available Funds on that Distribution Date.

Capitalized Interest Account. On the Closing Date, the Issuer shall deposit the Capitalized Interest Account Initial Deposit into the Capitalized Interest Account. (i) In the event that the Available Funds, less the Principal Distribution Amounts, are insufficient to make the payments described under Sections 2.8(a) through 2.8(d) on a Distribution Date (prior to any distributions from amounts on deposit in the Reserve Account), the Administrator shall instruct the Indenture Trustee in writing to withdraw from the Capitalized Interest Account an amount equal to such deficiencies, to the extent of funds available therein, and to distribute such amount, as follows: (1) to the Servicer until it has received the full Primary Servicing Fee due on that Distribution Date; (2) to the Administrator until it has received the full Administration Fee due on that Distribution Date; and (3) to the Class A Noteholders, pro rata, based on the amounts of such shortfalls, until they have received the Class A Noteholders’ Interest Distribution Amount for that Distribution Date and second, so long as the events described in sub-clauses (i) and (ii) of clause (x) of Section 2.8 have not occurred, to the Class B Noteholders until they have received the Class B Noteholders’ Interest Distribution Amount for that Distribution Date. Notwithstanding the foregoing, funds on deposit in the Capitalized Interest Account may be withdrawn by the Administrator at any time to pay any amounts owed to the Department in respect of any shortfalls in amounts on deposit in the Floor Income Rebate Account in respect of Interest Subsidy Payments and/or Special Allowance Payments on the Trust Student Loans. (ii) [Reserved]. (iii) After giving effect to Section 2.10(a)(i) above, on the Distribution Date in July November 2013, the Administrator shall instruct the Indenture Trustee in writing to withdraw all amounts remaining in the Capitalized Interest Account and include such funds with other Available Funds on that Distribution Date.