Common use of Characteristics of Financed Student Loans Clause in Contracts

Characteristics of Financed Student Loans. Each Financed Student Loan (A) was originated in the United States of America, its territories, its possessions or other areas subject to its jurisdiction by an "eligible lender" under the Higher Education Act in the ordinary course of its business to an eligible borrower under applicable law and agreements and was fully and properly executed by the parties thereto, (B) was acquired or originated by the Seller in the ordinary course of its business, (C) provides or, when the payment schedule with respect thereto is determined, will provide for payments on a periodic basis that fully amortizes the principal amount of such Financed Student Loan by its maturity, as such maturity may be modified in accordance with any applicable deferral or forbearance periods granted in accordance with applicable laws and restrictions, including those of the Higher Education Act or the applicable Guarantee Agreement, and yield interest at the rate applicable thereto, and (D) provides that the rights with respect thereto are assignable by the lender thereunder and its assignees without the consent of or notice to any person other than as may be required by the Higher Education Act and such notice has been or will be given. Each Financed Student Loan is guaranteed by an eligible guarantor under the Higher Education Act and qualifies the holder thereof to receive Interest Subsidy Payments (other than SLS Loans, unsubsidized Xxxxxxxx Loans, and those Consolidation Loans for which the related loan application was submitted prior to January 1, 1993) and Special Allowance Payments from the Department and Guarantee Payments from the Guarantor and qualifies the Guarantor to receive reinsurance payments thereon from the Department. If such Financed Student Loan is a Delayed Delivery Loan, New Loan or a Qualified Substitute Loan and is, in either case, guaranteed by an Additional Guarantor, the aggregate principal balance of all Financed Student Loans guaranteed by such Additional Guarantor (measured as of the Subsequent Cutoff Date for such Financed Student Loan) following the addition of such Financed Student Loan to the Trust, did not exceed 5% of the principal balance of all Financed Student Loans as of such date, and the aggregate principal balance of all Financed Student Loans guaranteed by all Additional Guarantors measured as of such date, following such addition, did not exceed 20% of the principal balance of all Financed Student Loans as of such date. The principal balance of each Financed Student Loan is not subject to change by reason of adjustments to the related Borrower's account after the Cutoff Date relating to matters or events occurring prior to the Cutoff Date.

Characteristics of Financed Student Loans. Each Financed Student Loan (A) was originated in the United States of America, its territories, its possessions or other areas subject to its jurisdiction by an "eligible lender" under the Higher Education Act in the ordinary course of its business to an eligible borrower under applicable law and agreements and was fully and properly executed by the parties thereto, (B) was acquired or originated by the Seller in the ordinary course of its business, (C) provides or, when the payment schedule with respect thereto is determined, will provide for payments on a periodic basis that fully amortizes the principal amount of such Financed Student Loan by its maturity, as such maturity may be modified in accordance with any applicable deferral or forbearance periods granted in accordance with applicable laws and restrictions, including those of the Higher Education Act or the applicable Guarantee Agreement, and yield interest at the rate applicable thereto, and (D) provides that the rights with respect thereto are assignable by the lender thereunder and its assignees without the consent of or notice to any person other than as may be required by the Higher Education Act and such notice has been or will be given. Each Financed Student Loan is guaranteed by an eligible guarantor under the Higher Education Act and qualifies the holder thereof to receive Interest Subsidy Payments (other than SLS Loans, unsubsidized Xxxxxxxx Loans, and those Consolidation Loans for which the related loan application was submitted prior to January 1, 1993) and Special Allowance Payments from the Department and Guarantee Payments from the Guarantor and qualifies the Guarantor to receive reinsurance payments thereon from the Department. If such Financed Student Loan is a Delayed Delivery Prefunded Loan, New Loan or a Qualified Substitute Loan and is, in either case, guaranteed by an Additional Guarantor, the aggregate principal balance of all Financed Student Loans guaranteed by such Additional Guarantor (measured as of the Subsequent Cutoff Date for such Financed Student Loan) following the addition of such Financed Student Loan to the Trust, did not exceed 5% of the principal balance of all Financed Student Loans as of such date, and the aggregate principal balance of all Financed Student Loans guaranteed by all Additional Guarantors measured as of such date, following such addition, did not exceed 20% of the principal balance of all Financed Student Loans as of such date. The principal balance of each Financed Student Loan is not subject to change by reason of adjustments to the related Borrower's account after the Cutoff Date relating to matters or events occurring prior to the Cutoff Date.

Characteristics of Financed Student Loans. Each Financed Student Loan (A) was originated in the United States of America, its territories, its possessions or other areas subject to its jurisdiction by an "eligible lender" under the Higher Education Act in the ordinary course of its business to an eligible borrower under applicable law and agreements and was fully and properly executed by the parties thereto, (B) was acquired or originated by the Seller in the ordinary course of its business, (C) provides or, when the payment schedule with respect thereto is determined, will provide for payments on a periodic basis that fully amortizes the principal amount of such Financed Student Loan by its maturity, as such maturity may be modified in accordance with any applicable deferral or forbearance periods granted in accordance with applicable laws and restrictions, including those of the Higher Education Act or the applicable Guarantee Agreement, and yield interest at the rate applicable thereto, and (D) provides that the rights with respect thereto are assignable by the lender thereunder and its assignees without the consent of or notice to any person other than as may be required by the Higher Education Act and such notice has been or will be given. Each Financed Student Loan is guaranteed by an eligible guarantor under the Higher Education Act and qualifies the holder thereof to receive Interest Subsidy Payments (other than SLS Loans, unsubsidized Xxxxxxxx Loans, and those Consolidation Loans for which the related loan application was submitted prior to January 1, 1993) and Special Allowance Payments from the Department and Guarantee Payments from the Guarantor and qualifies the Guarantor to receive reinsurance payments thereon from the Department. If such Financed Student Loan is a Delayed Delivery Prefunded Loan, New Loan or a Qualified Substitute Loan and is, in either case, guaranteed by an Additional Guarantor, the aggregate principal balance of all Financed Student Loans guaranteed by such Additional Guarantor (measured as of the Subsequent Cutoff Date for such Financed Student Loan) following the addition of such Financed Student Loan to the TrustIssuer, did not exceed 5% of the principal balance of all Financed Student Loans as of such date, and the aggregate principal balance of all Financed Student Loans guaranteed by all Additional Guarantors measured as of such date, following such addition, did not exceed 20% of the principal balance of all Financed Student Loans as of such date. The principal balance of each Financed Student Loan is not subject to change by reason of adjustments to the related Borrower's account after the Cutoff Date relating to matters or events occurring prior to the Cutoff Date.

Characteristics of Financed Student Loans. Each Financed Student Loan (A) was originated in the United States of America, its territories, its possessions or other areas subject to its jurisdiction by an "eligible lender" under the Higher Education Act in the ordinary course of its business to an eligible borrower under applicable law and agreements and was fully and properly executed by the parties thereto, (B) was originated or acquired or originated by the Seller Transferor in the ordinary course of its business, and (C) provides or, when the payment schedule with respect thereto is determined, will provide for payments on a periodic basis that fully amortizes amortize the principal amount of such Financed Student Loan by its maturitymaturity and yields interest at the rate applicable thereto (except as otherwise provided in Section 4.14), as such maturity may be modified in accordance with any applicable deferral deferment or forbearance periods granted in accordance with applicable laws and restrictions, including those of the Higher Education Act Act, the HEAL Act, the HEAL Insurance Contract or the applicable any Guarantee Agreement, and yield interest at the rate applicable thereto, and (D) provides that the rights with respect thereto are assignable by the lender thereunder and its assignees without the consent of or notice to any person other than as may be required by the Higher Education Act and such notice has been or will be given. Each Financed Student Loan that is guaranteed by a Xxxxxxxx Loan qualifies the holder thereof (assuming such holder is an eligible guarantor lender under the Higher Education Act and qualifies has a guarantee agreement with the holder thereof applicable Guarantor of such loan) to receive Interest Subsidy Payments (other than SLS Loans, unsubsidized Xxxxxxxx Loans, and those Consolidation Loans for which the related loan application was submitted prior to January 1, 1993) and Special Allowance Payments from the Department of Education. Each Financed Student Loan that is a Consolidation Loan, a PLUS Loan, a SLS Loan or an Unsubsidized Xxxxxxxx Loan qualifies the holder thereof (assuming such holder is an eligible lender under the Higher Education Act and has a guarantee agreement with the applicable Guarantor of such loan) to receive Special Allowance Payments from the Department of Education to the extent applicable. Each Financed FFELP Loan qualifies the holder thereof (assuming such holder is an eligible lender under the Higher Education Act and has a guarantee agreement with the applicable Guarantor of such loan) to receive Guarantee Payments from the applicable Guarantor and in accordance with the applicable Guarantee Agreement. Each Financed HEAL Loan qualifies the Guarantor holder thereof (assuming such holder is an eligible lender under the HEAL Act and has an insurance contract with the Secretary of HHS) to receive reinsurance payments thereon Insurance Payments from the Department. If such Financed Student Loan is a Delayed Delivery Loan, New Loan or a Qualified Substitute Loan and is, Department of HHS in either case, guaranteed by an Additional Guarantor, accordance with the aggregate principal balance of all Financed Student Loans guaranteed by such Additional Guarantor (measured as of the Subsequent Cutoff Date for such Financed Student Loan) following the addition of such Financed Student Loan to the Trust, did not exceed 5% of the principal balance of all Financed Student Loans as of such date, and the aggregate principal balance of all Financed Student Loans guaranteed by all Additional Guarantors measured as of such date, following such addition, did not exceed 20% of the principal balance of all Financed Student Loans as of such date. The principal balance of each Financed Student Loan is not subject to change by reason of adjustments to the related Borrower's account after the Cutoff Date relating to matters or events occurring prior to the Cutoff DateHEAL Insurance Contract.

Characteristics of Financed Student Loans. Each Financed Student Loan (A) was originated in the United States of America, its territories, its possessions or other areas subject to its jurisdiction by an "eligible lender" under the Higher Education Act in the ordinary course of its business to an eligible borrower under applicable law and agreements and was fully and properly executed by the parties thereto, (B) was acquired or originated by the Seller in the ordinary course of its business, and (C) provides or, when the payment schedule with respect thereto is determined, will provide for payments on a periodic basis that fully amortizes the principal amount of such Financed Student Loan by its maturity, as such maturity may be modified in accordance with any applicable deferral or forbearance periods granted in accordance with applicable laws and restrictions, including those of the Higher Education Act or the applicable Guarantee Agreement, and yield interest at the rate applicable thereto, and (D) provides that the rights with respect thereto are assignable by the lender thereunder and its assignees without the consent of or notice to any person other than as may be required by the Higher Education Act and such notice has been or will be given. Each Financed Student Loan is guaranteed by an eligible guarantor under the Higher Education Act and qualifies the holder thereof to receive Interest Subsidy Payments (other than SLS Loans, unsubsidized Xxxxxxxx Stafford Loans, and those Consolidation Xxxxxlidation Loans for which the related loan application was submitted prior to January 1, 1993) and Special Allowance Payments from the Department and Guarantee Payments from the Guarantor and qualifies the Guarantor to receive reinsurance payments thereon from the Department. If such Financed Student Loan is a Delayed Delivery Loan, New Loan or a Qualified Substitute Loan and is, in either case, guaranteed by an Additional Guarantor, the aggregate principal balance of all Financed Student Loans guaranteed by such Additional Guarantor (measured as of the Subsequent Cutoff Date for such Financed Student Loan) following the addition of such Financed Student Loan to the Trust, did not exceed 5% of the principal balance of all Financed Student Loans as of such date, and the aggregate principal balance of all Financed Student Loans guaranteed by all Additional Guarantors measured as of such date, following such addition, did not exceed 20% of the principal balance of all Financed Student Loans as of such date. The principal balance of each Financed Student Loan is not subject to change by reason of adjustments to the related Borrower's account after the Cutoff Date relating to matters or events occurring prior to the Cutoff Date.

Characteristics of Financed Student Loans. Each Financed Student Loan (A) was originated in the United States of America, its territories, its possessions or other areas subject to its jurisdiction by an "eligible lender" under the Higher Education Act in the ordinary course of its business to an eligible borrower under applicable law and agreements and was fully and properly executed by the parties thereto, (B) was acquired or originated by the Seller in the ordinary course of its business, (C) provides or, when the payment schedule with respect thereto is determined, will provide for payments on a periodic basis that fully amortizes the principal amount of such Financed Student Loan by its maturity, as such maturity may be modified in accordance with any applicable deferral or forbearance periods granted in accordance with applicable laws and restrictions, including those of the Higher Education Act or the applicable Guarantee Agreement, and yield interest at the rate applicable thereto, and (D) provides that the rights with respect thereto are assignable by the lender thereunder and its assignees without the consent of or notice to any person other than as may be required by the Higher Education Act and such notice has been or will be given. Each Financed Student Loan is guaranteed by an eligible guarantor under the Higher Education Act and qualifies the holder thereof to receive Interest Subsidy Payments (other than SLS Loans, unsubsidized Xxxxxxxx Loans, and those Consolidation Loans for which the related loan application was submitted prior to January 1, 1993[______________]) and Special Allowance Payments from the Department and Guarantee Payments from the Guarantor and qualifies the Guarantor to receive reinsurance payments thereon from the Department. If such Financed Student Loan is a Delayed Delivery Prefunded Loan, New Loan or a Qualified Substitute Loan and is, in either case, guaranteed by an Additional Guarantor, the aggregate principal balance of all Financed Student Loans guaranteed by such Additional Guarantor (measured as of the Subsequent Cutoff Date for such Financed Student Loan) following the addition of such Financed Student Loan to the Trust, did not exceed 5% of the principal balance of all Financed Student Loans as of such date, and the aggregate principal balance of all Financed Student Loans guaranteed by all Additional Guarantors measured as of such date, following such addition, did not exceed 20% of the principal balance of all Financed Student Loans as of such date. The principal balance of each Financed Student Loan is not subject to change by reason of adjustments to the related Borrower's account after the Cutoff Date relating to matters or events occurring prior to the Cutoff Date.

Characteristics of Financed Student Loans. Each Financed Student Loan (A) was originated in the United States of America, its territories, its possessions or other areas subject to its jurisdiction by an "eligible lender" under the Higher Education Act in the ordinary course of its business to an eligible borrower under applicable law and agreements and was fully and properly executed by the parties thereto, (B) was originated or acquired or originated by the Seller Transferor in the ordinary course of its business, and (C) provides or, when the payment schedule with respect thereto is determined, will provide for payments on a periodic basis that fully amortizes amortize the principal amount of such Financed Student Loan by its maturitymaturity and yields interest at the rate applicable thereto (except as otherwise provided in Section 4.14), as such maturity may be modified in accordance with any applicable deferral deferment or forbearance periods granted in accordance with applicable laws and restrictions, including those of the Higher Education Act Act, the HEAL Act, the HEAL Insurance Contract or the applicable any Guarantee Agreement, and yield interest at the rate applicable thereto, and (D) provides that the rights with respect thereto are assignable by the lender thereunder and its assignees without the consent of or notice to any person other than as may be required by the Higher Education Act and such notice has been or will be given. Each Financed Student Loan that is guaranteed by a Xxxxxxxx Loan qualifies the holder thereof (assuming such holder is an eligible guarantor lender under the Higher Education Act and qualifies has a guarantee agreement with the holder thereof applicable Guarantor of such loan) to receive Interest Subsidy Payments (other than SLS Loans, unsubsidized Xxxxxxxx Loans, and those Consolidation Loans for which the related loan application was submitted prior to January 1, 1993) and Special Allowance Payments from the Department of Education. Each Financed Student Loan that is a Consolidation Loan, a PLUS Loan, a SLS Loan or an Unsubsidized Xxxxxxxx Loan qualifies the holder thereof (assuming such holder is an eligible lender under the Higher Education Act and has a guarantee agreement with the applicable Guarantor of such loan) to receive Special Allowance Payments from the Department of Education to the extent applicable. Each Financed FFELP Loan qualifies the holder thereof (assuming such holder is an eligible lender under the Higher Education Act and has a guarantee agreement with the applicable Guarantor of such loan) to receive Guarantee Payments from the applicable Guarantor and in accordance with the applicable Guarantee Agreement. Each Financed HEAL Loan qualifies the Guarantor holder thereof (assuming such holder is an eligible lender under the HEAL Act and has an insurance contract with the Secretary of HHS) to receive reinsurance payments thereon Insurance Payments from the DepartmentDepartment of HHS in accordance with the HEAL Insurance Contract. If such Financed Student Loan is a Delayed Delivery Loan, New Loan or a Qualified Substitute Loan and is, in either case, guaranteed by an Additional Guarantor, At all times prior to the aggregate principal balance transfer of all the Financed Student Loans guaranteed by such Additional Guarantor (measured as to the Eligible Lender Trustee on behalf of the Subsequent Cutoff Date for such Financed Student Loan) following Issuer under this Agreement, the addition of such Financed Student Loan to the Trust, did not exceed 5% Transferor and each predecessor originator or holder of the principal balance of all Financed Student Loans as (a) with respect to each Financed FFELP Loan was an eligible lender under the Higher Education Act and had a guarantee agreement with the applicable Guarantor of such dateloan, and the aggregate principal balance of all Financed Student Loans guaranteed by all Additional Guarantors measured as of such date, following such addition, did not exceed 20% of the principal balance of all Financed Student Loans as of such date. The principal balance of (b) with respect to each Financed Student HEAL Loan is not subject to change by reason was an eligible lender under the HEAL Act and had an insurance contract with the Secretary of adjustments to the related Borrower's account after the Cutoff Date relating to matters or events occurring prior to the Cutoff DateHHS.

Characteristics of Financed Student Loans. Each Financed Student Loan (A) was originated in the United States of America, its territories, its possessions or other areas subject to its jurisdiction by an "eligible lender" under the Higher Education Act in the ordinary course of its business to an eligible borrower under applicable law and agreements and was fully and properly executed by the parties thereto, (B) was originated or acquired or originated by the Seller Transferor in the ordinary course of its business, and (C) provides or, when the payment schedule with respect thereto is determined, will provide for payments on a periodic basis that fully amortizes amortize the principal amount of such Financed Student Loan by its maturitymaturity and yields interest at the rate applicable thereto (except as otherwise provided in Section 4.14), as such maturity may be modified in accordance with any applicable deferral deferment or forbearance periods granted in accordance with applicable laws and restrictions, including those of the Higher Education Act Act, the HEAL Act, the HEAL Insurance Contract or the applicable any Guarantee Agreement, and yield interest at the rate applicable thereto, and (D) provides that the rights with respect thereto are assignable by the lender thereunder and its assignees without the consent of or notice to any person other than as may be required by the Higher Education Act and such notice has been or will be given. Each Financed Student Loan that is guaranteed by a Xxxxxxxx Loan qualifies the holder thereof (assuming such holder is an eligible guarantor lender under the Higher Education Act and qualifies the holder thereof Act) to receive Interest Subsidy Payments (other than SLS Loans, unsubsidized Xxxxxxxx Loans, and those Consolidation Loans for which the related loan application was submitted prior to January 1, 1993) and Special Allowance Payments from the Department and of Education. Each Financed Student Loan that is a Consolidation Loan, a PLUS Loan, a SLS Loan or an Unsubsidized Xxxxxxxx Loan qualifies the holder thereof (assuming such holder is an eligible lender under the Higher Education Act) to receive Special Allowance Payments from the Department of Education to the extent applicable. Each Financed FFELP Loan qualifies the holder thereof (assuming such holder is an eligible lender under the Higher Education Act) to receive Guarantee Payments from the applicable Guarantor and in accordance with the applicable Guarantee Agreement. Each Financed HEAL Loan qualifies the Guarantor holder thereof (assuming such holder is an eligible lender under the HEAL Act) to receive reinsurance payments thereon Insurance Payments from the DepartmentDepartment of HHS in accordance with the HEAL Insurance Contract. If From and after the Closing Date, each (Y) Financed FFELP Loan shall continue to qualify the holder thereof (assuming such Financed Student Loan holder is a Delayed Delivery Loanan eligible lender under the Higher Education Act) to receive Guarantee Payments from the applicable Guarantor in accordance with the applicable Guarantee Agreement, New Loan or a Qualified Substitute Loan and isto receive Special Allowance Payments and, in either casethe case of Xxxxxxxx Loans, guaranteed by an Additional Guarantor, Interest Subsidy Payments from the aggregate principal balance Department of all Financed Student Loans guaranteed by such Additional Guarantor (measured as of the Subsequent Cutoff Date for such Financed Student Loan) following the addition of such Financed Student Loan Education to the Trust, did not exceed 5% of the principal balance of all Financed Student Loans as of such dateextent applicable, and (Z) Financed HEAL Loan shall continue to qualify the aggregate principal balance holder thereof (assuming such holder is an eligible lender under the HEAL Act) to receive Insurance Payments from the Department of all Financed Student Loans guaranteed by all Additional Guarantors measured as of such date, following such addition, did not exceed 20% of HHS in accordance with the principal balance of all Financed Student Loans as of such date. The principal balance of each Financed Student Loan is not subject to change by reason of adjustments to the related Borrower's account after the Cutoff Date relating to matters or events occurring prior to the Cutoff DateHEAL Insurance Contract.

Characteristics of Financed Student Loans. Each Financed Student Loan (A) was originated in the United States of America, its territories, its possessions or other areas subject to its jurisdiction by an "eligible lender" under the Higher Education Act in the ordinary course of its business to an eligible borrower under applicable law and agreements and was fully and properly executed by the parties thereto, (B) was acquired or originated by the Seller in the ordinary course of its business, (C) provides or, when the payment schedule with respect thereto is determined, will provide for payments on a periodic basis that fully amortizes the principal amount of such Financed Student Loan by its maturity, as such maturity may be modified in accordance with any applicable deferral or forbearance periods granted in accordance with applicable laws and restrictions, including those of the Higher Education Act or the applicable Guarantee Agreement, and yield interest at the rate applicable thereto, and (D) provides that the rights with respect thereto are assignable by the lender thereunder and its assignees without the consent of or notice to any person other than as may be required by the Higher Education Act and such notice has been or will be given. Each Financed Student Loan is guaranteed by an eligible guarantor under the Higher Education Act and qualifies the holder thereof to receive Interest Subsidy Payments (other than SLS Loans, unsubsidized Xxxxxxxx Stafford Loans, and those Consolidation Loans for which the related loan rxxxxxx xoan application was submitted prior to January 1, 1993) and Special Allowance Payments from the Department and Guarantee Payments from the Guarantor and qualifies the Guarantor to receive reinsurance payments thereon from the Department. If such Financed Student Loan is a Delayed Delivery Prefunded Loan, New Loan or a Qualified Substitute Loan and is, in either case, guaranteed by an Additional Guarantor, the aggregate principal balance of all Financed Student Loans guaranteed by such Additional Guarantor (measured as of the Subsequent Cutoff Date for such Financed Student Loan) following the addition of such Financed Student Loan to the TrustIssuer, did not exceed 5% of the principal balance of all Financed Student Loans as of such date, and the aggregate principal balance of all Financed Student Loans guaranteed by all Additional Guarantors measured as of such date, following such addition, did not exceed 20% of the principal balance of all Financed Student Loans as of such date. The principal balance of each Financed Student Loan is not subject to change by reason of adjustments to the related Borrower's account after the Cutoff Date relating to matters or events occurring prior to the Cutoff Date.

Characteristics of Financed Student Loans. Each Financed Student Loan (A) was originated in the United States of America, its territories, its possessions or other areas subject to its jurisdiction by an "eligible lender" under the Higher Education Act in the ordinary course of its business to an eligible borrower under applicable law and agreements and was fully and properly executed by the parties thereto, (B) was acquired or originated by the Seller in the ordinary course of its business, (C) provides or, when the payment schedule with respect thereto is determined, will provide for payments on a periodic basis that fully amortizes the principal amount of such Financed Student Loan by its maturity, as such maturity may be modified in accordance with any applicable deferral or forbearance periods granted in accordance with applicable laws and restrictions, including those of the Higher Education Act or the applicable Guarantee Agreement, and yield interest at the rate applicable thereto, and (D) provides that the rights with respect thereto are assignable by the lender thereunder and its assignees without the consent of or notice to any person other than as may be required by the Higher Education Act and such notice has been or will be given. Each Financed Student Loan is guaranteed by an eligible guarantor under the Higher Education Act and qualifies the holder thereof to receive Interest Subsidy Payments (other than SLS Loans, unsubsidized Xxxxxxxx Loans, and those Consolidation Loans for which the related loan application was submitted prior to January 1, 1993) and Special Allowance Payments from the Department and Guarantee Payments from the Guarantor and qualifies the Guarantor to receive reinsurance payments thereon from the Department. If such Financed Student Loan is a Delayed Delivery Loan, New Loan or a Qualified Substitute Loan and is, in either case, guaranteed by an Additional Guarantor, the aggregate principal balance of all Financed Student Loans guaranteed by such Additional Guarantor (measured as of the Subsequent Cutoff Date for such Financed Student Loan) following the addition of such Financed Student Loan to the Trust, did not exceed 5% of the principal balance of all Financed Student Loans as of such date, and the aggregate principal balance of all Financed Student Loans guaranteed by all Additional Guarantors measured as of such date, following such addition, did not exceed 20% of the principal balance of all Financed Student Loans as of such date. The principal balance of each Financed Student Loan is not subject to change by reason of adjustments to the related Borrower's account after the Cutoff Date relating to matters or events occurring prior to the Cutoff Date.

Characteristics of Financed Student Loans. Each Financed Student Loan (A) was originated in the United States of America, its territories, its possessions or other areas subject to its jurisdiction by an "eligible lender" under the Higher Education Act Seller (or originated by Key Bank USA, National Association as predecessor to the Seller or by another lender in the United States of America and purchased by Key Bank USA, National Association or the Seller) in the ordinary course of its business to an eligible borrower under applicable law and agreements and was fully and properly executed by the parties thereto, and in connection with the Initial Financed Student Loans (except for a small number of borrowers of in-school consolidation loans who are in deferral status), to an eligible borrower who (or, with respect to PLUS Loans, to a parent of a student who) has graduated or otherwise left school or is expected to graduate or otherwise leave school by August 31, 2005, and (B) was acquired or originated by the Seller in the ordinary course of its business, (C) provides or, when the payment schedule with respect thereto is determined, will provide for payments on a periodic basis that fully amortizes amortize the principal amount of such Financed Student Loan by its maturitymaturity and yield interest at the rate applicable thereto, as such maturity may be modified in accordance with any applicable deferral or forbearance periods granted in accordance with applicable laws and restrictions, including those of the Higher Education Act Act, any Guarantee Agreement or the applicable Guarantee Agreement, and yield interest at the rate applicable thereto, and (D) provides that the rights with respect thereto are assignable by the lender thereunder and its assignees without the consent of or notice to any person other than as may be required by the Higher Education Act and such notice has been or will be givenPrograms. Each Financed Student Loan that is guaranteed by an eligible guarantor under the Higher Education Act and a Financed Federal Loan qualifies the holder thereof to receive Interest Subsidy Payments (other than SLS Loans, unsubsidized Xxxxxxxx Loans and certain Consolidation Loans, and those Consolidation Loans for which the related loan application was submitted prior to January 1, 1993) and Special Allowance Payments from the Department and Guarantee Payments from the applicable Guarantor and qualifies the applicable Guarantor to receive reinsurance payments thereon from the Department. If such Each Financed Student Loan that is a Delayed Delivery Loan, New Financed Guaranteed Private Loan or a Qualified Substitute Loan and is, in either case, guaranteed by an Additional Guarantor, qualifies the aggregate principal balance of all Financed Student Loans guaranteed by such Additional holder thereof to receive Guarantee Payments from the applicable Guarantor (measured as of the Subsequent Cutoff Date for such Financed Student Loan) following the addition of such Financed Student Loan to the Trust, did not exceed 5% of the principal balance of all Financed Student Loans as of such date, and the aggregate principal balance of all Financed Student Loans guaranteed by all Additional Guarantors measured as of such date, following such addition, did not exceed 20% of the principal balance of all Financed Student Loans as of such date. The principal balance of each Financed Student Loan is not subject to change by reason of adjustments pursuant to the related Borrower's account after the Cutoff Date relating to matters or events occurring prior to the Cutoff DateGuarantee Agreement.