Common use of Cohort Default Rates Clause in Contracts

Cohort Default Rates. With respect to the Initial Financed Student Loans only, and based on the most recently published Cohort Default Rates available on the Closing Date, no Group I or Group II Student Loans made to borrowers attending educational institutions with published Cohort Default Rates greater than twenty percent (20%) have been sold by the Depositor to the Issuer if, and to the extent that, such acquisition would cause the aggregate principal amount of either the Group I or Group II Student Loans included in the Trust Estate made to borrowers attending educational institutions with published Cohort Default Rates greater than twenty percent (20%) to exceed eight percent (8%) of the aggregate principal amount of the Group I or Group II Student Loans, respectively, sold to the Issuer pursuant to this Agreement.

Cohort Default Rates. With respect to the Initial Financed Student Loans and the Subsequent Pool Student Loans only, and based on the most recently published Cohort Default Rates available on the Closing Date, no Group I or Group II Financed Student Loans made to borrowers attending educational institutions with published Cohort Default Rates greater than twenty percent (20%) have been sold by the Depositor Seller to the Issuer if, and to the extent that, such acquisition would cause the aggregate principal amount of either the Group I or Group II Financed Student Loans included in the Trust Estate made to borrowers attending educational institutions with published Cohort Default Rates greater than twenty percent (20%) to exceed eight percent (8%) of the aggregate principal amount of the Group I or Group II Financed Student Loans, respectively, Loans sold to the Issuer pursuant to this Agreement.