Common use of Cohort Default Rates Clause in Contracts

Cohort Default Rates. With respect to the KBUSA Initial Financed Student Loans only, and based on the most recently published Cohort Default Rates available on the Closing Date, no KBUSA Group I Student Loans or KBUSA 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 Seller to the Purchaser if, and to the extent that, such acquisition would cause the aggregate principal amount of either the KBUSA Group I Student Loans or KBUSA 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 KBUSA Group I Student Loans or KBUSA Group II Student Loans, respectively, sold to the Issuer pursuant to this Agreement.