Common use of DISTRIBUTION OF PAYMENTS RECEIVED Clause in Contracts

DISTRIBUTION OF PAYMENTS RECEIVED. Upon issuance of the Participation Certificate with respect to a particular portfolio of Eligible Loans, Participant shall be entitled to 100% of payments and income earned with respect to the Eligible Loans covered by the Participation Certificate, less Lender's Retained Interest which shall be deducted therefrom and paid to Lender on a quarterly basis. Lender shall pay for all origination fees payable to the Secretary of Education pursuant to the Higher Education Act, servicing fees charged by Servicer pursuant to the Servicing Agreement and any other costs incidental to or associated with origination, Guarantee, ownership, administration, servicing and collection with respect to each of the Eligible Loans covered by the Participation Certificate. Lender agrees to account and deliver to Participant, or cause to be delivered to Participant, all sums of principal, interest, Special Allowance Payments, Interest Subsidy Payments or other income received by Lender or Servicer on behalf of Lender on account of Participant's participation interest in the Eligible Loans covered by the Participation Certificate during the term of this Agreement, less Lender's Retained Interest. Lender shall cause Servicer to furnish to Participant, on a monthly basis, all reports issued by Servicer pursuant to the Servicing Agreement showing the amount of the balances of each of the Eligible Loans covered by the Participation Certificate and other information generated by Servicer, and such other specific information on individual Eligible Loans covered by the Participation Certificate as Participant may reasonably require from time to time, subject to the abilities of Servicer. Participant shall have access to inspect documents in connection with Eligible Loans covered by the Participation Certificate at the Servicer on a day to day basis.

DISTRIBUTION OF PAYMENTS RECEIVED. Upon issuance transfer of the Participation Certificate a participation interest with respect to a particular portfolio of Eligible Loans, Participant Union Bank shall be entitled to one hundred percent (100% %) of payments and income earned received with respect to the participated portion of the Eligible Loans covered by the Participation Certificatecontained in such participation certificate, less Lendera fee ("NELnet's Retained Interest which shall be Fee") deducted therefrom and paid to Lender on NELnet equal to the difference between (i) the total of interest received with respect to such Eligible Loans contained in a participation certificate, and (ii) the amount equal to the annualized rate of 75 basis points (0,75%) over the 91-day U.S. Treasury Bill auctioned weekly, multiplied by the average quarterly basisaggregate xxxstanding principal balances of the Eligible Loans contained in the participation certificate. Lender NELnet shall pay for all origination fees payable to the Secretary of Education pursuant to the Higher Education Actadministration costs, all servicing fees charged costs incurred by Servicer pursuant to the Servicing Agreement its servicing agent ("Servicer") and any other costs incidental to or associated with origination, Guarantee, ownership, administration, servicing servicing, and collection with respect to each of the Eligible Loans covered by the Participation CertificateLoans; all such costs shall be deducted from and paid from NELnet's Fee. Lender NELnet's Fee shall be payable on a quarterly basis. NELnet agrees to account and deliver to Participant, or cause to be delivered to ParticipantUnion Bank, all sums of principal, interest, Special Allowance Paymentsspecial allowance payments, Interest Subsidy Payments interest subsidy payments, or other income received by Lender or Servicer on behalf of Lender NELnet on account of Participant's participation interest in the Eligible Loans covered by the Participation Certificate during the term of this Agreementthe participation certificates. NELnet shall forward such payments to Union Bank no less frequently than on a quarterly basis, less Lender's Retained Interestor as otherwise mutually agreed upon by the parties hereto. Lender NELnet shall cause Servicer to furnish to Participant, on Union Bank a monthly basis, all reports issued by Servicer pursuant to the Servicing Agreement statement showing the amount of the balances of each of the Eligible Loans covered by the Participation Certificate and other information generated by Servicera participation certificate, and such other specific information on the individual Eligible Loans covered by the Participation Certificate as Participant Union Bank may reasonably require from time to time, subject to the abilities of Servicer. Participant Union Bank shall have access to inspect documents in connection with the Eligible Loans covered by the Participation Certificate a participation certificate at the Servicer on a day to day basis. In no event shall any payments required under this Agreement be construed as fees to be paid in excess of any amounts as may be otherwise permitted under the Act.

DISTRIBUTION OF PAYMENTS RECEIVED. Upon issuance of the Participation Certificate with respect to a particular portfolio of Eligible Loans, . Participant shall be entitled to 100% of payments and income earned with respect to the Eligible Loans covered by the Participation Certificate, less Lender's Retained Interest which shall be deducted therefrom and paid to Lender on a quarterly basis. Lender shall pay for all origination fees payable to the Secretary of Education pursuant to the Higher Education Act, servicing fees charged by Servicer pursuant to the Servicing Agreement and any other costs incidental to or associated with origination, . Guarantee, ownership, administration, servicing and collection with respect to each of the Eligible Loans covered by the Participation Certificate. Lender agrees to account and deliver to Participant, or cause to be delivered to Participant, all sums of principal, interest, Special Allowance Payments, Interest Subsidy Payments or other income received by Lender or Servicer on behalf of Lender on account of Participant's participation interest in the Eligible Loans covered by the Participation Certificate during the term of this Agreement, less Lender's Retained Interest. Lender shall cause Servicer to furnish to Participant, on a monthly basis, all reports issued by Servicer pursuant to the Servicing Agreement showing the amount of the balances of each of the Eligible Loans covered by the Participation Certificate and other information generated by Servicer, and such other specific information on individual Eligible Loans covered by the Participation Certificate as Participant may reasonably require from time to time, subject to the abilities of Servicer. Participant shall have access to inspect documents in connection with Eligible Loans covered by the Participation Certificate at the Servicer on a day to day basis.