Common use of Income and Loss Allocations Clause in Contracts

Income and Loss Allocations. After giving effect to the special allocations set forth in subparagraph (b) of this Section 2.10 and for purposes of maintaining Capital Accounts under Section 5.6, gross income items of the Trust for any Accrual Period as determined for Federal income tax purposes shall be allocated as follows: (1) first, among the Certificateholders as of the close of business on the last day of such Accrual Period, in proportion to the Certificate Balance of the Certificates owned by them on such date, an amount of gross income up to the sum of (i) the portion of the Certificateholders' Return Distribution Amount and the Certificate Return Carryover, if any, for the related Distribution Date allocable to such Accrual Period, (ii) return on the excess, if any, of the Certificateholders' Return Distribution Amount for the preceding Distribution Date over the amount in respect of return on the Certificates that is actually distributed to Certificateholders on such preceding Distribution Date, to the extent permitted by law, at the Certificate Rate for such Accrual Period and (iii) the portion of the market discount on the Trust Student Loans accrued during such Accrual Period that is allocable to the excess, if any, of the initial aggregate principal amount of the Certificates over their initial aggregate issue price; and (2) the balance of Profits, if any, to the Depositor. If the items of gross income of the Trust for any month are insufficient for the allocations described in clause (1) above, subsequent items of gross income shall first be allocated to make up such shortfall before Profits are allocated as provided in clause (b). Loss of the Trust for any Accrual Period shall be allocated to the Depositor to the extent the Depositor is reasonably expected to bear the economic burden of such Loss, and any remaining Loss shall be allocated among the Certificateholders as of the close of business on the last day of such Accrual Period in proportion to the Certificate Balance of Trust Certificates owned by them on such date. If any items of loss or deduction are allocated to Certificateholders and the Depositor subsequently determines that the economic loss to Certificateholders will be less than was expected at the time such allocations were made, additional items of gross income will be allocated to Certificateholders in subsequent periods to offset the excess allocations of losses and deductions to Certificateholders before any Profits are allocated to the Depositor as provided in clause (2) above.

Income and Loss Allocations. After giving effect to the special --------------------------- allocations set forth in subparagraph (b) of this Section 2.10 and for purposes of maintaining Capital Accounts under Section 5.6, gross income items of the Trust for any Accrual Period as determined for Federal income tax purposes shall be allocated as follows: (1) first, among the Certificateholders as of the close of business on the last day of such Accrual Period, in proportion to the Certificate Balance of the Certificates owned by them on such date, an amount of gross income up to the sum of (i) the portion of the Certificateholders' Return Distribution Amount and the Certificate Return Carryover, if any, for the related Distribution Date allocable to such Accrual Period, (ii) return on the excess, if any, of the Certificateholders' Return Distribution Amount for the preceding Distribution Date over the amount in respect of return on the Certificates that is actually distributed to Certificateholders on such preceding Distribution Date, to the extent permitted by law, at the Certificate Rate for such Accrual Period and (iii) the portion of the market discount on the Trust Student Loans accrued during such Accrual Period that is allocable to the excess, if any, of the initial aggregate principal amount of the Certificates over their initial aggregate issue price; and (2) the balance of Profits, if any, to the Depositor. If the items of gross income of the Trust for any month are insufficient for the allocations described in clause (1) above, subsequent items of gross income shall first be allocated to make up such shortfall before Profits are allocated as provided in clause (b). Loss of the Trust for any Accrual Period shall be allocated to the Depositor to the extent the Depositor is reasonably expected to bear the economic burden of such Loss, and any remaining Loss shall be allocated among the Certificateholders as of the close of business on the last day of such Accrual Period in proportion to the Certificate Balance of Trust Certificates owned by them on such date. If any items of loss or deduction are allocated to Certificateholders and the Depositor subsequently determines that the economic loss to Certificateholders will be less than was expected at the time such allocations were made, additional items of gross income will be allocated to Certificateholders in subsequent periods to offset the excess allocations of losses and deductions to Certificateholders before any Profits are allocated to the Depositor as provided in clause (2) above.

Income and Loss Allocations. After giving effect to the special allocations set forth in subparagraph (b) of this Section 2.10 and for purposes of maintaining Capital Accounts under Section 5.65.06, gross income items of the Trust for any Accrual Interest Period as determined for Federal income tax purposes shall be allocated as follows: (1) first, among the Certificateholders as of the close of business on the last day of such Accrual Interest Period, in proportion to the Certificate Balance of the Certificates owned by them on such date, an amount of gross income up to the sum of (i) the portion of the Certificateholders' Return Interest Distribution Amount and the Certificate Return Certificateholders' Interest Index Carryover, if any, for the related Distribution Date allocable to such Accrual Interest Period, (ii) return on the excess, if any, of the Certificateholders' Return Interest Distribution Amount for the preceding Distribution Date over the amount in respect of return on the Certificates that is actually distributed to Certificateholders on such preceding Distribution Date, to the extent permitted by law, at the Certificate Rate for such Accrual Interest Period and (iii) the portion of the market discount on the Trust Financed Student Loans accrued during such Accrual Interest Period that is allocable to the excess, if any, of the initial aggregate principal amount of the Certificates over their initial aggregate issue price; and (2) the balance of Profits, if any, to the Depositor. If the items of gross income of the Trust for any month are insufficient for the allocations described in clause (1) above, subsequent items of gross income shall first be allocated to make up such shortfall before Profits are allocated as provided in clause (b). Loss of the Trust for any Accrual Interest Period shall be allocated to the Depositor to the extent the Depositor is reasonably expected to bear the economic burden of such Loss, and any remaining Loss shall be allocated among the Certificateholders as of the close of business on the last day of such Accrual Interest Period in proportion to the Certificate Balance of Trust Certificates owned by them on such date. If any items of loss or deduction are allocated to Certificateholders and the Depositor subsequently determines that the economic loss to Certificateholders will be less than was expected at the time such allocations were made, additional items of gross income will be allocated to Certificateholders in subsequent periods to offset the excess allocations of losses and deductions to Certificateholders before any Profits are allocated to the Depositor as provided in clause (2) above.

Income and Loss Allocations. After giving effect to the special allocations set forth in subparagraph (b) of this Section 2.10 and for purposes of maintaining Capital Accounts under Section 5.6, gross income items of the Trust for any Accrual Period as determined for Federal income tax purposes shall be allocated as follows: (1) first, among the Certificateholders as of the close of business on the last day of such Accrual Period, in proportion to the Certificate Balance of the Certificates owned by them on such date, an amount of gross income up to the sum of (i) the portion of the Certificateholders' Return Distribution Amount and the Certificate Return Carryover, if any, for the related Distribution Date allocable to such Accrual Period, (ii) return on the excess, if any, of the Certificateholders' Return Distribution Amount for the preceding Distribution Date over the amount in respect of return on the Certificates that is actually distributed to Certificateholders on such preceding Distribution Date, to the extent permitted by law, at the Certificate Rate for such Accrual Period and (iii) the portion of the market discount on the Trust Student Loans accrued during such Accrual Period that is allocable to the excess, if any, of the initial aggregate principal amount of the Certificates over their initial aggregate issue price; and (2) the balance of Profits, if any, to the Depositor. If the items of gross income of the Trust for any month are insufficient for the allocations described in clause (1) above, subsequent items of gross income shall first be allocated to make up such shortfall before Profits are allocated as provided in clause (b). Loss of the Trust for any Accrual Period shall be allocated to the Depositor to the extent the Depositor is reasonably expected to bear the economic burden of such Loss, and any remaining Loss shall be allocated among the Certificateholders as of the close of business on the last day of such Accrual Period in proportion to the Certificate Balance of Trust 5 10 Certificates owned by them on such date. If any items of loss or deduction are allocated to Certificateholders and the Depositor subsequently determines that the economic loss to Certificateholders will be less than was expected at the time such allocations were made, additional items of gross income will be allocated to Certificateholders in subsequent periods to offset the excess allocations of losses and deductions to Certificateholders before any Profits are allocated to the Depositor as provided in clause (2) above.

Income and Loss Allocations. After giving effect to the special allocations set forth in subparagraph (b) of this Section 2.10 and for purposes of maintaining Capital Accounts under Section 5.6, gross income items of the Trust for any Accrual Period as determined for Federal income tax purposes shall be allocated as follows: (1) first, among the Certificateholders as of the close of business on the last day of such Accrual Period, in proportion to the Certificate Balance of the Certificates owned by them on such date, an amount of gross income up to the sum of (i) the portion of the Certificateholders' Return Distribution Amount and the Certificate Return Carryover, if any, for the related Distribution Date allocable to such Accrual Period, (ii) return on the excess, if any, of the Certificateholders' Return Distribution Amount for the preceding Distribution Date over the amount in respect of return on the Certificates that is actually distributed to Certificateholders on such preceding Distribution Date, to the extent permitted by law, at the Certificate Rate for such Accrual Period and (iii) the portion of the market discount on the Trust Student Loans accrued during such Accrual Period that is allocable to the excess, if any, of the initial aggregate principal amount of the Certificates over their initial aggregate issue price; and (2) the balance of Profits, if any, to the Depositor. If the items of gross income of the Trust for any month are insufficient for the allocations described in clause (1) above, subsequent items of gross income shall first be allocated to make up such shortfall before Profits are allocated as provided in clause (b). Loss of the Trust for any Accrual Period shall be allocated to the Depositor to the extent the Depositor is reasonably expected to bear the economic burden of such Loss, and any remaining Loss shall be allocated among the Certificateholders as of the close of business on the last day of such Accrual Period in proportion to the Certificate Balance of Trust Certificates owned by them on such date. If any items of loss or deduction are allocated to Certificateholders and the Depositor subsequently determines that the economic loss to Certificateholders will be less than was expected at the time such allocations were made, additional items of gross income will be allocated to Certificateholders in subsequent periods to offset the excess allocations of losses and deductions to Certificateholders before any Profits are allocated to the Depositor as provided in clause (2) above.in