Common use of Interest Subsidy Payments or Special Allowance Payments Clause in Contracts

Interest Subsidy Payments or Special Allowance Payments. At the time such payment is made, Xxxxxx Xxx shall not be required to reimburse Funding for interest that is then capitalized, however, such amounts shall be reimbursed if the borrower subsequently defaults and such capitalized interest is not paid by the Guarantor. Anything in this Section 6 to the contrary notwithstanding, if as of the last Business Day of any month the aggregate outstanding principal amount of Trust Student Loans with respect to which claims have been filed with and rejected by a Guarantor or with respect to which the Servicer determines that claims cannot be filed pursuant to the Higher Education Act as a result of a breach by Xxxxxx Mae or the Servicer, exceeds 1% of the Pool Balance, Xxxxxx Xxx (and the Servicer as provided in the Servicing Agreement) shall purchase, within 30 days of a written request of the Eligible Lender Trustee or the Indenture Trustee, such affected Trust Student Loans in an aggregate principal amount such that after such purchase the aggregate principal amount of such affected Trust student Loans is less than 1% of the Pool Balance. The Trust Student Loans to be purchased by Xxxxxx Mae and the Servicer pursuant to the preceding sentence shall be based on the date of claim rejection (or the date of notice referred to in the first sentence of this Section 6) with Trust Student Loans with the earliest such date to be purchased first. In lieu of repurchasing Trust Student Loans pursuant to this Section 6, Xxxxxx Xxx may, at its option, substitute Eligible Loans or arrange for the substitution of Eligible Loans which are substantially similar on an aggregate basis as of the date of substitution to the Trust Student Loans for which they are being substituted with respect to the following characteristics:

Interest Subsidy Payments or Special Allowance Payments. At the time such payment is made, Xxxxxx Xxx shall not be required to reimburse Funding for interest that is then capitalized, however, such amounts shall be reimbursed if the borrower subsequently defaults and such capitalized interest is not paid by the Guarantor. Anything in this Section 6 to the contrary notwithstanding, if as of the last Business Day of any month the aggregate outstanding principal amount of Trust Student Loans with respect to which claims have been filed with and rejected by a Guarantor or with respect to which the Servicer determines that claims cannot be filed pursuant to the Higher Education Act as a result of a breach by Xxxxxx Mae or the Servicer, exceeds 1% of the Pool Balance, Xxxxxx Xxx (and the Servicer as provided in the Servicing Agreement) shall purchase, within 30 days of a written request of the Eligible Lender Trustee or the Indenture Trustee, such affected Trust Student Loans in an aggregate principal amount such that after such purchase the aggregate principal amount of such affected Trust student Student Loans is less than 1% of the Pool Balance. The Trust Student Loans to be purchased by Xxxxxx Mae and the Servicer pursuant to the preceding sentence shall be based on the date of claim rejection (or the date of notice referred to in the first sentence of this Section 6) with Trust Student Loans with the earliest such date to be purchased first. In lieu of repurchasing Trust Student Loans pursuant to this Section 6, Xxxxxx Xxx may, at its option, substitute Eligible Loans or arrange for the substitution of Eligible Loans which are substantially similar on an aggregate basis as of the date of substitution to the Trust Student Loans for which they are being substituted with respect to the following characteristics:

Interest Subsidy Payments or Special Allowance Payments. At the time such payment is made, Xxxxxx Xxx shall not be required to reimburse Funding for interest that is then capitalized, however, such amounts shall be reimbursed if the borrower subsequently defaults and such capitalized interest is not paid by the Guarantor. Anything in this Section 6 to the contrary notwithstanding, if as of the last Business Day of any month the aggregate outstanding principal amount of Trust Student Loans with respect to which claims have been filed with and rejected by a Guarantor or with respect to which the Servicer determines that claims cannot be filed pursuant to the Higher Education Act as a result of a breach by Xxxxxx Mae Xxx or the Servicer, exceeds 1% of the Pool Balance, Xxxxxx Xxx Mae (and the Servicer as provided in the Servicing Agreement) shall purchase, within 30 days of a written request of the Eligible Lender Trustee or the Indenture Trustee, such affected Trust Student Loans in an aggregate principal amount such that after such purchase the aggregate principal amount of such affected Trust student Student Loans is less than 1% of the Pool Balance. The Trust Student Loans to be purchased by Xxxxxx Mae Xxx and the Servicer pursuant to the preceding sentence shall be based on the date of claim rejection (or the date of notice referred to in the first sentence of this Section 6) with Trust Student Loans with the earliest such date to be purchased first. In lieu of repurchasing Trust Student Loans pursuant to this Section 6, Xxxxxx Xxx Mae may, at its option, substitute Eligible Loans or arrange for the substitution of Eligible Loans which are substantially similar on an aggregate basis as of the date of substitution to the Trust Student Loans for which they are being substituted with respect to the following characteristics:

Interest Subsidy Payments or Special Allowance Payments. At the time such payment is made, Xxxxxx Xxx Mae shall not be required to reimburse Funding for interest that is then capitalized, however, such amounts shall be reimbursed if the borrower subsequently defaults and such capitalized interest is not paid by the Guarantor. Anything in this Section 6 to the contrary notwithstanding, if as of the last Business Day of any month the aggregate outstanding principal amount of Trust Student Loans with respect to which claims have been filed with and rejected by a Guarantor or with respect to which the Servicer determines that claims cannot be filed pursuant to the Higher Education Act as a result of a breach by Xxxxxx Mae Xxx or the Servicer, exceeds 1% of the Pool Balance, Xxxxxx Xxx Mae (and the Servicer as provided in the Servicing Agreement) shall purchase, within 30 days of a written request of the Eligible Lender Trustee or the Indenture Trustee, such affected Trust Student Loans in an aggregate principal amount such that after such purchase the aggregate principal amount of such affected Trust student Loans is less than 1% of the Pool Balance. The Trust Student Loans to be purchased by Xxxxxx Mae Xxx and the Servicer pursuant to the preceding sentence shall be based on the date of claim rejection (or the date of notice referred to in the first sentence of this Section 6) with Trust Student Loans with the earliest such date to be purchased first. In lieu of repurchasing Trust Student Loans pursuant to this Section 6, Xxxxxx Xxx Mae may, at its option, substitute Eligible Loans or arrange for the substitution of Eligible Loans which are substantially similar on an aggregate basis as of the date of substitution to the Trust Student Loans for which they are being substituted with respect to the following characteristics:

Interest Subsidy Payments or Special Allowance Payments. At the time such payment is made, Xxxxxx Xxx shall not be required to reimburse Funding for interest that is then capitalized, however, such amounts shall be reimbursed if the borrower subsequently defaults and such capitalized interest is not paid by the Guarantor. Anything in this Section 6 to the contrary notwithstanding, if as of the last Business Day of any month the aggregate outstanding principal amount of Trust Student Loans with respect to which claims have been filed with and rejected by a Guarantor or with respect to which the Servicer determines that claims cannot be filed pursuant to the Higher Education Act as a result of a breach by Xxxxxx Mae Xxx or the Servicer, exceeds 1% of the Pool Balance, Xxxxxx Xxx Mae (and the Servicer as provided in the Servicing Agreement) shall purchase, within 30 days of a written request of the Eligible Lender Trustee or the Indenture Trustee, such affected Trust Student Loans in an aggregate principal amount such that after such purchase the aggregate principal amount of such affected Trust student Loans is less than 1% of the Pool Balance. The Trust Student Loans to be purchased by Xxxxxx Mae Xxx and the Servicer pursuant to the preceding sentence shall be based on the date of claim rejection (or the date of notice referred to in the first sentence of this Section 6) with Trust Student Loans with the earliest such date to be purchased first. In lieu of repurchasing Trust Student Loans pursuant to this Section 6, Xxxxxx Xxx Mae may, at its option, substitute Eligible Loans or arrange for the substitution of Eligible Loans which are substantially similar on an aggregate basis as of the date of substitution to the Trust Student Loans for which they are being substituted with respect to the following characteristics:

Interest Subsidy Payments or Special Allowance Payments. At the time such payment is made, Xxxxxx Sallxx Xxx shall not be required to reimburse Funding for interest that is then capitalized, however, such amounts shall be reimbursed if the borrower subsequently defaults and such capitalized interest is not paid by the Guarantor. Anything in this Section 6 to the contrary notwithstanding, if as of the last Business Day of any month the aggregate outstanding principal amount of Trust Student Loans with respect to which claims have been filed with and rejected by a Guarantor or with respect to which the Servicer determines that claims cannot be filed pursuant to the Higher Education Act as a result of a breach by Xxxxxx Mae or Sallxx Xxx xx the Servicer, exceeds 1% of the Pool Balance, Xxxxxx Sallxx Xxx (and the Servicer as provided in the Servicing Agreement) shall purchase, within 30 days of a written request of the Eligible Lender Trustee or the Indenture Trustee, such affected Trust Student Loans in an aggregate principal amount such that after such purchase the aggregate principal amount of such affected Trust student Loans is less than 1% of the Pool Balance. The Trust Student Loans to be purchased by Xxxxxx Mae and Sallxx Xxx xxx the Servicer pursuant to the preceding sentence shall be based on the date of claim rejection (or the date of notice referred to in the first sentence of this Section 6) with Trust Student Loans with the earliest such date to be purchased first. In lieu of repurchasing Trust Student Loans pursuant to this Section 6, Xxxxxx Sallxx Xxx may, at its option, substitute Eligible Loans or arrange for the substitution of Eligible Loans which are substantially similar on an aggregate basis as of the date of substitution to the Trust Student Loans for which they are being substituted with respect to the following characteristics:

Interest Subsidy Payments or Special Allowance Payments. At the time such payment is made, Xxxxxx Xxx shall not be required to reimburse Funding for interest that is then capitalized, however, such amounts shall be reimbursed if the borrower subsequently defaults and such capitalized interest is not paid by the Guarantor. Anything in this Section 6 to the contrary notwithstanding, if as of the last Business Day of any month the aggregate outstanding principal amount of Trust Student Loans with respect to which claims have been filed with and rejected by a Guarantor or with respect to which the Servicer determines that claims cannot be filed pursuant to the Higher Education Act as a result of a breach by Xxxxxx Mae or the Servicer, exceeds 1% of the Pool Balance, Xxxxxx Xxx (and the Servicer as provided in the Servicing Agreement) shall purchase, within 30 days of a written request of the Eligible Lender Trustee or the Indenture Trustee, such affected Trust Student Loans in an aggregate principal amount such that after such purchase the aggregate principal amount of such affected Trust student Loans is less than 1% of the Pool Balance. The Trust Student Loans to be purchased by Xxxxxx Mae Xxx and the Servicer pursuant to the preceding sentence shall be based on the date of claim rejection (or the date of notice referred to in the first sentence of this Section 6) with Trust Student Loans with the earliest such date to be purchased first. In lieu of repurchasing Trust Student Loans pursuant to this Section 6, Xxxxxx Xxx Mae may, at its option, substitute Eligible Loans or arrange for the substitution of Eligible Loans which are substantially similar on an aggregate basis as of the date of substitution to the Trust Student Loans for which they are being substituted with respect to the following characteristics:

Interest Subsidy Payments or Special Allowance Payments. At the time such payment is made, Xxxxxx Xxx Mae shall not be required to reimburse Funding for interest that is then capitalized, however, such amounts shall be reimbursed if the borrower subsequently defaults and such capitalized interest is not paid by the Guarantor. Anything in this Section 6 to the contrary notwithstanding, if as of the last Business Day of any month the aggregate outstanding principal amount of Trust Student Loans with respect to which claims have been filed with and rejected by a Guarantor or with respect to which the Servicer determines that claims cannot be filed pursuant to the Higher Education Act as a result of a breach by Xxxxxx Mae Xxx or the Servicer, exceeds 1% of the Pool Balance, Xxxxxx Xxx Mae (and the Servicer as provided in the Servicing Agreement) shall purchase, within 30 days of a written request of the Eligible Lender Trustee or the Indenture Trustee, such affected Trust Student Loans in an aggregate principal amount such that after such purchase the aggregate principal amount of such affected Trust student Student Loans is less than 1% of the Pool Balance. The Trust Student Loans to be purchased by Xxxxxx Mae Xxx and the Servicer pursuant to the preceding sentence shall be based on the date of claim rejection (or the date of notice referred to in the first sentence of this Section 6) with Trust Student Loans with the earliest such date to be purchased first. In lieu of repurchasing Trust Student Loans pursuant to this Section 6, Xxxxxx Xxx Mae may, at its option, substitute Eligible Loans or arrange for the substitution of Eligible Loans which are substantially similar on an aggregate basis as of the date of substitution to the Trust Student Loans for which they are being substituted with respect to the following characteristics:

Interest Subsidy Payments or Special Allowance Payments. At the time such payment is made, Xxxxxx Xxx Sallie Mae shall not be required to reimburse Funding for interest that is then thxx xx txxx capitalized, however, such amounts shall be reimbursed if the borrower subsequently defaults and such capitalized interest is not paid by the Guarantor. Anything in this Section 6 to the contrary notwithstanding, if as of the last Business Day of any month the aggregate outstanding principal amount of Trust Student Loans with respect to which claims have been filed with and rejected by a Guarantor or with respect to which the Servicer determines that claims cannot be filed pursuant to the Higher Education Act as a result of a breach by Xxxxxx Sallie Mae or the Servicer, exceeds 1% of the Pool Balance, Xxxxxx Xxx Sallie Max (and xxx the Servicer as provided in the Servicing Agreement) shall purchasexxxxx pxxxhase, within 30 days of a written request of the Eligible Lender Trustee or the Indenture Trustee, such affected Trust Student Loans in an aggregate principal amount such that after such purchase the aggregate principal amount of such affected Trust student Student Loans is less than 1% of the Pool Balance. The Trust Student Loans to be purchased by Xxxxxx Sallie Mae and the Servicer pursuant to the preceding sentence shall be based on the date of claim rejection (or the date of notice referred to in the first sentence of this Section 6) with Trust Student Loans with the earliest such date to be purchased first. In lieu of repurchasing Trust Student Loans pursuant to this Section 6, Xxxxxx Xxx Sallie Mae may, at its option, substitute Eligible Loans or arrange for the substitution fxx xxx xxxstitution of Eligible Loans which are substantially similar on an aggregate basis as of the date of substitution to the Trust Student Loans for which they are being substituted with respect to the following characteristics:

Interest Subsidy Payments or Special Allowance Payments. At the time such payment is made, Xxxxxx Sallxx Xxx shall xxxll not be required to reimburse Funding for interest that is then capitalized, however, such amounts shall be reimbursed if the borrower subsequently defaults and such capitalized interest is not paid by the Guarantor. Anything in this Section 6 to the contrary notwithstanding, if as of the last Business Day of any month the aggregate outstanding principal amount of Trust Student Loans with respect to which claims have been filed with and rejected by a Guarantor or with respect to which the Servicer determines that claims cannot be filed pursuant to the Higher Education Act as a result of a breach by Xxxxxx Mae Sallxx Xxx or the Servicer, exceeds 1% of the Pool Balance, Xxxxxx Sallxx Xxx (and xxd the Servicer as provided in the Servicing Agreement) shall purchase, within 30 days of a written request of the Eligible Lender Trustee or the Indenture Trustee, such affected Trust Student Loans in an aggregate principal amount such that after such purchase the aggregate principal amount of such affected Trust student Loans is less than 1% of the Pool Balance. The Trust Student Loans to be purchased by Xxxxxx Mae Sallxx Xxx and the Servicer pursuant to the preceding sentence shall be based on the date of claim rejection (or the date of notice referred to in the first sentence of this Section 6) with Trust Student Loans with the earliest such date to be purchased first. In lieu of repurchasing Trust Student Loans pursuant to this Section 6, Xxxxxx Sallxx Xxx mayxxx, at its option, substitute Eligible Loans or arrange for the substitution of Eligible Loans which are substantially similar on an aggregate basis as of the date of substitution to the Trust Student Loans for which they are being substituted with respect to the following characteristics:of