Optional Release of All Financed Student Loans Sample Clauses

Optional Release of All Financed Student Loans. The Corporation shall certify to and notify the Trustee in writing, within fifteen (15) days after the last day of any Collection Period in which the then outstanding Pool Balance is 12% or less of the Initial Pool Balance, of the percentage that the then outstanding Pool Balance bears to the Initial Pool Balance. On the Distribution Date after the last day of the Collection Period on which the then outstanding Pool Balance is 10% or less of the Initial Pool Balance, and each Distribution Date thereafter (each, an “Optional Purchase Date”), the Corporation shall have the option to release all of the Financed Student Loans from the lien of the Indenture. To exercise such option, the Corporation shall deposit in the Collection Fund, on or prior to the next Distribution Date, an amount equal to the Minimum Purchase Amount. Upon the Corporation’s exercise of such election and following the deposit of the Minimum Purchase Amount in the Collection Fund, amounts on deposit in the Debt Service Reserve Fund and the Collection Fund shall, pursuant to Sections 3.01 and 3.03 hereof, be distributed in accordance with and in the priority specified in Section 5.02(b) hereof or, if applicable, Section 6.02 hereof. All expenses of the Trustee relating to the release of Financed Student Loans in accordance with this Section shall be paid out of the Collection Fund prior to the payments to the Noteholders or other Persons entitled to payments in accordance with Section 5.02(b) hereof or, if applicable, Section 6.02 hereof.
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Related to Optional Release of All Financed Student Loans

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