Permitted Withdrawals and Transfers from the Payment Account. (a) The Grantor Trustee may clear and terminate the Payment Account pursuant to Section 8.01 and remove amounts from time to time deposited in error; provided that the Payment Account shall not be terminated until the Current Principal Amount of each of the Class A-5-1 Certificates and the Class A-5-2 Certificates and the Current Notional Amount of each of the Class A-IO Certificates has been reduced to zero.
Appears in 2 contracts
Samples: Grantor Trust Agreement (National Collegiate Student Loan Trust 2005-2), Grantor Trust Agreement (National Collegiate Student Loan Trust 2005-1)
Permitted Withdrawals and Transfers from the Payment Account. (a) The Grantor Trustee may clear and terminate the Payment Account pursuant to Section 8.01 and remove amounts from time to time deposited in error; provided that the Payment Account shall not be terminated until the Current Principal Amount of each of the Class A-5-1 Certificates and the Class A-5-2 [___] Certificates and the Current Notional Amount of each of the Class A-IO [__]-IO Certificates has been reduced to zero.
Appears in 1 contract
Samples: Grantor Trust Agreement (National Collegiate Funding LLC)
Permitted Withdrawals and Transfers from the Payment Account. (a) The Grantor Trustee may clear and terminate the Payment Account pursuant to Section 8.01 and remove amounts from time to time deposited in error; provided that the Payment Account shall not be terminated until the Current Principal Amount of each of the Class A-5-1 Certificates and the Class A-5-2 Certificates and the Current Notional Amount of each of the Class A-IO Certificates has been reduced to zero.
Appears in 1 contract
Samples: Grantor Trust Agreement (National Collegiate Student Loan Trust 2004-2)
Permitted Withdrawals and Transfers from the Payment Account. (a) The Grantor Trustee may clear and terminate the Payment Account pursuant to Section 8.01 and remove amounts from time to time deposited in error; provided that the Payment Account shall not be terminated until the Current Principal Amount of each of the Class A-5-1 Certificates and the Class A-5-2 Certificates and the Current Notional Amount of each of the Class A-IO IO-1 Certificates and Class A-IO-2 Certificates has been reduced to zero.
Appears in 1 contract
Samples: Grantor Trust Agreement (National Collegiate Student Loan Trust 2005-3)
