Common use of Portfolio Characteristics Clause in Contracts

Portfolio Characteristics. The Portfolios of Eligible Loans sold by Seller to Purchaser under this Agreement shall have the following characteristics: (i) the Eligible Loans shall, in the aggregate, have an average borrower indebtedness ("ABI") of at least $3,500.00; (ii) no more than 30% of the aggregate Principal Balance of all of the Eligible Loans as of the date of sale may be attributable to Student Loans the proceeds of which funded tuition to private Eligible Institutions offering only non-baccalaureate degrees; (iii) at least 70% of the aggregate Principal Balance of all of the Eligible Loans as of the date of sale shall be attributable to Federal Xxxxxxxx Loans (as defined in the Higher Education Act) which qualify for Interest Benefit Payments, PLUS Loans or SLS Loans; (iv) no more than 30% of the aggregate Principal Balance of all of the Eligible Loans as of the date of sale may be attributable to Unsubsidized Loans, and (v) no more than 10% of the aggregate Principal Balance of all of the Eligible Loans as of the date of sale may be attributable to Consolidation Loans, unless otherwise agreed by the Parties. An individual Portfolio of Eligible Loans sold pursuant to this Agreement may not have the characteristics described in the preceding sentence if, immediately after the consummation of the purchase of such Portfolio of Eligible Loans, the aggregate of all Eligible Loans sold to Purchaser pursuant to this Agreement shall have such characteristics. If Purchaser does not object to the characteristics of any Portfolio of Eligible Loans, sold pursuant to this Agreement, within 30 days of such sale, Purchaser shall be deemed to have waived any objection to the characteristics of such Portfolio.

Portfolio Characteristics. The Portfolios of Eligible Loans sold by Seller to Purchaser under this Agreement shall have the following characteristics: (i) the Eligible Loans shall, in the aggregate, have an average borrower indebtedness ("ABI") of at least $3,500.00; (ii) no more than 30% of the aggregate Principal Balance of all of the Eligible Loans as of the date of sale may be attributable to Student Loans the proceeds of which funded tuition to private Eligible Institutions offering only non-baccalaureate degrees; (iii) at least 70% of the aggregate Principal Balance of all of the Eligible Loans as of the date of sale shall be attributable to Federal Xxxxxxxx Loans (as defined in the Higher Education Act) which qualify for Interest Benefit Payments, PLUS Loans or SLS Loans; (iv) no more than 30% of the aggregate Principal Balance of all of the Eligible Loans as of the date of sale may be attributable to Unsubsidized Loans, and (v) no more than 1050% of the aggregate Principal Balance of all of the Eligible Loans as of the date of sale may be attributable to Consolidation Loans, unless otherwise agreed by the Parties. An individual Portfolio of Eligible Loans sold pursuant to this Agreement may not have the characteristics described in the preceding sentence if, immediately after the consummation of the purchase of such Portfolio of Eligible Loans, the aggregate of all Eligible Loans sold to Purchaser pursuant to this Agreement shall have such characteristics. If Purchaser does not object to the characteristics of any Portfolio of Eligible Loans, sold pursuant to this Agreement, within 30 days of such sale, Purchaser shall be deemed to have waived any objection to the characteristics of such Portfolio.

Portfolio Characteristics. (a) Each of the Eligible Loans sold by Seller to Purchaser under this Agreement shall either be made to a resident of the State of Arizona or made to pay the costs of a student attending an Eligible Institution in the State of Arizona, and the Student Borrower for any SLS Loan shall have completed the course of study to be financed with the proceeds of such loan. The Portfolios of Eligible Loans sold by Seller to Purchaser under this Agreement shall have the following characteristics: (i) the Eligible Loans shall, in the aggregate, have an average borrower indebtedness ("ABI") of at least $3,500.004,500.00; (ii) no more than 3040% of the aggregate Principal Balance of all of the Eligible Loans as of the date of sale may be attributable to Student Loans the proceeds of which funded tuition to private Eligible Institutions offering only non-baccalaureate degrees; (iii) no more than 5.0% of the aggregate Principal Balance of all of the Eligible Loans as of the date of sale may be attributable to Student Loans the proceeds of which funded tuition for a student attending a for-profit vocational school which does not offer baccalaureate degrees; (iv) at least 7060% of the aggregate Principal Balance of all of the Eligible Loans as of the date of sale shall be attributable to Federal Xxxxxxxx Stafford Loans (as defined in the Higher Education Act) which qualify for Interest qualixx xxx Xnterest Benefit Payments, PLUS Loans or SLS Loans; (ivv) no more than 3040% of the aggregate Principal Balance of all of the Eligible Loans as of the date of sale may be attributable to PLUS Loans, SLS Loans, Unsubsidized Loans or Consolidated Loans, and (vvi) no more than 10% of the aggregate Principal Balance of all of the Eligible Loans as of the date of sale may be attributable to Consolidation Loans, unless otherwise agreed by the PartiesParties and provided, however, that Consolidation Loans will not be included in any Portfolio if, after receiving notice of a proposed purchase of Consolidation Loans the rating agencies which rate the bonds issued by the Purchaser under the Indenture inform Purchaser that such purchase could result in a downgrade of such securities. An individual Portfolio of Eligible Loans sold pursuant to this Agreement may not have the characteristics described in the preceding sentence if, immediately after the consummation of the purchase of such Portfolio of Eligible Loans, the aggregate of all Eligible Loans sold to Purchaser pursuant to this Agreement shall have such characteristics. If Purchaser does not object to the characteristics of any Portfolio of Eligible Loans, sold pursuant to this Agreement, within 30 days of such sale, Purchaser shall be deemed to have waived any objection to the characteristics of such Portfolio, provided, however, in no event shall such failure to object be deemed to be a waiver of the requirement that such Portfolio have the characteristics set forth in Section 3.1(a)(i)-(v) above. (b) Eligible Loans sold by Seller to Purchaser pursuant to this Agreement may consist of Eligible Loans owned and held by Seller in its individual capacity, or in its capacity as trustee of Short Term Federal Investment Trusts, Iowa Higher Education Loan Program Trusts, Mid-America Financing Trust, or of other trusts established through Seller's trust department from time to time.

Portfolio Characteristics. The Portfolios of Eligible Loans sold by Seller to Purchaser under this Agreement shall have the following characteristics: (i) the Eligible Loans shall, in the aggregate, have an average borrower indebtedness ("ABI") of at least $3,500.00; (ii) no more than 30% of the aggregate Principal Balance of all of the Eligible Loans as of the date of sale may be attributable to Student Loans the proceeds of which funded tuition to private Eligible Institutions offering only non-baccalaureate degrees; (iii) at least 70% of the aggregate Principal Balance of all of the Eligible Loans as of the date of sale shall be attributable to Federal Xxxxxxxx Stafford Loans (as defined in the Higher Education Act) which qualify for Interest qualifx xxx Xxterest Benefit Payments, PLUS Loans or SLS Loans; (iv) no more than 30% of the aggregate Principal Balance of all of the Eligible Loans as of the date of sale may be attributable to Unsubsidized Loans, and (v) no more than 10% of the aggregate Principal Balance of all of the Eligible Loans as of the date of sale may be attributable to Consolidation Loans, unless otherwise agreed by the Parties. An individual Portfolio of Eligible Loans sold pursuant to this Agreement may not have the characteristics described in the preceding sentence if, immediately after the consummation of the purchase of such Portfolio of Eligible Loans, the aggregate of all Eligible Loans sold to Purchaser pursuant to this Agreement shall have such characteristics. If Purchaser does not object to the characteristics of any Portfolio of Eligible Loans, sold pursuant to this Agreement, within 30 days of such sale, Purchaser shall be deemed to have waived any objection to the characteristics of such Portfolio.

Portfolio Characteristics. The Portfolios of Eligible Loans sold by Seller to Purchaser under this Agreement shall have the following characteristics: (ia) the Eligible Loans shall, in the aggregate, have an average borrower indebtedness ("ABI") of at least $3,500.00; (iib) no more than 30% of the aggregate Principal Balance of all of the Eligible Loans as of the date of sale may be attributable to Student Loans the proceeds of which funded tuition to private Eligible Institutions offering only non-baccalaureate degrees; (iiic) at least 70% of the aggregate Principal Balance of all of the Eligible Loans as of the date of sale shall be attributable to Federal Xxxxxxxx Loans (as defined in the Higher Education Act) which qualify for Interest Benefit Payments, PLUS Loans or SLS Loans; (ivd) no more than 30% of the aggregate Principal Balance of all of the Eligible Loans as of the date of sale may be attributable to Unsubsidized Loans, and (ve) no more than 10% of the aggregate Principal Balance of all of the Eligible Loans as of the date of sale may be attributable to Consolidation Loans, unless otherwise agreed by the Parties. An individual Portfolio of Eligible Loans sold pursuant to this Agreement may not have the characteristics described in the preceding sentence if, immediately after the consummation of the purchase of such Portfolio of Eligible Loans, the aggregate of all Eligible Loans sold to Purchaser pursuant to this Agreement shall have such characteristics. If Purchaser does not object to the characteristics of any Portfolio of Eligible Loans, sold pursuant to this Agreement, within 30 days of such sale, Purchaser shall be deemed to have waived any objection to the characteristics of such Portfolio.