Common use of RECYCLING PERIOD Clause in Contracts

RECYCLING PERIOD. Absent receipt of Rating Confirmations permitting otherwise, during the recycling period, which ends December 1, 2003, amounts representing the proceeds of the 1998 Notes the 1999-I Notes or the 2000 Notes shall only be applied to the financing of Eligible Loans with the following characteristics: (1) the percentage of recycled Loans that are consolidation Loans shall not exceed 15%; (2) the percentage of recycled Loans that are made to students of two-year schools or proprietary schools shall not exceed 10%; (3) the percentage of recycled Loans that are unsubsidized Stafford loans not in repayment status shall not xxxxxx 00%; and (4) the provisions of Section 6.7(B)(4)(i) of the Trust Agreement notwithstanding, such proceeds may be applied to the financing of Loans originated after July 1,1998, provided that the percentage of recycled Loans that are originated after July 1, 1998 shall not exceed 40% of all such recycled Loans.

RECYCLING PERIOD. Absent receipt of Rating Confirmations permitting otherwise, during the recycling period, which ends December 1, 2003, amounts representing the proceeds of the 1998 Notes or the 1999-I Notes or the 2000 Notes shall only be applied to the financing of Eligible Loans with the following characteristics: (1) the percentage of recycled Loans that are consolidation Loans shall not exceed 1520%; (2) the percentage of recycled Loans that are made to students of two-year schools or proprietary schools shall not exceed 10%; (3) the percentage of recycled Loans that are unsubsidized Stafford loans not in repayment status shall not xxxxxx 0010%; and (4) the provisions of Section 6.7(B)(4)(i6.7(B) (4)(i) of the Trust Agreement notwithstanding, such proceeds may be applied to the financing of Loans originated after July 1,19981, 1998, provided that the percentage of recycled Loans that are originated after July 1, 1998 shall not exceed 40% of all such recycled Loans.

RECYCLING PERIOD. Absent receipt of Rating Confirmations permitting otherwise, during the recycling period, period which ends December 1, 2003, amounts representing the proceeds of the 1998 Notes the 1999-I Notes or the 2000 1999 Notes shall only be applied to the financing of Eligible Loans with the following characteristics: (1) the percentage of recycled Loans that are consolidation Loans shall not exceed 1520%; (2) the percentage of recycled Loans that are made to students of two-year schools or proprietary schools shall not exceed 10%; (3) the percentage of recycled Loans that are unsubsidized Stafford loans not in repayment status shall not xxxxxx 0010%; and (4) the provisions of Section 6.7(B)(4)(i) of the Trust Agreement notwithstanding, such proceeds may be applied to the financing of Loans originated after July 1,19981, 1998, provided that the percentage of recycled Loans that are originated after July 1, 1998 shall not exceed 40% of all such recycled Loans.

RECYCLING PERIOD. Absent receipt of Rating Confirmations permitting otherwise, during the recycling period, which ends December 1, 2003, amounts representing the proceeds of the 1998 Notes the 1999-I Notes or the 2000 Notes shall only be applied to the financing of Eligible Loans with the following characteristics: (1) the percentage of recycled Loans that are consolidation Consolidation Loans shall not exceed 15%; (2) the percentage of recycled Loans that are made to students of two-year schools or proprietary schools shall not exceed 10%; (3) the percentage of recycled Loans that are unsubsidized Stafford loans not in repayment status shall not xxxxxx exceex 00%; andxnd (4) the provisions of Section 6.7(B)(4)(i) of the Trust Agreement notwithstanding, such proceeds may be applied to the financing of Loans originated after July 1,19981, 1998, provided that the percentage of recycled Loans that are originated after July 1, 1998 shall not exceed 40% of all such recycled Loans.