Common use of Redemption from Surplus Account Clause in Contracts

Redemption from Surplus Account. Subject to compliance with Section 10.2 of the Indenture, Outstanding Series 2001-1 Notes shall be redeemed on any regularly scheduled Interest Payment Date with respect thereto, in whole or in part, at a Redemption Price equal to 100% of the principal amount thereof to be redeemed, from that portion of the Balance of the Series 2001-1 Surplus Subaccount transferred to the Series 2001-1 Retirement Account in accordance with this subsection (B). If there are any amounts in the Series 2001-1 Surplus Subaccount which have been on deposit therein for at least twelve (12) months and have not been used to acquire Student Loans, and if there are no deficiencies in any of the Indemnification Fund, the Note Fund, the Reserve Fund or the Special Redemption and Prepayment Account, the Trustee shall give written notice to the Corporation that such moneys will be transferred to the Series 2001-1 Retirement Account and applied to the redemption of Series 2001-1 Notes in accordance with this subsection (B) unless the Corporation, within ten (10) Business Days of receipt of such notice, delivers to the Trustee a Corporation Certificate to the effect that some or all of such amounts are reasonably expected to be necessary to pay Debt Service on the Outstanding Notes or on Outstanding Other Obligations, Carry-Over Amounts, including accrued interest thereon, with respect to Outstanding Notes, Administrative Expenses or Note Fees or to make required deposits to the Indemnification Fund. Any amounts so certified by the Corporation will remain in the Series 2001-1 Surplus Subaccount and will not be applied to the redemption of Series 2001-1 Notes pursuant to this subsection (B).

Redemption from Surplus Account. Subject to compliance with ------------------------------- Section 10.2 of the Indenture, Outstanding Series 20012000-1 Notes shall be redeemed on any regularly scheduled Interest Payment Date with respect thereto, in whole or in part, at a Redemption Price equal to 100% of the principal amount thereof to be redeemed, from that portion of the Balance of the Series 20012000-1 Surplus Subaccount transferred to the Series 20012000-1 Retirement Account in accordance with this subsection (B). If there are any amounts in the Series 20012000-1 Surplus Subaccount which have been on deposit therein for at least twelve (12) months and have not been used to acquire Student Loans, and if there are no deficiencies in any of the Indemnification Fund, the Note Fund, the Reserve Fund or the Special Redemption and Prepayment Account, the Trustee shall give written notice to the Corporation that such moneys will be transferred to the Series 20012000-1 Retirement Account and applied to the redemption of Series 20012000-1 Notes in accordance with this subsection (B) unless the Corporation, within ten (10) Business Days of receipt of such notice, delivers to the Trustee a Corporation Certificate to the effect that some or all of such amounts are reasonably expected to be necessary to pay Debt Service on the Outstanding Notes or on Outstanding Other Obligations, Carry-Over Amounts, including accrued interest thereon, with respect to Outstanding Notes, Administrative Expenses or Note Fees or to make required deposits to the Indemnification Fund. Any amounts so certified by the Corporation will remain in the Series 20012000-1 Surplus Subaccount and will not be applied to the redemption of Series 20012000-1 Notes pursuant to this subsection (B).

Redemption from Surplus Account. Subject to compliance with Section 10.2 of the Indenture, Outstanding Series 20012004-1 Notes shall be redeemed on any regularly scheduled Interest Payment Date with respect thereto, in whole or in part, at a Redemption Price equal to 100% of the principal amount thereof to be redeemed, from that portion of the Balance of the Series 20012004-1 Surplus Subaccount transferred to the Series 20012004-1 Retirement Account in accordance with this subsection (B). If there are any amounts in the Series 20012004-1 Surplus Subaccount which have been on deposit therein for at least twelve (12) months and have not been used to acquire Student Loansmonths, and if there are no deficiencies in any of the Indemnification Fund, the Note Fund, the Reserve Fund or the Special Redemption and Prepayment Account, the Trustee shall give written notice to the Corporation that such moneys will be transferred to the Series 20012004-1 Retirement Account and applied to the redemption of Series 20012004-1 Notes in accordance with this subsection (B) unless the Corporation, within ten (10) Business Days of receipt of such notice, delivers to the Trustee a Corporation Certificate to the effect that some or all of such amounts are reasonably expected to be necessary to pay Debt Service on the Outstanding Notes or on Outstanding Other Obligations, Carry-Over Amounts, including accrued interest thereon, with respect to Outstanding Notes, Administrative Expenses or Note Fees or to make required deposits to the Indemnification Fund. Any amounts so certified by the Corporation will remain in the Series 20012004-1 Surplus Subaccount and will not be applied to the redemption of Series 20012004-1 Notes pursuant to this subsection (B).

Redemption from Surplus Account. Subject to compliance with Section 10.2 of the Indenture, Outstanding Series 20012002-1 Notes shall be redeemed on any regularly scheduled Interest Payment Date with respect thereto, in whole or in part, at a Redemption Price equal to 100% of the principal amount thereof to be redeemed, from that portion of the Balance of the Series 20012002-1 Surplus Subaccount transferred to the Series 20012002-1 Retirement Account in accordance with this subsection (B). If there are any amounts in the Series 20012002-1 Surplus Subaccount which have been on deposit therein for at least twelve (12) months and have not been used to acquire Student Loans, and if there are no deficiencies in any of the Indemnification Fund, the Note Fund, the Reserve Fund or the Special Redemption and Prepayment Account, the Trustee shall give written notice to the Corporation that such moneys will be transferred to the Series 20012002-1 Retirement Account and applied to the redemption of Series 20012002-1 Notes in accordance with this subsection (B) unless the Corporation, within ten (10) Business Days of receipt of such notice, delivers to the Trustee a Corporation Certificate to the effect that some or all of such amounts are reasonably expected to be necessary to pay Debt Service on the Outstanding Notes or on Outstanding Other Obligations, Carry-Over Amounts, including accrued interest thereon, with respect to Outstanding Notes, Administrative Expenses or Note Fees or to make required deposits to the Indemnification Fund. Any amounts so certified by the Corporation will remain in the Series 20012002-1 Surplus Subaccount and will not be applied to the redemption of Series 20012002-1 Notes pursuant to this subsection (B).

Redemption from Surplus Account. Subject to compliance with Section 10.2 of the Indenture, Outstanding Series 20011999-1 Notes shall be redeemed on any regularly scheduled Interest Payment Date with respect thereto, in whole or in part, at a Redemption Price equal to 100% of the principal amount thereof to be redeemed, from that portion of the Balance of the Series 20011999-1 Surplus Subaccount transferred to the Series 20011999-1 Retirement Account in accordance with this subsection (B). If there are any amounts in the Series 20011999-1 Surplus Subaccount which have been on deposit therein for at least twelve (12) months and have not been used to acquire Student Loans, and if there are no deficiencies in any of the Indemnification Fund, the Note Fund, the Reserve Fund or the Special Redemption and Prepayment Account, the Trustee shall give written notice to the Corporation that such moneys will be transferred to the Series 20011999-1 Retirement Account and applied to the redemption of Series 20011999-1 Notes in accordance with this subsection (B) unless the Corporation, within ten (10) Business Days of receipt of such notice, delivers to the Trustee a Corporation Certificate to the effect that some or all of such amounts are reasonably expected to be necessary to pay Debt Service on the Outstanding Notes or on Outstanding Other Obligations, Carry-Over Amounts, including accrued interest thereon, with respect to Outstanding Notes, Administrative Expenses or Note Fees or to make required deposits to the Indemnification Fund. Any amounts so certified by the Corporation will remain in the Series 20011999-1 Surplus Subaccount and will not be applied to the redemption of Series 20011999-1 Notes pursuant to this subsection (B).