Common use of REPORTS BY TRUSTEE TO BONDHOLDERS Clause in Contracts

REPORTS BY TRUSTEE TO BONDHOLDERS. The Trustee shall prepare and deliver to the Issuer, the Rating Agency and each Bondholder not later than one (1) Business Day following each Payment Date, a statement (a "Payment Date Statement") with respect to such Payment Date setting forth the following information: (a) the Available Payment Amount on deposit in the Collateral Proceeds Account and the Reserve Fund, itemizing (i) Servicer Remittances received during the related Collection Period, (ii) net liquidation proceeds related to Defaulted Student Loans received during the related Collection Period, (iii) the aggregate amount of reinvestment income received during the Collection Period, (iv) Interest Support Payments withdrawn from the Interest Support Account and (v) amounts on deposit in the Reserve Fund in excess of the Interest Reserve Amount; (b) the aggregate amount of interest accrued during the immediately preceding Interest Accrual Period on all Outstanding Bonds; (c) the aggregate amount of interest accrued during the immediately preceding Interest Accrual Period on all Outstanding Class A Bonds; (d) the aggregate amount of interest accrued during the immediately preceding Interest Accrual Period on all Outstanding Class B Bonds; (e) the aggregate amount of all payments then being made with respect to the Bonds; (f) the aggregate amount of all payments then being made with respect to the Class A Bonds; (g) the aggregate amount of all payments then being made with respect to the Class B Bonds; (h) the aggregate amount of all payments then being made with respect to the Bonds which represents principal; (i) the aggregate amount of all payments then being made with respect to the Class A Bonds which represents principal; (j) the aggregate amount of all payments then being made with respect to the Class B Bonds which represents principal; (k) the amount of any payment then being made with respect to an Individual Bond; (l) the amount of the payment then being made with respect to an Individual Bond which represents interest; (m) the amount of the payment then being made with respect to an Individual Bond which represents principal; (n) the Current Principal Amount of an Individual Bond after giving effect to any repayment of principal made on such date; (o) the Aggregate Stated Principal Balance of all Student Loans still subject to the lien of this Indenture; (p) the Aggregate Current Principal Amount of Class A Bonds after giving effect to the principal payments to be made on such Payment Date; (q) the Aggregate Current Principal Amount of Class B Bonds after giving effect to the principal payments to be made on such Payment Date; and (r) the aggregate amount of Defaulted Student Loans, if any, as of the related Payment Date; provided, the Issuer shall cause the Servicer to certify in writing to the Trustee the information in (a)(2), (o) and (r) above for the purpose of preparing such Payment Date Statement. In addition, the Issuer, to the extent required by applicable law, shall prepare and file any and all tax returns, information statements or other filings required to be delivered to any governmental taxing authority and to Bondholders pursuant to any applicable law with respect to the Trust Estate and the transactions contemplated hereby. The Trustee shall, to the extent required by applicable law, execute the foregoing documents upon the Issuer's request and return such documents to the Issuer.

REPORTS BY TRUSTEE TO BONDHOLDERS. The On each Payment Date for a Series the Trustee shall prepare and deliver to the Issuer, the Rating Agency and each Bondholder not later than one (1) Business Day following each Payment Date, a statement (a "Payment Date Statement") with respect to such Payment Date setting forth the following information:written report (a) the Available Payment Amount to each Holder of Bonds of a Class of such Series on deposit in the Collateral Proceeds Account which a payment of principal and the Reserve Fund, itemizing (i) Servicer Remittances received during the related Collection Period, (ii) net liquidation proceeds related to Defaulted Student Loans received during the related Collection Period, (iii) the aggregate amount of reinvestment income received during the Collection Period, (iv) Interest Support Payments withdrawn from the Interest Support Account and (v) amounts on deposit in the Reserve Fund in excess of the Interest Reserve Amount; (b) the aggregate amount of interest accrued during the immediately preceding Interest Accrual Period on all Outstanding Bonds; (c) the aggregate amount of interest accrued during the immediately preceding Interest Accrual Period on all Outstanding Class A Bonds; (d) the aggregate amount of interest accrued during the immediately preceding Interest Accrual Period on all Outstanding Class B Bonds; (e) the aggregate amount of all payments is then being made with respect to the Bonds; (f) the aggregate amount of all payments then being made with respect to the Class A Bonds; (g) the aggregate amount of all payments then being made with respect to the Class B Bonds; (h) the aggregate amount of all payments then being made with respect to the Bonds which represents principal; (i) the aggregate amount of all payments then being made with respect to the Class A Bonds which represents principal; (j) the aggregate amount of all payments then being made with respect to the Class B Bonds which represents principal; (k) made, setting forth the amount of any such payment then being made with respect to an Individual Bond; (l) which represents principal and the amount of the payment then being made with respect to an Individual Bond which represents interest; (m) , and the principal amount of the payment then being made with respect to an Individual Bond which represents principal; (n) the Current Principal Amount of an Individual Bond after giving effect to any repayment of principal made on each such date; (o) the Aggregate Stated Principal Balance of all Student Loans still subject to the lien of this Indenture; (p) the Aggregate Current Principal Amount of Class A Bonds after giving effect to the payment of principal payments to be made on such Payment Date; (qb) to each Holder of Bonds of a Class of such Series on which a payment of interest only is then being made, setting forth the Aggregate Class Current Principal Amount and Class Imputed Principal Balance of Bonds of each Class B Bonds of such Series Outstanding after giving effect to the payment of principal payments made on such Payment Date and the allocation of all Realized Losses and any Junior Bond Writedown Amount then allocable to be made such Class and after including in the aggregate principal amount of Compound Interest Bonds Outstanding the amount of any accrued interest added to the principal amount thereof on such Payment Date; and (rc) to each Holder of a Compound Interest Bond of such Series (but only if such Holder shall not have received on such Payment Date a payment of interest equal to the entire amount of Accrued Bond Interest on such Bond for such Payment Date, or since the related Accrual Date if no Payment Date has yet occurred), setting forth (i) the information contained in the report delivered pursuant to clause (b) above, (ii) the interest accrued on an Individual Bond of such Class of Compound Interest Bonds through the Interest Accrual Period for such Payment Date and added to the principal of such Compound Interest Bond, and (iii) the principal amount of an Individual Bond of such Class of Compound Interest Bonds after giving effect to the addition thereto of interest accrued thereon during the Interest Accrual Period for such Payment Date. (d) to each Holder of Bonds of a Class of such Series, the aggregate amount of Defaulted Student Loans, if any, as Realized Losses and any Junior Bond Write Down Amount allocated to the Bonds of the related such Class on such Payment Date; provided, the Issuer shall cause the Servicer to certify in writing to the Trustee the information in (a)(2), (o) and (r) above for the purpose of preparing such Payment Date Statement. In addition, the Issuer, to the extent required by applicable law, shall prepare and file any and all tax returns, information statements or other filings required to be delivered to any governmental taxing authority and to Bondholders pursuant to any applicable law with respect to the Trust Estate and the transactions contemplated hereby. The Trustee shall, to the extent required by applicable law, execute the foregoing documents upon the Issuer's request and return such documents to the Issuer.;

REPORTS BY TRUSTEE TO BONDHOLDERS. The Trustee shall prepare and deliver to the Issuer, the Bond Insurer, each Rating Agency and each Bondholder not later than one (1) Business Day following each Payment Date, a statement (a "Payment Date Statement") with respect to such Payment Date setting forth the following information: (a) the Available Payment Amount on deposit in the Collateral Proceeds Account and the Reserve Fund, itemizing (i) Servicer Remittances received during the related Collection Period, (ii) net liquidation proceeds related to Defaulted Student Loans received during the related Collection Period, (iii) the aggregate amount of reinvestment income received during the Collection Period, (iv) Funding Owner Payments received by the Trustee during the related Interest Support Payments withdrawn from Accrual Period, designating whether such payments are mandatory capital contributions or liquidity capital contributions and the Interest Support Account Funding Owners who have made such contributions and (v) amounts on deposit in the Reserve Fund in excess of the Interest Reserve Amount, (vi) any Insured Payments and (vii) any indemnification, repurchase or other similar proceeds received by the Trustee during the related Interest Accrual Period related to the Student Loans; (b) the aggregate amount of interest accrued during the immediately preceding Interest Accrual Period on all Outstanding Bonds; (c) the aggregate amount of interest accrued during the immediately preceding Interest Accrual Period on all Outstanding Class A Bonds; (d) the aggregate amount of interest accrued during the immediately preceding Interest Accrual Period on all Outstanding Class B Bonds; (e) the aggregate amount of all payments then being made with respect to the Bonds; (f) the aggregate amount of all payments then being made with respect to the Class A Bonds; (g) the aggregate amount of all payments then being made with respect to the Class B Bonds; (hd) the aggregate amount of all payments then being made with respect to the Bonds which represents principal; (i) the aggregate amount of all payments then being made with respect to the Class A Bonds which represents principal; (j) the aggregate amount of all payments then being made with respect to the Class B Bonds which represents principal; (ke) the amount of any payment then being made with respect to an Individual Bond; (lf) the amount of the payment then being made with respect to an Individual Bond which represents interest; (mg) the amount of the payment then being made with respect to an Individual Bond which represents principal; (nh) the Current Principal Amount of an Individual Bond after giving effect to any repayment of principal made on such date; (oi) the Aggregate Stated Principal Balance of all Student Loans still subject to the lien of this Indenture; (pj) the Aggregate Current Principal Amount of Class A Bonds after giving effect to the principal payments to be made on such Payment Date; (q) the Aggregate Current Principal Amount of Class B Bonds after giving effect to the principal payments to be made on such Payment Date; and (rk) the aggregate amount of Defaulted Student Loans, if any, as of the related Payment Date; provided, the Issuer shall cause the Servicer to certify in writing to the Bond Insurer and the Trustee the information in (a)(2a)(ii) and (vii), (oi) and (rk) above for the purpose of preparing such Payment Date Statement; and the Issuer shall certify in writing to the Bond Insurer and the Trustee the information in (a)(iv). The Trustee shall be entitled to rely conclusively on any such information provided by the Servicer to the Issuer. In addition, the Issuer, to the extent required by applicable law, shall prepare and file any and all tax returns, information statements or other filings required to be delivered to any governmental taxing authority and to Bondholders pursuant to any applicable law with respect to the Trust Estate and the transactions contemplated hereby. The Trustee shall, to the extent required re quired by applicable law, execute the foregoing documents upon the Issuer's request and return such documents to the Issuer.

REPORTS BY TRUSTEE TO BONDHOLDERS. The On each Payment Date for a Series the Trustee shall prepare and deliver to the Issuer, the Rating Agency and each Bondholder not later than one (1) Business Day following each Payment Date, a statement (a "Payment Date Statement") with respect to such Payment Date setting forth the following information:written report (a) to each Holder of Bonds of a Class of such Series on which a payment of principal and interest is then being made, setting forth the Available Payment Amount on deposit in the Collateral Proceeds Account amount of such payment which represents principal and the Reserve Fundamount which represents interest, itemizing (i) Servicer Remittances received during and the related Collection Period, (ii) net liquidation proceeds related to Defaulted Student Loans received during the related Collection Period, (iii) the aggregate principal amount of reinvestment income received during an Individual Bond of each such Class after giving effect to the Collection Period, (iv) Interest Support Payments withdrawn from the Interest Support Account and (v) amounts payment of principal made on deposit in the Reserve Fund in excess of the Interest Reserve Amountsuch Payment Date; (b) to each Holder of Bonds of a Class of such Series on which a payment of interest only is then being made, setting forth the Class Current Principal Amount and Class Imputed Principal Balance of Bonds of each Class of such Series Outstanding after giving effect to the payment of principal made on such Payment Date and the allocation of all Realized Losses and any Junior Bond Writedown Amount then allocable to such Class and after including in the aggregate principal amount of Compound Interest Bonds Outstanding the amount of any accrued interest added to the principal amount thereof on such Payment Date; and (c) to each Holder of a Compound Interest Bond of such Series (but only if such Holder shall not have received on such Payment Date a payment of interest equal to the -105- 108 entire amount of Accrued Bond Interest on such Bond for such Payment Date, or since the related Accrual Date if no Payment Date has yet occurred), setting forth (i) the information contained in the report delivered pursuant to clause (b) above, (ii) the interest accrued on an Individual Bond of such Class of Compound Interest Bonds through the Interest Accrual Period for such Payment Date and added to the principal of such Compound Interest Bond, and (iii) the principal amount of an Individual Bond of such Class of Compound Interest Bonds after giving effect to the addition thereto of interest accrued thereon during the Interest Accrual Period for such Payment Date. (d) to each Holder of Bonds of a Class of such Series, the aggregate amount of interest accrued during the immediately preceding Interest Accrual Period on all Outstanding Bonds; (c) the aggregate amount of interest accrued during the immediately preceding Interest Accrual Period on all Outstanding Class A Bonds; (d) the aggregate amount of interest accrued during the immediately preceding Interest Accrual Period on all Outstanding Class B Bonds; (e) the aggregate amount of all payments then being made with respect to the Bonds; (f) the aggregate amount of all payments then being made with respect to the Class A Bonds; (g) the aggregate amount of all payments then being made with respect to the Class B Bonds; (h) the aggregate amount of all payments then being made with respect Realized Losses and any Junior Bond Write Down Amount allocated to the Bonds which represents principalof such Class on such Payment Date; (i) the aggregate amount of all payments then being made with respect to the Class A Bonds which represents principal; (j) the aggregate amount of all payments then being made with respect to the Class B Bonds which represents principal; (k) the amount of any payment then being made with respect to an Individual Bond; (l) the amount Realized Losses or portion of the payment then being made with respect any Junior Bond Write Down Amount allocated to an Individual Bond which represents interest;of such Class on such Payment Date; and (mii) the amount of the payment then being made with respect to an Individual Bond which represents principal; (n) Imputed Principal Balance and the Current Principal Amount of an Individual Bond after giving effect to any repayment of principal made on such date; (o) the Aggregate Stated Principal Balance of all Student Loans still subject to the lien of this Indenture; (p) the Aggregate Current Principal Amount of Class A Bonds after giving effect to the principal payments to be made on such Payment Date; , in the case of (qiii) above, after application of all payments of principal on such Bonds and allocation of any Realized Losses and the Aggregate Current Principal Amount of Class B Bonds after giving effect to the principal payments to be made Junior Bond Write Down Amount, if any, allocable on such Payment Date; and (r) the aggregate amount of Defaulted Student Loans, if any, as of the related Payment Date; provided, the Issuer shall cause the Servicer to certify in writing to the Trustee the information in (a)(2), (o) and (r) above for the purpose of preparing such Payment Date Statement. In addition, the Issuer, to the extent required by applicable law, shall prepare and file any and all tax returns, information statements or other filings required to be delivered to any governmental taxing authority and to Bondholders pursuant to any applicable law with respect to the Trust Estate and the transactions contemplated hereby. The Trustee shall, to the extent required by applicable law, execute the foregoing documents upon the Issuer's request and return such documents to the Issuer.

REPORTS BY TRUSTEE TO BONDHOLDERS. The On each Payment Date or Special Redemption Date for a Series the Trustee shall prepare and deliver to the Issuer, the Rating Agency and each Bondholder not later than one (1) Business Day following each Payment Date, a statement (a "Payment Date Statement") with respect to such Payment Date setting forth the following information:written report (a) the Available Payment Amount to each Bondholder of each Class of such Series on deposit in the Collateral Proceeds Account which a payment of principal and the Reserve Fund, itemizing (i) Servicer Remittances received during the related Collection Period, (ii) net liquidation proceeds related to Defaulted Student Loans received during the related Collection Period, (iii) the aggregate amount of reinvestment income received during the Collection Period, (iv) Interest Support Payments withdrawn from the Interest Support Account and (v) amounts on deposit in the Reserve Fund in excess of the Interest Reserve Amount; (b) the aggregate amount of interest accrued during the immediately preceding Interest Accrual Period on all Outstanding Bonds; (c) the aggregate amount of interest accrued during the immediately preceding Interest Accrual Period on all Outstanding Class A Bonds; (d) the aggregate amount of interest accrued during the immediately preceding Interest Accrual Period on all Outstanding Class B Bonds; (e) the aggregate amount of all payments is then being made with respect to the Bonds; (f) the aggregate amount of all payments then being made with respect to the Class A Bonds; (g) the aggregate amount of all payments then being made with respect to the Class B Bonds; (h) the aggregate amount of all payments then being made with respect to the Bonds which represents principal; (i) the aggregate amount of all payments then being made with respect to the Class A Bonds which represents principal; (j) the aggregate amount of all payments then being made with respect to the Class B Bonds which represents principal; (k) providing the amount of any such payment then being made with respect to an Individual Bond; (l) which represents principal and the amount of the payment then being made with respect to an Individual Bond which represents interest; (m) , and the principal amount of the payment then being made with respect to an Individual Bond which represents principal; (n) the Current Principal Amount of an Individual Bond after giving effect to any repayment of principal made on each such date; (o) the Aggregate Stated Principal Balance of all Student Loans still subject to the lien of this Indenture; (p) the Aggregate Current Principal Amount of Class A Bonds after giving effect to the payment of principal payments to be made on such Payment Date; (qb) to each Bondholder of each Class of such Series on which a payment of interest only is then being made, setting forth the Aggregate Current Principal Amount of Bonds of each Class B Bonds of such Series after giving effect to the payment of principal payments made on such Payment Date and on any Special Redemption Date occurring subsequent to be made the last such report and after including in the Aggregate Current Principal Amount of Compound Interest Bonds the amount of any accrued interest added to the principal amount thereof on such Payment Date; and (rc) the aggregate amount to each Holder of Defaulted Student Loans, Compound Interest Bonds of such Series (but only if any, as such Holders of the related Payment Date; provided, the Issuer Compound Interest Bonds shall cause the Servicer to certify in writing to the Trustee the information in (a)(2), (o) and (r) above for the purpose not have received payments of preparing interest on such Payment Date Statement. In addition, the Issuer, equal to the extent required by applicable lawentire amount of interest accrued on such Bonds during the related Interest Accrual Period), shall prepare and file any and all tax returns, setting forth (i) the information statements or other filings required to be contained in the report delivered to any governmental taxing authority and to Bondholders pursuant to any applicable law with respect clause (b) above, and (ii) the interest accrued on an Individual Bond of such Class during the Interest Accrual Period for such Payment Date and added to the Trust Estate principal of such Individual Bond and the transactions contemplated hereby. The Trustee shall, principal amount of an Individual Bond of such Class of Compound Interest Bonds after giving effect to the extent required by applicable law, execute addition thereto of all interest accrued thereon through the foregoing documents upon the Issuer's request and return Interest Accrual Period preceding such documents to the IssuerPayment Date.

REPORTS BY TRUSTEE TO BONDHOLDERS. The Trustee shall prepare and deliver to the Issuer, the Rating Agency and each Bondholder not later than one (1) Business Day following each Payment Date, a statement (a "Payment Date Statement") with respect to such Payment Date setting forth the following information: (a) the Available Payment Amount on deposit in the Collateral Proceeds Account and the Reserve Fund, itemizing itemizing (i) Servicer Remittances received by the Trustee during the related Collection Period, (ii) net liquidation proceeds related to Defaulted Student Loans received during the related Collection Period, (iii) the aggregate amount of reinvestment income earned on the Pledged Accounts and received during the Collection Period, (iv) Interest Support Payments withdrawn from the Interest Support Account and (v) amounts on deposit in the Reserve Fund in excess of the Interest Reserve Amount; (b) the aggregate amount of interest accrued during the immediately preceding Interest Accrual Period on all Outstanding Bonds; (c) the aggregate amount of interest accrued during the immediately preceding Interest Accrual Period on all Outstanding Class A Bonds; (d) the aggregate amount of interest accrued during the immediately preceding Interest Accrual Period on all Outstanding Class B Bonds; (e) the aggregate amount of all payments then being made with respect to the Bonds; (f) the aggregate amount of all payments then being made with respect to the Class A Bonds; (g) the aggregate amount of all payments then being made with respect to the Class B Bonds; (h) the aggregate amount of all payments then being made with respect to the Bonds which represents principal; (i) the aggregate amount of all payments then being made with respect to the Class A Bonds which represents principal; (j) the aggregate amount of all payments then being made with respect to the Class B Bonds which represents principal; (k) the amount of any payment then being made with respect to an Individual Bond; (l) the amount of the payment then being made with respect to an Individual Bond which represents interest; (m) the amount of the payment then being made with respect to an Individual Bond which represents principal; (n) the Current Principal Amount of an Individual Bond after giving effect to any repayment of principal made on such date; (o) the Aggregate Stated Principal Balance of all Student Loans still subject to the lien of this Indenture; (p) the Aggregate Current Principal Amount of Class A Bonds after giving effect to the principal payments to be made on such Payment Date; (q) the Aggregate Current Principal Amount of Class B Bonds after giving effect to the principal payments to be made on such Payment Date; and (r) the aggregate amount of Defaulted Student Loans, if any, as of the related Payment Date; provided, the Issuer shall cause the Servicer or the Administrator as the case may be, to certify in writing to the Trustee the information in (a)(2a)(ii), (o) and (r) above and the Trustee shall be entitled to rely conclusively on such information for the purpose of preparing such Payment Date Statement. In addition, the Issuer, to the extent required by applicable law, shall prepare and file any and all tax returns, information statements or other filings required to be delivered to any governmental taxing authority and to Bondholders pursuant to any applicable law with respect to the Trust Estate and the transactions contemplated hereby. The Trustee shall, to the extent required by applicable law, execute the foregoing documents upon the Issuer's request and return such documents to the Issuer.