Common use of Statements to Excess Distribution Certificateholder and Noteholders Clause in Contracts

Statements to Excess Distribution Certificateholder and Noteholders. On each Determination Date preceding a Distribution Date, the Administrator shall provide to the Indenture Trustee (with a copy to each Rating Agency then rating the Notes) for the Indenture Trustee to forward on such succeeding Distribution Date to each Noteholder of record and to the Excess Distribution Certificateholder of record a statement, setting forth at least the following information with respect to such Distribution Date as to the Notes and the Excess Distribution Certificate to the extent applicable: (a) the amount of such distribution allocable to principal of each class of the Notes; (b) the amount of the distribution allocable to interest on each class of the Notes; (c) the amount of the distribution allocable to the Excess Distribution Certificate, if any; (d) [Reserved]; (e) the Pool Balance as of the close of business on the last day of the preceding Collection Period; (f) the outstanding principal balance of each class of Notes, the Note Pool Factor applicable to each class of Notes as of such Distribution Date, after giving effect to payments allocated to principal reported under clauses (a) and (c) above; (g) the applicable Note Rate for the next period for each class of Notes, which may be included in the statement or made available electronically on the Administrator’s website; (h) the amount of the Servicing Fee and any Carryover Servicing Fee paid to the Servicer on such Distribution Date, and the amount, if any, of the Carryover Servicing Fee remaining unpaid after giving effect to any such payments; (i) the amount of the Administration Fee paid to the Administrator on such Distribution Date; (j) [Reserved]; (k) the amount of the aggregate Realized Losses, if any, for the related Collection Period and the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (l) the amount of Note Interest Shortfall, if any, in each case as applicable to each class of Notes, and the change in such amounts from the preceding statement; (m) the aggregate Purchase Amounts for Trust Student Loans, if any, that were repurchased by the Depositor or purchased by the Servicer, SLM ECFC, Bluemont Funding, Town Center Funding, Town Hall Funding or VL Funding from the Issuer during such Collection Period; (n) the respective balances of the Reserve Account, the Capitalized Interest Account, the Floor Income Rebate Account and the Borrower Benefit Account, if any, on such Distribution Date, after giving effect to changes therein on such Distribution Date; (o) [Reserved]; (p) the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of that Collection Period; (q) with respect to the initial Distribution Date, the aggregate initial principal balance of Additional Trust Student Loans, plus accrued interest to be capitalized as of their respective Subsequent Cutoff Dates, purchased during the Supplemental Purchase Period, using funds on deposit in the Supplemental Purchase Account, and any remaining amounts transferred from the Supplemental Purchase Account to the Collection Account; (r) [Reserved]; and (s) the amount required to be deposited into the Collection Account for the related Collection Period to offset any Borrower Benefit Yield Reduction for the related Collection Period. In addition to the actual amount to be paid, deposited or otherwise distributed, each amount set forth pursuant to clauses (a), (b), (c), (f), (h), (i) and (l) above shall also be expressed as a dollar amount per $1,000 of original principal balance of the applicable Note and as a percentage of the principal balance of the applicable Note. A copy of the statements referred to above may be obtained by the Excess Distribution Certificateholder or any Note Owner by a written request to the Eligible Lender Trustee or the Indenture Trustee, respectively, addressed to the respective Corporate Trust Office.

Statements to Excess Distribution Certificateholder and Noteholders. On each Determination Date preceding a Distribution Date, the Administrator shall provide to the Indenture Trustee (with a copy to each Rating Agency then rating the Notes) for the Indenture Trustee to forward on such succeeding Distribution Date to each Noteholder of record and to the Excess Distribution Certificateholder of record a statement, setting forth at least the following information with respect to such Distribution Date as to the Notes and the Excess Distribution Certificate to the extent applicable: (a) the amount of such distribution allocable to principal of each class of the Notes; (b) the amount of the distribution allocable to interest on each class of the Notes; (c) the amount of the distribution allocable to the Excess Distribution Certificate, if any; (d) [Reserved]; (e) the Pool Balance as of the close of business on the last day of the preceding Collection Period; (f) the outstanding principal balance of each class of Notes, the Note Pool Factor applicable to each class of Notes as of such Distribution Date, after giving effect to payments allocated to principal reported under clauses (a) and (c) above; (g) the applicable Note Rate for the next period for each class of Notes, which may be included in the statement or made available electronically on the Administrator’s website; (h) the amount of the Primary Servicing Fee and any Carryover Servicing Fee paid to the Servicer on such Distribution Date, and the amount, if any, of the Carryover Servicing Fee remaining unpaid after giving effect to any such payments; (i) the amount of the Administration Fee paid to the Administrator on such Distribution Date; (j) [Reserved]; (k) the amount of the aggregate Realized Losses, if any, for the related Collection Period and the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (l) the amount of Note Interest Shortfall, if any, in each case as applicable to each class of Notes, and the change in such amounts from the preceding statement; (m) the aggregate Purchase Amounts and all other amounts that were received for Trust Student Loans, if any, that were repurchased by the Depositor or purchased by the Servicer, SLM ECFCNavient CFC, Bluemont Funding, Town Center Funding, Town Hall Blue Ridge Funding or VL Funding from the Issuer during such Collection Period; (n) the respective balances of the Reserve Account, the Capitalized Interest Account, the Floor Income Rebate Account and the Borrower Benefit Account, if any, on such Distribution Date, after giving effect to changes therein on such Distribution Date; (o) [Reserved]; (p) the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of that Collection Period; (q) with respect to the initial Distribution Date, the aggregate initial principal balance of Additional Trust Student Loans, plus accrued interest to be capitalized as of their respective Subsequent Cutoff Dates, purchased during the Supplemental Purchase Period, using funds on deposit in the Supplemental Purchase Account, and any remaining amounts transferred from the Supplemental Purchase Account to the Collection Account; (r) [Reserved]; and (s) the amount required to be deposited into the Collection Account for the related Collection Period to offset any Borrower Benefit Yield Reduction for the related Collection Period. In addition to the actual amount to be paid, deposited or otherwise distributed, each amount set forth pursuant to clauses (a), (b), (c), (f), (h), (i) and (l) above shall also be expressed as a dollar amount per $1,000 of original principal balance of the applicable Note and as a percentage of the principal balance of the applicable Note. A copy of the statements referred to above may be obtained by the Excess Distribution Certificateholder or any Note Owner by a written request to the Eligible Lender Trustee or the Indenture Trustee, respectively, addressed to the respective Corporate Trust Office.

Statements to Excess Distribution Certificateholder and Noteholders. On each Determination Date preceding a Distribution Date, the Administrator shall provide to the Indenture Trustee (with a copy to each Rating Agency then rating the Notes) for the Indenture Trustee to forward make available on such succeeding Distribution Date to each Noteholder of record and to the Excess Distribution Certificateholder of record a statement, setting forth at least the following information with respect to such Distribution Date as to the Notes and the Excess Distribution Certificate to the extent applicable: (a) the amount of such distribution allocable to principal of each class of the Notes; (b) the amount of the distribution allocable to interest on each class of the Notes; (c) the amount of the distribution allocable to the Excess Distribution Certificate, if any; (d) [Reserved]; (e) the Pool Balance as of the close of business on the last day of the preceding Collection Period; (f) the outstanding principal balance of each class of Notes, the Note Pool Factor applicable to each class of Notes as of such Distribution Date, after giving effect to payments allocated to principal reported under clauses (a) and (c) above; (g) the applicable Note Rate for the next period for each class of Notes, which may be included in the statement or made available electronically on the Administrator’s website; (h) the amount of the Primary Servicing Fee and any Carryover Servicing Fee paid to the Servicer on such Distribution Date, and the amount, if any, of the Carryover Servicing Fee remaining unpaid after giving effect to any such payments; (i) the amount of the Administration Fee paid to the Administrator on such Distribution Date; (j) [Reserved]; (k) the amount of the aggregate Realized Losses, if any, for the related Collection Period and the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (l) the amount of Note Interest Shortfall, if any, in each case as applicable to each class of Notes, and the change in such amounts from the preceding statement; (m) the aggregate Purchase Amounts and all other amounts that were received for Trust Student Loans, if any, that were repurchased by the Depositor or purchased by the Servicer, SLM ECFCNavient CFC, Bluemont Blue Ridge Funding, Town Center Funding, Town Hall Red Wolf Funding or VL Funding from the Issuer during such Collection Period; (n) the respective balances of the Reserve Account, the Capitalized Interest Account, the Floor Income Rebate Account and the Borrower Benefit Account, if any, on such Distribution Date, after giving effect to changes therein on such Distribution Date; (o) [Reserved]; (p) the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of that Collection Period; (q) with respect to the initial Distribution Date, the aggregate initial principal balance of Additional Trust Student Loans, plus accrued interest to be capitalized as of their respective Subsequent Cutoff Dates, purchased during the Supplemental Purchase Period, using funds on deposit in the Supplemental Purchase Account, and any remaining amounts transferred from the Supplemental Purchase Account to the Collection Account; (r) [Reserved]; and (s) the amount required to be deposited into the Collection Account for the related Collection Period to offset any Borrower Benefit Yield Reduction for the related Collection Period. In addition to the actual amount to be paid, deposited or otherwise distributed, each amount set forth pursuant to clauses (a), (b), (c), (f), (h), (i) and (l) above shall also be expressed as a dollar amount per $1,000 of original principal balance of the applicable Note and as a percentage of the principal balance of the applicable Note. A copy of the statements referred to above may be obtained by the Excess Distribution Certificateholder or any Note Owner by a written request to the Eligible Lender Owner Trustee or the Indenture Trustee, respectively, addressed to the respective Corporate Trust Office.

Statements to Excess Distribution Certificateholder and Noteholders. On each Determination Date preceding a Distribution Date, the Administrator shall provide to the Indenture Trustee (with a copy to each Rating Agency then rating the Notes) for the Indenture Trustee to forward on such succeeding Distribution Date to each Noteholder of record and to the Excess Distribution Certificateholder of record a statement, setting forth at least the following information with respect to such Distribution Date as to the Notes and the Excess Distribution Certificate to the extent applicable: (a) the amount of such distribution allocable to principal of each class of the Notes; (b) the amount of the distribution allocable to interest on each class of the Notes; (c) the amount of the distribution allocable to the Excess Distribution Certificate, if any; (d) [Reserved]; (e) the Pool Balance as of the close of business on the last day of the preceding Collection Period; (f) the outstanding principal balance of each class of Notes, the Note Pool Factor applicable to each class of Notes as of such Distribution Date, after giving effect to payments allocated to principal reported under clauses (a) and (c) above; (g) the applicable Note Rate for the next period for each class of Notes, which may be included in the statement or made available electronically on the Administrator’s website; (h) the amount of the Servicing Fee and any Carryover Servicing Fee paid to the Servicer on such Distribution Date, and the amount, if any, of the Carryover Servicing Fee remaining unpaid after giving effect to any such payments; (i) the amount of the Administration Fee paid to the Administrator on such Distribution Date; (j) [Reserved]; (k) the amount of the aggregate Realized Losses, if any, for the related Collection Period and the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (l) the amount of Note Interest Shortfall, if any, in each case as applicable to each class of Notes, and the change in such amounts from the preceding statement; (m) the aggregate Purchase Amounts and all other amounts that were received for Trust Student Loans, if any, that were repurchased by the Depositor or purchased by the Servicer, SLM ECFC, Bluemont Funding, Town Center Funding, Town Hall Funding, SLM National Funding or VL Funding from the Issuer during such Collection Period; (n) the respective balances of the Reserve Account, the Capitalized Interest Account, the Floor Income Rebate Account and the Borrower Benefit Account, if any, on such Distribution Date, after giving effect to changes therein on such Distribution Date; (o) [Reserved]; (p) the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of that Collection Period; (q) with respect to the initial Distribution Date, the aggregate initial principal balance of Additional Trust Student Loans, plus accrued interest to be capitalized as of their respective Subsequent Cutoff Dates, purchased during the Supplemental Purchase Period, using funds on deposit in the Supplemental Purchase Account, and any remaining amounts transferred from the Supplemental Purchase Account to the Collection Account; (r) [Reserved]; and (s) the amount required to be deposited into the Collection Account for the related Collection Period to offset any Borrower Benefit Yield Reduction for the related Collection Period. In addition to the actual amount to be paid, deposited or otherwise distributed, each amount set forth pursuant to clauses (a), (b), (c), (f), (h), (i) and (l) above shall also be expressed as a dollar amount per $1,000 of original principal balance of the applicable Note and as a percentage of the principal balance of the applicable Note. A copy of the statements referred to above may be obtained by the Excess Distribution Certificateholder or any Note Owner by a written request to the Eligible Lender Trustee or the Indenture Trustee, respectively, addressed to the respective Corporate Trust Office.

Statements to Excess Distribution Certificateholder and Noteholders. On each Determination Date preceding a Distribution Date, the Administrator shall provide to the Indenture Trustee (with a copy to each Rating Agency then rating the Notes) for the Indenture Trustee to forward on such succeeding Distribution Date to each Noteholder of record and to the Excess Distribution Certificateholder of record a statement, setting forth at least the following information with respect to such Distribution Date as to the Notes and the Excess Distribution Certificate to the extent applicable: (a) the amount of such distribution allocable to principal of each class of the Notes; (b) the amount of the distribution allocable to interest on each class of the Notes; (c) the amount of the distribution allocable to the Excess Distribution Certificate, if any; (d) [Reserved]; (e) the Pool Balance as of the close of business on the last day of the preceding Collection Period; (f) the outstanding principal balance of each class of Notes, the Note Pool Factor applicable to each class of Notes as of such Distribution Date, after giving effect to payments allocated to principal reported under clauses (a) and (c) above; (g) the applicable Note Rate for the next period for each class of Notes, which may be included in the statement or made available electronically on the Administrator’s website; (h) the amount of the Servicing Fee and any Carryover Servicing Fee paid to the Servicer on such Distribution Date, and the amount, if any, of the Carryover Servicing Fee remaining unpaid after giving effect to any such payments; (i) the amount of the Administration Fee paid to the Administrator on such Distribution Date; (j) [Reserved]; (k) the amount of the aggregate Realized Losses, if any, for the related Collection Period and the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (l) the amount of Note Interest Shortfall, if any, in each case as applicable to each class of Notes, and the change in such amounts from the preceding statement; (m) the aggregate Purchase Amounts and all other amounts that were received for Trust Student Loans, if any, that were repurchased by the Depositor or purchased by the Servicer, SLM ECFC, Bluemont Funding, Town Center Funding, Town Hall Funding or VL Funding from the Issuer during such Collection Period; (n) the respective balances of the Reserve Account, the Capitalized Interest Account, the Floor Income Rebate Account and the Borrower Benefit Account, if any, on such Distribution Date, after giving effect to changes therein on such Distribution Date; (o) [Reserved]; (p) the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of that Collection Period; (q) with respect to the initial Distribution Date, the aggregate initial principal balance of Additional Trust Student Loans, plus accrued interest to be capitalized as of their respective Subsequent Cutoff Dates, purchased during the Supplemental Purchase Period, using funds on deposit in the Supplemental Purchase Account, and any remaining amounts transferred from the Supplemental Purchase Account to the Collection Account; (r) [Reserved]; and (s) the amount required to be deposited into the Collection Account for the related Collection Period to offset any Borrower Benefit Yield Reduction for the related Collection Period. In addition to the actual amount to be paid, deposited or otherwise distributed, each amount set forth pursuant to clauses (a), (b), (c), (f), (h), (i) and (l) above shall also be expressed as a dollar amount per $1,000 of original principal balance of the applicable Note and as a percentage of the principal balance of the applicable Note. A copy of the statements referred to above may be obtained by the Excess Distribution Certificateholder or any Note Owner by a written request to the Eligible Lender Trustee or the Indenture Trustee, respectively, addressed to the respective Corporate Trust Office.

Statements to Excess Distribution Certificateholder and Noteholders. On each Determination Date preceding a Distribution Date, the Administrator shall provide to the Indenture Trustee and the Eligible Lender Trustee (with a copy to each the Rating Agency then rating the NotesAgencies) for the Indenture Trustee to forward on such succeeding Distribution Date to each Noteholder of record and for the Eligible Lender Trustee to forward on such succeeding Distribution Date to the Excess Distribution Certificateholder of record a statement, setting forth at least the following information with respect to such Distribution Date as to the Notes and the Excess Distribution Certificate to the extent applicable: (a) the amount of such distribution allocable to principal of each class of the Notes; (b) the amount of the distribution allocable to interest on each class of the Notes; (c) the amount of the distribution allocable to the Excess Distribution Certificate, if any; (d) [Reserved]; (e) the Pool Balance as of the close of business on the last day of the preceding Collection Period; (f) the aggregate outstanding principal balance of each class of Notes, the Notes and the Note Pool Factor applicable to each class of Notes as of such Distribution Date, after giving effect to payments allocated to principal reported under clauses (a) and (c) above; (g) the applicable Note Rate for the next period for each class of Notes, which may be included in the statement or made available electronically on the Administrator’s website; (h) the amount of the Servicing Fee and any Carryover Servicing Fee paid to the Servicer on such Distribution DateDate and on the two preceding Monthly Servicing Payment Dates, and the amount, if any, of the Carryover Servicing Fee remaining unpaid after giving effect to any such payments; (i) the amount of the Administration Fee paid to the Administrator on such Distribution Date; (j) [Reserved]; (k) the amount of the aggregate Realized Losses, if any, for the related Collection Period and the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (l) the amount of any Note Interest Shortfall, if any, in each case as applicable to each class of Notes, and the change in such amounts from the preceding statement; (m) the aggregate Purchase Amounts for Trust Student Loans, if any, that were repurchased by the Depositor or purchased by the Servicer, SLM ECFC, Bluemont Funding, Town Center Funding, Town Hall Funding ECFC or VL VG Funding from the Issuer during such Collection Period; (n) the respective balances of the Reserve Account, Account and the Capitalized Interest Account, the Floor Income Rebate Account and the Borrower Benefit Account, if any, on such Distribution Date, after giving effect to changes therein on such Distribution Date; (o) [Reserved]; (p) the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of that Collection Period;; and (qp) with respect to the initial Distribution Date, the aggregate initial principal balance of Additional Trust Student Loans, plus accrued interest to be capitalized as of their respective Subsequent Cutoff Dates, purchased during the Supplemental Purchase Period, using funds on deposit in the Supplemental Purchase Account, and any remaining amounts transferred from the Supplemental Purchase Account to the Collection Account; (r) [Reserved]; and (s) the amount required to be deposited into the Collection Account for the related Collection Period to offset any Borrower Benefit Yield Reduction for the related Collection Period. In addition to the actual amount to be paid, deposited or otherwise distributed, each Each amount set forth pursuant to clauses (a), (b), (c), (f), (h), (i) and (l) above shall also be expressed as a dollar amount per $1,000 of original principal balance of the applicable Note and as a percentage of the principal balance of the applicable Note. A copy of the statements referred to above may be obtained by the Excess Distribution Certificateholder or any Note Owner by a written request to the Eligible Lender Trustee or the Indenture Trustee, respectively, addressed to the respective Corporate Trust Office.

Statements to Excess Distribution Certificateholder and Noteholders. On each Determination Date preceding a Distribution Date, the Administrator shall provide to the Indenture Trustee and the Eligible Lender Trustee (with a copy to each the Rating Agency then rating the NotesAgencies) for the Indenture Trustee to forward on such succeeding Distribution Date to each Noteholder of record and for the Eligible Lender Trustee to forward on such succeeding Distribution Date to the Excess Distribution Certificateholder of record a statement, setting forth at least the following information with respect to such Distribution Date as to the Notes and the Excess Distribution Certificate to the extent applicable: (a) the amount of such distribution allocable to principal of each class of the Notes; (b) the amount of the distribution allocable to interest on each class of the Notes; (c) the amount of the distribution allocable to the Excess Distribution Certificate, if any; (d) [Reserved]; (e) the Pool Balance as of the close of business on the last day of the preceding Collection Period; (f) the aggregate outstanding principal balance of each class of Notes, the Notes and the Note Pool Factor applicable to each class of Notes as of such Distribution Date, after giving effect to payments allocated to principal reported under clauses (a) and (c) above; (g) the applicable Note Rate for the next period for each class of Notes, which may be included in the statement or made available electronically on the Administrator’s website; (h) the amount of the Servicing Fee and any Carryover Servicing Fee paid to the Servicer on such Distribution DateDate and on the two preceding Monthly Servicing Payment Dates, and the amount, if any, of the Carryover Servicing Fee remaining unpaid after giving effect to any such payments; (i) the amount of the Administration Fee paid to the Administrator on such Distribution Date; (j) [Reserved]; (k) the amount of the aggregate Realized Losses, if any, for the related Collection Period and the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (l) the amount of any Note Interest Shortfall, if any, in each case as applicable to each class of Notes, and the change in such amounts from the preceding statement; (m) the aggregate Purchase Amounts for Trust Student Loans, if any, that were repurchased by the Depositor or purchased by the Servicer, SLM ECFC, Bluemont Funding, Town Center Funding, Town Hall Funding ECFC or VL VG Funding from the Issuer during such Collection Period; (n) the respective balances balance of the Reserve Account, Account and the Capitalized Interest Account, the Floor Income Rebate Account and the Borrower Benefit Account, if any, on such Distribution Date, after giving effect to changes therein on such Distribution Date; (o) [Reserved]; (p) the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of that Collection Period; (qp) with respect to the initial Distribution Date, the aggregate initial principal balance of Additional Trust Student Loans, plus accrued interest to be capitalized as of their respective Subsequent Cutoff Dates, purchased during the Supplemental Purchase Period, using funds on deposit in the Supplemental Purchase Account, and any remaining amounts transferred from the Supplemental Purchase Account to the Collection Account; (r) [Reserved]; and (sq) with respect to the amount required Distribution Date immediately following the end of the Consolidation Loan Add-On Period, the aggregate initial principal balance of Add-On Consolidation Loans, plus accrued and unpaid interest, if any, added during the Consolidation Loan Add-On Period, and any remaining amounts transferred from the Add-On Consolidation Loan Account to be deposited into the Collection Account for the related Collection Period to offset any Borrower Benefit Yield Reduction for the related Collection PeriodAccount. In addition to the actual amount to be paid, deposited or otherwise distributed, each Each amount set forth pursuant to clauses (a), (b), (c), (f), (h), (i) and (l) above shall also be expressed as a dollar amount per $1,000 of original principal balance of the applicable Note and as a percentage of the principal balance of the applicable Note. A copy of the statements referred to above may be obtained by the Excess Distribution Certificateholder or any Note Owner by a written request to the Eligible Lender Trustee or the Indenture Trustee, respectively, addressed to the respective Corporate Trust Office.

Statements to Excess Distribution Certificateholder and Noteholders. On each Determination Date preceding a Distribution Date, the Administrator shall provide to the Indenture Trustee (with a copy to each Rating Agency then rating the Notes) for the Indenture Trustee to forward on such succeeding Distribution Date to each Noteholder of record and to the Excess Distribution Certificateholder of record a statement, setting forth at least the following information with respect to such Distribution Date as to the Notes and the Excess Distribution Certificate to the extent applicable: (a) the amount of such distribution allocable to principal of each class of the Notes; (b) the amount of the distribution allocable to interest on each class of the Notes; (c) the amount of the distribution allocable to the Excess Distribution Certificate, if any; (d) [Reserved]; (e) the Pool Balance as of the close of business on the last day of the preceding Collection Period; (f) the outstanding principal balance of each class of Notes, the Note Pool Factor applicable to each class of Notes as of such Distribution Date, after giving effect to payments allocated to principal reported under clauses (a) and (c) above; (g) the applicable Note Rate for the next period for each class of Notes, which may be included in the statement or made available electronically on the Administrator’s website; (h) the amount of the Servicing Fee and any Carryover Servicing Fee paid to the Servicer on such Distribution Date, and the amount, if any, of the Carryover Servicing Fee remaining unpaid after giving effect to any such payments; (i) the amount of the Administration Fee paid to the Administrator on such Distribution Date; (j) [Reserved]; (k) the amount of the aggregate Realized Losses, if any, for the related Collection Period and the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (l) the amount of Note Interest Shortfall, if any, in each case as applicable to each class of Notes, and the change in such amounts from the preceding statement; (m) the aggregate Purchase Amounts and all other amounts that were received for Trust Student Loans, if any, that were repurchased by the Depositor or purchased by the Servicer, SLM ECFC, [Bluemont Funding, Town Center Funding, Town Hall Funding Funding, or VL Funding Funding] from the Issuer during such Collection Period; (n) the respective balances of the Reserve Account, the Capitalized Interest Account, the Floor Income Rebate Account and the Borrower Benefit Account, if any, on such Distribution Date, after giving effect to changes therein on such Distribution Date; (o) [Reserved]; (p) the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of that Collection Period; (q) with respect to the initial Distribution Date, the aggregate initial principal balance of Additional Trust Student Loans, plus accrued interest to be capitalized as of their respective Subsequent Cutoff Dates, purchased during the Supplemental Purchase Period, using funds on deposit in the Supplemental Purchase Account, and any remaining amounts transferred from the Supplemental Purchase Account to the Collection Account; (r) [Reserved]; and (s) the amount required to be deposited into the Collection Account for the related Collection Period to offset any Borrower Benefit Yield Reduction for the related Collection Period. In addition to the actual amount to be paid, deposited or otherwise distributed, each amount set forth pursuant to clauses (a), (b), (c), (f), (h), (i) and (l) above shall also be expressed as a dollar amount per $1,000 of original principal balance of the applicable Note and as a percentage of the principal balance of the applicable Note. A copy of the statements referred to above may be obtained by the Excess Distribution Certificateholder or any Note Owner by a written request to the Eligible Lender Trustee or the Indenture Trustee, respectively, addressed to the respective Corporate Trust Office.

Statements to Excess Distribution Certificateholder and Noteholders. On each Determination Date preceding a Distribution Date, the Administrator shall provide to the Indenture Trustee (with a copy to each Rating Agency then rating the Notes) for the Indenture Trustee to forward on such succeeding Distribution Date to each Noteholder of record and to the Excess Distribution Certificateholder of record a statement, setting forth at least the following information with respect to such Distribution Date as to the Notes and the Excess Distribution Certificate to the extent applicable: (a) the amount of such distribution allocable to principal of each class of the Notes; (b) the amount of the distribution allocable to interest on each class of the Notes; (c) the amount of the distribution allocable to the Excess Distribution Certificate, if any; (d) [Reserved]; (e) the Pool Balance as of the close of business on the last day of the preceding Collection Period; (f) the outstanding principal balance of each class of Notes, the Note Pool Factor applicable to each class of Notes as of such Distribution Date, after giving effect to payments allocated to principal reported under clauses (a) and (c) above; (g) the applicable Note Rate for the next period for each class of Notes, which may be included in the statement or made available electronically on the Administrator’s website; (h) the amount of the Servicing Fee and any Carryover Servicing Fee paid to the Servicer on such Distribution Date, and the amount, if any, of the Carryover Servicing Fee remaining unpaid after giving effect to any such payments; (i) the amount of the Administration Fee paid to the Administrator on such Distribution Date; (j) [Reserved]; (k) the amount of the aggregate Realized Losses, if any, for the related Collection Period and the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (l) the amount of Note Interest Shortfall, if any, in each case as applicable to each class of Notes, and the change in such amounts from the preceding statement; (m) the aggregate Purchase Amounts and all other amounts that were received for Trust Student Loans, if any, that were repurchased by the Depositor or purchased by the Servicer, SLM ECFC, Bluemont Blue Ridge Funding, Town Center Funding, Town Hall SLM National Funding or VL Funding from the Issuer during such Collection Period; (n) the respective balances of the Reserve Account, the Capitalized Interest Account, the Floor Income Rebate Account and the Borrower Benefit Account, if any, on such Distribution Date, after giving effect to changes therein on such Distribution Date; (o) [Reserved]; (p) the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of that Collection Period; (q) with respect to the initial Distribution Date, the aggregate initial principal balance of Additional Trust Student Loans, plus accrued interest to be capitalized as of their respective Subsequent Cutoff Dates, purchased during the Supplemental Purchase Period, using funds on deposit in the Supplemental Purchase Account, and any remaining amounts transferred from the Supplemental Purchase Account to the Collection Account; (r) [Reserved]; and (s) the amount required to be deposited into the Collection Account for the related Collection Period to offset any Borrower Benefit Yield Reduction for the related Collection Period. In addition to the actual amount to be paid, deposited or otherwise distributed, each amount set forth pursuant to clauses (a), (b), (c), (f), (h), (i) and (l) above shall also be expressed as a dollar amount per $1,000 of original principal balance of the applicable Note and as a percentage of the principal balance of the applicable Note. A copy of the statements referred to above may be obtained by the Excess Distribution Certificateholder or any Note Owner by a written request to the Eligible Lender Trustee or the Indenture Trustee, respectively, addressed to the respective Corporate Trust Office.

Statements to Excess Distribution Certificateholder and Noteholders. On each Determination Date preceding a Distribution Date, the Administrator shall provide to the Indenture Trustee and the Trustee (with a copy to each the Rating Agency then rating the NotesAgencies) for the Indenture Trustee to forward on such succeeding Distribution Date to each Noteholder of record and for the Trustee to forward on such succeeding Distribution Date to the Excess Distribution Certificateholder of record record, a statement, statement setting forth at least the following information with respect to such Distribution Date as to the Notes and the Excess Distribution Certificate to the extent applicable: (a) the amount of such distribution allocable to principal of each class of the Notes; (b) the amount of the distribution allocable to interest on each class of the Notes; (c) the amount of the distribution allocable to the Excess Distribution Certificate, if any; (d) [Reserved]the amount of Swap Payments payable by the Issuer to the applicable Swap Counterparty, the amount payable by the Swap Counterparties to the Issuer and the amount of Swap Termination Payments payable by either the Issuer or the Swap Counterparties; (e) the Pool Balance as of the close of business on the last day of the preceding Collection Period; (f) the aggregate outstanding principal balance of each class of the Notes, the Note Pool Factor applicable to each class of Notes Factor, as of such Distribution Date, after giving effect to payments allocated to principal reported under clauses (a) and (c) above; (g) the applicable Note Rate for the next period for each any class of Notes, which may be included in the statement or made available electronically on the Administrator’s website; (h) the amount of the Primary Servicing Fee and any Carryover Servicing Fee paid to the Servicer on such Distribution DateDate and on the two preceding Monthly Servicing Payment Dates, and the amount, if any, of the Carryover Servicing Fee remaining unpaid after giving effect to any such payments; (i) the amount of the Administration Fee paid to the Administrator on such Distribution Date; (j) [Reserved]; (k) the amount of the aggregate Realized Lossesprincipal balances of Trust Student Loans that became Charged-Off Loans, if any, for the related Collection Period and the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (lk) the amount of any Note Interest Shortfall, if any, in each case as applicable to each class of Notes, and the change in such amounts from the preceding statement; (ml) the aggregate Purchase Amounts for Trust Student Loans, if any, that were repurchased by the Depositor or the Sellers or purchased by the Servicer, SLM ECFC, Bluemont Funding, Town Center Funding, Town Hall Funding or VL Funding Servicer from the Issuer during in such Collection Period; (m) whether the Cumulative Realized Loss Test is satisfied on such Distribution Date; and (n) the respective balances balance of the Reserve Account, the Capitalized Interest Account, the Floor Income Rebate Account and the Borrower Benefit Account, if any, Cash Capitalization Account on such Distribution Date, after giving effect to changes therein on such Distribution Date; (o) [Reserved]; (p) the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of that Collection Period; (q) with respect to the initial Distribution Date, the aggregate initial principal balance of Additional Trust Student Loans, plus accrued interest to be capitalized as of their respective Subsequent Cutoff Dates, purchased during the Supplemental Purchase Period, using funds on deposit in the Supplemental Purchase Account, and any remaining amounts transferred from the Supplemental Purchase Account to the Collection Account; (r) [Reserved]; and (s) the amount required to be deposited into the Collection Account for the related Collection Period to offset any Borrower Benefit Yield Reduction for the related Collection Period. In addition to the actual amount to be paid, deposited or otherwise distributed, each Each amount set forth pursuant to clauses (a), (b), (c), (f), (he), (i), (j) and (l) above shall also be expressed as a dollar amount per $1,000 of original principal balance of the applicable Note and an Excess Distribution Certificate or Note, as a percentage of the principal balance of the applicable Noteapplicable. A copy of the statements referred to above may be obtained by the any Excess Distribution Certificateholder or any Note Owner by a written request to the Eligible Lender Trustee or the Indenture Trustee, respectively, addressed to the respective Corporate Trust Office.

Statements to Excess Distribution Certificateholder and Noteholders. On each Determination Date preceding a Quarterly Distribution Date, the Administrator shall provide to the Indenture Trustee (with a copy to each of the Rating Agency then rating the NotesAgencies) for the Indenture Trustee to forward on such succeeding Quarterly Distribution Date to each Noteholder of record and to the Excess Distribution Certificateholder of record a statement, setting forth at least the following information with respect to such Distribution Date as to the Notes and the Excess Distribution Certificate to the extent applicable: (a) the amount of such distribution allocable to principal of each class of the Notes; (b) the amount of the distribution allocable to interest on each class of the Notes; (c) the amount of the distribution allocable to the Excess Distribution Certificate, if any; (d) [Reserved]; (e) the Pool Balance as of the close of business on the last day of the preceding Collection Period; (f) the aggregate outstanding principal balance of each class of Notes, the Notes and the Note Pool Factor applicable to each class of Notes as of such Quarterly Distribution Date, after giving effect to payments allocated to principal reported under clauses (a) and (c) above;; Administration Agreement (g) the applicable Note Rate for the next period for each class of Notes, Notes (which disclosure may be included in the statement or made available electronically by listing a website on the Administrator’s websitewhich such rates will be disclosed); (h) the amount of the Servicing Fee and any Carryover Servicing Fee paid to the Servicer on such Quarterly Distribution DateDate and on the two preceding Monthly Allocation Dates, and the amount, if any, of the Carryover Servicing Fee remaining unpaid after giving effect to any such payments; (i) the amount of the Administration Fee paid to the Administrator on such Quarterly Distribution Date; (j) [Reserved]; (k) the amount of the aggregate Realized Losses, if any, for the related Collection Period and the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (l) the amount of Note Interest Shortfall, if any, in each case as applicable to each class of Notes, and the change in such amounts from the preceding statement[Reserved]; (m) the aggregate Purchase Amounts for Trust Student Loans, if any, that were repurchased by the Depositor or purchased by the Servicer, SLM ECFC, Bluemont Funding, Town Center Funding, Funding or Town Hall Funding or VL Funding from the Issuer during such Collection Period; (n) the respective balances of the Reserve Account, the Capitalized Interest Account, the Floor Income Rebate Account and the Borrower Benefit Account, if any, on such Quarterly Distribution Date, after giving effect to changes therein on such Quarterly Distribution Date; (o) [Reserved]; (p) the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of that Collection Period; (q) with respect to the initial Quarterly Distribution Date, the aggregate initial principal balance of Additional Trust Student Loans, plus accrued interest to be capitalized as of their respective Subsequent Cutoff Dates, purchased during the Supplemental Purchase Period, using funds on deposit in the Supplemental Purchase Account, and any remaining amounts transferred from the Supplemental Purchase Account to the Collection Account; (r) [Reserved]; and (s) the amount required to be deposited into the Collection Account for the related Collection Period to offset any Borrower Benefit Yield Reduction for the related Collection Period. In addition to the actual amount to be paid, deposited or otherwise distributed, each amount set forth pursuant to clauses (a), (b), (c), (f), (h), (i) and (li) above shall also be expressed as a dollar amount per $1,000 of original principal balance of the applicable Note and or as a percentage of the principal balance of the applicable Note. A copy of the statements referred to above may Administration Agreement be obtained by the Excess Distribution Certificateholder or any Note Owner by a written request to the Eligible Lender Trustee or the Indenture Trustee, respectively, addressed to the respective Corporate Trust Office.

Statements to Excess Distribution Certificateholder and Noteholders. On each Determination Date preceding a Distribution Date, the Administrator shall provide to the Indenture Trustee (with a copy to each of the Rating Agency then rating the NotesAgencies) for the Indenture Trustee to forward on such succeeding Distribution Date to each Noteholder of record and to the Excess Distribution Certificateholder of record a statement, setting forth at least the following information with respect to such Distribution Date as to the Notes and the Excess Distribution Certificate to the extent applicable: (a) the amount of such distribution allocable to principal of each class of the Notes; (b) the amount of the distribution allocable to interest on each class of the Notes; (c) the amount of the distribution allocable to the Excess Distribution Certificate, if any; (d) [Reserved]; (e) the Pool Balance as of the close of business on the last day of the preceding Collection Period; (f) the aggregated outstanding principal balance of each class of Notes, the Notes and the Note Pool Factor applicable to each class of Notes as of such Distribution Date, after giving effect to payments allocated to principal reported under clauses (a) and (c) above; (g) the applicable Note Rate for the next period for each class of Notes, Notes (which disclosure may be included in the statement or made available electronically by listing a website on the Administrator’s websitewhich such rates will be disclosed); (h) the amount of the Servicing Fee and any Carryover Servicing Fee paid to the Servicer on such Distribution DateDate and on the two preceding Monthly Allocation Dates, and the amount, if any, of the Carryover Servicing Fee remaining unpaid after giving effect to any such payments; (i) the amount of the Administration Fee paid to the Administrator on such Distribution Date; (j) [Reserved]; (k) the amount of the aggregate Realized Losses, if any, for the related Collection Period and the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (l) the amount of any Note Interest Shortfall, if any, in each case as applicable to each class of Notes, and the change in such amounts from the preceding statement; (m) the aggregate Purchase Amounts for Trust Student Loans, if any, that were repurchased by the Depositor or purchased by the Servicer, SLM ECFC, Bluemont Funding, Town Center Funding Town Hall Funding, Town Hall VL Funding or VL Funding [______] from the Issuer during such Collection Period; (n) the respective balances of the Reserve Account, the Capitalized Interest Account, the Floor Income Rebate Account and the Borrower Benefit Account, if any, on such Distribution Date, after giving effect to changes therein on such Distribution Date; (o) [Reserved]; (p) the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of that Collection Period; (q) with respect to the initial Distribution Date, the aggregate initial principal balance of Additional Trust Student Loans, plus accrued interest to be capitalized as of their respective Subsequent Cutoff Dates, purchased during the Supplemental Purchase Period, using funds on deposit in the Supplemental Purchase Account, and any remaining amounts transferred from the Supplemental Purchase Account to the Collection Account; (r) [Reserved]; and (s) the amount required to be deposited into the Collection Account for the related Collection Period to offset any Borrower Benefit Yield Reduction for the related Collection Period. In addition to the actual amount to be paid, deposited or otherwise distributed, each amount set forth pursuant to clauses (a), (b), (c), (f), (h), (i) and (l) above shall also be expressed as a dollar amount per $1,000 of original principal balance of the applicable Note and Notes or as a percentage of the principal balance of the applicable NoteNotes. A copy of the statements referred to above may be obtained by the Excess Distribution Certificateholder or any Note Owner by a written request to the Eligible Lender Trustee or the Indenture Trustee, respectively, addressed to the respective Corporate Trust Office.

Statements to Excess Distribution Certificateholder and Noteholders. On each Determination Date preceding a Distribution Date, the Administrator shall provide to the Indenture Trustee and the Eligible Lender Trustee (with a copy to each the Rating Agency then rating the NotesAgencies) for the Indenture Trustee to forward on such succeeding Distribution Date to each Noteholder of record and for the Eligible Lender Trustee to forward on such succeeding Distribution Date to the Excess Distribution Certificateholder of record a statement, setting forth at least the following information with respect to such Distribution Date as to the Notes and the Excess Distribution Certificate to the extent applicable:: Administration Agreement (a) the amount of such distribution allocable to principal of each class of the Notes; (b) the amount of the distribution allocable to interest on each class of the Notes; (c) the amount of the distribution allocable to the Excess Distribution Certificate, if any; (d) [Reserved]; (e) the Pool Balance as of the close of business on the last day of the preceding Collection Period; (f) the aggregate outstanding principal balance of each class of Notes, the Notes and the Note Pool Factor applicable to each class of Notes as of such Distribution Date, after giving effect to payments allocated to principal reported under clauses (a) and (c) above; (g) the applicable Note Rate for the next period for each class of Notes, Notes (which disclosure may be included in the statement or made available electronically by listing a website on the Administrator’s websitewhich such rates will be disclosed); (h) the amount of the Servicing Fee and any Carryover Servicing Fee paid to the Servicer on such Distribution DateDate and on the two preceding Monthly Servicing Payment Dates, and the amount, if any, of the Carryover Servicing Fee remaining unpaid after giving effect to any such payments; (i) the amount of the Administration Fee paid to the Administrator on such Distribution Date; (j) [Reserved]; (k) the amount of the aggregate Realized Losses, if any, for the related Collection Period and the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (l) the amount of any Note Interest Shortfall, if any, in each case as applicable to each class of Notes, and the change in such amounts from the preceding statement; (m) the aggregate Purchase Amounts for Trust Student Loans, if any, that were repurchased by the Depositor or purchased by the Servicer, SLM ECFC, Bluemont Funding, Town Center Funding, Town Hall Funding ECFC or VL VG Funding from the Issuer during such Collection Period; (n) the respective balances of the Reserve Account, the Capitalized Interest Account, the Floor Income Rebate Account and the Borrower Benefit Account, if any, on such Distribution Date, after giving effect to changes therein on such Distribution Date;; Administration Agreement (o) [Reserved]; (p) the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of that Collection Period; (qp) with respect to the initial Distribution Date, the aggregate initial principal balance of Additional Trust Student Loans, plus accrued interest to be capitalized as of their respective Subsequent Cutoff Dates, purchased during the Supplemental Purchase Period, using funds on deposit in the Supplemental Purchase Account, and any remaining amounts transferred from the Supplemental Purchase Account to the Collection Account; (r) [Reserved]; and (sq) the amount required to be deposited into the Collection Account for the related Collection Period to offset any Borrower Benefit Yield Reduction for the related Collection Period. In addition to the actual amount to be paid, deposited or otherwise distributed, each amount set forth pursuant to clauses (a), (b), (c), (f), (h), (i) and (l) above shall also be expressed as a dollar amount per $1,000 of original principal balance of the applicable Note and or as a percentage of the principal balance of the applicable Note. A copy of the statements referred to above may be obtained by the Excess Distribution Certificateholder or any Note Owner by a written request to the Eligible Lender Trustee or the Indenture Trustee, respectively, addressed to the respective Corporate Trust Office.

Statements to Excess Distribution Certificateholder and Noteholders. On each Determination Date preceding a Quarterly Distribution Date, the Administrator shall provide to the Indenture Trustee and the Trustee (with a copy to each the Rating Agency then rating the NotesAgencies) for the Indenture Trustee to forward on such succeeding Quarterly Distribution Date to each Noteholder of record and for the Trustee to forward on such succeeding Quarterly Distribution Date to the Excess Distribution Certificateholder of record record, a statement, statement setting forth at least the following information with respect to such Quarterly Distribution Date as to the Notes and the Excess Distribution Certificate to the extent applicable: (a) the amount of such distribution allocable to principal of each class of the Notes; (b) the amount of the distribution allocable to interest on each class of the Notes; (c) the amount of the distribution allocable to the Excess Distribution Certificate, if any; (d) [Reserved]the amount of any Carry-over Amounts, in each case as applicable to each class of Auction Rate Notes and the change in such amounts from the preceding statement; (e) the amount of Swap Payments payable by the Issuer to the Swap Counterparty, the amount payable by the Swap Counterparty to the Issuer and the amount of Swap Termination Payments payable by either the Issuer or the Swap Counterparty; (f) the Pool Balance as of the close of business on the last day of the preceding Collection Period; (fg) the aggregate outstanding principal balance of each class of the Notes, the Note Pool Factor applicable to each class of Notes Factor, as of such Quarterly Distribution Date, after giving effect to payments allocated to principal reported under clauses (a) and (c) above; (gh) the applicable Note Rate for the next period for each any class of Notes, which may be included in the statement or made available electronically on the Administrator’s website; (hi) the amount of the Primary Servicing Fee and any Carryover Servicing Fee paid to the Servicer on such Quarterly Distribution DateDate and on the two preceding Monthly Allocation Dates, and the amount, if any, of the Carryover Servicing Fee remaining unpaid after giving effect to any such payments; (ij) the amount of the Administration Fee paid to the Administrator on such Quarterly Distribution Date; (jk) [Reserved]with respect to the Auction Rate Notes: (i) the next related Auction Date for each class; (ii) the amount of the Auction Agent Fee and Broker-Dealer Fees, if any, paid on such Quarterly Distribution Date; and (iii) any other relevant information as determined by the Administrator; (kl) the amount of the aggregate Realized Lossesprincipal balances of Trust Student Loans that became Charged-Off Loans, if any, for the related Collection Period and the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (lm) the amount of any Note Interest Shortfall, if any, in each case as applicable to each class of Notes, and the change in such amounts from the preceding statement; (mn) the aggregate Purchase Amounts for Trust Student Loans, if any, that were repurchased by the Depositor or the Sellers or purchased by the Servicer, SLM ECFC, Bluemont Funding, Town Center Funding, Town Hall Funding or VL Funding Servicer from the Issuer during in such Collection Period; (no) whether the Cumulative Realized Loss Test is satisfied on such Quarterly Distribution Date; (p) the respective balances of the Reserve Account, the Capitalized Interest Account, the Floor Income Rebate Cash Capitalization Account and the Borrower Benefit Account, if any, on such Quarterly Distribution Date, after giving effect to changes therein on such Quarterly Distribution Date; (o) [Reserved]; (p) the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of that Collection Period; (q) with respect to the initial Distribution Date, the aggregate initial principal balance of Additional Trust Student Loans, plus accrued interest to be capitalized as of their respective Subsequent Cutoff Dates, purchased during the Supplemental Purchase Period, using funds on deposit in the Supplemental Purchase Account, and any remaining amounts transferred from the Supplemental Purchase Account to the Collection Account; (r) [Reserved]; and (sq) the amount required to be deposited into the Collection Account for the related Collection Period to offset any Borrower Benefit Yield Reduction for the related Collection Period. In addition to the actual amount to be paid, deposited or otherwise distributed, each Each amount set forth pursuant to clauses (a), (b), (c), (f), (hj), (il) and (ln) above shall also be expressed as a dollar amount per $1,000 of original principal balance of the applicable Note and an Excess Distribution Certificate or Note, as a percentage of the principal balance of the applicable Noteapplicable. A copy of the statements referred to above may be obtained by the any Excess Distribution Certificateholder or any Note Owner by a written request to the Eligible Lender Trustee or the Indenture Trustee, respectively, addressed to the respective Corporate Trust Office.

Statements to Excess Distribution Certificateholder and Noteholders. On each Determination Date preceding a Quarterly Distribution Date, the Administrator shall provide to the Indenture Trustee (with a copy to each of the Rating Agency then rating the NotesAgencies) for the Indenture Trustee to forward on such succeeding Quarterly Distribution Date to each Noteholder of record and to the Excess Distribution Certificateholder of record a statement, setting forth at least the following information with respect to such Distribution Date as to the Notes and the Excess Distribution Certificate to the extent applicable: (a) the amount of such distribution allocable to principal of each class of the Notes; (b) the amount of the distribution allocable to interest on each class of the Notes; (c) the amount of the distribution allocable to the Excess Distribution Certificate, if any; (d) [Reserved]; (e) the Pool Balance as of the close of business on the last day of the preceding Collection Period; (f) the aggregate outstanding principal balance of each class of Notes, the Notes and the Note Pool Factor applicable to each class of Notes as of such Quarterly Distribution Date, after giving effect to payments allocated to principal reported under clauses (a) and (c) above;; Administration Agreement (g) the applicable Note Rate for the next period for each class of Notes, Notes (which disclosure may be included in the statement or made available electronically by listing a website on the Administrator’s websitewhich such rates will be disclosed); (h) the amount of the Servicing Fee and any Carryover Servicing Fee paid to the Servicer on such Quarterly Distribution DateDate and on the two preceding Monthly Allocation Dates, and the amount, if any, of the Carryover Servicing Fee remaining unpaid after giving effect to any such payments; (i) the amount of the Administration Fee paid to the Administrator on such Quarterly Distribution Date; (j) [Reserved]; (k) the amount of the aggregate Realized Losses, if any, for the related Collection Period and the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (l) the amount of Note Interest Shortfall, if any, in each case as applicable to each class of Notes, and the change in such amounts from the preceding statement[Reserved]; (m) the aggregate Purchase Amounts for Trust Student Loans, if any, that were repurchased by the Depositor or purchased by the Servicer, SLM ECFC, Bluemont Funding, Town Center Funding, Funding or Town Hall Funding or VL Funding from the Issuer during such Collection Period; (n) the respective balances of the Reserve Account, the Capitalized Interest Account, the Floor Income Rebate Account and the Borrower Benefit Account, if any, on such Quarterly Distribution Date, after giving effect to changes therein on such Quarterly Distribution Date; (o) [Reserved]; (p) the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of that Collection Period; (q) with respect to the initial Quarterly Distribution Date, the aggregate initial principal balance of Additional Trust Student Loans, plus accrued interest to be capitalized as of their respective Subsequent Cutoff Dates, purchased during the Supplemental Purchase Period, using funds on deposit in the Supplemental Purchase Account, and any remaining amounts transferred from the Supplemental Purchase Account to the Collection Account; (r) [Reserved]; and (s) the amount required to be deposited into the Collection Account for the related Collection Period to offset any Borrower Benefit Yield Reduction for the related Collection Period. In addition to the actual amount to be paid, deposited or otherwise distributed, each amount set forth pursuant to clauses (a), (b), (c), (f), (h), (i) and (li) above shall also be expressed as a dollar amount per $1,000 of original principal balance of the applicable Note and or as a percentage of the principal balance of the applicable Note. A copy of the statements referred to above may be obtained by the Excess Distribution Certificateholder or any Note Owner by a written request to the Eligible Lender Trustee or the Indenture Trustee, respectively, addressed to the respective Corporate Trust Office.

Statements to Excess Distribution Certificateholder and Noteholders. On each Determination Date preceding a Distribution Date, the Administrator shall provide to the Indenture Trustee and the Eligible Lender Trustee (with a copy to each the Rating Agency then rating the NotesAgencies) for the Indenture Trustee to forward on such succeeding Distribution Date to each Noteholder of record and for the Eligible Lender Trustee to forward on such succeeding Distribution Date to the Excess Distribution Certificateholder of record a statement, statement setting forth at least the following information with respect to such Distribution Date as to the Notes and the Excess Distribution Certificate to the extent applicable: (a) the amount of such distribution allocable to principal of each class of the NotesNotes (including amounts deposited into the related Accumulation Account); (b) the amount of the distribution allocable to interest on each class of the Notes; (c) the amount of the distribution allocable to the Excess Distribution Certificate, if any; (d) [Reserved]; (e) the Pool Balance as of the close of business on the last day of the preceding Collection Period; (f) the aggregate outstanding principal balance of each class of Notesthe Notes and, the Note Pool Factor applicable to each class of Notes Factor, as of such Distribution Date, after giving effect to payments allocated to principal reported under clauses (a) and (c) above; (g) the applicable Note Rate for the next period for each class of Notes, which may be included in the statement or made available electronically on the Administrator’s websiteNotes (identifying separately any applicable Index); (h) the amount of the Servicing Fee and any Carryover Servicing Fee paid to the Servicer on such Distribution DateDate and on the two preceding Monthly Servicing Payment Dates, and the amount, if any, of the Carryover Servicing Fee remaining unpaid after giving effect to any such payments; (i) the amount of the Administration Fee paid to the Administrator on such Distribution Date; (j) [Reserved]with respect to each class of Reset Rate Notes: (i) the next related Reset Date and the related Reset Period; (ii) if in Foreign Exchange Mode, the next Distribution Date on which interest will be paid to the related Reset Rate Noteholders, if other than quarterly; (iii) the amount on deposit in the related Accumulation Account, the related Supplemental Interest Account, the related Investment Premium Purchase Account, the related Investment Reserve Account, the related Pounds Sterling Account, the related Euro Account and any Other Currency Account, as applicable; (iv) the interest rate and amount due to each Swap Counterparty, if applicable; (v) the amount of fees, if any, paid to the Remarketing Agents on such Distribution Date; and (vi) any other relevant information as determined by the Administrator; (k) the amount of the aggregate Realized Losses, if any, for the related Collection Period and the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (l) the amount of any Note Interest Shortfall, if any, in each case as applicable to each class of Notes, and the change in such amounts from the preceding statement; (m) the aggregate Purchase Amounts for Trust Student Loans, if any, that were repurchased by the Depositor or purchased by the Servicer, SLM ECFC, Bluemont Funding, Town Center Funding, Town Hall Funding ECFC or VL VG Funding from the Issuer during such Collection Period; (n) the respective balances of the Reserve Account, Account and the Capitalized Interest Account, the Floor Income Rebate Account and the Borrower Benefit Account, if any, on such Distribution Date, after giving effect to changes therein on such Distribution Date; (o) [Reserved]the amount received from and paid to each Swap Counterparty for such Distribution Date and the amount of any Termination Payment made or received by the Trust during the applicable Collection Period; (p) the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of that Collection Period; (q) the amount on deposit, if any, in the Investment Reserve Account and the Investment Premium Purchase Account and the aggregate amount of any realized losses on Eligible Investments; (r) with respect to the initial Distribution Date, the aggregate initial principal balance of Additional Trust Student Loans, plus accrued interest to be capitalized as of their respective Subsequent Cutoff Dates, purchased during the Supplemental Purchase Period, using funds on deposit in the Supplemental Purchase Account, Account and any remaining amounts transferred from the Supplemental Purchase Account to the Collection Account; (r) [Reserved]; and (s) with respect to the amount required Distribution Date immediately following the end of the Consolidation Loan Add-On Period, the aggregate initial principal balance of Add-On Consolidation Loans, plus accrued and unpaid interest, if any, added during the Consolidation Loan Add-On Period, and any remaining amounts transferred from the Add-On Consolidation Loan Account to be deposited into the Collection Account for the related Collection Period to offset any Borrower Benefit Yield Reduction for the related Collection PeriodAccount. In addition to the actual amount to be paid, deposited or otherwise distributed, each Each amount set forth pursuant to clauses (a), (b), (c), (fj)(iii), (h), (ij)(iv) and (l) above shall also be expressed as a dollar amount per $1,000 of original principal balance of a Note denominated in U.S. Dollars, or if any class of Reset Rate Notes is then denominated in a currency other than U.S. Dollars, expressed as an amount in the applicable Note and as a percentage currency per the applicable currency equivalent (approximately) of $1,000 of the original principal balance of the applicable that Note. A copy of the statements referred to above may be obtained by the Excess Distribution Certificateholder or any Note Owner by a written request to the Eligible Lender Trustee or the Indenture Trustee, respectively, addressed to the respective Corporate Trust Office.

Statements to Excess Distribution Certificateholder and Noteholders. On each Determination Date preceding a Distribution Date, the Administrator shall provide to the Indenture Trustee and the Eligible Lender Trustee (with a copy to each the Rating Agency then rating the NotesAgencies) for the Indenture Trustee to forward on such succeeding Distribution Date to each Noteholder of record and for the Eligible Lender Trustee to forward on such succeeding Distribution Date to the Excess Distribution Certificateholder of record a statement, setting forth at least the following information with respect to such Distribution Date as to the Notes and the Excess Distribution Certificate to the extent applicable: (a) the amount of such distribution allocable to principal of each class of the NotesNotes (including amounts deposited into the related Accumulation Account); (b) the amount of the distribution allocable to interest on each class of the Notes; (c) the amount of the distribution allocable to the Excess Distribution Certificate, if any; (d) [Reserved]; (e) the Pool Balance as of the close of business on the last day of the preceding Collection Period; (f) the aggregate outstanding principal balance of each class of Notesthe Notes and, the Note Pool Factor applicable to each class of Notes Factor, as of such Distribution Date, after giving effect to payments allocated to principal reported under clauses (a) and (c) above; (g) the applicable Note Rate for the next period for each class of Notes, which may be included in the statement or made available electronically on the Administrator’s websiteNotes (identifying separately any applicable Index); (h) the amount of the Servicing Fee and any Carryover Servicing Fee paid to the Servicer on such Distribution DateDate and on the two preceding Monthly Servicing Payment Dates, and the amount, if any, of the Carryover Servicing Fee remaining unpaid after giving effect to any such payments; (i) the amount of the Administration Fee paid to the Administrator on such Distribution Date; (j) [Reserved]with respect to each class of Reset Rate Notes: (i) the next related Reset Date and the related Reset Period; (ii) if in Foreign Exchange Mode, the next Distribution Date on which interest will be paid to the related Reset Rate Noteholders, if other than quarterly; (iii) the amount on deposit in the related Accumulation Account, the related Supplemental Interest Account, the related Investment Premium Purchase Account, the related Investment Reserve Account, the related Pounds Sterling Account, the related Euro Account and any Other Currency Account, as applicable; (iv) the interest rate and amount due to each Swap Counterparty, if applicable; (v) the amount of fees, if any, paid to the Remarketing Agents on such Distribution Date; and (vi) any other relevant information as determined by the Administrator; (k) the amount of the aggregate Realized Losses, if any, for the related Collection Period and the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (l) the amount of any Note Interest Shortfall, if any, in each case as applicable to each class of Notes, and the change in such amounts from the preceding statement; (m) the aggregate Purchase Amounts for Trust Student Loans, if any, that were repurchased by the Depositor or purchased by the Servicer, SLM ECFC, Bluemont Funding, Town Center Funding, Town Hall Funding ECFC or VL VG Funding from the Issuer during such Collection Period; (n) the respective balances of the Reserve Account, Account and the Capitalized Interest Account, the Floor Income Rebate Account and the Borrower Benefit Account, if any, on such Distribution Date, after giving effect to changes therein on such Distribution Date; (o) [Reserved]the amount received from and paid to each Swap Counterparty for such Distribution Date and the amount of any Termination Payment made or received by the Trust during the applicable Collection Period; (p) the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of that Collection Period; (q) the amount on deposit, if any, in the Investment Reserve Account and the Investment Premium Purchase Account and the aggregate amount of any realized losses on Eligible Investments; (r) with respect to the initial Distribution Date, the aggregate initial principal balance of Additional Trust Student Loans, plus accrued interest to be capitalized as of their respective Subsequent Cutoff Dates, purchased during the Supplemental Purchase Period, using funds on deposit in the Supplemental Purchase Account, Account and any remaining amounts transferred from the Supplemental Purchase Account to the Collection Account; (r) [Reserved]; and (s) with respect to the amount required Distribution Date immediately following the end of the Consolidation Loan Add-On Period, the aggregate initial principal balance of Add-On Consolidation Loans, plus accrued and unpaid interest, if any, added during the Consolidation Loan Add-On Period, and any remaining amounts transferred from the Add-On Consolidation Loan Account to be deposited into the Collection Account for the related Collection Period to offset any Borrower Benefit Yield Reduction for the related Collection PeriodAccount. In addition to the actual amount to be paid, deposited or otherwise distributed, each Each amount set forth pursuant to clauses (a), (b), (c), (fj)(iii), (h), (ij)(iv) and (l) above shall also be expressed as a dollar amount per $1,000 of original principal balance of a Note denominated in U.S. Dollars, or if any class of Reset Rate Notes is then denominated in a currency other than U.S. Dollars, expressed as an amount in the applicable Note and as a percentage currency per the applicable currency equivalent (approximately) of $1,000 of the original principal balance of the applicable that Note. A copy of the statements referred to above may be obtained by the Excess Distribution Certificateholder or any Note Owner by a written request to the Eligible Lender Trustee or the Indenture Trustee, respectively, addressed to the respective Corporate Trust Office.

Statements to Excess Distribution Certificateholder and Noteholders. On each Determination Date preceding a Distribution Date, the Administrator shall provide to the Indenture Trustee and the Eligible Lender Trustee (with a copy to each of the Rating Agency then rating the NotesAgencies) for the Indenture Trustee to forward on such succeeding Distribution Date to each Noteholder of record and for the Eligible Lender Trustee to forward on such succeeding Distribution Date to the Excess Distribution Certificateholder of record a statement, setting forth at least the Administration Agreement following information with respect to such Distribution Date as to the Notes and the Excess Distribution Certificate to the extent applicable: (a) the amount of such distribution allocable to principal of each class of the Notes; (b) the amount of the distribution allocable to interest on each class of the Notes; (c) the amount of the distribution allocable to the Excess Distribution Certificate, if any; (d) [Reserved]the amount of any Carryover Amounts, in each case as applicable to the of Auction Rate Notes and the change in such amounts from the preceding statement; (e) the Pool Balance as of the close of business on the last day of the preceding Collection Period; (f) the aggregate outstanding principal balance of each class of Notes, the Notes and the Note Pool Factor applicable to each class of Notes as of such Distribution Date, after giving effect to payments allocated to principal reported under clauses (a) and (c) above; (g) the applicable Note Rate for the next period for each class of Notes, Notes (which disclosure may be included in the statement or made available electronically by listing a website on the Administrator’s websitewhich such rates will be disclosed); (h) the amount of the Servicing Fee and any Carryover Servicing Fee paid to the Servicer on such Distribution DateDate and on the two preceding Monthly Allocation Dates, and the amount, if any, of the Carryover Servicing Fee remaining unpaid after giving effect to any such payments; (i) the amount of the Administration Fee paid to the Administrator on such Distribution Date; (j) [Reserved]with respect to the Auction Rate Notes: (i) the next Auction Date; (ii) the amount of the Auction Agent Fee and Broker-Dealer Fees, if any, paid on such Quarterly Distribution Date; and (iii) any other relevant information as determined by the Administrator; (k) the amount of the aggregate Realized Losses, if any, for the related Collection Period and the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (l) the amount of any Note Interest Shortfall, if any, in each case as applicable to each class of the Auction Rate Notes, and the change in such amounts from the preceding statement; (m) the aggregate Purchase Amounts for Trust Student Loans, if any, that were repurchased by the Depositor or purchased by the Servicer, SLM ECFC, Bluemont Funding, Town Center Funding, Town Hall Funding ECFC or VL VG Funding from the Issuer during such Collection Period; (n) the respective balances of the Reserve Account, the Capitalized Interest Account, the Floor Income Rebate Account and the Borrower Benefit Account, if any, on such Distribution Date, after giving effect to changes therein on such Distribution Date; (o) [Reserved]; (p) the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of that Collection Period; (q) with respect to the initial Distribution Date, the aggregate initial principal balance of Additional Trust Student Loans, plus accrued interest to be capitalized as of their respective Subsequent Cutoff Dates, purchased during the Supplemental Purchase Period, using funds on deposit in the Supplemental Purchase Account, and any remaining amounts transferred from the Supplemental Purchase Account to the Collection Account; (r) [Reserved]; and (s) the amount required to be deposited into the Collection Account for the related Collection Period to offset any Borrower Benefit Yield Reduction for the related Collection Period. In addition to the actual amount to be paid, deposited or otherwise distributed, each amount set forth pursuant to clauses (a), (b), (c), (f), (h), (i) and (l) above shall also be expressed as a dollar amount per $1,000 of original principal balance of the applicable Note and as a percentage of the principal balance of the applicable Note. A copy of the statements referred to above may be obtained by the Excess Distribution Certificateholder or any Note Owner by a written request to the Eligible Lender Trustee or the Indenture Trustee, respectively, addressed to the respective Corporate Trust Office.

Statements to Excess Distribution Certificateholder and Noteholders. On each Determination Date preceding a Distribution Date, the Administrator shall provide to the Indenture Trustee (with a copy to each of the Rating Agency Agencies then rating the Notes) for the Indenture Trustee to forward on such succeeding Distribution Date to each Noteholder of record and to the Excess Distribution Certificateholder of record a statement, setting forth at least the following information with respect to such Distribution Date as to the Notes and the Excess Distribution Certificate to the extent applicable: (a) the amount of such distribution allocable to principal of each class of the Notes; (b) the amount of the distribution allocable to interest on each class of the Notes; (c) the amount of the distribution allocable to the Excess Distribution Certificate, if any; (d) [Reserved]; (e) the Pool Balance as of the close of business on the last day of the preceding Collection Period; (f) the outstanding principal balance of each class of Notes, the Note Pool Factor applicable to each class of Notes as of such Distribution Date, after giving effect to payments allocated to principal reported under clauses (a) and (c) above; (g) the applicable Note Rate for the next period for each class of Notes, which may be included in the statement or made available electronically on the Administrator’s website; (h) the amount of the Servicing Fee and any Carryover Servicing Fee paid to the Servicer on such Distribution Date, and the amount, if any, of the Carryover Servicing Fee remaining unpaid after giving effect to any such payments; (i) the amount of the Administration Fee paid to the Administrator on such Distribution Date; (j) [Reserved]; (k) the amount of the aggregate Realized Losses, if any, for the related Collection Period and the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (l) the amount of Note Interest Shortfall, if any, in each case as applicable to each class of Notes, and the change in such amounts from the preceding statement; (m) the aggregate Purchase Amounts for Trust Student Loans, if any, that were repurchased by the Depositor or purchased by the Servicer, SLM ECFC, Bluemont Funding, Town Center Funding, Town Hall Funding or VL Funding from the Issuer during such Collection Period; (n) the respective balances of the Reserve Account, the Capitalized Interest Account, the Floor Income Rebate Account and the Borrower Benefit Account, if any, on such Distribution Date, after giving effect to changes therein on such Distribution Date; (o) [Reserved]; (p) the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of that Collection Period; (q) with respect to the initial Distribution Date, the aggregate initial principal balance of Additional Trust Student Loans, plus accrued interest to be capitalized as of their respective Subsequent Cutoff Dates, purchased during the Supplemental Purchase Period, using funds on deposit in the Supplemental Purchase Account, and any remaining amounts transferred from the Supplemental Purchase Account to the Collection Account; (r) [Reserved]; and (s) the amount required to be deposited into the Collection Account for the related Collection Period to offset any Borrower Benefit Yield Reduction for the related Collection Period. In addition to the actual amount to be paid, deposited or otherwise distributed, each amount set forth pursuant to clauses (a), (b), (c), (f), (h), (i) and (l) above shall also be expressed as a dollar amount per $1,000 of original principal balance of the applicable Note and or as a percentage of the principal balance of the applicable Note. A copy of the statements referred to above may be obtained by the Excess Distribution Certificateholder or any Note Owner by a written request to the Eligible Lender Trustee or the Indenture Trustee, respectively, addressed to the respective Corporate Trust Office.

Statements to Excess Distribution Certificateholder and Noteholders. On each Determination Date preceding a Distribution Date, the Administrator shall provide to the Indenture Trustee and the Eligible Lender Trustee (with a copy to each the Rating Agency then rating the NotesAgencies) for the Indenture Trustee to forward on such succeeding Distribution Date to each Noteholder of record and for the Eligible Lender Trustee to forward on such succeeding Distribution Date to the Excess Distribution Certificateholder of record a statement, setting forth at least the following information with respect to such Distribution Date as to the Notes and the Excess Distribution Certificate to the extent applicable: (a) the amount of such distribution allocable to principal of each class of the NotesNotes (including amounts deposited into the Accumulation Account); (b) the amount of the distribution allocable to interest on each class of the Notes; (c) the amount of the distribution allocable to the Excess Distribution Certificate, if any; (d) [Reserved]; (e) the Pool Balance as of the close of business on the last day of the preceding Collection Period; (f) the aggregate outstanding principal balance of each class of Notesthe Notes and, the Note Pool Factor applicable to each class of Notes Factor, as of such Distribution Date, after giving effect to payments allocated to principal reported under clauses (a) and (c) above; (g) the applicable Note Rate for the next period for each class of Notes, which may be included in the statement or made available electronically on the Administrator’s websiteNotes (identifying separately any applicable Index); (h) the amount of the Servicing Fee and any Carryover Servicing Fee paid to the Servicer on such Distribution DateDate and on the two preceding Monthly Servicing Payment Dates, and the amount, if any, of the Carryover Servicing Fee remaining unpaid after giving effect to any such payments; (i) the amount of the Administration Fee paid to the Administrator on such Distribution Date; (j) [Reserved]with respect to the Reset Rate Notes: (i) the next related Reset Date and the related Reset Period; (ii) if in Foreign Exchange Mode, the next Distribution Date on which interest will be paid to the Reset Rate Noteholders, if other than quarterly; (iii) the amount on deposit in the Accumulation Account, the Supplemental Interest Account, the Investment Premium Purchase Account, the Investment Reserve Account, the Pounds Sterling Account, the Euro Account and any Other Currency Account, as applicable; (iv) the interest rate and amount due to each Swap Counterparty, if applicable; (v) the amount of fees, if any, paid to the Remarketing Agents on such Distribution Date; and (vi) any other relevant information as determined by the Administrator; (k) the amount of the aggregate Realized Losses, if any, for the related Collection Period and the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (l) the amount of any Note Interest Shortfall, if any, in each case as applicable to each class of Notes, and the change in such amounts from the preceding statement; (m) the aggregate Purchase Amounts for Trust Student Loans, if any, that were repurchased by the Depositor or purchased by the Servicer, SLM ECFC, Bluemont Funding, Town Center Funding, Town Hall Funding ECFC or VL VG Funding from the Issuer during such Collection Period; (n) the respective balances balance of the Reserve Account, Account and the Capitalized Interest Account, the Floor Income Rebate Account and the Borrower Benefit Account, if any, on such Distribution Date, after giving effect to changes therein on such Distribution Date; (o) [Reserved]the amount received from and paid to each Swap Counterparty for such Distribution Date and the amount of any Termination Payment made or received by the Trust during the applicable Collection Period; (p) the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of that Collection Period; (q) the amount on deposit, if any, in the Investment Reserve Account and the Investment Premium Purchase Account and the aggregate amount of any realized losses on Eligible Investments; (r) with respect to the initial Distribution Date, the aggregate initial principal balance of Additional Trust Student Loans, plus accrued interest to be capitalized as of their respective Subsequent Cutoff Dates, purchased during the Supplemental Purchase Period, using funds on deposit in the Supplemental Purchase Account and any remaining amounts transferred from each of the Supplemental Purchase Account to the Collection Account; and (s) with respect to the Distribution Date immediately following the end of the Consolidation Loan Add-On Period, the aggregate initial principal balance of Add-On Consolidation Loans, plus accrued and unpaid interest, if any, added during the Consolidation Loan Add-On Period, and any remaining amounts transferred from the Supplemental Purchase Add-On Consolidation Loan Account to the Collection Account; (r) [Reserved]; and (s) the amount required to be deposited into the Collection Account for the related Collection Period to offset any Borrower Benefit Yield Reduction for the related Collection Period. In addition to the actual amount to be paid, deposited or otherwise distributed, each Each amount set forth pursuant to clauses (a), (b), (c), (fj)(iii), (h), (ij)(iv) and (l) above shall also be expressed as a dollar amount per $1,000 of original principal balance of a Note denominated in U.S. Dollars, or if the Reset Rate Notes are then denominated in a currency other than U.S. Dollars, expressed as an amount in the applicable Note and as a percentage currency per the applicable currency equivalent (approximately) of $1,000 of the original principal balance of the applicable that Note. A copy of the statements referred to above may be obtained by the Excess Distribution Certificateholder or any Note Owner by a written request to the Eligible Lender Trustee or the Indenture Trustee, respectively, addressed to the respective Corporate Trust Office.

Statements to Excess Distribution Certificateholder and Noteholders. On each Determination Date preceding a Distribution Date, the Administrator shall provide to the Indenture Trustee and the Eligible Lender Trustee (with a copy to each the Rating Agency then rating the NotesAgencies) for the Indenture Trustee to forward on such succeeding Distribution Date to each Noteholder of record and for the Eligible Lender Trustee to forward on such succeeding Distribution Date to the Excess Distribution Certificateholder of record a statement, setting forth at least the following information with respect to such Distribution Date as to the Notes and the Excess Distribution Certificate to the extent applicable: (a) the amount of such distribution allocable to principal of each class of the Notes; (b) the amount of the distribution allocable to interest on each class of the Notes; (c) the amount of the distribution allocable to the Excess Distribution Certificate, if any; (d) [Reserved]; (e) the Pool Balance as of the close of business on the last day of the preceding Collection Period; (f) the aggregate outstanding principal balance of each class of Notes, the Notes and the Note Pool Factor applicable to each class of Notes as of such Distribution Date, after giving effect to payments allocated to principal reported under clauses (a) and (c) above; (g) the applicable Note Rate for the next period for each class of Notes, which may be included in the statement or made available electronically on the Administrator’s website; (h) the amount of the Servicing Fee and any Carryover Servicing Fee paid to the Servicer on such Distribution DateDate and on the two preceding Monthly Servicing Payment Dates, and the amount, if any, of the Carryover Servicing Fee remaining unpaid after giving effect to any such payments; (i) the amount of the Administration Fee paid to the Administrator on such Distribution Date; (j) [Reserved]; (k) the amount of the aggregate Realized Losses, if any, for the related Collection Period and the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (l) the amount of any Note Interest Shortfall, if any, in each case as applicable to each class of Notes, and the change in such amounts from the preceding statement; (m) the aggregate Purchase Amounts for Trust Student Loans, if any, that were repurchased by the Depositor or purchased by the Servicer, SLM ECFC, Bluemont Funding, Town Center Funding, Town Hall Funding ECFC or VL VG Funding from the Issuer during such Collection Period; (n) the respective balances of the Reserve Account, the Capitalized Interest Account, the Floor Income Rebate Account and the Borrower Benefit Account, if any, on such Distribution Date, after giving effect to changes therein on such Distribution Date; (o) [Reserved]; (p) the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of that Collection Period; (qp) with respect to the initial Distribution Date, the aggregate initial principal balance of Additional Trust Student Loans, plus accrued interest to be capitalized as of their respective Subsequent Cutoff Dates, purchased during the Supplemental Purchase Period, using funds on deposit in the Supplemental Purchase Account, and any remaining amounts transferred from the Supplemental Purchase Account to the Collection Account; (r) [Reserved]; and (sq) the amount required to be deposited into the Collection Account for the related Collection Period to offset any Borrower Benefit Yield Reduction for the related Collection Period. In addition to the actual amount to be paid, deposited or otherwise distributed, each Each amount set forth pursuant to clauses (a), (b), (c), (f), (h), (i) and (l) above shall also be expressed as a dollar amount per $1,000 of original principal balance of the applicable Note and as a percentage of the principal balance of the applicable Note. A copy of the statements referred to above may be obtained by the Excess Distribution Certificateholder or any Note Owner by a written request to the Eligible Lender Trustee or the Indenture Trustee, respectively, addressed to the respective Corporate Trust Office.

Statements to Excess Distribution Certificateholder and Noteholders. On each Determination Date preceding a Distribution Date, the Administrator shall provide to the Indenture Trustee and the Eligible Lender Trustee (with a copy to each the Rating Agency then rating the NotesAgencies) for the Indenture Trustee to forward on such succeeding Distribution Date to each Noteholder of record and for the Eligible Lender Trustee to forward on such succeeding Distribution Date to the Excess Distribution Certificateholder of record a statement, setting forth at least the following information with respect to such Distribution Date as to the Notes and the Excess Distribution Certificate to the extent applicable: (a) the amount of such distribution allocable to principal of each class of the NotesNotes (including amounts deposited into the Accumulation Account); (b) the amount of the distribution allocable to interest on each class of the Notes; (c) the amount of the distribution allocable to the Excess Distribution Certificate, if any; (d) [Reserved]; (e) the Pool Balance as of the close of business on the last day of the preceding Collection Period; (f) the aggregate outstanding principal balance of each class of Notesthe Notes and, the Note Pool Factor applicable to each class of Notes Factor, as of such Distribution Date, after giving effect to payments allocated to principal reported under clauses (a) and (c) above; (g) the applicable Note Rate for the next period for each class of Notes, which may be included in the statement or made available electronically on the Administrator’s websiteNotes (identifying separately any applicable Index); (h) the amount of the Servicing Fee and any Carryover Servicing Fee paid to the Servicer on such Distribution DateDate and on the two preceding Monthly Servicing Payment Dates, and the amount, if any, of the Carryover Servicing Fee remaining unpaid after giving effect to any such payments; (i) the amount of the Administration Fee paid to the Administrator on such Distribution Date; (j) [Reserved]with respect to the Reset Rate Notes: (i) the next related Reset Date and the related Reset Period; (ii) if in Foreign Exchange Mode, the next Distribution Date on which interest will be paid to the Reset Rate Noteholders, if other than quarterly; (iii) the amount on deposit in the Accumulation Account, the Supplemental Interest Account, the Investment Premium Purchase Account, the Investment Reserve Account, the Pounds Sterling Account, the Euro Account and any Other Currency Account, as applicable; (iv) the interest rate and amount due to each Swap Counterparty, if applicable; (v) the amount of fees, if any, paid to the Remarketing Agents on such Distribution Date; and (vi) any other relevant information as determined by the Administrator; (k) the amount of the aggregate Realized Losses, if any, for the related Collection Period and the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (l) the amount of any Note Interest Shortfall, if any, in each case as applicable to each class of Notes, and the change in such amounts from the preceding statement; (m) the aggregate Purchase Amounts for Trust Student Loans, if any, that were repurchased by the Depositor or purchased by the Servicer, SLM ECFC, Bluemont Funding, Town Center Funding, Town Hall Funding ECFC or VL VG Funding from the Issuer during such Collection Period; (n) the respective balances balance of the Reserve Account, Account and the Capitalized Interest Account, the Floor Income Rebate Account and the Borrower Benefit Account, if any, on such Distribution Date, after giving effect to changes therein on such Distribution Date; (o) [Reserved]the amount received from and paid to each Swap Counterparty for such Distribution Date and the amount of any Termination Payment made or received by the Trust during the applicable Collection Period; (p) the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of that Collection Period; (q) the amount on deposit, if any, in the Investment Reserve Account and the Investment Premium Purchase Account and the aggregate amount of any realized losses on Eligible Investments; (r) with respect to the initial Distribution Date, the aggregate initial principal balance of Additional Trust Student Loans, plus accrued interest to be capitalized as of their respective Subsequent Cutoff Dates, purchased during the Supplemental Purchase Period, using funds on deposit in the Supplemental Purchase Account, and during the Funding Period, using funds on deposit in the Pre-Funding Account, and any remaining amounts transferred from each of the Supplemental Purchase Account and the Pre-Funding Account to the Collection Account; and (s) with respect to the Distribution Date immediately following the end of the Consolidation Loan Add-On Period, the aggregate initial principal balance of Add-On Consolidation Loans, plus accrued and unpaid interest, if any, added during the Consolidation Loan Add-On Period, and any remaining amounts transferred from the Supplemental Purchase Add-On Consolidation Loan Account to the Collection Account; (r) [Reserved]; and (s) the amount required to be deposited into the Collection Account for the related Collection Period to offset any Borrower Benefit Yield Reduction for the related Collection Period. In addition to the actual amount to be paid, deposited or otherwise distributed, each Each amount set forth pursuant to clauses (a), (b), (c), (fj)(iii), (h), (ij)(iv) and (l) above shall also be expressed as a dollar amount per $1,000 of original principal balance of a Note denominated in U.S. Dollars, or if the Reset Rate Notes are then denominated in a currency other than U.S. Dollars, expressed as an amount in the applicable Note and as a percentage currency per the applicable currency equivalent (approximately) of $1,000 of the original principal balance of the applicable that Note. A copy of the statements referred to above may be obtained by the Excess Distribution Certificateholder or any Note Owner by a written request to the Eligible Lender Trustee or the Indenture Trustee, respectively, addressed to the respective Corporate Trust Office.

Statements to Excess Distribution Certificateholder and Noteholders. On each Determination Date preceding a Distribution Date, the Administrator shall provide to the Indenture Trustee (with a copy to each of the Rating Agency Agencies then rating the Notes) for the Indenture Trustee to forward on such succeeding Distribution Date to each Noteholder of record and to the Excess Distribution Certificateholder of record a statement, setting forth at least the following information with respect to such Distribution Date as to the Notes and the Excess Distribution Certificate to the extent applicable: (a) the amount of such distribution allocable to principal of each class of the Notes; (b) the amount of the distribution allocable to interest on each class of the Notes; (c) the amount of the distribution allocable to the Excess Distribution Certificate, if any; (d) [Reserved]; (e) the Pool Balance as of the close of business on the last day of the preceding Collection Period; (f) the aggregate outstanding principal balance of each class of Notes, the Note Pool Factor applicable to each class of Notes as of such Distribution Date, after giving effect to payments allocated to principal reported under clauses (a) and (c) above; (g) the applicable Note Rate for the next period for each class of Notes, which may be included in the statement or made available electronically on the Administrator’s website; (h) the amount of the Servicing Fee and any Carryover Servicing Fee paid to the Servicer on such Distribution Date, and the amount, if any, of the Carryover Servicing Fee remaining unpaid after giving effect to any such payments; (i) the amount of the Administration Fee paid to the Administrator on such Distribution Date; (j) [Reserved]; (k) the amount of the aggregate Realized Losses, if any, for the related Collection Period and the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (l) the amount of Note Interest Shortfall, if any, in each case as applicable to each class of Notes, and the change in such amounts from the preceding statement[Reserved]; (m) the aggregate Purchase Amounts for Trust Student Loans, if any, that were repurchased by the Depositor or purchased by the Servicer, SLM ECFC, Bluemont Funding, Town Center Funding, Town Hall Funding or VL Funding from the Issuer during such Collection Period; (n) the respective balances of the Reserve Account, the Capitalized Interest Account, the Floor Income Rebate Account and the Borrower Benefit Account, if any, on such Distribution Date, after giving effect to changes therein on such Distribution Date; (o) [Reserved]; (p) the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of that Collection Period; (q) with respect to the initial Distribution Date, the aggregate initial principal balance of Additional Trust Student Loans, plus accrued interest to be capitalized as of their respective Subsequent Cutoff Dates, purchased during the Supplemental Purchase Period, using funds on deposit in the Supplemental Purchase Account, and any remaining amounts transferred from the Supplemental Purchase Account to the Collection Account; (r) [Reserved]; and (s) the amount required to be deposited into the Collection Account for the related Collection Period to offset any Borrower Benefit Yield Reduction for the related Collection Period. In addition to the actual amount to be paid, deposited or otherwise distributed, each amount set forth pursuant to clauses (a), (b), (c), (f), (h), (i) and (li) above shall also be expressed as a dollar amount per $1,000 of original principal balance of the applicable Note and or as a percentage of the principal balance of the applicable Note. A copy of the statements referred to above may be obtained by the Excess Distribution Certificateholder or any Note Owner by a written request to the Eligible Lender Trustee or the Indenture Trustee, respectively, addressed to the respective Corporate Trust Office.

Statements to Excess Distribution Certificateholder and Noteholders. On each Determination Date preceding a Distribution Date, the Administrator shall provide to the Indenture Trustee (with a copy to each Rating Agency then rating the Notes) for the Indenture Trustee to forward on such succeeding Distribution Date to each Noteholder of record and to the Excess Distribution Certificateholder of record a statement, setting forth at least the following information with respect to such Distribution Date as to the Notes and the Excess Distribution Certificate to the extent applicable: (a) the amount of such distribution allocable to principal of each class of the Notes; (b) the amount of the distribution allocable to interest on each class of the Notes; (c) the amount of the distribution allocable to the Excess Distribution Certificate, if any; (d) [Reserved]; (e) the Pool Balance as of the close of business on the last day of the preceding Collection Period; (f) the outstanding principal balance of each class of Notes, the Note Pool Factor applicable to each class of Notes as of such Distribution Date, after giving effect to payments allocated to principal reported under clauses (a) and (c) above; (g) the applicable Note Rate for the next period for each class of Notes, which may be included in the statement or made available electronically on the Administrator’s website; (h) the amount of the Servicing Fee and any Carryover Servicing Fee paid to the Servicer on such Distribution Date, and the amount, if any, of the Carryover Servicing Fee remaining unpaid after giving effect to any such payments; (i) the amount of the Administration Fee paid to the Administrator on such Distribution Date; (j) [Reserved]; (k) the amount of the aggregate Realized Losses, if any, for the related Collection Period and the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (l) the amount of Note Interest Shortfall, if any, in each case as applicable to each class of Notes, and the change in such amounts from the preceding statement; (m) the aggregate Purchase Amounts and all other amounts that were received for Trust Student Loans, if any, that were repurchased by the Depositor or purchased by the Servicer, SLM ECFCNavient CFC, Bluemont Blue Ridge Funding, Town Center Funding, Town Hall SLM National Funding or VL Funding from the Issuer during such Collection Period; (n) the respective balances of the Reserve Account, the Capitalized Interest Account, the Floor Income Rebate Account and the Borrower Benefit Account, if any, on such Distribution Date, after giving effect to changes therein on such Distribution Date; (o) [Reserved]; (p) the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of that Collection Period; (q) with respect to the initial Distribution Date, the aggregate initial principal balance of Additional Trust Student Loans, plus accrued interest to be capitalized as of their respective Subsequent Cutoff Dates, purchased during the Supplemental Purchase Period, using funds on deposit in the Supplemental Purchase Account, and any remaining amounts transferred from the Supplemental Purchase Account to the Collection Account; (r) [Reserved]; and (s) the amount required to be deposited into the Collection Account for the related Collection Period to offset any Borrower Benefit Yield Reduction for the related Collection Period. In addition to the actual amount to be paid, deposited or otherwise distributed, each amount set forth pursuant to clauses (a), (b), (c), (f), (h), (i) and (l) above shall also be expressed as a dollar amount per $1,000 of original principal balance of the applicable Note and as a percentage of the principal balance of the applicable Note. A copy of the statements referred to above may be obtained by the Excess Distribution Certificateholder or any Note Owner by a written request to the Eligible Lender Trustee or the Indenture Trustee, respectively, addressed to the respective Corporate Trust Office.

Statements to Excess Distribution Certificateholder and Noteholders. On each Determination Date preceding a Distribution Date, the Administrator shall provide to the Indenture Trustee and the Eligible Lender Trustee (with a copy to each the Rating Agency then rating the NotesAgencies) for the Indenture Trustee to forward on such succeeding Distribution Date to each Noteholder of record and for the Eligible Lender Trustee to forward on such succeeding Distribution Date to the Excess Distribution Certificateholder of record a statement, setting forth at least the following information with respect to such Distribution Date as to the Notes and the Excess Distribution Certificate to the extent applicable: (a) the amount of such distribution allocable to principal of each class of the Notes; (b) the amount of the distribution allocable to interest on each class of the Notes; (c) the amount of the distribution allocable to the Excess Distribution Certificate, if any; (d) [Reserved]; (e) the Pool Balance as of the close of business on the last day of the preceding Collection Period; (f) the aggregate outstanding principal balance of each class of Notes, the Notes and the Note Pool Factor applicable to each class of Notes as of such Distribution Date, after giving effect to payments allocated to principal reported under clauses (a) and (c) above; (g) the applicable Note Rate for the next period for each class of Notes, which may be included in the statement or made available electronically on the Administrator’s website; (h) the amount of the Servicing Fee and any Carryover Servicing Fee paid to the Servicer on such Distribution DateDate and on the two preceding Monthly Servicing Payment Dates, and the amount, if any, of the Carryover Servicing Fee remaining unpaid after giving effect to any such payments; (i) the amount of the Administration Fee paid to the Administrator on such Distribution Date; (j) [Reserved]; (k) the amount of the aggregate Realized Losses, if any, for the related Collection Period and the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (l) the amount of any Note Interest Shortfall, if any, in each case as applicable to each class of Notes, and the change in such amounts from the preceding statement; (m) the aggregate Purchase Amounts for Trust Student Loans, if any, that were repurchased by the Depositor or purchased by the Servicer, SLM ECFC, Bluemont Funding, Town Center Funding, Town Hall Funding ECFC or VL Funding SLMA from the Issuer during such Collection Period; (n) the respective balances balance of the Reserve Account, the Capitalized Interest Account, the Floor Income Rebate Account and the Borrower Benefit Account, if any, on such Distribution Date, after giving effect to changes therein on such Distribution Date;; and (o) [Reserved]; (p) the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of that Collection Period; (q) with respect to the initial Distribution Date, the aggregate initial principal balance of Additional Trust Student Loans, plus accrued interest to be capitalized as of their respective Subsequent Cutoff Dates, purchased during the Supplemental Purchase Period, using funds on deposit in the Supplemental Purchase Account, and any remaining amounts transferred from the Supplemental Purchase Account to the Collection Account; (r) [Reserved]; and (s) the amount required to be deposited into the Collection Account for the related Collection Period to offset any Borrower Benefit Yield Reduction for the related Collection Period. In addition to the actual amount to be paid, deposited or otherwise distributed, each Each amount set forth pursuant to clauses (a), (b), (c), (f), (h), (i) and (l) above shall also be expressed as a dollar amount per $1,000 of original principal balance of the applicable Note and as a percentage of the principal balance of the applicable Note. A copy of the statements referred to above may be obtained by the any Excess Distribution Certificateholder or any Note Owner by a written request to the Eligible Lender Trustee or the Indenture Trustee, respectively, addressed to the respective Corporate Trust Office.

Statements to Excess Distribution Certificateholder and Noteholders. On each Determination Date preceding a Distribution Date, the Administrator shall provide to the Indenture Trustee and the Eligible Lender Trustee (with a copy to each the Rating Agency then rating the NotesAgencies) for the Indenture Trustee to forward on such succeeding Distribution Date to each Noteholder of record and for the Eligible Lender Trustee to forward on such succeeding Distribution Date to the Excess Distribution Certificateholder of record a statement, setting forth at least the following information with respect to such Distribution Date as to the Notes and the Excess Distribution Certificate to the extent applicable: (a) the amount of such distribution allocable to principal of each class of the NotesNotes (including amounts deposited into the Accumulation Account); (b) the amount of the distribution allocable to interest on each class of the Notes; (c) the amount of the distribution allocable to the Excess Distribution Certificate, if any; (d) [Reserved]; (e) the Pool Balance as of the close of business on the last day of the preceding Collection Period; (f) the aggregate outstanding principal balance of each class of Notesthe Notes and, the Note Pool Factor applicable to each class of Notes Factor, as of such Distribution Date, after giving effect to payments allocated to principal reported under clauses (a) and (c) above; (g) the applicable Note Rate for the next period for each class of Notes, which may be included in the statement or made available electronically on the Administrator’s websiteNotes (identifying separately any applicable Index); (h) the amount of the Servicing Fee and any Carryover Servicing Fee paid to the Servicer on such Distribution DateDate and on the two preceding Monthly Servicing Payment Dates, and the amount, if any, of the Carryover Servicing Fee remaining unpaid after giving effect to any such payments; (i) the amount of the Administration Fee paid to the Administrator on such Distribution Date; (j) [Reserved]with respect to the Reset Rate Notes: (i) the next related Reset Date and the related Reset Period; (ii) if in Foreign Exchange Mode, the next Distribution Date on which interest will be paid to the Reset Rate Noteholders, if other than quarterly; (iii) the amount on deposit in the Accumulation Account, the Supplemental Interest Account, the Investment Premium Purchase Account, the Investment Reserve Account, the Pounds Sterling Account, the Euro Account and any Other Currency Account, as applicable; (iv) the interest rate and amount due to each Swap Counterparty, if applicable; (v) the amount of fees, if any, paid to the Remarketing Agents on such Distribution Date; and (vi) any other relevant information as determined by the Administrator; (k) the amount of the aggregate Realized Losses, if any, for the related Collection Period and the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (l) the amount of any Note Interest Shortfall, if any, in each case as applicable to each class of Notes, and the change in such amounts from the preceding statement; (m) the aggregate Purchase Amounts for Trust Student Loans, if any, that were repurchased by the Depositor or purchased by the Servicer, SLM ECFC, Bluemont Funding, Town Center Funding, Town Hall Funding ECFC or VL VG Funding from the Issuer during such Collection Period; (n) the respective balances balance of the Reserve Account, Account and the Capitalized Interest Account, the Floor Income Rebate Account and the Borrower Benefit Account, if any, on such Distribution Date, after giving effect to changes therein on such Distribution Date; (o) [Reserved]the amount received from and paid to each Swap Counterparty for such Distribution Date and the amount of any Termination Payment made or received by the Trust during the applicable Collection Period; (p) the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of that Collection Period; (q) the amount on deposit, if any, in the Investment Reserve Account and the Investment Premium Purchase Account and the aggregate amount of any realized losses on Eligible Investments; (r) with respect to the initial Distribution Date, the aggregate initial principal balance of Additional Trust Student Loans, plus accrued interest to be capitalized as of their respective Subsequent Cutoff Dates, purchased during the Supplemental Purchase Period, using funds on deposit in the Supplemental Purchase Account, and any remaining amounts transferred from the Supplemental Purchase Account to the Collection Account; (r) [Reserved]; and (s) with respect to the amount required Distribution Date immediately following the end of the Consolidation Loan Add-On Period, the aggregate initial principal balance of Add-On Consolidation Loans, plus accrued and unpaid interest, if any, added during the Consolidation Loan Add-On Period, and any remaining amounts transferred from the Add-On Consolidation Loan Account to be deposited into the Collection Account for the related Collection Period to offset any Borrower Benefit Yield Reduction for the related Collection PeriodAccount. In addition to the actual amount to be paid, deposited or otherwise distributed, each Each amount set forth pursuant to clauses (a), (b), (c), (fj)(iii), (h), (ij)(iv) and (l) above shall also be expressed as a dollar amount per $1,000 of original principal balance of a Note denominated in U.S. Dollars, or if the Reset Rate Notes are then denominated in a currency other than U.S. Dollars, expressed as an amount in the applicable Note and as a percentage currency per the applicable currency equivalent (approximately) of $1,000 of the original principal balance of the applicable that Note. A copy of the statements referred to above may be obtained by the Excess Distribution Certificateholder or any Note Owner by a written request to the Eligible Lender Trustee or the Indenture Trustee, respectively, addressed to the respective Corporate Trust Office.

Statements to Excess Distribution Certificateholder and Noteholders. On each Determination Date preceding a Distribution Date, the Administrator shall provide to the Indenture Trustee and the Eligible Lender Trustee (with a copy to each the Rating Agency then rating the NotesAgencies) for the Indenture Trustee to forward on such succeeding Distribution Date to each Noteholder of record and for the Eligible Lender Trustee to forward on such succeeding Distribution Date to the Excess Distribution Certificateholder of record a statement, setting forth at least the following information with respect to such Distribution Date as to the Notes and the Excess Distribution Certificate to the extent applicable: (a) the amount of such distribution allocable to principal of each class of the Notes;; Administration Agreement (b) the amount of the distribution allocable to interest on each class of the Notes; (c) the amount of the distribution allocable to the Excess Distribution Certificate, if any; (d) [Reserved]; (e) the Pool Balance as of the close of business on the last day of the preceding Collection Period; (f) the aggregate outstanding principal balance of each class of Notes, the Notes and the Note Pool Factor applicable to each class of Notes as of such Distribution Date, after giving effect to payments allocated to principal reported under clauses (a) and (c) above; (g) the applicable Note Rate for the next period for each class of Notes, which may be included in the statement or made available electronically on the Administrator’s website; (h) the amount of the Servicing Fee and any Carryover Servicing Fee paid to the Servicer on such Distribution DateDate and on the two preceding Monthly Servicing Payment Dates, and the amount, if any, of the Carryover Servicing Fee remaining unpaid after giving effect to any such payments; (i) the amount of the Administration Fee paid to the Administrator on such Distribution Date; (j) [Reserved]; (k) the amount of the aggregate Realized Losses, if any, for the related Collection Period and the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (l) the amount of any Note Interest Shortfall, if any, in each case as applicable to each class of Notes, and the change in such amounts from the preceding statement; (m) the aggregate Purchase Amounts for Trust Student Loans, if any, that were repurchased by the Depositor or purchased by the Servicer, SLM ECFC, Bluemont Funding, Town Center Funding, Town Hall Funding ECFC or VL VG Funding from the Issuer during such Collection Period; (n) the respective balances of the Reserve Account, the Capitalized Interest Account, , the Floor Income Rebate Account and the Borrower Benefit Account, if any, on such Distribution Date, after giving effect to changes therein on such Distribution Date; (o) [Reserved]; (p) the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of that Collection Period; (qp) with respect to the initial Distribution Date, the aggregate initial principal balance of Additional Trust Student Loans, plus accrued interest to be capitalized as of their respective Subsequent Cutoff Dates, purchased during the Supplemental Purchase Period, using funds on deposit in the Supplemental Purchase Account, and any remaining amounts transferred from the Supplemental Purchase Account to the Collection Account;; Administration Agreement (rq) [Reserved]with respect to the Distribution Date immediately following the end of the Consolidation Loan Add-On Period, the aggregate initial principal balance of Add-On Consolidation Loans, plus accrued and unpaid interest, if any, added during the Consolidation Loan Add-On Period, and any remaining amounts transferred from the Add-On Consolidation Loan Account to the Collection Account; and (sr) the amount required to be deposited into the Collection Account for the related Collection Period to offset any Borrower Benefit Yield Reduction for the related Collection Period. In addition to the actual amount to be paid, deposited or otherwise distributed, each Each amount set forth pursuant to clauses (a), (b), (c), (f), (h), (i) and (l) above shall also be expressed as a dollar amount per $1,000 of original principal balance of the applicable Note and as a percentage of the principal balance of the applicable Note. A copy of the statements referred to above may be obtained by the Excess Distribution Certificateholder or any Note Owner by a written request to the Eligible Lender Trustee or the Indenture Trustee, respectively, addressed to the respective Corporate Trust Office.

Statements to Excess Distribution Certificateholder and Noteholders. On each Determination Date preceding a Distribution Date, the Administrator shall provide to the Indenture Trustee and the Eligible Lender Trustee (with a copy to each the Rating Agency then rating the NotesAgencies) for the Indenture Trustee to forward on such succeeding Distribution Date to each Noteholder of record and for the Eligible Lender Trustee to forward on such succeeding Distribution Date to the Excess Distribution Certificateholder of record a statement, setting forth at least the following information with respect to such Distribution Date as to the Notes and the Excess Distribution Certificate to the extent applicable: (a) the amount of such distribution allocable to principal of each class of the Notes; (b) the amount of the distribution allocable to interest on each class of the Notes; (c) the amount of the distribution allocable to the Excess Distribution Certificate, if any; (d) [Reserved]; (e) the Pool Balance as of the close of business on the last day of the preceding Collection Period; (f) the aggregate outstanding principal balance of each class of Notes, the Notes and the Note Pool Factor applicable to each class of Notes as of such Distribution Date, after giving effect to payments allocated to principal reported under clauses (a) and (c) above; (g) the applicable Note Rate for the next period for each class of Notes, which may be included in the statement or made available electronically on the Administrator’s website; (h) the amount of the Servicing Fee and any Carryover Servicing Fee paid to the Servicer on such Distribution DateDate and on the two preceding Monthly Servicing Payment Dates, and the amount, if any, of the Carryover Servicing Fee remaining unpaid after giving effect to any such payments; (i) the amount of the Administration Fee paid to the Administrator on such Distribution Date; (j) [Reserved]; (k) the amount of the aggregate Realized Losses, if any, for the related Collection Period and the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (l) the amount of any Note Interest Shortfall, if any, in each case as applicable to each class of Notes, and the change in changein such amounts from the preceding statement; (m) the aggregate Purchase Amounts for Trust Student Loans, if any, that were repurchased by the Depositor or purchased by the Servicer, SLM ECFC, Bluemont Funding, Town Center Funding, Town Hall Funding ECFC or VL VG Funding from the Issuer during such Collection Period; (n) the respective balances balance of the Reserve Account, the Capitalized Interest Account, the Floor Income Rebate Account and the Borrower Benefit Account, if any, on such Distribution Date, after giving effect to changes therein on such Distribution Date; (o) [Reserved]; (p) the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of that Collection Period;; and (qp) with respect to the initial Distribution Date, the aggregate initial principal balance of Additional Trust Student Loans, plus accrued interest to be capitalized as of their respective Subsequent Cutoff Dates, purchased during the Supplemental Purchase Period, using funds on deposit in the Supplemental Purchase Account, and any remaining amounts transferred from the Supplemental Purchase Account to the Collection Account; (r) [Reserved]; and (s) the amount required to be deposited into the Collection Account for the related Collection Period to offset any Borrower Benefit Yield Reduction for the related Collection Period. In addition to the actual amount to be paid, deposited or otherwise distributed, each Each amount set forth pursuant to clauses (a), (b), (c), (f), (h), (i) and (l) above shall also be expressed as a dollar amount per $1,000 of original principal balance of the applicable Note and as a percentage of the principal balance of the applicable Note. A copy of the statements referred to above may be obtained by the Excess Distribution Certificateholder or any Note Owner by a written request to the Eligible Lender Trustee or the Indenture Trustee, respectively, addressed to the respective Corporate Trust Office.

Statements to Excess Distribution Certificateholder and Noteholders. On each Determination Date preceding a Distribution Date, the Administrator shall provide to the Indenture Trustee and the Eligible Lender Trustee (with a copy to each the Rating Agency then rating the NotesAgencies) for the Indenture Trustee to forward on such succeeding Distribution Date to each Noteholder of record and for the Eligible Lender Trustee to forward on such succeeding Distribution Date to the Excess Distribution Certificateholder of record a statement, setting forth at least the following information with respect to such Distribution Date as to the Notes and the Excess Distribution Certificate to the extent applicable: (a) the amount of such distribution allocable to principal of each class of the Notes; (b) the amount of the distribution allocable to interest on each class of the Notes; (c) the amount of the distribution allocable to the Excess Distribution Certificate, if any; (d) [Reserved];; Administration Agreement (e) the Pool Balance as of the close of business on the last day of the preceding Collection Period; (f) the aggregate outstanding principal balance of each class of Notes, the Notes and the Note Pool Factor applicable to each class of Notes as of such Distribution Date, after giving effect to payments allocated to principal reported under clauses (a) and (c) above; (g) the applicable Note Rate for the next period for each class of Notes, which may be included in the statement or made available electronically on the Administrator’s website; (h) the amount of the Servicing Fee and any Carryover Servicing Fee paid to the Servicer on such Distribution DateDate and on the two preceding Monthly Servicing Payment Dates, and the amount, if any, of the Carryover Servicing Fee remaining unpaid after giving effect to any such payments; (i) the amount of the Administration Fee paid to the Administrator on such Distribution Date; (j) [Reserved]; (k) the amount of the aggregate Realized Losses, if any, for the related Collection Period and the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (l) the amount of any Note Interest Shortfall, if any, in each case as applicable to each class of Notes, and the change in such amounts from the preceding statement; (m) the aggregate Purchase Amounts for Trust Student Loans, if any, that were repurchased by the Depositor or purchased by the Servicer, SLM ECFC, Bluemont Funding, Town Center Funding, Town Hall Funding ECFC or VL VG Funding from the Issuer during such Collection Period; (n) the respective balances of the Reserve Account, the Capitalized Interest Account, , the Floor Income Rebate Account and the Borrower Benefit Account, if any, on such Distribution Date, after giving effect to changes therein on such Distribution Date; (o) [Reserved]; (p) the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of that Collection Period; (qp) with respect to the initial Distribution Date, the aggregate initial principal balance of Additional Trust Student Loans, plus accrued interest to be capitalized as of their respective Subsequent Cutoff Dates, purchased during the Supplemental Purchase Period, using funds on deposit in the Supplemental Purchase Account, and any remaining amounts transferred from the Supplemental Purchase Account to the Collection Account; (rq) [Reserved]with respect to the Distribution Date immediately following the end of the Consolidation Loan Add-On Period, the aggregate initial principal balance of Add-On Consolidation Loans, plus accrued and unpaid interest, if any, added during the Consolidation Loan Add-On Period, and any remaining amounts transferred from the Add-On Consolidation Loan Account to the Collection Account; andand Administration Agreement (sr) the amount required to be deposited into the Collection Account for the related Collection Period to offset any Borrower Benefit Yield Reduction for the related Collection Period. In addition to the actual amount to be paid, deposited or otherwise distributed, each Each amount set forth pursuant to clauses (a), (b), (c), (f), (h), (i) and (l) above shall also be expressed as a dollar amount per $1,000 of original principal balance of the applicable Note and as a percentage of the principal balance of the applicable Note. A copy of the statements referred to above may be obtained by the Excess Distribution Certificateholder or any Note Owner by a written request to the Eligible Lender Trustee or the Indenture Trustee, respectively, addressed to the respective Corporate Trust Office.

Statements to Excess Distribution Certificateholder and Noteholders. On each Determination Date preceding a Distribution Date, the Administrator shall provide to the Indenture Trustee and the Eligible Lender Trustee (with a copy to each the Rating Agency then rating the NotesAgencies) for the Indenture Trustee to forward on such succeeding Distribution Date to each Noteholder of record and for the Eligible Lender Trustee to forward on such succeeding Distribution Date to the Excess Distribution Certificateholder of record a statement, setting forth at least the following information with respect to such Distribution Date as to the Notes and the Excess Distribution Certificate to the extent applicable: (a) the amount of such distribution allocable to principal of each class of the Notes; (b) the amount of the distribution allocable to interest on each class of the Notes; (c) the amount of the distribution allocable to the Excess Distribution Certificate, if any; (d) [Reserved]; (e) the Pool Balance as of the close of business on the last day of the preceding Collection Period; (f) the aggregate outstanding principal balance of each class of Notes, the Notes and the Note Pool Factor applicable to each class of Notes as of such Distribution Date, after giving effect to payments allocated to principal reported under clauses (a) and (c) above; (g) the applicable Note Rate for the next period for each class of Notes, which may be included in the statement or made available electronically on the Administrator’s website; (h) the amount of the Servicing Fee and any Carryover Servicing Fee paid to the Servicer on such Distribution DateDate and on the two preceding Monthly Servicing Payment Dates, and the amount, if any, of the Carryover Servicing Fee remaining unpaid after giving effect to any such payments; (i) the amount of the Administration Fee paid to the Administrator on such Distribution Date; (j) [Reserved]; (k) the amount of the aggregate Realized Losses, if any, for the related Collection Period and the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (l) the amount of any Note Interest Shortfall, if any, in each case as applicable to each class of Notes, and the change in such amounts from the preceding statement; (m) the aggregate Purchase Amounts for Trust Student Loans, if any, that were repurchased by the Depositor or purchased by the Servicer, Servicer or SLM ECFC, Bluemont Funding, Town Center Funding, Town Hall Funding or VL Funding ECFC from the Issuer during such Collection Period; (n) the respective balances of the Reserve Account, Account and the Capitalized Interest Account, the Floor Income Rebate Account and the Borrower Benefit Account, if any, on such Distribution Date, after giving effect to changes therein on such Distribution Date;; and (o) [Reserved]; (p) the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of that Collection Period; (q) with respect to the initial Distribution Date, the aggregate initial principal balance of Additional Trust Student Loans, plus accrued interest to be capitalized as of their respective Subsequent Cutoff Dates, purchased during the Supplemental Purchase Period, using funds on deposit in the Supplemental Purchase Account, and any remaining amounts transferred from the Supplemental Purchase Account to the Collection Account; (r) [Reserved]; and (s) the amount required to be deposited into the Collection Account for the related Collection Period to offset any Borrower Benefit Yield Reduction for the related Collection Period. In addition to the actual amount to be paid, deposited or otherwise distributed, each Each amount set forth pursuant to clauses (a), (b), (c), (f), (h), (i) and (l) above shall also be expressed as a dollar amount per $1,000 of original principal balance of the applicable Note and as a percentage of the principal balance of the applicable Note. A copy of the statements referred to above may be obtained by the any Excess Distribution Certificateholder or any Note Owner by a written request to the Eligible Lender Trustee or the Indenture Trustee, respectively, addressed to the respective Corporate Trust Office.

Statements to Excess Distribution Certificateholder and Noteholders. On each Determination Date preceding a Distribution Date, the Administrator shall provide to the Indenture Trustee and the Eligible Lender Trustee (with a copy to each the Rating Agency then rating the NotesAgencies) for the Indenture Trustee to forward on such succeeding Distribution Date to each Noteholder of record and for the Eligible Lender Trustee to forward on such succeeding Distribution Date to the Excess Distribution Certificateholder of record a statement, setting forth at least the following information with respect to such Distribution Date as to the Notes and the Excess Distribution Certificate to the extent applicable: (a) the amount of such distribution allocable to principal of each class of the NotesNotes (including amounts deposited into an Accumulation Account); (b) the amount of the distribution allocable to interest on each class of the Notes; (c) the amount of the distribution allocable to the Excess Distribution Certificate, if any; (d) [Reserved]; (e) the Pool Balance as of the close of business on the last day of the preceding Collection Period; (f) the aggregate outstanding principal balance of each class of Notes, the Notes and the Note Pool Factor applicable to each class of Notes Factor, as of such Distribution Date, after giving effect to payments allocated to principal reported under clauses (a) and (c) above; (g) the applicable Note Rate for the next period for each class of Notes, which may be included in the statement or made available electronically on the Administrator’s websiteNotes (identifying separately any applicable Index); (h) the amount of the Servicing Fee and any Carryover Servicing Fee paid to the Servicer on such Distribution DateDate and on the two preceding Monthly Servicing Payment Dates, and the amount, if any, of the Carryover Servicing Fee remaining unpaid after giving effect to any such payments; (i) the amount of the Administration Fee paid to the Administrator on such Distribution Date; (j) [Reserved]with respect to each class of Reset Rate Notes: (i) the next related Reset Date and the related Reset Period; (ii) if in Foreign Exchange Mode, the next Distribution Date on which interest will be paid to the related Reset Rate Noteholders, if other than quarterly; (iii) the amount on deposit in the related Accumulation Account, the related Supplemental Interest Account, the related Investment Premium Purchase Account, the related Investment Reserve Account and the Euro Account or the Other Currency Account, as applicable; (iv) the interest rate and amount due to each Swap Counterparty, if applicable; (v) the amount of fees, if any, paid to the Remarketing Agents on such Distribution Date; and (vi) any other relevant information as determined by the Administrator; (k) the amount of the aggregate Realized Losses, if any, for the related Collection Period and the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (l) the amount of any Note Interest Shortfall, if any, in each case as applicable to each class of Notes, and the change in such amounts from the preceding statement; (m) the aggregate Purchase Amounts for Trust Student Loans, if any, that were repurchased by the Depositor or purchased by the Servicer, Servicer or SLM ECFC, Bluemont Funding, Town Center Funding, Town Hall Funding or VL Funding ECFC from the Issuer during in such Collection Period; (n) the respective balances of the Reserve Account, Account and the Capitalized Interest Account, the Floor Income Rebate Account and the Borrower Benefit Account, if any, on such Distribution Date, after giving effect to changes therein on such Distribution Date; (o) [Reserved];the amount received from and paid to each Swap Counterparty for such Distribution Date and the amount of any Termination Payment made or received by the Trust during the applicable Collection Period. (p) the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of that Collection Period;; and (q) with respect to the initial Distribution Dateamount on deposit, if any, in the Investment Reserve Account and the Investment Premium Purchase Account and the aggregate initial principal balance amount of Additional Trust Student Loans, plus accrued interest to be capitalized as of their respective Subsequent Cutoff Dates, purchased during the Supplemental Purchase Period, using funds any realized losses on deposit in the Supplemental Purchase Account, and any remaining amounts transferred from the Supplemental Purchase Account to the Collection Account; (r) [Reserved]; and (s) the amount required to be deposited into the Collection Account for the related Collection Period to offset any Borrower Benefit Yield Reduction for the related Collection PeriodEligible Investments. In addition to the actual amount to be paid, deposited or otherwise distributed, each Each amount set forth pursuant to clauses (a), (b), (c), (f), (h), (i), (j)(iii), (j)(iv), (k) and (l) above shall also be expressed as a dollar amount per $1,000 of original principal balance of a Note denominated in U.S. Dollars, or if any class of Reset Rate Notes is then denominated in a currency other than U.S. Dollars, expressed as an amount in the applicable Note and as a percentage currency per the applicable currency equivalent (approximately) of $1,000 of the original principal balance of the applicable that Note. A copy of the statements referred to above may be obtained by the Excess Distribution Certificateholder or any Note Owner by a written request to the Eligible Lender Trustee or the Indenture Trustee, respectively, addressed to the respective Corporate Trust Office.

Statements to Excess Distribution Certificateholder and Noteholders. On each Determination Date preceding a Distribution Date, the Administrator shall provide to the Indenture Trustee and the Eligible Lender Trustee (with a copy to each the Rating Agency then rating the NotesAgencies) for the Indenture Trustee to forward on such succeeding Distribution Date to each Noteholder of record and for the Eligible Lender Trustee to forward on such succeeding Distribution Date to the Administration Agreement Excess Distribution Certificateholder of record a statement, setting forth at least the following information with respect to such Distribution Date as to the Notes and the Excess Distribution Certificate to the extent applicable: (a) the amount of such distribution allocable to principal of each class of the Notes; (b) the amount of the distribution allocable to interest on each class of the Notes; (c) the amount of the distribution allocable to the Excess Distribution Certificate, if any; (d) [Reserved]; (e) the Pool Balance as of the close of business on the last day of the preceding Collection Period; (f) the aggregate outstanding principal balance of each class of Notes, the Notes and the Note Pool Factor applicable to each class of Notes as of such Distribution Date, after giving effect to payments allocated to principal reported under clauses (a) and (c) above; (g) the applicable Note Rate for the next period for each class of Notes, which may be included in the statement or made available electronically on the Administrator’s website; (h) the amount of the Servicing Fee and any Carryover Servicing Fee paid to the Servicer on such Distribution DateDate and on the two preceding Monthly Servicing Payment Dates, and the amount, if any, of the Carryover Servicing Fee remaining unpaid after giving effect to any such payments; (i) the amount of the Administration Fee paid to the Administrator on such Distribution Date; (j) [Reserved]; (k) the amount of the aggregate Realized Losses, if any, for the related Collection Period and the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (l) the amount of any Note Interest Shortfall, if any, in each case as applicable to each class Class of Notes, and the change in such amounts from the preceding statement; (m) the aggregate Purchase Amounts for Trust Student Loans, if any, that were repurchased by the Depositor or purchased by the Servicer, SLM ECFC, Bluemont Funding, Town Center Funding, Town Hall Funding ECFC or VL VG Funding from the Issuer during such Collection Period; (n) the respective balances of the Reserve Account, the Capitalized Interest Account, the Floor Income Rebate Account and the Borrower Benefit Account, if any, on such Distribution Date, after giving effect to changes therein on such Distribution Date;; Administration Agreement (o) [Reserved]the amount received from and paid to the Currency Swap Counterparty for such Distribution Date and the amount of any Termination Payment made or received by the Trust during the applicable Collection Period; (p) the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of that Collection Period; (q) with respect to the initial Distribution Date, the aggregate initial principal balance of Additional Trust Student Loans, plus accrued interest to be capitalized as of their respective Subsequent Cutoff Dates, purchased during the Supplemental Purchase Period, using funds on deposit in the Supplemental Purchase Account, and any remaining amounts transferred from the Supplemental Purchase Account to the Collection Account; (r) [Reserved]with respect to the Distribution Date immediately following the end of the Consolidation Loan Add-On Period, the aggregate initial principal balance of Add-On Consolidation Loans, plus accrued and unpaid interest, if any, added during the Consolidation Loan Add-On Period, and any remaining amounts transferred from the Add-On Consolidation Loan Account to the Collection Account; and (s) the amount required to be deposited into the Collection Account for the related Collection Period to offset any Borrower Benefit Yield Reduction for the related Collection Period. In addition to the actual amount to be paid, deposited or otherwise distributed, each Each amount set forth pursuant to clauses (a), (b), (c), (f), (h), (i) and (l) above shall also be expressed as a dollar amount per $1,000 of original principal balance of the applicable Note and as a percentage of the principal balance of the applicable Note. A copy of the statements referred to above may be obtained by the Excess Distribution Certificateholder or any Note Owner by a written request to the Eligible Lender Trustee or the Indenture Trustee, respectively, addressed to the respective Corporate Trust Office.

Statements to Excess Distribution Certificateholder and Noteholders. On each Determination Date preceding a Distribution Date, the Administrator shall provide to the Indenture Trustee and the Eligible Lender Trustee (with a copy to each the Rating Agency then rating the NotesAgencies) for the Indenture Trustee to forward on such succeeding Distribution Date to each Noteholder of record and for the Eligible Lender Trustee to forward on such succeeding Distribution Date to the Excess Distribution Certificateholder of record a statement, setting forth at least the following information with respect to such Distribution Date as to the Notes and the Excess Distribution Certificate to the extent applicable: (a) the amount of such distribution allocable to principal of each class of the Notes; (b) the amount of the distribution allocable to interest on each class of the Notes; (c) the amount of the distribution allocable to the Excess Distribution Certificate, if any; (d) [Reserved]; (e) the Pool Balance as of the close of business on the last day of the preceding Collection Period; (f) the aggregate outstanding principal balance of each class of Notes, the Notes and the Note Pool Factor applicable to each class of Notes as of such Distribution Date, after giving effect to payments allocated to principal reported under clauses (a) and (c) above; (g) the applicable Note Rate for the next period for each class of Notes, which may be included in the statement or made available electronically on the Administrator’s website; (h) the amount of the Servicing Fee and any Carryover Servicing Fee paid to the Servicer on such Distribution DateDate and on the two preceding Monthly Servicing Payment Dates, and the amount, if any, of the Carryover Servicing Fee remaining unpaid after giving effect to any such payments; (i) the amount of the Administration Fee paid to the Administrator on such Distribution Date; (j) [Reserved]; (k) the amount of the aggregate Realized Losses, if any, for the related Collection Period and the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (l) the amount of any Note Interest Shortfall, if any, in each case as applicable to each class of Notes, and the change in such amounts from the preceding statement; (m) the aggregate Purchase Amounts for Trust Student Loans, if any, that were repurchased by the Depositor or purchased by the Servicer, SLM ECFC, Bluemont Funding, Town Center Funding, Town Hall Funding ECFC or VL VG Funding from the Issuer during such Collection Period; (n) the respective balances of the Reserve Account, Account and the Capitalized Interest Account, the Floor Income Rebate Account and the Borrower Benefit Account, if any, on such Distribution Date, after giving effect to changes therein on such Distribution Date;; and (o) [Reserved]; (p) the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of that Collection Period; (q) with respect to the initial Distribution Date, the aggregate initial principal balance of Additional Trust Student Loans, plus accrued interest to be capitalized as of their respective Subsequent Cutoff Dates, purchased during the Supplemental Purchase Period, using funds on deposit in the Supplemental Purchase Account, and any remaining amounts transferred from the Supplemental Purchase Account to the Collection Account; (r) [Reserved]; and (s) the amount required to be deposited into the Collection Account for the related Collection Period to offset any Borrower Benefit Yield Reduction for the related Collection Period. In addition to the actual amount to be paid, deposited or otherwise distributed, each Each amount set forth pursuant to clauses (a), (b), (c), (f), (h), (i) and (l) above shall also be expressed as a dollar amount per $1,000 of original principal balance of the applicable Note and as a percentage of the principal balance of the applicable Note. A copy of the statements referred to above may be obtained by the Excess Distribution Certificateholder or any Note Owner by a written request to the Eligible Lender Trustee or the Indenture Trustee, respectively, addressed to the respective Corporate Trust Office.

Statements to Excess Distribution Certificateholder and Noteholders. On each Determination Date preceding a Distribution Date, the Administrator shall provide to the Indenture Trustee (with a copy to each of the Rating Agency Agencies then rating the Notes) for the Indenture Trustee to forward on such succeeding Distribution Date to each Noteholder of record and to the Excess Distribution Certificateholder of record a statement, setting forth at least the following information with respect to such Distribution Date as to the Notes and the Excess Distribution Certificate to the extent applicable: (a) the amount of such distribution allocable to principal of each class of the Notes; (b) the amount of the distribution allocable to interest on each class of the Notes; (c) the amount of the distribution allocable to the Excess Distribution Certificate, if any; (d) [Reserved]; (e) the Pool Balance as of the close of business on the last day of the preceding Collection Period; (f) the aggregate outstanding principal balance of each class of Notes, the Notes and the Note Pool Factor applicable to each class of Notes as of such Distribution Date, after giving effect to payments allocated to principal reported under clauses (a) and (c) above; (g) the applicable Note Rate for the next period for each class of Notes, Notes (which disclosure may be included in the statement or made available electronically by listing a website on the Administrator’s websitewhich such rates will be disclosed); (h) the amount of the Servicing Fee and any Carryover Servicing Fee paid to the Servicer on such Distribution Date, and the amount, if any, of the Carryover Servicing Fee remaining unpaid after giving effect to any such payments; (i) the amount of the Administration Fee paid to the Administrator on such Distribution Date; (j) [Reserved]; (k) the amount of the aggregate Realized Losses, if any, for the related Collection Period and the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (l) the amount of Note Interest Shortfall, if any, in each case as applicable to each class of Notes, and the change in such amounts from the preceding statement[Reserved]; (m) the aggregate Purchase Amounts for Trust Student Loans, if any, that were repurchased by the Depositor or purchased by the Servicer, SLM ECFC, Bluemont Funding, Town Center Funding, Town Hall Funding or VL Funding from the Issuer during such Collection Period; (n) the respective balances of the Reserve Account, the Capitalized Interest Account, the Floor Income Rebate Account and the Borrower Benefit Account, if any, on such Distribution Date, after giving effect to changes therein on such Distribution Date; (o) [Reserved]; (p) the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of that Collection Period; (q) with respect to the initial Distribution Date, the aggregate initial principal balance of Additional Trust Student Loans, plus accrued interest to be capitalized as of their respective Subsequent Cutoff Dates, purchased during the Supplemental Purchase Period, using funds on deposit in the Supplemental Purchase Account, and any remaining amounts transferred from the Supplemental Purchase Account to the Collection Account; (r) [Reserved]; and (s) the amount required to be deposited into the Collection Account for the related Collection Period to offset any Borrower Benefit Yield Reduction for the related Collection Period. In addition to the actual amount to be paid, deposited or otherwise distributed, each amount set forth pursuant to clauses (a), (b), (c), (f), (h), (i) and (li) above shall also be expressed as a dollar amount per $1,000 of original principal balance of the applicable Note and or as a percentage of the principal balance of the applicable Note. A copy of the statements referred to above may be obtained by the Excess Distribution Certificateholder or any Note Owner by a written request to the Eligible Lender Trustee or the Indenture Trustee, respectively, addressed to the respective Corporate Trust Office.

Statements to Excess Distribution Certificateholder and Noteholders. On each Determination Date preceding a Distribution Date, the Administrator shall provide to the Indenture Trustee and the Eligible Lender Trustee (with a copy to each the Rating Agency then rating the NotesAgencies) for the Indenture Trustee to forward on such succeeding Distribution Date to each Noteholder of record and for the Eligible Lender Trustee to forward on such succeeding Distribution Date to the Excess Distribution Certificateholder of record a statement, setting forth at least the following information with respect to such Distribution Date as to the Notes and the Excess Distribution Certificate to the extent applicable: (a) the amount of such distribution allocable to principal of each class of the Notes; (b) the amount of the distribution allocable to interest on each class of the Notes; (c) the amount of the distribution allocable to the Excess Distribution Certificate, if any; (d) [Reserved]the amount of any Carry-over Amounts, in each case as applicable to each class of Auction Rate Notes and the change in such amounts from the preceding statement; (e) the Pool Balance as of the close of business on the last day of the preceding Collection Period; (f) the aggregate outstanding principal balance of each class of Notes, the Notes and the Note Pool Factor applicable to each class of Notes as of such Distribution Date, after giving effect to payments allocated to principal reported under clauses (a) and (c) above; (g) the applicable Note Rate for the next period for each class of Notes, which may be included in the statement or made available electronically on the Administrator’s website; (h) the amount of the Servicing Fee and any Carryover Servicing Fee paid to the Servicer on such Distribution DateDate and on the two preceding Monthly Allocation Dates, and the amount, if any, of the Carryover Servicing Fee remaining unpaid after giving effect to any such payments; (i) the amount of the Administration Fee paid to the Administrator on such Distribution Date; (j) [Reserved]with respect to the Auction Rate Notes: (i) the next related Auction Date for each class; (ii) the amount of Auction Agent Fee and Broker-Dealer Fees, if any, paid on such Quarterly Distribution Date; and (iii) any other relevant information as determined by the Administrator; (k) the amount of the aggregate Realized Losses, if any, for the related Collection Period and the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (l) the amount of any Note Interest Shortfall, if any, in each case as applicable to each class Class of Notes, and the change in such amounts from the preceding statement; (m) the aggregate Purchase Amounts for Trust Student Loans, if any, that were repurchased by the Depositor or purchased by the Servicer, SLM ECFC, Bluemont Funding, Town Center Funding, Town Hall Funding ECFC or VL VG Funding from the Issuer during such Collection Period; (n) the respective balances of the Reserve Account, the Capitalized Interest Account, the Floor Income Rebate Account Account, and the Borrower Benefit Account, if any, on such Distribution Date, after giving effect to changes therein on such Distribution Date; (o) [Reserved]; (p) the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of that Collection Period; (qp) with respect to the initial Distribution Date, the aggregate initial principal balance of Additional Trust Student Loans, plus accrued interest to be capitalized as of their respective Subsequent Cutoff Dates, purchased during the Supplemental Purchase Period, using funds on deposit in the Supplemental Purchase Account, and any remaining amounts transferred from the Supplemental Purchase Account to the Collection Account; (rq) [Reserved]with respect to the Distribution Date immediately following the end of the Consolidation Loan Add-On Period, the aggregate initial principal balance of Add-On Consolidation Loans, plus accrued and unpaid interest, if any, added during the Consolidation Loan Add-On Period, and any remaining amounts transferred from the Add-On Consolidation Loan Account to the Collection Account; and (sr) the amount required to be deposited into the Collection Account for the related Collection Period to offset any Borrower Benefit Yield Reduction for the related Collection Period. In addition to the actual amount to be paid, deposited or otherwise distributed, each Each amount set forth pursuant to clauses (a), (b), (c), (f), (h), (i) and (l) above shall also be expressed as a dollar amount per $1,000 of original principal balance of the applicable Note and as a percentage of the principal balance of the applicable Note. A copy of the statements referred to above may be obtained by the Excess Distribution Certificateholder or any Note Owner by a written request to the Eligible Lender Trustee or the Indenture Trustee, respectively, addressed to the respective Corporate Trust Office.

Statements to Excess Distribution Certificateholder and Noteholders. On each Determination Date preceding a Distribution Date, the Administrator shall provide to the Indenture Trustee and the Trustee (with a copy to each the Rating Agency then rating the NotesAgencies) for the Indenture Trustee to forward on such succeeding Distribution Date to each Noteholder of record and for the Trustee to forward on such succeeding Distribution Date to the Excess Distribution Certificateholder of record record, a statement, statement setting forth at least the following information with respect to such Distribution Date as to the Notes and the Excess Distribution Certificate to the extent applicable: (a) the amount of such distribution allocable to principal of each class of the Notes;Notes; (b) the amount of the distribution allocable to interest on each class of the Notes;Notes; (c) the amount of the distribution allocable to the Excess Distribution Certificate, if any;Certificate; (d) [Reserved];the amount of Swap Payments payable by the Issuer to the applicable Swap Counterparty, the amount payable by the Swap Counterparties to the Issuer and the amount of Swap Termination Payments payable by either the Issuer or the Swap Counterparties; (e) the Pool Balance as of the close of business on the last day of the preceding Collection Period;Period; (f) the aggregate outstanding principal balance of each class of the Notes, the Note Pool Factor applicable to each class of Notes Factor, as of such Distribution Date, after giving effect to payments allocated to principal reported under clauses (a) and (c) above;above; (g) the applicable Note Rate for the next period for each any class of Notes, which may be included in the statement or made available electronically on the Administrator’s website;Notes; (h) the amount of the Primary Servicing Fee and any Carryover Servicing Fee paid to the Servicer on such Distribution DateDate and on the two preceding Monthly Servicing Payment Dates, and the amount, if any, of the Carryover Servicing Fee remaining unpaid after giving effect to any such payments;payments; (i) the amount of the Administration Fee paid to the Administrator on such Distribution Date;Date; (j) [Reserved]; (k) the amount of the aggregate Realized Lossesprincipal balances of Trust Student Loans that became Charged­Off Loans, if any, for the related Collection Period and the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of such Collection Period;Period; (lk) the amount of any Note Interest Shortfall, if any, in each case as applicable to each class of Notes, and the change in such amounts from the preceding statement;statement; (ml) the aggregate Purchase Amounts for Trust Student Loans, if any, that were repurchased by the Depositor or the Sellers or purchased by the Servicer, SLM ECFC, Bluemont Funding, Town Center Funding, Town Hall Funding or VL Funding Servicer from the Issuer during in such Collection Period;Period; (m) whether the Cumulative Realized Loss Test is satisfied on such Distribution Date; and (n) the respective balances balance of the Reserve Account, the Capitalized Interest Account, the Floor Income Rebate Account and the Borrower Benefit Account, if any, Cash Capitalization Account on such Distribution Date, after giving effect to changes therein on such Distribution Date; (o) [Reserved]; (p) the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of that Collection Period; (q) with respect to the initial Distribution Date, the aggregate initial principal balance of Additional Trust Student Loans, plus accrued interest to be capitalized as of their respective Subsequent Cutoff Dates, purchased during the Supplemental Purchase Period, using funds on deposit in the Supplemental Purchase Account, and any remaining amounts transferred from the Supplemental Purchase Account to the Collection Account; (r) [Reserved]; and (s) the amount required to be deposited into the Collection Account for the related Collection Period to offset any Borrower Benefit Yield Reduction for the related Collection Period. In addition to the actual amount to be paid, deposited or otherwise distributed, each Each amount set forth pursuant to clauses (a), (b), (c), (f), (he), (i), (j) and (l) above shall also be expressed as a dollar amount per $1,000 of original principal balance of the applicable Note and an Excess Distribution Certificate or Note, as a percentage of the principal balance of the applicable Noteapplicable. A copy of the statements referred to above may be obtained by the any Excess Distribution Certificateholder or any Note Owner by a written request to the Eligible Lender Trustee or the Indenture Trustee, respectively, addressed to the respective Corporate Trust Office.

Statements to Excess Distribution Certificateholder and Noteholders. On each Determination Date preceding a Quarterly Distribution Date, the Administrator shall provide to the Indenture Trustee (with a copy to each of the Rating Agency then rating the NotesAgencies) for the Indenture Trustee to forward on such succeeding Quarterly Distribution Date to each Noteholder of record and to the Excess Distribution Certificateholder of record a statement, setting forth at least the following information with respect to such Distribution Date as to the Notes and the Excess Distribution Certificate to the extent applicable: (a) the amount of such distribution allocable to principal of each class of the Notes; (b) the amount of the distribution allocable to interest on each class of the Notes; (c) the amount of the distribution allocable to the Excess Distribution Certificate, if any; (d) [Reserved]; (e) the Pool Balance as of the close of business on the last day of the preceding Collection Period; (f) the outstanding principal balance of each class of Notes, the Notes and the Note Pool Factor applicable to each class of Notes as of such Quarterly Distribution Date, after giving effect to payments allocated to principal reported under clauses (a) and (c) above; (g) the applicable Note Rate for the next period for each class of Notes, the Notes (which disclosure may be included in the statement or made available electronically by listing a website on the Administrator’s websitewhich such rates will be disclosed); (h) the amount of the Servicing Fee and any Carryover Servicing Fee paid to the Servicer on such Quarterly Distribution DateDate and on the two preceding Monthly Allocation Dates, and the amount, if any, of the Carryover Servicing Fee remaining unpaid after giving effect to any such payments; (i) the amount of the Administration Fee paid to the Administrator on such Quarterly Distribution Date; (j) [Reserved]; (k) the amount of the aggregate Realized Losses, if any, for the related Collection Period and the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (l) the amount of Note Interest Shortfall, if any, in each case as applicable to each class of Notes, and the change in such amounts from the preceding statement[Reserved]; (m) the aggregate Purchase Amounts for Trust Student Loans, if any, that were repurchased by the Depositor or purchased by the Servicer, SLM ECFC, Bluemont Funding, Town Center Funding, Funding or Town Hall Funding or VL Funding from the Issuer during such Collection Period; (n) the respective balances of the Reserve Account, the Capitalized Interest Account, the Floor Income Rebate Account and the Borrower Benefit Account, if any, on such Quarterly Distribution Date, after giving effect to changes therein on such Quarterly Distribution Date; (o) [Reserved]; (p) the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of that Collection Period; (q) with respect to the initial Quarterly Distribution Date, the aggregate initial principal balance of Additional Trust Student Loans, plus accrued interest to be capitalized as of their respective Subsequent Cutoff Dates, purchased during the Supplemental Purchase Period, using funds on deposit in the Supplemental Purchase Account, and any remaining amounts transferred from the Supplemental Purchase Account to the Collection Account; (r) [Reserved]; and (s) the amount required to be deposited into the Collection Account for the related Collection Period to offset any Borrower Benefit Yield Reduction for the related Collection Period. In addition to the actual amount to be paid, deposited or otherwise distributed, each amount set forth pursuant to clauses (a), (b), (c), (f), (h), (i) and (li) above shall also be expressed as a dollar amount per $1,000 of original principal balance of the applicable Note and Notes or as a percentage of the principal balance of the applicable NoteNotes. A copy of the statements referred to above may be obtained by the Excess Distribution Certificateholder or any Note Owner by a written request to the Eligible Lender Trustee or the Indenture Trustee, respectively, addressed to the respective Corporate Trust Office.

Statements to Excess Distribution Certificateholder and Noteholders. On each Determination Date preceding a Distribution Date, the Administrator shall provide to the Indenture Trustee and the Eligible Lender Trustee (with a copy to each the Rating Agency then rating the NotesAgencies) for the Indenture Trustee to forward on such succeeding Distribution Date to each Noteholder of record and for the Eligible Lender Trustee to forward on such succeeding Distribution Date to the Excess Distribution Certificateholder of record a statement, setting forth at least the following information with respect to such Distribution Date as to the Notes and the Excess Distribution Certificate to the extent applicable: (a) the amount of such distribution allocable to principal of each class of the Notes; (b) the amount of the distribution allocable to interest on each class of the Notes; (c) the amount of the distribution allocable to the Excess Distribution Certificate, if any;; Administration Agreement (d) [Reserved]; (e) the Pool Balance as of the close of business on the last day of the preceding Collection Period; (f) the aggregate outstanding principal balance of each class of Notes, the Notes and the Note Pool Factor applicable to each class of Notes as of such Distribution Date, after giving effect to payments allocated to principal reported under clauses (a) and (c) above; (g) the applicable Note Rate for the next period for each class of Notes, Notes (which disclosure may be included in the statement or made available electronically by listing a website on the Administrator’s websitewhich such rates will be disclosed); (h) the amount of the Servicing Fee and any Carryover Servicing Fee paid to the Servicer on such Distribution DateDate and on the two preceding Monthly Servicing Payment Dates, and the amount, if any, of the Carryover Servicing Fee remaining unpaid after giving effect to any such payments; (i) the amount of the Administration Fee paid to the Administrator on such Distribution Date; (j) [Reserved]; (k) the amount of the aggregate Realized Losses, if any, for the related Collection Period and the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (l) the amount of any Note Interest Shortfall, if any, in each case as applicable to each class of Notes, and the change in such amounts from the preceding statement; (m) the aggregate Purchase Amounts for Trust Student Loans, if any, that were repurchased by the Depositor or purchased by the Servicer, SLM ECFC, Bluemont Funding, Town Center Funding, Town Hall Funding ECFC or VL VG Funding from the Issuer during such Collection Period; (n) the respective balances of the Reserve Account, the Capitalized Interest Account, the Floor Income Rebate Account and the Borrower Benefit Account, if any, on such Distribution Date, after giving effect to changes therein on such Distribution Date; (o) [Reserved]; (p) the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of that Collection Period; (qp) with respect to the initial Distribution Date, the aggregate initial principal balance of Additional Trust Student Loans, plus accrued interest to be capitalized as of their respective Subsequent Cutoff Dates, purchased during the Supplemental Purchase Period, using funds on deposit in the Supplemental Purchase Account, and during the Funding Period, using funds on deposit in the Pre-Funding Account, and any remaining Administration Agreement amounts transferred from each of the Supplemental Purchase Account and the Pre-Funding Account to the Collection Account; (r) [Reserved]; and (sq) the amount required to be deposited into the Collection Account for the related Collection Period to offset any Borrower Benefit Yield Reduction for the related Collection Period. In addition to the actual amount to be paid, deposited or otherwise distributed, each amount set forth pursuant to clauses (a), (b), (c), (f), (h), (i) and (l) above shall also be expressed as a dollar amount per $1,000 of original principal balance of the applicable Note and or as a percentage of the principal balance of the applicable Note. A copy of the statements referred to above may be obtained by the Excess Distribution Certificateholder or any Note Owner by a written request to the Eligible Lender Trustee or the Indenture Trustee, respectively, addressed to the respective Corporate Trust Office.

Statements to Excess Distribution Certificateholder and Noteholders. On each Determination Date preceding a Distribution Date, the Administrator shall provide to the Indenture Trustee and the Eligible Lender Trustee (with a copy to each the Rating Agency then rating the NotesAgencies) for the Indenture Trustee to forward on such succeeding Distribution Date to each Noteholder of record and for the Eligible Lender Trustee to forward on such succeeding Distribution Date to the Excess Distribution Certificateholder of record a statement, setting forth at least the following information with respect to such Distribution Date as to the Notes and the Excess Distribution Certificate to the extent applicable: (a) the amount of such distribution allocable to principal of each class of the Notes; (b) the amount of the distribution allocable to interest on each class of the Notes; (c) the amount of the distribution allocable to the Excess Distribution Certificate, if any; (d) [Reserved]; (e) the Pool Balance as of the close of business on the last day of the preceding Collection Period; (f) the aggregate outstanding principal balance of each class of Notes, the Notes and the Note Pool Factor applicable to each class of Notes as of such Distribution Date, after giving effect to payments allocated to principal reported under clauses (a) and (c) above; (g) the applicable Note Rate for the next period for each class of Notes, Notes (which disclosure may be included in the statement or made available electronically by listing a website on the Administrator’s websitewhich such rates will be disclosed); (h) the amount of the Servicing Fee and any Carryover Servicing Fee paid to the Servicer on such Distribution DateDate and on the two preceding Monthly Servicing Payment Dates, and the amount, if any, of the Carryover Servicing Fee remaining unpaid after giving effect to any such payments; (i) the amount of the Administration Fee paid to the Administrator on such Distribution Date; (j) [Reserved]; (k) the amount of the aggregate Realized Losses, if any, for the related Collection Period and the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (l) the amount of any Note Interest Shortfall, if any, in each case as applicable to each class of Notes, and the change in such amounts from the preceding statement; (m) the aggregate Purchase Amounts for Trust Student Loans, if any, that were repurchased by the Depositor or purchased by the Servicer, SLM ECFC, Bluemont Funding, Town Center Funding, Town Hall Funding ECFC or VL VG Funding from the Issuer during such Collection Period; (n) the respective balances of the Reserve Account, the Capitalized Interest Account, the Floor Income Rebate Account and the Borrower Benefit Account, if any, on such Distribution Date, after giving effect to changes therein on such Distribution Date; (o) [Reserved]; (p) the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of that Collection Period; (qp) with respect to the initial Distribution Date, the aggregate initial principal balance of Additional Trust Student Loans, plus accrued interest to be capitalized as of their respective Subsequent Cutoff Dates, purchased during the Supplemental Purchase Period, using funds on deposit in the Supplemental Purchase Account, and any remaining amounts transferred from the Supplemental Purchase Account to the Collection Account; (r) [Reserved]; and (sq) the amount required to be deposited into the Collection Account for the related Collection Period to offset any Borrower Benefit Yield Reduction for the related Collection Period. In addition to the actual amount to be paid, deposited or otherwise distributed, each amount set forth pursuant to clauses (a), (b), (c), (f), (h), (i) and (l) above shall also be expressed as a dollar amount per $1,000 of original principal balance of the applicable Note and or as a percentage of the principal balance of the applicable Note. A copy of the statements referred to above may be obtained by the Excess Distribution Certificateholder or any Note Owner by a written request to the Eligible Lender Trustee or the Indenture Trustee, respectively, addressed to the respective Corporate Trust Office.

Statements to Excess Distribution Certificateholder and Noteholders. On each Determination Date preceding a Distribution Date, the Administrator shall provide to the Indenture Trustee and the Eligible Lender Trustee (with a copy to each of the Rating Agency then rating the NotesAgencies) for the Indenture Trustee to forward on such succeeding Distribution Date to each Noteholder of record and for the Eligible Lender Trustee to forward on such succeeding Distribution Date to the Excess Distribution Certificateholder of record a statement, setting forth at least the following information with respect to such Distribution Date as to the Notes and the Excess Distribution Certificate to the extent applicable: (a) the amount of such distribution allocable to principal of each class of the Notes; (b) the amount of the distribution allocable to interest on each class of the Notes; (c) the amount of the distribution allocable to the Excess Distribution Certificate, if any; (d) [Reserved]; (e) the Pool Balance as of the close of business on the last day of the preceding Collection Period; (f) the aggregate outstanding principal balance of each class of Notes, the Notes and the Note Pool Factor applicable to each class of Notes as of such Distribution Date, after giving effect to payments allocated to principal reported under clauses (a) and (c) above; (g) the applicable Note Rate for the next period for each class of Notes, Notes (which disclosure may be included in the statement or made available electronically by listing a website on the Administrator’s websitewhich such rates will be disclosed); (h) the amount of the Servicing Fee and any Carryover Servicing Fee paid to the Servicer on such Distribution DateDate and on the two preceding Monthly Servicing Payment Dates, and the amount, if any, of the Carryover Servicing Fee remaining unpaid after giving effect to any such payments; (i) the amount of the Administration Fee paid to the Administrator on such Distribution Date; (j) [Reserved]; (k) the amount of the aggregate Realized Losses, if any, for the related Collection Period and the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (l) the amount of any Note Interest Shortfall, if any, in each case as applicable to each class of Notes, and the change in such amounts from the preceding statement; (m) the aggregate Purchase Amounts for Trust Student Loans, if any, that were repurchased by the Depositor or purchased by the Servicer, SLM ECFC, Bluemont Funding, Town Center Funding, Town Hall Funding ECFC or VL VG Funding from the Issuer during such Collection Period; (n) the respective balances of the Reserve Account, the Capitalized Interest Account, the Floor Income Rebate Account and the Borrower Benefit Account, if any, on such Distribution Date, after giving effect to changes therein on such Distribution Date; (o) [Reserved]the amount received from and paid to the Currency Swap Counterparty for such Distribution Date and the amount of any Termination Payment made or received by the Trust during the applicable Collection Period; (p) the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of that Collection Period; (q) with respect to the initial Distribution Date, the aggregate initial principal balance of Additional Trust Student Loans, plus accrued interest to be capitalized as of their respective Subsequent Cutoff Dates, purchased during the Supplemental Purchase Period, using funds on deposit in the Supplemental Purchase Account, and any remaining amounts transferred from the Supplemental Purchase Account to the Collection Account; (r) [Reserved]with respect to the Distribution Date immediately following the end of the Consolidation Loan Add-On Period, the aggregate initial principal balance of Add-On Consolidation Loans, plus accrued and unpaid interest, if any, added during the Consolidation Loan Add-On Period, and any remaining amounts transferred from the Add-On Consolidation Loan Account to the Collection Account; and (s) the amount required to be deposited into the Collection Account for the related Collection Period to offset any Borrower Benefit Yield Reduction for the related Collection Period. In addition to the actual amount to be paid, deposited or otherwise distributed, each amount set forth pursuant to clauses (a), (b), (c), (f), (h), (i) and (l) above shall also be expressed as a dollar amount per $1,000 of original principal balance of the applicable Note and or as a percentage of the principal balance of the applicable Note. A copy of the statements referred to above may be obtained by the Excess Distribution Certificateholder or any Note Owner by a written request to the Eligible Lender Trustee or the Indenture Trustee, respectively, addressed to the respective Corporate Trust Office.

Statements to Excess Distribution Certificateholder and Noteholders. On each Determination Date preceding a Distribution Date, the Administrator shall provide to the Indenture Trustee and the Eligible Lender Trustee (with a copy to each of the Rating Agency then rating the NotesAgencies) for the Indenture Trustee to forward on such succeeding Distribution Date to each Noteholder of record and for the Eligible Lender Trustee to forward on such succeeding Distribution Date to the Excess Distribution Certificateholder of record a statement, setting forth at least the following information with respect to such Distribution Date as to the Notes and the Excess Distribution Certificate to the extent applicable: (a) the amount of such distribution allocable to principal of each class of the Notes; (b) the amount of the distribution allocable to interest on each class of the Notes; (c) the amount of the distribution allocable to the Excess Distribution Certificate, if any; (d) [Reserved]; (e) the Pool Balance as of the close of business on the last day of the preceding Collection Period; (f) the aggregate outstanding principal balance of each class of Notes, the Notes and the Note Pool Factor applicable to each class of Notes as of such Distribution Date, after giving effect to payments allocated to principal reported under clauses (a) and (c) above; (g) the applicable Note Rate for the next period for each class of Notes, Notes (which disclosure may be included in the statement or made available electronically by listing a website on the Administrator’s websitewhich such rates will be disclosed); (h) the amount of the Servicing Fee and any Carryover Servicing Fee paid to the Servicer on such Distribution DateDate and on the two preceding Monthly Servicing Payment Dates, and the amount, if any, of the Carryover Servicing Fee remaining unpaid after giving effect to any such payments; (i) the amount of the Administration Fee paid to the Administrator on such Distribution Date; (j) [Reserved]; (k) the amount of the aggregate Realized Losses, if any, for the related Collection Period and the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of such Collection Period;; Administration Agreement (l) the amount of any Note Interest Shortfall, if any, in each case as applicable to each class of Notes, and the change in such amounts from the preceding statement; (m) the aggregate Purchase Amounts for Trust Student Loans, if any, that were repurchased by the Depositor or purchased by the Servicer, SLM ECFC, Bluemont Funding, Town Center Funding, Town Hall Funding ECFC or VL VG Funding from the Issuer during such Collection Period; (n) the respective balances of the Reserve Account, the Capitalized Interest Account, , the Floor Income Rebate Account and the Borrower Benefit Account, if any, on such Distribution Date, after giving effect to changes therein on such Distribution Date; (o) [Reserved]; (p) the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of that Collection Period; (qp) with respect to the initial Distribution Date, the aggregate initial principal balance of Additional Trust Student Loans, plus accrued interest to be capitalized as of their respective Subsequent Cutoff Dates, purchased during the Supplemental Purchase Period, using funds on deposit in the Supplemental Purchase Account, and any remaining amounts transferred from the Supplemental Purchase Account to the Collection Account; (rq) [Reserved]with respect to the Distribution Date immediately following the end of the Consolidation Loan Add-On Period, the aggregate initial principal balance of Add-On Consolidation Loans, plus accrued and unpaid interest, if any, added during the Consolidation Loan Add-On Period, and any remaining amounts transferred from the Add-On Consolidation Loan Account to the Collection Account; and (sr) the amount required to be deposited into the Collection Account for the related Collection Period to offset any Borrower Benefit Yield Reduction for the related Collection Period. In addition to the actual amount to be paid, deposited or otherwise distributed, each amount set forth pursuant to clauses (a), (b), (c), (f), (h), (i) and (l) above shall also be expressed as a dollar amount per $1,000 of original principal balance of the applicable Note and or as a percentage of the principal balance of the applicable Note. A copy of the statements referred to above may be obtained by the Excess Distribution Certificateholder or any Note Owner by a written request to the Eligible Lender Trustee or the Indenture Trustee, respectively, addressed to the respective Corporate Trust Office.

Statements to Excess Distribution Certificateholder and Noteholders. On each Determination Date preceding a Distribution Date, the Administrator shall provide to the Indenture Trustee and the Eligible Lender Trustee (with a copy to each the Rating Agency then rating the NotesAgencies) for the Indenture Trustee to forward on such succeeding Distribution Date to each Noteholder of record and for the Eligible Lender Trustee to forward on such succeeding Distribution Date to the Excess Distribution Certificateholder of record a statement, setting forth at least the following information with respect to such Distribution Date as to the Notes and the Excess Distribution Certificate to the extent applicable: (a) the amount of such distribution allocable to principal of each class of the Notes; (b) the amount of the distribution allocable to interest on each class of the Notes; (c) the amount of the distribution allocable to the Excess Distribution Certificate, if any; (d) [Reserved]; (e) the Pool Balance as of the close of business on the last day of the preceding Collection Period; (f) the aggregate outstanding principal balance of each class of Notes, the Notes and the Note Pool Factor applicable to each class of Notes as of such Distribution Date, after giving effect to payments allocated to principal reported under clauses (a) and (c) above; (g) the applicable Note Rate for the next period for each class of Notes, which may be included in the statement or made available electronically on the Administrator’s website; (h) the amount of the Servicing Fee and any Carryover Servicing Fee paid to the Servicer on such Distribution DateDate and on the two preceding Monthly Servicing Payment Dates, and the amount, if any, of the Carryover Servicing Fee remaining unpaid after giving effect to any such payments; (i) the amount of the Administration Fee paid to the Administrator on such Distribution Date; (j) [Reserved]; (k) the amount of the aggregate Realized Losses, if any, for the related Collection Period and the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (l) the amount of any Note Interest Shortfall, if any, in each case as applicable to each class of Notes, and the change in such amounts from the preceding statement; (m) the aggregate Purchase Amounts for Trust Student Loans, if any, that were repurchased by the Depositor or purchased by the Servicer, SLM ECFC, Bluemont Funding, Town Center Funding, Town Hall Funding ECFC or VL VG Funding from the Issuer during such Collection Period; (n) the respective balances of the Reserve Account, the Capitalized Interest Account, the Floor Income Rebate Account and the Borrower Benefit Account, if any, on such Distribution Date, after giving effect to changes therein on such Distribution Date; (o) [Reserved]; (p) the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of that Collection Period; (qp) with respect to the initial Distribution Date, the aggregate initial principal balance of Additional Trust Student Loans, plus accrued interest to be capitalized as of their respective Subsequent Cutoff Dates, purchased during the Supplemental Purchase Period, using funds on deposit in the Supplemental Purchase Account, and any remaining amounts transferred from the Supplemental Purchase Account to the Collection Account; (q) with respect to the Distribution Date immediately following the end of the Consolidation Loan Add-On Period, the aggregate initial principal balance of Add-On Consolidation Loans, plus accrued and unpaid interest, if any, added during the Consolidation Loan Add-On Period, and any remaining amounts transferred from the Add-On Consolidation Loan Account to the Collection Account; and Administration Agreement (r) [Reserved]; and (s) the amount required to be deposited into the Collection Account for the related Collection Period to offset any Borrower Benefit Yield Reduction for the related Collection Period. In addition to the actual amount to be paid, deposited or otherwise distributed, each Each amount set forth pursuant to clauses (a), (b), (c), (f), (h), (i) and (l) above shall also be expressed as a dollar amount per $1,000 of original principal balance of the applicable Note and as a percentage of the principal balance of the applicable Note. A copy of the statements referred to above may be obtained by the Excess Distribution Certificateholder or any Note Owner by a written request to the Eligible Lender Trustee or the Indenture Trustee, respectively, addressed to the respective Corporate Trust Office.

Statements to Excess Distribution Certificateholder and Noteholders. On each Determination Date preceding a Distribution Date, the Administrator shall provide to the Indenture Trustee and the Eligible Lender Trustee (with a copy to each the Rating Agency then rating the NotesAgencies) for the Indenture Trustee to forward on such succeeding Distribution Date to each Noteholder of record and for the Eligible Lender Trustee to forward on such succeeding Distribution Date to the Excess Distribution Certificateholder of record a statement, setting forth at least the following information with respect to such Distribution Date as to the Notes and the Excess Distribution Certificate to the extent applicable: (a) the amount of such distribution allocable to principal of each class of the NotesNotes (including amounts deposited into an Accumulation Account); (b) the amount of the distribution allocable to interest on each class of the Notes; (c) the amount of the distribution allocable to the Excess Distribution Certificate, if any; (d) [Reserved]; (e) the Pool Balance as of the close of business on the last day of the preceding Collection Period; (f) the aggregate outstanding principal balance of each class of Notesthe Notes and, the Note Pool Factor applicable to each class of Notes Factor, as of such Distribution Date, after giving effect to payments allocated to principal reported under clauses (a) and (c) above; (g) the applicable Note Rate for the next period for each class of Notes, which may be included in the statement or made available electronically on the Administrator’s websiteNotes (identifying separately any applicable Index); (h) the amount of the Servicing Fee and any Carryover Servicing Fee paid to the Servicer on such Distribution DateDate and on the two preceding Monthly Servicing Payment Dates, and the amount, if any, of the Carryover Servicing Fee remaining unpaid after giving effect to any such payments; (i) the amount of the Administration Fee paid to the Administrator on such Distribution Date; (j) [Reserved]with respect to each class of Reset Rate Notes: (i) the next related Reset Date and the related Reset Period; (ii) if in Foreign Exchange Mode, the next Distribution Date on which interest will be paid to the related Reset Rate Noteholders, if other than quarterly; (iii) the amount on deposit in the related Accumulation Account, the related Supplemental Interest Account, the related Investment Premium Purchase Account, the related Investment Reserve Account, the Pounds Sterling Account, the Euro Account and any Other Currency Account, as applicable; (iv) the interest rate and amount due to each Swap Counterparty, if applicable; (v) the amount of fees, if any, paid to the Remarketing Agents on such Distribution Date; and (vi) any other relevant information as determined by the Administrator; (k) the amount of the aggregate Realized Losses, if any, for the related Collection Period and the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (l) the amount of any Note Interest Shortfall, if any, in each case as applicable to each class of Notes, and the change in such amounts from the preceding statement; (m) the aggregate Purchase Amounts for Trust Student Loans, if any, that were repurchased by the Depositor or purchased by the Servicer, SLM ECFC, Bluemont Funding, Town Center Funding, Town Hall Funding ECFC or VL VG Funding from the Issuer during such Collection Period; (n) the respective balances of the Reserve Account, Account and the Capitalized Interest Account, the Floor Income Rebate Account and the Borrower Benefit Account, if any, on such Distribution Date, after giving effect to changes therein on such Distribution Date; (o) [Reserved]the amount received from and paid to each Swap Counterparty for such Distribution Date and the amount of any Termination Payment made or received by the Trust during the applicable Collection Period; (p) the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of that Collection Period; (q) the amount on deposit, if any, in the Investment Reserve Account and the Investment Premium Purchase Account and the aggregate amount of any realized losses on Eligible Investments; (r) with respect to the January 2005 Distribution Date, the aggregate initial principal balance of Additional Trust Student Loans, plus accrued interest to be capitalized as of their respective Subsequent Cutoff Dates, purchased through January 14, 2005, and the applicable Supplemental Principal Distribution Amount, if any, transferred from the Pre-Funding Account to the Collection Account; and (s) with respect to the April 2005 Distribution Date, the aggregate initial principal balance of Additional Trust Student Loans, plus accrued interest to be capitalized as of their respective Subsequent Cutoff Dates, purchased during the Supplemental Purchase Funding Period, using funds on deposit in and the applicable Supplemental Purchase AccountPrincipal Distribution Amount, and any remaining amounts if any, transferred from the Supplemental Purchase Pre-Funding Account to the Collection Account; (r) [Reserved]; and (s) the amount required to be deposited into the Collection Account for the related Collection Period to offset any Borrower Benefit Yield Reduction for the related Collection Period. In addition to the actual amount to be paid, deposited or otherwise distributed, each Each amount set forth pursuant to clauses (a), (b), (c), (f), (h), (i), (j)(iii), (j)(iv), (k) and (l) above shall also be expressed as a dollar amount per $1,000 of original principal balance of a Note denominated in U.S. Dollars, or if any class of Reset Rate Notes is then denominated in a currency other than U.S. Dollars, expressed as an amount in the applicable Note and as a percentage currency per the applicable currency equivalent (approximately) of $1,000 of the original principal balance of the applicable that Note. A copy of the statements referred to above may be obtained by the Excess Distribution Certificateholder or any Note Owner by a written request to the Eligible Lender Trustee or the Indenture Trustee, respectively, addressed to the respective Corporate Trust Office.

Statements to Excess Distribution Certificateholder and Noteholders. On each Determination Date preceding a Quarterly Distribution Date, the Administrator shall provide to the Indenture Trustee (with a copy to each of the Rating Agency then rating the NotesAgencies) for the Indenture Trustee to forward on such succeeding Quarterly Distribution Date to each Noteholder of record and to the Excess Distribution Certificateholder of record a statement, setting forth at least the following information with respect to such Distribution Date as to the Notes and the Excess Distribution Certificate to the extent applicable: (a) the amount of such distribution allocable to principal of each class of the Notes; (b) the amount of the distribution allocable to interest on each class of the Notes; (c) the amount of the distribution allocable to the Excess Distribution Certificate, if any; (d) [Reserved]; (e) the Pool Balance as of the close of business on the last day of the preceding Collection Period; (f) the aggregate outstanding principal balance of each class of Notes, the Notes and the Note Pool Factor applicable to each class of Notes as of such Quarterly Distribution Date, after giving effect to payments allocated to principal reported under clauses (a) and (c) above; (g) the applicable Note Rate for the next period for each class of Notes, Notes (which disclosure may be included in the statement or made available electronically by listing a website on the Administrator’s websitewhich such rates will be disclosed); (h) the amount of the Servicing Fee and any Carryover Servicing Fee paid to the Servicer on such Quarterly Distribution DateDate and on the two preceding Monthly Allocation Dates, and the amount, if any, of the Carryover Servicing Fee remaining unpaid after giving effect to any such payments; (i) the amount of the Administration Fee paid to the Administrator on such Quarterly Distribution Date; (j) [Reserved]; (k) the amount of the aggregate Realized Losses, if any, for the related Collection Period and the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (l) the amount of Note Interest Shortfall, if any, in each case as applicable to each class of Notes, and the change in such amounts from the preceding statement[Reserved]; (m) the aggregate Purchase Amounts for Trust Student Loans, if any, that were repurchased by the Depositor or purchased by the Servicer, SLM ECFC, Bluemont Funding, Town Center Funding, Funding or Town Hall Funding or VL Funding from the Issuer during such Collection Period; (n) the respective balances of the Reserve Account, the Capitalized Interest Account, the Floor Income Rebate Account and the Borrower Benefit Account, if any, on such Quarterly Distribution Date, after giving effect to changes therein on such Quarterly Distribution Date; (o) [Reserved]; (p) the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of that Collection Period; (q) with respect to the initial Quarterly Distribution Date, the aggregate initial principal balance of Additional Trust Student Loans, plus accrued interest to be capitalized as of their respective Subsequent Cutoff Dates, purchased during the Supplemental Purchase Period, using funds on deposit in the Supplemental Purchase Account, and any remaining amounts transferred from the Supplemental Purchase Account to the Collection Account; (r) [Reserved]; and (s) the amount required to be deposited into the Collection Account for the related Collection Period to offset any Borrower Benefit Yield Reduction for the related Collection Period. In addition to the actual amount to be paid, deposited or otherwise distributed, each amount set forth pursuant to clauses (a), (b), (c), (f), (h), (i) and (li) above shall also be expressed as a dollar amount per $1,000 of original principal balance of the applicable Note and or as a percentage of the principal balance of the applicable Note. A copy of the statements referred to above may be obtained by the Excess Distribution Certificateholder or any Note Owner by a written request to the Eligible Lender Trustee or the Indenture Trustee, respectively, addressed to the respective Corporate Trust Office.

Statements to Excess Distribution Certificateholder and Noteholders. On each Determination Date preceding a Quarterly Distribution Date, the Administrator shall provide to the Indenture Trustee (with a copy to each of the Rating Agency then rating the NotesAgencies) for the Indenture Trustee to forward on such succeeding Quarterly Distribution Date to each Noteholder of record and to the Excess Distribution Certificateholder of record a statement, setting forth at least the following information with respect to such Distribution Date as to the Notes and the Excess Distribution Certificate to the extent applicable: (a) the amount of such distribution allocable to principal of each class of the Notes; (b) the amount of the distribution allocable to interest on each class of the Notes; (c) the amount of the distribution allocable to the Excess Distribution Certificate, if any; (d) [Reserved]; (e) the Pool Balance as of the close of business on the last day of the preceding Collection Period; (f) the aggregate outstanding principal balance of each class of Notes, the Notes and the Note Pool Factor applicable to each class of Notes as of such Quarterly Distribution Date, after giving effect to payments allocated to principal reported under clauses (a) and (c) above; (g) the applicable Note Rate for the next period for each class of Notes, Notes (which disclosure may be included in the statement or made available electronically by listing a website on the Administrator’s websitewhich such rates will be disclosed); (h) the amount of the Servicing Fee and any Carryover Servicing Fee paid to the Servicer on such Quarterly Distribution DateDate and on the two preceding Monthly Allocation Dates, and the amount, if any, of the Carryover Servicing Fee remaining unpaid after giving effect to any such payments; (i) the amount of the Administration Fee paid to the Administrator on such Quarterly Distribution Date; (j) [Reserved]; (k) the amount of the aggregate Realized Losses, if any, for the related Collection Period and the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (l) the amount of Note Interest Shortfall, if any, in each case as applicable to each class of Notes, and the change in such amounts from the preceding statement[Reserved]; (m) the aggregate Purchase Amounts for Trust Student Loans, if any, that were repurchased by the Depositor or purchased by the Servicer, SLM ECFC, Bluemont Funding, Town Center Funding, Funding or Town Hall Funding or VL Funding from the Issuer during such Collection Period; (n) the respective balances of the Reserve Account, the Capitalized Interest Account, the Floor Income Rebate Account and the Borrower Benefit Account, if any, on such Quarterly Distribution Date, after giving effect to changes therein on such Quarterly Distribution Date; (o) [Reserved]; (p) the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of that Collection Period; (q) with respect to the initial Quarterly Distribution Date, the aggregate initial principal balance of Additional Trust Student Loans, plus accrued interest to be capitalized as of their respective Subsequent Cutoff Dates, purchased during the Supplemental Purchase Period, using funds on deposit in the Supplemental Purchase Account, and any remaining amounts transferred from the Supplemental Purchase Account to the Collection Account; (r) [Reserved]; and (s) the amount required to be deposited into the Collection Account for the related Collection Period to offset any Borrower Benefit Yield Reduction for the related Collection Period. In addition to the actual amount to be paid, deposited or otherwise distributed, each amount set forth pursuant to clauses (a), (b), (c), (f), (h), (i) and (li) above shall also be expressed as a dollar amount per $1,000 of original principal balance of the applicable Note and or as a percentage of the principal balance of the applicable Note. A copy of the statements referred to above may Administration Agreement 19 be obtained by the Excess Distribution Certificateholder or any Note Owner by a written request to the Eligible Lender Trustee or the Indenture Trustee, respectively, addressed to the respective Corporate Trust Office.

Statements to Excess Distribution Certificateholder and Noteholders. On each Determination Date preceding a Distribution Date, the Administrator shall provide to the Indenture Trustee and the Eligible Lender Trustee (with a copy to each the Rating Agency then rating the NotesAgencies) for the Indenture Trustee to forward on such succeeding Distribution Date to each Noteholder of record and for the Eligible Lender Trustee to forward on such succeeding Distribution Date to the Excess Distribution Certificateholder of record a statement, setting forth at least the following information with respect to such Distribution Date as to the Notes and the Excess Distribution Certificate to the extent applicable: (a) the amount of such distribution allocable to principal of each class of the Notes; (b) the amount of the distribution allocable to interest on each class of the Notes; (c) the amount of the distribution allocable to the Excess Distribution Certificate, if any; (d) [Reserved]; (e) the Pool Balance as of the close of business on the last day of the preceding Collection Period; (f) the aggregate outstanding principal balance of each class of Notes, the Notes and the Note Pool Factor applicable to each class of Notes as of such Distribution Date, after giving effect to payments allocated to principal reported under clauses (a) and (c) above; (g) the applicable Note Rate for the next period for each class of Notes, which may be included in the statement or made available electronically on the Administrator’s website; (h) the amount of the Servicing Fee and any Carryover Servicing Fee paid to the Servicer on such Distribution DateDate and on the two preceding Monthly Servicing Payment Dates, and the amount, if any, of the Carryover Servicing Fee remaining unpaid after giving effect to any such payments; (i) the amount of the Administration Fee paid to the Administrator on such Distribution Date; (j) [Reserved]; (k) the amount of the aggregate Realized Losses, if any, for the related Collection Period and the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (l) the amount of any Note Interest Shortfall, if any, in each case as applicable to each class Class of Notes, and the change in such amounts from the preceding statement; (m) the aggregate Purchase Amounts for Trust Student Loans, if any, that were repurchased by the Depositor or purchased by the Servicer, SLM ECFC, Bluemont Funding, Town Center Funding, Town Hall Funding ECFC or VL VG Funding from the Issuer during such Collection Period;; Administration Agreement (n) the respective balances of the Reserve Account, the Capitalized Interest Account, the Floor Income Rebate Account and the Borrower Benefit Account, if any, on such Distribution Date, after giving effect to changes therein on such Distribution Date; (o) [Reserved]the amount received from and paid to each Currency Swap Counterparty for such Distribution Date and the amount of any Termination Payment made or received by the Trust during the applicable Collection Period; (p) the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of that Collection Period; (q) with respect to the initial Distribution Date, the aggregate initial principal balance of Additional Trust Student Loans, plus accrued interest to be capitalized as of their respective Subsequent Cutoff Dates, purchased during the Supplemental Purchase Period, using funds on deposit in the Supplemental Purchase Account, and any remaining amounts transferred from the Supplemental Purchase Account to the Collection Account; (r) [Reserved]with respect to the Distribution Date immediately following the end of the Consolidation Loan Add-On Period, the aggregate initial principal balance of Add-On Consolidation Loans, plus accrued and unpaid interest, if any, added during the Consolidation Loan Add-On Period, and any remaining amounts transferred from the Add-On Consolidation Loan Account to the Collection Account; and (s) the amount required to be deposited into the Collection Account for the related Collection Period to offset any Borrower Benefit Yield Reduction for the related Collection Period. In addition to the actual amount to be paid, deposited or otherwise distributed, each Each amount set forth pursuant to clauses (a), (b), (c), (f), (h), (i) and (l) above shall also be expressed as a dollar amount per $1,000 of original principal balance of the applicable Note and as a percentage of the principal balance of the applicable Note. A copy of the statements referred to above may be obtained by the Excess Distribution Certificateholder or any Note Owner by a written request to the Eligible Lender Trustee or the Indenture Trustee, respectively, addressed to the respective Corporate Trust Office.

Statements to Excess Distribution Certificateholder and Noteholders. On each Determination Date preceding a Distribution Date, the Administrator shall provide to the Indenture Trustee and the Trustee (with a copy to each the Rating Agency then rating the NotesAgencies) for the Indenture Trustee to forward on such succeeding Distribution Date to each Noteholder of record and for the Trustee to forward on such succeeding Distribution Date to the Excess Distribution Certificateholder of record record, a statement, statement setting forth at least the following information with respect to such Distribution Date as to the Notes and the Excess Distribution Certificate to the extent applicable: (a) the amount of such distribution allocable to principal of each class of the Notes; (b) the amount of the distribution allocable to interest on each class of the Notes; (c) the amount of the distribution allocable to the Excess Distribution Certificate, if any; (d) [Reserved]the amount of Swap Payments payable by the Issuer to the Swap Counterparty, the amount payable by the Swap Counterparty to the Issuer and the amount of Swap Termination Payments payable by either the Issuer or the Swap Counterparty; (e) the Pool Balance as of the close of business on the last day of the preceding Collection Period; (f) the aggregate outstanding principal balance of each class of the Notes, the Note Pool Factor applicable to each class of Notes Factor, as of such Distribution Date, after giving effect to payments allocated to principal reported under clauses (a) and (c) above; (g) the applicable Note Rate for the next period for each any class of Notes, which may be included in the statement or made available electronically on the Administrator’s website; (h) the amount of the Primary Servicing Fee and any Carryover Servicing Fee paid to the Servicer on such Distribution DateDate and on the two preceding Monthly Servicing Payment Dates, and the amount, if any, of the Carryover Servicing Fee remaining unpaid after giving effect to any such payments; (i) the amount of the Administration Fee paid to the Administrator on such Distribution Date; (j) [Reserved]; (k) the amount of the aggregate Realized Lossesprincipal balances of Trust Student Loans that became Charged-Off Loans, if any, for the related Collection Period and the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (lk) the amount of any Note Interest Shortfall, if any, in each case as applicable to each class of Notes, and the change in such amounts from the preceding statement; (ml) the aggregate Purchase Amounts for Trust Student Loans, if any, that were repurchased by the Depositor or the Sellers or purchased by the Servicer, SLM ECFC, Bluemont Funding, Town Center Funding, Town Hall Funding or VL Funding Servicer from the Issuer during in such Collection Period; (m) whether the Cumulative Realized Loss Test is satisfied on such Distribution Date; (n) the respective balances of the Reserve Account, the Capitalized Interest Account, the Floor Income Rebate Cash Capitalization Account and the Borrower Benefit Account, if any, on such Distribution Date, after giving effect to changes therein on such Distribution Date; (o) [Reserved]; (p) the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of that Collection Period; (q) with respect to the initial Distribution Date, the aggregate initial principal balance of Additional Trust Student Loans, plus accrued interest to be capitalized as of their respective Subsequent Cutoff Dates, purchased during the Supplemental Purchase Period, using funds on deposit in the Supplemental Purchase Account, and any remaining amounts transferred from the Supplemental Purchase Account to the Collection Account; (r) [Reserved]; and (so) the amount required to be deposited into the Collection Account for the related Collection Period to offset any Borrower Benefit Yield Reduction for the related Collection Period. In addition to the actual amount to be paid, deposited or otherwise distributed, each Each amount set forth pursuant to clauses (a), (b), (c), (f), (he), (i), (j) and (l) above shall also be expressed as a dollar amount per $1,000 of original principal balance of the applicable Note and an Excess Distribution Certificate or Note, as a percentage of the principal balance of the applicable Noteapplicable. A copy of the statements referred to above may be obtained by the any Excess Distribution Certificateholder or any Note Owner by a written request to the Eligible Lender Trustee or the Indenture Trustee, respectively, addressed to the respective Corporate Trust Office.

Statements to Excess Distribution Certificateholder and Noteholders. On each Determination Date preceding a Distribution Date, the Administrator shall provide to the Indenture Trustee and the Eligible Lender Trustee (with a copy to each of the Rating Agency then rating the NotesAgencies) for the Indenture Trustee to forward on such succeeding Distribution Date to each Noteholder of record and for the Eligible Lender Trustee to forward on such succeeding Distribution Date to the Excess Distribution Certificateholder of record a statement, setting forth at least the following information with respect to such Distribution Date as to the Notes and the Excess Distribution Certificate to the extent applicable: (a) the amount of such distribution allocable to principal of each class of the Notes; (b) the amount of the distribution allocable to interest on each class of the Notes; (c) the amount of the distribution allocable to the Excess Distribution Certificate, if any; (d) [Reserved]the amount of any Carry-over Amounts, in each case as applicable to the of Auction Rate Notes and the change in such amounts from the preceding statement; (e) the Pool Balance as of the close of business on the last day of the preceding Collection Period; (f) the aggregate outstanding principal balance of each class of Notes, the Notes and the Note Pool Factor applicable to each class of Notes as of such Distribution Date, after giving effect to payments allocated to principal reported under clauses (a) and (c) above; (g) the applicable Note Rate for the next period for each class of Notes, Notes (which disclosure may be included in the statement or made available electronically by listing a website on the Administrator’s website;which such rates will be disclosed); Administration Agreement (h) the amount of the Servicing Fee and any Carryover Servicing Fee paid to the Servicer on such Distribution DateDate and on the two preceding Monthly Allocation Dates, and the amount, if any, of the Carryover Servicing Fee remaining unpaid after giving effect to any such payments; (i) the amount of the Administration Fee paid to the Administrator on such Distribution Date; (j) [Reserved]with respect to the Auction Rate Notes: (i) the next Auction Date; (ii) the amount of the Auction Agent Fee and Broker-Dealer Fees, if any, paid on such Quarterly Distribution Date; and (iii) any other relevant information as determined by the Administrator; (k) the amount of the aggregate Realized Losses, if any, for the related Collection Period and the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (l) the amount of any Note Interest Shortfall, if any, in each case as applicable to each class of the Auction Rate Notes, and the change in such amounts from the preceding statement; (m) the aggregate Purchase Amounts for Trust Student Loans, if any, that were repurchased by the Depositor or purchased by the Servicer, SLM ECFC, Bluemont Funding, Town Center Funding, Town Hall Funding ECFC or VL VG Funding from the Issuer during such Collection Period; (n) the respective balances of the Reserve Account, the Capitalized Interest Account, the Floor Income Rebate Account Account, and the Borrower Benefit Account, if any, on such Distribution Date, after giving effect to changes therein on such Distribution Date; (o) [Reserved]the amount received from and paid to the Currency Swap Counterparty for such Distribution Date and the amount of any Termination Payment made or received by the Trust during the applicable Collection Period; (p) the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of that Collection Period; (q) with respect to the initial Distribution Date, the aggregate initial principal balance of Additional Trust Student Loans, plus accrued interest to be capitalized as of their respective Subsequent Cutoff Dates, purchased during the Supplemental Purchase Period, using funds on deposit in the Supplemental Purchase Account, and during the Funding Period, using funds on deposit in the Pre-Funding Account, and any remaining amounts transferred from each of the Supplemental Purchase Account and the Pre-Funding Account to the Collection Account; (r) [Reserved]with respect to the Distribution Date immediately following the end of the Consolidation Loan Add-On Period, the aggregate initial principal balance of Add-On Consolidation Loans, plus accrued and unpaid interest, if any, added during the Consolidation Loan Add-On Period, and any remaining amounts transferred from the Add-On Consolidation Loan Account to the Collection Account; and (s) the amount required to be deposited into the Collection Account for the related Collection Period to offset any Borrower Benefit Yield Reduction for the related Collection Period. Administration Agreement In addition to the actual amount to be paid, deposited or otherwise distributed, each amount set forth pursuant to clauses (a), (b), (c), (f), (h), (i) and (l) above shall also be expressed as a dollar amount per $1,000 of original principal balance of the applicable Note and or as a percentage of the principal balance of the applicable Note. A copy of the statements referred to above may be obtained by the Excess Distribution Certificateholder or any Note Owner by a written request to the Eligible Lender Trustee or the Indenture Trustee, respectively, addressed to the respective Corporate Trust Office.

Statements to Excess Distribution Certificateholder and Noteholders. On each Determination Date preceding a Distribution Date, the Administrator shall provide to the Indenture Trustee and the Eligible Lender Trustee (with a copy to each the Rating Agency then rating the NotesAgencies) for the Indenture Trustee to forward on such succeeding Distribution Date to each Noteholder of record and for the Eligible Lender Trustee to forward on such succeeding Distribution Date to the Excess Distribution Certificateholder of record a statement, setting forth at least the following information with respect to such Distribution Date as to the Notes and the Excess Distribution Certificate to the extent applicable: (a) the amount of such distribution allocable to principal of each class of the Notes; (b) the amount of the distribution allocable to interest on each class of the Notes; (c) the amount of the distribution allocable to the Excess Distribution Certificate, if any; (d) [Reserved]; (e) the Pool Balance as of the close of business on the last day of the preceding Collection Period; (f) the aggregate outstanding principal balance of each class of Notes, the Notes and the Note Pool Factor applicable to each class of Notes as of such Distribution Date, after giving effect to payments allocated to principal reported under clauses (a) and (c) above; (g) the applicable Note Rate for the next period for each class of Notes, which may be included in the statement or made available electronically on the Administrator’s website; (h) the amount of the Servicing Fee and any Carryover Servicing Fee paid to the Servicer on such Distribution DateDate and on the two preceding Monthly Servicing Payment Dates, and the amount, if any, of the Carryover Servicing Fee remaining unpaid after giving effect to any such payments; (i) the amount of the Administration Fee paid to the Administrator on such Distribution Date; (j) [Reserved]; (k) the amount of the aggregate Realized Losses, if any, for the related Collection Period and the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (l) the amount of any Note Interest Shortfall, if any, in each case as applicable to each class of Notes, and the change in such amounts from the preceding statement; (m) the aggregate Purchase Amounts for Trust Student Loans, if any, that were repurchased by the Depositor or purchased by the Servicer, SLM ECFC, Bluemont Funding, Town Center Funding, Town Hall Funding ECFC or VL VG Funding from the Issuer during such Collection Period; (n) the respective balances balance of the Reserve Account, the Capitalized Interest Account, the Floor Income Rebate Account and the Borrower Benefit Account, if any, on such Distribution Date, after giving effect to changes therein on such Distribution Date;; and (o) [Reserved]; (p) the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of that Collection Period; (q) with respect to the initial Distribution Date, the aggregate initial principal balance of Additional Trust Student Loans, plus accrued interest to be capitalized as of their respective Subsequent Cutoff Dates, purchased during the Supplemental Purchase Period, using funds on deposit in the Supplemental Purchase Account, and any remaining amounts transferred from the Supplemental Purchase Account to the Collection Account; (r) [Reserved]; and (s) the amount required to be deposited into the Collection Account for the related Collection Period to offset any Borrower Benefit Yield Reduction for the related Collection Period. In addition to the actual amount to be paid, deposited or otherwise distributed, each Each amount set forth pursuant to clauses (a), (b), (c), (f), (h), (i) and (l) above shall also be expressed as a dollar amount per $1,000 of original principal balance of the applicable Note and as a percentage of the principal balance of the applicable Note. A copy of the statements referred to above may be obtained by the Excess Distribution Certificateholder or any Note Owner by a written request to the Eligible Lender Trustee or the Indenture Trustee, respectively, addressed to the respective Corporate Trust Office.

Statements to Excess Distribution Certificateholder and Noteholders. On each Determination Date preceding a Distribution Date, the Administrator shall provide to the Indenture Trustee and the Eligible Lender Trustee (with a copy to each the Rating Agency then rating the NotesAgencies) for the Indenture Trustee to forward on such succeeding Distribution Date to each Noteholder of record and for the Eligible Lender Trustee to forward on such succeeding Distribution Date to the Excess Distribution Certificateholder of record a statement, setting forth at least the following information with respect to such Distribution Date as to the Notes and the Excess Distribution Certificate to the extent applicable: (a) the amount of such distribution allocable to principal of each class of the NotesNotes (including amounts deposited into an Accumulation Account); (b) the amount of the distribution allocable to interest on each class of the Notes; (c) the amount of the distribution allocable to the Excess Distribution Certificate, if any; (d) [Reserved]; (e) the Pool Balance as of the close of business on the last day of the preceding Collection Period; (f) the aggregate outstanding principal balance of each class of Notesthe Notes and, the Note Pool Factor applicable to each class of Notes Factor, as of such Distribution Date, after giving effect to payments allocated to principal reported under clauses (a) and (c) above; (g) the applicable Note Rate for the next period for each class of Notes, which may be included in the statement or made available electronically on the Administrator’s websiteNotes (identifying separately any applicable Index); (h) the amount of the Servicing Fee and any Carryover Servicing Fee paid to the Servicer on such Distribution DateDate and on the two preceding Monthly Servicing Payment Dates, and the amount, if any, of the Carryover Servicing Fee remaining unpaid after giving effect to any such payments; (i) the amount of the Administration Fee paid to the Administrator on such Distribution Date; (j) [Reserved]with respect to each class of Reset Rate Notes: (i) the next related Reset Date and the related Reset Period; (ii) if in Foreign Exchange Mode, the next Distribution Date on which interest will be paid to the related Reset Rate Noteholders, if other than quarterly; (iii) the amount on deposit in the related Accumulation Account, the related Supplemental Interest Account, the related Investment Premium Purchase Account, the related Investment Reserve Account and the Euro Account or the Other Currency Account, as applicable; (iv) the interest rate and amount due to each Swap Counterparty, if applicable; (v) the amount of fees, if any, paid to the Remarketing Agents on such Distribution Date; and (vi) any other relevant information as determined by the Administrator; (k) the amount of the aggregate Realized Losses, if any, for the related Collection Period and the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (l) the amount of any Note Interest Shortfall, if any, in each case as applicable to each class of Notes, and the change in such amounts from the preceding statement; (m) the aggregate Purchase Amounts for Trust Student Loans, if any, that were repurchased by the Depositor or purchased by the Servicer, SLM ECFCSLMA, Bluemont Funding, Town Center Funding, Town Hall VG Funding or VL Funding SLM ELC from the Issuer during such Collection Period; (n) the respective balances of the Reserve Account, Account and the Capitalized Interest Account, the Floor Income Rebate Account and the Borrower Benefit Account, if any, on such Distribution Date, after giving effect to changes therein on such Distribution Date; (o) [Reserved]the amount received from and paid to each Swap Counterparty for such Distribution Date and the amount of any Termination Payment made or received by the Trust during the applicable Collection Period; (p) the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of that Collection Period; (q) the amount on deposit, if any, in the Investment Reserve Account and the Investment Premium Purchase Account and the aggregate amount of any realized losses on Eligible Investments; and (r) with respect to the initial October 2004 Distribution Date, the aggregate initial principal balance of Additional Trust Student Loans, plus accrued interest to be capitalized as of their respective Subsequent Cutoff Dates, purchased during the Supplemental Purchase Funding Period, using funds on deposit in and the Supplemental Purchase Account, and any remaining amounts amount transferred from the Supplemental Purchase Pre-Funding Account to the Collection Account; (r) [Reserved]; and (s) the amount required to be deposited into the Collection Account for the related Collection Period to offset any Borrower Benefit Yield Reduction for the related Collection Period. In addition to the actual amount to be paid, deposited or otherwise distributed, each Each amount set forth pursuant to clauses (a), (b), (c), (f), (h), (i), (j)(iii), (j)(iv), (k) and (l) above shall also be expressed as a dollar amount per $1,000 of original principal balance of a Note denominated in U.S. Dollars, or if any class of Reset Rate Notes is then denominated in a currency other than U.S. Dollars, expressed as an amount in the applicable Note and as a percentage currency per the applicable currency equivalent (approximately) of $1,000 of the original principal balance of the applicable that Note. A copy of the statements referred to above may be obtained by the Excess Distribution Certificateholder or any Note Owner by a written request to the Eligible Lender Trustee or the Indenture Trustee, respectively, addressed to the respective Corporate Trust Office.

Statements to Excess Distribution Certificateholder and Noteholders. On each Determination Date preceding a Distribution Date, the Administrator shall provide to the Indenture Trustee and the Eligible Lender Trustee (with a copy to each the Rating Agency then rating the NotesAgencies) for the Indenture Trustee to forward on such succeeding Distribution Date to each Noteholder of record and for the Eligible Lender Trustee to forward on such succeeding Distribution Date to the Administration Agreement Excess Distribution Certificateholder of record a statement, setting forth at least the following information with respect to such Distribution Date as to the Notes and the Excess Distribution Certificate to the extent applicable: (a) the amount of such distribution allocable to principal of each class of the Notes; (b) the amount of the distribution allocable to interest on each class of the Notes; (c) the amount of the distribution allocable to the Excess Distribution Certificate, if any; (d) [Reserved]; (e) the Pool Balance as of the close of business on the last day of the preceding Collection Period; (f) the aggregate outstanding principal balance of each class of Notes, the Notes and the Note Pool Factor applicable to each class of Notes as of such Distribution Date, after giving effect to payments allocated to principal reported under clauses (a) and (c) above; (g) the applicable Note Rate for the next period for each class of Notes, which may be included in the statement or made available electronically on the Administrator’s website; (h) the amount of the Servicing Fee and any Carryover Servicing Fee paid to the Servicer on such Distribution DateDate and on the two preceding Monthly Servicing Payment Dates, and the amount, if any, of the Carryover Servicing Fee remaining unpaid after giving effect to any such payments; (i) the amount of the Administration Fee paid to the Administrator on such Distribution Date; (j) [Reserved]; (k) the amount of the aggregate Realized Losses, if any, for the related Collection Period and the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (l) the amount of any Note Interest Shortfall, if any, in each case as applicable to each class of Notes, and the change in such amounts from the preceding statement; (m) the aggregate Purchase Amounts for Trust Student Loans, if any, that were repurchased by the Depositor or purchased by the Servicer, SLM ECFC, Bluemont Funding, Town Center Funding, Town Hall Funding ECFC or VL VG Funding from the Issuer during such Collection Period; (n) the respective balances of the Reserve Account, Account and the Capitalized Interest Account, the Floor Income Rebate Account and the Borrower Benefit Account, if any, on such Distribution Date, after giving effect to changes therein on such Distribution Date;; Administration Agreement (o) [Reserved]; (p) the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of that Collection Period;; and (qp) with respect to the initial Distribution Date, the aggregate initial principal balance of Additional Trust Student Loans, plus accrued interest to be capitalized as of their respective Subsequent Cutoff Dates, purchased during the Supplemental Purchase Period, using funds on deposit in the Supplemental Purchase Account, and any remaining amounts transferred from the Supplemental Purchase Account to the Collection Account; (r) [Reserved]; and (s) the amount required to be deposited into the Collection Account for the related Collection Period to offset any Borrower Benefit Yield Reduction for the related Collection Period. In addition to the actual amount to be paid, deposited or otherwise distributed, each Each amount set forth pursuant to clauses (a), (b), (c), (f), (h), (i) and (l) above shall also be expressed as a dollar amount per $1,000 of original principal balance of the applicable Note and as a percentage of the principal balance of the applicable Note. A copy of the statements referred to above may be obtained by the Excess Distribution Certificateholder or any Note Owner by a written request to the Eligible Lender Trustee or the Indenture Trustee, respectively, addressed to the respective Corporate Trust Office.

Statements to Excess Distribution Certificateholder and Noteholders. On each Determination Date preceding a Quarterly Distribution Date, the Administrator shall provide to the Indenture Trustee (with a copy to each of the Rating Agency then rating the NotesAgencies) for the Indenture Trustee to forward on such succeeding Quarterly Distribution Date to each Noteholder of record and to the Excess Distribution Certificateholder of record a statement, setting forth at least the following information with respect to such Distribution Date as to the Notes and the Excess Distribution Certificate to the extent applicable: (a) the amount of such distribution allocable to principal of each class of the Notes; (b) the amount of the distribution allocable to interest on each class of the Notes; (c) the amount of the distribution allocable to the Excess Distribution Certificate, if any; (d) [Reserved]; (e) the Pool Balance as of the close of business on the last day of the preceding Collection Period; (f) the aggregate outstanding principal balance of each class of Notes, the Notes and the Note Pool Factor applicable to each class of Notes as of such Quarterly Distribution Date, after giving effect to payments allocated to principal reported under clauses (a) and (c) above; (g) the applicable Note Rate for the next period for each class of Notes, Notes (which disclosure may be included in the statement or made available electronically by listing a website on the Administrator’s websitewhich such rates will be disclosed); (h) the amount of the Servicing Fee and any Carryover Servicing Fee paid to the Servicer on such Quarterly Distribution DateDate and on the two preceding Monthly Allocation Dates, and the amount, if any, of the Carryover Servicing Fee remaining unpaid after giving effect to any such payments; (i) the amount of the Administration Fee paid to the Administrator on such Quarterly Distribution Date; (j) [Reserved]; (k) the amount of the aggregate Realized Losses, if any, for the related Collection Period and the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (l) the amount of Note Interest Shortfall, if any, in each case as applicable to each class of Notes, and the change in such amounts from the preceding statement[Reserved]; (m) the aggregate Purchase Amounts for Trust Student Loans, if any, that were repurchased by the Depositor or purchased by the Servicer, SLM ECFC, Bluemont Funding, Town Center Funding, Funding or Town Hall Funding or VL Funding from the Issuer during such Collection Period; (n) the respective balances of the Reserve Account, the Capitalized Interest Account, the Floor Income Rebate Account and the Borrower Benefit Account, if any, on such Quarterly Distribution Date, after giving effect to changes therein on such Quarterly Distribution Date; (o) [Reserved]; (p) the balance of Trust Student Loans that are delinquent in each delinquency period as of the end of that Collection Period; (q) with respect to the initial Quarterly Distribution Date, the aggregate initial principal balance of Additional Trust Student Loans, plus accrued interest to be capitalized as of their respective Subsequent Cutoff Dates, purchased during the Supplemental Purchase Period, using funds on deposit in the Supplemental Purchase Account, and during the Funding Period, Administration Agreement using funds on deposit in the Pre-Funding Account, and any remaining amounts transferred from each of the Supplemental Purchase Account and the Pre-Funding Account to the Collection Account; (r) [Reserved]; and (s) the amount required to be deposited into the Collection Account for the related Collection Period to offset any Borrower Benefit Yield Reduction for the related Collection Period. In addition to the actual amount to be paid, deposited or otherwise distributed, each amount set forth pursuant to clauses (a), (b), (c), (f), (h), (i) and (li) above shall also be expressed as a dollar amount per $1,000 of original principal balance of the applicable Note and or as a percentage of the principal balance of the applicable Note. A copy of the statements referred to above may be obtained by the Excess Distribution Certificateholder or any Note Owner by a written request to the Eligible Lender Trustee or the Indenture Trustee, respectively, addressed to the respective Corporate Trust Office.