GRDF Percentage definition

GRDF Percentage shall each be determined based on the average principal balance of the Billing Accounts relating to the In-School Loans and the Billing Accounts relating to the Grace, Repayment, Deferral and Forbearance Loans, respectively, as of the last day of the preceding calendar month, as follows:

GRDF Percentage shall each be determined based on the average principal balance of the Billing Accounts relating to the In-School Loans and the Billing Accounts relating to the Grace, Repayment, Deferral and Forbearance Loans, respectively, as of the last day of the preceding calendar month, as follows: Average Principal In-School Average Principal GRDF Percentage Balance Percentage Balance -------------------- ------------- ------------------- ------------------- $2,501 - $3,000 0.625% $3,001 - $3,400 1.100% $3,001 - $3,500 0.525% $3,401 - $3,900 0.950% $3,501 - $4,000 0.450% $3,901 - $4,400 0.830% $4,001 - $4,750 0.375% $4,401 - $4,800 0.740% $4,751 - $5,500 0.310% $4,801 - $5,400 0.650% $5,501 - $6,250 0.260% $5,401 - $6,000 0.575% $6,251 and above 0.230% $6,001 - $6,600 0.510% 6,601 - $7,200 0.475% $7,201 - $10,000 0.450% $10,001 - $13,000 0.350% $13,001 and above 0.300% The Servicing Fee (together with any portion of the Servicing Fee that remains unpaid from prior Monthly Payment Dates) will be payable on each Monthly Payment Date and will be paid solely out of Monthly Available Funds in the case of each Monthly Payment Date that is not a Quarterly Payment Date (and out of Available Funds in the case of each Quarterly Payment Date) and amounts on deposit in the Reserve Account on such Monthly Payment Date (including each Quarterly Payment Date) as provided in Sections 2(d)(iv)(A), 2(d)(v)(A) and 2(e)(iv)(A) of the Administration Agreement. To the extent that, for any Monthly Payment Date, the Servicing Fee is the amount calculated as described in clause (a) of the first sentence of the preceding paragraph, then an amount (the "Servicing Fee Shortfall") equal to the excess of the amount described in clause (b) of such sentence over the amount described in clause (a) of such sentence shall be payable on the next succeeding Quarterly Payment Date (or if such Monthly Payment Date is also a Quarterly Payment Date, on such Quarterly Payment Date) from any remaining Reserve Account Excess as provided in Section 2(e)(ii) of the Administration Agreement. To the extent such remaining Available Funds are insufficient to pay the Servicing Fee Shortfall on any Distribution Date, the Seller shall be required to pay any unpaid Servicing Fee Shortfall directly to the Servicer out of its own funds. The Servicer will be obligated to perform its servicing obligations whether or not it receives any amounts in respect of Servicing Fee Shortfalls.

GRDF Percentage shall each be determined based on the average principal balance of the In-School Loans and the Grace, Repayment, Deferral and Forbearance Loans, respectively, as of the last day of the preceding calendar month, as follows:]] Average Principal In-School Average Principal GRDF Percentage Balance Percentage Balance ----------------- ---------- ----------------- --------------- $ $ The Servicing Fee (together with any portion of the Servicing Fee that remains unpaid from prior Monthly Payment Dates) will be payable on each Monthly Payment Date and will be paid solely out of Monthly Available Funds in the case of each Monthly Payment Date that is not a Quarterly Payment Date (and out of Available Funds in the case of each Quarterly Payment Date) and amounts on deposit in the Reserve Account on such Monthly Payment Date (including each Quarterly Payment Date) as provided in Sections 2(d)(iv)(A), 2(d)(v)(A) and 2(e)(iv)(A) of the Administration Agreement. To the extent that, for any Monthly Payment Date, the Servicing Fee is the amount calculated as described in clause (I) of the first sentence of the preceding paragraph, then an amount (the "Servicing Fee Shortfall") equal to the excess of the amount described in clause (II) of such sentence over the amount described in clause (I) of such sentence shall be payable on the next succeeding Quarterly Payment Date (or if such Monthly Payment Date is also a Quarterly Payment Date, on such Quarterly Payment Date) from any remaining Reserve Account Excess as provided in Section 2(e)(ii) of the Administration Agreement. [To the extent such remaining Available Funds are insufficient to pay the Servicing Fee Shortfall on any Distribution Date, the Depositor shall be required to pay any unpaid Servicing Fee Shortfall directly to the Servicer out of its own funds.] The Servicer will be obligated to perform its servicing obligations whether or not it receives any amounts in respect of Servicing Fee Shortfalls.