LISTING SUPPLEMENT $189000000 Class A-1 Notes $342100000 ...
LISTING SUPPLEMENT $189000000 Class A-1 Notes $342100000 ...
LISTING SUPPLEMENT $189000000 Class A-1 Notes $342100000 ...
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A trust may also have among its assets<br />
various agreements with counterparties<br />
providing for interest rate swaps, caps and<br />
similar financial contracts. These<br />
agreements will be described in the related<br />
prospectus supplement.<br />
COLLECTION ACCOUNT<br />
For each trust, the administrator will<br />
establish and maintain accounts to hold all<br />
payments made on the trust student loans.<br />
We refer to these accounts as the collection<br />
account. The prospectus supplement will<br />
describe the permitted uses of funds in the<br />
collection account and the conditions for<br />
their application.<br />
PRE-FUNDING ACCOUNT<br />
A prospectus supplement may indicate that a<br />
portion of the net proceeds of the sale of the<br />
notes may be kept in a pre-funding account<br />
for a period of time and used to purchase<br />
additional student loans. The prospectus<br />
supplement will describe the permitted uses<br />
of any funds in the pre-funding account and<br />
the conditions to their application.<br />
RESERVE ACCOUNT<br />
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Subordination of one or more classes of<br />
notes;<br />
Reserve accounts;<br />
Overcollateralization;<br />
Letters of credit, or credit or liquidity<br />
facilities;<br />
Financial insurance;<br />
Surety bonds;<br />
Guaranteed investment contracts;<br />
Swaps, including interest rate and<br />
currency swaps and cap agreements;<br />
Interest rate protection agreements;<br />
Repurchase obligations;<br />
Yield protection agreements;<br />
Any combination of the foregoing; or<br />
Other support, cash deposit, derivative<br />
or other arrangements described in the<br />
related prospectus supplement.<br />
For each trust there may be one or more<br />
reserve accounts. On the applicable closing<br />
date, we will make a deposit into the reserve<br />
account, as specified in the prospectus<br />
supplement. The initial deposit into the<br />
reserve account may also be supplemented<br />
from time to time by additional deposits.<br />
The prospectus supplement will describe the<br />
required amount of each reserve account.<br />
CREDIT AND CASH FLOW OR<br />
OTHER ENHANCEMENT OR<br />
DERIVATIVE ARRANGEMENTS<br />
Credit or cash flow enhancement for any<br />
series of notes may include one or more of<br />
the following:<br />
If any credit or cash flow enhancement<br />
applies to a trust or any of the notes issued<br />
by that trust, the related prospectus<br />
supplement will describe the specific<br />
enhancement as well as the conditions for<br />
their application. A credit or cash flow<br />
enhancement may have limitations and<br />
exclusions from coverage. If applicable, the<br />
related prospectus supplement will describe<br />
these limitations or exclusions.<br />
STUDENT LOAN PURCHASE<br />
AGREEMENTS<br />
For each trust, we will acquire the related<br />
student loans under a student loan purchase<br />
agreement. We will assign our rights under<br />
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