Common use of Administrator’s Certificate; Servicer’s Report Clause in Contracts

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved]. (c) On each Determination Date prior to a Distribution Date, the Administrator shall deliver to the Indenture Trustee, with a copy to the Rating Agencies then rating the Notes, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during such Accrual Period, Three-Month, Two-Month and/or One-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, One-Month LIBOR. (e) [Reserved]. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer's Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator's Officers' Certificate covering such calendar month referred to in Section 3.1(b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s 's Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s 's Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved]On the third Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Owner Trustee, the Indenture Trustee and the Indenture Administrator, an Administrator's Officers' Certificate containing all information necessary to pay the Servicer the Primary Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.7(b) above. (c) On each Determination Date the third Business Day prior to a Distribution Date, the Administrator shall deliver to the Owner Trustee, the Indenture TrusteeTrustee and the Indenture Administrator, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s 's Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s 's Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates and that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s 's Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate Three-Month LIBOR or Two-Month LIBOR, as applicable, for the first Accrual Period and for each subsequent Accrual Period shall calculate, on each LIBOR Determination Date during such Accrual Period, Three-Month, Two-Month and/or One-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, One-Month LIBOR. (e) [Reserved]. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved]. (c) On each Determination Date prior to a Distribution Date, the Administrator shall deliver to the Indenture Trustee, with a copy to the Rating Agencies then rating the Notes, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during such Accrual Period, Three-Month, Two-Month and/or OneThree-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, One-Month LIBOR. (e) [Reserved]. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved]. (c) On each Determination Date prior to a Distribution Date, the Administrator shall deliver to the Indenture Trustee, with a copy to the Rating Agencies then rating the Notes, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during such Accrual Period, Three-Month, Two-Month and/or One-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, One-Month LIBOR. (e) [Reserved]. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer's Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator's Officers' Certificate and the Administrator's Certificate covering such calendar month referred to in clause (b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Quarterly Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s 's Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s 's Officers' Certificate and the Administrator's Certificate covering such Collection Period calendar month referred to in Section 3.1(cclause (c) below. (b) [Reserved]On the second Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Trustee and the Indenture Trustee, an Officer's Certificate of the Administrator containing all information necessary to pay the Servicer the Primary Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.07(b). (c) On each Determination Date prior to a Distribution Date, the Administrator shall deliver to the Trustee and the Indenture Trustee, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s 's Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 2.07 and 2.8 above2.08, if applicable, for the Collection Period preceding the date of such Administrator’s 's Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s 's Certificate on such Determination Date pursuant to this Section 3.13.01. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during such Accrual Period, Three-Month, Two-Month and/or One-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, One-Month LIBOR. (e) [Reserved]. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer’s Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Officers’ Certificate covering such calendar month referred to in Section 3.1(b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved]On the third Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Owner Trustee and the Indenture Administrator, an Administrator’s Officers’ Certificate containing all information necessary to pay the Servicer the Primary Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.7(b) above. (c) On each Determination Date the third Business Day prior to a Distribution Date, the Administrator shall deliver to the Owner Trustee and the Indenture TrusteeAdministrator, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate Two-Month LIBOR and Three-Month LIBOR for the first Accrual Period and for each subsequent Accrual Period shall calculate, on each LIBOR Determination Date during such Accrual Period, Three-Month, Two-Month and/or One-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, One-Month LIBOR. (e) [Reserved]. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request. (f) At the request of the Rating Agencies, the Indenture Administrator shall send a copy of any Officer’s Certificate and any report referred to in this Section 3.1 to the Rating Agencies.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer’s Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Officers’ Certificate and the Administrator’s Certificate covering such calendar month referred to in clause (b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Officers’ Certificate and the Administrator’s Certificate covering such Collection Period calendar month referred to in Section 3.1(cclause (c) below. (b) [Reserved]On the second Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Trustee and the Indenture Trustee, an Officers’ Certificate of the Administrator containing all information necessary to pay the Servicer the Primary Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.07(b) above. (c) On each Determination Date prior to a Distribution Date, the Administrator shall deliver to the Trustee and the Indenture Trustee, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 2.07 and 2.8 2.08 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.13.01. In connection therewith, the Administrator shall calculate Three-Month LIBOR on each LIBOR Determination Date during such Accrual Period, Three-Month, Two-Month and/or One-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, One-Month LIBOR. (e) [Reserved]. (f) . The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Quarterly Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved]. (c) On each Determination Date prior to a Quarterly Distribution Date, the Administrator shall deliver to the Indenture Trustee, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates that will be applicable to the Quarterly Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during such Accrual Period, Three-Month, Two-Month LIBOR and/or OneFour-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, OneThree-Month LIBOR. (e) [Reserved]. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved]. (c) On each Determination Date prior to a Distribution Date, the Administrator shall deliver to the Indenture Trustee, with a copy to the Rating Agencies then rating the Notes, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during such Accrual Period, ThreeOne-Month, Month and/or Two-Month and/or One-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, One-Month LIBOR. (e) [Reserved]. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth Closing Date or the fifteenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date ) the Master Servicer shall (or shall cause each Subservicer to) deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period calendar month containing all information necessary for the Administrator to receive in connection with the Administrator’s preparation of the Administrator’s Officer’s Certificate and the Administrator’s Certificate covering such Collection Period calendar month referred to in Section 3.1(cparagraphs (b) and (c) below. (b) [Reserved]On each Determination Date prior to a Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Owner Trustee, the Indenture Trustee, the Depositor and (if KBNA is not the Administrator) KBNA, an Officer’s Certificate of the Administrator containing all information necessary to pay the Master Servicer the related Master Servicing Fee for each group of Financed Student Loans due on such Monthly Servicing Payment Date pursuant to Sections 5.05(b) and 5.06, as well as any Campus Door Fees payable to the Master Servicer on such Monthly Servicing Payment Date. (c) On each Determination Date prior to a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee, the Owner Trustee, the Indenture Trustee, the Paying Agent, the Depositor and (if KBNA is not the Administrator) to KBNA, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 5.05 and 2.8 above5.06, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. . All Group I and/or Group II Student Loans to be repurchased or substituted by the Depositor (dor KBNA on its behalf) Prior to each Determination Date, or purchased or substituted by the Master Servicer (or a Subservicer on its behalf) or acquired by any Guarantor shall be identified by the Administrator shall determine the Note Rates that will be applicable by type of loan and unique loan identification number with respect to the Distribution Date following such Determination Date, Group I or Group II Student Loan (as specified in compliance with its obligation to prepare Schedule A-1 and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during such Accrual Period, Three-Month, Two-Month and/or One-Month LIBORA-2, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, One-Month LIBORcase may be). (e) [Reserved]. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved]. (c) On each Determination Date prior to a Distribution Date, the Administrator shall deliver to the Indenture Trustee, with a copy to the Rating Agencies then rating the Notes, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during such Accrual Period, Three-Month, Two-Month [___]-Month LIBOR and/or One-Month [___]-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, One-Month LIBOR. (e) [Reserved]. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer’s Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Officers’ Certificate covering such calendar month referred to in Section 3.1(b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved]On the second Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, an Administrator’s Officers’ Certificate containing all information necessary to pay the Servicer the Primary Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.7(b) above. (c) On each Determination Date prior to a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during such Accrual Period, Three-Month, Two-Month and/or One-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, One-Month LIBOR. (e) [Reserved]. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee Issuer a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved]. (c) On each Determination Date prior to a Distribution Date, the Administrator shall deliver to the Indenture Trustee, with a copy to the Rating Agencies then rating the Notes, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during such Accrual Period, Three-Month, Month or Two-Month and/or One-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, One-Month LIBOR. (e) [Reserved]. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer's Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator's Officers' Certificate and the Administrator's Certificate covering such calendar month referred to in clause (b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s 's Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s 's Officers' Certificate and the Administrator's Certificate covering such Collection Period calendar month referred to in Section 3.1(cclause (c) below. (b) [Reserved]On the second Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Trustee and the Indenture Trustee, an Officer's Certificate of the Administrator containing all information necessary to pay the Servicer the Primary Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.07(b) above. (c) On each Determination Date prior to a Distribution Date, the Administrator shall deliver to the Trustee and the Indenture Trustee, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s 's Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 2.07 and 2.8 2.08 above, if applicable, for the Collection Period preceding the date of such Administrator’s 's Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s 's Certificate on such Determination Date pursuant to this Section 3.13.01. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during such Accrual Period, Three-Month, Two-Month and/or One-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, One-Month LIBOR. (e) [Reserved]. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved]. (c) On each Determination Date prior to a Distribution Date, the Administrator shall deliver to the Indenture Trustee, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during such Accrual Period, Three-Month, Two-Month [___]-Month LIBOR and/or One-Month [___]-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, OneThree-Month LIBOR. (e) [Reserved]. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer’s Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Officers’ Certificate covering such calendar month referred to in Section 3.1(b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved]On the second Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, an Administrator’s Officers’ Certificate containing all information necessary to pay the Servicer the Primary Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.7(b) above. (c) On each Determination Date prior to a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate on each the LIBOR Determination Date during such for each Accrual Period, Three-Month, Two-Month and/or One-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, One-Month LIBOR. (e) [Reserved]. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer’s Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Officers’ Certificate covering such calendar month referred to in Section 3.1(b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved]On the third Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Owner Trustee and the Indenture Administrator, an Administrator’s Officers’ Certificate containing all information necessary to pay the Servicer the Primary Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.7(b) above. (c) On each Determination Date the third Business Day prior to a Distribution Date, the Administrator shall deliver to the Owner Trustee and the Indenture TrusteeAdministrator, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates Rate that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate Two-Month LIBOR and Three-Month LIBOR for the first Accrual Period and for each subsequent Accrual Period shall calculate, on each LIBOR Determination Date during such Accrual Period, Three-Month, Two-Month and/or One-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, One-Month LIBOR. (e) [Reserved]. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request. (f) At the request of the Rating Agencies, the Indenture Administrator shall send a copy of any Officer’s Certificate and any report referred to in this Section 3.1 to the Rating Agencies. (g) On or before the sixtieth day following a Distribution Date, and provided that reasonable request therefor has been made on or before such Distribution Date, the Administrator shall provide to any Rating Agency information with respect to a pool of loans representative of the Trust Student Loans as of the last day of the related Collection Period.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer’s Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Officers’ Certificate covering such calendar month referred to in Section 3.1(b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved]On the second Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, an Administrator’s Officers’ Certificate containing all information necessary to pay the Servicer the Primary Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.7(b) above. (c) On each Determination Date prior to a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during such Accrual Period, Three-Month, Two-Month and/or One-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, One-Month LIBOR. (e) [Reserved]. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.. Administration Agreement

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer’s Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Officers’ Certificate covering such calendar month referred to in Section 3.1(b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved]On the second Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, an Administrator’s Officers’ Certificate containing all information necessary to pay the Servicer the Primary Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.7(b) above. (c) On each Determination Date prior to a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate Two-Month LIBOR or Three-Month LIBOR, as applicable, for the first Accrual Period and for each subsequent Accrual Period shall calculate, on each LIBOR Determination Date during such Accrual Period, Three-Month, Two-Month and/or One-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, One-Month LIBOR. (e) [Reserved]. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer’s Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Officers’ Certificate and the Administrator’s Certificate covering such calendar month referred to in clause (b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Officers’ Certificate and the Administrator’s Certificate covering such Collection Period calendar month referred to in Section 3.1(cclause (c) below. (b) [Reserved]On the second Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Trustee and the Indenture Trustee, an Officers’ Certificate of the Administrator containing all information necessary to pay the Servicer the Primary Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.07(b) above. (c) On each Determination Date prior to a Distribution Date, the Administrator shall deliver to the Trustee and the Indenture Trustee, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 2.07 and 2.8 2.08 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.13.01. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during such Accrual Period, Three-Month, Two-Month and/or One-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, One-Month LIBOR. (e) [Reserved]. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Quarterly Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved]. (c) On each Determination Date prior to a Quarterly Distribution Date, the Administrator shall deliver to the Indenture Trustee, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates that will be applicable to the Quarterly Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during such Accrual Period, Three-Month, Two-Month LIBOR and/or OneThree-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, OneThree-Month LIBOR. (e) [Reserved]. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before (i) the tenth seventh day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Seller a Servicer's Report with respect to the preceding calendar month containing all information necessary for the preparation of the applicable Transfer Agreement (including Schedule A), and (ii) the Closing Date or the fifteenth day of each Distribution Date month (or, if any such day is not a Business Day, on the next succeeding Business Day) or any other Transfer Date, the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s 's Report with respect to the preceding Collection Period calendar month containing all information necessary for the Administrator to receive in connection with the Administrator's preparation of the Administrator’s 's Officers' Certificate and the Administrator's Certificate covering such Collection Period calendar month referred to in Section 3.1(cparagraphs (b) and (c) below. (b) [Reserved]On each Determination Date prior to a Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee, the Indenture Trustee and (if the Seller is not the Administrator) the Seller, an Officer's Certificate of the Administrator containing all information necessary to pay the Servicer the Servicing Fee due on such Monthly Servicing Payment Date pursuant to Sections 5.05(b) and 5.06. In addition, on the Business Day preceding each Transfer Date during the Funding Period, the Administrator shall deliver to the Eligible Lender Trustee, the Indenture Trustee, and (if the Seller is not the Administrator) the Seller, an Officer's Certificate of the Administrator containing all information necessary to make the transfers from the Escrow Account and the Pre-Funding Account on such Transfer Date pursuant to Section 5.08. (c) On each Determination Date prior to a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee, the Indenture TrusteeTrustee and (if the Seller is not the Administrator) the Seller, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s 's Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 5.05, 5.06 and 2.8 above5.08(c)(i) and (ii), if applicable, for the Collection Period preceding the date of such Administrator’s 's Certificate. . Financed Student Loans to be repurchased by the Seller (d) Prior whether pursuant to each Determination DateSection 2.03 or 3.02), purchased by the Servicer or acquired by any Guarantor shall be identified by the Administrator shall determine the Note Rates that will be applicable by type of loan and borrower social security number with respect to the Distribution Date following such Determination Date, Financed Student Loan (as specified in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during such Accrual Period, Three-Month, Two-Month and/or One-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, One-Month LIBORSchedule A). (e) [Reserved]. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer’s Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Officers’ Certificate covering such calendar month referred to in Section 3.1(b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved]On the second Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, an Administrator’s Officers’ Certificate containing all information necessary to pay the Servicer the Primary Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.7(b) above. (c) On each Determination Date prior to a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate Four-Month LIBOR or Five-Month LIBOR, as applicable, for the first Accrual Period and for each subsequent Accrual Period shall calculate, on each LIBOR Determination Date during such Accrual Period, Three-Month, Two-Month and/or One-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, One-Month LIBOR. (e) [Reserved]The Administrator hereby accepts the delegation to it of the obligations of the “Calculation Agent” under the Interest Rate Cap Agreement to which the Issuer is a party, as applicable. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. A. On or before the tenth day of each month (a) or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer's Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator's Officers' Certificate and the Administrator's Certificate covering such calendar month referred to in paragraph B below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s 's Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s 's Officers' Certificate and the Administrator's Certificate covering such Collection Period calendar month referred to in Section 3.1(c) paragraph C below. (b) [Reserved].B. On the 2nd Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, an Officer's Certificate of the Administrator containing all information necessary to pay the Servicer the Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.7B. (c) C. On each Determination Date prior to a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s 's Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above2.8, if applicable, for the Collection Period preceding the date of such Administrator’s 's Certificate. (d) D. Prior to each Determination Date, the Administrator shall determine the Note Rates and the Certificate Rate that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s 's Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during the T-▇▇▇▇ Rate in accordance with the definition thereof and shall also determine the Student Loan Rate with respect to such Accrual Period, Three-Month, Two-Month and/or One-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, One-Month LIBORDistribution Date. (e) [Reserved]. (f) E. The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved]. (c) On each Determination Date prior to a Distribution Date, the Administrator shall deliver to the Indenture Trustee, with a copy to the Rating Agencies then rating the Notes, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during such Accrual Period, Three-Month, Two-Month and/or or One-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, One-Month LIBOR. (e) [Reserved]. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer's Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator's Officers' Certificate and the Administrator's Certificate covering such calendar month referred to in clause (b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s 's Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s 's Officers' Certificate and the Administrator's Certificate covering such Collection Period calendar month referred to in Section 3.1(cclause (c) below. (b) [Reserved]On the second Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Trustee and the Indenture Trustee, an Officer's Certificate of the Administrator containing all information necessary to pay the Servicer the Primary Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.07(b). (c) On each Determination Date prior to a Distribution Date, the Administrator shall deliver to the Trustee and the Indenture Trustee, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s 's Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 2.07 and 2.8 above2.08, if applicable, for the Collection Period preceding the date of such Administrator’s 's Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s 's Certificate on such Determination Date pursuant to this Section 3.13.01. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during such Accrual Period, Three-Month, Two-Month and/or One-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, One-Month LIBOR. (e) [Reserved]. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer's Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator's Officers' Certificate covering such calendar month referred to in Section 3.1(b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s 's Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s 's Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved]On the second Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, an Administrator's Officers' Certificate containing all information necessary to pay the Servicer the Primary Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.7(b) above. (c) On each Determination Date prior to a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s 's Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s 's Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s 's Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate Two-Month LIBOR or Three-Month LIBOR, as applicable, for the first Accrual Period and for each subsequent Accrual Period shall calculate, on each LIBOR Determination Date during such Accrual Period, Three-Month, Two-Month and/or One-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, One-Month LIBOR. (e) [Reserved]. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee Issuer a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved]. (c) On each Determination Date prior to a Distribution Date, the Administrator shall deliver to the Indenture Trustee, with a copy to the Rating Agencies then rating the Notes, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during such Accrual Period, Three-Month, Two-Month and/or or One-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, One-Month LIBOR. (e) [Reserved]. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer's Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator's Officers' Certificate and the Administrator's Certificate covering such calendar month referred to in Section 3.1(b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s 's Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s 's Officers' Certificate and the Administrator's Certificate covering such Collection Period calendar month referred to in Section 3.1(c) below. (b) [Reserved]On the second Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, an Officer's Certificate of the Administrator containing all information necessary to pay the Servicer the Primary Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.7(b) above. (c) On each Determination Date prior to a Distribution DateDate or earlier to the extent required for the Indenture Trustee to make distributions to any Swap Counterparty, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s 's Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s 's Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates and that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s 's Certificate on such Determination Date pursuant to this Section 3.13. 1. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during such Accrual Period, Three-Month, TwoFive-Month and/or OneLIBOR or Four-Month LIBOR, as applicable, Five-Month GBP-LIBOR or Four-Month GBP-LIBOR, as applicable, and the interpolated interest rate for all Notes for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Interest Rate Determination Date during such Accrual Period, OneThree-Month LIBOR, Three-Month GBP-LIBOR, EURIBOR, the Commercial Paper Rate, the CMT Rate, the Federal Funds Rate, the 91-day Treasury ▇▇▇▇ Rate, the Prime Rate (in each case only if applicable to any class of Reset Rate Notes during such Accrual Period) or any other rate or index relevant to the payment of interest of any Note, in accordance with the definitions of each such Index. In addition, the Administrator hereby accepts the delegation to it of the obligations of the "Calculation Agent" under any Swap Agreement, as applicable, to which the Issuer is a party. (e) [Reserved]The Administrator hereby accepts the delegation to it of the obligations of the "Calculation Agent" under the Interest Rate Cap Agreement to which the Issuer is a party. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer’s Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Officers’ Certificate covering such calendar month referred to in Section 3.1(b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved].On the second Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, an Administrator’s Officers’ Certificate containing all information necessary to pay the Servicer the Primary Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.7(b) above. Administration Agreement (c) On each Determination Date prior to a Distribution DateDate or such earlier date to the extent required for the Indenture Trustee to make distributions to any of the Currency Swap Counterparties, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) . Prior to each Determination Date, the Administrator shall determine the Note Rates that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during such Accrual Period, Three-Month, Twothe Four-Month and/or OneLIBOR or Three-Month LIBOR, as applicable, and Four-Month EURIBOR or Three-Month EURIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, OneThree-Month LIBORLIBOR and Three-Month EURIBOR. In addition, the Administrator hereby accepts the delegation to it of the obligations of the “Calculation Agent” under any of the Currency Swap Agreements, as applicable, to which the Issuer is a party. (e) [Reserved]. (fd) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer’s Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Officers’ Certificate covering such calendar month referred to in Section 3.1(b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved]On the second Business Day prior to each Monthly Allocation Date that is not a Quarterly Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, an Administrator’s Officers’ Certificate containing all information necessary to pay the Servicer the Primary Servicing Fee due on such Monthly Allocation Date pursuant to Section 2.7(b) above and to make all other required allocations to the Future Distribution Account set forth in Section 2.8A above. (c) On each Determination Date prior to a Quarterly Distribution DateDate or such earlier date to the extent required for the Indenture Trustee to make distributions to the Currency Swap Counterparty, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates that will be applicable to the Quarterly Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during such Accrual Period, the Three-Month, Two-Month and/or OneLIBOR or Four-Month LIBOR, as applicable, and Three-Month EURIBOR or Four-Month EURIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, OneThree-Month LIBOR. (e) [Reserved]. (f) The LIBOR and Three-Month EURIBOR. In addition, the Administrator shall furnish hereby accepts the delegation to it of the obligations of the “Calculation Agent” under any of the Currency Swap Agreements, as applicable, to which the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably requestis a party.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer’s Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Officers’ Certificate covering such calendar month referred to in Section 3.1(b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved]On the second Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, an Administrator’s Officers’ Certificate containing all information necessary to pay the Servicer the Primary Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.7(b) above. (c) On each Determination Date prior to a Distribution DateDate or such earlier date to the extent required for the Indenture Trustee to make distributions to the Currency Swap Counterparty, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, with a copy to each of the Rating Agencies then rating the NotesAgencies, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) . Prior to each Determination Date, the Administrator shall determine the Note Rates that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during such Accrual Period, Threethe One-Month, Month LIBOR or Two-Month and/or LIBOR, as applicable, and One-Month LIBOREURIBOR or Two-Month EURIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, OneThree-Month LIBORLIBOR and Three-Month EURIBOR. In addition, the Administrator hereby accepts the delegation to it of the obligations of the “Calculation Agent” under any of the Currency Swap Agreements, as applicable, to which the Issuer is a party. (e) [Reserved]. (fd) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved]. (c) On each Determination Date prior to a Distribution Date, the Administrator shall deliver to the Indenture Trustee, with a copy to the Rating Agencies then rating the Notes, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during such Accrual Period, Three-Month, Two-Month and/or One-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, One-Month LIBOR. (e) [Reserved]. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer's Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator's Officers' Certificate covering such calendar month referred to in Section 3.1(b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s 's Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s 's Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved]On the second Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, an Officers' Certificate of the Administrator containing all information necessary to pay the Servicer the Primary Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.7(b) above. (c) On each Determination Date prior to a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s 's Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s 's Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates and that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s 's Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate Two-Month LIBOR or Three-Month LIBOR, as applicable, for the first Accrual Period and for each subsequent Accrual Period shall calculate, on each LIBOR Determination Date during such Accrual Period, Three-Month, Two-Month and/or One-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, One-Month LIBOR. (e) [Reserved]The Administrator hereby accepts the delegation to it of the obligations of the "Calculation Agent" under the Interest Rate Cap Agreement to which the Issuer is a party, as applicable. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer's Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator's Officers' Certificate and the Administrator's Certificate covering such calendar month referred to in Section 3.1(b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s 's Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s 's Officers' Certificate and the Administrator's Certificate covering such Collection Period calendar month referred to in Section 3.1(c) below. (b) [Reserved]On the second Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, an Officer's Certificate of the Administrator containing all information necessary to pay the Servicer the Primary Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.7(b) above. (c) On each Determination Date prior to a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s 's Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s 's Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates and that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s 's Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during such Accrual Period, Three-Month, Two-Month and/or One-Month LIBOR, as applicable, applicable for the first Accrual Period, Period and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Interest Rate Determination Date during such Accrual Period, OneThree-Month LIBOR, the Commercial Paper Rate, the CMT Rate, the Federal Funds Rate, the 91-day Treasury ▇▇▇▇ Rate, the Prime Rate (in each case only if applicable to a class of Reset Rate Notes during such Accrual Period) or any other rate or index relevant to the payment of interest of any Note, in accordance with the definitions of each such Index. In addition, the Administrator hereby accepts the delegation to it of the obligations of the "Calculation Agent" under any Interest Rate Swap Agreement to which the Trust is a party. (e) [Reserved]The Administrator hereby accepts the delegation to it of the obligations of the "Calculation Agent" under the Interest Rate Cap Agreement to which the Issuer is a party, as applicable. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer’s Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Officers’ Certificate covering such calendar month referred to in Section 3.1(b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved]On the third Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Owner Trustee, the Indenture Trustee and the Indenture Administrator, an Administrator’s Officers’ Certificate containing all information necessary to pay the Servicer the Primary Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.7(b) above. (c) On each Determination Date the third Business Day prior to a Distribution Date, the Administrator shall deliver to the Owner Trustee, the Indenture TrusteeTrustee and the Indenture Administrator, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates and that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate Four-Month LIBOR for the first Accrual Period and for each subsequent Accrual Period shall calculate, on each LIBOR Determination Date during such Accrual Period, Three-Month, Two-Month and/or One-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, One-Month LIBOR. (e) [Reserved]. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer’s Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Officers’ Certificate covering such calendar month referred to in Section 3.1(b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved]On the third Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Owner Trustee and the Indenture Administrator, an Administrator’s Officers’ Certificate containing all information necessary to pay the Servicer the Primary Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.7(b) above. (c) On each Determination Date the third Business Day prior to a Distribution Date, the Administrator shall deliver to the Owner Trustee and the Indenture TrusteeAdministrator, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate Two-Month LIBOR and One-Month LIBOR for the first Accrual Period and for each subsequent Accrual Period shall calculate, on each LIBOR Determination Date during such Accrual Period, Three-Month, Two-Month and/or One-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, One-Month LIBOR. (e) [Reserved]. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request. (f) At the request of the Rating Agencies, the Indenture Administrator shall send a copy of any Officer’s Certificate and any report referred to in this Section 3.1 to the Rating Agencies.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer’s Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Officers’ Certificate covering such calendar month referred to in Section 3.1(b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved]On the second Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Owner Trustee, the Paying Agent and the Indenture Trustee, an Administrator’s Officers’ Certificate containing all information necessary to pay the Servicer the Primary Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.7(b) above. (c) On each Determination Date prior to a Distribution Date, the Administrator shall deliver to the Owner Trustee and the Indenture Trustee, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate calculate, on each the LIBOR Determination Date during such for each Accrual Period, [Three-Month, Two-Month and/or One-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, One-Month LIBOR]. (e) [Reserved]. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. A. On or before the tenth day of each month (a) or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer's Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator's Officers' Certificate and the Administrator's Certificate covering such calendar month referred to in paragraph B below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s 's Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s 's Officers' Certificate and the Administrator's Certificate covering such Collection Period calendar month referred to in Section 3.1(c) paragraph C below. (b) [Reserved].B. On the 2nd Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, an Officer's Certificate of the Administrator containing all information necessary to pay the Servicer the Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.7B. (c) C. On each Determination Date prior to a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s 's Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above2.8, if applicable, for the Collection Period preceding the date of such Administrator’s 's Certificate. (d) D. Prior to each Determination Date, the Administrator shall determine the Note Rates and the Certificate Rate that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s 's Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during such Accrual Period, Threethe T-Month, Two-Month and/or One-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, One-Month LIBOR. (e) [Reserved]. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.Bill ▇▇▇e in accordance with

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer’s Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Officers’ Certificate covering such calendar month referred to in Section 3.1(b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved]On the second Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, an Administrator’s Officers’ Certificate containing all information necessary to pay the Servicer the Primary Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.7(b) above. (c) On each Determination Date prior to a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate Two-Month LIBOR or Three-Month LIBOR, as applicable, for the first Accrual Period and for each subsequent Accrual Period shall calculate, on each LIBOR Determination Date during such Accrual Period, Three-Month, Two-Month and/or One-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, One-Month LIBOR. (e) [Reserved]The Administrator hereby accepts the delegation to it of the obligations of the “Calculation Agent” under the Interest Rate Cap Agreement to which the Issuer is a party, as applicable. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer’s Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Officers’ Certificate and the Administrator’s Certificate covering such calendar month referred to in clause (b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Officers’ Certificate and the Administrator’s Certificate covering such Collection Period calendar month referred to in Section 3.1(cclause (c) below. (b) [Reserved]On the second Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Trustee and the Indenture Trustee, an Officers’ Certificate of the Administrator containing all information necessary to pay the Servicer the Primary Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.07(b) above. (c) On each Determination Date prior to a Distribution Date, the Administrator shall deliver to the Trustee and the Indenture Trustee, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 2.07 and 2.8 2.08 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.13.01. In connection therewith, the Administrator shall calculate Three­ Month LIBOR on each LIBOR Determination Date during such Accrual Period, Three-Month, Two-Month and/or One-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, One-Month LIBOR. (e) [Reserved]. (f) . The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer’s Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Officers’ Certificate covering such calendar month referred to in Section 3.1(b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved]On the second Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, an Administrator’s Officers’ Certificate containing all information necessary to pay the Servicer the Primary Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.7(b) above. (c) On each Determination Date prior to a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates that will be applicable to the Distribution Date following such Determination Administration Agreement Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate on each the LIBOR Determination Date during such for each Accrual Period, Three-Month, Two-Month and/or One-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, One-Month LIBOR. (e) [Reserved]. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer's Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator's Officers' Certificate covering such calendar month referred to in Section 3.1(b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s 's Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s 's Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved]On the second Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, an Administrator's Officers' Certificate containing all information necessary to pay the Servicer the Primary Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.7(b) above. (c) On each Determination Date prior to a Distribution DateDate or earlier to the extent required for the Indenture Trustee to make distributions to any Swap Counterparty, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s 's Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s 's Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates and that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s 's Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during such Accrual Period, Three-Month, Two-Month and/or OneLIBOR or Four-Month LIBOR, as applicable, and Three-Month EURIBOR or Four-Month EURIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Interest Rate Determination Date during such Accrual Period, OneThree-Month LIBOR, Three-Month EURIBOR, GBP-LIBOR, the Commercial Paper Rate, the CMT Rate, the Federal Funds Rate, the 91-day Treasury ▇▇▇▇ Rate, the Prime Rate (in each case only if applicable to any class of Reset Rate Notes during such Accrual Period) or any other rate or index relevant to the payment of interest of any Note, in accordance with the definitions of each such Index. In addition, the Administrator hereby accepts the delegation to it of the obligations of the "Calculation Agent" under any Swap Agreement, as applicable, to which the Issuer is a party. (e) [Reserved]The Administrator hereby accepts the delegation to it of the obligations of the "Calculation Agent" under the Interest Rate Cap Agreement to which the Issuer is a party, as applicable. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer’s Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Officers’ Certificate covering such calendar month referred to in Section 3.1(b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved]On the second Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, an Administrator’s Officers’ Certificate containing all information necessary to pay the Servicer the Primary Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.7(b) above. (c) On each Determination Date prior to a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate (i) on each the LIBOR Determination Date during such Accrual Period, Three-Month, Two-Month and/or One-Month LIBOR, as applicable, for the first Accrual Period, the Initial Accrual Rate, and (ii) on the LIBOR Determination Date for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, OneThree-Month LIBOR.. Administration Agreement (e) [Reserved]. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer’s Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Officers’ Certificate covering such calendar month referred to in Section 3.1(b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved]On the second Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, an Administrator’s Officers’ Certificate containing all information necessary to pay the Servicer the Primary Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.7(b) above. (c) On each Determination Date prior to a Distribution DateDate or such earlier date to the extent required for the Indenture Trustee to make distributions to any Swap Counterparty, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates and that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during such Accrual Period, Three-Month, Month LIBOR or Two-Month and/or One-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Interest Rate Determination Date during such Accrual Period, OneThree-Month LIBOR, Three-Month EURIBOR, GBP-LIBOR, the Commercial Paper Rate, the CMT Rate, the Federal Funds Rate, the 91-day Treasury ▇▇▇▇ Rate, the Prime Rate (in each case only if applicable to any class of Reset Rate Notes during such Accrual Period) or any other rate or index relevant to the payment of interest of any Note, in accordance with the definitions of each such Index. In addition, the Administrator hereby accepts the delegation to it of the obligations of the “Calculation Agent” under any Swap Agreement, as applicable, to which the Issuer is a party. (e) [Reserved]The Administrator hereby agrees to accept the obligations of the “Calculation Agent” under any Swap Agreement to which the Issuer is a party. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer’s Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Officers’ Certificate and the Administrator’s Certificate covering such calendar month referred to in Section 3.1(b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Officers’ Certificate and the Administrator’s Certificate covering such Collection Period calendar month referred to in Section 3.1(c) below. (b) [Reserved]On the second Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, an Officer’s Certificate of the Administrator containing all information necessary to pay the Servicer the Primary Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.7(b) above. (c) On each Determination Date prior to a Distribution DateDate or earlier to the extent required for the Indenture Trustee to make distributions to any Swap Counterparty, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during such Accrual Period, Three-Month, Two-Month and/or One-Month LIBOR, as applicable, applicable for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Interest Rate Determination Date during such Accrual Period, OneThree-Month LIBOR, Two-Month LIBOR, GBP-LIBOR, the Commercial Paper Rate, the CMT Rate, the Federal Funds Rate, the 91-day Treasury ▇▇▇▇ Rate, the Prime Rate (in each case only if applicable to the Reset Rate Notes during such Accrual Period) or any other rate or index relevant to the payment of interest of any Note, in accordance with the definitions of each such Index. In addition, the Administrator hereby accepts the delegation to it of the obligations of the “Calculation Agent” under any Swap Agreement to which the Trust is a party. (e) [Reserved]The Administrator hereby accepts the delegation to it of the obligations of the “Calculation Agent” under the Interest Rate Cap Agreement to which the Issuer is a party, as applicable. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer’s Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Officers’ Certificate covering such calendar month referred to in Section 3.1(b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved]On the third Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Owner Trustee and the Indenture Administrator, an Administrator’s Officers’ Certificate containing all information necessary to pay the Servicer the Primary Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.7(b) above. (c) On each Determination Date the third Business Day prior to a Distribution Date, the Administrator shall deliver to the Owner Trustee and the Indenture TrusteeAdministrator, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates Rate that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate Two-Month LIBOR and Three-Month LIBOR for the first Accrual Period and for each subsequent Accrual Period shall calculate, on each LIBOR Determination Date during such Accrual Period, Three-Month, Two-Month and/or One-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, One-Month LIBOR. (e) [Reserved]. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request. (f) At the request of the Rating Agencies, the Indenture Administrator shall send a copy of any Officer’s Certificate and any report referred to in this Section 3.1 to the Rating Agencies.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer’s Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Officers’ Certificate covering such calendar month referred to in Section 3.1(b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved]On the second Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, an Administrator’s Officers’ Certificate containing all information necessary to pay the Servicer the Primary Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.7(b) above. (c) On each Determination Date prior to a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during such Accrual Period, Three-Month, Twothe Four-Month and/or OneLIBOR or Five-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, OneThree-Month LIBOR. (e) [Reserved]. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.. Administration Agreement

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer’s Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Officers’ Certificate covering such calendar month referred to in Section 3.1(b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved]On the second Business Day prior to each Monthly Allocation Date that is not a Quarterly Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, an Administrator’s Officers’ Certificate containing all information necessary to pay the Servicer the Primary Servicing Fee due on such Monthly Allocation Date pursuant to Section 2.7(b) Administration Agreement above and to make all other required allocations to the Future Distribution Account set forth in Section 2.8A above. (c) On each Determination Date prior to a Quarterly Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates that will be applicable to the Quarterly Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during such Accrual Period, the Three-Month, Two-Month and/or OneLIBOR or Four-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, OneThree-Month LIBOR. (e) [Reserved]. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer’s Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Officers’ Certificate covering such calendar month referred to in Section 3.1(b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved]On the second Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, an Administrator’s Officers’ Certificate containing all information necessary to pay the Servicer the Primary Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.7(b) above. (c) On each Determination Date prior to a Distribution DateDate or such earlier date to the extent required for the Indenture Trustee to make distributions to any Swap Counterparty, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates and that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during such Accrual Period, Three-Month, Month LIBOR or Two-Month and/or One-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Interest Rate Determination Date during such Accrual Period, OneThree-Month LIBOR, Three-Month EURIBOR, GBP-LIBOR, the Commercial Paper Rate, the CMT Rate, the Federal Funds Rate, the 91-day Treasury B▇▇▇ Rate, the Prime Rate (in each case only if applicable to the Reset Rate Notes during such Accrual Period) or any other rate or index relevant to the payment of interest of any Note, in accordance with the definitions of each such Index. In addition, the Administrator hereby accepts the delegation to it of the obligations of the “Calculation Agent” under any Swap Agreement, as applicable, to which the Issuer is a party. (e) [Reserved]The Administrator hereby agrees to accept the obligations of the “Calculation Agent” under any Swap Agreement to which the Issuer is a party. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved]. (c) On each Determination Date prior to a Distribution Date, the Administrator shall deliver to the Indenture Trustee, with a copy to the Rating Agencies then rating the Notes, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during such Accrual Period, Three-Month, Two-Month and/or One-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, One-Month LIBOR. (e) [Reserved]. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer’s Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Officers’ Certificate covering such calendar month referred to in Section 3.1(b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved]On the second Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, an Administrator’s Officer’s Certificate containing all information necessary to pay the Servicer the Primary Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.7(b) above. (c) On each Determination Date prior to a Distribution DateDate or earlier to the extent required for the Indenture Trustee to make distributions to any Swap Counterparty, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during such Accrual Period, Three-Month, Two-Month and/or One-Month LIBOR, as applicable, applicable for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Interest Rate Determination Date during such Accrual Period, OneThree-Month LIBOR, Two-Month LIBOR, GBP-LIBOR, the Commercial Paper Rate, the CMT Rate, the Federal Funds Rate, the 91-day Treasury ▇▇▇▇ Rate, the Prime Rate (in each case only if applicable to the Reset Rate Notes during such Accrual Period) or any other rate or index relevant to the payment of interest of any Note, in accordance with the definitions of each such Index. In addition, the Administrator hereby accepts the delegation to it of the obligations of the “Calculation Agent” under any Swap Agreement to which the Trust is a party. (e) [Reserved]The Administrator hereby accepts the delegation to it of the obligations of the “Calculation Agent” under the Interest Rate Cap Agreement to which the Issuer is a party, as applicable. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer's Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator's Officers' Certificate covering such calendar month referred to in Section 3.1(b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s 's Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s 's Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved]On the third Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Owner Trustee, the Indenture Trustee and the Indenture Administrator, an Administrator's Officers' Certificate containing all information necessary to pay the Servicer the Primary Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.7(b) above. (c) On each Determination Date the third Business Day prior to a Distribution Date, the Administrator shall deliver to the Owner Trustee, the Indenture TrusteeTrustee and the Indenture Administrator, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s 's Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s 's Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates and that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s 's Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate on each [_]-Month LIBOR Determination Date during such Accrual Period, Three-Month, Two-Month and/or One-Month or [_]-Month LIBOR, as applicable, for the first Accrual Period, Period and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, One-Month [_]-Month LIBOR. (e) [Reserved]. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer's Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator's Officers' Certificate and the Administrator's Certificate covering such calendar month referred to in Section 3.1(b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s 's Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s 's Officers' Certificate and the Administrator's Certificate covering such Collection Period calendar month referred to in Section 3.1(c) below. (b) [Reserved]On the second Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, an Officer's Certificate of the Administrator containing all information necessary to pay the Servicer the Primary Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.7(b) above. (c) On each Determination Date prior to a Distribution DateDate or earlier to the extent required for the Indenture Trustee to make distributions to any Swap Counterparty, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s 's Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s 's Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates and that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s 's Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during such Accrual Period, Three-Month, Two-Month and/or One-Month LIBOR, as applicable, applicable for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Interest Rate Determination Date during such Accrual Period, OneThree-Month LIBOR, Two-Month LIBOR, GBP-LIBOR, the Commercial Paper Rate, the CMT Rate, the Federal Funds Rate, the 91-day Treasury ▇▇▇▇ Rate, the Prime Rate (in each case only if applicable to the Reset Rate Notes during such Accrual Period) or any other rate or index relevant to the payment of interest of any Note, in accordance with the definitions of each such Index. In addition, the Administrator hereby accepts the delegation to it of the obligations of the "Calculation Agent" under any Swap Agreement, as applicable, to which the Issuer is a party. (e) [Reserved]The Administrator hereby accepts the delegation to it of the obligations of the "Calculation Agent" under the Interest Rate Cap Agreement to which the Issuer is a party. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer’s Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Officers’ Certificate covering such calendar month referred to in Section 3.1(b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved]On the second Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, an Administrator’s Officers’ Certificate containing all information necessary to pay the Servicer the Primary Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.7(b) above. (c) On each Determination Date prior to a Distribution DateDate or such earlier date to the extent required for the Indenture Trustee to make distributions to any Swap Counterparty, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during such Accrual Period, Three-MonthMonth LIBOR, TwoFour-Month and/or OneLIBOR or Five-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Interest Rate Determination Date during such Accrual Period, OneThree-Month LIBOR, Three-Month EURIBOR, GBP-LIBOR, the Commercial Paper Rate, the CMT Rate, the Federal Funds Rate, the 91-day Treasury ▇▇▇▇ Rate, the Prime Rate (in each case only if applicable to any class of Reset Rate Notes during such Accrual Period) or any other rate or index relevant to the payment of interest of any Note, in accordance with the definitions of each such Index. In addition, the Administrator hereby accepts the delegation to it of the obligations of the “Calculation Agent” under any Swap Agreement, as applicable, to which the Issuer is a party. (e) [Reserved]The Administrator hereby agrees to accept the obligations of the “Calculation Agent” under any Swap Agreement to which the Issuer is a party. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer’s Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Officers’ Certificate and the Administrator’s Certificate covering such calendar month referred to in clause (b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Quarterly Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Officers’ Certificate and the Administrator’s Certificate covering such Collection Period calendar month referred to in Section 3.1(cclause (c) below. (b) [Reserved]On the second Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Trustee and the Indenture Trustee, an Officer’s Certificate of the Administrator containing all information necessary to pay the Servicer the Primary Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.07(b). (c) On each Determination Date prior to a Distribution Date, the Administrator shall deliver to the Trustee and the Indenture Trustee, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 2.07 and 2.8 above2.08, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.13.01. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during such Accrual Period, Three-Month, Two-Month and/or One-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, One-Month LIBOR. (e) [Reserved]. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer’s Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Officers’ Certificate covering such calendar month referred to in Section 3.1(b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved]On the second Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, an Administrator’s Officers’ Certificate containing all information necessary to pay the Servicer the Primary Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.7(b) above. (c) On each Determination Date prior to a Distribution DateDate or such earlier date to the extent required for the Indenture Trustee to make distributions to any Swap Counterparty, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates and that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during such Accrual Period, Three-Month, Two-Month and/or OneLIBOR or Four-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Interest Rate Determination Date during such Accrual Period, OneThree-Month LIBOR, Three-Month EURIBOR, GBP-LIBOR, the Commercial Paper Rate, the CMT Rate, the Federal Funds Rate, the 91-day Treasury ▇▇▇▇ Rate, the Prime Rate (in each case only if applicable to the Reset Rate Notes during such Accrual Period) or any other rate or index relevant to the payment of interest of any Note, in accordance with the definitions of each such Index. In addition, the Administrator hereby accepts the delegation to it of the obligations of the “Calculation Agent” under any Swap Agreement, as applicable, to which the Issuer is a party. (e) [Reserved]The Administrator hereby agrees to accept the obligations of the “Calculation Agent” under any Swap Agreement to which the Issuer is a party. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer's Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator's Officers' Certificate covering such calendar month referred to in Section 3.1(b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s 's Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s 's Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved]On the second Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, an Administrator's Officers' Certificate containing all information necessary to pay the Servicer the Primary Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.7(b) above. (c) On each Determination Date prior to a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s 's Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s 's Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s 's Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate Three-Month LIBOR or Two-Month LIBOR, as applicable, for the first Accrual Period and for each subsequent Accrual Period shall calculate, on each LIBOR Determination Date during such Accrual Period, Three-Month, Two-Month and/or One-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, One-Month LIBOR. (e) [Reserved]The Administrator hereby accepts the delegation to it of the obligations of the "Calculation Agent" under the Interest Rate Cap Agreement to which the Issuer is a party, as applicable. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer’s Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Officers’ Certificate and the Administrator’s Certificate covering such calendar month referred to in clause (b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Quarterly Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Officers’ Certificate and the Administrator’s Certificate covering such Collection Period calendar month referred to in Section 3.1(cclause (c) below. (b) [Reserved]On the second Business Day prior to each Monthly Allocation Date that is not a Quarterly Distribution Date, the Administrator shall deliver to the Trustee and the Indenture Trustee, an Officers’ Certificate of the Administrator containing all information necessary to pay the Servicer the Primary Servicing Fee due on such Monthly Allocation Date pursuant to Section 2.07(b) above and to make all other required allocations to the Future Distribution Account set forth in Section 2.06A above. (c) On each Determination Date prior to a Quarterly Distribution Date, the Administrator shall deliver to the Trustee and the Indenture Trustee, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 2.07 and 2.8 2.08 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates that will be applicable to the Quarterly Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.13.01. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during such Accrual Period, Three-Month, Two-Month and/or OneLIBOR or Three-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, One-Month LIBOR. (e) [Reserved]. (f) . The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request. (e) On the second Business Day prior to each Auction Rate Distribution Date that is not a Quarterly Distribution Date, the Administrator shall deliver to the Trustee and the Indenture Trustee, an Administrator’s Certificate containing all information necessary to make the distributions required pursuant to Sections 2.07A above.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer's Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator's Officers' Certificate and the Administrator's Certificate covering such calendar month referred to in clause (b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s 's Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s 's Officers' Certificate and the Administrator's Certificate covering such Collection Period calendar month referred to in Section 3.1(cclause (c) below. (b) [Reserved]On the Second Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Trustee and the Indenture Trustee, an Officer's Certificate of the Administrator containing all information necessary to pay the Servicer the Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.07(b). (c) On each Determination Date prior to a Distribution Date, the Administrator shall deliver to the Trustee and the Indenture Trustee, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s 's Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 2.07 and 2.8 above2.08, if applicable, for the Collection Period preceding the date of such Administrator’s 's Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates and the Certificate Rate that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s 's Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during such Accrual Period, Three-Month, Two-Month and/or One-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, One-Month LIBOR3.01. (e) [Reserved]. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer’s Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Officers’ Certificate and the Administrator’s Certificate covering such calendar month referred to in Section 3.1(b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Officers’ Certificate and the Administrator’s Certificate covering such Collection Period calendar month referred to in Section 3.1(c) below. (b) [Reserved]On the second Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, an Officer’s Certificate of the Administrator containing all information necessary to pay the Servicer the Primary Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.7(b) above. (c) On each Determination Date prior to a Distribution DateDate or earlier to the extent required for the Indenture Trustee to make distributions to any Swap Counterparty, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates and that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during such Accrual Period, Three-Month, Two-Month and/or One-Month LIBOR, as applicable, applicable for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Interest Rate Determination Date during such Accrual Period, OneThree-Month LIBOR, Four-Month LIBOR, Five-Month LIBOR, GBP-LIBOR, the Commercial Paper Rate, the CMT Rate, the Federal Funds Rate, the 91-day Treasury ▇▇▇▇ Rate, the Prime Rate (in each case only if applicable to the Reset Rate Notes during such Accrual Period) or any other rate or index relevant to the payment of interest of any Note, in accordance with the definitions of each such Index. In addition, the Administrator hereby accepts the delegation to it of the obligations of the “Calculation Agent” under any Swap Agreement to which the Trust is a party. (e) [Reserved]The Administrator hereby accepts the delegation to it of the obligations of the “Calculation Agent” under the Interest Rate Cap Agreement to which the Issuer is a party, as applicable. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer’s Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Officers’ Certificate covering such calendar month referred to in Section 3.1(b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved]On the second Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, an Administrator’s Officers’ Certificate containing all information necessary to pay the Servicer the Primary Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.7(b) above. (c) On each Determination Date prior to a Distribution DateDate or such earlier date to the extent required for the Indenture Trustee to make distributions to any Swap Counterparty, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates and that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during such Accrual Period, Three-Month, Month LIBOR or Two-Month and/or OneLIBOR, as applicable, and Three-Month LIBOREURIBOR or Two-Month EURIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Interest Rate Determination Date during such Accrual Period, OneThree-Month LIBOR, Three-Month EURIBOR, GBP-LIBOR, the Commercial Paper Rate, the CMT Rate, the Federal Funds Rate, the 91-day Treasury B▇▇▇ Rate, the Prime Rate (in each case only if applicable to any class of Reset Rate Notes during such Accrual Period) or any other rate or index relevant to the payment of interest of any Note, in accordance with the definitions of each such Index. In addition, the Administrator hereby accepts the delegation to it of the obligations of the “Calculation Agent” under any Swap Agreement, as applicable, to which the Issuer is a party. (e) [Reserved]The Administrator hereby agrees to accept the obligations of the “Calculation Agent” under any Swap Agreement to which the Issuer is a party. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer’s Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Officers’ Certificate covering such calendar month referred to in Section 3.1(b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved]. (c) On each Determination Date the third Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Owner Trustee and the Indenture TrusteeAdministrator, an Administrator’s Officers’ Certificate containing all information necessary to pay the Servicer the Primary Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.7(b) above. (c) On the third Business Day prior to a Distribution Date or such earlier date to the extent required for the Indenture Administrator to make distributions to the Currency Swap Counterparty, the Administrator shall deliver to the Owner Trustee and the Indenture Administrator, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during such Accrual PeriodTwo-Month LIBOR, Three-MonthMonth LIBOR, Two-Month and/or OneEURIBOR and Three-Month LIBOR, as applicable, EURIBOR for the first Accrual Period, Period and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date or EURIBOR Determination Date, as applicable, during such Accrual Period, OneThree-Month LIBORLIBOR and Three-Month EURIBOR. In addition, the Administrator hereby accepts the delegation to it of the obligations of “Calculation Agent” under any of the Currency Swap Agreements, as applicable, to which the Issuer is a party. (e) [Reserved]. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request. (f) At the request of the Rating Agencies, the Indenture Administrator shall send a copy of any Officer’s Certificate and any report referred to in this Section 3.1 to the Rating Agencies.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer’s Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Officers’ Certificate covering such calendar month referred to in Section 3.1(b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved]On the second Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, an Administrative Officers’ Certificate containing all information necessary to pay the Servicer the Primary Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.7(b) above. (c) On each Determination Date prior to a Distribution DateDate or earlier to the extent required for the Indenture Trustee to make distributions to any Swap Counterparty, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate on each Two-month LIBOR Determination Date during such Accrual Period, Three-Month, and Two-Month and/or One-Month LIBOREURIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Interest Rate Determination Date during such Accrual Period, OneThree-Month LIBOR, Three-Month EURIBOR, GBP-LIBOR, the Commercial Paper Rate, the CMT Rate, the Federal Funds Rate, the 91-day Treasury ▇▇▇▇ Rate, the Prime Rate (in each case only if applicable to any class of Reset Rate Notes during such Accrual Period) or any other rate or index relevant to the payment of interest of any Note, in accordance with the definitions of each such Index. In addition, the Administrator hereby accepts the delegation to it of the obligations of the “Calculation Agent” under any Swap Agreement, as applicable, to which the Issuer is a party. (e) [Reserved]The Administrator hereby accepts the delegation to it of the obligations of the “Calculation Agent” under the Interest Rate Cap Agreement to which the Issuer is a party, as applicable. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Quarterly Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved]. (c) On each Determination Date prior to a Quarterly Distribution Date, the Administrator shall deliver to the Indenture Trustee, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates that will be applicable to the Quarterly Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during such Accrual Period, Three-Month, TwoFour-Month LIBOR and/or OneFive-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, OneThree-Month LIBOR. (e) [Reserved]. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee Issuer a Servicer’s Report with respect to the preceding Collection Period containing (i) all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Certificate covering such Collection Period referred to in Section 3.1(c) below, and (ii) a statement as to whether or a not a Rejected Guaranty Claims Trigger Event occurred in respect of that Collection Period, together with reasonably detailed calculations thereof. (b) [Reserved]. (c) On each Determination Date prior to a Distribution Date, the Administrator shall deliver to the Indenture Trustee, with a copy to the Rating Agencies then rating the Notes, an Administrator’s Certificate containing (i) all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate, and (ii) a statement as to whether or a not a Rejected Guaranty Claims Trigger Event occurred in respect of that Collection Period, together with reasonably detailed calculations thereof. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during such Accrual Period, Three-Month, Two-Month and/or One-Month [__]-Month or [__]-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, One-Month LIBOR. (e) [Reserved]. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer’s Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Officers’ Certificate covering such calendar month referred to in Section 3.1(b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all Administration Agreement information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved]On the second Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, an Administrator’s Officers’ Certificate containing all information necessary to pay the Servicer the Primary Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.7(b) above. (c) On each Determination Date prior to a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate calculate, on each the LIBOR Determination Date during such for each Accrual Period, Three-Month, Two-Month and/or One-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, One-Month LIBOR. (e) [Reserved]. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer’s Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Officers’ Certificate covering such calendar month referred to in Section 3.1(b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved]On the second Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, an Administrator’s Officers’ Certificate containing all information necessary to pay the Servicer the Primary Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.7(b) above. (c) On each Determination Date prior to a Distribution DateDate or such earlier date to the extent required for the Indenture Trustee to make distributions to the Currency Swap Counterparty, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Administration Agreement Trustee, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) . Prior to each Determination Date, the Administrator shall determine the Note Rates that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during such Accrual Period, Three-Month, Twothe Four-Month and/or OneLIBOR or Three-Month LIBOR, as applicable, and Four-Month EURIBOR or Three-Month EURIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, OneThree-Month LIBORLIBOR and Three-Month EURIBOR. In addition, the Administrator hereby accepts the delegation to it of the obligations of the “Calculation Agent” under any of the Currency Swap Agreements, as applicable, to which the Issuer is a party. (e) [Reserved]. (fd) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer’s Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Officers’ Certificate covering such calendar month referred to in Section 3.1(b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved]On the third Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Owner Trustee and the Indenture Administrator, an Administrator’s Officers’ Certificate containing all information necessary to pay the Servicer the Primary Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.7(b) above. (c) On each Determination Date the third Business Day prior to a Distribution Date, the Administrator shall deliver to the Owner Trustee and the Indenture TrusteeAdministrator, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates Rate that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate Three-Month LIBOR and Four-Month LIBOR for the first Accrual Period and for each subsequent Accrual Period shall calculate, on each LIBOR Determination Date during such Accrual Period, Three-Month, Two-Month and/or One-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, One-Month LIBOR. (e) [Reserved]. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request. (f) At the request of the Rating Agencies, the Indenture Administrator shall send a copy of any Officer’s Certificate and any report referred to in this Section 3.1 to the Rating Agencies. (g) On or before the sixtieth day following a Distribution Date, and provided that reasonable request therefor has been made on or before such Distribution Date, the Administrator shall provide to any Rating Agency information with respect to a pool of loans representative of the Trust Student Loans as of the last day of the related Collection Period.

Administrator’s Certificate; Servicer’s Report. A. On or before the tenth day of each month (a) or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer's Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator's Officers' Certificate and the Administrator's Certificate covering such calendar month referred to in paragraph B below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s 's Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s 's Officers' Certificate and the Administrator's Certificate covering such Collection Period calendar month referred to in Section 3.1(c) paragraph C below. (b) [Reserved].B. On the 2nd Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, an Officer's Certificate of the Administrator containing all information necessary to pay the Servicer the Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.7B. (c) C. On each Determination Date prior to a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s 's Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above2.8, if applicable, for the Collection Period preceding the date of such Administrator’s 's Certificate. (d) D. Prior to each Determination Date, the Administrator shall determine the Note Rates and the Certificate Rate that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s 's Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during the T-Bill Rate in accordance with the definition thereof and shall also determine the Student Loan Rate with respect to such Accrual Period, Three-Month, Two-Month and/or One-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, One-Month LIBORDistribution Date. (e) [Reserved]. (f) E. The Administrator Administr▇▇▇▇ shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer’s Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Officers’ Certificate covering such calendar month referred to in Section 3.1(b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved]On the second Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, an Administrator’s Officers’ Certificate containing all information necessary to pay the Servicer the Primary Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.7(b) above. (c) On each Determination Date prior to a Distribution DateDate or such earlier date to the extent required for the Indenture Trustee to make distributions to any Swap Counterparty, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates and that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during such Accrual Period, Three-Month, Month LIBOR or Two-Month and/or One-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Interest Rate Determination Date during such Accrual Period, OneThree-Month LIBOR, Three-Month EURIBOR, GBP-LIBOR, the Commercial Paper Rate, the CMT Rate, the Federal Funds Rate, the 91-day Treasury ▇▇▇▇ Rate, the Prime Rate (in each case only if applicable to the Reset Rate Notes during such Accrual Period) or any other rate or index relevant to the payment of interest of any Note, in accordance with the definitions of each such Index. In addition, the Administrator hereby accepts the delegation to it of the obligations of the “Calculation Agent” under any Swap Agreement, as applicable, to which the Issuer is a party. (e) [Reserved]The Administrator hereby agrees to accept the obligations of the “Calculation Agent” under any Swap Agreement to which the Issuer is a party. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer’s Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Officers’ Certificate covering such calendar month referred to in Section 3.1(b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved]On the second Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, an Administrator’s Officers’ Certificate containing all information necessary to pay the Servicer the Primary Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.7(b) above. (c) On each Determination Date prior to a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate Four-Month LIBOR or Five-Month LIBOR, as applicable, for the first Accrual Period and for each subsequent Accrual Period shall calculate, on each LIBOR Determination Date during such Accrual Period, Three-Month, Two-Month and/or One-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, One-Month LIBOR. (e) [Reserved]. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer’s Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Officers’ Certificate covering such calendar month referred to in Section 3.1(b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved]On the second Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, an Administrator’s Officers’ Certificate containing all information necessary to pay the Servicer the Primary Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.7(b) above. (c) On each Determination Date prior to a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates and that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate Three-Month LIBOR or Four-Month LIBOR, as applicable, for the first Accrual Period and for each subsequent Accrual Period shall calculate, on each LIBOR Determination Date during such Accrual Period, Three-Month, Two-Month and/or One-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, One-Month LIBOR. (e) [Reserved]The Administrator hereby accepts the delegation to it of the obligations of the “Calculation Agent” under the Interest Rate Cap Agreement to which the Issuer is a party, as applicable. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Quarterly Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved]. (c) On each Determination Date prior to a Quarterly Distribution Date, the Administrator shall deliver to the Indenture Trustee, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates that will be applicable to the Quarterly Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during such Accrual Period, ThreeOne-Month, Month LIBOR and/or Two-Month and/or One-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, OneThree-Month LIBOR. (e) [Reserved]. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer’s Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Officers’ Certificate and the Administrator’s Certificate covering such calendar month referred to in Section 3.1(b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Officers’ Certificate and the Administrator’s Certificate covering such Collection Period calendar month referred to in Section 3.1(c) below. (b) [Reserved]On the second Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, an Officer’s Certificate of the Administrator containing all information necessary to pay the Servicer the Primary Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.7(b) above. (c) On each Determination Date prior to a Distribution DateDate or earlier to the extent required for the Indenture Trustee to make distributions to any Swap Counterparty, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates and that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during such Accrual Period, Three-Month, Two-Month and/or One-Month LIBOR, as applicable, applicable for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Interest Rate Determination Date during such Accrual Period, OneThree-Month LIBOR, Two-Month LIBOR, GBP-LIBOR, the Commercial Paper Rate, the CMT Rate, the Federal Funds Rate, the 91-day Treasury ▇▇▇▇ Rate, the Prime Rate (in each case only if applicable to the Reset Rate Notes during such Accrual Period) or any other rate or index relevant to the payment of interest of any Note, in accordance with the definitions of each such Index. In addition, the Administrator hereby accepts the delegation to it of the obligations of the “Calculation Agent” under any Swap Agreement to which the Trust is a party. (e) [Reserved]The Administrator hereby accepts the delegation to it of the obligations of the “Calculation Agent” under the Interest Rate Cap Agreement to which the Issuer is a party, as applicable. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before (i) the tenth seventh day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Master Servicer shall (or shall cause each Sub-Servicer to) deliver to the Depositor, the Administrator and, upon request, to the Eligible Lender Trustee and KBUSA a Servicer’s Report with respect to the preceding Collection Period calendar month containing all information necessary for the Administrator to receive in connection with the preparation of the applicable Subsequent Transfer Agreement (including Schedule A thereto), and (ii) the Closing Date or the fifteenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day) or any other Subsequent Transfer Date, the Master Servicer shall (or shall cause each Sub-Servicer to) deliver to the Administrator a Servicer’s Report with respect to the preceding calendar month containing all information necessary for the Administrator’s preparation of the Administrator’s Officer’s Certificate and the Administrator’s Certificate covering such Collection Period calendar month referred to in Section 3.1(cparagraphs (b) and (c) below. (b) [Reserved]On each Determination Date prior to a Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee, the Indenture Trustee, the Securities Insurer, the Depositor, the Swap Counterparty and (if the KBUSA is not the Administrator) KBUSA, an Officer’s Certificate of the Administrator containing all information necessary to pay the Master Servicer the related Master Servicing Fee for each group of Financed Student Loans due on such Monthly Servicing Payment Date pursuant to Sections 5.05(b) and 5.06. In addition, on the Business Day preceding each Subsequent Transfer Date during the Funding Period, the Administrator shall deliver to the Eligible Lender Trustee, the Indenture Trustee, the Securities Insurer, the Depositor and (if KBUSA is not the Administrator) KBUSA, an Officer’s Certificate of the Administrator containing all information necessary to make the transfers from the Group I and Group II Escrow Account, as applicable, and the Group I and Group II Pre-Funding Account, as applicable, on such Subsequent Transfer Date pursuant to Section 5.08. (c) On each Determination Date prior to a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee, the Indenture Trustee, the Securities Insurer, the Swap Counterparty, the Cap Counterparty, the Cap Provider, the Depositor and (if KBUSA is not the Administrator) to KBUSA, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 5.05, 5.06 and 2.8 above5.08(c) and (d), if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. , as well as (dw) Prior with respect to each Determination the Group II Cap Agreement, the amount of any Group II Cap Agreement Payment for such Distribution Date, (x) with respect to the Group I Swap Agreement, the amount of the Net Trust Swap Payment or the Net Trust Swap Receipt (and the related Net Payment or Net Receipt, as applicable), (y) (i) with respect to the Group I Basis Risk Cap Agreement, the amount of any Class I-A-1 Basis Risk Cap Payment, Class I-A-2 Basis Risk Cap Payment and Class I-B Basis Risk Cap Payment, as the case may be, and (ii) with respect to the Group II Basis Risk Cap Agreement, the amount of any Class II-A-1 Basis Risk Cap Payment, Class II-A-2 Basis Risk Cap Payment, Class II-A-3 Basis Risk Cap Payment and Class II-B Basis Risk Cap Payment for such Distribution Date, as the case may be, and (z) with respect to the Group II Insured Notes, the amount of any Deficiency Amount and any Preference Amounts, as applicable. In addition, the Administrator shall determine the Note Rates that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver to the Indenture Trustee any required Group II Insured Notes Guaranty Insurance Policy Notice to permit the Indenture Trustee to make a claim for an Administrator’s Certificate Insured Payment with respect to such Distribution Date under the Group II Insured Notes Guaranty Insurance Policy. All Group I and/or Group II Student Loans to be repurchased by the Depositor (or KBUSA on such Determination Date pursuant to this Section 3.1. In connection therewith, its behalf) or purchased by the Master Servicer (or a Sub-Servicer on its behalf) or acquired by any Guarantor shall be identified by the Administrator shall calculate on each LIBOR Determination Date during by type of loan and borrower social security number with respect to such Accrual PeriodGroup I or Group II Student Loan (as specified in Schedule ▇-▇, Three▇-Month▇, Two▇-Month and/or One▇-Month LIBOR▇, ▇-▇-▇, ▇-▇-▇ or B-2-B, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, One-Month LIBORcase may be). (e) [Reserved]. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Quarterly Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved].. Administration Agreement (c) On each Determination Date prior to a Quarterly Distribution Date, the Administrator shall deliver to the Indenture Trustee, with a copy to the Rating Agencies then rating the Notes, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates that will be applicable to the Quarterly Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during such Accrual Period, Three-Month, Two-Month and/or OneLIBOR and Four-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, OneThree-Month LIBOR. (e) [Reserved]. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), the Servicer shall deliver to the Administrator a Servicer's Report with respect to the preceding month containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator's Officers' Certificate and the Administrator's Certificate covering such calendar month referred to in Section 3.1(b) below. On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to the Eligible Lender Trustee a Servicer’s 's Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s 's Officers' Certificate and the Administrator's Certificate covering such Collection Period calendar month referred to in Section 3.1(c) below. (b) [Reserved]On the second Business Day prior to each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, an Officer's Certificate of the Administrator containing all information necessary to pay the Servicer the Primary Servicing Fee due on such Monthly Servicing Payment Date pursuant to Section 2.7(b) above. (c) On each Determination Date prior to a Distribution DateDate or earlier to the extent required for the Indenture Trustee to make distributions to any Swap Counterparty, the Administrator shall deliver to the Eligible Lender Trustee and the Indenture Trustee, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s 's Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s 's Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates and that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s 's Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during such Accrual Period, Three-Month, Two-Month and/or One-Month LIBOR, as applicable, applicable for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Interest Rate Determination Date during such Accrual Period, OneThree-Month LIBOR, Four-Month LIBOR, GBP-LIBOR, the Commercial Paper Rate, the CMT Rate, the Federal Funds Rate, the 91-day Treasury ▇▇▇▇ Rate, the Prime Rate (in each case only if applicable to the Reset Rate Notes during such Accrual Period) or any other rate or index relevant to the payment of interest of any Note, in accordance with the definitions of each such Index. In addition, the Administrator hereby accepts the delegation to it of the obligations of the "Calculation Agent" under any Swap Agreement to which the Trust is a party. (e) [Reserved]The Administrator hereby accepts the delegation to it of the obligations of the "Calculation Agent" under the Interest Rate Cap Agreement to which the Issuer is a party, as applicable. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before (i) the tenth seventh day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Master Servicer shall (or shall cause each Sub-Servicer to) deliver to the Administrator and, upon request, to the Eligible Lender Trustee Seller a Servicer’s 's Report with respect to the preceding Collection Period calendar month containing all information necessary for the preparation of the applicable Transfer Agreement (including Schedule A), and (ii) the Closing Date or the fifteenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day) or any other Transfer Date, the Master Servicer shall (or shall cause each Sub-Servicer to) deliver to the Administrator a Servicer's Report with respect to receive in connection with the preceding calendar month containing all information necessary for the Administrator's preparation of the Administrator’s 's Officer's Certificate and the Administrator's Certificate covering such Collection Period calendar month referred to in Section 3.1(cparagraphs (b) and (c) below. (b) [Reserved]On each Determination Date prior to a Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee, the Indenture Trustee and (if the Seller is not the Administrator) the Seller, an Officer's Certificate of the Administrator containing all information necessary to pay the Master Servicer the Master Servicing Fee due on such Monthly Servicing Payment Date pursuant to Sections 5.05(b) and 5.06. In addition, on the Business Day preceding each Transfer Date during the Funding Period, the Administrator shall deliver to the Eligible Lender Trustee, the Indenture Trustee, and (if the Seller is not the Administrator) the Seller, an Officer's Certificate of the Administrator containing all information necessary to make the transfers from the Escrow Account and the Pre-Funding Account on such Transfer Date pursuant to Section 5.08. (c) On each Determination Date prior to a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee, the Indenture TrusteeTrustee and (if the Seller is not the Administrator) the Seller, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s 's Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 5.05, 5.06 and 2.8 above5.08(c)(i) and (ii), if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. 's Certificate as well as the amount of any Class A-1 Cap Payment, Class A-2 Cap Payment, Class M Cap Payment and Certificate Cap Payment for such Distribution Date. Financed Student Loans to be repurchased by the Seller (dwhether pursuant to Section 2.03 or 3.02), purchased by the Master Servicer (or a Sub-Servicer on its behalf) Prior to each Determination Date, or acquired by any Guarantor shall be identified by the Administrator shall determine the Note Rates that will be applicable by type of loan and borrower social security number with respect to the Distribution Date following such Determination Date, Financed Student Loan (as specified in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during such Accrual Period, Three-Month, Two-Month and/or One-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, One-Month LIBORSchedule A). (e) [Reserved]. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before (i) the tenth seventh day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Master Servicer shall (or shall cause each Sub-Servicer to) deliver to the Depositor, the Administrator and, upon request, to the Eligible Lender Trustee and KBUSA a Servicer’s Report with respect to the preceding Collection Period calendar month containing all information necessary for the Administrator to receive in connection with the preparation of the applicable Subsequent Transfer Agreement (including Schedule A thereto), and (ii) the Closing Date or the fifteenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day) or any other Subsequent Transfer Date, the Master Servicer shall (or shall cause each Sub-Servicer to) deliver to the Administrator a Servicer’s Report with respect to the preceding calendar month containing all information necessary for the Administrator’s preparation of the Administrator’s Officer’s Certificate and the Administrator’s Certificate covering such Collection Period calendar month referred to in Section 3.1(cparagraphs (b) and (c) below. (b) [Reserved]On each Determination Date prior to a Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee, the Indenture Trustee, the Depositor and (if the KBUSA is not the Administrator) KBUSA, an Officer’s Certificate of the Administrator containing all information necessary to pay the Master Servicer the related Master Servicing Fee for each group of Financed Student Loans due on such Monthly Servicing Payment Date pursuant to Sections 5.05(b) and 5.06, as well as any Campus Door Fees payable to the Master Servicer on such Monthly Servicing Payment Date. In addition, on the Business Day preceding each Subsequent Transfer Date during the Funding Period, the Administrator shall deliver to the Eligible Lender Trustee, the Indenture Trustee, the Depositor and (if KBUSA is not the Administrator) KBUSA, an Officer’s Certificate of the Administrator containing all information necessary to make the transfers from the Group I and Group II Escrow Account, as applicable, and the Group I and Group II Pre-Funding Account, as applicable, on such Subsequent Transfer Date pursuant to Section 5.08. (c) On each Determination Date prior to a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee, the Indenture Trustee, the Paying Agent, the Depositor and (if KBUSA is not the Administrator) to KBUSA, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 5.05, 5.06 and 2.8 above5.08(c) and (d), if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. . All Group I and/or Group II Student Loans to be repurchased by the Depositor (dor KBUSA on its behalf) Prior to each Determination Date, or purchased by the Master Servicer (or a Sub-Servicer on its behalf) or acquired by any Guarantor shall be identified by the Administrator shall determine the Note Rates that will be applicable by type of loan and borrower social security number with respect to the Distribution Date following such Determination DateGroup I or Group II Student Loan (as specified in Schedule ▇-▇, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith▇-▇, the Administrator shall calculate on each LIBOR Determination Date during such Accrual Period▇-▇ ▇, Three-Month▇ ▇ ▇, Two-Month and/or One-Month LIBOR▇ 2 A or B 2 B, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, One-Month LIBORcase may be). (e) [Reserved]. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before (i) the tenth seventh day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Master Servicer shall (or shall cause each Sub-Servicer to) deliver to the Depositor, the Administrator and, upon request, to the Eligible Lender Trustee and KBUSA a Servicer’s 's Report with respect to the preceding Collection Period calendar month containing all information necessary for the preparation of the applicable Subsequent Transfer Agreement (including Schedule A thereto), and (ii) the Closing Date or the fifteenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day) or any other Subsequent Transfer Date, the Master Servicer shall (or shall cause each Sub-Servicer to) deliver to the Administrator a Servicer's Report with respect to receive in connection with the preceding calendar month containing all information necessary for the Administrator's preparation of the Administrator’s 's Officer's Certificate and the Administrator's Certificate covering such Collection Period calendar month referred to in Section 3.1(cparagraphs (b) and (c) below. (b) [Reserved]On each Determination Date prior to a Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee, the Indenture Trustee, the Securities Insurer, the Depositor, the Swap Counterparty and (if the KBUSA is not the Administrator) KBUSA, an Officer's Certificate of the Administrator containing all information necessary to pay the Master Servicer the related Master Servicing Fee for each group of Financed Student Loans due on such Monthly Servicing Payment Date pursuant to Sections 5.05(b) and 5.06. In addition, on the Business Day preceding each Subsequent Transfer Date during the Funding Period, the Administrator shall deliver to the Eligible Lender Trustee, the Indenture Trustee, the Securities Insurer, the Depositor and (if KBUSA is not the Administrator) KBUSA, an Officer's Certificate of the Administrator containing all information necessary to make the transfers from the Group I and Group II Escrow Account, as applicable, and the Group I and Group II Pre-Funding Account, as applicable, on such Subsequent Transfer Date pursuant to Section 5.08. (c) On each Determination Date prior to a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee, the Indenture Trustee, the Securities Insurer, the Swap Counterparty, the Depositor and (if KBUSA is not the Administrator) to KBUSA, with a copy to the Rating Agencies then rating the NotesAgencies, an Administrator’s 's Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 5.05, 5.06 and 2.8 above5.08(c) and (d), if applicable, for the Collection Period preceding the date of such Administrator’s 's Certificate. , as well as (dx) Prior with respect to each Determination of the Interest Rate Swaps, the amount of the related Net Trust Swap Payment or the related Net Trust Swap Receipt (and the related Net Payment or Net Receipt, as applicable), (y) (i) with respect to the Group I Cap Agreement, the amount of any Class I-A-1 Cap Payment, Class I-A-2 Cap Payment and Class I-B Cap Payment, as the case may be, and (ii) with respect to the Group II Cap Agreement, the amount of any Class II-A-1 Cap Payment and Class II-A-2 Cap Payment for such Distribution Date, as the case may be, and (z) with respect to the Group II Notes, the amount of any Deficiency Amount and any Preference Amounts, as applicable. In addition, the Administrator shall determine the Note Rates that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver to the Indenture Trustee any required Group II Notes Guaranty Insurance Policy Notice to permit the Indenture Trustee to make a claim for an Administrator’s Certificate Insured Payment with respect to such Distribution Date under the Group II Notes Guaranty Insurance Policy. All Group I and/or Group II Student Loans to be repurchased by the Depositor (or KBUSA on such Determination Date pursuant to this Section 3.1. In connection therewith, its behalf) or purchased by the Master Servicer (or a Sub-Servicer on its behalf) or acquired by any Guarantor shall be identified by the Administrator shall calculate on each LIBOR Determination Date during by type of loan and borrower social security number with respect to such Accrual PeriodGroup I or Group II Student Loan (as specified in Schedule ▇-▇, Three▇-Month▇, Two▇-Month and/or One▇-Month LIBOR▇, ▇-▇-▇, ▇-▇-▇ or B-2-B, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, One-Month LIBORcase may be). (e) [Reserved]. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.

Administrator’s Certificate; Servicer’s Report. (a) On or before the tenth day (or, if any such day is not a Business Day, on the next succeeding Business Day), preceding each Distribution Date the Servicer shall deliver to the Administrator and, upon request, to and the Eligible Lender Trustee a Servicer’s Report with respect to the preceding Collection Period containing all information necessary for the Administrator to receive in connection with the preparation of the Administrator’s Certificate covering such Collection Period referred to in Section 3.1(c) below. (b) [Reserved]. (c) On each Determination Date prior to a Distribution Date, the Administrator shall deliver to the Indenture Trustee, with a copy to the Rating Agencies then rating the Notes, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 2.7 and 2.8 above, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate. (d) Prior to each Determination Date, the Administrator shall determine the Note Rates that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to this Section 3.1. In connection therewith, the Administrator shall calculate on each LIBOR Determination Date during such Accrual Period, ThreeOne-Month, Month LIBOR and Two-Month and/or One-Month LIBOR, as applicable, for the first Accrual Period, and for each subsequent Accrual Period shall calculate, as applicable, on each LIBOR Determination Date during such Accrual Period, One-Month LIBOR. (e) [Reserved]. (f) The Administrator shall furnish to the Issuer from time to time such information regarding the Collateral as the Issuer shall reasonably request.