Common use of Statements to Noteholders Clause in Contracts

Statements to Noteholders. On each Payment Date, the Trustee shall include with each distribution to each Noteholder, a statement prepared by the Servicer (which statement shall also be provided by the Servicer to the Rating Agency) and based on information in the Servicer's Certificate delivered on the related Determination Date pursuant to Section 3.6, setting forth for the Quarterly Period related to such Payment Date the following information: (i) the amount of such distribution allocable to interest with respect to the Class A-1 Notes, the Class A-2 Notes, the Class B Notes and the Class C Notes, as applicable; (ii) the amount of such distribution allocable to principal with respect to the Class A-1 Notes, the Class A-2 Notes, the Class B Notes and the Class C Notes, as applicable; (iii) the amount in the Reserve Account (after giving effect to distributions made on such Payment Date); (iv) the Class A-1 Note Balance, the Class A-2 Note Balance, the Class B Note Balance, the Class C Note Balance and the Maximum Outstanding Note Principal Balance (after giving effect to distributions made on such Payment Date); (v) the Class A-1 Interest Carryover Shortfall, the Class A-2 Interest Carryover Shortfall, the Class B Interest Carryover Shortfall and the Class C Interest Carryover Shortfall, and the change in such amounts from the preceding statement; (vi) the amount of fees and expenses paid under clauses (i), (ii) and (xi) of Section 4.4 by the Trustee with respect to such Quarterly Period; (vii) the Note Pool Factor for the Class A-1 Notes, the Class A-2 Notes, the Class B Notes and the Class C Notes (after giving effect to distributions made on such Payment Date); (viii) the amount of collections on the Receivables during such Quarterly Period; (ix) the amounts paid for purchases or repurchases of Receivables pursuant to Sections 2.5 and 3.4 during such Quarterly Period, the aggregate Split Commissions Amount paid during such Quarterly Period and any other amounts paid during such Quarterly Period as a result of the benefits under any insurance policy related to any Receivable being paid in full, including termination, satisfaction, exchange or surrender thereof or the mortality of the insured thereunder; and (x) the details of any Event of Default or Payout Trigger occurring during such Quarterly Period or continuing during such Quarterly Period and the actions that the Servicer has taken and proposes to take with respect thereto. Each amount set forth pursuant to subclauses (i) through (iii) above may be expressed as a dollar amount per $1,000 of original principal balance of a Note of the related class or subclass. Each statement shall also contain a reminder that (i) each Noteholder is required to be a Qualified Purchaser that purchased the Notes for its own account (and not the account of others) or as a fiduciary or agent for the account of another Qualified Purchaser (ii) any reoffer, resale, pledge or other transfer of the Notes must be to such a Qualified Purchaser and otherwise in accordance with the requirements of the Indenture and (iii) the Issuer has the right to repurchase any Note not owned by a Qualified Purchaser.

Statements to Noteholders. On The Indenture Trustee (based upon information received from the Servicer) will make available via its internet website on each Payment Date, the Trustee shall include Date concurrently with each distribution to each Noteholderthe Noteholders, to the Servicer, the Noteholders and the Insurer a statement prepared by the Servicer (which statement shall also be provided by the Servicer setting forth among other items with respect to the Rating Agency) and based on information in the Servicer's Certificate delivered on the related Determination Date pursuant to Section 3.6, setting forth for the Quarterly Period related to such Payment Date the following informationNotes: (i) the amount of such distribution allocable to interest with respect being distributed to the Class A-1 Notes, the Class A-2 Notes, the Class B Notes and the Class C Notes, as applicable; (ii) the amount of interest included in such distribution allocable to principal with respect to the Class A-1 Notes, the Class A-2 Notes, the Class B Notes and the Class C Notes, as applicableNote Rate; (iii) the amount, if any, of overdue accrued interest included in such distribution (and the amount in the Reserve Account (after giving effect to distributions made on such Payment Dateof interest thereon); (iv) the Class A-1 Note Balanceamount, if any, of the Class A-2 Note Balance, the Class B Note Balance, the Class C Note Balance and the Maximum Outstanding Note Principal Balance (remaining overdue accrued interest after giving effect to distributions made on such Payment Date)distribution; (v) the Class A-1 Interest Carryover Shortfallamount, the Class A-2 Interest Carryover Shortfallif any, the Class B Interest Carryover Shortfall and the Class C Interest Carryover Shortfall, and the change of principal included in such amounts from the preceding statementdistribution; (vi) the amount of fees and expenses paid under clauses (i), (ii) and (xi) of Section 4.4 by the Trustee with respect to Servicing Fee for such Quarterly PeriodPayment Date; (vii) the Note Pool Factor for the Class A-1 Notesrelated principal balance, the Class A-2 Notes, the Class B Notes and the Class C Notes (after giving effect to distributions made on such Payment Date)distribution; (viii) the amount related initial Pool Balance and the related Pool Balance as of collections on the Receivables during such Quarterly end of the preceding Collection Period; (ix) the amounts paid for purchases number and aggregate Principal Balance of Mortgage Loans that were (A) delinquent (exclusive of Mortgage Loans in bankruptcy or repurchases foreclosure or properties acquired by the Trust by deed in lieu of Receivables pursuant foreclosure) (1) 30 to Sections 2.5 59 days, (2) 60 to 89 days, (3) 90 to 119 days, (4) 120 to 149 days, (5) 150 to 179 days, (6) 180 to 269 days and 3.4 during such Quarterly Period(7) 270 or more days, (B) in foreclosure, (C) in bankruptcy and (D) properties acquired by the aggregate Split Commissions Amount paid during such Quarterly Period and any other amounts paid during such Quarterly Period Trust by deed in lieu of foreclosure; (A) cumulative losses as a result percentage of original Pool Balance, (B) cumulative losses as a percentage of current Pool Balance and (C) the twelve-month rolling average of cumulative losses as a percentage of original Pool Balance; (xi) the three-month rolling average of Mortgage Loans that are 60 days or more delinquent; (xii) the book value of any real estate which is acquired by the Trust through foreclosure or grant of deed in lieu of foreclosure; (xiii) the amount of any draws on the Policy;; (xiv) whether the related Payment Date will fall during the Managed Amortization Period or the Rapid Amortization Period; (xv) whether a Rapid Amortization Event has occurred during the related Collection Period; (xvi) the amount, if any, of any Relief Act Shortfalls incurred during the related Collection Period; (xvii) the outstanding principal balance of the benefits under three Mortgage Loans in with the largest outstanding principal balance; (xviii) whether an Event of Servicing Termination or an Insurer Default has occurred; (xix) the amount, if any, of Additional Balances created during the related Collection Period; (xx) whether the Managed Amortization Period has ended and the Rapid Amortization Period has begun; (xxi) the Specified Overcollateralization Amount; (xxii) the Overcollateralization Amount, after giving effect to payments on such Payment Date; (xxiii) the amount of any insurance policy servicing advances made by the Servicer during the related to any Receivable being paid in full, including termination, satisfaction, exchange or surrender thereof or the mortality of the insured thereunderCollection Period; and (xxxiv) the details amount, if any, of any Event interest shortfalls relating to prepayments during the related Collection Period. In the case of Default or Payout Trigger occurring during such Quarterly Period or continuing during such Quarterly Period and the actions that the Servicer has taken and proposes to take with respect thereto. Each amount set forth information furnished pursuant to subclauses clauses (i) through ii), (iii), (iv) above may and (v) above, the amounts shall be expressed as a dollar amount per Class A Note with a $1,000 denomination. The Indenture Trustee will make the reports referred to above (and, at its option, any additional files containing the same information in an alternative format) available each month to Noteholders, the Insurer, the Sponsor and the Servicer via the Indenture Trustee's internet website, which is presently located at www.mbsreporting.com. Any such persons that are unable to use this website are entitled to have a paper copy of original principal balance such information sent to them via facsimile by faxing a request to the Indenture Trustee at (212) 815-3986. If the Insurer requests a paper copy of a Note such in▇▇▇▇▇▇▇▇▇, ▇ ▇aper copy shall be sent to the Insurer each month without the need for any additional request. The Indenture Trustee shall have the right to change the manner in which the reports referred to in this section are distributed in order to make such distribution more convenient and/or more accessible to the Noteholders, the Insurer, the Sponsor and the Servicer. The Indenture Trustee will provide timely and adequate notification to all such parties regarding any such change to the method of distribution of the related class or subclassreports. Each statement report provided to the Insurer (either via the Indenture Trustee's website or a paper copy) pursuant to this Section 8.8 shall also contain a reminder that additionally report: (a) the total amount of funds received as Insured Amounts or Preference Amounts for such Payment Date, separately stating the portions used to pay principal and interest components of the Deficiency Amount; (b) the cumulative amount of Insured Amounts or Preference Amounts paid by the Insurer through such Payment Date; and (c) other information as the Insurer may reasonably request from time to time. Within 60 days after the end of each calendar year, the Servicer shall prepare or cause to be prepared and shall forward to the Indenture Trustee the information set forth in clauses (i) each Noteholder is required to be a Qualified Purchaser that purchased the Notes for its own account (and not the account of others) or as a fiduciary or agent for the account of another Qualified Purchaser (ii) any reoffer, resale, pledge or other transfer above aggregated for such calendar year. Such obligation of the Notes must Servicer shall be deemed to such have been satisfied to the extent that substantially comparable information shall be provided by the Servicer or a Qualified Purchaser and otherwise in accordance with the Note Paying Agent pursuant to any requirements of the Indenture and (iii) the Issuer has the right to repurchase any Note not owned by a Qualified PurchaserCode.

Statements to Noteholders. On (a) With respect to each Payment Date, the Indenture Trustee shall include with each distribution deliver to each Certificateholder, Noteholder, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement prepared by setting forth the Servicer (which statement shall also be provided by following information as to each Class of Notes and the Servicer Class B-2 Certificates, to the Rating Agency) and based on information in the Servicer's Certificate delivered on the related Determination Date pursuant to Section 3.6, setting forth for the Quarterly Period related to such Payment Date the following informationextent appli cable: (i) the aggregate amount of such distribution allocable to interest collections with respect to the Class A-1 Notes, the Class A-2 Notes, the Class B Notes and the Class C Notes, as applicableMortgage Loans; (ii) the amount of Interest Remittance Amount and Principal Remittance Amount payable to the Noteholders and Class B-2 Certificateholders for such distribution allocable to principal Payment Date and the Net Monthly Excess Cash Flow for such Payment Date, and the aggregate Unpaid Interest Shortfall with respect to the each Class A-1 Notes, the Class A-2 Notes, the Class B of Notes and the Class C Notes, as applicableB-2 Certificates for such Payment Date and all prior Payment Dates; (iii) (a) the amount in of such distribution to the Reserve Account Holders of such Class applied to reduce the Note Principal Balance or Certificate Principal Balance thereof, and (after giving effect to distributions made on such Payment Date)b) the aggregate amount included therein representing Principal Prepayments; (iv) the amount of such distribution to Holders of such Class A-1 Note Balance, the Class A-2 Note Balance, the Class B Note Balance, the Class C Note Balance and the Maximum Outstanding Note Principal Balance (after giving effect of Notes or Certificates allocable to distributions made on such Payment Date)interest; (v) if the distribution to the Holders of such Class A-1 Interest Carryover Shortfallof Notes or Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the Class A-2 Interest Carryover Shortfall, amount of the Class B Interest Carryover Shortfall and the Class C Interest Carryover Shortfall, and the change in such amounts from the preceding statementshortfall; (vi) the amount number and Pool Principal Balance of fees and expenses paid under clauses (i), (ii) and (xi) the Mortgage Loans after giving effect to the distribution of Section 4.4 by the Trustee with respect to principal on such Quarterly PeriodPayment Date; (vii) the aggregate Note Pool Factor for Principal Balance of each Class of the Class A-1 Notes, the Class A-2 Notes, the Class B Notes and the Certificate Principal Balance of the Class C Notes (B-2 Certificates, after giving effect to distributions made the amounts distributed on such Payment Date), separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal; (viii) the amount number and aggregate Principal Balances of collections Mortgage Loans (a) as to which the Monthly Payment is delinquent for 30-59 days, 60-89 days, 90 or more days, respectively, (b) in foreclosure and (c) that have become REO Property, in each case as of the end of the preceding Collection Period; PROVIDED, HOWEVER, that such information will not be provided on the Receivables during such Quarterly Periodstatements relating to the first Payment Date; (ix) the Required Overcollateralization Amount and Overcollateralization Amount, in each case after giving effect to the amounts paid for purchases or repurchases of Receivables pursuant to Sections 2.5 and 3.4 during such Quarterly Period, distributed on the aggregate Split Commissions Amount paid during such Quarterly Period and any other amounts paid during such Quarterly Period as a result of the benefits under any insurance policy related to any Receivable being paid in full, including termination, satisfaction, exchange or surrender thereof or the mortality of the insured thereunder; andPayment Date; (x) the details amount of any Event of Default or Payout Trigger occurring during such Quarterly Period or continuing during such Quarterly Period Advances and Compensating Interest payments; (xi) the actions that the Servicer has taken and proposes to take aggregate Realized Losses with respect thereto. Each amount set forth to the related Payment Date and cumulative Realized Losses since the Closing Date; (xii) the occurrence of the Credit Support Depletion Date; (xiii) the number and aggregate Principal Balance of Mortgage Loans repurchased pursuant to subclauses the Mortgage Loan Purchase Agreement for the related Payment Date and cumulatively since the Closing Date; (ixiv) through the Delinquency Percentage and Rolling Delinquency Percentage for such Payment Date; (xv) the amount of any Prepayment Interest Shortfalls or Relief Act Shortfalls for such Payment Date; and (xvi) the aggregate Principal Balance of Mortgage Loans purchased pursuant to Section 3.18 of the Servicing Agreement for the related Payment Date and cumulatively since the Closing Date. Items (iii), (iv) and (v) above may shall be expressed as a dollar amount per $1,000 of original principal balance presented on the basis of a Note having a $1,000 denomination. In addition, by January 31 of each calendar year following any year during which the related class or subclass. Each statement Notes are outstanding, the Indenture Trustee shall also contain furnish a reminder that (i) report to each Noteholder is required of record if so requested in writing at any time during each calendar year as to be a Qualified Purchaser that purchased the aggregate of amounts reported pursuant to (iii), (iv) and (v) with respect to the Notes for its own account (and not such calendar year. The Indenture Trustee may conclusively rely upon the account of others) or as a fiduciary or agent for Determination Date Report provided by the account of another Qualified Purchaser (ii) any reoffer, resale, pledge or other transfer Master Servicer pursuant to Section 4.01 of the Notes must be Servicing Agreement in its preparation of its Statement to such a Qualified Purchaser and otherwise in accordance with the requirements of the Indenture and (iii) the Issuer has the right to repurchase any Note not owned by a Qualified PurchaserNoteholders.

Statements to Noteholders. On (a) With respect to each Payment Date, the Trustee Securities Administrator shall include with each distribution make available via the Securities Administrator’s website, initially located at w▇▇.▇▇▇▇▇▇▇.▇▇▇, to each NoteholderNoteholder and each Certificateholder, the Depositor, the Issuer, the Seller, the Owner Trustee, the Certificate Paying Agent and the Rating Agencies, a statement prepared by setting forth the Servicer (which statement shall also be provided by the Servicer following information as to the Rating Agency) and based on information in Notes, to the Servicer's Certificate delivered on the related Determination Date pursuant to Section 3.6, setting forth for the Quarterly Period related to such Payment Date the following informationextent applicable: (i) the amount of such distribution allocable to interest with respect to the Class A-1 NotesAvailable Funds, the Basis Risk Shortfall Carryover Amount on each Class A-2 of Notes (other than the Privately Offered Notes, the Class B Notes ) for such Payment Date and the aggregate Net Interest Shortfall on each Class C Notes, as applicableof Notes for such Payment Date; (ii) (a) the amount of such distribution allocable to principal with respect to each Class of Notes (other than the Class A-1 X Notes) applied to reduce the Note Principal Balance thereof, and (b) the Class A-2 Notes, the Class B Notes and the Class C Notes, as applicableaggregate amount included therein representing Principal Prepayments; (iii) the amount in the Reserve Account (after giving effect of such distribution to distributions made on such Payment Date)Holders of each Class of Notes allocable to interest; (iv) the Class A-1 Note Balance, amount of any distribution to the Class A-2 Note Balance, the Class B Note Balance, the Class C Note Balance and the Maximum Outstanding Note Principal Balance (after giving effect to distributions made on such Payment Date)Certificates; (v) if the distribution to the Holders of any Class A-1 Interest Carryover Shortfallof Notes is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the Class A-2 Interest Carryover Shortfall, amount of the Class B Interest Carryover Shortfall and the Class C Interest Carryover Shortfall, and the change in such amounts from the preceding statementshortfall; (vi) the amount number and the aggregate Scheduled Principal Balance of fees and expenses paid under clauses (i), (ii) and (xi) the Mortgage Loans as of Section 4.4 by the Trustee with respect to such Quarterly end of the related Due Period; (vii) the aggregate Note Pool Factor for the Principal Balance of each Class A-1 of Notes, the Class A-2 Notes, the Class B Notes and the Class C Notes (after giving effect to distributions made the amounts distributed on such Payment Date), separately identifying any reduction thereof due to Realized Losses and the aggregate Note Principal Balance of the Notes after giving effect to the distribution of principal on such Payment Date; (viii) the amount number and aggregate Scheduled Principal Balance of collections on Mortgage Loans (a) as to which the Receivables during such Quarterly PeriodMonthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in foreclosure and (c) that have become REO Property, in each case as of the end of the preceding calendar month; (ix) the amounts paid for purchases or repurchases amount of Receivables pursuant to Sections 2.5 any Monthly Advances and 3.4 during such Quarterly Period, the aggregate Split Commissions Amount paid during such Quarterly Period and any other amounts paid during such Quarterly Period as a result of the benefits under any insurance policy related to any Receivable being paid in full, including termination, satisfaction, exchange or surrender thereof or the mortality of the insured thereunder; andCompensating Interest payments; (x) the details aggregate Realized Losses with respect to the related Payment Date and cumulative Realized Losses since the Closing Date; (xi) the number and aggregate Scheduled Principal Balance of Mortgage Loans repurchased pursuant to the Mortgage Loan Purchase Agreement for the related Payment Date and cumulatively since the Closing Date; (xii) the book value (if available) of any Event REO Property; (xiii) the amount of Default any Prepayment Interest Shortfalls or Payout Trigger occurring during Relief Act Shortfalls for such Quarterly Period or continuing during such Quarterly Period and Payment Date; and (xiv) the actions that the Servicer has taken and proposes to take with respect thereto. Each amount set forth aggregate Scheduled Principal Balance of Mortgage Loans purchased pursuant to subclauses (i) through Section 2.19 of the Servicing Agreement for the related Payment Date and cumulatively since the Closing Date. Items (iii) and (iv) above may shall be expressed as a dollar amount per $1,000 of original principal balance presented on the basis of a Note having a $1,000 denomination. In addition, by January 31 of each calendar year following any year during which the related class or subclass. Each statement Notes are outstanding, the Securities Administrator shall also contain furnish a reminder that (i) report to each Noteholder is required of record if so requested in writing at any time during each calendar year as to be a Qualified Purchaser that purchased the aggregate of amounts reported pursuant to (iii) and (iv) with respect to the Notes for its own account (and not such calendar year. The Securities Administrator may conclusively rely upon the account of others) or as a fiduciary or agent for information provided by the account of another Qualified Purchaser (ii) any reoffer, resale, pledge or other transfer of Master Servicer to the Notes must be to such a Qualified Purchaser and otherwise Securities Administrator in accordance with the requirements Section 2.02 of the Indenture Servicing Agreement in its preparation of monthly statements to Noteholders. The Securities Administrator will make the monthly statements provided for in this section (and, at its option, any additional files containing the same information in an alternative format) available each month to Noteholders, each Noteholder and each Certificateholder, the Depositor, the Issuer, the Seller, the Owner Trustee, the Certificate Paying Agent and the Rating Agency via the Securities Administrator’s website. The Securities Administrator’s website shall initially be located at “w▇▇.▇▇▇▇▇▇▇.▇▇▇.” Assistance in using the website can be obtained by calling the Securities Administrator’s customer service desk at (iii▇▇▇) ▇▇▇-▇▇▇▇. Parties that are unable to use the Issuer has website are entitled to have a paper copy mailed to them via first class mail by calling the Securities Administrator’s customer service desk and indicating such. The Securities Administrator may have the right to repurchase change the way the monthly statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any Note such changes. The Securities Administrator shall be entitled to rely on but shall not owned be responsible for the content or accuracy of any information provided by a Qualified Purchaserthird parties for purposes of preparing the monthly statement, and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).

Statements to Noteholders. (i) On each Determination Date preceding a Quarterly Payment Date, the Trustee Administrator shall include provide to the Indenture Trustee, the Subordinate Note Insurer and the Swap Counterparty (with each distribution to each Noteholder, a statement prepared by the Servicer (which statement shall also be provided by the Servicer copy to the Rating AgencyAgencies) and based for the Indenture Trustee to forward on information such succeeding Quarterly Payment Date to each Noteholder of record a statement substantially in the Servicer's Certificate delivered on the related Determination Date pursuant to Section 3.6, form of Exhibit B setting forth for the Quarterly Period related to such Payment Date at least the following informationinformation as to the Notes: (iA) the amount of such distribution allocable to principal of the Notes, the amount thereof distributable as principal of the Class A-1 Notes, the Class A-2 Notes and the Subordinate Notes, and the amount thereof attributable to the Principal Distribution Amount and the amount thereof attributable to Reserve Account Excess; (B) the amount of the distribution allocable on such Quarterly Payment Date to interest on the Class A-1 Notes; (C) the amount of the distribution allocable on such Quarterly Payment Date to interest on the Class A-2 Notes; (D) the amount of the distribution allocable on such Quarterly Payment Date to interest on the Subordinate Notes; (E) the amount, if any, of such distribution allocable to any Senior Noteholders' Interest Basis Carryover and any Subordinate Noteholders' Interest Basis Carryover, together with respect any remaining outstanding amount of each thereof; (F) the Pool Balance as of the close of business on the last day of the preceding Collection Period, after giving effect to payments allocated to principal reported under clause (A) above; (G) the aggregate outstanding principal amount of the Class A-1 Notes, the Class A-2 Notes, the Subordinate Notes, the Class B A-1 Note Pool Factor, the Class A-2 Note Pool Factor and the Subordinate Note Pool Factor as of such Quarterly Payment Date, after giving effect to payments allocated to principal reported under clause (A) above; (H) the Note Rate applicable with respect to each distribution referred to in clauses (B), (C) and (D) above, indicating whether such interest rate was calculated based on the Student Loan Rate or based on the LIBOR Note Rate and specifying what each such Note Rate would have been using the alternate basis for such calculation; (I) the amount of the Servicing Fee paid to the Servicer on such Quarterly Payment Date and on each Monthly Payment Date following the immediately preceding Quarterly Payment Date including a breakdown of the components of the Servicing Fee attributable to each of the items specified in clauses II(i) through (ix) of Section 3.06 of the Servicing Agreement and the amount of any Servicing Fee Shortfall for such Quarterly Payment Date and for each Monthly Payment Date following the immediately preceding Quarterly Payment Date; (J) the amount of the Administration Fee paid to the Administrator on such Quarterly Payment Date and on each Monthly Payment Date following the immediately preceding Quarterly Payment Date; (K) the Trust Swap Payment Amount paid to the Swap Counterparty on such Quarterly Payment Date, the amount of any Net Trust Swap Payment Carryover Shortfall for such Quarterly Payment Date, the Trust Swap Receipt Amount paid to the Trust on such Quarterly Payment Date and the amount of any Net Trust Swap Receipt Carryover Shortfall for such Quarterly Payment Date; (L) the Subordinate Note Insurance Policy Premium paid to the Subordinate Note Insurer on such Quarterly Payment Date and the amount of any overdue Subordinate Note Insurance Policy Premiums for such Quarterly Payment Date; (M) the amount of the aggregate Realized Losses, if any, for such Collection Period and the balance of Financed Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (N) the balance of the Reserve Account on such Quarterly Payment Date, after giving effect to changes therein on such Quarterly Payment Date and indicating whether on such Quarterly Payment Date or any Monthly Payment Date since the preceding Quarterly Payment Date any withdrawal was made therefrom pursuant to Section 2(e)(iv), the amount of each such withdrawal and the purpose(s) pursuant to Section 2(e)(iv) for each such withdrawal; (O) the amount of any Insured Payment being made to Noteholders on such Quarterly Payment Date and the amount of such Insured Payment allocable on such Quarterly Payment Date to interest on the Subordinate Notes and to principal of the Class C Subordinate Notes, as applicable; (P) for Quarterly Payment Dates during the Revolving Period, the amount deposited into the Collateral Reinvestment Account during the related Collection Period and on the immediately preceding Quarterly Payment Date, and the amount on deposit therein after giving effect to changes therein on such Quarterly Payment Date; (Q) for the Quarterly Payment Date on or immediately following the end of the Revolving Period, the amount remaining on deposit in the Collateral Reinvestment Account that has not been used to make Additional Fundings; (i) the principal balance and number of Consolidation Loans originated on behalf of the Issuer during the related Collection Period, (ii) the amount principal balance and number of such distribution allocable to Add-on Consolidation Loans the principal with respect balances of which have been added to the Class A-1 Notes, Trust during the Class A-2 Notes, the Class B Notes related Collection Period and the Class C Notes, as applicable; (iii) the amount withdrawn from the Collateral Reinvestment Account to prepay Student Loans not held by the Issuer that were consolidated through such origination (or addition, in the Reserve Account (after giving effect to distributions made case of Add-on Consolidation Loans) with one or more Financed Student Loans during such Payment Date); (iv) the Class A-1 Note Balance, the Class A-2 Note Balance, the Class B Note Balance, the Class C Note Balance and the Maximum Outstanding Note Principal Balance (after giving effect to distributions made on such Payment Date); (v) the Class A-1 Interest Carryover Shortfall, the Class A-2 Interest Carryover Shortfall, the Class B Interest Carryover Shortfall and the Class C Interest Carryover Shortfall, and the change in such amounts from the preceding statement; (vi) the amount of fees and expenses paid under clauses (i), (ii) and (xi) of Section 4.4 by the Trustee with respect to such Quarterly Collection Period; (viiS) the Note Pool Factor for principal balance and number of Serial Loans conveyed to the Class A-1 Notes, Issuer during the Class A-2 Notes, the Class B Notes and the Class C Notes (after giving effect to distributions made on such Payment Date); (viii) the amount of collections on the Receivables during such Quarterly Period; (ix) the amounts paid for purchases or repurchases of Receivables pursuant to Sections 2.5 and 3.4 during such Quarterly related Collection Period, the aggregate Split Commissions Amount paid Loan Purchase Amounts thereof and the portion thereof attributable to Purchase Premium Amounts; (T) for Quarterly Payment Dates during such Quarterly Period the Revolving Period, the principal balance and any other amounts paid number of New Loans conveyed to the Issuer during such Quarterly Period as a result of the benefits under any insurance policy related Collection Period, the aggregate Loan Purchase Amounts thereof and the portion thereof attributable to any Receivable being paid in full, including termination, satisfaction, exchange or surrender thereof or the mortality of the insured thereunderPurchase Premium Amounts; and (xU) the details number and principal balance of any Event Financed Student Loans, as of Default the end of the related Collection Period, that are In-School, Grace, Repayment, Deferral, Forbearance or Payout Trigger occurring during such Quarterly Period or continuing during such Quarterly Period Consolidation Loans as of the end of the related Collection Period, and the actions that the Servicer has taken a breakdown by number and proposes to take with respect theretoprincipal balance of Financed Student Loans, by school type, interest rate and loan program. Each amount set forth pursuant to subclauses clauses (iA), (B), (C), (D) through and (iiiE) above may shall be expressed as a dollar amount per $1,000 of original principal balance amount of a Note Note. A copy of the related class or subclass. Each statement shall also contain statements referred to above may be obtained by any Note Owner by a reminder that (i) each Noteholder is required written request to be a Qualified Purchaser that purchased the Notes for its own account (and not the account of others) or as a fiduciary or agent for the account of another Qualified Purchaser (ii) any reoffer, resale, pledge or other transfer of the Notes must be to such a Qualified Purchaser and otherwise in accordance with the requirements of the Indenture and (iii) Trustee addressed to the Issuer has the right to repurchase any Note not owned by a Qualified PurchaserCorporate Trust Office.

Statements to Noteholders. On each Payment Determination Date preceding a Distribution Date, pursuant to the Administration Agreement the Administrator shall provide to the Indenture Trustee shall include (with each distribution a copy to the Owner Trustee and the Rating Agencies) for the Indenture Trustee to forward on such succeeding Distribution Date to each Noteholder, holder of record of the Notes and the Liquidity Provider a statement prepared by setting forth at least the Servicer (which statement shall also be provided by the Servicer following information as to the Rating Agency) and based on information in Notes, to the Servicer's Certificate delivered on the related Determination Date pursuant to Section 3.6, setting forth for the Quarterly Period related to such Payment Date the following informationextent applicable: (i1) the amount of such the distribution allocable to principal of each Class of Notes; (2) the amount of the distribution allocable to interest on each Class of Notes (including, with respect to the Class A-1 Notes, the Class A-2 Notes, the Class B Notes and the Class C Notes, as applicablethe portion allocable to Noteholders’ Interest Carryover Shortfall), together with the interest rates applicable with respect thereto; (ii3) the amount Pool Balance as of such distribution allocable to principal with respect to the Class A-1 Notesclose of business on the last day of the preceding Collection Period, the Class A-2 Notes, the Class B Notes and the Class C Notes, as applicable; (iii) the amount in the Reserve Account (after giving effect to distributions made on such Payment Date)the related payments allocated to principal reported under clause (1) above; (iv4) the aggregate outstanding principal balance of each Class A-1 Note Balanceof Notes as of such Distribution Date, the Class A-2 Note Balance, the Class B Note Balance, the Class C Note Balance and the Maximum Outstanding Note Principal Balance (after giving effect to distributions made on such Payment Date)related payments allocated to principal reported under clause (1) above; (v5) the Class A-1 Interest Carryover Shortfall, the Class A-2 Interest Carryover Shortfall, the Class B Interest Carryover Shortfall and the Class C Interest Carryover Shortfall, and the change in such amounts from the preceding statement; for each Distribution Date (viA) the amount of fees and expenses paid under clauses to the Indenture Trustee and the Owner Trustee; (i)B) the amount of the Servicing Fee and expenses paid to the Servicers; (C) the amount of fees paid to ▇▇▇▇; (D) the amount of the Administration Fee and expenses paid to the Administrator, (iiE) the amount of the Back-Up Administration Fee and expenses paid to the Back-Up Administrator, and (xiF) the amount of Section 4.4 by the Trustee fees and expenses payable to the Liquidity Provider, and, in each case, with respect to such Quarterly Collection Period, together with the amount, if any, remaining unpaid after giving effect to all such payments; (6) for each Distribution Date, the amount of the aggregate Realized Losses for the Financed Student Loans, if any, for such Collection Period and the balance of the Financed Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (vii7) the Note Pool Factor for balance of the Class A-1 NotesReserve Account on such Distribution Date, the Class A-2 Notes, the Class B Notes and the Class C Notes (after giving effect to distributions made changes therein on such Payment Distribution Date); (viii8) the amounts withdrawn from the Reserve Account on such Distribution Date; (9) the amounts drawn under the Liquidity Note Agreement on such Distribution Date; (10) the Liquidity Note Commitment; (11) the amount of collections the distribution allocable to interest on the Receivables during such Quarterly PeriodLiquidity Note; (ix12) the amounts paid for purchases or repurchases of Receivables pursuant to Sections 2.5 and 3.4 during such Quarterly Period, the aggregate Split Commissions Amount paid during such Quarterly Period and any other amounts paid during such Quarterly Period as a result amount of the benefits distribution allocable to principal on the Liquidity Note; (13) the Liquidity Note Balance as of such Distribution Date, after giving effect to draws under the Liquidity Note Agreement and payments allocated to principal reported under clause (12) above; (14) the amount of any insurance policy related Advance with respect to any Receivable being paid in full, including termination, satisfaction, exchange or surrender thereof or such Distribution Date; (15) the mortality of amount transferred to the insured thereunder▇▇▇▇ Pledge Fund to acquire Rehabilitated Student Loans with respect to such Distribution Date; and (x16) the details amount of any Event of Default or Payout Trigger occurring during such Quarterly Period or continuing during such Quarterly Period and the actions that the Servicer has taken and proposes distribution allocable to take with respect theretoPrepayment Penalties. Each amount set forth pursuant to subclauses clauses (i1), (2), (3), (5) through and (iii6) above may shall be expressed as a dollar amount per $1,000 50,000 of original principal balance Original Principal Balance of a Note Note. A copy of the related class or subclass. Each statement shall also contain statements referred to above may be obtained by any Note Owner by a reminder that (i) each Noteholder is required written request to be a Qualified Purchaser that purchased the Notes for its own account (and not the account of others) or as a fiduciary or agent for the account of another Qualified Purchaser (ii) any reoffer, resale, pledge or other transfer of the Notes must be to such a Qualified Purchaser and otherwise in accordance with the requirements of the Indenture and (iii) Trustee addressed to the Issuer has the right to repurchase any Note not owned by a Qualified PurchaserCorporate Trust Office.

Statements to Noteholders. On (a) With respect to each Payment Date, the Trustee Securities Administrator shall include with each distribution make available to each NoteholderNoteholder and each Certificateholder, the Depositor, the Owner Trustee, the Indenture Trustee, the Certificate Paying Agent and each Rating Agency, a statement prepared by setting forth the Servicer (which statement shall also be provided by the Servicer following information as to the Rating Agency) and based on information in Notes, to the Servicer's Certificate delivered on the related Determination Date pursuant to Section 3.6, setting forth for the Quarterly Period related to such Payment Date the following informationextent applicable: (i) the amount Note Principal Balance of each Class of Notes immediately prior to such distribution allocable to interest with respect to the Class A-1 Notes, the Class A-2 Notes, the Class B Notes and the Class C Notes, as applicablePayment Date; (ii) the amount Available Funds and Net Monthly Excess Cash Flow payable to each Class of Noteholders for such distribution allocable to principal with respect to the Class A-1 NotesPayment Date, the Class A-2 Notes, the Class B Notes and the Basis Risk Shortfall Carry- Forward Amount on each Class C Notes, as applicableof Notes for such Payment Date; (iii) the amount in of such distribution to each Class of Class A, Class M-1 and Class M-2 Notes applied to reduce the Reserve Account (after giving effect to distributions made on such Payment Date)Note Principal Balance thereof; (iv) the amount of such distribution to Holders of each Class A-1 Note Balance, the Class A-2 Note Balance, the Class B Note Balance, the Class C Note Balance of Notes allocable to interest and the Maximum Outstanding aggregate amount of Accrued Note Principal Balance (after giving effect Interest with respect to distributions made on such Payment Date)each Class during the related Accrual Period; (v) the Note Rates for each Class A-1 Interest Carryover Shortfall, the Class A-2 Interest Carryover Shortfall, the Class B Interest Carryover Shortfall and the Class C Interest Carryover Shortfall, and the change in of Notes with respect to such amounts from the preceding statementPayment Date; (vi) the amount Note Principal Balance of fees and expenses paid under clauses (i), (ii) and (xi) each Class of Section 4.4 by the Trustee with respect Notes immediately after to such Quarterly PeriodPayment Date; (vii) the Note Pool Factor for amount of such distribution to the Class A-1 Notes, the Class A-2 Notes, the Class B Notes and the Class C Notes (after giving effect to distributions made on such Payment Date)Certificates; (viii) the amount number and the aggregate Scheduled Principal Balance of collections on the Receivables during such Quarterly Mortgage Loans as of the end of the related Due Period; (ix) the amounts paid for purchases or repurchases amount of Receivables pursuant to Sections 2.5 Scheduled Principal and 3.4 during such Quarterly PeriodPrincipal Prepayments, (including but separately identifying the principal amount of Principal Prepayments, Insurance Proceeds, the aggregate Split Commissions Amount paid purchase price in connection with the purchase of Mortgage Loans, cash deposits in connection with substitutions of Mortgage Loans and Excess Liquidation Proceeds) and the number and principal balance of Mortgage Loans purchased or substituted for during such Quarterly Period the relevant period and any other amounts paid during such Quarterly Period as a result of cumulatively since the benefits under any insurance policy related to any Receivable being paid in full, including termination, satisfaction, exchange or surrender thereof or the mortality of the insured thereunder; andCut-off Date; (x) the details aggregate Note Principal Balance of each Class of Notes, after giving effect to the amounts distributed on such Payment Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal and the aggregate Note Principal Balance of all of the Class A, Class M-1 and Class M-2 Notes after giving effect to the distribution of principal on such Payment Date; (xi) information regarding any Mortgage Loan delinquencies as of the end of the related Prepayment Period, including the aggregate number and aggregate Outstanding Principal Balance of Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of the close of business on the last Business Day of the immediately preceding month; (xii) the Overcollateralization Increase Amount, Overcollateralization Target Amount and Overcollateralized Amount, if any, in each case as the end of the related Payment Date; (xiii) the amount of any Event of Default Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Master Servicer or Payout Trigger occurring during such Quarterly Period or continuing during such Quarterly Period and Servicer; (xiv) the actions that the Servicer has taken and proposes to take aggregate Realized Losses with respect thereto. Each amount set forth pursuant to subclauses the related Payment Date and cumulative Realized Losses since the Closing Date; (xv) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) through the loan number, (iiiii) above may be expressed the Scheduled Principal Balance of such Mortgage Loan as a dollar amount per $1,000 of original principal balance the Cut-off Date, (ii) the Scheduled Principal Balance of a Note such Mortgage Loan as of the beginning of the related class or subclass. Each statement shall also contain a reminder that (i) each Noteholder is required to be a Qualified Purchaser that purchased the Notes for its own account (and not the account of others) or as a fiduciary or agent for the account of another Qualified Purchaser (ii) any reofferDue Period, resale, pledge or other transfer of the Notes must be to such a Qualified Purchaser and otherwise in accordance with the requirements of the Indenture and (iii) the Issuer has Excess Liquidation Proceeds with respect to such Mortgage Loan and (iv) the amount of the Realized Loss with respect to such Mortgage Loan; (xvi) the number and aggregate Scheduled Principal Balance of Mortgage Loans repurchased pursuant to the Mortgage Loan Purchase Agreement for the related Payment Date and cumulatively since the Closing Date determined in the aggregate; (xvii) the number and aggregate Outstanding Principal Balance of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period; (xviii) the book value (the sum of (A) the Outstanding Principal Balance of the Mortgage Loan, (B) accrued interest through the date of foreclosure and (C) foreclosure expenses) of any REO Property; provided that, in the event that such information is not available to the Securities Administrator on the Payment Date, such information shall be furnished promptly after it becomes available; (xix) the Average Loss Severity Percentage; (xx) the number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the aggregate Outstanding Principal Balance of such Mortgage Loans; (xxi) the amount of any Interest Shortfalls less any Compensating Interest paid by the Servicer or Master Servicer to cover Interest Shortfalls for such Payment Date; and (xxii) the aggregate Scheduled Principal Balance of Mortgage Loans purchased pursuant to Section 3.21 of the Sale and Servicing Agreement for the related Payment Date and cumulatively since the Closing Date. In addition, by January 31 of each calendar year following any year during which the Notes are outstanding, the Securities Administrator shall furnish a report to each Noteholder of record if so requested in writing at any time during each calendar year as to the aggregate of amounts reported pursuant to (iii) and (iv) with respect to the Notes for such calendar year. The Securities Administrator may conclusively rely upon the information provided by the Master Servicer pursuant to Section 3.01 of the Sale and Servicing Agreement in its preparation of monthly statements to Noteholders. In addition, the Securities Administrator shall furnish statements to Certificateholders on each Payment Date in accordance with Section 5.04 of the Trust Agreement. The Securities Administrator may make available each month, to any interested party, the monthly statement to Noteholders via the Securities Administrator's website initially located at "▇▇▇.▇▇▇▇▇▇▇.▇▇▇." Assistance in using the website can be obtained by calling the Securities Administrator's customer service desk at (▇▇▇) ▇▇▇-▇▇▇▇. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first class mail by calling the Securities Administrator's customer service desk and indicating such. The Securities Administrator shall have the right to repurchase change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Securities Administrator shall provide timely and adequate notification to all parties regarding any Note not owned by a Qualified Purchasersuch change. To the extent timely received from the Securities Administrator, the Indenture Trustee will also make monthly statements available each month to Noteholders and Certificateholders via the Indenture Trustee's internet website. The Indenture Trustee's internet website will initially be located at ▇▇▇▇▇://▇▇▇.▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇.▇▇▇/invr.

Statements to Noteholders. (i) On each Determination Date preceding a Quarterly Payment Date, the Administrator shall provide to the Indenture Trustee shall include and the Swap Counterparty (with each distribution to each Noteholder, a statement prepared by the Servicer (which statement shall also be provided by the Servicer copy to the Rating AgencyAgencies) and based for the Indenture Trustee to forward on information such succeeding Quarterly Payment Date to each Noteholder of record a statement substantially in the Servicer's Certificate delivered on the related Determination Date pursuant to Section 3.6, form of Exhibit B setting forth for the Quarterly Period related to such Payment Date at least the following informationinformation as to the Notes: (iA) the amount of such distribution allocable to principal of the Notes, the amount thereof distributable as principal of the Class A-1 Notes, the Class A-2 Notes and the Subordinate Notes, and the amount thereof attributable to the Principal Distribution Amount and the amount thereof attributable to Reserve Account Excess; (B) the amount of the distribution allocable on such Quarterly Payment Date to interest on the Class A-1 Notes; (C) the amount of the distribution allocable on such Quarterly Payment Date to interest on the Class A-2 Notes; (D) the amount of the distribution allocable on such Quarterly Payment Date to interest on the Subordinate Notes; (E) the amount, if any, of such distribution allocable to any Senior Noteholders' Interest Basis Carryover and any Subordinate Noteholders' Interest Basis Carryover, together with respect any remaining outstanding amount of each thereof; (F) the Pool Balance as of the close of business on the last day of the preceding Collection Period, after giving effect to payments allocated to principal reported under clause (A) above; (G) the aggregate outstanding principal amount of the Class A-1 Notes, the Class A-2 Notes, the Subordinate Notes, the Class B Notes A-1 Note Pool Factor, the Class A-2 Note Pool Factor and the Class C NotesSubordinate Note Pool Factor as of such Quarterly Payment Date, as applicableafter giving effect to payments allocated to principal reported under clause (A) above; (H) the Note Rate applicable with respect to each distribution referred to in clauses (B), (C) and (D) above, indicating whether such interest rate was calculated based on the Adjusted Student Loan Rate or based on the Class A-1 Note LIBOR Rate, Class A-2 Note LIBOR Rate or Subordinate Note LIBOR Rate and specifying what each such Note Rate would have been using the alternate basis for such calculation; (I) the amount of the Servicing Fee paid to the Servicer on such Quarterly Payment Date and on each Monthly Payment Date following the immediately preceding Quarterly Payment Date including a breakdown of the components of the Servicing Fee attributable to each of the items specified in clauses II(i) through (ix) of Section 3.06 of the Servicing Agreement and the amount of any Servicing Fee Shortfall for such Quarterly Payment Date and for each Monthly Payment Date following the immediately preceding Quarterly Payment Date; (J) the amount of the Administration Fee paid to the Administrator on such Quarterly Payment Date and on each Monthly Payment Date following the immediately preceding Quarterly Payment Date; (K) the Trust Swap Payment Amount paid to the Swap Counterparty on such Quarterly Payment Date, the amount of any Net Trust Swap Payment Carryover Shortfall for such Quarterly Payment Date, the Trust Swap Receipt Amount paid to the Trust on such Quarterly Payment Date and the amount of any Net Trust Swap Receipt Carryover Shortfall for such Quarterly Payment Date; (L) Reserved; (M) the amount of the aggregate Realized Losses, if any, for such Collection Period and the balance of Financed Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (N) the balance of the Reserve Account on such Quarterly Payment Date, after giving effect to changes therein on such Quarterly Payment Date and indicating whether on such Quarterly Payment Date or any Monthly Payment Date since the preceding Quarterly Payment Date any withdrawal was made therefrom pursuant to Section 2(e)(iv), the amount of each such withdrawal and the purpose(s) pursuant to Section 2(e)(iv) for each such withdrawal; (O) for the October 1999 Quarterly Payment Date, the principal balance and number of Delayed Delivery Loans, if any, conveyed to the Issuer during the related Collection Period, the aggregate Loan Purchase Amounts thereof and the portion thereof attributable to Purchase Premium Amounts; (P) for Quarterly Payment Dates during the Revolving Period, the amount deposited into the Collateral Reinvestment Account during the related Collection Period and on the immediately preceding Quarterly Payment Date, and the amount on deposit therein after giving effect to changes therein on such Quarterly Payment Date; (Q) for the Quarterly Payment Date on or immediately following the end of the Revolving Period, the amount remaining on deposit in the Collateral Reinvestment Account that has not been used to make Additional Fundings; (i) the principal balance and number of Consolidation Loans originated on behalf of the Issuer during the related Collection Period, (ii) the amount principal balance and number of such distribution allocable to Add-on Consolidation Loans the principal with respect balances of which have been added to the Class A-1 Notes, Trust during the Class A-2 Notes, the Class B Notes related Collection Period and the Class C Notes, as applicable; (iii) the amount withdrawn from the Collateral Reinvestment Account to prepay Student Loans not held by the Issuer that were consolidated through such origination (or addition, in the Reserve Account (after giving effect to distributions made case of Add-on Consolidation Loans) with one or more Financed Student Loans during such Payment Date); (iv) the Class A-1 Note Balance, the Class A-2 Note Balance, the Class B Note Balance, the Class C Note Balance and the Maximum Outstanding Note Principal Balance (after giving effect to distributions made on such Payment Date); (v) the Class A-1 Interest Carryover Shortfall, the Class A-2 Interest Carryover Shortfall, the Class B Interest Carryover Shortfall and the Class C Interest Carryover Shortfall, and the change in such amounts from the preceding statement; (vi) the amount of fees and expenses paid under clauses (i), (ii) and (xi) of Section 4.4 by the Trustee with respect to such Quarterly Collection Period; (viiS) the Note Pool Factor for principal balance and number of Serial Loans conveyed to the Class A-1 Notes, Issuer during the Class A-2 Notes, the Class B Notes and the Class C Notes (after giving effect to distributions made on such Payment Date); (viii) the amount of collections on the Receivables during such Quarterly Period; (ix) the amounts paid for purchases or repurchases of Receivables pursuant to Sections 2.5 and 3.4 during such Quarterly related Collection Period, the aggregate Split Commissions Amount paid Loan Purchase Amounts thereof and the portion thereof attributable to Purchase Premium Amounts; (T) for Quarterly Payment Dates during such Quarterly Period the Revolving Period, the principal balance and any other amounts paid number of New Loans conveyed to the Issuer during such Quarterly Period as a result of the benefits under any insurance policy related Collection Period, the aggregate Loan Purchase Amounts thereof and the portion thereof attributable to any Receivable being paid in full, including termination, satisfaction, exchange or surrender thereof or the mortality of the insured thereunderPurchase Premium Amounts; and (xU) the details number and principal balance of any Event Financed Student Loans, as of Default the end of the related Collection Period, that are In-School, Grace, Repayment, Deferral, Forbearance or Payout Trigger occurring during such Quarterly Period or continuing during such Quarterly Period Consolidation Loans as of the end of the related Collection Period, and the actions that the Servicer has taken a breakdown by number and proposes to take with respect theretoprincipal balance of Financed Student Loans, by school type, interest rate and loan program. Each amount set forth pursuant to subclauses clauses (iA), (B), (C), (D) through and (iiiE) above may shall be expressed as a dollar amount per $1,000 of original principal balance amount of a Note Note. A copy of the related class or subclass. Each statement shall also contain statements referred to above may be obtained by any Note Owner by a reminder that (i) each Noteholder is required written request to be a Qualified Purchaser that purchased the Notes for its own account (and not the account of others) or as a fiduciary or agent for the account of another Qualified Purchaser (ii) any reoffer, resale, pledge or other transfer of the Notes must be to such a Qualified Purchaser and otherwise in accordance with the requirements of the Indenture and (iii) Trustee addressed to the Issuer has the right to repurchase any Note not owned by a Qualified PurchaserCorporate Trust Office.

Statements to Noteholders. On (a) With respect to each Payment Date, the Trustee Securities Administrator shall include with each distribution make available to each NoteholderNoteholder and each Certificateholder, the Depositor, the Owner Trustee, the Indenture Trustee, the Certificate Paying Agent, the Swap Provider and each Rating Agency, a statement prepared by setting forth the Servicer (which statement shall also be provided by the Servicer following information as to the Rating Agency) and based on information in Notes, to the Servicer's Certificate delivered on the related Determination Date pursuant to Section 3.6, setting forth for the Quarterly Period related to such Payment Date the following informationextent applicable: (i) the amount Note Principal Balance of each Class of Notes immediately prior to such distribution allocable to interest with respect to the Class A-1 Notes, the Class A-2 Notes, the Class B Notes and the Class C Notes, as applicablePayment Date; (ii) the amount of such distribution allocable to principal Group 1 Available Funds, Group 2 Available Funds and Net Monthly Excess Cashflow, with respect to the Group 1 Loans and Group 2 Loans payable to each Class A-1 Notesof Noteholders for such Payment Date, the Class A-2 Notes, the Class B Notes and the Basis Risk Shortfall Carry-Forward Amount on each Class C Notes, as applicableof Notes for such Payment Date; (iii) the amount in of such distribution to each Class of Notes applied to reduce the Reserve Account (after giving effect to distributions made on such Payment Date)Note Principal Balance thereof; (iv) the amount of such distribution to Holders of each Class A-1 Note Balance, the Class A-2 Note Balance, the Class B Note Balance, the Class C Note Balance of Notes allocable to interest and the Maximum Outstanding aggregate amount of Accrued Note Principal Balance (after giving effect Interest with respect to distributions made on such Payment Date)each Class during the related Accrual Period; (v) the Note Rates for each Class A-1 Interest Carryover Shortfall, the Class A-2 Interest Carryover Shortfall, the Class B Interest Carryover Shortfall and the Class C Interest Carryover Shortfall, and the change in of Notes with respect to such amounts from the preceding statementPayment Date; (vi) the amount Note Principal Balance of fees and expenses paid under clauses (i), (ii) and (xi) each Class of Section 4.4 by the Trustee with respect to Notes immediately after such Quarterly PeriodPayment Date; (vii) the Note Pool Factor amount for distribution to the Class A-1 Notes, the Class A-2 Notes, the Class B Notes and the Class C Notes (after giving effect to distributions made on such Payment Date)Certificates; (viii) the amount number and the aggregate Scheduled Principal Balance of collections on the Receivables during such Quarterly Mortgage Loans as of the end of the related Due Period; (ix) the amounts paid for purchases or repurchases amount of Receivables pursuant to Sections 2.5 Scheduled Principal and 3.4 during such Quarterly PeriodPrincipal Prepayments, (including but separately identifying the principal amount of Principal Prepayments, Insurance Proceeds, the purchase price in connection with the purchase of Mortgage Loans, cash deposits in connection with substitutions of Mortgage Loans and Excess Liquidation Proceeds) and the number and principal balance of Mortgage Loans purchased or substituted for during the relevant period and cumulatively since the Cut-off Date in the aggregate Split Commissions Amount paid during such Quarterly Period and any other amounts paid during such Quarterly Period as a result of the benefits under any insurance policy related to any Receivable being paid in full, including termination, satisfaction, exchange or surrender thereof or the mortality of the insured thereunder; andseparately for Loan Group 1 and Loan Group 2; (x) the details aggregate Note Principal Balance of each Class of Notes, after giving effect to the amounts distributed on such Payment Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal and the aggregate Note Principal Balance of the Notes after giving effect to the distribution of principal on such Payment Date; (xi) information regarding any Mortgage Loan delinquencies as of the end of the related Prepayment Period, including the aggregate number and aggregate Outstanding Principal Balance of Mortgage Loans (a) delinquent 30 to 59 days on a contractual basis, (b) delinquent 60 to 89 days on a contractual basis, and (c) delinquent 90 or more days on a contractual basis, in each case as of the close of business on the last Business Day of the immediately preceding month, determined in the aggregate and separately for Loan Group 1 and Loan Group 2; (xii) the Overcollateralization Increase Amount, Overcollateralization Target Amount, the Overcollateralization Release Amount and Overcollateralized Amount, if any, in each case as of the related Payment Date, in each case as determined separately for each Loan Group; (xiii) the amount of any Event of Default Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Master Servicer or Payout Trigger occurring during such Quarterly Period or continuing during such Quarterly Period and Servicer; (xiv) the actions that the Servicer has taken and proposes to take aggregate Realized Losses with respect thereto. Each amount set forth pursuant to subclauses the related Payment Date and cumulative Realized Losses since the Closing Date; (xv) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (i) through the loan number, (iiiii) above may be expressed the Scheduled Principal Balance of such Mortgage Loan as a dollar amount per $1,000 of original principal balance the Cut-off Date, (ii) the Scheduled Principal Balance of a Note such Mortgage Loan as of the beginning of the related class or subclass. Each statement shall also contain a reminder that (i) each Noteholder is required to be a Qualified Purchaser that purchased the Notes for its own account (and not the account of others) or as a fiduciary or agent for the account of another Qualified Purchaser (ii) any reofferDue Period, resale, pledge or other transfer of the Notes must be to such a Qualified Purchaser and otherwise in accordance with the requirements of the Indenture and (iii) the Issuer has Excess Liquidation Proceeds with respect to such Mortgage Loan, (iv) the right Loan Group and (v) the amount of the Realized Loss with respect to repurchase such Mortgage Loan; (xvi) the number and aggregate Scheduled Principal Balance of Mortgage Loans repurchased by the Seller pursuant to the Mortgage Loan Purchase Agreement for the related Payment Date and cumulatively since the Closing Date; (xvii) the number and aggregate Outstanding Principal Balance of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period, determined in the aggregate and separately for each Loan Group; (xviii) the book value (the sum of (A) the Outstanding Principal Balance of the Mortgage Loan, (B) accrued interest through the date of foreclosure and (C) foreclosure expenses) of any Note REO Property; provided that, in the event that such information is not owned available to the Securities Administrator on the Payment Date, such information shall be furnished promptly after it becomes available; (xix) the Average Loss Severity Percentage; (xx) the number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the aggregate Outstanding Principal Balance of such Mortgage Loans, determined in the aggregate and separately for each Loan Group; (xxi) the amount of any Interest Shortfalls less any Compensating Interest paid by the Servicer or Master Servicer to cover Interest Shortfalls for such Payment Date; (xxii) the aggregate Scheduled Principal Balance of Mortgage Loans purchased by the Servicer pursuant to Section 3.21 of the Sale and Servicing Agreement for the related Payment Date and cumulatively since the Closing Date; (xxiii) the aggregate Scheduled Principal Balance of defaulted Mortgage Loans sold by the Servicer pursuant to Section 3.13 of the Sale and Servicing Agreement or Sections 4.03, 4.17 and 4.18 of the MortgageIT Servicing Agreement for the related Payment Date and cumulatively since the Closing Date; (xxiv) the amount, if any, required to be paid under either of the Yield Maintenance Agreement for such Payment Date; (xxv) the amount of any Net Swap Payment made to the Trust, any Net Swap Payment made to the Swap Provider, any Swap Termination Payment made to the Trust and any Swap Termination Payment made to the Swap Provider, in each case as set forth in Section 8.09. In addition, by January 31 of each calendar year following any year during which the Notes are outstanding, the Securities Administrator shall furnish a Qualified Purchaserreport to each Noteholder of record if so requested in writing at any time during each calendar year as to the aggregate of amounts reported pursuant to (iii) and (iv) with respect to the Notes for such calendar year. The Securities Administrator may conclusively rely upon the information provided by the Master Servicer pursuant to Section 3.01 of the Sale and Servicing Agreement, by the Swap Provider under the Swap Agreements and by the Yield Maintenance Provider under the Yield Maintenance Agreement in its preparation of monthly statements to Noteholders. In addition, the Securities Administrator shall make available statements to Certificateholders on each Payment Date in accordance with Section 5.04 of the Trust Agreement.

Statements to Noteholders. On (a) With respect to each Payment Date, the Trustee Securities Administrator shall include with each distribution make available via the Securities Administrator's website, initially located at www.ctslink.com, to each NoteholderNotehold▇▇ ▇▇▇ ▇▇▇▇ ▇▇rtificateholder, the Depositor, the Issuer, the Seller, the Owner Trustee, the Certificate Paying Agent and the Rating Agencies, a statement prepared by setting forth the Servicer (which statement shall also be provided by the Servicer following information as to the Rating Agency) and based on information in Notes, to the Servicer's Certificate delivered on the related Determination Date pursuant to Section 3.6, setting forth for the Quarterly Period related to such Payment Date the following informationextent applicable: (i) the amount of such distribution allocable to interest with respect to the Class A-1 NotesAvailable Funds, the Basis Risk Shortfall Carryover Amount on each Class A-2 Notes, the of Class B A Notes for such Payment Date and the aggregate Net Interest Shortfall on each Class C Notes, as applicableof Notes for such Payment Date; (iia) the amount of such distribution allocable to principal with respect to each Class of Notes (other than the Class A-1 X Notes) applied to reduce the Note Principal Balance thereof, and (b) the Class A-2 Notes, the Class B Notes and the Class C Notes, as applicableaggregate amount included therein representing Principal Prepayments; (iii) the amount in the Reserve Account (after giving effect of such distribution to distributions made on such Payment Date)Holders of each Class of Notes allocable to interest; (iv) the Class A-1 Note Balance, amount of any distribution to the Class A-2 Note Balance, the Class B Note Balance, the Class C Note Balance and the Maximum Outstanding Note Principal Balance (after giving effect to distributions made on such Payment Date)Certificates; (v) if the distribution to the Holders of any Class A-1 Interest Carryover Shortfallof Notes is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the Class A-2 Interest Carryover Shortfall, amount of the Class B Interest Carryover Shortfall and the Class C Interest Carryover Shortfall, and the change in such amounts from the preceding statementshortfall; (vi) the amount number and the aggregate Scheduled Principal Balance of fees and expenses paid under clauses (i), (ii) and (xi) the Mortgage Loans as of Section 4.4 by the Trustee with respect to such Quarterly end of the related Due Period; (vii) the aggregate Note Pool Factor for the Principal Balance and Notional Amount, as applicable, of each Class A-1 of Notes, the Class A-2 Notes, the Class B Notes and the Class C Notes (after giving effect to distributions made the amounts distributed on such Payment Date), separately identifying any reduction of the Note Principal Balance due to Realized Losses and the aggregate Note Principal Balance of the Notes after giving effect to the distribution of principal on such Payment Date; (viii) the amount number and aggregate Scheduled Principal Balance of collections on Mortgage Loans (a) as to which the Receivables during such Quarterly PeriodMonthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in foreclosure and (c) that have become REO Property, in each case as of the end of the preceding calendar month; (ix) the amounts paid for purchases or repurchases amount of Receivables pursuant to Sections 2.5 any Monthly Advances and 3.4 during such Quarterly Period, the aggregate Split Commissions Amount paid during such Quarterly Period and any other amounts paid during such Quarterly Period as a result of the benefits under any insurance policy related to any Receivable being paid in full, including termination, satisfaction, exchange or surrender thereof or the mortality of the insured thereunder; andCompensating Interest payments; (x) the details aggregate Realized Losses with respect to the related Payment Date and cumulative Realized Losses since the Closing Date; (xi) the number and aggregate Scheduled Principal Balance of Mortgage Loans repurchased pursuant to the Mortgage Loan Purchase Agreement for the related Payment Date and cumulatively since the Closing Date; (xii) the book value (if available) of any Event REO Property; (xiii) the amount of Default any Prepayment Interest Shortfalls or Payout Trigger occurring during Relief Act Shortfalls for such Quarterly Period or continuing during such Quarterly Period and Payment Date; and (xiv) the actions that the Servicer has taken and proposes to take with respect thereto. Each amount set forth aggregate Scheduled Principal Balance of Mortgage Loans purchased pursuant to subclauses (i) through Section 2.04 of the Sale and Servicing Agreement for the related Payment Date and cumulatively since the Closing Date. Items (iii) and (iv) above may shall be expressed as a dollar amount per $1,000 of original principal balance presented on the basis of a Note having a $1,000 denomination. In addition, by January 31 of each calendar year following any year during which the related class or subclass. Each statement Notes are outstanding, the Securities Administrator shall also contain furnish a reminder that (i) report to each Noteholder is required of record if so requested in writing at any time during each calendar year as to be a Qualified Purchaser that purchased the aggregate of amounts reported pursuant to (iii) and (iv) with respect to the Notes for such calendar year. The Securities Administrator may conclusively rely upon the information provided by the Master Servicer to the Securities Administrator in its own account (and not the account preparation of others) or as a fiduciary or agent for the account of another Qualified Purchaser (ii) any reoffer, resale, pledge or other transfer of the Notes must be monthly statements to such a Qualified Purchaser and otherwise in accordance with the requirements of the Indenture and (iii) the Issuer has the right to repurchase any Note not owned by a Qualified PurchaserNoteholders.

Statements to Noteholders. On each Payment Determination Date preceding a Distribution Date, the Administrator shall provide to the Indenture Trustee shall include (with each distribution a copy to the Securities Insurer, the Swap Counterparty, the Eligible Lender Trustee, the Depositor and the Rating Agencies) for the Indenture Trustee to forward on such succeeding Distribution Date to each Noteholder, holder of record of the Notes a statement prepared by the Servicer (which statement shall also be provided by the Servicer to the Rating Agency) and based on information substantially in the Servicer's Certificate delivered on the related Determination Date pursuant to Section 3.6form of Exhibit A, setting forth for the Quarterly Period related to such Payment Date at least the following informationinformation as to the Notes, to the extent applicable: (i1) the amount of such the distribution allocable to principal of each Class of Notes; (2) the amount of the distribution allocable to interest on each Class of Notes, together with the interest rates applicable with respect thereto (indicating whether such interest rates are based on the related Formula Rate or on the related Student Loan Rate and specifying what each such interest rate would have been if it had been calculated using the alternate basis; provided that no such calculation of the related Student Loan Rate will be required to be made unless the Class A-1 Notes, the Class A-2 Notes, the Class B Notes and the Class C Notes, as applicable; (ii) the amount of such distribution allocable to principal with respect to the Class A-1 Notes, the Class A-2 Notes, the Class B Notes and the Class C Notes, as applicable; (iii) the amount Student Loan Rate Calculation Trigger is in the Reserve Account (after giving effect to distributions made on such Payment Distribution Date); (ivA) the amount of any Class I-A-1 Note BalanceCap Payment, Class I-A-2 Cap Payment and Class I-B Cap Payment made under the Group I Interest Rate Cap or any Class II-A-1 Cap Payment or Class II-A-2 Note BalanceCap Payment made under the Group II Interest Rate Cap on such Distribution Date, and (B) the amount of the distribution, if any, allocable to any Noteholders' Interest Index Carryover with respect to each Class B Note Balanceof Notes, as applicable, together with the Class C Note Balance and the Maximum Outstanding Note Principal Balance (outstanding amount, if any, of each thereof after giving effect to distributions made on any such Payment Date)distribution; (v4) the Class A-1 Interest Carryover Shortfall, Group I and Group II Pool Balance as of the Class A-2 Interest Carryover Shortfall, close of business on the Class B Interest Carryover Shortfall and the Class C Interest Carryover Shortfall, and the change in such amounts from last day of the preceding statementCollection Period, after giving effect to the related payments allocated to principal reported under clause (1) above; (vi5) the aggregate outstanding principal balance of each Class of Notes, and each Pool Factor as of such Distribution Date, after giving effect to related payments allocated to principal reported under clause (1) above; (A) the amount of fees and expenses the Master Servicing Fee paid under clauses (i)to the Master Servicer, (iiB) the amount of the Administration Fee paid to the Administrator, in each case as allocated to the Group I Notes and the Group II Notes, and (xiC) of Section 4.4 by the Trustee Insurer Premium, with respect to the Group II Notes only, and, in each case, with respect to such Quarterly Collection Period, together with the amount, if any, of the Master Servicing Fee, Administration Fee or Insurer Premium remaining unpaid after giving effect to all such payments; (7) the amount of the aggregate Realized Losses for each of the Group I and Group II Student Loans, if any, for such Collection Period and the balance of Group I and Group II Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (vii) 8) the Note Pool Factor for balance of the Class A-1 Notes, the Class A-2 Notes, the Class B Notes Group I Reserve Account and the Class C Notes (Group II Reserve Accounts on such Distribution Date, after giving effect to distributions made changes therein on such Payment Distribution Date); (viiiA) the amount of collections any Interest and Expense Draw on such Distribution Date, and (B) the Receivables amount of any Realized Loss Draw on such Distribution Date, in each case with respect to the Group I and the Group II Reserve Accounts; (10) for Distribution Dates during the Funding Period, the remaining Group I Pre-Funded Amount and Group II Pre-Funded Amount on such Quarterly Distribution Date, after giving effect to changes therein during the related Collection Period; (ix11) with respect to the amounts paid Distribution Date next following the Special Determination Date, the amount of any sums remaining on deposit in the Group I or Group II Subsequent Loan Pre-Funding Sub-Accounts that are either being transferred to the Group I or Group II Other Student Loan Pre-Funding Sub-Account, as applicable, or are being distributed to the applicable Noteholders as a payment of principal on such Distribution Date; (12) for purchases the first Distribution Date on or repurchases following the end of Receivables pursuant to Sections 2.5 and 3.4 during such Quarterly the Funding Period, the amount of any remaining Group I Pre-Funded Amount and Group II Pre-Funded Amount that has not been used to make Additional Fundings with respect to Additional Group I or Additional Group II Student Loans, and is being paid out to the related Group I or Group II Noteholders, as the case may be; (13) with respect to the Group II Notes, the aggregate Split Commissions Amount paid during such Quarterly Period and amount of all Guarantee Payments made by ▇▇▇▇ that were deposited into the Group II Collection Account Sub-Account, net of any other amounts paid during such Quarterly Period to the Depositor (for distribution to the related Seller) pursuant to Section 5.05(c)(Y)(1), and also expressed as a result percentage of the benefits Group II Initial Financed Student Loan Pool Balance; (14) the aggregate amount, if any, due and owing to the Cap Provider for previous payments under the Group I and Group II Interest Rate Caps; (15) the amount of any insurance policy related payments received or made by the Trust under the Group I Interest Rate Swap and the Group II Interest Rate Swap on such Distribution Date, and the aggregate amount, if any, either owed to any Receivable being or owed by the Swap Counterparty under the Group I and/or Group II Interest Rate Swaps with respect to amounts not paid in full, including termination, satisfaction, exchange or surrender thereof or received by the mortality of the insured thereunderTrust on previous Distribution Dates; and (x16) with respect to the details Group II Notes only, the amount of any Event of Default Insured Payments made with respect to such Distribution Date, if any, the amount, if any, paid to the Securities Insurer for previously made Insured Payments on such Distribution Date or Payout Trigger occurring during such Quarterly Period or continuing during such Quarterly Period otherwise pursuant to the Insurance Agreement, and the actions that aggregate amount, if any, owing to the Servicer has taken and proposes Securities Insurer for all unreimbursed Insured Payments made to take with respect theretothe Trust. Each amount set forth pursuant to subclauses clauses (i1), (2), (3), (5) through and (iii6) above may shall be expressed as a dollar amount per $1,000 of original principal balance of a Note Note. A copy of the related class or subclass. Each statement shall also contain statements referred to above may be obtained by any Note Owner by a reminder that (i) each Noteholder is required written request to be a Qualified Purchaser that purchased the Notes for its own account (and not the account of others) or as a fiduciary or agent for the account of another Qualified Purchaser (ii) any reoffer, resale, pledge or other transfer of the Notes must be to such a Qualified Purchaser and otherwise in accordance with the requirements of the Indenture and (iii) Trustee addressed to the Issuer has the right to repurchase any Note not owned by a Qualified PurchaserCorporate Trust Office.

Statements to Noteholders. (i) On each Determination Date preceding a Quarterly Payment Date, the Administrator shall provide to the Indenture Trustee shall include and the Swap Counterparty (with each distribution to each Noteholder, a statement prepared by the Servicer (which statement shall also be provided by the Servicer copy to the Rating AgencyAgencies) and based for the Indenture Trustee to forward on information such succeeding Quarterly Payment Date to each Noteholder of record a statement substantially in the Servicer's Certificate delivered on the related Determination Date pursuant to Section 3.6, form of Exhibit B setting forth for the Quarterly Period related to such Payment Date at least the following informationinformation as to the Notes: (iA) the amount of such distribution allocable to principal of the Notes, the amount thereof distributable as principal of the Class A-1 Notes, the Class A-2 Notes and the Subordinate Notes, and the amount thereof attributable to the Principal Distribution Amount and the amount thereof attributable to Reserve Account Excess; (B) the amount of the distribution allocable on such Quarterly Payment Date to interest on the Class A-1 Notes; (C) the amount of the distribution allocable on such Quarterly Payment Date to interest on the Class A-2 Notes; (D) the amount of the distribution allocable on such Quarterly Payment Date to interest on the Subordinate Notes; (E) the amount, if any, of such distribution allocable to any Senior Noteholders' Interest Basis Carryover and any Subordinate Noteholders' Interest Basis Carryover, together with respect any remaining outstanding amount of each thereof; (F) the Pool Balance as of the close of business on the last day of the preceding Collection Period, after giving effect to payments allocated to principal reported under clause (A) above; (G) the aggregate outstanding principal amount of the Class A-1 Notes, the Class A-2 Notes, the Subordinate Notes, the Class B Notes A-1 Note Pool Factor, the Class A-2 Note Pool Factor and the Class C NotesSubordinate Note Pool Factor as of such Quarterly Payment Date, as applicableafter giving effect to payments allocated to principal reported under clause (A) above; (H) the Note Rate applicable with respect to each distribution referred to in clauses (B), (C) and (D) above, indicating whether such interest rate was calculated based on the Adjusted Student Loan Rate or based on the Class A-1 Note LIBOR Rate, Class A-2 Note LIBOR Rate or Subordinate Note LIBOR Rate and specifying what each such Note Rate would have been using the alternate basis for such calculation; (I) the amount of the Servicing Fee paid to the Servicer on such Quarterly Payment Date and on each Monthly Payment Date following the immediately preceding Quarterly Payment Date including a breakdown of the components of the Servicing Fee attributable to each of the items specified in clauses II(i) through (ix) of Section 3.06 of the Servicing Agreement and the amount of any Servicing Fee Shortfall for such Quarterly Payment Date and for each Monthly Payment Date following the immediately preceding Quarterly Payment Date; (J) the amount of the Administration Fee paid to the Administrator on such Quarterly Payment Date and on each Monthly Payment Date following the immediately preceding Quarterly Payment Date; (K) the Trust Swap Payment Amount paid to the Swap Counterparty on such Quarterly Payment Date, the amount of any Net Trust Swap Payment Carryover Shortfall for such Quarterly Payment Date, the Trust Swap Receipt Amount paid to the Trust on such Quarterly Payment Date and the amount of any Net Trust Swap Receipt Carryover Shortfall for such Quarterly Payment Date; (L) Reserved; (M) the amount of the aggregate Realized Losses, if any, for such Collection Period and the balance of Financed Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (N) the balance of the Reserve Account on such Quarterly Payment Date, after giving effect to changes therein on such Quarterly Payment Date and indicating whether on such Quarterly Payment Date or any Monthly Payment Date since the preceding Quarterly Payment Date any withdrawal was made therefrom pursuant to Section 2(e)(iv), the amount of each such withdrawal and the purpose(s) pursuant to Section 2(e)(iv) for each such withdrawal; (O) for the July 1999 Quarterly Payment Date, the principal balance and number of Delayed Delivery Loans conveyed to the Issuer during the related Collection Period, the aggregate Loan Purchase Amounts thereof and the portion thereof attributable to Purchase Premium Amounts; (P) for Quarterly Payment Dates during the Revolving Period, the amount deposited into the Collateral Reinvestment Account during the related Collection Period and on the immediately preceding Quarterly Payment Date, and the amount on deposit therein after giving effect to changes therein on such Quarterly Payment Date; (Q) for the Quarterly Payment Date on or immediately following the end of the Revolving Period, the amount remaining on deposit in the Collateral Reinvestment Account that has not been used to make Additional Fundings; (i) the principal balance and number of Consolidation Loans originated on behalf of the Issuer during the related Collection Period, (ii) the amount principal balance and number of such distribution allocable to Add-on Consolidation Loans the principal with respect balances of which have been added to the Class A-1 Notes, Trust during the Class A-2 Notes, the Class B Notes related Collection Period and the Class C Notes, as applicable; (iii) the amount withdrawn from the Collateral Reinvestment Account to prepay Student Loans not held by the Issuer that were consolidated through such origination (or addition, in the Reserve Account (after giving effect to distributions made case of Add-on Consolidation Loans) with one or more Financed Student Loans during such Payment Date); (iv) the Class A-1 Note Balance, the Class A-2 Note Balance, the Class B Note Balance, the Class C Note Balance and the Maximum Outstanding Note Principal Balance (after giving effect to distributions made on such Payment Date); (v) the Class A-1 Interest Carryover Shortfall, the Class A-2 Interest Carryover Shortfall, the Class B Interest Carryover Shortfall and the Class C Interest Carryover Shortfall, and the change in such amounts from the preceding statement; (vi) the amount of fees and expenses paid under clauses (i), (ii) and (xi) of Section 4.4 by the Trustee with respect to such Quarterly Collection Period; (viiS) the Note Pool Factor for principal balance and number of Serial Loans conveyed to the Class A-1 Notes, Issuer during the Class A-2 Notes, the Class B Notes and the Class C Notes (after giving effect to distributions made on such Payment Date); (viii) the amount of collections on the Receivables during such Quarterly Period; (ix) the amounts paid for purchases or repurchases of Receivables pursuant to Sections 2.5 and 3.4 during such Quarterly related Collection Period, the aggregate Split Commissions Amount paid Loan Purchase Amounts thereof and the portion thereof attributable to Purchase Premium Amounts; (T) for Quarterly Payment Dates during such Quarterly Period the Revolving Period, the principal balance and any other amounts paid number of New Loans conveyed to the Issuer during such Quarterly Period as a result of the benefits under any insurance policy related Collection Period, the aggregate Loan Purchase Amounts thereof and the portion thereof attributable to any Receivable being paid in full, including termination, satisfaction, exchange or surrender thereof or the mortality of the insured thereunderPurchase Premium Amounts; and (xU) the details number and principal balance of any Event Financed Student Loans, as of Default the end of the related Collection Period, that are In-School, Grace, Repayment, Deferral, Forbearance or Payout Trigger occurring during such Quarterly Period or continuing during such Quarterly Period Consolidation Loans as of the end of the related Collection Period, and the actions that the Servicer has taken a breakdown by number and proposes to take with respect theretoprincipal balance of Financed Student Loans, by school type, interest rate and loan program. Each amount set forth pursuant to subclauses clauses (iA), (B), (C), (D) through and (iiiE) above may shall be expressed as a dollar amount per $1,000 of original principal balance amount of a Note Note. A copy of the related class or subclass. Each statement shall also contain statements referred to above may be obtained by any Note Owner by a reminder that (i) each Noteholder is required written request to be a Qualified Purchaser that purchased the Notes for its own account (and not the account of others) or as a fiduciary or agent for the account of another Qualified Purchaser (ii) any reoffer, resale, pledge or other transfer of the Notes must be to such a Qualified Purchaser and otherwise in accordance with the requirements of the Indenture and (iii) Trustee addressed to the Issuer has the right to repurchase any Note not owned by a Qualified PurchaserCorporate Trust Office.

Statements to Noteholders. On With respect to each Payment Date, the Trustee Securities Administrator shall include with each distribution make available via the Securities Administrator’s website, initially located at w▇▇.▇▇▇▇▇▇▇.▇▇▇, to each NoteholderNoteholder and each Certificateholder, the Insurer, the Indenture Trustee, each Derivative Counterparty, the Depositor, the Owner Trustee and the Paying Agent, a statement prepared by the Servicer (which statement shall also be provided by the Servicer to the Rating Agency) and based on information statement, as set forth in the Servicer's Certificate delivered on the related Determination Date pursuant to Section 3.63.30 hereof, setting forth for the Quarterly Period related to such Payment Date the following informationinformation as to the Notes, to the extent applicable: (i) the aggregate amount of such distribution allocable to interest collections with respect to the Class A-1 Notes, the Class A-2 Notes, the Class B Notes and the Class C Notes, as applicableMortgage Loans; (ii) the amount of such distribution allocable to principal Group I Available Funds and Group II Available Funds and Net Monthly Excess Cash Flow, with respect to the Group I and Group II Loans, payable to each Class A-1 Notesof Noteholders for such Payment Date, the Basis Risk Shortfall Carry-Forward Amount and Net WAC Shortfall Carry-Forward Amount on each Class A-2 Notes, the Class B of Notes for such Payment Date and the aggregate Unpaid Interest Shortfall on each Class C Notes, as applicableof Notes for such Payment Date; (iii) (a) the amount in of such distribution to each Class of Notes applied to reduce the Reserve Account Note Principal Balance thereof and (after giving effect to distributions made on such Payment Date)b) the aggregate amount included therein representing Principal Prepayments; (iv) the Class A-1 Note BalanceInsured Payment, if any, paid by the Class A-2 Note Balance, Insurer under the Class B Note Balance, the Class C Note Balance Insurance Policy for such Payment Date and the Maximum Outstanding Note Principal Balance (after giving effect to distributions made on such aggregate Insured Payments for all prior Payment Date)Dates paid by the Insurer under the Insurance Policy and not yet reimbursed; (v) the amount of such distribution to Holders of each Class A-1 Interest Carryover Shortfall, the Class A-2 Interest Carryover Shortfall, the Class B Interest Carryover Shortfall and the Class C Interest Carryover Shortfall, and the change in such amounts from the preceding statementof Notes allocable to interest; (vi) the amount of fees and expenses paid under clauses (i), (ii) and (xi) of Section 4.4 by any distribution to the Trustee with respect to such Quarterly PeriodCertificates; (vii) if the Note Pool Factor for distribution to the Holders of any Class A-1 Notesof Notes is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the Class A-2 Notes, amount of the Class B Notes and the Class C Notes (after giving effect to distributions made on such Payment Date)shortfall; (viii) the amount number and the aggregate Stated Principal Balance of collections on the Receivables during such Quarterly Mortgage Loans as of the end of the related Due Period, determined in the aggregate and separately for Loan Group I and Loan Group II; (ix) the aggregate Note Principal Balance of each Class of Notes, after giving effect to the amounts paid for purchases or repurchases of Receivables pursuant distributed on such Payment Date, separately identifying any reduction thereof due to Sections 2.5 Realized Losses and 3.4 during such Quarterly Period, the aggregate Split Commissions Amount paid during such Quarterly Period and any other amounts paid during such Quarterly Period as a result Note Principal Balance of all of the benefits under any insurance policy related Notes after giving effect to any Receivable being paid in full, including termination, satisfaction, exchange or surrender thereof or the mortality distribution of the insured thereunder; andprincipal on such Payment Date; (x) the details number and aggregate Stated Principal Balances of Mortgage Loans (a) as to which the Monthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in foreclosure and (c) that have become REO Property, in each case as of the end of the preceding calendar month, determined in the aggregate and separately for Loan Group I and Loan Group II; (xi) the amount of payments from the Derivative Contracts; (xii) the Overcollateralization Increase Amount with respect to each Loan Group, Overcollateralization Target Amount and Overcollateralized Amount, if any, in each case as the end of the related Payment Date, in each case as determined separately for each Loan Group; (xiii) the amount of any Event Advances and Compensating Interest payments; (xiv) the aggregate Realized Losses with respect to the related Payment Date and cumulative Realized Losses since the Closing Date; (xv) the number and aggregate Stated Principal Balance of Default Mortgage Loans repurchased pursuant to the Mortgage Loan Purchase Agreement for the related Payment Date and cumulatively since the Closing Date determined in the aggregate and separately for Loan Group I and Loan Group II; (xvi) to the extent reported to the Securities Administrator, the book value of any REO Property; (xvii) the amount of any Prepayment Interest Shortfalls or Payout Trigger occurring during Relief Act Shortfalls for such Quarterly Period or continuing during Payment Date; (xviii) the aggregate Stated Principal Balance of Mortgage Loans purchased pursuant to Section 3.18 of the Servicing Agreement for the related Payment Date and cumulatively since the Closing Date; (xix) [Reserved.]; (xx) the Floating Allocation Percentage of Loan Group II; (xxi) the Investor Interest Collections of Loan Group II for such Quarterly Period Payment Date; (xxii) the HELOC Servicing Fee and RMBS Servicing Fee for such Payment Date; (xxiii) if a Stepdown Date has occurred on the related Loan Group; (xxiv) the Charged-Off Amount for the related Payment Date and the actions cumulative Charged-Off Amount since the Closing Date; (xxv) the Investor Charge-Off Amount for such Payment Date; (xxvi) the percentage of cumulative losses under a Servicer Termination Event; (xxvii) the Group II Excess Spread Percentage for such Payment Date; (xxviii) the Group II Excess Spread Percentage on a rolling three-month average basis; (xxix) the number and aggregate Stated Principal Balances of HELOC Mortgage Loans (a) as to which the Monthly Payment are 100 days or more delinquent, (b) in foreclosure or (c) that have become REO Property; (xxx) the Servicer has taken aggregated Stated Principal Balance of the three largest HELOC Mortgage Loans as of such Payment Date; (xxxi) the Overcollateralization Target Amount for the related Loan Group as of the preceding Payment Date; (xxxii) the Overcollateralization Target Amount for the related Loan Group for such Payment Date; (xxxiii) the Investor Principal Distribution Amount for such Payment Date; (xxxiv) the Invested Amount of Loan Group II for such Payment Date; (xxxv) the Overcollateralization Reduction Amount for such Payment Date; (xxxvi) the Excess Overcollateralization Amount for such Payment Date; and proposes to take with respect thereto. Each amount set forth pursuant to subclauses (i) through Items (iii) and (v) above may shall be expressed as a dollar amount per $1,000 of original principal balance presented on the basis of a Note having a $1,000 denomination. In addition, by January 31 of each calendar year following any year during which the related class or subclass. Each statement Notes are outstanding, the Securities Administrator shall also contain furnish a reminder that (i) report to each Noteholder is required of record if so requested in writing at any time during each calendar year as to be a Qualified Purchaser that purchased the aggregate of amounts reported pursuant to (iii) and (v) with respect to the Notes for its own account (such calendar year. The Securities Administrator may conclusively rely upon the Remittance Report provided by the RMBS Master Servicer and not the account of others) HELOC Servicer to the Securities Administrator pursuant to the RMBS Master Servicing Agreement or as a fiduciary or agent for the account of another Qualified Purchaser (ii) any reoffer, resale, pledge or other transfer Section 4.01 of the Notes must HELOC Servicing Agreement, as applicable, in its preparation of its Statement to Noteholders and on information provided to it by the Derivative Counterparty and the Insurer. The Securities Administrator will make the monthly statements provided for in this Section (and, at its option, any additional files containing the same information in an alternative format) available each month to Noteholders, other parties to this Agreement and any other interested parties via the Securities Administrator’s website. The Securities Administrator’s website shall initially be located at w▇▇.▇▇▇▇▇▇▇.▇▇▇. Parties that are unable to such use the website are entitled to have a Qualified Purchaser paper copy mailed to them via first class mail by calling the customer service desk at 3▇▇-▇▇▇-▇▇▇▇ and otherwise in accordance with the requirements of the Indenture and (iii) the Issuer has indicating such. The Securities Administrator may have the right to repurchase change the way the monthly statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any Note such changes. The Securities Administrator shall also make such monthly statements and other information that the Indenture Trustee reasonably requires to make distributions hereunder and under the Trust Agreement available to the Indenture Trustee no later than two Business Days prior to each Payment Date. The Securities Administrator shall be entitled to rely on but shall not owned be responsible for the content or accuracy of any information provided by a Qualified Purchaserthird parties for purposes of preparing the monthly statement, and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).

Statements to Noteholders. On each Payment Determination Date preceding a Distribution Date, pursuant to the Administration Agreement the Administrator shall provide to the Indenture Trustee shall include (with each distribution a copy to the Owner Trustee and the Rating Agencies) for the Indenture Trustee to forward on such succeeding Distribution Date to each Noteholder, holder of record of the Notes a statement prepared by setting forth at least the Servicer (which statement shall also be provided by the Servicer following information as to the Rating Agency) and based on information in Notes, to the Servicer's Certificate delivered on the related Determination Date pursuant to Section 3.6, setting forth for the Quarterly Period related to such Payment Date the following informationextent applicable: (i1) the amount of such the distribution allocable to principal of each Class of Notes; (2) the amount of the distribution allocable to interest on each Class of Notes, together with the interest rates applicable with respect to the Class A-1 Notes, the Class A-2 Notes, the Class B Notes and the Class C Notes, as applicablethereto; (ii3) the amount Pool Balance as of such distribution allocable to principal with respect to the Class A-1 Notesclose of business on the last day of the preceding Collection Period, the Class A-2 Notes, the Class B Notes and the Class C Notes, as applicable; (iii) the amount in the Reserve Account (after giving effect to distributions made on such Payment Date)the related payments allocated to principal reported under clause (1) above; (iv4) the aggregate outstanding principal balance of each Class A-1 Note Balanceof Notes as of such Distribution Date, the Class A-2 Note Balance, the Class B Note Balance, the Class C Note Balance and the Maximum Outstanding Note Principal Balance (after giving effect to distributions made on such Payment Date)related payments allocated to principal reported under clause (1) above; (v5) the Class A-1 Interest Carryover Shortfall, the Class A-2 Interest Carryover Shortfall, the Class B Interest Carryover Shortfall and the Class C Interest Carryover Shortfall, and the change in such amounts from the preceding statement; for each Distribution Date (viA) the amount of fees and expenses paid under clauses to the Indenture Trustee, the Owner Trustee and the Grantor Trustee; (i)B) the amount of the Servicing Fee and expenses paid to the Servicer; (C) the amount of fees paid to TERI; (D) the amount of the Adminis▇▇▇▇ion Fee and expenses paid to the Administrator, (ii) and (xiE) the amount of Section 4.4 by the Trustee Back-Up Administration Fee and expenses paid to the Back-Up Administrator, and, in each case, with respect to such Quarterly Collection Period, together with the amount, if any, remaining unpaid after giving effect to all such payments; (6) for each Distribution Date, the amount of the aggregate Realized Losses for the Financed Student Loans, if any, for such Collection Period and the balance of the Financed Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (vii7) the Note Pool Factor for balance of the Class A-1 NotesReserve Account on such Distribution Date, the Class A-2 Notes, the Class B Notes and the Class C Notes (after giving effect to distributions made changes therein on such Payment Distribution Date); (viii8) the amounts withdrawn from the Reserve Account on such Distribution Date; and (9) the amount of collections on the Receivables during any Advance with respect to such Quarterly PeriodDistribution Date; (ix10) the amounts paid for purchases or repurchases of Receivables pursuant amount transferred to Sections 2.5 and 3.4 during such Quarterly Period, the aggregate Split Commissions Amount paid during such Quarterly Period and any other amounts paid during such Quarterly Period as a result of the benefits under any insurance policy related to any Receivable being paid in full, including termination, satisfaction, exchange or surrender thereof or the mortality of the insured thereunder; and (x) the details of any Event of Default or Payout Trigger occurring during such Quarterly Period or continuing during such Quarterly Period and the actions that the Servicer has taken and proposes to take TERI Pledge Fund ▇▇ ▇cquire Rehabilitated Student Loans with respect theretoto such Distribution Date. Each amount set forth pursuant to subclauses clauses (i1), (2), (3), (5) through and (iii6) above may shall be expressed as a dollar amount per $1,000 50,000 of original principal balance of a Note Note. A copy of the related class or subclass. Each statement shall also contain statements referred to above may be obtained by any Note Owner by a reminder that (i) each Noteholder is required written request to be a Qualified Purchaser that purchased the Notes for its own account (and not the account of others) or as a fiduciary or agent for the account of another Qualified Purchaser (ii) any reoffer, resale, pledge or other transfer of the Notes must be to such a Qualified Purchaser and otherwise in accordance with the requirements of the Indenture and (iii) Trustee addressed to the Issuer has the right to repurchase any Note not owned by a Qualified PurchaserCorporate Trust Office.

Statements to Noteholders. On (a) With respect to each Payment Date, the Trustee Securities Administrator shall include with each distribution make available via the Securities Administrator’s website, initially located at ▇▇▇.▇▇▇▇▇▇▇.▇▇▇, to each NoteholderNoteholder and each Certificateholder, the Depositor, the Issuer, the Seller, the Owner Trustee, the Certificate Paying Agent and the Rating Agencies, a statement prepared by setting forth the Servicer (which statement shall also be provided by the Servicer following information as to the Rating Agency) and based on information in Notes, to the Servicer's Certificate delivered on the related Determination Date pursuant to Section 3.6, setting forth for the Quarterly Period related to such Payment Date the following informationextent applicable: (i) the amount of such distribution allocable to interest with respect to the Class A-1 NotesAvailable Funds, the Basis Risk Shortfall Carryover Amount on each Class A-2 Notes, the of Class B A Notes for such Payment Date and the aggregate Net Interest Shortfall on each Class C Notes, as applicableof Notes for such Payment Date; (ii) (a) the amount of such distribution allocable to principal with respect to each Class of Notes (other than the Class A-1 X Notes) applied to reduce the Note Principal Balance thereof, and (b) the Class A-2 Notes, the Class B Notes and the Class C Notes, as applicableaggregate amount included therein representing Principal Prepayments; (iii) the amount in the Reserve Account (after giving effect of such distribution to distributions made on such Payment Date)Holders of each Class of Notes allocable to interest; (iv) the Class A-1 Note Balance, amount of any distribution to the Class A-2 Note Balance, the Class B Note Balance, the Class C Note Balance and the Maximum Outstanding Note Principal Balance (after giving effect to distributions made on such Payment Date)Certificates; (v) if the distribution to the Holders of any Class A-1 Interest Carryover Shortfallof Notes is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the Class A-2 Interest Carryover Shortfall, amount of the Class B Interest Carryover Shortfall and the Class C Interest Carryover Shortfall, and the change in such amounts from the preceding statementshortfall; (vi) the amount number and the aggregate Scheduled Principal Balance of fees and expenses paid under clauses (i), (ii) and (xi) the Mortgage Loans as of Section 4.4 by the Trustee with respect to such Quarterly end of the related Due Period; (vii) the aggregate Note Pool Factor for the Principal Balance of each Class A-1 of Notes, the Class A-2 Notes, the Class B Notes and the Class C Notes (after giving effect to distributions made the amounts distributed on such Payment Date), separately identifying any reduction thereof due to Realized Losses and the aggregate Note Principal Balance of the Notes after giving effect to the distribution of principal on such Payment Date; (viii) the amount number and aggregate Scheduled Principal Balance of collections on Mortgage Loans (a) as to which the Receivables during such Quarterly PeriodMonthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in foreclosure and (c) that have become REO Property, in each case as of the end of the preceding calendar month; (ix) the amounts paid for purchases or repurchases amount of Receivables pursuant to Sections 2.5 any Monthly Advances and 3.4 during such Quarterly Period, the aggregate Split Commissions Amount paid during such Quarterly Period and any other amounts paid during such Quarterly Period as a result of the benefits under any insurance policy related to any Receivable being paid in full, including termination, satisfaction, exchange or surrender thereof or the mortality of the insured thereunder; andCompensating Interest payments; (x) the details aggregate Realized Losses with respect to the related Payment Date and cumulative Realized Losses since the Closing Date; (xi) the number and aggregate Scheduled Principal Balance of Mortgage Loans repurchased pursuant to the Mortgage Loan Purchase Agreement for the related Payment Date and cumulatively since the Closing Date; (xii) the book value (if available) of any Event REO Property; (xiii) the amount of Default any Prepayment Interest Shortfalls or Payout Trigger occurring during Relief Act Shortfalls for such Quarterly Period or continuing during such Quarterly Period and Payment Date; and (xiv) the actions that the Servicer has taken and proposes to take with respect thereto. Each amount set forth aggregate Scheduled Principal Balance of Mortgage Loans purchased pursuant to subclauses (i) through Section 2.19 of the Servicing Agreement for the related Payment Date and cumulatively since the Closing Date. Items (iii) and (iv) above may shall be expressed as a dollar amount per $1,000 of original principal balance presented on the basis of a Note having a $1,000 denomination. In addition, by January 31 of each calendar year following any year during which the related class or subclass. Each statement Notes are outstanding, the Securities Administrator shall also contain furnish a reminder that (i) report to each Noteholder is required of record if so requested in writing at any time during each calendar year as to be a Qualified Purchaser that purchased the aggregate of amounts reported pursuant to (iii) and (iv) with respect to the Notes for its own account (and not such calendar year. The Securities Administrator may conclusively rely upon the account of others) or as a fiduciary or agent for information provided by the account of another Qualified Purchaser (ii) any reoffer, resale, pledge or other transfer of Master Servicer to the Notes must be to such a Qualified Purchaser and otherwise Securities Administrator in accordance with the requirements Section 2.02 of the Indenture Servicing Agreement in its preparation of monthly statements to Noteholders. The Securities Administrator will make the monthly statements provided for in this section (and, at its option, any additional files containing the same information in an alternative format) available each month to Noteholders, each Noteholder and each Certificateholder, the Depositor, the Issuer, the Seller, the Owner Trustee, the Certificate Paying Agent and the Rating Agency via the Securities Administrator’s website. The Securities Administrator’s website shall initially be located at “▇▇▇.▇▇▇▇▇▇▇.▇▇▇.” Assistance in using the website can be obtained by calling the Securities Administrator’s customer service desk at (iii▇▇▇) ▇▇▇-▇▇▇▇. Parties that are unable to use the Issuer has website are entitled to have a paper copy mailed to them via first class mail by calling the Securities Administrator’s customer service desk and indicating such. The Securities Administrator may have the right to repurchase change the way the monthly statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any Note such changes. The Securities Administrator shall be entitled to rely on but shall not owned be responsible for the content or accuracy of any information provided by a Qualified Purchaserthird parties for purposes of preparing the monthly statement, and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).

Statements to Noteholders. (a) On each Payment Distribution Date, the Indenture Trustee shall include with each distribution to each NoteholderNoteholder of record, a statement statement, prepared by the Servicer (which statement shall also be provided by the Servicer to the Rating Agency) and Servicer, based on information in the Servicer's Certificate delivered on the related Determination Date furnished pursuant to Section 3.610.01(b) of the 1997-B Servicing Supplement, setting forth for the Quarterly related Collection Period related to such Payment Date and distribution the following informationinformation as of the related Record Date or Deposit Date or such Distribution Date, as the case may be: (i) the amount of Investor Percentage for such distribution allocable to interest with respect to the Class A-1 NotesCollection Period, the Class A-2 Notesstated separately for Interest Collections and Loss Amounts, the Class B Notes and the Class C Notes, as applicablefor Principal Collections; (ii) the total amount of being distributed to Noteholders in such distribution allocable to principal with respect to the Class A-1 Notes, the Class A-2 Notes, the Class B Notes and the Class C Notes, as applicabledistribution; (iii) the total amount being distributed to each Class of Noteholders in the Reserve Account (after giving effect to distributions made on such Payment Date)distribution; (iv) the total amount of interest being distributed to each Class of Noteholders in such distribution; (v) the amount, if any, of Class A-1 Interest Carryover Shortfall, Class A-2 Interest Carryover Shortfall, Class A-3 Interest Carryover Shortfall, Class A-4 Interest Carryover Shortfall and Class B Interest Carryover Shortfall included in such distribution; (vi) the amount, if any, of the remaining unpaid Class A-1 Interest Carryover Shortfall, Class A-2 Interest Carryover Shortfall, Class A-3 Interest Carryover Shortfall, Class A-4 Interest Carryover Shortfall and Class B Interest Carryover Shortfall after giving effect to such distribution; (vii) the total amount of principal being distributed to each Class of Noteholders in such distribution; (viii) the Class A-1 Allocation Percentage, the Class A-2 Allocation Percentage, the Class A-3 Allocation Percentage, the Class A-4 Allocation Percentage, the Class B Allocation Percentage and the amount, if any, of the reimbursement of Class A-1 Charged-off Amounts, Class A-1 Residual Value Loss Amounts and Class A-1 Additional Loss Amounts, Class A-2 Charged-off Amounts, Class A-2 Residual Value Loss Amounts and Class A-2 Additional Loss Amounts, Class A-3 Charged-off Amounts, Class A-3 Residual Value Loss Amounts and Class A-3 Additional Loss Amounts, Class A-4 Charged-off Amounts, Class A-4 Residual Value Loss Amounts and Class A-4 Additional Loss Amounts and Class B Charged-off Amounts, Class B Residual Value Loss Amounts and Class B Additional Loss Amounts being included in such distribution; (ix) the amount, if any, of the reimbursement of Class A-1 Note Principal Loss Amounts, Class A-2 Note Principal Loss Amounts, Class A-3 Note Principal Loss Amounts, Class A-4 Note Principal Loss Amounts and Class B Note Principal Loss Amounts included in such distribution; (x) the amount, if any, of the aggregate of unreimbursed Class A-1 Note Principal Loss Amounts, Class A-2 Note Principal Loss Amounts, Class A-3 Note Principal Loss Amounts, Class A-4 Note Principal Loss Amounts and Class B Note Principal Loss Amounts after giving effect to such distribution; (xi) the amount, if any, of accrued Class A-1 Note Principal Loss Interest Amounts, Class A-2 Note Principal Loss Interest Amounts, Class A-3 Note Principal Loss Interest Amounts, Class A-4 Note Principal Loss Interest Amounts and Class B Note Principal Loss Interest Amounts included in such distribution; (xii) the amount, if any, of accrued and unpaid Class A-1 Note Principal Loss Interest Amounts, Class A-2 Note Principal Loss Interest Amounts, Class A-3 Note Principal Loss Interest Amounts, Class A-4 Note Principal Loss Interest Amounts and Class B Note Principal Loss Interest Amounts after giving effect to such distribution; (xiii) the amount, if any, of accrued and unpaid Class B Note Principal Carryover Shortfall after giving effect to such distribution; (xiv) the Investor Percentage of the Servicing Fee allocable to the 99.8% 1997-B SUBI Interest for such Distribution Date and any unpaid previous such amounts with respect to prior Distribution Dates; (xv) the Note Balance, the Class A-1 Note Balance, the Class A-2 Note Balance, the Class A-3 Note Balance, the Class A-4 Note Balance, the Class B Note Balance, the Class C A-1 Note Balance Factor, the Class A-2 Note Factor, the Class A-3 Note Factor, the Class A-4 Note Factor and the Maximum Class B Note Factor, each after giving effect to such distribution; (xvi) the Transferor Amount, if any, included in such distribution and the amount of the Transferor Interest, after giving effect to all payments made on such Distribution Date; (xvii) the Required Amount, if any, included in such distribution; (xviii) the Aggregate Net Investment Value as of the end of such Collection Period; (xix) the amount on deposit in the Reserve Fund on such Distribution Date, after giving effect to such distributions, the change in such balance from the immediately preceding Distribution Date, the Reserve Fund Cash Requirement, the Reserve Fund Supplemental Requirement (if any), the RV Insurer Reserve Fund Supplemental Requirement (if any) and the Downgrade Reserve Fund Supplemental Requirement (if any); (xx) the amount of Payments Ahead on deposit in the 1997-B SUBI Collection Account and representing Monthly Lease Payments due in one or more immediately subsequent Collection Periods and the change in such balance from the immediately preceding Distribution Date; (xxi) the amount of Outstanding Note Principal Balance Advances on such Distribution Date and the changes in such amount from the immediately preceding Distribution Date; (xxii) the balance on deposit in the Residual Value Surplus Account on the related Deposit Date, after giving effect to distributions therefrom made on such Payment Date); (v) the Class A-1 Interest Carryover Shortfallthat date, the Class A-2 Interest Carryover Shortfall, the Class B Interest Carryover Shortfall and the Class C Interest Carryover Shortfall, and the change in such amounts balance from the immediately preceding statementDeposit Date, the aggregate amount deposited into the Residual Value Surplus Account on such Deposit Date, and the aggregate amount withdrawn from the Residual Value Surplus Account on such Deposit Date; (vixxiii) the amount weighted average Lease Rate of fees and expenses paid under clauses (i), (ii) and (xi) of Section 4.4 by the Trustee with respect to such Quarterly Period; (vii) Leases in the Note Pool Factor 1997-B SUBI Portfolio for the Class A-1 Notes, the Class A-2 Notes, the Class B Notes immediately preceding Collection Period and the Class C Notes (after giving effect to distributions made on such Payment Date); (viii) the amount of collections on the Receivables during such Quarterly Period; (ix) the amounts paid Charge-off Rate and Delinquency Rate for purchases or repurchases of Receivables pursuant to Sections 2.5 and 3.4 during such Quarterly Period, the aggregate Split Commissions Amount paid during such Quarterly Period and any other amounts paid during such Quarterly Period as a result each of the benefits under any insurance policy related to any Receivable being paid in full, including termination, satisfaction, exchange or surrender thereof or the mortality of the insured thereunderthree immediately preceding Collection Periods; and (xxxiv) the details of any Event of Default or Payout Trigger occurring during Insured Residual Value Loss Amount, if any, for such Quarterly Period or continuing during such Quarterly Period and the actions that the Servicer has taken and proposes to take with respect theretoDistribution Date. Each amount set forth pursuant to subclauses (iii) through (iiixiii) above may shall be expressed as a dollar amount per $1,000 of original principal balance of a Note. Any Note Owner may obtain a copy of any such statement, of any Servicer's Certificate required pursuant to Section 10.01(b) of the related class 1997-B Servicing Supplement, any annual report of Independent Accountants required pursuant to Section 3.02 of the Servicing Agreement and Section 10.02 of the 1997-B Servicing Supplement, and of any annual Officer's Certificate required pursuant to Section 3.03 of the Servicing Agreement and Section 10.03(a) of the 1997-B Servicing Supplement, upon written request to the Indenture Trustee at the Corporate Trust Office. (b) Within a reasonable period of time after the end of each calendar year, but not later than the latest date permitted by law, the Indenture Trustee shall mail to each Person who at any time during such calendar year shall have been a Holder of a Note, a statement or subclass. Each statement statements which in the aggregate contain the sum of the amounts set forth in clauses (a)(ii) through (vii), (viii) through (xiv) above for such calendar year or, in the event such Person shall also contain have been a reminder that (i) each Noteholder is required to be Holder of a Qualified Purchaser that purchased the Notes for its own account (and not the account Note during a portion of others) or as a fiduciary or agent such calendar year, for the account applicable portion of another Qualified Purchaser (ii) any reoffersuch year, resalefor the purposes of such Noteholder's preparation of federal income tax returns. In addition, pledge or other transfer of the Notes must be Servicer shall furnish to the Indenture Trustee for distribution to such a Qualified Purchaser and otherwise in accordance with Person at such time any other information reasonably necessary under applicable law for the requirements preparation of the Indenture and (iii) the Issuer has the right to repurchase any Note not owned by a Qualified Purchasersuch income tax returns.

Statements to Noteholders. On (a) With respect to each Payment Date, the Trustee Securities Administrator shall include with each distribution make available to each NoteholderNoteholder and each Certificateholder, the Swap Provider, the Depositor, the Owner Trustee, the Indenture Trustee, the Certificate Paying Agent and each Rating Agency, a statement prepared by setting forth the Servicer (which statement shall also be provided by the Servicer following information as to the Rating Agency) and based on information in Notes, to the Servicer's Certificate delivered on the related Determination Date pursuant to Section 3.6, setting forth for the Quarterly Period related to such Payment Date the following informationextent applicable: (i) the amount Note Principal Balance of each Class of Notes immediately prior to such distribution allocable to interest with respect to the Class A-1 Notes, the Class A-2 Notes, the Class B Notes and the Class C Notes, as applicablePayment Date; (ii) the amount Interest Funds (including a separate statement of the Interest Funds attributable to each Loan Group), Principal Funds and Net Monthly Excess Cashflow payable to each Class of Noteholders for such distribution allocable to principal with respect to the Class A-1 NotesPayment Date, the Class A-2 Notes, the Class B Notes and the Basis Risk Shortfall Carry-Forward Amount on each Class C Notes, as applicableof Notes for such Payment Date; (iii) the amount in of such distribution to each Class of Notes applied to reduce the Reserve Account (after giving effect to distributions made on such Payment Date)Note Principal Balance thereof; (iv) the amount of such distribution to Holders of each Class A-1 Note Balance, the Class A-2 Note Balance, the Class B Note Balance, the Class C Note Balance of Notes allocable to interest and the Maximum Outstanding aggregate amount of Accrued Note Principal Balance (after giving effect Interest with respect to distributions made on such Payment Date)each Class during the related Accrual Period; (v) the Class A-1 N Interest Carryover Shortfall, the Class A-2 Interest Carryover Shortfall, the Class B Interest Carryover Shortfall Payment Amount and the Class C Interest Carryover ShortfallN Principal Payment Amount for such Payment Date, and the change in amount of each such amounts from item paid to the preceding statementClass N Notes on such Payment Date; (vi) the amount Note Rates for each Class of fees and expenses paid under clauses (i), (ii) and (xi) of Section 4.4 by the Trustee Notes with respect to such Quarterly PeriodPayment Date; (vii) the Note Pool Factor for the Principal Balance of each Class A-1 Notes, the Class A-2 Notes, the Class B of Notes and the Class C Notes (immediately after giving effect to distributions made on such Payment Date); (viii) the amount of collections on for distribution to the Receivables during such Quarterly PeriodCertificates; (ix) the amounts paid for purchases or repurchases of Receivables pursuant to Sections 2.5 number and 3.4 during such Quarterly Period, the aggregate Split Commissions Amount paid during such Quarterly Period and any other amounts paid during such Quarterly Period as a result Stated Principal Balance of the benefits under any insurance policy related to any Receivable being paid in full, including termination, satisfaction, exchange or surrender thereof or the mortality Mortgage Loans as of the insured thereunder; andend of the related Due Period; (x) the details amount of Scheduled Principal and Principal Prepayments, (including but separately identifying the principal amount of Principal Prepayments, Insurance Proceeds, the purchase price in connection with the purchase of Mortgage Loans, cash deposits in connection with substitutions of Mortgage Loans and Excess Liquidation Proceeds) and the number and principal balance of Mortgage Loans purchased or substituted for during the relevant period and cumulatively since the Cut-off Date in the aggregate; (xi) the aggregate Note Principal Balance of each Class of Notes, after giving effect to the amounts distributed on such Payment Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal and the aggregate Note Principal Balance of the Notes after giving effect to the distribution of principal on such Payment Date; (xii) information regarding any Mortgage Loan delinquencies as of the end of the related Prepayment Period, including the aggregate number and aggregate Outstanding Principal Balance of Mortgage Loans (A) delinquent 30 to 59 days on a contractual basis, (B) delinquent 60 to 89 days on a contractual basis, and (C) delinquent 90 or more days on a contractual basis, in each case as of the close of business on the last Business Day of the immediately preceding month; (xiii) the amount of payments from the Corridor Contract for such Payment Date; (xiv) the Overcollateralization Increase Amount, Overcollateralization Target Amount, the Overcollateralization Release Amount and Overcollateralized Amount, if any, in each case as of the related Payment Date; (xv) the amount of any Event Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by the Master Servicer or Servicer; (xvi) the aggregate Realized Losses with respect to the related Payment Date and cumulative Realized Losses since the Closing Date; (xvii) with respect to each Mortgage Loan which incurred a Realized Loss during the related Prepayment Period, (A) the loan number, (B) the Stated Principal Balance of Default or Payout Trigger occurring during such Quarterly Period or continuing during Mortgage Loan as of the Cut-off Date, (C) the Stated Principal Balance of such Quarterly Mortgage Loan as of the beginning of the related Due Period, (D) the Excess Liquidation Proceeds with respect to such Mortgage Loan and (E) the amount of the Realized Loss with respect to such Mortgage Loan; (xviii) the number and aggregate Stated Principal Balance of Mortgage Loans repurchased by the Seller pursuant to the Mortgage Loan Purchase Agreement for the related Payment Date and cumulatively since the Closing Date; (xix) the number and aggregate Outstanding Principal Balance of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period; (xx) the book value (the sum of (A) the Outstanding Principal Balance of the Mortgage Loan, (B) accrued interest through the date of foreclosure and (C) foreclosure expenses) of any REO Property; provided that, in the event that such information is not available to the Securities Administrator on the Payment Date, such information shall be furnished promptly after it becomes available; (xxi) the Average Loss Severity Percentage; (xxii) the number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the actions that aggregate Outstanding Principal Balance of such Mortgage Loans; (xxiii) the amount of any Prepayment Interest Shortfalls less any Compensating Interest paid by the Subservicer, the Servicer has taken and proposes or Master Servicer to take with respect thereto. Each amount set forth cover Prepayment Interest Shortfalls for such Payment Date; (xxiv) the aggregate Stated Principal Balance of Mortgage Loans purchased by the Servicer or the Subservicer pursuant to subclauses Section 3.21 of the Sale and Servicing Agreement for the related Payment Date and cumulatively since the Closing Date; (ixxv) through the aggregate Stated Principal Balance of defaulted Mortgage Loans sold by the Servicer or the Subservicer pursuant to Section 3.13 of the Sale and Servicing Agreement or Sections 4.03, 4.17 and 4.18 of the Servicing Agreement for the related Payment Date and cumulatively since the Closing Date; provided that, in the event that such information is not available to the Securities Administrator on the Payment Date, such information shall be furnished promptly after it becomes available; and (xxvi) the amount, if any, required to be paid under the Swap Agreement for such Payment Date. In addition, by January 31st of each calendar year following any year during which the Notes are outstanding, the Securities Administrator shall furnish a report to each Noteholder of record if so requested in writing at any time during each calendar year, as to the aggregate of amounts reported pursuant to (iii) and (iv) above may be expressed as a dollar amount per $1,000 of original principal balance of a Note of the related class or subclass. Each statement shall also contain a reminder that (i) each Noteholder is required with respect to be a Qualified Purchaser that purchased the Notes for its own account (and not such calendar year. The Securities Administrator may conclusively rely upon the account of others) or as a fiduciary or agent for information provided by the account of another Qualified Purchaser (ii) any reoffer, resale, pledge or other transfer Master Servicer pursuant to Section 3.01 of the Notes must be Sale and Servicing Agreement and by the Swap Provider under the Swap Agreement in its preparation of monthly statements to such a Qualified Purchaser and otherwise Noteholders. In addition, the Securities Administrator shall make available statements to Certificateholders on each Payment Date in accordance with the requirements Section 5.04 of the Indenture Trust Agreement. The Securities Administrator may make available each month, to any interested party, the monthly statement to Noteholders via the Securities Administrator’s website initially located at “▇▇▇.▇▇▇▇▇▇▇.▇▇▇.” Assistance in using the website can be obtained by calling the Securities Administrator’s customer service desk at (▇▇▇) ▇▇▇-▇▇▇▇. Parties that are unable to use the above distribution option are entitled to have a paper copy mailed to them via first-class mail by calling the Securities Administrator’s customer service desk and (iii) the Issuer has indicating such. The Securities Administrator shall have the right to repurchase change the way such reports are distributed in order to make such distribution more convenient and/or more accessible to the parties, and the Securities Administrator shall provide timely and adequate notification to all parties regarding any Note not owned by a Qualified Purchasersuch change.

Statements to Noteholders. On each Payment Determination Date preceding a Distribution Date, pursuant to the Administration Agreement the Administrator shall provide to the Indenture Trustee shall include (with each distribution a copy to the Owner Trustee and the Rating Agencies) for the Indenture Trustee to forward on such succeeding Distribution Date to each Noteholder, holder of record of the Notes a statement prepared by setting forth at least the Servicer (which statement shall also be provided by the Servicer following information as to the Rating Agency) and based on information in Notes, to the Servicer's Certificate delivered on the related Determination Date pursuant to Section 3.6, setting forth for the Quarterly Period related to such Payment Date the following informationextent applicable: (i1) the amount of such the distribution allocable to principal of each Class of Notes; (2) the amount of the distribution allocable to interest on each Class of Notes, together with the interest rates applicable with respect to the Class A-1 Notes, the Class A-2 Notes, the Class B Notes and the Class C Notes, as applicablethereto; (ii3) the amount Pool Balance as of such distribution allocable to principal with respect to the Class A-1 Notesclose of business on the last day of the preceding Collection Period, the Class A-2 Notes, the Class B Notes and the Class C Notes, as applicable; (iii) the amount in the Reserve Account (after giving effect to distributions made on such Payment Date)the related payments allocated to principal reported under clause (1) above; (iv4) the aggregate outstanding principal balance or Notional Amount, as applicable, of each Class A-1 Note Balanceof Notes as of such Distribution Date, the Class A-2 Note Balance, the Class B Note Balance, the Class C Note Balance and the Maximum Outstanding Note Principal Balance (after giving effect to distributions made on such Payment Date)related payments allocated to principal reported under clause (1) above; (v5) the Class A-1 Interest Carryover Shortfall, the Class A-2 Interest Carryover Shortfall, the Class B Interest Carryover Shortfall and the Class C Interest Carryover Shortfall, and the change in such amounts from the preceding statement; for each Distribution Date (viA) the amount of fees and expenses paid under clauses to the Indenture Trustee, the Owner Trustee and the Grantor Trustee; (i)B) the amount of the Servicing Fee and expenses paid to the Servicers; (C) the amount of fees paid to ▇▇▇▇; (D) the amount of the Administration Fee and expenses paid to the Administrator, (ii) and (xiE) the amount of Section 4.4 by the Trustee Back-Up Administration Fee and expenses paid to the Back-Up Administrator, and, in each case, with respect to such Quarterly Collection Period, together with the amount, if any, remaining unpaid after giving effect to all such payments; (6) for each Distribution Date, the amount of the aggregate Realized Losses for the Financed Student Loans, if any, for such Collection Period and the balance of the Financed Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (vii7) the Note Pool Factor for balance of the Class A-1 NotesReserve Account on such Distribution Date, the Class A-2 Notes, the Class B Notes and the Class C Notes (after giving effect to distributions made changes therein on such Payment Distribution Date); (viii8) the amounts withdrawn from the Reserve Account on such Distribution Date; (9) for Distribution Dates during the Funding Period, the remaining Pre-Funded Amount on such Distribution Date, after giving effect to changes therein during the related Collection Period; (10) for the first Distribution Date on or following the end of the Funding Period, the amount of any remaining Pre-Funded Amount that has not been used to make Additional Fundings with respect to Subsequent Student Loans and is being deposited into the Collection Account; (11) the amount of collections on the Receivables during any Advance with respect to such Quarterly Period; (ix) the amounts paid for purchases or repurchases of Receivables pursuant to Sections 2.5 and 3.4 during such Quarterly Period, the aggregate Split Commissions Amount paid during such Quarterly Period and any other amounts paid during such Quarterly Period as a result of the benefits under any insurance policy related to any Receivable being paid in full, including termination, satisfaction, exchange or surrender thereof or the mortality of the insured thereunderDistribution Date; and (x12) the details of any Event of Default or Payout Trigger occurring during such Quarterly Period or continuing during such Quarterly Period and amount transferred to the actions that the Servicer has taken and proposes ▇▇▇▇ Pledge Fund to take with respect thereto. acquire Each amount set forth pursuant to subclauses clauses (i1), (2), (3), (5) through and (iii6) above may shall be expressed as a dollar amount per $1,000 50,000 of original principal balance Original Principal Balance of a Note Note. A copy of the related class or subclass. Each statement shall also contain statements referred to above may be obtained by any Note Owner by a reminder that (i) each Noteholder is required written request to be a Qualified Purchaser that purchased the Notes for its own account (and not the account of others) or as a fiduciary or agent for the account of another Qualified Purchaser (ii) any reoffer, resale, pledge or other transfer of the Notes must be to such a Qualified Purchaser and otherwise in accordance with the requirements of the Indenture and (iii) Trustee addressed to the Issuer has the right to repurchase any Note not owned by a Qualified PurchaserCorporate Trust Office.

Statements to Noteholders. On (a) With respect to each Payment Date, the Indenture Trustee shall include with each distribution deliver to each Certificateholder, Noteholder, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement prepared by setting forth the Servicer (which statement shall also be provided by following information as to each Class of Notes and the Servicer Class B-2 Certificates, to the Rating Agency) and based on information in the Servicer's Certificate delivered on the related Determination Date pursuant to Section 3.6, setting forth for the Quarterly Period related to such Payment Date the following informationextent appli cable: (i) the aggregate amount of such distribution allocable to interest collections with respect to the Class A-1 Notes, the Class A-2 Notes, the Class B Notes and the Class C Notes, as applicableHome Loans; (ii) the amount of Interest Remittance Amount and Principal Remittance Amount payable to the Noteholders and Class B-2 Certificateholders for such distribution allocable to principal Payment Date and the Net Monthly Excess Cash Flow for such Payment Date, and the aggregate Unpaid Interest Shortfall with respect to the each Class A-1 Notes, the Class A-2 Notes, the Class B of Notes and the Class C Notes, as applicableB-2 Certificates for such Payment Date and all prior Payment Dates; (iii) (a) the amount in of such distribution to the Reserve Account Holders of such Class applied to reduce the Note Principal Balance or Certificate Principal Balance thereof, and (after giving effect to distributions made on such Payment Date)b) the aggregate amount included therein representing Principal Prepayments; (iv) the amount of such distribution to Holders of such Class A-1 Note Balance, the Class A-2 Note Balance, the Class B Note Balance, the Class C Note Balance and the Maximum Outstanding Note Principal Balance (after giving effect of Notes or Certificates allocable to distributions made on such Payment Date)interest; (v) if the distribution to the Holders of such Class A-1 Interest Carryover Shortfallof Notes or Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the Class A-2 Interest Carryover Shortfall, amount of the Class B Interest Carryover Shortfall and the Class C Interest Carryover Shortfall, and the change in such amounts from the preceding statementshortfall; (vi) the amount number and Pool Principal Balance of fees and expenses paid under clauses (i), (ii) and (xi) the Home Loans after giving effect to the distribution of Section 4.4 by the Trustee with respect to principal on such Quarterly PeriodPayment Date; (vii) the aggregate Note Pool Factor for Principal Balance of each Class of the Class A-1 Notes, the Class A-2 Notes, the Class B Notes and the Certificate Principal Balance of the Class C Notes (B-2 Certificates, after giving effect to distributions made the amounts distributed on such Payment Date), separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal; (viii) the amount number and aggregate Principal Balances of collections Home Loans (a) as to which the Monthly Payment is delinquent for 30-59 days, 60-89 days, or 90 or more days, respectively, (b) in foreclosure and (c) that have become REO Property, in each case as of the end of the preceding Collection Period; PROVIDED, HOWEVER, that such information will not be provided on the Receivables during such Quarterly Periodstatements relating to the first Payment Date; (ix) the Required Overcollateralization Amount and Overcollateralization Amount, in each case after giving effect to the amounts paid for purchases or repurchases of Receivables pursuant to Sections 2.5 and 3.4 during such Quarterly Period, distributed on the aggregate Split Commissions Amount paid during such Quarterly Period and any other amounts paid during such Quarterly Period as a result of the benefits under any insurance policy related to any Receivable being paid in full, including termination, satisfaction, exchange or surrender thereof or the mortality of the insured thereunder; andPayment Date; (x) the details amount of any Event of Default or Payout Trigger occurring during such Quarterly Period or continuing during such Quarterly Period Advances and Compensating Interest payments; (xi) the actions that the Servicer has taken and proposes to take aggregate Realized Losses with respect thereto. Each amount set forth to the related Payment Date and cumulative Realized Losses since the Closing Date; (xii) the occurrence of the Credit Support Depletion Date; (xiii) the number and aggregate Principal Balance of Home Loans repurchased pursuant to subclauses the Home Loan Purchase Agreement for the related Payment Date and cumulatively since the Closing Date; (ixiv) through the Delinquency Percentage and Rolling Delinquency Percentage for such Payment Date; (xv) the amount of any Prepayment Interest Shortfalls or Relief Act Shortfalls for such Payment Date; and (xvi) the aggregate Principal Balance of Home Loans purchased pursuant to Section 3.16 of the Servicing Agreement for the related Payment Date and cumulatively since the Closing Date. Items (iii), (iv) and (v) above may shall be expressed as a dollar amount per $1,000 of original principal balance presented on the basis of a Note having a $1,000 denomination. In addition, by January 31 of each calendar year following any year during which the related class or subclass. Each statement Notes are outstanding, the Indenture Trustee shall also contain furnish a reminder that (i) report to each Noteholder is required of record if so requested in writing at any time during each calendar year as to be a Qualified Purchaser that purchased the aggregate of amounts reported pursuant to (iii), (iv) and (v) with respect to the Notes for its own account (and not such calendar year. The Indenture Trustee may conclusively rely upon the account of others) or as a fiduciary or agent for Determination Date Report provided by the account of another Qualified Purchaser (ii) any reoffer, resale, pledge or other transfer Master Servicer pursuant to Section 4.01 of the Notes must be Servicing Agreement in its preparation of its Statement to such a Qualified Purchaser and otherwise in accordance with the requirements of the Indenture and (iii) the Issuer has the right to repurchase any Note not owned by a Qualified PurchaserNoteholders.

Statements to Noteholders. (a) On each Payment Distribution Date, the Indenture Trustee shall include with each distribution to each NoteholderNoteholder of record, a statement statement, prepared by the Servicer (which statement shall also be provided by the Servicer to the Rating Agency) and Servicer, based on information in the Servicer's Certificate delivered on the related Determination Date furnished pursuant to Section 3.610.01(b) of the 1998-A Servicing Supplement, setting forth for the Quarterly related Collection Period related to such Payment Date and distribution the following informationinformation as of the related Record Date or Deposit Date or such Distribution Date, as the case may be: (i) the amount of Investor Percentage for such distribution allocable to interest with respect to the Class A-1 NotesCollection Period, the Class A-2 Notesstated separately for Interest Collections and Loss Amounts, the Class B Notes and the Class C Notes, as applicablefor Principal Collections; (ii) the total amount of being distributed to Noteholders in such distribution allocable to principal with respect to the Class A-1 Notes, the Class A-2 Notes, the Class B Notes and the Class C Notes, as applicabledistribution; (iii) the total amount being distributed to each Class of Noteholders in the Reserve Account (after giving effect to distributions made on such Payment Date)distribution; (iv) the total amount of interest being distributed to each Class of Noteholders in such distribution; (v) the amount, if any, of Class A-1 Interest Carryover Shortfall, Class A-2 Interest Carryover Shortfall, Class A-3 Interest Carryover Shortfall, Class A-4 Interest Carryover Shortfall and Class B Interest Carryover Shortfall included in such distribution; (vi) the amount, if any, of the remaining unpaid Class A-1 Interest Carryover Shortfall, Class A-2 Interest Carryover Shortfall, Class A-3 Interest Carryover Shortfall, Class A-4 Interest Carryover Shortfall and Class B Interest Carryover Shortfall after giving effect to such distribution; (vii) the total amount of principal being distributed to each Class of Noteholders in such distribution; (viii) the Class A-1 Allocation Percentage, the Class A-2 Allocation Percentage, the Class A-3 Allocation Percentage, the Class A-4 Allocation Percentage, the Class B Allocation Percentage and the amount, if any, of the reimbursement of Class A-1 Charged-off Amounts, Class A-1 Residual Value Loss Amounts and Class A-1 Additional Loss Amounts, Class A-2 Charged-off Amounts, Class A-2 Residual Value Loss Amounts and Class A-2 Additional Loss Amounts, Class A-3 Charged-off Amounts, Class A-3 Residual Value Loss Amounts and Class A-3 Additional Loss Amounts, Class A-4 Charged-off Amounts, Class A-4 Residual Value Loss Amounts and Class A-4 Additional Loss Amounts and Class B Charged-off Amounts, Class B Residual Value Loss Amounts and Class B Additional Loss Amounts being included in such distribution; (ix) the amount, if any, of the reimbursement of Class A-1 Note Principal Loss Amounts, Class A-2 Note Principal Loss Amounts, Class A-3 Note Principal Loss Amounts, Class A-4 Note Principal Loss Amounts and Class B Note Principal Loss Amounts included in such distribution; (x) the amount, if any, of the aggregate of unreimbursed Class A-1 Note Principal Loss Amounts, Class A-2 Note Principal Loss Amounts, Class A-3 Note Principal Loss Amounts, Class A-4 Note Principal Loss Amounts and Class B Note Principal Loss Amounts after giving effect to such distribution; (xi) the amount, if any, of accrued Class A-1 Note Principal Loss Interest Amounts, Class A-2 Note Principal Loss Interest Amounts, Class A-3 Note Principal Loss Interest Amounts, Class A-4 Note Principal Loss Interest Amounts and Class B Note Principal Loss Interest Amounts included in such distribution; (xii) the amount, if any, of accrued and unpaid Class A-1 Note Principal Loss Interest Amounts, Class A-2 Note Principal Loss Interest Amounts, Class A-3 Note Principal Loss Interest Amounts, Class A-4 Note Principal Loss Interest Amounts and Class B Note Principal Loss Interest Amounts after giving effect to such distribution; (xiii) the amount, if any, of accrued and unpaid Class B Note Principal Carryover Shortfall after giving effect to such distribution; (xiv) the Investor Percentage of the Servicing Fee allocable to the 1998-A SUBI Interest for such Distribution Date and any unpaid previous such amounts with respect to prior Distribution Dates; (xv) the Note Balance, the Class A-1 Note Balance, the Class A-2 Note Balance, the Class A-3 Note Balance, the Class A-4 Note Balance, the Class B Note Balance, the Class C A-1 Note Balance Factor, the Class A-2 Note Factor, the Class A-3 Note Factor, the Class A-4 Note Factor and the Maximum Outstanding Class B Note Principal Balance (Factor, each after giving effect to distributions such distribution; (xvi) the Transferor Amount, if any, included in such distribution and the amount of the Transferor Interest, after giving effect to all payments made on such Payment Distribution Date; (xvii) the Required Amount, if any, included in such distribution; (xviii) the Aggregate Net Investment Value as of the end of such Collection Period; (xix) the amount on deposit in the Reserve Fund on such Distribution Date, after giving effect to such distributions, the change in such balance from the immediately preceding Distribution Date, the Reserve Fund Cash Requirement, the Reserve Fund Supplemental Requirement (if any), the RV Insurer Reserve Fund Supplemental Requirement (if any) and the Downgrade Reserve Fund Supplemental Requirement (if any); (vxx) the Class A-1 Interest Carryover Shortfall, amount of Payments Ahead on deposit in the Class A-2 Interest Carryover Shortfall, the Class B Interest Carryover Shortfall 1998-A SUBI Collection Account and the Class C Interest Carryover Shortfall, representing Monthly Lease Payments due in one or more immediately subsequent Collection Periods and the change in such amounts balance from the immediately preceding statementDistribution Date; (vixxi) the amount of fees Outstanding Advances on such Distribution Date and expenses paid under clauses (i), (ii) and (xi) of Section 4.4 by the Trustee with respect to changes in such Quarterly Periodamount from the immediately preceding Distribution Date; (viixxii) the Note Pool Factor weighted average Lease Rate of the Leases in the 1998-A SUBI Portfolio for the Class A-1 Notesimmediately preceding Collection Period and the Charge-off Rate and Delinquency Rate for each of the three immediately preceding Collection Periods; (xxiii) the Insured Residual Value Loss Amount, if any, for such Distribution Date; (xxiv) the Class A-2 Notes, the Class B Notes A Net Swap Payment and the Class C Notes (after giving effect to distributions made on A Net Swap Receipt, in each case, if any, for such Payment Distribution Date); (viii) the amount of collections on the Receivables during such Quarterly Period; (ix) the amounts paid for purchases or repurchases of Receivables pursuant to Sections 2.5 and 3.4 during such Quarterly Period, the aggregate Split Commissions Amount paid during such Quarterly Period and any other amounts paid during such Quarterly Period as a result of the benefits under any insurance policy related to any Receivable being paid in full, including termination, satisfaction, exchange or surrender thereof or the mortality of the insured thereunder; and (xxxv) the details of any Event of Default or Payout Trigger occurring during Covered Loss Amounts and Uncovered Loss Amounts, in each case, if any, for such Quarterly Period or continuing during such Quarterly Period and the actions that the Servicer has taken and proposes to take with respect theretoDistribution Date. Each amount set forth pursuant to subclauses (iii) through (iiixiii) above may shall be expressed as a dollar amount per $1,000 of original principal balance of a Note. Any Note Owner may obtain a copy of any such statement, of any Servicer's Certificate required pursuant to Section 10.01(b) of the related class or subclass. Each statement shall also contain a reminder that (i) each Noteholder is 1998-A Servicing Supplement, any annual report of Independent Accountants required pursuant to be a Qualified Purchaser that purchased the Notes for its own account (and not the account of others) or as a fiduciary or agent for the account of another Qualified Purchaser (ii) any reoffer, resale, pledge or other transfer Section 3.02 of the Notes must be Servicing Agreement and Section 10.02 of the 1998-A Servicing Supplement, and of any annual Officer's Certificate required pursuant to such a Qualified Purchaser Section 3.03 of the Servicing Agreement and otherwise in accordance with Section 10.03(a) of the requirements 1998-A Servicing Supplement, upon written request to the Indenture Trustee at the Corporate Trust Office of the Indenture and Trustee. (iiib) Within a reasonable period of time after the Issuer has end of each calendar year, but not later than the right latest date permitted by law, the Indenture Trustee shall mail to repurchase each Person who at any time during such calendar year shall have been a Holder of a Note, a statement or statements which in the aggregate contain the sum of the amounts set forth in clauses (a)(ii) through (vii), (viii) through (xiv) above for such calendar year or, in the event such Person shall have been a Holder of a Note not owned by during a Qualified Purchaserportion of such calendar year, for the applicable portion of such year, for the purposes of such Noteholder's preparation of federal income tax returns. In addition, the Servicer shall furnish to the Indenture Trustee for distribution to such Person at such time any other information reasonably necessary under applicable law for the preparation of such income tax returns.

Statements to Noteholders. On With respect to each Payment Date, the Trustee Securities Administrator shall include with each distribution make available via the Securities Administrator’s website, initially located at ▇▇▇.▇▇▇▇▇▇▇.▇▇▇, to each NoteholderNoteholder and each Certificateholder, the Depositor, the Issuer, the Seller, the Owner Trustee, the Certificate Paying Agent and the Rating Agencies, a statement prepared by setting forth the Servicer (which statement shall also be provided by the Servicer following information as to the Rating Agency) and based on information in Notes, to the Servicer's Certificate delivered on the related Determination Date pursuant to Section 3.6, setting forth for the Quarterly Period related to such Payment Date the following informationextent applicable: (i) the amount of such distribution allocable to interest with respect to the Class A-1 NotesAvailable Funds, the Basis Risk Shortfall Carryover Amount on each Class A-2 Notes, the of Class B A Notes for such Payment Date and the aggregate Net Interest Shortfall on each Class C Notes, as applicableof Notes for such Payment Date; (ii) (a) the amount of such distribution allocable payment to principal with respect to each Class of Notes (other than the Class A-1 X Notes) applied to reduce the Note Principal Balance thereof, and (b) the Class A-2 Notes, the Class B Notes and the Class C Notes, as applicableaggregate amount included therein representing Principal Prepayments; (iii) the amount in the Reserve Account (after giving effect of such payment to distributions made on such Payment Date)Holders of each Class of Notes allocable to interest; (iv) the Class A-1 Note Balance, amount of any distribution to the Class A-2 Note Balance, the Class B Note Balance, the Class C Note Balance and the Maximum Outstanding Note Principal Balance (after giving effect to distributions made on such Payment Date)Certificates; (v) if the payment to the Holders of any Class A-1 Interest Carryover Shortfallof Notes is less than the full amount that would be payable to such Holders if there were sufficient funds available therefor, the Class A-2 Interest Carryover Shortfall, amount of the Class B Interest Carryover Shortfall and the Class C Interest Carryover Shortfall, and the change in such amounts from the preceding statementshortfall; (vi) the amount number and the aggregate Scheduled Principal Balance of fees and expenses paid under clauses (i), (ii) and (xi) the Mortgage Loans as of Section 4.4 by the Trustee with respect to such Quarterly end of the related Due Period; (vii) the aggregate Note Pool Factor for the Principal Balance of each Class A-1 of Notes, the Class A-2 Notes, the Class B Notes and the Class C Notes (after giving effect to distributions made the amounts paid on such Payment Date), separately identifying any reduction thereof due to Realized Losses and the aggregate Note Principal Balance of the Notes after giving effect to the payment of principal on such Payment Date; (viii) the amount number and aggregate Scheduled Principal Balance of collections on Mortgage Loans (a) as to which the Receivables during such Quarterly PeriodMonthly Payment is delinquent for 31-60 days, 61-90 days, 91 or more days, respectively, (b) in foreclosure and (c) that have become REO Property, in each case as of the end of the preceding calendar month; (ix) the amounts paid for purchases or repurchases amount of Receivables pursuant to Sections 2.5 any Monthly Advances and 3.4 during such Quarterly Period, the aggregate Split Commissions Amount paid during such Quarterly Period and any other amounts paid during such Quarterly Period as a result of the benefits under any insurance policy related to any Receivable being paid in full, including termination, satisfaction, exchange or surrender thereof or the mortality of the insured thereunder; andCompensating Interest payments; (x) the details aggregate Realized Losses with respect to the related Payment Date and cumulative Realized Losses since the Closing Date; (xi) the number and aggregate Scheduled Principal Balance of Mortgage Loans repurchased pursuant to the Mortgage Loan Purchase Agreement for the related Payment Date and cumulatively since the Closing Date; (xii) the book value (if available) of any Event REO Property; (xiii) the amount of Default any Prepayment Interest Shortfalls or Payout Trigger occurring during Relief Act Shortfalls for such Quarterly Period or continuing during such Quarterly Period Payment Date; (xiv) the aggregate Scheduled Principal Balance of Mortgage Loans purchased pursuant to Section 2.12 of the Servicing Agreement for the related Payment Date and cumulatively since the actions that Closing Date; and (xv) information received from the Master Servicer has taken and proposes to take with respect theretoto any Mortgage Loan that is delinquent in payment for 90 days or more. Each amount set forth pursuant to subclauses (i) through Items (iii) and (iv) above may shall be expressed as a dollar amount per $1,000 of original principal balance presented on the basis of a Note having a $1,000 denomination. In addition, by January 31 of each calendar year following any year during which the related class or subclass. Each statement Notes are outstanding, the Securities Administrator shall also contain furnish a reminder that (i) report to each Noteholder is required of record if so requested in writing at any time during each calendar year as to be a Qualified Purchaser that purchased the aggregate of amounts reported pursuant to (iii) and (iv) with respect to the Notes for its own account (and not such calendar year. The Securities Administrator may conclusively rely upon the account of others) or as a fiduciary or agent for information provided by the account of another Qualified Purchaser (ii) any reoffer, resale, pledge or other transfer of Master Servicer to the Notes must be to such a Qualified Purchaser and otherwise Securities Administrator in accordance with the requirements Section 2.02 of the Indenture Servicing Agreement in its preparation of monthly statements to Noteholders. The Securities Administrator shall be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement, and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (iiiwithout suggesting liability on the part of any other party hereto). The Securities Administrator shall make the monthly statements provided for in this section (and, at its option, any additional files containing the same information in an alternative format) available each month to each Noteholder and each Certificateholder, the Issuer has Depositor, the Issuer, the Seller, the Owner Trustee, the Certificate Paying Agent and the Rating Agency via the Securities Administrator’s website. Assistance in using the website can be obtained by calling the Note Registrar’s customer service desk at (▇▇▇) ▇▇▇-▇▇▇▇. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the Securities Administrator’s customer service desk and indicating such. The Securities Administrator may have the right to repurchase change the way the monthly statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any Note not owned by a Qualified Purchasersuch changes.

Statements to Noteholders. On each Payment Determination Date preceding a Distribution Date, pursuant to the Administration Agreement the Administrator shall provide to the Indenture Trustee shall include (with each distribution a copy to the Owner Trustee and the Rating Agencies) for the Indenture Trustee to forward on such succeeding Distribution Date to each Noteholder, holder of record of the Notes a statement prepared by setting forth at least the Servicer (which statement shall also be provided by the Servicer following information as to the Rating Agency) and based on information in Notes, to the Servicer's Certificate delivered on the related Determination Date pursuant to Section 3.6, setting forth for the Quarterly Period related to such Payment Date the following informationextent applicable: (i1) the amount of such the distribution allocable to principal of each Class of Notes; (2) the amount of the distribution allocable to interest on each Class of Notes, together with the interest rates applicable with respect to the Class A-1 Notes, the Class A-2 Notes, the Class B Notes and the Class C Notes, as applicablethereto; (ii3) the amount Pool Balance as of such distribution allocable to principal with respect to the Class A-1 Notesclose of business on the last day of the preceding Collection Period, the Class A-2 Notes, the Class B Notes and the Class C Notes, as applicable; (iii) the amount in the Reserve Account (after giving effect to distributions made on such Payment Date)the related payments allocated to principal reported under clause (1) above; (iv4) the aggregate outstanding principal balance or Notional Amount, as applicable, of each Class A-1 Note Balanceof Notes as of such Distribution Date, the Class A-2 Note Balance, the Class B Note Balance, the Class C Note Balance and the Maximum Outstanding Note Principal Balance (after giving effect to distributions made on such Payment Date)related payments allocated to principal reported under clause (1) above; (v5) the Class A-1 Interest Carryover Shortfall, the Class A-2 Interest Carryover Shortfall, the Class B Interest Carryover Shortfall and the Class C Interest Carryover Shortfall, and the change in such amounts from the preceding statement; for each Distribution Date (viA) the amount of fees and expenses paid under clauses to the Indenture Trustee, the Owner Trustee and the Grantor Trustee; (i)B) the amount of the Servicing Fee and expenses paid to the Servicers; (C) the amount of fees paid to ▇▇▇▇; (D) the amount of the Administration Fee and expenses paid to the Administrator, (ii) and (xiE) the amount of Section 4.4 by the Trustee Back-Up Administration Fee and expenses paid to the Back-Up Administrator, and, in each case, with respect to such Quarterly Collection Period, together with the amount, if any, remaining unpaid after giving effect to all such payments; (6) for each Distribution Date, the amount of the aggregate Realized Losses for the Financed Student Loans, if any, for such Collection Period and the balance of the Financed Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (vii7) the Note Pool Factor for balance of the Class A-1 NotesReserve Account on such Distribution Date, the Class A-2 Notes, the Class B Notes and the Class C Notes (after giving effect to distributions made changes therein on such Payment Distribution Date); (viii8) the amounts withdrawn from the Reserve Account on such Distribution Date; (9) for Distribution Dates during the Funding Period, the remaining Pre-Funded Amount on such Distribution Date, after giving effect to changes therein during the related Collection Period; (10) for the first Distribution Date on or following the end of the Funding Period, the amount of any remaining Pre-Funded Amount that has not been used to make Additional Fundings with respect to Subsequent Student Loans and is being deposited into the Collection Account; (11) the amount of collections on the Receivables during any Advance with respect to such Quarterly Period; (ix) the amounts paid for purchases or repurchases of Receivables pursuant to Sections 2.5 and 3.4 during such Quarterly Period, the aggregate Split Commissions Amount paid during such Quarterly Period and any other amounts paid during such Quarterly Period as a result of the benefits under any insurance policy related to any Receivable being paid in full, including termination, satisfaction, exchange or surrender thereof or the mortality of the insured thereunderDistribution Date; and (x12) the details of any Event of Default or Payout Trigger occurring during such Quarterly Period or continuing during such Quarterly Period and amount transferred to the actions that the Servicer has taken and proposes ▇▇▇▇ Pledge Fund to take acquire Rehabilitated Student Loans with respect theretoto such Distribution Date. Each amount set forth pursuant to subclauses clauses (i1), (2), (3), (5) through and (iii6) above may shall be expressed as a dollar amount per $1,000 50,000 of original principal balance Original Principal Balance of a Note Note. A copy of the related class or subclass. Each statement shall also contain statements referred to above may be obtained by any Note Owner by a reminder that (i) each Noteholder is required written request to be a Qualified Purchaser that purchased the Notes for its own account (and not the account of others) or as a fiduciary or agent for the account of another Qualified Purchaser (ii) any reoffer, resale, pledge or other transfer of the Notes must be to such a Qualified Purchaser and otherwise in accordance with the requirements of the Indenture and (iii) Trustee addressed to the Issuer has the right to repurchase any Note not owned by a Qualified PurchaserCorporate Trust Office.

Statements to Noteholders. On each Payment Determination Date preceding a Distribution Date, the Administrator shall provide to the Indenture Trustee shall include and the Paying Agent (with each distribution a copy to the Eligible Lender Trustee, the Certificate Paying Agent, the Depositor and the Rating Agencies) for the Paying Agent to forward on such succeeding Distribution Date to each Noteholder, Holder of record of the Notes a statement prepared by the Servicer (which statement shall also be provided by the Servicer to the Rating Agency) and based on information substantially in the Servicer's Certificate delivered on the related Determination Date pursuant to Section 3.6form of Exhibit A, setting forth for the Quarterly Period related to such Payment Date at least the following informationinformation as to the Notes, to the extent applicable: (i1) the amount of such the distribution allocable to principal of each Class of Notes; (2) the amount of the distribution allocable to interest on each Class of Notes, together with the interest rates applicable with respect thereto; (3) whether any Subordinate Note Principal Trigger or Class I-B, Class II-B, Class II-C or Class II-D Note Interest Trigger will be in effect on such Distribution Date after giving effect to the related payments allocated to principal reported under clause (1) above; (4) the Group I and Group II Pool Balance as of the close of business on the last day of the preceding Collection Period, after giving effect to the related payments allocated to principal reported under clause (1) above; (5) the aggregate outstanding principal balance of each Class of Notes, and each Pool Factor as of such Distribution Date, after giving effect to related payments allocated to principal reported under clause (1) above; (A) the amount of the Master Servicing Fee paid to the Master Servicer and (B) the amount of the Administration Fee paid to the Administrator, in each case as allocated to the Group I Notes and the Group II Notes and, in each case, with respect to such Collection Period, together with the amount, if any, of the Master Servicing Fee or Administration Fee remaining unpaid after giving effect to all such payments; (7) the amount of the aggregate Realized Losses for each of the Group I and Group II Student Loans, if any, for such Collection Period and the balance of Group I and Group II Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (8) the balance of the Group I Reserve Account and the Group II Reserve Accounts on such Distribution Date, after giving effect to changes therein on such Distribution Date; (9) the amount of any Interest and Expense Draw on such Distribution Date with respect to the Class A-1 Notes, the Class A-2 Notes, the Class B Notes Group I and the Class C Notes, as applicableGroup II Reserve Accounts; (ii10) for Distribution Dates during the amount of Funding Period, the remaining Group I Pre-Funded Amount and Group II Pre-Funded Amount on such distribution allocable Distribution Date, after giving effect to principal changes therein during the related Collection Period; (11) with respect to the Class A-1 NotesDistribution Date next following the Special Determination Date, the Class A-2 Notes, amount of any sums remaining on deposit in the Class B Notes and Group I or Group II Student Subsequent Loan Pre-Funding Sub-Accounts that are either being transferred to the Class C NotesGroup I or Group II Other Student Loan Pre-Funding Sub-Account, as applicable; (iii) , or are being distributed to the amount in the Reserve Account (after giving effect to distributions made applicable Noteholders as a payment of principal on such Payment Distribution Date); (iv) the Class A-1 Note Balance, the Class A-2 Note Balance, the Class B Note Balance, the Class C Note Balance and the Maximum Outstanding Note Principal Balance (after giving effect to distributions made on such Payment Date); (v) the Class A-1 Interest Carryover Shortfall, the Class A-2 Interest Carryover Shortfall, the Class B Interest Carryover Shortfall and the Class C Interest Carryover Shortfall, and the change in such amounts from the preceding statement; (vi) the amount of fees and expenses paid under clauses (i), (ii) and (xi) of Section 4.4 by the Trustee with respect to such Quarterly Period; (vii) the Note Pool Factor for the Class A-1 Notes, the Class A-2 Notes, the Class B Notes and the Class C Notes (after giving effect to distributions made on such Payment Date); (viii) the amount of collections on the Receivables during such Quarterly Period; (ix) the amounts paid for purchases or repurchases of Receivables pursuant to Sections 2.5 and 3.4 during such Quarterly Period, the aggregate Split Commissions Amount paid during such Quarterly Period and any other amounts paid during such Quarterly Period as a result of the benefits under any insurance policy related to any Receivable being paid in full, including termination, satisfaction, exchange or surrender thereof or the mortality of the insured thereunder; and (x12) for the details first Distribution Date on or following the end of the Funding Period, the amount of any Event of Default or Payout Trigger occurring during such Quarterly Period or continuing during such Quarterly Period remaining Group I Pre-Funded Amount and the actions Group II Pre-Funded Amount that the Servicer has taken and proposes not been used to take make Additional Fundings with respect theretoto Additional Group I or Additional Group II Student Loans, and is being paid out to the related Group I or Group II Noteholders, as the case may be. Each amount set forth pursuant to subclauses clauses (i1), (2), (3), (6) through and (iii7) above may shall be expressed as a dollar amount per $1,000 of original principal balance of a Note Note. A copy of the related class or subclass. Each statement shall also contain statements referred to above may be obtained by any Note Owner by a reminder that (i) each Noteholder is required written request to be a Qualified Purchaser that purchased the Notes for its own account (and not the account of others) or as a fiduciary or agent for the account of another Qualified Purchaser (ii) any reoffer, resale, pledge or other transfer of the Notes must be to such a Qualified Purchaser and otherwise in accordance with the requirements of the Indenture and (iii) Trustee addressed to the Issuer has the right to repurchase any Note not owned by a Qualified PurchaserCorporate Trust Office.

Statements to Noteholders. On (a) If the Servicer has delivered the Servicer's Certificate on the preceding Determination Date, then on each Payment Date, Date the Trustee shall include with will forward it to each distribution Rating Agency, and mail to each Noteholder, a statement prepared by the Servicer (which statement shall also be provided by is based exclusively upon information that the Servicer furnished to the Rating Agency) and based on information Trustee in the Servicer's Certificate delivered on the related Determination Date pursuant to Section 3.6, setting forth for the Quarterly Period related to such Payment Date the following information:to (i) the The amount of such distribution payment allocable to interest with respect to the Class A-1 NotesPrincipal Payment, the Class A-2 NotesPrincipal Payment, Class A-3 Principal Payment, the Class B Notes and Principal Payment or the Class C NotesPrincipal Payment, as applicable, and Class A-1 Overdue Principal, Class A-2 Overdue Principal, Class A-3 Overdue Principal, the Class B Overdue Principal or Class C Overdue Principal, as applicable; (ii) the The amount of such distribution payment allocable to principal with respect to the such Class A-1 NotesNote Interest, the Class A-2 NotesNote Interest, the Class A-3 Note Interest, Class B Notes and the Note Interest or Class C NotesNote Interest, Class A-1 Overdue Interest, Class A-2 Overdue Interest, Class B Overdue Interest or Class C Overdue Interest, as applicable; (iii) The aggregate amount of fees and compensation received by the amount in Servicer for the Reserve Account related Collection Period; (iv) The aggregate Class A-1 Principal Balance, Class A-2 Principal Balance, Class A-3 Principal Balance, Class B Principal Balance, Class C Principal Balance the Class A-1 Note Factor, the Class A-2 Note Factor, the Class A-3 Note Factor, the Class B Note Factor, the Class C Note Factor, after giving effect to taking into account all distributions made on such Payment Date); (iv) the Class A-1 Note Balance, the Class A-2 Note Balance, the Class B Note Balance, the Class C Note Aggregate Contract Principal Balance and the Maximum Outstanding Note Principal Balance (after giving effect to distributions made on such Payment Date)Collateral Factor; (v) The total unreimbursed Servicer Advances with respect to the Class A-1 Interest Carryover Shortfall, the Class A-2 Interest Carryover Shortfall, the Class B Interest Carryover Shortfall and the Class C Interest Carryover Shortfall, and the change in such amounts from the preceding statementrelated Collection Period; (vi) The aggregate Contract Principal Balance for all Series 1998-1 Contracts that became Charged-Off Contracts during the amount related Collection Period, and, in the case of fees and expenses paid under clauses (i)the Initial Period, (ii) and (xi) of Section 4.4 by continue to be Charged-Off Contracts, calculated immediately prior to the Trustee with respect to time such Quarterly Period;Contracts became Charged-Off Contracts; and (vii) The amount on deposit in the Note Pool Factor Reserve Account. (b) By January 31 of each calendar year, commencing January 31, 1999, or as otherwise required by applicable law, the Trustee shall furnish to each Person who at any time during the immediately preceding calendar year was a Series 1998-1 Noteholder a statement containing the applicable aggregate amounts of interest and principal paid to such Noteholder for such calendar year or, in the event such Person was a Noteholder during a portion of such calendar year, for the Class A-1 Notesapplicable portion of such year, the Class A-2 Notes, the Class B Notes and the Class C Notes (after giving effect to distributions made on such Payment Date); (viii) the amount of collections on the Receivables during such Quarterly Period; (ix) the amounts paid for purchases or repurchases of Receivables pursuant to Sections 2.5 and 3.4 during such Quarterly Period, the aggregate Split Commissions Amount paid during such Quarterly Period and any other amounts paid during such Quarterly Period as a result of the benefits under any insurance policy related to any Receivable being paid in full, including termination, satisfaction, exchange or surrender thereof or the mortality of the insured thereunder; and (x) the details of any Event of Default or Payout Trigger occurring during such Quarterly Period or continuing during such Quarterly Period and the actions that the Servicer has taken and proposes to take with respect thereto. Each amount set forth pursuant to subclauses (i) through (iii) above may be expressed as a dollar amount per $1,000 of original principal balance of a Note of the related class or subclass. Each statement shall also contain a reminder that (i) each Noteholder is required to be a Qualified Purchaser that purchased the Notes for its own account (and not the account of others) or as a fiduciary or agent for the account purposes of another Qualified Purchaser (ii) any reoffer, resale, pledge or other transfer such Noteholder's preparation of federal income tax returns. In addition to the Notes must be to such a Qualified Purchaser and otherwise in accordance with foregoing the requirements of the Indenture and (iii) the Issuer has the right to repurchase any Note not owned by a Qualified Purchaser.Trustee

Statements to Noteholders. On each Payment Determination Date preceding a Distribution Date, the Administrator shall provide to the Indenture Trustee shall include (with each distribution a copy to the Securities Insurer, the Swap Counterparty, the Eligible Lender Trustee, the Depositor and the Rating Agencies) for the Indenture Trustee to forward on such succeeding Distribution Date to each Noteholder, holder of record of the Notes a statement prepared by the Servicer (which statement shall also be provided by the Servicer to the Rating Agency) and based on information substantially in the Servicer's Certificate delivered on the related Determination Date pursuant to Section 3.6form of Exhibit A, setting forth for the Quarterly Period related to such Payment Date at least the following informationinformation as to the Notes, to the extent applicable: (i1) the amount of such the distribution allocable to principal of each Class of Notes; (2) the amount of the distribution allocable to interest on each Class of Notes, together with the interest rates applicable with respect thereto (indicating whether such interest rates are based on the related Formula Rate or on the related Student Loan Rate and specifying what each such interest rate would have been if it had been calculated using the alternate basis; provided that no such calculation of the related Student Loan Rate will be required to be made unless the Class A-1 Notes, the Class A-2 Notes, the Class B Notes and the Class C Notes, as applicable; (ii) the amount of such distribution allocable to principal with respect to the Class A-1 Notes, the Class A-2 Notes, the Class B Notes and the Class C Notes, as applicable; (iii) the amount Student Loan Rate Calculation Trigger is in the Reserve Account (after giving effect to distributions made on such Payment Distribution Date); (iv3) (A) the amount of any Class I-A-1 Note BalanceCap Payment, Class I-A-2 Cap Payment and Class I-B Cap Payment made under the Group I Interest Rate Cap or any Class II-A-1 Cap Payment or Class II-A-2 Note BalanceCap Payment made under the Group II Interest Rate Cap on such Distribution Date, and (B) the amount of the distribution, if any, allocable to any Noteholders' Interest Index Carryover with respect to each Class B Note Balanceof Notes, as applicable, together with the Class C Note Balance and the Maximum Outstanding Note Principal Balance (outstanding amount, if any, of each thereof after giving effect to distributions made on any such Payment Date)distribution; (v4) the Class A-1 Interest Carryover Shortfall, Group I and Group II Pool Balance as of the Class A-2 Interest Carryover Shortfall, close of business on the Class B Interest Carryover Shortfall and the Class C Interest Carryover Shortfall, and the change in such amounts from last day of the preceding statementCollection Period, after giving effect to the related payments allocated to principal reported as described in clause (1) above; (vi5) the aggregate outstanding principal balance of each Class of Notes, and each Pool Factor as of such Distribution Date, after giving effect to related payments allocated to principal reported under clause (1) above; (A) the amount of fees and expenses the Master Servicing Fee paid under clauses (i)to the Master Servicer, (iiB) the amount of the Administration Fee paid to the Administrator, in each case as allocated to the Group I Notes and the Group II Notes, and (xiC) of Section 4.4 by the Trustee Insurer Premium, with respect to the Group II Notes only, and, in each case, with respect to such Quarterly Collection Period, together with the amount, if any, of the Master Servicing Fee, Administration Fee or Insurer Premium remaining unpaid after giving effect to all such payments; (7) the amount of the aggregate Realized Losses for each of the Group I and Group II Student Loans, if any, for such Collection Period and the balance of Group I and Group II Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (viiA) the Note Pool Factor for balance of the Class A-1 Notes, the Class A-2 Notes, the Class B Notes Group I Reserve Account and the Class C Notes (Group II Reserve Accounts on such Distribution Date, after giving effect to distributions made changes therein on such Payment Distribution Date); ; (viiiB) the amount of collections any Interest and Expense Draw on such Distribution Date, and (C) the Receivables amount of any Realized Loss Draw on such Distribution Date, in each case with respect to the Group I and the Group II Reserve Accounts; (9) for Distribution Dates during the Funding Period, the remaining Group I Pre-Funded Amount and Group II Pre-Funded Amount on such Quarterly Distribution Date, after giving effect to changes therein during the related Collection Period; (ix10) for the amounts paid for purchases first Distribution Date on or repurchases following the end of Receivables pursuant to Sections 2.5 and 3.4 during such Quarterly the Funding Period, the amount of any remaining Group I Pre-Funded Amount and Group II Pre-Funded Amount that has not been used to make Additional Fundings with respect to Additional Group I or Additional Group II Student Loans, and is being paid out to the related Group I or Group II Noteholders, as the case may be; (11) With respect to the Group II Notes, the aggregate Split Commissions Amount paid during such Quarterly Period and amount of all Guarantee Payments made by TERI that were deposited into the Group II Collection Account Suba▇▇▇▇nt, net of any other amounts paid during such Quarterly Period to the Depositor (for distribution to the related Seller) pursuant to Section 5.05(c)(Y)(1), and also expressed as a result percentage of the benefits Group II Initial Financed Student Loan Pool Balance; (12) the aggregate amount, if any, due and owing to the Cap Provider for previous payments under the Group I and Group II Interest Rate Caps; (13) the amount of any insurance policy related payments received or made by the Trust under the Group I Interest Rate Swap and the Group II Interest Rate Swap on such Distribution Date, and the aggregate amount, if any, either owed to any Receivable being or owed by the Swap Counterparty under the Group I and/or Group II Interest Rate Swaps with respect to amounts not paid in full, including termination, satisfaction, exchange or surrender thereof or received by the mortality of the insured thereunderTrust on previous Distribution Dates; and (x14) with respect to the details Group II Notes only, the amount of any Event of Default Insured Payments made with respect to such Distribution Date, if any, the amount, if any, paid to the Securities Insurer for previously made Insured Payments on such Distribution Date or Payout Trigger occurring during such Quarterly Period or continuing during such Quarterly Period otherwise pursuant to the Insurance Agreement, and the actions that aggregate amount, if any, owing to the Servicer has taken and proposes Securities Insurer for all unreimbursed Insured Payments made to take with respect theretothe Trust. Each amount set forth pursuant to subclauses clauses (i1), (2), (3), (5) through and (iii6) above may shall be expressed as a dollar amount per $1,000 of original principal balance of a Note Note. A copy of the related class or subclass. Each statement shall also contain statements referred to above may be obtained by any Note Owner by a reminder that (i) each Noteholder is required written request to be a Qualified Purchaser that purchased the Notes for its own account (and not the account of others) or as a fiduciary or agent for the account of another Qualified Purchaser (ii) any reoffer, resale, pledge or other transfer of the Notes must be to such a Qualified Purchaser and otherwise in accordance with the requirements of the Indenture and (iii) Trustee, respectively, addressed to the Issuer has the right to repurchase any Note not owned by a Qualified Purchaserrespective Corporate Trust Office.

Statements to Noteholders. On each Payment Determination Date preceding a Distribution Date, the Administrator shall provide to the Indenture Trustee shall include (with each distribution a copy to the Securities Insurer, the Swap Counterparty, the Eligible Lender Trustee, the Depositor and the Rating Agencies) for the Indenture Trustee to forward on such succeeding Distribution Date to each Noteholder, holder of record of the Notes a statement prepared by the Servicer (which statement shall also be provided by the Servicer to the Rating Agency) and based on information substantially in the Servicer's Certificate delivered on the related Determination Date pursuant to Section 3.6form of Exhibit A, setting forth for the Quarterly Period related to such Payment Date at least the following informationinformation as to the Notes, to the extent applicable: (i1) the amount of such the distribution allocable to principal of each Class of Notes (other than the Class II-A-IO Notes); (2) the amount of the distribution allocable to interest on each Class of Notes, together with the interest rates applicable with respect thereto (indicating whether such interest rates are based on the related Formula Rate or on the related Student Loan Rate, with respect to each Class of Notes other than the Class A-1 II-A-IO Notes, and specifying what each such interest rate would have been if it had been calculated using the Class A-2 Notes, alternate basis; provided that no such calculation of the Class B Notes and related Student Loan Rate will be required to be made unless the Class C Notes, as applicable; (ii) the amount of such distribution allocable to principal with respect to the Class A-1 Notes, the Class A-2 Notes, the Class B Notes and the Class C Notes, as applicable; (iii) the amount Student Loan Rate Calculation Trigger is in the Reserve Account (after giving effect to distributions made on such Payment Distribution Date); (ivA) the amount of any Class I-A-1 Note BalanceBasis Risk Cap Payment, Class I-A-2 Basis Risk Cap Payment and Class I-B Basis Risk Cap Payment made under the Group I Basis Risk Cap Agreement or 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 or Class II-B Basis Risk Cap Payment made under the Group II Basis Risk Cap Agreement on such Distribution Date, and (B) the amount of the distribution, if any, allocable to any Noteholders’ Interest Index Carryover with respect to each Class of Notes (other than the Class A-2 Note BalanceII-A-IO Notes), as applicable, together with the Class B Note Balanceoutstanding amount, the Class C Note Balance and the Maximum Outstanding Note Principal Balance (if any, of each thereof after giving effect to distributions made on any such Payment Date)distribution; (v4) the Class A-1 Interest Carryover Shortfall, Group I and Group II Pool Balance as of the Class A-2 Interest Carryover Shortfall, close of business on the Class B Interest Carryover Shortfall and the Class C Interest Carryover Shortfall, and the change in such amounts from last day of the preceding statementCollection Period, after giving effect to the related payments allocated to principal reported under clause (1) above; (vi5) the aggregate outstanding principal balance or notional principal amount, as applicable, of each Class of Notes, and each Pool Factor as of such Distribution Date, after giving effect to related payments allocated to principal reported under clause (1) above; (A) the amount of fees and expenses the Master Servicing Fee paid under clauses (i)to the Master Servicer, (iiB) the amount of the Administration Fee paid to the Administrator, in each case as allocated to the Group I Notes and the Group II Notes, and (xiC) of Section 4.4 by the Trustee Insurer Premium, with respect to the Group II Insured Notes only, and, in each case, with respect to such Quarterly Collection Period, together with the amount, if any, of the Master Servicing Fee, Administration Fee or Insurer Premium remaining unpaid after giving effect to all such payments; (7) the amount of the aggregate Realized Losses for each of the Group I and Group II Student Loans, if any, for such Collection Period and the balance of Group I and Group II Student Loans that are delinquent in each delinquency period as of the end of such Collection Period; (vii) 8) the Note Pool Factor for balance of the Class A-1 Notes, the Class A-2 Notes, the Class B Notes Group I Reserve Account and the Class C Notes (Group II Reserve Accounts on such Distribution Date, after giving effect to distributions made changes therein on such Payment Distribution Date); (viiiA) the amount of collections any Interest and Expense Draw on such Distribution Date, and (B) the Receivables amount of any Realized Loss Draw on such Distribution Date, in each case with respect to the Group I and the Group II Reserve Accounts; (10) for Distribution Dates during the Funding Period, the remaining Group I Pre-Funded Amount and Group II Pre-Funded Amount on such Quarterly Distribution Date, after giving effect to changes therein during the related Collection Period; (ix11) with respect to the amounts paid Distribution Date next following the Special Determination Date, the amount of any sums remaining on deposit in the Group I or Group II Student Subsequent Loan Pre-Funding Sub-Accounts that are either being transferred to the Group I or Group II Other Student Loan Pre-Funding Sub-Account, as applicable, or are being distributed to the applicable Noteholders as a payment of principal on such Distribution Date; (12) for purchases the first Distribution Date on or repurchases following the end of Receivables pursuant to Sections 2.5 and 3.4 during such Quarterly the Funding Period, the aggregate Split Commissions amount of any remaining Group I Pre-Funded Amount paid during such Quarterly Period and any other amounts paid during such Quarterly Period as a result of the benefits under any insurance policy related Group II Pre-Funded Amount that has not been used to any Receivable make Additional Fundings with respect to Additional Group I or Additional Group II Student Loans, and is being paid in fullout to the related Group I or Group II Noteholders, including terminationas the case may be; (13) the aggregate amount, satisfactionif any, exchange due and owing to the Cap Provider for previous payments under the Group I and Group II Basis Risk Cap Agreements; (14) the amount of any payments received or surrender thereof made by the Trust under the Group I Interest Rate Swap on such Distribution Date, and the aggregate amount, if any, either owed to or owed by the mortality Swap Counterparty under the Group I Interest Rate Swap with respect to amounts not paid or received by the Trust on previous Distribution Dates; (15) with respect to the Group II Insured Notes only, the amount of any Insured Payments made with respect to such Distribution Date, if any, the insured thereunderamount, if any, paid to the Securities Insurer for previously made Insured Payments on such Distribution Date or otherwise pursuant to the Insurance Agreement, and the aggregate amount, if any, owing to the Securities Insurer for all unreimbursed Insured Payments made to the Trust; and (x16) the details amount of any Event of Default or Payout Trigger occurring during Group II Cap Agreement Payment under the Group II Cap Agreement on such Quarterly Period or continuing during such Quarterly Period and the actions that the Servicer has taken and proposes to take with respect theretoDistribution Date. Each amount set forth pursuant to subclauses clauses (i1), (2), (3), (5) through and (iii6) above may shall be expressed as a dollar amount per $1,000 of original principal balance of a Note Note. A copy of the related class or subclass. Each statement shall also contain statements referred to above may be obtained by any Note Owner by a reminder that (i) each Noteholder is required written request to be a Qualified Purchaser that purchased the Notes for its own account (and not the account of others) or as a fiduciary or agent for the account of another Qualified Purchaser (ii) any reoffer, resale, pledge or other transfer of the Notes must be to such a Qualified Purchaser and otherwise in accordance with the requirements of the Indenture and (iii) Trustee addressed to the Issuer has the right to repurchase any Note not owned by a Qualified PurchaserCorporate Trust Office.