Optional Release of All Financed Eligible Loans Sample Clauses

Optional Release of All Financed Eligible Loans. The Authority shall certify to and notify the Trustee in writing, within 15 days after the last Business Day of each Collection Period in which the then outstanding Pool Balance is 12% or less of the Initial Pool Balance, of the percentage that the then outstanding Pool Balance bears to the Initial Pool Balance. The Authority shall have the option to release all of the Financed Eligible Loans from the lien of this Indenture on the Monthly Distribution Date next succeeding the last day of the Collection Period on which the then outstanding Pool Balance is 10% or less of the Initial Pool Balance and on each Monthly Distribution Date thereafter (each an “Optional Release Date”). To exercise the option described in this Section, the Authority shall deposit in the Collection Fund on or before the Optional Release Date, an amount that is sufficient to redeem all of the Notes, and pay any due and owing Administration Fees, Servicing Fees, Program Fees and Trustee Fees attributable to the Notes, as well as any other expenses that may be due at the time or following the payment of the Notes, less any amounts on deposit in the Funds and Accounts (other than the Department SAP Rebate Fund). Upon exercise of the option to release all of the Financed Eligible Loans pursuant to this Section, the same shall be released from the lien of this Indenture.
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