Portfolio Yield: As of any date of determination, the excess, if any, of (a) the Rolling Three Month **Portfolio Rate** on such day over (b) the Yield Rate plus the Program Fee for such day.

Rolling Three-Month **Portfolio Rate**: For any day, the percentage equivalent of a fraction the numerator of which is equal to the sum of the three (3) most recent Portfolio Rates and the denominator of which is equal to three (3).

If the Net Loan Rate Restriction Period is applicable for an Auction Period, the Issuer shall calculate the Net Loan Rate, the Adjusted Student Loan **Portfolio Rate** of Return and the Program Expense Percentage and shall notify the Trustee, the Auction Agent and the Broker-Dealers of such calculations.

If the Net Loan Restriction Period is applicable for an Auction Period, the Issuer shall calculate the Net Loan Rate, the Adjusted Student Loan **Portfolio Rate** of Return and the Program Expense Percentage and shall notify the Trustee, the Auction Agent and the Broker-Dealers of such calculations.

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