DEFERRED PURSUANT TO THIS
PROVISION) IS REQUIRED TO BE PAID NO LATER THAN THE PAYMENT DATE THAT IS NO MORE
THAN THE SAFE HARBOR NUMBER OF PAYMENT DATES AFTER THE ORIGINAL PAYMENT DATE OF
THE FIRST EXTENDED OR DEFERRED PAYMENT (EXCLUSIVE OF ANY EXTENSION, MODIFICATION
OR DEFERRAL IN ACCORDANCE WITH CLAUSE (IV) BELOW BUT INCLUSIVE OF ANY DEFERRALS
GRANTED UNDER THE PASS-A-PAYMENT PROGRAM). FOR THIS PURPOSE, THE "SAFE HARBOR
NUMBER" IS EQUAL TO FIFTY PERCENT OF THE RECEIVABLE'S TOTAL MONTHLY PAYMENT
DATES ON THE DATE THE RECEIVABLE WAS ORIGINATED;
(III)
IN THE CASE OF AN EXTENSION OR DEFERRAL OF A PAYMENT (A) THAT IS GRANTED TO AN
OBLIGOR UNDER THE SERVICER'S PASS-A-PAYMENT PROGRAM IN ACCORDANCE WITH THE
SERVICER'S CUSTOMARY SERVICING PRACTICES, (B) WHERE THE OBLIGOR INITIATED THE
REQUEST FOR SUCH EXTENSION OR DEFERRAL OF A PAYMENT AND (C) THAT IS ONLY SO
EXTENDED OR DEFERRED AFTER THE OBLIGOR HAS MADE AT LEAST 12 CONSECUTIVE, TIMELY
AND FULL LOAN PAYMENTS (FOR THIS PURPOSE, AN EXTENDED OR DEFERRED PAYMENT IN
CONNECTION WITH CLAUSE (IV) BELOW IS TREATED AS A TIMELY AND FULL PAYMENT);
(IV)
IN THE CASE OF ANY EXTENSION OR DEFERRAL, (A) (I) THE OBLIGOR'S ADDRESS IS
WITHIN A GEOGRAPHIC AREA DETERMINED BY THE PRESIDENT OF THE UNITED STATES OR THE
GOVERNOR OF THE APPLICABLE STATE TO WARRANT INDIVIDUAL, OR INDIVIDUAL AND
PUBLIC, ASSISTANCE FROM THE FEDERAL GOVERNMENT UNDER THE ROBERT T. STAFFORD
DISASTER RELIEF AND EMERGENCY ASSISTANCE ACT OR SIMILAR STATE LAW, AS THE CASE
MAY BE, OR (II) THE OBLIGOR IS A U.S. FEDERAL OR STATE GOVERNMENT EMPLOYEE THAT
IS FURLOUGHED ON ACCOUNT OF A SHUTDOWN OF SUCH GOVERNMENT OCCURRING AS A RESULT
OF A LAPSE IN ANNUAL APPROPRIATIONS AND (B) THE NUMBER OF MONTHLY PAYMENTS ON
SUCH RECEIVABLE THAT ARE EXTENDED OR DEFERRED PURSUANT TO CLAUSE (III)(A) MAY
NOT EXCEED FOUR MONTHLY PAYMENTS (EXCLUSIVE OF ANY EXTENSION, MODIFICATION OR
DEFERRAL IN ACCORDANCE WITH CLAUSE (II) AND (III) ABOVE);
(V)
ANY AMENDMENT, MODIFICATION, ALTERATION OR ADJUSTMENT WHERE (A) THE OBLIGOR IS
IN PAYMENT DEFAULT OR (B) IN THE JUDGMENT OF THE SERVICER, IN ACCORDANCE WITH
THE SERVICER'S CUSTOMARY SERVICING PRACTICES, IT IS REASONABLY FORESEEABLE THAT
THE OBLIGOR WILL DEFAULT (IT BEING UNDERSTOOD THAT THE SERVICER MAY PROACTIVELY
CONTACT ANY OBLIGOR WHOM THE SERVICER BELIEVES MAY BE AT HIGHER RISK OF A
PAYMENT DEFAULT UNDER THE RELATED RECEIVABLE) AND (C) THE SERVICER BELIEVES THAT
SUCH AMENDMENT, MODIFICATION, ALTERATION OR ADJUSTMENT IS APPROPRIATE OR
NECESSARY TO PRESERVE THE VALUE OF THE RECEIVABLE AND TO PREVENT THE RECEIVABLE
FROM
6
GOING INTO DEFAULT (OR, WHERE THE RECEIVABLE IS ALREADY IN DEFAULT, TO PREVENT
THE RECEIVABLE FROM BECOMING FURTHER IMPAIRED); OR
(VI)
ANY OTHER EXTENSION, DEFERRAL, AMENDMENT, MODIFICATION, ALTERATION OR ADJUSTMENT
IS (A) IN ACCORDANCE WITH THE SERVICER'S CUSTOMARY SERVICING PRACTICES AND (B)
THE SERVICER HAS DELIVERED AN OPINION TO THE ISSUER, THE INDENTURE TRUSTEE AND
THE OWNER TRUSTEE TO THE EFFECT THAT SUCH EXTENSION, DEFERRAL, AMENDMENT,
MODIFICATION, ALTERATION OR ADJUSTMENT WILL NOT CAUSE THE ISSUER TO BE TREATED,
FOR UNITED STATES