Common use of Acquisition, Collection and Assignment of Student Loans Clause in Contracts

Acquisition, Collection and Assignment of Student Loans. The Corporation shall, except as provided in Section 4.8 with regard to the Surplus Fund, cause the Trustee to originate or acquire only Eligible Loans with moneys in any of the Funds and shall diligently cause to be collected all principal and interest payments (subject to any adjustments described in Section 5.6 hereof) on all the Financed Student Loans and, subject to the following proviso, all Non-Delivery Fees and other sums to which the Corporation is entitled pursuant to any Student Loan Purchase Agreement, and all grants, subsidies, donations, insurance payments, Special Allowance Payments and all defaulted payments Guaranteed by any Guarantee Agency which relate to such Financed Student Loans; provided that the Corporation may, in its discretion, waive its right to receive any portion or all of the Non-Delivery Fees to which the Corporation is otherwise entitled under the Student Loan Purchase Agreements, as evidenced by a Corporation Certificate to that effect. The Corporation shall also make, or cause to be made by Lenders or Servicers, every effort to perfect the Corporation's, the Trustee's or such Lender's or Servicer's claims for payment from the Secretary of Education or a Guarantee Agency, as soon as possible, of all payments related to Financed FFELP Loans. The Corporation will cause the Trustee to assign such Financed FFELP Loans for payment of guarantee or insurance benefits within the time required under applicable law and regulations. The Corporation shall cause all United States and applicable state statutes, rules and regulations which apply to the Program and to Financed Student Loans to be complied with.