Common use of Characteristics of Financed Student Loans Clause in Contracts

Characteristics of Financed Student Loans. Each Financed Student Loan (A) was originated in the United States of America, its territories, its possessions or other areas subject to its jurisdiction to an eligible borrower under applicable law and agreements and was fully and properly executed by the parties thereto, (B) was originated or acquired by the Seller in the ordinary course of its business, (C) has been serviced since the date of its origination in accordance with all applicable requirements of the applicable Guarantor and the Higher Education Act and (D) provides or, when the payment schedule with respect thereto is determined, will provide for payments on a periodic basis that fully amortize the principal amount of such Financed Student Loan by its maturity and yields interest at the rate applicable thereto, as such maturity may be modified in accordance with any applicable deferral or forbearance periods granted in accordance with applicable laws and restrictions, including those of the Higher Education Act or any Guarantee Agreement. Each Financed Student Loan that is a Xxxxxxxx Loan qualifies the holder thereof to receive Interest Subsidy Payments and Special Allowance Payments from the Department. Each Financed Student Loan that is a Consolidation Loan qualifies the holder thereof to receive Interest Subsidy Payments and Special Allowance Payments from the Department to the extent applicable. Each Financed Student Loan that is a PLUS Loan, a SLS Loan or an Unsubsidized Xxxxxxxx Loan qualifies the holder thereof to receive Special Allowance Payments from the Department to the extent applicable. Each Financed Student Loan qualifies the holder thereof to receive Guarantee Payments from the applicable Guarantor.

Characteristics of Financed Student Loans. Each Financed Student Loan (A) was originated in the United States of America, its territories, its possessions or other areas subject to its jurisdiction to an eligible borrower under applicable law and agreements and was fully and properly executed by the parties thereto, (B) was originated or acquired by the such Seller in the ordinary course of its business, (C) has been serviced since the date of its origination in accordance with all applicable requirements of the applicable Guarantor and the Higher Education Act and (D) provides or, when the payment schedule with respect thereto is determined, will provide for payments on a periodic basis that fully amortize the principal amount of such Financed Student Loan by its maturity and yields interest at the rate applicable thereto, as such maturity may be modified in accordance with any applicable deferral or forbearance periods granted in accordance with applicable laws and restrictions, including those of the Higher Education Act or any Guarantee Agreement. Each Financed Student Loan that is a Xxxxxxxx Stafford Loan qualifies the holder thereof to receive Interest Subsidy Sxxxxxx Payments and Special Allowance Payments from the Department. Each Financed Student Loan that is a Consolidation Loan qualifies the holder thereof to receive Interest Subsidy Payments and Special Allowance Payments from the Department to the extent applicable. Each Financed Student Loan that is a PLUS Loan, a SLS Loan or an Unsubsidized Xxxxxxxx Stafford Loan qualifies the holder thereof to receive Special Allowance Specixx Xxxxxance Payments from the Department to the extent applicable. Each Financed Student Loan qualifies the holder thereof to receive Guarantee Payments from the applicable Guarantor.

Characteristics of Financed Student Loans. Each Financed Student Loan (A) was originated in the United States of America, its territories, its possessions or other areas subject to its jurisdiction to an eligible borrower under applicable law and agreements and was fully and properly executed by the parties thereto, (B) was originated or acquired by the such Seller in the ordinary course of its business, (C) has been serviced since the date of its origination in accordance with all applicable requirements of the applicable Guarantor and the Higher Education Act and (D) provides or, when the payment schedule with respect thereto is determined, will provide for payments on a periodic basis that fully amortize the principal amount of such Financed Student Loan by its maturity and yields interest at the rate applicable thereto, as such maturity may be modified in accordance with any applicable deferral or forbearance periods granted in accordance with applicable laws and restrictions, including those of the Higher Education Act or any Guarantee Agreement. Each Financed Student Loan that is a Xxxxxxxx Stafford Loan qualifies the holder thereof to receive Interest Subsidy Payments Subsidx Xayments and Special Allowance Payments from the Department. Each Financed Student Loan that is a Consolidation Loan qualifies the holder thereof to receive Interest Subsidy Payments and Special Allowance Payments from the Department to the extent applicable. Each Financed Student Loan that is a PLUS Loan, a SLS Loan or an Unsubsidized Xxxxxxxx Stafford Loan qualifies the holder thereof to receive Special Allowance Alxxxxxxx Payments from the Department to the extent applicable. Each Financed Student Loan qualifies the holder thereof to receive Guarantee Payments from the applicable Guarantor.

Characteristics of Financed Student Loans. Each Financed Student Loan (A) was originated in the United States of America, its territories, its possessions or other areas subject to its jurisdiction to an eligible borrower under applicable law and agreements and was fully and properly executed by the parties thereto, (B) was originated or acquired by the Seller Transferor in the ordinary course of its business, and (C) has been serviced since the date of its origination in accordance with all applicable requirements of the applicable Guarantor and the Higher Education Act and (D) provides or, when the payment schedule with respect thereto is determined, will provide for payments on a periodic basis that fully amortize the principal amount of such Financed Student Loan by its maturity and yields interest at the rate applicable theretothereto (except as otherwise provided in Section 4.14), as such maturity may be modified in accordance with any applicable deferral or forbearance periods granted in accordance with applicable laws and restrictions, including those of the Higher Education Act or any Guarantee Agreement. Each Financed Student Loan that is a Xxxxxxxx Stafxxxx Loan qualifies the holder thereof to receive Interest Subsidy Payments and Special Allowance Payments from the Department. Each Financed Student Loan that is a Consolidation Loan qualifies the holder thereof to receive Interest Subsidy Payments and Special Allowance Payments from the Department to the extent applicable. Each Financed Student Loan that is a PLUS Loan, a SLS Loan or an Unsubsidized Xxxxxxxx Loan Stafxxxx Xxxn qualifies the holder thereof to receive Special Allowance Payments from the Department to the extent applicable. Each Financed Student Loan qualifies the holder thereof to receive Guarantee Payments from the applicable GuarantorGuarantor in accordance with the applicable Guarantee Agreement.

Characteristics of Financed Student Loans. Each Financed Student Loan (A) was originated in the United States of America, its territories, its possessions or other areas subject to its jurisdiction to an eligible borrower under applicable law and agreements and was fully and properly executed by the parties thereto, (B) was originated or acquired by the Seller Transferor in the ordinary course of its business, and (C) has been serviced since the date of its origination in accordance with all applicable requirements of the applicable Guarantor and the Higher Education Act and (D) provides or, when the payment schedule with respect thereto is determined, will provide for payments on a periodic basis that fully amortize the principal amount of such Financed Student Loan by its maturity and yields interest at the rate applicable theretothereto (except as otherwise provided in Section 4.14), as such maturity may be modified in accordance with any applicable deferral or forbearance periods granted in accordance with applicable laws and restrictions, including those of the Higher Education Act or any Guarantee Agreement. Each Financed Student Loan that is a Xxxxxxxx Loan Stafxxxx Xxxn qualifies the holder thereof to receive Interest Subsidy Payments and Special Allowance Payments from the Department. Each Financed Student Loan that is a Consolidation Loan qualifies the holder thereof to receive Interest Subsidy Payments and Special Allowance Payments from the Department to the extent applicable. Each Financed Student Loan that is a PLUS Loan, a SLS Loan or an Unsubsidized Xxxxxxxx Loan Stafxxxx Xxxn qualifies the holder thereof to receive Special Allowance Payments from the Department to the extent applicable. Each Financed Student Loan qualifies the holder thereof to receive Guarantee Payments from the applicable GuarantorGuarantor in accordance with the applicable Guarantee Agreement.

Characteristics of Financed Student Loans. Each Financed Student Loan (A) was originated in the United States of America, its territories, its possessions or other areas subject to its jurisdiction to an eligible borrower under applicable law and agreements and was fully and properly executed by the parties thereto, (B) was originated or acquired by the such Seller in the ordinary course of its business, (C) has been serviced since the date of its origination in accordance with all applicable requirements of the applicable Guarantor and the Higher Education Act and (D) provides or, when the payment schedule with respect thereto is determined, will provide for payments on a periodic basis that fully amortize the principal amount of such Financed Student Loan by its maturity and yields interest at the rate applicable thereto, as such maturity may be modified in accordance with any applicable deferral or forbearance periods granted in accordance with applicable laws and restrictions, including those of the Higher Education Act or any Guarantee Agreement. Each Financed Student Loan that is a Xxxxxxxx Loan qualifies the holder thereof to receive Interest Subsidy Payments and Special Allowance Payments from the Department. Each Financed Student Loan that is a Consolidation Loan qualifies the holder thereof to receive Interest Subsidy Payments and Special Allowance Payments from the Department to the extent applicable. Each Financed Student Loan that is a PLUS Loan, a SLS Loan or an Unsubsidized Xxxxxxxx Loan qualifies the holder thereof to receive Special Allowance Payments from the Department to the extent applicable. Each Financed Student Loan qualifies the holder thereof to receive Guarantee Payments from the applicable Guarantor.