Conditions Precedent to Repurchase Obligation. At the request of either the Trust or the Trust Eligible Lender Trustee, the Depositor shall repurchase, or, shall cause the Depositor Eligible Lender Trustee, as applicable, to repurchase, pursuant to the terms set forth in Section 5.05, each Financed Student Loan with respect to which:
(a) Any representation or warranty contained in Section 3.04 shall prove to be materially incorrect;
(b) The Secretary or a Guarantee Agency, as the case may be, refuses to honor all or part of a claim filed with respect to a Financed Student Loan, including any claim for Interest Subsidy Payments, Special Allowance Payments, insurance, reinsurance or Guarantee Payments due to any circumstance or event that occurred prior to the Transfer of such Financed Student Loan to the Trust; or
(c) On account of any wrongful or negligent act or omission of the Depositor or the Depositor Eligible Lender Trustee, the originating lender or its or their servicing agents, as the case may be, that occurred prior to the Transfer of a Financed Student Loan to the Trust, a defense that makes the Financed Student Loan unenforceable is asserted by a student borrower, maker or endorser, if any, of the Financed Student Loan with respect to his or her obligation to pay all or any of such Financed Student Loan.
Conditions Precedent to Repurchase Obligation. At the request of Purchaser or Purchaser ELT, Seller shall repurchase any Eligible Loan purchased by Purchaser pursuant to this Agreement if:
Conditions Precedent to Repurchase Obligation. At the request of Purchaser or the Trustee, Seller shall repurchase any Student Loan purchased by Purchaser pursuant to this Agreement if:
(a) any representation or warranty made or furnished by Seller in or pursuant to this Agreement shall prove to have been materially incorrect as to such Student Loan;
(b) the Secretary or a Guarantee Agency, as the case may be, refuses to honor all or part of a claim filed with respect to a Student Loan (including any claim for interest subsidy, Special Allowance Payments, Insurance, reinsurance or Guarantee Payments) on account of any circumstance or event that occurred prior to the sale of such Student Loan to Purchaser; or
(c) on account of any wrongful or negligent act or omission of Seller or its servicing agent that occurred prior to the sale of a Student Loan to Purchaser, a valid defense that makes the Student Loan unenforceable is asserted by a maker (or endorser, if any) of the Student Loan with respect to his or her obligation to pay all or any part of the Student Loan.
Conditions Precedent to Repurchase Obligation. At the request of the Issuer or its assignee, Goal shall repurchase any Student Loan purchased by the Issuer pursuant to the Depositor Loan Purchase Agreement if:
(a) The Depositor is required to repurchase such Student Loan pursuant to the terms and provisions of the Depositor Loan Purchase Agreement and fails to repurchase such Student Loan;
(b) The Originating Entity is required to repurchase such Student Loan pursuant to the terms and provisions of the Originator Loan Purchase Agreement and fails to repurchase such Student Loan;
(c) Great Lakes Educational Loan Services, Inc. (“Great Lakes”) is not required to repurchase such Student Loan from the Originating Entity pursuant to the student loan origination and servicing agreement concerning Great Lakes and the Originating Entity; and
(d) ACS Education Services, Inc. (“ACS”) is not required to repurchase such Student Loan from the Originating Entity pursuant to the student loan origination and servicing agreement concerning ACS and the Originating Entity.
Conditions Precedent to Repurchase Obligation. At the request of the Trust, (a) the Depositor shall repurchase, or, shall cause the Depositor Eligible Lender Trustee, as applicable, to repurchase, each Financed Student Loan, with respect to which the Secretary of Education or a Guarantee Agency, as the case may be, refuses to honor all or part of a claim filed with respect to such Financed Student Loan (including any claim for Interest Subsidy Payments, Special Allowance Payments, Insurance, reinsurance or Guarantee Payments) on account of any circumstance or event that occurred after the Depositor and the Depositor Eligible Lender Trustee, as the case may be, took title to such Student Loan but prior to the Closing Date and (b) with respect to any circumstance or event that occurred prior to the date on which the Depositor or the Depositor Eligible Lender Trustee took title to such Student Loan and that resulted in the Secretary of Education or a Guarantee Agency, as the case may be, refusing to honor all or part of a claim filed with respect to such Financed Student Loan (including any claim for Interest Subsidy Payments, Special Allowance Payments, Insurance, reinsurance or Guarantee Payments), the Depositor shall repurchase, or, shall cause the Depositor Eligible Lender Trustee to repurchase, such Financed Student Loan, but only after the Depositor has had reasonable time to exercise its rights under the applicable Purchase Agreement to require the seller under such Purchase Agreement to repurchase such Financed Student Loan.
Conditions Precedent to Repurchase Obligation. At the request of the Issuer or its assignee, or the Eligible Lender Trustee, Goal shall repurchase any Student Loan purchased by the Issuer pursuant to the Depositor Loan Purchase Agreement if:
(a) The Depositor is required to repurchase such Student Loan pursuant to the terms and provisions of the Depositor Loan Purchase Agreement and fails to repurchase such Student Loan;
(b) The applicable Originator is required to repurchase such Student Loan pursuant to an Originator Loan Purchase Agreement and fails to repurchase such Student Loan; and
(c) None of the Servicers is required to purchase such Student Loan pursuant to the Servicing Agreements or any applicable Origination Agreements.
Conditions Precedent to Repurchase Obligation. At the request of Purchaser, Seller shall repurchase any Student Loan purchased by Purchaser pursuant to this Agreement if:
(a) any representation or warranty made or furnished by Seller in or pursuant to this Agreement shall prove to have been materially inaccurate as to such Student Loan;
(b) the Secretary or a Guarantee Agency, as the case may be, refuses to honor all or part of a claim filed with respect to a Student Loan (including any claim for Interest Subsidy Payments, Special Allowance Payments, Insurance, reinsurance or Guarantee Payments) on account of any circumstances or event that occurred prior to the sale of such Student Loan to Purchaser; or
(c) on account of any wrongful or negligent act or omission of Seller or its servicing agent that occurred prior to the sale of a Student Loan to Purchaser, a maker (or endorser, if any) has a valid defense that makes the Student Loan unenforceable with respect to his or her obligation to pay all or any part of the Student Loan.
Conditions Precedent to Repurchase Obligation. At the request of Purchaser or the Trustee, Seller shall repurchase any Student Loan purchased by Purchaser pursuant to this Agreement if:
(a) any representation or warranty made or furnished by Seller in or pursuant to this Agreement shall prove to have been materially incorrect as to such Student Loan;
(b) the Secretary or a Guarantee Agency, as the case may be, refuses to honor all or part of a claim filed with respect to a Student Loan (including any claim for interest subsidy, Special Allowance Payments, Insurance, reinsurance or Guarantee payments) on account of any circumstance or event that occurred prior to the sale of such Student Loan to Purchaser; or
(c) On account of any wrongful or negligent act or omission of Seller or its servicing agent that occurred prior to the sale of a Student Loan to Purchaser, a defense is asserted by a maker (or endorser, if any) of the Student Loan with respect to his or her obligation to pay all or any part of the Student Loan, and Purchaser or the Trustee in good faith believes that the facts reported, if true, raise a reasonable doubt as to the enforceability of such Student Loan.
Conditions Precedent to Repurchase Obligation. At the request of Purchaser or the Trustee, Seller shall repurchase any Student Loan purchased by Purchaser pursuant to this Agreement if:
Conditions Precedent to Repurchase Obligation. At the request of the Issuer or its assignee, SLCC shall repurchase any Student Loan purchased by the Issuer pursuant to the Depositor Loan Purchase Agreement if:
(a) The Depositor or CLF is required to repurchase such Student Loan pursuant to the terms and provisions of the Depositor Loan Purchase Agreement or the CLF Loan Purchase Agreement and fails to repurchase such Student Loan;
(b) Great Lakes is not required to repurchase such Student Loan from the Depositor or CLF pursuant to the Depositor Great Lakes Origination and Servicing Agreement or the CLF Great Lakes Origination and Servicing Agreement; and
(c) ACS is not required to repurchase such Student Loan from the Depositor or CLF pursuant to the Depositor ACS Origination/Servicing Agreement or the CLF ACS Origination/Servicing Agreement.
