Common use of Conditions Precedent to Repurchase Obligation Clause in Contracts

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 either the Trust Depositor or the Trust Depositor Eligible Lender Trustee, the Depositor Seller shall repurchase, or, shall cause the Depositor Seller 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 TrustDepositor; or (c) On account of any wrongful or negligent act or omission of the Depositor Seller or the Depositor Seller 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 TrustDepositor, 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 either the Trust Purchaser or the Trust its Eligible Lender Trustee, the Depositor Seller shall repurchase, or, shall cause the Depositor Eligible Lender Trustee, as applicable, to repurchase, repurchase any Student Loan purchased by Purchaser pursuant to the terms set forth in Section 5.05, each Financed Student Loan with respect to whichthis Agreement if: (a) Any any representation or warranty contained made or furnished by Seller in Section 3.04 or pursuant to this Agreement with respect to such Student Loan shall prove to be have been materially incorrectincorrect as to such Student Loan, unless resulting from an act or omission of Purchaser; (b) The 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 such Student Loan, Loan (including any claim for Interest Subsidy Paymentsinterest subsidy, Special Allowance Payments, insuranceInsurance, reinsurance or Guarantee Payments due to payments) on account of any circumstance or event that occurred prior to the Transfer sale of such Financed Student Loan to the TrustPurchaser, unless resulting from an act or omission of Purchaser; or (c) On account of any wrongful or negligent act or omission of the Depositor or the Depositor Eligible Lender Trustee, the originating lender Seller or its or their servicing agents, as the case may be, agent that occurred prior to the Transfer sale of a Financed such Student Loan to the TrustPurchaser, a defense that makes the Financed Student Loan unenforceable is asserted by a student borrower, maker (or endorser, if any, ) of the Financed such Student Loan with respect to his or her obligation to pay all or any part of such Financed Student Loan, and Purchaser or Purchaser ELT 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 either the Trust Purchaser or the Trust its Eligible Lender Trustee, the Depositor Seller shall repurchase, or, shall cause the Depositor Eligible Lender Trustee, as applicable, to repurchase, repurchase any Student Loan purchased by Purchaser pursuant to the terms set forth in Section 5.05, each Financed Student Loan with respect to whichthis Agreement if: (a) Any any representation or warranty contained made or furnished by Seller in Section 3.04 or pursuant to this Agreement shall prove to be have been materially incorrectincorrect as to such Student Loan, unless resulting from an act or omission of Purchaser; (b) The 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, Loan (including any claim for Interest Subsidy Paymentsinterest subsidy, Special Allowance Payments, insuranceInsurance, reinsurance or Guarantee Payments due to payments) on account of any circumstance or event that occurred prior to the Transfer sale of such Financed Student Loan to the TrustPurchaser, unless resulting from an act or omission of Purchaser; or (c) On account of any wrongful or negligent act or omission of the Depositor or the Depositor Eligible Lender Trustee, the originating lender Seller or its or their servicing agents, as the case may be, agent that occurred prior to the Transfer sale of a Financed Student Loan to the TrustPurchaser, 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 part of the Student Loan, and Purchaser or the Eligible Lender Trustee in good faith believes that the facts reported, if true, raise a reasonable doubt as to the enforceability of such Financed Student Loan.

Conditions Precedent to Repurchase Obligation. At the request of either the Trust Purchaser or the Trust Eligible Lender TrusteePurchaser ELT, the Depositor Seller shall repurchase, or, shall cause the Depositor Eligible Lender Trustee, as applicable, to repurchase, repurchase any Student Loan purchased by Purchaser pursuant to the terms set forth in Section 5.05, each Financed Student Loan with respect to whichthis Agreement if: (a) Any any representation or warranty contained made or furnished by Seller in Section 3.04 or pursuant to this Agreement with respect to such Student Loan shall prove to be have been materially incorrectincorrect as to such Student Loan, unless resulting from an act or omission of Purchaser; (b) The 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 such Student Loan, Loan (including any claim for Interest Subsidy Paymentsinterest subsidy, Special Allowance Payments, insuranceInsurance, reinsurance or Guarantee Payments due to payments) on account of any circumstance or event that occurred prior to the Transfer sale of such Financed Student Loan to the TrustPurchaser, unless resulting from an act or omission of Purchaser; or (c) On on account of any wrongful or negligent act or omission of the Depositor or the Depositor Eligible Lender Trustee, the originating lender Seller or its or their servicing agents, as the case may be, agent that occurred prior to the Transfer sale of a Financed such Student Loan to the TrustPurchaser, a defense that makes the Financed Student Loan unenforceable is asserted by a student borrower, maker (or endorser, if any, ) of the Financed such Student Loan with respect to his or her obligation to pay all or any part of such Financed Student Loan, and Purchaser or Purchaser ELT in good faith believes that the facts reported, if true, raise a reasonable doubt as to the enforceability of such Student Loan.