Common use of GUARANTEES IN EFFECT Clause in Contracts

GUARANTEES IN EFFECT. On the dates of making thereof and of transfer thereof to the Eligible Lender Trustee, each Financed Student Loan will be guaranteed by a Guarantor and, except for Private Loans, covered by a federal reimbursement contract between such Guarantor and the Department and each such guarantee and federal reimbursement contract will be in full force and effect. All guarantee fees and origination fees with respect to each Financed Student Loan shall have been timely paid or will be timely paid. The guarantee with respect to each Financed Student Loan will be freely transferable as an incident to the sale of each Student Loan to the Eligible Lender Trustee, and the Eligible Lender Trustee will be entitled to the benefits of such guarantee, and none of the Financed Student Loans will at any time prior to its transfer to the Eligible Lender Trustee have been tendered to either the Department, the Secretary of Education or the applicable Guarantor for payment.

GUARANTEES IN EFFECT. On the dates of making thereof and of transfer thereof to the Eligible Lender Trustee, each Financed Student Loan will be guaranteed by a Guarantor and, except for Private Loans, and covered by a federal reimbursement contract between such Guarantor and the Department and each such guarantee and federal reimbursement contract will be in full force and effect. All guarantee fees and origination fees with respect to each Financed Student Loan shall have been timely paid or will be timely paid. The guarantee with respect to each Financed Student Loan will be freely transferable as an incident to the sale of each Student Loan to the Eligible Lender Trustee, and the Eligible Lender Trustee will be entitled to the benefits of such guarantee, and none of the Financed Student Loans will at any time prior to its transfer to the Eligible Lender Trustee have been tendered to either the Department, the Secretary of Education or the applicable Guarantor for payment.