Non-FFELP Loans Clause Samples

The Non-FFELP Loans clause defines and governs loans that are not part of the Federal Family Education Loan Program (FFELP). This clause typically specifies which types of student loans fall outside the FFELP category, such as private education loans or certain federal loans issued directly by the government. By clearly distinguishing these loans from FFELP loans, the clause ensures that the rights, obligations, and procedures applicable to Non-FFELP Loans are properly addressed, thereby preventing confusion and ensuring that all parties understand which rules apply to each loan type.
Non-FFELP Loans. The Borrower will not permit, at any time, the aggregate amount of Non-FFELP Loans owned by the Borrower and its Consolidated Subsidiaries for which the obligor therefor shall have a FICO score of less than 700 (other than (i) any such Non-FFELP Loans owned as of the Effective Date and (ii) Non-FFELP Loans owned by the Chartered Bank Subsidiary in reliance upon Section 6.06(i) but including, for the avoidance of doubt, any Non-FFELP Loans owned by any Subsidiary party to a Warehouse Receivables Transaction), to exceed 50% of the Borrower’s Consolidated Net Worth at any time outstanding. For the avoidance of doubt, the calculations set forth in this Section 6.10 shall not include Portfolio Investments so long as such investments are not legal title to Non-FFELP Loans.
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Non-FFELP Loans. The Borrower will not permit, at any time, the sum of (i) the aggregate amount of Non-FFELP Loans owned by the Borrower and its Consolidated Subsidiaries (other than Non-FFELP Loans owned by the Chartered Bank Subsidiary in reliance upon Section 6.06(i)) plus (ii) the aggregate amount of the Borrower’s initial equity interests in each Subsidiary and each other special-purpose entity, in each case, created solely to engage in Qualified Receivables Transactions with respect to Non-FFELP Loans, to exceed $850,000,000 (excluding, for the avoidance of doubt, the aggregate amount of Non-FFELP Loans owned by a Subsidiary or other special-purpose entity, in each case, pursuant to a Qualified Receivables Transaction). ARTICLE VII
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Non-FFELP Loans. The Borrower will not permit, at any time, the sum of (i) the aggregate amount of Non-FFELP Loans owned by the Borrower and its Consolidated Subsidiaries (other than Non-FFELP Loans owned by the Chartered Bank Subsidiary in reliance upon Section 6.06(i) but including, for the avoidance of doubt, any Non-FFELP Loans owned by any Subsidiary party to a Warehouse Receivables Transaction) plus (ii) the aggregate amount of the Borrower’s initial Equity Interests in each Subsidiary and each other special-purpose entity, in each case, created solely to engage in Qualified Receivables Transactions with respect to Non-FFELP Loans (excluding, for the avoidance of doubt, (x) the initial Equity Interests in each such Subsidiary party to a Warehouse Receivables Transaction for which Non-FFELP Loans have been included in clause (i) above, and (ii) the aggregate amount of Non-FFELP Loans owned by a Subsidiary or other special-purpose entity the initial Equity Interests of which are included in this clause (ii)), to exceed $850,000,000.
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Non-FFELP Loans. The Borrower will not permit, at any time, the sum of (i) the aggregate amount of Non-FFELP Loans owned by the Borrower and its Consolidated Subsidiaries plus (ii) the aggregate amount of the Borrower’s initial equity interests in each Subsidiary and each other special-purpose entity, in each case, created solely to engage in Qualified Receivables Transactions with respect to Non-FFELP Loans, to exceed $500,000,000 (excluding, for the avoidance of doubt, the aggregate amount of Non-FFELP Loans owned by a Subsidiary or other special-purpose entity, in each case, pursuant to a Qualified Receivables Transaction).
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Non-FFELP Loans. The Parent will not permit the ratio of (a) the aggregate outstanding principal amount of Non-FFELP Loans managed by the Parent and its Subsidiaries to (b) the aggregate outstanding principal amount of all loans managed by the Parent and its Subsidiaries at any time to exceed 0.15 to 1.
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Related to Non-FFELP Loans

  • Loans The Sponsor has agreed to make loans to the Company in the aggregate amount of up to $300,000 (the “Insider Loans”) pursuant to a promissory note substantially in the form annexed as an exhibit to the Registration Statement. The Insider Loans do not bear any interest and are repayable by the Company on the earlier of December 31, 2021 or the consummation of the Offering.

  • Acquisition Loans Each Acquisition Lender severally agrees, subject to the limitations set forth below with respect to the maximum amount of Acquisition Loans permitted to be outstanding from time to time, to lend to Company from time to time during the period from the Merger Date to but excluding the Acquisition Loan Commitment Termination Date an aggregate amount not exceeding its Pro Rata Share of the aggregate amount of the Acquisition Loan Commitments to be used for the purposes identified in subsection 2.5C. The original amount of each Acquisition Lender's Acquisition Loan Commitment is set forth opposite its name on SCHEDULE 2.1 annexed hereto and the aggregate original amount of the Acquisition Loan Commitments is $25,000,000; PROVIDED that the Acquisition Loan Commitments of the Acquisition Lenders shall be adjusted to give effect to any assignments of the Acquisition Loan Commitments pursuant to subsection 10.1B; PROVIDED FURTHER that the amount of the Acquisition Loan Commitments shall be reduced from time to time by the amount of any reductions thereto made pursuant to subsections 2.4B(ii) and 2.4B(iii). Each Acquisition Lender's Acquisition Loan Commitment shall expire on the Acquisition Loan Commitment Termination Date and all Acquisition Loans and all other amounts owed hereunder with respect to the Acquisition Loans and the Acquisition Loan Commitments shall be paid in full no later than that date; PROVIDED that each Acquisition Lender's Acquisition Loan Commitment shall expire immediately and without further action on October 31, 1998, if the Tranche B Term Loans are not made on or before that date. Amounts borrowed under this subsection 2.1A(v) may be repaid and reborrowed to but excluding the Acquisition Loan Commitment Termination Date.

  • Existing Loans (a) The Contributors have obtained certain financing encumbering the Property referred to as the Excel Centre from CIBC with a principal balance, as of September 30, 2009, of approximately $13,054,774 (the “Existing Loan”). Such Existing Loan, including any related notes, deed of trusts, financing statements, amendments, modifications, assignments, and all other documents or instruments evidencing or securing such Existing Loan, shall be referred to, collectively, as the “Existing Loan Documents.” The Existing Loan shall be considered a “Permitted Lien” for purposes of this Agreement and Exhibit F hereto. The Operating Partnership at its election shall either (i) assume the Existing Loan at the Closing (subject to obtaining any necessary consents from the holder of each mortgage or deed of trust related to the Existing Loan (each a “Lender”) prior to Closing), or (ii) take title to the Property Interest subject to the lien of the Existing Loan Documents; provided, however, that if the Operating Partnership elects to proceed under clauses (i) or (ii) of this sentence, the Operating Partnership may nonetheless, at its sole discretion, cause the Existing Loan to be refinanced or repaid after the Closing. (b) In connection with the assumption of the Existing Loan at the Closing, the Operating Partnership shall be responsible for any assumption fee or prepayment premium assessed by the Lender and associated with such assumption, refinancing or payoff prior to maturity and any other related fees, charges, costs or expenses. Each Contributor shall use commercially reasonable efforts along with the Operating Partnership in seeking to process approval of the assumption of the Existing Loan or in beginning the process for any refinancing or payoff.

  • Delayed Draw Term Loans (a) During the Delayed Draw Term Loan Availability Period, the Borrower may request, in accordance with this Section 2.5(a), up to four (4) draws of delayed draw term loans (the “Delayed Draw Term Loans”) in an aggregate principal amount not to exceed the Delayed Draw Term Loan Amount. Each such draw of Delayed Draw Term Loans shall be in a minimum amount of $25,000,000, or an amount equal to the remaining Delayed Draw Term Loan Commitments. Each Borrowing of the Delayed Draw Term Loans shall be made on the date stated in the Borrower’s Notice of Borrowing delivered to the Agent (which shall be delivered no less than five (5) Business Days in advance of the proposed borrowing of Delayed Draw Term Loans) in connection therewith (each such borrowing date, a “Delayed Draw Funding Date”). Each existing Lender shall be offered the opportunity to provide (but, for the avoidance of doubt, shall have no obligation to provide) a portion of the Delayed Draw Term Loan Commitments requested by the Borrower on a pro rata basis based on such existing Lender’s Pro Rata Share of the Term Loans then outstanding; provided that (i) each existing Lender shall be deemed to decline to exercise its right to provide its Pro Rata Share of the Delayed Draw Term Loan Commitments if such Lender does not agree to provide such Delayed Draw Term Loan Commitments within five (5) Business Days after the Borrower delivers a written request for such Delayed Draw Term Loan Commitments to the Agent (on behalf of such Lender) and (ii) the Borrower may offer to additional potential Lenders (in addition to the existing Lenders) the ability to provide Delayed Draw Term Loan Commitments in its reasonable discretion. (b) The aggregate principal amount of the Delayed Draw Term Loans made on each Delayed Draw Funding Date shall not exceed the aggregate principal amount of the then remaining Delayed Draw Term Loan Commitments (in effect immediately prior to the making of such Delayed Draw Term Loans on such Delayed Draw Funding Date). The portion of each Lender’s Delayed Draw Term Loan Commitment corresponding to the Delayed Draw Term Loan funded by such Delayed Draw Term Loan Lender shall be permanently terminated immediately and without further action upon the funding of such Delayed Draw Term Loan on the applicable Delayed Draw Funding Date. The Delayed Draw Term Loan Commitment shall be permanently terminated immediately and without further action upon the funding of all of the Delayed Draw Term Loans on the Delayed Draw Funding Date(s). (c) The proceeds of the Delayed Draw Term Loans shall be used (i) to consummate one or both of the First Amendment Acquisitions, (ii) to prepay the ABL Facility Indebtedness and (iii) for general corporate and other working capital purposes. (d) The Borrower and each Delayed Draw Term Loan Lender shall execute and deliver to the Agent such documentation as the Agent shall reasonably specify to evidence the Delayed Draw Term Loan Commitment of such Delayed Draw Term Lender and, if applicable, the joinder of such Delayed Draw Term Loan Lender to this Agreement and the other Loan Documents. (e) All other terms of the Delayed Draw Term Loans are as set forth in the First Amendment and this Agreement.

  • Future Advances This Mortgage is (a) and Open-End Mortgage under 42 Pa. C.S.A. Section 8143 and (b) given to secure, among other things, indebtedness of the Mortgagor under the Credit Agreement and shall secure not only presently existing indebtedness and Secured Obligations of Borrower under the Credit Agreement (and Mortgagor under the Subsidiary Guaranty) but also future indebtedness of Borrower under the Credit Agreement (and Mortgagor under the Subsidiary Guaranty), whether such indebtedness is obligatory or at the option of Mortgagee, or otherwise, to the same extent as if such future indebtedness was made on the date of the execution of this Mortgage, although there may be no outstanding indebtedness of Mortgagor at the time of execution of this Mortgage. The lien of this Mortgage shall be valid as to all Secured Obligations, including future indebtedness of Mortgagor. The total amount of indebtedness secured hereby may increase or decrease from time to time, but the total unpaid principal balance of indebtedness secured hereby (including disbursements that the Lenders may, but shall not be obligated to, make under this Mortgage, the Loan Documents or any other document with respect thereto) at any one time outstanding may be substantially less but shall not exceed Seventy-One Million Five Hundred Thousand and No/100 Dollars ($71,500,000.00), plus interest thereon, and any disbursements made for the enforcement of this Mortgage and the other Loan Documents and any remedies hereunder, payment of taxes, special assessments, utilities or insurance on the Property or any other Project and interest on such disbursements and all disbursements by Mortgagee pursuant to applicable law (all such indebtedness being hereinafter referred to as the maximum amount secured hereby). This Mortgage shall be valid and have priority to the extent of the maximum amount secured hereby over all subsequent liens and encumbrances, including statutory liens, excepting solely taxes and assessments levied on the Property given priority by law.