Common use of Obligations of the Lender Clause in Contracts

Obligations of the Lender. (a) The lender shall be an eligible lender under the Act and federal regulations. (b) The lender shall exercise due diligence as defined under the Act and federal regulations and within the meaning of the Corporation Rules and Regulations. (c) The lender shall comply with all applicable federal statutes and regulations. (d) The lender shall notify the Corporation promptly of any change of name by the lender, or assignment of the lender's interest under this guaranty. (e) Any assignments of any interest of the lender under this guaranty shall be only to appropriate eligible lenders and shall be in compliance with all applicable provisions of federal statutes and regulations and Corporation Rules and Regulations. (f) The lender shall cooperate with the Corporation, the department of education and any other appropriate federal agency in the collection of any defaulted student or parent loan. (g) The lender shall assist eligible borrowers in securing reductions on obligations to pay interest on loans made by, or assigned to, the lender which reductions the borrowers may be eligible to receive under applicable federal statutes and regulations and the Corporation Rules and Regulations.

Obligations of the Lender. (a) The lender shall be an eligible lender under the Act and federal regulations. (b) The lender shall exercise due diligence as defined under the Act and federal regulations and within the meaning of the Corporation Rules and Regulations. (c) The lender shall comply with all applicable federal statutes and regulations. (d) The lender shall notify the Corporation promptly of any change of name by the lender, or assignment of the lender's interest under this guaranty. (e) Any assignments of any interest of the lender under this guaranty shall be only to appropriate eligible lenders and shall be in compliance with all applicable provisions of federal statutes and regulations and Corporation Rules and Regulations. (f) The lender shall cooperate with the Corporation, the department Department of education Education and any other appropriate federal agency in the collection of any defaulted student or parent loan. (g) The lender shall assist eligible borrowers in securing reductions on obligations to pay interest on loans made by, or assigned to, the lender which reductions the borrowers may be eligible to receive under applicable federal statutes and regulations and the Corporation Rules and Regulations.