Rebate of Premium. In the event of termination of coverage, GovGuam or the Subscriber, as applicable, shall receive a pro rata rebate of the Premium paid to Company for such Covered Person.
Rebate of Premium. In the event the Seller originates or purchases a Consolidation Loan under Section 428C of the Higher Education Act and the proceeds of such Consolidation Loan are used to repay the principal and interest due on an Eligible Loan sold by Seller to Purchaser under this Agreement, then, upon demand by Purchaser (or without demand if Seller has actual knowledge of such repayment), Seller shall rebate the premium paid by Purchaser to Seller in connection with the purchase of said Eligible Loan by paying to Purchaser an amount equal to 1.40% of the principal balance of said Eligible Loan then outstanding; provided, that the rebate specified herein shall not be payable to the extent paid pursuant to Section 5.2 hereof.
Rebate of Premium. In the event (i) the Seller or another party identified in Section 3.1(b) below originates a Consolidation Loan under Section 428C of the Higher Education Act and the proceeds of such Consolidation Loan are used to repay the principal and interest due on an Eligible Loan sold by Seller to Purchaser under this Agreement or, (ii) there is a cancellation of any Eligible Loan purchased by Purchaser from Seller under this Agreement, then, upon demand by Purchaser, Seller shall rebate the premium paid by Purchaser to Seller in connection with the purchase of said Eligible Loan by paying to Purchaser an amount equal to 1.0% of the principal balance of said Eligible Loan then outstanding.
