Common use of Representations as to the Funding Note Issuer Clause in Contracts

Representations as to the Funding Note Issuer. Pursuant to any Funding Note Purchase Agreement to which the Funding Note Issuer is a party, the Funding Note Issuer shall make usual and customary representations and warranties and shall transfer its rights to enforce all breaches of representations and warranties made by the Seller in the Student Loan Purchase Agreement to the Conduit and, with respect to any Loans purchased by the Department, to the Department. In addition, the Funding Note Purchase Agreement will specify that any uncured breach of representations and warranties under a Student Loan Purchase Agreement by a Seller will also be an “event of default” under the Funding Note Purchase Agreement.