Student Loan Program Sample Clauses

Student Loan Program. (a) The Corporation, through its Servicers and Subservicers, shall diligently collect all principal and interest payments on all the Financed Student Loans held under this Indenture, and Default Claims, if any, which relate to such Financed Student Loans. The Corporation, through its Servicer or Subservicers, shall cause the filing and assignment of such claims within the time prescribed, with respect to Private Loans acquired with proceeds of Notes, by the Regulations of each Guarantee Agency guaranteeing Private Loans acquired with proceeds of Notes and, with respect to FFELP Loan acquired with proceeds of Notes, the Higher Education Act and the Regulations of the Secretary and the Guarantee Agencies guaranteeing FFELP Loans acquired with proceeds of Notes. The Corporation will comply with the provisions of the Higher Education Act, if any, which apply to the FFELP Loans acquired with proceeds of Notes. (b) No amount in the Acquisition Fund shall be expended or applied for the purpose of purchasing, originating or financing a Student Loan, and no Student Loan shall be financed hereunder, unless the Corporation has determined that each of the Student Loans meets the requirements of Section 7.12 hereof. (c) The Corporation may at any time exchange a Financed Student Loan for another Student Loan that does not meet the similar characteristics requirement of paragraph (e) of this Section provided that is has a maturity, an aggregate principal amount and interest rate not less than the aggregate principal amount and interest rate of the Financed Student Loan being exchanged, or sell, assign, transfer or otherwise dispose of a Financed Student Loan at a price: (i) in excess of the principal amount thereof (plus accrued borrower interest) or in excess of the purchase price paid by the Corporation for such Financed Student Loan (less principal amounts received with respect to such Financed Student Loan); (ii) equal to the principal amount thereof (plus accrued borrower interest), when the amounts on deposit in the Funds and Accounts and the Financed Student Loans in the Acquisition Fund (including accrued interest thereon), are at least equal to the principal amount of the Outstanding Notes plus accrued interest or in order to pay current Debt Service on the Notes or to avoid any default in the payment obligations of the Corporation under any Reimbursement Agreement or otherwise; or (iii) lower than the principal amount thereof (plus accrued borrower interest) i...