Exchanged Student Loan definition
Exchanged Student Loan means a Financed Student Loan that (i) was originated under the same loan program and is guaranteed by a Guarantor and entitles the holder thereof to receive interest based on the same interest rate index as the Serial Loan for which it is to be exchanged (an "Exchanged Serial Loan") and (ii) will not, at any level of such interest rate index, have an interest rate that is greater than that of the Exchanged Serial Loan.
Exchanged Student Loan means any Federal Loan transferred to the Eligible Lender Trustee on behalf of the Issuer during the Exchange Period pursuant to Section 2.2 of the Transfer and Servicing Agreement.
Examples of Exchanged Student Loan in a sentence
In addition, the undersigned, by execution of this instrument, hereby endorses the promissory notes evidencing each Exchanged Student Loan described in Schedule A to the Transfer Agreement in favor of the Eligible Lender Trustee on behalf of the Trust, without recourse (subject to the obligations set forth in the Transfer and Servicing Agreement) against the undersigned.