Excluded Borrower Benefits definition

Excluded Borrower Benefits means any borrower benefit that requires the lender to pay or rebate any amount to the Borrower or provide the Borrower with any gift or item of property, in any such case that has not been paid in full or delivered prior to the Grant Date, which obligation shall be satisfied prior to the sale of the applicable Loan to the Department.

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Examples of Excluded Borrower Benefits in a sentence

• Prior to the sale of any Putable Loan to the Department, the Conduit or its agent shall apply funds in the Excluded Borrower Benefit Account (as defined below) to pay any Excluded Borrower Benefits to the Person entitled (or potentially entitled) to such benefit.

• Upon the occurrence of any Department Put Event, upon request of the Conduit Lender or the Conduit Administrator, the Servicer shall notify the Conduit Lender of any Excluded Borrower Benefits that are payable, or potentially payable, with respect to each Serviced Loan to be sold to the Department.

• On each Settlement Date, based on information provided by the related Servicers, the Conduit Administrator shall withdraw funds on deposit in the Excluded Borrower Benefit Account in excess of the aggregate maximum amount of Excluded Borrower Benefits that could be payable on all such Financed Student Loans and shall pay such excess amount to the Funding Note Issuer.

• With respect to any Financed Student Loan subject to an Excluded Borrower Benefit, the Funding Note Issuer and the Seller shall remain responsible for making all payments and satisfying all other obligations in connection with the related Excluded Borrower Benefits to the extent funds on deposit in the Excluded Borrower Benefits Account are not sufficient to satisfy all Excluded Borrower Benefits.

• Prior to the sale of any Financed Student Loan to the Department under the Department Put Agreement, the Conduit Lender or its agent shall apply funds in the Excluded Borrower Benefit Account to pay any Excluded Borrower Benefits to the Person entitled (or potentially entitled) to such benefit.

• To the extent no Financed Student Loans are subject to Excluded Borrower Benefits, the Funding Note Issuer shall not be required to establish an Excluded Borrower Benefit Account.