Putable Loan definition

Putable Loan means any Loan (i) sold and/or pledged by a Seller pursuant to a Purchase Agreement prior to the earlier of July 1, 2010 and the declaration of an “event of default” (as defined in the applicable Purchase Agreement); (ii) that is a Xxxxxxxx Loan or a PLUS Loan (and not a FFELP consolidation loan); and (iii) with respect to which the first disbursement thereon has been made on or after October 1, 2003 but no later July 1, 2009, and that was fully disbursed no later than September 30, 2009; provided, however, that a Loan with respect to which an Authorized Re-Issuance has been made will not fail to be a Putable Loan solely because such Authorized Re-Issuance has been made.
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Putable Loan means any Loan (i) sold and/or pledged by a Seller pursuant to a Purchase Agreement prior to the earlier of July 1, 2010 and the declaration of an “event of default” (as defined in the applicable Purchase Agreement); (ii) that is a Xxxxxxxx Loan or a PLUS Loan (and not a FFELP consolidation loan); and (iii) with respect to which the first disbursement thereon has been made on or after October 1, 2003 but no later July 1, 2009, and that was fully disbursed no later than September 30, 2009.
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Putable Loan means any Financed Student Loan that (i) became a Financed Student Loan prior to the earlier of July 1, 2010 and the occurrence of an Event of Default, (ii) is a Xxxxxxxx Loan or a PLUS Loan (and not a FFELP consolidation loan) and (iii) with respect to which the first disbursement thereon has been made on or after October 1, 2003 but no later July 1, 2009, and that was fully disbursed no later than September 30, 2009; provided, however, that a Financed Student Loan with respect to which an Authorized Re-Issuance has been made will not fail to be a Putable Loan solely because such Authorized Re-Issuance has been made.
Sample 1

Examples of Putable Loan 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.

  • All covenants, agreements, representations and warranties made or furnished pursuant hereto by the Conduit and the Conduit Administrator shall bind and inure to the benefit of any successors or assigns of the Department and shall survive with respect to each such Putable Loan.

  • One of the requirements for the ABCP Conduit Put Program is that a loan must be a Putable Loan.

  • The transfer of the Putable Loan by the Bank shall be without recourse or warranty except warranty of title to the Note.

  • A Putable Loan is any Financed Student Loan that (i) became a Financed Student Loan prior to the earlier of July 1, 2010, and the occurrence of an Event of Default, (ii) is a subsidized Stafford, unsubsidized Stafford, or PLUS loan, and (iii) had its first disbursement made on or after October 1, 2003, but no later than July 1, 2009, and that was fully disbursed no later than September 30, 2009, or if the Grant Date is earlier than September 30, 2009, on or prior to the Grant Date.

  • To the extent that the Company receives from a Borrower on account of his or her Note an amount in excess of the purchase price paid by the Company for such Borrower's Putable Loan under Section 5c of this Agreement, the Company shall promptly remit such amounts to the Bank.

  • However, if the Test Pool consists of less than 100 loans, all loans shall be selected.2) A 99 percent confidence level must be used for a subsequent engagement, where the previous engagement disclosed that one or more loans failed to meet the selected criteria for a Putable Loan.

  • A loan is considered to be noncompliant if it fails to meet one or more of the requirements for a Putable Loan or the specified eligibility requirements.

  • The applicable confidence levels18 are as follows:1) A 95 percent confidence level must be used for (i) an initial engagement or (ii) a subsequent engagement, where the previous engagement disclosed no loans that failed to meet the selected criteria for a Putable Loan.

  • The results of applying the procedures indicate whether each of the sampled loans is in compliance with (i) the requirements for a Putable Loan and (ii) certain specified eligibility requirements.


More Definitions of Putable Loan

Putable Loan shall have the meaning ascribed to it in Section 5a of this Agreement;
Sample 1
Putable Loan means any Financed Student Loan that (i) became a Financed Student Loan prior to the earlier of July 1, 2010 and the occurrence of an Event of Default, (ii) is a Xxxxxxxx Loan or a PLUS Loan (and not a FFELP consolidation loan) and (iii) with respect to which the first disbursement thereon has been made on or after October 1, 2003 but no later July 1, 2009, and that was fully disbursed no later than September 30, 2009.
Sample 1

Related to Putable Loan

  • RFR Loan means a Loan that bears interest at a rate based on the Adjusted Daily Simple SOFR.

  • Permitted Loan shall have the meaning set forth in Section 4.02(a).

  • Eligible Loan means a Loan offered for sale or substituted by Seller under a Sale Agreement which as of the Statistical Cutoff Date, in the case of the Initial Loans, or as of the related Subsequent Cutoff Date, in the case of any Additional Loan or Substituted Loan, is current or not more past due than permitted under such Sale Agreement in payment of principal or interest and which meets the following criteria as of the Statistical Cutoff Date, in the case of the Initial Loans, or as of the effective date of the related Xxxx of Sale, in the case of any Additional Loan or Substituted Loan:

  • Non-Ratable Loan and “Non-Ratable Loans” have the meanings specified in Section 1.2(h).

  • VA Loan means a Mortgage Loan which is subject of a VA Loan Guaranty Agreement as evidenced by a loan guaranty certificate, or a Mortgage Loan which is a vendor loan sold by the VA.

  • Cov-Lite Loan A Collateral Obligation the Underlying Documents for which do not (i) contain any financial covenants or (ii) require the Obligor thereunder to comply with any Maintenance Covenant (regardless of whether compliance with one or more Incurrence Covenants is otherwise required by such Underlying Documents); provided that, notwithstanding the foregoing, a Collateral Obligation shall be deemed for all purposes (other than the S&P Recovery Rate for such Collateral Obligation) not to be a Cov-Lite Loan if the Underlying Documents for such Collateral Obligation contain a cross-default or cross acceleration provision to, or such Collateral Obligation is pari passu with, another loan, debt obligation or credit facility of the underlying Obligor that contains one or more Maintenance Covenants.

  • SOFR Loan means a Loan that bears interest at a rate based on Term SOFR, other than pursuant to clause (c) of the definition of “Alternate Base Rate”.

  • Ineligible Loan Each Loan other than an Eligible Loan.

  • Balloon Loan Any Mortgage Loan which, by its terms, does not fully amortize the principal balance thereof by its stated maturity and thus requires a payment at the stated maturity larger than the monthly payments due thereunder.

  • Eligible advance means an advance made before August 19, 1993.

  • Covenant-Lite Loan means a Bank Loan (other than a Broadly Syndicated Loan) that does not require the Portfolio Company thereunder to comply with at least one financial maintenance covenant (including, without limitation, any covenant relating to a borrowing base, asset valuation or similar asset-based requirement), in each case, regardless of whether compliance with one or more incurrence covenants is otherwise required by such Bank Loan.

  • Collateral Loan means a Senior Secured Loan, a Senior Secured Bond, a First Lien/Last Out Loan or a Second Lien Loan or a Participation Interest in any Senior Secured Loan, First Lien/Last Out Loan or Second Lien Loan that as of the date of acquisition by the Borrower meets each of the following criteria:

  • Whole Loan As defined in the Introductory Statement.

  • PACE Loan means (x) any “Property-Assessed Clean Energy loan” or (y) any other indebtedness, without regard to the name given to such indebtedness, which is (i) incurred for improvements to the Property for the purpose of increasing energy efficiency, increasing use of renewable energy sources, resource conservation, or a combination of the foregoing, and (ii) repaid through multi-year assessments against the Property.

  • Committed Loan has the meaning specified in Section 2.01.

  • Default Loan shall have the meaning provided in Section 5.2(b)(1).

  • SOFR Borrowing means, as to any Borrowing, the SOFR Loans comprising such Borrowing.

  • Jumbo Loan means a Mortgage Loan (other than a Conforming Loan) that (1) is underwritten by an Approved Investor (other than Xxxxxx Xxx, Xxxxxxx Mac or Xxxxxx Mae), (2) matches all applicable requirements for purchase under the requirements of a Take-Out Commitment issued for the purchase of such Mortgage Loan, (3) differs from a Conforming Loan solely because the principal amount of such Mortgage Loan exceeds the limit set for Conforming Loans by Xxxxxx Xxx or Xxxxxxx Mac from time to time, and (4) is a First Lien Mortgage Loan.

  • Permitted Loans means:

  • Sub-loan means a loan made or proposed to be made by the Borrower out of the proceeds of the Loan to a Private Enterprise for an Investment Project;

  • Loan Advance The meaning specified in Section 2.2(a).

  • Qualified Loan means a loan made under this act or former 1961 PA 108 from this state to a school district to pay debt service on a qualified bond.

  • DIP Loan means a Bank Loan, whether revolving or term, that is originated after the commencement of a case under Chapter 11 of the Bankruptcy Code by a Portfolio Company, which is a debtor in possession as described in Section 1107 of the Bankruptcy Code or a debtor as defined in Section 101(13) of the Bankruptcy Code in such case (a “Debtor”) organized under the laws of the United States or any state therein and domiciled in the United States, which satisfies the following criteria: (a) the DIP Loan is duly authorized by a final order of the applicable bankruptcy court or federal district court under the provisions of subsection (b), (c) or (d) of 11 U.S.C. Section 364; (b) the Debtor’s bankruptcy case is still pending as a case under the provisions of Chapter 11 of Title 11 of the Bankruptcy Code and has not been dismissed or converted to a case under the provisions of Chapter 7 of Title 11 of the Bankruptcy Code; (c) the Debtor’s obligations under such loan have not been (i) disallowed, in whole or in part, or (ii) subordinated, in whole or in part, to the claims or interests of any other Person under the provisions of 11 U.S.C. Section 510; (d) the DIP Loan is secured and the Liens granted by the applicable bankruptcy court or federal district court in relation to the Loan have not been subordinated or junior to, or pari passu with, in whole or in part, to the Liens of any other lender under the provisions of 11 U.S.C. Section 364(d) or otherwise; (e) the Debtor is not in default on its obligations under the loan; (f) neither the Debtor nor any party in interest has filed a Chapter 11 plan with the applicable federal bankruptcy or district court that, upon confirmation, would (i) disallow or subordinate the loan, in whole or in part, (ii) subordinate, in whole or in part, any Lien granted in connection with such loan, (iii) fail to provide for the repayment, in full and in cash, of the loan upon the effective date of such plan or (iv) otherwise impair, in any manner, the claim evidenced by the loan; (g) the DIP Loan is documented in a form that is commercially reasonable; and (h) the DIP Loan shall not provide for more than 50% (or a higher percentage with the consent of the Required Lenders) of the proceeds of such loan to be used to repay prepetition obligations owing to all or some of the same lender(s) in a “roll-up” or similar transaction. For the purposes of this definition, an order is a “final order” if the applicable period for filing a motion to reconsider or notice of appeal in respect of a permanent order authorizing the Debtor to obtain credit has lapsed and no such motion or notice has been filed with the applicable bankruptcy court or federal district court or the clerk thereof.