Serial Loan definition

Serial Loan means an additional student loan other than a Consolidation Loan, which is made to a borrower who is also a borrower under at least one Trust Student Loan.

Serial Loan means an additional student loan which is made to a borrower who is also a borrower under at least one Trust Student Loan.

Serial Loan means a Financed Student Loan which (i) is made by an eligible lender under the Higher Education Act to a Borrower who is also a Borrower under at least one outstanding Financed Student Loan and is acquired by the Seller, (ii) is made under the same federal loan program as such Financed Student Loan, (iii) has the same Guarantor as such Financed Student Loan and (iv) has a final maturity date during or before the Collection Period preceding the Subordinate Note Final Maturity Date.

Examples of Serial Loan in a sentence

• The Seller shall not convey any Delayed Delivery Loans, New Loan, Serial Loan or Qualified Substitute Student Loan if the eligible lender holding legal title to such loan is other than NBD unless, prior to such conveyance, such other eligible lender shall agree in writing to be bound, in the conveyance of each such loan for which it acts as eligible lender, by the provisions of this Agreement that are applicable to NBD, to the same extent as if it were named separately from NBD in each of such provisions.

• The Seller shall not convey any New Loan, Serial Loan or Qualified Substitute Student Loan if the eligible lender holding legal title to such loan is other than NBD unless, prior to such conveyance, such other eligible lender shall agree in writing to be bound, in the conveyance of each such loan for which it acts as eligible lender, by the provisions of this Agreement that are applicable to NBD, to the same extent as if it were named separately from NBD in each of such provisions.

• After the Commitment Period, such parties agree not to sell to any third party any Eligible Loan that (A) was originated or serviced at any time by Xxxxxx Xxx or its affiliates, or (B) is a Serial Loan, or (C) is a Loan with respect to which ECFC has purchased a Participation Interest, unless (i) such Loans were offered for sale to ECFC on the terms set forth in this Agreement, (ii) ECFC has been given a period of 30 days to review such offer, and (iii) ECFC has elected not to buy such Loans.

• After the Commitment Period, you agree not to sell to any third party any Eligible Loan that (a) we originated or serviced for you (except for your LOMSA Loans) or (b) is a Serial Loan, unless (i) you have offered such Loans for sale to us on the terms set forth in this Agreement, (ii) WE have been given a period of 30 days to review your offer, and (iii) we have elected not to buy such Loans.

• No Borrower of any Initial Trust Loan as of the Cutoff Date and no borrower of any Additional Trust Loan as of the applicable Subsequent Cutoff Date in the case of a Serial Loan or as of the Subsequent Cutoff Date in the case of a Qualified Substitute Student Loan was noted in the related Student Loan File as being currently involved in a bankruptcy proceeding.

More Definitions of Serial Loan

Serial Loan means a Financed Student Loan that is serial to a student loan owned by a third party.

Serial Loan means a Student Loan that is owned by a third party that is serial to a Financed Student Loan.

Serial Loan means a Financed Student Loan owned by the Trust, the obligor on which is a borrower who has one or more Financed Student Loans which are owned by the Student Loan Marketing Association. The definition of Serial Loan may be changed from time to time by the Sellers, with the prior consent of the Surety Provider.

Serial Loan means a Student Loan which is made by an eligible lender under the Higher Education Act to a Borrower who is also a Borrower under at least one outstanding Initial Trust Loan and is acquired by the Trust from the Seller.

Serial Loan means an additional Eligible Loan made to the same Borrower who has a Loan of the same type already owned by Sallie Mae. Unsubsidized and subsidized Sxxxxxxd loans are considered to be the same Loan type. SLS LOAN means a Federal Supplemental Loan for Students made under Section 428A of the Act (or predecessor provisions).

Serial Loan or Qualified Substitute Student Loan conveyed to the Issuer after the Closing Date, information for each category set forth in Schedule A has been provided with respect to such loan and such information is true and correct in all material respects, as of the date of origination, in the case of such Consolidation Loan, and as of the opening of business on the applicable Subsequent Cutoff Date in the case of a New Loan, Serial Loan or Qualified Substitute Student Loan. With respect to any Consolidation Loan, the principal balance of which has been increased by the principal balance of any related Add-on Consolidation Loan, information for each category set forth in Schedule A has been provided with respect to such Add-on Consolidation Loan and such information is true and correct in all material respects as of the related Add-on Consolidation Loan Funding Date. No selection procedures believed to be adverse to the Noteholders were utilized in selecting any Financed Student Loan. The computer tape regarding the Initial Financed Student Loans made available to the Issuer and its assigns is true and correct in all respects as of the Cutoff Date, and, after the Closing Date, any computer tape regarding any Consolidation Loan, New Loan, Serial Loan or Qualified Substitute Student Loan made available to the Issuer and its assigns is true and correct in all respects as of the date of origination, in the case of a Consolidation Loan originated by the Trust, as of the applicable Add-on Consolidation Loan Funding Date, in the case of a Consolidation Loan the principal balance of which is increased by the principal balance of any related Add-on Consolidation Loan, and as of the applicable Subsequent Cutoff Date, in the case of a New Loan, Serial Loan or a Qualified Substitute Student Loan.

Serial Loan means an additional FFELP Loan made to the same Borrower who was the borrower under a FFELP Loan of the same type owned by and sold to or required to be sold to ECFC or any of its affiliates, subsidiaries, or predecessors, including Xxxxxx Xxx financing trusts by any of Chase Bank, Bank One Bank or Bank One or, with respect to the FFELP Loans referenced in the first sentence of Section 12 below, any other Chase entity that is subject to the covenant in the first sentence of Section 12 below (a “Serial Loan Borrower”), unless (i) such Loan was subject to a sale commitment by Bank One to a third party existing as of the effective date of the ExportSS Agreement, or (ii) the prior loan is acquired by ECFC or any ECFC affiliate, subsidiary, or securitization trust through any purchase or acquisition after the date of this Second Amendment other than from Chase Parties, or (iii) such Serial Loan Borrower switches schools to another school through which Bank One and/or Chase Bank makes FFELP Loans that are not subject to the sales requirements set forth in Section 9 of the ExportSS Agreement as amended by this Second Amendment and such Serial Loan Borrower enters into a new Master Promissory Note with either Bank One or Chase Bank. For this purpose, unsubsidized and subsidized Xxxxxxxx Loans are considered to be the same Loan type.”