Compliance With Lender Bond Documents Clause Samples
The "Compliance With Lender Bond Documents" clause requires the parties to adhere to all terms and obligations set forth in documents related to bonds issued by a lender, such as performance or payment bonds. In practice, this means that the borrower or project participants must follow the rules and requirements specified by the lender or surety, which may include providing timely notices, maintaining certain standards, or avoiding actions that could jeopardize the bond. The core function of this clause is to ensure that all parties act in a manner that preserves the validity and enforceability of the lender's bond, thereby protecting the lender's financial interests and reducing the risk of default or loss.
Compliance With Lender Bond Documents. In the event that any Loans that the Lender delivers to Great Lakes for servicing hereunder constitute “Financed Eligible Loans” under the Indenture of Trust dated as of the Closing Date (the “Indenture”) among the Lender, the Eligible Lender Trustee and The Bank of New York, as indenture trustee (the “Trustee”), are pledged in connection with, or constitute collateral under any similar indenture or loan agreement pledging or granting to any entity a security interest therein (all such Loans or other loans pledged to or held by a trustee or other entity are hereafter referred to as the “Pledged Education Loans”), Great Lakes agrees as follows:
(a) At the request of the Trustee or other pledgee of such Pledged Education Loans, Great Lakes will enter into a custodian agreement or other similar document, in form and substance reasonably acceptable to Great Lakes, the Lender and the Trustee or other pledgee, for the purpose of establishing a bailment with respect to any Pledged Education Loans pledged to the Trustee or other pledgee.
(b) Great Lakes shall hold all Pledged Education Loans and related documentation as bailee for and on behalf of the Trustee (or such other pledgee as may be applicable) for the Trustee’s intended purpose of perfecting the security or other interests of the Trustee or other pledgee therein.
(c) All sums received by Great Lakes with respect to Pledged Education Loans shall be held on behalf of the Trustee or other applicable pledgee, including, but not limited to, all payments of principal and interest and insurance or guarantee payments. All such funds shall be held in a segregated account (which may, however, contain funds belonging to other Great Lakes servicing customers, including Great Lakes affiliates) and shall not be commingled with any of Great Lakes’ other funds and shall be accounted for such that all such funds are identified separately from all other payments received by Great Lakes in respect of the servicing of loans. Any such amounts, if received by Great Lakes, shall be remitted only to the Trustee or other pledgee, and not to the Lender, unless otherwise directed by the Trustee or other applicable pledgee.
(d) If any Education Loans are Pledged Education Loans, all periodic reports required to be furnished pursuant to this Agreement shall be furnished to the Trustee.
(e) With respect to the servicing of any Pledged Education Loans on behalf of or for the benefit of the Trustee or any other applicable pledgee, no a...
Compliance With Lender Bond Documents. In the event that any loans which LENDER delivers to [•] for servicing hereunder constitute “Financed Student Loans” under the Indenture of Trust dated as of [•], [•] (the “Indenture”), between Lender and [•], as Eligible Lender Trustee, and [•], as Indenture Trustee (the “Trustee”), or are pledged in connection with, or constitute collateral under any similar indenture or loan agreement pledging or granting to any entity a security interest therein (all such loans or other loans pledged to or held by a trustee or other entity are hereafter referred to as the “Pledged Education Loans”), [•] agrees as follows:
(a) At the request of the Trustee or other pledgee of such Pledged Education Loans, [•] will enter into a Custodian Agreement or other similar document, in form and substance reasonably acceptable to [•], LENDER and such Trustee or other pledgee, for the purpose of establishing a bailment with respect to any Pledged Education Loans pledged to the Trustee or other pledgee.
(b) [•] shall hold all Pledged Education Loans and related documentation as bailee for and on behalf of the Trustee (or such other pledgee as may be applicable) for Trustee’s intended purpose of perfecting the security or other interests of such Trustee or other pledgee therein.
Compliance With Lender Bond Documents. In the event that any loans which LENDER delivers to ACS for servicing hereunder constitute “Financed Student Loans” under the Indenture of Trust dated as of October 1, 2005 (the “Indenture”), between Lender and JPMorgan Chase Bank, N.A., as Eligible Lender Trustee, and JPMorgan Chase Bank, N.A., as Indenture Trustee (the “Trustee”), or are pledged in connection with, or constitute collateral under any similar indenture or loan agreement pledging or granting to any entity a security interest therein (all such loans or other loans pledged to or held by a trustee or other entity are hereafter referred to as the “Pledged Education Loans”), ACS agrees as follows:
(a) At the request of the Trustee or other pledgee of such Pledged Education Loans, ACS will enter into a Custodian Agreement or other similar document, in form and substance reasonably acceptable to ACS, LENDER and such Trustee or other pledgee, for the purpose of establishing a bailment with respect to any Pledged Education Loans pledged to the Trustee or other pledgee. Confidential and Proprietary 15
Compliance With Lender Bond Documents. In the event that any loans which LENDER delivers to AFSA for servicing hereunder constitute “Financed Student Loans” under the Indenture of Trust dated as of March 1, 2002 (the Indenture”), between Lender and The Bank of New York, as Eligible Lender Trustee, and The Bank of New York, as Indenture Trustee (the “Trustee”), or are pledged in connection with, or
Compliance With Lender Bond Documents. In the event that any loans which LENDER delivers to ACS for servicing hereunder constitute “Financed Student Loans” under the Indenture of Trust dated as of the Closing Date (the “Indenture”), between Lender and The Bank of New York, as Eligible Lender Trustee, and The Bank of New York, as Indenture Trustee (the “Trustee”), or are pledged in connection with, or constitute collateral under any similar indenture or loan agreement pledging or granting to any entity a security interest therein (all such loans or other loans pledged to or held by a trustee or other entity are hereafter referred to as the “Pledged Education Loans”), ACS agrees as follows:
(a) At the request of the Trustee or other pledgee of such Pledged Education Loans, ACS will enter into a Custodian Agreement or other similar document, in form and substance reasonably acceptable to ACS, LENDER and such Trustee or other pledgee, for the purpose of establishing a bailment with respect to any Pledged Education Loans pledged to the Trustee or other pledgee.