Consolidation Loans Clause Samples
The Consolidation Loans clause defines the terms under which multiple existing loans or debts can be combined into a single new loan. Typically, this process involves replacing several outstanding obligations with one consolidated loan, often with revised repayment terms, a new interest rate, or an extended maturity date. This clause streamlines debt management for the borrower and can simplify administration for the lender, ultimately aiming to reduce complexity and potentially lower overall borrowing costs.
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Consolidation Loans. A Term for a Loan will end on the same day as the current Term for any other Loan. On the last day of those Terms, those Loans will be consolidated and treated as one Loan.
Consolidation Loans. The parties to this Agreement, to the extent applicable, hereby acknowledge and agree that, solely for purposes of allocating consolidation loans that relate to Access Loans among lenders, the Seller shall be deemed to be the owner of, and lender on, all Financed Student Loans.
Consolidation Loans. The parties to this Agreement, to the extent applicable, hereby acknowledge and agree that, solely for purposes of allocating consolidation loans that relate to Access Loans among lenders, pursuant to Section 8.1 of the 1996-1998 Coordination Agreement, Section 8.1 of the 1993-1995 Coordination Agreement, Section 8.1 of the 1992 Coordination Agreement and any similar provision in any similar Coordination Agreement with respect to subsequent academic years, KBNA, shall be deemed to be the owner of, and lender on, all Financed Student Loans.
Consolidation Loans. During the Non-Competition Period, and subject to the terms of any applicable loan sale agreement between any member of the Navient Group and any member of the SLM BankCo Group:
(i) If any member of the Navient Group or Effective Time ▇▇▇▇▇▇ ▇▇▇ (other than ▇▇▇▇▇▇ Mae Bank) purchased or purchases a loan from any member of the SLM BankCo Group, the SLM BankCo Group may not solicit a consolidation loan from the same borrower (a “customer”) even if the SLM BankCo Group makes a new Private Education Loan or Permitted Government Education Loan after the date the prior loan was purchased by the Navient Group; provided, however, that if the SLM BankCo Group complies with the second and third sentences of this Section 5.4(d)(i), making a consolidation loan to such customer shall not constitute a breach of this Agreement. If the SLM BankCo Group makes a consolidation loan to such customer within three years of the date the loan(s) were acquired from ▇▇▇▇▇▇ ▇▇▇ Bank or any other member of the SLM BankCo Group by the Navient Group or Effective Time ▇▇▇▇▇▇ Mae (other than ▇▇▇▇▇▇ ▇▇▇ Bank), whether such acquisition occurred before or after the Effective Time), SLM BankCo shall present an option to the Navient Group to purchase such loan within 90 days of the date the consolidation loan was made, at a price of 100% of the principal balance plus 100% of the accrued and unpaid interest (“Par”). If Navient (or another member of the Navient Group) does not purchase the loan within 60 days of SLM BankCo’s request, then within the next 30 days SLM BankCo (or its designee within the SLM BankCo Group) will refund the premium paid on any of the underlying loan(s) that were owned by a member of the Navient Group based on the following schedule: if the consolidation loan is made (A) within the first year following the purchase, 88% of the premium will be refunded, (B) in the second year following purchase, 82% of the premium will be refunded, and (C) in the third year, 75% of the premium will be refunded.
(ii) If any member of the SLM BankCo Group sells a loan to any member of the Navient Group (including any entity that becomes a member of the Navient Group after the Effective Time), the Navient Group may not solicit or make a consolidation loan to that customer that includes other loans of such customer that are held by the SLM BankCo Group; provided, however, that if the Navient Group complies with the second, third and fourth sentences of this Section 5.4(d)(i), making a conso...
Consolidation Loans. Notwithstanding the preceding paragraphs of this subsection, any Federal Direct Con- solidation loan for which the application is received on or after July 1, 2006, and before July 1, 2013, shall bear interest at an annual rate on the unpaid principal balance of the loan that is equal to the lesser of—
(i) the weighted average of the interest rates on the loans consolidated, rounded to the nearest higher one-eighth of one per- cent; or
(ii) 8.25 percent.
Consolidation Loans. 73 ARTICLE XI MISCELLANEOUS......................................................................................... 73
Consolidation Loans. Three Dollars and Seventy-Five Cents ($3.75) per account per month.
Consolidation Loans. In the case of any consolidation loan made under this part that is disbursed on or after October 1, 2008, interest shall not accrue pur- suant to this subsection only on such portion of such loan as was used to repay a loan made under this part for which the first disburse- ment is made on or after October 1, 2008.
Consolidation Loans. [ ] loans with aggregate principal balances of [ ] were originated during related Collection Period; withdrawal from Collateral Reinvestment Account to fund origination of Consolidation Loans during related Collection Period: [ ]
Consolidation Loans. If any Eligible Loan serviced under this Servicing Agreement is to be consolidated by Lender or any affiliate of Lender, the consolidation services for such loan and any other loan the borrower wishes to consolidate shall be provided by Servicer, and the resulting Consolidation Loan shall be serviced under this Servicing Agreement. Upon request, and at then current fees, terms and conditions, Servicer may provide services to originate FFELP Consolidation Loans on behalf of the Lender and its Borrowers.