Common use of Default by the Borrower Clause in Contracts

Default by the Borrower. If a NFLP borrower defaults on the loan, the school must immediately stop the disbursement of the NFLP loan and begin collection on the loan. Default means: • Failure to complete the advanced nurse education program. • Loss of the status as a student in good standing, as used by the School for the advanced nurse training program. • Failure to become employed or maintain employment as a full-time faculty member at an accredited school of nursing. “Full-time” has the meaning used by the employing school of nursing for its faculty and may include (1) full-time faculty member at an accredited school of nursing; or (2) part-time faculty member at an accredited school of nursing in combination with another part-time faculty position or part-time clinical preceptor position affiliated with an accredited school of nursing that together equates to full-time employment. Failure to provide certification of employment will evidence default. or • Failure to make payments as required by the NFLP borrower’s Promissory Note and repayment agreement.

Default by the Borrower. If a NFLP borrower defaults on the loan, the school must immediately stop the disbursement of the NFLP loan and begin collection on the loan. Default means: • Failure to complete the advanced nurse education program. • Loss of the status as a student in good standing, as used by the School for the advanced nurse training program. • Failure to become employed or maintain employment as a full-time faculty member at an accredited school of nursing. “Full-time” has the meaning used by the employing school of nursing for its faculty and may include (1) full-time faculty member at an accredited school of nursing; or (2) part-time faculty member at an accredited school of nursing in combination with another part-time faculty position or part-time clinical preceptor position affiliated with an accredited school of nursing that together equates to full-time employment. Failure to provide certification of employment will evidence default. or • Failure to make payments as required by the NFLP borrower’s Promissory Note and repayment agreement.