MPN Loans Clause Samples
The MPN Loans clause defines the terms and conditions under which loans are provided under a Master Promissory Note (MPN) arrangement. It typically outlines the borrower's obligations, the process for disbursement and repayment, and the rights of the lender regarding the loan. For example, it may specify that multiple loans can be issued under a single MPN, streamlining the borrowing process for students or other borrowers. The core function of this clause is to establish a clear, standardized framework for issuing and managing multiple loans efficiently, reducing administrative burden and ensuring both parties understand their rights and responsibilities.
MPN Loans. With respect to each Transferred MPN Loan and each related Master Note that relates to a KBUSA Student Loan, the Depositor hereby represents and warrants, and KBUSA, as the applicable MPN Holder, on an on-going basis, hereby covenants as follows:
MPN Loans. With respect to each Financed Student Loan that is also an MPN Loan, the representations and warranties contained in Section 2.06 hereof are true and correct, and the Depositor shall cause KBUSA to adhere to the covenants set forth in Section 2.06 with respect to such Transferred MPN Loans.
MPN Loans. With respect to each KBUSA Group I Student Loan that is a Transferred MPN Loan and each related Master Note, the Seller, as MPN Holder, hereby represents and warrants, and, on an on-going basis, hereby covenants as follows:
MPN Loans. The Depositor shall cause KBNA to adhere to the covenants set forth in Section 2.06 with respect to such Transferred MPN Loans.
MPN Loans. With respect to each Transferred MPN Loan and each related Master Note, the Seller, as MPN Holder, hereby represents and warrants, and, on an on-going basis, hereby covenants s follows:
MPN Loans. The Seller will adhere to the covenants set forth in Section 2.06 with respect to such Transferred MPN Loans.
MPN Loans. With respect to each KBUSA Group I Student Loan that is a Transferred MPN Loan and each related Master Note, the Seller, as MPN Holder, hereby represents and warrants, and, on an on-going basis, hereby covenants as follows:
(A) Transfer of Beneficial Interest in MPN Loan. Each such Transferred MPN Loan represents a 100% beneficial interest in the related MPN Loan, and is being transferred to the Purchaser and, with respect to legal title thereto, to the Depositor Eligible Lender Trustee pursuant to this Agreement. The MPN Holder shall hold bare legal title to the Master Note solely for the benefit of all MPN Loan Holders; provided, however, that the MPN Holder may be also be an MPN Loan Holder. The sale of a Transferred MPN Loan excludes an assignment of the Seller's right to offer future MPN Loans under a Master Note. The MPN Holder shall not provide to MPN Loan Holders more than one copy of the Master Note for each MPN Loan, to be marked “Official Copy” in red ink.
MPN Loans. With respect to each Financed Student Loan that is also an MPN Loan, the representations and warranties of the Seller contained in Section 2.06 hereof are true and correct, and the Seller will adhere to the covenants set forth in Section 2.06 with respect to such Transferred MPN Loans.
MPN Loans. With respect to each Transferred MPN Loan and each related Master Note that relates to a Student Loan, the Depositor hereby represents and warrants, and KBNA, as the applicable MPN Holder, on an on-going basis, hereby covenants as follows:
(A) Transfer of Beneficial Interest in Transferred MPN Loan. Each Transferred MPN Loan represents a 100% beneficial interest in such MPN Loan, and is being transferred to the Issuer pursuant to this Agreement. The MPN Holder shall hold bare legal title to the Master Note solely for the benefit of all MPN Loan Holders; provided, however, that the MPN Holder may also be an MPN Loan Holder. The sale of an MPN Loan excludes an assignment of the Depositor’s right to offer future MPN Loans under a Master Note. The MPN Holder shall not provide to MPN Loan Holders more than one copy of the Master Note for each MPN Loan, to be marked “Official Copy” in red ink.