Common use of Participating Lenders Clause in Contracts

Participating Lenders. (1) CFS must be an "Eligible Lender" as defined in the Higher Education Act or must be acting through an eligible lender trustee that is an "Eligible Lender" as defined in the Higher Education Act. In order to deliver loans which are guaranteed by a Guarantor or the Secretary, CFO and/or CFSR I must previously have entered into an Agreement for Guarantee of Student Loans with the appropriate Guarantor and/or the Secretary; (2) In order to participate as a lender an institution must enter into this Agreement which provides for the manner and terms of sale of Student Loans. CFS will be required to carry out such Agreement in accordance with procedures set forth in the Program Standards. Such procedures may be revised from time to time, but revisions will not affect the eligibility of any lender or the terms of sale of Student Loans as to any Agreement originated prior to and continuing at the time of revision by MOHELA. Two copies of the Agreement shall be signed and returned to MOHELA. MOHELA will execute both copies of the Agreement and return one executed copy to CFSR I. (3) CFMS must submit a List of Officers of CFSR I (Schedule E) at the time this Agreement is executed.