Common use of Purchase of Trust Student Loans; Reimbursement Clause in Contracts

Purchase of Trust Student Loans; Reimbursement. Each party to these Master Terms shall give notice to the other parties promptly, in writing, upon the discovery of any breach of Xxxxxx Mae's representations and warranties made pursuant to Section 5(A) and (B) hereof which has a materially adverse effect on the interest of Funding in any Trust Student Loan. In the event of such a material breach which is not curable by reinstatement of the Guarantor's guarantee of such Trust Student Loan, Xxxxxx Mae shall repurchase any affected Trust Student Loan not later than 120 days following the earlier of the date of discovery of such material breach and the date of receipt of the Guarantor reject transmittal form with respect to such Trust Student Loan. In the event of such a material breach which is curable by reinstatement of the Guarantor's guarantee of such Trust Student Loan, unless the material breach shall have been cured within 360 days following the earlier of the date of discovery of such material breach and the date of receipt of the Guarantor reject transmittal form with respect to such Trust Student Loan, Xxxxxx Xxx shall purchase such Trust Student Loan not later than the sixtieth day following the end of such 360-day period. Xxxxxx Mae shall also remit as provided in Section 2.6 of the Administration Agreement on the date of purchase of any Trust Student Loan pursuant to this Section 6 an amount equal to all non-guaranteed interest amounts and forfeited Interest Subsidy Payments and Special Allowance Payments with respect to such Trust Student Loan. In consideration of the purchase of any such Trust Student Loan pursuant to this Section 6, Xxxxxx Xxx shall remit the Purchase Amount in the manner specified in Section 2.6 of the Administration Agreement.

Purchase of Trust Student Loans; Reimbursement. Each party to these Master Terms this Agreement shall give notice to the other such parties and to the Servicer, the Administrator and Xxxxxx Xxx promptly, in writing, upon the discovery of any breach of Xxxxxx MaeSeller's representations and warranties made pursuant to Section 5(A) and (B) 5 hereof which has a materially adverse effect on the interest of Funding the Purchaser in any Trust Student Loan. In the event of such a material breach which is not curable by reinstatement of the applicable Guarantor's guarantee of such Trust Student Loan, Xxxxxx Mae Seller shall repurchase any affected Trust Student Loan not later than 120 days following the earlier of the date of discovery of such material breach and the date of receipt of the Guarantor reject transmittal form with respect to such Trust Student Loan. In the event of such a material breach which is curable by reinstatement of the applicable Guarantor's guarantee of such Trust Student Loan, unless the material breach shall have been cured within 360 days following the earlier of the date of discovery of such material breach and the date of receipt of the Guarantor reject transmittal form with respect to such Trust Student Loan, Xxxxxx Xxx the Seller shall purchase such Trust Student Loan not later than the sixtieth day following the end of such 360-day period. Xxxxxx Mae The Seller shall also remit as provided in Section 2.6 of the Administration Agreement on the date of purchase of any Trust Student Loan pursuant to this Section 6 an amount equal to all non-guaranteed interest amounts and forfeited Interest Subsidy Payments and Special Allowance Payments with respect to such Trust Student Loan. In consideration of the purchase of any such Trust Student Loan pursuant to this Section 6, Xxxxxx Xxx shall remit the Purchase Amount in the manner specified in Section 2.6 of the Administration Agreement.this

Purchase of Trust Student Loans; Reimbursement. Each party to these Master Terms this Agreement shall give notice to the other parties promptly, in writing, upon the discovery of any breach of Xxxxxx Mae's representations and warranties made pursuant to Section 5(A) and (B) 5 hereof which has a materially adverse effect on the interest of Funding in any Trust Student Loan. In the event of such a material breach which is not curable by reinstatement of the applicable Guarantor's guarantee of such Trust Student Loan, Xxxxxx Mae shall repurchase any affected Trust Student Loan not later than 120 days following the earlier of the date of discovery of such material breach and the date of receipt of the Guarantor reject transmittal form with respect to such Trust Student Loan. In the event of such a material breach which is curable by reinstatement of the applicable Guarantor's guarantee of such Trust Student Loan, unless the material breach shall have been cured within 360 days following the earlier of the date of discovery of such material breach and the date of receipt of the Guarantor reject transmittal form with respect to such Trust Student Loan, Xxxxxx Xxx shall purchase such Trust Student Loan not later than the sixtieth day following the end of such 360-day period. Xxxxxx Mae shall also remit as provided in Section 2.6 of the Administration Agreement on the date of purchase of any Trust Student Loan pursuant to this Section 6 an amount equal to all non-guaranteed interest amounts and forfeited Interest Subsidy Payments and Special Allowance Payments with respect to such Trust Student Loan. In consideration of the purchase of any such Trust Student Loan pursuant to this Section 6, Xxxxxx Xxx shall remit the Purchase Amount in the manner specified in Section 2.6 of the Administration Agreement.