Single note system Sample Clauses

Single note system. The entire loan is evidenced by one note, and one Loan Note Guarantee is issued. The lender may assign all or part of the xxxxxx- xxxx portion of the loan to one or more holders by using the Agency’s Assign- ment Guarantee Agreement. The hold- er, upon written notice to the lender and the Agency, may reassign the un- paid guaranteed portion of the loan sold under the Assignment Guarantee Agreement. Upon notification and com- pletion of the assignment through the use of Form 4279–6, the assignee shall succeed to all rights and obligations of the holder thereunder. If this option is selected, the lender may not at a later date cause any additional notes to be issued.

Single note system. The entire loan is evidenced by one note, and one Loan Note Guarantee is issued. The Lender must retain title to the note, retain the Lender's interest in the collateral, and retain the servicing responsibilities for the guaranteed loan. When the loan is evidenced by one note, the Lender may not at a later date cause any additional notes to be issued. The Lender may assign all or part of the guaranteed portion of the loan to one or more Holders by using an Assignment Guarantee Agreement. The Lender must complete and execute the Assignment Guarantee Agreement and return it to HRSA for execution prior to Holder execution. In order to validate authenticity, Holders are encouraged to consult with HRSA. Additionally, a Certificate of Incumbency and Signature may be requested. The Holder, with prior written notice to the Lender and HRSA, may reassign the unpaid guaranteed portion of the loan, in full, sold under the Assignment Guarantee Agreement. Holders may only reassign the entire guaranteed portion they have received and cannot subdivide or further split the guaranteed portion of a loan or retain an interest strip. Upon notification and completion of the Assignment Guarantee Agreement, the assignee shall succeed to all rights and obligations of the Holder thereunder. Subsequent assignments require prior written notice to the Lender and HRSA using any format, including that used by the Securities Industry and Financial Markets Association (formerly known as the Bond Market Association), together with the transfer of the original Assignment Guarantee Agreement. HRSA will neither execute a new Assignment Guarantee Agreement to effect a subsequent reassignment nor reissue a duplicate Assignment Guarantee Agreement unless the original was lost, stolen, destroyed, mutilated, or defaced. The Assignment Guarantee Agreement clearly states the percentage and corresponding amount of the guaranteed portion it represents and the Lender's servicing fee. A servicing fee may be charged by the Lender to a Holder and is calculated as a percentage per annum of the unpaid balance of the guaranteed portion of the loan assigned by the Assignment Guarantee Agreement. HRSA is not and will not be a party to any contract between the Lender and another party where the Lender sells its servicing fee. HRSA will not acknowledge, approve, nor have any liability to any of the parties of thiscontract.