Alternative Loan definition

Alternative Loan. Any educational loan made or purchased by ISAC other than a loan made pursuant to Title IV of the Higher Education Act of 1965, as amended (20 USC 1071 et seq.), or any other federal statute providing for federal insurance of education loans to borrowers.

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Alternative Loan means a Student Loan which is not made pursuant to the Higher Education Act, but which may be (but is not required to be) guaranteed by a third party.

Alternative Loan means an obligation acquired or to be acquired by the Corporation with funds made available pursuant to the General Resolution which represents advances of money made to or on behalf of a student evidenced by one or more promissory notes, the payment of principal of and interest on which is not insured by a Guaranty Agency nor reinsured by the Secretary under the Higher Education Act; provided, that such Alternative Loans may not be acquired within the Resolution while 2005 Bonds are Outstanding.

Examples of Alternative Loan in a sentence

• The Customer agrees to use Alternative Loan Application Channels in line with their respective terms of use published occasionally by Home Credit such as Terms of Use regarding the Online Customer Portal.

• Unless receiving notice of any change, Home Credit will continue to provide Alternative Loan Application Channels and/or EServices via the Customer’s Registered Contact Details until receipt of the notice of changes from Customer.

• This certificate is one of a duly authorized issue of certificates designated as CMALT (CitiMortgage Alternative Loan Trust), Series 2006-A6 REMIC Pass-Through Certificates, consisting of twelve senior classes, six subordinated classes and two classes of residual certificates.

• This certificate is one of a duly authorized issue of certificates designated as CMALT (CitiMortgage Alternative Loan Trust), Series 2007-A2 REMIC Pass-Through Certificates, consisting of twenty senior classes, six subordinated classes and three classes of residual certificates.

• The Trustee shall not release custody of any such promissory note except upon the sale thereof or to the Servicer as necessary in connection with the servicing of the related Financed Alternative Loan under the Servicing Agreement.

• Exercise reasonable discretion in approving borrower requests for forbearance (as permitted under the Higher Education Act and the Guarantee Program regulations or the applicable Alternative Loan Program, as appropriate) where such approval will not adversely affect the financial viability of the Issuer and will not violate the covenants set forth in the Indenture.

• Any Servicer shall perform or shall cause its subcontractor to perform all services under the Servicing Agreement in compliance with the Higher Education Act, applicable requirements of each Guarantee Agency and each Alternative Loan Program and all other applicable federal, state and local laws and regulations.

• In the case of defaulted Financed Alternative Loans, take all steps necessary to recover on such defaulted Financed Alternatives Loans in accordance with the requirements of the applicable Alternative Loan Program.

• Exercise due diligence (within the meaning of the Higher Education Act, the Guarantee Program regulations and the Alternative Loan Programs) in the servicing, administration and collection of all Financed Student Loans.

• Nevertheless, the Trustee shall retain possession of the original Student Loan Note with respect to each Alternative Loan and may elect to retain such other original documentation as it may, upon the advice of Counsel, consider necessary or advisable to protect its first security interest in the Financed Student Loans.

More Definitions of Alternative Loan

Alternative Loan means a Student Loan which is not made pursuant to the Act. An Alternative Loan may be, but need not be, guaranteed by a third party.

Alternative Loan means a loan made or to be made under a Facility in respect of the Fronted Portion of an Alternative L/C Utilisation or the principal amount outstanding for the time being of that loan.

Alternative Loan means Loans at the rate of interest reasonably determined by the Administrative Agent to be the cost of funds of representative participating members in the interbank Eurodollar market.

Alternative Loan means the Non-Guaranteed Alternative Loans and the Guaranteed Alternative Loans; provided, however, that the definition of "Alternative Loan" may be changed by the Issuer at any time upon satisfaction of the Rating Agency Confirmation Condition.

Alternative Loan means a loan made to borrowers to pay the costs incurred by students attending educational institutions of higher learning, and which is not made pursuant to the Higher Education Act and which is not guaranteed by a Guarantee Agency.

Alternative Loan means a Student Loan, the payment of principal of and interest on which is not insured by a Guaranty Agency nor reinsured by the Secretary under the Higher Education Act with such loan being originated in accordance with the terms and provisions of the PAL Program Manual.