Borrower Benefits definition
Borrower Benefits shall have the meaning assigned to such term in a Supplemental Indenture.
Borrower Benefits means, with respect to any Financed Student Loan, pursuant to an agreement or agreements, any reduction or forgiveness of principal and/or interest payments or a reduction in interest rate provided on such Financed Student Loan.
Borrower Benefits has the meaning assigned to such term in Section 2.06.
Examples of Borrower Benefits in a sentence
Prior to the sale of any Putable Loan to the Department, the Conduit or its agent shall apply funds in the Excluded Borrower Benefit Account (as defined below) to pay any Excluded Borrower Benefits to the Person entitled (or potentially entitled) to such benefit.
Amounts on deposit in the Borrower Benefits Fund, unless released to the Collection Fund as provided in this Section, shall be used solely for the payment of the Borrower Benefit on such Consolidation Loans described in clause (a)(i) of the definition of “Borrower Benefits” contained in Section 1 of the applicable Supplemental Indenture.
Any amount returned by the entity engaged by the Issuer to disburse such fund to borrowers under such Consolidation Loans (due to the borrower under the Consolidation Loan not cashing his or her disbursement check or otherwise) shall be deposited to the Borrower Benefits Fund and shall remain in the Borrower Benefits Fund until the borrower under the related Consolidation Loan is unable to make a claim for such moneys against the Issuer.
Servicer will also administer the Borrower Benefits as set forth in Attachment 8.
Amounts on deposit in the Borrower Benefits Fund shall be transferred upon Issuer Order to an entity acceptable to the Rating Agencies engaged by the Issuer to disburse such funds to borrowers under such Consolidation Loans who have qualified for the Borrower Benefit on such Consolidation Loans described in the definition of “Borrower Benefits” contained in Section 1 of the applicable Supplemental Indenture.
More Definitions of Borrower Benefits
Borrower Benefits means (a) but only with respect to a Consolidation Loan with an interest rate of five percent (5%) or greater, (i) a rebate payment up to one percent (1%) of the principal balance of the Consolidation Loan if the borrower thereunder makes the first six monthly payments when due and (ii) a one-quarter of one percent (0.25%) reduction in the interest rate on the Consolidation Loan if the borrower thereunder uses an ACH direct debit system, (b) any borrower benefit program referred to in the Cash Flows, and (c) with respect to any Eligible Loans, any other borrower benefit programs for which a Rating Agency Confirmation has occurred.
Borrower Benefits are those benefits granted to certain borrowers as more fully set forth in Attachment 8.
Borrower Benefits. With respect to Loans made after June I, 2001, the Bank and SLC agree to provide incentives to Borrowers of Consolidation Loans made under the RWCL Program to pay their Loans in a timely manner by reducing the interest rate in the amount of one percent (1%) per annum on the Loan for the remaining term after the first 36 consecutive on-time payments. In addition, for those Borrowers who elect to participate in an electronic or automatic payment program offered by Bank, SLC or Servicer with respect to the RWCL Program Consolidation Loan, Bank and SLC shall reduce the interest on such Loan by one-quarter percent (0.25%) per annum for such time as the Borrower remains in the electronic or automatic payment plan. The last four (4) sentences of Section 12 remained unamended.
4. Section 13 of the Agreement (Application Fee) is hereby amended by reducing the amount [****] to [****] and reducing the amount [****] to [****]; effective for all RWCL Program Loan applications offered for funding by Bank and SLC after June 1, 2001 on which the borrower benefits have been increased as provided in Section 4 of this Amendment Agreement.
5. Section 14 of the Agreement (Minimum Volume Commitments) is hereby [****], effective immediately.
6. Section 24 of the Agreement (Term) is hereby amended by adding at the end of the first paragraph thereof: "Notwithstanding the foregoing, this Agreement may be terminated on or after December 31, 2001 by Bank and SLC giving 45 days prior written notice to CFS."
7. CFS agrees that it shall not select the RWCL Program Loan applications to be funded by Bank and SLC on any adverse or other basis which would have the effect of increasing the risk of loan default, increasing the risk of payment delinquency, or on any other basis compared to all RWCL Programs Loans offered to all participating lenders. Notwithstanding the foregoing, nothing contained herein shall prevent CFS from placing certain loans with Bank or with other lenders participating in the RWCL Program for the purpose of maintaining the Average Borrower Indebtedness required by the Agreement and any agreement CFS has or may have with any other lender.
8. CFS represents and warrants to Bank and SLC that it has not conditioned the participation of other lenders in the RWCL Program upon Bank and SLC's continued participation as a RWCL Program lender, and that it has not represented to existing or potential RWCL Program lenders that Bank and SLC will remain as a lender under the RWCL P...
Borrower Benefits. The Bank agrees to provide incentives as described in this Section 12 to Borrowers of Consolidation Loans made under the RWCL Program to pay their Loans in a timely manner. Under Borrower Incentive Plan A, after making the first 60 monthly scheduled payments on-time, Borrowers shall receive an interest rate reduction up to but not greater than the following on the remaining balance of the Loan: Original Loan Balance Interest Rate Reduction --------------------- ----------------------- $10,000 to $15,000 1/4% $15,001 to $20,000 1/2% $20,001 to $25,000 3/4% $25,001 and greater 1% Under Borrower Incentive Plan B, after making the first 36 monthly payments on-time, Borrowers shall receive an interest rate reduction up to but not greater than 1% on the then remaining balance of the Loan regardless of the Original Loan Balance. Under Borrower Incentive Plan C, after making the first 48 monthly payments on time, Borrower shall receive an interest rate reduction up to but not greater than 1% on the remaining balance of the Loan regardless of the Original Loan Balance. CFS may offer one or more of the Borrower Incentive Plans at any time during the term of this Agreement. Under any Borrower Incentive Plan, Borrowers must maintain on-time scheduled payments to continue to qualify for the rate reduction. "On-time" scheduled payment is considered to be one that is made prior to the 15th day of delinquency. Regardless of Borrower Incentive Plan, CFS may, but is not required to offer Borrowers a 0.25% rate reduction upon the commencement of electronic drafting for Consolidation Loan payment purposes. Said 0.25% rate reduction, if offered, shall only apply so long as the Borrower maintains electronic drafting for making scheduled payments and is in active repayment on their Loan. CFS shall have the sole and exclusive responsibility and liability for accurately communicating to each Borrower which Borrower Incentive Plans apply to the Borrower's Loan. CFS shall clearly and conspicuously ▇▇▇▇ the electronic and/or paper records supporting each Loan to identify the Borrower Incentive Plan terms that apply to such Loan and ensure communication of same to the designated Servicer. CFS will invoice the corresponding Borrower Incentive Plan's associated application fee. The Servicer shall reinstate disqualified Borrowers that lose their benefits due to Servicer error. The Servicer shall communicate to the Borrowers when they have achieved the rate reduction, at disqualification ...
Borrower Benefits means any interest rate reductions and other benefits or accommodations (including co-▇▇▇▇▇▇ releases) offered, granted, marketed or provided to any Borrower.
Borrower Benefits means (a) but only with respect to a Consolidation Loan with an interest rate of 6.00% or greater, (i) a rebate payment up to 1% of the principal balance of the Consolidation Loan if the borrower thereunder meets certain timely payment requirements established by the Depositor and other requirements as may be set forth in a Supplemental Indenture and (ii) a 0.25% reduction in the interest rate on the Consolidation Loan if the borrower thereunder uses an ACH direct debit system, and (b) with respect to any Eligible Loans, any other borrower benefit programs for which the Issuer receives a Rating Agency Confirmation.
Borrower Benefits means (i) but only with respect to a Consolidation Loan with an interest rate of 5.00% or greater, (A) a rebate payment up to 1% of the principal balance of the Consolidation Loan if the borrower thereunder makes the first six monthly payments when due and (B) a 0.25% reduction in the interest rate on the Consolidation Loan if the borrower thereunder uses an ACH direct debit system, and (ii) with respect to any Eligible Loans, any other borrower benefit programs for which the Issuer receives a Rating Agency Confirmation.