Insured Student definition
Examples of Insured Student in a sentence
The Lender hereby warrants and covenants that all assurances and representations, except those specified in applicable regulations on which the Lender is given the right to rely in good faith, made by the Lender regarding any transactions, including, but not limited to, the application for and disbursement and servicing of Insured Student Loans, pursuant to this contract are complete and accurate statements of fact at the time of making those assurances and representations.
Any contract of insurance between the parties hereto outstanding at the time of execution of this contract is herewith terminated and simultaneously replaced with this contract so as to allow for continued participation in the Authority's Insured Student Loan program.
Any assurances or representations made by the Lender, unless amended, shall be binding upon and against the Lender as a precondition of the insurability of any Insured Student Loan for the duration of the period of insurance coverage provided for herein.
Upon filing of a claim for reimbursement, and as a condition precedent to reimbursement under the terms of this contract, the Lender shall assign to the Authority all rights and responsibilities accruing to the Lender under the Insured Student Loan promissory note, and the Authority shall he deemed fully subrogated to the rights and responsibilities of the Lender pursuant to that note and to this contract as it pertains to that note.
Except as specified above, the Lender may transfer or assign rights accruing under this contract, including particularly the rights to participate in the Authority's program of Insured Student Loans and to make new loans insurable under this contract, only to another Eligible Lender, as defined in Section 435 (20 U.S.C. 1085) of the Fede▇▇▇ ▇▇▇, ▇▇ ▇▇▇ ▇▇▇.200 and KRS 164.740, and only with the prior written consent of the Authority.
Except as specified above, the Holder may transfer or assign rights accruing under this contract, including particularly the rights to participate in the Authority's program of Insured Student Loans insurable under this contract, only to another Eligible Lender, as defined in Section 435 (20 U.S.C. 1085) of the Fede▇▇▇ ▇▇▇, ▇▇ ▇▇▇ ▇▇▇tion 682.200 and KRS 164.740, and only with the prior written consent of the Authority.
Unless otherwise terminated in accordance with the terms and conditions set forth heretofore, this contract shall remain effective until and shall expire upon the expiration of authorization to make Insured Student Loans under the Federal Act.
Upon filing of a claim for reimbursement, and as a condition precedent to reimbursement under the terms of this contract, the Holder shall assign to the Authority all rights and responsibilities accruing to the Holder under the Insured Student Loan promissory note, and the Authority shall be deemed fully subrogated to the rights and responsibilities of the Holder pursuant to that note and to this contract as it pertains to that note.
Any contract of insurance between the parties hereto outstanding at the time of execution of this agreement is herewith terminated and simultaneously replaced with this contract so as to allow for continued participation in the Authority's Insured Student Loan program.
It is expressly understood and agreed by the parties that this contract entitles Holder to acquire Authority Insured Student Loans from other eligible Lenders or Holders, but does not entitle Holder to make or originate Authority Insured Student Loans.