Common use of Acceptance and Assumption of SLM BankCo Liabilities Clause in Contracts

Acceptance and Assumption of SLM BankCo Liabilities. Navient shall, and shall cause its Subsidiaries to, assign to SLM BankCo or a Subsidiary of SLM BankCo designated by SLM BankCo, and SLM BankCo and such Subsidiary shall accept, assume and agree faithfully to timely perform, discharge and fulfill in accordance with their respective terms, SLM BankCo Liabilities, if any, held by any member of the Navient Group immediately prior to the Effective Time.

Appears in 3 contracts

Samples: Separation and Distribution Agreement (Navient Corp), Separation and Distribution Agreement (SLM Corp), Separation and Distribution Agreement (Navient Corp)

AutoNDA by SimpleDocs

Acceptance and Assumption of SLM BankCo Liabilities. Navient NewCo shall, and shall cause its Subsidiaries to, assign to SLM BankCo or a Subsidiary of SLM BankCo designated by SLM BankCo, and SLM BankCo and such Subsidiary shall accept, assume and agree faithfully to timely perform, discharge and fulfill in accordance with their respective terms, SLM BankCo Liabilities, if any, held by any member of the Navient NewCo Group immediately prior to the Effective Time.

Appears in 1 contract

Samples: Separation and Distribution Agreement (New Corp)

AutoNDA by SimpleDocs
Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!