Common use of Collection of Trust Student Loan Payments Clause in Contracts

Collection of Trust Student Loan Payments. (A) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Trust Student Loans as and when the same shall become due and shall follow such collection procedures as it follows with respect to comparable student loans that it services on behalf of SLM Corporation or any of its Affiliates. The Servicer shall allocate collections with respect to the Trust Student Loans between principal, interest and fees in accordance with Section 2.05 of the Administration Agreement. The Servicer may in its discretion waive any late payment charge or any other fees that may be collected in the ordinary course of servicing a Trust Student Loan as may be consistent with similar student loans which it services on behalf of SLM Corporation or any of its Affiliates. The Servicer may, at its option, retain any late payment or forbearance charges that it collects. (B) The Servicer shall comply with all applicable laws and agreements with respect to claiming, pursuing and collecting payments on the Trust Student Loans and shall follow such practices and procedures as it follows with respect to similar student loans that it services on behalf of SLM Corporation or any of its Affiliates.

Collection of Trust Student Loan Payments. (Aa) The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Trust Student Loans as and when the same shall become due and shall follow such collection procedures as it follows with respect to comparable student loans that it services on behalf of SLM Education Credit Finance Corporation or any of its Affiliates. The Servicer shall allocate collections with respect to the Trust Student Loans between principal, interest and fees in accordance with Section 2.05 of the Administration Agreement. The Servicer may in its discretion waive any late payment charge or any other fees that may be collected in the ordinary course of servicing a Trust Student Loan as may be consistent with similar student loans which it services on behalf of SLM Education Credit Finance Corporation or any of its Affiliates. The Servicer may, at its option, retain any late payment or forbearance charges that it collects. (Bb) The Servicer shall comply with all applicable laws and agreements with respect to claiming, pursuing and collecting payments on the Trust Student Loans and shall follow such practices and procedures as it follows with respect to similar student loans that it services on behalf of SLM Education Credit Finance Corporation or any of its Affiliates.