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Common use of CONTINUITY OF LOAN SERVICING Clause in Contracts

CONTINUITY OF LOAN SERVICING. 27.1 Other than Education Loans sold by the Trustee pursuant to the Indenture, the Trust hereby agrees that it will use its best efforts to ensure that all Education Loans acquired, held, or sold by the Trust under the Education Act and subject to this Agreement will remain with the Master Servicer for the full term of this Agreement. 27.2 In the event the Trust desires to sell any of its Education Loans (other than pursuant to Section 10.04 of the Indenture), the Trust will first attempt to sell the Education Loans to an eligible lender maintaining an agreement with the applicable Subservicer, in order for the sale to cause no disruption in service, or change in Subservicer for the borrower. Other than Education Loans sold pursuant to Section 10.04 of the Indenture, should the Trust (or the Trustee) decide to sell its Education Loans to an eligible lender or holder which does not maintain an agreement with the Subservicers and does not plan to have the Education Loans serviced by the applicable Subservicer, the Master Servicer is hereby granted the right to arrange for the purchase of such Education Loans by an eligible lender or holder maintaining an agreement with the applicable Subservicer. Such purchase must be arranged within thirty (30) days following the notice by the Trust or the Administrator of an intent to sell such Education Loans, which notice must include sufficient information with respect to the Education Loans to be sold. The Master Servicer has the right to arrange for the sale of such Education Loans, provided the Master Servicer is able to arrange for the sale of the Education Loans offering the same terms secured by the Trust in its efforts to sell such Education Loans, subject to the continuing servicing rights granted to the Subservicers.

Appears in 13 contracts

Samples: Master Servicing Agreement (Nelnet Student Loan Trust 2009-2), Master Servicing Agreement (Nelnet Student Loan Trust 2006-1), Master Servicing Agreement (Nelnet Student Loan Trust 2008-2)

CONTINUITY OF LOAN SERVICING. 27.1 Other than Education Loans sold by the Trustee pursuant to the Indenture, the Trust Master Servicer hereby agrees that it will use its best efforts to ensure that all Education Loans acquired, held, or sold by the Trust under the Education Act and subject to this Agreement will remain with the Master Servicer Subservicer for the full term of this Agreement. Notwithstanding anything else herein to the contrary, the Subservicer hereby agrees that in any case when the Master Servicer ceases, or is no longer able, to act as the Master Servicer for the Trust's Education Loans, the Subservicer shall process and service the Trust's and NSLF's Education Loans in accordance with the terms and provisions of the Master Servicing Agreement. 27.2 In the event the Trust desires to sell any of its Education Loans serviced by the Subservicer (other than pursuant to Section 10.04 of the Indenture), the Master Servicer will cause the Trust will to first attempt to sell the such Education Loans to an eligible lender maintaining an agreement with the applicable Subservicer, in order for the sale to cause no disruption in service, or change in Subservicer for the borrower. Other than Education Loans sold pursuant to Section 10.04 of the Indenture, should the Trust (or the Trustee) decide to sell its Education Loans serviced by the Subservicer to an eligible lender or holder which does not maintain an agreement with the Subservicers Subservicer and does not plan to have the Education Loans serviced by the applicable Subservicer, the Master Servicer is hereby granted shall cause the right Trust to arrange for the purchase of such Education Loans by an eligible lender or holder maintaining an agreement with the applicable Subservicer. Such purchase must be arranged within thirty (30) days following the notice by the Trust or Master Servicer of the Administrator of an Trust's intent to sell such Education Loans, which notice must include sufficient information with respect to the Education Loans to be sold. The Master Servicer Subservicer has the right to arrange for the sale of such Education Loans, provided the Master Servicer Subservicer is able to arrange for the sale of the such Education Loans offering the same terms secured by the Trust in its efforts to sell such Education Loans, subject to the continuing servicing rights granted to the SubservicersSubservicer.

Appears in 7 contracts

Samples: Subservicing Agreement (Nelnet Student Loan Trust 2006-1), Subservicing Agreement (Nelnet Student Loan Trust 2008-2), Subservicing Agreement (Nelnet Student Loan Trust 2006-3)

CONTINUITY OF LOAN SERVICING. 27.1 Other than Education Loans sold by the Trustee pursuant to Section 10.04 of the Indenture, the Trust hereby agrees that it will use its best efforts to ensure that all Education Loans acquired, held, or sold by the Trust under the Education Act and subject to this Agreement will remain with the Master Servicer for the full term of this Agreement. 27.2 In the event the Trust desires to sell any of its Education Loans (other than pursuant to Section 10.04 of the Indenture), the Trust will first attempt to sell the Education Loans to an eligible lender maintaining an agreement with the applicable Subservicer, in order for the sale to cause no disruption in service, or change in Subservicer for the borrowerBorrower. Other than Education Loans sold pursuant to Section 10.04 of the Indenture, should the Trust (or the Trustee) decide to sell its Education Loans to an eligible lender or holder which does not maintain an agreement with the Subservicers and does not plan to have the Education Loans serviced by the applicable Subservicer, the Master Servicer is hereby granted the right to arrange for the purchase of such Education Loans by an eligible lender or holder maintaining an agreement with the applicable Subservicer. Such purchase must be arranged within thirty (30) days following the notice by the Trust or the Administrator of an intent to sell such Education Loans, which notice must include sufficient information with respect to the Education Loans to be sold. The Master Servicer has the right to arrange for the sale of such Education Loans, provided the Master Servicer is able to arrange for the sale of the Education Loans offering the same terms secured by the Trust in its efforts to sell such Education Loans, subject to the continuing servicing rights granted to the Subservicers.

Appears in 3 contracts

Samples: Master Servicing Agreement (Nelnet Student Loan Funding LLC), Master Servicing Agreement (Nelnet Student Loan Funding LLC), Master Servicing Agreement (Nelnet Student Loan Funding LLC)

CONTINUITY OF LOAN SERVICING. 27.1 Other than Education Loans sold by the Trustee pursuant to Section 10.04 of the Indenture, the Trust hereby agrees that it will use its best efforts to ensure that all Education Loans acquired, held, or sold by the Trust under the Education Act and subject to this Agreement will remain with the Master Servicer for the full term of this Agreement. 27.2 In the event the Trust desires to sell any of its Education Loans (other than pursuant to Section 10.04 of the Indenture), the Trust will first attempt to sell the Education Loans to an eligible lender maintaining an agreement with the applicable Subservicer, in order for the sale to cause no disruption in service, or change in Subservicer for the borrowerBorrower. Other than Education Loans sold pursuant to Section 10.04 of the Indenture, should the Trust (or the Trustee) decide to sell its Education Loans to an eligible lender or holder which does not maintain an agreement with the Subservicers and does not plan to have the Education Loans serviced by the applicable Subservicer, the Master Servicer is hereby granted the right to arrange for the purchase of such Education Loans by an eligible lender or holder maintaining an agreement with the applicable Subservicer. Such purchase must be arranged within thirty (30) days following the notice by the Trust or the Administrator of an intent to sell such Education Loans, which notice must include sufficient information with respect to the Education Loans to be sold. The Master Servicer has the right to arrange for the sale of such Education Loans, provided the Master Servicer is able to arrange for the sale of the Education Loans offering the same terms secured by the Trust in its efforts to sell such Education Loans, subject to the continuing servicing rights granted to the Subservicers.

Appears in 2 contracts

Samples: Master Servicing Agreement (Nelnet Student Loan Funding LLC), Master Servicing Agreement (Nelnet Student Loan Funding LLC)

CONTINUITY OF LOAN SERVICING. 27.1 28.1 Other than Education Loans sold by the Trustee pursuant to the Indenture, the Trust hereby agrees that it will use its best efforts to ensure that all Education Loans acquired, held, or sold by the Trust under the Education Act and subject to this Agreement will remain with the Master Servicer for the full term of this Agreement. 27.2 28.2 In the event the Trust desires to sell any of its Education Loans (other than pursuant to Section 10.04 of the Indenture), the Trust will first attempt to sell the Education Loans to an eligible lender maintaining an agreement with the applicable Subservicer, in order for the sale to cause no disruption in service, or change in Subservicer for the borrower. Other than Education Loans sold pursuant to Section 10.04 of the Indenture, should the Trust (or the Trustee) decide to sell its Education Loans to an eligible lender or holder which does not maintain an agreement with the Subservicers and does not plan to have the Education Loans serviced by the applicable Subservicer, the Master Servicer is hereby granted the right to arrange for the purchase of such Education Loans by an eligible lender or holder maintaining an agreement with the applicable Subservicer. Such purchase must be arranged within thirty (30) days following the notice by the Trust or the Administrator of an intent to sell such Education Loans, which notice must include sufficient information with respect to the Education Loans to be sold. The Master Servicer has the right to arrange for the sale of such Education Loans, provided the Master Servicer is able to arrange for the sale of the Education Loans offering the same terms secured by the Trust in its efforts to sell such Education Loans, subject to the continuing servicing rights granted to the Subservicers. 28.3 Sections 28.1 and 28.2 do not apply in the event of the Master Servicer's breach or default hereunder, or with respect to a sale of the Education Loan to a holder of other loans for the same borrower. 28.4 The intent of this Section 28 is to assure that every Education Loan subserviced by Nelnet will remain with Nelnet, for servicing for the life of the loan.

Appears in 1 contract

Samples: Master Servicing Agreement (Nelnet Student Loan Funding LLC)

CONTINUITY OF LOAN SERVICING. 27.1 28.1 Other than Education Loans sold by the Trustee pursuant to the Indenture, the Trust Master Servicer hereby agrees that it will use its best efforts to ensure that all Education Loans acquired, held, or sold by the Trust under the Education Act and subject to this Agreement will remain with the Master Servicer Subservicer for the full term of this Agreement. Notwithstanding anything else herein to the contrary, the Subservicer hereby agrees that in any case when the Master Servicer ceases, or is no longer able, to act as the Master Servicer for the Trust's Education Loans, the Subservicer shall process and service the Trust's and NSLF's Education Loans in accordance with the terms and provisions of the Master Servicing Agreement. 27.2 28.2 In the event the Trust desires to sell any of its Education Loans serviced by the Subservicer (other than pursuant to Section 10.04 of the Indenture), the Master Servicer will cause the Trust will to first attempt to sell the such Education Loans to an eligible lender maintaining an agreement with the applicable Subservicer, in order for the sale to cause no disruption in service, or change in Subservicer for the borrower. Other than Education Loans sold pursuant to Section 10.04 of the Indenture, should the Trust (or the Trustee) decide to sell its Education Loans serviced by the Subservicer to an eligible lender or holder which does not maintain an agreement with the Subservicers Subservicer and does not plan to have the Education Loans serviced by the applicable Subservicer, the Master Servicer is hereby granted shall cause the right Trust to arrange for the purchase of such Education Loans by an eligible lender or holder maintaining an agreement with the applicable Subservicer. Such purchase must be arranged within thirty (30) days following the notice by the Trust or Master Servicer of the Administrator of an Trust's intent to sell such Education Loans, which notice must include sufficient information with respect to the Education Loans to be sold. The Master Servicer Subservicer has the right to arrange for the sale of such Education Loans, provided the Master Servicer Subservicer is able to arrange for the sale of the such Education Loans offering the same terms secured by the Trust in its efforts to sell such Education Loans, subject to the continuing servicing rights granted to the SubservicersSubservicer.

Appears in 1 contract

Samples: Subservicing Agreement (Nelnet Student Loan Funding LLC)

CONTINUITY OF LOAN SERVICING. 27.1 Other than Education Loans sold by the Trustee pursuant to the Indenture, the Trust Master Servicer hereby agrees that it will use its best efforts to ensure that all Education Loans acquired, held, or sold by the Trust under the Education Act and subject to this Agreement will remain with the Master Servicer Subservicer for the full term of this Agreement. Notwithstanding anything else herein to the contrary, the Subservicer hereby agrees that in any case when the Master Servicer ceases, or is no longer able, to act as the Master Servicer for the Trust’s Education Loans, the Subservicer shall process and service the Trust’s and NSLF’s Education Loans in accordance with the terms and provisions of the Master Servicing Agreement. 27.2 In the event the Trust desires to sell any of its Education Loans serviced by the Subservicer (other than pursuant to Section 10.04 of the Indenture), the Master Servicer will cause the Trust will to first attempt to sell the such Education Loans to an eligible lender maintaining an agreement with the applicable Subservicer, in order for the sale to cause no disruption in service, or change in Subservicer for the borrower. Other than Education Loans sold pursuant to Section 10.04 of the Indenture, should the Trust (or the Trustee) decide to sell its Education Loans serviced by the Subservicer to an eligible lender or holder which does not maintain an agreement with the Subservicers Subservicer and does not plan to have the Education Loans serviced by the applicable Subservicer, the Master Servicer is hereby granted shall cause the right Trust to arrange for the purchase of such Education Loans by an eligible lender or holder maintaining an agreement with the applicable Subservicer. Such purchase must be arranged within thirty (30) days following the notice by the Trust or Master Servicer of the Administrator of an Trust’s intent to sell such Education Loans, which notice must include sufficient information with respect to the Education Loans to be sold. The Master Servicer Subservicer has the right to arrange for the sale of such Education Loans, provided the Master Servicer Subservicer is able to arrange for the sale of the such Education Loans offering the same terms secured by the Trust in its efforts to sell such Education Loans, subject to the continuing servicing rights granted to the SubservicersSubservicer.

Appears in 1 contract

Samples: Subservicing Agreement (Nelnet Student Loan Trust 2009-2)