Common use of Origination of Consolidation Loans during the Revolving Period Clause in Contracts

Origination of Consolidation Loans during the Revolving Period. (a) From time to time during the Revolving Period the Servicer will identify those Financed Student Loans as to which a Borrower qualifies to receive a Consolidation Loan under the Federal Consolidation Loan Program from the Eligible Lender Trustee and will inform the Administrator of the identity of such loans. The Administrator will determine, in accordance with customary industry standards, whether a Consolidation Loan should be offered to such Borrower; provided, however, that a Consolidation Loan will not be offered to a Borrower if any Student Loan of such Borrower which is not beneficially owned by the Issuer and which is proposed to be discharged by the making of such Consolidation Loan is past due more than 30 days; and provided, further, that a Consolidation Loan will not be offered to a Borrower if the aggregate principal balances of all Consolidation Loans originated pursuant to this Section would thereby exceed the limitations set forth in Section 6.07(d).

Origination of Consolidation Loans during the Revolving Period. (a) From time to time during the Revolving Period the Servicer will identify those Financed Student Loans as to which a Borrower qualifies to receive a Consolidation Loan under the Federal Consolidation Loan Program from the Eligible Lender Trustee and will inform the Administrator of the identity of such loans. The Administrator will determine, in accordance with customary industry standards, whether a Consolidation Loan should be offered to such Borrower; provided, however, that a Consolidation Loan will not be offered to a Borrower if any Student Loan of such Borrower which is not beneficially owned by the Issuer and which is proposed to be discharged by the making of such Consolidation Loan is past due more than 30 days; and provided, further, that a Consolidation Loan will not be offered to a Borrower if the aggregate principal balances of all Consolidation Loans originated pursuant to this Section would thereby exceed the limitations set forth in Section 6.07(d).. BWNY03/143740 13

Origination of Consolidation Loans during the Revolving Period. (a) From time to time during the Revolving Period the Servicer will identify those Financed FFELP Student Loans as to which a Borrower qualifies to receive a Consolidation Loan under the Federal Consolidation Loan Program from the Eligible Lender Trustee and will inform the Administrator of the identity of such loans. The Administrator will determine, in accordance with customary industry standards, whether a Consolidation Loan should be offered to such Borrower; providedprovided that, however, that a Consolidation Loan will not be offered to a Borrower if any Student Loan of such Borrower which is not beneficially owned by the Issuer Trust and which is proposed to be discharged by the making of such Consolidation Loan is past due more than 30 daysdays past due; and provided, further, provided further that a Consolidation Loan will not be offered to a Borrower borrower if the aggregate principal balances amount of all Consolidation Loans originated pursuant to this Section would thereby exceed the limitations set forth in Section 6.07(d6.7(d).

Origination of Consolidation Loans during the Revolving Period. (a) From time to time during the Revolving Period the Servicer will identify those Financed Student Loans as to which a Borrower qualifies to receive a Consolidation Loan under the Federal Consolidation Loan Program from the Eligible Lender Trustee and will inform the Administrator of the identity of such loans. The Administrator will determine, in accordance with customary industry standards, whether a Consolidation Loan should be offered to such Borrower; providedPROVIDED, howeverHOWEVER, that a Consolidation Loan will not be offered to a Borrower if any Student Loan of such Borrower which is not beneficially owned by the Issuer and which is proposed to be discharged by the making of such Consolidation Loan is past due more than 30 days; and providedPROVIDED, furtherFURTHER, that a Consolidation Loan will not be offered to a Borrower if the aggregate principal balances of all Consolidation Loans originated pursuant to this Section would thereby exceed the limitations set forth in Section 6.07(d).

Origination of Consolidation Loans during the Revolving Period. (a) a. From time to time during the Revolving Period the Servicer will identify those Financed Student Loans as to which a Borrower qualifies to receive a Consolidation Loan under the Federal Consolidation Loan Program from the Eligible Lender Trustee and will inform the Administrator of the identity of such loans. The Administrator will determine, in accordance with customary industry standards, whether a Consolidation Loan should be offered to such Borrower; providedPROVIDED that, however, that a Consolidation Loan will not be offered to a Borrower if any Student Loan of such Borrower which is not beneficially owned by the Issuer and which is proposed to be discharged by the making of such Consolidation Loan is past due more than 30 daysdays past due; and provided, further, PROVIDED FURTHER that a Consolidation Loan will not be offered to a Borrower borrower if the aggregate principal balances amount of all Consolidation Loans originated pursuant to this Section would thereby exceed the limitations set forth in Section 6.07(d).