Procedures for Deconversion of Loans Sample Clauses

Procedures for Deconversion of Loans. Within thirty (30) days after delivery of a proper notice of termination or non-renewal of this Servicing Agreement pursuant to this Article Seven, Section 8.2, Section 9.2 or Section 10.5, a schedule and procedure for the orderly deconversion of Loans will be agreed to by the Servicer and the Bank (and by FDR, to the extent applicable). The parties will cooperate with each other to resolve problems that arise during or as a result of the deconversion process. Except for deconversions of Loans pursuant to Section 9.2, below or due to sale of the Loan(s) to the Servicer, the Bank shall pay the deconversion fees specified in Attachment 1 (and such deconversion fees will be payable, without limitation, upon any deconversion of the Loans that occurs upon the expiration of the term of this Servicing Agreement). In addition, the Bank shall pay the removal fees specified in Attachment 1 with respect to other removals of Loans, as set forth in Attachment 1 (and described in Note 4 of Attachment 1).
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Procedures for Deconversion of Loans. Within thirty days after delivery of a proper notice of termination of any Servicing Agreement for the reasons described in Section 32.6 or as a result of a Servicing Agreement Default or a Force Majeure Event occurring with respect to Servicer, a schedule and procedure for the orderly deconversion of Loans will be agreed to by Servicer and Navient. The Parties will cooperate with each other to resolve problems that arise during or as a result of the deconversion process. In all cases of deconversions of Loans (except deconversions pursuant to a Servicing Agreement Default, deconversions in connection with a loan sale (which are separately addressed in Section 32.7) and deconversions as a result of a Force Majeure Event occurring with respect to Servicer pursuant to Section 29.1(b)), Navient will pay the Fees for “System Deconversion” specified in Exhibit C. NAVIENT PROPRIETARY AND CONFIDENTIAL MASTER TERMS AGREEMENT

Related to Procedures for Deconversion of Loans

  • Procedures for Borrowing Subject to the prior satisfaction of all other applicable conditions to the making of a Term Loan set forth in this Agreement, to obtain a Term Loan, Borrower shall notify the Lenders (which notice shall be irrevocable) by electronic mail, facsimile, or telephone by 12:00 noon Eastern time three (3) Business Days prior to the date the Term Loan is to be made. Together with any such electronic, facsimile or telephonic notification, Borrower shall deliver to the Lenders by electronic mail or facsimile a completed Disbursement Letter executed by a Responsible Officer or his or her designee. The Lenders may rely on any telephone notice given by a person whom a Lender reasonably believes is a Responsible Officer or designee. On the Funding Date, each Lender shall credit and/or transfer (as applicable) to the Designated Deposit Account, an amount equal to its Term Loan Commitment.

  • Notice and Manner of Conversion or Continuation of Loans Provided that no Default (other than a Default arising from any of the events specified in Section 10.1(e), (f) and (n) hereof) or Event of Default has occurred and is then continuing, the Borrower shall have the option to (a) convert at any time all or any portion of its outstanding Base Rate Loans in a principal amount equal to $5,000,000 or any whole multiple of $1,000,000 in excess thereof into one or more LIBOR Rate Loans or (b) upon the expiration of any Interest Period, (i) convert all or any part of its outstanding LIBOR Rate Loans in a principal amount equal to $2,500,000 or a whole multiple of $500,000 in excess thereof into Base Rate Loans or (c) upon the expiration of any Interest Period, continue the relevant LIBOR Rate Loans as LIBOR Rate Loans. Whenever the Borrower desires to convert or continue Loans as provided above, the Borrower shall give the Administrative Agent irrevocable prior written notice in substantially the form attached as Exhibit C (a "Notice of Conversion/ Continuation") not later than 12:00 noon (Charlotte time) three (3) Business Days before the day on which a proposed conversion or continuation of such Loan is to be effective specifying (A) the Loans to be converted or continued, and, in the case of any LIBOR Rate Loan to be converted or continued, the last day of the Interest Period therefor, (B) the effective date of such conversion or continuation (which shall be a Business Day), (C) the principal amount of such Loans to be converted or continued, and (D) the Interest Period to be applicable to such converted or continued LIBOR Rate Loan. The Administrative Agent shall promptly notify the Lenders of such Notice of Conversion/Continuation.

  • Conversion and Continuation of Loans The Lead Borrower on behalf of the Borrowers shall have the right at any time,

  • Borrowing Procedures Each Swing Line Borrowing shall be made upon the Borrower’s irrevocable notice to the Swing Line Lender and the Administrative Agent, which may be given by telephone. Each such notice must be received by the Swing Line Lender and the Administrative Agent not later than 1:00 p.m. on the requested borrowing date, and shall specify (i) the amount to be borrowed, which shall be a minimum of $100,000, and (ii) the requested borrowing date, which shall be a Business Day. Each such telephonic notice must be confirmed promptly by delivery to the Swing Line Lender and the Administrative Agent of a written Swing Line Loan Notice, appropriately completed and signed by a Responsible Officer of the Borrower. Promptly after receipt by the Swing Line Lender of any telephonic Swing Line Loan Notice, the Swing Line Lender will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has also received such Swing Line Loan Notice and, if not, the Swing Line Lender will notify the Administrative Agent (by telephone or in writing) of the contents thereof. Unless the Swing Line Lender has received notice (by telephone or in writing) from the Administrative Agent (including at the request of any Lender) prior to 2:00 p.m. on the date of the proposed Swing Line Borrowing (A) directing the Swing Line Lender not to make such Swing Line Loan as a result of the limitations set forth in the proviso to the first sentence of Section 2.04(a), or (B) that one or more of the applicable conditions specified in Article IV is not then satisfied, then, subject to the terms and conditions hereof, the Swing Line Lender will, not later than 3:00 p.m. on the borrowing date specified in such Swing Line Loan Notice, make the amount of its Swing Line Loan available to the Borrower at its office by crediting the account of the Borrower on the books of the Swing Line Lender in immediately available funds.

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