SERIAL LOANS. Notwithstanding any other provision to the contrary in this Agreement, Servicer shall have the right to originate and service all Education Loans that are "serial" (as that term is commonly understood with respect to Education Loans) to Education Loans originated and/or serviced hereunder. This provision shall survive the termination of this Agreement for so long as Lender is directly or indirectly engaged in the business of making Education Loans under the FFEL Program; provided, however, that if an "eligible institution" as defined in the Education Act ("Eligible Institution") or a Borrower requests in writing that Servicer not provide either origination or servicing for a serial loan, then Lender shall not be required to use Servicer for origination or servicing for such serial loan as requested by the Eligible Institution or borrower; Lender shall not request an Eligible Institution or Borrower to give such request to Sender.
Appears in 2 contracts
Samples: Security Agreement (Nelnet Inc), Security Agreement (Nelnet Inc)
SERIAL LOANS. Notwithstanding any other provision to the contrary in this Agreement, Servicer shall have the right to originate and service all Education Loans that are "serial" (as that term is commonly understood with respect to Education Loans) to Education Loans originated and/or serviced hereunder. This provision shall survive the termination of this Agreement for so long as Lender is directly or indirectly engaged in the business of making Education Loans under the FFEL Program; provided, however, that if an "eligible institution" as defined in the Education Act ("Eligible Institution") or a Borrower requests in writing that Servicer not provide either origination or servicing for a serial loan, then Lender shall not be required to use Servicer for origination or servicing for such serial loan as requested by the Eligible Institution or borrower; Lender shall not request an Eligible Institution or Borrower to give such request to Sender.. NELNET LOAN SERVICES, INC. SERVICING AGREEMENT 11/13/2001 PAGE 2 APPLICATION PROCESSING AND DISBURSEMENT SERVICES
Appears in 2 contracts
Samples: Security Agreement (Nelnet Inc), Security Agreement (Nelnet Inc)
