Common use of Servicing Obligations after Sale of Student Loans Clause in Contracts

Servicing Obligations after Sale of Student Loans. (a) The Servicer's Offer of Continued Servicing. With respect to any Student Loans which are sold, assigned or transferred by a Permitted Assignee, upon the Servicer's receipt of a notice from such Permitted Assignee that it intends to sell, assign or transfer any or all of the Student Loans which are being Serviced hereunder, the Servicer shall contact the intended purchaser, assignee or transferee (collectively, the "Transferee") and offer to Service such Student Loans for the Transferee for the balance of the term of this Agreement (and, at the option of the Transferee, any extensions thereof) as follows: (1) under terms and conditions which are no less favorable than those terms and conditions which are contained in this Agreement; and (2) if the Transferee or an affiliate, parent, subsidiary or other entity related to the Transferee (collectively, a "Related Entity") has entered into a servicing agreement with the Servicer, under the terms and conditions of any such agreement. This subsection shall not apply to an assignment to a Permitted Assignee pursuant to subsection 11.4(ii).

Servicing Obligations after Sale of Student Loans. (a) The Servicer's ’s Offer of Continued Servicing. With respect to any Student Loans which are sold, assigned or transferred by a Permitted Assigneethe Owner, upon the Servicer's ’s receipt of a notice from such Permitted Assignee the Owner that it intends to sell, assign or transfer any or all of the Student Loans which are being Serviced hereunder, the Servicer shall contact the intended purchaser, assignee or transferee (collectively, the "“Transferee"”) and offer to Service such Student Loans for the Transferee for the balance of the term of this Agreement (and, at the option of the Transferee, any extensions thereof) as follows: (1) under terms and conditions which are no less favorable than those terms and conditions which are contained in this Agreement; and or (2) if the Transferee or an affiliate, parent, subsidiary or other entity related to the Transferee (collectively, a "“Related Entity"”) has entered into a servicing agreement with the Servicer, under the terms and conditions of any such agreement. This subsection shall not apply to an assignment to a Permitted Assignee pursuant to subsection 11.4(ii).

Servicing Obligations after Sale of Student Loans. (a) The Servicer's Offer of Continued Servicing. With respect to any Student Loans which are sold, assigned or transferred by a Permitted Assignee, upon the Servicer's receipt of a notice from such Permitted Assignee that it intends to sell, assign or transfer any or all of the Student Loans which are being Serviced hereunder, the Servicer shall contact the intended purchaser, assignee or transferee (collectively, the "Transferee") and offer to Service such Student Loans for the Transferee for the balance of the term of this Agreement (and, at the option of the Transferee, any extensions thereof) as follows: (1) under terms and conditions which are no less favorable than those terms and conditions which are contained in this Agreement; Agreement; and (2) if the Transferee or an affiliate, parent, subsidiary or other entity related to the Transferee (collectively, a "Related Entity") has entered into a servicing agreement with the Servicer, under the terms and conditions of any such agreement. This subsection shall not apply to an assignment to a Permitted Assignee pursuant to subsection 11.4(ii).

Servicing Obligations after Sale of Student Loans. (a) The Servicer's ’s Offer of Continued Servicing. With respect to any Student Loans which are sold, assigned or transferred by a Permitted Assigneethe Owner, upon the Servicer's ’s receipt of a notice from such Permitted Assignee the Owner that it intends to sell, assign or transfer any or all of the Student Loans which are being Serviced hereunder, the Servicer shall contact the Owner’s intended purchaser, assignee or transferee (collectively, the "“Transferee"”) and offer to Service such Student Loans for the Transferee for the balance of the term of this Agreement (and, at the option of the Transferee, any extensions thereof) as follows: (1) under terms and conditions which are no less favorable than those terms and conditions which are contained in this Agreement; and (2) if the Transferee or an affiliate, parent, subsidiary or other entity related to the Transferee (collectively, a "“Related Entity"”) has entered into a servicing agreement with the Servicer, under the terms and conditions of any such agreement. This subsection shall not apply to an assignment to a Permitted Assignee pursuant to subsection 11.4(ii).