Common use of SERVICING OF COMPLETED EDUCATION LOANS Clause in Contracts

SERVICING OF COMPLETED EDUCATION LOANS. Upon acceptance of any Completed Education Loan into Servicer's computer system and after the sale date (if applicable) of the Completed Education Loan to UFS-1, Union Bank shall cause Servicer to service such Education Loan in accordance with the Education Act, the Regulations, and in accordance with the provisions of this Agreement, including the following: (b) Servicer shall prepare and mail directly to the student/parent borrower all required statements, notices, disclosures and demands. (c) Servicer shall retain records of contacts, follow-ups, collection efforts and correspondence regarding each Education Loan. (d) Servicer shall provide accounting for all transactions related to individual Education Loans, including, but not limited to, accounting for all payments of principal and interest upon such Education Loans. (e) Servicer shall process all deferments and forbearances. (f) Servicer shall process all address changes and update address changes accordingly. (g) Servicer shall retain all documents received by Union Bank pertaining to each Education Loan, including the original promissory note with respect to each Education Loan. (h) When necessary and allowable by the Education Act, Servicer shall take all steps necessary to file a claim for loss with Guarantor, and shall be responsible for all communication and contact with that agency necessary or appropriate to accomplish the same. (i) Servicer shall provide a Lender's Manifest of Education Loans on all new accounts, accounts paid in full or converted to repayment, and provide any other information required by Guarantor. (j) Servicer shall provide such other services as Servicer customarily provides and deems appropriate.

SERVICING OF COMPLETED EDUCATION LOANS. Upon acceptance of any Completed Education Loan into Servicer's computer system and after the sale date (if applicable) of the Completed Education Loan to UFS-1NSLC-2, Union Bank NELnet shall cause Servicer to service such Education Loan in accordance with the Education Act, the Regulations, and in accordance with the provisions of this Agreement, including the following: (a) Servicer shall take all steps necessary to maintain the Insurance on Education Loans in full force at all times. (b) Servicer shall prepare and mail directly to the student/parent borrower all required statements, notices, disclosures and demands. (c) Servicer shall retain records of contacts, follow-ups, collection efforts and correspondence regarding each Education Loan. (d) Servicer shall provide accounting for all transactions related to individual Education Loans, including, but not limited to, accounting for all payments of principal and interest upon such Education Loans. (e) Servicer shall process all deferments and forbearances. (f) Servicer shall process all address changes and update address changes accordingly. (g) Servicer shall retain all documents received by Union Bank NELnet pertaining to each Education Loan, including the original promissory note with respect to each Education Loan. (h) When necessary and allowable by the Education Act, Servicer shall take all steps necessary to file a claim for loss with Guarantor, and shall be responsible for all communication and contact with that agency necessary or appropriate to accomplish the same. (i) Servicer shall provide a Lender's Manifest of Education Loans on all new accounts, accounts paid in full or converted to repayment, and provide any other information required by Guarantor. (j) Servicer shall provide such other services as Servicer customarily provides and deems appropriate. (k) NELnet and NSLC-2 agree that upon delivery of the original promissory notes relating to the Education Loans to the Servicer as Custodian pursuant to the Custodian Agreement, that each shall and does relinquish all power and control over such promissory notes, subject to responsibilities of NELnet under this Agreement.

SERVICING OF COMPLETED EDUCATION LOANS. Upon acceptance of any Completed Education Loan into Servicer's computer system and after the sale date (if applicable) of the Completed Education Loan to UFS-1NELF, Union Bank Nelnet shall cause Servicer to service such Education Loan in accordance with the Education Act, the Regulations, and in accordance with the provisions of this Agreement, including the following: (a) Servicer shall take all steps necessary to maintain the Insurance on Education Loans in full force at all times. (b) Servicer shall prepare and mail directly to the student/parent borrower all required statements, notices, disclosures and demands. (c) Servicer shall retain records of contacts, follow-ups, collection efforts and correspondence regarding each Education Loan. (d) Servicer shall provide accounting for all transactions related to individual Education Loans, including, but not limited to, accounting for all payments of principal and interest upon such Education Loans. (e) Servicer shall process all deferments and forbearances. (f) Servicer shall process all address changes and update address changes accordingly. (g) Servicer shall retain all documents received by Union Bank Nelnet pertaining to each Education Loan, including the original promissory note with respect to each Education Loan. (h) When necessary and allowable by the Education Act, Servicer shall take all steps necessary to file a claim for loss with Guarantor, and shall be responsible for all communication and contact with that agency necessary or appropriate to accomplish the same. (i) Servicer shall provide a Lender's Manifest of Education Loans on all new accounts, accounts paid in full or converted to repayment, and provide any other information required by Guarantor. (j) Servicer shall provide such other services as Servicer customarily provides and deems appropriate. (k) Nelnet and NELF agree that upon delivery of the original promissory notes relating to the Education Loans to the Servicer as Custodian pursuant to the Custodian Agreement dated as of June 1, 2003 (the "Custodian Agreement"), among NELF, the Servicer and the Trustee, that each shall and does relinquish all power and control over such promissory notes, subject to responsibilities of Nelnet under this Agreement.

SERVICING OF COMPLETED EDUCATION LOANS. Upon acceptance of any Completed Education Loan into Servicer's computer system and after the sale date (if applicable) of the Completed Education Loan to UFS-1Lender, Union Bank Servicer shall cause Servicer to service such Education Loan in accordance with the Education Act, the Regulations, and in accordance with the provisions of this Agreement, including the following: (a) Servicer shall take all steps necessary to maintain the insurance or guaranty on Education Loans in full force at all times. (b) Servicer shall prepare and mail directly to the student/parent borrower all required statements, notices, disclosures and demands. (c) Servicer shall retain records of contacts, follow-ups, collection efforts and correspondence regarding each Education Loan. (d) Servicer shall provide accounting for all transactions related to individual Education Loans, including, but not limited to, accounting for all payments of principal and interest upon such Education Loans. (e) Servicer shall process all deferments and forbearances. (f) Servicer shall process all address changes and update address changes accordingly. (g) Servicer shall retain all documents received by Union Bank Servicer pertaining to each Education Loan, including the original promissory note with respect to each Education Loan. (h) When necessary and allowable by the Education Act, Servicer shall take all steps necessary to file a claim for loss with Guarantor, and shall be responsible for all communication and contact with that agency necessary or appropriate to accomplish the same. (i) Servicer shall provide a Lender's Manifest of Education Loans on all new accounts, accounts paid in full or converted to repayment, and provide any other information required by Guarantor. (j) Servicer shall provide such other services as Servicer customarily provides and deems appropriate.

SERVICING OF COMPLETED EDUCATION LOANS. Upon acceptance of any Completed Education Loan into Servicer's computer system and after the sale date (if applicable) of the Completed Education Loan to UFS-1, Union Bank shall cause Servicer to service such Education Loan in accordance with the Education Act, the Regulations, and in accordance with the provisions of this Agreement, including the following: (a) Servicer shall take all steps necessary to maintain the Insurance on Education Loans in full force at all times. (b) Servicer shall prepare and mail directly to the student/parent borrower all required statements, notices, disclosures and demands. (c) Servicer shall retain records of contacts, follow-ups, collection efforts and correspondence regarding each Education Loan. (d) Servicer shall provide accounting for all transactions related to individual Education Loans, including, but not limited to, accounting for all payments of principal and interest upon such Education Loans. (e) Servicer shall process all deferments and forbearances. (f) Servicer shall process all address changes and update address changes accordingly. (g) Servicer shall retain all documents received by Union Bank pertaining to each Education Loan, including the original promissory note with respect to each Education Loan. (h) When necessary and allowable by the Education Act, Servicer shall take all steps necessary to file a claim for loss with Guarantor, and shall be responsible for all communication and contact with that agency necessary or appropriate to accomplish the same. (i) Servicer shall provide a Lender's Manifest of Education Loans on all new accounts, accounts paid in full or converted to repayment, and provide any other information required by Guarantor. (j) Servicer shall provide such other services as Servicer customarily provides and deems appropriate.

SERVICING OF COMPLETED EDUCATION LOANS. Upon acceptance of any Completed Education Loan into Servicer's computer system and after the sale date (if applicable) of the Completed Education Loan to UFS-1, Union Bank NelNet shall cause Servicer to service such Education Loan in accordance with the Education Act, the Regulations, and in accordance with the provisions of this Agreement, including the following: (a) Servicer shall take all steps necessary to maintain the Insurance on Education Loans in full force at all times. (b) Servicer shall prepare and mail directly to the student/parent borrower all required statements, notices, disclosures and demands. (c) Servicer shall retain records of contacts, follow-ups, collection efforts and correspondence regarding each Education Loan. (d) Servicer shall provide accounting for all transactions related to individual Education Loans, including, but not limited to, accounting for all payments of principal and interest upon such Education Loans. (e) Servicer shall process all deferments and forbearances. (f) Servicer shall process all address changes and update address changes accordingly. (g) Servicer shall retain all documents received by Union Bank NelNet pertaining to each Education Loan, including the original promissory note with respect to each Education Loan. (h) When necessary and allowable by the Education Act, Servicer shall take all steps necessary to file a claim for loss with Guarantor, and shall be responsible for all communication and contact with that agency necessary or appropriate to accomplish the same. (i) Servicer shall provide a Lender's Manifest of Education Loans on all new accounts, accounts paid in full or converted to repayment, and provide any other information required by Guarantor. (j) Servicer shall provide such other services as Servicer customarily provides and deems appropriate. (k) NelNet and UFS-1 agree that upon delivery of the original promissory notes relating to the Education Loans to the Servicer as Custodian pursuant to the Custodian Agreement, that each shall and does relinquish all power and control over such promissory notes, subject to responsibilities of NelNet under this Agreement.