Common use of Servicing System Adaptation Clause in Contracts

Servicing System Adaptation. Servicer shall promptly review education loan product terms and pricing matrices proposed by Lender Participant (or Program Administrator on behalf of Lender Participant) for the launch of new products and shall establish appropriate Servicing matrices and programs to support such product terms and pricing as of a mutually agreed product launch date. The parties shall publish a mutually agreeable program launch date for each program. For new loan programs, where changes do not require system changes other than table set-up, Servicer shall make every effort to meet live program dates requested by FMC, which date shall be no less than thirty (30) days, but not more than sixty (60) days from the date Servicer accepts (such acceptance not to be unreasonably withheld) the product and pricing matrix (or similar document containing the same information) for such program; provided, however, that the Servicer agrees to use commercially reasonable efforts to complete the set-up process in a shorter time frame on a case-by-case basis in order to accommodate the business needs of Lender Participant. For existing loan programs, where changes do not require system changes other than table set-up, Servicer shall make every effort to meet live program dates requested by FMC, which date shall be no less than fourteen (14) days, but not more than thirty (30) days from the date Servicer accepts (such acceptance not to be unreasonably withheld) the product and pricing matrix (or similar document containing the same information) for modifications to such program. Lender Participant (and Program Administrator on its behalf) shall have the right to audit Servicer’s Servicing matrices and program setup as set forth in Section 4.02(d) below.

Servicing System Adaptation. Servicer shall promptly review education loan the Program product terms and pricing matrices proposed by Lender Participant (or Program Administrator on behalf of Lender Participant) for the Program launch of new products and shall establish appropriate Servicing matrices and programs to support such product terms and pricing as of a mutually agreed product Program launch date. The parties Parties shall publish a mutually agreeable program launch date for each programthe Program. For new loan programs, where Where changes do not require system changes other than table set-up, Servicer shall make every effort use commercially reasonable efforts to meet live program Program dates requested by FMC, which date shall be no less than thirty (30) days, but not more than sixty (60) days from the date Servicer accepts (such acceptance not to be unreasonably withheld) the product and pricing matrix (or similar document containing the same information) for such programthe Program; provided, however, that the Servicer agrees to use commercially reasonable efforts to complete the set-up process in a shorter time frame on a case-by-case basis in order to accommodate the business needs of Lender ParticipantLender. For existing loan programsAll changes or modifications must be provided to Servicer in writing, where changes do not require system changes other than table set-up, Servicer shall make every effort to meet live program dates requested by FMC, which date and formal amendments or addenda shall be signed prior to implementation. It is understood and agreed by the Parties that Program Loans have both a fixed rate and variable rate option. The fixed rate for each Borrower who chooses the fixed rate option shall be provided by FMER to the Servicer in the servicer disbursement file at the Loan level. Program Administrator shall provide Servicer with updated pricing matrices (or similar document containing the same information) reflecting (i) changes to variable rate tiers, and, notwithstanding the time frames set forth in the previous paragraph, such changes shall be effective in the PHEAA System no less than fourteen (14) days, but not more than thirty (30) days from the date Servicer accepts (such acceptance not to be unreasonably withheld) receives the product and updated pricing matrix (or similar document containing the same information), and (ii) for modifications changes to such program. Lender Participant (and Program Administrator on its behalf) shall have fixed rate tiers, and, notwithstanding the right to audit Servicer’s Servicing matrices and program setup as time frames set forth in Section 4.02(dthe previous paragraph, such changes shall be effective in the PHEAA System not more than fourteen (14) belowdays from the date Servicer receives the updated pricing matrix (or similar document containing the same information).