Timeline for Redress Plan and Notifications to the Bureau Sample Clauses

Timeline for Redress Plan and Notifications to the Bureau a. PEAKS will comply with all deadlines set forth above and in the Consent Order, and where applicable, will ensure that the Servicer takes all necessary steps to meet the deadlines set forth above and in the Consent Order. b. 120 days after the Effective Date, PEAKS will direct the Servicer to provide to the Bureau, on an encrypted disk or drive: i. The list of the Affected Consumers, with their last known contact information and the Affected Loan balances, as described in Section II.c above; ii. The list of undeliverable Notices, as described in Section II.f above; and iii. The list of Affected Loan payments that were not able to be returned, reversed, or otherwise effectively rejected, as described in Section IV.g above. c. It is currently anticipated that the agreement by and among PEAKS, the Secured Party, ITT Educational Services, Inc., and the Servicer (the “Existing Agreement”) will be terminated promptly after the completion of the Servicer’s Settlement implementation tasks as described in this Redress Plan. To the extent of any conflict between the Existing Agreement and this Redress Plan, the PEAKS Parties will consider the terms of this Redress Plan as controlling. d. It is currently anticipated that PEAKS will begin the process of dissolution, winding up and termination promptly after the completion of its obligations under this Redress Plan and the Consent Order. [STANDARD SERVICING PEAKS LETTERHEAD] XXXXX XX, 2020 XXXXXXXX NAME ADDRESS LINE 1 Re: NOTICE THAT NO FURTHER PAYMENT IS DUE ON YOUR PEAKS LOAN Account ID: XXXXXXXX (your “PEAKS Loan”) Dear BORROWER NAME: You are receiving this notice because you are a former student of ITT Technical Institute (“ITT”) who received a private student loan in connection with your ITT education, which loan is now outstanding, owned by PEAKS Trust 2009-1 (“PEAKS”), and serviced and collected by Vervent Inc. (“Vervent”). Pursuant to a settlement with the Bureau of Consumer Financial Protection and certain state Attorneys General, PEAKS has agreed to discontinue collection and enforcement of the entire outstanding balance of all such outstanding loans (“PEAKS Loans”), effective as of [insert Effective Date of settlement]. This notice is to inform you that you are no longer obligated to make any payment on your PEAKS Loan. PEAKS and Vervent have discontinued billing, and have discontinued collection of payments, for your PEAKS Loan. There will be no further action by PEAKS or Vervent with respect to any balan...
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