Transfer to Servicing System Sample Clauses
The "Transfer to Servicing System" clause defines the process by which relevant data, records, or accounts are moved into a designated servicing platform or system. In practice, this clause typically outlines the timing, format, and responsibilities for ensuring that all necessary information is accurately and securely transferred to the system that will manage ongoing servicing activities, such as payment processing or customer communications. Its core function is to ensure a smooth transition of operational control, minimizing disruptions and maintaining continuity in servicing obligations.
Transfer to Servicing System. Within [**] Business Days following the first disbursement of each Loan, FMER will forward to the Servicer a copy of the original Credit Agreement, along with a complete copy of the Truth in Lending Disclosure Statements (other than the Application and Solicitation Disclosure), Student Borrower self-certification, income verification, enrollment verification/certification by the Eligible Institution, missing information notices, and correspondence and information received from the Applicant(s) except for verification documentation received pursuant to Section 3.8.5. FMER will cooperate with SunTrust or Servicer in transferring all additional information necessary to service such Loan. FMER will be responsible for the safe maintenance of Loan documentation as set forth in Section 12.2 of this Agreement.
Transfer to Servicing System. Within five (5) Business Days following the first disbursement of each Loan, FMER will forward to the Servicer a copy of the original Credit Agreement, along with a complete copy of the Truth in Lending Disclosures (other than the Application and Solicitation Disclosure), Student Borrower self-certification, income verification, and school certification by the Eligible Institution or Eligible K-12 Institution, as applicable. FMER will cooperate with Lender or Servicer in transferring all additional information necessary to service such Loan. FMER will be responsible for the safe maintenance of Loan documentation as set forth in Section 10.2 of this Agreement.