Common use of CONTINUITY OF LOAN SERVICING Clause in Contracts

CONTINUITY OF LOAN SERVICING. 27.1 UFS-1 hereby agrees that it will ensure that all Education Loans acquired, held, or sold by UFS-1 under the Act and subject to this Agreement will remain with the Servicer for the full term of this Agreement. 27.2 In the event UFS-1 desires to sell any of its Education Loans, UFS-1 will first attempt to sell the Education Loans to an eligible lender maintaining an agreement with Servicer, in order for the sale to cause no disruption in service, or change in Servicer for the Borrower. Should UFS-1 decide to sell its Education Loans to an eligible lender or holder which does not maintain an agreement with Servicer and does not plan to have the Education Loans serviced by Servicer, Union Bank is hereby granted the right to arrange for the purchase of such Education Loans by an eligible lender or holder maintaining an agreement with Servicer. Such purchase must be arranged within thirty (30) days following the notice by UFS-1 if its intent to sell such Education Loans, which notice must include sufficient information with respect to the Education Loans to be sold. Union Bank has the right to arrange for the sale of such Education Loans, provided Union Bank is able to arrange for the sale of the Education Loans offering the same terms secured by UFS-1 in its efforts to sell such Education Loans, subject to the continuing servicing rights granted to Servicer.

CONTINUITY OF LOAN SERVICING. 27.1 UFS-1 hereby agrees that it will ensure that all Education Loans acquired, held, or sold by UFS-1 under the Act and subject to this Agreement will remain with the Servicer for the full term of this Agreement. 27.2 In the event UFS-1 desires to sell any of its Education Loans, UFS-1 will first attempt to sell the Education Loans to an eligible lender maintaining an agreement with Servicer, in order for the sale to cause no disruption in service, or change in Servicer for the Borrower. Should UFS-1 decide to sell its Education Loans to an eligible lender or holder which does not maintain an agreement with Servicer and does not plan to have the Education Loans serviced by Servicer, Union Bank NelNet is hereby granted the right to arrange for the purchase of such Education Loans by an eligible lender or holder maintaining an agreement with Servicer. Such purchase must be arranged within thirty (30) days following the notice by UFS-1 if its intent to sell such Education Loans, which notice must include sufficient information with respect to the Education Loans to be sold. Union Bank NelNet has the right to arrange for the sale of such Education Loans, provided Union Bank NelNet is able to arrange for the sale of the Education Loans offering the same terms secured by UFS-1 in its efforts to sell such Education Loans, subject to the continuing servicing rights granted to Servicer.