Common use of Special Programs Clause in Contracts

Special Programs. The Servicer shall offer borrowers of the Trust Student Loans all special programs (e.g., Great Returnssm and Direct Repaysm), whether or not in existence as of the date of this Agreement, generally offered to the obligors of similar loans owned by SLM Corporation or any of its Affiliates and serviced by the Servicer; provided, however, to the extent any such program is not required by the Higher Education Act and effectively reduces the borrower interest rate or principal balances on the Trust Student Loans, such special program shall be applied to the Trust Student Loans only if and to the extent the Issuer receives payment from the Excess Distribution Certificateholder, the Depositor, the Servicer, the Administrator or any other Affiliate of SLM Corporation (and the Servicer receives notice of such payment) in an amount sufficient to offset such effective yield reductions. Each of the Excess Distribution Certificateholder, the Depositor, the Servicer, the Administrator and any other Affiliate of SLM Corporation shall be deemed to be a third party beneficiary of this Section 3.12 and shall make appropriate arrangements to compensate the Servicer for increased costs associated with material changes to existing special programs or the implementation and support of any new special programs.

Special Programs. The Servicer shall offer borrowers of the Trust Student Loans all special programs (e.g., Great Returnssm Returnssm, Great Rewardssm and Direct RepaysmRepay), whether or not in existence as of the date of this Agreement, generally offered to the obligors of similar loans owned by SLM Corporation or any of its Affiliates and serviced by the Servicer; provided, however, to the extent any such program is not required by the Higher Education Act and effectively reduces the borrower interest rate or principal balances on the Trust Student Loans, such special program shall be applied to the Trust Student Loans only if and to the extent the Issuer receives payment from the Excess Distribution Certificateholder, the Depositor, the Servicer, the Administrator or any other Affiliate of SLM Corporation (and the Servicer receives notice of such payment) in an amount sufficient to offset such effective yield reductions. Each of the Excess Distribution Certificateholder, the Depositor, the Servicer, the Administrator and any other Affiliate of SLM Corporation shall be deemed to be a third party beneficiary of this Section 3.12 and shall make appropriate arrangements to compensate the Servicer for increased costs associated with material changes to existing special programs or the implementation and support of any new special programs.

Special Programs. The Servicer shall offer borrowers of the Trust Student Loans all special programs (e.g., Great Returnssm Returns(sm) and Direct RepaysmRepay(sm)), whether or not in existence as of the date of this Agreement, generally offered to the obligors of similar loans owned by SLM Corporation or any of its Affiliates and serviced by the Servicer; provided, however, to the extent any such program is not required by the Higher Education Act and effectively reduces the borrower interest rate or principal balances on the Trust Student Loans, such special program shall be applied to the Trust Student Loans only if and to the extent the Issuer receives payment from the holder of the Excess Distribution CertificateholderCertificate, the Depositor, the Servicer, Servicer or the Administrator or any other Affiliate of SLM Corporation (and the Servicer receives notice of such payment) in an amount sufficient to offset such effective yield reductions. Each of the holder of the Excess Distribution CertificateholderCertificate, the Depositor, the Servicer, Servicer and the Administrator and any other Affiliate of SLM Corporation shall be deemed to be a third party beneficiary of this Section 3.12 and shall make appropriate arrangements to compensate the Servicer for increased costs associated with material changes to existing special programs or the implementation and support of any new special programs.

Special Programs. The Servicer shall offer borrowers of the Trust Student Loans all special programs (e.g., Great Returnssm and Direct Repaysm), whether or not in existence as of the date of this Agreement, generally offered to the obligors of similar loans owned by SLM Corporation or any of its Affiliates and serviced by the Servicer; provided, however, to the extent any such program is not required by the Higher Education Act and effectively reduces the borrower interest rate or principal balances on the Trust Student Loans, such special program shall be applied to the Trust Student Loans only if and to the extent the Issuer receives payment from the holder of the Excess Distribution CertificateholderCertificate, the Depositor, the Servicer, Servicer or the Administrator or any other Affiliate of SLM Corporation (and the Servicer receives notice of such payment) in an amount sufficient to offset such effective yield reductions. Each of the holder of the Excess Distribution CertificateholderCertificate, the Depositor, the Servicer, Servicer and the Administrator and any other Affiliate of SLM Corporation shall be deemed to be a third party beneficiary of this Section 3.12 and shall make appropriate arrangements to compensate the Servicer for increased costs associated with material changes to existing special programs or the implementation and support of any new special programs.

Special Programs. The Servicer shall offer borrowers of the Trust Student Loans all special programs (e.g., Great Returnssm Returnssm, Great Rewardssm and Direct RepaysmRepay), whether or not in existence as of the date of this Agreement, generally offered to the obligors of similar loans owned by SLM Education Credit Finance Corporation or any of its Affiliates and serviced by the Servicer; provided, however, to the extent any such program is not required by the Higher Education Act and effectively reduces the borrower interest rate or principal balances on the Trust Student Loans, such special program shall be applied to the Trust Student Loans only if and to the extent the Issuer receives payment from the Excess Distribution CertificateholderCertificateholders, the Depositor, the Servicer, the Administrator or any other Affiliate of SLM Education Credit Finance Corporation (and the Servicer receives notice of such payment) in an amount sufficient to offset such effective yield reductions. Each of the Excess Distribution CertificateholderCertificateholders, the Depositor, the Servicer, the Administrator and any other Affiliate of SLM Education Credit Finance Corporation shall be deemed to be a third party beneficiary of this Section 3.12 and shall make appropriate arrangements to compensate the Servicer for increased costs associated with material changes to existing special programs or the implementation and support of any new special programs.

Special Programs. The Servicer shall offer borrowers of the Trust Student Loans all special programs (e.g., Great Returnssm Returnssm, SMART Rewards and Direct Repaysm), whether or not in existence as of the date of this Agreement, generally offered to the obligors of similar loans owned by SLM Corporation or any of its Affiliates and serviced by the Servicer; provided, however, to the extent any such program is not required by the Higher Education Act and effectively reduces the borrower interest rate or principal balances on the Trust Student Loans, such special program shall be applied to the Trust Student Loans only if and to the extent the Issuer receives payment from the Excess Distribution Certificateholder, the Depositor, the Servicer, the Administrator or any other Affiliate of SLM Corporation (and the Servicer receives notice of such payment) in an amount sufficient to offset such effective yield reductions. Each of the Excess Distribution Certificateholder, the Depositor, the Servicer, the Administrator and any other Affiliate of SLM Corporation shall be deemed to be a third party beneficiary of this Section 3.12 and shall make appropriate arrangements to compensate the Servicer for increased costs associated with material changes to existing special programs or the implementation and support of any new special programs.

Special Programs. The Servicer shall offer borrowers of the Trust Student Loans all special programs (e.g., Great Returnssm Returns(sm) and Direct RepaysmRepay(sm), whether or not in existence as of the date of this Agreement, generally offered to the obligors of similar loans owned by SLM Corporation or any of its Affiliates and serviced by the Servicer; provided, however, to the extent any such program is not required by the Higher Education Act and effectively reduces the borrower interest rate or principal balances on the Trust Student Loans, such special program shall be applied to the Trust Student Loans only if and to the extent the Issuer receives payment from the holder of the Excess Distribution CertificateholderCertificate, the Depositor, the Servicer, Servicer or the Administrator or any other Affiliate of SLM Corporation (and the Servicer receives notice of such payment) in an amount sufficient to offset such effective yield reductions. Each of the holder of the Excess Distribution CertificateholderCertificate, the Depositor, the Servicer, Servicer and the Administrator and any other Affiliate of SLM Corporation shall be deemed to be a third party beneficiary of this Section 3.12 and shall make appropriate arrangements to compensate the Servicer for increased costs associated with material changes to existing special programs or the implementation and support of any new special programs.

Special Programs. The Servicer shall offer borrowers of the Trust Student Loans all special programs (e.g., Great Returnssm Returns(sm) and Direct RepaysmRepay(sm), whether or not in existence as of the date of this Agreement, generally offered to the obligors of similar loans owned by SLM Corporation or any of its Affiliates and serviced by the Servicer; provided, however, to the extent any such program is not required by the Higher Education Act and effectively reduces the borrower interest rate or principal balances on the Trust Student Loans, such special program shall be applied to the Trust Student Loans only if and to the extent the Issuer receives payment from the Excess Distribution Certificateholder, the Depositor, the Servicer, the Administrator or any other Affiliate of SLM Corporation (and the Servicer receives notice of such payment) in an amount sufficient to offset such effective yield reductions. Each of the Excess Distribution Certificateholder, the Depositor, the Servicer, the Administrator and any other Affiliate of SLM Corporation shall be deemed to be a third party beneficiary of this Section 3.12 and shall make appropriate arrangements to compensate the Servicer for increased costs associated with material changes to existing special programs or the implementation and support of any new special programs.

Special Programs. The Servicer shall offer borrowers of the Trust Student Loans all special programs (e.g., Great Returnssm Returns(SM) and Direct RepaysmRepay(SM)), whether or not in existence as of the date of this Agreement, generally offered to the obligors of similar loans owned by SLM Corporation or any of its Affiliates and serviced by the Servicer; provided, however, to the extent any such program is not required by the Higher Education Act and effectively reduces the borrower interest rate or principal balances on the Trust Student Loans, such special program shall be applied to the Trust Student Loans only if and to the extent the Issuer receives payment from the holder of the Excess Distribution CertificateholderCertificate, the Depositor, the Servicer, the Administrator or any other Affiliate of SLM Corporation (and the Servicer receives notice of such payment) in an amount sufficient to offset such effective yield reductions. Each of the holder of the Excess Distribution CertificateholderCertificate, the Depositor, the Servicer, the Administrator and or any other Affiliate of SLM Corporation shall be deemed to be a third party beneficiary of this Section 3.12 and shall make appropriate arrangements to compensate the Servicer for increased costs associated with material changes to existing special programs or the implementation and support of any new special programs.

Special Programs. The Servicer shall offer borrowers of the Trust Student Loans all special programs (e.g., Great Returnssm Returns(sm) and Direct RepaysmRepay(sm)), whether or not in existence as of the date of this Agreement, generally offered to the obligors of similar loans owned by SLM Corporation or any of its Affiliates and serviced by the Servicer; provided, however, to the extent any such program is not required by the Higher Education Act and effectively reduces the borrower interest rate or principal balances on the Trust Student Loans, such special program shall be applied to the Trust Student Loans only if and to the extent the Issuer receives payment from the Excess Distribution Certificateholder, the Depositor, the Servicer, the Administrator or any other Affiliate of SLM Corporation (and the Servicer receives notice of such payment) in an amount sufficient to offset such effective yield reductions. Each of the Excess Distribution Certificateholder, the Depositor, the Servicer, the Administrator and any other Affiliate of SLM Corporation shall be deemed to be a third party beneficiary of this Section 3.12 and shall make appropriate arrangements to compensate the Servicer for increased costs associated with material changes to existing special programs or the implementation and support of any new special programs.