Navient Corp Files 8-K: Material Definitive Agreement
Ticker: JSM · Form: 8-K · Filed: May 13, 2024 · CIK: 1593538
| Field | Detail |
|---|---|
| Company | Navient Corp (JSM) |
| Form Type | 8-K |
| Filed Date | May 13, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-definitive-agreement, filing
Related Tickers: NAVI
TL;DR
Navient signed a big deal on May 7th, 8-K filed.
AI Summary
On May 7, 2024, Navient Corporation entered into a Material Definitive Agreement. The filing also includes financial statements and exhibits related to this agreement. Specific details of the agreement and the financial implications are not provided in this excerpt.
Why It Matters
This filing indicates a significant new agreement for Navient Corporation, which could impact its financial operations and future business strategies.
Risk Assessment
Risk Level: medium — Entering into a material definitive agreement can introduce new risks or opportunities that are not yet fully disclosed.
Key Players & Entities
- Navient Corporation (company) — Registrant
- May 7, 2024 (date) — Date of earliest event reported
FAQ
What is the nature of the Material Definitive Agreement entered into by Navient Corporation?
The provided excerpt does not specify the details of the Material Definitive Agreement.
When was the Material Definitive Agreement entered into?
The Material Definitive Agreement was entered into on May 7, 2024.
What other items are included in this 8-K filing?
The filing includes financial statements and exhibits.
What is Navient Corporation's state of incorporation?
Navient Corporation is incorporated in Delaware.
What is the IRS Employer Identification Number for Navient Corporation?
The IRS Employer Identification Number for Navient Corporation is 46-4054283.
Filing Stats: 835 words · 3 min read · ~3 pages · Grade level 13.8 · Accepted 2024-05-13 16:16:59
Filing Documents
- navi_8k.htm (8-K) — 31KB
- navi_ex101.htm (EX-10.1) — 719KB
- 0001654954-24-006077.txt ( ) — 1026KB
- navi-20240507.xsd (EX-101.SCH) — 6KB
- navi-20240507_lab.xml (EX-101.LAB) — 16KB
- navi-20240507_cal.xml (EX-101.CAL) — 1KB
- navi-20240507_pre.xml (EX-101.PRE) — 12KB
- navi-20240507_def.xml (EX-101.DEF) — 4KB
- navi_8k_htm.xml (XML) — 6KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement. On May 7, 2024, Navient Solutions, LLC ("Navient"), a Delaware limited liability company and a wholly owned subsidiary of Navient Corporation (the "Company"), and Higher Education Loan Authority of the State of Missouri ("MOHELA"), a leading provider of student loan servicing for government and commercial enterprises and a body politic and corporate and public instrumentality of the State of Missouri, entered into a Master Terms Agreement (the "MTA"). The effective date of the MTA is May 7, 2024 (the "Effective Date"). Pursuant to the MTA, Navient will outsource its student loan servicing operations to MOHELA. MOHELA will act as sub-servicer for student loan portfolios that are currently serviced by Navient and for any new loans that Navient acquires or disburses after the Effective Date. MOHELA is expected to begin servicing such loans in the third quarter of 2024, subject to the completion of the transfer of approximately 900 Navient employees to MOHELA and satisfaction of other conditions set out in the MTA. The MTA includes customary representations, warranties, covenants and agreements related to servicing and custody of loans; proprietary rights; transfer of personnel; performance and service requirements; change of control procedures and quality assurance; use of third parties; audit, regulatory and compliance, and confidentiality rights and obligations; data safeguards; and default and termination. The MTA also includes provisions related to the transition services support that the Company may provide for a period of up to eighteen months following the Effective Date (or for such other period as agreed to by the parties). Additionally, the MTA contains customary indemnification obligations of each party. The MTA will continue in full force and effect for so long as any loans serviced under the MTA remain outstanding, unless terminated earlier in accordance with the termination provisions provided fo
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 10.1# Master Terms Agreement, dated as of May 7, 2024, by and between Navient Solutions, LLC and Higher Education Loan Authority of the State of Missouri. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). # Certain exhibits and schedules have been omitted in accordance with Item 601(a)(5) of Regulation S-K. In addition, certain portions of this document that constitute confidential information have been redacted in accordance with Regulation S-K Item 601(b)(10). 2 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. NAVIENT CORPORATION Date: May 13, 2024 By: /s/ Mark L. Heleen Name: Mark L. Heleen Title: Chief Legal Officer 3