Common use of Application Processing Clause in Contracts

Application Processing. Servicer shall maintain a special post office drawer or box for purposes of receiving applications directly from Eligible Institutions, Borrowers or Lender. Servicer shall process applications received at the drawer or box or otherwise received at Servicer's office, as follows: (a) Servicer shall verify that all Education Loan applications and supporting documents are complete, provided, however, Servicer shall not be required to verify any information included in an Education Loan application (except to the extent required by the Education Act or applicable Regulations of the Guarantor); (b) Servicer shall perform acts necessary to secure disbursement approval and insurance coverage of the principal and interest on the Education Loan from the applicable Guarantor and shall be responsible for all communication and contact with such Guarantor necessary or appropriate to accomplish such approval and coverage; (c) Servicer shall prepare and mail directly to Borrower all notices, statements and disclosures required under the Education Act; (d) Servicer shall, if necessary, prepare and mail directly to Borrower a replacement or other necessary promissory note, together with appropriate instructions for execution and delivery of the promissory note and any related documentation; Lender shall be solely responsible for payment to the U.S. Government of origination or other fees required by the Education Act, and for all fees required by any central disbursement agent, unless the parties agree otherwise in writing. If Lender is utilizing a third party disbursement agent to disburse its Education Loans prior to delivery of the Education Loans to Servicer, Servicer will have no liability or responsibility for the tasks set forth in subsections (a) - (d) above nor for reconciliation issues arising from such process.