Common use of Appointment of Subcustodian Clause in Contracts

Appointment of Subcustodian. With the consent of the Surety Provider, the Master Servicer may at any time appoint a subcustodian to perform all or any portion of its obligations as custodian hereunder; PROVIDED, HOWEVER, that the Master Servicer shall remain obligated and be liable to the Issuer, the Eligible Lender Trustee, the Indenture Trustee, the Certificateholders, the Noteholders and the Surety Provider for the custodial services with respect to the Financed Student Loan Files in accordance with the provisions hereof without diminution of such obligation and liability by virtue of the appointment of such subcustodian and to the same extent and under the same terms and conditions as if the Master Servicer alone were performing the custodial services. The fees and expenses of the subcustodian shall be as agreed between the Master Servicer and its subcustodian from time to time and none of the Issuer, the Eligible Lender Trustee, the Indenture Trustee, the Certificateholders, the Noteholders or the Surety Provider shall have any responsibility therefor.

Appointment of Subcustodian. With the consent of the Surety Provider, the a Master Servicer may may, at any time or, at the request of the Surety Provider pursuant to the terms of Section 2.02(r) of the Insurance Agreement, a Master Servicer shall, appoint a subcustodian to perform all or any portion of its obligations as custodian hereunder; PROVIDED, HOWEVER, that the such Master Servicer shall remain obligated and be liable to the Issuer, the Eligible Lender Trustee, the Indenture Trustee, the Certificateholders, the Noteholders and the Surety Provider for the custodial services with respect to the Financed Student Loan Files in accordance with the provisions hereof without diminution of such obligation and liability by virtue of the appointment of such subcustodian and to the same extent and under the same terms and conditions as if the such Master Servicer alone were performing the custodial services. The fees and expenses of the subcustodian shall be as agreed between the Master Servicer and its subcustodian from time to time and none of the Issuer, the Eligible Lender Trustee, the Indenture Trustee, the Certificateholders, the Noteholders or the Surety Provider shall have any responsibility therefor. The parties hereto agree that PHEAA, or such other entity approved by the Surety Provider, shall act as custodian with respect to the Private Loans.

Appointment of Subcustodian. With the consent of the Surety Provider, the a Master Servicer may may, at any time or, at the request of the Surety Provider pursuant to the terms of Section 2.02(r) of the Insurance Agreement, a Master Servicer, shall appoint a subcustodian to perform all or any portion of its obligations as custodian hereunder; PROVIDED, HOWEVER, that the such Master Servicer shall remain obligated and be liable to the Issuer, the Eligible Lender Trustee, the Indenture Trustee, the Certificateholders, the Noteholders and the Surety Provider for the custodial services with respect to the Financed Student Loan Files in accordance with the provisions hereof without diminution of such obligation and liability by virtue of the appointment of such subcustodian and to the same extent and under the same terms and conditions as if the such Master Servicer alone were performing the custodial services. The fees and expenses of the subcustodian shall be as agreed between the Master Servicer and its subcustodian from time to time and none of the Issuer, the Eligible Lender Trustee, the Indenture Trustee, the Certificateholders, the Noteholders or the Surety Provider shall have any responsibility therefor.