Common use of Appointment of Subcustodian Clause in Contracts

Appointment of Subcustodian. (a) The Master Servicer may at any time appoint one or more Servicers to act as a subcustodian (each a "Subcustodian") of the Financed Student Loan Files of the Financed Student Loans being serviced by such Servicer (the "Related Financed Student Loan Files") 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 and the Noteholders 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 Delaware Trustee, the Certificateholders or the Noteholders shall have any responsibility therefor. (b) The appointment of a Subcustodian by the Master Servicer shall become effective as of the date specified in the related Subservicing Agreement and shall continue in full force and effect with respect to each such Subcustodian and its Related Financed Student Loan Files for so long as such Subcustodian is a Servicer of the Financed Student Loans relating to such Financed Student Loan Files. As soon as practicable following the occurrence of an event of default as to which the Master Servicer is aware or has received notice of that is continuing under a Subservicing Agreement, the Master Servicer shall cause each applicable Subcustodian to deliver the Financed Student Loan Files held by it as directed by the Master Servicer.

Appointment of Subcustodian. (a) The Master Servicer may at any time appoint one or more Servicers to act as a subcustodian (each a "Subcustodian") of the Financed Student Loan Files of the Financed Student Loans being serviced by such Servicer (the "Related Financed Student Loan Files") 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 and the Noteholders 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 Delaware Trustee, the Certificateholders or the Noteholders shall have any responsibility therefor. (b) The appointment of a Subcustodian by the Master Servicer shall become effective as of the date specified in the related Subservicing Agreement and shall continue in full force and effect with respect to each such Subcustodian and its Related Financed Student Loan Files for so long as such Subcustodian is a Servicer of the Financed Student Loans relating to such Financed Student Loan Files. As soon as practicable following the occurrence of an event of default as to which the Master Servicer is aware or has received notice of that is continuing under a Subservicing Agreement, the Master Servicer shall cause each applicable Subcustodian to deliver the Related Financed Student Loan Files held by it as directed by the Master Servicer.

Appointment of Subcustodian. (a) The Master Servicer may at any time appoint one or more Servicers to act as a subcustodian (each a "Subcustodian") of the Financed Student Loan Files of the Financed Student Loans being serviced by such Servicer (the "Related Financed Student Loan Files") 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 and the Noteholders 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 Delaware Trustee, the Certificateholders or the Noteholders shall have any responsibility therefor. (b) The appointment of a Subcustodian by the Master Servicer shall become effective as of the date specified in the related Subservicing Agreement and shall continue in full force and effect with respect to each such Subcustodian and its Related Financed Student Loan Files for so long as such Subcustodian is a Servicer of the Financed Student Loans relating to such Financed Student Loan Files. As soon as practicable following the occurrence of an event of default as 21 to which the Master Servicer is aware or has received notice of that is continuing under a Subservicing Agreement, the Master Servicer shall cause each applicable Subcustodian to deliver the Financed Student Loan Files held by it as directed by the Master Servicer.