Document Handling. (1) ELSC shall capture and retain a copy of each promissory note and each disclosure statement on its image system and shall store a backup image copy in a remote facility. (2) ELSC shall hold the original Student Loan documents, including the original promissory note, a copy of the Student Loan application and the disclosure statement for safekeeping. ELSC shall store such documents at a remote facility. (3) ELSC shall hold and maintain information it receives from the Lender with respect to any promissory notes or other student loan documents evidenced by an electronic promissory note or an electronic record associated with an electronic signature obtained from the involved borrower by the Lender in accordance with the applicable regulations of the United States Department of Education (the “Department”). In addition, if ELSC is the holder of any authoritative copy of any such electronically signed electronic record or promissory note, it shall hold the same in accordance with the United States Department of Education Standards for Electronic Signatures in Electronic Student Loan Transactions, as revised or supplemented from time to time and any applicable Guarantor regulations.
Appears in 4 contracts
Samples: Student Loan Origination and Servicing Agreement, Student Loan Origination and Servicing Agreement (Education Funding Capital Trust-Iv), Student Loan Origination and Servicing Agreement (Education Funding Capital Trust Iii)
