Common use of Duties of Master Servicer as Custodian Clause in Contracts

Duties of Master Servicer as Custodian. (a) -------------------------------------- Safekeeping. The Master Servicer shall maintain custody, or shall cause one or ----------- more Subcustodians to maintain custody, of the Student Loan Files for the benefit of the Issuer and the Indenture Trustee and maintain, or cause the Subcustodians to maintain, such accurate and complete accounts, records and computer systems pertaining to each Student Loan File as shall enable the Issuer to comply with the Basic Documents. In performing its duties as custodian the Master Servicer shall act, and shall cause each Subcustodian to act, with reasonable care, using that degree of skill and attention that is the customary and usual standard of practice of prudent student loan servicers with respect to the student loan files relating to all comparable student loans that the Master Servicer owns or services or that such Subservicer services, as the case may be, and shall ensure that it complies, and cause each Subcustodian to comply, with all applicable Federal and State laws, including the Higher Education Act, with respect thereto. The Master Servicer shall conduct, or cause to be conducted, periodic audits of the Student Loan Files and of the related accounts, records and computer systems, in such a manner as shall enable the Issuer or the Indenture Trustee to verify the accuracy of the Master Servicer's record keeping. The Master Servicer shall promptly report to the Issuer and the Indenture Trustee any failure to hold the Student Loan Files and maintain its accounts, records and computer systems as herein provided and promptly take appropriate action to remedy any such failure. Nothing herein shall be deemed to require an initial review or any periodic review by the Issuer, the Eligible Lender Trustee or the Indenture Trustee of the Student Loan Files.

Duties of Master Servicer as Custodian. (a) -------------------------------------- Safekeeping. The Master Servicer shall maintain custody, or shall cause one or ----------- more Subcustodians to maintain custody, of hold the Trust Student Loan Files for the benefit of the Issuer and the Indenture Trustee and maintain, or cause the Subcustodians to maintain, maintain such accurate and complete accounts, records and computer systems pertaining to each Trust Student Loan File as shall enable the Issuer to comply with the Basic Documentsthis Agreement. In performing its duties as custodian custodian, the Master Servicer shall act, and shall cause each Subcustodian to act, act with reasonable care, using that degree of skill and attention that is the customary and usual standard of practice of prudent student loan servicers Master Servicer exercises with respect to the student loan Student Loan files relating to all comparable student loans similar Student Loans that the Master Servicer owns or it services or that such Subservicer services, as the case may be, and shall ensure that it complies, and cause each Subcustodian to comply, fully complies with all applicable Federal and State laws, including the Higher Education Act, with respect thereto. The Master Servicer shall conduct, or cause take all actions necessary with respect to be conducted, periodic audits of the Trust Student Loan Files held by it under this Agreement and of the related accounts, records and computer systems, in such a manner as shall order to enable the Issuer or the Indenture Trustee to verify the accuracy of the Master Servicer's ’s record keepingkeeping with respect to the Master Servicer’s obligations as custodian hereunder. The Master Servicer shall promptly report to the Issuer Issuer, the Administrator and the Indenture Trustee any material failure on its part to hold the Trust Student Loan Files and maintain its accounts, records and computer systems as herein provided and promptly take appropriate action to remedy any such failure. Nothing herein shall be deemed to require an initial review or any periodic review by the Issuer, the Eligible Lender Trustee or the Indenture Trustee of the Trust Student Loan Files. If in the reasonable judgment of the Indenture Trustee it is necessary to preserve the interests of the Noteholders and the Issuer in the Trust Student Loans or, at the request of the Administrator, the Master Servicer shall transfer physical possession of the notes evidencing the Trust Student Loans (or all electronic records evidencing the same) to the Indenture Trustee or any other custodian for the Indenture Trustee designated by the Indenture Trustee.

Duties of Master Servicer as Custodian. (a) -------------------------------------- Safekeeping. The Master Servicer shall maintain custody, (or shall cause one the applicable sub-servicers or ----------- more Subcustodians to maintain custody, of third-party sub-custodians to) hold the Trust Student Loan Files for the benefit of the Issuer and the Indenture Trustee and maintain, or cause the Subcustodians to maintain, maintain such accurate and complete accounts, records and computer systems pertaining to each Trust Student Loan File as shall enable the Issuer to comply with the Basic Documentsthis Agreement. In performing its duties as custodian the Master Servicer shall act, and (or shall cause each Subcustodian to act, the applicable sub-servicers or third-party sub-custodians to) act with reasonable care, using that degree of skill and attention that is the customary and usual standard of practice of prudent student loan servicers Master Servicer (or such sub-servicer or third-party sub-custodian) exercises with respect to the student loan files relating to all comparable similar student loans that the Master Servicer owns or it services or that such Subservicer services, as the case may be, and shall ensure that it complies, and cause each Subcustodian to comply, fully complies with all applicable Federal and State laws, including the Higher Education Act, with respect thereto. The Master Servicer shall conduct, (or shall cause the applicable sub-servicers or third-party sub-custodians to) take all actions necessary with respect to be conducted, periodic audits of the Trust Student Loan Files held by it under this Agreement and of the related accounts, records and computer systems, in such a manner as shall order to enable the Issuer or the Indenture Trustee to verify the accuracy of the Master Servicer's ’s (or such sub-servicer’s or third-party sub-custodian’s) record keepingkeeping with respect to the Master Servicer’s (or such sub-servicer’s or third-party sub-custodian’s) obligations as custodian hereunder. The Master Servicer shall (or shall cause the applicable sub-servicers or third-party sub-custodians to) promptly report to the Issuer Issuer, the Administrator and the Indenture Trustee any material failure on its part (or on the part of a sub-servicer or a third-party sub-custodian) to hold the Trust Student Loan Files and maintain its accounts, records and computer systems as herein provided and promptly take appropriate action to remedy any such failure. Nothing herein shall be deemed to require an initial review or any periodic review by the Issuer, the Eligible Lender Trustee or the Indenture Trustee of the Trust Student Loan Files. If in the reasonable judgment of the Indenture Trustee it is necessary to preserve the interests of the Noteholders and the Trust in the Trust Student Loans or at the request of the Administrator, the Master Servicer shall (or cause each sub-servicer or third-party sub-custodian to) transfer physical possession of the notes evidencing the Trust Student Loans (or all electronic records evidencing the same) to the Indenture Trustee or any other custodian for either of them designated by the Indenture Trustee.

Duties of Master Servicer as Custodian. (a) -------------------------------------- Safekeeping. The Master Servicer shall maintain custody, (or shall cause one the applicable sub-servicers or ----------- more Subcustodians to maintain custody, of third-party sub-custodians to) hold the Trust Student Loan Files for the benefit of the Issuer and the Indenture Trustee and maintain, or cause the Subcustodians to maintain, maintain such accurate and complete accounts, records and computer systems pertaining to each Trust Student Loan File as shall enable the Issuer to comply with the Basic Documentsthis Agreement. In performing its duties as custodian the Master Servicer shall act, and (or shall cause each Subcustodian to act, the applicable sub-servicers or third-party sub-custodians to) act with reasonable care, using that degree of skill and attention that is the customary and usual standard of practice of prudent student loan servicers Master Servicer (or such sub-servicer or third-party sub-custodian) exercises with respect to the student loan files relating to all comparable similar student loans that the Master Servicer owns or it services or that such Subservicer services, as the case may be, and shall ensure that it complies, and cause each Subcustodian to comply, fully complies with all applicable Federal and State state laws, including the Higher Education Act, with respect thereto. The Master Servicer shall conduct, (or shall cause the applicable sub-servicers or third-party sub-custodians to) take all actions necessary with respect to be conducted, periodic audits of the Trust Student Loan Files held by it under this Agreement and of the related accounts, records and computer systems, in such a manner as shall order to enable the Issuer or the Indenture Trustee to verify the accuracy of the Master Servicer's ’s (or such sub-servicer’s or third-party sub-custodian’s) record keepingkeeping with respect to the Master Servicer’s (or such sub-servicer’s or third-party sub-custodian’s) obligations as custodian hereunder. The Master Servicer shall (or shall cause the applicable sub-servicers or third-party sub-custodians to) promptly report to the Issuer Issuer, the Administrator and the Indenture Trustee any material failure on its part (or on the part of a sub-servicer or a third-party sub-custodian) to hold the Trust Student Loan Files and maintain its accounts, records and computer systems as herein provided and promptly take appropriate action to remedy any such failure. Nothing herein shall be deemed to require an initial review or any periodic review by the Issuer, the Eligible Lender Trustee or the Indenture Trustee of the Trust Student Loan Files. If in the reasonable judgment of the Eligible Lender Trustee it is necessary to preserve the interests of the Noteholders and the Trust in the Trust Student Loans or at the request of the Administrator, the Master Servicer shall (or cause each sub-servicer or third-party sub-custodian to) transfer physical possession of the notes evidencing the Trust Student Loans (or all electronic records evidencing the same) to the Eligible Lender Trustee, the Indenture Trustee or any other custodian for either of them designated by the Eligible Lender Trustee.