Duties of Master Servicer as Custodian. The Master Servicer shall (or shall cause the applicable sub-servicers or third-party sub-custodians to) hold the Trust Student Loan Files for the benefit of the Issuer and the Indenture Trustee and 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 this Agreement. In performing its duties as custodian the Master Servicer shall (or shall cause the applicable sub-servicers or third-party sub-custodians to) act with reasonable care, using that degree of skill and attention that the Master Servicer (or such sub-servicer or third-party sub-custodian) exercises with respect to the student loan files relating to similar student loans that it services and shall ensure that it fully complies with all applicable Federal and State laws, including the Higher Education Act, with respect thereto. The Master Servicer shall (or shall cause the applicable sub-servicers or third-party sub-custodians to) take all actions necessary with respect to the Trust Student Loan Files held by it under this Agreement and of the related accounts, records and computer systems, in order to enable the Issuer or the Indenture Trustee to verify the accuracy of the Master Servicer’s (or such sub-servicer’s or third-party sub-custodian’s) record keeping 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, 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.
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Samples: Master Servicing Agreement (Wachovia Student Loan Trust 2005-1)
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 applicable sub-servicers or third-party sub-custodians to) hold the Trust Student Loan Files for the benefit of the Issuer and the Indenture Trustee and maintain maintain, or cause the Subcustodians to 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 this Agreementthe Basic Documents. In performing its duties as custodian the Master Servicer shall (or act, and shall cause the applicable sub-servicers or third-party sub-custodians to) act each Subcustodian to act, with reasonable care, using that degree of skill and attention that is the Master Servicer (or such sub-servicer or third-party sub-custodian) exercises customary and usual standard of practice of prudent student loan servicers with respect to the student loan files relating to similar all comparable student loans that it the Master Servicer owns or services or that such Subservicer services, as the case may be, and shall ensure that it fully complies 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 shall cause to be conducted, periodic audits of the applicable sub-servicers or third-party sub-custodians to) take all actions necessary with respect to the Trust Student Loan Files held by it under this Agreement and of the related accounts, records and computer systems, in order to such a manner as shall enable the Issuer or the Indenture Trustee to verify the accuracy of the Master Servicer’s (or such sub-servicer’s or third-party sub-custodian’s) 's record keeping with respect to the Master Servicer’s (or such sub-servicer’s or third-party sub-custodian’s) obligations as custodian hereunderkeeping. The Master Servicer shall (or shall cause the applicable sub-servicers or third-party sub-custodians to) promptly report to the Issuer, the Administrator Issuer 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.
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Duties of Master Servicer as Custodian. The Master Servicer shall (or shall cause the applicable sub-servicers or third-party sub-custodians to) hold the Trust Student Loan Files for the benefit of the Issuer and the Indenture Trustee and 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 this Agreement. In performing its duties as custodian the Master Servicer shall (or shall cause the applicable sub-servicers or third-party sub-custodians to) act with reasonable care, using that degree of skill and attention that the Master Servicer (or such sub-servicer or third-party sub-custodian) exercises with respect to the student loan files relating to similar student loans that it services and shall ensure that it fully complies with all applicable Federal and State state laws, including the Higher Education Act, with respect thereto. The Master Servicer shall (or shall cause the applicable sub-servicers or third-party sub-custodians to) take all actions necessary with respect to the Trust Student Loan Files held by it under this Agreement and of the related accounts, records and computer systems, in order to enable the Issuer or the Indenture Trustee to verify the accuracy of the Master Servicer’s (or such sub-servicer’s or third-party sub-custodian’s) record keeping 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, 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 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 Indenture Eligible Lender Trustee.
Appears in 1 contract
Samples: Master Servicing Agreement (Wachovia Education Loan Funding LLC)
Duties of Master Servicer as Custodian. (a) The Master Servicer Servicer, in its capacity as custodian, shall (or shall cause the applicable sub-servicers or third-party sub-custodians to) hold the Trust Student Loan Receivable Files on behalf of the Agent for the use and benefit of the Issuer and the Indenture Trustee all Purchasers, and maintain such accurate and complete accounts, records and computer systems pertaining to each Trust Student Loan File as shall enable Receivable. The Receivable Files will be marked and physically separated from the Issuer files relating to comply with this Agreementall other right to use timeshare receivables and mortgage loan timeshare receivables that the Master Servicer services on behalf of itself or others. In performing its duties as custodian custodian, the Master Servicer shall (or shall cause the applicable sub-servicers or third-party sub-custodians to) act with reasonable care, using that degree of skill and attention that the Master Servicer (or such sub-servicer or third-party sub-custodian) it exercises with respect to the student loan files relating to similar student loans comparable receivables that it services and shall ensure that it fully complies with all applicable Federal and State laws, including the Higher Education Act, with respect theretofor itself or others. The Master Servicer shall (conduct, or cause to be conducted, periodic reviews of the files of all receivables owned or serviced by it which shall cause include the applicable sub-servicers or third-party sub-custodians to) take all actions necessary with respect to the Trust Student Loan Receivable Files held by it under this Agreement Agreement, and of the related accounts, records and computer systems, in order to such a manner as shall enable the Issuer or the Indenture Trustee Agent to verify the accuracy of the Master Servicer’s (or such sub-servicer’s or third-party sub-custodian’s) 's record keeping with respect to the Master Servicer’s (or such sub-servicer’s or third-party sub-custodian’s) obligations as custodian hereunderkeeping. The Master Servicer shall (or shall cause the applicable sub-servicers or third-party sub-custodians to) promptly report to the Issuer, the Administrator and the Indenture Trustee Agent 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 Receivable Files and maintain its accounts, records and computer systems as herein provided and promptly take appropriate action to remedy any such failure. Nothing herein .
(b) The Master Servicer shall maintain each Receivable File at one of the locations set forth in Schedule 5 hereto, or at such other location or locations as shall be deemed specified to require an initial review the Agent by 30 days' prior written notice (and each such location shall be added to a revised Schedule 5). The Master Servicer shall make available to the Agent or any periodic review its duly authorized representatives, attorneys or auditors the Receivable Files and the related accounts, records and computer systems maintained by the Issuer, Master Servicer at such times as the Eligible Lender Trustee or Agent may reasonably request.
(c) Upon instruction from 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 AdministratorAgent, the Master Servicer shall (release any document in the Receivable Files to the Agent or cause each sub-servicer its agent or third-party sub-custodian to) transfer physical possession designee, as the case may be, at such place or places as the Agent may designate, as soon as practicable. The Master Servicer shall not be responsible for any loss occasioned by the failure of the notes evidencing the Trust Student Loans (or all electronic records evidencing the same) Agent to the Indenture Trustee return any document or any other custodian for either of them designated by the Indenture Trusteedelay in doing so.
Appears in 1 contract
Samples: Receivables Transfer Agreement (Trendwest Resorts Inc)