Master Servicer Expenses. The Master Servicer shall be required to pay all expenses incurred by it in connection with its activities hereunder, including fees and disbursements of independent accountants, taxes imposed on the Master Servicer and expenses incurred in connection with distributions and reports to Certificateholders and Noteholders.
Master Servicer Expenses. The Master Servicer shall be required to pay all expenses incurred by it in connection with its activities hereunder, including fees, expenses (including counsel fees and expenses) and disbursements of the independent accountants, taxes imposed on the Master Servicer, other than (i) out-of-pocket expenses incurred in connection with the enforcement of any Receivables Servicing Agreement, (b) out-of-pocket expenses incurred in connection with the termination of any Receivables Servicer and the assumption of servicing obligations with respect to the related Receivables, (c) out-of-pocket expenses incurred to correct servicing errors committed by a terminated Receivables Servicer, and (d) out-of-pocket expenses incurred on behalf of the Issuer, including the maintenance of licenses pursuant to Section 3.15 hereof and Section 3.6(b) of the Indenture.
Master Servicer Expenses. 29 SECTION 3.15. Advances by the Master Servicer............................29 SECTION 3.16. Superior Liens.............................................30 SECTION 3.17. Payment of Taxes, Insurance and Other Charges..............30 SECTION 3.18. Appointment of Sub-Servicer................................31 ARTICLE IV DISTRIBUTIONS; RESERVE ACCOUNT; STATEMENTS TO CERTIFICATEHOLDERS AND NOTEHOLDERS.......................31 SECTION 4.1. Establishment of Trust Accounts............................31 SECTION 4.2. Application of Collections.................................33 SECTION 4.3. Additional Deposits........................................33 SECTION 4.4. Distributions..............................................34 SECTION 4.5. Reserve Account............................................35 SECTION 4.6. Statements to Certificateholders and Noteholders...........35 SECTION 4.7. Net Deposits...............................................36 ARTICLE V THE INITIAL BENEFICIAL HOLDER..............................36
Master Servicer Expenses. The Master Servicer shall be ------------------------ required to pay all expenses incurred by it in connection with its activities under this Agreement, including fees and disbursements of independent accountants, taxes imposed on the Master Servicer, expenses incurred in connection with distributions and reports to Certificateholders, all Trustee fees and expenses payable to the Trustee pursuant to Section 9.5 hereof, and all other fees and expenses not expressly stated hereunder to be for the account of the Certificateholders, and shall not be entitled to reimbursement therefor except to the extent that such expenses are reimbursable as specifically provided herein.
Master Servicer Expenses. 51 Section 3.13 Maintenance of Certain Servicing Policies............................................... 51 Section 3.14 Recordation of Satisfaction of Lien..................................................... 51 Section 3.15 Advances................................................................................ 51 Section 3.16 Servicing Advances...................................................................... 52 Section 3.17 Prepayment Interest Shortfall........................................................... 52 Section 3.18 Capitalized Interest Account............................................................ 53 Section 3.19 Pre-Funding Account..................................................................... 53
Master Servicer Expenses. The Master Servicer shall be required to pay all expenses incurred by it in connection with its activities hereunder, including fees and disbursements of independent accountants, taxes imposed on the Master Servicer and expenses incurred in connection with distributions and reports to the Administrator. Notwithstanding anything to the contrary contained herein, the Master Servicer may, at its option, (or at the direction of the Master Servicer, the applicable sub-servicer may) collect fees from the Borrowers in connection with sending payment histories and amortization schedules to Borrowers, faxing documents to Borrowers, providing credit reference letters to Borrowers, providing a “speed pay” payment option to Borrowers and for other similar optional services requested by a Borrower and may retain such fees. The Master Servicer may also, at its option, (or at the direction of the Master Servicer, the applicable sub-servicer may) collect fees from Borrowers for returned check processing or other insufficient fund transactions and may assess such fees from the Borrower’s Trust Student Loan payment and, subject to Section 3.2 hereof and Section 2.5 of the Administration Agreement, retain such fees.
Master Servicer Expenses. 28 SECTION 3.15. Advances by the Master Servicer...........................29 SECTION 3.16. Optional Purchase of Defaulted Mortgage Loans.............29 SECTION 3.17. Superior Liens............................................30 SECTION 3.18. Payment of Taxes, Insurance and Other Charges.............30 SECTION 3.18. Appointment of Sub-Servicer...............................30
Master Servicer Expenses. 12 SECTION 3.13 Insurance..................................................................................12 SECTION 3.14 Securities Exchange Act of 1934............................................................12 SECTION 3.15 Licenses...................................................................................13 ARTICLE IV DISTRIBUTIONS; STATEMENTS TO NOTEHOLDERS AND CERTIFICATEHOLDERS............................13 SECTION 4.1 Accounts...................................................................................13
Master Servicer Expenses. 11 SECTION 3.13 Insurance...................................................11 SECTION 3.14 Form 10-D Reporting.........................................11 SECTION 3.15 Form 10-K Reporting.........................................12 SECTION 3.16 Form 8-K Reporting........................................
Master Servicer Expenses. The Master Servicer shall be required to pay all expenses incurred by it in connection with its activities hereunder, including fees and disbursements of Independent accountants, taxes imposed on the Master Servicer and expenses incurred in connection with distributions and reports to the Administrator; provided, however, the Carryover Servicing Fee will be subject to increase agreed to by the Administrator and the Master Servicer to the extent that a non-diminimus increase occurs in the costs incurred by the Master Servicer in providing the services to be provided hereunder, whether due to changes in applicable governmental regulations, Guarantor program requirements or regulations or postal rates. Notwithstanding anything to the contrary contained herein, the Master Servicer may, at its option, to the extent permitted under applicable law, collect fees from the borrowers in connection with sending payment histories and amortization schedules to borrowers, faxing documents to borrowers, providing credit reference letters to borrowers, providing a “speed pay” payment option to borrowers and for other similar optional services requested by a borrower and may retain such fees. The Master Servicer may also, at its option, to the extent permitted under applicable law, collect fees from borrowers for returned check processing or other insufficient fund transactions and may assess such fees from the borrower’s Trust Student Loan payment and, subject to Section 3.2 hereof and Section 2.5 of the Administration Agreement, retain such fees.
