Servicing Covenants. Each Seller covenants and agrees, in connection with its servicing obligations pursuant to Section 5.1, (i) that the payment instructions currently in force and provided to each Approved Obligor specify that each such Approved Obligor shall pay all amounts owing under the Purchased Receivables to the applicable Seller Account, (ii) not to change such payment instructions while any Purchased Receivable remains outstanding without the Administrative Agent’s prior consent, (iii) that it shall keep accurate books and records with respect to each relevant Seller Account, clearly identifying the source of all amounts deposited and otherwise held therein, and (iv) to take any and all other commercially reasonable actions, including such commercially reasonable actions as may be requested by the Administrative Agent from time to time, to (a) recover and enforce payment of any defaulted Purchased Receivable and (b) ensure that all amounts owing under the Purchased Receivables be deposited by the Approved Obligors exclusively to the applicable Seller Account or as otherwise instructed by the Administrative Agent. Each Seller further covenants and agrees (A) upon receipt into a Seller Account of any Collections, such Seller shall identify and reconcile such funds with its books and records and (B) to take any and all other commercially reasonable actions, including commercially reasonable actions as may be requested by the Administrative Agent from time to time, to ensure that amounts deposited in or otherwise standing to the credit of a Seller Account will be disbursed in accordance with the provisions of Section 5.7. Any payment by an Approved Obligor of any amount owing under any Purchased Receivable that is not paid to the applicable Seller Account and is received by the applicable Seller directly shall be held in trust by such Seller as the Purchasers’ exclusive property, such funds shall be safeguarded for the benefit of the Purchasers, and such funds shall promptly, and in any event within two Business Days of receipt thereof, be transferred by wire transfer to a Seller Account. No Seller shall, directly or indirectly, utilize such funds for its own purposes, nor shall any Seller have any right to pledge such funds as collateral for any obligations of any Seller or any other party. Collections shall not be deemed received by the Administrative Agent for purposes of this Agreement until credited to the Administrative Agent’s Account as immediately available fun...
Servicing Covenants. From the date hereof until the Final Scheduled Payment Date, the Issuer shall comply with the following covenants.
Servicing Covenants that it shall, in its capacity as German Servicer:
Servicing Covenants. With respect to each Mortgage Serviced by the Seller or an approved third party Servicer on behalf of FHLBI:
Servicing Covenants. From the date hereof until the Final Payout Date, Issuer (or the Master Servicer on its behalf) will, unless the Administrative Agent, the Funding Agents and the Required Lenders shall otherwise consent in writing comply with the following covenants.
Servicing Covenants. From the date hereof until the Final Payout ------------------- Date, Seller (or the Master Servicer on its behalf) will, unless the Administrator and Purchaser shall otherwise consent in writing, cause each applicable Sub-Servicer to service, administer and make collections with respect to the Student Loans sold to Eligible Lender Trustee hereunder in accordance in all material respects with all applicable federal and state laws, the failure to comply with which could reasonably be expected to have a material adverse effect on Purchaser or the Noteholder. Seller (or the Master Servicer on its behalf) shall not permit any Sub-Servicer to (i) rescind or cancel any such Student Loan except as ordered by a court of competent jurisdiction or governmental authority or as otherwise consented to in writing by the Administrator or (ii) reschedule, revise, defer or otherwise compromise with respect to payments due on any such Student Loan except pursuant to any applicable deferral or forbearance periods or otherwise in accordance with all applicable standards, guidelines and requirements with respect to the servicing of the Student Loans. Seller (or the Master Servicer on its behalf) shall not agree, or permit any Sub-Servicer to agree, to any decrease of the interest rate on, or the principal amount payable with respect to, any such Student Loan except as otherwise permitted in accordance with any applicable standards, guidelines and requirements of federal or state Law. Seller (or the Master Servicer on its behalf) shall cause each Sub-Servicer to maintain any and all collection procedures with respect to such Student Loans, including taking any steps to enforce such Student Loans such as commencing a legal proceeding to enforce such a Student Loan in the name of Purchaser.
Servicing Covenants that it shall, in its capacity as Italian Servicer:
Servicing Covenants. 25 Section 3.08. Negative Covenants of the Issuer......................................................26 Section 3.09. Issuer May Consolidate, etc...........................................................26 Section 3.10. Successor or Transferee...............................................................28 Section 3.11. No Other Business.....................................................................28 Section 3.12. No Borrowing..........................................................................28 Section 3.13. Guarantees, Loans, Advances and Other Liabilities.....................................29
Servicing Covenants. From the date hereof until the termination of this Indenture in accordance with its terms, the Issuer shall comply with the following covenants.
Servicing Covenants. 28 7.04. Negative Covenants of Issuer................................................................ 30 ARTICLE VIII
