Subservicing Agreements. The Servicer may enter into Subservicing Agreements for the servicing and administration of Mortgage Loans with any institution which (x) is authorized under the laws of each state necessary to enable it to perform its obligations under such Subservicing Agreement and (y) has experience servicing mortgage loans that are similar to the Mortgage Loans. The Servicer shall give written notice to the Trustee and the Rating Agencies of the appointment of any Subservicer (and shall receive the written confirmation of the Rating Agencies that such appointment shall not result in a withdrawal or downgrading by any Rating Agency of the then current rating of the Certificates). For purposes of this Agreement, the Servicer shall be deemed to have received payments on Mortgage Loans when a Subservicer has received such payments. Each Subservicer shall be expressly required to service the Mortgage Loans in accordance with this Agreement, and each Subservicing Agreement shall be consistent with and not violate the provisions of this Agreement and shall provide that the Trustee (if acting as successor Servicer) or any other successor Servicer shall have the right to terminate such agreement without payment of any penalty if the original Servicer is terminated or resigns. The Servicer shall deliver to the Trustee copies of all Subservicing Agreements and any amendments or modifications thereof promptly upon the execution thereof. Notwithstanding the foregoing, to the extent the Servicer engages any affiliate or third party vendor pursuant to Section 6.06 or this Section 3.03, including any Subservicer, in connection with the performance of any of its duties under this Agreement, the Servicer shall immediately notify the Depositor in writing of such engagement. To the extent the Depositor notifies the Servicer and the Trustee that it has determined that any such affiliate, third party vendor or Subservicer is a Servicing Function Participant, the Servicer shall cause such Servicing Function Participant to prepare a separate assessment and attestation report, as contemplated by Section 3.19 of this Agreement and deliver such report to the Trustee as set forth in Section 3.22 of this Agreement. In addition, to the extent the Depositor notifies the Servicer and the Trustee that it has determined that any such Servicing Function Participant would be a "servicer" within the meaning of Item 1101 of Regulation AB and meets the criteria in Item 1108(a)(2)(i), (ii) or (iii) of Regul...
Subservicing Agreements. Section 3.04
Subservicing Agreements. On or before March 1 of each year, the Servicer shall deliver to the Master Servicer a copy of any subservicing agreement executed by the Servicer not previously provided.
Subservicing Agreements. 46 8.03. Information to Be Provided by the Servicer...................... 46 8.04.
Subservicing Agreements. The Master Servicer hereby represents and warrants that: (i) as of the Closing Date it has entered into a Subservicing Agreement with PHEAA (the "Subservicing Agreement"); (ii) the Subservicing Agreement requires the Servicer thereunder to service the Financed Student Loans subject thereto in accordance in all material respects with all applicable federal and State laws, including all applicable standards, guidelines and requirements of the Higher Education Act with respect to Financed FFELP Loans and the HEAL Act with respect to Financed HEAL Loans.
Subservicing Agreements. Such Servicer covenants that the terms of any subservicing agreement entered into by such Servicer pursuant to Section 3.13 shall be in all material respects consistent with the terms of this Agreement; and
Subservicing Agreements. The Special Servicer will cause each subservicing agreement with a Subservicer to contain provisions consistent with this Agreement, including provisions requiring the applicable Subservicer to maintain adequate records and procedures with respect to a Trust Loan and its performance. Each subservicing agreement shall be terminable by the Special Servicer (including for the avoidance of doubt, the Successor Special Servicer acting as successor Special Servicer) upon 30 days written notice, and shall provide that any Successor Special Servicer shall succeed to the Special Servicer thereunder. The Special Servicer shall promptly provide the Trustee copies of all existing subservicing agreements with a Subservicer upon written request.
Subservicing Agreements. After any Event of Default by the Sub-Servicer, the Servicer may enter into other Subservicing Agreements with sub-servicers for the servicing and administration of all or a part of the Loans and may contract with third parties for the performance of incidental services of the Servicer hereunder; provided that the Servicer shall remain obligated and liable to the Buyer for the servicing and administering of the Loans in accordance with the provisions hereof without diminution of such obligation or liability by virtue of such Subservicing Agreement and to the same extent and under the same terms and conditions as if the Servicer alone were servicing and administering the Loans, with the exception of the Sub-Servicer, for which the Servicer shall have no obligation or liability for the Sub-Servicer’s servicing and administering of the Loans. References in this Agreement to actions taken or to be taken by the Servicer in servicing the Loans include actions taken or to be taken by a sub-servicer (including the Sub-Servicer) on behalf of the Servicer. For purposes of this Agreement, the Servicer shall be deemed to have received any payment in respect of a Loan when the applicable or related sub-servicer receives such payment. The Servicer shall notify the Seller (if applicable) and the Buyer promptly upon the appointment of any sub-servicer (excluding the initial sub-servicer, the Sub-Servicer). The Servicer shall be obligated to pay all fees and expenses of any sub-servicer out of its Servicing Fee; provided, however, that neither the Servicer nor Buyer shall have any obligation whatsoever to pay any fees or expenses of the Sub-Servicer.
Subservicing Agreements. (a) The Master Servicer ----------------------- hereby represents and warrants that as of the Closing Date it has not entered into any Subservicing Agreements relating to the servicing of the Financed Student Loans and the custody of the Related Financed Student Loan Files. The Master Servicer hereby covenants that (i) each Subservicing Agreement into which it shall enter shall satisfy the criteria set forth in this Section 3.12(a); and (ii) as of the date of its execution, each such Subservicing Agreement will be enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, moratorium, fraudulent conveyance, reorganization and similar laws now or hereafter in effect relating to creditors' rights generally and subject to general principles of equity (whether applied in a proceeding at law or in equity).
Subservicing Agreements. This Agreement and any other Contractual Obligation governing the rights, duties and obligations of Servicer with respect to the Subservicing pursuant to the terms and conditions of one or more mutually agreeable subservicing agreements.
