General Obligations of the Servicer. From and after the Effective Date, the Servicer will service: (a) all FFELP Loans that are serviced by the Servicer or its Affiliate on the Bank’s behalf immediately prior to the Effective Date; (b) all Split-Account Loans that are serviced by the Servicer or its Affiliate on the Bank’s behalf immediately prior to the Effective Date (provided, however, in accordance with Section 3.6 hereof, that during the Transition Services Period, the Transition Services Agreement shall govern the servicing of such Split-Account Loans); and (c) such other Loans that the parties mutually agree are to be serviced hereunder. The parties acknowledge that all Private Loans held by the Bank that are not Split-Account Loans and that were previously serviced by the Servicer or its Affiliate under the Prior LOMSA shall not be serviced under this Servicing Agreement; provided, however, that the Servicer’s obligations under Section 2.2(e) shall apply to all such Loans in their capacity as Previously Serviced Loans. The Servicer, as agent for the Bank, shall maintain custody of the Loan Documentation unless custody shall be maintained by the Guarantee Agency; shall manage, service, administer and make collections on the Loans; shall maintain records with respect to all Loans; and shall make reports as specified in Attachment 3 hereto (Servicer Reporting), except as may be otherwise agreed upon by the Bank. The Servicer shall (i) attempt to collect payments from the obligors of the Loans as and when the same shall become due and payable (including Returned Check Charges, Late Fees, and Collection Costs, but the Servicer is authorized to waive such items in its reasonable discretion in accordance with applicable Lending Policies); (ii) submit, pursue and collect guarantee claims with respect to the Loans from the Guarantee Agencies as and when the same shall become due and payable; (iii) take all other steps mandated by the Act or the Regulations (for FFELP Loans) or applicable Program Rules (for Private Loans) in connection with third-party servicing and necessary to preserve the guarantee of a Loan under the Act; (iv) process all deferrals and forbearances; (v) collect on Loans in a diligent manner and also as required under the Act or Regulations or the applicable Program Rules (as applicable); (vi) at the request of the Bank and based upon procedures agreed to by the parties, provide cure servicing, that is, where, without the fault of the Servicer, the guarantee of a Loan has be...
General Obligations of the Servicer. The Servicer will service: (a) all Loans that were purchased by the Holder from Xxxxxx Mae Bank pursuant to the Acquisition and that were serviced by the Servicer or its Affiliate immediately prior to the Effective Date, and (b) such other Loans that the parties hereto mutually agree are to be serviced hereunder. The Servicer, as agent for the Holder, shall maintain custody of the Loan Documentation; shall manage, service, administer and make collections on the Loans; shall maintain records with respect to all Loans; and shall make reports as specified in Attachment 3 hereto, except as may be otherwise agreed upon by the Holder. The Servicer shall (i) attempt to collect payments from the obligors of the Loans as and when the same shall become due and payable (including Returned Check Charges, Late Fees, and Collection Costs, but the Servicer is authorized to waive such items in its discretion in accordance with applicable Lending Policies); (ii) take all other steps mandated by the applicable Program Rules in connection with third-party servicing; (iii) process all deferrals and forbearances; (iv) collect on Loans in a diligent manner and also as required under the applicable Program Rules; and (v) perform fraud monitoring, investigation, and reporting, including the preparation of Suspicious Activity Reports (SARs).
