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Servicing Contractor Agreement

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Title:

Servicing Contractor Agreement

Entities:

GCO Education Loan Funding Trust-I

Date:

2003

Size:

Preview shows 6KB of 67KB total

Price:

$49

ID:

#1759069

► Fee Agreements ► Contractor ► Servicing Contractor Agreements

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                         SERVICING CONTRACTOR AGREEMENT





                                 by and between





                     GMAC COMMERCIAL HOLDING CAPITAL CORP.,

                                  as Contractor





                                       and





                      GMAC EDUCATION LOAN FUNDING TRUST-I,

                                    as Owner







                            Dated as of March 1, 2003





================================================================================



{Page}



                                TABLE OF CONTENTS



{Table}

{Caption}

                                                                                                         Page

{S}                                                                                                        {C}

                                                   ARTICLE I



                                                  DEFINITIONS



Section 1.01.    Defined Terms..............................................................................1



                                                  ARTICLE II



                                                    DUTIES



Section 2.01.    Duties of Contractor.......................................................................2

Section 2.02.    General Standards for Servicing Financed Student Loans.....................................2

Section 2.03.    Power of Attorney..........................................................................4

Section 2.04.    Collection of Financed Student Loan Payments...............................................4

Section 2.05.    Realization Upon Student Loans.............................................................5

Section 2.06.    No Impairment..............................................................................5

Section 2.07.    Servicer's Report..........................................................................5

Section 2.08.    Annual Statement as to Compliance; Notice of Default.......................................6

Section 2.09.    Access to Certain Documentation and Information Regarding Financed Student Loans...........7

Section 2.10.    Appointment of Subcontractors..............................................................7

Section 2.11.    Deposits into Accounts.....................................................................7



                                                  ARTICLE III



                                                THE CONTRACTOR



Section 3.01.    Representations of Contractor..............................................................8

Section 3.02.    Limit on Liability of Contractor...........................................................9

Section 3.03.    Contractor Fee and Reimbursement..........................................................11

Section 3.04.    Indemnification...........................................................................11

Section 3.05.    Merger or Consolidation, or Assumption of the Obligations, Contractor.....................12

Section 3.06.    GMAC Commercial Holding Capital Corp. Not to Resign as Contractor.........................12



                                                  ARTICLE IV



                                                    DEFAULT



Section 4.01.    Contractor Default........................................................................12

Section 4.02.    Appointment of Successor Contractor.......................................................13

Section 4.03.    Waiver of Past Defaults...................................................................14

{/Table}



{Page}



{Table}

{S}                                                                                                       {C}

                                                   ARTICLE V



                                                 MISCELLANEOUS



Section 5.01.    Amendment; Waiver.........................................................................14

Section 5.02.    Assignment................................................................................14

Section 5.03.    Third-Party Beneficiaries.................................................................15

Section 5.04.    Mutual Release............................................................................15

Section 5.05.    Notices...................................................................................15

Section 5.06.    Severability..............................................................................16

Section 5.07.    Separate Counterparts.....................................................................16

Section 5.08.    Headings..................................................................................16

Section 5.09.    Governing Law.............................................................................16

Section 5.10.    Non-Petition Covenants....................................................................16

Section 5.11.    No Limitation of Liability Under Education Act and Regulations............................17

End of Preview

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