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Servicing Contractor Agreement

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Title:

Servicing Contractor Agreement

Entities:

GCO ELF LLC

Date:

2003

Size:

58KB total

Price:

$37

ID:

#1770711

► 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

TABLE OF CONTENTS

ARTICLE I
DEFINITIONS

Section 1.01.	Defined Terms

ARTICLE II
DUTIES

Section 2.01.	Duties of Contractor
Section 2.02.	General Standards for Servicing Financed Student Loans
Section 2.03.	Power of Attorney
Section 2.04.	Collection of Financed Student Loan Payments
Section 2.05.	Realization Upon Student Loans
Section 2.06.	No Impairment
Section 2.07.	Servicers Report
Section 2.08.	Annual Statement as to Compliance; Notice of Default
Section 2.09.	Access to Certain Documentation and Information Regarding Financed Student Loans
Section 2.10.	Appointment of Subcontractors
Section 2.11.	Deposits into Accounts

ARTICLE III
THE CONTRACTOR

Section 3.01.	Representations of Contractor
Section 3.02.	Limit on Liability of Contractor
Section 3.03.	Contractor Fee and Reimbursement
Section 3.04.	Indemnification
Section 3.05.	Merger or Consolidation, or Assumption of the Obligations, Contractor
Section 3.06.	GMAC Commercial Holding Capital Corp. Not to Resign as Contractor

ARTICLE IV
DEFAULT

Section 4.01.	Contractor Default
Section 4.02.	Appointment of Successor Contractor
Section 4.03.	Waiver of Past Defaults

ARTICLE V
MISCELLANEOUS

Section 5.01.	Amendment; Waiver
Section 5.02.	Assignment
Section 5.03.	Third-Party Beneficiaries
Section 5.04.	Mutual Release
Section 5.05.	Notices
Section 5.06.	Severability
Section 5.07.	Separate Counterparts
Section 5.08.	Headings
Section 5.09.	Governing Law
Section 5.10.	Non-Petition Covenants
Section 5.11.	No Limitation of Liability Under Education Act and Regulations
Section 5.12.	Limitation of Liability of Delaware Trustee
Section 5.13.	Independent Contractor
Section 5.14.	Approval of Servicing Agreement Modifies Contractor Duties

EXHIBIT A	Form of Consent by Trust to Servicing Agreement

SERVICING CONTRACTOR AGREEMENT

This Servicing Contractor Agreement (the Agreement) entered into and effective as of the 1^st day of March 2003, by and between GMAC Commercial Holding Capital Corp., a Colorado corporation, as Servicing Contractor (in its capacity as such, the Contractor), and GMAC Education Loan Funding Trust-I, a Delaware statutory trust, as Owner of the Financed Student Loans (the Trust).

WHEREAS, Great Lakes Educational Loan Services, Inc. (Great Lakes) and other servicers as approved by the Trust in writing from time to time (collectively, the Servicers) are in the business of servicing education loans (Education Loans) which are made and guaranteed in accordance with the provisions of the Higher Education Act of 1965, as amended (the Education Act) (references hereinafter to the Education Act include rules and regulations promulgated thereunder as in effect from time to time); and

WHEREAS, the Servicers have developed and/or have available to them the systems and services to enable them to process and service Education Loans in accordance with the Education Act and the rules and regulations promulgated by the guarantee agencies (collectively, the Guarantor); and

WHEREAS, the Trust, by and through its respective eligible lender trustees, acquires and holds Education Loans from time to time (the Financed Student Loans); and

WHEREAS, the Trust intends to engage the Contractor to perform certain duties on behalf of the Trust with respect to each Servicer servicing Financed Student Loans under various servicing agreements that will be entered into between the Contractor and each Servicer (collectively, the Servicing Agreement).

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