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Title: |
Master Servicing Agreement |
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Entities: |
CIT Education Loan Trust 2005-1; CIT Group Inc.; Education Lending Group, Inc. |
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Date: |
2005 |
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Size: |
Preview shows 22KB of 60KB total |
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Price: |
$49 |
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ID: |
#2514935 |
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MASTER SERVICING AGREEMENT
among
CIT EDUCATION LOAN TRUST 2005-1,
as Issuer
and
EDUCATION LENDING SERVICES, INC.,
as Master Servicer
and
THE BANK OF NEW YORK,
not in its individual capacity, but solely
as Trust Eligible Lender Trustee
dated as of June 1, 2005
TABLE OF CONTENTS
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SECTION 1. |
DEFINITIONS | 1 | ||
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SECTION 2. |
SERVICING REQUIREMENT AND ENGAGEMENT OF MASTER SERVICER | 1 | ||
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SECTION 3. |
MASTER SERVICER COMPENSATION | 1 | ||
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SECTION 4. |
FINANCED STUDENT LOAN SERVICING | 2 | ||
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SECTION 5. |
DUE DILIGENCE | 5 | ||
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SECTION 6. |
RIGHT OF INSPECTION; AUDIT | 5 | ||
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SECTION 7. |
REPORTING REQUIREMENTS | 6 | ||
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SECTION 8. |
REPRESENTATIONS, WARRANTIES, AND COVENANTS OF THE MASTER SERVICER | 6 | ||
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SECTION 9. |
REPRESENTATIONS AND WARRANTIES OF ISSUER | 9 | ||
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SECTION 10. |
MASTER SERVICER DEFAULT | 9 | ||
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SECTION 11. |
RIGHTS UPON MASTER SERVICER DEFAULT | 10 | ||
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SECTION 12. |
WAIVER OF PAST MASTER SERVICER DEFAULTS | 11 | ||
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SECTION 13. |
TERMINATION | 11 | ||
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SECTION 14. |
DISPOSITION OF FILES ON TERMINATION | 11 | ||
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SECTION 15. |
INDEPENDENT CONTRACTOR | 12 | ||
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SECTION 16. |
CORRESPONDENCE; DISCLOSURE | 12 | ||
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SECTION 17. |
COOPERATION | 12 | ||
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SECTION 18. |
AMENDMENTS | 12 | ||
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SECTION 19. |
INDEMNIFICATION AND LIABILITY | 12 | ||
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SECTION 20. |
MERGER OR CONSOLIDATION OF, OR ASSUMPTION OF THE OBLIGATIONS OF, MASTER SERVICER | 13 | ||
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SECTION 21. |
CONFIDENTIALITY | 13 | ||
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SECTION 22. |
NONPETITION COVENANT OF MASTER SERVICER | 14 | ||
-i-
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SECTION 23. |
SALE OR TRANSFER OF LOANS; LIMITATIONS | 14 | ||
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SECTION 24. |
OPTIONAL PURCHASE OF FINANCED STUDENT LOANS | 14 | ||
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SECTION 25. |
MISCELLANEOUS | 14 | ||
EXHIBIT A
-ii-
MASTER SERVICING AGREEMENT
This SERVICING AGREEMENT (this Agreement) is entered into as of June 1, 2005, by and among Education Lending Services, Inc., a Delaware corporation (the Master Servicer), CIT Education Loan Trust 2005-1, a Delaware statutory trust (the Issuer), The Bank of New York, a New York banking corporation duly organized under the laws of the State of New York, as Trust Eligible Lender Trustee on behalf of the Issuer (the Trust Eligible Lender Trustee).
WITNESSETH:
WHEREAS, the Issuer wishes to retain the Master Servicer to service the Financed Student Loans and the Master Servicer wishes to undertake the obligation to service or cause to be serviced the Financed Student Loans under the terms hereinafter set forth; and
WHEREAS, pursuant to this Agreement the Master Servicer will agree to provide, or cause there to be provided, loan servicing services for the Financed Student Loans.
NOW THEREFORE, in consideration of the premises and mutual covenants contained herein, the Issuer and the Master Servicer agree as follows:
Section 1. Definitions.
Capitalized terms which are not otherwise defined in this Agreement shall have the meanings ascribed thereto in Appendix A to that certain Indenture of Trust dated as of June 1, 2005 (the Indenture) among the Issuer, the Indenture Trustee, and the Trust Eligible Lender Trustee.
Section 2. Servicing Requirement and Engagement of Master Servicer.
The Issuer hereby authorizes and appoints the Master Servicer to act as its agent for the limited purpose of servicing the Financed Student Loans. The authorization granted by this Agreement includes, but is not limited to, correspondence and communication with any Guaranty Agency or the Department regarding the Financed Student Loans, the assignment of claims to any guarantor or insurer of the Financed Student Loans, communication with borrowers and any other communication, correspondence, signature or other act required to service the Financed Student Loans in accordance with requirements of the Act or regulations promulgated by any Guaranty Agency.
The Issuer hereby authorizes the Master Servicer to enter into subservicing contracts with an entity acting as a subservicer pursuant to such contracts, such entity is herein referred to as a Subservicer, to provide the services required of the Master Servicer hereunder and to meet any obligations of the Issuer hereunder, so long as such contracts are permitted by the Indenture. The Master Servicer agrees to notify each Rating Agency and the Indenture Trustee if any such subservicing contract is terminated or expires pursuant to its terms. In the event the Master Servicer or any Affiliate of the Seller or the Master Servicer commences servicing of any Financed Student Loans that were previously serviced by a Subservicer, the Master Servicer shall give prompt written notice of such event to each Rating Agency.
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