Collateral Identification. The Servicer, as agent for the Bank, shall ensure that all loans identified by the Bank to be used as pledged collateral to secure federal funding, and for which the Servicer maintains the Loan Documentation on behalf of the Bank, are clearly identified as collateral by all of the following: (i) labeling file cabinet(s) which contain the pledged loan documents, (ii) posting a highly visible sign in the area where the pledged loans are located, with wording prescribed and approved by the Bank, and (iii) electronic notation to flag pledged loans on the Servicer’s loan system.
Appears in 2 contracts
Sources: Loan Servicing and Administration Agreement, Loan Servicing and Administration Agreement (SLM Corp)