Common use of Master Servicer Compensation Clause in Contracts

Master Servicer Compensation. (a) Subject to Section 4.03(c) of the Indenture, as compensation for its services hereunder, the Master Servicer shall receive a fee (the "Master Servicing Fee") equal to 0.10% of the average monthly outstanding principal balance of the Financed Student Loans. (b) The Master Servicer shall submit an invoice monthly to the Issuer for the Master Servicing Fee, and the Issuer shall direct the Indenture Trustee to remit payment therefor as shown on that invoice, but only to the extent of moneys available for payment therefor in the Distribution Account or Collection Account. (c) Payment is due within thirty (30) days after receipt of the billing package. The billing package shall consist of an invoice and supporting documentation. (d) The Master Servicer acknowledges that the Issuer shall be entitled to receive all payments of principal, interest and late charges received with respect to the Financed Student Loans and that the Master Servicer shall have no right to retain such amounts as payment of any fees due to the Master Servicer from the Issuer under the terms of this Agreement. The Issuer hereby authorizes the Master Servicer to assess, collect and retain any charges which the Issuer is permitted by law or regulation to assess with respect to not sufficient funds ("NSF") processing or other collection costs.

Master Servicer Compensation. (a) Subject to Section 4.03(c) of the Indenture, as compensation for its services hereunder, the Master Servicer shall receive a fee (the "Master Servicing Fee") equal to 0.10_____% of the average monthly outstanding principal balance of the Financed Student Loans. (b) The Master Servicer shall submit an invoice monthly to the Issuer for the Master Servicing Fee, and the Issuer shall direct the Indenture Trustee to remit payment therefor as shown on that invoice, but only to the extent of moneys available for payment therefor in the Distribution Account or Collection Account. (c) Payment is due within thirty (30) days after receipt of the billing package. The billing package shall consist of an invoice and supporting documentation. (d) The Master Servicer acknowledges that the Issuer shall be entitled to receive all payments of principal, interest and late charges received with respect to the Financed Student Loans and that the Master Servicer shall have no right to retain such amounts as payment of any fees due to the Master Servicer from the Issuer under the terms of this Agreement. The Issuer hereby authorizes the Master Servicer to assess, collect and retain any charges which the Issuer is permitted by law or regulation to assess with respect to not sufficient funds ("NSF") processing or other collection costs.

Master Servicer Compensation. (a1) Subject to Section 4.03(c) of the Indenture, and subject to the provisions of Section 11 hereof, as compensation for its services hereunder, the Master Servicer shall receive a fee (the "“Master Servicing Fee"”) equal to 0.10% of the average monthly outstanding principal balance of the Financed Student Loans. (b2) The Master Servicer shall submit an invoice monthly to the Issuer for the Master Servicing Fee, and the Issuer shall direct the Indenture Trustee to remit payment therefor as shown on that invoice, but only to the extent of moneys available for payment therefor in the Distribution Account or Collection Account. (c3) Payment is due within thirty (30) days after receipt of the billing package. The billing package shall consist of an invoice and supporting documentation. (d4) The Master Servicer acknowledges that the Issuer shall be entitled to receive all payments of principal, interest and late charges received with respect to the Financed Student Loans and that the Master Servicer shall have no right to retain such amounts as payment of any fees due to the Master Servicer from the Issuer under the terms of this Agreement. The Issuer hereby authorizes the Master Servicer to assess, collect and retain any charges which the Issuer is permitted by law or regulation to assess with respect to not sufficient funds ("“NSF"”) processing or other collection costs.