Common use of Servicer Covenants Clause in Contracts

Servicer Covenants. The Servicer hereby covenants and agrees that during the term of this Agreement: (a) The Servicer will satisfy all of its obligations with respect to the Financed Student Loans, maintain in effect all qualifications required in order to service the Financed Student Loans and comply in all material respects with all requirements of law if a failure to comply would have a material adverse effect on the interest of the Issuer or the Indenture Trustee. (b) Except for delinquent loans with a remaining balance of less than $50, the Servicer will not permit any rescission or cancellation of a Financed Student Loan except as ordered by a court or other government authority or as consented to by the Eligible Lender Trustee and the Indenture Trustee. (c) The Servicer will do nothing to impair the rights of the Noteholders. (d) The Servicer will not reschedule, revise, defer or otherwise compromise payments due on any Financed Student Loan except during any applicable interest only, deferral or forebearance periods or otherwise in accordance with all applicable standards and requirements for the servicing of the Financed Student Loans.