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EXHIBIT 4.15
PENNSYLVANIA HIGHER EDUCATION ASSISTANCE AGENCY
ELIGIBLE HOLDER AGREEMENT
THIS AGREEMENT is made this 25th day of March, 1997, by and between the
PENNSYLVANIA HIGHER EDUCATION ASSISTANCE AGENCY, a public corporation organized
under the laws of the Commonwealth of Pennsylvania with its principal office at
▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇-▇▇▇▇ (herein called
"Agency") and The First National Bank of Chicago as Trustee for the PNC Student
Loan Trusts
(herein called the "Holder")
W I T N E S S E T H:
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WHEREAS, the Agency was created by the Act of August 7, 1963, P.L. 549
(herein called the "Act") for the purpose of improving higher educational
opportunities and to that end the Agency is empowered to guarantee loans of
money.
WHEREAS, the Holder wishes to become an approved holder of loans which
are guaranteed by the Agency and were transferred, conveyed, sold or assigned
to the Holder by an eligible lender in the Agency's program.
NOW THEREFORE, the parties hereto, in consideration of the mutual
promises hereinafter set forth, do covenant and agree as follows:
1. Within such limits as may be set by it, the Agency shall guarantee
the full amount of all loans held by the Holder which are eligible
for such guarantee under the Act, the regulations issued under the
Act and the Rules and Regulations and policies of the Agency, which
Act, regulations, Rules and Regulations and policies as they may be
from time to time amended are made part of this Agreement.
2. The Agency agrees to purchase eligible loans held by the Holder
provided such loans are in default (as defined by the Act,
regulations, Rules and Regulations and policies identified above);
the loan was made in accordance with the Act, regulations, Rules
and Regulations and policies identified above; the Holder has
otherwise exercised due diligence in the servicing and collection
of such loans; and, title to the loan note has been subrogated to
the Agency.
3. The Holder shall maintain for all loans guaranteed a system of
records and accounts, shall afford access thereto, and shall
furnish such periodic and separate
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reports as may reasonably be required by the U.S. Secretary of
Education and the Agency, under the Act, regulations, Rules and
Regulations and policies identified above. For loans paid in full
or otherwise discharged the records shall be retained by the Holder
as required by the Act, regulations, Rules and Regulations, and
policies identified above.
4. The Holder agrees to comply with all applicable Federal and
State laws.
5. The Agency shall guarantee loans without regard to sex, age, race,
color, religion, handicapped status, income, national origin or any
other basis prohibited by applicable law and the Holder shall not
discriminate in the treatment of any eligible borrower on any
prohibited basis.
6. This Agreement shall apply to any and all loans held by the Holder
which are (i) guaranteed by the Agency and (ii) were transferred,
conveyed, sold or assigned to the Holder by an eligible lender in
the Agency's program.
7. This Agreement may be terminated by the Agency in the manner
provided for by the Agency's Rules and Regulations or by the Holder
upon thirty (30) days written notice to the Agency. The Agency may
suspend or limit this Agreement in the manner provided for by the
Agency's Rules and Regulations. Termination, limitation or
suspension of this Agreement shall not affect the coverage of loans
previously guaranteed.
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IN WITNESS WHEREOF, the parties hereto have executed this Agreement
and shall be deemed to have executed such on the day, month and year first
above written.
PENNSYLVANIA HIGHER EDUCATION
ASSISTANCE AGENCY
ATTEST: /s/ ▇▇▇▇▇ ▇. BEFE BY: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
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▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
President & CEO
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Title
The First National Bank of Chicago
as Trustee for the PNC Student
Loan Trusts
ATTEST: /s/ ▇. ▇▇▇▇▇▇▇ BY: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
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▇. ▇▇▇▇▇▇▇ Federal Tax ID# ▇▇-▇▇▇▇▇▇▇
Assistant Vice President --------------
Assistant Vice President
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Title
Approved as to form and legality Approved as to form and legality
this 25th day of March, 1997. this day of , 199 .
THE ATTACHED AGREEMENT HAS BEEN
PRE-APPROVED BY THE OFFICE OF
THE ATTORNEY GENERAL.
/s/ ▇▇▇▇▇▇ ▇▇▇ Land DOC. NO. 970325-02
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PHEAA Legal Counsel Deputy Attorney General
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