Exhibit 10.5
AGREEMENT BETWEEN THE CALIFORNIA STUDENT AID COMMISSION AND US BANK NA AS
TRUSTEE FOR STUDENT LOAN FINANCE CORPORATION RELATING TO THE GUARANTEE OF LOANS
FOR ATTENDANCE AT EDUCATIONAL INSTITUTIONS
Parties
The California Student Aid Commission ("CSAC") is an agency of the State of
California. Since 1978, CSAC has been a guarantee agency in the various programs
created under the Higher Education Act (HEA) of 1965, as amended, and
administered by the United States Department of Education relating to guaranteed
loans for attendance at educational institutions.
US BANK NA AS TRUSTEE FOR STUDENT LOAN FINANCE CORPORATION ("Lender") is a
lending institution desirous of making and acquiring loans having a CSAC
guarantee.
Warranties
Lender warrants that it is eligible, as defined under the HEA, and will remain
eligible to make or acquire any loan having a CSAC guarantee.
Lender warrants that any loan it makes or acquires having a CSAC guarantee will
be a legally valid, legally binding, and legally enforceable obligation of the
borrower pursuant to all applicable federal, state and local laws and
regulations.
Agreement by Lender
In consideration of the agreements made by CSAC, Lender agrees to the following:
that, respecting any loan it makes or acquires having a CSAC guarantee, it will
comply with all applicable federal, state, and local laws and regulations
including, but not limited to, the HEA, the Fair Debt Collection Practices Act,
the Fair Credit Reporting Act and the Equal Credit Opportunity Act, as well as
all applicable written policy and procedure documents issued by CSAC. Lender
will, upon request, provide all documents created or maintained pursuant to the
HEA. Lender agrees that for any failure of its warranties, responsibilities
and/or representations made in this agreement the guarantee is void for all
affected loans and it will indemnify and hold harmless CSAC from any resulting
financial loss of any kind, including, but not limited to, the repurchase of any
loans upon which a claim payment was made by CSAC.
Agreement by CSAC
In consideration of the warranties and agreements made by Lender, CSAC agrees to
guarantee loans made and acquired by Lender within the parameters provided for
under the HEA.
Incorporations by Reference
Any provision of federal, state, or local law or regulation which is required to
be set forth in this agreement is hereby incorporated as though fully set forth.
Severability of Provisions
The parties agree that the provisions of this agreement are severable, and that
if any provision were declared judicially unenforceable all other provisions
nevertheless remain in full force and effect.
CSAC Failure to Enforce Provisions of Agreement
The parties agree that any CSAC failure to enforce any provision of this
agreement shall not in any way diminish the power of CSAC to enforce that
provision subsequently.
Address and Federal Tax Number
The address of Lender is:
US BANK NA AS TRUSTEE FOR STUDENT LOAN FINANCE CORPORATION
XX XXX 0000
XXXXX XXXXX XX 00000-0000
The Employer Identification Number for Lender is 00-0000000
Signature: Xxx Steels 8-8-01
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Date
Title: CORPORATE TRUST OFFICER
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Authorized representative of Lender
Signature: /s/ X. Xxxxxxxx 8-29-01
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Date
Title: X. Xxxxxxxx, Chief Loan Program Oversight
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Authorized representative of CSAC
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