1
Exhibit 4.10
[ISAC LOGO]
Illinois Student Assistance Commission
0000 Xxxx Xxxx Xxxx
Xxxxxxxxx, Xxxxxxxx 00000-0000
HOLDER AGREEMENT
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The First National Bank of Chicago as Trustee for the PNC Student Loan Trusts
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HOLDER NAME
Xxx Xxxxxxxx Xxxxx, Xxxxx 0000
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XXXXXX ADDRESS
Chicago, Illinois 60670 833364
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CITY/STATE ZIP CODE HOLDER CODE
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Whereas, the above-named Holder wishes to possess student loans guaranteed by
the Illinois Student Assistance Commission (ISAC), and
Whereas, ISAC desires to allow entities other than those that originate loans
to hold them in their portfolios.
Therefore, the Holder and ISAC agree as follows:
(1) ISAC authorizes Holder to possess loans, guaranteed by ISAC, in the
following programs:
o Federal Consolidation Loan Program, as authorized by Section 428C of the
Higher Education Act of 1965, as amended.
o Other Federal Family Education Loan Programs:
Federal Xxxxxxxx Loans, as authorized by Sections 427 and 428
of the Higher Education Act of 1965, as amended,
Unsubsidized Federal Xxxxxxxx Loans for Middle-Income Borrowers,
as authorized by Section 428H of the Higher Education Act of
1965, as amended,
Federal PLUS Loans, as authorized by Section 428B of the Higher
Education Act of 1965, as amended, and
Federal Supplemental Loans for Students (SLS), as formerly
authorized by Section 428A of the Higher Education Act of 1965,
for loans made prior to July 1, 1994.
(2) The Holder agrees to comply with all provisions of applicable laws and
regulations, as presently formulated and as hereinafter amended, including:
the Higher Education Act of 1965, as amended, (20 U.S.C. 1071 et seq.); the
Higher Education Student Assistance Act, as amended [110ILCS 947/1 et seq.];
the United States Department of Education Regulations (34 CFR 682); and the
ISAC Rules (23 Ill. Adm. Code 2720).
(3) If ISAC determines that the Holder has violated the aforementioned
authorities, ISAC may modify or terminate this Agreement in accordance with
the procedures outlined in ISAC Rules.
(4) If the Holder no longer wishes to possess the loans identified in
Section (1) of this Agreement, the Holder shall give ISAC 30 days advance
written notice in order to amend or terminate this Agreement. Such amendment
or termination shall not affect the guarantee of any loans made prior to
such amendment.
(5) This Agreement shall be governed in all respects by the laws of the
State of Illinois.
(6) This Agreement supercedes all previous Agreements between ISAC and the
Holder.
(7) The parties hereto have executed this Agreement through their duly
authorized representatives.
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/s/ Xxxxxxx X. Xxxxxx Xxxxxxx X. Xxxxxx Asst. Vice President
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Authorized Lender Official's Signature Printed Name Title Date
/s/ Xxxx X. Xxxxxxxxx Xxxx X. Xxxxxxxxx Chief Program Officer 3/25/97
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Authorized ISAC Official's Signature Printed Name Title Date
Printed by authority of the State of Illinois
