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HomeMy WebLinkAbout13-2120 e J Supreme Co o~Pennsylvania COu tC o�in M leas For Prothonotary Use Only.- 1. �, r r1 Y C VI-1 C,bve'Sh et nn. b o. Docket No: ST Wrf Q( ' z County 13 -0 IAOONOTersi The information collected on this form is used solely for court administration purposes. This form does not Supplement or replace the filing and service ofpleadings or other-papers as required by law or rules of court. r Commencement of Action: ED Complaint D Writ of Summons El Petition S E] Transfer from Another Jurisdiction ll Declaration of Taking E C Lead Plaintiffs Name: Lead Aefen dant's Name: NATIONAL COLLEGIATE STUDENT LOAN TRUST xw A-AS T Dollar Amount Requested: E]within arbitration limits I Are money damages requested? El Yes 0 No check one O ( ) outside arbitration limits i N Is this A Class Action Suit? Fli Yes F1' No Is this an MDJAppeal? El Yes F11 No A Name of Plaintiff/Appellant's Attorney: MICHAEL F. RATCHFORD ESQ. k FLI Check here if you have no attorney(are a Self-Represented (Pro Sel Litigant) Nature of the Case: Place an"X"to the left of the ONE case category that most accurately describes your PRIMARY CASE. If you are making more than one type of claim,check the one that YOU consider most important. TORT(do not include Mass Tort) CONTRACT(do not include Judgments) CIVIL APPEALS El Intentional l Buyer Plaintiff Administrative Agencies 3 Malicious Prosecution Debt Collection:Credit Card ll Board of Assessment (] Motor Vehicle X Debt Collection:Other ® Board of Elections i 0 Nuisance STUDENT LOAN El Dept.of Transportation S E] Premises Liability El Statutory Appeal:Other S Q Product Liability (does not include El Employment Dispute: mass tort) E Discrimination Slander/Libel/Defamation C !=J Other: = Employment Dispute:Other El Zoning Board T El Other: ti ' Other: i MASS TORT I 0 Asbestos N n Tobacco 0 Toxic Tort-DES Toxic Tort-Implant REAL PROPERTY MISCELLANEOUS Toxic Waste 0 Ejectment M Common Law/Statutory Arbitration B Other: ® Declaratory Judgment Eminent Domain/Condemnation �_ I ❑ Ground Rent [] Mandamus r ® Landlord/Tenant Dispute ©Non-Domestic Relations L Mortgage Foreclosure:Residential Restraining Order PROFESSIONAL LIABLITY ❑ Mortgage Foreclosure:Commercial El Quo Warranto 0 Dental Partition 0 Replevin Legal Q Quiet Title El Other: Medical [3 Other: ® Other Professional: Updated 1/1/2011 e IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA NATIONAL COLLEGIATE STUDENT LOAN TRUST 2005-2 CIVIL ACTION I CABOT ROAD 2ND FLOOR MEDFORD, MA 02155-5117 Plaintiff VS. SHERIE ARIAS NO: 1729 WEATHERBURN DR NEW CUMBERLAND PA 17070-2218 YJ Defendant ,°�, � -_r i NOTICE TO DEFEND '' You have been sued in court. If you wish to defend against the claims set forth in the following pages, you must take action within twenty(20) days after this Complaint and Notice to Defend are served, by entering a written appearance personally or by an attorney and filing in writing with the court your defenses or objections to the claims set forth against you. You are warned that if you fail to do so the case may proceed without you and a judgment may be entered against you by the court without further notice for any money claimed in the Complaint or for any other claim or relief requested by the plaintiff. You may lose money or property or other rights important to you. YOU SHOULD TAKE THIS PAPER TO YOUR LAWYER AT ONCE.IF YOU DO NOT HAVE A LAWYER OR CANNOT AFFORD ONE, GO TO OR TELEPHONE THE OFFICE SET FORTH BELOW TO FIND OUT WHERE YOU CAN GET LEGAL HELP. IF YOU CANNOT AFFORD TO HIRE A LAWYER, THIS OFFICE MAY BE ABLE TO PROVIDE YOU WITH INFORMATION ON AGENCIES THAT MAY OFFER LEGAL SERVICES TO ELIGIBLE PERSONS AT REDUCED FEE OR NO FEE. MIDPENN LEGAL SERVICES 401-EAST LOUTHER STREET CARLISLE, PA 17013 717-243-9400 $103.`75 PO AT1-1 ��3pp33 S x k IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA NATIONAL COLLEGIATE STUDENT LOAN TRUST 2005-2 CIVIL ACTION 1 CABOT ROAD 2ND FLOOR MEDFORD, MA 02155-5117 Plaintiff VS. SHERIE ARIAS NO: 1729 WEATHERBURN DR NEW CUMBERLAND PA 17070-2218 Defendant COMPLAINT Plaintiff,NATIONAL COLLEGIATE STUDENT LOAN TRUST 2005-2, by and through its attorneys, Edwin A. Abrahamsen&Associates, P.C., complains of the Defendant as follows: 1. The defendant SHERIE ARIAS (hereinafter "Defendant") is an adult individual residing at 1729 WEATHERBURN DR NEW CUMBERLAND PA 17070-2218. 2. The defendant executed the promissory note for the payment of tuition in which the -defendant was required to make monthly payments. 3. The defendant was advanced the proceeds of the loan which were to be used for educational purposes. 4. The defendant failed to make the required payments when due. 5. The balance currently owed by defendant is $19,725.45. 6. Plaintiff has declared Defendant to be in default and demands payment of the balance due from the Note. WHEREFORE, Plaintiff requests judgment in its favor and against Defendant in the amount of$19,725.45 plus costs of suit and any other relief as the Court deems just and appropriate. Respe,tfully ubijifitted, Michael F. Ratchfor Zquire Attorney I.D. Nos.: 6 120 N. Keyser Av Scranton, PA 185 4 mratchford @eaa aw.com Phone: 800-503-1665 Fax: 570-558-5511 VERIFICATION I,Michael F. Ratchford, attorney for Plaintiff,NATIONAL COLLEGIATE STUDENT LOAN TRUST 2005-2, am fully familiar with the facts set forth in the within Complaint and am authorized to make this Verification on behalf of Plaintiff. I Verify that the facts set forth in the within allegations are true and correct to the best of my knowledge, knowing that any false statements are punishable by law pursuant to 18 C.S.A. 4904. aef K Ratchfor , quire SHERIFF'S OFFICE OF CUMBERLAND COUNTY Ronny R Anderson Sheriff F IL D-OF FiCE Jody S Smith �px�at�n� �*�rar��ix,^t�, ��� TAE PROT110t,10 Chief Deputy Richard W Stewart 2013 MAY - PH �f Solicitor d?€GEOFTHEV1ENFF CUMBERLAND 00f1NT PEN sYLVANIA National Collegiate Student Loan Trust 2005-2 vs. Sherie Arias Case Number 2013-2120 SHERIFF'S RETURN OF SERVICE 04/24/2013 06:55 PM,- Deputy Shawn Gutshall, being duly sworn according to law, served the requested Complaint& Notice by"personally" handing a true.copy to a person representing themselves to be the Defendant, to wit: Sherie Arias at 1729 Weatherburn Drive, Lower Allen Townshiig N nd, PA 17070. ALL, DE UTY SH ERIFF COST: $47.21 SO ANSWERS, May 01, 2013 . ' RQNr ERS ON, SHERIFF (C)CountySuite Sheriff,Teleosoft,Inc. James H. Turner, Esquire �'f r3L PROOTH0140T TURNER AND O'CONNELL '�'� 4701 North Front Street Lu 13 HA Y `9 AM(0; 5 6 Harrisburg,2 2-4551AtelephoneE�P-NiqS� D COUNTY 717/232-2115 facsimile iht@turnerandocon.nell.com Attorney for defendant NATIONAL COLLEGIATE, IN THE COURT OF COMMON PLEAS STUDENT LOAN TRUST 2005-2, Plaintiff CUMBERLAND COUNTY, PENNSYLVANIA V. NO. 13-2120 CIVIL TERM SHERIE ARIAS, CIVIL ACTION - LAW Defendant NOTICE TO PLEAD TO: National Collegiate Student Loan Trust 2005-2, plaintiff, and Michael F. Ratchford, Esquire, attorney for plaintiff You are hereby notified to file a written response to the enclosed New Matter within twenty (20) days from service hereof or a judgment may be entered against you. James H. Turner, Esquire TURNER AND O'CONNELL 4701 North Front Street Harrisburg, PA 17110 717/232-4551 telephone 717/232-2115 facsimile ihtkkumerandoconnell.com James H. Turner, Esquire TURNER AND O'CONNELL 4701 North Front Street Harrisburg, PA 17110 717/232-4551 telephone 717/232-2115 facsimile jhtgturnerandoconnel l.com Attorney for defendant NATIONAL COLLEGIATE, IN THE COURT OF COMMON PLEAS STUDENT LOAN TRUST 2005-2, Plaintiff CUMBERLAND COUNTY, PENNSYLVANIA V. NO. 13-2120 CIVIL TERM SHERIE ARIAS, CIVIL ACTION - LAW Defendant ANSWER 1. Admitted. 2. Denied. The defendant has never had a loan or other transaction with plaintiff and has repeatedly so advised plaintiff. 3. Denied. The defendant has never had a loan or other transaction with plaintiff and has repeatedly so advised plaintiff. 4. Denied. The defendant has never had a loan or other transaction with plaintiff and has repeatedly so advised plaintiff. 5. Denied. The defendant has never had a loan or other transaction with plaintiff and has repeatedly so advised plaintiff. 6. Denied. NEW MATTER 7. The complaint of plaintiff is barred by the statute of limitations. 8. The complaint of plaintiff is barred by the statute of frauds. 49S i. Tuer, Esquire TURNER AND O'CONNELL 4701 North Front Street Harrisburg, PA 17110 717/232-4551 telephone 717/232-2115 facsimile j htntunn erandoconne 1.1.c om Verification I verify that the statements made in the foregoing are true and correct. I understand that false statements are made subject to the penalties of 18 Pa. C.S.A. Section 4904 relating to unsworn falsification to authorities. t Date: G- i-f, Sherie Arias CERTIFICATE OF SERVICE I, James H. Turner, Esquire, hereby certify that I served a true and correct copy of the foregoing depositing same in the U.S. mail, first class postage prepaid, addressed as follows: Michael F. Ratchford, Esquire 120 N. Keyser Avenue Scranton, PA 18504 Date: May 7, 2013 me . Turner IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY,PENNSYLVANIA NATIONAL COLLEGIATE STUDENT LOAN TRUST 2005-2, CIVIL DIVISION c. SE --- ca-3 :Z-n C— Tn-- Plaintiff: 'r --: I-rl co CD VS. SHERIE ARIAS, NO: 13-2120 CIVIL TERM Defendant PLAINTIFF'S REPLY TO DEFENDANT'S NEW MATTER Plaintiff,NATIONAL COLLEGIATE STUDENT LO, by and through its attorneys, Edwin A. Abrahamsen&Associates, replies to Defendant's New Matter as follows: 7. Denied. The allegations contained in paragraph 7 of Defendant's New-Matter are conclusions of law which are deemed denied. To the extent a further response is deemed necessary,Plaintiff specifically denies that its claim is barred by the applicable statute of limitation. 8. Denied. The allegations contained in paragraph 8 of Defendant's New Matter are conclusions of law which are deemed denied. To the extent a further response is deemed necessary,Plaintiff specifically denies that the claim is barred by the statute of frauds. WHEREFORE, Plaintiff requests judgment in its favor and against Defendant, in the amount of the current delinquent balance,plus costs of suit, and any other relief the Court deems just and equitable. Respectively submitted, By: E in A. rah se &Associates, P.C. Michae . Ratchford, Esquire Scott J. Best, Esquire Attorney I.D. No.: 86285/96300 120 N Keyser Avenue Scranton, PA 18504 (570) 558-5510 IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA NATIONAL COLLEGIATE STUDENT : LOAN TRUST 2005-2, CIVIL DIVISION Plaintiff: vs. SHERIE ARIAS, NO: 13-2120 CIVIL TERM Defendant CERTIFICATE OF SERVICE 1, Scott J. Best, Esquire, hereby certify that I caused a true and correct copy of Plaintiff's Reply to Defendant's New Matter was served via first class United States Mail,postage prepaid on the date set forth below upon the following: James H. Turner, Esquire 4701 North Front St. Harrisburg, PA 17110 Edwin A. Abrahamsen&Associates, P.C. Date: July 10, 2013 By: Mi ael atchf rd, Esquire Scott J. Best, Esquire Attorney I.D. No.: 86285/93600 120 N Keyser Avenue Scranton, PA 18504 (570) 558-5510 NOTE DISCLOSURE STATEMENT $ 13,114.75 Borrower(s) SHERIE L ARIAS 02920589 Loon No, Student: SHERIE L ARIAS Date: May 24,2005 SHERIE L ARIAS Lender Name and Address: 1729 WEATHERBURN DR M&TBANK NEW CUMBERLAND, PA 17070 I FOUNTAIN PLAZA BUFFALO,NEW YORK 14203 This disclosure statement relates so one of mare advances on your Loan Note disbursed on May 24,2005 Because your Loan is either being disbursed in whole or in part,of is entering repayment,or the repayment terms art being modified,the following information about your Loan is being given to you. ANNUAL PERCENTAGE RATE FINANCE CHARCE Amount Financed Total of Payments The cost of you.err+lit&$a The dollar amount the credit The amount of eredir provided The amount you will have paid alter yearly rate. will cost you. to you or on your behalf. you have made all paymcnu scheduled. 6303 % S 13.430.40 S 12.000.00 $ 25,430,40 I You paymessi schedule will be: Number ofPaymscros Amount of Payments' When Payments are due 240 S 105.96 Ord the 24th day of each month beginning on 6/2007 t ( j t 1 1 I VARIABLE RATE:The Annual Percentage Rate,which is based on an index plus a margin,may increase during the term of { the loan if the index rate increases.The index is(check one): C]Prime Rate index Adjusted Monthly-The highest U.S.bank prime rate published in the"Money Rates'section of The Wall Street Joumal on the hurt business day of each calendar month. [�Prime Rate Index Adjusted Quarterly-The highest U.S.bank prime rate published in the"Money Rates"section of The Wall Strict Journal on the last business day of each calendar quarter(if the Lender identified above is Citibank(New York Stole),the index will be the highest U.S.Bank prime rate published in the"Money Rates"section of t The Wall Street Journal on the date,which is 30 days prior to the first day crunch quarter). [% LI BOR Idtlex Adjusted Quarterly-The average of the ant-month Landon Interbank Offered Rates published in the "Monty Rata"section of The Wall Street Joumal on the first business day of each of the three(3)calendar months immediately preceding the first day of each calendar quarter. m 1 t Any increase in the index and the Annual Percentage Rate which occurs while principal payments are deferred will increase the amount of any current and all future payments.Any increase in the Index and the Annual Percentnge Rate which occurs while principal and intemst payments art deferred will increase the amount of all future payments.Any increase in the index rind the 1 Annual Percentage Rote which occurs after you have begun to make principal and interest payments on your loan will increase the umount of your future principal and interest payments beginning whh.your next annual payment adjustment date.For example, assume you obtain a loan in your junior year,in the amount of$10,000 at an interest rate of 110/4 and you defer principal and interest payments until after your graduation,and the repayment term or the.loan is 20 years.If the interest rate increased to 12% l on January 1st of your senior year,the,interest which accrues while principal and interest payments are deferred will increase by $75.1 i,and your monthly principal and interest payments would increase by 59,05. 1 SECURITY:You have given a security interest in oil refunds or amounts owed to you at any time by the student's educational institution.Collateral securing other loans with the Lender may also secure this Loan. ! LATE CHARGES:If a payment is more than 15 days late,you may be charged 55.00 or 5%of the payment,whichever is Less.If I you default,Lender(or subsequent holder,or you Lotm Note)may increase the margin used to compute the Annual Percentage Rate by two percentage points(2%). PREPAYMENT:If you pay off early,you will not have to pay a penalty. See you contract documents for any additional information about non-payment,default,any required repayment in full before the , scheduled date,any security interest,and prepayment refunds and penalties. ! Esilmates,All numerical disclosures except the late payment disclosure are estimates. f I Principal Amount of Note(Art»um Financed plus Prepaid Finance Charge) S 13.114.75 I Stemization of Amount Financed , Amount paid to SHERIE L ARIAS S 12,000.00 Amount paid to S i Total Amount Financed S 12.000.00 ! Itemization of Prepaid Finance Charge Origination or Guarantee Fee $ 1,114,75 Other Fees Paid(see yours contract) $ 1 Total Prepaid Finance,Clorge(s) S 1,114.75 t ( •If your Loan is disbursed in muhiple advances,the monthly payment amount diselosaf in the payment wt"dute sellers only that nondmty payment necessary to mpsy this advance.The acotal tout moalhty payment as your Loan will be baited on the sum of all advances under your Loan Note cord will be disclosed to you before your Loan amen mpaymem.Your minimum total monthly payment will be at least S25-00 each ma,mh or the eofim loan Wince whichever is Iess- 1 sawswr.n>a ,YIBTEDF M&T Private Education CEL Ed File Copy 1 1 I t From.717 9801918 Page:313 Date:51191'2005 8:09:38 AM _, Fib "Cnditworflly CEt' Wan,RegUGSVCredit Agreement-Signature Page NON-Nl GOTiAULE CREDIT AGREEMENT—THIS IS A CONSUMER CREDIT TRANSACTION LOAN PROGRAKINFORMATION',`. .,.. M&T Private Education Continuing Ed Loan j Lender:M&T Bank School:TEMPLE UNIVERSITY { Academic Period:05/2005.0812005 Loan Amount Requested:E1 SM-00 I 1 Deferral Period Margin:3.5 . Re Period :3.5 Loan Origination t=ee Percentage:8.50 t STUDENT 9ORRt)IIW-IHFORMATION-(Mtist be.$t iaasf Iii years of age) Borrower Name: Sheila L Arias Home Address:1729 Weather Beam Dr Coudbuen,PA 17070 1 Social Securitp t 180.544061 Date of Birth:1OW1988 Home Telephone:7179798947 t Camera Empoyer.GIEW CORP Employer raiepnorra:7176517227 Ctcrettt Posmorr MaNy,d%M Yearn Trace:0 Ye=5 fdetdtQ Years atPmAousEmpioy erx:7 Yms• i alhnony,cited ouppoM or"Peru%mahrtensraco Inootroa do not harm to be nrno td H you do rot want thom,eorsmorod far repaying this 1 obRgn am a yov tart wrytrrp on ouch addil3ortad ktaaaw prnase wo+ddo datsdEa on a> aesaot of papse 1 la Student Git¢ersftip tdtetlt'v wddnU�to t5dtan Re titre H f717~t 3 Wtmk 7e1 Personal Refetptaa Nerve: RarertertoeSUtetAddreoa;� ( Rererestae rNWFff.1WTM1 a , By n7 si ne t astlly tba 2 bane cad t sxd epee a the aasta ofa�aadteokc the obiiptiow sec farts on all raw k)pago of dds Lo�apxsttCredii AV—orat MTA4-0S.CIGWSCI9AM CCI"t Ayr—ze)• I undnatmd dut any peso who knowinjoy mW=s Woo sutsnteat or aoo ao dtis I tarn 6 sattjon to alp which 41rdb A at notkas AstoaYad o ttigtod Inter oral (tmdasuod tbst 1 amm�Oa Isst toy also rte my mgwm sign.ono. if I chaster a fu asy slpm"on OF to b this Croft Avovncat and aw wbW aotSccs daa regosm si�twr.I--+(�rap fax or claaoaic sigwaao to be an dtxkw;c iS mdor and am lsw.(e)my 4a priaroot at peiniwt of Iendces cksaooic rrcad of this Credit A sPP rcdats! Enimep with the I ante+by cksboaic rrtaardt and cloarmec Fm°tls and rrLadd ill not to be so otilmsl doaar )t coodsru Cbamtereial Cady,one my abtiptinos oedrr this Oc& +row .e G•) to, "a t blip°d geYe vA by Article 3 or th Uoif. Cotmcnial Code Apeaaatsrz vii)na be nrbjax t0.bnt any tmmtlT ovary oblipdore will be stdr)ea to Artitta tt�dst Lraifr:m FOR ALABAMA RESIDENTS:CAUTION-rr IS IMPOR rANT THAT YOU THOROUGHLY REM THE CONrIRACT BADJM YOU SIGN IT. u1• FOR WISCONSIN RESIDENTS-NOTICE TO CUSTOWI � (a) DO NOT SIGN T S CREDIT AGREEMJM BEFORE YOU READ THE WRITUYG ON THE FOLLOWING PAGES,EVEN iF OTHERWISE ADVISED, (b)-DO-NOT-SIGN-TIM CREDIT AGRER XNT IF IT CONTAINS ANY BLANK SPACES. j (c)-YOU ARE F.NTTTLED'TO AN EXACT COPY OF ANY AGREEMENT YOU SIGN. (d) YOU HAVE 711E RIGHT AT ANY TENS TO PAY IN ADVANCE THE UNPAID BALANCE UNDER THIS AGREEMP1Yt AND YOU MAY Be 8N77TLED TO A PARTIAL REFUND OF THE FINANCI[CHARGE. I PLEASE SIGN ekdw i 3bis t'aeie'1fif K Proof of.tocome artii Et+rahfrrtatill_PAX TV- 13044014408.` Signature of&Irrow+er �_t�@ A a S cvv—e� Data— /71 a4 ! 5 } h 1 t • i Mr.044S.CLGW.$C10,QI04 PWi-mr_O$Z-C cw_F.xJFAAS.+uQ2YAabsrdr LE.N M Cohn MOTEDF I _'1�� � rIL •ar=mana iwrw�ec� I In this Credit Agreement,the words"I","me","my",and"mine"mean the person who "Money Rates"section of The Wall Street Journal.The index for each calendar quarter signed this Credit Agreement as Borrower.The words'you',"your","yours",and (or for any shorter period beginning on the Disbursement Date and ending on the last "Lender"mean Manufacturers and Traders Trust Company("M&T Bank"},its day of a calendar quarter)will equal the average of the LIBOR rates published on the successors and assigns,and any other holder of this Credit Agreement."School" first business day of each of the three(3)immediately preceding calendar months, means the school named at the top of the first page of this Credit Agreement. rounded to the nearest one-hundredth percent(0.01°k). If The Wall Street Journal is A. PROMISE TO PAY: I promise to pay to you the principal sum of the Loan Amount not published or the Current Index is not given on that date,then the Current index will Requested shown on the first page of this Credit Agreement,to the extent it is be determined by using the immediately preceding published Current Index.If the advanced to me or paid on my behalf,and any Loan Origination Fee added to my loan Current Index is no longer available,you will choose a comparable index. (see Paragraph F)("Principal Sum"},interest on such Principal Sum,interest on any 3. Capitalization—I understand that you will add all accrued and unpaid interest to the unpaid interest added to the Principal Sum and late fees(see Paragraph E.7). principal balance of my loan("capitalize interest")on the last day of the Deferment B. IMPORTANT—READ THIS CAREFULLY: Period and at the end of any forbearance period. In all cases,the sum is thereafter 1. When you receive my signed Credit Agreement,you are not agreeing to tend me considered the principal,and interest will accrue on the new principal balance. money.If you decide to make a loan to me,you will electronically transfer the loan E. TERMS OF REPAYMENT: funds to the School for me,mail a loan check to the School for me,or mail a loan 1. Deferment Period—You will send statements during the Deferment Period check directly to me.You have the right to not make a than or to tend an amount less (showing the total outstanding principal balance of my loan and the interest that has than the Loan Amount Requested. I agree to accept an amount less than the Loan accrued on my loan). Statements will be sent to me at the address shown on your Amount Requested and to repay that portion of the Loan Amount Requested that you records. I may,but am not required to,make payments during the Deferment Period. actually lend to me.You have the right to disburse my loan through an agent At your You will add any interest that I do not pay during the Deferment Period to the principal option,you may also make any loan check co-payable to me and the School. loan balance at the end of the Deferment Period,as described in Paragraph D.3. 2. HOW I AGREE TO THE TERMS OF THIS LOAN.By signing this Credit Thereafter,the accrued interest will be treated as principal. Agreement,and submitting it to the Lender,I am requesting that you make this loan to 2. Repayment Period—During the Repayment Period,you will send me monthly me in an amount equal to the Loan Amount Requested plus any Loan Origination Fee statements that show the amounts of minimum monthly payments and the payment described in Paragraph F of this Credit Agreement. If you approve this request and due dates. I will make consecutive monthly payments in amounts at least equal to agree to make this loan,you will notify me in writing and provide me with a Disclosure such minimum monthly payments by the applicable payment due dates unfit I have Statement,as required by law,at the time the loan proceeds are disbursed.The paid all of the principal and interest and any other charges I may owe under this Credit Disclosure Statement is incorporated herein by reference and made a part hereof. Agreement. If my loan is in paid-ahead status,I may,but will not be required to make The Disclosure Statement will tell me the amount of the loan which you have monthly payments. approved,the amount of the Loan Originafion Fee,and other important information. 1 3. Repayment Terms—My monthly payment will be established based on the rules in will let you know that I agree to the terms of the loan as set forth in this Credit this Credit Agreement when my Repayment Period begins.My monthly payment Agreement and in the Disclosure Statement by doing either of the following: amount will be calculated as of the day the Repayment Period begins("Repayment (a)endorsing or depositing the check that disburses the loan proceeds;or(b)allowing Date'.It will be recalculated(a)once each year prior to the anniversary of the the loan proceeds to be used by or on behalf of the Student without objection.Upon Repayment Date,(b)if the Variable Rate changes between anniversaries of the receipt of the Disclosure Statement,I will review the Disclosure Statement and notify Repayment Date to the extent that the amount of my monthly payment would not pay you in writing if I have any questions. If I am not satisfied with the terms of my loan as in full the accrued monthly interest on my loan,(c)following any subsequent deferment disclosed in the Disclosure Statement,I may cancel my loan. To cancel my loan,I will or forbearance period or(d)following any request by the Borrower to the servicer to give you a written cancellation notice within ten(10)days after I receive the Disclosure change the monthly payment due date(each of which events is a new"Repayment Statement. If loan proceeds have been disbursed,I agree that I will immediately Date").As of any Repayment Date,my monthly payment will be recalculated.My new return the loan proceeds to you,will not endorse any check which disburses the loan monthly payment amount will be disclosed to me by the servioer.The new monthly proceeds and will instruct the School to return any loan proceeds to you. If I give repayment amount will equal the amount necessary to pay in full,over the number of notice of cancellation but do not comply with the requirements of this Paragraph B.2, months remaining in the Repayment Period,the amount I owe in equal monthly this Credit Agreement will not be canceled and I will be in default of this Credit installments of principal and interest at the Variable Rate in effect at the time of the Agreement. (See Paragraph I.) calculation.I understand that this may result in a reduction or increase in my monthly C. DEFINITIONS: payment as calculated as of each Repayment Date. I understand that during the 1."Disbursement Date"means the date or dates on which you lend money to me in Repayment Period the servicer may change the monthly payment due date of future consideration for my Credit Agreement and will be the date(s)shown on any loan payments to a later date for the convenience of the servicer in processing payments or check you prepare or the date(s)you initiate any electronic funds transfer, in order to coordinate the due dates of all of my loans processed by the servicer. 2.The"Deferment Period"will begin on the Disbursement Date and end on the 4. Minimum Repayment—Notwithstanding Paragraph E.3,I agree to pay at least$25 Deferment End Date. each month during the Repayment Period or the unpaid balance whichever is less.l 3."Deferment End Date"has the following meaning: understand that I may pay more than my monthly payment at any time without penalty (a) If the Student is enrolled in a degree or certificate-granfing program at the School, or charge. If my loan is in paid-ahead status,I may,but will not be required to make the earlier of the date which is(1)180 days after the Student graduates or eams the monthly payments. certificate,(ii)180 days after the Student ceases to be enrolled at the School,or(iii)2 5. Amounts Owing at the End of the Repayment Period—Since interest accrues daily years after date of the loan disbursement under this Credit Agreement, upon the unpaid principal balance of my loan,if I make payments after my payment (b)If the Student is not enrolled in a degree or certificate-granting program at the due dates,I may owe additional interest. If I have not paid my late fees,I will also owe School,the earlier of the date which is(i)180 days after the end of the Academic additional amounts for those late fees.In such cases you will increase the amount of Period described on the first page of this Credit Agreement,or(ii)180 days after the my last monthly payment to the amount necessary to repay my loan in full. Student ceases to be enrolled at the School, ti. Payments—Payments will be applied first to late fees,other fees and charges, 4.The"Repayment Period"begins the day after the Deferment Period ends.The accrued interest,and the remainder to principal. Repayment Period is 20 years unless monthly payments equal to the minimum 7. Other Charges-If any part of a monthly payment remains unpaid for a period of monthly payment amount(See Paragraph EA)will repay all amounts owed in less more than 15 days after the payment due date,I will pay a late fee not exceeding than 20 years,in which case the Repayment Period will be the number of months $5.00 or 5%of the overdue payment amount,whichever is less. To the extent necessary to pay in full the amount I owe at the minimum payment. permitted by law,I agree to pay you all amounts you incur in enforcing the terms of D. INTEREST: this Credit Agreement,including reasonable collection agency and attorney's fees and 1. Accrual—Beginning on the Disbursement Date,interest will be calculated at the court costs and other collection costs. Variable Rate(Paragraph D.2)and charged on the Principal Sum,and on any unpaid F. LOAN ORIGINATION FEE: If you charge me,I will pay you a Loan Origination interest later added to the Principal Sum according to Paragraph D.3.During the Fee at the time my loan is disbursed. The dollar amount of any Loan Origination Fee Repayment Period,interest will be calculated at the Variable Rate and charged on the will be determined by multiplying the sum of the Loan Origination Fee and the Loan outstanding balance of this Credit Agreement until all amounts are paid in full.Interest Amount Requested,to the extent advanced to me,times the Loan Origination Fee will be calculated on a daily simple interest basis. The daily interest rate will be equal Percentage shown on the first page of this Credit Agreement The percentage would to the annual interest rate in effect on that day,divided by the number of days in that be higher if computed only on the amount advanced rather than the entire principal calendar year. amount(Loan origination Fee plus Loan Amount Requested). For example,a nominal 2. Variable Rate—The"Variable Rate"is equal to the Current Index plus or minus a Loan Origination Fee of 6.5%on the entire principal amount would equal 8.9519%of Margin. The Margins for both the Deferment Period and the Repayment Period are the amount advanced. The Loan Origination Fee I will pay,if any,will be shown on my shown on the first page of this Credit Agreement.In no event will the Variable Rate Disclosure Statement and will be added to the principal amount of my loan. To the exceed the maximum interest rate allowed by the laws of the State of New York.The extent permitted by law,and unless I timely cancel this Credit Agreement(see Variable Rate will change quarterly on the first day of each January,April,July and Paragraph B.2),t will not be entitled to a refund of any loan Origination Fee after my October(the"Change Date(s)")if the Current Index changes. The"Current Index"for loan has been disbursed. any calendar quarter beginning on a Change Date(or for any shorter period beginning G. RIGHT TO PREPAY: I have the right to prepay all or any part of my loan at any on the Disbursement Date and ending on the last day of a calendar quarter)is based time without penalty. on the one-month London Interbank Offered Rate("LIBOR")as published in the {W0 208375s1MT.04-05.CLCW.SC10.0204 2 of H. FORBEARANCE: If I am unable to repay my loan in accordance with the terms 12. 1 authorize any school that I may attend to release to you,and any other persons established under this Credit Agreement,I may request that you modify these terms.I designated by you,any requested information pertinent to this loan(e.g.,enrollment understand that such modification would be at your option.I understand that I will status,prior loan history,and current address). remain responsible for all interest accruing during any period of forbearance and that 13. 1 authorize the Lender,any subsequent holder of this Credit Agreement,and their you will add any interest that I do not pay during any forbearance period to the agents to:(1)advise the School of the status of my application and my loan,(2) principal balance,as described in Paragraph D.3. respond to inquiries from prior or subsequent lenders or holders with respect to my I. WHOLE LOAN DUE: To the extent permitted by applicable law,I will be in default Credit Agreement and related documents,(3)release information and make inquiries and you have the right to give me notice that the whole outstanding principal balance, to the persons I have given you as references,for the purposes of learning my current accrued interest,and all other amounts payable to you under the terms of this Credit address and telephone number,(4)check my credit and employment history and to Agreement,are due and payable at once(subject to any applicable law which may answer questions about their credit experience with me,and(5)disclose to TERI give me a right to cure my default)ff:(1)1 fail to make any monthly payment to you either in connection with this transaction or any future transaction all information when due,(2)1 die,(3)1 break any of my other promises in this Credit Agreement,(4) (including status information and non-public personal information)of the Borrower Any bankruptcy proceeding is begun by or against me,or I assign any of my assets for provided in connection with this Credit Agreement. the benefits of my creditors,or(5)1 make any false written statement in applying for 14. Waiver by Lender: You waive(give up)any right to claim a security interest in any this loan or any other student or education loan or at any time during the Deferent or property to secure this Credit Agreement. This does not affect any right to offset as a Repayment Periods.If I default,I will be required to pay interest on this loan accruing matter of law. after default.The interest rate after default will be subject to adjustment in the same 15.If I fax my signature(s)on the first page of this Credit Agreement back to you and manner as before default.Upon default,you may also capitalize any interest and fees keep the copy I signed,I understand that under federal law the fax you receive will be (i.e.,add accrued and unpaid interest and fees to the principal balance),and increase an original of the first page of this Credit Agreement. You and I agree that all copies of the Margin used to compute the Variable Rate by two percentage points(2 0%). this Credit Agreement(including the fax you receive and the copy I retain),taken J. NOTICES: together,shall constitute a single original agreement. 1. 1 will send written notice to you,or any subsequent holder of this Credit Agreement, 16. If I elect to sign electronically an electronic record of this Credit Agreement,then within ten days after any change in my name,address,or enrollment status(for the following will apply as between Lender and me: (a)Lender will keep a non- example,if I withdraw from the School or transfer to another school participating in this modifiable electronic record of this document and provide a copy to me upon request, loan program). (b)I can and have downloaded and/or printed a copy of this document for my records 2. Any notice required to be given to me by you will be effective when mailed by first or noted the Lender to mail me a copy of this document,and(c)the Lender's class mail to the latest address you have for me. electronic record of this document and any printout from that record shall be an K. INFORMATION: original for all purposes,including any lawsuit to collect amounts that I owe. 1. 1 must update the information I provided to you whenever you ask me to do so. M. DISCLOSURE NOTICES 2. 1 authorize you from time to time to request and receive from others credit related information about me(and about my spouse if I live in a community property state). ALL APPLICANTS: L. ADDITIONAL AGREEMENTS: 1. 1 understand that you are located in New York and that this Credit Agreement will IMPORTANT FEDERAL LAW NOTICE— be entered into in the same state.CONSEQUENTLY,THE PROVISIONS OF THIS CREDIT AGREEMENT WILL BE GOVERNED BY FEDERAL LAW AND THE LAWS Important information about procedures for opening a new OF THE STATE OF NEW YORK,WITHOUT REGARD TO CONFLICT OF LAW account: RULES. To help the government fight the funding of terrorism and money 2.The proceeds of this loan will be used only for my educational expenses at the laundering activities,Federal law requires all financial institutions School. to obtain,verify,and record information that identifies each 3. My responsibility for paying the loan evidenced by this Credit Agreement is person who opens an account unaffected by the liability of any other person to me or by your failure to notify me that a required payment has not been made.Without losing any of your rights under this What this means for you: Credit Agreement you may accept(a)late payments,(b)partial payments or(c) When you open an account,we will ask for your name,address, payments marked"paid in full"or with other restrictions.You may delay,fail to date of birth,and other information that will allow us to identify exercise,or waive any of your rights on any occasion without losing your entitlement to you.We may also ask to see your driver's license or other exercise the right at any future time,or on any future occasion.You will not be identifying documents. obligated to make any demand upon me,send me any notice,present this Credit Agreement to me for payment or make protest of non-payment to me before suing to CALIFORNIA RESIDENTS:I have the right to prohibit the use of information contained collect on this Credit Agreement if I am in default,and to the extent permitted by in my credit file in connection with transactions not initiated by me. I may exercise this applicable law,I hereby waive any right I might otherwise have to require such actions. right by notifying the consumer credit reporting agency. A married applicant may apply I WILL NOT SEND YOU PAYMENTS MARKED"PAID IN FULL","WITHOUT for a separate account. If you take any adverse action as defined by Section 1785.3 of RECOURSE"OR WITH OTHER SIMILAR LANGUAGE UNLESS THOSE PAYMENTS the California Civil Code and the adverse action is based,in whole or in part,on any ARE MARKED FOR SPECIAL HANDLING AND SENT TO THE ADDRESS information contained in a consumer credit report,I have the right to obtain within 60 IDENTIFIED FOR SUCH PAYMENTS ON MY BILLING STATEMENT,OR TO SUCH days a free copy of my consumer credit report from the consumer reporting agency OTHER ADDRESS AS I MAY BE GIVEN IN THE FUTURE. who furnished you my consumer credit report and from any other consumer credit 4. 1 may not assign this Credit Agreement or any of its benefits or obligations.You reporting agency which compiles and maintains files on consumers on a nationwide may assign this Credit Agreement at any time. basis. I have the right as described by Section 1785.16 of the California Civil Code to 5.The terms and conditions set forth in this Credit Agreement and Instructions and the dispute the accuracy or completeness of any information in a consumer credit report Disclosure Statement constitute the entire agreement between you and me. furnished by the consumer credit reporting agency. 6. If any provision of this Credit Agreement is held invalid or unenforceable,that CALIFORNIA AND UTAH RESIDENTS:As required by California and Utah law,I am provision shall be considered omitted from this Credit Agreement without affecting the hereby notified that a negative credit report reflecting on my credit record may be validity or enforceability of the remainder of this Credit Agreement. submitted to a credit reporting agency if I fail to fulfill the terms of my credit obligations. 7. A provision of this Credit Agreement may only be modified ifjointly agreed upon in IOWA.KANSAS,AND NEBRASKA RESIDENTS(For purposes of the following writing by you and me.Any modification will not affect the validity or enforceability of notice,the word"You"refers to the Borrower,not the Lended:NOTICE TO the remainder of this Credit Agreement. CONSUMER. This is a consumer credit transaction.1.DO NOT SIGN THIS 8. To the extent permitted by law,you have the right to apply money from any of my CREDIT AGREEMENT BEFORE YOU READ THIS CREDIT AGREEMENT. 2.YOU deposit account(s)with you to pay all or a portion of any amount overdue under this ARE ENTITLED TO A COPY OF THIS CREDIT AGREEMENT. 3.YOU MAY Credit Agreement. I hereby authorize you to obtain from the School all amounts which PREPAY THE UNPAID BALANCE AT ANY TIME WITHOUT PENALTY AND MAY may be owed to me by the School,including any refund due to overpayment,early BE ENTITLED TO A REFUND OF UNEARNED CHARGES IN ACCORDANCE WITH termination of enrollment,or otherwise. LAW. 9. All dollar amounts stated in this Credit Agreement are in United States dollars. I will MARYLAND RESIDENTS:You elect Subtitle 10,Credit Grantor Closed End Credit make all payments in United States Dollars with no deduction for currency exchange. Provisions,of Title 12 of the Commercial Law Article of the Annotated Code of 10. If I fail to complete the education program paid for with this loan,I am not relieved Maryland only to the extent not inconsistent with 12 U.S.C.§1831 d and related of any obligation within or pursuant to this Credit Agreement. regulations and opinions,which you expressly reserve. 11. 1 acknowledge that the requested loan is subject to the limitations on MISSOURI RESIDENTS:Oral agreements or commitments to dischargeability in bankruptcy contained in Section 523(a)(8)of the United loan money,extend credit or to forbear from enforcing States Bankruptcy Code. Specifically,I understand that you have purchased a guaranty of this loan,and that this loan is guaranteed by The Education repayment of a debt including promises to extend or renew Resources Institute,Inc.("TERI"),a non-profit institution. such debt are not enforceable. To protect me(borrower(s))and (WO208375.3)MT.04-05.CLCW.SC10.0204 3 of4 you(creditor)from misunderstanding or disappointment,any agreements we reach covering such matters are contained in this writing,which is the complete and exclusive statement of the agreement between us,except as we may later agree in writing to modify it. NEVADA RESIDENTS: This is a loan for study. NEW JERSEY RESIDENTS:The section headings of this Credit Agreement are a table of contents and not contract terms. Portions of this Credit Agreement with references to actions taken to the extent of applicable law apply to acts or practices that New Jersey law permits or requires. In this Credit Agreement,acts or practices(i) by you which are or may be permitted by'applicable law"are permitted by New Jersey law,and(ii)that may or will be taken by you unless prohibited by"applicable law"are permitted by New Jersey law. NEW YORK,RHODE ISLAND AND VERMONT RESIDENTS:A consumer report (credit report)may be obtained from a consumer-reporting agency(credit bureau)in connection with this loan. If I request(1)1 will be informed whether or not consumer reports were obtained,and(2)if reports were obtained,I will be informed of the names and addresses of the credit bureaus that furnished the reports. If you agree to make this loan to me,a consumer credit report may be requested or used in connection with renewals or extensions of any credit for which I have applied,reviewing my loan, taking collection action on my loan,or legitimate purposes associated with my loan. OHIO RESIDENTS:The Ohio laws against discrimination require that all creditors make credit equally available to all credit worthy customers,and that credit reporting agencies maintain separate credit histories on each individual upon request.The Ohio Civil Rights Commission administers compliance with this law. WISCONSIN RESIDENTS:For married Wisconsin residents,my.signature on this Credit Agreement confirms that this loan obligation is being incurred in the interest of my marriage or family. No provision of any marital property agreement(pre-marital agreement),unilateral statement under Section 766.59 or court decree under Section 766.70 adversely affects the interest of the Lender unless the Lender,prior to the time that the loan is approved,is furnished with a copy of the agreement,statement,or decree or has actual knowledge of the adverse provision when the obligation to the Lender is incurred.If the loan for which I am applying is granted,my spouse will also receive notification that credit has been extended to me. N. BORROWER'S CERTIFICATION: I declare under penalty of perjury under the laws of the United States of America that the following is true and cored.I certify that all information I provided to you in connection with this loan,including,without limitation,the information contained in this Credit Agreement,is true,complete and correct to the best of my knowledge and belief and is made in good faith. I understand that I am responsible for repaying immediately any funds that I receive which are not to be used or are not used for educational expenses related to attendance at the School for the academic period stated. I certify that I am not now in default on a Federal Perkins Loan,a Federal Stafford Loan,a Federally Insured Student Loan,a Federal Supplemental Loan for Students(SLS),a Federal PLUS Loan,an Income Contingent Loan,a Federal Consolidation Loan,a Federal Ford Direct Loan,or any other education loan received for attendance at any school.The legal age for entering into contracts is 18 years of age in every State in the United States except the following: Alabama and Nebraska(19 years old),and Mississippi and Puerto Rico(21 years old). I certify that I meet these state age requirements. 0. ADDITIONAL DISCLOSURE: If the School is considered to be a business subject to Federal Trade Commission rules,then the following notice applies to me: NOTICE ANY HOLDER OF THIS CONSUMER CREDIT CONTRACT IS SUBJECT TO ALL CLAIMS AND DEFENSES WHICH THE DEBTOR COULD ASSERT AGAINST THE SELLER OF GOODS OR SERVICES OBTAINED WITH THE PROCEEDS HEREOF. RECOVERY HEREUNDER BY THE DEBTOR SHALL NOT EXCEED AMOUNTS PAID BY THE DEBTOR HEREUNDER. i i j i t (WO208375.3)MT.04-05.CLCW.SC10.0204 4 of 4 I VARIABLE RATE LOAN DISCLOSURE 1. Variable Rate Feature Your loan has a variable rate feature. The interest rate on your loan is determined by adding a margin to the Index (defined below). The interest rate may change once every three months to correspond to changes in the Index. 2. Change Dates The interest rate on your loan may change on the first day of January,April,July and October of each year until your loan is paid. Each date on which your interest rate may change is called a"Change Date." 3. Index The Index is based on the one-month London Interbank Offered Rates(LIBOR)published in the"Money Rates"section of The Wall Street Journal.The Index for each calendar quarter will equal the average of the one-month LIBOR rates published on the first business day of each of the three(3)calendar months immediately preceding the first day of each calendar quarter,rounded to the nearest one-hundredth percent(0.01%). 4. Rate Cap There is no limit on the amount your interest rate may increase(or decrease)during any period over the life of the loan, subject to the maximum rate allowed by New York law. 5. Effect of Increase , Any increase in the interest rate will result in higher monthly payments,an increase in the number of payments,or both. (a) Any increase in the interest rate that occurs while principal payments or principal and interest payments are deferred will increase the amount of any current and all future payments. Example: Assume a$10,000 loan at 8%for a 294 month term,with a payment schedule of 54 monthly interest payments of$66.67 followed by 240 monthly principal and interest payments of$83.64. If the interest rate increased by I%(to 9%) after 24 months and remained stable thereafter,the 30 remaining monthly interest payments would increase to$75.00 and the 240 principal and interest payments would increase to$89.97. (b) Any increase in the interest rate that occurs after you have begun to make principal and interest payments on your loan* will increase the monthly payment to the amount necessary to repay the loan over the Repayment Period stated in the Credit Agreement.Your monthly payment will be recalculated once each year as stated in the Credit Agreement. Example: Assume a$10,000 loan at 8%for a 294 month term,where principal and interest payments are deferred for 54 months followed by 240 monthly principal and interest payments of$113.07. If the interest rate increased by I%(to 9%) after 174 months and remained stable thereafter,your remaining monthly principal and interest payments would increase to$118.06. 6. History of the Index The following table summarizes the average of the one-month LIBOR rates during the past three(3)years. Please note that past changes in the Index are not necessarily predictive of future changes in the Index. 2001 2002 2003 First 3 months of 2004 High Rate: 6.68% High Rate: 2.35% High Rate: 1.66% High Rate: 1.14% Date: January' Date:January Date:January Date:January Low Rate:: 3.73% Low Rate: 1.83% Low Rate: 1.11% Low Rate: 1.14% Date: October Date: October Date:October Date:January 7. Notice of Change , Notification of any change in the interest rate will be sent at least 25 days prior to each Change Date. Any payment change will be reflected in a separate notice as provided in the terms of my credit agreement. {W0208375.3)MT.04-05.CLCW,SCIO.0204.VR POOL SUPPLEMENT MANUFACTURERS AND TRADERS TRUST COMPANY This Pool Supplement("Supplement")is entered into pursuant to.and forms a part of that certain Note Purchase Agreement(the"Agreement")dated as of April 29,2004,by and between The First Marblehead Corporation("FMC")and Manufacturers and Traders Trust Company("Program Lender"). This Supplement is dated as of June 29,2005. Capitalized terms used in this Supplement without definitions have the meaning set forth in the Agreement. Article 1: Purchase and Sale. In consideration of the Minimum Purchase Price set forth in Schedule 1 attached hereto, Program Lender hereby transfers, sells,sets over and assigns to The National Collegiate Funding LLC (the"Depositor"),upon the terms and conditions set forth in the Agreement(which are incorporated herein by reference with the same force and effect as if set forth in full herein),each M&T Alternative.. Conforming Loan described in.the attached Schedule 2(the"Transferred M&T Alternative Loans"), . along with all of Program Lender's rights under the Guaranty Agreement relating to the Transferred M&T Alternative Loans. The Depositor in turn will sell the Transferred M&T Alternative Loans to The National Collegiate Student Loan Trust 2005-2(the"Trust"). Program Lender hereby transfers and delivers to the Depositor each M&T Alternative Note evidencing such M&T Alternative Conforming Loan and all Origination Records relating thereto,in accordance with the terms of the Agreement. The Depositor hereby purchases said M&T Alternative Notes on said terms and conditions. Article 2: Price. The amounts paid pursuant to this Supplement is the Minimum Purchase Price,as that term is defined in Section 2.04 of the Agreement. Article 3: Representations and Warranties. 3.01. By Promm Lender. S Program Lender repeats the representations and warranties contained in-Section 5.02 of the Agreement for the benefit of each of the Depositor and the Trust and confirms the same are true and correct as of the date hereof with respect to the Agreement and to this Supplement, 3.02. By Depositor. i The Depositor hereby represents and warrants to the Program Lender that at the date of execution and deliveiy of this Supplement by the Depositor: i (a) The Depositor is duly organized and validly existing as a business trust under the laws of the State of Delaware with the due power and authority to own its properties and to conduct its business as such properties are currently owned and such business is presently conducted,and had at all relevant times,and has,the power,authority and legal right to acquire and own the Transferred M&T Alternative Loans. 1 - 1 I (b) The Depositor is duly qualified to do business and has obtained all necessary licenses and approvals,in all Jurisdictions in which the ownership or lease of property or the conduct of its j I business shall require such qualifications. If i (c) The,Depositor has the power and authority to execute and deliver this Pool Supplement and to carry out its respective terms;the Depositor has the power and authority to purchase the Transferred M&T Alternative Loans and rights relating thereto as provided herein from the Program Lender and the Depositor has duly authorized such purchase from the Program Lender by all necessary action;and the execution,delivery and performance of this Pool Supplement has been duly authorized I by the Depositor by all necessary action on the part of the Depositor. I (d) This Pool Supplement,together with the Agreement of which this Supplement forms a I part,constitutes a legal,valid and binding obligation of the Depositor,enforceable in accordance with its terms. ` (e) The consummation of the transactions contemplated by the Agreement and this Supplement and the fulfillment of the terms hereof do not conflict with,result in any breach of any of the terms and provisions of,or constitute(with or without notice or lapse of time)a default under,the governing instruments of the Depositor or any indenture,agreement or other instrument to which the Depositor is a party or by which it is bound;or result in the creation or imposition of any lien upon any of its properties pursuant to the terms of any such indenture;agreement or other instrument;or violate any law or any order,rule or regulation applicable to the Depositor of any court or of any federal or state regulatory body,administrative agency or other governmental.instrumentality having jurisdiction over the Depositor or its properties. (f) There are no proceedings or investigations pending,or threatened,before any court, regulatory body,administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its properties:(1)asserting the invalidity of the Agreement or this Pool Supplement, (2)seeking to prevent the consummation of any of the transactions contemplated by the Agreement or this Pool Supplement,or(3)seeking any determination or ruling that is likely to materially or adversely affect the performance by the Depositor of its obligations under,or the validity or enforceability of the Agreement or this Pool Supplement. . I i Article 4: Cross Receipt. Program Lender hereby acknowledges receipt of the Minimum Purchase Price. The Depositor hereby acknowledges receipt of the Transferred M&T Alternative Loans included in the Pool. i Article 5: Assi--nment of Origination,Guaranty and Servicing Rights. Program Lender hereby assigns and sets over to the Depositor any claims it may now or hereafter have under the Guaranty Agreement,the Origination Agreement,and the Servicing j Agreement to the extent the same relate to the Transferred M&T Alternative Loans described in Schedule 2,other than any right to obtain servicing'after the date hereof. It is the intent of this provision to vest in the Depositor any claim of Program Lender relating to defects in origination, guaranty,or servicing of the loans purchased hereunder in order to permit the Depositor to assert such claims directly and obviate any need to make the same claims against Program Lender under this Agreement. . I t f l� V i IN WITNESS WHEREOF,the parties have caused this Supplement to be executed as of the slate set forth above. THE FIRST MARBLEHEAD CORPORATION Naive: Title: DCCUAiveVi ec Pres idwt MANUFACTURERS AND TRADERS TRUST COMPANY By: - Name: Title: THE NATIONAL COLLEGIATE FUNDING LLC By: GATE Holdings,Inc.,Member By Name: Title: i I I I i 1 , t IN WITNESS WHEREOF,the parties have caused this Supplement to be executed as of the } date set forth above. THE FIRST MARBLEHEAD CORPORATION By: Name: Title: MANUFACTURERS AND TRADERS TRUST COMPANY By: am e: Vu wi^ j Title: V" THE NATIONAL COLLEGIATE FUNDING LLC By. GATE Holdings,Inc.,Member By Name: Title: . i i i 1 IN WITNESS WHEREOF,the parties have caused this Supplement to be executed as of the ; date set forth above. i THE FIRST MARE3LEBEAD CORPORATION i By: Name: i Title: i - i MANUFACTURERS AND TRADERS TRUST i COMPANY By_ i Name: Title: THE NATIONAL COLLEGIATE FUNDING LLC I By: GATE Holdings,Inc.,Member I , By: Name: ter n Anbinder Title: Ares ent i GATE Holdings, Inc. I i i i i I I i