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HomeMy WebLinkAbout13-2185 a Supreme CO '" O ZAK ennsylvania COIL ,-,�� OI11RlOi1?'PIeaS For Prothonotary Use Only: Ctvll'Ch�er�Sheet ,s Docket No: T 1 -di85 0 iuitTerm County 13 The information collected on this form is used solely for court administration purposes. This form does rant supplement or replace thefiling and service ofpleadings or other papers as required by law or rules of court. Commencement of Action: S ©X Complaint El Writ of Summons Petition Transfer from Another Jurisdiction E] Declaration of Taking E Lead Plaintiffs Name: Lead efendant's Name: C NATIONAL COLLEGIATE STUDENT LOAN TRUST P j T Dollar Amount Requested: Elwithin arbitration limits I Are money damages requested? ilXi Yes No (check one) ]outside arbitration limits ?p N Is this a Class A ction. Suit? Yes !x. No Is this an MDJAppeal? [I Yes 0 No A Name of Plaintiff /Appellant's Attorney: MICHAEL F. RATCHFORD ESQ. El Check here if you have no attorney (are a Self - Represented (Pro Se] Litigant) Nature of the Case Place an "X" to the left of the ONE case category that most accurately describes your F PRIMARY CASE. If you are making more than one type of claim, check the one that you consider most important. L. TORT (do not include Alass Tort) CONTRACT (do not include Judgments) CIVIL APPEALS J Intentional El Buyer Plaintiff Administrative Agencies Q Malicious Prosecution D Debt Collection: Credit Card 0 Board of Assessment i Q Motor Vehicle Q Debt Collection: Other © Board of Elections Q Nuisance STUDENT LOAN Dept. of Transportation S Q Premises Liability Statutory Appeal: Other Q Product Liability (does not include l Employment Dispute: ' mass tort) Slander/Libel/ Defamation Discrimination ,C Eil Other: ❑� Employment Dispute: Other Zoning Board I T Q Other: Other: t ' MASS TORT �o i El Asbestos N [3 Tobacco 0 Toxic Tort - DES Toxic Tort -Implant REAL PROPERTY MISCELLANEOUS ® Toxic Waste F] Ejectment M Common Law /Statutory Arbitration Eminent Domain /Condemnation ` B Other: ® [3 Declaratory Judgment El Ground Rent 3 Mandamus El Landlord/Tenant Dispute i_i Non - Domestic Relations ® Mortgage Foreclosure: Residential Restraining Order PROFESSIONAL LIABLITY [3 Mortgage Foreclosure: Commercial Quo Warranto El Dental 0 Partition Replevin Legal El Quiet Title Other: © Medical [3 Other: n Other Professional: Updated 1 /1/201] IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA NATIONAL COLLEGIATE STUDENT LOAN TRUST 2005 -1 CIVIL ACTION 1 CABOT ROAD 2ND FLOOR MEDFORD, MA 02155 -5117 Plaintiff VS. SHERIE ARIAS NO: « ' o`� ��J` ��� cTe 1729 WEATHERBURN DR_; NEW CUMBERLAND PA 17070 -2218 Defendant 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 - ATty C �f 600 P# ae94to5 Dice � � ed IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA NATIONAL COLLEGIATE STUDENT LOAN TRUST 2005 -1 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 -1, 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 $21,443.46. 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 $21,443.46 plus costs of suit and any other relief as the Court deems just and appropriate. Resp ful1v sub mitt Michael . Ratchfor squire Attorney I.D. Nos.•, 86285 120 N. Keyser Ave Scranton, PA 1804 mratchford @ea�- law.com Phone: 800 -503 -1665 Fax: 570 -558 -5511 VERIFICATION I, Michael F. Ratchford, attorney for Plaintiff, NATIONAL COLLEGIATE STUDENT LOAN TRUST 2005 -1, 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. 4 MAaef , Ratchford, Fs ire SHERIFF'S OFFICE OF CUMBERLAND COUNTY Ronny R Anderson _ Sheriff _ Jody S Smith x�t � srgr�fr�;, t1 t HE PROTHO'� G !ARYE ak frif . i� Chief Deputy � a 2013 MAY —3 PM '2-' 06 Richard W Stewart Solicitor ` EQFT � P Fr CUMBERLAND COUNTY PENNSYLVANIA National Collegiate Student Loan Trust 2005-1 vs. Case Number Sherie Arais 2013-2185 SHERIFF'S RETURN OF SERVICE 04/30/2013 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 Arais at 1729 Weatherburn Drive, Lower Allen, New Cumberland, A 17 70-2218. S AWN GUTSHALL, DEPUTY SHERIFF COST: $47.21 SO ANSWERS, May 01, 2013 4NZ ERSO N, SHERIFF (c)CountYSuite Sheriff,Teleosoft,Inc. James H. Turner, Esquire �¢QTAR TURNER AND O'CONNELL 1013 11�1 , 4701 North Front Street /j/0: S6 Harrisburg, PA 17110 y"BERL A 717/232-4551 telephone PENNS YL A OONT Y 717/232-2115 facsimile j htgturn era ndo con ne ll.com Attorney for defendant NATIONAL COLLEGIATE, IN THE COURT OF COMMON PLEAS STUDENT LOAN TRUST 2005-1, Plaintiff CUMBERLAND COUNTY, PENNSYLVANIA V. NO. 13-2185 CIVIL TERM SHERIE ARIAS, CIVIL ACTION - LAW Defendant NOTICE TO PLEAD TO: National Collegiate Student Loan Trust 2005-1, 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. 1 es H. Turner, Esquire TURNER AND O'CONNELL 4701 North Front Street Harrisburg, PA 17110 717/232-4551 telephone 717/232-2115 facsimile jht(a7,turnerandoconnell.com James H. Turner, Esquire TURNER AND O'CONNELL 4701 North Front Street Harrisburg, PA 17110 717/232-4551 telephone 717/232-2115 facsimile j htgturnerandoconne 11.com Attorney for defendant - NATIONAL COLLEGIATE, IN THE COURT OF COMMON PLEAS STUDENT LOAN TRUST 2005-1, Plaintiff CUMBERLAND COUNTY, PENNSYLVANIA V. NO. 13-2185 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. James H. Turner, Esquire TURNER AND O'CONNELL 4701 North Front Street Harrisburg, PA 17110 717/232-4551 telephone 717/232-2115 facsimile i htgtuni.erandocon.ne 1.1.com 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. n Date: -s �'�3 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 es H. Turner IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA ; NATIONAL COLLEGIATE STUDENT LOAN TRUST 2005-1, CIVIL DIVISION 175 Plaintiff: '� ' vs. n,. *7 •YS 6 NO: 13-2185 CIVIL TERM s' SHERIE ARIAS, -- 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. Deriied. The allegations contained in paragraph 8 of Defendant's New Matter are conclusions of law: 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 su ed, By: �dwin rahamsen&Associates, P.C. Michael F. Ratchford, Esquire Scott J. Best, Esquire Attorney I.D. No.: 86285/96300 120 N Keyser Avenue Scranton, PA 18504 (570) 558-5510 r i I i I i IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA NATIONAL COLLEGIATE STUDENT LOAN TRUST 2005-1, CIVIL DIVISION Plaintiff: vs. SHERIE ARIAS, NO: 13-2185 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 Bye Micha . Rat for , Esquire Scott J. Best, Esquire Attorney I.D. No.: 86285/93600 120 N Keyser Avenue Scranton, PA 18504 (570) 558-5510 / NOTE DISCLOSURE STATEMENT j 16.304.35 Borrower(s) SHERIE ARIAS 0271RI19 Loan No. Student: SHERIE ARIAS Date: January 27 2005 SHERIE ARIAS Leader Name and Address: 1729 WEATHER SURD DR PNC BANK NEWCUMBERLAND, PA 17070 210SIXTHAVE33RDFlOOR PITTSBURGH,PA 15265 This disclosure statement reinter to your Loan Note disbursed on January 27,2005 Because your Loan is either being disbursed or emering repayment,or the repayment terms are bring modified the following information about your Lain is being given to you. ANNUAL PERCENTAGE RATE FINANCE CHARGE Amount Financed Total of Payments The con of your credit as■ The dollar amount the credit The amount of eradit provided The amount you will have paid after yearly rate. will cost you. to you or on your bchalr. you have trade all payments seacduled. 7.663 % S 17.094.21 $ 15.000.00 $ 32.094.21 Your payment schedule will be: Number of Payments Amount of Payments When Payments arc due 27 $ 90,90 On the 27th day of each month beginning on 2/2005 1 23.91 05/05/2007 240 123.40 1 06105/2007 VARIABLE RATE:The Annual Percentage Rate,which is based on an index plus a margin,may increase during the tenn of the loan if the index rate increases.The index is(check one): Prime Rate Index Adjusted Monthly-The highest U.S.bank prime rate published in the"Money Rates'section of The Wall Street JOaraal on the last business day of each calendar month. C]Prime Rate Index Adjusted Quarterly-The highest US.bank prime rate published in the"Money Rates"section of The Wall Street Journal on the last business day of each calendar quancr. Q LIBOR Index Adjusted Quarterly-The average of the one-month London interbank Offered Rates published in the 'Money Rates'section of The Wall street Journal on the first business day of each of the three(3)calendar months immediately preceding the first day of each calendar quarter. Any increase in the index and the Annual Percentage Rate which occurs while principal payments art:deferred will increase the amount of any current and all future payments.Any increase in the index and the Annual Percentage Rate which occurs while principal and interest payments arc deferred will increase the amount of all future payments.Any increase in the index and the Annual Percentage Rate which occurs after you have begun to make principal and interest payments on your loan will increase the amount of your future principal and interest payments beginning with your next annual payment adjustment date.For example, assume you obtain a loan in your junior year,in the amount of 310.000.at an interest rate of 11%,and you defer principal and interest payments until after your graduation,and the repayment tern of the loan is 20 years.If the interest rate increased to 12% on January 1st of your senior year,the interest which accrues while principal and interest payments are deferred will increase by S 91-.0l.-and yourmonlhly principal and interest payments would increase by S 9.37. SECURITY:You have given a security interest in all refunds or amounts owed to you at any time by the student's educational institution.Collateral securing other loans with the Lender may also serum this Loan. LATE CHARGES:If a payment is more than 15 days late,you may be charged$5.00 or 5%of the payment,whichever is less.If you default,Lender(or any subsequent holder or any subsequent holder of your Loan 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 your 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. &lido=All numerical disclosures except the late payment discltmire are estimates. Principal Amount of Note(Amount Financed plots Prepaid Finance Charge) f 16304.35 Itemization of Amount Financed Amount paid to SHERIE ARIAS S 15.OD0.00 Amount paid to f Total Amount Financed S I S 000.00 Itemization of Prepaid Fmance Charge Origination Fee $ 1.304.35 Total Prepaid Finance Charges) S 1 304.35 ram"Itrmn to PNTUIO PNC National Collegiate Ugmd F le Copy r --— - — �— 1 From:7177377116 Page:2/4 Date:lr2D'2005 4:45:24 PM NON-IEOOTtABLE CREDIT AOREEUENT—THIS IS A CONSUM19t CREDIT TRANSACTION 7 T +�:y't, -' K< Vie+��u.„:..i:: � 'wiir�:JJµr?[::.:` �+ �+ tij�^:j. F •� �;`:.�� 1�.d;'.'SF•rf.-SS:'�',;.i�'7:.1... PNC National Coboate Ugfad Loan Academic Period:0112005.OWIMS Lender.PNC Be*NA School:TEMPLE UNIVERSITY Loan Amount Requested:$15000.00 Repayment Option:interest Only Repayment with Deferred Principal Deferral Period Margin:4.85 1tepaylnenl Period Margin:4.65 Loan OrigireUon Fee Percentage:8.00 0�...;..Q� . .. Fl`�N�It�F:[[O�1•SigeiiiE�e,'a,6{� 'y'sar�:os';6'g'$ .ter_ .--o:,::;,�:;.;-.: .:::.:;.:�;,.:.<.x„�+.,�. �,�, HOnower Name; Sharie Arias Home Addrew;1729 Weather awd Or New Cumbertfaftd,PA 17070 SOC181 Security M 16044 4861 Date of Birth:10/0811968 Home Telephone:7179798947 CtmsrA Emproyer.CLl)RCJLL HEALTH Empfayet Telepltorw;TIM18M current Poamon: Oiler Y�,ata TikrO;8 Yeah Yom et Prowtons Empbymwd: Allim y,child support'or oem ata lnabttiettanct•bwm[KS do nat liar+ro 00 r9MWd if ywt do not ward 11— consldtae i for repayblp this obllgaliam if yva aso mWg on such additkmi lricerr .pW=prorlds dateft ee s sopsr - shoat W paper. SWwM Cale sW(chock one ba* X]U.3.Clfvan Q EApibis Nan Ck1zm(Attarlf AeM d bed[aoyy d TN8 or sWdert vks conk Personal Re/ere[toe Nama Ca@1Y rti Rtdsnenoe Homo Tel a:tLs'A.MBMa Work Tel# Rob as pa S00et Atttfrt�: Rttftatartoe a �my af�>mane,I eertlfy that 1 bnc sad,tmdmaad and�to Qrc tome of ord mrdatal[C the ebtiaaderra let Ib18 On tU fotm(1)psja of tbb Lmn fleQoatltl+eB[ Apam=PCA4.0.CAWO.IODC.O?M r(}odt AaornMt'). 1 umim taad that w7 pawn[rho knewhq{y makes a JWK sat=1C. a w Mrs lbM b wldem CD pnoltlea,VAM may bcsttdc fines or.npriwvwvL TNa Cmdit Asmm ut h sfp W[ader soil. I wWaumd 4- T amts oqu ft M P10AW v w TWO tip electron”Wo C?0&Apwrj*w ad any telat it tmdoa that f*Wm sfanxmv– N 1 drooae to Mi my algubvc an Dmlip clmvartltally drh tScdit Ayoarurtt aM amr rda[o0 nosfpa trot rcgon a aipmtmo,l fmvW;M n0'flu[er Nahmk ddn we tu bo sm d=vo*dgaaCDo a dlv a plcebre fW=1 sad state law.(ii)way►at prbraovt a prlatout pf Larks:.eleevDVlo rcoDM of Ala Clank ARrwma[sl amd mlated netirss to LD an aisiod do:pm,, 9t)to cord-- badmas wil6 e,c Lender by elxnweie mw3*and c;o; mdc 0000 vos,ud 00 ll[d Ob Q'MH Apxmem will rat bo prep, by AM&3 of ere MOmm Comrnat:fsl Coda amd my obNptiow wrda"Cmd'rt Arxm=st will not be sutim m,but arty twwcr of np obligations will be set•Joa tk k 9 ordre Valtbms Cc tnWelsi Cods FOR ALABAMA RESIDENTS:CAUTION–11-IS IMPORTANT THAT YOU THOROUGHLY READ TBB CONTRASr BEFORE YOU SIGN rr. FOR WjSOONSU4-RSsroENTS--NOT{CE 7't)t:USTONwL. (s) DOPLOT SIGN THIS CREDIT AGREEMENT BEFORE YOU READ THE WRMKG ON TM FOLLOWING AbES.EVEN IF OTHERWISE ADVISED. (b) DO NOT SIGN THIS CREDIT AGREVAe,?r IF rr CONTAINS ANY BLANK SPACES. (e) YOU ARE BNTrnBD TO AN EXACT M'Y OF ANY AGREBIENT YOU SIGN. (d) YOU RAVE THE RIGHT AT ANY TIME TO PAY IN ADVANCE THE UNPAID BALANCE UNDER THIS CRMXT AGRF„AUXT AND YOU MAY Bit SNrrM&D TO A PAN TIAL REFUND OF THE FINANCE CHARGE. :��S1DIf`bEl: '1�7tll�rd�itws""Pana�utirilfvl`a'eeei nt,Ir7a"ome ar�'aE[w�i'r'aLhTtiriiia"t�s Gr-eool'"'�tn1�'�;FO:;;'�0?I�3:A�DF��t; ftnatune of Borrower PCAa MCRWo.IQDCXN Ptapa�D_ _CRWQ.F�CIYeAS_A1DZ1las14pdf [_ENDER COPY FNnao In this Credit Agreement,the words"I","me","my",and"mine"mean the person who owed in less than 20 years,in which case the Repayment Period will be the number of signed this Credit Agreement as Borrower.The words'you",'your",'yours",and months necessary to pay in full the amount I owe at the minimum payment. "Lender"mean PNC Bank,N.A.,its successors and assigns,and any other holder of D. INTEREST: this Credit Agreement."School"means the school named at the top of the first page of 1. Accrual—Beginning on the Disbursement Date,interest will be calculated at the this Credit Agreement. Variable Rate(Paragraph D.2)and charged on the Principal Sum,and on any unpaid A. PROMISE TO PAY: I promise to pay to you the principal sum of the Loan Amount interest later added to the Principal Sum according to Paragraph D.3.During the Requested shown on the first page of this Credit Agreement,to the extent it is Repayment Period,interest will be calculated at the Variable Rate and charged on the advanced to me or paid on my behalf,and any Loan Origination Fee added to my loan outstanding balance of this Credit Agreement until all amounts are paid in full.Interest (see Paragraph F)("Principal Sum"),interest on such Principal Sum,interest on any will be calculated on a daily simple interest basis. The daily interest rate will be equal unpaid interest added to the Principal Sum and late fees(see Paragraph E.7). to the annual interest rate in effect on that day,divided by the number of days in that B. IMPORTANT—READ THIS CAREFULLY: calendar year. 1. When you receive my signed Credit Agreement,you are not agreeing to lend me 2. Variable Rate—The"Variable Rate"is equal to the Current Index plus or minus a money.If you decide to make a loan to me,you will electronically transfer the loan Margin. The Margins for both the Deferment Period and the Repayment Period are funds to the School for me,mail a loan check to the School for me,or mail a loan shown on the first page of this Credit Agreement.In no event will the Variable Rate check directly to me.You have the right to not make a loan or to lend an amount less exceed the maximum interest rate allowed by the laws of the Commonwealth of than the Loan Amount Requested. I agree to accept an amount less than the Loan Pennsylvania.The Variable Rate will change quarterly on the first day of each Amount Requested and to repay that portion of the Loan Amount Requested that you January,April,July and October(the"Change Date(s)")if the Current Index changes. actually lend to me.You have the right to disburse my loan through an agent.At your The"Current Index"for any calendar quarter beginning on a Change Date(or for any option,you may also make any loan check co-payable to me and the School. shorter period beginning on the Disbursement Date and ending on the last day of a 2. HOW I AGREE TO THE TERMS OF THIS LOAN. By signing this Credit calendar quarter) is based on the one-month London Interbank Offered Rate Agreement,and submitting it to the Lender,I am requesting that you make this loan to ("LIBOR")as published in the"Money Rates"section of The Wall Street Journal.The me in an amount equal to the Loan Amount Requested plus any Loan Origination Fee index for each calendar quarter(or for any shorter period beginning on a Disbursement described in Paragraph F of this Credit Agreement. If you approve this request and Date and ending on the last day of a calendar quarter)will equal the average of the agree to make this loan,you will notify me in writing and provide me with a Disclosure LIBOR rates published on the first business day of each of the three(3)immediately Statement,as required by law,at the time the loan proceeds are disbursed.The preceding calendar months,rounded to the nearest one-hundredth percent(0.01%). If Disclosure Statement is incorporated herein by reference and made a part hereof. The Wall Street Journal is not published or the Current Index is not given on that date, The Disclosure Statement will tell me the amount of the loan which you have then the Current Index will be determined by using the immediately preceding approved,the amount of the Loan Origination Fee,and other important information. I published Current Index.If the Current Index is no longer available,you will choose a will let you know that I agree to the terms of the loan as set forth in this Credit comparable index. Agreement and in the Disclosure Statement by doing either of the following: 3. Capitalization—If I have elected the"Full Deferral"repayment option(the (a)endorsing or depositing the check that disburses the loan proceeds;or(b)using or applicable repayment option is stated on the first page of this Credit Agreement),I am allowing the loan proceeds to be used on my behalf without objection.Upon receipt of not obligated to make any payments until the loan enters the Repayment Period.You the Disclosure Statement,I will review the Disclosure Statement and notify you in will add unpaid accrued interest to the principal loan balance as of the last day of each writing if I have any questions. If I am not satisfied with the terms of my loan as calendar quarter(the last day of December,March,June and September)during the disclosed in the Disclosure Statement,I may cancel my loan. To cancel my loan,I will Deferment Period and at the end of my Deferent Period.Interest that is added to give you a written cancellation notice within ten(10)days after I receive the Disclosure principal is called"Capitalized"interest.Capitalized interest will be treated as principal. Statement. If loan proceeds have been disbursed,I agree that I will immediately In addition,if I am in default and the loan has been sold to TERI(see Paragraph LA 1), return the loan proceeds to you,will not endorse any check which disburses the loan TERI may capitalize accrued and unpaid interest as of the date it purchases my loan.I proceeds and will instruct the School to return any loan proceeds to you. If I give understand that you will add all accrued and unpaid interest to the principal balance of notice of cancellation but do not comply with the requirements of this Paragraph B.2, my loan as of the last day of the Deferent Period,at the end of any forbearance this Credit Agreement will not be canceled and I will be in default of this Credit period,and upon default(see Paragraph 1). Agreement. (See Paragraph I.) E. TERMS OF REPAYMENT: C. DEFINITIONS: 1. Deferent Period— If I have elected either the"Interest Only"repayment option or 1. "Disbursement Date"means the date or dates on which you lend money to me in the"Full Deferral"repayment option(the applicable repayment option is stated on the consideration for my Credit Agreement and will be the date(s)shown on any loan first page of this Credit Agreement),you will send me statements during the Deferent check you prepare or the date(s)you initiate any electronic funds transfer. Period(showing the total outstanding principal balance of my loan and the interest that 2.The"Deferent Period"will begin on the Disbursement Date and end on the has accrued on my loan). Statements will be sent to the address shown on your Deferent End Date. records. If I have elected the"Interest Only"repayment option,I agree to make 3."Deferent End Date"means the date specified below for the applicable loan payments each month during the Deferent Period equal to the accrued interest on program(the applicable loan program is stated on the first page of this Credit the outstanding balance of this Credit Agreement. If I have elected the"Full Deferral" Agreement). repayment option I may,but am not required to make payments during the Deferent (a)Underoraduate Alternative Loan Program: If I have elected the"Immediate Period.You will add any interest that I do not pay during the Deferent Period to the Repayment"option(the applicable repayment option is stated on the first page of this principal balance,as described in Paragraph D.3. Credit Agreement),there is no Deferent Period,and my first payment will be 30-60 2. Repayment Period—During the Repayment Period,you will send me monthly days after the disbursement of my loan. If I have elected the"Interest Only" statements that show the amounts of minimum monthly payments and the payment repayment option(the applicable repayment option is stated on the first page of this due dates.I will make consecutive monthly payments in amounts at least equal to Credit Agreement),then interest payments will begin 30-60 days after the such minimum monthly payments by the applicable payment due dates until I have disbursement of my loan,the"Deferent End Date"will be the date the Student paid all of the principal and interest and any other charges I may owe under this Credit graduates or ceases to be enrolled at least half-time in the School(or another school Agreement.If my loan is in paid-ahead status,I may,but will not be required to make participating in this loan program,and principal and interest payments will begin 30-60 monthly payments. days after that date.In any event,if I have elected the"Interest Only"repayment 3. Repayment Terms—My monthly payment will be established based on the rules in option,the Deferent End Date will be no more than 5 years after the Disbursement this Credit Agreement when my Repayment Period begins. My monthly payment Date.If I have elected the"Full Deferral"repayment option(the applicable repayment amount will be calculated as of the day the Repayment Period begins("Repayment option is stated on the first page of this Credit Agreement),then the"Deferent End Date").It will be recalculated(a)once each year prior to the anniversary of the Date"will be 180 days after the Student graduates or ceases to be enrolled at least Repayment Date,(b)if the Variable Rate changes between anniversaries of the half-time in the School(or another school participating in this Loan Program).In any Repayment Date to the extent that the amount of my monthly payment would not pay event,if I have elected the"Full Deferral"repayment option,the Deferent End Date in full the accrued monthly interest on my loan,(c)following any subsequent deferent will be no more than 5'%years after the Disbursement Date. or forbearance period or(d)following any request by the Borrower to the servicer to (b)Graduate Professional Education Loan Program:180 days after the Student change the monthly payment due date(each of which events is a new"Repayment graduates or ceases for any other reason to be enrolled at least half-time in the School Date").As of any Repayment Date,my monthly payment will be recalculated.My new (or another school participating in this Loan Program),but no more than 4%years after monthly payment amount will be disclosed to me by the servicer.The new monthly the Disbursement Date;provided,however,that if the Student begins a medical repayment amount will equal the amount necessary to pay in full,over the number of residency or internship during the Deferent Period,then the Deferment Period will months remaining in the Repayment Period,the amount I owe in equal monthly end 180 days after the day the residency or internship ends,but no more than 8% installments of principal and interest at the Variable Rate in effect at the time of the years after the Disbursement Date. calculation.I understand that this may result in a reduction or increase in my monthly 4.The"Repayment Period"begins the day after the Deferent Period ends.If there is payment as calculated as of each Repayment Date. I understand that during the no Deferent Period for my loan,the Repayment Period will begin when my loan is Repayment Period(and,if I have elected the"Interest Only"repayment option,during fully disbursed.The Repayment Period is 20 years unless monthly payments equal to the period of interest payments)the servicer may change the monthly payment due the minimum monthly payment amount(See Paragraph EA)will repay all amounts date of future payments to a later date for the convenience of the servicer in (W0222724.3)PC.04-05.CRW0.IODC.0204 2 of 4 processing payments or in order to coordinate the due dates of all of my loans exercise,or waive any of your rights on any occasion without losing your entitlement to processed by the servicer. exercise the right at any future time,or on any future occasion.You will not be 4. Minimum Repayment—Notwithstanding Paragraph E.3,I agree to pay at least$25 obligated to make any demand upon me,send me any notice,present this Credit each month during the Repayment Period or the unpaid balance whichever is less.I Agreement to me for payment or make protest of non-payment to me before suing to understand that I may pay more than my monthly payment at any time without penalty collect on this Credit Agreement if I am in default,and to the extent permitted by or charge.If my loan is in paid-ahead status,I may,but will not be required to make applicable law,I hereby waive any right I might otherwise have to require such actions. monthly payments. I WILL NOT SEND YOU PAYMENTS MARKED"PAID IN FULL","WITHOUT 5. Amounts Owing at the End of the Repayment Period—Since interest accrues daily RECOURSE"OR WITH OTHER SIMILAR LANGUAGE UNLESS THOSE PAYMENTS upon the unpaid principal balance of my loan,61 make payments after my payment ARE MARKED FOR SPECIAL HANDLING AND SENT TO THE ADDRESS due dates,I may owe additional interest. If I have not paid my late fees,I will also owe IDENTIFIED FOR SUCH PAYMENTS ON MY BILLING STATEMENT,OR TO SUCH additional amounts for those late fees.In such cases you will increase the amount of OTHER ADDRESS AS I MAY BE GIVEN IN THE FUTURE. my last monthly payment to the amount necessary to repay my loan in full. 4. 1 may not assign this Credit Agreement or any of its benefits or obligations.You 6. Payments—Payments will be applied first to late fees,other fees and charges, may assign this Credit Agreement at any time. accrued interest,and the remainder to principal. 5.The terms and conditions set forth in this Credit Agreement and Instructions and the 7. Other Charges-If any part of a monthly payment remains unpaid for a period of Disclosure Statement constitute the entire agreement between you and me. more than 15 days after the payment due date,I will pay a late fee not exceeding 6. If any provision of this Credit Agreement is held invalid or unenforceable,that $5.00 or 5%of the overdue payment amount,whichever is less.To the extent provision shall be considered omitted from this Credit Agreement without affecting the permitted by law,I agree to pay you all amounts you incur in enforcing the terns of validity or enforceability of the remainder of this Credit Agreement. this Credit Agreement,including reasonable collection agency and attorneys fees and 7. A provision of this Credit Agreement may only be modified if jointly agreed upon in court costs and other collection costs. writing by you and me.Any modification will not affect the validity or enforceability of F. LOAN ORIGINATION FEE: If you charge me,I will pay you a Loan Origination the remainder of this Credit Agreement. Fee at the time my loan is disbursed. The dollar amount of any Loan Origination Fee 8.To the extent permitted by law,you have the right to apply money from any of my will be determined by multiplying the sum of the Loan Origination Fee and the Loan deposit account(s)with you to pay all or a portion of any amount overdue under this Amount Requested,to the extent advanced to me,times the Loan Origination Fee Credit Agreement. I hereby authorize you to obtain from the School all amounts which Percentage shown on the first page of this Credit Agreement. The percentage would may be owed to me by the School,including any refund due to overpayment,early be higher if computed only on the amount advanced rather than the entire principal termination of enrollment,or otherwise. amount(Loan Origination Fee plus Loan Amount Requested). For example,a nominal 9. All dollar amounts stated in this Credit Agreement are in United States dollars. I will Loan Origination Fee of 6.5%on the entire principal amount would equal 6.9519%of make all payments in United States Dollars with no deduction for currency exchange. the amount advanced. The Loan Origination Fee I will pay,if any,will be shown on my 10. If I fail to complete the education program paid for with this loan,I am not relieved Disclosure Statement and will be added to the principal amount of my loan. To the of any obligation within or pursuant to this Credit Agreement. extent permitted by law,and unless I timely cancel this Credit Agreement(see 11. 1 acknowledge that the requested loan is subject to the limitations on Paragraph B.2),I will not be entitled to a refund of any Loan Origination Fee after my disc hargeability in bankruptcy contained in Section 523(a)(8)of the United loan has been disbursed. States Bankruptcy Code. Specifically,I understand that you have purchased a G. RIGHT TO PREPAY: I have the right to prepay all or any part of my loan at any guaranty of this loan,and that this loan is guaranteed by The Education time without penalty. Resources Institute,Inc.(`TERI"),a non-profit institution. 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)if:(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 Deferment 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.To the extent permitted by applicable law,upon default,you keep the copy I signed,I understand that under federal law the fax you receive will be may also capitalize any interest and fees(i.e.,add accrued and unpaid interest and an original of the first page of this Credit Agreement. You and I agree that all copies of fees to the principal balance),and increase the Margin used to compute the Variable this Credit Agreement(including the fax you receive and the copy I retain),taken Rate by two percentage points(2 9/6). together,shall constitute a single original agreement. J. NOTICES: 16. If I elect to sign electronically an electronic record of this Credit Agreement,then 1. 1 will send written notice to you,or any subsequent holder of this Credit Agreement, the following will apply as between Lender and me: (a)Lender will keep a non- within ten days after any change in my name,address,or enrollment status(for modifiable electronic record of this document and provide a copy to me upon request, example,if I withdraw from the School or transfer to another school participating in this (b)I can and have downloaded and/or printed a copy of this document for my records loan program). or notified the Lender to mail me a copy of this document,and(c)the Lender's 2. Any notice required to be given to me by you will be effective when mailed by first electronic record of this document and any printout from that record shall be an class mail to the latest address you have for me. original for all purposes,including any lawsuit to collect amounts that I owe. K. INFORMATION: 1. 1 must update the information I provided to you whenever you ask me to do so. 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). L. ADDITIONAL AGREEMENTS: 1. 1 understand that you are located in Pennsylvania and that this Credit Agreement will be entered into in the same state.CONSEQUENTLY,THE PROVISIONS OF THIS CREDIT AGREEMENT WILL BE GOVERNED BY FEDERAL LAW AND THE LAWS OF THE COMMONWEALTH OF PENNSYLVANIA,WITHOUT REGARD TO CONFLICT OF LAW RULES. 2.The proceeds of this loan will be used only for my educational expenses at the School. 3. My responsibility for paying the loan evidenced by this Credit Agreement is 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 Credit Agreement you may accept(a)late payments,(b)partial payments or(c) payments marked"paid in full"or with other restrictions.You may delay,fail to (WO222724 s)PC.04-05.CRWO.IODC.0204 3 of WISCONSIN RESIDENTS:For married Wisconsin residents,my signature on this M. DISCLOSURE NOTICES Credit Agreement confirms that this loan obligation is being incurred in the interest of ALL APPLICANTS: my marriage or family. No provision of any marital properly agreement(pre-marital IMPORTANT FEDERAL LAW NOTICE— agreement),unilateral statement under Section 766.59 or court decree under Section 766.74 adversely affects the interest of the Lender unless the Lender,prior to the time Important information about procedures for opening a new that the loan is approved,is furnished with a copy of the agreement,statement,or account: decree or has actual knowledge of the adverse provision when the obligation to the To help the government fight the funding of terrorism and money Lender is incurred.If the loan for which I am applying is granted,my spouse will also laundering activities,Federal law requires all financial institutions receive notification that credit has been extended to me. to obtain,verify,and record information that identifies each N. BORROWER'S CERTIFICATION: I declare under penalty of perjury under the person who opens an account laws of the United States of America that the following is true and correct.I certify that all information I provided to you in connection with this loan,including without What this means for you: limitation,the information contained in this Credit Agreement,is true,complete and When you open an account,we will ask for your name,address, coned to the best of my knowledge and belief and is made in good faith. 1 understand date of birth,and other Information that will allow us to identify that I am responsible for repaying immediately any funds that I receive which are not you.We may also ask to see your driver's license or other to be used or are not used for educational expenses related to attendance at the identifying documents. 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 CALIFORNIA RESIDENTS:I have the right to prohibit the use of information contained Contingent Loan,a Federal Consolidation Loan,a Federal Ford Direct Loan,or any in my credit file in connection with transactions not initiated by me. I may exercise this other education loan received for attendance at any school.The legal age for entering right by notifying the consumer credit reporting agency. A marred applicant may apply into contracts is 18 years of age in every state in the United States except the for a separate account. If you take any adverse action as defined by Section 1785.3 of following: Alabama and Nebraska(19 years old),and Mississippi and Puerto Rico(21 the California Civil Code and the adverse action is based,in whole or in part,on any years old). I certify that I meet these state age requirements. information contained in a consumer credit report,I have the right to obtain within 60 days a free copy of my consumer credit report from the consumer reporting agency who furnished you my consumer credit report and from any other consumer credit reporting agency which compiles and maintains files on consumers on a nationwide basis. I have the right as described by Section 1785.16 of the California Civil Code to dispute the accuracy or completeness of any information in a consumer credit report furnished by the consumer credit reporting agency. CALIFORNIA AND UTAH RESIDENTS:As required by California and Utah law,I am hereby notified that a negative credit report reflecting on my credit record may be submitted to a credit reporting agency if I fail to fulfill the terms of my credit obligations. IOWA,KANSAS,AND NEBRASKA RESIDENTS(For Purposes of the following notice,the word"you"refers to the Borrower,not the Lender):NOTICE TO CONSUMER. This is a consumer credit transaction.1.DO NOT SIGN THIS CREDIT AGREEMENT BEFORE YOU READ THIS CREDIT AGREEMENT. 2.YOU ARE ENTITLED TO A COPY OF THIS CREDIT AGREEMENT. 3.YOU MAY PREPAY THE UNPAID BALANCE AT ANY TIME WITHOUT PENALTY AND MAY BE ENTITLED TO A REFUND OF UNEARNED CHARGES IN ACCORDANCE WITH LAW. MARYLAND RESIDENTS:in Paragraph L.1,Lender and I have agreed that this Credit Agreement is governed by federal law and the taws of Pennsylvania,without regard to conflict of laws rules;if any court should nevertheless determine that this Credit Agreement is subject to Maryland laws concerning credit,then only to the extent that Maryland law applies,Lender and I agree and elect that this loan is made under and governed by Title 12,Subtitle 10,of the Commercial Law Article of the Annotated Code of Maryland,except as preempted by federal law. MISSOURI RESIDENTS:Oral agreements or commitments to loan money,extend credit or to forbear from enforcing repayment of a debt including promises to extend or renew such debt are not enforceable. To protect me(borrower(s))and 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,ads or practices(i) by you which are or may be permitted by"applicable law"are permitted by New Jersey law,and(ti)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. OH 10 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. (W0222724_3)PC.04-05.CRWO.I ODC.0204 4 of 4 i POOL SUPPLEMENT PNC BANK,N.A. 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 22,2004,as amended,by and between The First Marblehead Corporation("FMC")and PNC Bank,N.A.("Program Lender"). This Supplement is dated as of February 23, 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" sitor'),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 PNC Bank Alternative Conforming Loan described in the attached Schedule 2 ("the Transferred PNC Bank Alternative Loans")along with all of Program Lender's rights under the Guaranty Agreement relating to the Transferred PNC Bank Alternative Loans. The Depositor in turn will sell the Transferred PNC Bank Alternative Loans to The National Collegiate Student Loan Trust 2005-1 (the"Trust"). Program Lender hereby transfers and delivers to the Depositor each PNC Bank Alternative Note evidencing such PNC Bank Alternative Conforming Loan and all Origination Records relating thereto, in accordance with the terms of the Agreement. The Depositor hereby purchases said PNC Bank Alternative Notes on said terms and conditions. Article 2: Price. The amounts paid pursuant to this Supplement are the amounts set forth on Schedule 1 attached hereto. 4 Article 3: Rep Wan resentations and Waanties. I 3.0 1. By Progmm Lender. P_nogramiender-repeats the representations and warranties contained in Section 5.02 of the r Agreement for the benefit of each of the Depositor and the Trust and confirms the same are true and con-ect as of the date;hereof with respect to the Agreement and to this Supplement. 3.02. By D sitor. The Depositor hereby represents and warrants to the Program Lender that at the date of execution and delivery of this Supplement by the Depositor: (a) The Depositor is duly organized and validly existing as a limited liability company 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 PNC Bank Alternative Loans. } f (b) The Depositor is duly qualified to do business and has obtained all necessary licenses and approvals,in all jurisdictions it!which the ownership or lease of property or the conduct of its business shall require such qualifications. (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 PNC Bank 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 by the Depositor by all necessary action on the part of the Depositor. (d) This Pool Supplement,together with the Agreement of which this Supplement forms a 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 pro%isions 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 j 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 4 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. Article 4: Cross-Receipt. Program Lender hereby acknowledges receipt of the Minimum Purchase Price_ The Depositor hereby acknowledges receipt of the Transferred PNC Bank Alternative Loans included in the Pool. I Article 5: Assimment of Origination_Guaranty and Servicing Rights. Program Lender hereby assigns and sets over to Depositor any claims it may now or hereafter have under the Guaranty Agreement,the Origination Agreement,and the Servicing Agreement to the extent the same relate to the Transferred PNC Bank 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 Depositor any claim of Program Lender relating to defects in origination,guaranty,or servicing of the loans purchased hereunder in order to permit Depositor to assert such claims directly and obviate any need to make the same claims against Program Lender under this Supplement. -2- fN XN'IT\ESS WHEREOF, the parties have caused this Supplement to be executed as of the date set forth above. s THE FIRST MARBLEHEAD CORPORATION By: Name: Jo _ HupJV Title: ecu ve Vice President PNC BANK,N.A. By: Name: Title: THE NATIONAL COLLEGIATE FUNDING LLC By: GATE Holdings,Inc.,Member By: Name: Title: i i -3 - i j I'N WITNESS WHEREOF,the parties have caused this Supplement to be executed as of the date set forth above. 7 i THE FIRST MARBLEHEAD CORPORATION By: Name: Title: PNC BANK,N. . i By. Name: bOHN J. PETERS Title: SENIOR VICE PRESIDENT THE NATIONAL COLLEGIATE FUNDING LLC By. GATE Holdings, Inc., Member By: Name: Title: j I I ' I -3 - i 4 f 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:John A. Hupalo I Title: Executive Vice President PNC BANK,N.A. By Name: Title: THE NATIONAL COLLEGIATE FUNDING LLC By: GATE Holdings, Inc., Member 3 By: 1 Name: ePhen Anbincler Title: President GATE Holdings, Inc. i i i i I � I i i i I i i - 3 - i