LISTING SUPPLEMENT $189000000 Class A-1 Notes $342100000 ...
LISTING SUPPLEMENT $189000000 Class A-1 Notes $342100000 ...
LISTING SUPPLEMENT $189000000 Class A-1 Notes $342100000 ...
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
Collect and maintain records of all payments of trust student loans;<br />
Collect all payments required under the terms and provisions of the trust student<br />
loans as and when the payments become due, and remit the payments received on<br />
each trust student loan to the indenture trustee monthly;<br />
Respond to inquiries and communications from borrowers regarding their student<br />
loans;<br />
Ensure the safekeeping of loan documents delivered to PHEAA relating to the<br />
trust student loans in accordance with procedures that PHEAA has established for<br />
those purposes;<br />
Furnish each trust with a monthly report of collections; and<br />
Reproduce, at PHEAA’s own cost and expense, from microfilm duplicates in<br />
PHEAA’s possession, records or data submitted to PHEAA for processing should<br />
the records or data be lost or damaged while in the possession, control or custody<br />
of PHEAA or its agents.<br />
Servicing Compensation. PHEAA will be entitled to receive from each trust a monthly<br />
fee for its services in an amount specified in the related prospectus supplement.<br />
Reporting Obligations. PHEAA will furnish each trust with copies of all material<br />
reports, records and other documents and data as required by law or as otherwise required by the<br />
servicing agreement. Each trust will provide copies of all of these documents and data to the<br />
administrator and the indenture trustee.<br />
All records and reports relating to the servicing of the trust student loans are subject to<br />
review, audit and copying by each trust, its designated representative and external and internal<br />
auditors, at PHEAA’s principal office.<br />
Termination by the Trust. The servicing agreement may be terminated at the direction of<br />
the indenture trustee, upon the occurrence of any of the following:<br />
(a) Any of the representations and warranties made in or pursuant to the servicing<br />
agreement is not true or is erroneous in any material respect;<br />
(b) PHEAA fails to perform or observe any of the provisions or covenants set forth in<br />
the servicing agreement in any material respect;<br />
(c) PHEAA discontinues business, generally does not pay its debts as the debts<br />
become due, makes a general assignment for the benefit of creditors, admits by answer, default<br />
or otherwise the material allegations of petitions filed against it in any bankruptcy,<br />
reorganization, insolvency or other proceedings relating to relief of debtors, suffers or permits to<br />
continue unstayed and in effect for thirty (30) consecutive days, any judgment, which approves a<br />
petition seeking reorganization or appoints a receiver, custodian, trustee, interim trustee or<br />
17