FLORIDA DEPARTMENT OF EDUCATION OFFICE OF STUDENT FINANCIAL ASSISTANCE FLORIDA FEDERAL FAMILY EDUCATION LOAN PROGRAM LENDING INSTITUTION PARTICIPATION AGREEMENT
EXHIBIT 10.22
FLORIDA DEPARTMENT OF EDUCATION
OFFICE OF STUDENT FINANCIAL ASSISTANCE
FLORIDA FEDERAL FAMILY EDUCATION LOAN PROGRAM
LENDING INSTITUTION PARTICIPATION AGREEMENT
This Agreement is entered into for the purpose of participation in the Florida Guaranteed Loan Programs. The Bank of New York, solely in its capacity as eligible lender trustee (Lender #833872) for Student Loan Consolidation Center Student Loan Trust — I (“Lender”) and without recourse to assets held by the eligible lender trustee other than those held in trust.
WHEREAS, eligible lender trustee other than those held in trust hereinafter referred to as the “Lender”, wishes to be able to secure loan insurance on loans made to or on behalf of students pursuing programs of postsecondary education pursuant to Title IV, Part B, of the Higher Education Act of 1965, as amended, hereinafter referred to as the “Act”, and
WHEREAS, The Florida Department of Education, hereinafter referred to as the “Department”, has qualified for reinsurance of such loans and having found the Lender qualifies as an eligible lender under the provisions of the Act, the applicable parts of Title 34 of the Code of Federal Regulations (hereinafter referred to as “Federal Regulations”), Florida Statutes and the Rules of the State Board of Education (hereinafter referred to as “SBE Rules”), wishes to encourage the holding and originating of such loans by the Lender.
NOW THEREFORE, it is agreed that:
| 1. | Within such limits as may be set by the Act, Federal Regulations, Florida Statutes and SBE Rules, the Department shall fully guarantee all loans held and originated by the lender which are reinsurable under Act and Federal Regulations. The Act, the applicable Federal Regulations, the applicable Florida Statutes and SBE Rules are a part of this Agreement. |
| 2. | In making or servicing guaranteed loans to or on behalf of eligible borrowers, the Lender will assist them in securing such reductions in their obligations to pay interest on loans made by the Lender as they may be eligible to receive under the Act and Federal Regulations. |
| 3. | Due diligence in making, servicing, and collecting Florida guaranteed loans will be provided by the Lender as specified by Federal Regulations and SBE Rules. |
| 4. | The Lender will maintain transaction records and reports in such form and containing such information as the Department requires, and will afford access thereto as the Department or its authorized representatives may find necessary to assure correctness and to verify such records and reports. |
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| 5. | The Department will supply the Lender with all forms and informational materials as are necessary to perform the requirements set forth by this Agreement. Any addition, substitution, or alteration of forms provided by the Department must be approved, in advance of their use, by the Department. |
| 6. | The Lender will provide notification to the Department when it acquires a loan for which the Department has issued a notice of loan guarantee. Regarding a guaranteed loan already held by the Lender, in order for a loan account to remain subject to the Department’s guarantee obligation, the loan may be transferred only to another approved lender or eligible holder of Florida Guaranteed loans. |
| 7. | Payment of a note may be extended in whole or in part, and the provisions of the note may be modified without notice to and without affecting the liability of the Department, if such extension or modification complies with the requirements for notes under this Agreement, Federal Regulations and SBE Rules. |
| 8. | The Lender will notify the Department of any servicing or management of the Lender’s guaranteed loan portfolio performed by an agent(s) other than the holder of record. |
| 9. | Whenever any guaranteed note shall be in default, or upon the death or total and permanent disability of a borrower, or upon adjudication in bankruptcy, the Department will, upon receipt of a properly documented claim from the Lender, purchase the total amount of principal and interest then due and owing to the Lender, in accordance with Federal Regulations and SBE Rules. |
| 10. | The Department shall maintain on deposit with the State Treasurer of Florida or State Board of Administration funds or negotiable securities representing no less than two percent (2%) of the total unpaid principal amount of all guarantees issued by the Department or the guaranteed portion of unpaid principal of all notes previously guaranteed by the Department exclusive of such portion as may have been reinsured or guaranteed by the United States of America or an agency, department, or instrumentality thereof. A statement of such funds and securities as of the close of the latest state fiscal year shall be furnished to the Lender upon request. |
| 11. | The Lender represents that the Lender is not currently the object of any directive issued by the U.S. Department of Education or any state or federal agency which has the potential to limit, suspend or terminate the Lender’s eligibility to participate in the guaranteed loan programs. Further, the Lender will notify the Department on the same day it receives any such directives while this Agreement is in effect. |
| 12. | The Lender will not enter into any formal or informal agreement with any school regarding the availability of Florida guaranteed loans, and will not provide to or accept financial inducements from any school for making Florida guaranteed loans available to students attending a school. |
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| 13. | The Lender shall not discriminate nor deny equal opportunity on the basis of race, religion, sex, creed, national origin, marital status, or veteran status in any decision material to participation in the Florida Guaranteed Loan Programs, such as but not limited to, loan eligibility determinations, or approval of deferments, forbearance’s, repurchases and loan consolidation or refinancing. |
| 14. | As a condition to the obligation of the Department herein, the Lender agrees to comply with all laws, rules, and regulations, currently in effect and as may be amended during the term of this Agreement, that are applicable to the transactions and loans which are to be guaranteed. |
| 15. | This Agreement shall apply only to loans made after the date of execution by the Department and may be terminated by the Lender by providing written notice to the Department thirty (30) days in advance of the termination date. If the Department intends to terminate this Agreement, the Department will establish the termination date in accordance with the provisions set forth in Federal Regulations and SBE Rules. The termination of this agreement shall not affect the coverage of loans guaranteed prior to such termination. |
| 16. | The Lender shall provide to the Department a Secretary’s or Cashier’s Certificate and a Certificate of Incumbency and Authenticity of Signatures, in the formats set out in Attachments 1 and 2, which are incorporated in and made a part of this Agreement by reference, or in a substantially equivalent format. |
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IN WITNESS WHEREOF, the parties have caused this instrument (which constitutes the entire Agreement of the parties and which shall not be amended except in writing or as stated herein) to be executed by their duly authorized officers.
FOR THE LENDER
As an officer of this lending institution, I agree that this institution and its representatives will comply with all laws, program regulations, and rules under this Agreement.
The Bank of New York as eligible lender trustee for Student Loan Consolidation Center Student Loan Trust — I.
| /s/ Xxxxxx Xxxxxx | 2/15/02 | |
| Signature of Official | Date | |
| Agent | ||
| Typed Name of Official |
FOR THE DEPARTMENT
| /s/ Xxxxxx Xxxxxx | 3/8/02 | |
| Xxxxxx X. Xxxxxx, Director | Date | |
| Policy, Training and Compliance | ||
| Florida Department of Education | ||
| Office of Student Financial Assistance |
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Attachment 1
|
(Bank Letterhead) | (SUGGESTED FORMAT AND STYLE ONLY) |
SECRETARY’S OR CASHIER’S CERTIFICATE
I hereby certify that the following is a true and exact copy of a Resolution adopted by the (Board of Directors or appropriate management committee or board committee in accordance with the By-laws) of , at its
(regular or Special) meeting held . |
RESOLVED, That ,
shall become a participating lender in the Florida Guaranteed Loan Programs administered by the Florida Department of Education, and such loans as are made by the lender to be insured as to payment of principal and interest by the Florida Department of Education, and
FURTHER RESOLVED, That
, |
Subject to legal review by ,
Counsel of pertinent contractual agreements provided by the Florida Department of Education desires to lend up to $ annually under the terms and conditions for such loans set forth in the loan policy of the Bank, and
FURTHER RESOLVED, That
is hereby authorized to execute a Lending Institution Participation Agreement by and between
, and the Florida Department of Education
Name of Lending Institution
FURTHER RESOLVED, That
and
are authorized to sign on documents for
under the Florida Guaranteed Loan Program administered by the Florida Department of Education.”
Signed and dated at _________________, _______________, ___________, _______________
(City) (County) (State) (Date)
(Institution’s Seal)
(CEO Name) (Title)
Attachment 2
|
SUGGESTED FORMAT AND STYLE ONLY |
(Bank Letterhead)
NAME OF LENDING INSTITUTION
CERTIFICATE OF INCUMBENCY AND AUTHENTICITY OF SIGNATURES
I, , Vice President & Cashier of NAME OF LENDING INSTITUTION, CITY, COUNTY, STATE, do hereby certify that the following persons whose signatures appear below are duly elected and serving officers of the NAME LENDING INSTITUTIONS, and are authorized to sign on documents for the NAME OF LENDING INSTITUTION under the Florida Guaranteed Loan Programs administered by the Florida Department of Education.
| (Name) | (Title) | |
| (Signature) | ||
| (Name) | (Title) | |
| (Signature) |
Signed and dated at _________________, _______________, ___________, _______________
(City) (County) (State) (Date)
(Institution’s Seal)
Vice President & Cashier
TRUSTEE’S CERTIFICATE
I, Xxxxxx X. Xxxxxxx, as agent of The Bank of New York (the “Trustee”), DO HEREBY CERTIFY as follows:
| 1. | The Trustee is a banking corporation organized and existing under the laws of the State of New York and has been granted authority under said laws to exercise fiduciary powers, as evidenced by the Certificate of the Office of the Banking Department of the State of New York attached hereto as Exhibit A, which Certificate remains in full force and effect as of the date hereof. | |||
| 2. | Under the bylaws of the Trustee, any officer is authorized to accept appointments as eligible lender trustee, and the Trustee has, as of the date hereof, accepted its appointment as Trustee under, and the trusts imposed upon it by “An Eligible Lender Trust Agreement dated as of March 1, 2002” and is hereby authorized to execute a Lending Institution Participation Agreement with the Florida Department of Education. | |||
| 3. | Xxxxxx Xxxxxx and Xxxxxx X. Xxxxxxxx as Agents of the Trustee, are authorized to execute on behalf of the Trustee any and all documents that relate to the Trustee and as may be required. | |||
| 4. | The signature of Xxxxxx Xxxxxx and Xxxxxx X. Xxxxxxxx set forth opposite their names and titles below are genuine signatures: | |||
| Xxxxxx Xxxxxx | /s/ Xxxxxx Xxxxxx | |||
| Agent | ||||
| Xxxxxx X. Xxxxxxxx | /s/ Xxxxxx X. Xxxxxxxx | |||
| Agent | ||||
| 5. | The Agents named in this Certificate are duly appointed Agents of the Trustee, who are now in office and are authorized to perform the acts mentioned above on behalf of the Trustee as evidenced by certified extracts of the bylaws of the Trustee attached hereto as Exhibit B. |
IN WITNESS WHEREOF, I have executed this certificate and affixed the seal of The Bank of New York for delivery on the 1st day of March 2002.
| Agent | ||
| (SEAL) |
EXHIBIT A
CERTIFICATE OF THE OFFICE OF THE
BANKING DEPARTMENT OF THE STATE OF NEW YORK
STATE OF NEW YORK
BANKING DEPARTMENT
I, P. XXXXXXX XXXXXX, Deputy Superintendent of Banks of the State of New York, DO HEREBY CERTIFY:
THAT, THE BANK OF NEW YORK, is a corporation duly organized and existing under the laws of the State of New York and has its principal office and place of business as Xxx Xxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx. Such corporation is validly existing as a banking organization under the Banking Law of the State of New York. The authorization certificate of such corporation has not been revoked or suspended and such corporation is a subsisting trust company under the supervision of this Document.
WITNESS, my hand and official seal of the Banking Department at the City of New York, this 15th day of June in the Year Two Thousand and One.
| /s/ P. Xxxxxxx Xxxxxx | ||
| Deputy Superintendent of Banks |
State of New York
Banking Department
State of New York
Banking Department
I, XXXXXX XXXXXX, Deputy Superintendent of Banks of the State of New York, DO HEREBY CERTIFY:
THAT, the records in the Office of the Superintendent of Banks indicate that THE BANK OF NEW YORK is a corporation organized by Special Act of the New York State Legislature, Chapter 616 of the Laws of 1871, under the name “MUTUAL BENEFIT LIFE POLICY LOAN AND TRUST COMPANY OF NEW YORK”; and
THAT, THE BANK OF NEW YORK is authorized to transact a trust and banking business in the State of New York and is operating under the supervision of this Department in accordance with Article III of the New York State Banking Law; and
THAT, there were subsequent changes of its corporate title to COMMERCIAL TRUST COMPANY in 1884 and to NEW YORK AND LONDON TRUST COMPANY in 1900. Chapter 356 of the Laws of 1904 placed NEW YORK AND LONDON TRUST COMPANY under the supervision of the Superintendent of Banks. On October 28, 1905 the name was changed to COLUMBIA TRUST COMPANY; and
THAT, on June 5, 1912 the name was changed to COLUMBIA-XXXXXXXXXXXXX TRUST COMPANY by merger of KNICKBOCKER TRUST COMPANY into COLUMBIA TRUST COMPANY; and
THAT, effective August 1, 1914, the name was changed from COLUMBIA-XXXXXXXXXXXXX TRUST COMPANY to COLUMBIA TRUST COMPANY by Order of Court, a certified copy of which was filed in the Office of the Superintendent of Banks on June 23, 1914; and
THAT, on February 7, 1923 the name was changed to IRVING BANK-COLUMBIA TRUST COMPANY by merger of IRVING BANK, NEW YORK into COLUMBIA TRUST COMPANY; and
THAT, on September 17, 1926 the name was changed to IRVING BANK AND TRUST COMPANY by merger of NATIONAL BUTCHERS & DROVERS BANK OF THE CITY OF NEW YORK into IRVING BANK-COLUMBIA TRUST COMPANY; and
THAT, on December 11, 1926 the name was changed to AMERICAN EXCHANGE IRVING TRUST COMPANY by merger of THE AMERICAN EXCHANGE-PACIFIC BANK into IRVING BANK AND TRUST COMPANY; and
THAT, the name was changed to IRVING TRUST COMPANY by a Certificate filed in the Office of the Superintendent of Banks on February 1, 1929; and
THAT, the name was changed from IRVING TRUST COMPANY to its present title of THE BANK OF NEW YORK on October 6, 1989, by absorbing THE BANK OF NEW YORK; and
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State of New York
Banking Department
THAT, the following amendments to its charter were filed in the Office of the Superintendent of Banks, as of the dates specified:
Certificate Changing Name of NEW YORK AND LONDON TRUST COMPANY to COLUMBIA TRUST COMPANY — filed October 31, 1905
Agreement of Merger of XXXXXXXXXXXXX TRUST COMPANY into COLUMBIA TRUST COMPANY under the name of COLUMBIA-KNICKBOCKER TRUST COMPANY - filed June 5, 1912
Verified transcript of Proceedings to Increase Number of Directors - filed July 10, 1912
Supreme Court Order Directing Change of Name of COLUMBIA-XXXXXXXXXXXXX TRUST COMPANY to COLUMBIA TRUST COMPANY - filed June 23, 1914
Certificate of Increase of the Amount of Capital Stock — filed December 4, 1916
Certificate of Increase of the Amount of Capital Stock — filed January 30, 1923
Agreement of Merger of IRVING BANK, NEW YORK into COLUMBIA TRUST COMPANY under the name of IRVING BANK-COLUMBIA TRUST COMPANY — filed February 7, 1923
Certificate of Increase of the Amount of Capital Stock — filed September 17, 1926
Agreement of Merger of THE NATIONAL BUTCHERS & DROVERS BANK OF THE CITY OF NEW YORK into IRVING BANK-COLUMBIA TRUST COMPANY under the name of IRVING BANK AND TRUST COMPANY — filed September 17, 1926
Certificate of Increase of the Amount of Capital Stock — filed December 2, 1926
Agreement of Merger of THE AMERICAN EXCHANGE-PACIFIC BANK into IRVING BANK AND TRUST COMPANY under the name of AMERICAN EXCHANGE IRVING TRUST COMPANY — filed December 11, 1926
Certificate of Increase of the Amount of Capital Stock — filed June 15, 1928
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State of New York
Banking Department
Certificate of Increase of Number of Directors — filed January 9, 1929
Certificate of Change of Name of AMERICAN EXCHANGE IRVING TRUST COMPANY to IRVING TRUST COMPANY — filed February 1, 1929
Certificate of Increase of the Amount of Capital Stock, Reduction of Par Value of Shares and Increase of Number of Shares — filed April 17, 1929
Certificate of Decrease of Number of Directors — filed January 22, 1932
Certificate of Decrease of Number of Directors — filed January 17, 1934
Certificate of Change of Provisions Relating to the Number of Directors — filed January 19, 1938
Certificate of Amendment of Certificate of Incorporation to Increase Capital Stock — filed January 30, 1958
Certificate of Amendment of Certificate of Incorporation to Increase Capital Stock — filed January 29, 1959
Certificate of Amendment of Certificate of Incorporation to Increase Capital Stock — filed January 28, 1960
Certificate of Amendment of Certificate of Incorporation to Increase Capital Stock — filed January 26, 1961
Certificate of Amendment of Certificate of Incorporation to Increase Capital Stock — filed February 1, 1962
Certificate of Amendment of Certificate of Incorporation to Increase Capital Stock — filed January 31, 1963
Certificate of Amendment of Certificate of Incorporation to Increase Capital Stock — filed January 30, 1964
Certificate of Amendment of the Organization Certificate to Increase Capital Stock — filed March 29, 1965
Certificate of Amendment of the Organization Certificate to Increase Capital Stock — filed August 11, 1966
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State of New York
Banking Department
Certificate of Amendment of the Organization Certificate to Increase Capital Stock — filed August 2, 1967
Certificate of Amendment of the Organization Certificate to Increase Capital Stock — filed January 17, 1968
Certificate of Amendment of the Organization Certificate to Increase Capital Stock — filed February 25, 1972
Certificate of Amendment of the Organization Certificate to Increase Capital Stock — filed October 31, 1977
Certificate of Amendment of the Organization Certificate for a change in the number of Directors — filed September 17, 1979
Certificate of Amendment of the Organization Certificate to Increase Capital Stock — filed December 28, 1979
Certificate of Amendment of the Organization Certificate to Increase Capital Stock — filed June 3, 1981
Certificate of Amendment of the Organization Certificate to Increase Capital Stock — filed December 22, 1982
Certificate of Amendment of the Organization Certificate to Increase Capital Stock — filed March 4, 1988
Certificate of Amendment of the Organization Certificate to Increase Capital Stock — filed April 21, 1988
Certificate of Effectiveness of (the merger and) change of name of IRVING TRUST COMPANY to THE BANK OF NEW YORK, when THE BANK OF NEW YORK merged into IRVING TRUST COMPANY — filed October 6, 1989
Certificate of Amendment of the Organization Certificate to increase Capital Stock — filed December 30, 1991
Certificate of Amendment of the Organization Certificate to increase Capital Stock — filed December 31, 1992
Certificate of Amendment of the Organization Certificate to increase Capital Stock — filed November 20, 1996; and
THAT, no amendments to its Organization Certificate have been filed in the Office of the Superintendent of Banks except those set forth above; and
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State of New York
Banking Department
I DO FURTHER CERTIFY THAT, THE BANK OF NEW YORK, the principal office of which is located at Xxx Xxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx, is a continuation of the entity and identity of “MUTUAL BENEFIT LIFE POLICY LOAN AND TRUST COMPANY OF NEW YORK”, and has not been dissolved.
WITNESS, my hand and official seal of the Banking Department at the City of New York, this 18th day of September in the Year of Our Lord One thousand nine hundred and ninety-eight
| /s/ Xxxxxx Xxxxxx | ||
| Deputy Superintendent of Banks |
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EXHIBIT B
CERTIFIED EXTRACTS OF THE BYLAWS OF THE TRUSTEE
CORPORATE TRUST DIVISION
OFFICIAL SIGNING POWER AUTHORITY
Pursuant to Article 6, Section 6.2 and Section 6.3 of the By-Laws of The Bank of New York. I hereby convey to the following officers of The Bank of New York Trust Company of Florida, N.A., the signing authorities noted, in their capacity as Agent of The Bank of New York:
| SIGNING POWER | ||
| NAME | AUTHORITY | |
Xxxxxxx Xxxxxxx
|
Section 6.3A. 6.3J | |
Xxxxxx Xxxxxxxx
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Section 6.3A. 6.3J | |
Xxxxxxxxx Xxxx
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Section 6.3A. 6.3J | |
Xxxx Xxxxx
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Section 6.3A. 6.3J | |
Julz Xxxxxxx
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Section 6.3A. 6.3J | |
Xxxxxx X. Xxxxxxxx
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Section 6.3A. 6.3J | |
Xxxxxx Xxxxx
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Section 6.3A. 6.3J | |
Xxxxx Xxxxxxxx
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Xxxxxx Xxxxxxx
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Section 6.3A. 6.3J | |
Xxxxxxxxx Xxxx
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Xxxxxx Xxxxxxx-Xxxxx
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Section 6.3A. 6.3J | |
Xxxxxxxxx Xxxxxx
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Section 6.3A. 6.3J | |
Xxx X. Xxxxxx
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Section 6.3A. 6.3J | |
Xxxxx Xxxx
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Section 6.3A. 6.3J | |
Xxxxxx Xxxxxx
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Section 6.3A. 6.3J | |
Xxxxxx Xxxxx
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Section 6.3A. 6.3J | |
Xxxx X. Xxxxxxxxxx
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Section 6.3A. 6.3J | |
Xxxxxxx Xxxx
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Xxxxxx Xxxxx
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Section 6.3A. 6.3J | |
Xxxxx X. XxXxxxxxx
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Section 6.3A. 6.3J | |
Xxxxxx X. Xxxxxxxx
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Section 6.3A. 6.3J | |
Xxxxxxxx Xxxxxxxx
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Section 6.3A. 6.3J | |
Xxxxxxx X. Xxxxxx, XX
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Section 6.3A. 6.3J | |
Xxxxxx Papelbon
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Section 6.3A. 6.3J | |
Xxxxx Xxxxxxxxx
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Xxxxxxx Xxxxxxxxx
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Xxxxxxxxx Xxxxxx
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Xxxxx X. Xxxxxxxxxxxx
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Xxxxxxx Xxxxx
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Xxxxxx Xxxxxxx
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Xxxxxx Xxxxxxxxx
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Xxxxxxxxx X. Xxxxxx
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Xxxxxxxxx Xxxxx
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Xxxxxx Xxxxxx
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Xxxxx Xxxxx
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Section 6.3A. 6.3J | |
Xxxxxxx Xxxx
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Section 6.3A. 6.3J | |
Xxxxx Xxxxxx
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Section 6.3A. 6.3J |
| SIGNING POWER | ||
| NAME | AUTHORITY | |
Xxxxxxx X. Xxxx
|
Section 6.3A. 6.3X | |
Xxxx X. Xxxxx
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Section 6.3A. 6.3J | |
Xxxxx Xxxxxx
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Section 6.3A. 6.3J | |
Xxxxxx Xxxx
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Section 6.3A. 6.3J | |
Xxxxx Xxxx
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Xxxx Xxxxxx
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Xxxxxxx Xxxxx
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Xxxx Xxx Xxxxxx
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Xxxxx Xxxx
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Xxxxxxx Xxxxxx
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Xxxxx Xxxxxxx
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Section 6.3A. 6.3J | |
Xxxx Xxxxxxxx
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Section 6.3A. 6.3J | |
Stefan Victory
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Section 6.3A. 6.3J | |
Xxxxxxxx X. Xxxxxx
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Section 6.3A. 6.3J | |
Xxxxx Xxxxxxx
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Xxxxx Xxxxxxx
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Xxxxxx Xxxxxxxx
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Xxxxxxx Xxxxxxx
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Xxxxx Xxxxx
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Section 6.3A. 6.3J | |
Xxxxxxx X. Xxxx
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Section 6.3A. 6.3J | |
Xxxxx X. Xxxxxx
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Section 6.3A. 6.3J | |
Xxxxx Xxxx
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Section 6.3A. 6.3J | |
Xxxxxx Xxxxxx
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Section 6.3A. 6.3J | |
Xxxxx X. Xxxxxxx
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Section 6.3A. 6.3J | |
Xxxxx Xxxx
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Section 6.3A. 6.3J | |
Xxxxxxx XxXxxxx
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Section 6.3A. 6.3J | |
Xxxxxx Xxxx
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Section 6.3A. 6.3J | |
Xxxxxx Xxxxxxx
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Section 6.3A. 6.3J | |
Xxxxxxxx Xxxxxxx
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Section 6.3A. 6.3J | |
Xxxxx XxXxxxx
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Xxxxx Xxxxxxxx
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Section 6.3A. 6.3J | |
Xxxxxxx X. X’Xxxxxxx
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Section 6.3A. 6.3J | |
Xxxxx Xxxxxxx
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Section 6.3A. 6.3J | |
Xxxxx Xxxxxxx
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Section 6.3A. 6.3J | |
Xxxxx Xxxxxxx
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Section 6.3A. 6.3J | |
Xxxxx Xxxxx
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Section 6.3A. 6.3J | |
Xxxxxxx X. Xxxxxxxx
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Section 6.3A. 6.3J | |
Xxxxx Xxxxxxx
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Section 6.3A. 6.3J | |
Xxxx Xxxxxxx |
| Xxxxxx X. Xxxxx | ||
| Senior Executive Vice President |
EXHIBIT 5
SIGNING AUTHORITIES
Extracts from By-Laws
of
THE BANK OF NEW YORK
ARTICLE VI
As amended through July 11, 2000
SECTION 6.1 Real Property
Real property owned by the Bank in its own right shall not be deeded, conveyed, mortgaged, assigned or transferred except when duly authorized by a resolution of the Board. The Board may from time-to-time authorize officers to deed, convey, mortgage, assign or transfer real property owned by the Bank in its own right with such maximum values as the Board may fix in its authorizing resolution.
SECTION 6.2 Senior Signing Powers
Subject to the exception provided in Section 6.1, the Chairman, the President, any Vice Chairman of the Board, any Senior Executive Vice President, any Executive Vice President, any Senior Vice President or any Managing Director is authorized to accept, endorse, execute or sign any document, instrument or paper in the name of, or on behalf of, the Bank in all transactions arising out of, or in connection with, the normal course of the Bank’s business or in any fiduciary, representative or agency capacity and, when required, to affix the seal of the Bank thereto. In such instances as in the judgment of the Chairman, the President, any Vice Chairman of the Board, any Senior Executive Vice President or any Executive Vice President may be proper and desirable, any one of said officers may authorize in writing from time-to-time any other officer to have the powers set forth in this section applicable only to the performance or discharge of the duties of such officer within his or her particular division or function. Any officer of the Bank authorized in or pursuant to Section 6.3 to have any of the powers set forth therein, other than the officer signing pursuant to this Section 6.2, is authorized to attest to the seal of the Bank on any documents requiring such seal.
SECTION 6.3 Limited Signing Powers
Subject to the exception provided in Section 6.1, in such finances as in the judgment of the Chairman, the President, any Vice Chairman of the Board, any Senior Executive Vice President, or any Executive Vice President, may be proper and desirable, any one of said officers may authorize in writing from time-to-time any other officer, employee or individual to have the limited signing powers or limited power to affix the seal of the Bank to specified classes of documents set forth in a resolution of the Board applicable only to the performance or discharge of the duties of such officer, employee or individual within his or her division or function.
SECTION 6.4 Powers of Attorney
All powers of attorney on behalf of the Bank shall be executed by any officer of the Bank jointly with the Chairman of the Board, the President, any Vice Chairman, any Senior Executive Vice President, any Executive Vice President, any Senior Vice President or any Managing Director. Any such power of attorney may, however, be executed by any officer or officers or person or
persons who may be specifically authorized to execute the same by the Board of Directors and, at foreign branches only, by any two officers provided one of such officers is the Branch Manager.
SECTION 6.5 Auditor
The Auditor or any officer designated by the Auditor is authorized to certify in the name of, or on behalf of the Bank, in its own right or in a fiduciary or representative capacity, as to the accuracy and completeness of any account, schedule of assets, or other document, instrument or paper requiring such certification.
FLORIDA FEDERAL FAMILY EDUCATION LOAN PROGRAM
ADDENDUM TO LENDING INSTITUTION PARTICIPATION AGREEMENT
The *(see below) , hereinafter referred to as the “Lender”, and the Florida Department of education, hereinafter referred to as the Department, agree the Lending Institution Participation Agreement between the Lender and the Department is amended as follows:
| 1. | When a document to be included in a claim package submitted by the Lender to the Department is lost or destroyed, the Lender agrees to submit in the claim package, in lieu of the required document, the substituted documentation prescribed below: |
| a. | Borrower’s Application. An affidavit describing the circumstances that resulted in the loss or destruction of the borrower’s application. | |||
| b. | Original promissory note signed by the borrower. A certified copy of the original promissory note signed by the borrower and an affidavit describing the circumstances that resulted in the loss or destruction of the original promissory note. If neither the original nor a certified copy of the original promissory note signed by the borrower can be provided, the Lender shall also include in the claim package, in addition to the affidavit, copies of the front and back of the loan disbursement check(s). | |||
| c. | Copy of the Notice of Loan Guarantee or Notice of Loss Statement and Disclosure Statement. An affidavit describing the circumstances that resulted in the loss or destruction of the Notice of Loan Guarantee or Notice of Loan and Guarantee and Disclosure Statement. | |||
| d. | Copy of Repayment Schedule and Disclosure Statement. A record, in a format approved by the Department, of the repayment terms as they were disclosed to the borrower. | |||
| e. | Copy of a deferment form. A record of the deferment granted, in a format approved by the Department and an affidavit describing the circumstances that resulted in the loss or destruction of the deferment form. | |||
| f. | Copy of the borrower signed forbearance form. A record of the forbearance granted, in a format approved by the Department and an affidavit describing the circumstances that resulted in the loss or destruction of the forbearance form. | |||
| * The Bank of New York, solely in its capacity as eligible lender trustee (Lender #833872) for Student Loan Consolidation Center Student Loan Trust – I (“Lender”) and without recourse to assets held by the eligible lender trustee other than those held in trust. |
| 2. | The Lender, its successors and assignees shall hold the Department harmless from any losses directly resulting from claims paid pursuant to paragraph one (1) of this agreement where the underlying loan is declared invalid by a court of law or not reinsured by the United States Department of Education because of the lack of the required document. |
| 3. | For circumstances to which paragraph two (2) may apply, the Department will notify the Lender in writing and permit the Lender to enter an appearance or take the appropriate action to establish the validity of the debt. Upon receiving such notice the Lender will have ten days to enter an appearance or take other action. In event the Lender does not respond to the notice within ten days, the Department shall presume that the Lender does not intend to enter an appearance and shall be entitled to indemnification as provided in paragraph two (2). |
| 4. | The Lender agrees that the affidavit submitted in lieu of a required document pursuant to paragraph one (1) of this agreement shall be substantially similar to Attachment A. The affidavit shall be signed by an authorized official of the Lender or its agent. |
| 5. | Provided the Lender complies with the provisions of paragraphs one (1) through four (4) of this agreement, the Department agrees to waive the requirement specified in 6A-10.109 of the Florida Administrative Code for each document that the Lender cannot submit. |
| 6. | This waiver is limited to situations where the Lender affirms by affidavit that a diligent search has been made to locate the document(s) and that if the Lender subsequently finds the document, it will be promptly forwarded to the Department. |
| 7. | The Lender and the Department agree that this waiver will not be applicable in situations where the Department determines that the loss or destruction of the required document is the result of negligence by the Lender or a failure of the Lender to perform reasonable diligence in maintaining the required document. |
| 8. | This agreement may be terminated by the Lender by providing written notice to the Department thirty (30) days in advance of the termination date. The termination of this agreement by the Lender shall not affect claims paid pursuant to paragraph one (1) of the agreement prior to such termination. This agreement may be terminated by the Department by providing a written notice to the Lender that specifies the effective date of the termination. The termination of this agreement by the Department shall not affect claims paid pursuant to paragraph one (1) of this agreement prior to the date the Department issues such a termination notice. |
For the Lender
As an officer of this institution, I agree that this institution and its representatives will comply with the conditions specified in this agreement.
The Bank of New York as eligible lender trustee for Student Loan Consolidation Center Student Loan Trust - I.
| /s/ Xxxxxx Xxxxxx | 2/15/02 | |
| Signature of Official | Date |
Agent |
||
Typed Name of Official |
For the Department
/s/ Xxxxxx Xxxxxx
|
3/8/02 | |
| Xxxxxx X. Xxxxxx, Director | Date | |
| Policy, Training and Compliance | ||
| Office of Student Financial Assistance | ||
| Florida Department of Education |
Attachment A
AFFIDAVIT OF LOST OR DESTROYED DOCUMENTS
LENDER
|
LENDER CODE | |||||
BORROWER
|
SOC. SEC. NO. |
I hereby represent and certify that the document(s) indicated below that is/are required by the Florida Department of Education to be included in a claim submitted to the Department pursuant to Rule 6A-20.109 of the Florida Administration Code has/have been lost or destroyed in the circumstances described below:
CIRCUMSTANCES OF LOSS OR DESTRUCTION: |
| MISSING DOCUMENT(S): | LOAN NUMBER(S): | |||||||||||
___
|
Copy of borrower’s application | |||||||||||
___
|
Notice of Guarantee and Disclosure Statement(Notice of Guarantee/ Insurance Commitment Card) | |||||||||||
___
|
Original Promissory Note | |||||||||||
| __________ | Deferment form for a ______________________ deferment granted to defer interest from __/__/__ to __/__/__ and monthly payments from __/__/__ to __/__/__. A total of $________________ in accrued interest has been capitalized. I hereby certify that the borrower did in fact request this deferment and that this deferment was granted in compliance with all applicable provisions of the Higher Education Act of 1965, as amended and the Code of Federal Regulations. | |||||||||||
| ________ | Forbearance form for forbearance granted to forbear interest from __/__/__ to __/__/__ and monthly payments from __/__/__ to __/__/__. A total of $________________ in accrued interest was capitalized. I hereby certify that the borrower did in fact sign a forbearance form agreeing to the terms of this forbearance and that this forbearance was granted in compliance with all applicable provisions of the Higher Education Act of 1965, as amended and the Code of Federal Regulations. | |||||||||||
| I hereby certify that a diligent search has been made to locate the missing document(s), identified above, and that its/their loss or destruction is not a result of this institution’s negligence or its failure to perform reasonable diligence in maintaining the document(s). If the document(s) is/are subsequently found, it/they will be forwarded to you. | ||||||||||||
| Name of Authorized Official | Title of Official | |||||||||||
| Signature of Authorized Official | Date | |||||||||||
FLORIDA DEPARTMENT OF EDUCATION
OFFICE OF STUDENT FINANCIAL ASSISTANCE
LENDER OF LAST RESORT AGREEMENT
This agreement is set forth for lenders serving as a “Lender of Last Resort” in the Florida Xxxxxxxx Loan Program.
Section A. The Parties
The parties to this agreement are the Bureau of Student Financial Assistance, Florida Department of Education, hereinafter referred to as the Department Xxxxxxx Xxxxxxxxx Xxxxxx, Xxxxxxxxxxx, Xxxxxxx 00000 and *(see below) , hereinafter called the Lender.
Section B. Term
The effective date of this agreement shall be and shall remain unless terminated by either party upon ninety days written notice sent by certified United States mail, return receipt required.
Section C. Purpose and Provisions
The Department shall designate the Lender as the “Lender of Last Resort” pursuant to the Higher Education Act of 1965 (the “Act”) (Public Law 99.498, Sec. 428(j)).
The Lender agrees to make Florida Xxxxxxxx Loans to students who:
| a. | Are attending educational institutions participating in the Florida Guaranteed Student Loan Program; and | |||
| b. | Qualify for federal interest subsidies for loans in an amount for not less than $200 nor an amount which exceeds the annual federal limit or the need of the borrower, as determined by the educational institution that the borrower is attending; and | |||
| c. | Are otherwise unable to obtain a loan from two other lenders participating in the Florida Xxxxxxxx Loan Program and have been referred to the Lender by the Department. | |||
In witness whereof, the parties hereto have signed this agreement on the days set forth below. * (see below)
| Florida Department of Education | ||
| Office of Student Financial Assistance | ||
| Lender Name | ||
| /s/ Xxxxxx Xxxxxx | /s/ Xxxxxx X. Xxxxxx | |
| Signature of Authorized Official | Signature of Department of Official | |
| XXXXXX XXXXXX | Xxxxxx X. Xxxxxx, Director | |
| Typed Name of Authorized Official | Office of Policy, Training and Compliance | |
| AGENT | Director | |
| Title of Official | Title of Official | |
| 2/15/02 | 3/8/02 | |
| Date | Date | |
| 833872 | ||
| Lender Code Number |
* The Bank of New York, solely in its capacity as eligible lender trustee (Lender #833872) for Student Loan Consolidation Center Student Loan Trust - I (“Lender”) and without recourse to assets held by the eligible lender trustee other than those held in trust.
FLORIDA FEDERAL FAMILY EDUCATION LOAN PROGRAM
LENDER PARTICIPATION AGREEMENT
FEDERAL CONSOLIDATION LOANS
WHEREAS, The Bank of New York, solely in its capacity as eligible lender trustee (Lender #833872) for Student Loan Consolidation Center Student Loan Trust - I (“Lender”) and without recourse to assets held by the eligible lender trustee other than those in trust, hereinafter referred to as the “Lender,” wishes to participate in a program of Federal Consolidation Loans for eligible borrowers under Title IV, Part B, of the Higher Education Act of 1965, as amended, and
WHEREAS, the Florida Department of Education, Office of Student Financial Assistance, hereinafter referred to as the “Department,” having found that the eligible lender qualifies under the provisions of such Act and State Board of Education Rules.
THEREFORE, it is agreed by the Department and the Lender as follows:
| (1) | The Lender is currently an eligible lender and/or holder with the United States Department of Education for Federal Xxxxxxxx Loans (formerly called Guaranteed Student Loans) and/or Federal PLUS loans, and Federal Supplemental Loans for Students. |
| (2) | Within such limits as may be set by it, the Department shall insure all Federal Consolidation Loans made by the eligible lender which are eligible for such reinsurance under such Acts and Regulations issued thereunder, which Acts and Regulations, as they may from time to time be amended, are made a part of this agreement. |
| (3) | An eligible lender must verify that an eligible borrower has no other application pending for a Federal Consolidation Loan and the lender must hold at least one of a borrower’s eligible loans for consolidation, or obtain a certificate that the borrower has been unable to obtain a consolidation loan with income-sensitive repayment terms from the holder(s) of his/her outstanding loans selected for consolidation. At least one loan to be consolidated must be a loan guaranteed by the Department. |
| (4) | The Lender must meet the applicable guidelines set forth in the Higher Education Act of 1965, as amended. |
| (5) | The proceeds of the Federal Consolidation Loan will be paid by the eligible lender to the holder(s) of the loans selected for consolidation to discharge the liability of such loans. |
| (6) | The Lender agrees to follow such other published terms and conditions as the Secretary of Education and the Department specifically require to carry out the Federal Consolidation Loan Program. |
| (7) | If the eligible lender no longer intends to make Federal Consolidation Loans under this agreement, the agreement shall be terminated sixty (60) days after receipt of the request. This agreement may also be terminated by the Department in a manner provided by law. The termination of this agreement shall not affect the coverage of loans under guarantee issued prior to such termination. |
IN WITNESS THEREOF, The Florida Department of Education, Office of Student Financial Assistance has executed this agreement in Tallahassee, Florida.
| /s/ Xxxxxx Xxxxxx | 3/8/02 | |
| Xxxxxx X. Xxxxxx, Director | Date | |
| Policy, Training and Compliance | ||
| Florida Department of Education | ||
| Office of Student Financial Assistance |
The above agreement accepted this 8th day of March, 2002.
Exact Corporate Title:
Name
|
The Bank of New York as eligible lender trustee for Student Loan | |
| Consolidation Center Student Loan Trust - I | ||
Address:
|
00000 Xxxxxxxxx Xxxxxxx | |
| Xxxxxxxxxxxx, XX 00000 | ||
Federal El No. |
00-0000000 |
DE Federal Vender No. (Lender Code) 833872
Name and Title of Officer
|
Xxxxxx Xxxxxx, Agent | |
Signature of Officer
|
Xxxxxx Xxxxxx |
Page 1 of 2
CERTIFICATE OF COMPREHENSIVE INSURANCE
For Federal Consolidation Loans made in accordance with Title IV,
Part B of the Higher Education Act of 1965, as amended
The Florida Department of Education, Office of Student Financial Assistance, hereinafter referred to as the “Department”, authorizes that all consolidation loans made in conformity with the requirements of Part B of Title IV of the Higher Education Act of 1965, is amended, by *(see below) hereinafter referred to as the “Lender,” are fully insured against loss of principal and interest by the Department provided:
| 1. | The lender has determined to its satisfaction, in accordance with reasonable and prudent business practices, for each loan being consolidated that: |
| (a) | the loan is a legal, valid, and binding obligation of the borrower; | |||
| (b) | each such loan was made and serviced in compliance with applicable laws including federal regulations and State Board Rule; and | |||
| (c) | the insurance on each Part B loan is in full force and effect. | |||
| 2. | That the consolidation loan(s) will be made on or after but no later than provided for in the Higher Education Act of 1965, as amended. | |||
| 3. | That the total unpaid principal amount of all consolidation loans made under this certificate is equal to or not to exceed . | |||
| 4. | That this certificate will be updated and renewed as determined by the lender. | |||
| 5. | That the lender will meet reporting requirements established by the Department in a timely manner. | |||
| 6. | That the lender structures a repayment schedule with the eligible borrower pursuant to the requirements stated in the Higher Education Act of 1965, as amended regarding Federal Consolidation Loans. | |||
| 7. | That, if the lender, prior to the expiration of this certificate no longer wishes to make Federal Consolidation Loans, the lender will so notify the Department in order that the certificate may be terminated. Such termination shall not affect the insurance on any Federal Consolidation loan made prior to such termination. | |||
*The Bank of New York, solely in its capacity as eligible lender trustee (Lender #83382) for Student Loan Consolidation Center Student Loan Trust — I (“Lender”) and without recourse to assets held by the eligible lender trustee other than those held in trust.
| 8. | The lender’s Federal Consolidation Loan Program practices are subject to the Department’s Federal Family Education Loan Program lender Participation, Limitation, Suspension or Termination procedures. The insurance on any Federal Consolidation loan(s) made under this certificate prior to the Department’s imposition of a limitation, suspension or termination action shall not be affected by such action. |
The Florida Department of Education, Office of Student Financial Assistance, is designated as the offices which will process claims and perform other related administrative functions.
IN WITNESS THEREOF, The Florida Department of Education, Office of Student Financial Assistance has executed this agreement in Tallahassee, Florida.
/s/ Xxxxxx Xxxxxx
|
3/8/02 | |
Xxxxxx X. Xxxxxx, Director Policy, Training and Compliance Office of Student Financial Assistance Florida Department of Education |
Date |
The above agreement accepted this 8th day of March 2002.
Exact Corporate Title:
Name
|
The Bank of New York as eligible lender trustee for Student Loan Consolidation Center Student Loan Trust — I | |
Address:
|
00000 Xxxxxxxxx Xxxxxxx | |
| Xxxxxxxxxxxx, XX 00000 | ||
Federal El No.
|
00-0000000 |
DE Federal Vender No. (Lender Code)
|
833872 |
Name and Title of Officer
|
Xxxxxx Xxxxxx, Agent | |
Signature of Officer
|
Xxxxxx Xxxxxx |
FLORIDA BUREAU OF STUDENT FINANCIAL ASSISTANCE
LENDING INSTITUTION DEMOGRAPHIC DATA SHEET
| NAME OF LENDING INSTITUTION |
USDE LENDER CODE | |||
| The Bank of New York as eligible lender | 833872 | |||
| trustee for Student Loan Consolidation | ||||
| Center Student Loan | ||||
| Trust – 1 | ||||
| IRS EMPLOYEE ID NUMBER | ||||
| 00-0000000 | ||||
| LENDER ADDRESS |
INSTITUTION TYPE | |||
| 00000 Xxxxxxxxx Xxxxxxx | 1. Florida Bank | |||
| 2. Florida Savings and Loan | ||||
| Xxxxxxxxxxxx, XX 00000 | 3. Florida Credit Union | |||
| 4. Out of State Commercial | ||||
| 5. School Lender | ||||
Lender E-Mail
|
6. Secondary Market | |||
| 7. Other | ||||
| BNY STUDENT LOAN@BANK OF XX.XXX | 8. Servicer | |||
| CEO INFORMATION |
LOAN PROGRAM CONTACT |
|||||
Name:
|
TOZOY XXXXXXXXXX | Name: | ||||
Title:
|
DEPUTY DIRECTOR | Title: | ||||
Telephone:
|
904/000-0000 | Telephone: | ||||
Fax:
|
901/000-0000 | Fax: | ||||
E-Mail
|
||||||
| SERVICE |
SERVICE CONTACT |
|||||
Name:
|
INTUITION/NALNET | Name: | ||||
Servicer Code:
|
Title: | |||||
Title:
|
Telephone: | |||||
Telephone:
|
Fax: | |||||
Fax:
|
||||||
E-Mail
|
||||||
| LOAN TYPES OFFERED |
||||
| ý XXXXXXXX SUBSIDIZED | ý XXXXXXXX UNSUBSIDIZED | |||
| ý PLUS | ý CONSOLIDATION | |||
IMPORTANT:
|
Please indicate the name AND address you wish to appear on address labels for | |
| all labels for ALL mailouts to your institution or servicer. |
| Name: | XXXXXX XXXXXX | |||
| Address: | 00000 XXXXXXXXX XXXXXXX | |||
| XXXXXXXXXXXX, XX 00000 | ||||
LENDER DEMOGRAPHIC SHEET
PAGE TWO
| INSIDE CONTACT |
RECORD MAINTENANCE CONTACT |
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Name:
|
Name: | |||||||
Title:
|
Title: | |||||||
Telephone:
|
Telephone: | |||||||
Fax:
|
Fax: | |||||||
E-Mail
|
||||||||
| RECORD MAINTENANCE |
||||||||
| PAYMENT POSTING CONTACT |
CLAIMS/PRECLAIMS |
|||||||
Name:
|
Name: | |||||||
Title:
|
Title: | |||||||
Telephone:
|
Telephone: | |||||||
Fax:
|
Fax: | |||||||
E-Mail
|
||||||||
| BORROWER’S CLAIM/PRECLAIM |
||||||||
| INFORMATION CONTACT |
SYSTEMS CONTACT |
|||||||
Name:
|
Name: | |||||||
Title:
|
Title: | |||||||
Telephone:
|
Telephone: | |||||||
Fax:
|
Fax: | |||||||
E-Mail
|
||||||||
| AUTOMATED METHOD TO TRANSMIT | REPORT METHOD PREFERRED | |||
LOAN
INFORMATION
|
FOR REJECTED APPLICATIONS | |||
| TAPE (BATCH) | ON-LINE | |||
| ELECTRONIC | PAPER | |||
| TRANSMISSION (BATCH) |
DO YOU WISH TO PARTICIPATE IN
|
PLEASE INDICATE WHETHER YOU WOULD LIKE | |
THE ACCELERATED APPLICATION PROCESS
|
THIS INFORMATION TO BE INCLUDED ON OUR | |
PREAPPROVED LENDER)
|
LOAN ORIGINATIONS DOCUMENT | |
| This document is mailed to our participating schools to | ||
| inform them about our participating originating lenders. | ||
YES
|
YES | |
NO
|
NO | |
| IF YOU WISH TO BE INCLUDED ON OUR LOAN ORIGINATORS |
||
| DOCUMENT PLEASE GIVE ADDRESS/PHONE TO BE PUBLISHED |
||
| Name Address |
||||
| Customer Service/ | ||||
| Telephone: | ||||
| E-Mail: | ||||
| Form Submitted by: | Date: | |||
