1
Exhibit 19.1
2
Report of Management on Compliance by Administrator
We, as members of management of Student Loan Marketing Association (the
"Company"), are responsible for complying with the terms and conditions of
Sections 2.3A.1, 2.3.A.2, 2.4, 2.7.B, 2.8.B.1, 3.1.B, 3.2.A, 3.2.C, and 3.2.D
of the Administration Agreement among the Company, Chase Manhattan Bank USA,
National Association, Bankers Trust Company, Sallie Mae Servicing Corporation,
a wholly owned subsidiary of the Company, and SLM Funding Corporation, a wholly
owned subsidiary of the Company, (the "Agreement") pursuant to the Sallie Mae
Student Loan Trust 1995-1. We are also responsible for establishing and
maintaining effective internal control over compliance with these terms and
conditions.
We have performed an evaluation of the Company's compliance with the terms and
conditions of the Sections in the Agreement indicated above. Based on this
evaluation, we assert that the Company complied, in all material respects, with
the terms and conditions of the Sections of the Agreement indicated above as of
December 31, 1996 and for the year then ended.
March 21, 1997
/s/ Robert R. Levine
- -----------------------------------
Robert R. Levine
Vice President and Treasurer
/s/ Mark G. Overend
- -----------------------------------
Mark G. Overend
Vice President and Controller
3
Report of Management on Compliance by Servicer
I acknowledge that as a member of management of Sallie Mae Servicing
Corporation (the "Company"), we are responsible for ensuring compliance with
the terms and conditions of Sections 2.2, 2.3, 3.1, 3.2, 3.5.A, 3.6, 3.10, and
3.15 of the Servicing Agreement (including activities of the subservicer from
the period January 1, 1996 through January 25, 1996) among the Company, Chase
Manhattan Bank USA, National Association, Bankers Trust Company, and the
Student Loan Marketing Association, as Administrator, (the "Agreement")
pursuant to the Sallie Mae Student Loan Trust 1995-1. We are also responsible
for reviewing and ensuring implementation of, and ongoing compliance with,
effective internal control over compliance with the terms and conditions of the
Agreements.
On an ongoing basis we evaluate the Company's compliance, including activities
of the subservicer from the period January 1, 1996 through January 25, 1996,
with the terms and conditions of the Sections in the Agreement indicated above.
Based on this management oversight and evaluation, we assert that the Company
complied, in all material respects, with the terms and conditions of the
Sections of the Agreement indicated above as of December 31, 1996 and for the
year then ended.
March 21, 1997
/s/ John F. Wallerstedt
- -----------------------------------
John F. Wallerstedt
Vice President and Treasurer
Sallie Mae Servicing Corporation
4
Report of Management on Compliance by Administrator
We, as members of management of Student Loan Marketing Association (the
"Company"), are responsible for complying with the terms and conditions of
Sections 2.3A.1, 2.3.A.2, 2.4, 2.7.B, 2.8.B.1, 3.1.B, 3.2.A, 3.2.C, and 3.2.D
of the Administration Agreement among the Company, Chase Manhattan Bank USA,
National Association, Bankers Trust Company, Sallie Mae Servicing Corporation,
a wholly owned subsidiary of the Company, and SLM Funding Corporation, a wholly
owned subsidiary of the Company, (the "Agreement") pursuant to the Sallie Mae
Student Loan Trust 1996-1. We are also responsible for establishing and
maintaining effective internal control over compliance with these terms and
conditions.
We have performed an evaluation of the Company's compliance with the terms and
conditions of the Sections in the Agreement indicated above. Based on this
evaluation, we assert that the Company complied, in all material respects, with
the terms and conditions of the Sections of the Agreement indicated above as of
December 31, 1996 and for the period March 6, 1996 through December 31, 1996.
March 21, 1997
/s/ Robert R. Levine
- -----------------------------------
Robert R. Levine
Vice President and Treasurer
/s/ Mark G. Overend
- -----------------------------------
Mark G. Overend
Vice President and Controller
5
Report of Management on Compliance by Servicer
I acknowledge that as a member of management of Sallie Mae Servicing
Corporation (the "Company"), we are responsible for ensuring compliance with
the terms and conditions of Sections 2.2, 2.3, 3.1, 3.2, 3.5.A, 3.6, 3.10, and
3.15 of the Servicing Agreement among the Company, Chase Manhattan Bank USA,
National Association, Bankers Trust Company, and the Student Loan Marketing
Association, as Administrator, (the "Agreement") pursuant to the Sallie Mae
Student Loan Trust 1996-1. We are also responsible for reviewing and ensuring
implementation of, and ongoing compliance with, effective internal control over
compliance with the terms and conditions of the Agreements.
On an ongoing basis we evaluate the Company's compliance with the terms and
conditions of the Sections in the Agreement indicated above. Based on this
management oversight and evaluation, we assert that the Company complied, in
all material respects, with the terms and conditions of the Sections of the
agreement indicated above as of December 31, 1996 and for the period March 6,
1996 through December 31, 1996.
March 21, 1997
/s/ John F. Wallerstedt
- -------------------------------------
John F. Wallerstedt
Vice President and Treasurer
Sallie Mae Servicing Corporation
6
Report of Management on Compliance by Administrator
We, as members of management of Student Loan Marketing Association (the
"Company"), are responsible for complying with the terms and conditions of
Sections 2.3.A.1, 2.3.A.2, 2.4, 2.7.B, 2.8.B.1, 3.1.B, 3.2.A, 3.2.C, and 3.2.D
of the Administration Agreement among the Company, Chase Manhattan Bank USA,
National Association, Bankers Trust Company, Sallie Mae Servicing Corporation,
a wholly owned subsidiary of the Company, and SLM Funding Corporation, a wholly
owned subsidiary of the Company, (the "Agreement") pursuant to the SLM Student
Loan Trust 1996-2. We are also responsible for establishing and maintaining
effective internal control over compliance with these terms and conditions.
We have performed an evaluation of the Company's compliance with the terms and
conditions of the Sections in the Agreement indicated above. Based on this
evaluation, we assert that the Company complied, in all material respects, with
the terms and conditions of the Sections of the Agreement indicated above as of
December 31, 1996 and for the period April 26, 1996 through December 31, 1996.
March 21, 1997
/s/ Robert R. Levine
- -------------------------------------
Robert R. Levine
Vice President and Treasurer
/s/ Mark G. Overend
- -------------------------------------
Mark G. Overend
Vice President and Controller
7
Report of Management on Compliance by Servicer
I acknowledge that as a member of management of Sallie Mae Servicing
Corporation (the "Company"), we are responsible for ensuring compliance with
the terms and conditions of Sections 2.2, 2.3., 3.1, 3.2, 3.5.A, 3.6, 3.10, and
3.15 of the Servicing Agreement among the Company, Chase Manhattan Bank USA,
National Association, Bankers Trust Company, and the Student Loan Marketing
Association, as Administrator, (the "Agreement") pursuant to the SLM Student
Loan Trust 1996-2. We are also responsible for reviewing and ensuring
implementation of, and ongoing compliance with, effective internal control over
compliance with the terms and conditions of the Agreements.
On an ongoing basis we evaluate the Company's compliance with the terms and
conditions of the Sections in the Agreement indicated above. Based on this
management oversight and evaluation, we assert that the Company complied, in
all material respects, with the terms and conditions of the Sections of the
Agreement indicated above as of December 31, 1996 and for the period April 26,
1996 through December 31, 1996.
March 21, 1997
/s/ John F. Wallerstedt
- --------------------------------------
John F. Wallerstedt
Vice President and Treasurer
Sallie Mae Servicing Corporation
8
Report of Management on Compliance by Administrator
We, as members of management of Student Loan Marketing Association (the
"Company"), are responsible for complying with the terms and conditions of
Sections 2.3A.1, 2.3.A.2, 2.4, 2.7.B, 2.8.B.1, 3.1.B, 3.2.A, 3.2.C, and 3.2.D
of the Administration Agreement among the Company, Chase Manhattan Bank USA,
National Association, Bankers Trust Company, Sallie Mae Servicing Corporation,
a wholly owned subsidiary of the Company, and SLM Funding Corporation, a wholly
owned subsidiary of the Company, (the "Agreement") pursuant to the SLM Student
Loan Trust 1996-3. We are also responsible for establishing and maintaining
effective internal control over compliance with these terms and conditions.
We have performed an evaluation of the Company's compliance with the terms and
conditions of the Sections in the Agreement indicated above. Based on this
evaluation, we assert that the Company complied, in all material respects, with
the terms and conditions of the Sections of the Agreement indicated above as of
December 31, 1996 and for the period July 9, 1996 through December 31, 1996.
March 21, 1997
/s/ Robert R. Levine
- --------------------------------------
Robert R. Levine
Vice President and Treasurer
/s/ Mark G. Overend
- --------------------------------------
Mark G. Overend
Vice President and Controller
9
Report of Management on Compliance by Servicer
I acknowledge that as a member of management of Sallie Mae Servicing
Corporation (the "Company"), we are responsible for ensuring compliance with
the terms and conditions of Sections 2.2, 2.3, 3.1, 3.2, 3.5.A, 3.6, 3.10, and
3.15 of the Servicing Agreement among the Company, Chase Manhattan Bank USA,
National Association, Bankers Trust Company, and the Student Loan Marketing
Association, as Administrator, (the "Agreement") pursuant to the SLM Student
Loan Trust 1996-3. We are also responsible for reviewing and ensuring
implementation of, and ongoing compliance with, effective internal control over
compliance with the terms and conditions of the Agreements.
On an ongoing basis we evaluate the Company's compliance with the terms and
conditions of the Sections in the Agreement indicated above. Based on this
management oversight and evaluation, we assert that the Company complied, in
all material respects, with the terms and conditions of the Sections of the
Agreement indicated above as of December 31, 1996 and for the period July 9,
1996 through December 31, 1996.
March 21, 1997
/s/ John F. Wallerstedt
- --------------------------------------
John F. Wallerstedt
Vice President and Treasurer
Sallie Mae Servicing Corporation
10
Report of Management on Compliance by Administrator
We, as members of management of Student Loan Marketing Association (the
"Company"), are responsible for complying with the terms and conditions of
Sections 2.3A. 1, 2.3.A.2, 2.4, 2.7. B, 2.8.B.1, 3.l.B., 3.2.A, 3.2.C, and
3.2.D of the Administration Agreement among the Company, Chase Manhattan Bank
USA, National Association, Bankers Trust Company, Sallie Mae Servicing
Corporation, a wholly owned subsidiary of the Company, and SLM Funding
Corporation, a wholly owned subsidiary of the Company, (the "Agreement")
pursuant to the SLM Student Loan Trust 1996-4. We are also responsible for
establishing and maintaining effective internal control over compliance
conditions.
We have performed an evaluation of the Company's compliance with the terms and
conditions of the Sections in the Agreement indicated above. Based on this
evaluation, we assert that the Company complied, in all material respects, with
the terms and conditions of the Sections of the Agreement indicated above as of
December 31, 1996 and for the period October 3, 1996 through December 31, 1996.
March 21, 1997
/s/ Robert R. Levine
- --------------------------------------
Robert R. Levine
Vice President and Treasurer
/s/ Mark G. Overend
- --------------------------------------
Mark G. Overend
Vice President and Controller
11
Report of Management on Compliance by Servicer
I acknowledge that as a member of management of Sallie Mae Servicing
Corporation (the "Company"), we are responsible for ensuring compliance with
the terms and conditions of Sections 2.2, 2.3, 3.1, 3.2, 3.5.A, 3.6, 3.10, and
3.15 of the Servicing Agreement among the Company, Chase Manhattan Bank USA,
National Association, Bankers Trust Company, and the Student Loan Marketing
Association, as Administrator, (the "Agreement") pursuant to the SLM Student
Loan Trust 1996-4. We are also responsible for reviewing and ensuring
implementation of, and ongoing compliance with, effective internal control over
compliance with the terms and conditions of the Agreements.
On an ongoing basis we evaluate the Company's compliance with the terms and
conditions of the Sections in the Agreement indicated above. Based on this
management oversight and evaluation, we assert that the Company complied, in
all material respects, with the terms and conditions of the Sections of the
Agreement indicated above as of December 31, 1996 and for the period October 3,
1996 through December 31, 1996.
March 21, 1997
/s/ John F. Wallerstedt
- --------------------------------------
John F. Wallerstedt
Vice President and Treasurer
Sallie Mae Servicing Corporation