Page:United States Statutes at Large Volume 110 Part 4.djvu/446

 110 STAT. 3009-283 PUBLIC LAW 104-208—SEPT. 30, 1996 "(3) HOLDING COMPANY.—The term 'Holding Company' means the new business corporation established pursuant to this section by the Association under the laws of any State of the United States or the District of Columbia for the purposes of the reorganization and restructuring described in subsection (a). "(4) REMAINING OBLIGATIONS.—The term 'remaining obligations' means the debt obligations of the Association outstanding as of the dissolution date. "(5) REMAINING PROPERTY. — The term 'remaining property' means the following assets and liabilities of the Association which are outstanding as of the reorganization effective date: "(A) Debt obligations issued by the Association. "(B) Contracts relating to interest rate, currency, or commodity positions or protections. "(C) Investment securities owned by the Association. "(D) Any instruments, assets, or agreements described in section 439(d) (including, without limitation, all student loans and agreements relating to the purchase and sale of student loans, forward purchase and lending commitments, warehousing advances, academic facilities obligations, letters of credit, standby bond purchase agreements, liquidity agreements, and student loan revenue bonds or other loans). "(E) Except as specifically prohibited by this section or section 439, any other nonmaterial assets or liabilities of the Association which the Association's Board of Directors determines to be necessary or appropriate to the Association's operations. "(6) REORGANIZATION. —The term 'reorganization' means the restructuring event or events (including any merger event) giving effect to the Holding Company structure described in subsection (a). "(7) REORGANIZATION EFFECTIVE DATE. — The term 'reorganization effective date' means the effective date of the reorganization as determined by the Board of Directors of the Association, which shall not be earlier than the date that shareholder approval is obtained pursuant to subsection (b) and shall not be later than the date that is 18 months after the date of enactment of this section. "(8) SUBSIDIARY.— The term 'subsidiary* means one or more direct or indirect subsidiaries.", (b) TECHNICAL AMENDMENTS. — (1) ELIGIBLE LENDER.— (A) AMENDMENTS TO THE HIGHER EDUCATION ACT.— (i) DEFINITION OF ELIGIBLE LENDER.— Section 435(d)(1)(F) of the Higher Education Act of 1965 (20 U.S.C. 1085(d)(1)(F)) is amended by inserting after "Student Loan Marketing Association" the following: "or the Holding Company of the Student Loan Marketing Association, including any subsidiary of the Holding Company, created pursuant to section 440,". (ii) DEFINITION OF ELIGIBLE LENDER AND FEDERAL CONSOLIDATION LOANS.— Sections 435(d)(1)(G) and 428C(a)(l)(A) of such Act (20 U.S.C. 1085(d)(1)(G) and 1078-3(a)(l)(A)) are each amended by inserting after "Student Loan Marketing Association" the following:

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