LISTING SUPPLEMENT $189000000 Class A-1 Notes $342100000 ...

More documents

Recommendations

Info

Distributions and Payments Distributions from the Future Distribution Account. On each auction rate note interest payment date for a class of class B notes, that is not a quarterly distribution date, the indenture trustee will make the following distributions: • First, from amounts on deposit in the future distribution account allocated to the auction agent and the broker-dealers, and then from amounts on deposit in the collection account and the reserve account, pro rata, to the auction agent and the broker-dealers, their fees and expenses; • Second, from amounts on deposit in the future distribution account to pay interest on that class of class B notes, and then from amounts on deposit in the collection account and the reserve account, to that class of class B notes, an amount equal to the interest payable thereon; • Third, from amounts on deposit in the future distribution account to pay principal on that class of auction rate notes, if any, to that class of auction rate notes; and • Fourth, from amounts on deposit in the future distribution account to pay carryover amounts on that class of auction rate notes, if any, to that class of auction rate notes. The following chart summarizes the distributions that will be made on each auction rate note interest payment date that is not a quarterly distribution date: 1st 2nd 3rd FUTURE DISTRIBUTION ACCOUNT (Collection account if insufficient funds in future distribution account) ↓ BROKER-DEALERS; AUCTION AGENT (Fees) ↓ CLASS B NOTES (Interest) ↓ CLASS B NOTES (Principal) Payment on Monthly Servicing Payment Date. On each Monthly Servicing Payment Date, an amount equal to the servicing fees then payable to the servicers will be paid from amounts on deposit in the future distribution account that were allocated for servicing fees, or to the extent necessary, from the collection account and the reserve account. Distributions from the Collection Account. On each quarterly distribution date, the administrator will instruct the indenture trustee to make the following distributions and deposits, in the amounts and in the order of priority specified below, to the extent of Available Funds for the related Collection Period. Only if an auction rate note interest payment date is also a quarterly distribution date will a class of class B notes be paid interest or principal on a quarterly distribution date. S-50
(1) Pro rata: indenture trustee fees and expenses up to the amount specified in the indenture; owner trustee fees and expenses up to the amount specified in the trust agreement; servicing fees with respect to the trust student loans due on the quarterly distribution date and all prior unpaid servicing fees allocated to the trust student loans up to the amount specified in the servicing agreements; administration fees with respect to the trust student loans up to the amount specified in the administration agreement; to the extent the quarterly distribution date is also an auction rate note interest payment date, broker-dealer fees and expenses up to the amount specified in the broker-dealer agreements and auction agent fees and expenses up to the amount specified in the auction agency agreement; (2) To the future distribution account, an amount necessary to provide for one month’s expected payments of fees and expenses for each of the items in clause (1); (3) To TERI, the additional guaranty fees pursuant to the TERI guaranty agreements, which will be deposited into the TERI pledge fund; (4) To holders of each class of class A notes, the Interest Distribution Amount for the class A notes on a pro rata basis; (5) If the quarterly distribution date is the final maturity date for a class of class A notes, to the holders of that class of notes, the amount required to reduce the outstanding principal balance of that class of notes to zero; (6) If the quarterly distribution date is also an auction rate note interest payment date for one or more classes of class B notes, to the holders of the class B notes, the Interest Distribution Amount for the class B notes on a pro rata basis; (7) To the future distribution account, an amount necessary to provide for one month’s expected interest payments on the class A notes as described under “Accounts;” (8) To the future distribution account, an amount necessary to provide for one month’s expected interest payments on the class B notes as described under “Accounts;” (9) To the reserve account, an amount, up to the amount, if any, necessary to reinstate the balance of the reserve account to the greater of 1.25% of the outstanding principal amount of the notes as of the last day of the immediately preceding Collection Period and $1,500,000; (10) To TERI, to purchase rehabilitated trust student loans; (11) To the holders of (i) the class A-1 notes, until paid in full, then (ii) the class A-2 notes, until paid in full, then (iii) the class A-3 notes, until paid in full, then (iv) the class A-4 notes, until paid in full, and then (v) to the holders of the class B-1 notes and the class B-2 notes, on a pro rata basis, until paid in full, or to the future distribution account, as the case may be, the Principal Distribution Amount less any amount distributed as principal under clause (5); (12) To the holders of the class B notes or to the future distribution account, as the case may be, carryover amounts, if any; S-51
Page 1 and 2:
LISTING SUPPLEMENT $189,000,000 Cla
Page 3 and 4:
The Indenture Trustee will represen
Page 5 and 6:
DIRECTORY UNDERWRITERS UBS Securiti
Page 7:
PROSPECTUS SUPPLEMENT (To Prospectu
Page 10 and 11: THE INFORMATION IN THIS PROSPECTUS
Page 12 and 13: the transfer documents with respect
Page 14 and 15: calculations for the class A-IO-1 n
Page 16 and 17: • First, from amounts on deposit
Page 18 and 19: Final Maturity Dates The unpaid pri
Page 20 and 21: Amounts in the reserve account in e
Page 22 and 23: Poor’s Ratings Services, a divisi
Page 24 and 25: loans after each transfer of additi
Page 26 and 27: Sequential payment of the class A n
Page 28 and 29: If the loans were marketed or servi
Page 30 and 31: Failures by borrowers to pay timely
Page 32 and 33: FORMATION OF THE TRUST The National
Page 34 and 35: THE SELLERS Set forth below is a ch
Page 36 and 37: It is a student loan guarantor, not
Page 38 and 39: Loan Loss Reserve. TERI’s loan lo
Page 40 and 41: Guaranty Volume. TERI is one of the
Page 42 and 43: egarding the distribution of the tr
Page 44 and 45: Outstanding Principal Balance Perce
Page 46 and 47: Distribution of the Trust Student L
Page 48 and 49: Cosigned Loans Percentage of Trust
Page 50 and 51: Distribution of the Trust Student L
Page 52 and 53: TERI GUARANTY AGREEMENTS AND TERI S
Page 54 and 55: However, for the initial interest p
Page 56 and 57: Unless an event of default occurs,
Page 58 and 59: $114,130,609. The amount on deposit
Page 62 and 63: (13) Pro rata: any unreimbursed adv
Page 64 and 65: On each quarterly distribution date
Page 66 and 67: ERISA CONSIDERATIONS The Employee R
Page 68 and 69: • Whether under the general fiduc
Page 70 and 71: otherwise in circumstances which ha
Page 72 and 73: [ This page intentionally left blan
Page 74 and 75: “Collection Period” means, with
Page 76 and 77: “10% Pool Balance Distribution Da
Page 78 and 79: TF-2 The Education Resources Instit
Page 80 and 81: PricewaterhouseCoopers LLP One Inte
Page 82 and 83: The Education Resources Institute,
Page 102 and 103: [ This page intentionally left blan
Page 104 and 105: IMPORTANT NOTICE ABOUT INFORMATION
Page 106 and 107: Interest distributions with disprop
Page 108 and 109: the student loan purchase agreement
Page 110 and 111:
FORMATION OF THE TRUSTS The Trusts
Page 112 and 113:
There can be no assurance that the
Page 114 and 115:
Graduate credit-ready; Continuing e
Page 116 and 117:
For credit-worthy programs only, to
Page 118 and 119:
The composition of the pool; The di
Page 120 and 121:
demands of any person, and the sell
Page 122 and 123:
liquidator for itself or all or a s
Page 124 and 125:
Fixed Rate Notes Each class of fixe
Page 126 and 127:
Overcollateralization; Letters of c
Page 128 and 129:
(a) Assumptions: (i) Denominations
Page 130 and 131:
All necessary trust action for the
Page 132 and 133:
However, the amount of principal re
Page 134 and 135:
With respect to the trust, none of
Page 136 and 137:
(j) For the first quarterly distrib
Page 138 and 139:
changes in prevailing interest rate
Page 140 and 141:
trust, or the indenture trustee. Di
Page 142 and 143:
Luxembourg participants or Euroclea
Page 144 and 145:
and clear of the lien of any third
Page 146 and 147:
Tax Characterization of the Notes U
Page 148 and 149:
of the stated redemption price of t
Page 150 and 151:
the gain, or increase the loss, oth
Page 152 and 153:
disposition of a note by a Non-U.S.
Page 154 and 155:
Prohibited Transaction Class Exempt
Page 156 and 157:
The underwriters will agree, subjec
Page 158 and 159:
[ This page intentionally left blan
Page 160 and 161:
Secondary Market Trading Since the
Page 162 and 163:
Borrowing through Clearstream, Luxe
Page 164:
[ This page intentionally left blan
show all

LISTING SUPPLEMENT $189000000 Class A-1 Notes $342100000 ...

Create successful ePaper yourself

Delete template?

Save as template?