National Collegiate Student Loan Trust

Transcription

1 National Collegiate Student Loan Trust Closing Date: June 14, 2007 Monthly Distribution Report Collection Period 06/01/10 to 06/30/10 Monthly Distribution Date 07/26/10 Volume 36 I Asset and Liability Summary A. Student Loan Portfolio 05/31/10 Change 06/30/10 1 Student Loan Principal $ 751,731, $ (4,604,089.41) $ 747,127, Student Loan Accrued Interest $ 14,087, $ 199, $ 14,286, Pool Balance $ 765,819, $ (4,404,515.58) $ 761,414, Weighted Average Coupon (WAC) 5.52% 0.03% 5.55% 5 Weighted Average Maturity (WAM) Months 0.9 Months Months 6 Number of Loans 54, ,191 7 Number of Borrowers 50, ,027 B. Trust Accounts and TERI Pledge Fund (at market value) 05/31/10 Change 06/30/10 1 Collection Account + Collections Receivable $ 3,475, $ 396, $ 3,871, Reserve Account $ 10,934, $ (1,250,137.00) $ 9,684, Total Trust Accounts $ 14,410, $ (854,114.72) $ 13,556, TERI Pledge Fund $ 37,079, $ 13, $ 37,093, Total Trust Accounts + TERI Pledge Fund $ 51,489, $ (840,142.70) $ 50,649, Pool Balance + Trust Accounts $ 780,229, $ (5,258,630.30) $ 774,971, Pool Balance + Trust Accounts + TERI Pledge Fund $ 817,309, $ (5,244,658.28) $ 812,064, Deferred Claims Payable from TERI Pledge Fund, net of Recoveries (c) $ 35,859, $ (46,295.09) $ 35,813, Estimated Recoveries on Unsecured Defaulted Loans (b) $ 9,082, $ 1,757, $ 10,840, Reserve Account Balance: Reserve Account Balance after the 06/25/10 Monthly Distribution Date was $9,684, Reserve Account Balance after the 07/26/10 Monthly Distribution Date will be $8,643, See Section IX.14 (b) See Section VIII.K (c) Reflects principal and interest at time of default, less recoveries and settlements. C. Securities Cusip Index Spread Initial Debt Issued 05/31/10 Change 06/30/10 Change 07/26/10 % of Securities 1 Class A LAA3 1M LIBOR 0.040% $ 268,016, $ 87,617, $ (2,100,084.09) $ 85,517, $ (2,208,745.21) $ 83,308, % 2 Class A LAB1 1M LIBOR 0.130% $ 308,734, $ 308,734, $ $ 308,734, $ $ 308,734, % 3 Class A LAC9 1M LIBOR 0.230% $ 94,225, $ 94,225, $ $ 94,225, $ $ 94,225, % 4 Class A LAD7 1M LIBOR 0.290% $ 213,875, $ 213,875, $ $ 213,875, $ $ 213,875, % 5 Class AIO 63543LAE5 Fixed 6.70% $ $ 0.00% 6 Class B 63543LAF2 1M LIBOR 0.390% $ 31,230, $ 31,230, $ $ 31,230, $ $ 31,230, % 7 Class C 63543LAG0 1M LIBOR 0.650% $ 62,460, $ 62,460, $ $ 62,460, $ $ 62,460, % 8 Class D 63543LAH8 1M LIBOR 1.350% $ 62,460, $ 62,460, $ $ 62,460, $ $ 62,460, % 9 Total Securities $ 1,041,000, $ 860,601, $ (2,100,084.09) $ 858,501, $ (2,208,745.21) $ 856,292, % The initial notional amount, in effect through the January 2012 Distribution Date, equals $213,875,000. NCSLT Monthly Distribution Report Page 1 of 6 4F807E00

2 National Collegiate Student Loan Trust II Transactions and Accruals From 06/01/10 to 06/30/10 A. Student Loan Cash Principal Activity 1 Principal Payments Received $ (1,503,180.09) 2 Principal Claims from Guarantor (c) $ (41,109.97) 3 Repurchased Principal $ 4 New Loan Additions $ 5 Other Adjustments (cancellations, consolidations and other) $ (36,446.83) 6 Total Principal Collections $ (1,580,736.89) B. Student Loan NonCash Principal Activity 1 Capitalized Interest $ 1,475, NonCash Claims on Unsecured Defaults $ (4,498,998.27) 3 Deferred Claims Payable from TERI Pledge Fund (b) $ 4 Realized Losses $ 5 Repurchased Principal $ 6 New Loan Additions $ 7 Other Adjustments $ Total NonCash Principal Activity $ (3,023,352.52) C. Total Student Loan Principal Activity (II.A.6 + II.B.8) $ (4,604,089.41) D. Student Loan Cash Interest Activity 1 Interest Payments Received $ (1,484,944.88) 2 Interest Claims from Guarantor (c) $ (5,558.89) 3 Repurchased Interest $ 4 New Loan Additions $ 5 Other Adjustments (cancellations, consolidations and other) $ (265.95) 6 Total Interest Collections $ (1,490,769.72) E. Student Loan NonCash Interest Activity 1 Interest Accruals $ 3,405, NonCash Claims on Unsecured Defaults $ (236,153.08) 3 Deferred Claims Payable from TERI Pledge Fund (b) $ 4 Capitalized Interest $ (1,475,465.81) 5 Realized Losses $ 6 Repurchased Interest $ 7 Other Adjustments $ (3,352.10) 8 Total NonCash Interest Activity $ 1,690, F. Total Student Loan Interest Activity (II.D.6 + II.E.8) $ 199, G. Student Loan Late Fees Activity 1 Cash Late Fees $ (5,681.86) 2 NonCash Late Fees $ 2, Net Late Fees Activity (II.G.1 + II.G.2) $ (2,942.38) (b) (c) Collections efforts, by the Trust, on these loans will continue and be reflected in Section VIII. See Section IX.14 Reflects prior period adjustments by Servicer. III Prepayment Data 12/31/09 06/30/10 Prepayment Rate (1) 0.50% 0.61% (1) Prepayment Rate will be updated in the July and January Monthly Distribution Reports for the 6month periods ending June and December, respectively. NCSLT Monthly Distribution Report Page 2 of 6 535A77C1

3 National Collegiate Student Loan Trust IV Collection Account Activity From 06/01/10 to 06/30/10 A. Collection Account 1 Collections by Servicers $ 3,024, Claim Payments from Guarantor $ 46, Liquidation Proceeds and Recoveries $ 143, Sale Proceeds $ 5 Investment Earnings on Trust Accounts $ 2, Excess of Required Reserve Amount Balance $ 1,041, Other Receipts (Late Fees and Other) $ 5, Prior Month Allocation and Adjustments $ 191, Advances or Reimbursements $ 10 Opening Balance and Post Sale Settlement $ 11 Total Available Funds $ 4,455, Includes GIC interest from 6/24/107/22/10 B. Allocations through 06/30/10 with Payments and Distributions for 07/26/10 Total Available Remaining Reserve Transfer Funds Funds $ 4,455, $ 4,455, Payment of Trustee, Servicers, Administrators & Paying Agent Fees & Expenses: Payment of Trustee Fees & Expenses $ 106, $ 4,348, $ (b) Payment of Servicing Fees & Expenses $ 243, $ 4,105, $ (c) Payment of Administration Fees & Expenses $ 44, $ 4,060, $ (d) Payment of Irish Paying Agent Fees & Expenses $ $ 4,060, $ (e) Payment of Backup Administration Fees & Expenses $ 1, $ 4,059, $ 2 Allocation of Trustee, Servicers, Administrators & Paying Agent Fees & Expenses: Allocation of Trustee Fees & Expenses $ $ 4,059, $ (b) Allocation of Servicing Fees & Expenses $ 172, $ 3,887, $ (c) Allocation of Administration Fees & Expenses $ $ 3,887, $ (d) Allocation of Irish Paying Agent Fees & Expenses $ $ 3,887, $ (e) Allocation of Backup Administration Fees & Expenses $ $ 3,887, $ 3 Payment to TERI Pledge Fund, additional Guaranty Fees $ $ 3,887, $ 4 Payment of Interest Distribution Amount to Class A Securities: Class A1 $ 28, $ 3,858, $ (b) Class A2 $ 126, $ 3,731, $ (c) Class A3 $ 46, $ 3,684, $ (d) Class A4 $ 117, $ 3,567, $ (e) Class AIO $ 1,194, $ 2,373, $ 5 Payment of Interest Distribution Amount to Class B Securities $ 19, $ 2,353, $ 6 Payment of Interest Distribution Amount to Class C Securities $ 53, $ 2,300, $ 7 Payment of Interest Distribution Amount to Class D Securities $ 91, $ 2,208, $ 8 Transfer to Reinstate Reserve Account up to Required Reserve Amount Balance $ $ 2,208, $ 9 Payment to TERI, to Purchase Rehabilitated Loans $ $ 2,208, $ 10 Payment of Principal Distribution: Class A1 $ 2,208, $ $ (b) Class A2 $ $ $ (c) Class A3 $ $ $ (d) Class A4 $ $ $ (e) Class B Interest Carryover Shortfall $ $ $ (f) Class B $ $ $ (g) Class C Interest Carryover Shortfall $ $ $ (h) Class C $ $ $ (i) Class D Interest Carryover Shortfall $ $ $ (j) Class D $ $ $ 11 Payment of any remaining Interest Carryover Shortfall to Class B Noteholders $ $ $ 12 Payment of any remaining Interest Carryover Shortfall to Class C Noteholders $ $ $ 13 Payment of any remaining Interest Carryover Shortfall to Class D Noteholders $ $ $ 14 Payment of the following: $ $ $ Unreimbursed Advances $ $ $ (b) Payment of Indenture Trustee Fees & Expenses, in excess of maximum amounts specified $ $ $ (c) Payment of Irish Paying Agent Fees & Expenses, in excess of maximum amounts specified $ $ $ (d) Payment of Owner Trustee Fees & Expenses, in excess of maximum amounts specified $ $ $ (e) Payment of Backup Administration Fees & Expenses, in excess of maximum amounts specified $ $ $ (f) Payment of Indemnities, Fees & Expenses of the Servicers $ $ $ (g) Payment of Administration Fees & Expenses allocated to the Notes $ $ $ 15 Remaining Amounts of Principal, if a Turbo Trigger is in effect $ $ $ 16 Payment of any Prepayment Penalties to Class AIO Noteholders previously unpaid $ $ $ 17 Payment of structuring advisory fees and then to the Certificateholders, any remaining amounts $ $ $ NCSLT Monthly Distribution Report Page 3 of

4 National Collegiate Student Loan Trust IV Parity Calculations Pro Forma Parity Calculations Parity with Deferred Claims Payable and Estimated Recoveries on Parity Unsecured Defaulted Loans 05/31/10 06/30/10 05/31/10 06/30/10 1 Senior Parity ((Pool Balance + Trust Accounts) / Class A Securities) % % 1 Senior Parity % % 2 Total Parity ((Pool Balance + Trust Accounts) / Securities) 90.66% 90.27% 2 Total Parity 95.88% 95.70% Parity ratio calculations include all Securities including A52 securities issued in a privately negotiated transaction. Pro Forma Parity Calculations include balances in Section I.B.8 and I.B.9 VI Portfolio Characteristics by Payment Status WAC # of Loans % Principal Amount % Payment Status 05/31/10 06/30/10 05/31/10 06/30/10 05/31/10 06/30/10 05/31/10 06/30/10 05/31/10 06/30/10 Interim (1) In School 5.67% 5.71% 18,512 16, % 31.05% $ 282,507, $ 257,980, % 34.53% Total Interim 18,512 16, % 31.05% $ 282,507, $ 257,980, % 34.53% Repayment Active Current 5.29% 5.32% 30,270 31, % 58.46% $ 373,001, $ 393,322, % 52.64% 3160 Days Delinquent 6.09% 6.08% 1, % 1.83% $ 17,569, $ 15,932, % 2.13% 6190 Days Delinquent 6.15% 6.13% % 1.17% $ 9,043, $ 9,879, % 1.32% Days Delinquent 6.23% 6.11% % 0.66% $ 7,439, $ 5,963, % 0.80% Days Delinquent 6.14% 6.27% % 0.64% $ 5,616, $ 5,639, % 0.75% Days Delinquent 6.02% 6.31% % 0.45% $ 3,063, $ 4,180, % 0.56% > 180 Days Delinquent 6.30% 6.31% % 1.42% $ 15,099, $ 13,240, % 1.77% Forbearance 5.76% 5.80% 2,170 2, % 4.32% $ 38,391, $ 40,988, % 5.49% Total Repayment 36,015 37, % 68.95% $ 469,224, $ 489,147, % 65.47% Grand Total 54,527 54, % % $ 751,731, $ 747,127, % % (1) Loans in Interim Status have not yet had a scheduled payment. VII Portfolio Characteristics by Borrower Type and Program Type 05/31/10 06/30/10 Borrower Type Principal Amount % Principal Amount % 1 Creditworthy Cosigned Loans $ 618,052, % $ 614,562, % 2 Creditworthy NonCosigned Loans $ 130,129, % $ 129,019, % 3 Creditready Loans $ 3,549, % $ 3,546, % Total $ 751,731, % $ 747,127, % 05/31/10 06/30/10 Program Type Principal Amount % Principal Amount % 1 Continuing Education $ 27,852, % $ 27,575, % 2 Graduate $ 84,903, % $ 84,567, % 3 K12 $ 3,644, % $ 3,581, % 4 Medical $ 8,068, % $ 8,026, % 5 Undergraduate $ 627,262, % $ 623,376, % 6 Consolidation, Parent, Other $ 0.00% $ 0.00% Total $ 751,731, % $ 747,127, % NCSLT Monthly Distribution Report Page 4 of 6 288A0449

5 National Collegiate Student Loan Trust VIII Default Information, TERI Claims, Net Losses and Related Information 05/31/10 06/30/10 TERI Claims, Net Losses Principal Amount Principal Amount A. Cumulative Defaulted Loans (1) $ 86,643, $ 89,266, B. Cumulative Cash Claim Payments Made (9) $ 14,201, $ 14,242, C. Cumulative NonCash Claims on Unsecured Defaults $ 22,908, $ 27,407, D. Cumulative Deferred Claims Payable from TERI Pledge Fund (2) $ 34,567, $ 34,567, E. Cumulative Realized Losses on Settlements (8) $ $ F. Claims in Process at Servicer $ 14,966, $ 13,048, Unsecured Claims Detail G. Cumulative NonCash Claims on Unsecured Defaults $ 22,908, $ 27,407, H. Coverage from TERI Pledge Fund (Section I.B.4 and IX.14) $ $ I. Total Unsecured Claims (processed in excess of the TERI Pledge Fund) $ 22,908, $ 27,407, J. Cumulative Liquidation Proceeds and Recoveries $ (201,139.11) $ (306,190.14) K. Cumulative Realized Losses (3) (7) $ 22,707, $ 27,101, Deferred Claims Detail L. Cumulative Deferred Claims Payable from TERI Pledge Fund (2) $ 34,567, $ 34,567, M. Cumulative Liquidation Proceeds and Recoveries $ (639,804.43) $ (686,099.52) N. Cumulative Realized Losses and Other Adjustments $ (49,519.02) $ (49,519.02) O. Cumulative Net Receivable on Deferred Claims (4) $ 33,877, $ 33,831, Default Rates P. Cumulative Default Rate as a percentage of Loans in Repayment (5) 14.34% 14.16% Q. Cumulative Default Rate as a percentage of Financed Student Loans at Closing Date (6) 11.56% 11.91% Related Information R. Cumulative Principal and Interest Recoveries on Unsecured Defaulted Loans, after Collection Costs $ 181, $ 275, S. Cumulative Principal and Interest Recoveries on Deferred Claim Defaulted Loans, after Collection Costs $ 620, $ 670, T. Has a Material Change to ChargeOff Method Occurred? No No U. Has a Material Change to Asset Terms, Fees, Penalties or Payments Occurred? No No V. Has a Material Breach of Pool Asset Representations or Warranties or Transaction Covenants Occurred No No (1) Cumulative Principal Balance of Student Loans subject to a TERI guaranty event as of the last day of the Collection Period, less cumulative claims cancelled and returned to nondefault status. (2) See Section IX.14 (3) The sum of Section VIII.I and VIII.J. (4) The sum of Section VIII.L, VIII.M and VIII.N. (5) Section VIII.A divided by the Principal Balance of all Student Loans that have entered repayment status plus cumulative principal payments received by the Trust. (6) Section VIII.A divided by the Principal Balance of Financed Student Loans as of Closing Date $749,531, (7) Does not include Claims in Process at Servicer. (8) Write off amount on settlement of delinquent loans removed from the Pool Balance. (9) Reflects prior period adjustments by Servicer. NCSLT Monthly Distribution Report Page 5 of C3B5

6 National Collegiate Student Loan Trust IX Triggers and Other Information 1 Has a change occurred in the notional amount of the Class AIO? No next change date is Feb Has Prepayment Penalty occurred on Class AIO Notes? (The scheduled Reference Amount exceeds the notional amount on Distribution Date)? No next change date is February Has a Required Reserve Amount Balance date occurred? Yes 4 Has the Stepdown Date of August 26, 2013 occurred (On or after Stepdown Date and if a Subordinate Note Trigger is in effect, Principal Distribution method will change)? No. 5 Note Parity Trigger (Pool Balance plus Reserve Account, at end of Collection period, is less than 101% of Outstanding Debt and Liquidity Notes after payments on Distribution Date on or after the Stepdown Date). Has Note Parity Trigger occurred? No If so, the date such trigger occurred. Is Note Parity Trigger currently in effect? No 6 Class B Note Interest Trigger (Cumulative Default Rate equals or exceeds set rates provided other conditions have not been met. See Indenture for additional information.) Has a Class B Note Interest Trigger occurred? No If so, the date the Class B Note Interest Trigger occurred. Is a Class B Note Interest Trigger currently in effect? No 7 Class C Note Interest Trigger (Cumulative Default Rate equals or exceeds set rates and/or other conditions, unless TERI is continuing to pay valid claims. Please refer to the Indenture for additional information.) Has a Class C Note Interest Trigger occurred? No If so, the date the Class C Note Interest Trigger occurred. Is a Class C Note Interest Trigger currently in effect? No 8 Class D Note Interest Trigger Has a Class D Note Interest Trigger occurred? No If so, the date the Class D Note Interest Trigger occurred. Is a Class D Note Interest Trigger currently in effect? No 9 Subordinate Note Principal Trigger (Note Parity Trigger has occurred or Cumulative Default Rate greater than 10% and TERI is no longer paying claims) Has a Subordinate Note Principal Trigger occurred? Yes If so, the date such trigger occurred. The trigger occurred on the 4/26/10 Distribution Report. Is a Subordinate Note Principal Trigger currently in effect? Yes, however, since the Stepdown Date has not been reached there is no impact. 10 Turbo Trigger (Principal Balance of loans is equal to or less than 10% of the Principal Balance as of the Cutoff date or Cumulative Default Rate is greater than 10% and TERI is no longer paying claims) Has a Turbo Trigger occurred? Yes If so, the date such trigger occurred. The trigger occurred on the 4/26/10 Distribution Report. Is a Turbo Trigger currently in effect? Yes, however, since the Stepdown Date has not been reached there is no impact. 11 Has an Event of Default occurred? No 12 Has the Parity Ratio reached its release point of 103%? No 13 Has Trust exceeded annual fees or expense cap to Service Providers? No 14 The Trust has voted or was deemed to vote in favor of TERI s Fourth Amended Joint Plan of Reorganization (the Plan), thereby electing to accept settlement of its claims and the litigation commenced by the Creditors Committee. The Plan was accepted by sufficient creditors in April 2010 to be confirmed; however, TERI and the Creditors Committee filed a joint motion to modify the Plan on June 9, 2010 (the Joint Motion). Following a hearing on July 12, 2010, the Bankruptcy Court denied the Joint Motion and also vacated its previous findings that the Plan was confirmable. The Bankruptcy Court ordered TERI and the Creditors Committee to resolve issues with the Plan or file a new joint plan of reorganization on or before August 27, As a result, the settlement of the Trust s claims and the litigation commenced by the Creditors Committee on the terms set forth in the Plan is uncertain. The foregoing summary is qualified in its entirety by reference to copies of the June 9, 2010 motion, the Plan and all other filings made in the TERI bankruptcy proceedings, which may be obtained at and if not available on such case website, then by contacting the Clerk at the Bankruptcy Court. See VIII. Default Information, TERI Claims, Net Losses and Related Information (above) for Cumulative Default Rate and calculation. NCSLT Monthly Distribution Report Page 6 of 6 2EFF6D62