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Title: |
Underwriting Agreement |
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Entities: |
CIT Education Loan Trust 2005-1; CIT Group Inc.; Citigroup Global Markets Inc.; Credit Suisse First Boston LLC; Deutsche Bank Securities Inc.; Education Lending Group, Inc.; Lehman Brothers Inc.; RBC Dain Rauscher Inc.; Wachovia Capital Markets, LLC; Thompson Hine |
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Date: |
2005 |
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Size: |
Preview shows 6KB of 76KB total |
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Price: |
$46 |
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ID: |
#2514930 |
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CIT EDUCATION LOAN TRUST 2005-1
$1,000,000,000 EDUCATION LOAN BACKED NOTES
SERIES A&B
UNDERWRITING AGREEMENT
June 1, 2005
Citigroup Global Markets Inc.
as Representative of the Underwriters named herein
Credit Suisse First Boston LLC
as Representative of the Underwriters named herein
Ladies and Gentlemen:
Education Lending Services, Inc. (ELS), a Delaware corporation, as administrator of the business activities of the Depositor (as defined below), has caused the Depositor to form a statutory trust under the laws of the State of Delaware known as CIT Education Loan Trust 2005-1 (the Trust), to which the Depositor has and will transfer Student Loans, and ELS proposes to cause the Trust to sell to Citigroup Global Markets Inc. (a Representative), Credit Suisse First Boston LLC (a Representative and together with Citigroup Global Markets Inc., the Representatives), Lehman Brothers Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Deutsche Bank Securities, Inc., Wachovia Capital Markets LLC and RBC Dain Rauscher Inc. (collectively with the Representatives, the Underwriters, and each individually, an Underwriter), pursuant to the terms of this Underwriting Agreement (this Agreement), Education Loan Backed Notes in the following Series and initial principal amounts: $334,637,000 Education Loan Backed Notes, Series A-1 (the Series A-1 Notes), $209,762,000 Education Loan Backed Notes, Series A-2 (the Series A-2 Notes), $201,603,000 Education Loan Backed Notes, Series A-3 (the Series A-3 Notes) and $223,998,000 Education Loan Backed Notes, Series A-4 (the Series A-4 Notes, and together with the Series A-1 Notes, the Series A-2 Notes and the Series A-3 Notes, the Series A Notes), and $30,000,000 Education Loan Backed Notes, Series B (the Series B Notes and together with the Series A Notes, the Notes).
Education Funding Capital I, LLC (the Depositor), a Delaware limited liability company, will acquire a pool of Student Loans from Education Lending Group, Inc. (the Seller) pursuant to the Seller Transfer and Sale Agreement dated as of June 1, 2005 (the Seller Transfer and Sale Agreement) among the Seller, the Depositor, Fifth Third Bank, as eligible lender trustee on behalf of the Seller (the Seller Eligible Lender Trustee) and Fifth Third Bank,
as eligible lender trustee on behalf of the Depositor (the Depositor Eligible Lender Trustee), which pool of Student Loans the Depositor will transfer to the Trust pursuant to the Depositor Transfer and Sale Agreement dated as of June 1, 2005 (the Depositor Transfer and Sale Agreement) among the Depositor, the Trust, the Depositor Eligible Lender Trustee, and The Bank of New York, as eligible lender trustee on behalf of the Trust (the Trust Eligible Lender Trustee. As of March 31, 2005, that pool of Student Loans had an outstanding principal balance of $986,967,555.
The Trust was formed pursuant to a Trust Agreement dated as of May 20, 2005 (the Original Trust Agreement) between the Depositor and Chase Bank USA, National Association, a banking corporation formed under the laws of the State of Delaware, as owner trustee of the Trust (the Owner Trustee). The Original Trust Agreement was subsequently amended and restated by the Amended and Restated Trust Agreement dated as of June 1, 2005 (the Trust Agreement) among the Depositor, the Owner Trustee and the Trust Eligible Lender Trustee.
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