SUPPLEMENTAL REMARKETING AGENCY AGREEMENT
Exhibit 99.3
SUPPLEMENTAL REMARKETING AGENCY AGREEMENT, dated as of January 12, 2018 (this “Agreement”), by and among SLM Student Loan Trust 2005-9 (the “Trust”), Navient Solutions, LLC (the “Administrator”) and Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. (each, a “Remarketing Agent” and, collectively, the “Remarketing Agents”). The Remarketing Agents hereby agree to attempt, on a reasonable efforts basis, to remarket the Reset Rate Notes (the “Notes”) described below that have been tendered by the holders thereof for sale on the Reset Date specified below at a price equal to 100% of the aggregate principal amount so tendered in accordance with the terms of this Agreement and of the Remarketing Agreement, dated as of November 15, 2005 among the Trust, the Administrator and Deutsche Bank Securities Inc. and Credit Suisse First Boston LLC (as predecessor in interest to Credit Suisse Securities (USA) LLC) (the “Remarketing Agreement”), and the Remarketing Agency Agreement, dated as of January 10, 2018 (the “Remarketing Agency Agreement”), among the Trust, the Administrator and the Remarketing Agents, the terms of which are hereby incorporated by reference and made a part of this Agreement. Capitalized terms not otherwise defined in this Agreement have the respective meanings assigned thereto in Appendix A to the Remarketing Agreement.
The Remarketing Agents shall also have the option, but not the obligation, to purchase any tendered Notes at such price. The option of the Remarketing Agents to purchase tendered Notes from the tendering Class A-7A Noteholders will be subject, without limitation, to the conditions set forth in Section 8 of the Remarketing Agreement.
All capitalized terms not otherwise defined in this Agreement have the respective meanings assigned thereto in Appendix A to the Remarketing Agreement.
CERTAIN TERMS OF THE NOTES
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Trust:
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Remarketing Agents and Addresses:
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Credit Suisse Securities (USA) LLC
Eleven Xxxxxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000-0000 Attention: Xxxxx Xxxxxxx Deutsche Bank Securities Inc.
00 Xxxx Xxxxxx, 0xx Xxxxx Xxx Xxxx, Xxx Xxxx 00000 Attention: Con Accibal |
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Title of Notes:
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Class A-7A Reset Rate Notes
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Principal Amount of Notes to be Purchased:
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$597,500,000 Class A-7A Reset Rate Notes
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Title of Indenture:
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Indenture, dated as of November 1, 2005, as amended or supplemented from time to time by and among the Trust, the Eligible Lender Trustee and the Indenture Trustee.
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Eligible Lender Trustee:
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Deutsche Bank Trust Company Americas
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Indenture Trustee:
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Deutsche Bank National Trust Company
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Current Ratings:
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Xxxxx’x Investors Service, Inc.:
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Aa3(sf)
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Standard & Poor’s Ratings Services:
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AA+(sf)
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Fitch Ratings, Inc.:
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AAAsf
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Interest Rate Mode:
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☒ Floating Rate
Spread:
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Class A-7A Reset Rate Notes: Three-Month LIBOR plus 0.60%
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☐ Fixed Rate
Spread:
Yield to Maturity of Fixed
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2
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Rate Pricing Benchmark:
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Fixed Rate:
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Eligible Swap Counterparty (or Counterparties) and the floating rate (or rates) of interest payable by the Trust to each Eligible Swap Counterparty (or Counterparties):
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N/A
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Currency Denomination:
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U.S. Dollars
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Currency Exchange Rate:
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N/A
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Extension Rate:
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N/A
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All Hold Rate:
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N/A
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New Interest Rate:
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As determined by application of the provisions set forth in this Agreement and in the Remarketing Agreement and Remarketing Agency Agreement.
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Beneficial Owner Tender Provisions:
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As set forth in the Preliminary Remarketing Prospectus dated January 10, 2018. In the event that the Remarketing Agents fail to remarket all Notes validly tendered for Remarketing on the Reset Date, then the Remarketing Agents shall promptly notify the Administrator and the Indenture Trustee of such failure.
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Failed Remarketing Rate:
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Three-Month EURIBOR + 0.55%
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Form of Notes:
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Global certificate registered in the name of the nominee of the applicable depository of the Notes, which is DTC, Clearstream, Luxembourg or Euroclear. The beneficial owners of the Notes (“Beneficial Owners”) are not entitled to receive definitive certificates representing their Notes, except under limited circumstances. A Beneficial Owner’s ownership of a Note currently is recorded on or through the records of the brokerage firm or other entity that is a participant in DTC, Clearstream, Luxembourg or Euroclear and that maintains such
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3
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Purchase Price:
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100% of the principal amount of the Notes Payable to DTC, Clearstream, Luxembourg or Euroclear for the Beneficial Owners of tendered Notes.
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Remarketing Fee for tendered notes (expressed as a percentage of the outstanding principal amount of the tendered Notes that successfully remarket, payable except in the case of a Failed Remarketing):
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As set forth in the Remarketing Agency Agreement
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Wire Instructions:
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As set forth in the Closing Memorandum.
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Other:
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The Notes will be remarketed using a Preliminary Remarketing Prospectus, a Supplement to the Preliminary Remarketing Prospectus, a Final Remarketing Prospectus and several Free-Writing Prospectuses, each as furnished by the Administrator
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Closing:
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January 25, 2018
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4
The foregoing terms are hereby confirmed and agreed to as of this 12th day of January, 2018.
| By: | DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity but solely as Eligible Lender Trustee |
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By:
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/s/ | |
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By:
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NAVIENT SOLUTIONS, LLC, as Administrator
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By:
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| CREDIT SUISSE SECURITIES (USA) LLC | |||
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By:
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| DEUTSCHE BANK SECURITIES INC. | |||
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By:
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| DEUTSCHE BANK SECURITIES INC. | |||
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By:
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