EXHIBIT 1.1
GATE(sm) RECEIVABLE ASSET-BACKED DEBT SECURITIES (GRADS(sm))
COLLATERALIZED STUDENT LOAN BONDS
SERIES 1996-S2
$6,825,000
TERMS AGREEMENT
Dated: November 20, 1996
To: The National Collegiate Trust (the "Company") and The National
Collegiate Trust 1996-S2 (the "Issuer")
Re: Underwriting Agreement dated as of April 3, 1996 (the "Agreement").
Series Designation: Class A Collateralized Student Loan Bonds, Series 1996-S2
Class B Collateralized Student Loan Bonds, Series 1996-S2
Terms of the Bonds and Underwriting Compensation:
=============================================================================================================================
Original Interest Price to
Principal Amount Rate Public
-----------------------------------------------------------------------------------------------------------------------------
Class A $4,500,000 7.30% 99.18750%
-----------------------------------------------------------------------------------------------------------------------------
Class B $2,325,000 8.15% 99.03125%
=============================================================================================================================
Certificate Ratings:
Class A - Xxxxx'x Aa2; Class B - Xxxxx'x Baa2
Underwriting Fee:
1.30% of the original principal amount of the Series 1996-S2 Class A
Bonds issued.
2.30% of the original principal amount of the Series 1996-S2 Class B
Bonds issued.
Purchase Price:
Class A 97.8875%
Class B 96.73125%
-9-
Final Maturity:
September 20, 2013
Closing Date and Location:
November 26, 1996 at the office of Xxxxxxx Xxxxxxxx & Xxxx,
New York, New York.
Attached as EXHIBIT A are the Computational Materials
furnished by the Underwriter to prospective purchasers pursuant to
SECTIONS 3(G) and 6(A)(II) of the Agreement. The Issuer, the Company
and the Underwriter hereby agree to the terms of this Terms Agreement
and to the terms of the Underwriting Agreement, dated as of April 3,
1996, between the Company and BA Securities, Inc.
THE NATIONAL COLLEGIATE TRUST 1996-S2
By: DELAWARE TRUST CAPITAL
MANAGEMENT, INC., not in its individual
capacity, but solely as Owner Trustee
By: /s/ Xxxxxxx X. Xxxxx
-----------------------------------
Name: Xxxxxxx X. Xxxxx
Title: Vice President
BA SECURITIES, INC.
By: /s/ Xxxx X. Xxxxxxxx
-----------------------------------
Name: Xxxx X. Xxxxxxxx
Title: Managing Director
ACCEPTED:
THE NATIONAL COLLEGIATE TRUST
By: DELAWARE TRUST CAPITAL MANAGEMENT,
INC., not in its individual capacity,
but solely as Owner Trustee
By: /s/ Xxxxxxx X. Xxxxx
-----------------------------------
Name: Xxxxxxx X. Xxxxx
------------------------
Title: Vice President
---------------------
