EXHIBIT 25.1
FORM T-1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Statement of Eligibility Under the
Trust Indenture Act of 1939 of a
Corporation Designated to Act as Trustee
CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A TRUSTEE PURSUANT TO
SECTION 305(b)(2)
Wachovia Bank, National Association
(Exact name of trustee as specified in its charter)
United States of America
(Jurisdiction of incorporation or organization if not a U.S. national bank)
22-1147033
(I.R.S. Employer Identification Number)
One Wachovia Center
301 South College Street
Charlotte, North Carolina
(Address of principal executive offices)
28288
(Zip code)
Robert P. Muller
Wachovia Bank, National Association
NC1179
401 South Tryon Street. 12th Floor
Charlotte, NC 28288-1179
(704) 383-2239
(Name, address and telephone number of agent for service)
SLC Student Loan Receivables I, Inc.
(Exact name of obligor as specified in its charter)
Delaware
(State or other jurisdiction of incorporation or organization)
04-3598719
(I.R.S. Employer Identification No.)
750 Washington Boulevard, 9th Floor
Stamford, CT
(Address of principal executive offices)
06901
(Zip code)
Student Loan Asset-Backed Securities
(Title of the indenture securities)
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Item 1. General information. Furnish the following information as to the
trustee:
a. Name and address of each examining or supervising authority to which it
is subject.
NAME ADDRESS
Board of Governors of the Federal Washington, D.C.
Reserve System
Comptroller of the Currency Washington, D.C.
Federal Deposit Insurance Washington, D.C.
Corporation
b. Whether it is authorized to exercise corporate trust powers.
The Trustee is authorized to exercise corporate trust powers.
Item 2. Affiliations with the obligor. If the obligor is an affiliate of the
trustee, describe each such affiliation.
The obligor is not an affiliate of the trustee. (See Note 1 on page
5.)
Item 3. Voting securities of the trustee. Furnish the following information as
to each class of voting securities of the trustee:
Not Applicable - see answer to item 13.
Item 4. Trusteeships under other indentures. If the trustee is a trustee under
another indenture under which any other securities, or certificates of interest
or participation in any other securities, of the obligor are outstanding,
furnish the following information:
Not Applicable - see answer to item 13.
Item 5. Interlocking directorates and similar relationships with the obligor or
underwriters. If the trustee or any of the directors or executive officers of
the trustee is a director, officer, partner, employee, appointee, or
representative of the obligor of any underwriter for the obligor, identify each
such person having any such connection and state the nature of each such
connection.
Not Applicable - see answer to Item 13.
Item 6. Voting securities of the trustee owned by the obligor or its officials.
Furnish the following information as to the voting securities of the trustee
owned beneficially by the obligor and each director, partner, and executive
officer of the obligor.
Not Applicable - see answer to Item 13.
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Item 7. Voting securities of the trustee owned by underwriters or their
officials. Furnish the following information as to the voting securities of the
trustee owned beneficially by each underwriter for the obligor and each
director, partner, and executive officer of each such underwriter:
Not Applicable - see answer to Item 13.
Item 8. Securities of the obligor owned or held by the trustee. Furnish the
following information as to securities of the obligor owned beneficially or held
as collateral security for obligations in default by the trustee:
Not Applicable - see answer to Item 13.
Item 9. Securities of underwriters owned or held by the trustee. If the trustee
owns beneficially or hold as collateral security for obligations in default any
securities of an underwriter for the obligor, furnish the following information
as to each class of securities of such underwriter any of which are so owned or
held by the trustee:
Not Applicable - see answer to Item 13.
Item 10. Ownership or holdings by the trustee of voting securities of certain
affiliates or security holders of the obligor. If the trustee owns beneficially
or holds as collateral security for obligations in default voting securities of
a person who, to the knowledge of the trustee (1) owns 10 percent or more of the
voting securities of the obligor or (2) is an affiliate, other than a
subsidiary, of the obligor, furnish the following information as to the voting
securities of such person:
Not Applicable - see answer to Item 13.
Item 11. Ownership or holdings by the trustee of any securities of a person
owning 50 percent or more of the voting securities of the obligor. If the
trustee owns beneficially or holds as collateral security for obligations in
default any securities of a person who, to the knowledge of the trustee, owns 50
percent or more of the voting securities of the obligor, furnish the following
information as to each class of securities of such person any of which are so
owned or held by the trustee:
Not Applicable - See answer to Item 13.
Item 12. Indebtedness of the Obligor to the Trustee. Except as noted in the
instructions, if the obligor is indebted to the trustee, furnish the following
information:
Not Applicable - See answer to Item 13.
Item 13. Defaults by the Obligor.
a. State whether there is or has been a default with respect to the securities
under this indenture. Explain the nature of any such default.
None.
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b. If the trustee is a trustee under another indenture under which any other
securities, or certificates of interest or participation in any other
securities, of the obligor are outstanding, or is trustee for more than one
outstanding series of securities under the indenture, state whether there has
been a default under any such indenture or series, identify the indenture or
series affected, and explain the nature of any such default.
None.
Item 14. Affiliations with the Underwriters. If any underwriter is an affiliate
of the trustee, describe each such affiliation.
Not Applicable - see answer to Item 13.
Item 15. Foreign Trustee. Identify the order or rule pursuant to which the
foreign trustee is authorized to act as sole trustee under indentures qualified
or to be qualified under the Act.
Not Applicable - Trustee is a National Banking Association organized
under the laws of the United States.
Item 16. List of exhibits. List below all exhibits filed as a part of this
statement of eligibility.
1. Articles of Association of Wachovia Bank, National Association
as now in effect.*
2. Certificate of Authority of the trustee to commence business.*
3. Copy of the authorization of the trustee to exercise corporate
trust powers.*
4. Existing bylaws of the trustee.*
5. Not Applicable.
6. The consent of the trustee required by Section 321(b) of the
Act.
7. A copy of the latest report of condition of the trustee
published pursuant to law or the requirements of its
supervising or examining authority.**
8. Not Applicable.
9. Not Applicable.
- ------------------------
* Previously filed with the Securities and Exchange Commission as an
Exhibit to Form T-1 in connection with Registration Statement Number 333-54465
incorporated herein by reference.
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** This report is available over the Internet at the website of the
Federal Deposit Insurance Corporation and this report as therein contained is
incorporated herein by reference. This website is located at
http://www3.fdic.gov/idasp/main.asp. Once at that address, type in "Wachovia
Corporation" at the field entitled "Institution Name" then click on the "Find"
field above where the name of the bank has been typed in then click on the
certificate number for Wachovia Corporation (1073551) then click on the
"Generate Report" field.
NOTES:
Note 1: The trustee is a subsidiary of Wachovia Corporation, a bank
holding company; all of the voting securities of the trustee are held by
Wachovia Corporation. The voting securities of Wachovia Corporation are
described in Item 3.
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SIGNATURE
Pursuant to the requirements of the Trust Indenture Act of 1939 the
trustee, Wachovia Bank, National Association, a national banking association
organized and existing under the laws of the United States of America, has duly
caused this statement of eligibility to be signed on its behalf by the
undersigned, thereunto duly authorized, all in the city of Charlotte, and State
of North Carolina, on the 10th day of August, 2004.
WACHOVIA BANK, NATIONAL ASSOCIATION
(Trustee)
By:/s/ Robert P. Muller
---------------------------------
Robert P. Muller, Vice President
(Name and Title)
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EXHIBIT 6
Wachovia Bank, National Association, pursuant to the requirements of
Section 321(b) of the Trust Indenture Act of 1939, as amended (the "Act") in
connection with the registration of Student Loan Asset-Backed Securities by SLC
Student Loan Receivables I, Inc., consents that reports of examination by
federal, state, territorial, or district authorities may be furnished by such
authorities to the Securities and Exchange Commission upon request therefor, as
contemplated by Section 321(b) of the Act.
Dated: August 10, 2004
WACHOVIA BANK, NATIONAL ASSOCIATION
By:/s/ Robert P. Muller
---------------------------------------------
Robert P. Muller, Vice President
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