Pricing Agreement

 

 

 

745 7th Avenue, 5th Floor

60 Wall Street, 3rd Floor

 

Ladies and Gentlemen:

 

 

Except as modified pursuant to Schedule II hereto, each of the provisions of the Underwriting Agreement is incorporated herein by reference in its entirety, and shall be deemed to be a part of this Pricing Agreement to the same extent as if such provisions had been set forth in full herein; and each of the representations and warranties set forth therein shall be deemed to have been made at and as of the date of this Pricing Agreement, except that each representation and warranty which refers to the Prospectus, the Pre-Pricing Disclosure Package and the Final

 

 

Ratings FWP in Section 2 of the Underwriting Agreement shall be deemed to be a representation or warranty as of the date of the Underwriting Agreement in relation to the Prospectus, the Pre-Pricing Disclosure Package and the Final Ratings FWP, and also a representation and warranty as of the date of this Pricing Agreement in relation to the Prospectus, the Pre-Pricing Disclosure Package and the Final Ratings FWP, as amended or supplemented relating to the Designated Securities which are the subject of this Pricing Agreement.  Each reference to the Representatives herein and in the provisions of the Underwriting Agreement so incorporated by reference shall be deemed to refer to you.  Unless otherwise defined herein, terms defined in the Underwriting Agreement are used herein as therein defined.

 

The Representatives designated to act on behalf of each of the Underwriters of the Designated Securities pursuant to Section 13 of the Underwriting Agreement and the address of the Representatives referred to in such Section 13 are set forth at the end of Schedule II hereto.

 

An amendment to the Registration Statement, or a supplement to the Prospectus, as the case may be, relating to the Designated Securities, in the form to be delivered to you is proposed to be filed with the Commission.

 

Subject to the terms and conditions set forth herein and in the Underwriting Agreement incorporated herein by reference, the Company agrees to cause the Trust to issue and sell to each of the Underwriters, and each of the Underwriters agrees, severally and not jointly, to purchase from the Trust, at the time and place and at the purchase price to the Underwriters set forth in Schedule II hereto, the amount of Designated Securities set forth opposite the name of such Underwriter in Schedule I hereto, less the amount of Designated Securities covered by Delayed Delivery Contracts, if any, as may be specified in Schedule II.

 

During the period beginning from the date of this Pricing Agreement for the Designated Securities and continuing to and including the Time of Delivery, the Company agrees, and Navient CFC agrees that it will cause the Company, not to, and not to permit any affiliated entity to, offer, sell or contract to sell, or otherwise dispose of, securities substantially similar to the Designated Securities (other than the Designated Securities) evidencing an ownership in, or any securities (other than the related Notes) collateralized by, Student Loans, without the prior written consent of the Representatives.

 

Each Underwriter represents and agrees that:

 

(a) it has only communicated or caused to be communicated and will only communicate or cause to be communicated any invitation or inducement to engage in investment activity, within the meaning of Section 21 of the Financial Services and Markets Act 2000 (the “FSMA”), received by it in connection with the issue or sale of any notes in circumstances in which Section 21(1) of the FSMA does not apply to the Trust;

 

 

(b)  it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the Notes in, from or otherwise involving the United Kingdom; and

 

(c)  in relation to each Member State of the European Economic Area which has implemented the Prospectus Directive (each, a “Relevant Member State”), with effect from and including the date on which the Prospectus Directive is implemented in that Relevant Member State (the “Relevant Implementation Date”) it has not made and will not make an offer of any Notes to the public in that Relevant Member State other than, (a) to any legal entity which is a qualified investor as defined in the Prospectus Directive; (b) to fewer than 100 or, if the Relevant Member State has implemented the relevant provision of the 2010 PD Amending Directive, 150, natural or legal persons (other than qualified investors as defined in the Prospectus Directive), as permitted under the Prospectus Directive; or (c) in any other circumstances falling within Article 3(2) of the Prospectus Directive, provided that no such offer of Notes shall require the Trust or the Underwriters to publish a prospectus pursuant to Article 3 of the Prospectus Directive.  For the purposes of this paragraph (c), the expression “an offer of any Notes to the public” in relation to the Notes in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable investors to decide to purchase or subscribe the Notes as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that Member State, the expression “Prospectus Directive” means Directive 2003/71/EC (and amendments thereto, including the 2010 PD Amending Directive, to the extent implemented in the Relevant Member State), and includes any relevant implementing measure in the Relevant Member State and the expression “2010 PD Amending Directive” means Directive 2010/73/EU.

 

 

If the foregoing is in accordance with your understanding, please sign and return to us six counterparts hereof, and upon acceptance hereof by you, this letter and such acceptance hereof, including the provisions of the Underwriting Agreement incorporated herein by reference, shall constitute a binding agreement between each of the Underwriters and the Company, Navient CFC and Navient Corporation.  It is understood that your acceptance of this letter on behalf of each of the Underwriters is or will be pursuant to the authority set forth in a form of Agreement among Underwriters, the form of which shall be submitted to the Company, Navient CFC and Navient Corporation for examination upon request, but without warranty on the part of the Representatives as to the authority of the signers thereof.

 

Very truly yours,

 

 

By:    /s/  Mark D. Rein

    Name:  Mark D. Rein

    Title:    Vice President

 

 

By:       /s/ Mark D. Rein

    Name:  Mark D. Rein

    Title:    Vice President

 

Accepted and agreed with respect to Sections 2(h), 5(g), 6(b), 9, 11, 12 and 14 of the Underwriting Agreement:

 

 

By:       /s/ Stephen O’Connell

    Name:  Stephen O’Connell

    Title:    Senior Vice President and Treasurer

 

 

Accepted as of the date hereof:

 

By:  /s/ Ben Fernandez

Name:  Ben Fernandez

Title:    Managing Director

 

 

 

Underwriters	Class A	Class B
Barclays Capital Inc...	$108,800,000	$2,975,000
Deutsche Bank Securities Inc.	$108,800,000	$2,975,000
J.P. Morgan Securities LLC.	$38,400,000	$1,050,000
Total	$256,000,000	$7,000,000

 

 

 

 

Floating Rate Class A Student Loan-Backed Notes

       (for purposes of this Schedule II, “Class A”)

Floating Rate Class B Student Loan-Backed Notes

       (for purposes of this Schedule II, “Class B”)

 

Class A:     $256,000,000

Class B:      $7,000,000

 

Class A:      100.00000%

Class B:       89.26414%

 

 

Class A:       99.75000%

Class B:        89.01414%

 

Specified Funds for Payment of Purchase Price:      Immediately Available Funds

 

Indenture:             Indenture, dated as of August 14, 2014, among Deutsche Bank National Trust Company, as Indenture Trustee, the Navient Student Loan Trust 2014-2, and Deutsche Bank Trust Company Americas, as Eligible Lender Trustee.

 

Class A:        March 25, 2043

Class B:         June 25, 2054

 

Class A:         2/3 month LIBOR*  plus 0.64%

Class B:          2/3 month LIBOR*  plus 1.50%

 

 

Form of Designated Securities:

Book-Entry (DTC, Clearstream, Luxembourg and/or Euroclear)

 

Time of Delivery:

August 14, 2014

 

 

Navient Solutions, Inc.

2001 Edmund Halley Drive

Reston, Virginia 20191

 

 

Barclays Capital Inc.

745 7th Avenue, 5th Floor

New York, New York 10019

Attention:      Kieran Brady

Email:               ***@***

Deutsche Bank Securities Inc.

60 Wall Street, 3rd Floor

New York, New York 10005

Attention:      Colin Bennett

Email:               ***@***