Item 1. Business
The sole business of SLC Student Loan Receivables I, Inc. (the Depositor) and SLC Student Loan Trust-I (the Trust) is to issue asset-backed notes (the Notes). These Notes are issued by the Trust backed by student loans first transferred by The Student Loan Corporation (the Servicer) to the Depositor, and then by the Depositor to the Trust. The Servicer services the loans on behalf of the Trust and provides administrative services to the Trust. Payments received by the Servicer and transferred to the Trust with respect to such loans are used to make payments on the Notes.
Item 2.
Item 2. Properties
The Property of the Trust consists solely of student loans originated under the Federal Family Education Loan Program. See Exhibit 99.2, a Certificate of The Student Loan Corporation, as Servicer, with respect to the activities of the Servicer during the fiscal year ended December 31, 2003. See Exhibit 99.4, a Certificate of The Student Loan Corporation, as Administrator, with respect to the activities of the Administrator during the fiscal year ended December 31, 2003.
Item 3.
Item 3. Legal Proceedings
Neither the Depositor nor the Trust knows of any material pending legal proceedings with respect to the Trust, involving the Trust, the Depositor, the Servicer, Deutsche Bank Trust Company Americas, formerly known as Bankers Trust Company (the Indenture Trustee), the Depositor's eligible lender trustee or the Trust assets, other than ordinary routine litigation incidental to the duties of the Indenture Trustee, the Servicer or the Depositor under the Servicing Agreement between the Servicer and the Trust dated as of March 27, 2002.
Item 4.
Item 4. Submission of Matters to a Vote of Security Holders
No matter was submitted during the fiscal year covered by this report to a vote of Note Holders.
PART II
Item 5.
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities
Each class of Notes is represented by one or more Notes registered in the name of Cede & Co., the nominee of the Depository Trust Company. Records provided to the Trust by the Depository Trust Company and the Indenture Trustee indicate that as of December 31, 2003, the number of holders of record for each class of Notes were as follows:
To the knowledge of the Depositor and the Trust, there is no established public trading market for the Notes.
Item 6.
Item 6. Selected Financial Data
Not Applicable.
Item 7.
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
Not Applicable.
Item 7A.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
Not Applicable.
Item 8.
Item 8. Financial Statements and Supplementary Data
Exhibit 99.1 is filed as part of this report and listed in Item 15(a) below. This exhibit is also filed as part of this report under this Item 8.
Item 9.
Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
None
Item 9A.
Item 9A. Controls and Procedures
Not Applicable
PART III
Item 10.
Item 10. Directors and Executive Officers of the Registrant
Not Applicable
Item 11.
Item 11. Executive Compensation
Not Applicable
Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
(a) Each class of Notes is represented by one or more Notes registered in the name of Cede & Co., the nominee of the Depository Trust Company (DTC), and an investor holding an interest in the Trust is not entitled to receive a note representing such interest except in certain limited circumstances. Accordingly, Cede & Co. is the sole holder of record of Notes, which it held on behalf of brokers, dealers, banks and other direct participants in the DTC system at December 31, 2003. Such direct participants may hold Notes for their own accounts or for the accounts of their customers. At December 31, 2003, the following direct DTC participants held positions in the Notes representing interests in the Trust equal to or exceeding 5% of the total principal amount of each class of Notes on that date:
SERIES 2002-1
SERIES 2002-2
c/o The Depository Trust Company
55 Water Street
New York, New York 10041
Item 13.
Item 13. Certain Relationships and Related Transactions.
(a) Neither the Depositor nor the Trust knows of any transaction or series of transactions to which any of the Depositor, the
Trust or the Servicer, in each of their respective capacities, is a party with any holder of Notes who owns of record or beneficially more than five percent of the Notes.
(b) Not Applicable
(c) Not Applicable
Item 14.
Item 14. Principal Accountant Fees and Services
Not Applicable
PART IV
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized on this 26th day of March, 2004.
SLC Student Loan Receivables I, Inc.
BY: /s/ Michael J. Reardon
Name: Michael J. Reardon
Title: Acting Chief Financial Officer
SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION 15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO SECTION 12 OF THE ACT.
No annual report, proxy statement, form of proxy or other proxy soliciting material has been sent to Security Holders during the period covered by this Annual Report on Form 10-K and the Co-Registrants do not intend to furnish such materials to Security Holders subsequent to the filing of this report.