nvcsrs

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JyoDxw/61Ya9uK+9JPTrf5EcNdFyvMRfzOHtGIa3G+mSWqfVv6mRpY1nni8i4K5C NJ0pix8GrPjaLleOT8U+fg== 0000950123-10-074897.txt : 20100809 0000950123-10-074897.hdr.sgml : 20100809 20100809143130 ACCESSION NUMBER: 0000950123-10-074897 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 12 CONFORMED PERIOD OF REPORT: 20100531 FILED AS OF DATE: 20100809 DATE AS OF CHANGE: 20100809 EFFECTIVENESS DATE: 20100809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLLEGE & UNIVERSITY FACILITY LOAN TRUST ONE CENTRAL INDEX KEY: 0000820300 IRS NUMBER: 046575372 STATE OF INCORPORATION: MA FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-05291 FILM NUMBER: 101001097 BUSINESS ADDRESS: STREET 1: C/O US BANK STREET 2: CORP TRUST DEPT ONE FEDERAL ST CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 6176036406 MAIL ADDRESS: STREET 1: C/O US BANK STREET 2: CORPORATE TRUST DEPT ONE FEDERAL ST CITY: BOSTON STATE: MA ZIP: 02110 N-CSRS 1 c59504nvcsrs.htm N-CSRS nvcsrs

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-05291

College and University Facility Loan Trust One

(Exact name of registrant as specified in charter)

c/o U.S. Bank One Federal Street Boston, MA 02110

(Address of principal executive offices) (Zip code)

Brian True
U.S. Bank Corporate Trust Services
One Federal Street
Boston, MA 02110

(Name and address of agent for service)

Registrant’s telephone number, including area code: (513) 632-5578

Date of fiscal year end: November 30

Date of reporting period: December 1, 2009 — May 31, 2010

ITEM 1. REPORT TO STOCKHOLDERS.


		College and University
		Facility Loan Trust One

		Financial Statements
		As of and for the Period Ended May 31, 2010

College and University
Facility Loan Trust One

Statement of Assets and Liabilities


May 31,	2010

Assets:
Investments, at amortized cost, net of allowance for loan losses of $580,000 (Notes 1, 2, 6, 7 and 8)	$	21,216,269
Cash		166,700
Interest receivable		431,359
Loans receivable (Note 2)		227,800
Deferred bond issuance costs (Note 2)		60,116
Prepaid expenses		17,779


Total assets		22,120,023


Liabilities:

Bonds payable (Notes 3 and 8)		11,092,270
Bond interest payable (Note 3)		585,117
Accrued expenses and other liabilities		171,176
Payable to Trustees		2,510
Distributions payable to Class B certificateholders (Note 5)		141,234


Total liabilities		11,992,307


Net Assets:

Class B certificates, par value $1 - authorized, issued and outstanding — 1,001,643 certificates (Note 5)		1,001,643
Distributions in excess of tax earnings (Notes 2 and 5)		(478,091	)
Additional paid-in capital (Note 2)		9,604,164


Total net assets	$	10,127,716


Net asset value per Class B certificate (based on 1,001,643 certificates outstanding)	$	10.11

The accompanying notes are an integral part of these financial statements.

College and University
Facility Loan Trust One

Statement of Operations


Six months ended May 31,	2010

Investment income:
Interest income (Note 2)	$	1,037,678


Expenses:
Interest expense (Notes 2 and 3)		599,099
Servicer fees (Note 4)		5,361
Trustee fees (Note 4)		20,291
Other trust and bond administration expenses		169,784


Total expenses		794,535


Net investment income		243,143


Net increase in net assets resulting from operations	$	243,143

The accompanying notes are an integral part of these financial statements.

College and University
Facility Loan Trust One

Statement of Cash Flows


Six months ended May 31,	2010

Cash flows from operating activities:
Interest received	$	541,352
Interest paid		(653,467	)
Operating expenses paid		(156,723	)
Net decrease in funds held under investment agreements		895,497
Principal payments on loans		1,348,423


Net cash provided by operating activities		1,975,082


Cash flows from financing activities:
Principal repayments on Bonds		(1,295,730	)
Distributions to Class B certificateholders		(562,652	)


Net cash used in financing activities		(1,858,382	)


Net increase in cash		116,700

Cash, beginning of period		50,000


Cash, end of period	$	166,700


Reconciliation of net increase in net assets resulting from operations to net cash provided by operating activities:
Net increase in net assets resulting from operations	$	243,143
Increase in prepaid expenses		(17,779	)
Decrease in interest receivable		3,458
Decrease in Bond interest payable		(68,350	)
Increase in accrued expenses and other liabilities		56,492
Decrease in investment contracts		895,497
Decrease in loan principal balance		1,412,223
Increase in loan receivable		(63,800	)
Accretion of deferred Bond issuance costs		13,982
Amortization of purchase discount on loans		(499,784	)


Net cash provided by operating activities	$	1,975,082

The accompanying notes are an integral part of these financial statements.

College and University
Facility Loan Trust One

Statements of Changes in Net Assets


	Six Months
	Ended			Year Ended
	May 31,			November 30,
	2010			2009

From operations:
Net investment income	$	243,143		$	702,057
Increase in reserve for loan losses		—			(120,000	)


Net increase in net assets applicable to Class B certificateholders resulting from operations		243,143			582,057

Distributions to Class B certificateholders from:
Tax return of capital (Note 5)		(141,234	)		(911,170	)


Net decrease in net assets		101,909			(329,113	)

Net assets:
Beginning of period		10,025,807			10,354,920

End of period	$	10,127,716		$	10,025,807

The accompanying notes are an integral part of these financial statements.

College and University
Facility Loan Trust One

Financial Highlights


	Six Months
	Ended
	May 31,			Years Ended November 30,
	2010			2009			2008			2007			2006			2005
	(Unaudited)			(Audited)
Net asset value, beginning of period	$	10.01		$	10.34		$	10.45		$	10.52		$	10.86		$	10.88


Net investment income		.24			.70			.50			.84			.66			2.14

(Increase) decrease in provision for loan losses		—			(.12	)		—			.10			.10			.20

Distributions to Class B certificateholders from tax return of capital		(.14	)		(.91	)		(.61	)		(1.01	)		(1.10	)		(2.36	)


Net asset value, end of period	$	10.11		$	10.01		$	10.34		$	10.45		$	10.52		$	10.86


Total investment return (a)		N/A			N/A			N/A			N/A			N/A			N/A

Net assets applicable to Class B certificates, end of period	$	10,127,716		$	10,025,807		$	10,354,920		$	10,470,620		$	10,540,720		$	10,882,199


Ratios and Supplemental Data:

Ratio of operating expenses to average net assets applicable to Class B certificates		7.88	%		17.35	%^(b)		21.08	% ^(b)		23.47	% ^(b)		26.24	% ^(b)		30.05	% ^(b)

Ratio of net investment income to average net assets applicable to Class B certificates		2.42	%		5.89	%		4.79	%		8.00	%		6.20	%		19.66	%

Number of Class B certificates outstanding, end of period		1,001,643			1,001,643			1,001,643			1,001,643			1,001,643			1,001,643


(a)		The Trust’s investments are recorded at amortized cost as discussed in Note 2. Accordingly, the financial statements do not reflect the market value of such investments. For this reason, management believes that no meaningful information can be provided regarding “Total investment return” and has not included information under that heading. In addition, as the Trust did not purchase or sell investments during the periods presented, “Portfolio turnover” would have been 0% for all periods presented.

(b)		Excluding interest expense, the ratio of operating expenses to average net assets applicable to Class B certificates was 3.88%^(c), 3.42%, 4.60%, 4.28% , 4.83% and 4.24% in 2010, 2009, 2008, 2007, 2006 and 2005, respectively.

(c)		Annualized.

The accompanying notes are an integral part of these financial statements.

College and University
Facility Loan Trust One

Notes to Financial Statements
Period Ended May 31, 2010


1.		Organization and Business

		College and University Facility Loan Trust One (the Trust) was formed on September 17, 1987 as a business trust under the laws of the Commonwealth of Massachusetts by a declaration of trust by Bank of Boston (the Owner Trustee), succeeded by State Street Bank and Trust Company, succeeded by US Bank (successor Owner Trustee), not in its individual capacity but solely as Owner Trustee. The Trust is registered under the Investment Company Act of 1940 (as amended) as a diversified, closed-end, management investment company.

		The Trust was formed for the sole purpose of raising funds through the issuance and sale of bonds (the Bonds). The Trust commenced operations on September 29, 1987 (the Closing Date) and issued Bonds in five tranches in the aggregate principal amount of $126,995,000. The Bonds constitute full recourse obligations of the Trust. The collateral securing the Bonds consists primarily of a pool of college and university facility loans (the Loans) to various postsecondary educational institutions and funds held under the indenture (the Indenture) and the investment agreements. The Loans were originated by, or previously assigned to, the United States Department of Education (ED) under the College Housing Loan Program or the Academic Facilities Loan Program. The Loans, which have been assigned to The Bank of New York, National Association, as successor in interest to J.P. Morgan Trust Company, National Association, as successor in interest to Bank One Trust Company, NA, formerly The First National Bank of Chicago (the Bond Trustee), are secured by various types of collateral, including mortgages on real estate, general recourse obligations of the borrowers, pledges of securities and pledges of revenues. As of the Closing Date, the Loans had a weighted average stated interest rate of approximately 3.16% and a weighted average remaining term to maturity of approximately 19.4 years. Payments on the Loans are managed by the Bond Trustee in various fund accounts and are invested under investment agreements (see Note 2) as specified in the Indenture.

College and University
Facility Loan Trust One

Notes to Financial Statements
Period Ended May 31, 2010


1.		Organization and Business (Continued)

		All payments on the Loans and earnings under the investment agreements and any required transfers from the Expense, Reserve and Liquidity Funds are deposited to the credit of the Revenue Fund held by the Bond Trustee, as defined within, and in accordance with the Indenture. On each bond payment date, amounts on deposit in the Revenue Fund are applied in the following order of priority: to pay amounts due on the Bonds, to pay administrative expenses not previously paid from the Expense Fund, to fund the Expense Fund to the Expense Fund Requirement, to fund the Reserve Fund to the Maximum Reserve Requirement and to fund the Liquidity Fund to the Liquidity Fund Requirement. Any funds remaining in the Revenue Fund on such payment date are paid to the Class B certificateholders, as discussed in Note 5.

		On the Closing Date, certificates were issued by the Trust to ED as partial payments for the Loans. In December 1989, ED sold, through a private placement, all of its ownership interest in the Trust.

2.		Summary of Significant Accounting Policies

		(a) College and University Facility Loans The Loans were purchased and recorded at a discount below par. Pursuant to a “no-action letter” that the Trust received from the Securities and Exchange Commission, the Loans, included in investments in the accompanying statement of assets and liabilities, are being accounted for under the amortized cost method of accounting, net of any allowance for loan loss. Under this method, the difference between the cost of each Loan to the Trust and the scheduled principal and interest payments is amortized, assuming no prepayments of principal, and included in the Trust’s income by applying the Loan’s effective interest rate to the amortized cost of that Loan. When a Loan prepays, the remaining discount is recognized as interest income in the same accounting period. The remaining balance of the purchase discount on the Loans as of May 31, 2010 was approximately $4,881,000.

College and University
Facility Loan Trust One

Notes to Financial Statements
Period Ended May 31, 2010


2.		Summary of Significant Accounting Policies (Continued)

		(a) College and University Facility Loans (Continued) Accounting principles generally accepted in the United States of America (GAAP), requires that the Loans be accounted for under the fair value method of accounting, Accounting Standard Codification (“ASC”) Topic 820 Fair Value Measurements and Disclosures, (“ASC 820”). However, management believes that the amortized cost method of accounting net of any allowance for loan loss best serves the informational needs of the users of the Trust’s financial statements.

		The Trust’s policy is to generally discontinue the accrual of interest on Loans for which payment of principal or interest is 180 days or more past due or for other such Loans if management believes the collection of interest and principal is doubtful. When a Loan is placed on nonaccrual status, all previously accrued, but uncollected interest is reversed against the current period’s interest income. Subsequently, interest income is generally recognized when received. Payments are generally applied to interest first, with the balance, if any, applied to principal. At May 31, 2010, no Loans have been placed on nonaccrual status.

		The allowance for loan losses is based on the Trust’s evaluation of the level of the allowance required to reflect the risks in the loan portfolio, based on circumstances and conditions known or anticipated at each reporting date. The methodology for assessing the appropriateness of the allowance consists of a review of the following three key elements:

		(1) a valuation allowance for loans identified as impaired,

		(2) a formula-based general allowance for the various loan portfolio classifications, and

		(3) an unallocated allowance.

		A loan is impaired when, based on current information and events, it is probable that the Trust will be unable to collect all amounts due in accordance with the contractual terms of the loan agreement. Loans identified as impaired are further evaluated to determine the estimated extent of impairment. At May 31, 2010, there were no recorded investments in loans that are considered to be impaired.

College and University
Facility Loan Trust One

Notes to Financial Statements
Period Ended May 31, 2010


2.		Summary of Significant Accounting Policies (Continued)

		(a) College and University Facility Loans (Continued) The formula-based general allowance is derived primarily by certain credit risk statistics based on the most current financial information of the underlying entity. As credit quality for individual loans deteriorates, the risk rating and the allowance allocation percentage increases. The sum of these allocations comprise the Trust’s formula-based general allowance.

		In addition to the valuation and formula-based general allowance, there is an unallocated allowance. This element recognizes the estimation risks associated with the valuation and formula-based models. It is further adjusted for qualitative factors including, among others, general economic and business conditions, credit quality trends, and specific industry conditions.

		The allowance for loan losses of $580,000 was based on the general and unallocated calculations as described above as there were no loans that were considered impaired as of the period ended May 31, 2 010.

		There are inherent uncertainties with respect to the final outcome of loans and as such, actual losses may differ from the amounts reflected in the financial statements and could be material.

		(b) Other Investments

		Other investments, which are included in investments in the accompanying statement of assets and liabilities, consist of two unsecured investment agreements issued by the Federal National Mortgage Association bearing fixed rates of interest of 5% and 8%. These investments are carried at amortized cost. These investment agreements terminate on the earlier of December 1, 2014 or the date on which the Bonds are paid-in-full. Please see Note 8 for discussion of fair value measurement of these investments.

College and University
Facility Loan Trust One

Notes to Financial Statements
Period Ended May 31, 2010


2.		Summary of Significant Accounting Policies (Continued)

		(c) Federal Income Taxes It is the Trust’s policy to comply with the requirements applicable to a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and to distribute substantially all of its investment company taxable income to its certificateholders each year. Accordingly, no federal or state income tax provision is required.

		For tax purposes, the Loans were transferred to the Trust at their face values. Accordingly, the accretion of the purchase discount creates a permanent book-tax difference.

		Financial Accounting Standards Board (“FASB”) ASC Topic 740 Income Taxes, (“ASC 740”) requires the Trust to determine whether a tax position of the Trust is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. The Trust has evaluated the known implications of ASC 740 on its computation of net assets for the Trust. As a result of this evaluation, the Trust has concluded that ASC 740 did not have any effect on the Trust’s financial statements and no cumulative effect adjustments were recorded.

		As of May 31, 2010, the Trust had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure.

		The Trust’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

		(d) Deferred Bond Issuance Costs

		Deferred bond issuance costs are being amortized using the effective interest-rate method, assuming that all mandatory semiannual payments will be made on the term bonds as discussed in Note 3.

College and University
Facility Loan Trust One

Notes to Financial Statements
Period Ended May 31, 2010


2.		Summary of Significant Accounting Policies (Continued)

		(e) Presentation of Capital Distributions Capital distributions are accounted for in accordance with FASB ASC Topic 946 Investment Companies Sub-topic 505 Equity (“ASC 946-505”). ASC 946-505 requires the Trust to report distributions that are in excess of tax-basis earnings and profits as a tax return of capital and to present the capital accounts on a basis that approximates the amounts that are available for future distributions on a tax basis.

		As of November 30, 2009, all tax earnings and profits have been distributed. Accordingly, all accumulated undistributed net investment income has been reclassified to additional paid-in capital. This reclassification results from permanent book and tax differences such as the receipt of tax-exempt interest income on certain Loans, the related interest expense on the Bonds, and the accretion of purchase discount on the Loans. Amounts deducted for the loan loss reserve are not currently deductible for tax purposes and have been reclassified as an accumulated deficit. These reclassifications had no impact on the net investment income or net assets of the Trust.

		The Trust expects to have a tax return of capital for the fiscal year ending November 30, 2010; however, the amount cannot be reasonably estimated at May 31, 2010.

College and University
Facility Loan Trust One

Notes to Financial Statements
Period Ended May 31, 2010


2.		Summary of Significant Accounting Policies (Continued)

		(f) Use of Estimates The preparation of financial statements in conformity with GAAP requires the Trust to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities at the date of the financial statements and for the period then ended. On an on-going basis, the Trust evaluates the estimates used, including those related to the allowance for loan losses. The Trust bases its estimates on historical experience, current conditions and various other assumptions that the Trust believes to be reasonable under the circumstances. These estimates form the basis for making judgments about the carrying values of assets and liabilities and are not readily apparent from other sources. These estimates are used to assist the Trust in the identification and assessment of the accounting treatment necessary with respect to commitments and contingencies. Actual results may differ from these estimates under different assumptions or conditions and differences could be material.

		(g) Loans Receivable

		Payments due for certain loans had not been received as of May 31, 2010 and therefore have been reported as loans receivable.

		(h) Statement of Cash Flows

		The cash amount shown in the Statement of Cash Flows of the Trust is the amount included in the Trust’s Statement of Assets and Liabilities and represents the cash on hand and does not include any short-term investments.

College and University
Facility Loan Trust One

Notes to Financial Statements
Period Ended May 31, 2010


2.		Summary of Significant Accounting Policies (Continued)

		(i) Risk Factors The Trust’s investments are subject to the following: Market Risk Market risk represents the potential loss that can be caused by a change in the fair value of the financial instrument.

		Credit Risk Credit risk represents the risk that the Trust would incur if the counterparties failed to perform pursuant to the terms of their agreements with the Trust.

		The Trust’s investments are held in escrow by Bank of New York Mellon (the “Trustee”). The Trustee has custody of the Trusts investments. The Trust is subject to counterparty risk to the extent that the Trustee may be unable to fulfill its obligations to the Trust.

		Prepayment Risk Most of the loans held by the Trust allow for prepayment of principal without penalty. As such the Trust is subject to prepayment risk, which could negatively impact future earnings.

		(j) Indemnification

		Under the Trust’s organizational documents, its Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund, and certificateholders’ are indemnified against personal liability for the obligations of the Trust. Additionally, in the normal course of business, the Trust may enter into agreements with service providers that may contain indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

College and University
Facility Loan Trust One

Notes to Financial Statements
Period Ended May 31, 2010


2.		Summary of Significant Accounting Policies (Continued)

		(k) Recent Accounting Pronouncements On June 1, 2009, the Trust adopted Statement of Financial Accounting Standard (“SFAS”) No. 162, The Hierarchy of Generally Accepted Accounting Principles, (SFAS 162). The current hierarchy of generally accepted accounting principles is set forth in the American Institute of Certified Public Accountants (AICPA) Statement on Auditing Standards (SAS) No. 69, The Meaning of Present Fairly in Conformity With Generally Accepted Accounting Principles. SFAS 162 is intended to improve financial reporting by identifying a consistent framework, or hierarchy, for selecting accounting principles to be used in preparing financial statements that are presented in conformity with U.S. generally accepted accounting principles for nongovernmental entities. This Statement was effective for annual reporting periods ending after September 15, 2009. The adoption of this statement did not impact the Trust’s application of GAAP in the preparation of the Trust’s financial statements.

		In May 2009, the FASB issued SFAS No. 165, Subsequent Events (SFAS No. 165). SFAS No. 165 (codified into ASC Topic 855) establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued or are available to be issued. In particular, SFAS No. 165 sets forth: (1) the period after the balance sheet date during which management of a reporting entity should evaluate events or transactions that may occur for potential recognition or disclosure in the financial statements, (2) the circumstances under which an entity should recognize events or transactions occurring after the balance sheet date in its financial statements and (3) the disclosures that an entity should make about events or transactions that occurred after the balance sheet date. SFAS No. 165 is effective for interim and annual financial periods ending after June 15, 2009.
		In February 2010, the FASB issued Accounting Standards Update 2010-09 (ASU 2010-09), Subsequent Events (Topic 855), amending guidance on subsequent events to alleviate potential conflicts between FASB guidance and SEC requirements. Under this amended guidance, SEC filers are no longer required to disclose the date through which subsequent events have been evaluated in originally issued and revised financial statements. This guidance was effective immediately and we adopted these new requirements for the period ended May 31, 2010. The adoption of this guidance did not have a material impact on our financial statements.

		In July 2010, the FASB issued ASU 2010-20, “Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses.” The new disclosure guidance will significantly expand the existing requirements and will lead to greater transparency into a company’s exposure to credit losses from lending arrangements. The extensive new disclosures of information as of the end of a reporting period will become effective for both interim and annual reporting periods ending after December 15, 2010. Specific items regarding activity that occurred before the issuance of the ASU, such as the allowance rollforward and modification disclosures, will be required for periods beginning after December 15, 2010. The Trust is currently assessing the impact that ASU 2010-20 will have on its financial statements.

College and University
Facility Loan Trust One

Notes to Financial Statements
Period Ended May 31, 2010


3.	Bonds	The Bonds outstanding at May 31, 2010 consist of the following:

Principal

Interest

Stated

Amount

Type

Rate

Maturity

(000’s)

Term

10.55

December 1, 2014

11,092

The Bonds are being redeemed, in part, on a pro rata basis by application of mandatory semiannual payments. The redemption price is equal to 100% of the principal amount to be redeemed plus interest accrued to the redemption date. Interest on the Bonds is payable semiannually.

On June 1, 2010, the Trust made the mandatory redemption of $1,402,806 on the Bonds. The average amount of bond principal outstanding for the period ended May 31, 2010 was approximately $11,092,000.

The aggregate scheduled maturities of the Bonds, including the scheduled mandatory redemptions at May 31, 2010, are as follows:


	Amount
Fiscal Year	(000’s)
\|
2010	$	1,403
2011		2,662
2012		2,358
2013		2,120
2014		1,767
Thereafter		782

Total	$	11,092

The Bonds are not subject to optional redemption by either the Trust or the bondholders.

In the event the Trust realizes negative cash flows, various reserve funds have been established and maintained such that, on or before such bond payment date, such funds may be used by the Bond Trustee to make any required payments on the Bonds and to pay operating expenses of the Trust.

The cash flows from the June 1, 2010 Bond Payment Date were sufficient to satisfy the maximum reserve fund requirement of $4,674,614, as required by the Indenture.

College and University
Facility Loan Trust One

Notes to Financial Statements
Period Ended May 31, 2010


4.		Administrative Agreements

		(a) Servicer As compensation for the services provided under the servicing agreement, Berkadia Commercial Mortgage LLC (“Servicer”), formerly Capmark Finance, Inc. receives a servicing fee. This fee is earned on each date of payment for each Loan and is equal to 0.055 of 1% of the outstanding principal balance of such Loan divided by the number of payments of principal and interest in a calendar year. For the period ended May 31, 2010, this fee totaled $4,861. Additionally, per the servicing agreement the Servicer shall be reimbursed for certain expenditures incurred related inspection of mortgaged property. For the period ended May 31, 2010 the Servicer was reimbursed approximately $500.

		(b) Trustees

		As compensation for services provided, the Owner and Bond Trustees are entitled under the Declaration of Trust and the Indenture to receive the following fees:

		• The Owner Trustee, in its capacities as manager of the Trust and as Owner Trustee earned fees of $8,421 and $9,357, respectively, in accordance with the Declaration of Trust agreement, for the period ended May 31, 2010.

		• The Bond Trustee is entitled to an annual fee equal to 0.025 of 1% of the aggregate outstanding principal of the Bonds on the bond payment date immediately preceding the date of payment of such fee. The Bond Trustee is also reimbursed for out-of-pocket expenses in an amount not to exceed 4% of the applicable annual fee. In addition, the Bond Trustee is reimbursed for other agreed-upon related expenses such as transaction costs. For the period ended May 31, 2010, total Bond Trustee fees and related expenses amounted to $2,521.

College and University
Facility Loan Trust One

Notes to Financial Statements
Period Ended May 31, 2010


5.		Certificates

		The holders of the Class B certificates receive semi-annual distributions in May and November of each year, calculated in accordance with the Trust Indenture, from amounts collected by the Trust, on a pro rata basis. While the Bonds remain outstanding, the distributions are paid on the second business day in each June and December and, after the Bonds are paid in full, on the first business day of each month. The certificate holders of the Class B Certificates are entitled to one vote per certificate. At May 31, 2010, the May distribution of $141,234, which was paid on June 2, 2010, was recorded as distributions payable.

6.		Allowance for Loan Losses

		An analysis of the allowance for loan losses for the period ended May 31, 2010 is summarized as follows:


Balance, beginning of period	$	580,000
Increase in provision for loan losses		—
Charge-offs		—

Balance, end of period	$	580,000

College and University
Facility Loan Trust One

Notes to Financial Statements
Period Ended May 31, 2010


7.		Loans		Scheduled principal and interest payments on the Loans as of May 31, 2010 are as follows:


	Principal		Interest
	Payments		Payments		Total
Fiscal year	(000’s)		(000’s)		(000’s)

2010	$	971	$	309	$	1,280
2011		2,340		465		2,805
2012		2,319		393		2,712
2013		1,985		326		2,311
2014		3,025		258		3,283
Thereafter		6,073		493		6,566


Total	$	16,713	$	2,244	$	18,957

Expected payments may differ from contractual payments because borrowers may prepay or default on their obligations. Accordingly, actual principal and interest payments on the Loans may vary significantly from the scheduled payments.

The following analysis summarizes the stratification of the Loan portfolio by type of collateral and institution as of May 31, 2010.


			Amortized		% of
	Number		Cost		Amortized
Type of Collateral	of Loans		(000’s)		Cost

Loans secured by a first mortgage		25	$	7,628		64.5	%
Loans not secured by a first mortgage		14		4,204		35.5	%

Total Loans		39	$	11,832		100.0	%

College and University
Facility Loan Trust One

Notes to Financial Statements
Period Ended May 31, 2010


7.		Loans (Continued)


			Amortized		% of
	Number		Cost		Amortized
Type of Institution	of Loans		(000’s)		Cost

Public		13	$	4,845		40.9	%
Private		26		6,987		59.1	%

Total Loans		41	$	11,832		100.0	%

The ability of a borrower to meet future debt service payments on a Loan will depend on a number of factors relevant to the financial condition of such borrower, including, among others, the size and diversity of the borrower’s sources of revenues; enrollment trends; reputation; management expertise; the availability and restrictions on the use of endowments and other funds; the quality and maintenance costs of the borrower’s facilities and, in the case of some Loans to public institutions which are obligations of a state, the financial condition of the relevant state or other governmental entity and its policies with respect to education. The ability of a borrower to maintain enrollment levels will depend on such factors as tuition costs, geographical location, geographic diversity, quality of the student body, quality of the faculty and diversity of program offerings.

The collateral for Loans that are secured by a mortgage on real estate generally consists of special purpose facilities, such as dormitories, dining halls and gymnasiums, which are integral components of the overall educational setting. As a result, in the event of borrower default on a Loan, the Trust’s ability to realize the outstanding balance of the Loan through the sale of the underlying collateral may be negatively impacted by the special purpose nature and location of such collateral.

College and University
Facility Loan Trust One

Notes to Financial Statements
Period Ended May 31, 2010


8.		Fair Value of Financial Instruments

		FASB ASC Topic 825 Financial Instruments allows for the use of a wide range of valuation techniques; therefore, it may be difficult to compare the Trust’s fair value information to independent markets or to other fair value information.

		Current market prices are not available for most of the Trust’s financial instruments since an active market generally does not exist for such instruments. In accordance with the terms of the Indenture, the Trust is required to hold all of the Loans to maturity and to use the cash flows therefrom to retire the Bonds. Accordingly, the Trust has estimated the fair values of its Loans and Bonds, using a discounted cash flow methodology. This methodology is similar to the approach used at the formation of the Trust to determine the carrying amounts of these instruments for financial reporting purposes. In applying the methodology, the calculations have been adjusted for the change in the relevant market rates of interest, the estimated duration of the instruments and an internally developed credit risk rating of the instruments. All calculations are based on the scheduled principal and interest payments on the Loans because the prepayment rate on these Loans is not subject to estimate and scheduled payments on the Bonds.

		The fair values of the long-term fixed-maturity investments are determined by adding a market rate adjustment to the carrying value of the investments. This market rate adjustment is calculated using the net present value of the difference between future interest income to the Trust at the issue rate and the future interest income at the current market rate through the maturity of the investment. The current market rate is based upon Fannie Mae bond rates at May 31, 2010, with similar maturity dates to the investment agreements.

College and University
Facility Loan Trust One

Notes to Financial Statements
Period Ended May 31, 2010

8. Fair Value of Financial Instruments (Continued)

The estimated fair value of the Trust’s financial instruments and the related book value presented in the accompanying statement of assets and liabilities as of May 31, 2010 are as follows:


	Amortized
	Cost			Fair Value
	(000’s)			(000’s)

Loans	$	11,252	*	$	15,568
Investment Agreements:
Revenue Fund		7,364			7,741
Liquidity Fund		2,600			3,317

	$	21,216		$	26,626

Bonds payable	$	11,092		$	13,299


*		Net of allowance for loan losses of $580,000.

COLLEGE AND UNIVERSITY FACILITY LOAN TRUST ONE

SCHEDULE OF INVESTMENTS

May 31, 2010

(Dollar Amounts in Thousands)


								Internal
Outstanding			Stated					Rate of			Amortized
Principal			Interest			Maturity		Return % (A)			Cost (Notes
Balance		Description	Rate %			Date		(Unaudited)			1 and 2)
		COLLEGE AND UNIVERSITY LOANS (111%)
		—— ALABAMA —
$	1,036	University of Alabama		3.00	%		05/01/2021		12.27	%	$	655
	154	University of Montevallo		3.00			05/01/2023		12.3			90
		—— CALIFORNIA —
	353	Azusa Pacific University		3.00			04/01/2017		12.96			247
	155	Monterey Peninsula College		3.00			10/01/2018		11.95			108
	245	San Diego State University		3.00			11/01/2021		11.93			157
	505	San Francisco State University		3.00			11/01/2021		11.93			322
		—— INDIANA —
	60	Taylor University		3.00			10/01/2010		12.45			57
	840	University of Notre Dame		3.00			04/01/2018		12.95			566
		—— MARYLAND —
	610	Western Maryland College		3.00			11/01/2016		12.44			453
		—— MASSACHUSETTS —
	132	Atlantic Union College		3.00			11/01/2023		12.68			76
	559	Boston University		3.00			12/31/2022		11.87			339
		—— MICHIGAN —
	560	Albion College		3.00			10/01/2015		12.51			432
	1,893	Finlandia University		3.50			08/01/2014		12.70			1,174
		—— MINNESOTA —
	560	Augsburg College		3.00			04/01/2016		12.95			409
	260	College of St. Thomas		3.00			04/01/2017		12.95			182
		—— NEBRASKA —
	39	University of Nebraska		3.00			07/01/2013		10.59			34
		—— NEW HAMPSHIRE —
	118	New England College		3.625			10/01/2013		12.37			101
	515	New England College		3.00			04/01/2019		12.96			334
		—— NEW JERSEY —
	65	Fairleigh Dickinson University		3.00			11/01/2020		12.09			42
		—— NEW YORK —
	280	Long Island University		3.00			06/01/2016		12.34			206
	657	Sarah Lawrence College		3.00			11/01/2021		12.64			412
		—— NORTH CAROLINA —
	59	Montreat-Anderson College		3.00			12/01/2019		12.19			39
	660	University of North Carolina		3.00			01/01/2018		11.49			469
		—— OHIO —
	785	Case Western Reserve University		3.00			04/01/2016		10.54			616
	52	University of Steubenville		3.375			04/01/2012		12.88			45
	148	University of Steubenville		3.00			04/01/2017		12.96			104

The accompanying notes are an integral part of this schedule.

(continued)


Outstanding				Stated						Rate of			Amortized
Principal				Interest			Maturity			Return % (A)			Cost (Notes
Balance			Description	Rate %			Date			(Unaudited)			1 and 2)
			—— PENNSYLVANIA —
$	284		Carnegie — Mellon University		3.00	%		11/01/2017			10.45	%	$	218
	290		Harcum Junior College		3.00			11/01/2015			12.44			225
	43		Swarthmore College		3.00			05/01/2014			12.30			36
	163		Temple University		3.375			11/01/2014			11.99			136
			—— RHODE ISLAND —
	186		Community College of Rhode Island		3.00			04/01/2018			12.10			133
			—— SOUTH CAROLINA —
	434		College of Charleston		3.00			07/01/2016			12.02			325
	299		Morris College		3.00			11/01/2013			12.42			250
			—— TEXAS —
	49		St. Edward’s University		3.625			04/01/2013			12.80			41
	178		Texas Tech University		3.625			03/01/2013			10.80			154
	805		Texas Tech University		3.375-3.50			03/01/2012			10.83			722
			—— VERMONT —
	505		Middlebury College		3.00			04/01/2018			12.87			349
	1,512		University of Vermont		3.00			10/01/2019			12.19			1,016
			—— VIRGINIA —
	665		Old Dominion University		3.00			06/01/2013			11.70			558

	16,713	(B)	TOTAL COLLEGE & UNIVERSITY LOANS											11,832


			Allowance for Loan Losses											—


			Net Loans of the Trust											11,832


			INVESTMENT AGREEMENTS (98%)
	2,600		FNMA #787 Liquidity Fund		8.00			12/01/2014	(C)		8.00			2,600
	7,364		FNMA #786 Revenue Fund		5.00	%		12/01/2014	(C)		5.00	%		7,364

	9,964		Total Investment Agreements											9,964

$	26,677		Total Investments (100.0%)											21,796


			OTHER ASSETS, LESS LIABILITIES (-109%)											(11,669	)

			NET ASSETS (100%)										$	10,127


(A)		Represents the rate of return based on the contributed cost and the amortization to maturity.

(B)		The tax basis in the Loans is approximately $16,713

(C)		Terminate at the earlier of December 1, 2014 or the date on which the Bonds are paid-in-full (Note 2)

The accompanying notes are an integral part of this schedule.

ITEM 2. CODE OF ETHICS
Not applicable to the registrant.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
Not applicable to the registrant.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

(a) Audit Fees billed to the registrant for the two most recent fiscal years:

Fiscal year ended 2009 — $114,000

Fiscal year ended 2008 — $208,000

(b) Audit-Related Fees billed to the registrant for the two most recent fiscal years:

Fiscal year ended 2009 — $0

Fiscal year ended 2008 — $0

Fiscal year ended 2009 — $0

Fiscal year ended 2008 — $0

(d) All Other Fees billed to the registrant for the two most recent fiscal years:

Fiscal year ended 2009 — $62,400

—$44,000 in connection with Accountants’ Report on Applying Agreed-Upon Procedures to comply with the requirements of section 4.8 of the Trust’s Indenture.

—$12,000 in connection with Accountants’ Report on Applying Agreed Upon Procedure relating to the Trust’s Servicing Agreement.

—$6,400 out of pocket expenses.

Fiscal year ended 2008 — $102,400

—$81,000 in connection with Accountants’ Report on Applying Agreed-Upon Procedures to comply with the requirements of section 4.8 of the Trust’s Indenture.

—$15,000 in connection with Accountants’ Report on Applying Agreed Upon Procedure relating to the Trust’s Servicing Agreement.

—$6,400 out of pocket expenses.

(e)

(1) Audit Committee Policies regarding Pre-approval of Services.

Not applicable to the registrant.

(2) Percentage of services identified in items 4(b) through 4(d) that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:

Not applicable to the registrant.

(f) Not applicable to the registrant.

(g) Not applicable to the registrant.

(h) Not applicable to the registrant.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable to the registrant.

ITEM 6. SCHEDULE OF INVESTMENTS

Schedule is included as part of the report to shareholders filed under Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable to the registrant.

ITEM 8. PORTFOLIO MANAGER OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable to the registrant.

ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable to the registrant.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

Not applicable to the registrant.

ITEM 11. CONTROLS AND PROCEDURES

(a) Not applicable to the registrant.

(b) Not applicable to the registrant.

ITEM 12. EXHIBITS

The following exhibits are attached to this Form N-CSR:

(a)

(1) Code of ethics or amendments: not applicable to the registrant.

(2) Certification by the registrant’s Owner Trustee, as required by Rule 30a-2(a) under the Investment Company Act of 1940, is attached.

(3) Annual Compliance Statement of the Servicer, Capmark Finance Inc., is attached.

(4) Report on Compliance with minimum Master Servicing Standards is attached.

(5) Capmark reports pursuant to section 1301, 1302, 1303, 1304, 1306 and 1307 of the Servicer Agreement.

(b) Certification by the registrant’s Owner Trustee, as required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) College and University Facility Loan Trust One

By (Signature and Title) /s/ Brian True, Vice President

Date August 9, 2010

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title) /s/ Bryan Calder, Executive Vice President

Date August 9, 2010

EX-99.CERT 2 c59504exv99wcert.htm EX-99.CERT exv99wcert

Exhibit 99.CERT

Certification

I, Bryan Calder of the owner trustee, certify that:

1. I have reviewed this report on Form N-CSR of College and University Facility Loan Trust One (the “Registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in the report, fairly present in all material respects the financial condition, results of operation, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in the report;

4. Based on my knowledge, the distribution or servicing information required to be provided to the trustee by the servicer under the pooling and servicing, or similar, agreement, for inclusion in this report is included in this report;

5. Based on my knowledge and upon the annual compliance statement delivered to the trustee in accordance with the terms of the pooling and servicing, or similar, agreement, and except as disclosed in this report, the servicer has fulfilled its obligations under the servicing agreement; and

6. The report discloses all significant deficiencies relating to the servicer’s compliance with the minimum servicing standards based upon the report provided by an independent public accountant, after conducting a review in compliance with the Uniform Single Attestation Program for Mortgage Bankers or similar procedure, as set forth in the pooling and servicing, or similar, agreement.

In giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated parties: Berkadia Commercial Mortgage, LLC and Bank of New York Mellon.

Date: August 9, 2010



	/s/ Bryan Calder
	Bryan Calder
	Executive Vice President

EX-99.906CERT 3 c59504exv99w906cert.htm EX-99.906CERT exv99w906cert

EX-99.906

CERTIFICATION PURSUANT TO SECTION 906 OF THE
SARBANES-OXLEY ACT OF 2002

I, Bryan Calder, Executive Vice President of US Bank, the Owner Trustee of College and University Facility Loan Trust One (the “Registrant”), hereby certifies that:

the Registrant’s report on Form N-CSR (the “Report”) for the period ended May 31, 2010 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: August 9, 2010


By:		/s/ Bryan Calder
		Executive Vice President

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

EX-99.3 4 c59504exv99w3.htm EX-99.3 exv99w3

Exhibit 99.3

Annual Statement as to Compliance
For the Year Ended December 31, 2009

United States Department of Education College
and University Facility Loan Trust One

Pursuant to Section 206 of the Servicing Agreement governing the referenced transaction, I hereby attest that:

	i.		A review of the activities of Berkadia Commercial Mortgage as Master Servicer during the period under this Servicing Agreement has been made under my supervision, and, to the best of my knowledge, based on such review, Berkadia Commercial Mortgage as Master Servicer, has fulfilled in all material respects, all of its duties, responsibilities, or obligations under this Servicing Agreement throughout the period.

	ii.		I confirm that Berkadia Commercial Mortgage as Master Servicer is in compliance with the requirements of Section 206.

Berkadia Commercial Mortgage

Mark E. McCool
Executive Vice President
February 20, 2010

Inv. 2 Lib. G


Berkadia Commercial Mortgage		118 Welsh Road
Berkadia Commercial Mortgage		Horsham, Pa 19044

Annual Statement as to Compliance
For the Year Ended December 31, 2009

United States Department of Education College
and University Facility Loan Trust One

Pursuant to Section 206 of the Servicing Agreement governing the referenced transaction, I hereby attest that:

	i.		A review of the activities of Berkadia Commercial Mortgage as Special Servicer during the period, and of its performance under this Servicing Agreement, has been made under my supervision.

	ii.		To the best of my knowledge, based on such review, Capmark Finance Inc. as Special Servicer, has fulfilled in all material respects its obligations under this Servicing Agreement throughout the period.

Berkadia Commercial Mortgage

Michael Carp
Executive Vice President
February 20, 2010

Inv. 002 Lib. G


Berkadia Commercial Mortgage		601 Montgomery St., Ste 1500
Berkadia Commercial Mortgage		San Francisco, CA 94111

EX-99.4 5 c59504exv99w4.htm EX-99.4 exv99w4

Exhibit 99.4

Berkadia Commercial Mortgage LLC
Report on Compliance with Minimum
Master Servicing Standards
As of and for the Year Ended December 31, 2009

Management’s Assertion Concerning Compliance
With Minimum Master Servicing Standards

February 26, 2010

As of and for the year ended December 31, 2009, Berkadia Commercial Mortgage LLC (“Berkadia”) the operations of which were previously part of Capmark Finance Inc. (“Capmark Finance”), has complied in all material respects, with the minimum master servicing standards set forth in the Master Servicing Policy (attached in Exhibit I) which were derived from the Mortgage Bankers Association of America’s Uniform Single Attestation Program for Mortgage Bankers. For the purposes of our assertion, our compliance with the Master Servicing Policy as of and for the year ended December 31, 2009 comprehends compliance of Berkadia as of December 31, 2009 and for the period from December 11, 2009 through December 31, 2009, and Capmark Finance Inc. for the period from January 1, 2009 through December 10, 2009. Collectively for those periods, Berkadia and Capmark Finance are referred to herein as “the Company.” A listing of transactions associated with master servicing responsibility is listed in Exhibit II.

As of December 31, 2009, Berkadia was covered by insurance policies providing for $100 million of fidelity bond insurance and $100 million of errors and omission insurance.




	Joseph A. Funk
	Executive Vice President & Chief Financial Officer Berkadia Commercial Mortgage LLC




	Richard Joe
	Executive Vice President Berkadia Commercial Mortgage LLC

Exhibit I

Berkadia Commercial Mortgage, LLC
Minimum Master Servicing Policy

CUSTODIAL BANK ACCOUNTS

Reconciliations shall be prepared on a monthly basis for all custodial bank accounts and related bank clearing accounts. These reconciliations shall:

	•		Be mathematically accurate;

	•		Be prepared within thirty (30) calendar days after the cutoff date;

	•		Be reviewed and approved by someone other than the person who prepared the reconciliation; and

	•		Document explanations for reconciling items. These reconciling items shall be resolved within ninety (90) calendar days of identification.

	2.		Funds of the servicing entity shall be advanced as specified in the servicing agreement in cases where there is an overdraft in an investor’s or a mortgagor’s account.

	3.		All cash for each custodial account shall be maintained at a federally insured depository institution in trust for the applicable investor or in an investment account in accordance with the applicable servicing agreement requirements.

	4.		Tax and insurance escrow funds held in trust for a mortgagor shall be returned to the mortgagor within thirty (30) calendar days of payoff of the mortgage loan.

II.

MORTGAGE PAYMENTS

Mortgage payments which are properly identified with the Company’s account number and which agree to the total amount of the scheduled payment due shall be deposited into the clearing bank accounts and related custodial bank accounts within two business days of receipt. Any mortgage payments which do not meet these parameters will be researched and deposited into the appropriate bank accounts within five business days of receipt.

Exhibit I

Mortgage payments made in accordance with the mortgagor’s loan documents shall be posted to the applicable mortgagor records within two business days of receipt.

III.

DISBURSEMENTS

	1.		Disbursements made via wire transfer on behalf of a mortgagor or investor shall be made only by authorized personnel.

	2.		Amounts remitted to investors per the servicer’s investor reports shall agree with cancelled checks, or other form of payment, or custodial bank statements.

IV.

INVESTOR ACCOUNTING AND REPORTING

The servicing entity’s investor reports shall agree with, or reconcile to, investors records on a monthly basis as to the total unpaid principal balance and number of loans serviced by the servicing entity.

INSURANCE POLICIES

A fidelity bond and errors and omissions policy shall be in effect on the servicing entity in the amount of coverage represented to investors in management’s assertion.

VI.

MONITORING OF SUBSERVICER COMPLIANCE

	1.		Within 120 days of calendar year end or subservicer’s year end, the subservicer’s management assertions about compliance with minimum servicing standards, which were derived from the Mortgage Banker’s Association of America’s Uniform Single Attestation Program for Mortgage Bankers, and the Independent Auditors Report on management’s assertions shall be reviewed, and if material exceptions are found, appropriate corrective action will be taken.

	2.		An annual certification from each subservicer stating that the subservicer is in compliance with its subservicing agreement shall be obtained for the previous calendar year.

Exhibit II

Berkadia Commercial Mortgage, LLC
Transactions Associated with Master Servicing
Responsibilities

ACMF I, SERIES 1997-C1
ANGLO IRISH BANK CORP PLC-2008
ASC, SERIES 1996-D3
ASC, SERIES 1997-D4
ATHERTON, SERIES 1997-1
ATHERTON, SERIES 1998-A
ATHERTON, SERIES 1999-A
BACM, SERIES 2001-1
BANK OF AMERICA, SERIES 2002-X1
BKB, SERIES 1997-C1
CALSTRS, SERIES 2002-C6
CAPCO, SERIES 1998-D7
CAPMARK VII, LTD
CDC, SERIES 2002-FX1
CGCMS, SERIES 2005-EMG
CGCMT, SERIES 2004-FL1
CHASE, SERIES 1997-1
CHASE, SERIES 1997-2
CHASE, SERIES 1998-2
CHASE, SERIES 2001-FL1
CHASE-FIRST UNION, SERIES 1999-1
CITICORP, SERIES 1999-1
COMM, SERIES 2001-J2
COMM, SERIES 2003- LNB1
COMM, SERIES 2004-LNB2
COMM, SERIES 2004-LNB4
COMM, SERIES 2005-C6
COMM, SERIES 2005-FL11
COMM, SERIES 2006-FL12
CSFB SERIES 2005-C1
CSFB, SERIES 1995-M1
CSFB, SERIES 1997-PS1
CSFB, SERIES 1998-PS2
CSFB, SERIES 1999-PS3
CSFB, SERIES 2000-C1

Exhibit II

Berkadia Commercial Mortgage, LLC
Transactions Associated with Master Servicing
Responsibilities

CSFB, SERIES 2000-PS4
CSFB, SERIES 2001-CF2
CSFB, SERIES 2001-SPG1
CSFB, SERIES 2005-C5
DLJ, SERIES 1996-CF1
DLJ, SERIES 1997-CF1
ED I
ED II
EMAC, SERIES 1998-1
EMAC, SERIES 1999-1
EMAC, SERIES 2000-1
FMAC, SERIES 1993-B
FMAC, SERIES 1994-A
FMAC, SERIES 1995-B
FMAC, SERIES 1996-B
FMAC, SERIES 1997-A
FMAC, SERIES 1997-B
FMAC, SERIES 1997-C
FMAC, SERIES 1998-A
FMAC, SERIES 1998-B
FMAC, SERIES 1998-C
FMAC, SERIES 1998-D
FMAC, SERIES 2000-A
FMHA
FOREST CITY, SERIES 1994-1
FREEHOLD RACEWAY MALL, SERIES 2001-FRM
G3 STRATEGIC INV. LP, SERIES 2002-WL1
GCCF, SERIES 2005-GG3
GE CMC, SERIES 2004-C1
GFCM, SERIES 2003-1
GMACCM, SERIES 1997-C1
GMACCM, SERIES 1997-C2
GMACCM, SERIES 1998-C1
GMACCM, SERIES 1998-C2

Exhibit II

Berkadia Commercial Mortgage, LLC
Transactions Associated with Master Servicing
Responsibilities

GMACCM, SERIES 1999-C1
GMACCM, SERIES 1999-C2
GMACCM, SERIES 1999-C3
GMACCM, SERIES 1999-CTL1
GMACCM, SERIES 2000-C1
GMACCM, SERIES 2000-C2
GMACCM, SERIES 2000-C3
GMACCM, SERIES 2001-C1
GMACCM, SERIES 2001-C2
GMACCM, SERIES 2002-C1
GMACCM, SERIES 2002-C2
GMACCM, SERIES 2002-C3
GMACCM, SERIES 2003-C1
GMACCM, SERIES 2003-C2
GMACCM, SERIES 2003-C3
GMACCM, SERIES 2004-C1
GMACCM, SERIES 2004-C2
GMACCM, SERIES 2004-C3
GMACCM, SERIES 2005-C1
G-MAX, SERIES 2002-FX-1
GREENWICH, SERIES 2004-GG1
GSMC II, SERIES 2005-GG4
GSMSC II, SERIES 1997-GLI
GSMSC II, SERIES 1998-C1
GSMSC II, SERIES 1998-GLII
GSMSC II, SERIES 1999-C1
GSMSC II, SERIES 2001-1285
GSMSC II, SERIES 2001-GL3
GSMSC II, SERIES 2001-ROCK
GSMSC II, SERIES 2003-C1
GSMSC II, SERIES 2004-C1
HUD
JP MORGAN, SERIES 2002-C3
JP MORGAN, SERIES 2005-LDP5
JPMC SERIES 2004-CICBC10

Exhibit II

Berkadia Commercial Mortgage, LLC
Transactions Associated with Master Servicing
Responsibilities

JPMC, SERIES 2001-A
JPMC, SERIES 2001-CIBC1
JPMC, SERIES 2004-C1
JPMC, SERIES 2004-C2
JPMC, SERIES 2004-CIBC8
JPMC, SERIES 2004-CIBC9
JPMC, SERIES 2004-LN2
JPMC, SERIES 2005-CIBC11
JPMC, SERIES 2005-CIBC12
JPMC, SERIES 2005-LDP3
JPMC, SERIES 2005-LDP4
JPMC, SERIES 2007-FL1
JPMCC, SERIES 2006-FL2
LASALLE, SERIES 2005-MF1
LASALLE, SERIES 2006 MF2
LASALLE, SERIES 2006-MF3
LEHMAN, SERIES 1995-C2
LEHMAN, SERIES 1996-C2
LEHMAN, SERIES 1998-C1
LLL, SERIES 1997-LL1
MCF, SERIES 1996-MC1
MCF, SERIES 1998-MC1
MCF, SERIES 1998-MC3
MERRILL SERIES 1996-C1
MERRILL, SERIES 1997-C1
MERRILL, SERIES 1998-C1-CTL
MLMT, SERIES 2005-LC1
MORGAN, SERIES 1997-C1

Exhibit II

Berkadia Commercial Mortgage, LLC
Transactions Associated with Master Servicing
Responsibilities

MORGAN, SERIES 1998-CF1
MORGAN, SERIES 1998-HF1
MORGAN, SERIES 1998-HF2
MORGAN, SERIES 1999-RM1
MORGAN, SERIES 2002-HQ
MSCI, SERIES 2003-IQ5
MSCI, SERIES 2007-IQ13
MSDW CAPITAL I TRUST, SERIES 2002-IQ3
MSDW, SERIES 1997-HF1
MSDW, SERIES 1999-FNV1
MSDW, SERIES 2001-IQ
MSDW, SERIES 2001-PPM
MSDW, SERIES 2002-IQ2
MSDW, SERIES 2002-WM
MSDW, SERIES 2003-IQ4
MSDW, SERIES 2005-IQ10
NATIONS LINK, SERIES 1996-1
NOMURA MEGADEAL, SERIES 1995-MD IV
NOMURA MEGADEAL, SERIES 1996-MD V
NOMURA, SERIES 1996-MDVI
NOMURA, SERIES 1998-D6
PRUDENTIAL SEC CREDIT CORP.
SALOMON, SERIES 1999-C1
SALOMON, SERIES 2000-C1
SOVEREIGN, SERIES 2007-C1
TW HOTEL FUNDING, SERIES 2005-LUX
UBS, SERIES 2007-FL1
U-HAUL, SERIES 1993-1
USGI, INC

Berkadia Commercial Mortgage LLC
Report on Compliance with Minimum
Special Servicing Standards
As of and for the Year Ended December 31, 2009

Management’s Assertion Concerning Compliance
With Minimum Special Servicing Standards

February 26, 2010

As of and for the year ended December 31, 2009, Berkadia Commercial Mortgage LLC (“Berkadia”) the operations of which were previously part of Capmark Finance Inc. (“Capmark Finance”), has complied in all material respects, with the minimum special servicing standards set forth in the Special Servicing Policy (attached in Exhibit I) which were derived from the Mortgage Bankers Association of America’s Uniform Single Attestation Program for Mortgage Bankers. For the purposes of our assertion, our compliance with the Special Servicing Policy as of and for the year ended December 31, 2009 comprehends compliance of Berkadia as of December 31, 2009 and for the period from December 11, 2009 through December 31, 2009, and Capmark Finance Inc. for the period from January 1, 2009 through December 10, 2009. Collectively for those periods, Berkadia and Capmark Finance are referred to herein as “the Company.” A listing of transactions associated with special servicing responsibility is listed in Exhibit II.

As of December 31, 2009, Berkadia was covered by insurance policies providing for $100 million of fidelity bond insurance and $100 million of errors and omission insurance.




	Joseph A. Funk
	Executive Vice President & Chief Financial Officer Berkadia Commercial Mortgage LLC




	Michael Carp
	Executive Vice President Berkadia Commercial Mortgage LLC

Exhibit I

Berkadia Commercial Mortgage LLC
Special Servicing Policy

I. Recordkeeping

Records documenting the status of the loan shall be maintained during the period the loan is assigned to the special servicer. Such records shall describe the entity’s activities in monitoring the current status of the loan and are updated to reflect a change in status to be communicated to the investor.

II. Insurance

A fidelity bond and errors and omission policy shall be in effect on the servicing entity in the amount of coverage represented to investors.

Exhibit II

Berkadia Commercial Mortgage LLC
Transactions Associated with Special Servicing
Responsibilities

Amresco Commercial Mortgage Funding I Corp, Series 1997-Cl
Anglo Irish Bank PLC 2008
Artesia Mortgage CMBS, Series 1998-Cl
Asset Securitization Corporation Series, 1996-MD6
Atherton Franchise 1998-A
Bank Of America Commercial Mortgage, Series 2000-1
Bank Of America Structured Securities, Series 2002-Xl
Bear Stearns Commercial Mortgage Securities Inc., Series 1998-Cl
Bear Stearns Commercial Mortgage Securities Inc., Series 1999-WF2
Bear Stearns Commercial Mortgage Securities Inc., Series 2000-WF1
Bear Stearns Commercial Mortgage Securities Inc., Series 2000-WF2
Bear Stearns Commercial Mortgage Securities Inc., Series 2001-Top2
Bear Stearns Commercial Mortgage Securities Inc., Series 2001 -Top4
Bear Stearns Commercial Mortgage Securities Inc., Series 2002-Top6
Bear Stearns Commercial Mortgage Securities Inc., Series 2003-PWR2
Capmark VI LTD
Capmark VII LTD
CDC Commercial Mortgage Trust, Series 2002-FX1
Chase Commercial Mortgage Securities Corp., Series 2000-2
Chase Commercial Mortgage Securities Corp, Series 1997-1
Chase Commercial Mortgage Securities Corp., Series 1998-2
Citigroup Commercial Mortgage Securities Inc., Series 2004-FL1
Citigroup Commercial Mortgage Securities Inc., Series 2005-EMG
Column Canada Issuer Corp., Series 2002-CCL1
COMM Commercial Mortgage, Series COMM 2005-C6
Commercial Capital Access One (DYNEX) , Series 2
Commercial Capital Access One (DYNEX) , Series 3
Commercial Mortgage Origination Company of Canada , Solar 2002-1
Commercial Mortgage Origination Company of Canada , Solar Solar 2004-CF2
Credit Suisse Commercial Mortgage Trust, Series 2006-Cl
Credit Suisse First Boston Mortgage Securities Corp., 1997-PSl
Credit Suisse First Boston Mortgage Securities Corp., Series 1999-PS3
Credit Suisse First Boston Mortgage Securities Corp., Series 2001-SPG1
Credit Suisse First Boston Mortgage Securities Corp., Series 1998-PS2
Credit Suisse First Boston Mortgage Securities Corp., Series 2000-PS4
Credit Suisse First Boston Mortgage Securities Corp., Series 2001-CF2
Credit Suisse First Boston Mortgage Securities Corp., Series 2002-CP5
Credit Suisse First Boston Mortgage Securities Corp., Series 2007-C5
Crest G-Star 200l-l CDO (GIA 2001-A)
Deutsche Mortgage & Asset Receiving Corp., Series COMM 2001-J2
Dillon Reed 1993-Kl
Dillon Reed 1994-Kl
Dillon Reed 1994-K2

Exhibit II

Berkadia Commercial Mortgage LLC
Transactions Associated with Special Servicing
Responsibilities

DLJ Commercial Mortgage Corp. Series 1998-CF1
DLJ Commercial Mortgage Corp. Series 1999-CG3
Forest City 1994-1
G3 Strategic Investments, LP Series 2002-WL1
GE Capital Commercial Mortgage Corp., Series 2000-1
GE Capital Commercial Mortgage Corp., Series 2003-Cl
GFCM, Commercial Mortgage, Series 2003-1
GMAC Commercial Holding Capital Markets, Corp., Series GMAC 2002-FX1
GMAC Commercial Mortgage Securities, Series 1997-Cl
GMAC Commercial Mortgage Securities, Series 1997-C2
GMAC Commercial Mortgage Securities, Series 1998-Cl
GMAC Commercial Mortgage Securities, Series 1998-C2
GMAC Commercial Mortgage Securities, Series 1999-Cl
GMAC Commercial Mortgage Securities, Series 1999-C2
GMAC Commercial Mortgage Securities, Series 1999-C3
GMAC Commercial Mortgage Securities, Series 1999-CTL1
GMAC Commercial Mortgage Securities, Series 2000-Cl
GMAC Commercial Mortgage Securities, Series 2000-C2
GMAC Commercial Mortgage Securities, Series 2000-C3
GMAC Commercial Mortgage Securities, Series 2001-Cl
GMAC Commercial Mortgage Securities, Series 2001-C2
GMAC Commercial Mortgage Securities, Series 2002-Cl
GMAC Commercial Mortgage Securities, Series 2002-C3
GMAC Commercial Mortgage Securities, Series 2003-Cl
Greenwich Capital Commercial Funding Corp. Series GCCFC 2003-Cl
Goldman Sachs Mortgage Securities Corp. II, Series 1997-GL1
Goldman Sachs Securities Corp. II, Series 1998-Cl
Goldman Sachs Mortgage Securities Corp. II, Series 1998-GL2
Goldman Sachs Mortgage Securities Corp. II, Series 2001-1285
Goldman Sachs Mortgage Securities Corp. II, Series 2001-GL III
Goldman Sachs Mortgage Securities Corp. II, Series 2001-Rock
JP Morgan Chase Commercial Mortgage Securities Trust , Series 2007
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2001-A
JP Morgan Commercial Mortgage Finance Corp., Series 1997-C5
LaSalle Commercial Mortgage Securities, Series 2005-MF1
LB Commercial Mortgage Trust, Series 1998-Cl
LB Commercial Mortgage Trust, Series 1999-Cl
LB/UBS (SASCO) 2001-C7
LB/UBS Commercial Mortgage Trust, Series 2003-C3
Lehman Brothers LLI (SASCO 1997-LL1), Series 1997-LL1
Merrill Lynch Financial Assets, Series 2001-Canada 5
Merrill Lynch Financial Assets, Series 2002-Canada 7
Merrill Lynch Financial Assets, Series 2002-Canada 8
Merrill Lynch Financial Assets, Series 2003-Canada 10

Exhibit II

Berkadia Commercial Mortgage LLC
Transactions Associated with Special Servicing
Responsibilities

Merrill Lynch Financial Assets, Series 2003-Canada 11
Merrill Lynch Financial Assets, Series 2003-Canada 9
Merrill Lynch Mortgage Investor, Series 1998-C2
Merrill Lynch Mortgage Loans, Inc. Series 2000 Canada-3
Merrill Lynch Mortgage Loans, Series 1998-C1-CTL
Merrill Lynch Mortgage Loans, Series 2000-Canada 4
Merrill Lynch Mortgage Trust Commercial Mortgage, Series 2002 MW1
Mezzanine Cap Commercial Mortgage Trust 2005-C3
Morgan Stanley Capital I Inc., Series 2004-HQ3
Morgan Stanley Capital I, Series 1997-C1
Morgan Stanley Capital I, Series 1997-HFI
Morgan Stanley Capital I, Series 1998-HF2
Morgan Stanley Capital I, Series 1999-WF1
Morgan Stanley Capital I, Series 2002-HQ
Morgan Stanley Dean Witter Capital I Trust, Series 2002-IQ2
Morgan Stanley Dean Witter Capital I, Series 2000-Life2
Morgan Stanley Dean Witter Capital I, Series 2001-IQ
Morgan Stanley Dean Witter Capital I, Series 2001-Top1
Morgan Stanley Dean Witter Capital I, Series 2001-Top3
Morgan Stanley Dean Witter Capital I, Series 2001-Top5
Morgan Stanley Dean Witter Capital I, Series 2002-Top7
Mortgage Capital Access One, Series-1993
Mortgage Capital Funding, Series 1996-MC1
MSDW (Freehold Raceway Mall Trust), Series 2001 -FRM
NationsBank Mortgage Capital Corp, 1995-M2
Nations Link Funding Corp., Series 1996-1
Nomura Asset Securities Corp., 1996-MD V
Nomura Asset Securities Corp., 1997-D4
Oregon Commercial Mortgage (OSEC), Series 1995-1
Penn Mutual, Series 1996-PML
PNC Mortgage Acceptance Corp., Series 2000-C1
Public Facility Loan Trust, August 1988
Real Estate Asset Liquidity Trust, 2004-1
Real Estate Asset Liquidity Trust, 2006-1
Salomon Brothers Mortgage Securities VII, Series 1999-C1
Salomon Brothers Mortgage Securities VII, Series 2000-C1
Sovereign Commercial Mortgage Securities Trust 2007-C1
TW Hotel Funding Series 2005-LUX
U.S. Dept. of Agriculture Farmers Home Admin. Commercial Program Loan Trust 1987 A
U.S. Dept. of Education College and University Facility Loan Trust One
U.S. Dept. of Education College and University Facility Loan Trust Two
UBS Commercial Securities Trust 2007-FL1
U-Haul 1993-1
WP Carey Commercial Mortgage Trust, Series 2002-1

EX-99.5 6 c59504exv99w5.htm EX-99.5 exv99w5

Exhibit 99.5

Berkadia Commercial Mortgage
College and University Loan Trust I
Collection Account Activity Report
For the Period of January 01, 2010 through January 31, 2010


Collections:
Principal Payments	88,222.50
Interest Payments	24,048.02


Total Principal and Interest Collections	112,270.52


Payments and Reversals Posted to Suspense	—


Total Collections	112,270.52


Less: Servicing Fees (not withheld from remittances)	(422.59	)


Net Collections	111,847.93

Berkadia Commercial Mortgage
College & Trust Facility Loan Trust I
Service Fees Schedule
For the Period of January 01, 2010 through January 31, 2010


	Loan	Borrower				Principal	Service
Date Due	Number	Name	Principal Due	Interest Due	Total Due	Balance	Fees

1012010	20003901	COLL. OF CHAR	0.00	6,510.00	6,510.00	434,000.00		119.35
1072010	20018701	SUOMI COLLEGE	8,222.50	5,853.02	14,075.52	1,942,016.97		89.01
1012010	20021401	U OF NEBRASKA	5,000.00	660.00	5,660.00	44,000.00		12.10
1012010	20021603	NORTH CAROLIN	75,000.00	11,025.00	86,025.00	735,000.00		202.13
1012010	20012401	MISSISSIPPI V	0.00	300.00	300.00	0.00		—

		TOTALS:	88,222.50	24,348.02	112,570.52	3,155,016.97		422.59


								422.59


7012008	20012401	MISSISSIPPI V	10,000.00	150.00	10,150.00	10,000.00		2.75
4012009	20022701	UNIV OF VERMO	67,000.00	25,725.00	92,725.00	1,715,000.00		471.63
10012009	20022701	UNIV OF VERMO	68,000.00	24,720.00	92,720.00	1,648,000.00		453.20

Page 3 of 13

Berkadia Commercial Mortgage
College & Trust Facility Loan Trust I
Paid-in-Full Loans
For the Period of January 01, 2010 through January 31, 2010

Total

Loan

Payoff

Amount

Principal

Interest

Number

Date

Paid

Amount

Other Fees

Maturity Date

none to report

TOTAL:

—

Berkadia Commercial Mortgage
College and University Loan Trust I
Summary of Partial Prepayments
For the Period of January 01, 2010 through January 31, 2010

Total Amount

Principal

Interest

Loan Number

Payoff Date

Paid

Amount

none to report

TOTAL:

—

Berkadia Commercial Mortgage
College and University Loan Trust I
Trial Balance
As of January 31, 2009


Loan		Interest		Current		Maturity
Number	Borrower Name	Rate		UPB		Date

20000101	ALBION COLLEGE		3		560,000.00		10012015
20000902	ANDERSON COLLEGE		3		25,000.00		3012010
20001201	ATLANTIC UNION COLLEGE		3		132,194.41		5012023
20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU		3		640,000.00		4012016
20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850		3		398,000.00		4012017
20002401	BOSTON UNIVERITY		3		559,080.71		12312022
20002501	WILLIAM JENNINGS BRYAN COLLEGE		3		11,000.00		2012010
20002801	CARNEGIE MELLON UNIVERSITY		3		302,000.00		11012017
20003001	CASE WESTERN RESERVE UNIVERSIT		3		905,000.00		4012016
20003901	COLLEGE OF CHARLESTON		3		434,000.00		7012016
20004001	COLLEGE OF ST. THOMAS		3		295,000.00		4012017
20004401	R.I. JR. COLLEGE		3		196,000.00		4012018
20006502	FAIRLEIGH DICKINSON UNIVERSITY		3		67,311.12		11012020
20008301	HARCUM COLLEGE		3		290,000.00		11012015
20010801	LONG ISLAND UNIVERSITY		3		284,799.98		6012016
20012101	MIDDLEBURY COLLEGE		3		550,000.00		4012018
20012401	MISSISSIPPI VALLEY ST. COLLEGE		3		19,999.99		7012008
20012901	MONTEREY PENINSULA JR. COLLEGE		3		155,000.00		10012018
20013001	MONTREAT-ANDERSON COLLEGE		3		58,800.00		12012019
20013301	MORRIS COLLEGE - BONDS 1983		3		299,000.00		11012013
20013501	NEW ENGLAND COLLEGE		3.625		117,999.99		10012013
20013502	NEW ENGLAND COLLEGE		3		565,000.00		4012019
20014401	OLD DOMINION UNIVERSITY		3		664,999.99		6012013
20016401	CALIFORNIA STATE UNIVERSITY		3		245,000.00		11012021
20016501	CALIFORNIA STATE UNIVERSITY		3		505,000.00		11012021
20016601	SARAH LAWRENCE COLLEGE		3		681,987.75		11012021
20018001	ST.EDWARDS UNIVERSITY		3.625		65,000.00		4012013
20018701	FINLANDIA UNIVERSITY		3.5		1,933,794.47		8062014
20018901	SWARTHMORE COLLEGE		3		48,205.36		11012013
20019101	TAYLOR UNIVERISTY		3		60,000.00		10012010
20019201	TEMPLE UNIVERSITY		3.375		163,000.00		11012014
20019502	TEXAS TECH. UNIVERSITY		3.625		233,000.00		3012013
20019504	TEXAS TECH. UNIVERSITY		3.375		1,230,000.00		3012012
20020001	UNIVERSITY OF ALABAMA		3		1,116,000.00		5012021
20021301	UNIVERSITY OF MONTEVALLO		3		164,000.00		5012023
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3		39,000.00		1012013
20021603	UNIVERSITY OF NORTH CAROLINA		3		660,000.00		1012018
20021701	UNIVERSITY OF NOTRE DAME - BONDS 1968		3		930,000.00		4012018
20022601	UNIVERSITY OF STEUBENVILLE		3.375		76,000.00		4012012
20022602	UNIVERSITY OF STEUBENVILLE		3		166,000.00		4012017
20022701	UNIVERSITY OF VERMONT		3		1,715,000.00		10012019
20023501	McDANIEL COLLEGE		3		610,000.00		11012016


					18,171,173.77

Page 8 of 13

Berkadia Commercial Mortgage
College and University Loan Trust I
Trial Balance
As of January 31, 2009


Loan		Interest		Current		Maturity
Number	Borrower Name	Rate		UPB		Date

20018801	SUSQUEHANNA UNIVERSITY		3.00		20,000.00		11-01-2006
20018802	SUSQUEHANNA UNIVERSITY		3.63		260,000.00		11-01-2014
20018901	SWARTHMORE COLLEGE		3.00		85,955.23		11-01-2013
20019101	TAYLOR UNIVERISTY		3.00		285,000.00		10-01-2010
20019201	TEMPLE UNIVERSITY		3.38		298,000.00		11-01-2014
20019401	TEXAS STATE COLLEGE		3.00		70,000.00		4-01-2007
20019502	TEXAS TECH. UNIVERSITY		3.63		383,000.00		3-01-2013
20019504	TEXAS TECH. UNIVERSITY		3.38		2,420,000.00		3-01-2012
20019601	TOUGALOO COLLEGE/ DORM BONDS 1981		3.00		98,000.00		6-01-2021
20020001	UNIVERSITY OF ALABAMA		3.00		1,416,000.00		5-01-2021
20021001	UNIVERSITY OF HAWAII AT MANOA		3.00		135,000.00		10-01-2006
20021301	UNIVERSITY OF MONTEVALLO		3.00		199,000.00		5-01-2023
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3.00		79,000.00		1-01-2013
20021603	UNIVERSITY OF NORTH CAROLINA		3.00		945,000.00		1-01-2018
20021701	UNIVERSITY OF NOTRE DAME - BONDS 1968		3.00		1,270,000.00		4-01-2018
20022601	UNIVERSITY OF STEUBENVILLE		3.38		166,000.00		4-01-2012
20022602	UNIVERSITY OF STEUBENVILLE		3.00		234,000.00		4-01-2017
20022701	UNIVERSITY OF VERMONT		3.00		2,093,000.00		10-01-2019
20023102	VANDERBILT UNIV - 1979 MAYFIELD		3.00		263,557.48		6-30-2009
20023501	WESTERN MARYLAND COLLEGE		3.00		910,000.00		11-01-2016
20023601	WESTERN WASHINGTON STATE COLLEGE		3.00		40,000.00		10-01-2007
20023901	XAVIER UNIVERSITY OF LOUISIANA		3.00		395,000.00		10-01-2017

	Totals:				48,407,860.25

Page 9 of 13

Berkadia Commercial Mortgage
College & Trust Facility Loan Trust I
Delinquency Report (60+Days)
As of January 31, 2009


		Next
Loan		Payment
Number	Borrower Name	Due		P and I Due		Current UPB

20012401	MISSISSIPPI VALLEY ST. COLLEGE		20070701		21,199.99		19,999.99
20022701	UNIV OF VERMONT		20090401		185,445.00		1,715,000.00
20010801	LONG ISLAND U		20090601		6,194.23		284,799.98

TOTAL					212,839.22		2,019,799.97

Berkadia Commercial Mortgage
College and University Loan Trust I
Liquidation Report
As of January 31, 2009

None to report for this period

Berkadia Commercial Mortgage
College and University Loan Trust I
Collection Account Activity Report
For the Period of February 01, 2010 through February 28, 2010


Collections:
Principal Payments	19,247.28
Interest Payments	5,993.24


Total Principal and Interest Collections	25,240.52


Payments and Reversals Posted to Suspense	—


Total Collections	25,240.52


Less: Servicing Fees (not withheld from remittances)	(91.66	)


Net Collections	25,148.86

Berkadia Commercial Mortgage
College & Trust Facility Loan Trust I
Service Fees Schedule
For the Period of February 01, 2010 through February 28, 2010


	Loan	Borrower	Principal			Principal	Service
Date Due	Number	Name	Due	Interest Due	Total Due	Balance	Fees

2012010	20002501	BRYAN COLLEGE	11,000.00	165.00	11,165.00	11,000.00		3.03
2072010	20018701	SUOMI COLLEGE	8,247.28	5,828.24	14,075.52	1,933,794.47		88.63

		TOTALS:	19,247.28	5,993.24	25,240.52	1,944,794.47		91.66


								91.66


7012008	20012401	MISSISSIPPI V	10,000.00	150.00	10,150.00	10,000.00		2.75
4012009	20022701	UNIV OF VERMO	67,000.00	25,725.00	92,725.00	1,715,000.00		471.63
10012009	20022701	UNIV OF VERMO	68,000.00	24,720.00	92,720.00	1,648,000.00		453.20

Page 3 of 13

Berkadia Commercial Mortgage
College & Trust Facility Loan Trust I
Paid-in-Full Loans
For the Period of February 01, 2010 through February 28, 2010

Total

Loan

Payoff

Amount

Principal

Interest

Number

Date

Paid

Amount

Other Fees

Maturity Date

20002501

2/1/2010

11,165.00

11,000.00

165.00

—

2012010

TOTAL:

11,165.00

11,000.00

165.00

—

Berkadia Commercial Mortgage
College and University Loan Trust I
Summary of Partial Prepayments
For the Period of February 01, 2010 through February 28, 2010

Total Amount

Principal

Interest

Loan Number

Payoff Date

Paid

Amount

none to report

TOTAL:

—

Berkadia Commercial Mortgage
College and University Loan Trust I
Liquidation Report
As of February 28, 2009

None to report for this period

Berkadia Commercial Mortgage
College and University Loan Trust I
Trial Balance
As of February 28, 2009


Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date

20000101	ALBION COLLEGE		3		560,000.00		10012015
20000902	ANDERSON COLLEGE		3		25,000.00		3012010
20001201	ATLANTIC UNION COLLEGE		3		132,194.41		5012023
20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU		3		640,000.00		4012016
20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850		3		398,000.00		4012017
20002401	BOSTON UNIVERITY		3		559,080.71		12312022
20002801	CARNEGIE MELLON UNIVERSITY		3		302,000.00		11012017
20003001	CASE WESTERN RESERVE UNIVERSIT		3		905,000.00		4012016
20003901	COLLEGE OF CHARLESTON		3		434,000.00		7012016
20004001	COLLEGE OF ST. THOMAS		3		295,000.00		4012017
20004401	R.I. JR. COLLEGE		3		196,000.00		4012018
20006502	FAIRLEIGH DICKINSON UNIVERSITY		3		67,311.12		11012020
20008301	HARCUM COLLEGE		3		290,000.00		11012015
20010801	LONG ISLAND UNIVERSITY		3		284,799.98		6012016
20012101	MIDDLEBURY COLLEGE		3		550,000.00		4012018
20012401	MISSISSIPPI VALLEY ST. COLLEGE		3		19,999.99		7012008
20012901	MONTEREY PENINSULA JR. COLLEGE		3		155,000.00		10012018
20013001	MONTREAT-ANDERSON COLLEGE		3		58,800.00		12012019
20013301	MORRIS COLLEGE — BONDS 1983		3		299,000.00		11012013
20013501	NEW ENGLAND COLLEGE		3.625		117,999.99		10012013
20013502	NEW ENGLAND COLLEGE		3		565,000.00		4012019
20014401	OLD DOMINION UNIVERSITY		3		664,999.99		6012013
20016401	CALIFORNIA STATE UNIVERSITY		3		245,000.00		11012021
20016501	CALIFORNIA STATE UNIVERSITY		3		505,000.00		11012021
20016601	SARAH LAWRENCE COLLEGE		3		681,987.75		11012021
20018001	ST.EDWARDS UNIVERSITY		3.625		65,000.00		4012013
20018701	FINLANDIA UNIVERSITY		3.5		1,925,547.19		8062014
20018901	SWARTHMORE COLLEGE		3		48,205.36		11012013
20019101	TAYLOR UNIVERISTY		3		60,000.00		10012010
20019201	TEMPLE UNIVERSITY		3.375		163,000.00		11012014
20019502	TEXAS TECH. UNIVERSITY		3.625		233,000.00		3012013
20019504	TEXAS TECH. UNIVERSITY		3.375		1,230,000.00		3012012
20020001	UNIVERSITY OF ALABAMA		3		1,116,000.00		5012021
20021301	UNIVERSITY OF MONTEVALLO		3		164,000.00		5012023
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3		39,000.00		1012013
20021603	UNIVERSITY OF NORTH CAROLINA		3		660,000.00		1012018
20021701	UNIVERSITY OF NOTRE DAME — BONDS 1968		3		930,000.00		4012018
20022601	UNIVERSITY OF STEUBENVILLE		3.375		76,000.00		4012012
20022602	UNIVERSITY OF STEUBENVILLE		3		166,000.00		4012017
20022701	UNIVERSITY OF VERMONT		3		1,715,000.00		10012019
20023501	McDANIEL COLLEGE		3		610,000.00		11012016

					18,151,926.49

Page 8 of 13

Berkadia Commercial Mortgage
College and University Loan Trust I
Trial Balance
As of February 28, 2009


Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date

20018801	SUSQUEHANNA UNIVERSITY		3.00		20,000.00		11-01-2006
20018802	SUSQUEHANNA UNIVERSITY		3.63		260,000.00		11-01-2014
20018901	SWARTHMORE COLLEGE		3.00		85,955.23		11-01-2013
20019101	TAYLOR UNIVERISTY		3.00		285,000.00		10-01-2010
20019201	TEMPLE UNIVERSITY		3.38		298,000.00		11-01-2014
20019401	TEXAS STATE COLLEGE		3.00		70,000.00		4-01-2007
20019502	TEXAS TECH. UNIVERSITY		3.63		383,000.00		3-01-2013
20019504	TEXAS TECH. UNIVERSITY		3.38		2,420,000.00		3-01-2012
20019601	TOUGALOO COLLEGE/ DORM BONDS 1981		3.00		98,000.00		6-01-2021
20020001	UNIVERSITY OF ALABAMA		3.00		1,416,000.00		5-01-2021
20021001	UNIVERSITY OF HAWAII AT MANOA		3.00		135,000.00		10-01-2006
20021301	UNIVERSITY OF MONTEVALLO		3.00		199,000.00		5-01-2023
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3.00		79,000.00		1-01-2013
20021603	UNIVERSITY OF NORTH CAROLINA		3.00		945,000.00		1-01-2018
20021701	UNIVERSITY OF NOTRE DAME — BONDS 1968		3.00		1,270,000.00		4-01-2018
20022601	UNIVERSITY OF STEUBENVILLE		3.38		166,000.00		4-01-2012
20022602	UNIVERSITY OF STEUBENVILLE		3.00		234,000.00		4-01-2017
20022701	UNIVERSITY OF VERMONT		3.00		2,093,000.00		10-01-2019
20023102	VANDERBILT UNIV - 1979 MAYFIELD		3.00		263,557.48		6-30-2009
20023501	WESTERN MARYLAND COLLEGE		3.00		910,000.00		11-01-2016
20023601	WESTERN WASHINGTON STATE COLLEGE		3.00		40,000.00		10-01-2007
20023901	XAVIER UNIVERSITY OF LOUISIANA		3.00		395,000.00		10-01-2017

Page 9 of 13

Berkadia Commercial Mortgage
College & Trust Facility Loan Trust I
Delinquency Report (60+Days)
As of February 28, 2009


Loan Number	Borrower Name	Next Payment Due		P and I Due		Current UPB

20012401	MISSISSIPPI VALLEY ST. COLLEGE		20070701		21,199.99		19,999.99
20022701	UNIV OF VERMONT		20090401		185,445.00		1,715,000.00
20010801	LONG ISLAND U		20090601		6,194.23		284,799.98

TOTAL					212,839.22		2,019,799.97

Berkadia Commercial Mortgage
College and University Loan Trust I
Collection Account Activity Report
For the Period of March 01, 2010 through March 31, 2010


Collections:
Principal Payments	513,833.75
Interest Payments	32,921.15


Total Principal and Interest Collections	546,754.90


Payments and Reversals Posted to Suspense	—


Total Collections	546,754.90


Less: Servicing Fees (not withheld from remittances)	(497.46	)


Net Collections	546,257.44

Berkadia Commercial Mortgage
College & Trust Facility Loan Trust I
Service Fees Schedule
For the Period of March 01, 2010 through March 31, 2010


Date Due	Loan Number		Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees

3012010		20000902	ANDERSON COLL		25,000.00		375.00		25,375.00		25,000.00		6.88
3072010		20018701	SUOMI COLLEGE		8,833.75		5,241.77		14,075.52		1,925,547.19		88.25
3012010		20019502	TEXAS TECH UN		55,000.00		4,223.13		59,223.13		233,000.00		64.08
3012010		20019504	TEXAS TECH UN		425,000.00		20,756.25		445,756.25		1,230,000.00		338.25

			TOTALS:		513,833.75		30,596.15		544,429.90		3,413,547.19		497.46


													497.46


7012008	20012401	MISSISSIPPI V	10,000.00	150.00	10,150.00	10,000.00	2.75
4012009	20022701	UNIV OF VERMO	67,000.00	25,725.00	92,725.00	1,715,000.00	471.63
10012009	20022701	UNIV OF VERMO	68,000.00	24,720.00	92,720.00	1,648,000.00	453.20

Page 3 of 13

Berkadia Commercial Mortgage
College & Trust Facility Loan Trust I
Paid-in-Full Loans
For the Period of March 01, 2010 through March 31, 2010

Loan Number

Payoff Date

Total Amount Paid

Principal Amount

Interest Amount

Other Fees

Maturity Date

20000902

3/2/2010

25,375.00

25,000.00

375.00

—

3012010

TOTAL:

25,375.00

25,000.00

375.00

—

Berkadia Commercial Mortgage
College and University Loan Trust I
Summary of Partial Prepayments
For the Period of March 01, 2010 through March 31, 2010

Loan Number

Payoff Date

Total Amount Paid

Principal Amount

Interest Amount

none to report

TOTAL:

—

Berkadia Commercial Mortgage
College and University Loan Trust I
Trial Balance
As of March 31, 2009


		Interest
Loan Number	Borrower Name	Rate		Current UPB		Maturity Date

20000101	ALBION COLLEGE		3		560,000.00		10012015
20001201	ATLANTIC UNION COLLEGE		3		132,194.41		5012023
20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU		3		640,000.00		4012016
20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850		3		398,000.00		4012017
20002401	BOSTON UNIVERITY		3		559,080.71		12312022
20002801	CARNEGIE MELLON UNIVERSITY		3		302,000.00		11012017
20003001	CASE WESTERN RESERVE UNIVERSIT		3		905,000.00		4012016
20003901	COLLEGE OF CHARLESTON		3		434,000.00		7012016
20004001	COLLEGE OF ST. THOMAS		3		295,000.00		4012017
20004401	R.I. JR. COLLEGE		3		196,000.00		4012018
20006502	FAIRLEIGH DICKINSON UNIVERSITY		3		67,311.12		11012020
20008301	HARCUM COLLEGE		3		290,000.00		11012015
20010801	LONG ISLAND UNIVERSITY		3		284,799.98		6012016
20012101	MIDDLEBURY COLLEGE		3		550,000.00		4012018
20012401	MISSISSIPPI VALLEY ST. COLLEGE		3		19,999.99		7012008
20012901	MONTEREY PENINSULA JR. COLLEGE		3		155,000.00		10012018
20013001	MONTREAT-ANDERSON COLLEGE		3		58,800.00		12012019
20013301	MORRIS COLLEGE — BONDS 1983		3		299,000.00		11012013
20013501	NEW ENGLAND COLLEGE		3.625		117,999.99		10012013
20013502	NEW ENGLAND COLLEGE		3		565,000.00		4012019
20014401	OLD DOMINION UNIVERSITY		3		664,999.99		6012013
20016401	CALIFORNIA STATE UNIVERSITY		3		245,000.00		11012021
20016501	CALIFORNIA STATE UNIVERSITY		3		505,000.00		11012021
20016601	SARAH LAWRENCE COLLEGE		3		681,987.75		11012021
20018001	ST.EDWARDS UNIVERSITY		3.625		65,000.00		4012013
20018701	FINLANDIA UNIVERSITY		3.5		1,916,713.44		8062014
20018901	SWARTHMORE COLLEGE		3		48,205.36		11012013
20019101	TAYLOR UNIVERISTY		3		60,000.00		10012010
20019201	TEMPLE UNIVERSITY		3.375		163,000.00		11012014
20019502	TEXAS TECH. UNIVERSITY		3.625		178,000.00		3012013
20019504	TEXAS TECH. UNIVERSITY		3.375		805,000.00		3012012
20020001	UNIVERSITY OF ALABAMA		3		1,116,000.00		5012021
20021301	UNIVERSITY OF MONTEVALLO		3		164,000.00		5012023
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3		39,000.00		1012013
20021603	UNIVERSITY OF NORTH CAROLINA		3		660,000.00		1012018
20021701	UNIVERSITY OF NOTRE DAME — BONDS 1968		3		930,000.00		4012018
20022601	UNIVERSITY OF STEUBENVILLE		3.375		76,000.00		4012012
20022602	UNIVERSITY OF STEUBENVILLE		3		166,000.00		4012017
20022701	UNIVERSITY OF VERMONT		3		1,715,000.00		10012019
20023501	McDANIEL COLLEGE		3		610,000.00		11012016


					17,638,092.74

Page 8 of 13

Berkadia Commercial Mortgage
College and University Loan Trust I
Trial Balance
As of March 31, 2009


		Interest
Loan Number	Borrower Name	Rate		Current UPB		Maturity Date

20018801	SUSQUEHANNA UNIVERSITY		3.00		20,000.00		11-01-2006
20018802	SUSQUEHANNA UNIVERSITY		3.63		260,000.00		11-01-2014
20018901	SWARTHMORE COLLEGE		3.00		85,955.23		11-01-2013
20019101	TAYLOR UNIVERISTY		3.00		285,000.00		10-01-2010
20019201	TEMPLE UNIVERSITY		3.38		298,000.00		11-01-2014
20019401	TEXAS STATE COLLEGE		3.00		70,000.00		4-01-2007
20019502	TEXAS TECH. UNIVERSITY		3.63		383,000.00		3-01-2013
20019504	TEXAS TECH. UNIVERSITY		3.38		2,420,000.00		3-01-2012
20019601	TOUGALOO COLLEGE/ DORM BONDS 1981		3.00		98,000.00		6-01-2021
20020001	UNIVERSITY OF ALABAMA		3.00		1,416,000.00		5-01-2021
20021001	UNIVERSITY OF HAWAII AT MANOA		3.00		135,000.00		10-01-2006
20021301	UNIVERSITY OF MONTEVALLO		3.00		199,000.00		5-01-2023
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3.00		79,000.00		1-01-2013
20021603	UNIVERSITY OF NORTH CAROLINA		3.00		945,000.00		1-01-2018
20021701	UNIVERSITY OF NOTRE DAME — BONDS 1968		3.00		1,270,000.00		4-01-2018
20022601	UNIVERSITY OF STEUBENVILLE		3.38		166,000.00		4-01-2012
20022602	UNIVERSITY OF STEUBENVILLE		3.00		234,000.00		4-01-2017
20022701	UNIVERSITY OF VERMONT		3.00		2,093,000.00		10-01-2019
20023102	VANDERBILT UNIV - 1979 MAYFIELD		3.00		263,557.48		6-30-2009
20023501	WESTERN MARYLAND COLLEGE		3.00		910,000.00		11-01-2016
20023601	WESTERN WASHINGTON STATE COLLEGE		3.00		40,000.00		10-01-2007
20023901	XAVIER UNIVERSITY OF LOUISIANA		3.00		395,000.00		10-01-2017


	Totals:				47,341,698.19

Page 9 of 13

Berkadia Commercial Mortgage
College & Trust Facility Loan Trust I
Delinquency Report (60+Days)
As of March 31, 2009


		Next Payment
Loan Number	Borrower Name	Due		P and I Due		Current UPB

20012401	MISSISSIPPI VALLEY ST. COLLEGE		20070701		21,199.99		19,999.99
20022701	UNIV OF VERMONT		20090401		185,445.00		1,715,000.00
20010801	LONG ISLAND U		20090601		6,194.23		284,799.98

TOTAL					212,839.22		2,019,799.97

Berkadia Commercial Mortgage
College and University Loan Trust I
Liquidation Report
As of March 31, 2009

None to report for this period

Berkadia Commercial Mortgage
College and University Loan Trust I
Collection Account Activity Report
For the Period of April 01, 2010 through April 30, 2010


Collections:
Principal Payments	467,648.67
Interest Payments	102,460.97


Total Principal and Interest Collections	570,109.64


Payments and Reversals Posted to Suspense	—


Total Collections	570,109.64


Less: Servicing Fees (not withheld from remittances)	(1,681.69	)


Net Collections	568,427.95

Berkadia Commercial Mortgage
College & Trust Facility Loan Trust I
Service Fees Schedule
For the Period of April 01, 2010 through April 30, 2010


										Principal		Service
Date Due	Loan Number		Borrower Name	Principal Due		Interest Due		Total Due		Balance		Fees

4012010		20000101	ALBION COLLEG		0.00		8,400.00		8,400.00		560,000.00		154.00
4012010		20001301	AUGSBERG COLL		80,000.00		9,600.00		89,600.00		640,000.00		176.00
4012010		20001401	AZUSA UNIVERS		45,000.00		5,970.00		50,970.00		398,000.00		109.45
4012010		20003001	CASE WESTERN		120,000.00		13,575.00		133,575.00		1,021,700.00		280.97
4012010		20004001	COLL.OF ST. T		35,000.00		4,425.00		39,425.00		295,000.00		81.13
4012010		20004401	R.I. JR. COLL		10,000.00		2,940.00		12,940.00		196,000.00		53.90
4012010		20012101	MIDDLEBURY CO		45,000.00		8,250.00		53,250.00		550,000.00		151.25
4012010		20012901	MONTEREY JR C		0.00		2,325.00		2,325.00		155,000.00		42.63
4012010		20013501	NEW ENGLAND C		0.00		2,138.75		2,138.75		117,999.99		32.45
4012010		20013502	NEW ENGLAND C		50,000.00		8,475.00		58,475.00		565,000.00		155.38
4012010		20018001	ST.EDWARDS		16,000.00		1,178.13		17,178.13		65,000.00		17.88
4072010		20018701	SUOMI COLLEGE		8,298.76		5,776.76		14,075.52		1,916,713.44		87.85
4012010		20019101	TAYLOR UNIV.		0.00		900.00		900.00		60,000.00		16.50
4012010		20021701	UNIV. OF NOTR		90,000.00		13,950.00		103,950.00		930,000.00		255.75
4012010		20022601	UNIV.OF STEUB		24,000.00		1,282.50		25,282.50		76,000.00		20.90
4012010		20022602	UNIV.OF STEUB		18,000.00		2,490.00		20,490.00		166,000.00		45.65
4012010		20022701	UNIV OF VERMO		68,000.00		23,700.00		91,700.00		1,580,000.00		434.50

			TOTALS:		609,298.76		115,376.14		724,674.90		9,292,413.43		2,116.19


4012010		20022701	UNIV OF VERMO		68,000.00		23,700.00		91,700.00		1,580,000.00		(434.50	)

													1,681.69


7012008		20012401	MISSISSIPPI V		10,000.00		150.00		10,150.00		10,000.00		2.75
4012009		20022701	UNIV OF VERMO		67,000.00		25,725.00		92,725.00		1,715,000.00		471.63
10012009		20022701	UNIV OF VERMO		68,000.00		24,720.00		92,720.00		1,648,000.00		453.20

Page 3 of 13

Berkadia Commercial Mortgage
College & Trust Facility Loan Trust I
Paid-in-Full Loans
For the Period of April 01, 2010 through April 30, 2010

Payoff

Total

Principal

Interest

Loan Number

Date

Amount Paid

Amount

Other Fees

Maturity Date

none to report

TOTAL:

—

Berkadia Commercial Mortgage
College and University Loan Trust I
Summary of Partial Prepayments
For the Period of April 01, 2010 through April 30, 2010

Total

Amount

Principal

Interest

Loan Number

Payoff Date

Paid

Amount

none to report

TOTAL:

—

Berkadia Commercial Mortgage
College and University Loan Trust I
Trial Balance
As of April 30, 2009


Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date

20000101	ALBION COLLEGE		3		560,000.00		10012015
20001201	ATLANTIC UNION COLLEGE		3		132,194.41		5012023
20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU		3		560,000.00		4012016
20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850		3		353,000.00		4012017
20002401	BOSTON UNIVERITY		3		559,080.71		12312022
20002801	CARNEGIE MELLON UNIVERSITY		3		284,000.00		11012017
20003001	CASE WESTERN RESERVE UNIVERSIT		3		901,700.00		4012016
20003901	COLLEGE OF CHARLESTON		3		434,000.00		7012016
20004001	COLLEGE OF ST. THOMAS		3		260,000.00		4012017
20004401	R.I. JR. COLLEGE		3		186,000.00		4012018
20006502	FAIRLEIGH DICKINSON UNIVERSITY		3		67,311.12		11012020
20008301	HARCUM COLLEGE		3		290,000.00		11012015
20010801	LONG ISLAND UNIVERSITY		3		284,799.98		6012016
20012101	MIDDLEBURY COLLEGE		3		505,000.00		4012018
20012401	MISSISSIPPI VALLEY ST. COLLEGE		3		19,999.99		7012008
20012901	MONTEREY PENINSULA JR. COLLEGE		3		155,000.00		10012018
20013001	MONTREAT-ANDERSON COLLEGE		3		58,800.00		12012019
20013301	MORRIS COLLEGE — BONDS 1983		3		299,000.00		11012013
20013501	NEW ENGLAND COLLEGE		3.625		117,999.99		10012013
20013502	NEW ENGLAND COLLEGE		3		515,000.00		4012019
20014401	OLD DOMINION UNIVERSITY		3		664,999.99		6012013
20016401	CALIFORNIA STATE UNIVERSITY		3		245,000.00		11012021
20016501	CALIFORNIA STATE UNIVERSITY		3		505,000.00		11012021
20016601	SARAH LAWRENCE COLLEGE		3		656,937.84		11012021
20018001	ST.EDWARDS UNIVERSITY		3.625		49,000.00		4012013
20018701	FINLANDIA UNIVERSITY		3.5		1,908,414.68		8062014
20018901	SWARTHMORE COLLEGE		3		48,205.36		11012013
20019101	TAYLOR UNIVERISTY		3		60,000.00		10012010
20019201	TEMPLE UNIVERSITY		3.375		163,000.00		11012014
20019502	TEXAS TECH. UNIVERSITY		3.625		178,000.00		3012013
20019504	TEXAS TECH. UNIVERSITY		3.375		805,000.00		3012012
20020001	UNIVERSITY OF ALABAMA		3		1,116,000.00		5012021
20021301	UNIVERSITY OF MONTEVALLO		3		164,000.00		5012023
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3		39,000.00		1012013
20021603	UNIVERSITY OF NORTH CAROLINA		3		660,000.00		1012018
20021701	UNIVERSITY OF NOTRE DAME - BONDS 1968		3		840,000.00		4012018
20022601	UNIVERSITY OF STEUBENVILLE		3.375		52,000.00		4012012
20022602	UNIVERSITY OF STEUBENVILLE		3		148,000.00		4012017
20022701	UNIVERSITY OF VERMONT		3		1,715,000.00		10012019
20023501	McDANIEL COLLEGE		3		610,000.00		11012016


					17,170,444.07

Page 8 of 13

Berkadia Commercial Mortgage
College and University Loan Trust I
Trial Balance
As of April 30, 2009


Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date

20018801	SUSQUEHANNA UNIVERSITY		3.00		20,000.00	11-01-2006
20018802	SUSQUEHANNA UNIVERSITY		3.63		260,000.00	11-01-2014
20018901	SWARTHMORE COLLEGE		3.00		85,955.23	11-01-2013
20019101	TAYLOR UNIVERISTY		3.00		285,000.00	10-01-2010
20019201	TEMPLE UNIVERSITY		3.38		298,000.00	11-01-2014
20019401	TEXAS STATE COLLEGE		3.00		70,000.00	4-01-2007
20019502	TEXAS TECH. UNIVERSITY		3.63		383,000.00	3-01-2013
20019504	TEXAS TECH. UNIVERSITY		3.38		2,420,000.00	3-01-2012
20019601	TOUGALOO COLLEGE/ DORM BONDS 1981		3.00		98,000.00	6-01-2021
20020001	UNIVERSITY OF ALABAMA		3.00		1,416,000.00	5-01-2021
20021001	UNIVERSITY OF HAWAII AT MANOA		3.00		135,000.00	10-01-2006
20021301	UNIVERSITY OF MONTEVALLO		3.00		199,000.00	5-01-2023
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3.00		79,000.00	1-01-2013
20021603	UNIVERSITY OF NORTH CAROLINA		3.00		945,000.00	1-01-2018
20021701	UNIVERSITY OF NOTRE DAME - BONDS 1968		3.00		1,270,000.00	4-01-2018
20022601	UNIVERSITY OF STEUBENVILLE		3.38		166,000.00	4-01-2012
20022602	UNIVERSITY OF STEUBENVILLE		3.00		234,000.00	4-01-2017
20022701	UNIVERSITY OF VERMONT		3.00		2,093,000.00	10-01-2019
20023102	VANDERBILT UNIV — 1979 MAYFIELD		3.00		263,557.48	6-30-2009
20023501	WESTERN MARYLAND COLLEGE		3.00		910,000.00	11-01-2016
20023601	WESTERN WASHINGTON STATE COLLEGE		3.00		40,000.00	10-01-2007
20023901	XAVIER UNIVERSITY OF LOUISIANA		3.00		395,000.00	10-01-2017

Page 9 of 13

Berkadia Commercial Mortgage
College & Trust Facility Loan Trust I
Delinquency Report (60+Days)
As of April 30, 2009


Loan Number	Borrower Name	Next Payment Due		P and I Due		Current UPB

20012401	MISSISSIPPI VALLEY ST. COLLEGE		20070701		21,199.99		19,999.99
20022701	UNIV OF VERMONT		20090401		277,145.00		1,715,000.00
20010801	LONG ISLAND U		20090601		6,194.23		284,799.98

TOTAL					304,539.22		2,019,799.97

Page 10 of 13

Berkadia Commercial Mortgage
College and University Loan Trust I
Liquidation Report
As of April 30, 2009

None to report for this period

Berkadia Commercial Mortgage
College and University Loan Trust I
Collection Account Activity Report
For the Period of May 01, 2010 through May 31, 2010


Collections:
Principal Payments	222,857.25
Interest Payments	58,484.58


Total Principal and Interest Collections	281,341.83


Payments and Reversals Posted to Suspense	—


Total Collections	281,341.83


Less: Servicing Fees (not withheld from remittances)	(1,360.10	)


Net Collections	279,981.73

Berkadia Commercial Mortgage
College & Trust Facility Loan Trust I
Service Fees Schedule
For the Period of May 01, 2010 through May 31, 2010


Date Due	Loan Number		Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees

5012010		20001201	ATLANTIC UNIO		3,948.30		2,042.14		5,990.44		136,142.71		37.44
5012010		20002801	CARNEGIE-MELL		18,000.00		4,530.00		22,530.00		302,000.00		83.05
5012010		20006502	FAIRLEIGH DIC		2,605.16		1,009.66		3,614.82		67,311.12		18.51
5012010		20008301	HARCUM JR COL		0.00		4,350.00		4,350.00		290,000.00		79.75
5012010		20013301	MORRIS COLLEG		0.00		4,485.00		4,485.00		299,000.00		82.23
5012010		20016401	CALIFORNIA ST		0.00		3,675.00		3,675.00		245,000.00		67.38
5012010		20016501	CALIFORNIA ST		0.00		7,575.00		7,575.00		505,000.00		138.88
5012010		20016601	SARAH LAWRENC		25,049.91		10,229.83		35,279.74		681,987.75		187.55
5072010		20018701	SUOMI COLLEGE		8,509.31		5,566.21		14,075.52		1,908,414.68		87.47
5012010		20018901	SWARTHMORE CO		5,042.78		723.08		5,765.86		48,205.36		13.26
5012010		20019201	TEMPLE UNIV.		0.00		2,750.63		2,750.63		163,000.00		44.83
5012010		20020001	UNIV. OF ALAB		80,000.00		16,740.00		96,740.00		1,116,000.00		306.90
5012010		20021301	UNIV OF MONTE		10,000.00		2,460.00		12,460.00		164,000.00		45.10
5012010		20023501	WSTRN MARYLAN		0.00		9,150.00		9,150.00		610,000.00		167.75

			TOTALS:		153,155.46		75,286.55		228,442.01		6,536,061.62		1,360.10


													1,360.10

7012008		20012401	MISSISSIPPI V		10,000.00		150.00		10,150.00		10,000.00		2.75
4012009		20022701	UNIV OF VERMO		67,000.00		25,725.00		92,725.00		1,715,000.00		471.63
10012009		20022701	UNIV OF VERMO		68,000.00		24,720.00		92,720.00		1,648,000.00		453.20
4012010		20022701	UNIV OF VERMO		68,000.00		23,700.00		91,700.00		1,580,000.00		434.50

Page 3 of 13

Berkadia Commercial Mortgage
College & Trust Facility Loan Trust I
Paid-in-Full Loans
For the Period of May 01, 2010 through May 31, 2010

Loan Number

Payoff Date

Total Amount Paid

Principal Amount

Interest Amount

Other Fees

Maturity Date

none to report

TOTAL:

—

Berkadia Commercial Mortgage
College and University Loan Trust I
Summary of Partial Prepayments
For the Period of May 01, 2010 through May 31, 2010

Loan Number

Payoff Date

Total Amount Paid

Principal Amount

Interest Amount

none to report

TOTAL:

—

Berkadia Commercial Mortgage
College and University Loan Trust I
Trial Balance
As of May 31, 2009


Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date

20000101	ALBION COLLEGE		3		560,000.00		10012015
20001201	ATLANTIC UNION COLLEGE		3		132,194.41		5012023
20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU		3		560,000.00		4012016
20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850		3		353,000.00		4012017
20002401	BOSTON UNIVERITY		3		559,080.71		12312022
20002801	CARNEGIE MELLON UNIVERSITY		3		284,000.00		11012017
20003001	CASE WESTERN RESERVE UNIVERSIT		3		785,000.00		4012016
20003901	COLLEGE OF CHARLESTON		3		434,000.00		7012016
20004001	COLLEGE OF ST. THOMAS		3		260,000.00		4012017
20004401	R.I. JR. COLLEGE		3		186,000.00		4012018
20006502	FAIRLEIGH DICKINSON UNIVERSITY		3		64,705.96		11012020
20008301	HARCUM COLLEGE		3		290,000.00		11012015
20010801	LONG ISLAND UNIVERSITY		3		284,799.98		6012016
20012101	MIDDLEBURY COLLEGE		3		505,000.00		4012018
20012401	MISSISSIPPI VALLEY ST. COLLEGE		3		19,999.99		7012008
20012901	MONTEREY PENINSULA JR. COLLEGE		3		155,000.00		10012018
20013001	MONTREAT-ANDERSON COLLEGE		3		58,800.00		12012019
20013301	MORRIS COLLEGE — BONDS 1983		3		299,000.00		11012013
20013501	NEW ENGLAND COLLEGE		3.625		117,999.99		10012013
20013502	NEW ENGLAND COLLEGE		3		515,000.00		4012019
20014401	OLD DOMINION UNIVERSITY		3		664,999.99		6012013
20016401	CALIFORNIA STATE UNIVERSITY		3		245,000.00		11012021
20016501	CALIFORNIA STATE UNIVERSITY		3		505,000.00		11012021
20016601	SARAH LAWRENCE COLLEGE		3		656,937.84		11012021
20018001	ST.EDWARDS UNIVERSITY		3.625		49,000.00		4012013
20018701	FINLANDIA UNIVERSITY		3.5		1,899,905.37		8062014
20018901	SWARTHMORE COLLEGE		3		43,162.58		11012013
20019101	TAYLOR UNIVERISTY		3		60,000.00		10012010
20019201	TEMPLE UNIVERSITY		3.375		163,000.00		11012014
20019502	TEXAS TECH. UNIVERSITY		3.625		178,000.00		3012013
20019504	TEXAS TECH. UNIVERSITY		3.375		805,000.00		3012012
20020001	UNIVERSITY OF ALABAMA		3		1,036,000.00		5012021
20021301	UNIVERSITY OF MONTEVALLO		3		154,000.00		5012023
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3		39,000.00		1012013
20021603	UNIVERSITY OF NORTH CAROLINA		3		660,000.00		1012018
20021701	UNIVERSITY OF NOTRE DAME - BONDS 1968		3		840,000.00		4012018
20022601	UNIVERSITY OF STEUBENVILLE		3.375		52,000.00		4012012
20022602	UNIVERSITY OF STEUBENVILLE		3		148,000.00		4012017
20022701	UNIVERSITY OF VERMONT		3		1,715,000.00		10012019
20023501	McDANIEL COLLEGE		3		610,000.00		11012016


					16,947,586.82

8 of 13

Berkadia Commercial Mortgage
College and University Loan Trust I
Trial Balance
As of May 31, 2009


Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date

20018801	SUSQUEHANNA UNIVERSITY		3.00		20,000.00		11-01-2006
20018802	SUSQUEHANNA UNIVERSITY		3.63		260,000.00		11-01-2014
20018901	SWARTHMORE COLLEGE		3.00		85,955.23		11-01-2013
20019101	TAYLOR UNIVERISTY		3.00		285,000.00		10-01-2010
20019201	TEMPLE UNIVERSITY		3.38		298,000.00		11-01-2014
20019401	TEXAS STATE COLLEGE		3.00		70,000.00		4-01-2007
20019502	TEXAS TECH. UNIVERSITY		3.63		383,000.00		3-01-2013
20019504	TEXAS TECH. UNIVERSITY		3.38		2,420,000.00		3-01-2012
20019601	TOUGALOO COLLEGE/ DORM BONDS 1981		3.00		98,000.00		6-01-2021
20020001	UNIVERSITY OF ALABAMA		3.00		1,416,000.00		5-01-2021
20021001	UNIVERSITY OF HAWAII AT MANOA		3.00		135,000.00		10-01-2006
20021301	UNIVERSITY OF MONTEVALLO		3.00		199,000.00		5-01-2023
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3.00		79,000.00		1-01-2013
20021603	UNIVERSITY OF NORTH CAROLINA		3.00		945,000.00		1-01-2018
20021701	UNIVERSITY OF NOTRE DAME - BONDS 1968		3.00		1,270,000.00		4-01-2018
20022601	UNIVERSITY OF STEUBENVILLE		3.38		166,000.00		4-01-2012
20022602	UNIVERSITY OF STEUBENVILLE		3.00		234,000.00		4-01-2017
20022701	UNIVERSITY OF VERMONT		3.00		2,093,000.00		10-01-2019
20023102	VANDERBILT UNIV - 1979 MAYFIELD		3.00		263,557.48		6-30-2009
20023501	WESTERN MARYLAND COLLEGE		3.00		910,000.00		11-01-2016
20023601	WESTERN WASHINGTON STATE COLLEGE		3.00		40,000.00		10-01-2007
20023901	XAVIER UNIVERSITY OF LOUISIANA		3.00		395,000.00		10-01-2017

	Totals:				45,960,686.35

9 of 13

Berkadia Commercial Mortgage
College & Trust Facility Loan Trust I
Delinquency Report (60+Days)
As of May 31, 2009


Loan Number	Borrower Name	Next Payment Due		P and I Due		Current UPB

20012401	MISSISSIPPI VALLEY ST. COLLEGE		20070701		21,199.99		19,999.99
20022701	UNIV OF VERMONT		20090401		277,145.00		1,715,000.00
20010801	LONG ISLAND U		20090601		6,194.23		284,799.98

TOTAL					304,539.22		2,019,799.97

Berkadia Commercial Mortgage
College and University Loan Trust I
Liquidation Report
As of May 31, 2009

None to report for this period

Berkadia Commercial Mortgage
College and University Loan Trust I
Collection Account Activity Report
For the Period of December 01, 2009 through December 31, 2009


Collections:
Principal Payments	36,613.67
Interest Payments	30,080.96


Total Principal and Interest Collections	66,694.63


Payments and Reversals Posted to Suspense	—


Total Collections	66,694.63


Less: Servicing Fees (not withheld from remittances)	(807.89	)


Net Collections	65,886.74

Berkadia Commercial Mortgage
College & Trust Facility Loan Trust I
Service Fees Schedule
For the Period of December 01, 2009 through December 31, 2009


Date Due	Loan Number		Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees

12302009		20002401	BOSTON UNIVER		17,478.53		8,648.39		26,126.92		576,559.24		158.55
12012009		20010801	LONG ISLAND U		0.00		4,200.00		4,200.00		284,799.98		78.32
12012009		20013001	MONTREAT-ANDE		2,600.00		921.00		3,521.00		61,400.00		16.89
12012009		20014401	DOMNION UNIV.		0.00		9,975.00		9,975.00		664,999.99		182.87
12072009		20018701	SUOMI COLLEGE		8,386.84		5,688.68		14,075.52		1,950,403.81		89.39

			TOTALS:		28,465.37		29,433.07		57,898.44		3,538,163.02		526.02


9-01-2009		20019504	TEXAS TECH UN		0.00		20,756.25		20,756.25		1,230,000.00		281.87
													807.89

7012008		20012401	MISSISSIPPI V		10,000.00		150.00		10,150.00		10,000.00		2.75
4012009		20022701	UNIV OF VERMO		67,000.00		25,725.00		92,725.00		1,715,000.00		471.63
10012009		20022701	UNIV OF VERMO		68,000.00		24,720.00		92,720.00		1,648,000.00		453.20

Page 3 of 13

Berkadia Commercial Mortgage
College & Trust Facility Loan Trust I
Paid-in-Full Loans
For the Period of December 01, 2009 through December 31, 2009

Loan Number

Payoff Date

Total Amount Paid

Principal Amount

Interest Amount

Other Fees

Maturity Date

none to report

TOTAL:

—

Berkadia Commercial Mortgage
College and University Loan Trust I
Summary of Partial Prepayments
For the Period of December 01, 2009 through December 31, 2009

Loan Number

Payoff Date

Total Amount Paid

Principal Amount

Interest Amount

none to report

TOTAL:

—

Berkadia Commercial Mortgage
College and University Loan Trust I
Trial Balance
As of December 31, 2009


Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date

20000101	ALBION COLLEGE		3		560,000.00		10012015
20000902	ANDERSON COLLEGE		3		25,000.00		3012010
20001201	ATLANTIC UNION COLLEGE		3		132,194.41		5012023
20001301	AUGSBURG COLLEGE ACCT#AUGS466ADSU		3		640,000.00		4012016
20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850		3		398,000.00		4012017
20002401	BOSTON UNIVERITY		3		559,080.71		12312022
20002501	WILLIAM JENNINGS BRYAN COLLEGE		3		11,000.00		2012010
20002801	CARNEGIE MELLON UNIVERSITY		3		302,000.00		11012017
20003001	CASE WESTERN RESERVE UNIVERSIT		3		905,000.00		4012016
20003901	COLLEGE OF CHARLESTON		3		434,000.00		7012016
20004001	COLLEGE OF ST. THOMAS		3		295,000.00		4012017
20004401	R.I. JR. COLLEGE		3		196,000.00		4012018
20006502	FAIRLEIGH DICKINSON UNIVERSITY		3		67,311.12		11012020
20008301	HARCUM COLLEGE		3		290,000.00		11012015
20010801	LONG ISLAND UNIVERSITY		3		284,799.98		6012016
20012101	MIDDLEBURY COLLEGE		3		550,000.00		4012018
20012401	MISSISSIPPI VALLEY ST. COLLEGE		3		19,999.99		7012008
20012901	MONTEREY PENINSULA JR. COLLEGE		3		155,000.00		10012018
20013001	MONTREAT-ANDERSON COLLEGE		3		58,800.00		12012019
20013301	MORRIS COLLEGE - BONDS 1983		3		299,000.00		11012013
20013501	NEW ENGLAND COLLEGE		3.625		117,999.99		10012013
20013502	NEW ENGLAND COLLEGE		3		565,000.00		4012019
20014401	OLD DOMINION UNIVERSITY		3		664,999.99		6012013
20016401	CALIFORNIA STATE UNIVERSITY		3		245,000.00		11012021
20016501	CALIFORNIA STATE UNIVERSITY		3		505,000.00		11012021
20016601	SARAH LAWRENCE COLLEGE		3		681,987.75		11012021
20018001	ST.EDWARDS UNIVERSITY		3.625		65,000.00		4012013
20018701	FINLANDIA UNIVERSITY		3.5		1,942,016.97		8062014
20018901	SWARTHMORE COLLEGE		3		48,205.36		11012013
20019101	TAYLOR UNIVERISTY		3		60,000.00		10012010
20019201	TEMPLE UNIVERSITY		3.375		163,000.00		11012014
20019502	TEXAS TECH. UNIVERSITY		3.625		233,000.00		3012013
20019504	TEXAS TECH. UNIVERSITY		3.375		1,230,000.00		3012012
20020001	UNIVERSITY OF ALABAMA		3		1,116,000.00		5012021
20021301	UNIVERSITY OF MONTEVALLO		3		164,000.00		5012023
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3		44,000.00		1012013
20021603	UNIVERSITY OF NORTH CAROLINA		3		735,000.00		1012018
20021701	UNIVERSITY OF NOTRE DAME -BONDS 1968		3		930,000.00		4012018
20022601	UNIVERSITY OF STEUBENVILLE		3.375		76,000.00		4012012
20022602	UNIVERSITY OF STEUBENVILLE		3		166,000.00		4012017
20022701	UNIVERSITY OF VERMONT		3		1,715,000.00		10012019
20023501	McDANIEL COLLEGE		3		610,000.00		11012016


					18,259,396.27

Page 8 of 13

Berkadia Commercial Mortgage
College and University Loan Trust I
Trial Balance
As of December 31, 2009


Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
20018801	SUSQUEHANNA UNIVERSITY		3.00		20,000.00		11-01-2006
20018802	SUSQUEHANNA UNIVERSITY		3.63		260,000.00		11-01-2014
20018901	SWARTHMORE COLLEGE		3.00		85,955.23		11-01-2013
20019101	TAYLOR UNIVERISTY		3.00		285,000.00		10-01-2010
20019201	TEMPLE UNIVERSITY		3.38		298,000.00		11-01-2014
20019401	TEXAS STATE COLLEGE		3.00		70,000.00		4-01-2007
20019502	TEXAS TECH. UNIVERSITY		3.63		383,000.00		3-01-2013
20019504	TEXAS TECH. UNIVERSITY		3.38		2,420,000.00		3-01-2012
20019601	TOUGALOO COLLEGE/ DORM BONDS 1981		3.00		98,000.00		6-01-2021
20020001	UNIVERSITY OF ALABAMA		3.00		1,416,000.00		5-01-2021
20021001	UNIVERSITY OF HAWAII AT MANOA		3.00		135,000.00		10-01-2006
20021301	UNIVERSITY OF MONTEVALLO		3.00		199,000.00		5-01-2023
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3.00		79,000.00		1-01-2013
20021603	UNIVERSITY OF NORTH CAROLINA		3.00		945,000.00		1-01-2018
20021701	UNIVERSITY OF NOTRE DAME -BONDS 1968		3.00		1,270,000.00		4-01-2018
20022601	UNIVERSITY OF STEUBENVILLE		3.38		166,000.00		4-01-2012
20022602	UNIVERSITY OF STEUBENVILLE		3.00		234,000.00		4-01-2017
20022701	UNIVERSITY OF VERMONT		3.00		2,093,000.00		10-01-2019
20023102	VANDERBILT UNIV - 1979 MAYFIELD		3.00		263,557.48		6-30-2009
20023501	WESTERN MARYLAND COLLEGE		3.00		910,000.00		11-01-2016
20023601	WESTERN WASHINGTON STATE COLLEGE		3.00		40,000.00		10-01-2007
20023901	XAVIER UNIVERSITY OF LOUISIANA		3.00		395,000.00		10-01-2017

	Totals:				48,584,305.25

Page 9 of 13

Berkadia Commercial Mortgage
College & Trust Facility Loan Trust I
Delinquency Report (60+Days)
As of December 31, 2009


Loan Number	Borrower Name	Next Payment Due		P and I Due		Current UPB

20012401	MISSISSIPPI VALLEY ST. COLLEGE		20070701		20,899.99		19,999.99
20022701	UNIV OF VERMONT		20090401		185,445.00		1,715,000.00
20010801	LONG ISLAND U		20090601		6,194.23		284,799.98

TOTAL					212,539.22		2,019,799.97

Berkadia Commercial Mortgage
College and University Loan Trust I
Liquidation Report
As of December 31, 2009

None to report for this period

Berkadia Commercial Mortgage
College and University Loan Trust I
Collection Account Activity Report
For the Quarter Ended December 31, 2009


	October			November			December

Collections:
Principal Payments		312,046.74			293,629.19			36,613.67
Interest Payments		111,093.47			64,487.84			30,080.96


Total Principal and Interest Collections		423,140.21			358,117.03			66,694.63


Payments and Reversals Posted to Suspense		—			—			—

Total Collections		423,140.21			358,117.03			66,694.63


Less: Servicing Fees (not withheld from remittances)		(1,790.78	)		(1,462.53	)		(807.89	)


Net Collections		421,349.43			356,654.50			65,886.74

Berkadia Commercial Mortgage
College & Trust Facility Loan Trust I
Service Fees Schedule
For the Quarter Ended December 31, 2009


		Loan
Date Due		Number	Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees

October
	10012009	20000101	ALBION COLLEG		80,000.00		9,600.00		89,600.00		640,000.00		176.00
	10012009	20001301	AUGSBERG COLL		—		9,600.00		9,600.00		640,000.00		176.00
	10012009	20001401	AZUSA UNIVERS		—		5,970.00		5,970.00		398,000.00		109.45
	10012009	20002102	BIRMINGHAM SO		40,000.00		1,200.00		41,200.00		80,000.00		22.00
	10012009	20003001	CASE WESTERN		—		13,575.00		13,575.00		905,000.00		248.88
	10012009	20004001	COLL.OF ST. T		—		4,425.00		4,425.00		295,000.00		81.13
	10012009	20004401	R.I. JR. COLL		10,000.00		3,090.00		13,090.00		206,000.00		56.65
	10012009	20005201	DANIEL WEBSTE		—		2,775.00		2,775.00		185,000.00		50.88
	10012009	20012101	MIDDLEBURY CO		45,000.00		8,925.00		53,925.00		595,000.00		163.63
	10012009	20012901	MONTEREY JR C		15,000.00		2,550.00		17,550.00		170,000.00		46.75
	10012009	20013501	NEW ENGLAND C		30,000.00		2,682.50		32,682.50		147,999.99		40.70
	10012009	20013502	NEW ENGLAND C		—		8,475.00		8,475.00		565,000.00		155.38
	10012009	20018001	ST.EDWARDS		—		1,178.13		1,178.13		65,000.00		17.88
	10072009	20018701	SUOMI COLLEGE		8,338.68		5,736.84		14,075.52		1,966,915.08		90.15
	10012009	20019101	TAYLOR UNIV.		60,000.00		1,800.00		61,800.00		120,000.00		33.00
	10012009	20021701	UNIV. OF NOTR		—		13,950.00		13,950.00		930,000.00		255.75
	10012009	20022601	UNIV.OF STEUB		—		1,282.50		1,282.50		76,000.00		20.90
	10012009	20022602	UNIV.OF STEUB		—		2,490.00		2,490.00		166,000.00		45.65
	10012009	20022701	UNIV OF VERMO		68,000.00		24,720.00		92,720.00		1,648,000.00		453.20

			TOTALS:		356,338.68		124,024.97		480,363.65		9,798,915.07		2,243.98


	10012009	20022701	UNIV OF VERMO		68,000.00		24,720.00		92,720.00		1,648,000.00		(453.20	)


													1,790.78


November

	11012009	20001201	ATLANTIC UNIO		3,889.95		2,100.49		5,990.44		140,032.66		38.51
	11012009	20002801	CARNEGIE-MELL		17,000.00		4,785.00		21,785.00		319,000.00		87.73
	11012009	20006502	FAIRLEIGH DIC		2,566.65		1,048.17		3,614.82		69,877.77		19.22
	11012009	20008301	HARCUM JR COL		45,000.00		5,025.00		50,025.00		335,000.00		92.13
	11012009	20013301	MORRIS COLLEG		69,000.00		5,520.00		74,520.00		368,000.00		101.20
	11012009	20016401	CALIFORNIA ST		15,000.00		3,900.00		18,900.00		260,000.00		71.50
	11012009	20016501	CALIFORNIA ST		35,000.00		8,100.00		43,100.00		540,000.00		148.50
	11012009	20016601	SARAH LAWRENC		24,679.73		10,600.01		35,279.74		706,667.48		194.33
	11012009	20017801	SPRINGFIELD C		7,837.00		480.90		8,317.90		32,060.06		8.82
	11072009	20018701	SUOMI COLLEGE		8,172.59		5,902.93		14,075.52		1,958,576.40		89.77
	11012009	20018901	SWARTHMORE CO		4,968.27		797.59		5,765.86		53,173.63		14.62
	11012009	20019201	TEMPLE UNIV.		35,000.00		3,341.25		38,341.25		198,000.00		54.45
	11012009	20020001	UNIV. OF ALAB		—		16,740.00		16,740.00		1,116,000.00		306.90
	11012009	20021301	UNIV OF MONTE		—		2,460.00		2,460.00		164,000.00		45.10
	11012009	20023501	WSTRN MARYLAN		80,000.00		10,350.00		90,350.00		690,000.00		189.75

			TOTALS:		348,114.19		81,151.34		429,265.53		6,950,388.00		1,462.53



													1,462.53


December

	12302009	20002401	BOSTON UNIVER		17,478.53		8,648.39		26,126.92		576,559.24		158.55
	12012009	20010801	LONG ISLAND U		0.00		4,200.00		4,200.00		284,799.98		78.32
	12012009	20013001	MONTREAT-ANDE		2,600.00		921.00		3,521.00		61,400.00		16.89
	12012009	20014401	DOMNION UNIV.		0.00		9,975.00		9,975.00		664,999.99		182.87
	12072009	20018701	SUOMI COLLEGE		8,386.84		5,688.68		14,075.52		1,950,403.81		89.39

			TOTALS:		28,465.37		29,433.07		57,898.44		3,538,163.02		526.02

Berkadia Commercial Mortgage
College & Trust Facility Loan Trust I
Service Fees Schedule
For the Quarter Ended December 31, 2009

Loan

Date Due

Number

Borrower Name

Principal Due

Interest Due

Total Due

Principal Balance

Service Fees

9012009

20019504

TEXAS TECH UN

—

20,756.25

1,230,000.00

281.87

807.89

TOTALS FOR QTR

732,918.24

234,609.38

967,527.62

20,287,466.09

4,061.20

Berkadia Commercial Mortgage
College and University Loan Trust I
Paid In Full Loan Schedule
For the Quarter Ended December 31, 2009

Principal

Loan Number

Payoff Date

Total Amount

Amount

Interest Amount

Other Fees

Maturity Date

20017801

10/30/2009

32,540.96

32,060.06

480.90

5012011

Totals

32,540.96

32,060.06

480.90

—


*		Please note that service fees have not yet been deducted.

Berkadia Commercial Mortgage
College and University Loan Trust I
Summary of Partial Prepayments
For the Quarter Ended December 31, 2009

Total Amount

Loan Number

Payoff Date

Paid

Principal Amount

Interest Amount

None to report for this period

—

TOTAL:

—

Berkadia Commercial Mortgage
College and University Loan Trust I
Trial Balance
For the Quarter Ended December 31, 2009


Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date

October

20000101	ALBION COLLEGE		3		560,000.00		10012015
20000902	ANDERSON COLLEGE		3		25,000.00		3012010
20001201	ATLANTIC UNION COLLEGE		3		140,032.66		5012023
20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU		3		640,000.00		4012016
20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850		3		398,000.00		4012017
20002401	BOSTON UNIVERITY		3		576,559.24		12312022
20002501	WILLIAM JENNINGS BRYAN COLLEGE		3		11,000.00		2012010
20002801	CARNEGIE MELLON UNIVERSITY		3		302,000.00		11012017
20003001	CASE WESTERN RESERVE UNIVERSIT		3		905,000.00		4012016
20003901	COLLEGE OF CHARLESTON		3		434,000.00		7012016
20004001	COLLEGE OF ST. THOMAS		3		295,000.00		4012017
20004401	R.I. JR. COLLEGE		3		196,000.00		4012018
20006502	FAIRLEIGH DICKINSON UNIVERSITY		3		69,877.77		11012020
20008301	HARCUM COLLEGE		3		335,000.00		11012015
20010801	LONG ISLAND UNIVERSITY		3		288,999.98		6012016
20012101	MIDDLEBURY COLLEGE		3		550,000.00		4012018
20012401	MISSISSIPPI VALLEY ST. COLLEGE		3		19,999.99		7012008
20012901	MONTEREY PENINSULA JR. COLLEGE		3		155,000.00		10012018
20013001	MONTREAT-ANDERSON COLLEGE		3		61,400.00		12012019
20013301	MORRIS COLLEGE — BONDS 1983		3		368,000.00		11012013
20013501	NEW ENGLAND COLLEGE		3.625		117,999.99		10012013
20013502	NEW ENGLAND COLLEGE		3		565,000.00		4012019
20014401	OLD DOMINION UNIVERSITY		3		664,999.99		6012013
20016401	CALIFORNIA STATE UNIVERSITY		3		260,000.00		11012021
20016501	CALIFORNIA STATE UNIVERSITY		3		540,000.00		11012021
20016601	SARAH LAWRENCE COLLEGE		3		681,987.75		11012021
20018001	ST.EDWARDS UNIVERSITY		3.625		65,000.00		4012013
20018701	FINLANDIA UNIVERSITY		3.5		1,958,576.40		8062014
20018901	SWARTHMORE COLLEGE		3		48,205.36		11012013
20019101	TAYLOR UNIVERISTY		3		60,000.00		10012010
20019201	TEMPLE UNIVERSITY		3.375		198,000.00		11012014
20019502	TEXAS TECH. UNIVERSITY		3.625		233,000.00		3012013
20019504	TEXAS TECH. UNIVERSITY		3.375		1,230,000.00		3012012
20020001	UNIVERSITY OF ALABAMA		3		1,116,000.00		5012021
20021301	UNIVERSITY OF MONTEVALLO		3		164,000.00		5012023
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3		44,000.00		1012013
20021603	UNIVERSITY OF NORTH CAROLINA		3		735,000.00		1012018
20021701	UNIVERSITY OF NOTRE DAME — BONDS 1968		3		930,000.00		4012018
20022601	UNIVERSITY OF STEUBENVILLE		3.375		76,000.00		4012012
20022602	UNIVERSITY OF STEUBENVILLE		3		166,000.00		4012017
20022701	UNIVERSITY OF VERMONT		3		1,715,000.00		10012019
20023501	McDANIEL COLLEGE		3		690,000.00		11012016


	TOTALS:				18,589,639.13


November

20000101	ALBION COLLEGE		3		560,000.00		10012015
20000902	ANDERSON COLLEGE		3		25,000.00		3012010
20001201	ATLANTIC UNION COLLEGE		3		136,142.71		5012023
20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU		3		640,000.00		4012016
20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850		3		398,000.00		4012017
20002401	BOSTON UNIVERITY		3		576,559.24		12312022

Page 9 of 14

Berkadia Commercial Mortgage
College and University Loan Trust I
Trial Balance
For the Quarter Ended December 31, 2009


Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date

20002501	WILLIAM JENNINGS BRYAN COLLEGE		3		11,000.00		2012010
20002801	CARNEGIE MELLON UNIVERSITY		3		302,000.00		11012017
20003001	CASE WESTERN RESERVE UNIVERSIT		3		905,000.00		4012016
20003901	COLLEGE OF CHARLESTON		3		434,000.00		7012016
20004001	COLLEGE OF ST. THOMAS		3		295,000.00		4012017
20004401	R.I. JR. COLLEGE		3		196,000.00		4012018
20006502	FAIRLEIGH DICKINSON UNIVERSITY		3		67,311.12		11012020
20008301	HARCUM COLLEGE		3		290,000.00		11012015
20010801	LONG ISLAND UNIVERSITY		3		288,999.98		6012016
20012101	MIDDLEBURY COLLEGE		3		550,000.00		4012018
20012401	MISSISSIPPI VALLEY ST. COLLEGE		3		19,999.99		7012008
20012901	MONTEREY PENINSULA JR. COLLEGE		3		155,000.00		10012018
20013001	MONTREAT-ANDERSON COLLEGE		3		61,400.00		12012019
20013301	MORRIS COLLEGE — BONDS 1983		3		299,000.00		11012013
20013501	NEW ENGLAND COLLEGE		3.625		117,999.99		10012013
20013502	NEW ENGLAND COLLEGE		3		565,000.00		4012019
20014401	OLD DOMINION UNIVERSITY		3		664,999.99		6012013
20016401	CALIFORNIA STATE UNIVERSITY		3		245,000.00		11012021
20016501	CALIFORNIA STATE UNIVERSITY		3		505,000.00		11012021
20016601	SARAH LAWRENCE COLLEGE		3		681,987.75		11012021
20018001	ST.EDWARDS UNIVERSITY		3.625		65,000.00		4012013
20018701	FINLANDIA UNIVERSITY		3.5		1,950,403.81		8062014
20018901	SWARTHMORE COLLEGE		3		48,205.36		11012013
20019101	TAYLOR UNIVERISTY		3		60,000.00		10012010
20019201	TEMPLE UNIVERSITY		3.375		163,000.00		11012014
20019502	TEXAS TECH. UNIVERSITY		3.625		233,000.00		3012013
20019504	TEXAS TECH. UNIVERSITY		3.375		1,230,000.00		3012012
20020001	UNIVERSITY OF ALABAMA		3		1,116,000.00		5012021
20021301	UNIVERSITY OF MONTEVALLO		3		164,000.00		5012023
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3		44,000.00		1012013
20021603	UNIVERSITY OF NORTH CAROLINA		3		735,000.00		1012018
20021701	UNIVERSITY OF NOTRE DAME — BONDS 1968		3		930,000.00		4012018
20022601	UNIVERSITY OF STEUBENVILLE		3.375		76,000.00		4012012
20022602	UNIVERSITY OF STEUBENVILLE		3		166,000.00		4012017
20022701	UNIVERSITY OF VERMONT		3		1,715,000.00		10012019
20023501	McDANIEL COLLEGE		3		610,000.00		11012016


	TOTALS:				18,296,009.94


December

20000101	ALBION COLLEGE		3		560,000.00		10012015
20000902	ANDERSON COLLEGE		3		25,000.00		3012010
20001201	ATLANTIC UNION COLLEGE		3		132,194.41		5012023
20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU		3		640,000.00		4012016
20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850		3		398,000.00		4012017
20002401	BOSTON UNIVERITY		3		559,080.71		12312022
20002501	WILLIAM JENNINGS BRYAN COLLEGE		3		11,000.00		2012010
20002801	CARNEGIE MELLON UNIVERSITY		3		302,000.00		11012017
20003001	CASE WESTERN RESERVE UNIVERSIT		3		905,000.00		4012016
20003901	COLLEGE OF CHARLESTON		3		434,000.00		7012016
20004001	COLLEGE OF ST. THOMAS		3		295,000.00		4012017
20004401	R.I. JR. COLLEGE		3		196,000.00		4012018
20006502	FAIRLEIGH DICKINSON UNIVERSITY		3		67,311.12		11012020
20008301	HARCUM COLLEGE		3		290,000.00		11012015

Page 10 of 14

Berkadia Commercial Mortgage
College and University Loan Trust I
Trial Balance
For the Quarter Ended December 31, 2009


Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date

20010801	LONG ISLAND UNIVERSITY		3		284,799.98		6012016
20012101	MIDDLEBURY COLLEGE		3		550,000.00		4012018
20012401	MISSISSIPPI VALLEY ST. COLLEGE		3		19,999.99		7012008
20012901	MONTEREY PENINSULA JR. COLLEGE		3		155,000.00		10012018
20013001	MONTREAT-ANDERSON COLLEGE		3		58,800.00		12012019
20013301	MORRIS COLLEGE — BONDS 1983		3		299,000.00		11012013
20013501	NEW ENGLAND COLLEGE		3.625		117,999.99		10012013
20013502	NEW ENGLAND COLLEGE		3		565,000.00		4012019
20014401	OLD DOMINION UNIVERSITY		3		664,999.99		6012013
20016401	CALIFORNIA STATE UNIVERSITY		3		245,000.00		11012021
20016501	CALIFORNIA STATE UNIVERSITY		3		505,000.00		11012021
20016601	SARAH LAWRENCE COLLEGE		3		681,987.75		11012021
20018001	ST.EDWARDS UNIVERSITY		3.625		65,000.00		4012013
20018701	FINLANDIA UNIVERSITY		3.5		1,942,016.97		8062014
20018901	SWARTHMORE COLLEGE		3		48,205.36		11012013
20019101	TAYLOR UNIVERISTY		3		60,000.00		10012010
20019201	TEMPLE UNIVERSITY		3.375		163,000.00		11012014
20019502	TEXAS TECH. UNIVERSITY		3.625		233,000.00		3012013
20019504	TEXAS TECH. UNIVERSITY		3.375		1,230,000.00		3012012
20020001	UNIVERSITY OF ALABAMA		3		1,116,000.00		5012021
20021301	UNIVERSITY OF MONTEVALLO		3		164,000.00		5012023
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3		44,000.00		1012013
20021603	UNIVERSITY OF NORTH CAROLINA		3		735,000.00		1012018
20021701	UNIVERSITY OF NOTRE DAME — BONDS 1968		3		930,000.00		4012018
20022601	UNIVERSITY OF STEUBENVILLE		3.375		76,000.00		4012012
20022602	UNIVERSITY OF STEUBENVILLE		3		166,000.00		4012017
20022701	UNIVERSITY OF VERMONT		3		1,715,000.00		10012019
20023501	McDANIEL COLLEGE		3		610,000.00		11012016


					18,259,396.27

Page 11 of 14

Berkadia Commercial Mortgage
College & Trust Facility Loan Trust I
Delinquency Report (60+Days)
For the Quarter Ended December 31, 2009


			Next
Loan			Payment
Number		Borrower Name	Due		P and I Due		Current UPB

	20012401	MISSISSIPPI VALLEY ST. COLLEGE		20070701		20,899.99		19,999.99
	20022701	UNIV OF VERMONT		20090401		185,445.00		1,715,000.00
	20010801	LONG ISLAND U		20090601		6,194.23		284,799.98

TOTAL						212,539.22		2,019,799.97

Berkadia Commercial Mortgage
College and University Loan Trust I
Liquidation Report
For the Quarter Ended December 31, 2009

None to report for this period

Berkadia Commercial Mortgage
College and University Loan Trust I
Collection Account Activity Report
For the Quarter Ended March 31, 2010


	January			February			March
Collections:
Principal Payments		88,222.50			19,247.28			513,833.75
Interest Payments		24,048.02			5,993.24			32,921.15


Total Principal and Interest Collections		112,270.52			25,240.52			546,754.90


Payments and Reversals Posted to Suspense		—			—			—


Total Collections		112,270.52			25,240.52			546,754.90


Less: Servicing Fees (not withheld from remittances)		(422.59	)		(91.66	)		(497.46	)


Net Collections		111,847.93			25,148.86			546,257.44

Berkadia Commercial Mortgage
College & Trust Facility Loan Trust I
Service Fees Schedule
For the Quarter Ended March 31, 2010


			Loan
Date Due			Number	Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees

January

	1012010		20003901	COLL. OF CHAR		—		6,510.00		6,510.00		434,000.00		119.35
	1072010		20018701	SUOMI COLLEGE		8,222.50		5,853.02		14,075.52		1,942,016.97		89.01
	1012010		20021401	U OF NEBRASKA		5,000.00		660.00		5,660.00		44,000.00		12.10
	1012010		20021603	NORTH CAROLIN		75,000.00		11,025.00		86,025.00		735,000.00		202.13
	1012010		20012401	MISSISSIPPI V		—		300.00		300.00		—		—

				TOTALS:		88,222.50		24,348.02		112,570.52		3,155,016.97		422.59



														422.59


February

	2012010		20002501	BRYAN COLLEGE		11,000.00		165.00		11,165.00		11,000.00		3.03
	2072010		20018701	SUOMI COLLEGE		8,247.28		5,828.24		14,075.52		1,933,794.47		88.63

				TOTALS:		19,247.28		5,993.24		25,240.52		1,944,794.47		91.66



														91.66


March

	3012010		20000902	ANDERSON COLL		25,000.00		375.00		25,375.00		25,000.00		6.88
	3072010		20018701	SUOMI COLLEGE		8,833.75		5,241.77		14,075.52		1,925,547.19		88.25
	3012010		20019502	TEXAS TECH UN		55,000.00		4,223.13		59,223.13		233,000.00		64.08
	3012010		20019504	TEXAS TECH UN		425,000.00		20,756.25		445,756.25		1,230,000.00		338.25

				TOTALS:		513,833.75		30,596.15		544,429.90		3,413,547.19		497.46



														497.46


		TOTALS FOR QTR				621,303.53		60,937.41		682,240.94		8,513,358.63		1,011.71

Berkadia Commercial Mortgage
College and University Loan Trust I
Paid In Full Loan Schedule
For the Quarter Ended March 31, 2010


					Principal
Loan Number	Payoff Date		Total Amount		Amount		Interest Amount		Other Fees		Maturity Date

20002501		2/1/2010		11,165.00		11,000.00		165.00		—		2012010
20000902		3/2/2010		25,375.00		25,000.00		375.00		—		3012010

Totals				36,540.00		36,000.00		540.00		—


*		Please note that service fees have not yet been deducted.

Berkadia Commercial Mortgage
College and University Loan Trust I
Summary of Partial Prepayments
For the Quarter Ended March 31, 2010

Total Amount

Loan Number

Payoff Date

Paid

Principal Amount

Interest Amount

None to report for this period

—

TOTAL:

—

Berkadia Commercial Mortgage
College and University Loan Trust I
Trial Balance
For the Quarter Ended March 31, 2010


Loan Number		Borrower Name	Interest Rate		Current UPB		Maturity Date

January

	20000101	ALBION COLLEGE		3		560,000.00		10012015
	20000902	ANDERSON COLLEGE		3		25,000.00		3012010
	20001201	ATLANTIC UNION COLLEGE		3		132,194.41		5012023
	20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU		3		640,000.00		4012016
	20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850		3		398,000.00		4012017
	20002401	BOSTON UNIVERITY		3		559,080.71		12312022
	20002501	WILLIAM JENNINGS BRYAN COLLEGE		3		11,000.00		2012010
	20002801	CARNEGIE MELLON UNIVERSITY		3		302,000.00		11012017
	20003001	CASE WESTERN RESERVE UNIVERSIT		3		905,000.00		4012016
	20003901	COLLEGE OF CHARLESTON		3		434,000.00		7012016
	20004001	COLLEGE OF ST. THOMAS		3		295,000.00		4012017
	20004401	R.I. JR. COLLEGE		3		196,000.00		4012018
	20006502	FAIRLEIGH DICKINSON UNIVERSITY		3		67,311.12		11012020
	20008301	HARCUM COLLEGE		3		290,000.00		11012015
	20010801	LONG ISLAND UNIVERSITY		3		284,799.98		6012016
	20012101	MIDDLEBURY COLLEGE		3		550,000.00		4012018
	20012401	MISSISSIPPI VALLEY ST. COLLEGE		3		19,999.99		7012008
	20012901	MONTEREY PENINSULA JR. COLLEGE		3		155,000.00		10012018
	20013001	MONTREAT-ANDERSON COLLEGE		3		58,800.00		12012019
	20013301	MORRIS COLLEGE — BONDS 1983		3		299,000.00		11012013
	20013501	NEW ENGLAND COLLEGE		3.625		117,999.99		10012013
	20013502	NEW ENGLAND COLLEGE		3		565,000.00		4012019
	20014401	OLD DOMINION UNIVERSITY		3		664,999.99		6012013
	20016401	CALIFORNIA STATE UNIVERSITY		3		245,000.00		11012021
	20016501	CALIFORNIA STATE UNIVERSITY		3		505,000.00		11012021
	20016601	SARAH LAWRENCE COLLEGE		3		681,987.75		11012021
	20018001	ST.EDWARDS UNIVERSITY		3.625		65,000.00		4012013
	20018701	FINLANDIA UNIVERSITY		3.5		1,933,794.47		8062014
	20018901	SWARTHMORE COLLEGE		3		48,205.36		11012013
	20019101	TAYLOR UNIVERISTY		3		60,000.00		10012010
	20019201	TEMPLE UNIVERSITY		3.375		163,000.00		11012014
	20019502	TEXAS TECH. UNIVERSITY		3.625		233,000.00		3012013
	20019504	TEXAS TECH. UNIVERSITY		3.375		1,230,000.00		3012012
	20020001	UNIVERSITY OF ALABAMA		3		1,116,000.00		5012021
	20021301	UNIVERSITY OF MONTEVALLO		3		164,000.00		5012023
	20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3		39,000.00		1012013
	20021603	UNIVERSITY OF NORTH CAROLINA		3		660,000.00		1012018
	20021701	UNIVERSITY OF NOTRE DAME — BONDS 1968		3		930,000.00		4012018
	20022601	UNIVERSITY OF STEUBENVILLE		3.375		76,000.00		4012012
	20022602	UNIVERSITY OF STEUBENVILLE		3		166,000.00		4012017
	20022701	UNIVERSITY OF VERMONT		3		1,715,000.00		10012019
	20023501	McDANIEL COLLEGE		3		610,000.00		11012016

		TOTALS:				18,171,173.77


February

	20000101	ALBION COLLEGE		3		560,000.00		10012015
	20000902	ANDERSON COLLEGE		3		25,000.00		3012010
	20001201	ATLANTIC UNION COLLEGE		3		132,194.41		5012023
	20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU		3		640,000.00		4012016
	20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850		3		398,000.00		4012017
	20002401	BOSTON UNIVERITY		3		559,080.71		12312022

Page 7 of 12

Berkadia Commercial Mortgage
College and University Loan Trust I
Trial Balance
For the Quarter Ended March 31, 2010


Loan Number		Borrower Name	Interest Rate		Current UPB		Maturity Date

	20002801	CARNEGIE MELLON UNIVERSITY		3		302,000.00		11012017
	20003001	CASE WESTERN RESERVE UNIVERSIT		3		905,000.00		4012016
	20003901	COLLEGE OF CHARLESTON		3		434,000.00		7012016
	20004001	COLLEGE OF ST. THOMAS		3		295,000.00		4012017
	20004401	R.I. JR. COLLEGE		3		196,000.00		4012018
	20006502	FAIRLEIGH DICKINSON UNIVERSITY		3		67,311.12		11012020
	20008301	HARCUM COLLEGE		3		290,000.00		11012015
	20010801	LONG ISLAND UNIVERSITY		3		284,799.98		6012016
	20012101	MIDDLEBURY COLLEGE		3		550,000.00		4012018
	20012401	MISSISSIPPI VALLEY ST. COLLEGE		3		19,999.99		7012008
	20012901	MONTEREY PENINSULA JR. COLLEGE		3		155,000.00		10012018
	20013001	MONTREAT-ANDERSON COLLEGE		3		58,800.00		12012019
	20013301	MORRIS COLLEGE — BONDS 1983		3		299,000.00		11012013
	20013501	NEW ENGLAND COLLEGE		3.625		117,999.99		10012013
	20013502	NEW ENGLAND COLLEGE		3		565,000.00		4012019
	20014401	OLD DOMINION UNIVERSITY		3		664,999.99		6012013
	20016401	CALIFORNIA STATE UNIVERSITY		3		245,000.00		11012021
	20016501	CALIFORNIA STATE UNIVERSITY		3		505,000.00		11012021
	20016601	SARAH LAWRENCE COLLEGE		3		681,987.75		11012021
	20018001	ST.EDWARDS UNIVERSITY		3.625		65,000.00		4012013
	20018701	FINLANDIA UNIVERSITY		3.5		1,925,547.19		8062014
	20018901	SWARTHMORE COLLEGE		3		48,205.36		11012013
	20019101	TAYLOR UNIVERISTY		3		60,000.00		10012010
	20019201	TEMPLE UNIVERSITY		3.375		163,000.00		11012014
	20019502	TEXAS TECH. UNIVERSITY		3.625		233,000.00		3012013
	20019504	TEXAS TECH. UNIVERSITY		3.375		1,230,000.00		3012012
	20020001	UNIVERSITY OF ALABAMA		3		1,116,000.00		5012021
	20021301	UNIVERSITY OF MONTEVALLO		3		164,000.00		5012023
	20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3		39,000.00		1012013
	20021603	UNIVERSITY OF NORTH CAROLINA		3		660,000.00		1012018
	20021701	UNIVERSITY OF NOTRE DAME — BONDS 1968		3		930,000.00		4012018
	20022601	UNIVERSITY OF STEUBENVILLE		3.375		76,000.00		4012012
	20022602	UNIVERSITY OF STEUBENVILLE		3		166,000.00		4012017
	20022701	UNIVERSITY OF VERMONT		3		1,715,000.00		10012019
	20023501	McDANIEL COLLEGE		3		610,000.00		11012016

		TOTALS:				18,151,926.49


March

	20000101	ALBION COLLEGE		3		560,000.00		10012015
	20001201	ATLANTIC UNION COLLEGE		3		132,194.41		5012023
	20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU		3		640,000.00		4012016
	20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850		3		398,000.00		4012017
	20002401	BOSTON UNIVERITY		3		559,080.71		12312022
	20002801	CARNEGIE MELLON UNIVERSITY		3		302,000.00		11012017
	20003001	CASE WESTERN RESERVE UNIVERSIT		3		905,000.00		4012016
	20003901	COLLEGE OF CHARLESTON		3		434,000.00		7012016
	20004001	COLLEGE OF ST. THOMAS		3		295,000.00		4012017
	20004401	R.I. JR. COLLEGE		3		196,000.00		4012018
	20006502	FAIRLEIGH DICKINSON UNIVERSITY		3		67,311.12		11012020
	20008301	HARCUM COLLEGE		3		290,000.00		11012015
	20010801	LONG ISLAND UNIVERSITY		3		284,799.98		6012016
	20012101	MIDDLEBURY COLLEGE		3		550,000.00		4012018

Page 8 of 12

Berkadia Commercial Mortgage
College and University Loan Trust I
Trial Balance
For the Quarter Ended March 31, 2010


Loan Number		Borrower Name	Interest Rate		Current UPB		Maturity Date

	20012401	MISSISSIPPI VALLEY ST. COLLEGE		3		19,999.99		7012008
	20012901	MONTEREY PENINSULA JR. COLLEGE		3		155,000.00		10012018
	20013001	MONTREAT-ANDERSON COLLEGE		3		58,800.00		12012019
	20013301	MORRIS COLLEGE — BONDS 1983		3		299,000.00		11012013
	20013501	NEW ENGLAND COLLEGE		3.625		117,999.99		10012013
	20013502	NEW ENGLAND COLLEGE		3		565,000.00		4012019
	20014401	OLD DOMINION UNIVERSITY		3		664,999.99		6012013
	20016401	CALIFORNIA STATE UNIVERSITY		3		245,000.00		11012021
	20016501	CALIFORNIA STATE UNIVERSITY		3		505,000.00		11012021
	20016601	SARAH LAWRENCE COLLEGE		3		681,987.75		11012021
	20018001	ST.EDWARDS UNIVERSITY		3.625		65,000.00		4012013
	20018701	FINLANDIA UNIVERSITY		3.5		1,916,713.44		8062014
	20018901	SWARTHMORE COLLEGE		3		48,205.36		11012013
	20019101	TAYLOR UNIVERISTY		3		60,000.00		10012010
	20019201	TEMPLE UNIVERSITY		3.375		163,000.00		11012014
	20019502	TEXAS TECH. UNIVERSITY		3.625		178,000.00		3012013
	20019504	TEXAS TECH. UNIVERSITY		3.375		805,000.00		3012012
	20020001	UNIVERSITY OF ALABAMA		3		1,116,000.00		5012021
	20021301	UNIVERSITY OF MONTEVALLO		3		164,000.00		5012023
	20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3		39,000.00		1012013
	20021603	UNIVERSITY OF NORTH CAROLINA		3		660,000.00		1012018
	20021701	UNIVERSITY OF NOTRE DAME — BONDS 1968		3		930,000.00		4012018
	20022601	UNIVERSITY OF STEUBENVILLE		3.375		76,000.00		4012012
	20022602	UNIVERSITY OF STEUBENVILLE		3		166,000.00		4012017
	20022701	UNIVERSITY OF VERMONT		3		1,715,000.00		10012019
	20023501	McDANIEL COLLEGE		3		610,000.00		11012016
						17,638,092.74

Page 9 of 12

Berkadia Commercial Mortgage
College & Trust Facility Loan Trust I
Delinquency Report (60+Days)
For the Quarter Ended March 31, 2010


Loan Number		Borrower Name	Next Payment Due		P and I Due		Current UPB
	20012401	MISSISSIPPI VALLEY ST. COLLEGE		20070701		21,199.99		19,999.99
	20022701	UNIV OF VERMONT		20090401		185,445.00		1,715,000.00
	20010801	LONG ISLAND U		20090601		6,194.23		284,799.98

TOTAL						212,839.22		2,019,799.97

Berkadia Commercial Mortgage
College and University Loan Trust I
Liquidation Report
For the Quarter Ended March 31, 2010

None to report for this period

Capmark Finance, Inc.
College and University Loan Trust I
Remittance Report for January 2010


Date Received		Date Due	Loan Number		Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Principal Paid		Interest Paid		Suspense		Total Paid		Net System Credits		Total Bank Credits		Trust Wires		ACH Debits and Other Wires

	20100104	1012010		20021603	UNIVERSITY OF NORTH CAROLINA		75,000.00		11,025.00		86,025.00		735,000.00		75,000.00		11,025.00		—		86,025.00

System Credits 1/4																							86,025.00

System Debits 1/4

Bank Credit 1/4																									26,126.92

Bank Debit 1/4

Trustee Wire 1/4																											26,126.92


	20100105	1012010		20003901	COLLEGE OF CHARLESTON		—		6,510.00		6,510.00 4		34,000.00		—		6,510.00		—		6,510.00
	20100105	1012010		20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		5,000.00		660.00		5,660.00		44,000.00		5,000.00		660.00		—		5,660.00

System Credits 1/5																							12,170.00

System Debits 1/5																							—

Bank Credit 1/6																									86,025.00

Bank Debit 1/6

Trustee Wire 1/6																											86,025.00


	20100107	1072010		20018701	FINLANDIA UNIVERSITY		8,222.50		5,853.02		14,075.52		1,942,016.97		8,222.50		5,853.02		—		14,075.52

System Credits 1/7																							14,075.52


System Debits 1/7																							—

Bank Credit 1/7																									12,170.00

Bank Debit 1/7

Trustee Wire 1/7																											12,170.00


																					—
System Credits 12/24																							—

																					—
System Debits 12/24																							—

Bank Credit 1/11																									14,075.52

Bank Debit 1/13 (service fee)																												807.89

Trustee Wire 1/11																											13,267.63


					TOTALS:		88,222.50		24,048.02		112,270.52		3,155,016.97		88,222.50		24,048.02		—		112,270.52		112,270.52		138,397.44		137,589.55		807.89


Loans Due in Current Period and Paid in Prior Period:

					TOTALS:		—		—		—		—


Loans Due in Current Period Not Yet Paid:

		1012010		20012401	MISSISSIPPI V		—		300.00		300.00		—

					TOTALS:		—		300.00		300.00		—


					GRAND TOTAL:		88,222.50		24,348.02		112,570.52		3,155,016.97

Capmark Finance, Inc.
College and University Loan Trust I
Remittance Report Reconciliation
January-10


Total System Credits @ 1/31	112,270.52


Total Bank Credits @ 1/31	138,397.44


12/30/09 in transit	(26,126.92	)


Adjusted Bank Credits:	112,270.52

Capmark Finance, Inc.
College and University Loan Trust I
Remittance Report Reconciliation
January-10


Total Bank Credits @ 1/31			138,397.44


Total Debits to Trustee @ 1/31			137,589.55


01/13/10 Service Fee			807.89

Adjusted Debits to Trustee			138,397.44

Capmark Finance, Inc.
College and University Loan Trust I
Remittance Report for January 2010


	Loan
Date Received	Number		Borrower Name	Total Paid

1/4/2010		20021603	UNIVERSITY OF NORTH CAROLINA		(75,000.00	)
1/4/2010		21021603	UNIVERSITY OF NORTH CAROLINA		(11,025.00	)
1/4/2010		23000003	UNIVERSITY OF NORTH CAROLINA		86,025.00
1/5/2010		20003901	COLLEGE OF CHARLESTON		—
1/5/2010		20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		(5,000.00	)
1/5/2010		21003901	COLLEGE OF CHARLESTON		(6,510.00	)
1/5/2010		21021401	UNIV.OF NEBRASKA/ AG MENS CLUB		(660.00	)
1/5/2010		23000003	COLLEGE OF CHARLESTON		6,510.00
1/5/2010		23000003	UNIV.OF NEBRASKA/ AG MENS CLUB		5,660.00
1/7/2010		20018701	FINLANDIA UNIVERSITY		(8,222.50	)
1/7/2010		21018701	FINLANDIA UNIVERSITY		(5,853.02	)
1/7/2010		23000003	FINLANDIA UNIVERSITY		14,075.52
1/11/2010		23000001			13,267.63
1/11/2010		23000003			(13,267.63	)
1/4/2010		23000001			26,126.92
1/4/2010		23000003			(26,126.92	)
1/6/2010		23000001			86,025.00
1/6/2010		23000003			(86,025.00	)
1/7/2010		23000001			12,170.00
1/7/2010		23000003			(12,170.00	)

Capmark Finance, Inc.
College and University Loan Trust I
Remittance Report for February 2010

ACH Debits

Loan

Principal

Interest

Net System

Total Bank

and Other

Date Received

Date Due

Number

Borrower Name

Principal Due

Interest Due

Total Due

Balance

Paid

Suspense

Total Paid

Credits

Trust Wires

Wires

20100201

20002501

WILLIAM JENNINGS BRYAN COLLEGE

11,000.00

165.00

11,165.00

11,000.00

165.00

—

11,165.00

System Credits 2/1

11,165.00

System Debits 2/1

Bank Credit 1/4

Bank Debit 1/4

Trustee Wire 1/4

20100208

2072010

20018701

FINLANDIA UNIVERSITY

8,247.28

5,828.24

14,075.52

1,933,794.47

8,247.28

5,828.24

—

14,075.52

—

System Credits 2/8

14,075.52

System Debits 2/8

—

Bank Credit 2/3

11,165.00

Bank Debit 2/5 (service fees)

422.59

Trustee Wire 2/3

10,742.41

—

System Credits 2/9

—

System Debits 2/9

—

Bank Credit 2/10

14,075.52

Bank Debit 2/10

Trustee Wire 2/10

14,075.52

TOTALS:

19,247.28

5,993.24

25,240.52

1,944,794.47

19,247.28

5,993.24

—

25,240.52

24,817.93

422.59

Loans Due in Current Period and Paid in Prior Period:

TOTALS:

—

Loans Due in Current Period Not Yet Paid:

TOTALS:

—

GRAND TOTAL:

19,247.28

5,993.24

25,240.52

1,944,794.47

Capmark Finance, Inc.
College and University Loan Trust I
Remittance Report Reconciliation
February-10


Total System Credits @ 2/28			25,240.52


Total Bank Credits @ 2/28			25,240.52



Adjusted Bank Credits:			25,240.52

Capmark Finance, Inc.
College and University Loan Trust I
Remittance Report Reconciliation
February-10


Total Bank Credits @ 2/28			25,240.52


Total Debits to Trustee @ 2/28			24,817.93


02/05/10 Service Fee			422.59

Adjusted Debits to Trustee			25,240.52


			—

Capmark Finance, Inc.
College and University Loan Trust I
Remittance Report for February 2010


				Principal		Interest
Date Received	Loan Number		Borrower Name	Paid		Paid		Total Paid
20100201		20002501	WILLIAM JENNINGS BRYAN COLLEGE		11,000.00		165.00		(11,000.00	)
20100201		20002501	WILLIAM JENNINGS BRYAN COLLEGE		11,000.00		165.00		(165.00	)
20100201		20002501	WILLIAM JENNINGS BRYAN COLLEGE		11,000.00		165.00		11,165.00
20100208		20018701	FINLANDIA UNIVERSITY		8,247.28		5,828.24		(8,247.28	)
20100208		20018701	FINLANDIA UNIVERSITY		8,247.28		5,828.24		(5,828.24	)
20100208		20018701	FINLANDIA UNIVERSITY		8,247.28		5,828.24		14,075.52
2/10/2010		23000001							14,075.52
2/10/2010		23000003							(14,075.52	)
2/3/2010		23000001							10,742.41
2/3/2010		23000003							(10,742.41	)

Berkadia Commercial Mortgage
College and University Loan Trust I
Remittance Report for March 2010


			Loan									Principal		Principal		Interest						Net System		Total Bank				ACH Debits and
Date Received		Date Due	Number		Borrower Name	Principal Due		Interest Due		Total Due		Balance		Paid		Paid		Suspense		Total Paid		Credits		Credits		Trust Wires		Other Wires

	20100301	3012010		20019502	TEXAS TECH. UNIVERSITY		55,000.00		4,223.13		59,223.13		233,000.00		55,000.00		4,223.13		—		59,223.13
	20100301	3012010		20019504	TEXAS TECH. UNIVERSITY		425,000.00		20,756.25		445,756.25		1,230,000.00		425,000.00		20,756.25		—		445,756.25

System Credits 3/1																							504,979.38

System Debits 3/1

Bank Credit 3/1

Bank Debit 3/1

Trustee Wire 3/1


	20100302	3012010		20000902	ANDERSON COLLEGE		25,000.00		375.00		25,375.00		25,000.00		25,000.00		375.00		—		25,375.00

System Credits 3/2																							25,375.00

System Debits 3/2																							—

Bank Credit 3/3																									504,979.38

Bank Debit 3/8 (service fees)																													91.66

Trustee Wire 3/3																											504,887.72


	20100308	3072010		20018701	FINLANDIA UNIVERSITY		8,833.75		5,241.77		14,075.52		1,925,547.19		8,833.75		5,241.77		—		14,075.52

System Credits 3/8																							14,075.52

System Debits 3/8																							—

Bank Credit 3/4																									25,375.00

Bank Debit 3/4

Trustee Wire 3/4																											25,375.00


	20100329	4012010		20012901	MONTEREY PENINSULA JR. COLLEGE										—		2,325.00		—		2,325.00

System Credits 3/29																							2,325.00

System Debits 3/29																							—

Bank Credit 3/10																									14,075.52

Bank Debit 3/10

Trustee Wire 3/10																											14,075.52

																							—

System Credits 3/31																							—

System Debits 3/31

Bank Credit 3/31																									2,325.00

Bank Debit 3/31

Trustee Wire 3/31																											2,325.00


					TOTALS:		513,833.75		30,596.15		544,429.90		3,413,547.19		513,833.75		32,921.15		—		546,754.90		546,754.90		546,754.90		546,663.24		91.66


Loans Due in Current Period and Paid in Prior Period:

					TOTALS:		—		—		—		—


Loans Due in Current Period Not Yet Paid:

					TOTALS:		—		—		—		—


					GRAND TOTAL:		513,833.75		30,596.15		544,429.90		3,413,547.19

Berkadia Commercial Mortgage
College and University Loan Trust I
Remittance Report Reconciliation
March-10


Total System Credits @ 3/31		#REF!


Total Bank Credits @ 3/31		#REF!



Adjusted Bank Credits:		#REF!


		#REF!

Berkadia Commercial Mortgage
College and University Loan Trust I
Remittance Report Reconciliation
March-10


Total Bank Credits @ 3/31	#REF!


Total Debits to Trustee @ 3/31	#REF!


03/08/10 Service Fee		91.66

Adjusted Debits to Trustee	#REF!


	#REF!

Berkadia Commercial Mortgage
College and University Loan Trust I
Remittance Report for March 2010


					Principal		Interest
Date Received		Loan Number		Borrower Name	Paid		Paid		Total Paid			Trust Wires

	3/1/2010		20019502	TEXAS TECH. UNIVERSITY		55,000.00		4,223.13		(55,000.00	)
	3/1/2010		20019504	TEXAS TECH. UNIVERSITY		425,000.00		20,756.25		(425,000.00	)
	3/1/2010		21019502	TEXAS TECH. UNIVERSITY		55,000.00		4,223.13		(4,223.13	)
	3/1/2010		21019504	TEXAS TECH. UNIVERSITY		425,000.00		20,756.25		(20,756.25	)
	3/1/2010		23000003	TEXAS TECH. UNIVERSITY		55,000.00		4,223.13		59,223.13
	3/1/2010		23000003	TEXAS TECH. UNIVERSITY		425,000.00		20,756.25		445,756.25
	3/2/2010		20000902	ANDERSON COLLEGE		25,000.00		375.00		(25,000.00	)
	3/2/2010		21000902	ANDERSON COLLEGE		25,000.00		375.00		(375.00	)
	3/2/2010		23000003	ANDERSON COLLEGE		25,000.00		375.00		25,375.00
	3/8/2010		20018701	FINLANDIA UNIVERSITY		8,833.75		5,241.77		(8,833.75	)
	3/8/2010		21018701	FINLANDIA UNIVERSITY		8,833.75		5,241.77		(5,241.77	)
	3/8/2010		23000003	FINLANDIA UNIVERSITY		8,833.75		5,241.77		14,075.52
	3/29/2010		20012901	MONTEREY PENINSULA JR. COLLEGE		—		2,325.00		—
	3/29/2010		21012901	MONTEREY PENINSULA JR. COLLEGE		—		2,325.00		(2,325.00	)
	3/29/2010		23000003	MONTEREY PENINSULA JR. COLLEGE		—		2,325.00		2,325.00
	3/10/2010		23000001	Wire						14,075.52
	3/10/2010		23000003	Wire						(14,075.52	)
	3/3/2010		23000001	Wire						504,887.72
	3/3/2010		23000003	Wire						(504,887.72	)
	3/31/2010		23000001	Wire						2,325.00
	3/31/2010		23000003	Wire						(2,325.00	)
	3/4/2010		23000001	Wire						25,375.00
	3/4/2010		23000003	Wire						(25,375.00	)

Berkadia Commercial Mortgage
College and University Loan Trust I
Remittance Report for April 2010


													Principal		Principal										Net System			Total Bank				ACH Debits and
Date Received		Date Due		Loan Number		Borrower Name	Principal Due		Interest Due		Total Due		Balance		Paid		Interest Paid		Suspense			Total Paid			Credits			Credits		Trust Wires		Other Wires

	20100401		4012010		20000101	ALBION COLLEGE		—		8,400.00		8,400.00		560,000.00		—		8,400.00		—			8,400.00
	20100401		4012010		20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU		80,000.00		9,600.00		89,600.00		640,000.00		80,000.00		9,600.00		—			89,600.00
	20100401		4012010		20004001	COLLEGE OF ST. THOMAS		35,000.00		4,425.00		39,425.00		295,000.00		35,000.00		4,425.00		—			39,425.00
	20100401		4012010		20004401	R.I. JR. COLLEGE		10,000.00		2,940.00		12,940.00		196,000.00		10,000.00		2,940.00		—			12,940.00
	20100401		4012010		20012101	MIDDLEBURY COLLEGE		45,000.00		8,250.00		53,250.00		550,000.00		45,000.00		8,250.00		—			53,250.00
	20100401		4012010		20013501	NEW ENGLAND COLLEGE		—		2,138.75		2,138.75		117,999.99		—		2,138.75		—			2,138.75
	20100401		4012010		20013502	NEW ENGLAND COLLEGE		50,000.00		8,475.00		58,475.00		565,000.00		50,000.00		8,475.00		—			58,475.00
	20100401		4012010		20018001	ST.EDWARDS UNIVERSITY		16,000.00		1,178.13		17,178.13		65,000.00		16,000.00		1,178.09		—			17,178.09
	20100401		0		20018001	ST.EDWARDS UNIVERSITY										—		—		0.04			0.04
	20100401		4012010		20021701	UNIVERSITY OF NOTRE DAME - BONDS 1968		90,000.00		13,950.00		103,950.00		930,000.00		90,000.00		13,950.00		—			103,950.00
	20100401		4012010		20022601	UNIVERSITY OF STEUBENVILLE		24,000.00		1,282.50		25,282.50		76,000.00		24,000.00		1,282.50		—			25,282.50
	20100401		4012010		20022602	UNIVERSITY OF STEUBENVILLE		18,000.00		2,490.00		20,490.00		166,000.00		18,000.00		2,490.00		—			20,490.00

System Credits 4/1																										431,129.38

System Debits 4/1

Bank Credit 4/1

Bank Debit 4/1

Trustee Wire 4/1


	20100405		4012010		20003001	CASE WESTERN RESERVE UNIVERSIT		120,000.00		13,575.00		133,575.00		1,021,700.00		3,300.00		11,925.00		—			15,225.00
	20100405		0		20018001	ST.EDWARDS UNIVERSITY										—		—		(0.04	)		(0.04	)
	20100405		10012010		20018001	ST.EDWARDS UNIVERSITY										—		0.04		—			0.04

System Credits 4/5																										15,225.04

System Debits 4/5																										(0.04	)

Bank Credit 4/5																													431,129.38

Bank Debit 4/5

Trustee Wire 4/6																															431,129.38


	20100407		4072010		20018701	FINLANDIA UNIVERSITY		8,298.76		5,776.76		14,075.52		1,916,713.44		8,298.76		5,776.76		—			14,075.52

System Credits 4//7																										14,075.52

System Debits 4/7																										—

Bank Credit 4/7																													15,225.00

Bank Debit 4/7

Trustee Wire 4/7																															15,225.00


	20100408		4012010		20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850		45,000.00		5,970.00		50,970.00		398,000.00		45,000.00		5,970.00		—			50,970.00
	20100408		4012010		20019101	TAYLOR UNIVERISTY		—		900.00		900.00		60,000.00		—		900.00		—			900.00

System Credits 4/8																										51,870.00

System Debits 4/8																										—

Bank Credit 4/9																													14,075.52

Bank Debit 4/19 (service fee)																																	497.46

Trustee Wire 4/9																															13,578.06


	20100423		5012010		20002801	CARNEGIE MELLON UNIVERSITY										18,000.00		4,530.00					22,530.00

System Credits 4/23																										22,530.00

System Debits 4/23

Bank Credit 4/12																													51,870.00

Bank Debit 4/12

Trustee Wire 4/12																															51,870.00


	20100429		5012010		20016601	SARAH LAWRENCE COLLEGE										25,049.91		10,229.83		—			35,279.74

System Credits 4/29																										35,279.74

System Debits 4/29

Bank Credit 4/27																													22,530.00

Bank Debit 4/27

Trustee Wire 4/27																															22,530.00


						TOTALS:		541,298.76		89,351.14		630,649.90		7,557,413.43		467,648.67		102,460.97		—			570,109.64			570,109.64			534,829.90		534,332.44		497.46


Loans Due in Current Period and Paid in Prior Period:

			4012010		20012901	MONTEREY JR C		—		2,325.00		2,325.00		155,000.00

						TOTALS:		—		2,325.00		2,325.00		155,000.00


Loans Due in Current Period Not Yet Paid:

			4012010		20022701	UNIV OF VERMO		68,000.00		23,700.00		91,700.00		1,580,000.00

						TOTALS:		68,000.00		23,700.00		91,700.00		1,580,000.00


						GRAND TOTAL:		609,298.76		115,376.14		724,674.90		9,292,413.43


										1,500.00

Berkadia Commercial Mortgage
College and University Loan Trust I
Remittance Report Reconciliation
April-10


Total System Credits @ 4/30			570,109.64


Total Bank Credits @ 4/30			534,829.90


04/29/10 in transit			35,279.74




Adjusted Bank Credits:			570,109.64

Berkadia Commercial Mortgage
College and University Loan Trust I
Remittance Report Reconciliation
April-10


Total Bank Credits @ 4/30	534,829.90


Total Debits to Trustee @ 4/30	534,332.44


04/19/10 Service Fee	497.46


Adjusted Debits to Trustee	534,829.90


	(0.00	)


Date Received	Loan Number	Borrower Name	Principal Paid		Interest Paid		Suspense			Total Paid

4/1/2010	20000101	ALBION COLLEGE		—		8,400.00		—			—
4/1/2010	20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU		80,000.00		9,600.00		—			(80,000.00	)
4/1/2010	20004001	COLLEGE OF ST. THOMAS		35,000.00		4,425.00		—			(35,000.00	)
4/1/2010	20004401	R.I. JR. COLLEGE		10,000.00		2,940.00		—			(10,000.00	)
4/1/2010	20012101	MIDDLEBURY COLLEGE		45,000.00		8,250.00		—			(45,000.00	)
4/1/2010	20013501	NEW ENGLAND COLLEGE		—		2,138.75		—			—
4/1/2010	20013502	NEW ENGLAND COLLEGE		50,000.00		8,475.00		—			(50,000.00	)
4/1/2010	20018001	ST.EDWARDS UNIVERSITY		16,000.00		1,178.09		—			(16,000.00	)
4/1/2010	20018001	ST.EDWARDS UNIVERSITY		—		—		0.04			—
4/1/2010	20021701	UNIVERSITY OF NOTRE DAME - BONDS 1968		90,000.00		13,950.00		—			(90,000.00	)
4/1/2010	20022601	UNIVERSITY OF STEUBENVILLE		24,000.00		1,282.50		—			(24,000.00	)
4/1/2010	20022602	UNIVERSITY OF STEUBENVILLE		18,000.00		2,490.00		—			(18,000.00	)
4/1/2010	21000101	ALBION COLLEGE		—		8,400.00		—			(8,400.00	)
4/1/2010	21001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU		80,000.00		9,600.00		—			(9,600.00	)
4/1/2010	21004001	COLLEGE OF ST. THOMAS		35,000.00		4,425.00		—			(4,425.00	)
4/1/2010	21004401	R.I. JR. COLLEGE		10,000.00		2,940.00		—			(2,940.00	)
4/1/2010	21012101	MIDDLEBURY COLLEGE		45,000.00		8,250.00		—			(8,250.00	)
4/1/2010	21013501	NEW ENGLAND COLLEGE		—		2,138.75		—			(2,138.75	)
4/1/2010	21013502	NEW ENGLAND COLLEGE		50,000.00		8,475.00		—			(8,475.00	)
4/1/2010	21018001	ST.EDWARDS UNIVERSITY		16,000.00		1,178.09		—			(1,178.09	)
4/1/2010	21018001	ST.EDWARDS UNIVERSITY		—		—		0.04			(0.04	)
4/1/2010	21021701	UNIVERSITY OF NOTRE DAME - BONDS 1968		90,000.00		13,950.00		—			(13,950.00	)
4/1/2010	21022601	UNIVERSITY OF STEUBENVILLE		24,000.00		1,282.50		—			(1,282.50	)
4/1/2010	21022602	UNIVERSITY OF STEUBENVILLE		18,000.00		2,490.00		—			(2,490.00	)
4/1/2010	23000003	ALBION COLLEGE		—		8,400.00		—			8,400.00
4/1/2010	23000003	AUGSBURG COLLEGE ACCT# AUGS466ADSU		80,000.00		9,600.00		—			89,600.00
4/1/2010	23000003	COLLEGE OF ST. THOMAS		35,000.00		4,425.00		—			39,425.00
4/1/2010	23000003	R.I. JR. COLLEGE		10,000.00		2,940.00		—			12,940.00
4/1/2010	23000003	MIDDLEBURY COLLEGE		45,000.00		8,250.00		—			53,250.00
4/1/2010	23000003	NEW ENGLAND COLLEGE		—		2,138.75		—			2,138.75
4/1/2010	23000003	NEW ENGLAND COLLEGE		50,000.00		8,475.00		—			58,475.00
4/1/2010	23000003	ST.EDWARDS UNIVERSITY		16,000.00		1,178.09		—			17,178.09
4/1/2010	23000003	ST.EDWARDS UNIVERSITY		—		—		0.04			0.04
4/1/2010	23000003	UNIVERSITY OF NOTRE DAME - BONDS 1968		90,000.00		13,950.00		—			103,950.00
4/1/2010	23000003	UNIVERSITY OF STEUBENVILLE		24,000.00		1,282.50		—			25,282.50
4/1/2010	23000003	UNIVERSITY OF STEUBENVILLE		18,000.00		2,490.00		—			20,490.00
4/5/2010	20003001	CASE WESTERN RESERVE UNIVERSITY		3,300.00		11,925.00		—			(3,300.00	)
4/5/2010	20018001	ST.EDWARDS UNIVERSITY		—		—		(0.04	)		—
4/5/2010	20018001	ST.EDWARDS UNIVERSITY		—		0.04		—			—
4/5/2010	21003001	CASE WESTERN RESERVE UNIVERSITY		3,300.00		11,925.00		—			(11,925.00	)
4/5/2010	21018001	ST.EDWARDS UNIVERSITY		—		—		(0.04	)		0.04
4/5/2010	21018001	ST.EDWARDS UNIVERSITY		—		0.04		—			(0.04	)
4/5/2010	23000003	CASE WESTERN RESERVE UNIVERSITY		3,300.00		11,925.00		—			15,225.00
4/5/2010	23000003	ST.EDWARDS UNIVERSITY		—		—		(0.04	)		(0.04	)
4/5/2010	23000003	ST.EDWARDS UNIVERSITY		—		0.04		—			0.04
4/7/2010	20018701	FINLANDIA UNIVERSITY		8,298.76		5,776.76		—			(8,298.76	)
4/7/2010	21018701	FINLANDIA UNIVERSITY		8,298.76		5,776.76		—			(5,776.76	)
4/7/2010	23000003	FINLANDIA UNIVERSITY		8,298.76		5,776.76		—			14,075.52
4/8/2010	20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850		45,000.00		5,970.00		—			(45,000.00	)
4/8/2010	20019101	TAYLOR UNIVERISTY		—		900.00		—			—
4/8/2010	21001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850		45,000.00		5,970.00		—			(5,970.00	)
4/8/2010	21019101	TAYLOR UNIVERISTY		—		900.00		—			(900.00	)
4/8/2010	23000003	AZUSA PACIFIC UNIVERSITY-1967#95-403850		45,000.00		5,970.00		—			50,970.00
4/8/2010	23000003	TAYLOR UNIVERISTY		—		900.00		—			900.00
4/23/2010	20002801	CARNEGIE MELLON UNIVERSITY		18,000.00		4,530.00					(18,000.00	)
4/23/2010	21002801	CARNEGIE MELLON UNIVERSITY		18,000.00		4,530.00					(4,530.00	)
4/23/2010	23000003	CARNEGIE MELLON UNIVERSITY		18,000.00		4,530.00					22,530.00
4/29/2010	20016601	SARAH LAWRENCE COLLEGE		25,049.91		10,229.83		—			(25,049.91	)
4/29/2010	21016601	SARAH LAWRENCE COLLEGE		25,049.91		10,229.83		—			(10,229.83	)
4/29/2010	23000003	SARAH LAWRENCE COLLEGE		25,049.91		10,229.83		—			35,279.74
4/12/2010	23000001										51,870.00
4/12/2010	23000003										(51,870.00	)
4/27/2010	23000001										22,530.00
4/27/2010	23000003										(22,530.00	)
4/6/2010	23000001										431,129.38
4/6/2010	23000003										(431,129.38	)
4/7/2010	23000001										15,225.00
4/7/2010	23000003										(15,225.00	)
4/9/2010	23000001										13,578.06
4/9/2010	23000003										(13,578.06	)

Berkadia Commercial Mortgage
College and University Loan Trust I
Remittance Report for May 2010


																													ACH Debits and
Date Received		Date Due		Loan Number		Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Principal Paid		Interest Paid		Suspense		Total Paid		Net System Credits		Total Bank Credits		Trust Wires		Other Wires

	20100503		5012010		20006502	FAIRLEIGH DICKINSON UNIVERSITY		2,605.16		1,009.66		3,614.82		67,311.12		2,605.16		1,009.66		—		3,614.82
	20100503		5012010		20008301	HARCUM COLLEGE		—		4,350.00		4,350.00		290,000.00		—		4,350.00		—		4,350.00
	20100503		5012010		20013301	MORRIS COLLEGE — BONDS 1983		—		4,485.00		4,485.00		299,000.00		—		4,485.00		—		4,485.00
	20100503		5012010		20016401	CALIFORNIA STATE UNIVERSITY		—		3,675.00		3,675.00		245,000.00		—		3,675.00		—		3,675.00
	20100503		5012010		20016501	CALIFORNIA STATE UNIVERSITY		—		7,575.00		7,575.00		505,000.00		—		7,575.00		—		7,575.00
	20100503		5012010		20018901	SWARTHMORE COLLEGE		5,042.78		723.08		5,765.86		48,205.36		5,042.78		723.08		—		5,765.86
	20100503		5012010		20019201	TEMPLE UNIVERSITY		—		2,750.63		2,750.63		163,000.00		—		2,750.63		—		2,750.63
	20100503		5012010		20021301	UNIVERSITY OF MONTEVALLO		10,000.00		2,460.00		12,460.00		164,000.00		7,540.00		2,460.00		—		10,000.00
	20100503		5012010		20023501	McDANIEL COLLEGE		—		9,150.00		9,150.00		610,000.00		—		9,150.00		—		9,150.00

System Credits 5/3																								51,366.31

System Debits 5/3

Bank Credit 5/3																										35,279.74

Bank Debit 5/3

Trustee Wire 5/3																												35,279.74


	20100504		5012010		20021301	UNIVERSITY OF MONTEVALLO										2,460.00		—		—		2,460.00

System Credits 5/4																								2,460.00

System Debits 5/4																								—

Bank Credit 5/5																										51,366.31

Bank Debit 5/10 (service fees)																														1,681.69

Trustee Wire 5/5																												49,684.62


	20100507		5072010		20018701	FINLANDIA UNIVERSITY		8,509.31		5,566.21		14,075.52		1,908,414.68		8,509.31		5,566.21		—		14,075.52

System Credits 5/7																								14,075.52

System Debits 5/7																								—

Bank Credit 5/6																										2,460.00

Bank Debit 5/6

Trustee Wire 5/6																												2,460.00


	20100511		5012010		20020001	UNIVERSITY OF ALABAMA		80,000.00		16,740.00		96,740.00		1,116,000.00		80,000.00		16,740.00		—		96,740.00

System Credits 5/11																								96,740.00

System Debits 5/11																								—

Bank Credit 5/11																										14,075.52

Bank Debit 5/11

Trustee Wire 5/11																												14,075.52


	20100528		4012010		20003001	CASE WESTERN RESERVE UNIVERSITY										116,700.00		—		—		116,700.00

System Credits 5/28																								116,700.00

System Debits 5/28

Bank Credit 5/13																										96,740.00

Bank Debit 5/13

Trustee Wire 5/13																												96,740.00


						TOTALS:		106,157.25		58,484.58		164,641.83		5,415,931.16		222,857.25		58,484.58		—		281,341.83		281,341.83		199,921.57		198,239.88		1,681.69


Loans Due in Current Period and Paid in Prior Period:

			5012010		20001201	ATLANTIC UNIO		3,948.30		2,042.14		5,990.44		136,142.71
			5012010		20002801	CARNEGIE-MELL		18,000.00		4,530.00		22,530.00		302,000.00
			5012010		20016601	SARAH LAWRENC		25,049.91		10,229.83		35,279.74		681,987.75

						TOTALS:		46,998.21		16,801.97		63,800.18		1,120,130.46


Loans Due in Current Period Not Yet Paid:


						TOTALS:		—		—		—		—


						GRAND TOTAL:		153,155.46		75,286.55		228,442.01		6,536,061.62

Berkadia Commercial Mortgage
College and University Loan Trust I
Remittance Report Reconciliation
May-10


Total System Credits @ 5/31	281,341.83


Total Bank Credits @ 5/31	199,921.57


4/29/10 in transit	(35,279.74	)

05/28/10 in transit	116,700.00



Adjusted Bank Credits:	281,341.83

Berkadia Commercial Mortgage
College and University Loan Trust I
Remittance Report Reconciliation
May-10


Total Bank Credits @ 5/31			199,921.57


Total Debits to Trustee @ 5/31			198,239.88



05/10/10 Service Fee			1,681.69

Adjusted Debits to Trustee			199,921.57

Capmark Finance, Inc.
College and University Loan Trust I
Remittance Report for December 2009


																													ACH Debits and
Date Received		Date Due		Loan Number		Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Principal Paid		Interest Paid		Suspense		Total Paid		Net System Credits		Total Bank Credits		Trust Wires		Other Wires

	20091201		6012009		20010801	LONG ISLAND UNIVERSITY										4,200.00		—		—		4,200.00
	20091201		12012009		20010801	LONG ISLAND UNIVERSITY		—		4,200.00		4,200.00		284,799.98		—		2,805.75		—		2,805.75
	20091201		12012009		20014401	OLD DOMINION UNIVERSITY		—		9,975.00		9,975.00		664,999.99		—		9,975.00		—		9,975.00

System Credits 12/1																								16,980.75

System Debits 12/1

Bank Credit 11/2

Bank Debit 11/3

Trustee Wire 11/3


	20091207		12072009		20018701	FINLANDIA UNIVERSITY		8,386.84		5,688.68		14,075.52		1,950,403.81		8,386.84		5,688.68		—		14,075.52

System Credits 12/7																								14,075.52

System Debits 12/7																								—

Bank Credit 12/4																										16,980.75

Bank Debit 12/15 (overdraft recovery)																														225.00

Trustee Wire 12/4																												16,755.75


	20091215		5012010		20001201	ATLANTIC UNION COLLEGE										3,948.30		2,042.14		—		5,990.44

System Credits 12/15																								5,990.44

System Debits 12/15																								—

Bank Credit 12/10																										14,075.52

Bank Debit 12/10

Trustee Wire 12/10																												14,075.52


	20091224		12012009		20013001	MONTREAT-ANDERSON COLLEGE		2,600.00		921.00		3,521.00		61,400.00		2,600.00		921.00		—		3,521.00

System Credits 12/24																								3,521.00

System Debits 12/24																								—

Bank Credit 12/18																										5,990.44

Bank Debit 12/22 (service & Inspection fees)																														1,962.53

Trustee Wire 12/18																												4,027.91


	20091230		12302009		20002401	BOSTON UNIVERITY		17,478.53		8,648.39		26,126.92		576,559.24		17,478.53		8,648.39		—		26,126.92

System Credits 12/30																								26,126.92

System Debits 12/30

Bank Credit 12/30																										3,521.00

Bank Debit 12/30

Trustee Wire 12/30																												3,521.00


						TOTALS:		28,465.37		29,433.07		57,898.44		3,538,163.02		36,613.67		30,080.96		—		66,694.63		66,694.63		40,567.71		38,380.18		2,187.53

Loans Due in Current Period and Paid in Prior Period:

						TOTALS:		—		—		—		—


Loans Due in Current Period Not Yet Paid:

						TOTALS:		—		—		—		—

						GRAND TOTAL:		28,465.37		29,433.07		57,898.44		3,538,163.02

Capmark Finance, Inc.
College and University Loan Trust I
Remittance Report Reconciliation
December-09


Total System Credits @ 12/31	66,694.63


Total Bank Credits @ 12/31	40,567.71


11/30/09 overdraft funding	225.00
12/15/09 overdraft recovery	(225.00	)
12/30/09 in transit	26,126.92


Adjusted Bank Credits:	66,694.63

Capmark Finance, Inc.
College and University Loan Trust I
Remittance Report Reconciliation
December-09


Total Bank Credits @ 12/31			40,567.71


Total Debits to Trustee @ 12/31			38,380.18



12/15/09 overdraft recovery			225.00
12/22/09 Inspection Fee			500.00
12/22/09 Service Fee			1,462.53

Adjusted Debits to Trustee			40,567.71

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