<PAGE>

                                                                     EXHIBIT 4.1

================================================================================

                                 TRUST AGREEMENT

                                     between

                        SLM EDUCATION CREDIT FUNDING LLC,
                                  as Depositor

                                       and

                 CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION,
                   not in its individual capacity but solely,
                                   as Trustee

                            Dated as of March 1, 2003

================================================================================

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
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                                    ARTICLE I

                              DEFINITIONS AND USAGE
<S>                                                                                       <C>
Section 1.01.  Definitions and Usage.....................................................   1

                                   ARTICLE II

                                  ORGANIZATION

Section 2.01.  Creation of Trust; Name...................................................   1
Section 2.02.  Office....................................................................   1
Section 2.03.  Purposes and Powers.......................................................   1
Section 2.04.  Appointment of Trustee....................................................   2
Section 2.05.  Initial Capital Contribution of Trust Estate..............................   2
Section 2.06.  Declaration of Trust......................................................   2
Section 2.07.  Liability of the Holders of Excess Distribution Certificate...............   3
Section 2.08.  Title to Trust Property...................................................   3
Section 2.09.  Representations, Warranties, and Covenants of the Depositor...............   3

                                   ARTICLE III

            BENEFICIAL OWNERSHIP AND EXCESS DISTRIBUTION CERTIFICATE

Section 3.01.  Initial Beneficial Ownership..............................................   4
Section 3.02.  Corporate Trust Office....................................................   4
Section 3.03.  The Excess Distribution Certificate.......................................   4

                                   ARTICLE IV

                               ACTIONS BY TRUSTEE

Section 4.01.  Prior Notice to the Holder of the Excess Distribution Certificate With
               Respect to Certain Matters................................................   9
Section 4.02.  Action with Respect to Sale of the Trust Student Loans....................  10
Section 4.03.  Action with Respect to Bankruptcy.........................................  10
Section 4.04.  Restrictions..............................................................  10
</TABLE>

                                        i

<PAGE>

<TABLE>
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                                    ARTICLE V

                   APPLICATION OF TRUST FUNDS; CERTAIN DUTIES
<S>                                                                                        <C>
Section 5.01.  Application of Trust Funds................................................  10
Section 5.02.  Method of Payment.........................................................  10
Section 5.03.  No Segregation of Moneys; No Interest.....................................  10
Section 5.04.  Reports to the Holder of the Excess Distribution Certificate, the Internal
               Revenue Service and Others................................................  11
Section 5.05.  Signature on Returns; Tax Matters Partner.................................  11

                                   ARTICLE VI

                         AUTHORITY AND DUTIES OF TRUSTEE

Section 6.01.  General Authority.........................................................  11
Section 6.02.  General Duties............................................................  11
Section 6.03.  Action upon Instruction...................................................  12
Section 6.04.  No Duties Except as Specified in this Agreement or in Instructions........  13
Section 6.05.  No Action Except Under Specified Documents or Instructions................  13
Section 6.06.  Restrictions..............................................................  13

                                   ARTICLE VII

                             CONCERNING THE TRUSTEE

Section 7.01.  Acceptance of Trusts and Duties...........................................  13
Section 7.02.  Reserved..................................................................  14
Section 7.03.  Representations and Warranties............................................  15
Section 7.04.  Reliance; Advice of Counsel...............................................  15
Section 7.05.  Not Acting in Individual Capacity.........................................  15
Section 7.06.  Trustee Not Liable for Excess Distribution Certificates or Trust Student
               Loans.....................................................................  16
Section 7.07.  Trustee May Own Notes.....................................................  16

                                  ARTICLE VIII

                      COMPENSATION AND INDEMNITY OF TRUSTEE

Section 8.01.  Trustee's Fees and Expenses...............................................  16
Section 8.02.  Payments to the Trustee...................................................  16
Section 8.03.  Indemnity.................................................................  17
</TABLE>

                                       ii

<PAGE>

<TABLE>
<CAPTION>
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                                   ARTICLE IX

                         TERMINATION OF TRUST AGREEMENT
<S>                                                                                   <C>
Section 9.01.  Termination of Trust Agreement............................................  17

                                ARTICLE X

               SUCCESSOR TRUSTEES AND ADDITIONAL TRUSTEES

Section 10.01. Eligibility Requirements for Trustee......................................  17
Section 10.02. Resignation or Removal of Trustee.........................................  18
Section 10.03. Successor Trustee.........................................................  18
Section 10.04. Merger or Consolidation of Trustee........................................  19
Section 10.05. Appointment of Co-Trustee or Separate Trustee.............................  19

                               ARTICLE XI

                              MISCELLANEOUS

Section 11.01. Supplements and Amendments................................................  20
Section 11.02. No Legal Title to Trust Estate in Holder of the Excess Distribution
               Certificate...............................................................  21
Section 11.03. Limitations on Rights of Others...........................................  21
Section 11.04. Notices...................................................................  22
Section 11.05. Severability..............................................................  22
Section 11.06. Separate Counterparts.....................................................  22
Section 11.07. Successors and Assigns....................................................  22
Section 11.08. No Petition...............................................................  22
Section 11.09. No Recourse...............................................................  23
Section 11.10. Headings..................................................................  23
Section 11.11. Governing Law.............................................................  23

Exhibit A      Form of Excess Distribution Certificate
Exhibit B      Form of Certificate of Trust
Exhibit C      Form of Transferor Letter
Exhibit D-1    Form of Transferee Letter (Non-Rule 144A)
Exhibit D-2    From of Transferee Letter (Rule 144A)
</TABLE>

Appendix A to Trust Agreement

                                       iii

<PAGE>

                                 TRUST AGREEMENT

        This TRUST AGREEMENT, dated as of March 1, 2003 (the "Agreement"), is
between SLM EDUCATION CREDIT FUNDING LLC, a Delaware limited liability company,
as depositor (the "Depositor"), and CHASE MANHATTAN BANK USA, NATIONAL
ASSOCIATION, a national banking association, not in its individual capacity but
solely as the Trustee (the "Trustee").

                                   WITNESSETH:

       WHEREAS, the Depositor and the Trustee desire to establish the SLM
Private Credit Student Loan Trust 2003-A.

     NOW, THEREFORE, the Depositor and the Trustee hereby agree as follows:

                                    ARTICLE I

                              DEFINITIONS AND USAGE

        Section 1.01. Definitions and Usage. Except as otherwise specified
herein or as the context may otherwise require, capitalized terms used but not
otherwise defined herein are defined in Appendix A hereto, which also contains
rules as to usage that shall be applicable herein.

                                   ARTICLE II

                                  ORGANIZATION

        Section 2.01. Creation of Trust; Name. There is hereby created a Trust
which shall be known as "SLM Private Credit Student Loan Trust 2003-A", in which
name the Trustee may conduct the business of the Trust, make and execute
contracts and other instruments on behalf of the Trust and sue and be sued. The
Trust shall constitute a statutory trust within the meaning of Section 3801(a)
of the Delaware Statutory Trust Act for which the Trustee has filed a
certificate of trust with the Secretary of State of the State of Delaware
pursuant to Section 3810(a) of the Delaware Statutory Trust Act.

        Section 2.02. Office. The office of the Trust shall be in care of the
Trustee at its Corporate Trust Office or at such other address as the Trustee
may designate by written notice to the Depositor.

        Section 2.03. Purposes and Powers. The purpose of the Trust is to engage
in the following activities:

                (i)     to issue the Notes pursuant to the Indenture and the
        Excess Distribution Certificate pursuant to this Agreement and to sell
        the Notes in one or more transactions;

<PAGE>

                (ii)    with the proceeds of the sale of the Notes, to fund the
        Reserve Account and the Cash Capitalization Account pursuant to Section
        2.08 the Administration Agreement and to purchase the Trust Student
        Loans pursuant to the Depositor Sale Agreement;

                (iii)   to Grant the Trust Estate to the Indenture Trustee
        pursuant to the Indenture, and to hold, manage and distribute to the
        holder of the Excess Distribution Certificate pursuant to the terms of
        this Agreement any portion of the Trust Estate released from the Lien
        of, and remitted to the Trust pursuant to, the Indenture;

                (iv)    to enter into and perform its obligations under the
        Basic Documents to which it is to be a party, including, but not limited
        to, any payments that may be owed by the Trust under the Swap Agreements
        and the upfront payment owed by the Trust under the Interest Rate Cap
        Agreement;

                (v)     to engage in those activities, including entering into
        agreements, that are necessary, suitable or convenient to accomplish the
        foregoing or are incidental thereto or connected therewith; and

                (vi)    subject to compliance with the Basic Documents, to
        engage in such other activities as may be required in connection with
        conservation of the Trust Estate and the making of distributions to the
        Noteholders and the others specified in Sections 2.07 and 2.08 of the
        Administration Agreement.

The Trust shall not engage in any activity other than in connection with the
foregoing or other than as required or authorized by the terms of this Agreement
or the other Basic Documents.

        Section 2.04. Appointment of Trustee. The Depositor hereby appoints the
Trustee as trustee of the Trust, effective as of the date hereof, to have all
the rights, powers and duties set forth herein.

        Section 2.05. Initial Capital Contribution of Trust Estate. The
Depositor hereby sells, assigns, transfers, conveys and sets over to the
Trustee, as of the date hereof, the sum of $100.00. The Trustee hereby
acknowledges receipt in trust from the Depositor, as of the date hereof, of the
foregoing contribution, which shall constitute the Initial Trust Estate and
shall be deposited in the Collection Account. The Depositor shall pay the
organizational expenses of the Trust as they may arise or shall, upon the
request of the Trustee, promptly reimburse the Trustee for any such expenses
paid by the Trustee.

        Section 2.06. Declaration of Trust. The Trustee hereby declares that it
will hold the Trust Estate in trust upon and subject to the conditions set forth
herein for the use and benefit of the holder of the Excess Distribution
Certificate, subject to the obligations of the Trust under the other Basic
Documents. It is the intention of the parties hereto that the Trust constitute a
statutory trust under Delaware law and that this Agreement constitute the
governing instrument of such trust. Effective as of the date hereof, the Trustee
shall have all rights, powers and duties set forth herein with respect to
accomplishing the purposes of the Trust.

                                       2

<PAGE>

        Section 2.07. Liability of the Holders of Excess Distribution
Certificate.

        (a)     Notwithstanding the provisions of Section 3803 of the Delaware
Statutory Trust Act, the Depositor shall be liable directly to and shall
indemnify the injured party for all losses, claims, damages, liabilities and
expenses of the Trust (including Expenses, to the extent that the assets of the
Trust that would remain if all of the Notes were paid in full would not be
sufficient to pay any such liabilities, or if such liabilities in fact are not
paid out of the Trust Estate) to the extent that the Depositor would be liable
if the Trust were a partnership under the Delaware Revised Uniform Limited
Partnership Act in which the Depositor were a general partner; provided,
however, that the Depositor shall not be liable for any losses incurred by a
beneficial owner of a Note in its capacity as a holder of limited recourse debt
or to any holder of the Excess Distribution Certificate. In addition, any third
party creditors of the Trust (other than in connection with the obligations to
Noteholders excepted above) shall be third party beneficiaries of this
paragraph.

        (b)     No holder of the Excess Distribution Certificate (in such
capacity) shall have any personal liability for any liability or obligation of
the Trust.

        Section 2.08. Title to Trust Property. Legal title to all of the Trust
Estate shall be vested at all times in the Trust as a separate legal entity
except where applicable law in any jurisdiction requires title to any part of
the Trust Estate to be vested in a trustee or trustees, in which case title
shall be deemed to be vested in the Trustee, a co-trustee and/or a separate
trustee, as the case may be.

        Section 2.09. Representations, Warranties, and Covenants of the
Depositor. The Depositor hereby represents, warrants and covenants to the
Trustee as follows:

        (a)     The Depositor is duly organized and validly existing as a
Delaware limited liability company in good standing under the laws of the State
of Delaware, with power and authority to own its properties and to conduct its
business as such properties are currently owned and such business is presently
conducted.

        (b)     The Depositor has the power and authority to execute and deliver
this Agreement and to carry out its terms; the Depositor has full power and
authority to sell and assign the property to be sold and assigned to and
deposited with the Trust and the Depositor has duly authorized such sale and
assignment and deposit to the Trust by all necessary action; and the execution,
delivery and performance of this Agreement has been duly authorized by the
Depositor by all necessary action.

        (c)     This Agreement constitutes a legal, valid and binding obligation
of the Depositor enforceable in accordance with its terms, subject to applicable
bankruptcy, insolvency, reorganization and similar laws relating to creditors'
rights generally and subject to general principles of equity.

        (d)     The consummation of the transactions contemplated by this
Agreement and the fulfillment of the terms hereof do not conflict with, result
in any breach of any of the terms and provisions of, or constitute (with or
without notice or lapse of time or both) a default under, the Certificate of
Formation or Limited Liability Company Operating Agreement of the Depositor,

                                       3

<PAGE>

or any indenture, agreement or other instrument to which the Depositor is a
party or by which it is bound; nor result in the creation or imposition of any
Lien upon any of its properties pursuant to the terms of any such indenture,
agreement or other instrument (other than pursuant to the Basic Documents); nor
violate any law or, to the Depositor's knowledge, any order, rule or regulation
applicable to the Depositor of any court or of any Federal or state regulatory
body, administrative agency or other governmental instrumentality having
jurisdiction over the Depositor or its properties.

        (e)     The Depositor agrees for the benefit of the Noteholders and the
holder of the Excess Distribution Certificate that it will comply with each of
the requirements set forth in its Certificate of Formation or Limited Liability
Company Operating Agreement.

                                   ARTICLE III

                            BENEFICIAL OWNERSHIP AND
                         EXCESS DISTRIBUTION CERTIFICATE

        Section 3.01. Initial Beneficial Ownership. Upon the formation of the
Trust by the contribution by the Depositor pursuant to Section 2.05 and until
the issuance of the Excess Distribution Certificate, the Depositor shall be the
sole beneficial owner of the Trust.

        Section 3.02. Corporate Trust Office. The Trustee initially designates
Christiana Center/OPS4, 500 Stanton Christiana Road, Newark, Delaware 19713, as
its principal Corporate Trust Office, at which it shall act as Trustee of the
Trust. The Excess Distribution Certificate Registrar's New York office and its
authenticating agent's office are located at 450 West 33rd Street, 15th Floor,
New York, New York 10001, Attention: Structured Finance Services.

        Section 3.03. The Excess Distribution Certificate.

        (a)     General. The Excess Distribution Certificate shall be issued in
one or more registered, definitive, physical certificates substantially in the
form of Exhibit A hereto, in minimum percentage interests of at least 10% and
integral multiples of 10% in excess thereof. The Excess Distribution Certificate
shall receive payments as provided in Section 2.07(c)(xvii) and Section 2.08 of
the Administration Agreement. The Excess Distribution Certificate shall be
executed on behalf of the Trust by manual or facsimile signature of an
authorized officer of the Trustee. An Excess Distribution Certificate bearing
the manual or facsimile signatures of individuals who were, at the time when
such signatures were affixed, authorized to sign on behalf of the Trust, shall
be valid and binding obligations of the Trust, notwithstanding that such
individuals or any of them shall have ceased to be so authorized prior to the
authentication and delivery of such Excess Distribution Certificate or did not
hold such offices at the date of authentication and delivery of such Excess
Distribution Certificate.

        (b)     Authentication. Concurrently with the sale of the Trust Student
Loans to the Trust pursuant to the Depositor Sale Agreement, the Trustee shall
cause the Excess Distribution Certificate to be executed on behalf of the Trust,
authenticated and delivered to or upon the written order of the Depositor,
signed by its chairman of the board, its president or any vice

                                       4

<PAGE>

president, without further action by the Depositor. No Excess Distribution
Certificate shall entitle its holder to any benefit under this Agreement, or
shall be valid for any purpose, unless there shall appear on such Excess
Distribution Certificate a certificate of authentication substantially in the
form set forth in Exhibit A, executed by the Trustee or JPMorgan Chase Bank, as
the Trustee's authenticating agent, by manual signature; such authentication
shall constitute conclusive evidence that such Excess Distribution Certificate
shall have been duly authenticated and delivered hereunder. The Excess
Distribution Certificate shall be dated the date of its authentication. No
further Excess Distribution Certificates shall be issued except pursuant to
clause (c) or (d) below.

        (c)     Registration of Transfer and Exchange. The Excess Distribution
Certificate Registrar shall keep or cause to be kept, at the office or agency
maintained pursuant to clause (f) below, an Excess Distribution Certificate
Register in which, subject to such reasonable regulations as it may prescribe,
the Trustee shall provide for the registration of the Excess Distribution
Certificate and of transfers and exchanges of the Excess Distribution
Certificate as herein provided. JPMorgan Chase Bank shall be the initial Excess
Distribution Certificate Registrar.

        Upon surrender for registration of transfer of the Excess Distribution
Certificate at the office or agency maintained pursuant to clause (f) below, the
Trustee shall execute, authenticate and deliver (or shall cause JPMorgan Chase
Bank as its authenticating agent to authenticate and deliver), in the name of
the designated transferee, a new Excess Distribution Certificate dated the date
of authentication by the Trustee or any authenticating agent. At the option of
the holder of the Excess Distribution Certificate, the Excess Distribution
Certificate may be exchanged for another Excess Distribution Certificate upon
surrender of the Excess Distribution Certificate to be exchanged at the office
or agency maintained pursuant to clause (f) below.

        An Excess Distribution Certificate presented or surrendered for
registration of transfer or exchange shall be accompanied by a written
instrument of transfer in form satisfactory to the Excess Distribution
Certificate Registrar duly executed by the holder thereof or his attorney duly
authorized in writing, with such signature guaranteed by a member firm of the
New York Stock Exchange or a commercial bank or trust company. An Excess
Distribution Certificate surrendered for registration of transfer or exchange
shall be cancelled and subsequently disposed of by the Excess Distribution
Certificate Registrar in accordance with its customary practice.

        No service charge shall be made for any registration of transfer or
exchange of the Excess Distribution Certificate, but the Excess Distribution
Certificate Registrar may require payment of a sum sufficient to cover any tax
or governmental charge that may be imposed in connection with any transfer or
exchange of the Excess Distribution Certificate.

        The preceding provisions of this Section notwithstanding, the Trustee
shall not be required to make and the Excess Distribution Certificate Registrar
need not register transfers or exchanges of the Excess Distribution Certificate
for a period of 15 days preceding any Distribution Date with respect to the
Excess Distribution Certificate.

        The Excess Distribution Certificate and any beneficial interest in the
Excess Distribution Certificate may not be acquired by (i) employee benefit
plans (as defined in section 3(3) of

                                       5

<PAGE>

ERISA) that are subject to the provisions of Title I of ERISA, (ii) plans
described in section 4975(e)(1) of the Code, including individual retirement
accounts described in Section 408(a) of the Code or Keogh plans, or (iii)
Benefit Plans. By accepting and holding the Excess Distribution Certificate or
an interest therein, the holder thereof shall be deemed to have represented and
warranted that it is not a Benefit Plan, is not purchasing the Excess
Distribution Certificate on behalf of a Benefit Plan and is not using assets of
a Plan to purchase the Excess Distribution Certificate and to have agreed that
if the Excess Distribution Certificate is deemed to be a plan asset, the holder
thereof will promptly dispose of the Excess Distribution Certificate. The
provisions of Sections 7.01, 7.03, 7.04, 7.05, 8.01 and 8.03 shall apply to the
Indenture Trustee also in its role as Excess Distribution Certificate Registrar,
for so long as the Indenture Trustee shall act as Excess Distribution
Certificate Registrar and, to the extent applicable, to any other certificate
registrar appointed hereunder.

        (d)     Mutilated, Destroyed, Lost or Stolen Excess Distribution
Certificate. If (i) the mutilated Excess Distribution Certificate shall be
surrendered to the Excess Distribution Certificate Registrar, or if the Excess
Distribution Certificate Registrar shall receive evidence to its satisfaction of
the destruction, loss or theft of the Excess Distribution Certificate, and (ii)
there shall be delivered to the Excess Distribution Certificate Registrar and
the Trustee such security or indemnity as may be required by them to save each
of them and the Trust harmless, then in the absence of notice that such Excess
Distribution Certificate shall have been acquired by a bona fide purchaser, the
Trustee on behalf of the Trust shall execute and the Trustee shall authenticate
and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost
or stolen Excess Distribution Certificate, a new Excess Distribution Certificate
of like tenor. In connection with the issuance of any new Excess Distribution
Certificate under this Section, the Excess Distribution Certificate Registrar
may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection therewith. Any duplicate
Excess Distribution Certificate issued pursuant to this paragraph shall
constitute conclusive evidence of ownership in the Trust, as if originally
issued, whether or not the lost, stolen or destroyed Excess Distribution
Certificate shall be found at any time.

        (e)     Persons Deemed Owners. Prior to due presentation of the Excess
Distribution Certificate for registration of transfer, the Trustee and the
Excess Distribution Certificate Registrar and any agent of either of them may
treat the Person in whose name the Excess Distribution Certificate shall be
registered in the Excess Distribution Certificate Register as the owner of such
Excess Distribution Certificate for the purpose of receiving distributions
thereon and for all other purposes whatsoever, and neither the Trustee, the
Excess Distribution Certificate Registrar nor any agent thereof shall be bound
by any notice to the contrary.

        (f)     Maintenance of Office or Agency. The Trustee shall maintain in
the Borough of Manhattan, The City of New York, an office or offices or agency
or agencies where the Excess Distribution Certificate may be surrendered for
registration of transfer or exchange and where notices and demands to or upon
the Trustee in respect of the Excess Distribution Certificate may be served.

        (g)     Appointment of Excess Distribution Certificate Paying Agent. The
Excess Distribution Certificate Paying Agent shall make distributions to the
holder of the Excess Distribution Certificate from the amounts received from the
Indenture Trustee pursuant to

                                       6

<PAGE>

Section 2.07(c)(xvii) and Section 2.08 of the Administration Agreement and shall
report the amounts of such distributions to the Indenture Trustee (if the Excess
Distribution Certificate Paying Agent is not the Indenture Trustee). Any Excess
Distribution Certificate Paying Agent shall have the revocable power to receive
such funds from the Indenture Trustee for the purpose of making the
distributions referred to above. The Trustee may revoke such power and remove
the Excess Distribution Certificate Paying Agent if the Trustee determines in
its sole discretion that the Excess Distribution Certificate Paying Agent shall
have failed to perform its obligations under this Agreement in any material
respect. The Excess Distribution Certificate Paying Agent shall initially be the
Indenture Trustee, and any co-paying agent chosen by the Trustee and consented
to by the Administrator (which consent shall not be unreasonably withheld). The
Indenture Trustee shall be permitted to resign as Excess Distribution
Certificate Paying Agent upon 30 days' written notice to the Trustee. In the
event that the Indenture Trustee shall no longer be the Excess Distribution
Certificate Paying Agent, the Trustee shall appoint a successor to act as Excess
Distribution Certificate Paying Agent (which shall be a bank or trust company).
The Trustee shall cause such successor Excess Distribution Certificate Paying
Agent or any additional Excess Distribution Certificate Paying Agent appointed
by the Trustee to execute and deliver to the Trustee an instrument in which such
successor Excess Distribution Certificate Paying Agent or additional Excess
Distribution Certificate Paying Agent shall agree with the Trustee that as
Excess Distribution Certificate Paying Agent, such successor Excess Distribution
Certificate Paying Agent or additional Excess Distribution Certificate Paying
Agent will hold all sums, if any, held by it for payment to the holder of the
Excess Distribution Certificate in trust for the benefit of such holder until
such sums shall be paid to such holder. The Excess Distribution Certificate
Paying Agent shall return all unclaimed funds to the Trustee and upon removal of
an Excess Distribution Certificate Paying Agent such Excess Distribution
Certificate Paying Agent shall also return all funds in its possession to the
Trustee. The provisions of Sections 7.01, 7.03, 7.04, 7.05, 8.01 and 8.03 shall
apply to the Indenture Trustee also in its role as Excess Distribution
Certificate Paying Agent, for so long as the Indenture Trustee shall act as
Excess Distribution Certificate Paying Agent and, to the extent applicable, to
any other paying agent appointed hereunder. Any reference in this Agreement to
the Excess Distribution Certificate Paying Agent shall include any co-paying
agent unless the context requires otherwise.

        (h)     Restrictions on Transfer of the Excess Distribution Certificate.
(i) The Excess Distribution Certificate may be transferred to the Depositor or
to any Affiliate of the Depositor, without any requirement to provide any
officer's certificates or legal opinions that would otherwise be required if
such proposed transfer was being made to a Person who is not an Affiliate of the
Depositor.

                (ii)    Except as provided above, the Excess Distribution
        Certificate shall not be sold, pledged, transferred or assigned except
        as provided below:

                        A.      The Excess Distribution Certificate has not been
        registered or qualified under the Securities Act of 1933, as amended
        (the "Securities Act") or any state securities law. No transfer, sale,
        pledge or other disposition of the Excess Distribution Certificate or
        any interest therein shall be made unless such transfer is made pursuant
        to an effective registration statement under the Securities Act and
        effective registration or qualification under applicable state
        securities laws, or is made in a transaction which does not require such
        registration or qualification. In the event that a transfer is to be
        made

                                       7

<PAGE>

        without registration or qualification, the Trustee shall require, in
        order to assure compliance with such laws, that the prospective
        transferor and transferee each certify to the Trustee, the Excess
        Distribution Certificate Registrar, the Administrator, and, if it is not
        the proposed transferor, the Depositor, in writing, the facts
        surrounding the transfer. Such certifications shall be substantially in
        the forms of Exhibits C and D-1 or D-2 hereto, respectively. In the
        event that such a transfer is to be made within two years from the date
        of the initial issuance of the Excess Distribution Certificate pursuant
        hereto (other than a transfer as to which the proposed transferee has
        provided a certificate in the form of Exhibit D-2), the Trustee in its
        sole discretion, may require that there shall also be delivered to the
        Trustee, the Excess Distribution Certificate Registrar, the
        Administrator, and, if it is not the proposed transferor, the Depositor,
        at the expense of the transferor, an opinion of counsel that such
        transfer may be made pursuant to an exemption from the Securities Act
        and such state securities laws. Any such opinion of counsel shall not be
        an expense of the Trustee, the Excess Distribution Certificate
        Registrar, the Administrator, and, if it is not the proposed transferor,
        the Depositor. None of the Depositor, the Administrator or the Trustee
        is obligated to register or qualify the Excess Distribution Certificate
        under the Securities Act or any other securities law or to take any
        action not otherwise required under this Agreement to permit the
        transfer of the Excess Distribution Certificate without registration or
        qualification. Any such holder of the Excess Distribution Certificate
        desiring to effect such transfer shall, and does hereby agree to,
        indemnify the Trustee, the Excess Distribution Certificate Registrar,
        the Administrator, and, if it is not the proposed transferor, the
        Depositor, against any liability that may result if the transfer is not
        so exempt or is made in accordance with such applicable federal and
        state laws.

                        B.      No transfer of the Excess Distribution
        Certificate will be registered by the Trustee or the Excess Distribution
        Certificate Registrar unless the Trustee, the Certificate Registrar, the
        Administrator, and, if it is not the proposed transferor, the Depositor
        receives a representation from the proposed transferee of the Excess
        Distribution Certificate, substantially in the form of Exhibit D-1 or
        D-2, as the case may be, that such transferee is not acquiring the
        Excess Distribution Certificate directly or indirectly for, on behalf of
        or with the assets of a Plan. If any proposed transferee shall become a
        holder of the Excess Distribution Certificate in violation of these
        provisions, then the last preceding permitted transferee shall be
        restored, to the extent permitted by law, to all rights as holder of the
        Excess Distribution Certificate, retroactive to the date of registration
        of such transfer of the Excess Distribution Certificate. Neither the
        Trustee nor the Excess Distribution Certificate Registrar shall have any
        liability to any person for any registration or transfer of the Excess
        Distribution Certificate that is not permitted or for making any
        payments due on the Excess Distribution Certificate to the holder or
        taking any action with respect to such holder under this Agreement. Any
        proposed transferee who becomes a holder of the Excess Distribution
        Certificate shall agree to indemnify the Trustee, the Excess
        Distribution Certificate Registrar, the Swap Counterparties, the
        Administrator, if it is not the proposed transferor, the Cap
        Counterparty, and, if it is not the proposed transferor, the Depositor,
        against any loss, damage or penalty incurred as a result of the transfer
        of the Excess Distribution Certificate to such proposed transferee in
        violation of such restrictions.

                                       8

<PAGE>

                        C.      The prospective transferee shall be aware that
        the Excess Distribution Certificate shall bear legends referring to the
        restrictions contained in sub-clauses (A) and (B) above and by its
        acceptance of the Excess Distribution Certificate agrees to abide by
        such restrictions.

                        D.      The prospective transferee shall deliver an
        opinion of counsel addressed to the Trustee, the Swap Counterparties,
        the Administrator, if it is not the proposed transferor, the Cap
        Counterparty, and, if it is not the proposed transferor, the Depositor,
        to the effect that, (1) as a matter of federal income tax law, such
        prospective transferee is permitted to accept the transfer of the Excess
        Distribution Certificate, (2) such transfer or pledge would not
        jeopardize the tax treatment of the Trust, (3) such transfer or pledge
        would not subject the Trust to any entity-level tax, (4) such transfer
        or pledge would not jeopardize the status of the Notes as debt for all
        purposes, and (5) such pledge or transfer would not cause the Trust to
        be treated, for federal income tax purposes, as an association or a
        publicly traded partnership taxable as a corporation.

                        E.      No pledge or transfer of the Excess Distribution
        Certificate shall be effective unless such purchase or transfer is to a
        single beneficial owner who shall be the registered holder of the Excess
        Distribution Certificate.

                                   ARTICLE IV

                               ACTIONS BY TRUSTEE

        Section 4.01. Prior Notice to the Holder of the Excess Distribution
Certificate With Respect to Certain Matters. With respect to the following
matters, the Trustee shall not take action unless at least 30 days before the
taking of such action, the Trustee shall have notified the holder of the Excess
Distribution Certificate and each of the Rating Agencies in writing of the
proposed action and the holder shall not have notified the Trustee in writing
prior to the 30th day after such notice is given that it has withheld consent or
provided alternative direction:

        (a)     the initiation of any material claim or lawsuit by the Trust
(except claims or lawsuits brought in connection with the collection of the
Trust Student Loans) and the compromise of any material action, claim or lawsuit
brought by or against the Trust (except with respect to the aforementioned
claims or lawsuits for collection of Trust Student Loans);

        (b)     the amendment of the Indenture by a supplemental indenture in
circumstances where the consent of any class of Noteholders is required;

        (c)     the amendment of the Indenture by a supplemental indenture in
circumstances where the consent of any class of Noteholder is not required and
such amendment materially adversely affects the interest of the holder of the
Excess Distribution Certificate; or

        (d)     the amendment of a Swap Agreement or the Interest Rate Cap
Agreement in circumstances where the consent of any class of Noteholders is
required or in circumstances

                                       9

<PAGE>

where the consent of Noteholders is not required but where such amendment
materially adversely affects the interest of the holder of the Excess
Distribution Certificate.

        Section 4.02. Action with Respect to Sale of the Trust Student Loans.
The Trustee shall not have the power, except upon the written direction of the
Depositor and except as expressly provided in the Basic Documents, to sell the
Trust Student Loans after the payment in full of the Notes.

        Section 4.03. Action with Respect to Bankruptcy. The Trustee shall not
have the power to commence a voluntary proceeding in bankruptcy relating to the
Trust without the prior approval of the Depositor and the delivery to the
Trustee by the Depositor of a certificate certifying that the Depositor
reasonably believes that the Trust is insolvent.

        Section 4.04. Restrictions. Neither the Depositor nor the holder of the
Excess Distribution Certificate shall direct the Trustee to take or refrain from
taking any action if such action or inaction would be contrary to any obligation
of the Trust or the Trustee under this Agreement or any of the other Basic
Documents or would be contrary to Section 2.03 nor shall the Trustee be
permitted to follow any such direction, if given.

                                    ARTICLE V

                   APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

        Section 5.01. Application of Trust Funds.

        (a)     On each Distribution Date, the Trustee shall distribute to the
holder of the Excess Distribution Certificate any amounts payable in respect of
the Excess Distribution Certificate in accordance with the Administration
Agreement.

        (b)     In the event that any withholding tax is imposed on the Trust's
payment to the holder of the Excess Distribution Certificate, such tax shall
reduce the amount otherwise distributable on the Excess Distribution
Certificate.

        Section 5.02. Method of Payment. Distributions required to be made to
the holder of the Excess Distribution Certificate on any Distribution Date shall
be made to the holder of record on the preceding Record Date either by wire
transfer, in immediately available funds, to the account of such holder at a
bank or other entity having appropriate facilities therefor, if such holder
shall have provided to the Excess Distribution Certificate Registrar appropriate
written instructions signed by two authorized officers, if any, at least five
Business Days prior to such Distribution Date, or, if not, by check mailed to
such holder at the address of such holder appearing in the Excess Distribution
Certificate Register.

        Section 5.03. No Segregation of Moneys; No Interest. Subject to Section
5.01, moneys received by the Trustee hereunder need not be segregated in any
manner except to the extent required by law or the Administration Agreement and
may be deposited under such general

                                       10

<PAGE>

conditions as may be prescribed by law, and the Trustee shall not be liable for
any interest thereon.

        Section 5.04. Reports to the Holder of the Excess Distribution
Certificate, the Internal Revenue Service and Others. The Trustee shall provide
(or cause to be provided) any reports or other information required to be
provided to the holder of the Excess Distribution Certificate pursuant to the
Code, the regulations promulgated thereunder or other applicable law. In
addition, the Trustee shall provide (or cause to be provided) any information
concerning the Excess Distribution Certificate to the Internal Revenue Service
or other taxing authority as required under the Code, the regulations
promulgated thereunder or other applicable law. The Trustee shall be entitled to
hire an independent accounting firm to perform the functions described in this
Section 5.04, the reasonable fees and expenses of which shall be paid by the
Depositor.

        Section 5.05. Signature on Returns; Tax Matters Partner.

        (a)     The Trustee shall sign on behalf of the Trust the tax returns of
the Trust, unless applicable law requires a Certificateholder to sign such
documents, in which case such documents shall be signed by the Depositor or the
then holder of the Excess Distribution Certificate.

        (b)     The Depositor shall be designated the "tax matters partner" of
the Trust pursuant to Section 6231(a)(7)(A) of the Code and applicable Treasury
Regulations.

                                   ARTICLE VI

                         AUTHORITY AND DUTIES OF TRUSTEE

        Section 6.01. General Authority. The Trustee is authorized and directed
to execute and deliver the Basic Documents to which the Trust is to be a party
and each certificate or other document attached as an exhibit to or contemplated
by the Basic Documents to which the Trust is to be a party, in each case, in
such form as the Depositor shall approve as evidenced conclusively by the
Trustee's execution thereof, and, on behalf of the Trust, to direct the
Indenture Trustee to authenticate and deliver Notes in the aggregate principal
amount of $1,055,707,000. In addition to the foregoing, the Trustee is
authorized to take all actions required of the Trust pursuant to the Basic
Documents. The Trustee is further authorized from time to time to take such
action as the Administrator directs or instructs with respect to the Basic
Documents and is directed to take such action to the extent that the
Administrator is expressly required pursuant to the Basic Documents to cause the
Trustee to act.

        Section 6.02. General Duties. It shall be the duty of the Trustee to
discharge (or cause to be discharged) all its responsibilities pursuant to the
terms of this Agreement, the other Basic Documents to which the Trust is a party
and to administer the Trust in the interest of the Noteholders and the holder of
the Excess Distribution Certificate subject to and in accordance with the
provisions of this Agreement and the other Basic Documents. Without limiting the
foregoing, the Trustee shall on behalf of the Trust file and prove any claim or
claims that may

                                       11

<PAGE>

exist on behalf of the Trust against the Depositor in connection with any claims
paying procedure as part of an insolvency or a receivership proceeding involving
the Depositor. Notwithstanding the foregoing, the Trustee shall be deemed to
have discharged its duties and responsibilities hereunder and under the other
Basic Documents to the extent the Administrator has agreed in the Administration
Agreement to perform and act or to discharge any duty of the Trustee hereunder
or under any other Basic Document, and the Trustee shall not be held liable for
the default or failure of the Administrator to carry out its obligations under
the Administration Agreement. Except as expressly provided in the Basic
Documents, the Trustee shall have no obligation to administer, service or
collect the Trust Student Loans or to maintain, monitor or otherwise supervise
the administration, servicing or collection of the Trust Student Loans.

        Section 6.03. Action upon Instruction.

        (a)     Reserved.

        (b)     The Trustee shall not be required to take any action hereunder
or under any other Basic Document if the Trustee shall have reasonably
determined, or shall have been advised by counsel, that such action is likely to
result in liability on the part of the Trustee or is contrary to the terms
hereof, any other Basic Document or is otherwise contrary to law.

        (c)     Whenever the Trustee is unable to determine the appropriate
course of action between alternative courses and actions permitted or required
by the terms of this Agreement or under any other Basic Document, the Trustee
shall promptly give notice (in such form as shall be appropriate under the
circumstances) to the Depositor requiring instruction as to the course of action
to be adopted, and to the extent the Trustee acts in good faith in accordance
with any written instruction of the Depositor received, the Trustee shall not be
liable on account of such action to any Person. If the Trustee shall not have
received appropriate instruction within 10 days of such notice (or within such
shorter period of time as reasonably may be specified in such notice or may be
necessary under the circumstances) it may, but shall be under no duty to, take
or refrain from taking such action, not inconsistent with this Agreement, the
other Basic Documents, as it shall deem to be in the best interests of the
Depositor, and shall have no liability to any Person for such action or
inaction.

        (d)     In the event that the Trustee is unsure as to the application of
any provision of this Agreement, any other Basic Document or any such provision
is ambiguous as to its application, or is, or appears to be, in conflict with
any other applicable provision, or in the event that this Agreement permits any
determination by the Trustee or is silent or is incomplete as to the course of
action that the Trustee is required to take with respect to a particular set of
facts, the Trustee may give notice (in such form as shall be appropriate under
the circumstances) to the Depositor requesting instruction and, to the extent
that the Trustee acts or refrains from acting in good faith in accordance with
any such instruction received, the Trustee shall not be liable, on account of
such action or inaction, to any Person. If the Trustee shall not have received
appropriate instruction within 10 days of such notice (or within such shorter
period of time as reasonably may be specified in such notice or may be necessary
under the circumstances) it may, but shall be under no duty to, take or refrain
from taking such action, not inconsistent with this Agreement or the other Basic
Documents, as it shall deem to be in the best interest of the holder of the

                                       12

<PAGE>

Excess Distribution Certificate, and shall have no liability to any Person for
such action or inaction.

        Section 6.04. No Duties Except as Specified in this Agreement or in
Instructions. The Trustee shall not have any duty or obligation to manage, make
any payment with respect to, register, record, sell, service, dispose of or
otherwise deal with the Trust Estate, or to otherwise take or refrain from
taking any action under, or in connection with, any document contemplated hereby
to which the Trustee is a party, except as expressly provided by the terms of
this Agreement or in any document or written instruction received by the Trustee
pursuant to Section 6.03; and no implied duties or obligations shall be read
into this Agreement or any other Basic Document against the Trustee. The Trustee
shall have no responsibility for filing any financing or continuation statement
in any public office at any time or to otherwise perfect or maintain the
perfection of any security interest or lien granted to it hereunder or to
prepare or file any Commission filing for the Trust or to record this Agreement
or any other Basic Document. The Trustee nevertheless agrees that it will, at
its own cost and expense, promptly take all action as may be necessary to
discharge any Liens on any part of the Trust Estate that result from actions by,
or claims against, Chase Manhattan Bank USA, National Association in its
individual capacity or as the Trustee that are not related to the ownership or
the administration of the Trust Estate.

        Section 6.05. No Action Except Under Specified Documents or
Instructions. The Trustee shall not otherwise deal with any part of the Trust
Estate except (i) in accordance with the powers granted to and the authority
conferred upon the Trustee pursuant to this Agreement, (ii) in accordance with
the other Basic Documents to which it is a party and (iii) in accordance with
any document or instruction delivered to the Trustee pursuant to Section 6.03.

        Section 6.06. Restrictions. The Trustee shall not take any action (a)
that is inconsistent with the purposes of the Trust set forth in Section 2.03 or
(b) that, to the actual knowledge of the Trustee, would result in the Trust's
becoming taxable as a corporation for Federal income tax purposes. Neither the
Depositor nor the holder of the Excess Distribution Certificate shall direct the
Trustee to take action that would violate the provisions of this Section.

                                   ARTICLE VII

                             CONCERNING THE TRUSTEE

        Section 7.01. Acceptance of Trusts and Duties. The Trustee accepts the
trusts hereby created and agrees to perform its duties hereunder with respect to
such trusts but only upon the terms of this Agreement. The Trustee also agrees
to disburse all moneys actually received by it constituting part of the Trust
Estate upon the terms of this Agreement and the other Basic Documents. The
Trustee shall not be answerable or accountable hereunder or under any other
Basic Document under any circumstances, except (i) for its own willful
misconduct or negligence or (ii) in the case of the inaccuracy of any
representation or warranty contained in Section 7.03 expressly made by the
Trustee. In particular, but not by way of limitation (and subject to the
exceptions set forth in the preceding sentence):

                                       13

<PAGE>

        (a)     the Trustee shall not be liable for any error of judgment made
by a responsible officer of the Trustee;

        (b)     the Trustee shall not be liable with respect to any action taken
or omitted to be taken by it in accordance with the direction or instructions of
the Administrator, the Depositor or the holder of the Excess Distribution
Certificate;

        (c)     no provision of this Agreement or any other Basic Document shall
require the Trustee to expend or risk funds or otherwise incur any financial
liability in the performance of any of its rights or powers hereunder or under
any other Basic Document, if the Trustee shall have reasonable grounds for
believing that repayment of such funds or adequate indemnity against such risk
or liability is not reasonably assured or provided to it;

        (d)     under no circumstances shall the Trustee be liable for
indebtedness evidenced by or arising under any of the Basic Documents, including
the principal of and interest on the Notes;

        (e)     the Trustee shall not be responsible for or in respect of the
validity or sufficiency of this Agreement or for the due execution hereof by the
Depositor or for the form, character, genuineness, sufficiency, value or
validity of any of the Trust Estate or for or in respect of the validity or
sufficiency of the Basic Documents, other than the certificate of authentication
on the Excess Distribution Certificate, and the Trustee shall in no event assume
or incur any liability, duty, or obligation to any Noteholder or the holder of
the Excess Distribution Certificate, other than as expressly provided for herein
and in the other Basic Documents;

        (f)     the Trustee shall not be liable for the action or inaction,
default or misconduct of the Administrator, the Depositor, the Indenture
Trustee, the Servicer, the Swap Counterparties or the Cap Counterparty under any
of the other Basic Documents or otherwise and the Trustee shall have no
obligation or liability to perform the obligations of the Trust under this
Agreement or the other Basic Documents that are required to be performed by the
Administrator under the Administration Agreement, the Indenture Trustee under
the Indenture, the Servicer under the Servicing Agreement, a Swap Counterparty
under its related Swap Agreement or the Cap Counterparty under the Interest Rate
Cap Agreement; and

        (g)     the Trustee shall be under no obligation to exercise any of the
rights or powers vested in it by this Agreement, or to institute, conduct or
defend any litigation under this Agreement or otherwise or in relation to this
Agreement, any other Basic Document, at the request, order or direction of the
Depositor or holder of the Excess Distribution Certificate, unless the Depositor
or such holder has offered to the Trustee security or indemnity satisfactory to
it against the costs, expenses and liabilities that may be incurred by the
Trustee therein or thereby. The right of the Trustee to perform any
discretionary act enumerated in this Agreement or in any other Basic Document
shall not be construed as a duty, and the Trustee shall not be answerable for
other than its negligence or willful misconduct in the performance of any such
act.

        Section 7.02. Reserved.

                                       14

<PAGE>

        Section 7.03. Representations and Warranties. The Trustee hereby
represents and warrants to the Depositor, for the benefit of the Noteholders and
the holder of the Excess Distribution Certificate, that:

        (a)     It is a national banking association duly organized and validly
existing in good standing under the laws of the United States and has its
principal office located within the State of Delaware. It has all requisite
banking power and authority to execute, deliver and perform its obligations
under this Agreement.

        (b)     It has taken all action necessary to authorize the execution and
delivery by it of this Agreement, and this Agreement will be executed and
delivered by one of its officers who is duly authorized to execute and deliver
this Agreement on its behalf.

        (c)     Neither the execution nor the delivery by it of this Agreement,
nor the consummation by it of the transactions contemplated hereby nor
compliance by it with any of the terms or provisions hereof will contravene any
Federal or Delaware state law, governmental rule or regulation governing the
banking or trust powers of the Trustee or any judgment or order binding on it,
or constitute any default under its charter documents or by-laws or any
indenture, mortgage, contract, agreement or instrument to which it is a party or
by which any of its properties may be bound.

        Section 7.04. Reliance; Advice of Counsel.

        (a)     The Trustee shall incur no liability to anyone in acting upon
any signature, instrument, direction, notice, resolution, request, consent,
order, certificate, report, opinion, bond or other document or paper believed by
it to be genuine and believed by it to be signed by the proper party or parties.
The Trustee may accept a certified copy of a resolution of the board of
directors or other governing body of any corporate party as conclusive evidence
that such resolution has been duly adopted by such body and that the same is in
full force and effect. As to any fact or matter the method of the determination
of which is not specifically prescribed herein, the Trustee may for all purposes
hereof rely on a certificate, signed by the president or any vice president or
by the treasurer or other authorized officers of the relevant party, as to such
fact or matter and such certificate shall constitute full protection to the
Trustee for any action taken or omitted to be taken by it in good faith in
reliance thereon.

        (b)     In the exercise or administration of the trusts hereunder and in
the performance of its duties and obligations under this Agreement or the other
Basic Documents, the Trustee (i) may act directly or through its agents or
attorneys pursuant to agreements entered into with any of them and the Trustee
shall not be liable for the conduct or misconduct of such agents or attorneys if
such agents or attorneys shall have been selected by the Trustee with reasonable
care, and (ii) may consult with counsel and accountants to be selected with
reasonable care and employed by it. The Trustee shall not be liable for anything
done, suffered or omitted in good faith by it in accordance with the written
opinion or advice of any such counsel or accountants and not contrary to this
Agreement or any other Basic Document.

        Section 7.05. Not Acting in Individual Capacity. Except as provided in
this Article VII, in accepting the trusts hereby created Chase Manhattan Bank
USA, National Association acts

                                       15

<PAGE>

solely as Trustee hereunder and not in its individual capacity and all Persons
having any claim against the Trustee by reason of the transactions contemplated
by this Agreement or any other Basic Document shall look only to the Trust
Estate for payment or satisfaction thereof.

        Section 7.06. Trustee Not Liable for Excess Distribution Certificates or
Trust Student Loans. The recitals contained herein and in the Excess
Distribution Certificate (other than the signature of and authentication by the
Trustee on the Excess Distribution Certificate) shall be taken as the statements
of the Depositor and the Trustee assumes no responsibility for the correctness
thereof. The Trustee makes no representations as to the validity or sufficiency
of this Agreement, the Excess Distribution Certificate, or any other Basic
Document (other than the signature of and authentication by the Trustee on the
Excess Distribution Certificate), or the Notes, or of any Trust Student Loan or
related documents. The Trustee shall at no time have any responsibility for or
with respect to the legality, validity and enforceability of any Trust Student
Loan, or for or with respect to the sufficiency of the Trust Estate or its
ability to generate the payments to be distributed to the holder of the Excess
Distribution Certificate under this Agreement or the Noteholders under the
Indenture, including the existence and contents of any computer or other record
of any Trust Student Loan; the validity of the assignment of any Trust Student
Loan to the Trustee on behalf of the Trust; the completeness of any Trust
Student Loan; the performance or enforcement (except as expressly set forth in
any Basic Document) of any Trust Student Loan; the compliance by the Depositor
or the Servicer with any warranty or representation made under any Basic
Document or in any related document or the accuracy of any such warranty or
representation or any action or inaction of the Administrator, the Indenture
Trustee or the Servicer or any subservicer taken in the name of the Trustee.

        Section 7.07. Trustee May Own Notes. The Trustee in its individual or
any other capacity may become the owner or pledgee of Notes and may deal with
the Depositor, the Administrator, the Indenture Trustee, the Servicer, the Swap
Counterparties or the Cap Counterparty in banking transactions with the same
rights as if it were owner of the Notes and not acting as Trustee.

                                  ARTICLE VIII

                      COMPENSATION AND INDEMNITY OF TRUSTEE

        Section 8.01. Trustee's Fees and Expenses. The Trustee shall receive as
compensation for its services hereunder such fees as have been separately agreed
upon before the date hereof between the Depositor and the Trustee, and the
Trustee shall be entitled to be reimbursed by the Depositor, to the extent
provided in such separate agreement, for its other reasonable expenses
(including the reasonable fees and expenses of counsel and independent
accountants) hereunder.

        Section 8.02. Payments to the Trustee. Any amounts paid to the Trustee
pursuant to Section 8.01 hereof or pursuant to Section 9.01 of the Depositor
Sale Agreement, Section 4.02 of the Administration Agreement or Section 4.02 of
the Servicing Agreement shall be deemed not to be a part of the Trust Estate
immediately after such payment.

                                       16

<PAGE>

        Section 8.03. Indemnity. The Depositor shall cause the Administrator to
indemnify the Trustee in its individual capacity and any of its officer,
directors, employees and agents as and to the extent provided for in Section
4.02 of the Administration Agreement.

                                   ARTICLE IX

                         TERMINATION OF TRUST AGREEMENT

        Section 9.01. Termination of Trust Agreement.

        (a)     This Agreement (other than Article VIII) and the Trust shall
terminate and be of no further force or effect upon the final distribution by
the Trustee of all moneys or other property or proceeds of the Trust Estate in
accordance with the terms of the Indenture, the Administration Agreement and
Article V of this Agreement. The bankruptcy, liquidation, dissolution, death or
incapacity of the holder of the Excess Distribution Certificate, shall not (x)
operate to terminate this Agreement or the Trust, nor (y) entitle such holder's
legal representatives or heirs to claim an accounting or to take any action or
proceeding in any court for a partition or winding up of all or any part of the
Trust or Trust Estate nor (z) otherwise affect the rights, obligations and
liabilities of the parties hereto.

        (b)     Except as provided in Section 9.01(a), none of the Depositor,
any Noteholder or the holder of the Excess Distribution Certificate shall be
entitled to revoke or terminate the Trust.

        Upon final distribution of any funds remaining in the Trust, the Trustee
shall file a certificate of cancellation of the Trust's certificate of trust
pursuant to Section 3810(c) of the Delaware Statutory Trust Act.

                                    ARTICLE X

                             SUCCESSOR TRUSTEES AND
                               ADDITIONAL TRUSTEES

        Section 10.01. Eligibility Requirements for Trustee. The Trustee shall
at all times (i) be an entity having its principal place of business in the
State of Delaware and otherwise complying with Section 3807 of the Delaware
Statutory Trust Act, (ii) be authorized to exercise statutory trust powers,
(iii) have a combined capital and surplus of at least $50,000,000 and subject to
supervision or examination by Federal or state authorities and (iv) have (or
have a parent which has) a rating in respect of its long-term senior unsecured
debt of at least BBB- (or the equivalent) by each of the Rating Agencies (or
which, if the long-term senior unsecured debt of such entity is not rated by any
Rating Agency, shall have provided to the Indenture Trustee written confirmation
from such Rating Agency that the appointment of such entity to serve as Trustee
will not result in and of itself in a reduction or withdrawal of the then
current rating of any of the Notes). If the Trustee shall publish reports of
condition at least annually, pursuant to law or to the requirements of the
aforesaid supervising or examining authority, then for the purpose of this
Section, the combined capital and surplus of the Trustee shall be deemed to be
its combined

                                       17

<PAGE>

capital and surplus as set forth in its most recent report of condition so
published. In case at any time the Trustee shall cease to be eligible in
accordance with the provisions of this Section, the Trustee shall resign
immediately in the manner and with the effect specified in Section 10.02.

        Section 10.02. Resignation or Removal of Trustee. The Trustee may at any
time resign and be discharged from the trusts hereby created by giving written
notice thereof to the Administrator. Upon receiving such notice of resignation,
the Administrator shall promptly appoint a successor Trustee meeting the
eligibility requirements of Section 10.01 by written instrument, in duplicate,
one copy of which instrument shall be delivered to the resigning Trustee and one
copy to the successor Trustee. If no successor Trustee shall have been so
appointed and have accepted appointment within 30 days after the giving of such
notice of resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor Trustee; provided, however, that
such right to appoint or to petition for the appointment of any such successor
shall in no event relieve the resigning Trustee from any obligations otherwise
imposed on it under the Basic Documents until such successor has in fact assumed
such appointment.

        If at any time the Trustee shall cease to be or shall be likely to cease
to be eligible in accordance with the provisions of Section 10.01 and shall fail
to resign after written request therefor by the Administrator, or if at any time
an Insolvency Event with respect to the Trustee shall have occurred and be
continuing, then the Administrator may remove the Trustee. If the Administrator
shall remove the Trustee under the authority of the immediately preceding
sentence, the Administrator shall promptly appoint a successor Trustee by
written instrument, in duplicate, one copy of which instrument shall be
delivered to the outgoing Trustee so removed and one copy to the successor
Trustee and payment of all fees owed to the outgoing Trustee.

        Any resignation or removal of the Trustee and appointment of a successor
Trustee pursuant to any of the provisions of this Section shall not become
effective until acceptance of appointment by the successor Trustee pursuant to
Section 10.03, payment of all fees and expenses owed to the outgoing Trustee and
the filing of a certificate of amendment to the Trust's certificate of trust
pursuant to Section 3810(b) of the Delaware Statutory Trust Act. The
Administrator shall provide notice of such resignation or removal of the Trustee
and to each of the Rating Agencies.

        Section 10.03. Successor Trustee. Any successor Trustee appointed
pursuant to Section 10.02 shall execute, acknowledge and deliver to the
Administrator and to its predecessor Trustee an instrument accepting such
appointment under this Agreement, and thereupon the resignation or removal of
the predecessor Trustee shall become effective and such successor Trustee,
without any further act, deed or conveyance, shall become fully vested with all
the rights, powers, duties and obligations of its predecessor under this
Agreement, with like effect as if originally named as Trustee. The predecessor
Trustee shall upon payment of its fees and expenses deliver to the successor
Trustee all documents, statements, moneys and properties held by it under this
Agreement; and the Administrator and the predecessor Trustee shall execute and
deliver such instruments and do such other things as may reasonably be required
for fully and certainly vesting and confirming in the successor Trustee all such
rights, powers, duties and obligations.

                                       18

<PAGE>

        No successor Trustee shall accept such appointment as provided in this
Section unless at the time of such acceptance such successor Trustee shall be
eligible pursuant to Section 10.01.

        Upon acceptance of appointment by a successor Trustee pursuant to this
Section, the Administrator shall mail notice of the successor of such Trustee to
the holder of the Excess Distribution Certificate, the Indenture Trustee, the
Noteholders, the Rating Agencies, the Swap Counterparties and the Cap
Counterparty. If the Administrator shall fail to mail such notice within 10 days
after acceptance of appointment by the successor Trustee, the successor Trustee
shall cause such notice to be mailed at the expense of the Administrator.

        Section 10.04. Merger or Consolidation of Trustee. Any corporation into
which the Trustee may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion or
consolidation to which the Trustee shall be a party, or any corporation
succeeding to all or substantially all the corporate trust business of the
Trustee, shall, without the execution or filing of any instrument or any further
act on the part of any of the parties hereto, anything herein to the contrary
notwithstanding, be the successor of the Trustee hereunder; provided, that such
corporation shall be eligible pursuant to Section 10.01; and provided, further,
that the Trustee shall mail notice of such merger or consolidation to the Rating
Agencies not less than 15 days prior to the effective date thereof.

        Section 10.05. Appointment of Co-Trustee or Separate Trustee.
Notwithstanding any other provisions of this Agreement, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any part
of the Trust may at the time be located, the Administrator and the Trustee
acting jointly shall have the power and shall execute and deliver all
instruments to appoint one or more Persons approved by the Trustee, meeting the
eligibility requirements of clauses (i) through (iii) of Section 10.01, to act
as co-trustee, jointly with the Trustee, or separate trustee or separate
trustees, of all or any part of the Trust Estate, and to vest in such Person, in
such capacity, such title to the Trust Estate, or any part thereof, and, subject
to the other provisions of this Section, such powers, duties, obligations,
rights and trusts as the Administrator and the Trustee may consider necessary or
desirable. If the Administrator shall not have joined in such appointment within
15 days after the receipt by it of a request so to do, the Trustee alone shall
have the power to make such appointment. No co-trustee or separate trustee under
this Agreement shall be required to meet the terms of eligibility as a successor
trustee pursuant to clauses (iv), (v) and (vi) of Section 10.01 and no notice of
the appointment of any co-trustee or separate trustee shall be required pursuant
to Section 10.03.

        Each separate trustee and co-trustee shall, to the extent permitted by
law, be appointed and act subject to the following provisions and conditions:

                (i)     all rights, powers, duties, and obligations conferred or
        imposed upon the Trustee shall be conferred upon and exercised or
        performed by the Trustee and such separate trustee or co-trustee jointly
        (it being understood that such separate trustee or co-trustee is not
        authorized to act separately without the Trustee joining in such act),
        except to the extent that under any law of any jurisdiction in which any
        particular act or acts are to be performed, the Trustee shall be
        incompetent or unqualified to perform such act or acts, in which event
        such rights, powers, duties, and obligations (including the holding of
        title to the Trust or any portion thereof in any such jurisdiction)
        shall be exercised and

                                       19

<PAGE>

        performed singly by such separate trustee or co-trustee, solely at the
        direction of the Trustee;

                (ii)    no trustee under this Agreement shall be personally
        liable by reason of any act or omission of any other trustee under this
        Agreement; and

                (iii)   the Administrator and the Trustee acting jointly may at
        any time accept the resignation of or remove any separate trustee or
        co-trustee.

        Any notice, request or other writing given to the Trustee shall be
deemed to have been given to each of the then separate trustees and co-trustees,
as effectively as if given to each of them. Every instrument appointing any
separate trustee or co-trustee shall refer to this Agreement and the conditions
of this Article. Each separate trustee and co-trustee, upon its acceptance of
the trusts conferred, shall be vested with the estates or property specified in
its instrument of appointment, either jointly with the Trustee or separately, as
may be provided therein, subject to all the provisions of this Agreement,
specifically including every provision of this Agreement relating to the conduct
of, affecting the liability of, or affording protection to, the Trustee. Each
such instrument shall be filed with the Trustee and a copy thereof given to the
Administrator.

        Any separate trustee or co-trustee may at any time appoint the Trustee
as its agent or attorney-in-fact with full power and authority, to the extent
not prohibited by law, to do any lawful act under or in respect of this
Agreement on its behalf and in its name. If any separate trustee or co-trustee
shall die, become incapable of acting, resign or be removed, all its estates,
properties, rights, remedies and trusts shall vest in and be exercised by the
Trustee, to the extent permitted by law, without the appointment of a new or
successor trustee.

                                   ARTICLE XI

                                  MISCELLANEOUS

        Section 11.01. Supplements and Amendments. This Agreement may be amended
by the Depositor and the Trustee, with prior written notice to the Rating
Agencies, without the consent of any of the Noteholders, the Swap Counterparties
or the Cap Counterparty, to cure any ambiguity, to correct or supplement any
provisions in this Agreement or for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions in this Agreement or
modifying in any manner the rights of the Noteholders, the Swap Counterparties
or the Cap Counterparty; provided, however, that such action shall not, as
evidenced by an Opinion of Counsel, adversely affect in any material respect the
interests of any Noteholder, the Swap Counterparties or the Cap Counterparty.

        This Agreement may also be amended from time to time by the Depositor
and the Trustee, with prior written notice to the Rating Agencies, with the
consent of Noteholders evidencing not less than a majority of the Outstanding
Amount of the Notes, for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of this Agreement or modifying
in any manner the rights of the Noteholders; provided, however, that no

                                       20

<PAGE>

such amendment shall (a) increase or reduce in any manner the amount of, or
accelerate or delay the timing of, collections of payments on Trust Student
Loans or distributions that shall be required to be made for the benefit of the
Noteholders or (b) reduce the aforesaid percentage of the Outstanding Amount of
the Notes required to consent to any such amendment, without the consent of all
the outstanding Noteholders.

        This Agreement may also be amended from time to time by the Depositor
and the Trustee, with prior written notice to the Rating Agencies, with the
consent of the Swap Counterparties or the Cap Counterparty for the purpose of
adding any provisions to, changing in any manner, or eliminating any of the
provisions of this Agreement or modifying in any manner the rights of the Swap
Counterparties or the Cap Counterparty, respectively, if in the Opinion of
Counsel such amendment materially adversely affects the interests of the Swap
Counterparties or the Cap Counterparty, respectively.

        Promptly after the execution of any such amendment or consent, the
Trustee shall furnish written notification of the substance of such amendment or
consent to the holder of the Excess Distribution Certificate, the Indenture
Trustee, the Swap Counterparties, the Cap Counterparty and each of the Rating
Agencies.

        It shall not be necessary for the consent of the Noteholders, the
Indenture Trustee, the Swap Counterparties or the Cap Counterparty pursuant to
this Section to approve the particular form of any proposed amendment or
consent, but it shall be sufficient if such consent shall approve the substance
thereof. The manner of obtaining such consents (and any other consents of
provided for in this Agreement or in any other Basic Document) and of evidencing
the authorization of the execution thereof shall be subject to such reasonable
requirements as the Trustee may prescribe.

        Prior to the execution of any amendment to this Agreement, the Trustee
shall be entitled to receive and rely upon an Opinion of Counsel stating that
the execution of such amendment is authorized or permitted by this Agreement.
The Trustee may, but shall not be obligated to, enter into any such amendment
which affects the Trustee's own rights, duties or immunities under this
Agreement or otherwise.

        Section 11.02. No Legal Title to Trust Estate in Holder of the Excess
Distribution Certificate. The holder of the Excess Distribution Certificate
shall not have legal title to any part of the Trust Estate. The holder of the
Excess Distribution Certificate shall be entitled to receive distributions with
respect to its undivided beneficial ownership interest therein only in
accordance with Section 3.03 of this Agreement. No transfer, by operation of law
or otherwise, of any right, title, or interest of the holder of the Excess
Distribution Certificate to and in its beneficial ownership interest in the
Trust Estate shall operate to terminate this Agreement or the trusts hereunder
or entitle any transferee to an accounting or to the transfer to it of legal
title to any part of the Trust Estate.

        Section 11.03. Limitations on Rights of Others. Except for Section 2.07,
the provisions of this Agreement are solely for the benefit of the Trustee, the
Depositor, the holder of the Excess Distribution Certificate, the Administrator
and, to the extent expressly provided herein, the Indenture Trustee, the
Noteholders, the Swap Counterparties and the Cap Counterparty, and

                                       21

<PAGE>

nothing in this Agreement (other than Section 2.07), whether express or implied,
shall be construed to give to any other Person any legal or equitable right,
remedy or claim in the Trust Estate or under or in respect of this Agreement or
any covenants, conditions or provisions contained herein.

        Section 11.04. Notices. Unless otherwise expressly specified or
permitted by the terms hereof, all notices shall be in writing and shall be
deemed given upon receipt by the intended recipient or three Business Days after
mailing if mailed by certified mail, postage prepaid (except that notice to the
Trustee shall be deemed given only upon actual receipt by the Trustee), if to
the Trustee, addressed to its Corporate Trust Office; if to the Depositor,
addressed to SLM Education Credit Funding LLC, 20 Hemingway Drive, East
Providence, Rhode Island 02915, or, as to each party, at such other address as
shall be designated by such party in a written notice to each other party.

        Section 11.05. Severability. Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

        Section 11.06. Separate Counterparts. This Agreement may be executed by
the parties hereto in separate counterparts, each of which when so executed and
delivered shall be an original, but all such counterparts shall together
constitute but one and the same instrument.

        Section 11.07. Successors and Assigns. All covenants and agreements
contained herein shall be binding upon to the benefit of, the Depositor and its
successors, the Trustee and its successors, each holder of the Excess
Distribution Certificate and its successors and permitted assigns, all as herein
provided. Any request, notice, direction, consent, waiver or other instrument or
action by a Noteholder or the holder of the Excess Distribution Certificate
shall bind the successors and assigns of such holder.

        Section 11.08. No Petition.

        (a)     The Depositor will not at any time institute against the Trust
any bankruptcy proceedings under any United States Federal or state bankruptcy
or similar law in connection with any obligations relating to the Excess
Distribution Certificate, the Notes, this Agreement or any of the other Basic
Documents.

        (b)     The Trustee (not in its individual capacity but solely as
Trustee), by entering into this Agreement, the holder of the Excess Distribution
Certificate by accepting the Excess Distribution Certificate, and the Indenture
Trustee and each Noteholder by accepting the benefits of this Agreement, hereby
covenant and agree that they will not at any time institute against the
Depositor or the Trust, or join in any institution against the Depositor or the
Trust of, any bankruptcy, reorganization, arrangement, insolvency, receivership
or liquidation proceedings, or other proceedings under any United States Federal
or state bankruptcy or similar law in connection with any obligations relating
to the Notes, this Agreement or any of the other Basic Documents.

                                       22

<PAGE>

        Section 11.09. No Recourse. Each holder of the Excess Distribution
Certificate by accepting the Excess Distribution Certificate acknowledges that
such holder's certificate represents beneficial interests in the Trust only and
do not represent interests in or obligations of the Depositor, the Servicer, the
Administrator, the Trustee, the Indenture Trustee, the Swap Counterparties, the
Cap Counterparty or any Affiliate thereof or any officer, director or employee
of any thereof and no recourse may be had against such parties or their assets,
except as may be expressly set forth or contemplated in this Agreement, the
Excess Distribution Certificate or the other Basic Documents.

        Section 11.10. Headings. The headings of the various Articles and
Sections herein are for convenience of reference only and shall not define or
limit any of the terms or provisions hereof.

        Section 11.11. Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of Delaware, without
reference to its conflict of law provisions, and the obligations, rights and
remedies of the parties hereunder shall be determined in accordance with such
laws.

                                       23

<PAGE>

        IN WITNESS WHEREOF, the parties hereto have caused this Trust Agreement
to be duly executed by their respective officers hereunto duly authorized, as of
the day and year first above written.

                                   CHASE MANHATTAN BANK USA,
                                   NATIONAL ASSOCIATION,
                                   not in its individual capacity but solely as
                                   Trustee

                                   By: /s/ JOHN J. CASHIN
                                       -----------------------------------------
                                       Name:   John J. Cashin
                                       Title:  Vice President

                                   SLM EDUCATION CREDIT FUNDING LLC,
                                   as Depositor

                                   By: /s/ MARK L HELEEN
                                       -----------------------------------------
                                       Name:   Mark L. Heleen
                                       Title:  Vice President

                                       24

<PAGE>

Acknowledged and agreed as to
Section 3.03(c) and Section 3.03(g)
of this Trust Agreement

JPMORGAN CHASE BANK,
not in its individual capacity but solely
as Excess Distribution Certificate
Registrar and Excess Distribution
Certificate Paying Agent

By: _____/s/ DAVID CONTINO_______
    Name:  David Contino
    Title: Trust Officer

                                       25

<PAGE>

                                                                       EXHIBIT A
                                                          TO THE TRUST AGREEMENT

                    [FORM OF EXCESS DISTRIBUTION CERTIFICATE]
                       SEE REVERSE FOR CERTAIN DEFINITIONS

No. [__]                                              [___]% Percentage Interest

        THIS EXCESS DISTRIBUTION CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF,
OR AN INTEREST IN, AND IS NOT GUARANTEED BY THE DEPOSITOR, THE TRUSTEE, THE
SERVICER, THE SWAP COUNTERPARTIES, THE CAP COUNTERPARTY, THE ADMINISTRATOR OR
ANY OF THEIR RESPECTIVE AFFILIATES. THIS EXCESS DISTRIBUTION CERTIFICATE IS NOT
INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR BY ANY
PRIVATE INSURER.

        THIS EXCESS DISTRIBUTION CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"). THE HOLDER HEREOF, BY
PURCHASING THIS CERTIFICATE, AGREES FOR THE BENEFIT OF THE TRUST THAT THIS
CERTIFICATE MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (I) TO A PERSON
WHOM THE TRANSFEROR REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER
WITHIN THE MEANING OF RULE 144A PURCHASING FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE
RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, OR (II)
TO A PERSON WHOM THE TRANSFEROR REASONABLY BELIEVES IS AN INSTITUTIONAL
ACCREDITED INVESTOR TO WHOM NOTICE IS GIVEN THAT THE RESALE, PLEDGE OR TRANSFER
IS BEING MADE IN RELIANCE ON REGULATION D, AND IN ACCORDANCE WITH ANY APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, OR
(III) TO A PERSON IN A TRANSACTION THAT IS REGISTERED UNDER THE SECURITIES ACT
OR THAT IS OTHERWISE EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT AND ANY APPLICABLE STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING
THIS EXCESS DISTRIBUTION CERTIFICATE, REPRESENTS AND AGREES FOR THE BENEFIT OF
THE DEPOSITOR, THE ADMINISTRATOR, THE TRUSTEE, THE SWAP COUNTERPARTIES AND THE
CAP COUNTERPARTY THAT: IT IS EITHER A QUALIFIED INSTITUTIONAL BUYER WITHIN THE
MEANING OF RULE 144A, OR AN INSTITUTIONAL ACCREDITED INVESTOR (AS DEFINED IN
RULE 501(a)(1)-(3) AND (7) OF REGULATION D UNDER THE SECURITIES ACT) OR AN
ENTITY IN WHICH ALL THE EQUITY OWNERS COME WITHIN SUCH PARAGRAPHS, OR THAT ITS
PURCHASE OF THIS EXCESS DISTRIBUTION CERTIFICATE IS OTHERWISE EXEMPT FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ANY APPLICABLE STATE
SECURITIES LAWS, AND THAT IT IS HOLDING THIS EXCESS DISTRIBUTION CERTIFICATE FOR
INVESTMENT PURPOSES AND NOT FOR DISTRIBUTION.

                                       A-1

<PAGE>

        NO TRANSFER OF THIS EXCESS DISTRIBUTION CERTIFICATE WILL BE REGISTERED
(EXCEPT TO AN AFFILIATE OF THE DEPOSITOR) UNLESS THERE IS PROVIDED A
REPRESENTATION SATISFACTORY TO THE TRUSTEE THAT THIS EXCESS DISTRIBUTION
CERTIFICATE IS NOT BEING ACQUIRED DIRECTLY OR INDIRECTLY FOR, ON BEHALF OF OR
WITH THE ASSETS OF, AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT
SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS
AMENDED ("ERISA") AND/OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED (EACH A "PLAN").

        THIS EXCESS DISTRIBUTION CERTIFICATE MAY NOT BE ACQUIRED BY OR FOR THE
ACCOUNT OF A BENEFIT PLAN (AS DEFINED BELOW). THIS CERTIFICATE IS NOT GUARANTEED
OR INSURED BY ANY GOVERNMENTAL AGENCY.

                                       A-2

<PAGE>

                  SLM PRIVATE CREDIT STUDENT LOAN TRUST 2003-A
                         EXCESS DISTRIBUTION CERTIFICATE

    evidencing a fractional undivided interest in the Trust, as defined below,
    the property of which includes a pool of student loans sold to the Trust by
    SLM Education Credit Funding LLC.

    (This Excess Distribution Certificate does not represent an interest in or
    obligation of SLM Education Credit Funding LLC, the Servicer, the Trustee or
    any of their respective affiliates.)

        THIS CERTIFIES THAT SLM Education Credit Funding LLC is the registered
owner of a 100% percentage interest in this Excess Distribution Certificate. The
SLM Private Credit Student Loan Trust 2003-A (the "Trust") was formed under the
laws of the State of Delaware by SLM Education Credit Funding LLC, a Delaware
limited liability company (the "Depositor"). The Trust was created pursuant to a
trust agreement, dated as of March 1, 2003, by and between the Depositor and the
Trustee (the "Trust Agreement"), a summary of certain of the pertinent
provisions of which is set forth below. To the extent not otherwise defined
herein, the capitalized terms used herein have the meanings assigned to them in
Appendix A to the Trust Agreement.

        Issued under the Indenture dated as of March 1, 2003, between the Trust
and JPMorgan Chase Bank, as Indenture Trustee, are Notes designated as "Student
Loan-Backed Notes" (the "Notes"). This Excess Distribution Certificate is issued
under and is subject to the terms, provisions and conditions of the Trust
Agreement, to which Trust Agreement the holder of this Excess Distribution
Certificate by virtue of the acceptance hereof assents and by which such holder
is bound. The property of the Trust includes a pool of student loans (the "Trust
Student Loans"), all moneys paid thereunder on or after January 27, 2003,
certain bank accounts and the proceeds thereof and certain other rights under
the Trust Agreement, the Depositor Sale Agreement, the Auction Agent Agreement,
the Broker-Dealer Agreements, the Administration Agreement, the Swap Agreements,
the Interest Rate Cap Agreement and the Servicing Agreement and all proceeds of
the foregoing.

        To the extent of funds available therefor, amounts owing hereon will be
distributed on the 15th day of each March, June, September and December (or, if
such 15th day is not a Business Day, the next succeeding Business Day) (each a
"Quarterly Distribution Date"), commencing on June 16, 2003, to the person in
whose name this Excess Distribution Certificate is registered as of the close of
business on the day immediately preceding the Distribution Date (such day the
"Record Date"), in each case to the extent of such holder's fractional and
undivided interest in the amount to be distributed hereon on such Quarterly
Distribution Date pursuant to Sections 2.07 and 2.08 of the Administration
Agreement.

        The holder of this Excess Distribution Certificate acknowledges and
agrees that its rights to receive distributions in respect of this Excess
Distribution Certificate are subordinated to the rights of the Noteholders as
described in the Basic Documents.

        It is the intent of the Depositor, and the holder of this Excess
Distribution Certificate that, for purposes of Federal, state and local income
and franchise and any other income taxes, the

                                       A-3

<PAGE>

Notes will be treated as newly-issued debt of, and this Excess Distribution
Certificate will be treated as equity in, the Trust. The holder of this Excess
Distribution Certificate agrees to treat, and to take no action inconsistent
with the treatment of, this Excess Distribution Certificate for such tax
purposes as equity in the Trust.

        The holder of this Excess Distribution Certificate, by its acceptance of
this Excess Distribution Certificate, covenants and agrees that it will not at
any time institute against the Depositor or the Trust, or join in any
institution against the Depositor or the Trust of, any bankruptcy,
reorganization, arrangement, insolvency, receivership or liquidation
proceedings, or other proceedings under any United States Federal or state
bankruptcy or similar law in connection with any obligations relating to this
Excess Distribution Certificate, the Notes, the Trust Agreement or any of the
other Basic Documents.

        Distributions on this Excess Distribution Certificate will be made as
provided in the Administration Agreement to the holder of record hereof without
the presentation or surrender of this Excess Distribution Certificate or the
making of any notation hereon. Except as otherwise provided in the Trust
Agreement and notwithstanding the above, the final distribution on this Excess
Distribution Certificate will be made after due notice by the Administrator of
the pendency of such distribution and only upon presentation and surrender of
this Excess Distribution Certificate at the office or agency maintained for the
purpose by the Trustee in the Borough of Manhattan, The City of New York.

        Reference is hereby made to the further provisions of this Excess
Distribution Certificate set forth on the reverse hereof, which further
provisions shall for all purposes have the same effect as if set forth at this
place.

        Unless the certificate of authentication hereon shall have been executed
by an authorized officer of the Trustee or its authenticating agent, by manual
signature, this Excess Distribution Certificate shall not entitle the holder
hereof to any benefit under the Trust Agreement or the Administration Agreement
or be valid for any purpose.

                                       A-4

<PAGE>

        IN WITNESS WHEREOF, the Trustee on behalf of the Trust and not in its
individual capacity has caused this Excess Distribution Certificate to be duly
executed as of the date set forth below.

                                 SLM PRIVATE CREDIT STUDENT
                                 LOAN TRUST 2003-A

                                 By: CHASE MANHATTAN BANK USA,
                                 NATIONAL ASSOCIATION, not in its individual
                                 capacity but solely as Trustee

                                 By:______________________________________
                                              Authorized Signatory

Date:  March 13, 2003

                                       A-5

<PAGE>

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

        This is the Excess Distribution Certificate referred to in the
within-mentioned Trust Agreement.

                                 CHASE MANHATTAN BANK USA, NATIONAL
                                 ASSOCIATION, not in its individual capacity but
                                 solely as Trustee

                                 By:____________________________________
                                            Authorized Signatory

                                 OR

                                 JPMORGAN CHASE BANK, solely in its capacity
                                 as Authenticating Agent for the Trustee

                                 By:___________________________________
                                            Authenticating Agent

Date:  March 13, 2003

                                       A-6

<PAGE>

                  [REVERSE OF EXCESS DISTRIBUTION CERTIFICATE]

        This Excess Distribution Certificate does not represent an obligation
of, or an interest in, the Depositor, Sallie Mae Servicing L.P., as servicer
(the "Servicer"), Sallie Mae, Inc., as administrator (the "Administrator"), the
Trustee or any affiliates of any of them, and no recourse may be had against
such parties or their assets, except as may be expressly set forth or
contemplated herein, in the Trust Agreement or in the other Basic Documents. In
addition, this Excess Distribution Certificate is not guaranteed by any
governmental agency or instrumentality and is limited in right of payment to
certain collections with respect to the Trust Student Loans, all as more
specifically set forth in the Administration Agreement. A copy of each of the
Trust Agreement, the Depositor Sale Agreement, the Seller Sale Agreement, the
Administration Agreement, the Servicing Agreement, the Swap Agreements, the
Interest Rate Cap Agreement and the Indenture may be examined during normal
business hours at the principal office of the Administrator, and at such other
places, if any, designated by the Administrator, by the holder of this Excess
Distribution Certificate upon request.

        The Trust Agreement permits, with certain exceptions therein provided,
the amendment thereof and the certification of the rights and obligations of the
Depositor and the rights of the holders of this Excess Distribution Certificate
under the Trust Agreement at any time by the Depositor and the Trustee with the
consent of the holders of the Notes evidencing not less than a majority of the
outstanding principal balance of the Notes. The Trust Agreement also permits the
amendment thereof, in certain limited circumstances, without the consent of the
Noteholders.

        As provided in the Trust Agreement and subject to certain limitations
therein set forth, the transfer of this Excess Distribution Certificate is
registerable in the Excess Distribution Certificate Register upon surrender of
this Excess Distribution Certificate for registration of transfer at the offices
or agencies maintained by Chase Manhattan Bank USA, National Association in its
capacity as Excess Distribution Certificate Registrar, or by any successor
Excess Distribution Certificate Registrar, in the Borough of Manhattan, The City
of New York, accompanied by a written instrument of transfer in form
satisfactory to the Trustee and the Excess Distribution Certificate Registrar
duly executed by the holder hereof or such holder's attorney duly authorized in
writing, and thereupon a new Excess Distribution Certificate will be issued to
the designated transferee.

        As provided in the Trust Agreement and subject to certain limitations
therein set forth, this Excess Distribution Certificate is exchangeable for a
new Excess Distribution Certificate as requested by the holder surrendering the
same. No service charge will be made for any such registration of transfer or
exchange, but the Trustee or the Excess Distribution Certificate Registrar may
require payment of a sum sufficient to cover any tax or governmental charge
payable in connection therewith.

        The Trustee, the Certificate Registrar and any agent of the Trustee or
the Excess Distribution Certificate Registrar may treat the person in whose name
this Excess Distribution Certificate is registered as the owner hereof for all
purposes, and none of the Trustee or the Excess Distribution Certificate
Registrar or any such agent shall be affected by any notice to the contrary.

                                       A-7

<PAGE>

        This Excess Distribution Certificate (including any beneficial interest
herein) may not be acquired by or for the account of (i) an employee benefit
plan (as defined in Section 3(3) of ERISA) that is subject to the provisions of
Title I of ERISA, (ii) a plan described in section 4975(e)(1) of the Internal
Revenue Code of 1986, as amended (the "Code"), including an individual
retirement account described in Section 408(a) of the Code or a Keogh plan or
(iii) any entity whose underlying assets include plan assets by reason of a
plan's investment in the entity (each, a "Benefit Plan"). By accepting and
holding this Excess Distribution Certificate, the holder hereof shall be deemed
to have represented and warranted that it is not a Benefit Plan, it is not
purchasing this Excess Distribution Certificate on behalf of a Benefit Plan, is
not using assets of a Benefit Plan to purchase this Excess Distribution
Certificate and to have agreed that if this Excess Distribution Certificate is
deemed to be a plan asset, the Holder will promptly dispose of this Excess
Distribution Certificate.

        The obligations and responsibilities created by the Trust Agreement and
the Trust created thereby shall terminate upon the payment to Noteholders and
the holder of this Excess Distribution Certificate of all amounts required to be
paid to them pursuant to the Trust Agreement, the Administration Agreement and
the Indenture and the disposition of all property held as part of the Trust. The
Servicer may at its option purchase the corpus of the Trust at a price specified
in the Administration Agreement; provided, however, such right of purchase is
exercisable only on any Distribution Date on or after the date on which the Pool
Balance is less than or equal to 10% of the Initial Pool Balance. Certain
delinquent Trust Student Loans may be purchased by the Servicer, at its option,
at a price specified in the Servicing Agreement. Any Trust Student Loans
remaining in the Trust as of the end of the Collection Period immediately
preceding the Trust Auction Date will be offered for sale by the Indenture
Trustee by auction in accordance with the procedure described in the Indenture.

        This Excess Distribution Certificate shall be construed in accordance
with the laws of the State of Delaware, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties hereunder
shall be determined in accordance with such laws.

                                       A-8

<PAGE>

                                   ASSIGNMENT

    FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

PLEASE INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE


---------------------------------------------------------------------------
(Please print or type name and address, including postal zip code, of assignee)


---------------------------------------------------------------------------
the within Excess Distribution Certificate, and all rights thereunder, hereby
irrevocably constituting and appointing


______________________________________________________________________ Attorney
to transfer said Excess Distribution Certificate on the books of the Excess
Distribution Certificate Registrar, with full power of substitution in the
premises.


Dated:


______________________________*
         Signature Guaranteed:


______________________________*

*       NOTICE: The signature to this assignment must correspond with the name
as it appears upon the face of the within the Excess Distribution Certificate in
every particular, without alteration, enlargement or any change whatever. Such
signature must be guaranteed by a member firm of the New York Stock Exchange or
a commercial bank or trust company.

                                       A-9

<PAGE>

                                                                       EXHIBIT B

                                     FORM OF

                              CERTIFICATE OF TRUST
                                       OF
                         SLM PRIVATE CREDIT STUDENT LOAN
                                  TRUST 2003-A

        This Certificate of Trust of SLM PRIVATE CREDIT STUDENT LOAN TRUST
2003-A (the "Trust") is being duly executed and filed on behalf of the Trust by
the undersigned, as trustee, to form a statutory trust under the Delaware
Statutory Trust Act (12 Del. C. Section 3801 et seq.) (the "Act").

        1.      Name. The name of the statutory trust formed by this Certificate
of Trust is SLM PRIVATE CREDIT STUDENT LOAN TRUST 2003-A.

        2.      Delaware Trustee. The name and business address of the trustee
of the Trust in the State of Delaware are the Chase Manhattan Bank USA, National
Association, c/o JPMorgan Chase Bank, 500 Stanton Christiana Road, Christiana
Center/OPS4/3rd Floor, Newark, Delaware 19713. Attn: Institutional Trust
Services.

        3.      Effective Date. This Certificate of Trust shall be effective
upon filing.

     IN WITNESS WHEREOF, the undersigned has duly executed this Certificate of
     Trust in accordance with Section 3811(a)(1) of the Act.

                                 CHASE MANHATTAN BANK USA,
                                 NATIONAL ASSOCIATION, not in its
                                 individual capacity but solely as Trustee

                                 By:  _______________________________
                                 Name:
                                 Title:

                                       B-1

<PAGE>

                                                                       EXHIBIT C
                                                     [FORM OF TRANSFEROR LETTER]

[Date]

Sallie Mae, Inc.
as Administrator
11600 Sallie Mae Drive
Reston, Virginia  20193

Chase Manhattan Bank USA, National Association
as Trustee and Excess Distribution Certificate Registrar
Christiana Center/OPS4
500 Stanton Christiana Road
Newark, Delaware  19713

Re:     SLM Private Credit Student Loan Trust 2003-A,
        Excess Distribution Certificate (the "Certificate")

Ladies and Gentlemen:

        In connection with our disposition of the above Certificate, we certify
that (a) we understand that the Certificate has not been registered under the
Securities Act of 1933, as amended (the "Securities Act"), and is being disposed
by us in a transaction that is exempt from the registration requirements of the
Securities Act, and (b) we have not offered or sold the Certificate to, or
solicited offers to buy the Certificate from, any person, or otherwise
approached or negotiated with any person with respect thereto, in a manner that
would be deemed, or taken any other action would result in, a violation of
Section 5 of the Securities Act.

Very truly yours,

______________________________________
[Print Name of Transferor]

By: __________________________________
    Authorized Officer

                                       C-1

<PAGE>

                                                                     EXHIBIT D-1
                                     [FORM OF TRANSFEREE LETTER (NON-RULE 144A)]

[Date]

Sallie Mae, Inc.
as Administrator
11600 Sallie Mae Drive
Reston, Virginia  20193

Chase Manhattan Bank USA, National Association
as Trustee and Excess Distribution Certificate Registrar
Christiana Center/OPS4
500 Stanton Christiana Road
Newark, Delaware  19713

Re:     SLM Private Credit Student Loan Trust 2003-A,
        Excess Distribution Certificate (the "Certificate")

Ladies and Gentlemen:

        In connection with our acquisition of the above Certificate, we certify
that (a) we understand that the Certificate is not being registered under the
Securities Act of 1933, as amended (the "Securities Act"), or any state
securities laws and are being transferred to us in a transaction that is exempt
from the registration requirements of the Securities Act and any such laws, (b)
we are an institutional "accredited investor," as defined in Rule 501 (a) (1),
(2), (3) or (7) of Regulation D under the Securities Act or an entity in which
all of the equity owners come within such paragraphs, and have such knowledge
and experience in financial and business matters that we are capable of
evaluating the merits and risks of investments in the Certificate, (c) we have
had the opportunity to ask questions of and receive answers from the Depositor
concerning the purchase of the Certificate and all matters relating thereto or
any additional information deemed necessary to our decision to purchase the
Certificate, (d) we are not acquiring the Certificate for, on behalf of or with
the assets of, an employee benefit plan or other retirement arrangement (a
"Plan") which is subject to Title I of the Employee Retirement Income Security
Act of 1974, as amended ("ERISA"), and/or Section 4975 of the Internal Revenue
Code of 1986, as amended (the "Code"), (e) we are acquiring the Certificate for
investment for our own account and not with a view to any distribution of the
Certificate (but without prejudice to our right at all times to sell or
otherwise dispose of the Certificate in accordance with clause (g) below), (f)
we have not offered or sold the Certificate to, or solicited offers to buy the
Certificate from, any person, or otherwise approached or negotiated with any
person with respect thereto, or taken any other action which would result in a
violation of Section 5 of the Securities Act, and (g) we will not sell, transfer
or otherwise dispose of the Certificate unless (1) such sale, transfer or other
disposition is made pursuant to an effective registration statement under the
Securities Act or is exempt from such registration requirements, and if
requested, we will at our expense provide an opinion of counsel satisfactory to
the addressees of this Letter that such sale, transfer

                                      D-1-1

<PAGE>

or other disposition may be made pursuant to an exemption from the Securities
Act, (2) the purchaser or transferee of such Certificate has executed and
delivered to you a certificate to substantially the same effect as this
certificate and (3) the purchaser or transferee has otherwise complied with any
conditions for transfer set forth in the Trust Agreement relating to the
Certificate.

                                  Very truly yours,

                                  ----------------------------------
                                  [Print Name of Transferee]

                                  By:_______________________________
                                           Authorized Officer

                                      D-1-2

<PAGE>

                                                                     EXHIBIT D-2
                                         [FORM OF TRANSFEREE LETTER (RULE 144A)]

[Date]

Sallie Mae, Inc.
as Administrator
11600 Sallie Mae Drive
Reston, Virginia  20193

Chase Manhattan Bank USA, National Association
as Trustee and Excess Distribution Certificate Registrar
Christiana Center/OPS4
500 Stanton Christiana Road
Newark, Delaware  19713

Re:     SLM Private Credit Student Loan Trust 2003-A,
        Excess Distribution Certificate (the "Certificate")

Ladies and Gentlemen:

        In connection with our acquisition of the above Certificate, we certify
that (a) we understand that the Certificate is not being registered under the
Securities Act of 1933, as amended (the "Securities Act"), or any state
securities laws and are being transferred to us in a transaction that is exempt
from the registration requirements of the Securities Act and any such laws, (b)
we have such knowledge and experience in financial and business matters that we
are capable of evaluating the merits and risks of investments in the
Certificate, (c) we have had the opportunity to ask questions of and receive
answers from the Depositor concerning the purchase of the Certificate and all
matters relating thereto or any additional information deemed necessary to our
decision to purchase the Certificate, (d) we are not acquiring the Certificate
for, on behalf of or with the assets of, an employee benefit plan or other
retirement arrangement (a "Plan") which is subject to Title I of the Employee
Retirement Income Security Act of 1974, as amended ("ERISA"), and/or Section
4975 of the Internal Revenue Code of 1986, as amended (the "Code"), (e) we have
not, nor has anyone acting on our behalf offered, transferred, pledged, sold or
otherwise disposed of the Certificate, any interest in the Certificate or any
other similar security to, or solicited any offer to buy or accept a transfer,
pledge or other disposition of the Certificate, any interest in the Certificate
or any other similar security from, or otherwise approached or negotiated with
respect to the Certificate, any interest in the Certificate or any other similar
security with, any person in any manner, or made any general solicitation by
means of general advertising or in any other manner, or taken any other action,
that would constitute a distribution of the Certificate under the Securities Act
or that would render the disposition of the Certificate a violation of Section 5
of the Securities Act or require registration pursuant thereto, nor will act,
nor has authorized or will authorize any person to act, in such manner with
respect to the Certificate, (f) we are a "qualified institutional buyer" as that
term is defined in Rule 144A under the Securities Act ("Rule 144A") and have
completed either of the forms of certification to

                                      D-2-1

<PAGE>

that effect attached hereto as Annex 1 or Annex 2. We are aware that the sale to
us is being made in reliance on Rule 144A. We are acquiring the Certificate for
our own account or for resale pursuant to Rule 144A and further understand that
the Certificate may be resold, pledged or transferred only (1) to a person
reasonably believed to be a qualified institutional buyer that purchases for its
own account or for the account of a qualified institutional buyer to whom notice
is given that the resale, pledge or transfer is being made in reliance on Rule
144A, or (ii) pursuant to another exemption from registration under the
Securities Act.

                                  Very truly yours,

                                  ----------------------------------
                                  [Print Name of Transferee]

                                  By:_______________________________
                                          Authorized Officer

                                      D-2-2

<PAGE>

                                                                         ANNEX 1
                        QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

          [For Transferees Other Than Registered Investment Companies]

        The undersigned (the "Buyer") hereby certifies as follows to the parties
listed in the Rule 144A Transferee Letter to which this certification relates
with respect to the Certificate described therein:

        1.      As indicated below, the undersigned is the President, Chief
Financial Officer, Senior Vice President or other executive officer of the
Buyer.

        2.      In connection with purchases by the Buyer, the Buyer is a
"qualified institutional buyer" as that term is defined in Rule 144A under the
Securities Act of 1933, as amended ("Rule 144A") because (i) the Buyer owned
and/or invested on a discretionary basis $____________\1\ in securities (except
for the excluded securities referred to below) as of the end of the Buyer's most
recent fiscal year (such amount being calculated in accordance with Rule 144A
and (ii) the Buyer satisfies the criteria in the category marked below.

                ___     Corporation, etc. The Buyer is a corporation (other than
                        a bank, savings and loan association or similar
                        institution), Massachusetts or similar business trust,
                        partnership, or charitable organization described in
                        Section 501 (c) (3) of the Internal Revenue Code of
                        1986, as amended.

                ___     Bank. The Buyer (a) is a national bank or banking
                        institution organized under the laws of any State,
                        territory or the District of Columbia, the business of
                        which is substantially confined to banking and is
                        supervised by the State or territorial banking
                        commission or similar official or is a foreign bank or
                        equivalent institution, and (b) has an audited net worth
                        of at least $25,000,000 as demonstrated in its latest
                        annual financial statements, a copy of which is attached
                        hereto.

                ___     Savings and Loan. The Buyer (a) is a savings and loan
                        association, building and loan association, cooperative
                        bank, homestead association or similar institution,
                        which is supervised and examined by a State or Federal
                        authority having supervision over any such institutions
                        or is a foreign savings and loan association or
                        equivalent institution and (b) has an audited net worth
                        of at least $25,000,000 as demonstrated in its latest
                        annual financial statements, a copy of which is attached
                        hereto.

----------
1       Buyer must own and/or invest on a discretionary basis at least
        $100,000,000 in securities unless Buyer is a dealer, and, in that case,
        Buyer must own and/or invest on a discretionary basis at least
        $10,000,000 in securities.

                                    Annex 1-1

<PAGE>

                ___     Broker-dealer. The Buyer is a dealer registered pursuant
                        to Section 15 of the Securities Exchange Act of 1934.

                ___     Insurance Company. The Buyer is an insurance company
                        whose primary and predominant business activity is the
                        writing of insurance or the reinsuring of risks
                        underwritten by insurance companies and which is subject
                        to supervision by the insurance commissioner or a
                        similar official or agency of a State, territory or the
                        District of Columbia.

                ___     State or Local Plan. The Buyer is a plan established and
                        maintained by a State, its political subdivisions, or
                        any agency or instrumentality of the State or its
                        political subdivisions, for the benefit of its
                        employees.

                ___     ERISA Plan. The Buyer is an employee benefit plan within
                        the meaning of Title I of the Employee Retirement Income
                        Security Act of 1974.

                ___     Investment Advisor. The Buyer is an investment advisor
                        registered under the Investment Advisors Act of 1940.

                ___     Small Business Investment Company. The Buyer is a small
                        business investment company licensed by the U.S. Small
                        Business Administration under Section 301(c) or (d) of
                        the Small Business Investment Act of 1958.

                ___     Business Development Company. The Buyer is a business
                        development company as defined in Section 202(a)(22) of
                        the Investment Advisors Act of 1940.

                ___     Qualified Institutional Buyers. The Buyer owned and/or
                        invested on a discretionary basis less than
                        $100,000,000, but it is an entity in which all of the
                        equity owners are qualified institutional buyers.

        3.      The term "securities" as used herein does not include (i)
                securities of issuers that are affiliated with the Buyer, (ii)
                securities that are part of an unsold allotment to or
                subscription by the Buyer, if the Buyer is a dealer, (iii)
                securities issued or guaranteed by the U.S. or any
                instrumentality thereof, (iv) bank deposit notes and
                certificates of deposit, (v) loan participations, (vi)
                repurchase agreements, (vii) securities owned but subject to a
                repurchase agreement and (viii) currency, interest rate and
                commodity swaps.

        4.      For purposes of determining the aggregate amount of securities
                owned and/or invested on a discretionary basis by the Buyer, the
                Buyer used the cost of such securities to the Buyer and did not
                include any of the securities referred to in the preceding
                paragraph, except (i) where the Buyer reports its securities
                holdings in its financial statements on the basis of their
                market value, and (ii) no current information with respect to
                the cost of those securities has been published. If clause (ii)
                in the preceding sentence applies, the securities may be valued
                at market. Further, in determining such aggregate amount, the
                Buyer may have included securities owned by subsidiaries of the
                Buyer, but only if such

                                    Annex 1-2

<PAGE>

                subsidiaries are consolidated with the Buyer in its financial
                statements prepared in accordance with generally accepted
                accounting principles and if the investments of such
                subsidiaries are managed under the Buyer's direction. However,
                such securities were not included if the Buyer is a
                majority-owned, consolidated subsidiary of another enterprise
                and the Buyer is not itself a reporting company under the
                Securities Exchange Act of 1934, as amended.

        5.      The Buyer acknowledges that it is familiar with Rule 144A and
                understands that the seller to it and other parties related to
                the Certificate are relying and will continue to rely on the
                statements made herein because one or more sales to the Buyer
                may be in reliance on Rule 144A.

        6.      Until the date of purchase of the Rule 144A Securities, the
                Buyer will notify each of the parties to which this
                certification is made of any changes in the information and
                conclusions herein. Until such notice is given, the Buyer's
                purchase of the Certificate will constitute a reaffirmation of
                this certification as of the date of such purchase. In addition,
                if the Buyer is a bank or savings and loan is provided above,
                the Buyer agrees that it will furnish to such parties updated
                annual financial statements promptly after they become
                available.

____________________________________
[Print Name of Transferee]

By:_________________________________
   Name:
   Title:

Date:______________________

                                    Annex 1-3

<PAGE>

                                                                         ANNEX 2
                        QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

           [For Transferees That are Registered Investment Companies]

        The undersigned (the "Buyer") hereby certifies as follows to the parties
listed in the Rule 144A Transferee Letter to which this certification relates
with respect to the Certificate described therein:

        1.      As indicated below, the undersigned is the President, Chief
                Financial Officer or Senior Vice President of the Buyer or, if
                the Buyer is a "qualified institutional buyer" as that term is
                defined in Rule 144A under the Securities Act of 1933, as
                amended ("Rule 144A") because Buyer is part of a Family of
                Investment Companies (as defined below), is such an officer of
                the Adviser.

        2.      In connection with purchases by Buyer, the Buyer is a "qualified
                institutional buyer" as defined in SEC Rule 144A because (i) the
                Buyer is an investment company registered under the Investment
                Company Act of 1940, as amended and (ii) as marked below, the
                Buyer alone, or the Buyer's Family of Investment Companies,
                owned at least $100,000,000 in securities (other than the
                excluded securities referred to below) as of the end of the
                Buyer's most recent fiscal year. For purposes of determining the
                amount of securities owned by the Buyer or the Buyer's Family of
                Investment Companies, the cost of such securities was used,
                except (i) where the Buyer or the Buyer's Family of Investment
                Companies reports its securities holdings in its financial
                statements on the basis of their market value, and (ii) no
                current information with respect to the cost of those securities
                has been published. If clause (ii) in the preceding sentence
                applies, the securities may be valued at market.

                ___     The Buyer owned $______________ in securities (other
                        than the excluded securities referred to below) as of
                        the end of the Buyer's most recent fiscal year (such
                        amount being calculated in accordance with Rule 144A).

                ___     The Buyer is part of a Family of Investment Companies
                        which owned in the aggregate $_____________ in
                        securities (other than the excluded securities referred
                        to below) as of the end of the Buyer's most recent
                        fiscal year (such amount being calculated in accordance
                        with Rule 144A).

        3.      The term "Family of Investment Companies" as used herein means
                two or more registered investment companies (or series thereof)
                that have the same investment adviser or investment advisers
                that are affiliated (by virtue of being majority owned
                subsidiaries of the same parent or because one investment
                adviser is a majority owned subsidiary of the other).

        4.      The tern "securities" as used herein does not include (i)
                securities of issuers that are affiliated with the Buyer or are
                part of the Buyer's Family of Investment

                                    Annex-2-1

<PAGE>

                Companies, (ii) securities issued or guaranteed by the U.S. or
                any instrumentality thereof, (iii) bank deposit notes and
                certificates of deposit, (iv) loan participations, (v)
                repurchase agreements, (vi) securities owned but subject to a
                repurchase agreement and (vii) currency, interest rate and
                commodity swaps.

        5.      The Buyer is familiar with Rule 144A and understands that the
                parties listed in the Rule 144A Transferee Letter to which this
                certification relates are relying and will continue to rely on
                the statements made herein because one or more sales to the
                Buyer will be in reliance on Rule 144A. In addition, the Buyer
                will only purchase for the Buyer's own account.

        6.      Until the date of purchase of the Certificate, the undersigned
                will notify the parties listed in the Rule 144A Transferee
                Letter to which this certification relates of any changes in the
                information and conclusions herein. Until such notice is given,
                the Buyer's purchase of the Certificate will constitute a
                reaffirmation of this certification by the undersigned as of the
                date of such purchase.

                                        _________________________________
                                        Print Name of Buyer or Adviser

                                        By:_______________________________
                                           Name:
                                           Title:

                                        [IF AN ADVISER:]

                                       _________________________________
                                       Print Name of Buyer

                                       Date:______________________

                                    Annex 2-2