EX-4.7






INDENTURE

among

SLM STUDENT LOAN TRUST 2010-1,

as the Issuer,

THE BANK OF NEW YORK MELLON TRUST COMPANY, NATIONAL ASSOCIATION,

not in its individual capacity but

solely as the Eligible Lender Trustee

and

DEUTSCHE BANK TRUST COMPANY AMERICAS,

not in its individual capacity but

solely as the Indenture Trustee

Dated as of April 15, 2010




TABLE OF CONTENTS




Page




ARTICLE I

Definitions and Usage




	 	 	 
	SECTION 1.1  

SECTION 1.2  

	 	Definitions and Usage

Incorporation by Reference of Trust Indenture Act






ARTICLE II

The Notes




	 	 	 
	SECTION 2.1  

SECTION 2.2  

SECTION 2.3  

SECTION 2.4  

SECTION 2.5  

SECTION 2.6  

SECTION 2.7  

SECTION 2.8  

SECTION 2.9  

SECTION 2.10  

SECTION 2.11  

SECTION 2.12  

	 	Form

Execution, Authentication and Delivery

Temporary Notes

Registration; Registration of Transfer and Exchange

Mutilated, Destroyed, Lost or Stolen Notes

Persons Deemed Owner

Payment of Principal and Interest; Note Interest Shortfall

Cancellation

Release of Collateral

Book-Entry Notes

Notices to Clearing Agency

Definitive Notes






ARTICLE III

Covenants, Representations and Warranties




	 	 	 
	SECTION 3.1  

SECTION 3.1A

SECTION 3.2  

SECTION 3.3  

SECTION 3.4  

SECTION 3.5  

SECTION 3.6  

SECTION 3.7  

SECTION 3.8  

SECTION 3.9  

SECTION 3.10  

SECTION 3.11  

SECTION 3.12  

SECTION 3.13  

SECTION 3.14  

SECTION 3.15  

SECTION 3.16  

SECTION 3.17  

SECTION 3.18  

SECTION 3.19  

SECTION 3.20  

	 	Payments to Noteholders

Collateral Account

Maintenance of Office or Agency

Money for Payments to be Held in Trust

Existence

Protection of Indenture Trust Estate

Opinions as to Indenture Trust Estate

Performance of Obligations; Servicing of Trust Student Loans.

Negative Covenants

Annual Statement as to Compliance

Issuer May Consolidate, etc., Only on Certain Terms.

Successor or Transferee

No Other Business

No Borrowing

Obligations of Servicer and Administrator

Guarantees, Loans, Advances and Other Liabilities

Capital Expenditures

Restricted Payments

Notice of Events of Default

Further Instruments and Acts

Representations and Warranties






ARTICLE IV

Satisfaction and Discharge




	 	 	 
	SECTION 4.1  

SECTION 4.2  

SECTION 4.3  

SECTION 4.4  

	 	Satisfaction and Discharge of Indenture

Application of Trust Money

Repayment of Moneys Held by Paying Agent

Auction of Trust Student Loans






ARTICLE V

Remedies




	 	 	 
	SECTION 5.1  

SECTION 5.2  

SECTION 5.3  

SECTION 5.4  

SECTION 5.5  

SECTION 5.6  

SECTION 5.7  

SECTION 5.8  

SECTION 5.9  

SECTION 5.10  

SECTION 5.11  

SECTION 5.12  

SECTION 5.13  

SECTION 5.14  

SECTION 5.15  

SECTION 5.16  

	 	Events of Default

Acceleration of Maturity; Rescission and Annulment

Collection of Indebtedness and Suits for Enforcement by Indenture Trustee

Remedies; Priorities

Optional Preservation of the Trust Student Loans

Limitation of Suits

Unconditional Rights of Noteholders to Receive Principal and Interest

Restoration of Rights and Remedies

Rights and Remedies Cumulative

Delay or Omission Not a Waiver

Control by Noteholders

Waiver of Past Defaults

Undertaking for Costs

Waiver of Stay or Extension Laws

Action on Notes

Performance and Enforcement of Certain Obligations.






ARTICLE VI

The Indenture Trustee




	 	 	 
	SECTION 6.1  

SECTION 6.2  

SECTION 6.3  

SECTION 6.4  

SECTION 6.5  

SECTION 6.6  

SECTION 6.7  

SECTION 6.8  

SECTION 6.9  

SECTION 6.10  

SECTION 6.11  

SECTION 6.12  

	 	Duties of Indenture Trustee

Rights of Indenture Trustee

Individual Rights of Indenture Trustee

Indenture Trustee’s Disclaimer

Notice of Defaults

Reports by Indenture Trustee to Noteholders

Compensation and Indemnity

Replacement of Indenture Trustee

Successor Indenture Trustee by Merger

Appointment of Co-Trustee or Separate Trustee.

Eligibility; Disqualification

Preferential Collection of Claims Against the Issuer






ARTICLE VII

Noteholders’ Lists and Reports




	 	 	 
	SECTION 7.1  

SECTION 7.2  

SECTION 7.3  

	 	Issuer to Furnish Indenture Trustee Names and Addresses of Noteholders

Preservation of Information; Communications to Noteholders

Reports by Issuer.






ARTICLE VIII

Accounts, Disbursements and Releases




	 	 	 
	SECTION 8.1  

SECTION 8.2  

SECTION 8.3  

SECTION 8.4  

SECTION 8.5  

	 	Collection of Money

Trust Accounts

General Provisions Regarding Accounts

Release of Indenture Trust Estate

Opinion of Counsel






ARTICLE IX

Supplemental Indentures




	 	 	 
	SECTION 9.1  

SECTION 9.2  

SECTION 9.3  

SECTION 9.4  

SECTION 9.5  

SECTION 9.6  

	 	Supplemental Indentures Without Consent of Noteholders.

Supplemental Indentures With Consent of Noteholders

Execution of Supplemental Indentures

Effect of Supplemental Indenture

Conformity with Trust Indenture Act

Reference in Notes to Supplemental Indentures






ARTICLE X

Redemption of Notes




	 	 	 
	SECTION 10.1  

SECTION 10.2  

SECTION 10.3  

	 	Redemption

Form of Redemption Notice

Notes Payable on Redemption Date






ARTICLE XI

Miscellaneous




	 	 	 	 	 	 	 	 	 
	SECTION 11.1  Compliance Certificates and Opinions, etc
SECTION 11.2  Form of Documents Delivered to Indenture Trustee
SECTION 11.3  Acts of Noteholders
	 	 	 	 	 	 	 	 
	SECTION 11.4  Notices, etc., to Indenture Trustee, Issuer and Rating Agencies
	 	 	 	 
	SECTION 11.5  Notices to Noteholders; Waiver
SECTION 11.6  Alternate Payment and Notice Provisions
SECTION 11.7  Conflict with Trust Indenture Act
SECTION 11.8  Effect of Headings and Table of Contents
SECTION 11.9  Successors and Assigns
SECTION 11.10  
	 	Separability	 	 	 	 
	SECTION 11.11  
	 	Benefits of Indenture	 	 	 	 
	SECTION 11.12  
	 	Legal Holidays	 	 	 	 
	SECTION 11.13  
	 	Governing Law	 	 	 	 
	SECTION 11.14  
	 	Counterparts	 	 	 	 
	SECTION 11.15  
	 	Recording of Indenture	 	 	 	 
	SECTION 11.16  
	 	Trust Obligations	 	 	 	 
	SECTION 11.17  
	 	No Petition	 	 	 	 
	SECTION 11.18  
	 	Inspection	 	 	 	 
	SECTION 11.19  
	 	Waiver of Jury Trial.	 	 	55	 






ARTICLE XII

Compliance with Regulation AB





	 	 	SECTION 12.1   Intent of the Parties; Reasonableness





ARTICLE XIII

Tax Considerations





	 	 	SECTION 13.1   Acknowledgement of Parties




1









	 	 	 
	APPENDICES, SCHEDULES AND EXHIBITS
	APPENDIX A

	 	Definitions and Usage
	SCHEDULE A

SCHEDULE B

EXHIBIT A

EXHIBIT B

EXHIBIT C

	 	Schedule of Trust Student Loans

Location of Trust Student Loan Files

Forms of Notes

Form of Note Depository Agreement

Servicing Criteria to be Addressed in Assessment of Compliance






INDENTURE, dated as of April 15, 2010, among SLM STUDENT LOAN TRUST 2010-1, a Delaware
statutory trust (the “Issuer”), THE BANK OF NEW YORK MELLON TRUST COMPANY, NATIONAL ASSOCIATION, a
national banking association, not in its individual capacity but solely as eligible lender trustee
on behalf of the Issuer (in such capacity, the “Eligible Lender Trustee”), and DEUTSCHE BANK TRUST
COMPANY AMERICAS, a New York banking corporation, not in its individual capacity but solely as
indenture trustee (in such capacity, the “Indenture Trustee”).



Each party agrees as follows for the benefit of the other party and for the equal and ratable
benefit of the holders of the Issuer’s Student Loan-Backed Notes (the “Notes”):



GRANTING CLAUSE




The Issuer and, with respect to the Trust Student Loans, the Eligible Lender Trustee hereby
Grant to the Indenture Trustee, as trustee for the benefit of the Noteholders, effective as of the
Closing Date all of their right, title and interest in and to the following:



(a)   the Trust Student Loans, and all obligations of the Obligors thereunder including all
moneys accrued and paid thereunder on or after the applicable Cutoff Date and all guaranties and
other rights relating to the Trust Student Loans;



(b)   the Servicing Agreement, including the right of the Issuer to cause the Servicer to
purchase Trust Student Loans from the Issuer under circumstances described therein;



(c)   the related Sale Agreement, including the right of the Issuer to cause the Depositor to
repurchase Trust Student Loans from the Issuer under the circumstances described therein and
including the rights of the Depositor under the Purchase Agreements;



(d)   the SLM ECFC Purchase Agreement, the Bluemont Funding Purchase Agreement, the Town
Center Funding Purchase Agreement, the Town Hall Funding Purchase Agreement and the VL Funding
Purchase Agreement, to the extent that the rights of the Depositor thereunder have been assigned to
the Issuer pursuant to the Sale Agreement, including the right of the Depositor to cause SLM ECFC,
Bluemont Funding, Town Center Funding, Town Hall Funding or VL Funding, as the case may be, to
repurchase Trust Student Loans from the Depositor under the circumstances described in the
applicable Purchase Agreement;



(e)   the Administration Agreement and any agreement representing Eligible Repurchase
Obligations between the Trust and an Eligible Repo Counterparty to be entered into from time to
time;



(f)   each Guarantee Agreement, including the right of the Issuer to cause the related
Guarantor to make Guarantee Payments in respect of the Trust Student Loans;



(g)   the Trust Accounts and all funds on deposit from time to time in the Trust Accounts,
including the Reserve Account Initial Deposit, the Supplemental Purchase Account Initial Deposit,
the Capitalized Interest Account Initial Deposit, the Borrower Benefit Account Initial Deposit, if
any, the Floor Income Rebate Account and the Collection Account Initial Deposit, if any, and all
investments and proceeds thereof (including all income thereon);



(h)   any interest rate cap agreement entered into with one or more interest rate cap
counterparties pursuant to Section 2.1 (kk) of the Administration Agreement; and



(i)   all present and future claims, demands, causes and choses in action in respect of any or
all of the foregoing and all payments on or under and all proceeds of every kind and nature
whatsoever in respect of any or all of the foregoing, including all proceeds of the conversion,
voluntary or involuntary, into cash or other liquid property, all cash proceeds, accounts, accounts
receivable, notes, drafts, acceptances, chattel paper, checks, general intangibles, deposit
accounts, insurance proceeds, condemnation awards, rights to payment of any and every kind and
other forms of obligations and receivables, instruments and other property which at any time
constitute all or part of or are included in the proceeds of any of the foregoing (collectively,
the “Collateral”).



The foregoing Grant is made in trust to secure the payment of principal of and interest on,
and any other amounts owing in respect of, the Notes, equally and ratably without prejudice,
priority or distinction, to secure compliance with the provisions of this Indenture.



The Indenture Trustee, as indenture trustee on behalf of the Noteholders, acknowledges such
Grant, accepts the trusts under this Indenture in accordance with the provisions of this Indenture
and agrees to perform its duties required in this Indenture to the best of its ability to the end
that the interests of the Noteholders may be adequately and effectively protected.



ARTICLE I




Definitions and Usage





SECTION 1.1   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 to this Indenture, which also contains rules as to usage that shall be applicable
herein.




SECTION 1.2   Incorporation by Reference of Trust Indenture Act. Whenever this
Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made
a part of this Indenture. The following TIA terms used in this Indenture have the following
meanings:



“Commission” means the Securities and Exchange Commission.



“indenture securities” means the Notes.



“indenture security holder” means a Noteholder.



“indenture to be qualified” means this Indenture.



“indenture trustee” or “institutional trustee” means the Indenture Trustee.



“obligor” on the indenture securities means the Issuer and any other obligor on the indenture
securities.



All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA
reference to another statute or defined by Commission rule have the meaning assigned to them by
such definitions.



ARTICLE II




The Notes





SECTION 2.1   Form. The Notes, together with the Indenture Trustee’s certificate of
authentication, shall be in substantially the forms set forth in Exhibit A, with such appropriate
insertions, omissions, substitutions and other variations as are required or permitted by this
Indenture and may have such letters, numbers or other marks of identification and such legends or
endorsements placed thereon as may, consistently herewith, be determined by the officers executing
the Notes, as evidenced by their execution of the Notes. Any portion of the text of any Note may
be set forth on the reverse thereof, with an appropriate reference thereto on the face of the
Note.



The Definitive Notes shall be typewritten, printed, lithographed or engraved or produced by
any combination of these methods (with or without steel engraved borders), all as determined by the
officers executing such Notes, as evidenced by their execution of such Notes.



The terms of the Notes set forth in Exhibit A are part of the terms of this Indenture.



Each class of Notes will be represented by a book-entry note certificate deposited on the
Closing Date with Deutsche Bank Trust Company Americas, as custodian for DTC (the “DTC Custodian”),
and registered in the name of Cede & Co. as initial nominee for DTC.




SECTION 2.2   Execution, Authentication and Delivery. The Notes shall be executed on
behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized
Officer on the Notes may be manual or facsimile.



Notes bearing the manual or facsimile signature of individuals who were at any time Authorized
Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them
have ceased to hold such offices prior to the authentication and delivery of such Notes or did not
hold such offices at the date of such Notes.



The Indenture Trustee shall upon Issuer Order authenticate and deliver the Notes in an
aggregate principal amount of $1,221,780,000. The aggregate principal amount of Notes Outstanding
at any time may not exceed such amount except as provided in Section 2.5.



Each Note shall be dated the date of its authentication. The Notes shall be issuable as
registered notes in minimum denominations of $100,000 and additional increments of $1,000.



No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for
any purpose, unless there appears on such Note a certificate of authentication substantially in the
form provided for herein executed by the Indenture Trustee by the manual signature of one of its
authorized signatories, and such certificate upon any Note shall be conclusive evidence, and the
only evidence, that such Note has been duly authenticated and delivered hereunder.




SECTION 2.3   Temporary Notes. Pending the preparation of Definitive Notes, the
Issuer may execute, and upon receipt of an Issuer Order, the Indenture Trustee shall authenticate
and deliver, temporary Notes which are printed, lithographed, typewritten, mimeographed or
otherwise produced, of the tenor of the Definitive Notes in lieu of which they are issued and with
such variations not inconsistent with the terms of this Indenture determined to be appropriate by
an Authorized Officer of the Issuer executing the temporary Notes, as evidenced by his or her
execution of such temporary Notes.



If temporary Notes are issued, the Issuer will cause Definitive Notes to be prepared without
unreasonable delay. After the preparation of Definitive Notes, the temporary Notes shall be
exchangeable for Definitive Notes upon surrender of the temporary Notes at the office or agency of
the Issuer to be maintained as provided in Section 3.2, without charge to the Noteholder. Upon
surrender for cancellation of any one or more temporary Notes, the Issuer shall execute and the
Indenture Trustee shall authenticate and deliver in exchange therefor a like principal amount of
Definitive Notes of authorized denominations. Until so exchanged, the temporary Notes shall in all
respects be entitled to the same benefits under this Indenture as Definitive Notes.




SECTION 2.4   Registration; Registration of Transfer and Exchange. The Issuer shall
cause to be kept a register (the “Note Register”) in which, subject to such reasonable regulations
as it may prescribe, the Issuer shall provide for the registration of Notes and the registration
of transfers of Notes. The Indenture Trustee shall be “Note Registrar” for the purpose of
registering Notes and transfers of Notes as herein provided. Upon any resignation of any Note
Registrar, the Issuer shall promptly appoint a successor or, if it elects not to make such an
appointment, assume the duties of Note Registrar.



If a Person other than the Indenture Trustee is appointed by the Issuer as Note Registrar, the
Issuer shall give the Indenture Trustee prompt written notice of the appointment of such Note
Registrar and of the location, and any change in the location, of the Note Register, and the
Indenture Trustee shall have the right to inspect the Note Register at all reasonable times and to
obtain copies thereof, and the Indenture Trustee shall have the right to rely upon a certificate
executed on behalf of the Note Registrar by an Executive Officer thereof as to the names and
addresses of the Noteholders and the principal amounts and number of such Notes.



Upon surrender for registration of transfer of any Note at the office or agency of the Issuer
to be maintained as provided in Section 3.2, if the requirements of Section 8-401(a) of the UCC are
met, the Issuer shall execute, and the Indenture Trustee shall authenticate and the Noteholder
shall obtain from the Indenture Trustee, in the name of the designated transferee or transferees,
one or more new Notes in any authorized denominations and a like aggregate principal amount.



At the option of the Noteholder, Notes may be exchanged for other Notes in any authorized
denominations and a like aggregate principal amount, upon surrender of the Notes to be exchanged at
such office or agency. Whenever any Notes are so surrendered for exchange, the Issuer shall
execute, and the Indenture Trustee shall authenticate and the Noteholder shall obtain from the
Indenture Trustee, the Notes which the Noteholder making the exchange is entitled to receive.



All Notes issued upon any registration of transfer or exchange of Notes shall be the valid
obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this
Indenture, as the Notes surrendered upon such registration of transfer or exchange.



Every Note presented or surrendered for registration of transfer or exchange shall be duly
endorsed by, or be accompanied by a written instrument of transfer in form satisfactory to the
Indenture Trustee, duly executed by the Noteholder thereof or such Noteholder’s attorney, and duly
authorized in writing, with such signature guaranteed by an “eligible guarantor institution”
meeting the requirements of the Note Registrar, which requirements include membership or
participation in Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Note Registrar in addition to, or in substitution
for, STAMP, all in accordance with the Exchange Act.



No service charge shall be made to a Noteholder for any registration of transfer or exchange
of Notes, but the Indenture Trustee may require payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection with any registration of transfer or
exchange of Notes, other than exchanges pursuant to Section 2.3 or 9.6 not involving any transfer.



The preceding provisions of this Section notwithstanding, the Issuer shall not be required to
make and the Note Registrar need not register transfers or exchanges of Notes selected for
redemption or of any Note for a period of 15 days preceding the due date for any payment with
respect to the Note.



Any transfer or assignment of any Note or any interest in any Note that is not effected
pursuant to the provisions of this Indenture (including, without limitation, this Section 2.4),
such as a transfer or assignment not reflected on the Note Register, shall be null and void and
shall not be taken into account by, or be binding upon, the Indenture Trustee or any other party.




SECTION 2.5   Mutilated, Destroyed, Lost or Stolen Notes. If (i) any mutilated Note
is surrendered to the Indenture Trustee, or the Indenture Trustee receives evidence to its
satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the
Issuer, the Eligible Lender Trustee and the Indenture Trustee such security or indemnity as may be
required by each of them to hold the Issuer and the Indenture Trustee harmless, then, in the
absence of notice to the Issuer, the Note Registrar or the Indenture Trustee that such Note has
been acquired by a bona fide purchaser, and provided that the requirements of Section 8-405 of the
UCC are met, the Issuer shall execute and upon its request the Indenture Trustee shall
authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or
stolen Note, a replacement Note; provided, however, that if any such destroyed,
lost or stolen Note, but not a mutilated Note, shall have become or within 15 days shall be due
and payable, or shall have been called for redemption, instead of issuing a replacement Note, the
Issuer may pay such destroyed, lost or stolen Note when so due or payable or upon the Redemption
Date without surrender thereof. If, after the delivery of such replacement Note or payment of a
destroyed, lost or stolen Note pursuant to the proviso to the preceding sentence, a bona fide
purchaser of the original Note in lieu of which such replacement Note was issued presents for
payment such original Note, the Issuer and the Indenture Trustee shall be entitled to recover such
replacement Note (or such payment) from the Person to whom it was delivered or any Person taking
such replacement Note from such Person to whom such replacement Note was delivered or any assignee
of such Person, except a bona fide purchaser, and shall be entitled to recover upon the security
or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the
Issuer or the Indenture Trustee in connection therewith.



Upon the issuance of any replacement Note under this Section, the Issuer may require the
payment by the Noteholder thereof of a sum sufficient to cover any tax or other governmental charge
that may be imposed in relation thereto and any other reasonable expenses (including the fees and
expenses of the Indenture Trustee) connected therewith.



Every replacement Note issued pursuant to this Section in replacement of any mutilated,
destroyed, lost or stolen Note shall constitute an original additional contractual obligation of
the Issuer, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time
enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Notes duly issued hereunder.



The provisions of this Section are exclusive and shall preclude (to the extent lawful) all
other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost
or stolen Notes.




SECTION 2.6   Persons Deemed Owner. Prior to due presentment for registration of
transfer of any Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the
Indenture Trustee may treat the Person in whose name any Note is registered (as of the day of
determination) as the owner of such Note for the purpose of receiving payments of principal of,
interest, if any, on such Note and for all other purposes whatsoever, whether or not such Note be
overdue, and neither the Issuer, the Indenture Trustee nor any agent of the Issuer or the
Indenture Trustee shall be affected by notice to the contrary.




SECTION 2.7   Payment of Principal and Interest; Note Interest Shortfall. (a)  The
Notes shall accrue interest as provided in the forms of Notes set forth in Exhibit A and such
interest shall be payable on each applicable Distribution Date as specified therein, subject to
Section 3.1. Any installment of interest or principal, if any, payable on any Note which is
punctually paid or duly provided for by the Issuer on the Distribution Date shall be paid to the
Person in whose name such Note (or one or more Predecessor Notes) is registered on the applicable
Record Date by check mailed first-class, postage prepaid to such Person’s address as it appears on
the Note Register on such Record Date, except that, unless Definitive Notes have been issued
pursuant to Section 2.12, with respect to Notes registered on the Record Date in the name of the
nominee of the applicable Clearing Agency, for the Notes, payment shall be made by wire transfer
in immediately available funds to the account designated by such nominee and except for the final
installment of principal payable with respect to such Note on a Distribution Date or on the Note
Final Maturity Date for such Note which shall be payable as provided below. The funds represented
by any such checks returned undelivered shall be held in accordance with Section 3.3.



(b)   The principal amount of each class of Notes shall be payable in installments on each
Distribution Date as provided in the forms of Notes set forth in Exhibit A. Notwithstanding the
foregoing, the Outstanding Amount of each class of Notes shall be due and payable, if not
previously paid, on the Note Final Maturity Date for such class of Notes and on the date on which
an Event of Default shall have occurred and be continuing if the Indenture Trustee or the
Noteholders of the Notes representing at least a majority of the Outstanding Amount of the Notes
have declared the Notes to be immediately due and payable in the manner provided in Section 5.2.
The Indenture Trustee shall notify the Person in whose name a Note is registered at the close of
business on the Record Date preceding the Distribution Date on which the Issuer expects that the
final installment of principal of and interest on such Note will be paid. Such notice shall be
mailed or transmitted prior to such final Distribution Date and shall specify that such final
installment will be payable only upon presentation and surrender of such Note and shall specify the
place where such Note may be presented and surrendered for payment of such installment. Notices in
connection with redemptions of Notes shall be mailed to Noteholders as provided in Section 10.2.



(c)   If the Issuer defaults in a payment of interest at the applicable Note Rate on the
Notes, the Issuer shall pay the resulting Note Interest Shortfall on the following Distribution
Date as provided in the Administration Agreement.




SECTION 2.8   Cancellation. All Notes surrendered for payment, registration of
transfer, exchange or redemption shall, if surrendered to any Person other than the Indenture
Trustee, be delivered to the Indenture Trustee and shall be promptly cancelled by the Indenture
Trustee. The Issuer may at any time deliver to the Indenture Trustee for cancellation any Notes
previously authenticated and delivered hereunder which the Issuer may have acquired in any manner
whatsoever and all Notes so delivered shall be promptly cancelled by the Indenture Trustee. No
Notes shall be authenticated in lieu of or in exchange for any Notes cancelled as provided in this
Section, except as expressly permitted by this Indenture. All canceled Notes may be held or
disposed of by the Indenture Trustee in accordance with its standard retention or disposal policy
as in effect at the time, unless the Issuer shall direct by an Issuer Order that the canceled
Notes be returned to it and so long as such Issuer Order is timely and the canceled Notes have not
been previously disposed of by the Indenture Trustee.




SECTION 2.9   Release of Collateral. Subject to Section 11.1 and the terms of the
Basic Documents, the Indenture Trustee shall release property from the lien of this Indenture only
upon receipt of an Issuer Request accompanied by an Officers’ Certificate of the Issuer, an
Opinion of Counsel and Independent Certificates in accordance with TIA §§ 314(c) and 314(d)(1) or
an Opinion of Counsel in lieu of such Independent Certificates to the effect that the TIA does not
require any such Independent Certificates.




SECTION 2.10   Book-Entry Notes. The Notes, upon original issuance, will be issued
in the form of typewritten Notes representing the Book-Entry Notes, to be delivered to the
applicable initial Clearing Agency, by the Issuer, or on behalf of the Issuer. Such Notes shall
initially be registered on the Note Register in the name of the nominee of the related initial
Clearing Agency, and no Note Owner shall receive a definitive, fully registered note (a
“Definitive Note”) representing such Note Owner’s interest in such Note, except as provided in
Section 2.12. Unless and until Definitive Notes have been issued to Note Owners pursuant to
Section 2.12:



(i)   the provisions of this Section shall be in full force and effect;



(ii)   the Note Registrar and the Indenture Trustee, and their respective directors, officers,
employees and agents, may deal with the applicable Clearing Agency for all purposes (including the
payment of principal of and interest and other amounts on the Notes) as the authorized
representative of the Note Owners;



(iii)   to the extent that the provisions of this Section conflict with any other provisions
of this Indenture, the provisions of this Section shall control;



(iv)   the rights of Note Owners shall be exercised only through the applicable Clearing
Agency and shall be limited to those established by law and agreements between such Note Owners and
the applicable Clearing Agency and/or the applicable Clearing Agency Participants pursuant to the
Note Depository Agreement; and unless and until Definitive Notes are issued pursuant to Section
2.12, the applicable initial Clearing Agency will make book-entry transfers among the applicable
Clearing Agency Participants and receive and transmit payments of principal of and interest and
other amounts on the Notes to such applicable Clearing Agency Participants;



(v)   whenever this Indenture requires or permits actions to be taken based upon instructions
or directions of Noteholders of Notes evidencing a specified percentage of the Outstanding Amount
of the Notes, the applicable Clearing Agency shall be deemed to represent such percentage only to
the extent that it has received instructions to such effect from Note Owners and/or applicable
Clearing Agency Participants owning or representing, respectively, such required percentage of the
beneficial interest in the Notes and has delivered such instructions to the Indenture Trustee; and



(vi)   upon acquisition or transfer of a beneficial interest in any Book-Entry Note by, for or
with the assets of, a Benefit Plan, such Note Owner shall be deemed to have represented that such
acquisition or purchase will not constitute or otherwise result in: (i) in the case of a Benefit
Plan subject to Title I of ERISA or Section 4975 of the Code, a non-exempt prohibited transaction
in violation of Section 406 of ERISA or Section 4975 of the Code which is not covered by a class or
other applicable exemption and (ii) in the case of a Benefit Plan subject to a substantially
similar federal, state, local or foreign law, a non-exempt violation of such substantially similar
law. Any transfer found to have been made in violation of such deemed representation shall be null
and void and of no effect.




SECTION 2.11   Notices to Clearing Agency. Whenever a notice or other communication
to the Noteholders is required under this Indenture, unless and until Definitive Notes shall have
been issued to Note Owners pursuant to Section 2.12, the Indenture Trustee shall give all such
notices and communications specified herein to be given to the Noteholders to the applicable
Clearing Agency.




SECTION 2.12   Definitive Notes. If (i) the Administrator advises the Indenture
Trustee in writing that a Clearing Agency (a) is closed for business for a continuous period of 14
days (other than by reason of holiday, statutory or otherwise), (b) announces an intention to
cease business permanently (or does so and no alternative clearing system acceptable to the
Indenture Trustee is then available), or (c) at any time, is unwilling or unable to continue as,
or ceases to be, a clearing agency registered under all applicable laws, and a successor clearing
agency which is registered as a clearing agency under all applicable laws is not appointed by the
Administrator within 90 days of such event, (ii) the Administrator at its option advises the
Indenture Trustee in writing that it elects to terminate the book-entry system through such
Clearing Agency, or (iii) after the occurrence of an Event of Default, a Servicer Default or an
Administrator Default, Note Owners representing beneficial interests aggregating at least a
majority of the Outstanding Amount of the applicable Notes advise the applicable Clearing Agency
(which shall then notify the Indenture Trustee) in writing that the continuation of a book-entry
system through such Clearing Agency is no longer in the best interests of such Note Owners, then
the Indenture Trustee shall cause such Clearing Agency to notify all Note Owners of Notes cleared
through such Clearing Agency, of the occurrence of any such event and of the availability of
Definitive Notes to Note Owners requesting the same.



Upon surrender to the Indenture Trustee of the typewritten Notes representing the Book-Entry
Notes by a Clearing Agency, accompanied by registration instructions, the Issuer shall execute and
the Indenture Trustee shall authenticate the Definitive Notes in accordance with the instructions
of such Clearing Agency, which shall include, without limitation, the identity and payment
instructions for all Noteholders of the applicable Notes. None of the Issuer, the Note Registrar
or the Indenture Trustee shall be liable for any delay in delivery of such instructions and may
conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance
of Definitive Notes, the Indenture Trustee shall recognize the holders of the Definitive Notes as
Noteholders.



Upon acquisition or transfer of a Definitive Note by, for or with the assets of, a Benefit
Plan, the related Note Owner shall be deemed to have represented that such acquisition or purchase
will not constitute or otherwise result in: (i) in the case of a Benefit Plan subject to Title I of
ERISA or Section 4975 of the Code, a non-exempt prohibited transaction in violation of Section 406
of ERISA or Section 4975 of the Code which is not covered by a class or other applicable exemption
and (ii) in the case of a Benefit Plan subject to a substantially similar law, a non-exempt
violation of such substantially similar law. Any transfer found to have been made in violation of
such deemed representation shall be null and void and of no effect.



ARTICLE III




Covenants, Representations and Warranties 





SECTION 3.1   Payments to Noteholders. The Issuer shall duly and punctually pay the
principal and interest, if any, with respect to the Notes in accordance with the terms of the
Notes and this Indenture. Without limiting the foregoing, the Issuer shall cause to be
distributed to Noteholders in accordance with the Administration Agreement that portion of the
amounts on deposit in the Trust Accounts on a Distribution Date (other than any Eligible
Investments deposited therein that will mature on the Business Day preceding a subsequent
Distribution Date), which the Noteholders are entitled to receive pursuant to Sections 2.7 and 2.8
of the Administration Agreement. Amounts properly withheld under the Code by any Person from a
payment to any Noteholder of interest and/or principal shall be considered as having been paid by
the Issuer to such Noteholder for all purposes of this Indenture.




SECTION 3.1A Collateral Account. In the event that pursuant to the terms of a
potential future interest rate cap agreement, the potential future cap counterparty is required to
deposit cash or securities as collateral to secure its obligations (“Collateral”), the Indenture
Trustee at the written direction of the potential future cap counterparty shall establish and
maintain an Eligible Deposit Account in the name of the Indenture Trustee for the benefit of the
Issuer and the potential future cap counterparty (an “Interest Rate Cap Agreement Collateral
Account”). All sums on deposit and securities held in any Interest Rate Cap Agreement Collateral
Account shall be used only for the purposes set forth in the related credit support agreement to
be entered into between the Trust and the potential future cap counterparty (the “Credit Support
Agreement”); provided, however, that the Indenture Trustee is not a party to the
Credit Support Agreement and shall have no obligations or responsibilities under the Credit
Support Agreement, nor any obligation to monitor the Issuer’s or the potential future cap
counterparty’s compliance with the terms of the Credit Support Agreement. The Interest Rate Cap
Agreement Collateral Account will constitute an additional Trust Account. Amounts on deposit in
any Interest Rate Cap Agreement Collateral Account may be invested in Eligible Investments at the
written direction of the potential future cap counterparty and on each Distribution Date, all
Investment Earnings actually received by the Indenture Trustee on amounts on deposit in the
Interest Rate Cap Agreement Collateral Account or on securities held by the Indenture Trustee as
Collateral shall be paid directly to the potential future cap counterparty and not become part of
Available Funds in accordance with the terms of the Credit Support Annex. The Indenture Trustee
shall not be liable for any losses on investments made in accordance with the potential future cap
counterparty’s direction. All amounts deposited in the Interest Rate Cap Agreement Collateral
Account shall be paid to the Issuer (and become part of Available Funds on the related
Distribution Date) or returned to the related potential future cap counterparty (in either case,
upon receipt by the Indenture Trustee of written instructions from the Administrator to release
the amounts on deposit) in accordance with the provisions set forth in the related Credit Support
Agreement.




SECTION 3.2   Maintenance of Office or Agency. The Issuer shall maintain in the
Borough of Manhattan, The City of New York and in Luxembourg, so long as any of the Notes are
listed on the Luxembourg Stock Exchange and the rules of such exchange so require, or in such
other jurisdiction if any of the Notes are listed on another stock exchange of international
standing and the rules of such other exchange so require, an office or agency where Notes may be
surrendered for registration of transfer or exchange, and where notices and demands to or upon the
Issuer in respect of the Notes and this Indenture may be served. The Issuer hereby initially
appoints the Indenture Trustee (and, with respect to Luxembourg matters, such affiliate of the
Indenture Trustee as the Indenture Trustee shall designate) to serve as its agent for the
foregoing purposes. The Issuer shall give prompt written notice to the Indenture Trustee of the
location, and of any change in the location, of any such office or agency. If at any time the
Issuer shall fail to maintain any such office or agency or shall fail to furnish the Indenture
Trustee with the address thereof, such surrenders, notices and demands may be made or served at
the Corporate Trust Office, and the Issuer hereby appoints the Indenture Trustee as its agent to
receive all such surrenders, notices and demands.




SECTION 3.3   Money for Payments to be Held in Trust. As provided in Section 8.2(a)
and (b), all payments of amounts due and payable with respect to any Notes that are to be made
from amounts distributed from the Collection Account or any other Trust Account pursuant to
Section 2.7, or deposited into the Collection Account from the Capitalized Interest Account, the
Supplemental Purchase Account, the Borrower Benefit Account, the Floor Income Rebate Account or
the Reserve Account, pursuant to Sections 2.7 and 2.8 of the Administration Agreement shall be
made on behalf of the Issuer by the Indenture Trustee or by another Paying Agent, and no amounts
so distributed from the Collection Account or any other Trust Account for payments to Noteholders
shall be paid over to the Issuer except as provided in this Section.



On or before the Business Day next preceding each Distribution Date and Redemption Date, the
Issuer shall distribute or cause to be distributed to the Indenture Trustee (or any other Paying
Agent) an aggregate sum sufficient to pay the amounts then becoming due under the Notes, such sum
to be held in trust for the benefit of the Persons entitled thereto and (unless the Paying Agent is
the Indenture Trustee) shall promptly notify the Indenture Trustee of its action or failure so to
act.



The Issuer shall cause each Paying Agent other than the Indenture Trustee to execute and
deliver to the Indenture Trustee an instrument in which such Paying Agent shall agree with the
Indenture Trustee (and if the Indenture Trustee acts as Paying Agent, it hereby so agrees), subject
to the provisions of this Section, that such Paying Agent will:



(i)   hold all sums held by it for the payment of amounts due with respect to the Notes in
trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons
or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided;



(ii)   give the Indenture Trustee notice of any default by the Issuer of which it has actual
knowledge (or any other obligor upon the Notes) in the making of any payment required to be made
with respect to the Notes;



(iii)   at any time during the continuance of any such default, upon the written request of
the Indenture Trustee, forthwith pay to the Indenture Trustee all sums so held in trust by such
Paying Agent;



(iv)   immediately resign as a Paying Agent and forthwith pay to the Indenture Trustee all
sums held by it in trust for the payments due under the Notes if at any time it ceases to meet the
standards required to be met by a Paying Agent at the time of its appointment; and



(v)   comply with all requirements of the Code with respect to the withholding from any
payments made by it on any Notes of any applicable withholding taxes imposed thereon and with
respect to any applicable reporting requirements in connection therewith.



The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of
this Indenture or for any other purpose, by Issuer Order direct any Paying Agent to pay to the
Indenture Trustee all sums held in trust by such Paying Agent, such sums to be held by the
Indenture Trustee upon the same trusts as those upon which the sums were held by such Paying Agent;
and upon such payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be
released from all further liability with respect to such money.



Subject to applicable laws with respect to escheat of funds, any money held by the Indenture
Trustee or any Paying Agent in trust for the payment of any amount due with respect to any Note and
remaining unclaimed for two years after such amount has become due and payable shall be discharged
from such trust and be paid to the Issuer on Issuer Request or if the Issuer has been terminated to
the Depositor upon its written request; and the Noteholder thereof shall thereafter, as an
unsecured general creditor, look only to the Issuer for payment thereof (but only to the extent of
the amounts so paid to the Issuer), and all liability of the Indenture Trustee or such Paying Agent
with respect to such trust money shall thereupon cease; provided, however, that the
Indenture Trustee or such Paying Agent, before being required to make any such repayment, shall at
the expense and direction of the Issuer cause to be published once, in a newspaper published in the
English language, customarily published on each Business Day and of general circulation in The City
of New York and in Luxembourg, so long as any of the Notes are listed on the Luxembourg Stock
Exchange and the rules of such stock exchange so require, or in such other jurisdiction if any of
the Notes are listed on another stock exchange of international standing and the rules of such
other exchange so require, notice that such money remains unclaimed and that, after a date
specified therein, which shall not be less than 30 days from the date of such publication, any
unclaimed balance of such money then remaining will be repaid to the Issuer. The Indenture Trustee
shall also adopt and employ, at the expense of the Issuer, any other reasonable means of
notification of such repayment (including mailing notice of such repayment to Noteholders whose
Notes have been called but have not been surrendered for redemption or whose right to or interest
in moneys due and payable but not claimed is determinable from the records of the Indenture Trustee
or of any Paying Agent, at the last address of record for each such Noteholder).




SECTION 3.4   Existence. The Issuer shall keep in full effect its existence, rights
and franchises as a statutory trust under the laws of the State of Delaware (unless it becomes, or
any successor Issuer hereunder is or becomes, organized under the laws of any other State or of
the United States of America, in which case the Issuer shall keep in full effect its existence,
rights and franchises under the laws of such other jurisdiction) and shall obtain and preserve its
qualification to do business in each jurisdiction in which such qualification is or shall be
necessary to protect the validity and enforceability of this Indenture, the Notes, the Collateral
and each other instrument or agreement included in the Indenture Trust Estate.




SECTION 3.5   Protection of Indenture Trust Estate. The Issuer will from time to
time execute and deliver all such supplements and amendments hereto, all such financing statements
and continuation statements and will take such other action necessary or advisable to:



(i)   maintain or preserve the lien and security interest (and the priority thereof) of this
Indenture or carry out more effectively the purposes hereof;



(ii)   perfect, publish notice of or protect the validity of any grant made or to be made by
this Indenture;



(iii)   enforce any of the Collateral; or



(iv)   preserve and defend title to the Indenture Trust Estate and the rights of the Indenture
Trustee and the Noteholders in such Indenture Trust Estate against the claims of all persons and
parties.



The Issuer hereby designates the Indenture Trustee its agent and attorney-in-fact to execute
any financing statement, continuation statement or other instrument required to be executed
pursuant to this Section.




SECTION 3.6   Opinions as to Indenture Trust Estate. (a)  On the Closing Date, the
Issuer shall furnish to the Indenture Trustee an Opinion of Counsel either stating that, in the
opinion of such counsel, such action has been taken with respect to the recording and filing of
this Indenture as is necessary to perfect and make effective the lien and security interest of
this Indenture and reciting the details of such action, or stating that, in the opinion of such
counsel, no such action is necessary to make such lien and security interest effective.



(b)   On or before December 31 in each calendar year, beginning in 2010, the Issuer shall
furnish to the Indenture Trustee an Opinion of Counsel either stating that, in the opinion of such
counsel, such action has been taken with respect to the recording, filing, re-recording and
refiling of this Indenture and any indentures supplemental hereto as is necessary to maintain the
lien and security interest created by this Indenture and relating the details of such action or
stating that in the opinion of such counsel no such action is necessary to maintain such lien and
security interest. Such Opinion of Counsel shall also describe the recording, filing, recording
and refiling of this Indenture and any indentures supplemental hereto that will, in the opinion of
such counsel, be required to maintain the lien and security interest of this Indenture until
December 31 in the following calendar year.




SECTION 3.7   Performance of Obligations; Servicing of Trust Student Loans.



(a)   The Issuer will not take any action and will use its best efforts not to permit any
action to be taken by others that would release any Person from any of such Person’s material
covenants or obligations under any instrument or agreement included in the Indenture Trust Estate
or that would result in the amendment, hypothecation, subordination, termination or discharge of,
or impair the validity or effectiveness of, any such instrument or agreement, except as expressly
provided in this Indenture, any other Basic Document or such other instrument or agreement.



(b)   The Issuer may contract with other Persons to assist it in performing its duties under
this Indenture, and any performance of such duties by a Person identified to the Indenture Trustee
in an Officers’ Certificate of the Issuer shall be deemed to be action taken by the Issuer;
provided, however, the Issuer shall not be liable for any acts of Persons with whom
the Issuer has contracted with reasonable care. Initially, the Issuer has contracted with the
Servicer and the Administrator to assist the Issuer in performing its duties under this Indenture.
The Issuer shall give written notice to the Indenture Trustee and each Rating Agency then rating
the Notes of any such contract with any other Person.



(c)   The Issuer shall punctually perform and observe all of its obligations and agreements
contained in this Indenture, the other Basic Documents and the instruments and agreements included
in the Indenture Trust Estate, including filing or causing to be filed all UCC financing statements
and continuation statements prepared by the Issuer and required to be filed by the terms of this
Indenture and the Administration Agreement in accordance with and within the time periods provided
for herein and therein. Except as otherwise expressly provided therein, the Issuer shall not
waive, amend, modify, supplement or terminate any Basic Document or any provision thereof without
the consent of the Indenture Trustee or the Noteholders of at least a majority of the Outstanding
Amount of the Notes. The Issuer shall give written notice to each Rating Agency then rating the
Notes of any such waiver, amendment, modification, supplement or termination that requires the
consent of the Indenture Trustee or the Noteholders of at least a majority of the Outstanding
Amount of the Notes.



(d)   If an Authorized Officer of the Issuer shall have knowledge of the occurrence of a
Servicer Default or an Administrator Default under the Servicing Agreement or the Administration
Agreement, respectively, the Issuer shall promptly notify the Indenture Trustee and the Rating
Agencies then rating the Notes thereof, and shall specify in such notice the action, if any, the
Issuer is taking with respect to such default. If a Servicer Default shall arise from the failure
of the Servicer to perform any of its duties or obligations under the Servicing Agreement, or an
Administrator Default shall arise from the failure of the Administrator to perform any of its
duties or obligations under the Administration Agreement, as the case may be, with respect to the
Trust Student Loans, the Issuer shall take all reasonable steps available to it to enforce its
rights under the Basic Documents in respect of such failure.



(e)   As promptly as possible after the giving of notice of termination to the Servicer of the
Servicer’s rights and powers, pursuant to Section 5.1 of the Servicing Agreement, or to the
Administrator of the Administrator’s rights and powers, pursuant to Section 5.1 of the
Administration Agreement, the Issuer shall appoint a successor servicer (the “Successor Servicer”)
or a successor administrator (the “Successor Administrator”), respectively, and such Successor
Servicer or Successor Administrator, as the case may be, shall accept its appointment by a written
assumption in a form acceptable to the Indenture Trustee. In the event that a Successor Servicer
or Successor Administrator has not been appointed and accepted its appointment at the time when the
Servicer or Administrator, as the case may be, ceases to act as Servicer or Administrator,
respectively, the Indenture Trustee without further action shall automatically be appointed the
Successor Servicer or Successor Administrator, as the case may be. The Indenture Trustee may
resign as the Successor Servicer or the Successor Administrator by giving written notice of
resignation to the Issuer and in such event will be released from such duties and obligations, such
release not to be effective until the date a new servicer or a new administrator, as the case may
be, enters into an agreement with the Issuer as provided below; provided, however,
that nothing herein shall require or permit the Indenture Trustee to act as Servicer, or otherwise
service the Trust Student Loans, in violation of the Higher Education Act. Upon delivery of any
such notice to the Issuer, the Issuer shall obtain a new servicer as the Successor Servicer under
the Servicing Agreement or a new administrator as the Successor Administrator under the
Administration Agreement, as the case may be. Any Successor Servicer or Successor Administrator,
other than the Indenture Trustee, shall (i) be an established institution (A) that satisfies any
requirements of the Higher Education Act applicable to servicers and (B) whose regular business
includes the servicing or administration of student loans, as the case may be, and (ii) enter into
a servicing agreement or an administration agreement, respectively, with the Issuer having
substantially the same provisions as the provisions of the Servicing Agreement and the
Administration Agreement, as applicable. If within 30 days after the delivery of the notice
referred to above, the Issuer shall not have obtained such a new servicer or new administrator, as
the case may be, the Indenture Trustee may appoint, or may petition a court of competent
jurisdiction to appoint, a Successor Servicer or Successor Administrator, as applicable;
provided, however, that such right to appoint or to petition for the appointment of
any such successor shall in no event relieve the Indenture Trustee from any obligations otherwise
imposed on it under the Basic Documents until such successor has in fact assumed such appointment.
In connection with any such appointment, the Indenture Trustee may make such arrangements for the
compensation of such successor as it and such successor shall agree, subject to the limitations set
forth below and in the Servicing Agreement or Administration Agreement, as applicable, and in
accordance with Section 5.2 of the Servicing Agreement and Section 5.2 of the Administration
Agreement, the Issuer shall enter into an agreement with such successor for the servicing or
administration of the Trust Student Loans (such agreement to be in form and substance satisfactory
to the Indenture Trustee). If the Indenture Trustee shall succeed as provided herein to the
Servicer’s duties as Servicer with respect to the Trust Student Loans, or the Administrator’s
duties as Administrator with respect to the Issuer and the Trust Student Loans, as the case may be,
it shall do so in its individual capacity and not in its capacity as Indenture Trustee and,
accordingly, the provisions of Article VI hereof shall be inapplicable to the Indenture Trustee in
its duties as the successor to the Servicer or the Administrator, as the case may be, and the
servicing or administration of the Trust Student Loans. In case the Indenture Trustee shall become
successor to the Servicer or the Administrator, the Indenture Trustee shall be entitled to appoint
as Servicer or as Administrator, as the case may be, any one of its Affiliates, provided that such
appointment shall not affect or alter in any way the liability of the Indenture Trustee as
Successor Servicer or Successor Administrator, respectively, in accordance with the terms hereof.



(f)   Upon any termination of the Servicer’s rights and powers pursuant to the Servicing
Agreement, or any termination of the Administrator’s rights and powers pursuant to the
Administration Agreement, as the case may be, the Issuer shall promptly notify the Indenture
Trustee and each Rating Agency then rating the Notes. As soon as a Successor Servicer or a
Successor Administrator is appointed, the Issuer shall notify the Indenture Trustee and each Rating
Agency then rating the Notes of such appointment, specifying in such notice the name and address of
such Successor Servicer or such Successor Administrator.



(g)   [Reserved].



(h)   Without derogating from the absolute nature of the assignment granted to the Indenture
Trustee under this Indenture or the rights of the Indenture Trustee hereunder, the Issuer agrees
that it will not, without the prior written consent of the Indenture Trustee or the Noteholders of
at least a majority in Outstanding Amount of the Notes, amend, modify, supplement, terminate, waive
or surrender, or agree to any amendment, modification, supplement, termination, waiver or surrender
of, the terms of any Collateral or the Basic Documents, except to the extent otherwise provided in
the Basic Documents, or waive timely performance or observance by the Servicer, the Administrator,
the Depositor, any Excess Distribution Certificateholder, SLM ECFC, Bluemont Funding, Town Center
Funding, Town Hall Funding, VL Funding, the Issuer or the Eligible Lender Trustee under the Basic
Documents; provided, however, that no such amendment shall (i) increase or reduce
in any manner the amount of, or accelerate or delay the timing of, distributions that are required
to be made for the benefit of the Noteholders, or (ii) reduce the aforesaid percentage of the Notes
which are required to consent to any such amendment, without the consent of the Noteholders of all
the Outstanding Notes. If any such amendment, modification, supplement or waiver shall be so
consented to by the Indenture Trustee or such Noteholders, the Issuer shall give written notice
thereof to each Rating Agency then rating the Notes and agrees, promptly following a request by the
Indenture Trustee to do so, to execute and deliver, in its own name and at its own expense, such
agreements, instruments, consents and other documents as the Indenture Trustee may deem necessary
or appropriate in the circumstances.




SECTION 3.8   Negative Covenants. So long as any Notes are Outstanding, the Issuer
shall not:



(i)   except as expressly permitted by this Indenture or any other Basic Document, sell,
transfer, exchange or otherwise dispose of any of the properties or assets of the Issuer, including
those included in the Indenture Trust Estate, unless directed to do so by the Indenture Trustee;



(ii)   claim any credit on, or make any deduction from the principal or interest payable in
respect of, the Notes (other than amounts properly withheld from such payments under the Code or
applicable state law) or assert any claim against any present or former Noteholder by reason of the
payment of the taxes levied or assessed upon any part of the Indenture Trust Estate; or



(iii)   (A) permit the validity or effectiveness of this Indenture to be impaired, or permit
the lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or
permit any Person to be released from any covenants or obligations with respect to the Notes under
this Indenture except as may be expressly permitted hereby, (B) permit any lien, charge, excise,
claim, security interest, mortgage or other encumbrance (other than the lien of this Indenture) to
be created on or extend to or otherwise arise upon or burden the Indenture Trust Estate or any part
thereof or any interest therein or the proceeds thereof (other than tax liens and other liens that
arise by operation of law, and other than as expressly permitted by the Basic Documents) or (C)
permit the lien of this Indenture not to constitute a valid first priority (other than with respect
to any such tax or other lien) security interest in the Indenture Trust Estate.




SECTION 3.9   Annual Statement as to Compliance. The Issuer will deliver to the
Indenture Trustee and each Rating Agency then rating the Notes, within 90 days after the end of
each fiscal year of the Issuer (commencing with the fiscal year ending December 31, 2010), an
Officers’ Certificate of the Issuer stating that:



(i)   a review of the activities of the Issuer during such year and of performance under this
Indenture has been made under such Authorized Officers’ supervision; and



(ii)   to the best of such Authorized Officers’ knowledge, based on such review, the Issuer
has complied with all conditions and covenants under this Indenture throughout such year, or, if
there has been a default in the compliance of any such condition or covenant, specifying each such
default known to such Authorized Officers and the nature and status thereof.




SECTION 3.10   Issuer May Consolidate, etc., Only on Certain Terms.



(a)   The Issuer shall not consolidate or merge with or into any other Person, unless:



(i)   the Person (if other than the Issuer) formed by or surviving such consolidation or
merger shall be a Person organized and existing under the laws of the United States of America or
any State and shall expressly assume, by an indenture supplemental hereto, executed and delivered
to the Indenture Trustee, in form satisfactory to the Indenture Trustee, the due and punctual
payment of the principal of, and interest, if any, on all Notes and the performance or observance
of every agreement and covenant of this Indenture and the other Basic Documents on the part of the
Issuer to be performed or observed, all as provided herein;



(ii)   immediately after giving effect to such transaction, no Default shall have occurred and
be continuing;



(iii)   the Rating Agency Condition shall have been satisfied with respect to such
transaction;



(iv)   the Issuer shall have received an Opinion of Counsel (and shall have delivered copies
thereof to the Indenture Trustee) to the effect that such transaction will not have any material
adverse federal or Delaware state tax consequence to the Issuer or any Noteholder;



(v)   any action as is necessary to maintain the lien and security interest created by this
Indenture shall have been taken; and



(vi)   the Issuer shall have delivered to the Indenture Trustee an Officers’ Certificate of
the Issuer and an Opinion of Counsel each stating that such consolidation or merger and such
supplemental indenture comply with this Article III and that all conditions precedent herein
provided for relating to such transaction have been complied with (including any filing required by
the Exchange Act).



(b)   The Issuer shall not convey or transfer all or substantially all of its properties or
assets, including those included in the Indenture Trust Estate, to any Person, unless:



(i)   the Person that acquires by conveyance or transfer the properties and assets of the
Issuer the conveyance or transfer of which is hereby restricted shall (A) be a United States
citizen or a Person organized and existing under the laws of the United States of America or any
State, (B) expressly assume, by an indenture supplemental hereto, executed and delivered to the
Indenture Trustee, in form satisfactory to the Indenture Trustee, the due and punctual payment of
the principal of, and interest, if any, on all Notes and the performance or observance of every
agreement and covenant of this Indenture on the part of the Issuer to be performed or observed, all
as provided herein, (C) expressly agree by means of such supplemental indenture that all right,
title and interest so conveyed or transferred shall be subject and subordinate to the rights of
Noteholders, (D) unless otherwise provided in such supplemental indenture, expressly agree to
indemnify, defend and hold harmless the Issuer against and from any loss, liability or expense
arising under or related to this Indenture and the Notes and (E) expressly agree by means of such
supplemental indenture that such Person (or if a group of Persons, then one specified Person) shall
make all filings with the Commission (and any other appropriate Person) required by the Exchange
Act in connection with the Notes;



(ii)   immediately after giving effect to such transaction, no Default shall have occurred and
be continuing;



(iii)   the Rating Agency Condition shall have been satisfied with respect to such
transaction;



(iv)   the Issuer shall have received an Opinion of Counsel (and shall have delivered copies
thereof to the Indenture Trustee) to the effect that such transaction will not have any material
adverse federal or Delaware state tax consequence to the Issuer or any Noteholder;



(v)   any action as is necessary to maintain the lien and security interest created by this
Indenture shall have been taken; and



(vi)   the Issuer shall have delivered to the Indenture Trustee an Officers’ Certificate of
the Issuer and an Opinion of Counsel each stating that such conveyance or transfer and such
supplemental indenture comply with this Article III and that all conditions precedent herein
provided for relating to such transaction have been complied with (including any filing required by
the Exchange Act).




SECTION 3.11   Successor or Transferee. (a)  Upon any consolidation or merger of the
Issuer in accordance with Section 3.10(a), the Person formed by or surviving such consolidation or
merger (if other than the Issuer) shall succeed to, and be substituted for, and may exercise every
right and power of, the Issuer under this Indenture with the same effect as if such Person had
been named as the Issuer herein.



(b)   Upon a conveyance or transfer of all the assets and properties of the Issuer pursuant to
Section 3.10(b), SLM Student Loan Trust 2010-1 will be released from every covenant and agreement
of this Indenture to be observed or performed on the part of the Issuer with respect to the Notes
immediately upon the delivery by the Issuer of written notice to the Indenture Trustee stating that
SLM Student Loan Trust 2010-1 is to be so released.




SECTION 3.12   No Other Business. The Issuer shall not engage in any business other
than financing, purchasing, owning, selling and managing the Trust Student Loans and the other
assets of the Issuer and related proceeds thereof, in the manner contemplated by this Indenture
and the other Basic Documents and activities incidental thereto.




SECTION 3.13   No Borrowing. The Issuer shall not issue, incur, assume, guarantee or
otherwise become liable, directly or indirectly, for any indebtedness except for the Notes.




SECTION 3.14   Obligations of Servicer and Administrator. The Issuer shall cause the
Servicer to comply with Sections 3.1, 3.2 and 3.3 of the Administration Agreement and Section 3.7
of the Servicing Agreement and the Administrator to comply with Sections 2.11, 3.1, 3.2 and 3.3 of
the Administration Agreement.




SECTION 3.15   Guarantees, Loans, Advances and Other Liabilities. Except as
contemplated by this Indenture and the other Basic Documents, the Issuer shall not make any loan
or advance or credit to, or guarantee (directly or indirectly or by an instrument having the
effect of assuring another’s payment or performance on any obligation or capability of so doing or
otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection
with the obligations, stocks or dividends of, or own, purchase, repurchase or acquire (or agree
contingently to do so) any stock, obligations, assets or securities of, or any other interest in,
or make any capital contribution to, any other Person.




SECTION 3.16   Capital Expenditures. The Issuer shall not make any expenditure (by
long-term or operating lease or otherwise) for capital assets (either realty or personalty).




SECTION 3.17   Restricted Payments. The Issuer shall not, directly or indirectly,
(i) pay any dividend or make any distribution (by reduction of capital or otherwise), whether in
cash, property, securities or a combination thereof, to the Eligible Lender Trustee or any owner
of a beneficial interest in the Issuer or otherwise with respect to any ownership or equity
interest or security in or of the Issuer or to the Servicer or the Administrator, (ii) redeem,
purchase, retire or otherwise acquire for value any such ownership or equity interest or security
or (iii) set aside or otherwise segregate any amounts for any such purpose; provided,
however, that the Issuer may make, or cause to be made, distributions to the Servicer, the
Eligible Lender Trustee, the Indenture Trustee, the Noteholders, the Administrator, the Depositor
and the Excess Distribution Certificateholder as contemplated by, and to the extent funds are
available for such purpose under, this Indenture and the other Basic Documents. The Issuer will
not, directly or indirectly, make payments to or distributions from the Collection Account except
in accordance with this Indenture and the other Basic Documents.




SECTION 3.18   Notice of Events of Default. The Issuer shall give the Indenture
Trustee and the Rating Agencies then rating the Notes prompt written notice of each Event of
Default hereunder. The Issuer shall give the Indenture Trustee and the Rating Agencies then
rating the Notes prompt written notice of each default on the part of (i) the Depositor of its
obligations under the Sale Agreement, (ii) SLM ECFC of its obligations under the SLM ECFC Purchase
Agreement, (iii) Bluemont Funding of its obligations under the Bluemont Funding Purchase
Agreement, (iv) Town Center Funding of its obligations under the Town Center Funding Purchase
Agreement, (v) Town Hall Funding of its obligations under the Town Hall Funding Purchase
Agreement, (vi) VL Funding of its obligations under the VL Funding Purchase Agreement, (vii) the
Servicer of its obligations under the Servicing Agreement and (viii) the Administrator of its
obligations under the Administration Agreement. In addition, the Issuer shall deliver to the
Indenture Trustee and each Rating Agency then rating the Notes, within five days after the
occurrence thereof, written notice in the form of an Officers’ Certificate of the Issuer of any
event which with the giving of notice and the lapse of time would become an Event of Default under
Section 5.1(iii), its status and what action the Issuer is taking or proposes to take with respect
thereto.




SECTION 3.19   Further Instruments and Acts. Upon request of the Indenture Trustee,
the Issuer will execute and deliver such further instruments and do such further acts as may be
reasonably necessary or proper to carry out more effectively the purpose of this Indenture.




SECTION 3.20   Representations and Warranties. The Issuer and, with respect to
clause (e) only, the Eligible Lender Trustee represent and warrant to the Indenture Trustee that,
as of the Closing Date:



(a)   this Indenture creates a valid and continuing security interest (as defined in the
applicable UCC) in the Trust Student Loans in favor of the Indenture Trustee, which security
interest is prior to all other security interests, liens, charges, claims, offsets, defenses,
counterclaims or encumbrances, and is enforceable as such as against creditors of and purchasers
from the Issuer and Eligible Lender Trustee;



(b)   the Trust Student Loans constitute “Accounts” within the meaning of the applicable UCC
and are within the coverage of Section 432(m)(1)(E) and 439(d)(3) of the Higher Education Act;



(c)   the Issuer has caused or will have caused, within 30 days, the filing of all appropriate
financing statements in the proper filing office in the appropriate jurisdictions under applicable
law in order to perfect the security interest in the Trust Student Loans granted to the Indenture
Trustee hereunder;



(d)   the Eligible Lender Trustee owns and has legal title to the Trust Student Loans which,
except for the beneficial interest of the Issuer and any obligations created pursuant to this
Indenture, are free and clear of any Lien, claim or encumbrance of any Person; and



(e)   other than the security interest granted to the Indenture Trustee pursuant to this
Agreement, the Eligible Lender Trustee has not pledged, assigned, sold, granted a security interest
in, or otherwise conveyed any interest in the Trust Student Loans. The Trust has not authorized the
filing of and is not aware of any financing statements against the Eligible Lender Trustee that
include a description of collateral covering the Trust Student Loans other than any financing
statements relating to the beneficial interest of the Issuer and the security interest granted to
the Indenture Trustee hereunder or that has been terminated. The Trust is not aware of any
judgment or tax lien filings against the Trust.



ARTICLE IV




Satisfaction and Discharge





SECTION 4.1   Satisfaction and Discharge of Indenture. This Indenture shall cease to
be of further effect with respect to the Notes except as to (i) rights of registration of transfer
and exchange, (ii) substitution of mutilated, destroyed, lost or stolen Notes, (iii) rights of
Noteholders to receive payments of principal thereof and interest thereon, (iv) Sections 3.3, 3.4,
3.5, 3.8, 3.10, 3.12 and 3.13, (v) the rights, obligations and immunities of the Indenture Trustee
hereunder (including, without limitation, the rights of the Indenture Trustee under Section 6.7
and the obligations of the Indenture Trustee under Section 4.2) and (vi) the rights of Noteholders
as beneficiaries hereof with respect to the property so deposited with the Indenture Trustee
payable to all or any of them, and the Indenture Trustee, on demand of and at the expense of the
Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this
Indenture with respect to the Notes, when:



(a)   either



(1) all Notes theretofore authenticated and delivered (other than (i) Notes that have been
destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.5 and (ii)
Notes for whose payment money has theretofore been deposited in trust or segregated and held in
trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust, as provided
in Section 3.3) have been delivered to the Indenture Trustee for cancellation; or



(2) all Notes not theretofore delivered to the Indenture Trustee for cancellation:



(i) have become due and payable,



(ii) will become due and payable at their respective Note Final Maturity Date, within one
year, or



(iii) are to be called for redemption within one year under arrangements satisfactory to the
Indenture Trustee for the giving of notice of redemption by the Indenture Trustee in the name, and
at the expense, of the Issuer, and the Issuer, in the case of (i), (ii) or (iii) above, has
irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee cash or
direct obligations of or obligations guaranteed by the United States of America (which will mature
prior to the date such amounts are payable), in trust for such purpose, in an amount sufficient to
pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Indenture
Trustee for cancellation when due to the Note Final Maturity Date;



(b)   the Issuer has paid or caused to be paid all other sums payable hereunder by the Issuer;
and



(c)   the Issuer has delivered to the Indenture Trustee an Officers’ Certificate of the
Issuer, an Opinion of Counsel and (if required by the TIA or the Indenture Trustee) an Independent
Certificate from a firm of certified public accountants, each meeting the applicable requirements
of Section 11.1(a) and, subject to Section 11.2, each stating that all conditions precedent herein
provided for relating to the satisfaction and discharge of this Indenture have been complied with.




SECTION 4.2   Application of Trust Money. All moneys deposited with the Indenture
Trustee pursuant to Section 4.1 hereof shall be held in trust and applied by it, in accordance
with the provisions of the Notes and this Indenture, to the payment, either directly or through
any Paying Agent, as the Indenture Trustee may determine, to the Noteholders of the particular
Notes for the payment or redemption of which such moneys have been deposited with the Indenture
Trustee, of all sums due and to become due thereon for principal and interest; but such moneys
need not be segregated from other funds except to the extent required herein or in the
Administration Agreement or required by law.




SECTION 4.3   Repayment of Moneys Held by Paying Agent. In connection with the
satisfaction and discharge of this Indenture with respect to the Notes, all moneys then held by
any Paying Agent other than the Indenture Trustee under the provisions of this Indenture with
respect to such Notes shall, upon demand of the Issuer, be paid to the Indenture Trustee to be
held and applied according to Section 3.3 and thereupon such Paying Agent shall be released from
all further liability with respect to such moneys.




SECTION 4.4   Auction of Trust Student Loans. On the date (the “Trust Auction Date”)
that is three Business Days prior to the Distribution Date immediately following the end of the
first Collection Period when the Pool Balance is equal to 10% or less of the Initial Pool Balance,
any Trust Student Loans remaining in the Trust may, and at the written direction of either the
Administrator or Noteholders of at least a majority of the Outstanding Amount of the Notes shall,
be offered for sale by the Indenture Trustee unless the Servicer has exercised its option to
purchase the Trust Estate as described in Section 6.1(a) of the Administration Agreement with
respect to such Distribution Date. The Servicer will be deemed to have waived such option if it
fails to notify the Eligible Lender Trustee and the Indenture Trustee of its exercise thereof in
writing prior to the Indenture Trustee’s acceptance of a bid to purchase such Trust Student Loans;
provided, however, that there shall be no such offer for sale if the Indenture
Trustee fails to provide notice to the Servicer in accordance with this Section 4.4. The
Indenture Trustee shall provide written notice to the Servicer of any such offer for sale at least
five Business Days in advance of the Trust Auction Date. The Indenture Trustee shall permit the
Depositor or any of its Affiliates, including SLM ECFC, Bluemont Funding, Town Center Funding,
Town Hall Funding, VL Funding and the Servicer, to offer bids only if the Pool Balance as of the
applicable Trust Auction Date is equal to 10% or less of the Initial Pool Balance, and such bid
does not exceed the fair market value of the Trust Student Loans as of the Trust Auction Date. If
the auction is conducted and at least two bids are received, the Indenture Trustee shall solicit
and resolicit new bids from all participating bidders until only one bid remains or the remaining
bidders decline to resubmit bids. The Indenture Trustee shall accept the highest remaining bid if
it is equal to or in excess of both (i) the Minimum Purchase Amount (plus any amounts owed to the
Servicer for any Carryover Servicing Fees of which the Servicer has advised the Indenture Trustee
in writing) and (ii) the fair market value of such Trust Student Loans as of the end of the
Collection Period immediately preceding the Trust Auction Date. If at least two bids are not
received or the highest bid after the resolicitation process is completed is not equal to or in
excess of the higher of (i) the Minimum Purchase Amount (plus any amounts owed to the Servicer for
any Carryover Servicing Fees of which the Servicer has advised the Indenture Trustee in writing)
and (ii) the fair market value of the Trust Student Loans, the Indenture Trustee shall not
consummate such sale. The Indenture Trustee may consult, and, at the direction (and at the sole
cost and expense) of the Depositor, shall consult, with a financial advisor, including an
Underwriter of the Notes or the Administrator, to determine if the fair market value of the Trust
Student Loans has been offered. The proceeds of any such sale will be paid at the time set forth
in Section 2.6 of the Administration Agreement and applied in the order of priority set forth in
Section 5.4(b). If the sale is not consummated in accordance with the foregoing, the Indenture
Trustee may, and at the written direction of either the Administrator or Noteholders of at least a
majority of the Outstanding Amount of the Notes shall, solicit bids for sale of the Trust Student
Loans with respect to future Distribution Dates upon terms similar to those described above,
including the Servicer’s waiver of its option to purchase the Trust Estate in accordance with
Section 6.1(a) of the Administration Agreement with respect to each such future Distribution Date.



ARTICLE V




Remedies





SECTION 5.1   Events of Default. “Event of Default,” wherever used herein, means any
one of the following events (whatever the reason for such Event of Default and whether it shall be
voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or
order of any court or any order, rule or regulation of any administrative or governmental body):



(i)   default in the payment of any interest on any Note when the same becomes due and
payable, and such default shall continue for a period of five Business Days; or



(ii)   default in the payment of the principal of any Note when the same becomes due and
payable on the related Note Final Maturity Date; or



(iii)   default in the observance or performance of any covenant or agreement of the Issuer
made in this Indenture (other than a covenant or agreement, a default in the observance or
performance of which is elsewhere in this Section specifically dealt with), or any representation
or warranty of the Issuer made in this Indenture or in any certificate or other writing having been
incorrect in any material respect as of the time when made, such default or breach having a
material adverse effect on the holders of the Notes, and such default or breach shall continue or
not be cured, or the circumstance or condition in respect of which such misrepresentation or
warranty was incorrect shall not have been eliminated or otherwise cured, for a period of 30 days
after there shall have been given, by registered or certified mail, to the Issuer by the Indenture
Trustee or to the Issuer and the Indenture Trustee by the Noteholders of at least 25% of the
Outstanding Amount of the Notes, a written notice specifying such default or incorrect
representation or warranty and requiring it to be remedied and stating that such notice is a notice
of Default hereunder; or



(iv)   the filing of a decree or order for relief by a court having jurisdiction in the
premises in respect of the Issuer or any substantial part of the Indenture Trust Estate in an
involuntary case under any applicable federal or state bankruptcy, insolvency or other similar law
now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee,
sequestrator or similar official of the Issuer or for any substantial part of the Indenture Trust
Estate, or ordering the winding-up or liquidation of the Issuer’s affairs, and such decree or order
shall remain unstayed and in effect for a period of 60 consecutive days; or



(v)   the commencement by the Issuer of a voluntary case under any applicable federal or state
bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by the
Issuer to the entry of an order for relief in an involuntary case under any such law, or the
consent by the Issuer to the appointment or taking possession by a receiver, liquidator, assignee,
custodian, trustee, sequestrator or similar official of the Issuer or for any substantial part of
the Indenture Trust Estate, or the making by the Issuer of any general assignment for the benefit
of creditors, or the failure by the Issuer generally to pay its debts as such debts become due, or
the taking of action by the Issuer in furtherance of any of the foregoing.




SECTION 5.2   Acceleration of Maturity; Rescission and Annulment. If an Event of
Default should occur and be continuing, then and in every such case the Indenture Trustee or the
Noteholders representing at least a majority of the Outstanding Amount of the Notes may declare
all the Notes to be immediately due and payable, by a notice in writing to the Issuer (and to the
Indenture Trustee if given by Noteholders), and upon any such declaration the unpaid principal
amount of such Notes, together with accrued and unpaid interest thereon through the date of
acceleration, shall become immediately due and payable, subject, however, to Section 5.4 of this
Indenture.



At any time after such declaration of acceleration of maturity has been made and before a
judgment or decree for payment of the money due has been obtained by the Indenture Trustee as
hereinafter in this Article V provided, the Noteholders of Notes representing at least a majority
of the Outstanding Amount of the Notes, by written notice to the Issuer and the Indenture Trustee,
may rescind and annul such declaration and its consequences if:



(i)   the Issuer has paid or deposited with the Indenture Trustee a sum sufficient to pay:




(a) all payments of principal of and interest on all Notes and all other
amounts that would then be due hereunder or upon such Notes if the Event of Default
giving rise to such acceleration had not occurred; and




(b) all sums paid or advanced by the Indenture Trustee hereunder and the
reasonable compensation, expenses, disbursements and advances of the Indenture
Trustee and its agents and counsel; and



(ii)   all Events of Default, other than the nonpayment of the principal of the Notes that has
become due solely by such acceleration, have been cured or waived as provided in Section 5.12.



No such rescission shall affect any subsequent default or impair any right consequent thereto.




SECTION 5.3   Collection of Indebtedness and Suits for Enforcement by Indenture
Trustee. The Issuer covenants that if (i) Default is made in the payment of any interest on
any Note when the same becomes due and payable, and such Default continues for a period of five
days, or (ii) Default is made in the payment of the principal of any Note when the same becomes
due and payable at the related Note Final Maturity Date, the Issuer shall, upon demand of the
Indenture Trustee, pay to it, for the benefit of the Noteholders, the whole amount then due and
payable on such Notes for principal and interest, with interest upon the overdue principal, and,
to the extent payment at such rate of interest shall be legally enforceable, upon overdue
installments of interest, at the rate specified in Section 2.7 and in addition thereto such
further amount as shall be sufficient to cover the costs and expenses of collection, including the
reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its
agents and counsel.



(a)   In case the Issuer shall fail forthwith to pay such amounts upon such demand, the
Indenture Trustee, in its own name and as trustee of an express trust, may institute a Proceeding
for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or
final decree, and may enforce the same against the Issuer or other obligor upon such Notes and
collect in the manner provided by law out of the property of the Issuer or other obligor upon such
Notes, wherever situated, the moneys adjudged or decreed to be payable.



(b)   If an Event of Default occurs and is continuing, the Indenture Trustee may, as more
particularly provided in Section 5.4, in its discretion, proceed to protect and enforce its rights
and the rights of the Noteholders by such appropriate Proceedings as the Indenture Trustee shall
deem most effective to protect and enforce any such rights, whether for the specific enforcement of
any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein,
or to enforce any other proper remedy or legal or equitable right vested in the Indenture Trustee
by this Indenture or by law.



(c)   In case there shall be pending, relative to the Issuer or any other obligor upon the
Notes or any Person having or claiming an ownership interest in the Indenture Trust Estate,
Proceedings under Title 11 of the United States Code or any other applicable federal or state
bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in
bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been
appointed for or taken possession of the Issuer or its property or such other obligor or Person, or
in case of any other, comparable judicial Proceedings relative to the Issuer or other obligor upon
the Notes, or to the creditors or property of the Issuer or such other obligor, the Indenture
Trustee, irrespective of whether the principal of any Notes shall then be due and payable, as
therein expressed or by declaration or otherwise and irrespective of whether the Indenture Trustee
shall have made any demand pursuant to the provisions of this Section, shall be entitled and
empowered, by intervention in such proceedings or otherwise:



(i)   to file and prove a claim or claims for the whole amount of principal and interest owing
and unpaid in respect of the Notes and to file such other papers or documents as may be necessary
or advisable in order to have the claims of the Indenture Trustee (including any claim for
reasonable compensation to the Indenture Trustee and each predecessor Indenture Trustee, and their
respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities
incurred, and all advances made, by the Indenture Trustee and each predecessor Indenture Trustee,
except as a result of negligence or bad faith) and of the Noteholders allowed in such Proceedings;



(ii)   unless prohibited by applicable law and regulations, to vote on behalf of the
Noteholders in any election of a trustee, a standby trustee or Person performing similar functions
in any such Proceedings;



(iii)   to collect and receive any moneys or other property payable or deliverable on any such
claims and to distribute all amounts received with respect to the claims of the Noteholders and the
Indenture Trustee on their behalf; and



(iv)   to file such proofs of claim and other papers or documents as may be necessary or
advisable in order to have the claims of the Indenture Trustee or the Noteholders allowed in any
judicial Proceedings relative to the Issuer, its creditors and its property;



and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding
is hereby authorized by each of such Noteholders to make payments to the Indenture Trustee, and, in
the event that the Indenture Trustee shall consent to the making of payments directly to such
Noteholders to pay to the Indenture Trustee such amounts as shall be sufficient to cover reasonable
compensation to the Indenture Trustee, each predecessor Indenture Trustee and their respective
agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances
made, by the Indenture Trustee and each predecessor Indenture Trustee except as a result of
negligence or bad faith.



(d)   Nothing herein contained shall be deemed to authorize the Indenture Trustee to authorize
or consent to or vote for or accept or adopt on behalf of any Noteholder any plan of
reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any
Noteholder thereof or to authorize the Indenture Trustee to vote in respect of the claim of any
Noteholder in any such proceeding except, as aforesaid, to vote for the election of a trustee in
bankruptcy or similar Person.



(e)   All rights of action and of asserting claims under this Indenture, or under any of the
Notes, may be enforced by the Indenture Trustee without the possession of any of the Notes or the
production thereof in any trial or other Proceedings relative thereto, and any such action or
Proceedings instituted by the Indenture Trustee shall be brought in its own name as trustee of an
express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements
and compensation of the Indenture Trustee, each predecessor Indenture Trustee and their respective
agents and attorneys, shall be for the ratable benefit of the Noteholders.



(f)   In any Proceedings brought by the Indenture Trustee (and also any Proceedings involving
the interpretation of any provision of this Indenture to which the Indenture Trustee shall be a
party), the Indenture Trustee shall be held to represent all the Noteholders, and it shall not be
necessary to make any Noteholder a party to any such Proceedings.




SECTION 5.4   Remedies; Priorities. If an Event of Default shall have occurred and
be continuing, the Indenture Trustee may, or, upon the written instruction of the Noteholders of
100% of the Outstanding Amount of the Notes shall, do one or more of the following (subject to
Section 5.5):



(a)   (i)   institute Proceedings in its own name and as trustee of an express trust for the
collection of all amounts then payable on the Notes or under this Indenture with respect thereto,
whether by declaration or otherwise, enforce any judgment obtained, and collect from the Issuer and
any other obligor upon such Notes moneys adjudged due;



(ii)   institute Proceedings from time to time for the complete or partial foreclosure of this
Indenture, with respect to the Indenture Trust Estate;



(iii)   exercise any remedies of a secured party under the UCC with respect to the Trust
Estate and take any other appropriate action to protect and enforce the rights and remedies of the
Indenture Trustee and the Noteholders;



(iv)   sell the Indenture Trust Estate or any portion thereof or rights or interest therein,
at one or more public or private sales called and conducted in any manner permitted by law; and/or



(v)   elect to have the Eligible Lender Trustee maintain ownership of the Trust Student Loans
and continue to apply collections with respect to the Trust Student Loans as if there had been no
declaration of acceleration;



provided, however, that the Indenture Trustee may not sell or otherwise liquidate
the Indenture Trust Estate following an Event of Default, other than an Event of Default described
in Section 5.1(i) or (ii) with respect to the Class A Notes, unless (A) the Noteholders of 100% of
the Outstanding Amount of the Class A Notes consent thereto, (B) the proceeds of such sale or
liquidation distributable to the Class A Noteholders are sufficient to discharge in full all
amounts then due and unpaid upon such Class A Notes for principal and interest or (C) the Indenture
Trustee determines that the Indenture Trust Estate will not continue to provide sufficient funds
for the payment of principal of and interest on the Class A Notes as would have become due if the
Class A Notes had not been declared due and payable, and the Indenture Trustee obtains the consent
of Noteholders of 66-2/3% of the Outstanding Amount of the Class A Notes; provided,
further, that the Indenture Trustee may not sell or otherwise liquidate the Indenture Trust
Estate following an Event of Default, other than an Event of Default described in Section 5.1(i) or
(ii) with respect to the Class A Notes, unless (D) the proceeds of such sale or liquidation
distributable to the Class B Noteholders plus the proceeds of the sale or liquidation of the Trust
Estate distributable to the Class B Noteholders are sufficient to pay to the Class B Noteholders
the Outstanding Amount of the Class B Notes plus accrued and unpaid interest thereon or (E) the
proceeds of such sale or liquidation distributable to the Class B Noteholders plus the proceeds of
the sale or liquidation of the Trust Estate distributable to the Class B Noteholders would not be
sufficient to pay to the Class B Noteholders the Outstanding Amount plus accrued and unpaid
interest thereon, and the Class B Noteholders of at least a majority of the Outstanding Amount of
the Class B Notes consent thereto. In determining such sufficiency or insufficiency with respect
to clauses (B), (C), (D) and (E), the Indenture Trustee may, but need not, obtain and rely upon an
opinion of an Independent investment banking or accounting firm of national reputation as to the
feasibility of such proposed action and as to the sufficiency of the Indenture Trust Estate and/or
Trust Estate, as applicable, for such purpose.



(b)   Notwithstanding the provisions of Section 2.8 of the Administration Agreement, following
the occurrence and during the continuation of an Event of Default which has resulted in an
acceleration of the Notes, if the Indenture Trustee collects any money or property, it shall pay
out, on each Distribution Date, the money or property (and other amounts including amounts, if any,
held on deposit in each of the Trust Accounts) held as Collateral for the benefit of the
Noteholders, net of liquidation costs associated with the sale of the assets of the Trust, in the
following order:



FIRST: pro rata, to the Indenture Trustee for amounts due under Section 6.7 and to the
Eligible Lender Trustee and the Delaware Trustee for amounts due under Section 8.1 and 8.3 of the
Trust Agreement (but, in each case, only to the extent not paid by the Administrator or the
Depositor);



	 	 	 
	SECOND:

THIRD:

	 	to the Servicer for due and unpaid Primary Servicing Fees;

to the Administrator, any due and unpaid Administration Fees;






FOURTH: to the Class A Noteholders, the Class A Noteholders’ Interest Distribution Amount;



FIFTH: to the Class A Noteholders, an amount sufficient to reduce the Outstanding Amount of
the Class A Notes to zero;



SIXTH: to the Class B Noteholders, the Class B Noteholders’ Interest Distribution Amount;



SEVENTH: to the Class B Noteholders an amount sufficient to reduce the Outstanding Amount of
the Class B Notes to zero;



EIGHTH: to the Servicer, for any unpaid Carryover Servicing Fees;



NINTH: to any potential future cap counterparty under a potential future interest rate cap
agreement, any amounts owed pursuant to Section 2.1(kk) of the Administration Agreement; and



TENTH: to the Excess Distribution Certificateholder, any remaining funds after application of
the preceding clauses.



Following liquidation of the Indenture Trust Estate in accordance with Section 5.4(a) above,
the Indenture Trustee may fix a record date and payment date for any payment to Noteholders
pursuant to this subsection (b). At least 15 days before such record date, the Indenture Trustee
shall mail to each Noteholder and the Issuer a notice that states the record date, the payment date
and the amount to be paid.



(c) [Reserved].




SECTION 5.5   Optional Preservation of the Trust Student Loans. If the Notes have
been declared to be due and payable under Section 5.2 following an Event of Default and such
declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may,
but need not, elect to maintain possession of the Indenture Trust Estate. It is the desire of the
parties hereto and the Noteholders that there be at all times sufficient funds for the payment of
principal of and interest on the Notes, and the Indenture Trustee shall take such desire into
account when determining whether or not to maintain possession of the Indenture Trust Estate. In
determining whether to maintain possession of the Indenture Trust Estate, the Indenture Trustee
may, but need not, obtain and rely upon an opinion of an Independent investment banking or
accounting firm of national reputation as to the feasibility of such proposed action and as to the
sufficiency of the Indenture Trust Estate for such purpose.




SECTION 5.6   Limitation of Suits. No Noteholder shall have any right to institute
any Proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a
receiver or trustee, or for any other remedy hereunder, unless:



(i)   such Noteholder has previously given written notice to the Indenture Trustee of a
continuing Event of Default;



(ii)   the Noteholders of not less than 25% of the Outstanding Amount of the Notes have made
written request to the Indenture Trustee to institute such Proceeding in respect of such Event of
Default in its own name as Indenture Trustee hereunder;



(iii)   such Noteholder or Noteholders have offered to the Indenture Trustee reasonable
indemnity against the costs, expenses and liabilities to be incurred in complying with such
request;



(iv)   the Indenture Trustee for 60 days after its receipt of such notice, request and offer
of indemnity has failed to institute such Proceeding; and



(v)   no direction inconsistent with such written request has been given to the Indenture
Trustee during such 60-day period by the Noteholders of at least a majority of the Outstanding
Amount of the Notes;



it being understood and intended that no one or more Noteholders shall have any right in any manner
whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or
prejudice the rights of any other Noteholders or to obtain or to seek to obtain priority or
preference over any other Noteholders or to enforce any right under this Indenture, except in the
manner herein provided.



In the event the Indenture Trustee shall receive conflicting or inconsistent requests and
indemnity from two or more groups of Noteholders, each representing less than a majority of the
Outstanding Amount of the Notes, the Indenture Trustee in its sole discretion may determine what
action, if any, shall be taken, notwithstanding any other provisions of this Indenture.




SECTION 5.7   Unconditional Rights of Noteholders to Receive Principal and Interest.
Notwithstanding any other provisions in this Indenture, each Noteholder shall have the right,
which is absolute and unconditional, to receive payment of the principal of and interest on its
Note on or after the respective due dates thereof expressed in such Note or in this Indenture (or,
in the case of redemption, on or after the Redemption Date) and to institute suit for the
enforcement of any such payment, and such right shall not be impaired without the consent of such
Noteholder.




SECTION 5.8   Restoration of Rights and Remedies. If the Indenture Trustee or any
Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and
such Proceeding has been discontinued or abandoned for any reason or has been determined adversely
to the Indenture Trustee or to such Noteholder, then and in every such case the Issuer, the
Indenture Trustee and the Noteholders shall, subject to any determination in such Proceeding, be
restored severally and respectively to their former positions hereunder, and thereafter all rights
and remedies of the Indenture Trustee and the Noteholders shall continue as though no such
Proceeding had been instituted.




SECTION 5.9   Rights and Remedies Cumulative. No right or remedy herein conferred
upon or reserved to the Indenture Trustee or to the Noteholders is intended to be exclusive of any
other right or remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other
appropriate right or remedy.




SECTION 5.10   Delay or Omission Not a Waiver. No delay or omission of the Indenture
Trustee or any Noteholder to exercise any right or remedy accruing upon any Default shall impair
any such right or remedy or constitute a waiver of any such Default or an acquiescence therein.
Every right and remedy given by this Article V or by law to the Indenture Trustee or to the
Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the
Indenture Trustee or by the Noteholders, as the case may be.




SECTION 5.11   Control by Noteholders. The Noteholders of at least a majority of the
Outstanding Amount of the Notes shall have the right to direct the time, method and place of
conducting any Proceeding for any remedy available to the Indenture Trustee with respect to the
Notes or exercising any trust or power conferred on the Indenture Trustee; provided that



(i)   such direction shall not be in conflict with any rule of law or with this Indenture;



(ii)   subject to the express terms of Section 5.4, any direction to the Indenture Trustee to
sell or liquidate the Indenture Trust Estate shall be by the Noteholders of not less than 100% of
the Outstanding Amount of the Notes;



(iii)   if the conditions set forth in Section 5.5 have been satisfied and the Indenture
Trustee elects to retain the Indenture Trust Estate pursuant to such Section, then any direction to
the Indenture Trustee by Noteholders of less than 100% of the Outstanding Amount of the Notes to
sell or liquidate the Indenture Trust Estate shall be of no force and effect; and



(iv)   the Indenture Trustee may take any other action deemed proper by the Indenture Trustee
that is not inconsistent with such direction;



provided, however, that, subject to Section 6.1, the Indenture Trustee need not
take any action that it determines might involve it in liability or might materially adversely
affect the rights of any Noteholders not consenting to such action.




SECTION 5.12   Waiver of Past Defaults. Prior to the time a judgment or decree for
payment of money due has been obtained, as described in Section 5.2, the Noteholders of at least a
majority of the Outstanding Amount of the Notes may waive any past Default and its consequences
except a Default (a) in payment when due of principal of or interest on any of the Notes or (b) in
respect of a covenant or provision hereof which cannot be modified or amended without the consent
of each Noteholder. In the case of any such waiver, the Issuer, the Indenture Trustee and the
Noteholders shall be restored to their former positions and rights hereunder, respectively; but no
such waiver shall extend to any subsequent or other Default or impair any right consequent
thereto.



Upon any such waiver, such Default shall cease to exist and be deemed to have been cured and
not to have occurred for every purpose of this Indenture; but no such waiver shall extend to any
subsequent or other Default or impair any right consequent thereto.




SECTION 5.13   Undertaking for Costs. All parties to this Indenture agree, and each
Noteholder by such Noteholder’s acceptance of any Note shall be deemed to have agreed, that any
court may in its discretion require, in any suit for the enforcement of any right or remedy under
this Indenture, or in any suit against the Indenture Trustee for any action taken, suffered or
omitted by it as Indenture Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit, and that such court may in its discretion assess
reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit,
having due regard to the merits and good faith of the claims or defenses made by such party
litigant; but the provisions of this Section shall not apply to (a) any suit instituted by the
Indenture Trustee, (b) any suit instituted by any Noteholder, or group of Noteholders, in each
case holding in the aggregate more than 10% of the Outstanding Amount of the Notes or (c) any suit
instituted by any Noteholder for the enforcement of the payment of principal of or interest on any
Note on or after the respective due dates expressed in such Note and in this Indenture (or, in the
case of redemption, on or after the Redemption Date).




SECTION 5.14   Waiver of Stay or Extension Laws. The Issuer covenants (to the extent
that it may lawfully do so) that it will not at any time insist upon, or plead or in any manner
whatsoever, claim or take the benefit or advantage of, any stay or extension law wherever enacted,
now or at any time hereafter in force, that may affect the covenants or the performance of this
Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all
benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the
execution of any power herein granted to the Indenture Trustee, but will suffer and permit the
execution of every such power as though no such law had been enacted.




SECTION 5.15   Action on Notes. The Indenture Trustee’s right to seek and recover
judgment on the Notes or under this Indenture shall not be affected by the seeking, obtaining or
application of any other relief under or with respect to this Indenture. Neither the lien of this
Indenture nor any rights or remedies of the Indenture Trustee or the Noteholders shall be impaired
by the recovery of any judgment by the Indenture Trustee against the Issuer or by the levy of any
execution under such judgment upon any portion of the Indenture Trust Estate or upon any of the
assets of the Issuer. Any money or property collected by the Indenture Trustee shall be applied
in accordance with Section 5.4(b).




SECTION 5.16   Performance and Enforcement of Certain Obligations.



(a)   Promptly following a request from the Indenture Trustee to do so and at the
Administrator’s expense, the Issuer shall take all such lawful action as the Indenture Trustee may
request to compel or secure the performance and observance by the Depositor, SLM ECFC, Bluemont
Funding, Town Center Funding, Town Hall Funding, VL Funding, the Administrator and the Servicer, as
applicable, of each of their respective obligations to the Issuer, whether directly or by
assignment, under or in connection with the Sale Agreement, the SLM ECFC Purchase Agreement, the
Bluemont Funding Purchase Agreement, the Town Center Funding Purchase Agreement, the Town Hall
Funding Purchase Agreement, the VL Funding Purchase Agreement, the Administration Agreement, the
Servicing Agreement and the Subservicing Agreements, as the case may be, in accordance with the
terms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully
available to the Issuer under or in connection with the Sale Agreement, the SLM ECFC Purchase
Agreement, the Bluemont Funding Purchase Agreement, the Town Center Funding Purchase Agreement, the
Town Hall Funding Purchase Agreement, the VL Funding Purchase Agreement, the Administration
Agreement, the Servicing Agreement and the Subservicing Agreements, as the case may be, to the
extent and in the manner directed by the Indenture Trustee, including the transmission of notices
of default on the part of the Depositor, SLM ECFC, Bluemont Funding, Town Center Funding, Town Hall
Funding, VL Funding, the Administrator or the Servicer thereunder and the institution of legal or
administrative actions or proceedings to compel or secure performance by the Depositor, SLM ECFC,
Bluemont Funding, Town Center Funding, Town Hall Funding, VL Funding, the Administrator or the
Servicer of each of their obligations under the Sale Agreement, the SLM ECFC Purchase Agreement,
the Bluemont Funding Purchase Agreement, the Town Center Funding Purchase Agreement, the Town Hall
Funding Purchase Agreement, the VL Funding Purchase Agreement, the Administration Agreement, the
Servicing Agreement and the Subservicing Agreements, as the case may be.



(b)   If an Event of Default has occurred and is continuing, the Indenture Trustee may, and at
the written direction of the Noteholders of 66?% of the Outstanding Amount of the Notes shall,
exercise all rights, remedies, powers, privileges and claims of the Issuer against the Depositor,
SLM ECFC, Bluemont Funding, Town Center Funding, Town Hall Funding, VL Funding, the Administrator
or the Servicer under or in connection with the Sale Agreement, the SLM ECFC Purchase Agreement,
the Bluemont Funding Purchase Agreement, the Town Center Funding Purchase Agreement, the Town Hall
Funding Purchase Agreement, the VL Funding Purchase Agreement, the Administration Agreement and the
Servicing Agreement, as the case may be, including the right or power to take any action to compel
or secure performance or observance by the Depositor, SLM ECFC, Bluemont Funding, Town Center
Funding, Town Hall Funding, VL Funding, the Administrator or the Servicer of each of their
obligations to the Issuer thereunder, whether directly or by assignment, and to give any consent,
request, notice, direction, approval, extension or waiver under the Sale Agreement, the SLM ECFC
Purchase Agreement, the Bluemont Funding Purchase Agreement, the Town Center Funding Purchase
Agreement, the Town Hall Funding Purchase Agreement, the VL Funding Purchase Agreement, the
Administration Agreement and the Servicing Agreement, as the case may be, and any right of the
Issuer to take such action shall be suspended.



ARTICLE VI




The Indenture Trustee





SECTION 6.1   Duties of Indenture Trustee. (a)  If an Event of Default has occurred
and is continuing, the Indenture Trustee shall exercise the rights and powers vested in it by this
Indenture and use the same degree of care and skill in its exercise as a prudent person would
exercise or use under the circumstances in the conduct of such person’s own affairs.



(b)   Except during the continuance of an Event of Default:



(i)   the Indenture Trustee undertakes to perform such duties and only such duties as are
specifically set forth in this Indenture and no implied covenants or obligations shall be read into
this Indenture against the Indenture Trustee; and



(ii)   in the absence of bad faith on its part, the Indenture Trustee may conclusively rely,
as to the truth of the statements and the correctness of the opinions expressed therein, upon
certificates or opinions furnished to the Indenture Trustee and conforming to the requirements of
this Indenture; provided, however, that the Indenture Trustee shall examine the
certificates and opinions to determine whether or not they conform to the requirements of this
Indenture.



(c)   The Indenture Trustee may not be relieved from liability for its own negligent action,
its own negligent failure to act or its own willful misconduct, except that:



(i)   this paragraph (c) does not limit the effect of paragraph (b) of this Section;



(ii)   the Indenture Trustee shall not be liable for any error of judgment made in good faith
by a Responsible Officer unless it is proved that the Indenture Trustee was negligent in
ascertaining the pertinent facts; and



(iii)   the Indenture Trustee shall not be liable with respect to any action it takes or omits
to take in good faith in accordance with a direction of the Noteholders received by it pursuant to
Section 5.11.



(d)   The Indenture Trustee shall not be liable for interest on any money received by it
except as the Indenture Trustee may agree in writing with the Issuer.



(e)   Money held in trust by the Indenture Trustee need not be segregated from other funds
except to the extent required by law or the terms of this Indenture or the other Basic Documents.



(f)   No provision of this Indenture shall require the Indenture Trustee to expend or risk its
own funds or otherwise incur financial liability in the performance of any of its duties hereunder
or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe
that repayments of such funds or adequate indemnity satisfactory to it against any loss, liability
or expense is not reasonably assured to it.



(g)   Except as expressly provided in the Basic Documents, the Indenture 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.



(h)   In the event that the Indenture Trustee is the Paying Agent or the Note Registrar, the
rights and protections afforded to the Indenture Trustee pursuant to this Indenture shall also be
afforded to the Indenture Trustee in its capacity as Paying Agent or Note Registrar.



(i)   Every provision of this Indenture relating to the conduct or affecting the liability of
or affording protection to the Indenture Trustee shall be subject to the provisions of this Section
and to the provisions of the TIA.



(j)   For so long as reports are required to be filed with the Commission under the Exchange
Act with respect to the Issuer, on or before March 1 of each calendar year, commencing in 2010, the
Indenture Trustee shall deliver to the Issuer and the Administrator a report (in form and substance
reasonably satisfactory to the Administrator, acting on behalf of the Issuer) regarding the
Indenture Trustee’s assessment of compliance with the Applicable Servicing Criteria during the
immediately preceding calendar year, as required under Rules 13a-18 and 15d-18 of the Exchange Act
and Item 1122 of Regulation AB. Such report shall be addressed to the Issuer and signed by a
Responsible Officer of the Indenture Trustee, and shall address the Applicable Servicing Criteria
specified on a certification substantially in the form of Exhibit C attached hereto.




SECTION 6.2   Rights of Indenture Trustee. (a)  The Indenture Trustee may rely on
any document believed by it to be genuine and to have been signed or presented by the proper
Person. The Indenture Trustee need not investigate any fact or matter stated in such document.



(b)   Before the Indenture Trustee acts or refrains from acting, it may require and shall be
entitled to receive an Officers’ Certificate of the Issuer and/or an Opinion of Counsel. The
Indenture Trustee shall not be liable for any action it takes or omits to take in good faith in
reliance on such Officers’ Certificate or Opinion of Counsel.



(c)   The Indenture Trustee may execute any of the trusts or powers hereunder or perform any
duties hereunder either directly or by or through agents or attorneys or a custodian or nominee
(each, an “Agent Party”), provided that the Indenture Trustee shall be responsible for any
misconduct or negligence on the part of, or for the supervision of, any such Agent Party appointed
with due care by it hereunder and shall remain so responsible until such time as (i) the Indenture
Trustee shall have received the written consent of each Rating Agency then rating the Notes with
respect to the appointment of any such Agent Party prior to the occurrence of an Event of Default
under Section 5.1, or (ii) the occurrence of an Event of Default (other than the occurrence of an
Event of Default under Section 5.1(iii) which has not resulted in an acceleration of the maturity
of the Notes), at which time the Indenture Trustee shall not be responsible for any misconduct or
negligence on the part of, or for the supervision of, any such Agent Party appointed with due care
by it hereunder. The Indenture Trustee shall provide prompt notice to the Rating Agencies of the
appointment of any Agent Party pursuant to this Section 6.2(c) after the occurrence of any Event of
Default under Section 5.1.



(d)   The Indenture Trustee shall not be liable for any action it takes or omits to take in
good faith which it believes to be authorized or within its rights or powers; provided,
however, that the Indenture Trustee’s conduct does not constitute willful misconduct,
negligence or bad faith.



(e)   The Indenture Trustee may consult with counsel, and the advice or opinion of counsel
with respect to legal matters relating to this Indenture and the Notes shall be full and complete
authorization and protection from liability in respect to any action taken, omitted or suffered by
it hereunder in good faith and in accordance with the advice or opinion of such counsel.




SECTION 6.3   Individual Rights of Indenture Trustee. The Indenture Trustee in its
individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal
with the Issuer or its Affiliates with the same rights it would have if it were not Indenture
Trustee. Any Paying Agent, Note Registrar, co-registrar or co-paying agent may do the same with
like rights. However, the Indenture Trustee must comply with Sections 6.11 and 6.12.




SECTION 6.4   Indenture Trustee’s Disclaimer. The Indenture Trustee shall not be
responsible for and makes no representation as to the validity or adequacy of this Indenture or
the Notes, it shall not be accountable for the Issuer’s use of the proceeds from the Notes, and it
shall not be responsible for any statement of the Issuer in the Indenture or in any document
issued in connection with the sale of the Notes or in the Notes other than the Indenture Trustee’s
certificate of authentication.




SECTION 6.5   Notice of Defaults. If a Default occurs and is continuing and if it is
either actually known or written notice of the existence thereof has been delivered to a
Responsible Officer of the Indenture Trustee, the Indenture Trustee shall mail notice of the
Default to each Noteholder within 90 days and to each Rating Agency then rating the Notes as soon
as practicable within 30 days after it occurs. Except in the case of a Default in payment of
principal of or interest on any Note (including payments pursuant to the mandatory redemption
provisions of such Note), the Indenture Trustee may withhold the notice if and so long as a
committee of its Responsible Officers in good faith determines that withholding the notice is in
the interests of the Noteholders. Except as provided in the first sentence of this Section 6.5,
in no event shall the Indenture Trustee be deemed to have knowledge of a Default or an Event of
Default.




SECTION 6.6   Reports by Indenture Trustee to Noteholders. The Indenture Trustee
shall deliver to each Noteholder (and to each Person who was a Noteholder at any time during the
applicable calendar year) such information as may be required to enable such holder to prepare its
federal and state income tax returns. Within 60 days after each December 31 beginning with the
December 31 following the date of this Indenture, the Indenture Trustee shall mail to each
Noteholder a brief report as of such December 31 that complies with TIA § 313(a) if required by
said section. The Indenture Trustee shall also comply with TIA § 313(b). A copy of each such
report required pursuant to TIA § 313(a) or (b) shall, at the time of such transaction to
Noteholders, be filed by the Indenture Trustee with the Commission and with each securities
exchange, if any, upon which the Notes are listed, provided that the Issuer has previously
notified the Indenture Trustee of such listing.




SECTION 6.7   Compensation and Indemnity. The Issuer shall cause the Depositor to
pay to the Indenture Trustee reasonable compensation for its services in accordance with a
separate agreement between the Depositor and the Indenture Trustee and shall cause the Depositor
to reimburse the Indenture Trustee for all reasonable out-of-pocket expenses incurred or made by
it as provided in such separate agreement. The Indenture Trustee’s compensation shall not be
limited by any law on compensation of a trustee of an express trust. The Issuer shall cause the
Administrator to indemnify the Indenture Trustee and its directors, officers, employees and agents
against any and all loss, liability or expense (including attorneys’ fees) incurred by it in
connection with the administration of this trust and the performance of its duties hereunder and
under the other Basic Documents. The Indenture Trustee shall notify the Issuer and the
Administrator promptly of any claim for which it may seek indemnity. Failure by the Indenture
Trustee to so notify the Issuer and the Administrator shall not relieve the Issuer or the
Administrator of its obligations hereunder and under the other Basic Documents. The Issuer shall
cause the Administrator to defend the claim and the Administrator shall not be liable for the
legal fees and expenses of the Indenture Trustee after it has assumed such defense;
provided, however, that, in the event that there may be a conflict between the
positions of the Indenture Trustee and the Administrator in conducting the defense of such claim,
the Indenture Trustee shall be entitled to separate counsel acceptable to it in its sole
discretion the reasonable fees and expenses of which shall be paid by the Administrator on behalf
of the Issuer. Neither the Issuer nor the Administrator need reimburse any expense or indemnify
against any loss, liability or expense incurred by the Indenture Trustee through the Indenture
Trustee’s own willful misconduct, negligence or bad faith.



The Issuer’s payment obligations to the Indenture Trustee pursuant to this Section shall
survive the discharge of this Indenture. When the Indenture Trustee incurs expenses after the
occurrence of a Default specified in Section 5.1(iv) or (v) with respect to the Issuer, the
expenses are intended to constitute expenses of administration under Title 11 of the United States
Code or any other applicable federal or state bankruptcy, insolvency or similar law.




SECTION 6.8   Replacement of Indenture Trustee. No resignation or removal of the
Indenture Trustee and no appointment of a successor Indenture Trustee shall become effective until
the acceptance of appointment by the successor Indenture Trustee pursuant to this Section 6.8.
The Indenture Trustee may resign at any time by so notifying the Issuer. The Noteholders of at
least a majority in Outstanding Amount of the Notes may remove the Indenture Trustee by so
notifying the Indenture Trustee and may appoint a successor Indenture Trustee. The Issuer shall
remove the Indenture Trustee if:



(i)   the Indenture Trustee fails to comply with Section 6.11;



(ii)   an Insolvency Event occurs with respect to the Indenture Trustee;



(iii)   a receiver or other public officer takes charge of the Indenture Trustee or its
property; or



(iv)   the Indenture Trustee otherwise becomes incapable of acting.



If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of
Indenture Trustee for any reason (the Indenture Trustee in such event being referred to herein as
the retiring Indenture Trustee), the Issuer shall promptly appoint a successor Indenture Trustee.



A successor Indenture Trustee shall deliver a written acceptance of its appointment to the
retiring Indenture Trustee and to the Issuer. Thereupon the resignation or removal of the retiring
Indenture Trustee shall become effective, and the successor Indenture Trustee shall have all the
rights, powers and duties of the Indenture Trustee under this Indenture. The successor Indenture
Trustee shall mail a notice of its succession to Noteholders. The retiring Indenture Trustee shall
promptly transfer all property held by it as Indenture Trustee to the successor Indenture Trustee.



If a successor Indenture Trustee does not take office within 60 days after the retiring
Indenture Trustee resigns or is removed, the retiring Indenture Trustee, the Issuer or the
Noteholders of at least a majority in Outstanding Amount of the Notes may petition any court of
competent jurisdiction for the appointment of a successor Indenture Trustee. The successor
Indenture Trustee shall give notice of its appointment as successor Indenture Trustee to the Rating
Agencies then rating the Notes.



If the Indenture Trustee fails to comply with Section 6.11, any Noteholder may petition any
court of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a
successor Indenture Trustee.



Notwithstanding the replacement of the Indenture Trustee pursuant to this Section, the
Issuer’s and the Administrator’s obligations under Section 6.7 shall continue for the benefit of
the retiring Indenture Trustee.




SECTION 6.9   Successor Indenture Trustee by Merger. If the Indenture Trustee
consolidates with, merges or converts into, or transfers all or substantially all of its corporate
trust business or assets to, another corporation or banking association, the resulting, surviving
or transferee corporation without any further act shall be the successor Indenture Trustee,
provided that such corporation or banking association shall be otherwise qualified and eligible
under Section 6.11. The Indenture Trustee shall provide prior written notice of any such
transaction to the Rating Agencies then rating the Notes.



In case at the time such successor or successors by merger, conversion or consolidation to the
Indenture Trustee shall succeed to the trusts created by this Indenture any of the Notes shall have
been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the
certificate of authentication of any predecessor trustee, and deliver such Notes so authenticated;
and in case at that time any of the Notes shall not have been authenticated, any successor to the
Indenture Trustee may authenticate such Notes either in the name of any predecessor hereunder or in
the name of the successor to the Indenture Trustee; and in all such cases such certificates shall
have the full force which it is anywhere in the Notes or in this Indenture provided that the
certificate of the Indenture Trustee shall have.




SECTION 6.10   Appointment of Co-Trustee or Separate Trustee.



(a)   Notwithstanding any other provisions of this Indenture, at any time, for the purpose of
meeting any legal requirement of any jurisdiction in which any part of the Indenture Trust Estate
may at the time be located, the Indenture Trustee shall have the power and may execute and deliver
all instruments to appoint one or more Persons to act as a co-trustee or co-trustees, or separate
trustee or separate trustees, of all or any part of the Indenture Trust Estate, and to vest in such
Person or Persons, in such capacity and for the benefit of the Noteholders, such title to the
Indenture Trust Estate, or any part hereof, and, subject to the other provisions of this Section,
such powers, duties, obligations, rights and trusts as the Indenture Trustee may consider necessary
or desirable. No such appointment shall relieve the Indenture Trustee of its obligations
hereunder. No co-trustee or separate trustee hereunder shall be required to meet the terms of
eligibility as a successor trustee under Section 6.11 and no notice to Noteholders of the
appointment of any co-trustee or separate trustee shall be required under Section 6.8 hereof.



(b)   Every 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 Indenture
Trustee shall be conferred or imposed upon and exercised or performed by the Indenture 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 Indenture 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 Indenture 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 Indenture Trust Estate or any portion thereof in any such jurisdiction) shall be exercised and
performed singly by such separate trustee or co-trustee, but solely at the direction of the
Indenture Trustee;



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



(iii)   the Indenture Trustee may at any time accept the resignation of or remove any separate
trustee or co-trustee.



(c)   Any notice, request or other writing given to the Indenture 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 Indenture and the conditions of this Article VI. 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 Indenture Trustee or separately, as may be
provided therein, subject to all the provisions of this Indenture, specifically including every
provision of this Indenture relating to the conduct of, affecting the liability of, or affording
protection to, the Indenture Trustee. Every such instrument shall be filed with the Indenture
Trustee.



(d)   Any separate trustee or co-trustee may at any time constitute the Indenture Trustee, 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 Indenture 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 of
its estates, properties, rights, remedies and trusts shall vest in and be exercised by the
Indenture Trustee, to the extent permitted by law, without the appointment of a new or successor
trustee.




SECTION 6.11   Eligibility; Disqualification. (a) The Indenture Trustee shall at all
times satisfy the requirements of TIA § 310(a), the requirements of an “eligible lender” under 20
USC § 1085(d) and the requirements of Rule 3a-7(4)(i) of the General Rules and Regulations under
the Investment Company Act of 1940, as amended. The Indenture Trustee shall have a combined
capital and surplus of at least $50,000,000 as set forth in its most recent published annual
report of condition and it shall have a long-term senior unsecured debt rating of not less than
investment grade by each of the Rating Agencies then rating the Notes. The Indenture Trustee
shall comply with TIA § 310(b), including the optional provision permitted by the second sentence
of TIA § 310(b)(9); provided, however, that there shall be excluded from the
operation of TIA § 310(b)(1) any indenture or indentures under which other securities of the
Issuer are outstanding if the requirements for such exclusion set forth in TIA § 310(b)(1) are
met.



(b) Within ninety (90) days after ascertaining the occurrence of an event under Section 6.8 of
this Indenture that would result in the removal of the Indenture Trustee which shall not have been
cured or waived, unless authorized by the TIA or the Commission, the Indenture Trustee shall resign
with respect to the Notes in accordance with Section 6.8 of this Indenture, and the Issuer shall
appoint a successor Indenture Trustee for the Notes.




SECTION 6.12   Preferential Collection of Claims Against the Issuer. The Indenture
Trustee shall comply with TIA § 311(a), excluding any creditor relationship listed in TIA §
311(b). An Indenture Trustee who has resigned or been removed shall be subject to TIA § 311(a) to
the extent indicated.



ARTICLE VII




Noteholders’ Lists and Reports





SECTION 7.1   Issuer to Furnish Indenture Trustee Names and Addresses of Noteholders.
The Issuer will furnish or cause to be furnished to the Indenture Trustee (a) not more than five
days after the earlier of (i) each Record Date and (ii) three months after the last Record Date, a
list, in such form as the Indenture Trustee may reasonably require, of the names and addresses of
the Noteholders as of such Record Date, and (b) at such other times as the Indenture Trustee may
request in writing, within 30 days after receipt by the Issuer of any such request, a list of
similar form and content as of a date not more than 10 days prior to the time such list is
furnished; provided, however, that so long as the Indenture Trustee is the Note
Registrar, no such list shall be required to be furnished.




SECTION 7.2   Preservation of Information; Communications to Noteholders. The
Indenture Trustee shall preserve, in as current a form as is reasonably practicable, the names and
addresses of the Noteholders contained in the most recent list furnished to the Indenture Trustee
as provided in Section 7.1 and the names and addresses of Noteholders received by the Indenture
Trustee in its capacity as Note Registrar. The Indenture Trustee may destroy any list furnished
to it as provided in such Section 7.1 upon receipt of a new list so furnished.



(a)   Noteholders may communicate pursuant to TIA § 312(b) with other Noteholders with respect
to their rights under this Indenture or under the Notes. Upon receipt by the Indenture Trustee of
any request by three or more Noteholders or by one or more holders of Notes evidencing not less
than 25% of the Outstanding Amount of the Notes to receive a copy of the current list of
Noteholders (whether or not made pursuant to TIA § 312(b)), the Indenture Trustee shall promptly
notify the Administrator thereof by providing to the Administrator a copy of such request and a
copy of the list of Noteholders produced in response thereto.



(b)   The Issuer, the Indenture Trustee and the Note Registrar shall have the protection of
TIA § 312(c).



(c)   On each Distribution Date the Indenture Trustee shall provide to each Noteholder of
record as of the related Record Date the information provided by the Administrator to the Indenture
Trustee on the related Determination Date pursuant to Section 2.11 of the Administration Agreement.



(d)   The Indenture Trustee shall furnish to the Noteholders promptly upon receipt of a
written request therefor, duplicates or copies of all reports, notices, requests, demands,
certificates, financial statements and any other instruments furnished to the Indenture Trustee
under the Basic Documents. The Indenture Trustee shall furnish to the Noteholders promptly upon
receipt thereof from the Eligible Lender Trustee notice of any amendment of the Administration
Agreement pursuant to Section 8.5 of the Administration Agreement.




SECTION 7.3   Reports by Issuer.



(a)   The Issuer shall:



(i)   file with the Indenture Trustee, within 15 days after the Issuer is required to file the
same with the Commission, copies of the annual reports and of the information, documents and other
reports (or copies of such portions of any of the foregoing as the Commission may from time to time
by rules and regulations prescribe) which the Issuer may be required to file with the Commission
pursuant to Section 13 or 15(d) of the Exchange Act;



(ii)   file with the Indenture Trustee and the Commission in accordance with rules and
regulations prescribed from time to time by the Commission such additional information, documents
and reports with respect to compliance by the Issuer with the conditions and covenants of this
Indenture as may be required from time to time by such rules and regulations; and



(iii)   supply to the Indenture Trustee (and the Indenture Trustee shall transmit by mail to
all Noteholders described in TIA § 313(c)) such summaries of any information, documents and reports
required to be filed by the Issuer pursuant to clauses (i) and (ii) of this Section 7.3(a) as may
be required by rules and regulations prescribed from time to time by the Commission.



(b)   Unless the Issuer otherwise determines, the fiscal year of the Issuer shall end on
December 31 of each year.



ARTICLE VIII




Accounts, Disbursements and Releases





SECTION 8.1   Collection of Money. Except as otherwise expressly provided herein,
the Indenture Trustee may demand payment or delivery of, and shall receive and collect, directly
and without intervention or assistance of any fiscal agent or other intermediary, all money and
other property payable to or receivable by the Indenture Trustee pursuant to this Indenture. The
Indenture Trustee shall apply all such money received by it on behalf of Noteholders or the Trust
pursuant to the Administration Agreement as provided in this Indenture. Except as otherwise
expressly provided in this Indenture, if any default occurs in the making of any payment or
performance under any agreement or instrument that is part of the Indenture Trust Estate, the
Indenture Trustee may take such action as may be appropriate to enforce such payment or
performance, including the institution and prosecution of appropriate Proceedings. Any such
action shall be without prejudice to any right to claim a Default under this Indenture and any
right to proceed thereafter as provided in Article V.




SECTION 8.2   Trust Accounts. (a)  On or prior to the Closing Date, the Issuer shall
cause the Administrator to establish and maintain, in the name of the Indenture Trustee, for the
benefit of the Noteholders and the Trust, the Trust Accounts as provided in Section 2.3 of the
Administration Agreement.



(b)   On or before the Business Day preceding each Distribution Date, all Available Funds and
amounts set forth in paragraph (a)(2) of the definition of Available Funds with respect to the
preceding Collection Period will be deposited in the Collection Account as provided in Section 2.4
of the Administration Agreement. On or before each Distribution Date, the Indenture Trustee (or
any other Paying Agent) shall make the required deposits and distributions as provided in Sections
2.7 and 2.8 of the Administration Agreement.



(c)   [Reserved].



(d)   [Reserved].



(e)   On or before each Distribution Date, the Indenture Trustee (or any other Paying Agent)
shall make the required deposits and distributions as provided in Sections 2.7 of the
Administration Agreement.



(f)   [Reserved].



(g)   During the Supplemental Purchase Period, the Indenture Trustee shall withdraw funds as
directed by the Administrator pursuant to Section 2.10(d) of the Administration Agreement for the
purchase of Additional Trust Student Loans.



(h)   [Reserved].



(i)   On the Business Day immediately following the end of the Supplemental Purchase Period,
the Indenture Trustee shall transfer any amounts remaining in the Supplemental Purchase Account
into the Collection Account, as directed by the Administrator.



(j)   [Reserved].



(k)   [Reserved].



(l)   On or before the Business Day immediately preceding each Distribution Date, if the
Issuer has not received payment in full of the amount required to offset any deficiency caused by a
Borrower Benefit Yield Reduction for the related Collection Period pursuant to Section 3.12 of the
Servicing Agreement, the Indenture Trustee, as directed by the Administrator, shall withdraw from
the Borrower Benefit Account on that Distribution Date an amount equal to such deficiency, to the
extent of funds available therein, to be included as part of Available Funds for that Distribution
Date.



(m)   Once the Department has netted all payments (in respect of Interest Subsidy Payments
and/or Special Allowance Payments otherwise due to the Issuer), which currently occurs on a
quarterly basis, on the next succeeding Distribution Date an amount equal to the applicable Floor
Income Rebate Account Release Amount on deposit in the Floor Income Rebate Account at the end of
the preceding Collection Period will be withdrawn by the Indenture Trustee, as directed by the
Administrator, and be included as part of Available Funds for that Distribution Date.



SECTION 8.3   General Provisions Regarding Accounts. (a)  So long as no Default shall
have occurred and be continuing, all or a portion of the funds in the Trust Accounts shall be
invested in Eligible Investments and reinvested by the Indenture Trustee upon Issuer Order, subject
to the provisions of Section 2.3(b) of the Administration Agreement. All income or other gain from
investments of moneys deposited in the Trust Accounts shall be deposited by the Indenture Trustee
in the Collection Account, and any loss resulting from such investments shall be charged to such
Trust Account. The Issuer will not direct the Indenture Trustee to make any investment of any
funds or to sell any investment held in any of the Trust Accounts unless the security interest
granted and perfected in such account will continue to be perfected in such investment or the
proceeds of such sale, in either case without any further action by any Person, and, in connection
with any direction to the Indenture Trustee to make any such investment or sale, if requested by
the Indenture Trustee, the Issuer shall deliver to the Indenture Trustee an Opinion of Counsel,
acceptable to the Indenture Trustee, to such effect.



(b)   Subject to Section 6.1(c), the Indenture Trustee shall not in any way be held liable for
the selection of Eligible Investments or by reason of any insufficiency in any of the Trust
Accounts resulting from any loss on any Eligible Investment included therein except for losses
attributable to the Indenture Trustee’s failure to make payments on such Eligible Investments
issued by the Indenture Trustee, in its commercial capacity as principal obligor and not as
trustee, in accordance with their terms.



(c)   If (i) the Issuer shall have failed to give investment directions for any funds on
deposit in the Trust Accounts to the Indenture Trustee by 10:00 a.m. Eastern Time (or such other
time as may be agreed by the Issuer and Indenture Trustee) on any Business Day; or (ii) a Default
shall have occurred and be continuing with respect to the Notes but the Notes shall not have been
declared due and payable pursuant to Section 5.2, or, if such Notes shall have been declared due
and payable following an Event of Default and amounts collected or receivable from the Indenture
Trust Estate are being applied in accordance with Section 5.4 as if there had not been such a
declaration; then the Indenture Trustee shall invest and reinvest funds in the Trust Accounts in
the Eligible Investments described in clause (d) of the definition thereof.




SECTION 8.4   Release of Indenture Trust Estate. (a)  Subject to the payment of its
fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the
provisions of this Indenture shall, execute instruments to release property from the lien of this
Indenture, or convey the Indenture Trustee’s interest in the same, in a manner and under
circumstances that are not inconsistent with the provisions of this Indenture. No party relying
upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be
bound to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any
conditions precedent or see to the application of any moneys.



(b)   The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums
due the Indenture Trustee pursuant to Section 6.7 have been paid, release any remaining portion of
the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to
the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts.
The Indenture Trustee shall release property from the lien of this Indenture pursuant to this
Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officers’ Certificate of
the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in
accordance with TIA §§ 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1.



(c)   Each Noteholder, by the acceptance of a Note, acknowledges that from time to time the
Indenture Trustee shall release the lien of this Indenture on any Trust Student Loan to be sold (i)
to the Depositor in accordance with Section 6 of the Sale Agreement, (ii) to the Servicer in
accordance with Section 3.5 of the Servicing Agreement, (iii) to Bluemont Funding (or the seller
from which Bluemont Funding originally purchased such Trust Student Loan), Town Center Funding (or
the seller from which Town Center Funding originally purchased such Trust Student Loan), Town Hall
Funding (or the seller from which Town Hall Funding originally purchased such Trust Student Loan),
VL Funding (or the seller from which VL Funding originally purchased such Trust Student Loan), SLM
ECFC or to another Affiliate of SLM Corporation in accordance with Section 3.11F. of the Servicing
Agreement, (iv) to another eligible lender holding one or more Serial Loans with respect to such
Trust Student Loan, (v) to SLM ECFC in accordance with Section 6 of the SLM ECFC Purchase
Agreement, and each Noteholder, by the acceptance of a Note, consents to any such release, (vi) to
Bluemont Funding in accordance with Section 6 of the Bluemont Funding Purchase Agreement, (vii) to
Town Center Funding in accordance with Section 6 of the Town Center Funding Purchase Agreement,
(viii) to Town Hall Funding in accordance with Section 6 of the Town Hall Funding Purchase
Agreement, or (ix) to VL Funding in accordance with Section 6 of the VL Funding Purchase Agreement,
and each Noteholder, by the acceptance of a Note, consents to any such release.




SECTION 8.5   Opinion of Counsel. The Indenture Trustee shall receive at least seven
days’ notice when requested by the Issuer to take any action pursuant to Section 8.4(a),
accompanied by copies of any instruments involved, and the Indenture Trustee shall also require,
except in connection with any action contemplated by Section 8.4(c), as a condition to such
action, an Opinion of Counsel, in form and substance satisfactory to the Indenture Trustee,
stating the legal effect of any such action, outlining the steps required to complete the same,
and concluding that all conditions precedent to the taking of such action have been complied with
and such action will not materially and adversely impair the security for the Notes or the rights
of the Noteholders in contravention of the provisions of this Indenture; provided,
however, that such Opinion of Counsel shall not be required to express an opinion as to
the fair value of the Indenture Trust Estate. Counsel rendering any such opinion may rely,
without independent investigation, on the accuracy and validity of any certificate or other
instrument delivered to the Indenture Trustee in connection with any such action.



ARTICLE IX




Supplemental Indentures





SECTION 9.1   Supplemental Indentures Without Consent of Noteholders.



(a)   Without the consent of any Noteholders but with prior notice to the Rating Agencies then
rating the Notes, the Issuer and the Indenture Trustee, when authorized by an Issuer Order, at any
time and from time to time, may enter into one or more indentures supplemental hereto (which shall
conform to the provisions of the Trust Indenture Act as in force at the date of the execution
thereof), in form satisfactory to the Indenture Trustee, for any of the following purposes:



(i)   to correct or amplify the description of any property at any time subject to the lien of
this Indenture, or better to assure, convey and confirm unto the Indenture Trustee any property
subject or required to be subjected to the lien of this Indenture, or to subject to the lien of
this Indenture additional property;



(ii)   to evidence the succession, in compliance with the applicable provisions hereof, of
another person to the Issuer, and the assumption by any such successor of the covenants of the
Issuer herein and in the Notes contained;



(iii)   to add to the covenants of the Issuer, for the benefit of the Noteholders or to
surrender any right or power herein conferred upon the Issuer;



(iv)   to convey, transfer, assign, mortgage or pledge any property to the Indenture Trustee;



(v)   to cure any ambiguity, to correct or supplement any provision herein or in any
supplemental indenture which may be inconsistent with any other provision herein or in any
supplemental indenture or to make any other provisions with respect to matters or questions arising
under this Indenture or in any supplemental indenture; provided that such action shall not
materially adversely affect the interests of the Noteholders;



(vi)   to evidence and provide for the acceptance of the appointment hereunder by a successor
trustee with respect to the Notes and to add to or change any of the provisions of this Indenture
as shall be necessary to facilitate the administration of the trusts hereunder by more than one
trustee, pursuant to the requirements of Article VI; or



(vii)   to modify, eliminate or add to the provisions of this Indenture to such extent as
shall be necessary to effect the qualification of this Indenture under the TIA or under any similar
federal statute hereafter enacted and to add to this Indenture such other provisions as may be
expressly required by the TIA.



The Indenture Trustee is hereby authorized to join in the execution of any such supplemental
indenture and to make any further appropriate agreements and stipulations that may be therein
contained.



(b)   The Issuer and the Indenture Trustee, when authorized by an Issuer Order, may, also
without the consent of any of the Noteholders, but with prior notice to the Rating Agencies then
rating the Notes, enter into an indenture or indentures supplemental hereto for the purpose of
adding any provisions to, or changing in any manner or eliminating any of the provisions of, this
Indenture or of modifying in any manner the rights of the Noteholders under this Indenture;
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.




SECTION 9.2   Supplemental Indentures With Consent of Noteholders. The Issuer and
the Indenture Trustee, when authorized by an Issuer Order, also may, with prior notice to the
Rating Agencies then rating the Notes and with the consent of the Noteholders of at least a
majority of the Outstanding Amount of the Notes, by Act of such Noteholders delivered to the
Issuer and the Indenture Trustee, enter into an indenture or indentures supplemental hereto for
the purpose of adding any provisions to, or changing in any manner or eliminating any of the
provisions of, this Indenture or of modifying in any manner the rights of the Noteholders under
this Indenture; provided, however, that no such supplemental indenture shall,
without the consent of the Noteholder of each Outstanding Note affected thereby:



(i)   change the date of payment of any installment of principal of or interest on any Note,
or reduce the principal amount thereof, the interest rate thereon or the Redemption Price with
respect thereto, change the provisions of this Indenture relating to the application of collections
on, or the proceeds of the sale of, the Indenture Trust Estate to payment of principal of or
interest on the Notes, or change any place of payment where, or the coin or currency in which, any
Note or the interest thereon is payable or impair the right to institute suit for the enforcement
of the provisions of this Indenture requiring the application of funds available therefor, as
provided in Article V, to the payment of any such amount due on the Notes on or after the
respective due dates thereof (or, in the case of redemption, on or after the Redemption Date);



(ii)   reduce the percentage of the Outstanding Amount of the Notes, the consent of the
Noteholders of which is required for any such supplemental indenture, or the consent of the
Noteholders of which is required for any waiver of compliance with certain provisions of this
Indenture or certain defaults hereunder and their consequences provided for in this Indenture;



(iii)   modify or alter the provisions of the proviso to the definition of the term
“Outstanding”;



(iv)   reduce the percentage of the Outstanding Amount of the Notes required to direct the
Indenture Trustee to direct the Issuer to sell or liquidate the Indenture Trust Estate pursuant to
Section 5.4;



(v)   modify any provision of this Section except to increase any percentage specified herein
or to provide that certain additional provisions of this Indenture or the other Basic Documents
cannot be modified or waived without the consent of the Noteholder of each Outstanding Note
affected thereby;



(vi)   modify any of the provisions of this Indenture in such manner as to affect the
calculation of the amount of any payment of interest or principal due on any Note on any
Distribution Date (including the calculation of any of the individual components of such
calculation) or to affect the rights of the Noteholders to the benefit of any provisions for the
mandatory redemption of the Notes contained herein; or



(vii)   permit the creation of any lien ranking prior to or on a parity with the lien of this
Indenture with respect to any part of the Indenture Trust Estate or, except as otherwise permitted
or contemplated herein, terminate the lien of this Indenture on any property at any time subject
hereto or deprive any Noteholder of any Note of the security provided by the lien of this
Indenture.



It shall not be necessary for any Act of Noteholders under this Section to approve the
particular form of any proposed supplemental indenture, but it shall be sufficient if such Act
shall approve the substance thereof.



Promptly after the execution by the Issuer and the Indenture Trustee of any supplemental
indenture pursuant to this Section, the Indenture Trustee shall mail to the Noteholders of the
Notes to which such amendment or supplemental indenture relates a notice setting forth in general
terms the substance of such supplemental indenture. Any failure of the Indenture Trustee to mail
such notice, or any defect therein, shall not, however, in any way impair or affect the validity of
any such supplemental indenture.




SECTION 9.3   Execution of Supplemental Indentures. In executing, or permitting the
additional trusts created by, any supplemental indenture permitted by this Article IX or the
modifications thereby of the trusts created by this Indenture, the Indenture Trustee shall be
entitled to receive, and subject to Sections 6.1 and 6.2, shall be fully protected in relying
upon, an Opinion of Counsel stating that the execution of such supplemental indenture is
authorized or permitted by this Indenture. The Indenture Trustee may, but shall not be obligated
to, enter into any such supplemental indenture that affects the Indenture Trustee’s own rights,
duties, liabilities or immunities under this Indenture or otherwise.




SECTION 9.4   Effect of Supplemental Indenture. Upon the execution of any
supplemental indenture pursuant to the provisions hereof, this Indenture shall be and be deemed to
be modified and amended in accordance therewith with respect to the Notes affected thereby, and
the respective rights, limitations of rights, obligations, duties, liabilities and immunities
under this Indenture of the Indenture Trustee, the Issuer and the Noteholders shall thereafter be
determined, exercised and enforced hereunder subject in all respects to such modifications and
amendments, and all the terms and conditions of any such supplemental indenture shall be and be
deemed to be part of the terms and conditions of this Indenture for any and all purposes.




SECTION 9.5   Conformity with Trust Indenture Act. Every amendment of this Indenture
and every supplemental indenture executed pursuant to this Article IX shall conform to the
requirements of the Trust Indenture Act as then in effect so long as this Indenture shall then be
qualified under the Trust Indenture Act.




SECTION 9.6   Reference in Notes to Supplemental Indentures. Notes authenticated and
delivered after the execution of any supplemental indenture pursuant to this Article IX may, and
if required by the Indenture Trustee shall, bear a notation in form approved by the Indenture
Trustee as to any matter provided for in such supplemental indenture. If the Issuer or the
Indenture Trustee shall so determine, new Notes so modified as to conform, in the opinion of the
Indenture Trustee and the Issuer, to any such supplemental indenture may be prepared and executed
by the Issuer and authenticated and delivered by the Indenture Trustee in exchange for Outstanding
Notes.



ARTICLE X




Redemption of Notes





SECTION 10.1   Redemption. The Indenture Trustee shall, upon receipt of written
notice from the Administrator pursuant to Section 6.1(b) of the Administration Agreement, give
prompt written notice to the Noteholders of the occurrence of such event. In the event that the
assets of the Trust are sold pursuant to Section 6.1(a) of the Administration Agreement, that
portion of the amounts on deposit in the Trust Accounts to be distributed to the Noteholders shall
be paid to the Noteholders as provided in Sections 2.7 and 2.8 of the Administration Agreement.
If amounts are to be paid to Noteholders pursuant to this Section 10.1, the notice of such event
from the Indenture Trustee to the Noteholders shall include notice of the redemption of Notes by
application of such amounts on the next Distribution Date which is not sooner than 15 days after
the date of such notice (the “Redemption Date”), whereupon all such amounts shall be payable on
the Redemption Date.




SECTION 10.2   Form of Redemption Notice. Notice of redemption under Section 10.1
shall be given by the Indenture Trustee by first-class mail, postage prepaid, or by facsimile,
mailed or transmitted on or prior to the applicable Redemption Date to each Noteholder, as of the
close of business on the Record Date preceding the applicable Redemption Date, at such
Noteholder’s address or facsimile number appearing in the Note Register.



All notices of redemption shall state:



(i)   the Redemption Date;



(ii)   the Redemption Price; and



(iii)   the place where such Notes are to be surrendered for payment of the Redemption Price
(which shall be the office or agency of the Issuer to be maintained as provided in Section 3.2).



Notice of redemption of the Notes shall be given by the Indenture Trustee in the name and at
the expense of the Issuer. Failure to give notice of redemption, or any defect therein, to any
Noteholder of any Note shall not impair or affect the validity of the redemption of any other Note.




SECTION 10.3   Notes Payable on Redemption Date. The Notes or portions thereof to be
redeemed shall on the Redemption Date become due and payable at the Redemption Price and (unless
the Issuer shall default in the payment of the Redemption Price) no interest shall accrue on the
Redemption Price for any period after the date to which accrued interest is calculated for
purposes of calculating the Redemption Price.



ARTICLE XI




Miscellaneous





SECTION 11.1   Compliance Certificates and Opinions, etc. (a)  Upon any application
or request by the Issuer to the Indenture Trustee to take any action under any provision of this
Indenture, the Issuer shall furnish to the Indenture Trustee and the Rating Agencies then rating
the Notes (i) an Officers’ Certificate of the Issuer stating that all conditions precedent, if
any, provided for in this Indenture relating to the proposed action have been complied with, (ii)
an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent,
if any, have been complied with and (iii) (if required by the TIA) an Independent Certificate from
a firm of certified public accountants meeting the applicable requirements of this Section, except
that, in the case of any such application or request as to which the furnishing of such documents
is specifically required by any provision of this Indenture, no additional certificate or opinion
need be furnished.



Every certificate or opinion with respect to compliance with a condition or covenant provided
for in this indenture shall include:



(i)   a statement that each signatory of such certificate or opinion has read or has caused to
be read such covenant or condition and the definitions herein relating thereto;



(ii)   a brief statement as to the nature and scope of the examination or investigation upon
which the statements or opinions contained in such certificate or opinion are based;



(iii)   a statement that, in the opinion of each such signatory, such signatory has made such
examination or investigation as is necessary to enable such signatory to express an informed
opinion as to whether or not such covenant or condition has been complied with; and



(iv)   a statement as to whether, in the opinion of each such signatory, such condition or
covenant has been complied with.



(b)   (i)   Prior to the deposit of any Collateral or other property or securities with the
Indenture Trustee that is to be made the basis for the release of any property or securities
subject to the lien of this Indenture, the Issuer shall, in addition to any obligation imposed in
Section 11.1(a) or elsewhere in this Indenture, furnish to the Indenture Trustee and the Rating
Agencies then rating the Notes an Officers’ Certificate of the Issuer certifying or stating the
opinion of each person signing such certificate as to the fair value (within 90 days of such
deposit) to the Issuer of the Collateral or other property or securities to be so deposited.



(ii)   Whenever the Issuer is required to furnish to the Indenture Trustee and the Rating
Agencies then rating the Notes an Officers’ Certificate of the Issuer certifying or stating the
opinion of any signer thereof as to the matters described in clause (i) above, the Issuer shall
also deliver to the Indenture Trustee an Independent Certificate as to the same matters, if the
fair value to the Issuer of the securities to be so deposited and of all other such securities made
the basis of any such withdrawal or release since the commencement of the then-current fiscal year
of the Issuer, as set forth in the certificates delivered pursuant to clause (i) above and this
clause (ii), is 10% or more of the Outstanding Amount of the Notes, but such a certificate need not
be furnished with respect to any securities so deposited, if the fair value thereof to the Issuer
as set forth in the related Officers’ Certificate is less than $25,000 or less than one percent of
the Outstanding Amount of the Notes.



(iii)   Other than any property released as contemplated by clause (v) below, whenever any
property or securities are to be released from the lien of this Indenture, the Issuer shall also
furnish to the Indenture Trustee an Officers’ Certificate of the Issuer certifying or stating the
opinion of each person signing such certificate as to the fair value (within 90 days of such
release) of the property or securities proposed to be released and stating that in the opinion of
such person the proposed release will not impair the security under this Indenture in contravention
of the provisions hereof.



(iv)   Whenever the Issuer is required to furnish to the Indenture Trustee an Officers’
Certificate of the Issuer certifying or stating the opinion of any signer thereof as to the matters
described in clause (iii) above, the Issuer shall also furnish to the Indenture Trustee an
Independent Certificate as to the same matters if the fair value of the property or securities and
of all other property, other than property as contemplated by clause (v) below, or securities
released from the lien of this Indenture since the commencement of the then-current calendar year,
as set forth in the certificates required by clause (iii) above and this clause (iv), equals 10% or
more of the Outstanding Amount of the Notes, but such certificate need not be furnished in the case
of any release of property or securities if the fair value thereof as set forth in the related
Officers’ Certificate is less than $25,000 or less than one percent of the then Outstanding Amount
of the Notes.



(v)   Notwithstanding Section 2.9 or any other provision of this Section, the Issuer may,
without compliance with the requirements of the other provisions of this Section, (A) collect,
liquidate, sell or otherwise dispose of Trust Student Loans as and to the extent permitted or
required by the Basic Documents, (B) make cash payments out of the Trust Accounts as and to the
extent permitted or required by the Basic Documents and (C) convey to the Depositor, the Servicer
or another eligible lender those specified Trust Student Loans as and to the extent permitted or
required by and in accordance with Section 8.4(c) hereof and Section 6 of the Sale Agreement,
Section 3.5 of the Servicing Agreement or Section 3.11E of the Servicing Agreement, respectively,
so long as the Issuer shall deliver to the Indenture Trustee every six months, commencing December
31, 2010, an Officers’ Certificate of the Issuer stating that all the dispositions of Collateral
described in clauses (A), (B) or (C) above that occurred during the immediately preceding six
calendar months were in the ordinary course of the Issuer’s business and that the proceeds thereof
were applied in accordance with the Basic Documents.




SECTION 11.2   Form of Documents Delivered to Indenture Trustee. In any case where
several matters are required to be certified by, or covered by an opinion of, any specified
Person, it is not necessary that all such matters be certified by, or covered by the opinion of,
only one such Person, or that they be so certified or covered by only one document, but one such
Person may certify or give an opinion with respect to some matters, and one or more other such
Persons as to other matters, and any such Person may certify or give an opinion as to such matters
in one or several documents.



Any certificate or opinion of an Authorized Officer of the Issuer may be based, insofar as it
relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless
such officer knows, or in the exercise of reasonable care should know, that the certificate or
opinion or representations with respect to the matters upon which his certificate or opinion is
based are erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be
based, insofar as it relates to factual matters, upon a certificate or opinion of, or
representations by, an officer or officers of the Servicer, the Depositor, the Issuer or the
Administrator, stating that the information with respect to such factual matters is in the
possession of the Servicer, the Depositor, the Issuer or the Administrator, unless such counsel
knows, or in the exercise of reasonable care should know, that the certificate or opinion or
representations with respect to such matters are erroneous.



Where any Person is required to make, give or execute two or more applications, requests,
consents, certificates, statements, opinions or other instruments under this Indenture, they may,
but need not, be consolidated and form one instrument.



Whenever in this Indenture, in connection with any application or certificate or report to the
Indenture Trustee, it is provided that the Issuer shall deliver any document as a condition of the
granting of such application, or as evidence of the Issuer’s compliance with any term hereof, it is
intended that the truth and accuracy, at the time of the granting of such application or at the
effective date of such certificate or report (as the case may be), of the facts and opinions stated
in such document shall in such case be conditions precedent to the right of the Issuer to have such
application granted or to the sufficiency of such certificate or report. The foregoing shall not,
however, be construed to affect the Indenture Trustee’s right to rely upon the truth and accuracy
of any statement or opinion contained in any such document as provided in Article VI.




SECTION 11.3   Acts of Noteholders. (a)  Any request, demand, authorization,
direction, notice, consent, waiver or other action provided by this Indenture to be given or taken
by Noteholders may be embodied in and evidenced by one or more instruments of substantially
similar tenor signed by such Noteholders in person or by agents duly appointed in writing; and
except as herein otherwise expressly provided such action shall become effective when such
instrument or instruments are delivered to the Indenture Trustee, and, where it is hereby
expressly required, to the Issuer. Such instrument or instruments (and the action embodied
therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders
signing such instrument or instruments. Proof of execution of any such instrument or of a writing
appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to
Section 6.1) conclusive in favor of the Indenture Trustee and the Issuer, if made in the manner
provided in this Section.



(b)   The fact and date of the execution by any person of any such instrument or writing may
be proved in any manner that the Indenture Trustee deems sufficient.



(c)   The ownership of Notes shall be proved by the Note Register.



(d)   Any request, demand, authorization, direction, notice, consent, waiver or other action
by any Noteholder shall bind the Noteholder of every Note issued upon registration of transfer
thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or
suffered to be done by the Indenture Trustee or the Issuer in reliance thereon, whether or not
notation of such action is made upon such Note.




SECTION 11.4   Notices, etc., to Indenture Trustee, Issuer and Rating Agencies. Any
request, demand, authorization, direction, notice, consent, waiver or Act of Noteholders or other
documents provided or permitted by this Indenture shall be in writing and if such request, demand,
authorization, direction, notice, consent, waiver or Act of Noteholders is to be made upon, given
or furnished to or filed with:



(a)   The Indenture Trustee by any Noteholder, the Servicer, the Administrator or by the
Issuer shall be sufficient for every purpose hereunder if made, given, furnished or filed in
writing to or with the Indenture Trustee at its Corporate Trust Office with a copy to: Deutsche
Bank Trust Company Americas, 60 Wall Street, 26th Floor, Mailstop NYC60-2606, New York,
New York 10005, Attention: Trust & Securities Services/Structured Finance Services.



(b)   The Issuer by the Indenture Trustee or by any Noteholder shall be sufficient for every
purpose hereunder if in writing and mailed, first-class, postage prepaid, to the Issuer addressed
to: SLM Student Loan Trust 2010-1, in care of The Bank of New York Mellon Trust Company, National
Association, 10161 Centurion Parkway, Jacksonville, Florida 32256, Attention: Michael G. Ruppel;
and the Administrator, 12061 Bluemont Way, V3419, Reston, Virginia 20190, Attention: ABS Trust
Administration, or any other address previously furnished in writing to the Indenture Trustee by
the Issuer or the Administrator. The Issuer shall promptly transmit any notice received by it from
the Noteholders to the Indenture Trustee.



Notices required to be given to the Rating Agencies by the Issuer, the Indenture Trustee or
the Eligible Lender Trustee shall be in writing, personally delivered or mailed by certified mail,
return receipt requested, to (i) in the case of Moody’s, at the following addresses: (A) ABS
Monitoring Department, 7 World Trade Center, 250 Greenwich Street, New York, New York 10007, and
(B) servicereports@moodys.com; and (ii) in the case of S&P, at the following addresses: (A) 55
Water Street, New York, New York 10041-0003, Attention: Asset Backed Surveillance Department, 32nd
Floor, and (B) abs—servicer—reports@standardandpoors.com; or as to each of the foregoing, at such
other address as shall be designated by written notice to the other parties.




SECTION 11.5   Notices to Noteholders; Waiver. Where this Indenture provides for
notice to Noteholders of any event, such notice shall be sufficiently given (unless otherwise
herein expressly provided) if in writing and mailed, first-class, postage prepaid to each
Noteholder affected by such event, at his address as it appears on the Note Register, not later
than the latest date, and not earlier than the earliest date, prescribed for the giving of such
notice. In any case where notice to Noteholders is given by mail, neither the failure to mail
such notice nor any defect in any notice so mailed to any particular Noteholder shall affect the
sufficiency of such notice with respect to other Noteholders, and any notice that is mailed in the
manner herein provided shall conclusively be presumed to have been duly given.



Where this Indenture provides for notice in any manner, such notice may be waived in writing
by any Person entitled to receive such notice, either before or after the event, and such waiver
shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the
Indenture Trustee but such filing shall not be a condition precedent to the validity of any action
taken in reliance upon such a waiver.



In case, by reason of the suspension of regular mail service as a result of a strike, work
stoppage or similar activity, it shall be impractical to mail notice of any event to Noteholders
when such notice is required to be given pursuant to any provision of this Indenture, then any
manner of giving such notice as shall be satisfactory to the Indenture Trustee shall be deemed to
be a sufficient giving of such notice.



Where this Indenture provides for notice to the Rating Agencies then rating the Notes, failure
to give such notice shall not affect any other rights or obligations created hereunder, and shall
not under any circumstance constitute a Default.




SECTION 11.6   Alternate Payment and Notice Provisions. Notwithstanding any
provision of this Indenture or any of the Notes to the contrary, the Issuer may enter into any
agreement with any Noteholder providing for a method of payment, or notice by the Indenture
Trustee or any Paying Agent to such Noteholder, that is different from the methods provided for in
this Indenture for such payments or notices. The Issuer will furnish to the Indenture Trustee a
copy of each such agreement and the Indenture Trustee will cause payments to be made and notices
to be given in accordance with such agreements.




SECTION 11.7   Conflict with Trust Indenture Act. If any provision hereof limits,
qualifies or conflicts with another provision hereof that is required to be included in this
Indenture by any of the provisions of the Trust Indenture Act, such required provision shall
control.



The provisions of TIA §§ 310 through 317 that impose duties on any Person (including the
provisions automatically deemed included herein unless expressly excluded by this Indenture) are a
part of and govern this Indenture, whether or not physically contained herein.




SECTION 11.8   Effect of Headings and Table of Contents. The Article and Section
headings herein and the Table of Contents are for convenience only and shall not affect the
construction hereof.




SECTION 11.9   Successors and Assigns. All covenants and agreements in this
Indenture and the Notes by the Issuer shall bind its successor and assigns, whether so expressed
or not. All agreements of the Indenture Trustee in this Indenture shall bind the successors,
co-trustees and agents (excluding any legal representatives or accountants) of the Indenture
Trustee.




SECTION 11.10   Separability. In case any provision in this Indenture or in the
Notes shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of
the remaining provisions shall not in any way be affected or impaired thereby.




SECTION 11.11   Benefits of Indenture. (a)  Nothing in this Indenture or in the
Notes, express or implied shall give to any person, other than the parties hereto and their
successors hereunder, the Noteholders, any other party secured hereunder, and any other Person
with an ownership interest in any part of the Indenture Trust Estate, any benefit or any legal or
equitable right, remedy or claim under this Indenture.



(b)   [Reserved].




SECTION 11.12   Legal Holidays. In any case where the date on which any payment is
due shall not be a Business Day, then (notwithstanding any other provision of the Notes or this
Indenture) payment need not be made on such date, but may be made on the next succeeding Business
Day with the same force and effect as if made on the date on which nominally due, and no interest
shall accrue for the period from and after any such nominal date.




SECTION 11.13   GOVERNING LAW. THIS INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN
§5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.




SECTION 11.14   Counterparts. This Indenture may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument.




SECTION 11.15   Recording of Indenture. If this Indenture is subject to recording in
any appropriate public recording offices, such recording is to be effected by the Issuer and at
its expense accompanied by an Opinion of Counsel (which may be counsel to the Indenture Trustee or
any other counsel reasonably acceptable to the Indenture Trustee) to the effect that such
recording is necessary either for the protection of the Noteholders or any other Person secured
hereunder or for the enforcement of any right or remedy granted to the Indenture Trustee under
this Indenture.




SECTION 11.16   Trust Obligations. No recourse may be taken, directly or indirectly,
with respect to the obligations of the Issuer, the Depositor, the Administrator, the Servicer, the
Eligible Lender Trustee or the Indenture Trustee on the Notes or under this Indenture or any
certificate or other writing delivered in connection herewith or therewith, against (i) the
Indenture Trustee or the Eligible Lender Trustee in its individual capacity, (ii) any owner of a
beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer,
director or employee of the Indenture Trustee or the Eligible Lender Trustee in its individual
capacity, any holder or owner of a beneficial interest in the Issuer, the Eligible Lender Trustee
or the Indenture Trustee or of any successor or assign thereof in its individual capacity, except
as any such Person may have expressly agreed (it being understood that the Indenture Trustee and
the Eligible Lender Trustee have no such obligations in their individual capacity) and except that
any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable
law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any
installment or call owing to such entity. For all purposes of this Indenture, in the performance
of any duties or obligations of the Issuer hereunder, the Eligible Lender Trustee shall be subject
to, and entitled to the benefits of, the terms and provisions of Articles VI, VII and VIII of the
Trust Agreement.




SECTION 11.17   No Petition. The Indenture Trustee, by entering into this Indenture,
and each Noteholder, by accepting a Note, hereby covenant and agree that they shall not at any
time institute against the Depositor or the Issuer, or join in any institution against the
Depositor or the Issuer 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 Indenture
or any of the other Basic Documents. The foregoing shall not limit the rights of the Indenture
Trustee to file any claim in, or otherwise take any action with respect to, any insolvency
proceeding that was instituted against the Issuer by any Person other than the Indenture Trustee.




SECTION 11.18   Inspection. The Issuer agrees that, on reasonable prior notice, it
shall permit any representative of the Indenture Trustee, during the Issuer’s normal business
hours, to examine all the books of account, records, reports, and other papers of the Issuer, to
make copies and extracts therefrom, to cause such books to be audited by Independent certified
public accountants, and to discuss the Issuer’s affairs, finances and accounts with the Issuer’s
officers, employees, and Independent certified public accountants, all at such reasonable times
and as often as may be reasonably requested. The Indenture Trustee shall and shall cause its
representatives to hold in confidence all such information obtained from such examination or
inspection except to the extent disclosure may be required by law (and all reasonable applications
for confidential treatment are unavailing) and except to the extent that the Indenture Trustee may
reasonably determine that such disclosure is consistent with its obligations hereunder.




SECTION 11.19   Waiver of Jury Trial. EACH OF THE PARTIES TO THIS INDENTURE HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL
BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE
TRANSACTIONS CONTEMPLATED HEREBY.



ARTICLE XII




Compliance with Regulation AB





SECTION 12.1   Intent of the Parties; Reasonableness. The Issuer, the Eligible
Lender Trustee and the Indenture Trustee acknowledge and agree that the purpose of Article XII of
this Agreement is to facilitate compliance by the Issuer with the provisions of Regulation AB and
related rules and regulations of the Commission.



The Eligible Lender Trustee and the Administrator, on behalf of the Issuer, shall not exercise
its right to request delivery of information or other performance under these provisions other than
in good faith, or for purposes other than compliance with the Act, the Exchange Act and the rules
and regulations of the Commission thereunder (or the provision in a private offering of disclosure
comparable to that required under the Act). The Indenture Trustee acknowledges that
interpretations of the requirements of Regulation AB may change over time, whether due to
interpretive guidance provided by the Commission or its staff, consensus among participants in the
asset-backed securities markets, advice of counsel, or otherwise, and agrees to comply with
requests made by the Administrator, on behalf of the Issuer, in good faith for delivery of
information under these provisions on the basis of evolving interpretations of Regulation AB. In
connection therewith, the Indenture Trustee shall cooperate fully with the Administrator, on behalf
of the Issuer, to deliver to the Administrator, on behalf of the Issuer (including any of its
assignees or designees), any and all statements, reports, certifications, records, attestation, and
any other information necessary in the good faith determination of the Administrator, on behalf of
the Issuer, to permit the Administrator, on behalf of the Issuer, to comply with the provisions of
Regulation AB, together with such disclosures relating to the Indenture Trustee or the servicing of
the Trust Student Loans, reasonably believed by the Administrator, on behalf of the Issuer, to be
necessary in order to effect such compliance.



ARTICLE XIII




Tax Considerations





SECTION 13.1   Acknowledgement of Parties. The parties hereto acknowledge and agree
that, for all tax purposes, financial accounting and other purposes (a) the Notes
will constitute indebtedness and not an ownership interest in the Issuer and (b) the Excess
Distribution Certificateholder will be treated as owning all of the assets, and as assuming all of
the liabilities (including the Notes), of the Issuer, and the parties hereto shall in all events
take positions consistent with, and in no event take a position inconsistent with, the positions
described in clauses (a) and (b) in the preparation of any returns and reports, and with
respect to any audit or controversy, as to which either of the positions described in clauses (a)
or (b) above would be relevant.



2



IN WITNESS WHEREOF, the Issuer, the Eligible Lender Trustee and the Indenture Trustee have
caused this Indenture to be duly executed by their respective officers, thereunto duly authorized
and duly attested, all as of the day and year first above written.




SLM STUDENT LOAN TRUST 2010-1




By: THE BANK OF NEW YORK MELLON TRUST COMPANY, NATIONAL
ASSOCIATION, not in its individual capacity but solely as
Eligible Lender Trustee




By: /S/ ERIC LINDAHL

Name: Eric Lindahl

Title: Vice President





THE BANK OF NEW YORK MELLON TRUST COMPANY, NATIONAL




ASSOCIATION, not in its individual capacity but solely as
Eligible Lender Trustee




By: /S/ ERIC LINDAHL

Name: Eric Lindahl

Title: Vice President




	 	 	 
	DEUTSCHE BANK TRUST COMPANY AMERICAS,

	not in its individual capacity but solely

	as Indenture Trustee

	 	

	By: /S/ MICHELE H.Y. VOON

	Name:

	 	Michele H.Y. Voon






	 	 	 
	Title: Attorney-in-fact

	By: /S/ DORIT RITTER-HADDAD

	Name: Dorit Ritter-Haddad

	Title:

	 	Attorney-in-fact






APPENDIX A

TO THE INDENTURE




DEFINITIONS AND USAGE

SLM Student Loan Trust 2010-1




Usage




The following rules of construction and usage shall be applicable to any instrument that is
governed by this appendix (this “Appendix A”):



(a) All terms defined in this Appendix A shall have the defined meanings when used in any
instrument governed hereby and in any certificate or other document made or delivered pursuant
thereto unless otherwise defined therein.



(b) As used herein, in any instrument governed hereby and in any certificate or other document
made or delivered pursuant thereto, accounting terms not defined in this Appendix or in any such
instrument, certificate or other document, and accounting terms partly defined in this Appendix or
in any such instrument, certificate or other document, to the extent not defined, shall have the
respective meanings given to them under generally accepted accounting principles as in effect on
the date of such instrument. To the extent that the definitions of accounting terms in this
Appendix or in any such instrument, certificate or other document are inconsistent with the
meanings of such terms under generally accepted accounting principles, the definitions contained in
this Appendix or in any such instrument, certificate or other document shall control.



(c) The words “hereof,” “herein,” “hereunder” and words of similar import when used in an
instrument refer to such instrument as a whole and not to any particular provision or subdivision
thereof; references in an instrument to “Article,” “Section” or another subdivision or to an
attachment are, unless the context otherwise requires, to an article, section or subdivision of or
an attachment to such instrument; and the term “including” means “including without limitation.”



(d) The definitions contained in this Appendix A are equally applicable to both the singular
and plural forms of such terms and to the masculine as well as to the feminine and neuter genders
of such terms.



(e) Any agreement, instrument or statute defined or referred to below or any agreement or
instrument that is governed by this Appendix A means such agreement or instrument or statute as
from time to time amended, modified or supplemented, including (in the case of agreements or
instruments) by assignment, assumption, waiver or consent and (in the case of statutes) by
succession of comparable successor statutes and includes (in the case of agreements or instruments)
references to all attachments thereto and instruments incorporated therein. References to a Person
are also to its permitted successors and assigns.



(f) All dollar amounts calculated hereunder shall be rounded to the nearest penny with one
half of one cent being rounded up to the next penny.



3



Definitions




“Accrual Period” means, with respect to a Distribution Date for the Notes, the period
from and including the immediately preceding Distribution Date for such class of Notes to, but
excluding, the then current Distribution Date, or in the case of the initial accrual period, the
period from and including the Closing Date to, and including, May 24, 2010.



“ACS” means ACS Education Services, Inc.



“ACS Subservicing Agreement” means that Omnibus Subservicing Agreement, dated as of
April 9, 2010, among ACS, the Servicer and the Administrator (the “ACS Omnibus Subservicing
Agreement”), as supplemented by the SLM Student Loan Trust 2010-1 Supplement to the ACS Omnibus
Subservicing Agreement, dated as of April 15, 2010, among the Depositor, ACS, the Servicer, the
Administrator, the Issuer and the Eligible Lender Trustee.



“Act” means the Securities Act of 1933, as amended.



“Act of Noteholders” has the meaning specified in Section 11.3 of the Indenture.



“Actual/360” means that interest is calculated on the basis of the actual number of
days elapsed in a year of 360 days.



“Additional Bill of Sale” has the meaning specified in each of the Purchase Agreements
or the Sale Agreement, as applicable.



“Additional Purchase Agreement” has the meaning specified in each of the Purchase
Agreements, as applicable.



“Additional Sale Agreement” has the meaning specified in the Sale Agreement.



“Additional Trust Student Loan” means each Eligible Loan purchased by the Trust during
the Supplemental Purchase Period from the Depositor pursuant to Section 3.2 of the Sale Agreement
and each related Additional Sale Agreement.



“Adjusted Pool Balance” means, for any Distribution Date,




	 	(a)	 	if the Pool Balance as of the last day of the related Collection Period is
greater than 40% of the Initial Pool Balance, then the Adjusted Pool Balance will be the
sum of that Pool Balance, Capitalized Interest and the Specified Reserve Account Balance
for that Distribution Date, or






	 	(b)	 	if the Pool Balance as of the last day of the related Collection Period is less
than or equal to 40% of the Initial Pool Balance, then the Adjusted Pool Balance will be
the sum of that Pool Balance and Capitalized Interest.





“Administration Agreement” means the Administration Agreement dated as of April 15,
2010, among the Administrator, the Servicer, the Depositor, the Trust, the Indenture Trustee and
the Eligible Lender Trustee.



“Administration Fees” has the meaning specified in Section 2.14 of the Administration
Agreement.



“Administrator” means Sallie Mae, Inc., in its capacity as administrator of the Trust
in accordance with the Administration Agreement.



“Administrator Default” has the meaning specified in Section 5.1 of the Administration
Agreement.



“Administrator’s Certificate” means an Officers’ Certificate of the Administrator
delivered pursuant to Section 3.1(c) of the Administration Agreement.



“Affiliate” means, with respect to any specified Person, any other Person controlling
or controlled by or under common control with such specified Person. For the purposes of this
definition, “control” when used with respect to any specified Person means the power to direct the
management and policies of such Person, directly or indirectly, whether through the ownership of
voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have
meanings correlative to the foregoing.



“Authenticating Agent” means The Bank of New York Mellon Trust Company, National
Association, in respect of the Excess Distribution Certificate.



“Authorized Officer” means (i) with respect to the Trust, any officer of the Eligible
Lender Trustee who is authorized to act for the Eligible Lender Trustee in matters relating to the
Trust pursuant to the Basic Documents and who is identified on the list of Authorized Officers
delivered by the Eligible Lender Trustee to the Indenture Trustee on the Closing Date (as such list
may be modified or supplemented from time to time thereafter), (ii) with respect to the
Administrator, any officer of the Administrator or any of its Affiliates who is authorized to act
for the Administrator in matters relating to itself or to the Trust and to be acted upon by the
Administrator pursuant to the Basic Documents and who is identified on the list of Authorized
Officers delivered by the Administrator to the Indenture Trustee on the Closing Date (as such list
may be modified or supplemented from time to time thereafter), (iii) with respect to the Depositor,
any officer of the Depositor or any of its Affiliates who is authorized to act for the Depositor in
matters relating to or to be acted upon by the Depositor pursuant to the Basic Documents and who is
identified on the list of Authorized Officers delivered by the Depositor to the Indenture Trustee
on the Closing Date (as such list may be modified or supplemented from time to time thereafter) and
(iv) with respect to the Servicer, any officer of the Servicer who is authorized to act for the
Servicer in matters relating to or to be acted upon by the Servicer pursuant to the Basic Documents
and who is identified on the list of Authorized Officers delivered by the Servicer to the Indenture
Trustee on the Closing Date (as such list may be modified or supplemented from time to time
thereafter).



“Available Funds” means, as to a Distribution Date, the sum of the following amounts
received with respect to the related Collection Period(s):




	 	(a)	 	all collections received by the Servicer on the Trust Student Loans,
including any Guarantee Payments received on the Trust Student Loans, but net of:






	 	(1)	 	any collections in respect of principal on the Trust
Student Loans applied by the Trust to repurchase guaranteed loans from the
Guarantors under the Guarantee Agreements; and






	 	(2)	 	amounts required by the Higher Education Act to be paid
to the Department or to be repaid to Obligors, whether or not in the form of
a principal reduction of the applicable Trust Student Loan, on the Trust
Student Loans for that Collection Period, including floor income rebate
fees; and






	 	(3)	 	amounts deposited into the Floor Income Rebate Account
during any related Collection Period;






	 	(b)	 	any Interest Subsidy Payments and Special Allowance Payments with respect to
the Trust Student Loans during that Collection Period;






	 	(c)	 	all Liquidation Proceeds from any Trust Student Loans which became Liquidated
Student Loans during that Collection Period in accordance with the Servicer’s or the
related Subservicer’s customary servicing procedures, as applicable, net of expenses
incurred by the Servicer or the related Subservicer, as the case may be, related to
their liquidation and any amounts required by law to be remitted to the Obligors on
the Liquidated Student Loans, and all Recoveries on Liquidated Student Loans which
were written off in prior Collection Periods or during that Collection Period;






	 	(d)	 	the aggregate Purchase Amounts received during that Collection Period for
those Trust Student Loans repurchased by the Depositor or purchased by the Servicer,
as the case may be, or for Trust Student Loans sold to another eligible lender
pursuant to Section 3.11E of the Servicing Agreement;






	 	(e)	 	the aggregate Purchase Amounts received during that Collection Period for
those Trust Student Loans repurchased by SLM ECFC, Bluemont Funding, Town Center
Funding, Town Hall Funding or VL Funding;






	 	(f)	 	the aggregate Purchase Amounts received during that Collection Period for
those Trust Student Loans purchased by the Servicer pursuant to Section 3.5H of the
Servicing Agreement;






	 	(g)	 	the aggregate amounts, if any, received from any of SLM ECFC, Bluemont
Funding, Town Center Funding, Town Hall Funding, VL Funding, the Depositor, the
Servicer or the Subservicers, as the case may be, as reimbursement of non-guaranteed
interest amounts, or lost Interest Subsidy Payments and Special Allowance Payments, on
the Trust Student Loans pursuant to the Sale Agreement or Section 3.5 of the Servicing
Agreement, respectively;






	 	(h)	 	amounts received by the Trust pursuant to Sections 3.1 and 3.12 of the
Servicing Agreement during that Collection Period as to yield or principal adjustments
(other than prepayments to the Borrower Benefit Account);






	 	(i)	 	any interest remitted by the Administrator to the Collection Account prior to
such Distribution Date;






	 	(j)	 	Investment Earnings for that Distribution Date earned on amounts on deposit
in each Trust Account (other than the Borrower Benefit Account);






	 	(k)	 	amounts transferred from the Reserve Account in excess of the Specified
Reserve Account Balance for that Distribution Date;






	 	(l)	 	once the Department of Education has netted all payments, any amounts on
deposit in the Floor Income Rebate Account that were deposited into such account
during the related Collection Periods;






	 	(m)	 	all amounts received by the Trust from any interest rate cap counterparty
under any interest rate cap agreement entered pursuant to Section 2.3(vii) of the
Trust Agreement for deposit into the Collection Account for that Distribution Date;






	 	(n)	 	on the initial Distribution Date, the Collection Account Initial Deposit and
any amounts transferred into the Collection Account from the Supplemental Purchase
Account following the end of the Supplemental Purchase Period;






	 	(o)	 	[Reserved];






	 	(p)	 	on the March 2014 Distribution Date, all funds that are transferred from the
Capitalized Interest Account into the Collection Account on that Distribution Date;






	 	(q)	 	[Reserved];






	 	(r)	 	on each Distribution Date, any amounts transferred into the Collection
Account from the Borrower Benefit Account pursuant to Section 2.10(f) of the
Administration Agreement; and






	 	(s)	 	amounts required to be transferred from the Borrower Benefit Account for such
Distribution Date, to the extent funds are on deposit therein.






provided that if on any Distribution Date there would not be sufficient funds,
after application of Available Funds, as defined above, and application of amounts
available from the Capitalized Interest Account and the Reserve Account to pay any of the
items specified in clauses (a), (b), (c) and (d) of Section 2.8 of the Administration
Agreement (but excluding clause (d), and including clause (e) thereof, in the event that a
condition exists as described in either sub-clause (i) or (ii) of clause (x) of Section 2.8
of the Administration Agreement), as set forth in Section 2.9 of the Administration
Agreement, relating to such distributions, then Available Funds for that Distribution Date
will include, in addition to the Available Funds as defined above, amounts on deposit in
the Collection Account, or amounts held by the Administrator, or which the Administrator
reasonably estimates to be held by the Administrator, for deposit into the Collection
Account on the related Determination Date which would have constituted Available Funds for
the Distribution Date succeeding that Distribution Date, up to the amount necessary to pay
such items, and the Available Funds for the succeeding Distribution Date will be adjusted
accordingly.



“Basic Documents” means the Trust Agreement, the Indenture, the Servicing Agreement,
the ACS Subservicing Agreement, the Great Lakes Subservicing Agreement, the Administration
Agreement, the Sale Agreement, the SLM ECFC Purchase Agreement, the Bluemont Funding Purchase
Agreement, the Town Center Funding Purchase Agreement, the Town Hall Funding Purchase Agreement,
the VL Funding Purchase Agreement, the Guarantee Agreements, the Note Depository Agreement, any
interest rate cap agreement executed pursuant to Section 2.3(vii) of the Trust Agreement, and other
documents and certificates delivered in connection with any such documents.



“Benefit Plan” means (i) an employee benefit plan (as defined in Section 3(3) of
ERISA), whether or not subject to the provisions of Title I of ERISA, (ii) a plan described in
Section 4975(e)(1) of the Code, whether or not subject to Section 4975 of the Code or (iii) any
entity whose underlying assets include plan assets by reason of a plan’s investment in the entity.



“Bill of Sale” has the meaning specified in each of the Purchase Agreements or the
Sale Agreement, as applicable.



“Bluemont Funding” means Bluemont Funding LLC.



“Bluemont Funding Eligible Lender Trustee” means The Bank of New York Mellon Trust
Company, National Association, a national banking association, not in its individual capacity but
solely as interim eligible lender trustee for the benefit of Bluemont Funding under the Bluemont
Funding Interim Trust Agreement.



“Bluemont Funding Interim Trust Agreement” means the Interim Trust Agreement dated as
of April 15, 2010, between Bluemont Funding and the Bluemont Funding Eligible Lender Trustee.



“Bluemont Funding Purchase Agreement” means the Purchase Agreement Master
Securitization Terms Number 1000, dated as of April 15, 2010, among Bluemont Funding, the Bluemont
Funding Interim Eligible Lender Trustee, the Interim Eligible Lender Trustee, the Servicer and the
Depositor, as well as each purchase agreement entered into thereunder.



“Book Entry Note” means a beneficial interest in the Notes, ownership and transfers of
which shall be made through book entries by a Clearing Agency as described in Section 2.10 of the
Indenture.



“Borrower Benefit Account” means the account designated as such, established and
maintained pursuant to Section 2.3(m) of the Administration Agreement.



“Borrower Benefit Account Initial Deposit” shall mean $0.



“Borrower Benefit Yield Reduction” has the meaning specified in Section 3.12 of the
Servicing Agreement.



“Business Day” means




(i) with respect to calculating LIBOR of a specified maturity, any day on which banks
in New York, New York and London, England are open for the transaction of international
business; and




(ii) for all other purposes, any day other than a Saturday, a Sunday or a day on which
banking institutions or trust companies in New York, New York or Wilmington, Delaware are
authorized or obligated by law, regulation or executive order to remain closed.



“Capitalized Interest” means for any Distribution Date through and including the
March 2014 Distribution Date: (i) if neither of the conditions set forth in clause (x) of Section
2.8 of the Administration Agreement are in effect, the amount on deposit in the Capitalized
Interest Account on the Distribution Date following distributions with respect to clauses (a), (b),
(c) and (d) of Section 2.8 of the Administration Agreement, or (ii) if either of the conditions set
forth in clause (x) of Section 2.8 of the Administration Agreement are in effect, the excess, if
any, of (x) the amount on deposit in the Capitalized Interest Account on the Distribution Date
following distributions with respect to clauses (a), (b) and (c) of Section 2.8 of the
Administration Agreement over (y) the Class B Noteholders’ Interest Distribution Amount.



“Capitalized Interest Account” means the account designated as such, established and
maintained pursuant to Section 2.3(h) of the Administration Agreement.



“Capitalized Interest Account Balance” means as of any date of determination, the
amount on deposit in the Capitalized Interest Account (exclusive of Investment Earnings).



“Capitalized Interest Account Initial Deposit” means $7,500,000.



“Carryover Servicing Fee” has the meaning specified in Attachment A to the Servicing
Agreement.



“Class A Maturity Date” means March 25, 2025.



“Class A Note Interest Shortfall” means, for any Distribution Date, the sum of (1) the
excess of:




(i) the Class A Noteholders’ Interest Distribution Amount on the preceding Distribution
Date, over




(ii) the amount of interest actually distributed to the Class A Noteholders on the
preceding Distribution Date,



plus (2) interest on the amount of that excess, to the extent permitted by law, at the Class A
Rate from the preceding Distribution Date to the current Distribution Date.



“Class A Noteholder” means the Person in whose name a Class A Note is registered in
the Note Register.



“Class A Noteholders’ Distribution Amount” means, for any Distribution Date, the sum
of the Class A Noteholders’ Interest Distribution Amount and the Class A Noteholders’ Principal
Distribution Amount for that Distribution Date.



“Class A Noteholders’ Interest Distribution Amount” means, for any Distribution Date,
the sum of:




(1) the amount of interest accrued at the Class A Rate for the related Accrual Period
on the Outstanding Amount of the Class A Notes on the applicable immediately preceding
Distribution Date (or in the case of the initial Distribution Date, the Closing Date) after
giving effect to all principal distributions to the Class A Noteholders on the preceding
Distribution Date; and




(2) the Class A Note Interest Shortfall for that Distribution Date.



“Class A Noteholders’ Principal Distribution Amount” means, for any Distribution Date,
the amount, not less than zero, by which (a) the Outstanding Amount of the Class A Notes
immediately prior to such Distribution Date exceeds (b) the Adjusted Pool Balance for that
Distribution Date less the Specified Overcollateralization Amount; provided that the Class
A Noteholders’ Principal Distribution Amount shall not exceed the Outstanding Amount of the Class A
Notes for such Distribution Date (before giving effect to any distributions on such Distribution
Date).



In addition, on the Class A Maturity Date, the principal required to be distributed to the
Class A Noteholders will include the amount required to reduce the Outstanding Amount of the Class
A Notes to zero.



“Class A Notes” means the $1,185,000,000 Floating Rate Class A Student Loan-Backed
Notes issued by the Trust pursuant to the Indenture, substantially in the form of Exhibit A
thereto.



“Class A Rate” means, for any Accrual Period after the initial Accrual Period,
One-Month LIBOR, as determined on the second Business Day before the beginning of the applicable
Accrual Period, plus 0.40% based on an Actual/360 accrual method. For the initial Accrual Period,
the Class A Rate shall mean the Initial Accrual Rate plus 0.40%, based on an Actual/360 accrual
method.



“Class B Maturity Date” means February 26, 2035.



“Class B Note Interest Shortfall” means, for any Distribution Date, the sum of (1) the
excess of:




(i) the Class B Noteholders’ Interest Distribution Amount on the preceding Distribution
Date, over




(ii) the amount of interest actually distributed to the Class B Noteholders on the
preceding Distribution Date,



plus (2) interest on the amount of that excess, to the extent permitted by law, at the Class B
Rate from the preceding Distribution Date to the current Distribution Date.



“Class B Noteholder” means the Person in whose name a Class B Note is registered in
the Note Register.



“Class B Noteholders’ Distribution Amount” means, for any Distribution Date, the sum
of the Class B Noteholders’ Interest Distribution Amount and the Class B Noteholders’ Principal
Distribution Amount for that Distribution Date.



“Class B Noteholders’ Interest Distribution Amount” means, for any Distribution Date,
the sum of:




(1) the amount of interest accrued at the Class B Rate for the related Accrual Period
on the Outstanding Amount of the Class B Notes on the immediately preceding Distribution
Date (or in the case of the initial Distribution Date, the Closing Date) after giving effect
to all principal distributions to the Class B Noteholders on the preceding Distribution
Dates or, in the case of the first Distribution Date, on the Closing Date; and




(2) the Class B Note Interest Shortfall for that Distribution Date.



“Class B Noteholders’ Principal Distribution Amount” means, for any Distribution Date,
the amount by which (a) the Outstanding Amount of the Class B Notes immediately prior to such
Distribution Date exceeds (b) the Adjusted Pool Balance for that Distribution Date less the
Specified Overcollateralization Amount; provided that the Class B Noteholders’ Principal
Distribution Amount will not exceed the Outstanding Amount of the Class B Notes for such
Distribution Date (before giving effect to any distributions on such Distribution Date).



In addition, on the Class B Maturity Date, the principal required to be distributed to the
Class B Noteholders will include the amount required to reduce the Outstanding Amount of the Class
B Notes to zero.



“Class B Notes” means the $36,780,000 Floating Rate Class B Student Loan-Backed Notes
issued by the Trust pursuant to the Indenture, substantially in the form of Exhibit A thereto.



“Class B Rate” means, for any Accrual Period after the initial Accrual Period,
One-Month LIBOR, as determined on the second Business Day before the beginning of the applicable
Accrual Period, plus 0.90%, based on an Actual/360 accrual method. For the initial Accrual Period,
the Class B Rate shall mean the Initial Accrual Rate plus 0.90%, based on an Actual/360 accrual
method.



“Clearing Agency” means DTC, Euroclear or Clearstream, Luxembourg, as applicable, or
another organization registered as a “clearing agency” pursuant to applicable law. The initial
Clearing Agency shall be DTC and the nominee for such Clearing Agency shall be Cede & Co.



“Clearing Agency Participant” means a broker, dealer, bank, other financial
institution or other Person for whom from time to time a Clearing Agency effects book-entry
transfers and pledges of securities deposited with the Clearing Agency.



“Clearstream, Luxembourg” means Clearstream Banking, société anonyme, Luxembourg or
any successor thereto.



“Closing Date” means April 15, 2010.



“Code” means the Internal Revenue Code of 1986, as amended from time to time, and
Treasury Regulations promulgated thereunder.



“Collateral” has the meaning specified in the Granting Clause of the Indenture.



“Collection Account” means the account designated as such, established and maintained
pursuant to Section 2.3(f) of the Administration Agreement.



“Collection Account Initial Deposit” means $2,570,000 plus $0 (representing the
excess, if any, of the Pool Balance as of the Statistical Cutoff Date over the Pool Balance as of
the Closing Date, to the extent such excess amount is not deposited into the Supplemental Purchase
Account).



“Collection Period” means, with respect to the first Distribution Date, the period
beginning on the Closing Date and ending on April 30, 2010, and with respect to each subsequent
Distribution Date the Collection Period means the calendar month immediately preceding such
Distribution Date.



“Commission” means the Securities and Exchange Commission.



“Common Depository” means DTC, Clearstream, Luxembourg and Euroclear, as applicable.



“Corporate Trust Office” means (i) with respect to the Indenture Trustee, the
principal office of the Indenture Trustee at which at any particular time its corporate trust
business shall be administered, which office at the Closing Date is located at 60 Wall Street,
26th Floor, Mailstop NYC60-2606, New York, New York 10005, Attention: Trust & Securities
Services/Structured Finance Services, telephone: (908) 608-3089, facsimile: (212) 553-2461 or at
such other address as the Indenture Trustee may designate from time to time by notice to the
Noteholders and the Depositor, or the principal corporate trust office of any successor Indenture
Trustee (the address of which the successor Indenture Trustee will notify the Noteholders, the
Administrator and the Depositor); (ii) with respect to the Eligible Lender Trustee, the corporate
trust office of the Eligible Lender Trustee located at 10161 Centurion Parkway, Jacksonville,
Florida, 32256, Attention: Michael G. Ruppel, telephone: (904) 998-4703, facsimile: (904) 645-1931
or at such other address as the Eligible Lender Trustee may designate by notice to the Depositor,
or the principal corporate trust office of any successor Eligible Lender Trustee (the address of
which the successor Eligible Lender Trustee will notify the Administrator and the Depositor) and
(iii) with respect to the Delaware Trustee, the principal Delaware address located at White Clay
Center, Route 273, Newark, Delaware 19711, Attention: Kristine Gullo, Vice President, telephone:
(302) 283-8905, facsimile: (302) 453-4400 or at such other address as the Delaware Trustee may
designate by notice to the Depositor, or the principal Delaware address of any successor Delaware
Trustee (the address of which the successor Delaware Trustee will notify the Administrator and the
Depositor).



“Cutoff Date” means (a) the Initial Cutoff Date with respect to the Initial Trust
Student Loans and (b) the applicable Subsequent Cutoff Date with respect to the related Additional
Trust Student Loan or Substituted Trust Student Loan.



“Default” means any occurrence that is, or with notice or the lapse of time or both
would become, an Event of Default.



“Definitive Notes” has the meaning specified in Section 2.10 of the Indenture.



“Delaware Statutory Trust Act” means Chapter 38 of Title 12, Part V of the Delaware
Code, entitled “Treatment of Delaware Statutory Trusts.”



“Delaware Trustee” means BNY Mellon Trust of Delaware, a Delaware banking corporation,
not in its individual capacity but solely as Delaware Trustee under the Trust Agreement. “Delaware
Trustee” shall also mean each successor Delaware Trustee as of the qualification of such successor
as Delaware Trustee under the Trust Agreement.



“Delivery” when used with respect to Trust Account Property means:




(a) with respect to bankers’ acceptances, commercial paper, negotiable certificates of deposit
and other obligations that constitute “instruments” within the meaning of Section 9-102(a)(47)
of the UCC and are susceptible of physical delivery, transfer thereof to the Indenture Trustee
or its nominee or custodian by physical delivery to the Indenture Trustee or its nominee or
custodian endorsed to, or registered in the name of, the Indenture Trustee or its nominee or
custodian or endorsed in blank, and, with respect to a certificated security (as defined in
Section 8-102(a)(4) of the UCC) transfer thereof (i) by delivery of such certificated security
endorsed to, or registered in the name of, the Indenture Trustee or its nominee or custodian or
endorsed in blank to a securities intermediary (as defined in Section 8-102(a)(14) of the UCC)
and the making by such securities intermediary of entries on its books and records identifying
such certificated securities as belonging to the Indenture Trustee or its nominee or custodian
and the sending by such securities intermediary of a confirmation of the purchase of such
certificated security by the Indenture Trustee or its nominee or custodian, or (ii) by delivery
thereof to a “clearing corporation” (as defined in Section 8-102(a)(5) of the UCC) and the
making by such clearing corporation of appropriate entries on its books reducing the appropriate
securities account of the transferor and increasing the appropriate securities account of a
securities intermediary by the amount of such certificated security, the identification by the
clearing corporation of the certificated securities for the sole and exclusive account of the
securities intermediary, the maintenance of such certificated securities by such clearing
corporation or the nominee of either subject to the clearing corporation’s exclusive control,
the sending of a confirmation by the securities intermediary of the purchase by the Indenture
Trustee or its nominee or custodian of such securities and the making by such securities
intermediary of entries on its books and records identifying such certificated securities as
belonging to the Indenture Trustee or its nominee or custodian (all of the foregoing, but not
including Trust Student Loans, “Physical Property”); and such additional or alternative
procedures as may hereafter become appropriate to effect the complete transfer of ownership of
any such Trust Account Property to the Indenture Trustee or its nominee or custodian, consistent
with changes in applicable law or regulations or the interpretation thereof;




(b) with respect to any security issued by the U.S. Treasury, the Government National Mortgage
Association, the Federal Home Loan Mortgage Corporation or the Federal National Mortgage
Association that is a book-entry security held at a Federal Reserve Bank pursuant to Federal
book-entry regulations, the following procedures, all in accordance with applicable law,
including applicable Federal regulations and Articles 8 and 9 of the UCC: the crediting of such
book-entry security to an appropriate book-entry account of the Indenture Trustee or its nominee
or the custodian or securities intermediary at a Federal Reserve Bank, causing the custodian to
continuously indicate by book-entry such book-entry security as credited to the relevant
book-entry account, the continuous crediting of such book-entry security to a securities account
of the custodian at such Federal Reserve Bank and the continuous identification of such
book-entry security by the custodian as credited to the appropriate book-entry account; and




(c) with respect to any item of Trust Account Property that is an uncertificated security under
Article 8 of the UCC and that is not governed by clause (b) above, “control” within the meaning
of Section 8-106(c) of the UCC.



“Department” means the United States Department of Education, an agency of the Federal
government.



“Depositor” means SLM Funding LLC, a Delaware limited liability company, and its
successors and assigns, including, for such purpose, a permitted transferee of all of SLM Funding
LLC’s right, title and interest in the Excess Distribution Certificate.



“Depository Agreement” means the Note Depository Agreement.



“Determination Date” means, with respect to the Collection Period preceding any
Distribution Date, the first Business Day preceding such Distribution Date.



“Distribution Date” means the 25th day of each calendar month, or, if such day is not
a Business Day, the immediately following Business Day, commencing in May 2010.



“DTC” means The Depository Trust Company, or any successor thereto.



“DTC Custodian” means Deutsche Bank Trust Company Americas.



“Eligible Deposit Account” means either (a) a segregated account with an Eligible
Institution or (b) a segregated trust account with the corporate trust department of a depository
institution organized under the laws of the United States of America or any one of the States or
the District of Columbia (or any domestic branch of a foreign bank), having corporate trust powers
and acting as trustee for funds deposited in such account, so long as any of the securities of such
depository institution have a credit rating from Moody’s, S&P, and, if such institution is rated by
Fitch, Fitch, in one of their generic rating categories which signifies investment grade.



“Eligible Institution” means a depository institution organized under the laws of the
United States of America or any one of the States or the District of Columbia (or any domestic
branch of a foreign bank) (i) which has (A) either a long-term senior unsecured debt rating of
“AAA” or a short-term senior unsecured debt or certificate of deposit rating of “A-1+” or better by
S&P and (B)(1) a long-term senior unsecured debt rating of “A1” or better and (2) a short-term
senior unsecured debt rating of “P-1” or better by Moody’s, and (C) a long-term senior unsecured
debt rating of “AA” or a short-term senior unsecured debt rating of “F1+” by Fitch, or any other
long-term, short-term or certificate of deposit rating with respect to which the Rating Agency
Condition has been satisfied; provided that clauses (A), (B) and (C) shall only apply if the
applicable Rating Agency is then rating the Notes, and (ii) whose deposits are insured by the FDIC.
If so qualified, the Eligible Lender Trustee or the Indenture Trustee may be considered an
Eligible Institution.



“Eligible Investments” means book-entry securities, negotiable instruments or
securities represented by instruments in bearer or registered form which evidence:




(a) direct obligations of, and obligations fully guaranteed as to timely payment by, the United
States of America, the Government National Mortgage Association, the Federal Home Loan Mortgage
Corporation, the Federal National Mortgage Association, or any agency or instrumentality of the
United States of America the obligations of which are backed by the full faith and credit of the
United States of America; provided that obligations of, or guaranteed by, the Government
National Mortgage Association (GNMA), the Federal Home Loan Mortgage Corporation (Freddie Mac)
or the Federal National Mortgage Association (Fannie Mae) shall be Eligible Investments only if,
at the time of investment, they meet the criteria of each of the Rating Agencies for collateral
for securities having ratings equivalent to the respective ratings of the Notes in effect at the
Closing Date;




(b) demand deposits, time deposits or certificates of deposit of any depository institution or
trust company incorporated under the laws of the United States of America or any state (or any
domestic branch of a foreign bank) and subject to supervision and examination by federal or
state banking or depository institution authorities (including depository receipts issued by any
such institution or trust company as custodian with respect to any obligation referred to in
clause (a) above or portion of such obligation for the benefit of the holders of such depository
receipts); provided that at the time of the investment or contractual commitment to
invest therein (which shall be deemed to be made again each time funds are reinvested following
each Distribution Date), the commercial paper or other short-term senior unsecured debt
obligations (other than such obligations the rating of which is based on the credit of a Person
other than such depository institution or trust company) thereof shall have a credit rating from
each of the Rating Agencies in the highest investment category granted thereby;




(c) commercial paper having, at the time of the investment, a rating from each of the Rating
Agencies in the highest investment category granted thereby;




(d) investments in money market funds having a rating from each of the Rating Agencies in the
highest investment category granted thereby (including funds for which the Indenture Trustee,
the Administrator or the Eligible Lender Trustee or any of their respective Affiliates is
investment manager or advisor);




(e) bankers’ acceptances issued by any depository institution or trust company referred to in
clause (b) above;




(f) repurchase obligations with respect to any security that is a direct obligation of, or
fully guaranteed by, the United States of America or any agency or instrumentality thereof the
obligations of which are backed by the full faith and credit of the United States of America, in
either case entered into with a depository institution or trust company (acting as principal)
described in clause (b) above;




(g) Eligible Repurchase Obligations; and




(h) any other investment which would not result in the downgrading or withdrawal of any rating
of the Notes by any of the Rating Agencies as affirmed in writing delivered to the Indenture
Trustee.



For purposes of the definition of “Eligible Investments” the phrase “highest investment
category” means (i) in the case of Fitch, “AAA” for long-term investments (or the equivalent) and
“F-1+” for short-term investments (or the equivalent), (ii) in the case of Moody’s, “Aaa” for
long-term investments (or the equivalent) and “P-1” for short-term investments (or the equivalent),
and (iii) in the case of S&P, “AAA” for long-term investments (or the equivalent) and “A-1+” for
short-term investments (or the equivalent). A proposed investment not rated by Fitch but rated in
the highest investment category by Moody’s and S&P shall be considered to be rated by each of the
Rating Agencies in the highest investment category granted thereby.



“Eligible Lender Trustee” means The Bank of New York Mellon Trust Company, National
Association, a national banking association, not in its individual capacity but solely as Eligible
Lender Trustee under the Trust Agreement. “Eligible Lender Trustee” shall also mean each successor
Eligible Lender Trustee as of the qualification of such successor as Eligible Lender Trustee under
the Trust Agreement.



“Eligible Loans” has the meaning specified in any of the Purchase Agreements or the
Sale Agreement, as applicable.



“Eligible Repo Counterparty” means an institution that is an eligible lender (under
the Federal Family Education Loan Program) or that holds Student Loans through an eligible lender
trustee and whose short-term debt ratings are not less than “P-1” by Moody’s, “A-1” by S&P and “F1”
by Fitch, if rated by Fitch; provided that such short-term debt ratings shall only apply if the
applicable Rating Agency is then rating the Notes.



“Eligible Repurchase Obligations” means repurchase obligations with respect to Student
Loans serviced by the Servicer or an Affiliate thereof, entered into with an Eligible Repo
Counterparty, provided that the applicable repurchase date shall occur no later than the
Business Day prior to the next Distribution Date.



“ERISA” means the Employee Retirement Income Security Act of 1974, as amended.



“Euroclear” means the Euroclear System, or any successor thereto.



“European Clearing Systems” means Euroclear or Clearstream, Luxembourg.



“Event of Default” has the meaning specified in Section 5.1 of the Indenture.



“Excess Distribution Certificate” means the certificate, substantially in the form of
Exhibit A to the Trust Agreement, evidencing the right to receive payments thereon as set forth in
Sections 2.8(k) and 2.9(f) of the Administration Agreement.



“Excess Distribution Certificate Paying Agent” means any paying agent or co-paying
agent appointed pursuant to Section 3.3(g) of the Trust Agreement, which paying agent shall
initially be the Indenture Trustee.



“Excess Distribution Certificate Register” and “Excess Distribution Certificate
Registrar” mean the register mentioned and the registrar appointed pursuant to Section 3.3(c)
of the Trust Agreement.



“Excess Distribution Certificateholder” means the person in whose name an Excess
Distribution Certificate is registered in the Excess Distribution Certificate Register.



“Exchange Act” means the Securities Exchange Act of 1934, as amended.



“Executive Officer” means, with respect to any corporation, the Chief Executive
Officer, Chief Operating Officer, Chief Financial Officer, President, any Executive Vice President,
any Senior Vice President, any Vice President, the Secretary or the Treasurer of such corporation;
and with respect to any partnership, any general partner thereof.



“Expenses” means any and all liabilities, obligations, losses, damages, taxes, claims,
actions and suits, and any and all reasonable costs, expenses and disbursements (including
reasonable legal fees and expenses) of any kind and nature whatsoever which may at any time be
imposed on, incurred by, or asserted against the Eligible Lender Trustee or any of its officers,
directors or agents in any way relating to or arising out of the Trust Agreement, the other Basic
Documents, the Trust Estate, the administration of the Trust Estate or the action or inaction of
the Eligible Lender Trustee under the Trust Agreement or the other Basic Documents.



“FDIC” means the Federal Deposit Insurance Corporation.



“Federal Funds Rate” means the rate set forth for such day opposite the caption
“Federal Funds (effective)” in the weekly statistical release designated H.15(519), or any
successor publication, published by the Board of Governors of the Federal Reserve System. If such
rate is not published in the relevant H.15(519) for any day, the rate for such day shall be the
arithmetic mean of the rates for the last transaction in overnight Federal Funds arranged prior to
9:00 a.m. New York City time on that day by each of four leading brokers in such transactions
located in New York City selected by the Administrator. The Federal Funds rate for each Saturday
and Sunday and for any other that is not a Business Day shall be the Federal Funds Rate for the
preceding Business Day as determined above.



“Fitch” means Fitch, Inc., also known as Fitch Ratings or any successor Rating Agency.



“Floor Income Rebate Account” means the account designated as such, established and
maintained pursuant to Section 2.3(n) of the Administration Agreement.



“Floor Income Rebate Account Release Amount” means, for each related Distribution Date
as described in Section 8.2(m) of the Indenture, all amounts on deposit in the Floor Income Rebate
Account at the end of the Collection Period preceding such Distribution Date.



“Funding Interim Trust Agreement” means the Interim Trust Agreement, dated as of April
15, 2010, between the Depositor and the Interim Eligible Lender Trustee.



“GLB Regulations” means the Joint Banking Agencies’ Privacy of Consumer Financial
Information, Final Rule (12 CFR Parts 40, 216, 332 and 573) or the Federal Trade Commission’s
Privacy of Consumer Financial Information, Final Rule (16 CFR Part 313), as applicable,
implementing Title V of the Gramm-Leach-Bliley Act, Public Law 106-102, as amended.



“Grant” means mortgage, pledge, bargain, sell, warrant, alienate, remise, release,
convey, assign, transfer, create and grant a lien upon and a security interest in and right of
set-off against, deposit, set over and confirm pursuant to the Indenture. A Grant of the Collateral
or of any other agreement or instrument shall include all rights, powers and options (but none of
the obligations) of the Granting party thereunder, including the immediate and continuing right to
claim for, collect, receive and give receipt for principal and interest payments in respect of the
Collateral and all other moneys payable thereunder, to give and receive notices and other
communications, to make waivers or other agreements, to exercise all rights and options, to bring
Proceedings in the name of the Granting party or otherwise and generally to do and receive anything
that the Granting party is or may be entitled to do or receive thereunder or with respect thereto.



“Great Lakes” means Great Lakes Educational Loan Services, Inc.



“Great Lakes Subservicing Agreement” means that Omnibus Subservicing Agreement, dated
as of March 23, 2009, among Great Lakes, the Servicer and the Administrator (the “Great Lakes
Omnibus Subservicing Agreement”), as supplemented by the SLM Student Loan Trust 2010-1 Supplement
to the Great Lakes Omnibus Subservicing Agreement, dated as of April 15, 2010, among the Depositor,
Great Lakes, the Servicer, the Administrator, the Issuer and the Eligible Lender Trustee.



“Guarantee Agreement” means any agreement between any Guarantor and the Eligible
Lender Trustee providing for the payment by the related Guarantor of amounts authorized to be paid
pursuant to the Higher Education Act to holders of qualifying Student Loans guaranteed in
accordance with the Higher Education Act by such Guarantor.



“Guarantee Payment” means any payment made by a Guarantor pursuant to a Guarantee
Agreement in respect of a Trust Student Loan.



“Guarantor” means any entity listed on Attachment B (as amended from time to time) to
the Sale Agreement, the Purchase Agreements, any Additional Purchase Agreement or any Additional
Sale Agreement, as applicable.



“H.15(519)” means the weekly statistical release designated as such, or any successor
publication, published by the Board of Governors of the United States Federal Reserve System.



“H.15 Daily Update” means the daily update for H.15(519), available through the world
wide web site of the Board of Governors of the Federal Reserve System at
http://www.federalreserve.gov/releases/h15/update, or any successor site or publications.



“Higher Education Act” means the Higher Education Act of 1965, as amended, together
with any rules, regulations and interpretations thereunder.



“Indenture” means the Indenture dated as of April 15, 2010, among the Eligible Lender
Trustee on behalf of the Trust, the Trust and the Indenture Trustee.



“Indenture Trust Estate” means all money, instruments, rights and other property that
are subject or intended to be subject to the lien and security interest of the Indenture for the
benefit of the Noteholders (including all Collateral Granted to the Indenture Trustee), including
all proceeds thereof.



“Indenture Trustee” means Deutsche Bank Trust Company Americas, a New York banking
corporation, not in its individual capacity but solely as trustee under the Indenture.



“Independent” means, when used with respect to any specified Person, that the Person
(a) is in fact independent of the Trust, any other obligor upon the Notes, the Depositor and any
Affiliate of any of the foregoing Persons, (b) does not have any direct financial interest or any
material indirect financial interest in the Trust, any such other obligor, the Depositor or any
Affiliate of any of the foregoing Persons and (c) is not connected with the Trust, any such other
obligor, the Depositor or any Affiliate of any of the foregoing Persons as an officer, employee,
promoter, underwriter, placement agent, trustee, partner, director or person performing similar
functions.



“Independent Certificate” means a certificate or opinion to be delivered to the
Indenture Trustee under the circumstances described in, and otherwise complying with, the
applicable requirements of Section 11.1 of the Indenture, made by an Independent appraiser or other
expert appointed by an Issuer Order and approved by the Indenture Trustee in the exercise of
reasonable care, and such opinion or certificate shall state that the signer has read the
definition of “Independent” in the Indenture and that the signer is Independent within the meaning
thereof.



“Index Maturity” means, with respect to any Accrual Period, a period of time equal to
one months and/or two months, as applicable, commencing on the first day of that Accrual Period.



“Initial Accrual Rate” means, for each class of Notes and the Accrual Period
commencing on the Closing Date to, but excluding, the first Distribution Date for that class of
Notes, the rate per annum as determined on the related Determination Date, as follows:



X + [ 10 / 31 * (Y-X) ]



where:



X = One-Month LIBOR, and



Y = Two-Month LIBOR.



“Initial Cutoff Date” means April 15, 2010.



“Initial Cutoff Date Pool Balance” means, as of the Statistical Cutoff Date and with
respect to the Initial Trust Student Loans, $1,211,251,500.57.



“Initial Pool Balance” means (1) the Initial Cutoff Date Pool Balance plus (2) the
Supplemental Purchase Account Initial Deposit.



“Initial Trust Student Loans” means the Trust Student Loans purchased by the Trust on
the Closing Date pursuant to the Sale Agreement.



“Insolvency Event” means, with respect to a specified Person, (a) the filing of a
decree or order for relief by a court having jurisdiction in the premises in respect of such Person
or any substantial part of its property in an involuntary case under any applicable federal or
state bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a
receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such
Person or for any substantial part of its property, or ordering the winding-up or liquidation of
such Person’s affairs, which decree or order remains unstayed and in effect for a period of 60
consecutive days; or (b) the commencement by such Person of a voluntary case under any applicable
federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or the
consent by such Person to the entry of an order for relief in an involuntary case under any such
law, or the consent by such Person to the appointment of or taking possession by a receiver,
liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for
any substantial part of its property, or the making by such Person of any general assignment for
the benefit of creditors, or the failure by such Person generally to pay its debts as such debts
become due, or the taking of action by such Person in furtherance of any of the foregoing.



“Interest Rate Cap Agreement Collateral Account” means the account designated as such,
established and maintained pursuant to Section 3.1A of the Indenture.



“Interest Rate Cap Agreement Collateral Account Initial Deposit” shall mean $0.



“Interest Subsidy Payments” means payments, designated as such, consisting of interest
subsidies by the Department in respect of the Trust Student Loans to the Eligible Lender Trustee on
behalf of the Trust in accordance with the Higher Education Act.



“Interim Eligible Lender Trustee” means The Bank of New York Mellon Trust Company,
National Association, not in its individual capacity but solely as Interim Eligible Lender Trustee
under the Interim Trust Agreement. “Interim Eligible Lender Trustee” shall also mean each
successor Interim Eligible Lender Trustee as of the qualification of such Interim Eligible Lender
Trustee under the Interim Trust Agreement.



“Interim Trust Agreement” means each of the Funding Interim Trust Agreement, the
Bluemont Funding Interim Trust Agreement, the Town Center Funding Interim Trust Agreement, the Town
Hall Funding Interim Trust Agreement and VL Funding Interim Trust Agreement.



“Interim Trust Loans” has the meaning set forth in the Interim Trust Agreement.



“Investment Earnings” means, with respect to any Distribution Date, the investment
earnings (net of losses and investment expenses) on amounts on deposit in the Trust Accounts (other
than the Borrower Benefit Account) to be deposited into the Collection Account on or prior to such
Distribution Date pursuant to Section 2.3(b) of the Administration Agreement.



“Issuer” means the Trust and, for purposes of any provision contained in the Indenture
and required by the TIA, each other obligor on the Notes.



“Issuer Order” and “Issuer Request” means a written order or request signed in
the name of the Issuer by any one of its Authorized Officers and delivered to the Indenture
Trustee.



“LIBOR” means One-Month LIBOR and/or Two-Month LIBOR, as applicable.



“LIBOR Determination Date” means, for each Accrual Period, the second Business Day
before the beginning of that Accrual Period.



“Lien” means a security interest, lien, charge, pledge, equity or encumbrance of any
kind, other than tax liens and any other liens, if any, which attach to the respective Trust
Student Loan by operation of law as a result of any act or omission by the related Obligor.



“Liquidated Student Loan” means any defaulted Trust Student Loan liquidated by the
Servicer (which shall not include any Trust Student Loan on which Guarantee Payments are received)
or which the Servicer has, after using all reasonable efforts to realize upon such Trust Student
Loan, determined to charge off.



“Liquidation Proceeds” means, with respect to any Liquidated Student Loan which became
a Liquidated Student Loan during the current Collection Period in accordance with the Servicer’s
customary servicing procedures, the moneys collected in respect of the liquidation thereof from
whatever source, other than Recoveries, net of the sum of any amounts expended by the Servicer in
connection with such liquidation and any amounts required by law to be remitted to the Obligor on
such Liquidated Student Loan.



“Loan” has the meaning set forth in Section 2 of each of the Purchase Agreements, as
applicable, and each Additional Purchase Agreement.



“Luxembourg Listing Agent” means, initially, Deutsche Bank Luxembourg S.A.



“Minimum Purchase Amount” means an amount that would be sufficient to (i) reduce the
Outstanding Amount of each class of Notes on such Distribution Date to zero, and (ii) pay to the
respective Noteholders the Class A Noteholders’ Interest Distribution Amount and the Class B
Noteholders’ Interest Distribution Amount payable on such Distribution Date.



“Moody’s” means Moody’s Investors Service, Inc. or any successor Rating Agency.



“Note Depository Agreement” means the Letter of Representations, dated as of
April 15, 2010 among the Trust, the Eligible Lender Trustee and the Indenture Trustee in favor of
DTC.



“Note Final Maturity Date” means, for a class of Notes, the Class A Maturity Date or
the Class B Maturity Date, as applicable.



“Note Interest Shortfall” means the Class A Note Interest Shortfall, if any, and/or
the Class B Note Interest Shortfall, if any, as applicable.



“Note Owner” means, with respect to a Book-Entry Note, the Person who is the owner of
such Book-Entry Note, as reflected on the books of the applicable Clearing Agency, or on the books
of a Person maintaining an account with such Clearing Agency (directly as a Clearing Agency
Participant or as an indirect participant, in each case in accordance with the rules of such
Clearing Agency).



“Note Pool Factor” means, as of the close of business on a Distribution Date, a
seven-digit decimal figure equal to the Outstanding Amount of a class of Notes divided by the
original Outstanding Amount of such class of Notes. The Note Pool Factor will be 1.0000000 as of
the Closing Date; thereafter, the Note Pool Factor will decline to reflect reductions in the
Outstanding Amount of that class of Notes.



“Note Rates” means, with respect to any Accrual Period, the Class A Rate and the
Class B Rate, for such Accrual Period, collectively.



“Note Register” and “Note Registrar” have the respective meanings specified in
Section 2.4 of the Indenture.



“Noteholder” means either a Class A Noteholder or a Class B Noteholder, as the context
requires.



“Notes” means the collective reference to the Class A Notes and the Class B Notes.



“Obligor” on a Trust Student Loan means the borrower or co-borrowers of such Trust
Student Loan and any other Person who owes payments in respect of such Trust Student Loan,
including the Guarantor thereof and, with respect to any Interest Subsidy Payment or Special
Allowance Payment, if any, thereon, the Department.



“Officers’ Certificate” means (i) in the case of the Trust, a certificate signed by
any two Authorized Officers of the Eligible Lender Trustee, under the circumstances described in,
and otherwise complying with, the applicable requirements of Section 11.1 of the Indenture, and
delivered to the Indenture Trustee, and (ii) in the case of the Depositor, the Administrator or the
Servicer, a certificate signed by any Authorized Officer of the Depositor, the Administrator or the
Servicer, as applicable.



“One-Month LIBOR” and “Two-Month LIBOR” means, with respect to any Accrual
Period, the London interbank offered rate for deposits in U.S. Dollars having the Index Maturity
which appears on Reuters Page 3750 as of 11:00 a.m. London time, on the related LIBOR Determination
Date, as determined by the Administrator. If this rate does not appear on Reuters Page 3750, or on
such comparable service as is customarily used to quote LIBOR, the rate for that day will be
determined on the basis of the rates at which deposits in U.S. Dollars, having the Index Maturity
and in a principal amount of not less than U.S. $1,000,000, are offered at approximately 11:00
a.m., London time, on that LIBOR Determination Date, to prime banks in the London interbank market
by the Reference Banks. The Administrator will request the principal London office of each
Reference Bank to provide a quotation of its rate. If the Reference Banks provide at least two
quotations, the rate for that day will be the arithmetic mean of the quotations. If the Reference
Banks provide fewer than two quotations, the rate for that day will be the arithmetic mean of the
rates quoted by major banks in New York City, selected by the Administrator at approximately 11:00
a.m., New York time, on that LIBOR Determination Date, for loans in U.S. Dollars to leading
European banks having the Index Maturity and in a principal amount of not less than U.S.
$1,000,000. If the banks selected as described above are not providing quotations, LIBOR in effect
for the applicable Accrual Period will be LIBOR for the Index Maturity in effect for the previous
Accrual Period. All percentages resulting from such calculations shall be rounded, if necessary,
to the nearest 1/100,000 of 1%, or 0.0000001, with five one-millionths of a percentage point being
rounded upward.



“Opinion of Counsel” means (i) with respect to the Trust, one or more written opinions
of counsel who may, except as otherwise expressly provided in the Indenture, be employees of or
counsel to the Eligible Lender Trustee, the Trust, the Depositor or an Affiliate of the Depositor
and who shall be satisfactory to the Indenture Trustee, and which opinion or opinions shall be
addressed to the Indenture Trustee as Indenture Trustee, shall comply with any applicable
requirements of Section 11.1 of the Indenture and shall be in form and substance satisfactory to
the Indenture Trustee, and (ii) with respect to the Depositor, the Administrator or the Servicer,
one or more written opinions of counsel who may be an employee of or counsel to the Depositor, the
Administrator or the Servicer, which counsel shall be acceptable to the Indenture Trustee and the
Eligible Lender Trustee.



“Origination Fee” means any origination fee payable to the Department by the lender
with respect to any Trust Student Loan.



“Outstanding” means, as of any date of determination, all Notes theretofore
authenticated and delivered under the Indenture except:




(a) Notes theretofore cancelled by the Note Registrar or delivered to the Note Registrar for
cancellation;




(b) Notes or portions thereof, for which payment has been made to the applicable Noteholders in
reduction of the outstanding principal balance thereof or for which money in the necessary
amount has been theretofore deposited with the Indenture Trustee or any Paying Agent in trust
for the Noteholders thereof (provided, however, that if such Notes are to be
redeemed, notice of such redemption has been duly given pursuant to the Indenture); and




(c) Notes in exchange for or in lieu of other Notes which have been authenticated and delivered
pursuant to the Indenture unless proof satisfactory to the Indenture Trustee is presented that
any such Notes are held by a bona fide purchaser; provided that in determining whether
the Noteholders of the requisite Outstanding Amount of the Notes have given any request, demand,
authorization, direction, notice, consent or waiver hereunder or under any other Basic Document,
Notes owned by the Trust, any other obligor upon the Notes, the Depositor or any Affiliate of
any of the foregoing Persons shall be disregarded and deemed not to be Outstanding, except that,
in determining whether the Indenture Trustee shall be protected in relying upon any such
request, demand, authorization, direction, notice, consent or waiver, only Notes that a
Responsible Officer of the Indenture Trustee either actually knows to be so owned or has
received written notice thereof shall be so disregarded. Notes so owned that have been pledged
in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of
the Indenture Trustee the pledgee’s right so to act with respect to such Notes and that the
pledgee is not the Trust, any other obligor upon the Notes, the Depositor or any Affiliate of
any of the foregoing Persons.



“Outstanding Amount” means, as of any date of determination, the aggregate principal
balance of all the Notes or the applicable class of Notes, as the case may be, Outstanding at such
date of determination.



“Paying Agent” means, with respect to the Notes, the Indenture Trustee or any other
Person that meets the eligibility standards for the Indenture Trustee specified in Section 6.11 of
the Indenture and is authorized by the Eligible Lender Trustee on behalf of the Trust to make the
payments to and distributions from the Collection Account and payments of principal of and interest
and any other amounts owing on the Notes on behalf of the Trust.



“Person” means any individual, corporation, estate, partnership, joint venture,
association, joint stock company, trust (including any beneficiary thereof), unincorporated
organization, limited liability company, limited liability partnership or government or any agency
or political subdivision thereof.



“Physical Property” has the meaning assigned to such terms in the definition of
“Delivery” above.



“Pool Balance” for any date means the aggregate principal balance of the Trust Student
Loans on that date (including accrued interest that is expected to be capitalized) as such balance
has been reduced through such date by:




	 	(a)	 	all payments received by the Trust through that date from Obligors, the
Guarantors and the Department;






	 	(b)	 	all amounts received by the Trust through that date from repurchases of the
Trust Student Loans by SLM ECFC, Bluemont Funding, Town Center Funding, Town Hall
Funding, VL Funding or the Depositor, as applicable, or purchases by the Servicer or
any Subservicer, if applicable;






	 	(c)	 	all Liquidation Proceeds and Realized Losses on the Trust Student Loans
liquidated through that date;






	 	(d)	 	the amount of any adjustments to the outstanding principal balances of the
Trust Student Loans that the Servicer makes under the Servicing Agreement through that
date; and






	 	(e)	 	the amount by which Guarantor reimbursements of principal on defaulted Trust
Student Loans through that date are reduced from 100% to 98%, from 99% to 97%, or from
and to such other applicable percentages as are required by the risk sharing provisions
of the Higher Education Act.





“Predecessor Note” means, with respect to any particular Note, every previous Note
evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for
the purpose of this definition, any Note authenticated and delivered under Section 2.5 of the
Indenture and in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence
the same debt as the mutilated, lost, destroyed or stolen Note.



“Primary Servicing Fee” for any Distribution Date has the meaning specified in
Attachment A to the Servicing Agreement, and shall include any such fees from prior Distribution
Dates that remain unpaid.




“Proceeding” means any suit in equity, action at law or other judicial or
administrative proceeding.



“Purchase Agreement” means each of the SLM ECFC Purchase Agreement, the Bluemont
Funding Purchase Agreement, the Town Center Funding Purchase Agreement, the Town Hall Funding
Purchase Agreement or the VL Funding Purchase Agreement each dated as of April 15, 2010.



“Purchase Amount” with respect to any Trust Student Loan means the amount required to
prepay in full such Trust Student Loan under the terms thereof including all accrued and unpaid
interest thereon.



“Purchased Student Loan” means a Trust Student Loan which is, as of the close of
business on the last day of a Collection Period, purchased by the Servicer pursuant to Section 3.5A
or 3.5H of the Servicing Agreement or repurchased by the Depositor pursuant to Section 6 of the
Sale Agreement, purchased by the Servicer pursuant to Section 6.1 of the Administration Agreement,
repurchased by SLM ECFC pursuant to Section 6 of the SLM ECFC Purchase Agreement, repurchased by
Bluemont Funding pursuant to Section 6 of the Bluemont Funding Purchase Agreement, repurchased by
Town Center Funding pursuant to Section 6 of the Town Center Funding Purchase Agreement,
repurchased by Town Hall Funding pursuant to Section 6 of the Town Hall Funding Purchase Agreement,
repurchased by VL Funding pursuant to Section 6 of the VL Funding Purchase Agreement or sold to
another eligible lender holding one or more Serial Loans with respect to such Trust Student Loan
pursuant to Section 3.11E of the Servicing Agreement.



“Rating Agency” means Moody’s and S&P, so long as such organization is then rating the
Notes. If any such organization or successor thereto is no longer in existence, “Rating Agency”
with respect to such organization shall be a nationally recognized statistical rating organization
or other comparable Person designated by the Administrator, written notice of which designation
shall be given to the Indenture Trustee, the Eligible Lender Trustee and the Servicer.



“Rating Agency Condition” means, with respect to any intended action, that each Rating
Agency then rating a class of Notes shall have been given 10 days’ prior written notice thereof and
that each such Rating Agency shall have notified the Administrator, the Servicer, the Eligible
Lender Trustee and the Indenture Trustee in writing that such proposed action will not result in
and of itself in the reduction or withdrawal of its then-current rating of such class of Notes.



“Realized Loss” means the excess of the principal balance, including any interest that
had been or had been expected to be capitalized, of any Liquidated Student Loan over Liquidation
Proceeds for that Liquidated Student Loan to the extent allocable to principal, including any
interest that had been or had been expected to be capitalized.



“Record Date” means, with respect to a Distribution Date or Redemption Date, the close
of business on the day preceding such Distribution Date or Redemption Date.



“Recoveries” means moneys collected from whatever source with respect to any
Liquidated Student Loan which was written off in prior Collection Periods or during the current
Collection Period, net of the sum of any amounts expended by the Servicer for the account of any
Obligor and any amounts required by law to be remitted to any Obligor.



“Redemption Date” means in the case of a payment to Noteholders pursuant to
Section 10.1 of the Indenture, the Distribution Date specified pursuant to Section 10.1 of the
Indenture.



“Redemption Price” means an amount equal to the Outstanding Amount of the Notes, plus
accrued and unpaid interest thereon at the applicable Note Rate to but excluding the Redemption
Date.



“Reference Banks” means four major banks in the London interbank market, as selected
by the Administrator.



“Registrar” means the Excess Distribution Certificate Registrar and/or the Note
Registrar, as applicable.



“Regulation AB” means Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17
C.F.R. §§229.1100-229.1123, as such may be amended from time to time, and subject to such
clarification and interpretation as have been provided by the Commission in the adopting release
(Asset-Backed Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531
(Jan. 7, 2005)) or by the staff of the Commission, or as may be provided by the Commission or its
staff from time to time.



“Reserve Account” means the account designated as such, established and maintained
pursuant to Section 2.3(g) of the Administration Agreement.



“Reserve Account Initial Deposit” means $3,028,129.



“Responsible Officer” means, with respect to the Indenture Trustee, any officer within
the Corporate Trust Office of the Indenture Trustee, including any Vice President, Assistant Vice
President, Assistant Treasurer, Assistant Secretary, or any other officer of the Indenture Trustee
customarily performing functions similar to those performed by any of the above designated
officers, with direct responsibility for the administration of the Indenture and the other Basic
Documents on behalf of the Indenture Trustee and also, with respect to a particular matter, any
other officer to whom such matter is referred because of such officer’s knowledge of and
familiarity with the particular subject.



“Reuters Page 3750” means the display page so designated on the Reuters Monitor Money
Rates Service (or such other page as may replace that page on that service for the purpose of
displaying comparable rates or prices).



“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill
Companies, Inc. or any successor Rating Agency.



“Sale Agreement” means the Sale Agreement Master Securitization Terms Number 1000,
dated as of April 15, 2010, among the Eligible Lender Trustee on behalf of the Trust, the Trust,
the Interim Eligible Lender Trustee and the Depositor, and the sale agreement or agreements entered
into thereunder.



“Sarbanes Certification” means the certification required by Rules 13a-14(d)
and 15(d)-14(d) under the Exchange Act (pursuant to Section 302 of the Sarbanes Oxley Act of 2002).



“Schedule of Trust Student Loans” means the listing of the Trust Student Loans set
forth in Schedule A to the Indenture and the Bill of Sale (which Schedule may be in the form of
microfiche).



“Serial Loan” means an additional student loan which is made to a borrower who is also
a borrower under at least one Trust Student Loan.



“Servicer” means Sallie Mae, Inc., in its capacity as master servicer of the Trust
Student Loans.



“Servicer Default” means an event specified in Section 5.1 of the Servicing Agreement.



“Servicer’s Report” means any report of the Servicer delivered pursuant to Section
3.1(a) of the Administration Agreement, substantially in the form acceptable to the Administrator.



“Servicing Agreement” means the Servicing Agreement dated as of April 15, 2010, among
the Trust, the Eligible Lender Trustee, the Servicer, the Administrator and the Indenture Trustee.



“Servicing Criteria” means the “servicing criteria” set forth in Item 1122(d) of
Regulation AB, as such may be amended from time to time.



“Servicing Fee” has the meaning specified in Attachment A to the Servicing Agreement.



“SLM ECFC” means SLM Education Credit Finance Corporation.



“SLM ECFC Purchase Agreement” means the Purchase Agreement Master Securitization Terms
Number 1000, dated as of April 15, 2010, among SLM ECFC, the Interim Eligible Lender Trustee and
the Depositor, as well as each purchase agreement entered into thereunder.



“SLS Loan” means a Trust Student Loan designated as such that is made under the
Supplemental Loans for Students Program in accordance with the Higher Education Act.



“Special Allowance Payments” means payments, designated as such, consisting of
effective interest subsidies by the Department in respect of the Trust Student Loans to the
Eligible Lender Trustee on behalf of the Trust in accordance with the Higher Education Act.



“Specified Overcollateralization Amount” means $3,000,000.



“Specified Reserve Account Balance” means, for any Distribution Date, the greater of:




	 	(a)	 	0.25% of the Pool Balance as of the end of the related Collection
Period; and






	 	(b)	 	$1,211,252;





provided that in no event will that balance exceed the Outstanding Amount of the
Notes.



“Stafford Loan” means a Trust Student Loan designated as such that is made under the
Stafford Loan Program in accordance with the Higher Education Act.



“State” means any one of the 50 States of the United States of America or the District
of Columbia.



“Statistical Cutoff Date” means February 28, 2010.



“Student Loans” means education loans to students and parents of students under the
Federal Family Education Loan Program.



“Subcontractor” means any vendor, subcontractor or other Person that is not
responsible for the overall servicing (as “servicing” is commonly understood by participants in the
student loan-backed securities market) of Trust Student Loans but performs one or more of the
discrete functions identified in Item 1122(d) of Regulation AB with respect to the Trust Student
Loans under the direction or authority of the Administrator, Servicer or Indenture Trustee (as
applicable).



“Subsequent Cutoff Date” with respect to each Additional Trust Student Loan or
Substituted Trust Student Loan has the meaning set forth in the related Additional Purchase
Agreement and Additional Sale Agreement.



“Subservicer” shall mean any Person that services the Trust Student Loans on behalf of
the Administrator, Servicer or Indenture Trustee (as applicable) and is responsible for the
performance (whether directly or through other Subservicers or Subcontractors) of a substantial
portion of the material servicing functions required to be performed by the Administrator, Servicer
or Indenture Trustee (as applicable) that are identified in Item 1122(d) of Regulation AB.
Initially, ACS and Great Lakes shall be Subservicers, pursuant to the ACS Subservicing Agreement
and the Great Lakes Subservicing Agreement, respectively.



“Subservicing Agreements” means the collective reference to the ACS Subservicing
Agreement and the Great Lakes Subservicing Agreement.



“Substituted Trust Student Loan” means each Eligible Loan substituted by the Depositor
pursuant to Section 6(B) of the Sale Agreement and each related Additional Sale Agreement.



“Successor Administrator” has the meaning specified in Section 3.7(e) of the
Indenture.



“Successor Servicer” has the meaning specified in Section 3.7(e) of the Indenture.



“Supplemental Purchase Account” means any account designated as such, established and
maintained pursuant to Section 2.3(k) of the Administration Agreement.



“Supplemental Purchase Account Initial Deposit” means the amount to be deposited in
the Supplemental Purchase Account during the Supplemental Purchase period; provided that
such amount is not in excess of 5% of the Pool Balance as of the Statistical Cutoff Date.



“Supplemental Purchase Period” means the period beginning on the Closing Date and
ending on April 30, 2010.



“Town Center Funding” means Town Center Funding LLC.



“Town Center Funding Eligible Lender Trustee” means The Bank of New York Mellon Trust
Company, National Association, a national banking association, not in its individual capacity but
solely as interim eligible lender trustee for the benefit of Town Center Funding under the Town
Center Funding Interim Trust Agreement.



“Town Center Funding Interim Trust Agreement” means the Interim Trust Agreement dated
as of April 15, 2010, between Town Center Funding and the Town Center Funding Eligible Lender
Trustee.



“Town Center Funding Purchase Agreement” means the Purchase Agreement Master
Securitization Terms Number 1000, dated as of April 15, 2010, among Town Center Funding, the Town
Center Funding Interim Eligible Lender Trustee, the Interim Eligible Lender Trustee, the Servicer
and the Depositor, as well as each purchase agreement entered into thereunder.



“Town Hall Funding” means Town Hall Funding LLC.



“Town Hall Funding Eligible Lender Trustee” means The Bank of New York Mellon Trust
Company, National Association, a national banking association, not in its individual capacity but
solely as interim eligible lender trustee for the benefit of Town Hall Funding under the Town Hall
Funding Interim Trust Agreement.



“Town Hall Funding Interim Trust Agreement” means the Interim Trust Agreement dated as
of April 15, 2010, between Town Hall Funding and the Town Hall Funding Eligible Lender Trustee.



“Town Hall Funding Purchase Agreement” means the Purchase Agreement Master
Securitization Terms Number 1000, dated as of April 15, 2010, among Town Hall Funding, the Town
Hall Funding Interim Eligible Lender Trustee, the Interim Eligible Lender Trustee, the Servicer and
the Depositor, as well as each purchase agreement entered into thereunder.



“Transfer” means an offer, sale, pledge, transfer or other disposition of a Note or
any interest therein.



“Transfer Date” has the meaning specified in Section 5.2(a) of the Administration
Agreement.



“Treasury Regulations” means regulations, including proposed or temporary regulations,
promulgated under the Code. References in any document or instrument to specific provisions of
proposed or temporary regulations shall include analogous provisions of final Treasury Regulations
or other successor Treasury Regulations.



“Trust” means SLM Student Loan Trust 2010-1, a Delaware statutory trust established
pursuant to the Trust Agreement.



“Trust Account Property” means the Trust Accounts, all cash and investments held from
time to time in any Trust Account (whether in the form of deposit accounts, Physical Property,
book-entry securities, uncertificated securities or otherwise), including the Reserve Account
Initial Deposit, the Capitalized Interest Account Initial Deposit, the Supplemental Purchase
Account Initial Deposit, the Collection Account Initial Deposit, the Borrower Benefit Account
Initial Deposit and all earnings on and proceeds of the foregoing.



“Trust Accounts” has the meaning specified in Section 2.3(b) of the Administration
Agreement.



“Trust Agreement” means the short-form trust agreement, dated as of January 15, 2010,
as amended and restated pursuant to an Amended and Restated Trust Agreement, dated as of April 15,
2010 among the Depositor, the Eligible Lender Trustee, the Delaware Trustee and the Indenture
Trustee.



“Trust Auction Date” has the meaning specified in Section 4.4 of the Indenture.



“Trust Estate” means all right, title and interest of the Trust (or the Eligible
Lender Trustee on behalf of the Trust) in and to the property and rights sold, transferred and
assigned to the Trust pursuant to the Sale Agreement and any Additional Sale Agreement, all funds
on deposit from time to time in the Trust Accounts and all other property of the Trust from time to
time, including any rights of the Eligible Lender Trustee and the Trust pursuant to the Trust
Agreement, the Administration Agreement, the Servicing Agreement and any Eligible Repurchase
Obligations.



“Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939 as in
force on the date hereof, unless otherwise specifically provided.



“Trust Student Loan” means any student loan that is listed on the Schedule of Initial
Trust Student Loans on the Closing Date, plus any Additional Trust Student Loan, plus any student
loan that is permissibly substituted for a Trust Student Loan by the Depositor pursuant to Section
6 of the Sale Agreement or pursuant to Section 6 of an Additional Sale Agreement or by the Servicer
pursuant to Section 3.5 of the Servicing Agreement, but shall not include any Purchased Student
Loan following receipt by or on behalf of the Trust of the Purchase Amount with respect thereto or
any Liquidated Student Loan following receipt by or on behalf of the Trust of Liquidation Proceeds
with respect thereto or following such Liquidated Student Loan having otherwise been written off by
the Servicer.



“Trust Student Loan Files” means the documents specified in Section 2.1 of the
Servicing Agreement.



“Two-Month LIBOR” see One-Month LIBOR.



“UCC” means, unless the context otherwise requires, the Uniform Commercial Code, as in
effect in the relevant jurisdiction, as amended from time to time.



“Underwriter” means each of Credit Suisse Securities (USA) LLC, J.P. Morgan Securities
Inc. and Deutsche Bank Securities Inc.



“VL Funding” means VL Funding LLC.



“VL Funding Eligible Lender Trustee” means The Bank of New York Mellon Trust Company,
National Association, a national banking association, not in its individual capacity but solely as
interim eligible lender trustee for the benefit of VL Funding under the VL Funding Interim Trust
Agreement.



“VL Funding Interim Trust Agreement” means the Interim Trust Agreement dated as of
April 15, 2010, between VL Funding and the VL Funding Eligible Lender Trustee.



“VL Funding Purchase Agreement” means the Purchase Agreement Master Securitization
Terms Number 1000, dated as of April 15, 2010, among VL Funding, the VL Funding Eligible Lender
Trustee, the Interim Eligible Lender Trustee, the Servicer and the Depositor, as well as each
purchase agreement entered into thereunder.



SCHEDULE A




Schedule of Trust Student Loans




[See Schedule A to the Bill of Sale

(Attachment B to the Sale Agreement)]




SCHEDULE B




Location of Trust Student Loan Files

[See Attachment B to the Servicing Agreement)]




EXHIBIT A




[Form of Notes]




[See tab 15.1]




EXHIBIT B




Form of Note Depository Agreement




 EXHIBIT C




Servicing Criteria To Be Addressed In Assessment Of Compliance




The assessment of compliance to be delivered by Deutsche Bank Trust Company Americas, as
Indenture Trustee, shall address, at a minimum, the criteria identified as below as “Applicable
Servicing Criteria”:



	 	 	 	 	 
	Reference	 	Criteria	 	Applicability
	 	 	General Servicing Considerations	 	 
	1122(d)(1)(i)
	 	Policies and procedures are instituted to monitor any performance or other triggers and events of default in

accordance with the Basic Documents.

	 	N/A



	 
	 	 

	 	 
	1122(d)(1)(ii)
	 	If any material servicing activities are outsourced to third parties, policies and procedures are instituted to

monitor the third party’s performance and compliance with such servicing activities.

	 	N/A



	 
	 	 

	 	 
	1122(d)(1)(iii)
	 	Any requirements in the Basic Documents to maintain a back-up servicer for the trust student loans are maintained.

	 	N/A
	 
	 	 

	 	 
	1122(d)(1)(iv)
	 	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function

throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the

Basic Documents.

	 	N/A





	 
	 	 

	 	 
	 
	 	Cash Collection and Administration

	 	

	 
	 	


	 	

	1122(d)(2)(i)
	 	Payments on trust student loans are deposited into the appropriate custodial bank accounts and related bank clearing

accounts no more than two business days following receipt, or such other number of days specified in the Basic

Documents.

	 	



N/A
	 
	 	 

	 	 
	1122(d)(2)(ii)
	 	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.

	 	

	 
	 	 

	 	

	1122(d)(2)(iii)
	 	Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees

charged for such advances, are made, reviewed and approved as specified in the Basic Documents.

	 	N/A



	 
	 	 

	 	 
	1122(d)(2)(iv)
	 	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of

overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the Basic

Documents.

	 	N/A





	 
	 	 

	 	 
	1122(d)(2)(v)
	 	Each custodial account is maintained at a federally insured depository institution as set forth in the Basic

Documents. For purposes of this criterion, “federally insured depository institution” with respect to a foreign

financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the

Securities Exchange Act.

	 	N/A







	 
	 	 

	 	 
	1122(d)(2)(vi)
	 	Unissued checks are safeguarded so as to prevent unauthorized access.

	 	N/A
	 
	 	 

	 	 
	1122(d)(2)(vii)
	 	 Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including

custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B)

prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the

Basic Documents; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D)

contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their

original identification, or such other number of days specified in the Basic Documents.

	 	N/A











	 
	 	 

	 	 
	 	 	Investor Remittances and Reporting

	 	

	1122(d)(3)(i)
	 	Reports to investors, including those to be filed with the Commission, are maintained in accordance with the Basic

Documents and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with

timeframes and other terms set forth in the Basic Documents; (B) provide information calculated in accordance with the

terms specified in the Basic Documents; (C) are filed with the Commission as required by its rules and regulations; and

(D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of student loans

serviced by the Servicer.

	 	N/A











	 
	 	 

	 	 
	1122(d)(3)(ii)
	 	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other

terms set forth in the Basic Documents.

	 	N/A



	 
	 	 

	 	 
	1122(d)(3)(iii)
	 	Disbursements made to an investor are posted within two business days to the Servicer’s investor records, or such

other number of days specified in the Basic Documents.

	 	N/A



	 
	 	 

	 	 
	1122(d)(3)(iv)
	 	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or

custodial bank statements.

	 	N/A



	 
	 	 

	 	 
	 
	 	Pool Asset Administration

	 	

	 
	 	


	 	

	1122(d)(4)(i)
	 	Collateral or security on student loans is maintained as required by the Basic Documents or related student loan

documents.

	 	N/A



	 
	 	 

	 	 
	1122(d)(4)(ii)
	 	Student loan and related documents are safeguarded as required by the Basic Documents.

	 	N/A
	 
	 	 

	 	 
	1122(d)(4)(iii)
	 	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any

conditions or requirements in the Basic Documents.

	 	N/A



	 
	 	 

	 	 
	1122(d)(4)(iv)
	 	Payments on student loans, including any payoffs, made in accordance with the related student loan documents are

posted to the Servicer’s obligor records maintained no more than two business days after receipt, or such other number

of days specified in the Basic Documents, and allocated to principal, interest or other items (e.g., escrow) in

accordance with the related student loan documents.

	 	N/A







	 
	 	 

	 	 
	1122(d)(4)(v)
	 	The Servicer’s records regarding the student loans agree with the Servicer’s records with respect to an obligor’s

unpaid principal balance.

	 	N/A



	 
	 	 

	 	 
	1122(d)(4)(vi)
	 	Changes with respect to the terms or status of an obligor’s student loans (e.g., loan modifications or re-agings)

are made, reviewed and approved by authorized personnel in accordance with the Basic Documents and related pool asset

documents.

	 	N/A





	 
	 	 

	 	 
	1122(d)(4)(vii)
	 	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure,

foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes

or other requirements established by the Basic Documents.

	 	N/A





	 
	 	 

	 	 
	1122(d)(4)(viii)
	 	Records documenting collection efforts are maintained during the period a student loan is delinquent in accordance

with the Basic Documents. Such records are maintained on at least a monthly basis, or such other period specified in the

Basic Documents, and describe the entity’s activities in monitoring delinquent student loans including, for example,

phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or

unemployment).

	 	N/A









	 
	 	 

	 	 
	1122(d)(4)(ix)
	 	Adjustments to interest rates or rates of return for student loans with variable rates are computed based on the

related student loan documents.

	 	N/A



	 
	 	 

	 	 
	1122(d)(4)(x)
	 	Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in

accordance with the obligor’s student loan documents, on at least an annual basis, or such other period specified in the

Basic Documents; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable student loan

documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of

the related student loans, or such other number of days specified in the Basic Documents.

	 	N/A









	 
	 	 

	 	 
	1122(d)(4)(xi)
	 	Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty

or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has

been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in

the Basic Documents.

	 	N/A







	 
	 	 

	 	 
	1122(d)(4)(xii)
	 	Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the

servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.

	 	N/A



	 
	 	 

	 	 
	1122(d)(4)(xiii)
	 	Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained

by the servicer, or such other number of days specified in the Basic Documents.

	 	N/A



	 
	 	 

	 	 
	1122(d)(4)(xiv)
	 	 Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the Basic

Documents.

	 	N/A



	 
	 	 

	 	 
	1122(d)(4)(xv)
	 	Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB,

is maintained as set forth in the Basic Documents.

	 	N/A



	 
	 	 

	 	 







Date:       




DEUTSCHE BANK TRUST COMPANY AMERICAS,


not in its individual capacity but solely


as Indenture Trustee




By:       

Name:

Title:





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