Document:

First Supplemental Indenture of Trust

 Exhibit 4.2 

  
 FIRST SUPPLEMENTAL INDENTURE OF TRUST 
  
 between 
  
 EDUCATION LOANS INCORPORATED 
  

and 
  
 U.S. BANK NATIONAL ASSOCIATION 
  
 as Trustee 
  

  
 Dated as of August 1, 2004 
  

  

  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	PARTIES	  	1
	RECITALS	  	1
			
	 Section 1.
	  	Definitions	  	1
	 Section 2.
	  	Authorization and Terms of Series 2004-C/D Notes	  	11
	 Section 3.
	  	Interest Payable on Series 2004-C/D Notes	  	13
	 Section 4.
	  	Determining the Series 2004-C/D Note Auction Rate	  	17
	 Section 5.
	  	Determination of Payment Defaults and Payment of Auction Agent and Broker-Dealer Fees	  	25
	 Section 6.
	  	Calculation of Maximum Auction Rate, All Hold Rate, Net Loan Rate, One-Month LIBOR, Three-Month LIBOR and Non-Payment Rate	  	25
	 Section 7.
	  	Notification of Rates, Amounts and Payment Dates	  	26
	 Section 8.
	  	Auction Agent	  	27
	 Section 9.
	  	Broker-Dealers	  	28
	 Section 10.
	  	Changes in Auction Period or Periods	  	28
	 Section 11.
	  	Changes in the Auction Date	  	29
	 Section 12.
	  	Additional Provisions Regarding the Series 2004-C/D Note Interest Rate	  	30
	 Section 13.
	  	Qualifications of Market Agent	  	30
	 Section 14.
	  	Purposes of Issuance of Series 2004-C/D Notes	  	31
	 Section 15.
	  	Deposit of Series 2004-C/D Note Proceeds	  	31
	 Section 16.
	  	Redemption of Series 2004-C/D Notes	  	32
	 Section 17.
	  	Book-Entry Series 2004-C/D Notes	  	34
	 Section 18.
	  	Series 2004-C/D Accounts and Subaccounts	  	37
	 Section 19.
	  	Series 2004-C/D Capitalized Interest Account	  	38
	 Section 20.
	  	Certain Findings, Determinations and Designations	  	38
	 Section 21.
	  	Purchase or Origination of Eligible Loans From Series 2004-C/D Acquisition Account and Series 2004-C/D Surplus Subaccount	  	39
	 Section 22.
	  	Limitation on Costs of Issuance, Administrative Expenses and Note Fees	  	40
	 Section 23.
	  	Proceeds of Sales of Certain Student Loans To Be Deposited in the Acquisition Fund	  	41
	 Section 24.
	  	Governing Law	  	41
	 Section 25.
	  	Section Headings; Table of Contents	  	41
	 Section 26.
	  	Severability	  	41
	 Section 27.
	  	Counterparts	  	41
	 Section 28.
	  	Effect of First Supplemental Indenture	  	42

  
 SIGNATURES 
  

			
	 Exhibit A—Form of Series 2004-C Senior Notes
	  	A-1
	 Exhibit B—Form of Series 2004-D Notes
	  	B-1
	 Exhibit C—Form of Notice of A Payment Default
	  	C-1

  

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	 Exhibit D—Form of Notice of Cure of Payment Default
	  	D-1
	 Exhibit E—Form of Notice of Proposed Auction Period Adjustment
	  	E-1
	 Exhibit F—Form of Notice Establishing Auction Period Adjustment
	  	F-1
	 Exhibit G—Form of Notice of Change in Auction Date
	  	G-1
	 Exhibit H-1—List of EdLinc Student Loan Purchase Agreements
	  	H-1-1
	 Exhibit H-2—List of GOAL Funding II Student Loan Purchase Agreements
	  	H-2-1

  

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 THIS FIRST SUPPLEMENTAL INDENTURE OF TRUST, dated as of August 1, 2004, between EDUCATION LOANS
INCORPORATED, a corporation duly organized and existing under the laws of the State of Delaware (the “Corporation”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association duly established, existing and authorized to accept and
execute trusts of the character herein set out under and by virtue of the laws of the United States (the “Trustee”); 
  
 W I T N E S S E T H: 
  
 WHEREAS, the Corporation and the Trustee, as trustee, have heretofore executed and delivered an Indenture of Trust, dated as of August 1, 2004 (the
“Original Indenture”); and 
  
 WHEREAS, the Original
Indenture prescribes the terms and conditions upon which the Corporation may from time to time authorize and issue series of Notes (as defined in the Original Indenture); and 
  
 WHEREAS, the Corporation has, by proper action of its Board, authorized and determined to issue six series of Notes in the
respective aggregate principal amounts of $78,300,000 (the “Series 2004-C1 Notes”), $78,300,000 (the “Series 2004-C2 Notes”), $78,300,000 (the “Series 2004-C3 Notes”), $78,300,000 (the “Series 2004-C4 Notes”)
and $78,300,000 (the “Series 2004-C5 Notes”), each of which will be a series of Class A Notes, and $40,000,000 (the “Series 2004-D Notes,” and, together with the Series 2004-C1 Notes, the Series 2004-C2 Notes, the Series 2004-C3
Notes, the Series 2004-C4 Notes and the Series 2004-C5 Notes, the “Series 2004-C/D Notes”), which will be a series of Class B Notes; and 
  
 WHEREAS, the Corporation desires by this First Supplemental Indenture to prescribe the terms and provisions of the Series 2004-C/D Notes, all as more
fully set forth herein; and 
  
 WHEREAS, the execution and
delivery of this First Supplemental Indenture and the issuance of the Series 2004-C/D Notes have been in all respects duly and validly authorized by the Corporation; 
  
 NOW, THEREFORE, THIS FIRST SUPPLEMENTAL INDENTURE WITNESSETH: 
  
 Section 1. Definitions. In this First Supplemental Indenture, the terms defined in the Original Indenture
shall, except as otherwise provided in this Section 1, have the same meaning when used herein unless the context or use thereof indicates another or different meaning or intent. In addition, the following terms shall have the following respective
meanings unless the context hereof clearly requires otherwise: 
  
 “Administrative Cost and Note Fee Rate” shall mean a rate per annum equal to the sum of (i) 1.05%, (ii) the Auction Agent Fee Rate and (iii) the Broker-Dealer Fee Rate. 
  
 “All Hold Rate” shall mean (i) for Auction Periods of thirty-five (35) days or less, 85% of One-Month LIBOR, and
(ii) for Auction Periods of greater than thirty-five (35) days, 85% of Three-Month LIBOR. 
  

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 “Alternative Loan Program” shall mean each of the following programs for the making of Student
Loans other than FFELP Loans the Alternative Loans under which are eligible to be Financed under the Indenture: (i) the Great Opportunities Academic Loan and Great Opportunities Academic Loan II Programs offered by U.S. Bank National Association;
(ii) the Choice Loan, Pathway, Partner and MEFC Loan Programs offered by Marquette Bank, N.A.; (iii) the Quest Loan, Independence and BrainBucks Loan Programs offered by Surety Loan Funding Company; (iv) the AFG, the AFG Pathway and the AFG Select
Programs offered by Provincial Bank; (v) the Bremer Education Loan and the Bremer Education Loan II Programs offered by Bremer Bank N.A.; and (vi) such other programs upon receipt by the Trustee of written notice thereof by an Authorized Officer of
the Corporation and confirmation from each Rating Agency that financing of loans under such programs under the Indenture will not cause the withdrawal or downgrade of any rating of any series of Notes any of which are Outstanding. 
  
 “Auction” shall mean the implementation of the Auction Procedures
on an Auction Date. 
  
 “Auction Agent” shall mean the
Initial Auction Agent under the Initial Auction Agent Agreement unless and until a Substitute Auction Agent Agreement becomes effective, after which “Auction Agent” shall mean the Substitute Auction Agent. 
  
 “Auction Agent Agreement” shall mean the Initial Auction Agent
Agreement unless and until a Substitute Auction Agent Agreement is entered into, after which “Auction Agent Agreement” shall mean such Substitute Auction Agent Agreement. 
  
 “Auction Agent Fee” shall have the meaning ascribed to such term in the Auction Agent Agreement. 
  
 “Auction Agent Fee Rate” shall have the meaning ascribed to such
term in the Auction Agent Agreement. 
  
 “Auction Date”
shall mean, initially, (i) with respect to the Series 2004-C1 Notes, August 30, 2004, (ii) with respect to the Series 2004-C2 Notes, September 1, 2004, (iii) with respect to the Series 2004-C3 Notes, September 3, 2004, (iv) with respect to the
Series 2004-C4 Notes, September 15, 2004, (v) with respect to the Series 2004-C5 Notes, September 20, 2004, and (vi) with respect to the Series 2004-D Notes, August 31, 2004, and, thereafter, with respect to each such series of Series 2004-C/D
Notes, the Business Day immediately preceding the first day of each Auction Period for such series, other than: 
  

	 	(A)	an Auction Period commencing after the ownership of such series is no longer maintained in Book-Entry Form by the Securities Depository; 

  

	 	(B)	an Auction Period commencing after and during the continuance of a Payment Default; or 

  

	 	(C)	an Auction Period commencing less than two (2) Business Days after the cure of a Payment Default. 

  
 Notwithstanding the foregoing, the Auction Date for one or more Auction Periods may be changed pursuant to Section 11 of this First
Supplemental Indenture. 
  

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 “Auction Period” shall mean the Interest Period applicable to the Series 2004-C1 Notes, the
Series 2004-C2 Notes, the Series 2004-C3 Notes, the Series 2004-C4 Notes, the Series 2004-C5 Notes and the Series 2004-D Notes, which Auction Period (after the Initial Interest Period for each such series) initially shall consist generally of
twenty-eight (28) days, as the same may be adjusted pursuant to Section 3 or Section 10 hereof. 
  
 “Auction Period Adjustment” shall mean an adjustment to the Auction Period as provided in Section 10 hereof. 
  
 “Auction Procedures” shall mean the procedures set forth in
Sections 4 through 11 hereof by which the Auction Rate is determined. 
  
 “Auction Rate” shall mean the rate of interest per annum that results from implementation of the Auction Procedures and is determined as described in Section 4(c)(ii) hereof. 
  
 “Authorized Denominations” shall mean, with respect to the Series
2004-C/D Notes, $50,000 and any integral multiple thereof. 
  
 “Available Series 2004-C/D Notes” shall have the meaning ascribed to such term in Section 4(c)(i)(A) hereof. 
  
 “Bid” shall have the meaning ascribed to such term in Section 4(a)(i) hereof. 
  
 “Bid Auction Rate” shall have the meaning ascribed to such term in Section 4(c)(i) hereof. 
  
 “Bidder” shall have the meaning ascribed to such term in Section
4(a)(i) hereof. 
  
 “Book-Entry Form” or
“Book-Entry System” shall mean a form or system under which (i) the beneficial right to principal and interest may be transferred only through a book entry, (ii) physical securities in registered form are issued only to a Securities
Depository or its nominee as registered holder, with the securities “immobilized” to the custody of the Securities Depository, and (iii) the book entry is the record that identifies the owners of beneficial interests in that principal and
interest. 
  
 “Broker-Dealer” shall mean RBC Dain
Rauscher Inc., or any other broker or dealer (each as defined in the Securities Exchange Act of 1934, as amended), commercial bank or other entity permitted by law to perform the functions required of a Broker-Dealer set forth in the Auction
Procedures that (a) is a Participant (or an affiliate of a Participant), (b) has been appointed as such by the Corporation pursuant to Section 9 hereof and (c) has entered into a Broker-Dealer Agreement with respect to one or more series of the
Series 2004-C/D Notes that is in effect on the date of reference. 
  
 “Broker-Dealer Agreement” shall mean each agreement between the Auction Agent and a Broker-Dealer, and approved by the Corporation, pursuant to which the Broker-Dealer agrees to participate in Auctions as set forth in the Auction
Procedures, as from time to time amended or supplemented. Each Broker-Dealer Agreement shall be in substantially the form of the Broker-Dealer 

  

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Agreement, dated as of August 1, 2004, between Deutsche Bank Trust Company Americas, as Auction Agent, and RBC Dain Rauscher Inc., as Broker-Dealer.

  
 “Broker-Dealer Fee” shall have the meaning ascribed
to such term in the Auction Agent Agreement. 
  
 “Broker-Dealer Fee Rate” shall have the meaning ascribed to such term in the Auction Agent Agreement. 
  
 “Business Day” shall mean a day of the year on which (i) banks located in the city in which the Principal Office of the Trustee is located are
not required or authorized to remain closed, (ii) banks located in the city in which the Principal Office of the Auction Agent, as set forth in and for purposes of the Auction Agent Agreement, is located are not required or authorized to remain
closed and (iii) The New York Stock Exchange is not closed. The Trustee shall provide to the Auction Agent on the Closing Date, and on each December 1 thereafter, a list of all legal holidays in the state in which the Principal Office of the Trustee
is located during the ensuing twelve-month period. 
  
 “Carry-Over Amount” shall mean, with respect to a Series 2004-C/D Note, the excess, if any, of (a) the amount of interest on such Note that would have accrued with respect to the related Interest Period at the lesser of the
Auction Rate and the Series 2004-C/D Note Auction Rate Limitation over (b) the amount of interest on such Note actually accrued with respect to such Interest Period based on the Net Loan Rate, together with the unpaid portion of any such excess from
prior Interest Periods; provided that any reference to “principal” or “interest” in this First Supplemental Indenture, in the Indenture and in the Series 2004-C/D Notes shall not include, within the meanings of such words, any
Carry-Over Amount or any interest accrued on any Carry-Over Amount. 
  
 “Closing Cash Flow Projection” shall mean the Cash Flow Projection delivered in conjunction with the issuance of the Series 2004-C/D Notes. 
  

“Closing Date” shall mean, with respect to the Series 2004-C/D Notes, August 5, 2004, the date of initial issuance and delivery of the Series
2004-C/D Notes hereunder. 
  
 “Effective Interest Rate”
shall mean, with respect to any Financed Student Loan, the interest rate per annum borne by such Financed Student Loan after giving effect to all applicable interest subsidy payments, Special Allowance Payments, rebate fees on Consolidation Loans
and reductions pursuant to borrower incentives. For this purpose, the Special Allowance Payment rate shall be computed based upon the average of the bond equivalent rates of 91-day United States Treasury Bills, or other appropriate rates, auctioned
or otherwise determined during that portion of the then current calendar quarter which ends on the date as of which the “Effective Interest Rate” is determined. 
  
 “Eligible Carry-Over Make-Up Amount” shall mean, with respect to each Interest Period relating to a series of
Series 2004-C/D Notes as to which, as of the first day of such Interest Period, there is any unpaid Carry-Over Amount, an amount equal to the lesser of (a) interest computed on the principal balance of such series in respect of such Interest Period
at a per annum rate equal to the excess, if any, of the Net Loan Rate over the Series 2004-C/D Note 

  

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Auction Rate, and (b) the aggregate Carry-Over Amount remaining unpaid as of the first day of such Interest Period together with interest accrued and unpaid
thereon through the end of such Interest Period. The Eligible Carry-Over Make-Up Amount shall be $0.00 for any Interest Period with respect to which the Series 2004-C/D Note Auction Rate equals or exceeds the Net Loan Rate. 
  
 “Existing Holder” shall mean (i) with respect to and for the
purpose of dealing with the Auction Agent in connection with an Auction, a Person who is a Broker-Dealer listed in the Existing Holder Registry at the close of business on the Business Day immediately preceding such Auction and (ii) with respect to
and for the purpose of dealing with the Broker-Dealer in connection with an Auction, a Person who is a beneficial owner of Series 2004-C/D Notes. 
  
 “Existing Holder Registry” shall mean the registry of Persons who are owners of the Series 2004-C/D Notes, maintained by the Auction Agent as
provided in the Auction Agent Agreement. 
  
 “First
Supplemental Indenture” shall mean this First Supplemental Indenture of Trust, as amended or supplemented in accordance with the terms hereof and of the Indenture. 
  
 “Hold Order” shall have the meaning ascribed to such term in Section 4(a)(i) hereof. 
  
 “Initial Auction Agent” shall mean Deutsche Bank Trust Company
Americas, a New York banking corporation, its successors and assigns. 
  
 “Initial Auction Agent Agreement” shall mean the Auction Agent Agreement, dated as of August 1, 2004, by and among the Corporation, the Trustee and the Initial Auction Agent, including any amendment thereof or supplement thereto.

  
 “Initial Interest Period” shall mean, as to a series
of Series 2004-C/D Notes, the period commencing on the Closing Date and continuing through the day immediately preceding the Initial Interest Rate Adjustment Date for such series. 
  
 “Initial Interest Rate Adjustment Date” shall mean, (i) with respect to the Series 2004-C1 Notes, August 31, 2004,
(ii) with respect to the Series 2004-C2 Notes, September 2, 2004, (iii) with respect to the Series 2004-C3 Notes, September 7, 2004, (iv) with respect to the Series 2004-C4 Notes, September 16, 2004, (v) with respect to the Series 2004-C5 Notes,
September 21, 2004, and (vi) with respect to the Series 2004-D Notes, September 1, 2004. 
  
 “Interest Payment Date” shall mean (i) each regularly scheduled interest payment date on the Series 2004-C/D Notes, which shall be the Business Day immediately following the expiration of the Initial
Interest Period for such series and each related Auction Period thereafter; or (ii) with respect to the payment of interest upon redemption or acceleration of a Series 2004-C/D Note or the payment of Defaulted Interest, such date on which such
interest is payable under the Indenture. 
  
 “Interest
Period” shall mean, with respect to a series of Series 2004-C/D Notes, the Initial Interest Period and each period commencing on an Interest Rate Adjustment Date for such series 

  

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and ending on the last day before (i) the next Interest Rate Adjustment Date for such series or (ii) the Stated Maturity of such series, as applicable.

  
 “Interest Rate Adjustment Date” shall mean, with
respect to a series of Series 2004-C/D Notes, the date on which a Series 2004-C/D Note Interest Rate for such series is effective, which shall be the date of commencement of each Auction Period. 
  
 “Interest Rate Determination Date” shall mean, with respect to a
series of Series 2004-C/D Notes, the Auction Date, or, if no Auction Date is applicable to such series, the Business Day immediately preceding the date of commencement of an Auction Period. 
  
 “London Business Day” shall mean any business day on which dealings
in deposits in United States dollars are transacted in the London interbank market. 
  
 “Market Agent” shall mean RBC Dain Rauscher Inc., New York, New York, in such capacity hereunder, or any successor to it in such capacity hereunder. 
  
 “Maximum Auction Rate” shall mean: 
  
 (A) Auction Periods of thirty-five (35) days or less, either
(a) One-Month LIBOR plus 1.5% (if the ratings assigned by Moody’s and Fitch to the Series 2004-C Senior Notes are at least “Aa3” and “AA-,” respectively), (b) One-Month LIBOR plus 2.5% (if any one of the ratings assigned by
Moody’s and Fitch to the Series 2004-C/D Senior Notes is less than “Aa3” or “AA-,” respectively, but is at least “A”) or (c) One-Month LIBOR plus 3.5% (if any one of the ratings assigned by Moody’s and Fitch
to the Series 2004-C Senior Notes is less than “A”); or (ii) for Auction Periods of greater than thirty-five (35) days, either (a) the greater of One-Month LIBOR or Three-Month LIBOR, plus, in either case, 1.5% (if the ratings assigned by
Moody’s and Fitch to the Series 2004-C Senior Notes are at least “Aa3” and “AA-,” respectively), (b) the greater of One-Month LIBOR or Three-Month LIBOR, plus, in either case, 2.5% (if any one of the ratings assigned by
Moody’s and Fitch to the Series 2004-C Senior Notes is less than “Aa3” or “AA-,” respectively, but is at least “A”) or (c) the greater of One-Month LIBOR or Three-Month LIBOR, plus, in either case, 3.5% (if any one
of the ratings assigned by Moody’s and Fitch to the Series 2004-C Senior Notes is less than “A”); and 
  
 (B) with respect to the Series 2004-D Notes: (i) for Auction Periods of thirty-five (35) days or less, either (a) One-Month LIBOR plus
2.5% (if the ratings assigned by Moody’s and Fitch to the Series 2004-D Notes are at least “A2” and “A,” respectively), or (b) One-Month LIBOR plus 3.5% (if any one of the ratings assigned by Moody’s and Fitch to the
Series 2004-D Notes is less than “A2” or “A,” respectively); or (ii) for Auction Periods of greater than thirty-five (35) days, either (a) the greater of One-Month LIBOR or Three-Month LIBOR, plus, in either case, 2.5% (if the
ratings assigned by Moody’s and Fitch to the Series 2004-D Notes are at least “A2” and “A,” respectively), or (b) the greater of One-Month LIBOR or Three-Month LIBOR, plus, in either case, 3.5% (if any one of the ratings
assigned by Moody’s and Fitch to the Series 2004-D Notes is less than “A2” or “A,” respectively). 
  

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 For purposes of the Auction Agent and the Auction Procedures, the ratings referred to in this definition shall be the
last ratings of which the Auction Agent shall have been given notice pursuant to the Auction Agent Agreement. 
  
 “Net Loan Rate” shall mean, with respect to any Interest Period for a series of the Series 2004-C/D Notes commencing during a given calendar
month, the highest rate of interest per annum, rounded to the next highest .01%, which would not cause the weighted average of the Auction Rates for such Interest Period and (except in the case of a series of the Series 2004-C/D Notes having
Interest Periods longer than forty-five (45) days) the Series 2004-C/D Note Auction Rate for the two (2) preceding Interest Periods to exceed (1) the average of the weighted average Effective Interest Rate of the Financed Student Loans, determined
as of the last day of the second, third and fourth preceding months, less (ii) the Administrative Cost and Note Fee Rate with respect to the Series 2004-C/D Notes. 
  
 “Non-Payment Rate” shall mean the lesser of (i) One-Month LIBOR plus 1.5%, and (ii) 18%. 
  
 “Note Registrar” shall mean, with respect to the Series 2004-C/D
Notes, the Trustee. 
  
 “Notice of Fee Rate Change”
shall mean a notice of a change in the Auction Agent Fee Rate or the Broker-Dealer Fee Rate substantially in the form of Exhibit E to the Auction Agent Agreement. 
  
 “One-Month LIBOR” shall mean, with respect to a series of Series 2004-C/D Notes, the rate of interest per annum
equal to the rate per annum at which United States dollar deposits having a maturity of one month are offered to prime banks in the London interbank market which appear on the Reuters Screen LIBOR Page as of approximately 11:00 a.m., London time, on
the applicable Interest Rate Determination Date. If at least two such quotations appear, One-Month LIBOR will be the arithmetic mean (rounded upwards, if necessary, to the nearest .01%) of such offered rates. If fewer than two such quotes appear,
One-Month LIBOR will be determined at approximately 11:00 a.m., London time, on the applicable Interest Rate Determination Date on the basis of the rate at which deposits in United States dollars having a maturity of one month are offered to prime
banks in the London interbank market by four major banks in the London interbank market selected by (i) the Auction Agent after consultation with the Trustee or (ii) the Trustee, as applicable, and in a principal amount of not less than U.S.
$1,000,000 and that is representative for a single transaction in such market at such time. The Auction Agent or the Trustee, as applicable, will request the principal London office of each such bank to provide a quotation of its rate. If at least
two quotations are provided, One-Month LIBOR will be the arithmetic mean (rounded upwards, if necessary, to the nearest .01%) of such offered rates. If fewer than two quotations are provided, One-Month LIBOR will be the arithmetic mean (rounded
upwards, if necessary, to the nearest .01%) of the rates quoted at approximately 11:00 a.m., New York City time, on the applicable Interest Rate Determination Date by three major banks in New York, New York, selected by (x) the Auction Agent after
consultation with the Trustee or (y) the Trustee, as applicable, for loans in United States dollars to leading European banks having a maturity of one month and in a principal amount equal to an amount of not less than U.S. $1,000,000 and that is
representative for a single transaction in such market at such time; provided, however, that if the banks selected as aforesaid are not quoting as 

  

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mentioned in this sentence, One-Month LIBOR will be the One-Month LIBOR in effect for the immediately preceding Interest Period. 
  
 “Order” shall have the meaning ascribed to such term in Section
4(a)(i) hereof. 
  
 “Original Indenture” shall mean the
Indenture of Trust, dated as of August 1, 2004, between the Corporation and the Trustee, as originally executed. 
  
 “Participant” shall mean a member of, or participant in, the Securities Depository. 
  
 “Payment Default” shall mean, with respect to a series of Series
2004-C/D Notes, (i) a default in the due and punctual payment of any installment of interest on such series, or (ii) a default in the due and punctual payment of any interest on and principal of such series at Maturity. 
  
 “Paying Agent” shall mean, with respect to the Series 2004-C/D
Notes, the Trustee and its successor or successors or any other commercial bank designated in accordance herewith as a place at which principal of, premium, if any, or interest on the Series 2004-C/D Notes is payable. 
  
 “Potential Holder” shall mean any Person (including an Existing
Holder that is (i) a Broker-Dealer when dealing with the Auction Agent and (ii) a potential beneficial owner when dealing with a Broker-Dealer) who may be interested in acquiring Series 2004-C/D Notes (or, in the case of an Existing Holder thereof,
an additional principal amount of Series 2004-C/D Notes). 
  
 “Regular Record Date” shall mean with respect to any regularly scheduled Interest Payment Date occurring with respect to a series of Series 2004-C/D Notes, the last Business Day preceding such Interest Payment Date. 
  
 “Reuters Screen LIBOR Page” shall mean the display designated as
page “LIBOR” on the Reuters Monitor Money Rates Service (or such other page as may replace the LIBOR page for the purposes of displaying London interbank offered rates of major banks). 
  
 “Securities Depository” shall mean The Depository Trust Company,
New York, New York, and its successors and assigns, or, if (i) the then-existing Securities Depository resigns from its functions as depository of the Series 2004-C/D Notes or (ii) the Corporation discontinues use of the Securities Depository
pursuant to Section 17(c) hereof, then any other securities depository which agrees to follow the procedures required to be followed by a securities depository in connection with the Series 2004-C/D Notes and which is selected by the Corporation
with the consent of the Trustee. 
  
 “Sell Order” shall
have the meaning ascribed to such term in Section 4(a)(i) hereof. 
  
 “Series 2004-C/D Capitalized Interest Account” shall mean the Account by that name created in the Acquisition Fund pursuant to Section 18 of this First Supplemental Indenture. 
  
 “Series 2004-C/D Cost of Issuance Account” shall mean the Account
by that name created in the Administration Fund pursuant to Section 18 of this First Supplemental Indenture. 
  

 -8- 

 “Series 2004-C/D Notes” shall mean the Series 2004-C1 Notes, the Series 2004-C2 Notes, the
Series 2004-C3 Notes, the Series 2004-C4 Notes, the Series 2004-C5 Notes and the Series 2004-D Notes. 
  
 “Series 2004-C/D Note Auction Rate” shall mean the rate of interest per annum borne by a series of the Series 2004-C/D Notes for each Auction
Period and determined in accordance with the provisions of Sections 4 through 12 hereof; provided, however, that in the event of a Payment Default, the Series 2004-C/D Note Auction Rate shall equal the Non-Payment Rate; and provided, further, that
such Series 2004-C/D Note Auction Rate shall in no event exceed the Series 2004-C/D Note Auction Rate Limitation. 
  
 “Series 2004-C/D Note Auction Rate Limitation” shall mean a rate per annum equal to 18% or, if less than such rate, the highest rate the
Corporation may legally pay, from time to time, as interest on the Series 2004-C/D Notes. 
  
 “Series 2004-C/D Note Initial Interest Rate” shall mean 1.70% for the Series 2004-C1 Notes, 1.70% for the Series 2004-C2 Notes, 1.70% for the Series 2004-C3 Notes, 1.72% for the Series 2004-C4 Notes, 1.72%
for the Series 2004-C5 Notes and 1.85% for the Series 2004-D Notes. 
  
 “Series 2004-C/D Note Interest Rate” shall mean the rate of interest per annum borne by a series of Series 2004-C/D Notes, as of the time referred to, including, without limitation, the Series 2004-C/D Note Initial Interest Rate
and the Series 2004-C/D Note Auction Rate. 
  
 “Series 2004-C
Senior Notes” shall mean the Series 2004-C1 Notes, the Series 2004-C2 Notes, the Series 2004-C3 Notes, the Series 2004-C4 Notes and the Series 2004-C5 Notes. 
  
 “Series 2004-C/D Transfer Agreement” shall mean the Transfer Agreement, dated as of August 1, 2004, among the
Corporation, the Trustee, GOAL Funding II and the trustee for GOAL Funding II, as amended or supplemented from time to time. 
  
 “Series 2004-C1 Notes” shall mean the Notes created and to be issued under this First Supplemental Indenture in the original principal amount of
$78,300,000 and designated as the “Student Loan Asset-Backed Notes, Senior Series 2004-C1.” 
  
 “Series 2004-C2 Notes” shall mean the Notes created and to be issued under this First Supplemental Indenture in the original principal amount of
$78,300,000 and designated as the “Student Loan Asset-Backed Notes, Senior Series 2004-C2.” 
  
 “Series 2004-C3 Notes” shall mean the Notes created and to be issued under this First Supplemental Indenture in the original principal amount of
$78,300,000 and designated as the “Student Loan Asset-Backed Notes, Senior Series 2004-C3.” 
  
 “Series 2004-C4 Notes” shall mean the Notes created and to be issued under this First Supplemental Indenture in the original principal amount of
$78,300,000 and designated as the “Student Loan Asset-Backed Notes, Senior Series 2004-C4.” 
  

 -9- 

 “Series 2004-C5 Notes” shall mean the Notes created and to be issued under this First
Supplemental Indenture in the original principal amount of $78,300,000 and designated as the “Student Loan Asset-Backed Notes, Senior Series 2004-C5.” 
  

“Series 2004-D Notes” shall mean the Notes created and to be issued under this First Supplemental Indenture in the original principal amount
of $40,000,000 and designated as the “Student Loan Asset-Backed Notes, Subordinate Series 2004-D.” 
  
 “Special Redemption and Prepayment Account Requirement” shall mean an amount, as of any Monthly Payment Date, with respect to the Series
2004-C/D Notes, equal to $0.00. 
  
 “Submission
Deadline” shall mean 12:30 p.m., New York City time, on any Auction Date or such other time on any Auction Date by which Broker-Dealers are required to submit Orders to the Auction Agent as specified by the Auction Agent from time to time.

  
 “Submitted Bid” shall have the meaning ascribed to
such term in Section 4(c)(i) hereof. 
  
 “Submitted Hold
Order” shall have the meaning ascribed to such term in Section 4(c)(i) hereof. 
  
 “Submitted Order” shall have the meaning ascribed to such term in Section 4(c)(i) hereof. 
  
 “Submitted Sell Order” shall have the meaning ascribed to such term in Section 4(c)(i) hereof. 
  
 “Substitute Auction Agent” shall mean the Person with whom the
Trustee enters into a Substitute Auction Agent Agreement. 
  
 “Substitute Auction Agent Agreement” shall mean an auction agent agreement containing terms substantially similar to the terms of the Initial Auction Agent Agreement, whereby a Person having the qualifications required by Section
8 of this First Supplemental Indenture agrees with the Trustee and the Corporation to perform the duties of the Auction Agent under this First Supplemental Indenture. 
  
 “Sufficient Bids” shall have the meaning ascribed to such term in Section 4(c)(i) hereof. 
  
 “Three-Month LIBOR” shall mean, with respect to a series of Series
2004-C/D Notes, the rate of interest per annum equal to the rate per annum at which United States dollar deposits having a maturity of three months are offered to prime banks in the London interbank market which appear on the Reuters Screen LIBOR
Page as of approximately 11:00 a.m., London time, on the applicable Interest Rate Determination Date. If at least two such quotations appear, Three-Month LIBOR will be the arithmetic mean (rounded upwards, if necessary, to the nearest .01%) of such
offered rates. If fewer than two such quotes appear, Three-Month LIBOR will be determined at approximately 11:00 a.m., London time, on the applicable Interest Rate Determination Date on the basis of the rate at which deposits in United States
dollars having a maturity of three months are offered to prime banks in the London interbank market by four major banks in the London interbank market selected by (i) the Auction Agent after consultation with the Trustee or (ii) the Trustee, as
applicable, and in a principal amount of not less than U.S. 

  

 -10- 

 
$1,000,000 and that is representative for a single transaction in such market at such time. The Auction Agent or the Trustee, as applicable, will request the
principal London office of each of such banks to provide a quotation of its rate. If at least two quotations are provided, Three-Month LIBOR will be the arithmetic mean (rounded upwards, if necessary, to the nearest .01%) of such offered rates. If
fewer than two quotations are provided, Three-Month LIBOR will be the arithmetic mean (rounded upwards, if necessary, to the nearest .01%) of the rates quoted at approximately 11:00 a.m., New York City time on the applicable Interest Rate
Determination Date by three major banks in New York, New York, selected by (x) the Auction Agent after consultation with the Trustee or (y) the Trustee, as applicable, for loans in United States dollars to leading European banks having a maturity of
three months and in a principal amount equal to an amount of not less than U.S. $1,000,000 and that is representative for a single transaction in such market at such time; provided, however, that if the banks selected as aforesaid are not quoting as
mentioned in this sentence, Three-Month LIBOR will be the Three-Month LIBOR in effect for the immediately preceding Interest Period. 
  
 Section 2. Authorization and Terms of Series 2004-C/D Notes. There is hereby created and there shall be (1) a series of Class A Notes
entitled “Student Loan Asset-Backed Notes, Senior Series 2004-C1,” (2) a series of Class A Notes entitled “Student Loan Asset-Backed Notes, Senior Series 2004-C2,” (3) a series of Class A Notes entitled “Student Loan
Asset-Backed Notes, Senior Series 2004-C3,” (4) a series of Class A Notes entitled “Student Loan Asset-Backed Notes, Senior Series 2004-C4,” (5) a series of Class A Notes entitled “Student Loan Asset-Backed Notes, Senior Series
2004-C5,” and (6) a series of Class B Notes entitled “Student Loan Asset-Backed Notes, Subordinate Series 2004-D.” The aggregate principal amount of the Series 2004-C1 Notes that may be authenticated and delivered and Outstanding
under the Indenture is limited to and shall not exceed $78,300,000. The aggregate principal amount of the Series 2004-C2 Notes that may be authenticated and delivered and Outstanding under the Indenture is limited to and shall not exceed
$78,300,000. The aggregate principal amount of the Series 2004-C3 Notes that may be authenticated and delivered and Outstanding under the Indenture is limited to and shall not exceed $78,300,000. The aggregate principal amount of the Series 2004-C4
Notes that may be authenticated and delivered and Outstanding under the Indenture is limited to and shall not exceed $78,300,000. The aggregate principal amount of the Series 2004-C5 Notes that may be authenticated and delivered and Outstanding
under the Indenture is limited to and shall not exceed $78,300,000. The aggregate principal amount of the Series 2004-D Notes that may be authenticated and delivered and Outstanding under the Indenture is limited to and shall not exceed $40,000,000.

  
 The Series 2004-C1 Notes shall consist of Term Notes with a
Stated Maturity on December 1, 2036. 
  
 The Series 2004-C2 Notes
shall consist of Term Notes with a Stated Maturity on December 1, 2036. 
  
 The Series 2004-C3 Notes shall consist of Term Notes with a Stated Maturity on December 1, 2036. 
  
 The Series 2004-C4 Notes shall consist of Term Notes with a Stated Maturity on December 1, 2036. 
  

 -11- 

 The Series 2004-C5 Notes shall consist of Term Notes with a Stated Maturity on December 1, 2036.

  
 The Series 2004-D Notes shall consist of Term Notes with a
Stated Maturity on December 1, 2036. 
  
 Each series of Series
2004-C/D Notes shall bear interest at a rate per annum equal to the applicable Series 2004-C/D Note Interest Rate (which, after the Initial Interest Period, shall be the Series 2004-C/D Note Auction Rate), and at the same rate per annum (to the
extent that the payment of such interest shall be legally enforceable) on overdue installments of interest. 
  
 The Series 2004-C/D Notes shall be issued as fully registered Notes without coupons in Authorized Denominations. 
  
 The Series 2004-C/D Notes shall be dated as provided in Section 3.9 of the
Indenture and shall bear interest from their date until payment of principal has been made or duly provided for. The date of original issue of the Series 2004-C/D Notes shall be the Closing Date. The Series 2004-C/D Notes of each series shall be
numbered in such manner as the Note Registrar shall determine. 
  
 Interest on each series of Series 2004-C/D Notes shall be computed on the basis of actual days elapsed and accrue daily from the date thereof (on the basis of a 360-day year), and shall be payable on each regularly scheduled Interest
Payment Date with respect to such series prior to the Maturity thereof and at the Maturity thereof. The interest payable on each Interest Payment Date for each series of the Series 2004-C/D Notes shall be that interest which has accrued through the
last day of the last complete Interest Period immediately preceding the Interest Payment Date or, in the case of the Maturity of such series, the last day preceding the date of such Maturity. The applicable Series 2004-C/D Note Interest Rate shall
be effective as of and on the first day (whether or not a Business Day) of the applicable Interest Period and be in effect thereafter through the end of such Interest Period. 
  
 The principal of and premium, if any, on the Series 2004-C/D Notes, together with interest payable on the Series 2004-C/D
Notes at the Maturity thereof if the date of such Maturity is not a regularly scheduled Interest Payment Date, shall be payable in lawful money of the United States of America upon, except as otherwise provided in Section 17 hereof, presentation and
surrender of such Series 2004-C/D Notes at the Principal Office of the Trustee, as Paying Agent with respect to the Series 2004-C/D Notes, or a duly appointed successor Paying Agent. Interest on the Series 2004-C/D Notes shall be payable on each
regularly scheduled Interest Payment Date, except as otherwise provided in Section 17 hereof, by check or draft drawn upon the Paying Agent and mailed to the person who is the Holder thereof as of 5:00 p.m. in the city in which the Principal Office
of the Note Registrar is located on the Regular Record Date for such Interest Payment Date at the address of such Holder as it appears on the Note Register, or, in the case of any Series 2004-C/D Note the Holder of which is the Holder of Series
2004-C/D Notes in the aggregate principal amount of $1,000,000 or more, at the direction of such Holder received by the Paying Agent by 5:00 p.m. in the city in which the Principal Office of the Paying Agent is located on the last Business Day
preceding the applicable Regular Record Date, by electronic transfer by the Paying Agent in immediately available funds to an account designated by such 

  

 -12- 

 
Holder. Any interest not so timely paid or duly provided for (herein referred to as “Defaulted Interest”) shall cease to be payable to the person
who is the Holder thereof at the close of business on the Regular Record Date and shall be payable to the person who is the Holder thereof at the close of business on a Special Record Date for the payment of any such Defaulted Interest. Such Special
Record Date shall be fixed by the Trustee whenever moneys become available for payment of the Defaulted Interest, and notice of the Special Record Date shall be given to the Holders of the Series 2004-C/D Notes not less than ten (10) days prior
thereto by first-class mail to each such Holder as shown on the Note Register on a date selected by the Trustee, stating the date of the Special Record Date and the date fixed for the payment of such Defaulted Interest. All payments of principal of
and interest on the Series 2004-C/D Notes shall be made in lawful money of the United States of America. 
  
 The Series 2004-C/D Notes are subject to redemption prior to their Stated Maturities upon the terms and conditions and at the Redemption Prices specified
in Section 16 hereof. 
  
 Subject to the provisions of the
Indenture, the Series 2004-C Senior Notes shall be in substantially the form set forth in Exhibit A hereto, with such variations, omissions and insertions as may be required by the circumstances, be required or permitted by the Indenture, or be
consistent with the Indenture and necessary or appropriate to conform to the rules and requirements of any governmental authority or any usage or requirement of law with respect thereto. 
  
 Subject to the provisions of the Indenture, the Series 2004-D Notes shall be in substantially the form set forth in Exhibit
B hereto, with such variations, omissions and insertions as may be required by the circumstances, be required or permitted by the Indenture, or be consistent with the Indenture and necessary or appropriate to conform to the rules and requirements of
any governmental authority or any usage or requirement of law with respect thereto. 
  
 Section 3. Interest Payable on Series 2004-C/D Notes. The Initial Interest Rate Adjustment Dates for each series of Series 2004-C/D Notes shall be (i) with respect to the Series 2004-C1 Notes, August 31,
2004, (ii) with respect to the Series 2004-C2 Notes, September 2, 2004, (iii) with respect to the Series 2004-C3 Notes, September 7, 2004, (iv) with respect to the Series 2004-C4 Notes, September 16, 2004, (v) with respect to the Series 2004-C5
Notes, September 21, 2004, and (vi) with respect to the Series 2004-D Notes, September 1, 2004. 
  
 During the Initial Interest Period, each series of Series 2004-C/D Notes shall bear interest at the Series 2004-C/D Note Initial Interest Rate for such
series. Thereafter, except with respect to an Auction Period Adjustment, the Series 2004-C/D Notes shall bear interest at a Series 2004-C/D Note Auction Rate based on a 28-day Auction Period, as determined pursuant to this Section 3 and Sections 4
through 12 hereof. 
  
 The Series 2004-C/D Note Auction Rate to be
borne by each series of Series 2004-C/D Notes after such Initial Interest Period for each Auction Period until an Auction Period Adjustment, if any, shall be determined as herein below described. Each such Auction Period (a) with respect to the
Series 2004-C1, C3 and C5 Notes, shall commence on and include the Tuesday (or, if such Tuesday is not a Business Day, the next succeeding Business Day) 

  

 -13- 

 
following the expiration of the immediately preceding Auction Period and terminate on and include the last day immediately preceding the Tuesday (or, if such
Tuesday is not a Business Day, the next succeeding Business Day) of the fourth following week, (b) with respect to the Series 2004-C2 and C4 Notes, shall commence on and include the Wednesday (or, if such Wednesday is not a Business Day, the next
succeeding Business Day) following the expiration of the immediately preceding Auction Period and terminate on and include the last day immediately preceding the Wednesday (or, if such Wednesday is not a Business Day, the next succeeding Business
Day) of the fourth following week, and (c) with respect to the Series 2004-D Notes, shall commence on and include the Wednesday (or, if such Wednesday is not a Business Day, the next succeeding Business Day) following the expiration of the
immediately preceding Auction Period and terminate on and include the last day immediately preceding the Wednesday (or, if such Wednesday is not a Business Day, the next succeeding Business Day) of the fourth following week; provided, however, that
in the case of the Auction Period that immediately follows the Initial Interest Period for a series of Series 2004-C/D Notes, such Auction Period shall commence on the Initial Interest Rate Adjustment Date for such series. The Series 2004-C/D Note
Auction Rate on each series of Series 2004-C/D Notes for each Auction Period shall be the lesser of (i) the Net Loan Rate in effect for such Auction Period, and (ii) the Auction Rate in effect for such Auction Period as determined in accordance with
Section 4 hereof; provided that if, on any Interest Rate Determination Date, an Auction is not held for any reason, then the Series 2004-C/D Note Auction Rate on such series for the next succeeding Auction Period shall equal the lesser of (a) the
Maximum Auction Rate and (b) the Net Loan Rate. 
  
 Notwithstanding the foregoing: 
  
 (a)
if the ownership of a series of Series 2004-C/D Notes is no longer maintained in Book-Entry Form, the Series 2004-C/D Note Auction Rate on such series for any Interest Period commencing after the delivery of definitive notes representing such series
pursuant to Section 17 hereof shall equal the lesser of (i) the Maximum Auction Rate and (ii) the Net Loan Rate on the Business Day immediately preceding the first day of such subsequent Interest Period; or 
  
 (b) if a Payment Default shall have occurred with respect to
a series of Series 2004-C/D Notes, the Series 2004-C/D Note Auction Rate on such series for the Interest Period commencing on or immediately after such Payment Default, and for each Interest Period thereafter, to and including the Interest Period,
if any, during which, or commencing less than two (2) Business Days after, such Payment Default is cured, shall equal the Non-Payment Rate on the first day of each such Interest Period. 
  
 In accordance with Section 4(c)(iii) hereof, the Auction Agent shall promptly give written notice to the Trustee and the
Corporation of each Series 2004-C/D Note Auction Rate (unless the Series 2004-C/D Note Auction Rate is the Non-Payment Rate or the ownership of such series is no longer maintained in Book-Entry Form) and either the Auction Rate or the Net Loan Rate,
as the case may be, when such rate is not the Series 2004-C/D Note Auction Rate, applicable to each series of Series 2004-C/D Notes. The Trustee shall notify the Holders of Series 2004-C/D Notes of the Series 2004-C/D Note Auction Rate applicable to
each such series for each Auction Period on the second Business Day of such Auction Period. 
  

 -14- 

 In the event that the last Business Day immediately preceding what would otherwise be the commencement
date of an Auction Period for a series of Series 2004-C/D Notes is more than five days prior to such date, the Interest Rate Determination Date and commencement date for such Auction Period, as well as the expiration date for the preceding Auction
Period, may be adjusted to fall on such dates as the Market Agent, with the consent of the Corporation, may determine to be appropriate under such circumstances. The Market Agent shall promptly notify the Trustee and the Auction Agent in writing of
any such determination. The Trustee, upon receipt of such notice, shall immediately give written notification of such determination to the Holders of such series of Series 2004-C/D Notes. 
  
 Notwithstanding any other provision of the Series 2004-C/D Notes or this First Supplemental Indenture, and except for the
occurrence of a Payment Default, interest payable on each series of the Series 2004-C/D Notes for an Auction Period shall never exceed for such Auction Period the amount of interest payable at the Net Loan Rate (subject to the Series 2004-C/D Note
Auction Rate Limitation) in effect for such Auction Period. 
  
 If
the Auction Rate for a series of Series 2004-C/D Notes is greater than the Net Loan Rate, then the Series 2004-C/D Note Auction Rate applicable to such series for that Interest Period will be the Net Loan Rate. If the Series 2004-C/D Note Auction
Rate for a series of Series 2004-C/D Notes for any Interest Period is the Net Loan Rate, the Trustee shall determine the Carry-Over Amount, if any, with respect to such series for such Interest Period. Such determination of the Carry-Over Amount
shall be made separately for each series of Series 2004-C/D Notes. Each Carry-Over Amount shall bear interest calculated at a rate equal to One-Month LIBOR (as determined by the Auction Agent, provided the Trustee has received notice of One-Month
LIBOR from the Auction Agent, and, if the Trustee shall not have received such notice from the Auction Agent, then as determined by the Trustee) from the Interest Payment Date for the Interest Period with respect to which such Carry-Over Amount was
calculated, until paid. Any payment in respect of Carry-Over Amount shall be applied, first, to any accrued interest payable thereon and, thereafter, in reduction of such Carry-Over Amount. For purposes of this First Supplemental Indenture, the
Indenture and the Series 2004-C/D Notes, any reference to “principal” or “interest” herein and therein shall not include, within the meaning of such words, Carry-Over Amount or any interest accrued on any such Carry-Over Amount.
Such Carry-Over Amount shall be separately calculated for each Series 2004-C/D Note of such series by the Trustee during such Interest Period in sufficient time for the Trustee to give notice to each Holder of such Carry-Over Amount as required in
the next succeeding sentence. On the Interest Payment Date for an Interest Period with respect to which such Carry-Over Amount has been calculated by the Trustee, the Trustee shall give written notice to each Holder of the Carry-Over Amount
applicable to such Holder’s Series 2004-C/D Note, which written notice may accompany the payment of interest by check made to each such Holder on such Interest Payment Date or otherwise shall be mailed on such Interest Payment Date by
first-class mail, postage prepaid, to each such Holder at such Holder’s address as it appears on the registration books maintained by the Note Registrar. Such notice shall state, in addition to such Carry-Over Amount, that, unless and until a
Series 2004-C/D Note has been redeemed or has been deemed no longer Outstanding under the Indenture (after which all accrued Carry-Over Amount with respect to such Series 2004-C/D Note (and all accrued interest thereon) that remains unpaid shall be
cancelled and no Carry-Over Amount (or interest accrued thereon) shall be paid with respect to such Series 2004-C/D Note), (i) the Carry-Over Amount (and interest accrued thereon) shall 

  

 -15- 

 
be paid by the Trustee on such Series 2004-C/D Note on the first occurring Interest Payment Date for a subsequent Interest Period if and to the extent that
(l) the Eligible Carry-Over Make-Up Amount with respect to such Interest Period is greater than zero, and (2) moneys are available pursuant to the terms of this First Supplemental Indenture to pay such Carry-Over Amount (and interest accrued
thereon), and (ii) interest shall accrue on the Carry-Over Amount at a per annum rate equal to One-Month LIBOR until such Carry-Over Amount is paid in full or is cancelled. 
  
 The Carry-Over Amount (and interest accrued thereon) for a series of Series 2004-C/D Notes shall be paid by the Trustee on
Outstanding Series 2004-C/D Notes of such series on the first occurring Interest Payment Date for a subsequent Interest Period if and to the extent that (i) the Eligible Carry-Over Make-Up Amount with respect to such Interest Period is greater than
zero, and (ii) moneys in the Surplus Account are available on such Interest Payment Date for transfer to the Interest Account for such purpose in accordance with the second paragraph of Section 4.8 of the Indenture, after taking into account all
other amounts payable from the Surplus Fund in accordance with such paragraph on such Interest Payment Date. Any Carry-Over Amount (and any interest accrued thereon) with respect to any Series 2004-C/D Note which is unpaid as of an Interest Payment
Date, which Series 2004-C/D Note is to be redeemed or deemed no longer Outstanding under this First Supplemental Indenture on such Interest Payment Date, shall be paid to the Holder thereof on such Interest Payment Date to the extent that moneys are
available therefor in accordance with the provisions of the preceding clause (ii); provided, however, that any Carry-Over Amount (and any interest accrued thereon) which is not so paid on such Interest Payment Date shall be cancelled with respect to
such Series 2004-C/D Note on such Interest Payment Date and shall not be paid on any succeeding Interest Payment Date. To the extent that any portion of the Carry-Over Amount (and any interest accrued thereon) remains unpaid after payment of a
portion thereof, such unpaid portion shall be paid in whole or in part as required hereunder until fully paid by the Trustee on the next occurring Interest Payment Date or Dates, as necessary, for a subsequent Interest Period or Periods, if and to
the extent that the conditions in the first sentence of this paragraph are satisfied. On any Interest Payment Date on which the Trustee pays less than all of the Carry-Over Amount (and any interest accrued thereon) with respect to a Series 2004-C/D
Note, the Trustee shall give written notice in the manner set forth in the immediately preceding paragraph to the Holder of such Series 2004-C/D Note of the Carry-Over Amount remaining unpaid on such Series 2004-C/D Note. 
  
 The Interest Payment Date on which any Carry-Over Amount (or any interest
accrued thereon) for a series of Series 2004-C/D Notes shall be paid shall be determined by the Trustee in accordance with the provisions of the immediately preceding paragraph, and the Trustee shall make payment of the Carry-Over Amount (and any
interest accrued thereon) in the same manner as, and from the same Account from which, it pays interest on the Series 2004-C/D Notes on an Interest Payment Date. 
  
 In the event that the Auction Agent no longer determines, or fails to determine, when required, the Series 2004-C/D Note
Auction Rate with respect to a series of Series 2004-C/D Notes, or, if for any reason, such manner of determination shall be held to be invalid or unenforceable, the Series 2004-C/D Note Auction Rate for the next succeeding Interest Period (which
Interest Period shall be an Auction Period for such series of Series 2004-C/D Notes) shall be the Net Loan Rate. The Net Loan Rate with respect to each Interest Rate Determination Date 

  

 -16- 

 
shall be determined and communicated to the Auction Agent and the Trustee in accordance with Section 6 hereof. 
  
 Section 4. Determining the Series 2004-C/D Note Auction Rate.
By purchasing Series 2004-C/D Notes, whether in an Auction or otherwise, each purchaser of the Series 2004-C/D Notes, or its Broker-Dealer, must agree and shall be deemed by such purchase to have agreed (i) to participate in Auctions on the terms
described herein, (ii) to have its beneficial ownership of the Series 2004-C/D Notes maintained at all times in Book-Entry Form for the account of its Participant, which in turn will maintain records of such beneficial ownership, and (iii) to
authorize such Participant to disclose to the Auction Agent such information with respect to such beneficial ownership as the Auction Agent may request. 
  
 So long as the ownership of a series of Series 2004-C/D Notes is maintained in Book-Entry Form by the Securities Depository, an Existing Holder may sell,
transfer or otherwise dispose of Series 2004-C/D Notes of such series only pursuant to a Bid or Sell Order placed in an Auction or otherwise sell, transfer or dispose of Series 2004-C/D Notes through a Broker-Dealer, provided that, in the case of
all transfers other than pursuant to Auctions, such Existing Holder, its Broker-Dealer or its Participant advises the Auction Agent of such transfer. Auctions shall be conducted on each Auction Date, if there is an Auction Agent on such Auction
Date, in the following manner (such procedures to be applicable separately to each series of the Series 2004-C/D Notes): 
  
 (a) (i) Prior to the Submission Deadline on each Auction Date; 
  
 (A) each Existing Holder of Series 2004-C/D Notes may submit to a Broker-Dealer by telephone or otherwise
any information as to: 
  
 (1) the principal
amount of Outstanding Series 2004-C/D Notes, if any, owned by such Existing Holder which such Existing Holder desires to continue to own without regard to the Auction Rate for the next succeeding Auction Period; 
  
 (2) the principal amount of Outstanding Series 2004-C/D
Notes, if any, which such Existing Holder offers to sell if the Auction Rate for the next succeeding Auction Period shall be less than the rate per annum specified by such Existing Holder; and/or 
  
 (3) the principal amount of Outstanding Series 2004-C/D
Notes, if any, owned by such Existing Holder which such Existing Holder offers to sell without regard to the Auction Rate for the next succeeding Auction Period; and 
  
 (B) one or more Broker-Dealers may contact Potential Holders to determine the principal amount of Series
2004-C/D Notes which each Potential Holder offers to purchase, if the Auction Rate for the next succeeding Auction Period shall not be less than the rate per annum specified by such Potential Holder. 
  
 The statement of an Existing Holder or a Potential Holder
referred to in (A) or (B) of this paragraph (i) is herein referred to as an “Order,” and each Existing Holder and 

  

 -17- 

 
each Potential Holder placing an Order is herein referred to as a “Bidder”; an Order described in clause (A)(1) is herein referred to as a
“Hold Order”; an Order described in clauses (A)(2) and (B) is herein referred to as a “Bid”; and an Order described in clause (A)(3) is herein referred to as a “Sell Order.” 
  
 (ii) (A) Subject to the provisions of Section 4(b) hereof, a
Bid by an Existing Holder shall constitute an irrevocable offer to sell: 
  
 (1) the principal amount of Outstanding Series 2004-C/D Notes specified in such Bid if the Auction Rate determined as provided in this Section 4 shall be less than the rate specified therein; or 
  
 (2) such principal amount, or a lesser principal amount of
Outstanding Series 2004-C/D Notes to be determined as set forth in Section 4(d)(i)(D) hereof, if the Auction Rate determined as provided in this Section 4 shall be equal to the rate specified therein; or 
  
 (3) such principal amount, or a lesser principal amount of
Outstanding Series 2004-C/D Notes to be determined as set forth in Section 4(d)(ii)(C) hereof, if the rate specified therein shall be higher than the Maximum Auction Rate and Sufficient Bids have not been made. 
  
 (B) Subject to the provisions of Section 4(b) hereof, a Sell
Order by an Existing Holder shall constitute an irrevocable offer to sell: 
  
 (1) the principal amount of Outstanding Series 2004-C/D Notes specified in such Sell Order; or 
  
 (2) such principal amount, or a lesser principal amount, of Outstanding Series 2004-C/D Notes set forth in Section 4(d)(ii)(C) hereof, if
Sufficient Bids have not been made. 
  
 (C)
Subject to the provisions of Section 4(b) hereof, a Bid by a Potential Holder shall constitute an irrevocable offer to purchase: 
  
 (1) the principal amount of Outstanding Series 2004-C/D Notes specified in such Bid if the Auction Rate determined as provided in this
Section 4 shall be higher than the rate specified in such Bid; or 
  
 (2) such principal amount, or a lesser principal amount of Outstanding Series 2004-C/D Notes set forth in Section 4(d)(i)(E) hereof, if the Auction Rate determined as provided in this Section 4 shall be equal to the
rate specified in such Bid. 
  
 (b) (i) Each
Broker-Dealer shall submit in writing to the Auction Agent prior to the Submission Deadline on each Auction Date all Orders obtained by such Broker-Dealer and shall specify with respect to each such Order: 
  
 (A) the name of the Bidder placing such Order; 

 

 -18- 

 (B) the aggregate principal amount of Series 2004-C/D Notes that are the subject of such
Order; 
  
 (C) to the extent that such Bidder is
an Existing Holder: 
  
 (1) the principal amount
of Series 2004-C/D Notes, if any, subject to any Hold Order placed by such Existing Holder; 
  
 (2) the principal amount of Series 2004-C/D Notes, if any, subject to any Bid placed by such Existing Holder and the rate specified in
such Bid; and 
  
 (3) the principal amount of
Series 2004-C/D Notes, if any, subject to any Sell Order placed by such Existing Holder; and 
  
 (D) to the extent such Bidder is a Potential Holder, the rate specified in such Potential Holder’s Bid. 
  
 (ii) If any rate specified in any Bid contains more than
three figures to the right of the decimal point, the Auction Agent shall round such rate up to the next higher .001%. 
  
 (iii) If an Order or Orders covering all Outstanding Series 2004-C/D Notes owned by an Existing Holder is not submitted to the Auction
Agent prior to the Submission Deadline, the Auction Agent shall deem a Hold Order to have been submitted on behalf of such Existing Holder covering the principal amount of Outstanding Series 2004-C/D Notes owned by such Existing Holder and not
subject to an Order submitted to the Auction Agent. 
  
 (iv) Neither the Corporation, the Trustee nor the Auction Agent shall be responsible for any failure of a Broker-Dealer to submit an Order to the Auction Agent on behalf of any Existing Holder or Potential Holder. 
  
 (v) If any Existing Holder submits through a Broker-Dealer
to the Auction Agent one or more Orders covering in the aggregate more than the principal amount of Outstanding Series 2004-C/D Notes owned by such Existing Holder, such Orders shall be considered valid as follows and in the following order of
priority: 
  
 (A) All Hold Orders shall be
considered valid, but only up to the aggregate principal amount of Outstanding Series 2004-C/D Notes owned by such Existing Holder, and if the aggregate principal amount of Series 2004-C/D Notes subject to such Hold Orders exceeds the aggregate
principal amount of Series 2004-C/D Notes owned by such Existing Holder, the aggregate principal amount of Series 2004-C/D Notes subject to each such Hold Order shall be reduced pro rata so that the aggregate principal amount of Series 2004-C/D
Notes subject to 

  

 -19- 

 
such Hold Order equals the aggregate principal amount of Outstanding Series 2004-C/D Notes owned by such Existing Holder. 
  
 (B) (1) any Bid shall be considered valid up to an amount
equal to the excess of the principal amount of Outstanding Series 2004-C/D Notes owned by such Existing Holder over the aggregate principal amount of Series 2004-C/D Notes subject to any Hold Order referred to in clause (A) of this paragraph (v);

  
 (2) subject to subclause (1) of this clause
(B), if more than one Bid with the same rate is submitted on behalf of such Existing Holder and the aggregate principal amount of Outstanding Series 2004-C/D Notes subject to such Bids is greater than such excess, such Bids shall be considered valid
up to an amount equal to such excess; 
  
 (3)
subject to subclauses (1) and (2) of this clause (B), if more than one Bid with different rates are submitted on behalf of such Existing Holder, such Bids shall be considered valid first in the ascending order of their respective rates until the
highest rate is reached at which such excess exists and then at such rate up to the amount of such excess; and 
  
 (4) in any such event, the amount of Outstanding Series 2004-C/D Notes, if any, subject to Bids not valid under this clause (B) shall be
treated as the subject of a Bid by a Potential Holder at the rate therein specified; and 
  
 (C) All Sell Orders shall be considered valid up to an amount equal to the excess of the principal amount of Outstanding Series 2004-C/D
Notes owned by such Existing Holder over the aggregate principal amount of Series 2004-C/D Notes subject to Hold Orders referred to in clause (A) of this paragraph (v) and valid Bids referred to in clause (B) of this paragraph (v). 
  
 (vi) If more than one Bid for Series 2004-C/D Notes is
submitted on behalf of any Potential Holder, each Bid submitted shall be a separate Bid with the rate and principal amount therein specified. 
  
 (vii) An Existing Holder that offers to purchase additional Series 2004-C/D Notes is, for purposes of such offer, treated as a Potential
Holder. 
  
 (viii) Any Bid or Sell Order
submitted by an Existing Holder covering an aggregate principal amount of Series 2004-C/D Notes not equal to an Authorized Denomination shall be rejected and shall be deemed a Hold Order. Any Bid submitted by a Potential Holder covering an aggregate
principal amount of Series 2004-C/D Notes not equal to an Authorized Denomination shall be rejected. 
  
 (ix) Any Bid specifying a rate higher than the Maximum Auction Rate will (a) be treated as a Sell Order if submitted by an Existing Holder
and (b) not be accepted if submitted by a Potential Holder. 
  

 -20- 

 (x) Any Order submitted in an Auction by a Broker-Dealer to the Auction Agent prior to
the Submission Deadline on any Auction Date shall be irrevocable. 
  
 (c) (i) Not earlier than the Submission Deadline on each Auction Date, the Auction Agent shall assemble all valid Orders submitted or deemed submitted to it by the Broker-Dealers (each such Order as submitted or
deemed submitted by a Broker-Dealer being herein referred to individually as a “Submitted Hold Order,” a “Submitted Bid” or a “Submitted Sell Order,” as the case may be, or as a “Submitted Order,” and
collectively as “Submitted Hold Orders,” “Submitted Bids” or “Submitted Sell Orders,” as the case may be, or as “Submitted Orders”) and shall determine: 
  
 (A) the excess of the total principal amount of Outstanding
Series 2004-C/D Notes over the sum of the aggregate principal amount of Outstanding Series 2004-C/D Notes subject to Submitted Hold Orders (such excess being herein referred to as the “Available Series 2004-C/D Notes”), and 
  
 (B) from the Submitted Orders whether: 
  
 (1) the aggregate principal amount of Outstanding Series
2004-C/D Notes subject to Submitted Bids by Potential Holders specifying one or more rates equal to or lower than the Maximum Auction Rate; 
  
 exceeds or is equal to the sum of: 
  
 (2) the aggregate principal amount of Outstanding Series 2004-C/D Notes subject to Submitted Bids by Existing Holders specifying one or
more rates higher than the Maximum Auction Rate; and 
  
 (3) the aggregate principal amount of Outstanding Series 2004-C/D Notes subject to Submitted Sell Orders; 
  
 (in the event such excess or such equality exists, other than because all of the Outstanding Series 2004-C/D Notes are subject to Submitted Hold Orders,
such Submitted Bids described in subclause (1) above shall be referred to collectively as “Sufficient Bids”); and 
  
 (C) if Sufficient Bids exist, the Bid Auction Rate, which shall be the lowest rate specified in such Submitted Bids such that if:

  
 (1) (x) each such Submitted Bid from
Existing Holders specifying such lowest rate and (y) all other Submitted Bids from Existing Holders specifying lower rates were rejected, thus entitling such Existing Holders to continue to own the principal amount of Series 2004-C/D Notes subject
to such Submitted Bids; and 
  
 (2) (x) each
such Submitted Bid from Potential Holders specifying such lowest rate and (y) all other Submitted Bids from Potential Holders specifying lower rates were accepted; 
  

 -21- 

 the result would be that such Existing Holders described in subclause (1) above would continue to own an
aggregate principal amount of Outstanding Series 2004-C/D Notes which, when added to the aggregate principal amount of Outstanding Series 2004-C/D Notes to be purchased by such Potential Holders described in subclause (2) above, would equal not less
than the Available Series 2004-C/D Notes. 
  
 (ii) Promptly after the Auction Agent has made the determinations pursuant to Section 4(c)(i) hereof, the Auction Agent shall advise the Trustee, the Broker-Dealers and the Corporation of the Net Loan Rate, the Maximum Auction Rate and the
All Hold Rate and the components thereof on the Auction Date and, based on such determinations, the Auction Rate for the next succeeding Interest Period as follows: 
  
 (A) if Sufficient Bids exist, that the Auction Rate for the next succeeding Interest Period shall be equal
to the Bid Auction Rate so determined; 
  
 (B) if
Sufficient Bids do not exist (other than because all of the Outstanding Series 2004-C/D Notes are subject to Submitted Hold Orders), that the Auction Rate for the next succeeding Interest Period shall be equal to the Maximum Auction Rate; or

  
 (C) if all Outstanding Series 2004-C/D Notes
are subject to Submitted Hold Orders, that the Auction Rate for the next succeeding Interest Period shall be equal to the All Hold Rate. 
  
 (iii) Promptly after the Auction Agent has determined the Auction Rate, the Auction Agent shall determine and advise the Trustee of the
Series 2004-C/D Note Auction Rate, which rate shall be the lesser of (a) the Auction Rate and (b) the Net Loan Rate; provided, however, that in no event shall the Series 2004-C/D Note Auction Rate exceed the Series 2004-C/D Note Auction Rate
Limitation. 
  
 (d) Existing Holders shall continue to own the
principal amount of Series 2004-C/D Notes that are subject to Submitted Hold Orders. If Sufficient Bids have been received by the Auction Agent, the Bid Auction Rate will be the Auction Rate, and Submitted Bids and Submitted Sell Orders will be
accepted or rejected and the Auction Agent will take such other action as described below in subparagraph (i). 
  
 If the Auction Agent has not received Sufficient Bids (other than because all of the Outstanding Series 2004-C/D Notes are subject to Submitted Hold
Orders), the Auction Rate will be the Maximum Auction Rate, and Submitted Orders will be accepted or rejected and the Auction Agent will take such other action as described below in subparagraph (ii). 
  
 (i) if Sufficient Bids have been made, all Submitted Sell
Orders shall be accepted and, subject to the provisions of paragraphs (iv) and (v) of this Section 4(d), Submitted Bids shall be accepted or rejected as follows in the following order of priority, and all other Submitted Bids shall be rejected:

  
 (A) Existing Holders’ Submitted Bids
specifying any rate that is higher than the Bid Auction Rate shall be accepted, thus requiring each such Existing Holder to sell the aggregate principal amount of Series 2004-C/D Notes subject to such Submitted Bids; 
  

 -22- 

 (B) Existing Holders’ Submitted Bids specifying any rate that is lower than the Bid
Auction Rate shall be rejected, thus entitling each such Existing Holder to continue to own the aggregate principal amount of Series 2004-C/D Notes subject to such Submitted Bids; 
  
 (C) Potential Holders’ Submitted Bids specifying any rate that is lower than the Bid Auction Rate shall
be accepted; 
  
 (D) Each Existing Holders’
Submitted Bid specifying a rate that is equal to the Bid Auction Rate shall be rejected, thus entitling such Existing Holder to continue to own the aggregate principal amount of Series 2004-C/D Notes subject to such Submitted Bid, unless the
aggregate principal amount of Outstanding Series 2004-C/D Notes subject to all such Submitted Bids shall be greater than the principal amount of Series 2004-C/D Notes (the “remaining principal amount”) equal to the excess of the Available
Series 2004-C/D Notes over the aggregate principal amount of Series 2004-C/D Notes subject to Submitted Bids described in clauses (B) and (C) of this Section 4(d)(i), in which event such Submitted Bid of such Existing Holder shall be rejected in
part, and such Existing Holder shall be entitled to continue to own the principal amount of Series 2004-C/D Notes subject to such Submitted Bid, but only in an amount equal to the aggregate principal amount of Series 2004-C/D Notes obtained by
multiplying the remaining principal amount by a fraction, the numerator of which shall be the principal amount of Outstanding Series 2004-C/D Notes owned by such Existing Holder subject to such Submitted Bid and the denominator of which shall be the
sum of the principal amount of Outstanding Series 2004-C/D Notes subject to such Submitted Bids made by all such Existing Holders that specified a rate equal to the Bid Auction Rate; and 
  
 (E) Each Potential Holder’s Submitted Bid specifying a rate that is equal to the Bid Auction Rate shall
be accepted, but only in an amount equal to the principal amount of Series 2004-C/D Notes obtained by multiplying the excess of the aggregate principal amount of Available Series 2004-C/D Notes over the aggregate principal amount of Series 2004-C/D
Notes subject to Submitted Bids described in clauses (B), (C) and (D) of this Section 4(d)(i) by a fraction the numerator of which shall be the aggregate principal amount of Outstanding Series 2004-C/D Notes subject to such Submitted Bid and the
denominator of which shall be the sum of the principal amount of Outstanding Series 2004-C/D Notes subject to Submitted Bids made by all such Potential Holders that specified a rate equal to the Bid Auction Rate. 
  
 (ii) If Sufficient Bids have not been made (other than
because all of the Outstanding Series 2004-C/D Notes are subject to Submitted Hold Orders), subject to the 

  

 -23- 

 
provisions of Section 4(d)(iv) hereof, Submitted Orders shall be accepted or rejected as follows in the following order of priority and all other Submitted
Bids shall be rejected: 
  
 (A) Existing
Holders’ Submitted Bids specifying any rate that is equal to or lower than the Maximum Auction Rate shall be rejected, thus entitling such Existing Holders to continue to own the aggregate principal amount of Series 2004-C/D Notes subject to
such Submitted Bids; 
  
 (B) Potential
Holders’ Submitted Bids specifying (1) any rate that is equal to or lower than the Maximum Auction Rate shall be accepted and (2) any rate that is higher than the Maximum Auction Rate shall be rejected; and 
  
 (C) each Existing Holder’s Submitted Bid specifying any
rate that is higher than the Maximum Auction Rate and the Submitted Sell Order of each Existing Holder shall be accepted, thus entitling each Existing Holder that submitted any such Submitted Bid or Submitted Sell Order to sell the Series 2004-C/D
Notes subject to such Submitted Bid or Submitted Sell Order, but in both cases only in an amount equal to the aggregate principal amount of Series 2004-C/D Notes obtained by multiplying the aggregate principal amount of Series 2004-C/D Notes subject
to Submitted Bids described in clause (B)(1) of this Section 4(d)(ii) by a fraction the numerator of which shall be the aggregate principal amount of Outstanding Series 2004-C/D Notes owned by such Existing Holder subject to such Submitted Bid or
Submitted Sell Order and the denominator of which shall be the aggregate principal amount of Outstanding Series 2004-C/D Notes subject to all such Submitted Bids and Submitted Sell Orders. 
  
 (iii) If all Outstanding Series 2004-C/D Notes are subject
to Submitted Hold Orders, all Submitted Bids shall be rejected. 
  
 (iv) If, as a result of the procedures described in paragraph (i) or (ii) of this Section 4(d), any Existing Holder would be entitled or required to sell, or any Potential Holder would be entitled or required to
purchase, a principal amount of Series 2004-C/D Notes that is not equal to an Authorized Denomination, the Auction Agent shall, in such manner as in its sole discretion it shall determine, round up or down the principal amount of Series 2004-C/D
Notes to be purchased or sold by any Existing Holder or Potential Holder so that the principal amount of Series 2004-C/D Notes purchased or sold by each Existing Holder or Potential Holder shall be equal to an Authorized Denomination. 
  
 (v) If, as a result of the procedures described in paragraph
(i) of this Section 4(d), any Potential Holder would be entitled or required to purchase less than an Authorized Denomination of Series 2004-C/D Notes, the Auction Agent shall, in such manner as in its sole discretion it shall determine, allocate
Series 2004-C/D Notes for purchase among Potential Holders so that only Series 2004-C/D Notes in Authorized Denominations are purchased by any Potential Holder, even if such allocation results in one or more of such Potential Holders not purchasing
any Series 2004-C/D Notes. 
  

 -24- 

 (e) Based on the result of each Auction, the Auction Agent shall determine the aggregate principal amount
of Series 2004-C/D Notes to be purchased and the aggregate principal amount of Series 2004-C/D Notes to be sold by Potential Holders and Existing Holders on whose behalf each Broker-Dealer submitted Bids or Sell Orders and, with respect to each
Broker-Dealer, to the extent that such aggregate principal amount of Series 2004-C/D Notes to be sold differs from such aggregate principal amount of Series 2004-C/D Notes to be purchased, determine to which other Broker-Dealer or Broker-Dealers
acting for one or more purchasers such Broker-Dealer shall deliver, or from which other Broker-Dealer or Broker-Dealers acting for one or more sellers such Broker-Dealer shall receive, as the case may be, Series 2004-C/D Notes. 
  
 (f) Any calculation by the Auction Agent, the Corporation or the Trustee, as
applicable, of the Series 2004-C/D Note Auction Rate, One-Month LIBOR, Three-Month LIBOR, Maximum Auction Rate, All Hold Rate and Non-Payment Rate, and any calculation by or on behalf of the Corporation of the Net Loan Rate, shall, in the absence of
manifest error, be binding on all other parties. 
  
 (g)
Notwithstanding anything in this First Supplemental Indenture to the contrary notwithstanding, no Auction will be held on any Auction Date hereunder during the continuance of a Payment Default. 
  
 Section 5. Determination of Payment Defaults and Payment of Auction
Agent and Broker-Dealer Fees. 
  
 (a) The Trustee shall determine, not later than 2:00 p.m., New York City time, on the Business Day next succeeding each Interest Payment Date relating to a series of Series 2004-C/D Notes, whether a Payment Default has occurred with respect
to such series. If a Payment Default has occurred, the Trustee shall, not later than 2:15 p.m., New York City time, on such Business Day, send a notice thereof in substantially the form of Exhibit C attached hereto to the Auction Agent by telecopy
or similar means and, if such Payment Default is cured, the Trustee shall immediately send a notice in substantially the form of Exhibit D attached hereto to the Auction Agent by telecopy or similar means. 
  
 (b) Not later than 12:00 noon, New York City time, on each
Interest Payment Date relating to a series of Series 2004-C/D Notes, the Corporation shall pay to the Auction Agent, in immediately available funds out of amounts available therefor in the Administration Fund, an amount equal to the Auction Agent
Fee and the Broker-Dealer Fee as calculated in accordance with the Auction Agent Agreement. The Corporation shall, from time to time at the request of the Auction Agent, reimburse the Auction Agent for its reasonable expenses as provided in the
Auction Agent Agreement, such expenses to be paid out of amounts available therefor in the Administration Fund. 
  
 Section 6. Calculation of Maximum Auction Rate, All Hold Rate, Net Loan Rate, One-Month LIBOR, Three-Month LIBOR and Non-Payment
Rate. The Auction Agent shall calculate the Maximum Auction Rate, the All Hold Rate and One-Month LIBOR or Three-Month LIBOR, as the case may be, on each Auction Date and shall notify the Trustee and the 

  

 -25- 

 
Broker-Dealers of the Maximum Auction Rate, the All Hold Rate and One-Month LIBOR or Three-Month LIBOR, as the case may be, as provided in the Auction Agent
Agreement. If the ownership of the Series 2004-C/D Notes is no longer maintained in Book-Entry Form by the Securities Depository, the Trustee shall calculate the Maximum Auction Rate on the Business Day immediately preceding each Interest Payment
Date after the delivery of definitive Series 2004-C/D Notes pursuant to Section 17 hereof. If a Payment Default shall have occurred, the Trustee shall calculate the Non-Payment Rate on the Interest Rate Determination Date for (i) each Interest
Period commencing after the occurrence and during the continuance of such Payment Default and (ii) any Interest Period commencing less than two Business Days after the cure of any Payment Default. The Auction Agent shall determine One-Month LIBOR or
Three-Month LIBOR, as applicable, for each Interest Period other than the first Interest Period; provided that if the ownership of the Series 2004-C/D Notes is no longer maintained in Book-Entry Form, or if a Payment Default has occurred, then the
Trustee shall determine One-Month LIBOR or Three-Month LIBOR, as applicable, for each such Interest Period. The determination by the Trustee or the Auction Agent, as the case may be, of One-Month LIBOR or Three-Month LIBOR, as applicable, shall (in
the absence of manifest error) be final and binding upon all parties. If calculated or determined by the Auction Agent, the Auction Agent shall promptly advise the Trustee of One-Month LIBOR or Three-Month LIBOR, as applicable. 
  
 The Net Loan Rate with respect to each Interest Rate Determination Date shall
be determined by or on behalf of the Corporation and written notice thereof given to the Auction Agent and the Trustee on or prior to the twenty-fifth day (or, if such twenty-fifth day is not a Business Day, the next succeeding Business Day) of the
calendar month preceding such Interest Rate Determination Date. If the Corporation shall fail or refuse to determine the Net Loan Rate, the Net Loan Rate shall be the Net Loan Rate last determined and communicated to the Auction Agent and the
Trustee in accordance with this paragraph. The determination by or on behalf of the Corporation of the Net Loan Rate shall (in the absence of manifest error) be final and binding upon all parties. 
  
 Section 7. Notification of Rates, Amounts and Payment
Dates. 
  
 (a) By 10:00 a.m., New York City
time, on each Regular Record Date with respect to the Series 2004-C/D Notes, the Trustee shall determine the aggregate amounts of interest distributable on the next succeeding Interest Payment Date to the beneficial owners of each series thereof.

  
 (b) As soon as practicable prior to each Interest Payment Date
with respect to the Series 2004-C/D Notes, the Trustee shall: 
  
 (i) confirm with the Auction Agent, so long as no Payment Default has occurred and is continuing and the ownership of each series of Series 2004-C/D Notes is maintained in Book-Entry Form by the Securities Depository,
(1) the date of such next Interest Payment Date and (2) the amount payable to the Auction Agent on such Interest Payment Date pursuant to Section 5(b) hereof; 
  

 -26- 

 (ii) pursuant to Section 3 hereof, advise the Holders of each series of Series 2004-C/D
Notes of any Carry-Over Amount accruing on such Series 2004-C/D Notes; and 
  
 (iii) advise the Securities Depository, so long as the ownership of each series of Series 2004-C/D Notes is maintained in Book-Entry Form by the Securities Depository, upon request, of the Series 2004-C/D Note
Interest Rate payable on such series of Series 2004-C/D Notes and the interest amount. 
  
 If any day scheduled to be an Interest Payment Date with respect to a series of Series 2004-C/D Notes shall be changed after the Trustee shall have given the notice or confirmation referred to in clause (i) of the
preceding sentence, the Trustee shall, not later than 9:15 a.m., New York City time, on the Business Day next preceding the earlier of the new Interest Payment Date or the old Interest Payment Date, by such means as the Trustee deems practicable,
give notice of such change to the Auction Agent, so long as no Payment Default has occurred and is continuing and the ownership of the Series 2004-C/D Notes is maintained in Book-Entry Form by the Securities Depository. 
  
 Section 8. Auction Agent. 
  
 (a) Deutsche Bank Trust Company Americas is hereby appointed as Initial
Auction Agent to serve as agent for the Corporation in connection with Auctions. The Trustee and the Corporation will, and the Trustee is hereby directed to, enter into the Initial Auction Agent Agreement with Deutsche Bank Trust Company Americas,
as the Initial Auction Agent. Any Substitute Auction Agent shall be (i) a bank, national banking association or trust company duly organized under the laws of the United States of America or any state or territory thereof having its principal place
of business in the Borough of Manhattan, New York, or such other location as approved by the Trustee in writing and having a combined capital stock or surplus of at least $50,000,000, or (ii) a member of the National Association of Securities
Dealers, Inc., having a capitalization of at least $50,000,000, and, in either case, authorized by law to perform all the duties imposed upon it hereunder and under the Auction Agent Agreement. The Auction Agent may at any time resign and be
discharged of the duties and obligations created by this First Supplemental Indenture by giving at least ninety (90) days’ notice to the Trustee, the Market Agent and the Corporation. The Auction Agent may be removed at any time by the Trustee
upon the written direction of an Authorized Officer of the Corporation or the Holders of 66-2/3% of the aggregate principal amount of the Series 2004-C Senior Notes then Outstanding (or, if no Series 2004-C Senior Notes are then Outstanding, the
Holders of 66-2/3% of the aggregate principal amount of the Series 2004-D Notes then Outstanding), and, if by such Holders, by an instrument signed by such Holders or their attorneys and filed with the Auction Agent, the Corporation and the Trustee
upon at least ninety (90) days’ notice. Neither resignation nor removal of the Auction Agent pursuant to the preceding two sentences shall be effective unless and until a Substitute Auction Agent has been appointed and has accepted such
appointment. However, if a successor Auction Agent shall not have been appointed within sixty (60) days from the date of a notice of resignation, the resigning Auction Agent may petition any court of competent jurisdiction for the appointment of a
successor Auction Agent. If required by the Corporation, a Substitute Auction Agent Agreement shall be entered into with a Substitute Auction Agent. Notwithstanding the foregoing, the Auction Agent may terminate the Auction 

  

 -27- 

 
Agent Agreement if, within twenty-five (25) days after notifying the Trustee, the Market Agent and the Corporation in writing that it has not received
payment of any Auction Agent Fee due it in accordance with the terms of the Auction Agent Agreement, the Auction Agent does not receive such payment. 
  
 (b) If the Auction Agent shall resign or be removed or be dissolved, or if the property or affairs of the Auction Agent shall be taken under the control
of any state or federal court or administrative body because of bankruptcy or insolvency, or for any other reason, the Trustee at the direction of an Authorized Officer of the Corporation, shall use its best efforts to appoint a Substitute Auction
Agent. 
  
 (c) The Auction Agent is acting as agent for the
Corporation in connection with Auctions. In the absence of bad faith, negligent failure to act or negligence on its part, the Auction Agent shall not be liable for any action taken, suffered or omitted or any error of judgment made by it in the
performance of its duties under the Auction Agent Agreement and shall not be liable for any error of judgment made in good faith unless the Auction Agent shall have been negligent in ascertaining (or failing to ascertain) the pertinent facts.

  
 (d) In the event of a change in the Auction Agent Fee Rate
pursuant to Section 6.4(b) of the Auction Agent Agreement, the Auction Agent shall give a Notice of Fee Rate Change to the Trustee in accordance with the Auction Agent Agreement. 
  
 Section 9. Broker-Dealers. 
  
 (a) The Auction Agent will enter into a Broker-Dealer Agreement with RBC Dain Rauscher Inc., as the sole initial
Broker-Dealer with respect to the Series 2004-C/D Notes. An Authorized Officer of the Corporation may, from time to time, approve one or more additional persons to serve as Broker-Dealers under Broker-Dealer Agreements and shall be responsible for
providing such Broker-Dealer Agreements to the Trustee and the Auction Agent; provided, however, that while RBC Dain Rauscher Inc. is serving as a Broker-Dealer with respect to a series of the Series 2004-C/D Notes, RBC Dain Rauscher Inc. shall have
the right to consent to the approval of any additional Broker-Dealers with respect to such series, which consent will not be unreasonably withheld. 
  
 (b) Any Broker-Dealer may be removed at any time, at the request of an Authorized Officer of the Corporation, but there shall, at all times, be at least
one Broker-Dealer appointed and acting as such. 
  
 Section 10.
Changes in Auction Period or Periods. 
  
 (a)
While any of the Series 2004-C/D Notes are Outstanding, the Corporation may, from time to time, convert the length of one or more Auction Periods (an “Auction Period Adjustment”), in order to conform with then current market practice with
respect to similar securities or to accommodate economic and financial factors that may affect or be relevant to the length of the Auction Period and the Series 2004-C/D Note Interest Rate borne by the Series 2004-C/D Notes. The Corporation shall
not initiate an Auction Period Adjustment unless it shall have received, not less than three (3) days nor more than twenty (20) days prior to the Auction Period Adjustment, (i) the written consent of the Market Agent, which consent shall not be

  

 -28- 

 
unreasonably withheld and (ii) written confirmation from each of the Rating Agencies then rating the Series 2004-C/D Notes that such Auction Period
Adjustment will not adversely affect its ratings then applicable to any of the Series 2004-C/D Notes. The Corporation shall initiate the Auction Period Adjustment by giving written notice by Corporation Order to the Trustee, the Auction Agent, the
Market Agent and the Securities Depository in substantially the form of, or containing substantially the information contained in, Exhibit E to this First Supplemental Indenture at least ten (10) days prior to the Auction Date for such Auction
Period. 
  
 (b) Any such adjusted Auction Period shall not be less
than seven (7) days nor more than ninety-one (91) days. If any such adjusted Auction Period will be less than twenty-eight (28) days, the notice described above will be effective only if it is accompanied by a written statement of the Trustee, the
Auction Agent and the Securities Depository to the effect that they are capable of performing their duties, if any, under this First Supplemental Indenture, the Auction Agent Agreement and any Broker-Dealer Agreement with respect to such changed
Auction Period. 
  
 (c) An Auction Period Adjustment shall take
effect only (A) if the Trustee and the Auction Agent receive, by 11:00 a.m., New York City time, on the Business Day before the Auction Date for the first such Auction Period, a Corporation Certificate in substantially the form attached as, or
containing substantially the same information contained in, Exhibit F to this First Supplemental Indenture, authorizing the Auction Period Adjustment specified in such certificate along with a copy of the consent of the Market Agent and the Rating
Agency confirmations described in subparagraph (a) above and, if applicable, the written statement of the Trustee, the Auction Agent and the Securities Depository described in subparagraph (b) above, and (B) Sufficient Bids exist as of the Auction
on the Auction Date for such first Auction Period. If the condition referred to in (A) above is not met, the Series 2004-C/D Note Interest Rate for the next Auction Period shall be determined pursuant to the provisions of Sections 4 through 9 hereof
and the Auction Period shall be the Auction Period determined without reference to the proposed change. If the condition referred to in (A) is met but the condition referred in (B) above is not met, the Series 2004-C/D Note Auction Rate for the next
Auction Period shall be the lesser of the Maximum Auction Rate and the Net Loan Rate and the Auction Period shall be the Auction Period determined without reference to the proposed change. 
  
 In connection with any Auction Period Adjustment, the Auction Agent shall
provide such further notice to such parties as is specified in Section 2.5 of the Auction Agent Agreement. 
  
 Section 11. Changes in the Auction Date. The Market Agent, with the written consent of an Authorized Officer of the Corporation, may specify
an earlier Auction Date (but in no event more than five Business Days earlier) than the Auction Date that would otherwise be determined in accordance with the definition of “Auction Date” in Section 1 of this First Supplemental Indenture
with respect to one or more specified Auction Periods in order to conform with then current market practice with respect to similar securities or to accommodate economic and financial factors that may affect or be relevant to the day of the week
constituting an Auction Date and the Series 2004-C/D Note Interest Rate borne by the Series 2004-C/D Notes. The Market Agent shall deliver a written request for consent to such change in the Auction Date to the Corporation not less than three days
nor more than twenty (20) days prior to the effective date of such change. The Market Agent shall provide notice of its determination to 

  

 -29- 

 
specify an earlier Auction Date for one or more Auction Periods by means of a written notice delivered at least ten (10) days prior to the proposed changed
Auction Date to the Trustee, the Auction Agent, the Corporation and the Securities Depository. Such notice shall be substantially in the form of, or contain substantially the information contained in, Exhibit G to this First Supplemental Indenture.

  
 In connection with any change described in this Section 11,
the Auction Agent shall provide such further notice to such parties as is specified in Section 2.5 of the Auction Agent Agreement. 
  
 Section 12. Additional Provisions Regarding the Series 2004-C/D Note Interest Rate. The determination of a Series 2004-C/D Note Interest
Rate by the Auction Agent or any other Person pursuant to the provisions of the applicable Section of this First Supplemental Indenture shall be conclusive and binding on the Holders of the series of Series 2004-C/D Notes to which such Series
2004-C/D Note Interest Rate applies, and the Corporation and the Trustee may rely thereon for all purposes. 
  
 In no event shall the cumulative amount of interest paid or payable on a series of Series 2004-C/D Notes (including interest calculated as provided
herein, plus any other amounts that constitute interest on the Series 2004-C/D Notes of such series under applicable law, which are contracted for, charged, reserved, taken or received pursuant to the Series 2004-C/D Notes of such series or related
documents) calculated from the date of issuance of such series through any subsequent day during the term of such series or otherwise prior to payment in full of the Series 2004-C/D Notes of such series exceed the amount permitted by applicable law.
If the applicable law is ever judicially interpreted so as to render usurious any amount called for under the Series 2004-C/D Notes of a series or related documents or otherwise contracted for, charged, reserved, taken or received in connection with
the Series 2004-C/D Notes of such series, or if the redemption or acceleration of the maturity of the Series 2004-C/D Notes of such series results in payment to or receipt by the Holder or any former Holder of the Series 2004-C/D Notes of such
series of any interest in excess of that permitted by applicable law, then, notwithstanding any provision of the Series 2004-C/D Notes of such series or related documents to the contrary, all excess amounts theretofore paid or received with respect
to the Series 2004-C/D Notes of such series shall be credited on the principal balance of the Series 2004-C/D Notes of such series (or, if the Series 2004-C/D Notes of such series have been paid or would thereby be paid in full, refunded by the
recipient thereof), and the provisions of the Series 2004-C/D Notes of such series and related documents shall automatically and immediately be deemed reformed and the amounts thereafter collectible hereunder and thereunder reduced, without the
necessity of the execution of any new document, so as to comply with the applicable law, but so as to permit the recovery of the fullest amount otherwise called for under the Series 2004-C/D Notes of such series and under the related documents.

  
 Section 13. Qualifications of Market Agent. The
Market Agent shall be a member of the National Association of Securities Dealers, Inc., have a capitalization of at least $50,000,000 and be authorized by law to perform all the duties imposed upon it by this First Supplemental Indenture. The Market
Agent may resign and be discharged of the duties and obligations created by this First Supplemental Indenture by giving at least thirty (30) days notice to the Corporation and the Trustee, provided that such resignation shall not be effective until
the 

  

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appointment of a successor market agent by the Corporation and the acceptance of such appointment by such successor market agent. The Market Agent may be
replaced at the direction of the Corporation, by an instrument signed by an Authorized Officer of the Corporation filed with the Market Agent and the Trustee at least thirty (30) days before the effective date of such replacement, provided that such
replacement shall not be effective until the appointment of a successor market agent by the Corporation and the acceptance of such appointment by such successor market agent. 
  
 In the event that the Market Agent shall be removed or be dissolved, or if the property or affairs of the Market Agent shall
be taken under the control of any state or federal court or administrative body because of bankruptcy or insolvency, or for any other reason, and there is no Market Agent, and the Corporation shall not have appointed its successor as Market Agent,
the Trustee, notwithstanding the provisions of the first paragraph of this Section 13, shall be deemed to be the Market Agent for all purposes of this First Supplemental Indenture until the appointment by the Corporation of the successor Market
Agent. Nothing in this Section 13 shall be construed as conferring on the Trustee additional duties other than as set forth herein. 
  
 Section 14. Purposes of Issuance of Series 2004-C/D Notes. The Series 2004-C/D Notes are being issued to provide funds to be used to (a)
acquire student loan notes incurred under the Higher Education Act and under the Alternative Loan Programs, (b) fund the Reserve Fund, (c) pay a portion of the interest coming due on the Series 2004-C/D Notes, and (d) pay Costs of Issuance of the
Series 2004-C/D Notes. 
  
 Section 15. Deposit of Series
2004-C/D Note Proceeds. From the proceeds derived from the sale of the Series 2004-C/D Notes, there shall be deposited with the Trustee: 
  
 (A) for credit to the Series 2004-C/D Reserve Account, an amount equal to $6,472,500.00; 
  
 (B) for credit to the Series 2004-C/D Capitalized Interest
Account, an amount equal to $434,489.46; 
  
 (C)
for credit to the Series 2004-C/D Cost of Issuance Account, an amount equal to $690,400.00; and 
  
 (D) for credit to the Series 2004-C/D Acquisition Account, the remainder, to remain in the Series 2004-C/D Acquisition Account until
applied for the acquisition or origination of Eligible Loans as follows: (1) on the Closing Date, Eligible Loans shall be purchased from GOAL Funding II pursuant to the Series 2004-C/D Transfer Agreement (which Eligible Loans were either originated
by GOAL Funding II or purchased by GOAL Funding II pursuant to the Student Loan Purchase Agreements identified in Exhibit H-2 hereto), and (2) thereafter, Eligible Loans shall be originated or purchased pursuant to the Student Loan Purchase
Agreements identified in Exhibit H-1 hereto (as such Exhibit H-1 may be amended or supplemented from time to time). 
  
 The purchase price for FFELP Loans Financed as provided in clause (D) above may (as to those FFELP Loans described in clause (D)(2)) or shall (as to those
FFELP Loans described in clause (D)(1)) include federal interest subsidy payments and Special Allowance Payments that 

  

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accrued prior to the date on which such FFELP Loans were Financed. To the extent so paid for or otherwise transferred to the Corporation upon the purchase of
FFELP Loans, the amounts to be credited to the Revenue Fund in accordance with Section 4.6 of the Indenture shall include federal interest subsidy payments and Special Allowance Payments that accrued prior to the date on which FFELP Loans were so
Financed. 
  
 Upon the acquisition of Eligible Loans pursuant to
the Series 2004-C/D Transfer Agreement, the Trustee shall deposit to the credit of the Series 2004-C/D Alternative Loan Guarantee Account cash in the amount of $2,341,074.43 received from the trustee for GOAL Funding II, in connection with such
acquisition. Thereafter, upon the acquisition of any Alternative Loan with amounts from the Series 2004-C/D Acquisition Account, the Trustee shall, as a condition of such acquisition, receive and deposit to the credit of the Series 2004-C/D
Alternative Loan Guarantee Account cash in the amount of the origination fee, if any, paid in connection with the origination of such Alternative Loan. 
  
 Section 16. Redemption of Series 2004-C/D Notes. The Series 2004-C/D Notes are subject to redemption as provided in this Section 16.

  
 (A) Redemption From Unexpended Proceeds. Subject to
compliance with Section 10.2 of the Indenture, Outstanding Series 2004-C/D Notes shall be redeemed, in part, on the first regularly scheduled Interest Payment Date occurring after December 3, 2004 (or, in the case of proceeds of the Series 2004-C/D
Notes certified by the Corporation to the Trustee to be necessary to fund the second disbursement of Eligible Loans Financed on the Closing Date, February 3, 2005), for which notice can be given in accordance with subsection (E) of this Section 16,
at a Redemption Price equal to 100% of the principal amount of Series 2004-C/D Notes so redeemed, from proceeds of the Series 2004-C/D Notes constituting that portion of the Balance of the Series 2004-C/D Acquisition Account that have not been used
to acquire Eligible Loans by December 3, 2004 (or, in the case of proceeds of the Series 2004-C/D Notes certified by the Corporation to the Trustee to be necessary to fund the second disbursement of Eligible Loans Financed on the Closing Date,
February 3, 2005), and from that portion of the Reserve Fund which, if left in the Reserve Fund upon such redemption, would cause the Balance in the Reserve Fund to exceed the Reserve Fund Requirement, calculated after giving effect to such
redemption. The Trustee shall transfer any moneys to be so used to redeem Series 2004-C/D Notes to the credit of the Series 2004-C/D Retirement Subaccount for such purpose without any further authorization or direction. 
  
 (B) Redemption from Surplus Account. Subject to compliance with
Section 10.2 of the Indenture, Outstanding Series 2004-C/D Notes shall be redeemed on any regularly scheduled Interest Payment Date with respect thereto, in whole or in part, at a Redemption Price equal to 100% of the principal amount thereof to be
redeemed, from that portion of the Balance of the Series 2004-C/D Surplus Subaccount transferred to the Series 2004-C/D Retirement Account in accordance with this subsection (B). If there are any amounts in the Series 2004-C/D Surplus Subaccount
which have been on deposit therein for at least twelve (12) months, and if there are no deficiencies in any of the Indemnification Fund, the Note Fund, the Reserve Fund or the Special Redemption and Prepayment Account, the Trustee shall give written
notice to the Corporation that such moneys will be transferred to the Series 2004-C/D Retirement Account and applied to the redemption of Series 2004-C/D Notes in accordance with this subsection (B) 

  

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unless the Corporation, within ten (10) Business Days of receipt of such notice, delivers to the Trustee a Corporation Certificate to the effect that some or
all of such amounts are reasonably expected to be necessary to pay Debt Service on the Outstanding Notes or on Outstanding Other Obligations, Carry-Over Amounts, including accrued interest thereon, with respect to Outstanding Notes, Administrative
Expenses or Note Fees or to make required deposits to the Indemnification Fund. Any amounts so certified by the Corporation will remain in the Series 2004-C/D Surplus Subaccount and will not be applied to the redemption of Series 2004-C/D Notes
pursuant to this subsection (B). 
  
 (C) Optional
Redemption. Subject to compliance with Section 10.2 of the Indenture, Outstanding Series 2004-C/D Notes may, at the option of the Corporation and from amounts credited to the Retirement Account for such purpose, be redeemed on any regularly
scheduled Interest Payment Date with respect thereto, in whole or in part, at a Redemption Price equal to 100% of the principal amount of Series 2004-C/D Notes to be so redeemed. 
  
 Notwithstanding the foregoing, except from amounts provided from the Series 2004-C/D Capitalized Interest Account pursuant
to Section 19 hereof, no Series 2004-C/D Notes shall be redeemed pursuant to this subsection (C) unless the Trustee receives, at least forty-five (45) days prior to the proposed Redemption Date (unless a shorter notice is satisfactory to the
Trustee), a Corporation Certificate certifying that, based on a Cash Flow Projection, such redemption of such Series 2004-C/D Notes will not materially adversely affect the Corporation’s ability to pay Debt Service on the Outstanding Notes and
Outstanding Other Obligations, Carry-Over Amounts (including accrued interest thereon) with respect to Outstanding Notes, Administrative Expenses or Note Fees or to make required deposits to the Indemnification Fund. 
  
 (D) Selection of Series 2004-C/D Notes for Redemption. If less than
all Outstanding Series 2004-C/D Notes are to be redeemed pursuant to subsections (A), (B) or (C) of this Section 16, the principal amounts of each series of Series 2004-C/D Notes to be redeemed shall be selected as follows: to the extent that the
provisions of Section 10.2 of the Indenture will not be violated thereby and subject to subsection (F) of this Section 16, either (i) that principal amount of Series 2004-D Notes shall be redeemed which bears, as nearly as practicable, the same (but
no greater) proportion to the aggregate principal amount of all Outstanding Series 2004-C/D Notes to be redeemed as the aggregate principal amount of Outstanding Series 2004-D Notes bears to the aggregate principal amount of all Outstanding Series
2004-C/D Notes or (ii) if the Trustee receives, at least forty-five (45) days prior to the Redemption Date (unless a shorter notice is satisfactory to the Trustee), (a) a Corporation Certificate certifying that, based on a Cash Flow Projection, a
different proportion of Series 2004-D Notes to be redeemed will not materially adversely affect the Corporation’s ability to pay Debt Service on the Outstanding Notes and on Outstanding Other Obligations, Carry-Over Amounts (including accrued
interest thereon) with respect to Outstanding Notes, Administrative Expenses or Note Fees or to make required deposits to the Indemnification Fund, and (b) a written confirmation from each Rating Agency that a different proportion of Series 2004-D
Notes to be redeemed will not adversely affect any rating or ratings then applicable to any of the Unenhanced Notes, Series 2004-D Notes shall be redeemed in such principal amount as is designated by the Corporation in such certificate and is within
the scope of such confirmation. The remaining Series 2004-C/D Notes to be redeemed shall be selected from each series of the Series 2004-C Senior Notes in, as nearly as practicable, the same proportion to the aggregate principal amount of all
Outstanding Series 2004-C Senior 

  

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Notes to be redeemed as the aggregate principal amount of Outstanding Series 2004-C Senior Notes of such series bears to the aggregate principal amount of
all Outstanding Series 2004-C Senior Notes. 
  
 Notwithstanding
the foregoing provisions of this Section 16, to the extent Series 2004-D Notes cannot be redeemed due to the application of Section 10.2 of the Indenture, but Series 2004-C Senior Notes may be redeemed without violating the provisions of said
Section 10.2, the particular Series 2004-C/D Notes to be redeemed shall be selected from the Series 2004-C Senior Notes in the manner described in the preceding paragraph. 
  
 If less than all of the Outstanding Series 2004-C/D Notes of a given series are to be redeemed pursuant to this Section 16,
the particular Series 2004-C/D Notes to be redeemed shall be selected by the Trustee by lot in such manner as the Trustee shall deem fair and appropriate and which may provide for the selection for redemption of portions of the principal of Series
2004-C/D Notes in an Authorized Denomination. 
  
 The Trustee
shall promptly notify the Note Registrar and any Paying Agent for the Series 2004-C/D Notes (in each case, if other than the Trustee) in writing of the Series 2004-C/D Notes selected for redemption and, in the case of any Series 2004-C/D Note
selected for partial redemption, the principal amount thereof to be redeemed. 
  
 For all purposes of the Indenture, unless the context otherwise requires, all provisions relating to the redemption of Series 2004-C/D Notes shall relate, in the case of any Series 2004-C/D Note redeemed or to be
redeemed only in part, to the portion of the principal of such Series 2004-C/D Note which has been or is to be redeemed. 
  
 (E) Notice of Redemption. Notice of redemption of Series 2004-C/D Notes pursuant to this Section 16 shall be given not less than fifteen (15) days
prior to the Redemption Date in accordance with the provisions of Section 10.4 of the Indenture. 
  
 Section 17. Book-Entry Series 2004-C/D Notes. 
  
 (a) The registered Holder of all Series 2004-C/D Notes shall be the Securities Depository and the Series 2004-C/D Notes
shall be registered in the name of the nominee for the Securities Depository. The “Series 2004-C/D Notes” referred to in this subsection (a) shall refer to the Series 2004-C/D Notes registered in the name of the Securities Depository.

  
 (b) The Series 2004-C/D Notes shall be initially issued in the
form of separate, single, authenticated fully-registered Series 2004-C/D Notes for each series thereof in the amount of such series. Upon initial issuance, the ownership of each such Series 2004-C/D Note shall be registered in the registration books
kept by the Note Registrar in the name of the nominee of the Securities Depository. The Trustee and the Corporation may treat the Securities Depository (or its nominee) as the sole and exclusive owner of the Series 2004-C/D Notes registered in its
name for the purposes of (1) payment of the principal or Redemption Price of, interest on or Carry-Over Amount (including any accrued interest thereon) with respect to the Series 2004-C/D Notes, (2) selecting the Series 2004-C/D Notes or portions
thereof to be redeemed, (3) giving any notice permitted or required to be given to Holders under the Indenture, (4) registering the transfer of Series 2004-C/D Notes, and (5) obtaining any consent or other action to be taken by 

  

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Holders and for all other purposes whatsoever, and neither the Trustee nor the Corporation shall be affected by any notice to the contrary (except as
provided in subsection (c) below). Neither the Trustee nor the Corporation shall have any responsibility or obligation to any Participant, any Beneficial Owner or any other Person claiming a beneficial ownership interest in the Series 2004-C/D Notes
under or through the Securities Depository or any Participant, or any other Person which is not shown on the registration books of the Note Registrar as being a Holder, with respect to the accuracy of any records maintained by the Securities
Depository or any Participant, the payment to the Securities Depository of any amount in respect of the principal or Redemption Price of, interest on or Carry-Over Amount (including any accrued interest thereon) with respect to the Series 2004-C/D
Notes; any notice which is permitted or required to be given to Holders under the Indenture; the selection by the Securities Depository or any Participant of any Person to receive payment in the event of a partial redemption of the Series 2004-C/D
Notes; or any consent given or other action taken by the Securities Depository as Holder. The Trustee shall pay all principal and Redemption Price of, interest on and Carry-Over Amount (including any accrued interest thereon) with respect to the
Series 2004-C/D Notes only “to or upon the order of” the Securities Depository (as that phrase is used in the Uniform Commercial Code as adopted in the State of South Dakota), and all such payments shall be valid and effective to fully
satisfy and discharge the Corporation’s obligations with respect to the principal, purchase price or Redemption Price of, interest on and Carry-Over Amount (including any accrued interest thereon) with respect to the Series 2004-C/D Notes to
the extent of the sum or sums so paid. Except as provided in subsection(c) below, no Person other than the Securities Depository shall receive an authenticated Series 2004-C/D Note evidencing the obligation of the Corporation to make payments of
principal or Redemption Price, interest and Carry-Over Amount (including any accrued interest thereon) pursuant to this Indenture. Upon delivery by the Securities Depository to the Trustee of written notice to the effect that the Securities
Depository has determined to substitute a new nominee in place of the preceding nominee, the Series 2004-C/D Notes will be transferable to such new nominee in accordance with subsection (f) below. 
  
 (c) Except with respect to any Series 2004-C/D Notes during such time as they
bear interest at the Auction Rate, in the event the Corporation determines that it is in the best interest of the Corporation not to continue the book-entry system of transfer or that the interest of the Holders might be adversely affected if the
book-entry system of transfer is continued, the Corporation may so notify the Securities Depository and the Trustee, whereupon the Securities Depository will notify the Participants of the availability through the Securities Depository of definitive
Series 2004-C/D Notes. In such event, the Trustee shall authenticate, transfer and exchange definitive Series 2004-C/D Notes as requested by the Securities Depository in appropriate amounts in accordance with subsection (f) below. The Securities
Depository may determine to discontinue providing its services with respect to the Series 2004-C/D Notes at any time by giving notice to the Corporation and the Trustee and discharging its responsibilities with respect thereto under applicable law,
or the Corporation may determine that the Securities Depository is incapable of discharging its responsibilities and may so advise the Securities Depository. In either such event, the Corporation shall either establish its own book-entry system or
use reasonable efforts to locate another securities depository. Under such circumstances (if there is no successor Securities Depository), the Corporation and the Trustee shall be obligated to deliver definitive Series 2004-C/D Notes as described in
this Indenture and in accordance with subsection (f) below. In the event definitive Series 2004-C/D Notes are issued, the provisions of this Indenture shall apply to such definitive Series 2004-C/D Notes in 

  

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all respects, including, among other things, the transfer and exchange of such Series 2004-C/D Notes and the method of payment of principal or Redemption
Price of, interest on and Carry-Over Amount (including any accrued interest thereon) with respect to such Series 2004-C/D Notes. Whenever the Securities Depository requests the Corporation and the Trustee to do so, the Trustee and the Corporation
will cooperate with the Securities Depository in taking appropriate action after reasonable notice (A) to make available one or more separate definitive Series 2004-C/D Notes to any Participant having Series 2004-C/D Notes credited to its account
with the Securities Depository or (B) to arrange for another securities depository to maintain custody of definitive Series 2004-C/D Notes. 
  
 (d) Notwithstanding any other provision of the Indenture to the contrary, so long as any Series 2004-C/D Note is registered in the name of the nominee of
the Securities Depository, all payments with respect to the principal or Redemption Price of, interest on and Carry-Over Amount (including any accrued interest thereon) with respect to such Series 2004-C/D Note and all notices with respect to such
Series 2004-C/D Note shall be made and given, respectively, to the Securities Depository as provided in its letter of representations. 
  
 (e) In connection with any notice or other communication to be provided to Holders pursuant to the Indenture by the Corporation or the Trustee or with
respect to any consent or other action to be taken by Holders, the Corporation or the Trustee, as the case may be, shall establish a record date for such consent or other action and give the Securities Depository notice of such record date not less
than fifteen (15) calendar days in advance of such record date to the extent possible. Such notice to the Securities Depository shall be given only when the Securities Depository is the sole Holder. 
  
 (f) In the event that any transfer or exchange of Series 2004-C/D Notes is
permitted under subsection (b) or (c) of this Section 17, such transfer or exchange shall be accomplished upon receipt by the Trustee from the registered Holder thereof of the Series 2004-C/D Notes to be transferred or exchanged and appropriate
instruments of transfer to the permitted transferee, all in accordance with the applicable provisions of the Indenture. In the event definitive Series 2004-C/D Notes are issued to Holders other than the nominee of the Securities Depository, or
another securities depository as Holder of all the Series 2004-C/D Notes, the provisions of the Indenture shall also apply to, among other things, the printing of such definitive Series 2004-C/D Notes and the methods of payment of principal or
Redemption Price of, interest on and Carry-Over Amount (including any accrued interest thereon) with respect to such Series 2004-C/D Notes. 
  
 (g) Notwithstanding any provision of Article Ten of the Indenture to the contrary, in connection with any redemption of Series 2004-C/D Notes while The
Depository Trust Company, New York, New York (“DTC”), is the sole Holder, the Corporation shall give notice of such redemption to the Trustee at least thirty (30) days prior to the date fixed for redemption with respect to the Series
2004-C/D Notes, and the Trustee shall give notice of redemption to DTC as Holder of such Series 2004-C/D Notes pursuant to Section 10.4 of the Indenture at least fifteen (15) days and not more than thirty (30) days prior to the date fixed for
redemption of Series 2004-C/D Notes. 
  

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 Section 18. Series 2004-C/D Accounts and Subaccounts. So long as any Series 2004-C/D Notes
are Outstanding, the following Accounts and Subaccounts, which are hereby established, shall be maintained by the Trustee or a Deposit Agent, as the case may be: in the Acquisition Fund, an Account to be known as the “Series 2004-C/D
Acquisition Account” and an Account to be known as the “Series 2004-C/D Capitalized Interest Account”; in the Administration Fund, an Account to be known as the “Series 2004-C/D Administration Account” and an Account to be
known as the “Series 2004-C/D Cost of Issuance Account”; in the Reserve Fund, an Account to be known as the “Series 2004-C/D Reserve Account”; in the Interest Account, a Subaccount to be known as the “Series 2004-C/D
Interest Subaccount”; in the Principal Account, a Subaccount to be known as the “Series 2004-C/D Principal Subaccount”; in the Retirement Account, a Subaccount to be known as the “Series 2004-C/D Retirement Subaccount”; in
the Alternative Loan Guarantee Fund, an Account to be known as the “Series 2004-C/D Alternative Loan Guarantee Account”; and in the Surplus Account, a Subaccount to be known as the “Series 2004-C/D Surplus Subaccount.”

  
 All amounts transferred to the Acquisition Fund, the
Administration Fund, the Reserve Fund, the Interest Account, the Principal Account, the Retirement Account, the Alternative Loan Guarantee Fund and the Surplus Account from any other Fund or Account pursuant to the requirements of the Indenture with
respect to the Series 2004-C/D Notes or the Student Loans Financed with the proceeds thereof shall be deposited to the credit of the Series 2004-C/D Acquisition Account, the Series 2004-C/D Administration Account, the Series 2004-C/D Reserve
Account, the Series 2004-C/D Interest Subaccount, the Series 2004-C/D Principal Subaccount, the Series 2004-C/D Retirement Subaccount, the Series 2004-C/D Alternative Loan Guarantee Account or the Series 2004-C/D Surplus Subaccount, respectively,
and as appropriate. 
  
 Except as heretofore provided in this
Section 18, nothing herein shall be deemed to prohibit (1) the Trustee from using Balances of any Account or Subaccount established by this Section 18 to remedy deficiencies for which Balances of the Fund or Account in which such Account or
Subaccount is established are subject to use under the Indenture, or (2) the application of Balances of any Account or Subaccount established by this Section 18 for any purpose for which Balances of the Fund or Account in which such Account or
Subaccount is established are authorized to be applied by the Indenture. 
  
 When there shall be no Series 2004-C/D Notes Outstanding, the Series 2004-C/D Acquisition Account and the Series 2004-C/D Capitalized Interest Account shall terminate and any Balance thereof at such time shall be used
as other Balances of the Acquisition Fund, and the Series 2004-C/D Administration Account and the Series 2004-C/D Cost of Issuance Account shall each terminate and any Balance thereof at such time shall be used as other Balances of the
Administration Fund. When there shall be no Series 2004-C/D Notes Outstanding, the Series 2004-C/D Interest Account shall terminate and any Balance thereof at such time shall be used as other Balances of the Interest Account, the Series 2004-C/D
Principal Account shall terminate and any Balance thereof at such time shall be used as other Balances of the Principal Account, the Series 2004-C/D Retirement Account shall terminate and any Balance thereof at such time shall be used as other
Balances of the Retirement Account, the Series 2004-C/D Reserve Account shall terminate and any Balance thereof at such time shall be used as other Balances of the Reserve Fund, the Series 2004-C/D Alternative Loan Guarantee Account shall terminate
and any Balance thereof at such time shall be used as other Balances of the Reserve Fund and the 

  

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Series 2004-C/D Surplus Subaccount shall terminate and any Balance thereof at such time shall be used as other Balances of the Surplus Account. 

 
 Section 19. Series 2004-C/D Capitalized Interest
Account. A deposit shall be made to the credit of the Series 2004-C/D Capitalized Interest Account pursuant to Section 15 of this First Supplemental Indenture. Notwithstanding the provisions of Section 4.2 of the Indenture, amounts in
the Series 2004-C/D Capitalized Interest Account shall be transferred to the Series 2004-C/D Interest Subaccount on any Monthly Payment Date to the extent necessary to remedy any deficiency therein after any required transfers thereto from the
Revenue Fund and the Series 2004-C/D Surplus Subaccount. The Corporation may, at any time prior to December 5, 2004, by Corporation Order, direct that all or a portion of the Balance in the Series 2004-C/D Capitalized Interest Account be transferred
to the Series 2004-C/D Acquisition Subaccount and thereafter applied in the same manner as those amounts originally deposited to the credit of the Series 2004-C/D Acquisition Subaccount pursuant to Section 15 of this First Supplemental Indenture,
provided (i) that the Corporation has certified in such Corporation Order that, based on a Cash Flow Projection, any such amount is not reasonably expected to be needed to remedy a deficiency in the Series 2004-C/D Interest Subaccount as described
above, and (ii) such transfer and application will not result in the reduction or withdrawal of the outstanding rating assigned by any Rating Agency to the Series 2004-C/D Notes, as evidenced in writing to the Trustee by each such Rating Agency. Any
amounts remaining in the Series 2004-C/D Capitalized Interest Account as of August 1, 2005, shall be transferred by the Trustee to the Series 2004-C/D Retirement Account and thereafter applied to the redemption of Series 2004-C/D Notes pursuant to
Section 16(C) hereof. 
  
 Section 20. Certain
Findings, Determinations and Designations. The Corporation hereby finds and determines as follows: 
  
 (A) The Original Indenture has not been amended, supplemented or repealed since the execution thereof. This First Supplemental Indenture
supplements the Indenture, constitutes and is a “Supplemental Indenture” within the meaning of such term as defined and used in the Indenture and is executed under and pursuant to the Indenture. 
  
 (B) No Notes have heretofore been issued under the
Indenture. The Series 2004-C1 Notes, the Series 2004-C2 Notes, the Series 2004-C3 Notes, the Series 2004-C4 Notes and the Series 2004-C5 Notes constitute, and are hereby designated as, “Class A Notes” within the meaning of the term as
defined and used in the Indenture, and the Series 2004-D Notes constitute, and are hereby designated as, “Class B Notes” within the meaning of the term as defined and used in the Indenture. 
  
 (C) Upon receipt of the proceeds of the sale of the Series
2004-C/D Notes: (1) the Trust Estate pledged under the Indenture will not be encumbered by any lien or charge thereon or pledge thereof, other than the lien and charge thereon and pledge thereof created by the Indenture for the payment and security
of the Notes; and (2) there will not be outstanding any bonds, notes or other evidences of indebtedness payable from and secured by a lien on or pledge or charge upon the Trust Estate pledged under the Indenture other than the Series 2004-C/D Notes.

  

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 (D) There does not exist an “Event of Default,” within the meaning of such term
as defined in the Indenture, which is continuing, nor does there exist any condition which, after the passage of time, would constitute such an “Event of Default.” 
  
 Section 21. Purchase or Origination of Eligible Loans From Series 2004-C/D Acquisition Account and Series 2004-C/D
Surplus Subaccount. The price paid to purchase an Eligible Loan from the Balances in the Series 2004-C/D Acquisition Account (other than the Eligible Loans to be purchased pursuant to the Series 2004-C/D Transfer Agreement, the
purchase price for which is set forth in such agreement) shall not exceed 100% of the remaining unpaid principal amount of such Eligible Loan, plus accrued Special Allowance Payments and noncapitalized borrower interest thereon, if any, to the date
of purchase, reasonable transfer, origination and assignment fees, if applicable, and, in the case of FFELP Loans only, a premium which would not cause the weighted average of the premiums paid on all FFELP Loans Financed from the Series 2004-C/D
Acquisition Account to exceed 1.63% (or such greater premium the payment of which will not materially adversely affect the Corporation’s ability to pay Debt Service on the Outstanding Notes, Other Indenture Obligations, Carry-Over Amounts
(including accrued interest thereon) with respect to Outstanding Notes, Administrative Expenses or Note Fees or to make required transfers to the Indemnification Fund, as shown in a subsequent Cash Flow Projection received by the Trustee, and which
will not result in the reduction or withdrawal of the outstanding rating assigned by any Rating Agency to the Series 2004-C/D Notes, as evidenced in writing to the Trustee by each such Rating Agency), and as otherwise authorized by Section 4.2 of
the Indenture. 
  
 None of the proceeds of the Series 2004-C/D
Notes deposited in the Series 2004-C/D Acquisition Account in accordance with Section 15(D) hereof may be used to purchase or originate Alternative Loans except as provided in Section 15(D)(1) hereof; provided that such proceeds may be so used if
such use will not materially adversely affect the Corporation’s ability to pay Debt Service on the Outstanding Notes, Other Indenture Obligations, Carry-Over Amounts (including accrued interest thereon) with respect to Outstanding Notes,
Administrative Expenses or Note Fees or to make required transfers to the Indemnification Fund, as shown in a subsequent Cash Flow Projection received by the Trustee, and which will not result in the reduction or withdrawal of the outstanding rating
assigned by any Rating Agency to the Series 2004-C/D Notes, as evidenced in writing to the Trustee by each such Rating Agency. The aggregate principal amount of Alternative Loans Financed as provided in Section 15(D)(1) hereof shall not exceed
$39,372,000. 
  
 The Corporation shall not purchase or originate
any Financed Student Loans which are subject to any interest rate reduction or other program that would reduce the yield thereon (I) if such yield reduction (a) is more than 2.0% per annum plus (provided there are no delinquencies in the first 24
months) return of some or all of the origination fee in excess of $250, (b) may commence if any of the first forty-eight (48) consecutive payments have not been received in a timely fashion or (c) may continue if any payments are not received in a
timely fashion, or (II) from Balances in the Series 2004-C/D Acquisition Account if, as a result of such purchase or origination, the aggregate of the amounts applied from such Balances to the purchase or origination of Student Loans subject to such
programs would exceed 50% of the aggregate of the amounts applied from such Balances to the purchase or origination of all Student Loans, unless the Corporation delivers to the Trustee (i) a Corporation Certificate certifying that, based on a

  

 -39- 

 
Cash Flow Projection, the purchase or origination of such Student Loan will not materially adversely affect the Corporation’s ability to pay Debt
Service on the Outstanding Notes and on Outstanding Other Obligations, to pay Carry-Over Amounts (including accrued interest thereon) with respect to Outstanding Notes or to make required deposits to the Indemnification Fund, and (ii) written
confirmation from each Rating Agency then rating the Series 2004-C/D Notes that the purchase or origination of such Student Loan will not result in a reduction or withdrawal of the rating of the Series 2004-C/D Notes; provided that the foregoing
restrictions shall not apply to the purchase or origination of any Student Loan subject to a yield reduction program which the Corporation may, at its option, discontinue at any time and which would not reduce the yield thereon by more than .25% per
annum. 
  
 The Corporation shall not agree to, or permit any
Servicer to agree to, any discount or other reduction in the yield on any Student Loan Financed from Balances in the Series 2004-C/D Acquisition Account (other than any such reduction that existed at the time such Student Loan was so Financed) if,
as a result thereof, the yield on such Student Loan would be reduced by more than .25% per annum, unless the Corporation delivers to the Trustee (1) a Corporation Certificate certifying that, based on a Cash Flow Projection, such reduction will not
materially adversely affect the Corporation’s ability to pay Debt Service on the Outstanding Notes and on Outstanding Other Obligations, to pay Carry-Over Amounts (including accrued interest thereon) with respect to Outstanding Notes or to make
required deposits to the Indemnification Fund, and (2) written confirmation from each Rating Agency then rating the Series 2004-C/D Notes that such reduction will not result in a reduction or withdrawal of the rating of the Series 2004-C/D Notes.

  
 The Corporation shall not purchase or originate any Student
Loan from the Balance in the Series 2004-C/D Surplus Subaccount. 
  
 The Corporation shall not purchase or originate (A) any FFELP Loan from the Balances in the Series 2004-C/D Acquisition Account if, as a result of an amendment to the Higher Education Act after the date of this First Supplemental Indenture
(other than an amendment contained in a bill currently pending in Congress and subsequently enacted into law), such FFELP Loan bears a rate of interest that is lower than the rate of interest such FFELP Loan would have borne under the Higher
Education Act as it currently exists, or (B) any Consolidation Loan from the Balances in the Series 2004-C/D Acquisition Account that has a final payment date beyond November 30, 2036, unless the Corporation delivers to the Trustee (1) a Corporation
Certificate certifying that, based on a Cash Flow Projection, the purchase or origination of such FFELP Loan or Consolidation Loan will not materially adversely affect the Corporation’s ability to pay Debt Service on the Outstanding Notes and
on Outstanding Other Obligations, to pay Carry-Over Amounts (including accrued interest thereon) with respect to Outstanding Notes or to make required deposits to the Indemnification Fund, and (2) written confirmation from each Rating Agency then
rating the Series 2004-C/D Notes that the purchase or origination of such FFELP Loan or Consolidation Loan will not result in a reduction or withdrawal of the rating of the Series 2004-C/D Notes. 
  
 Section 22. Limitation on Costs of Issuance, Administrative Expenses
and Note Fees. The Corporation covenants and agrees that the Costs of Issuance, Administrative Expenses and Note Fees to be paid, or reimbursed to the Corporation, from the Administration 

  

 -40- 

 
Fund shall not exceed the aggregate amount thereof specified in the Closing Cash Flow Projection, unless the Corporation delivers to the Trustee (i) a
Corporation Certificate certifying that, based on a Cash Flow Projection, the payment or reimbursement of a greater amount of Costs of Issuance, Administrative Expenses and Note Fees from the Administration Fund will not materially adversely affect
the Corporation’s ability to pay Debt Service on the Outstanding Notes and on Outstanding Other Obligations, to pay Carry-Over Amounts (including accrued interest thereon) with respect to Outstanding Notes or to make required deposits to the
Indemnification Fund and (ii) written confirmation from each of the Rating Agencies then rating the Series 2004-C/D Notes to the effect that payment or reimbursement of such additional Costs of Issuance, Administrative Expenses or Note Fees will not
result in a reduction or withdrawal of the rating of the Series 2004-C/D Notes. 
  
 Section 23. Proceeds of Sales of Certain Student Loans To Be Deposited in the Acquisition Fund. The Trustee shall deposit in the Acquisition Fund the proceeds of the resale to a Lender of any
Student Loans Financed with proceeds of the Series 2004-C/D Notes pursuant to such Lender’s repurchase obligation under the applicable Student Loan Purchase Agreement upon receipt thereof from the Corporation, to the extent directed in a
Corporation Order and received by the Trustee prior to December 5, 2004. Any such proceeds received by the Trustee after such date shall be deposited in the Revenue Fund 
  
 Section 24. Governing Law. This First Supplemental Indenture shall be governed by and be construed in
accordance with the laws of the State without giving effect to the conflicts-of-laws principles thereof; provided that those provisions of this First Supplemental Indenture relating to the rights and duties of the Auction Agent shall be governed by
and be construed in accordance with the laws of the State of New York. 
  
 Section 25. Section Headings; Table of Contents. The headings or titles of the several sections hereof shall be solely for convenience of reference and shall not affect the meaning or construction, interpretation or
effect of this First Supplemental Indenture. 
  
 Section 26.
Severability. If any provision of this First Supplemental Indenture shall be held or deemed to be or shall, in fact, be inoperative or unenforceable as applied in any particular case in any jurisdiction or jurisdictions or in all
jurisdictions or in all cases because it conflicts with any provisions of any constitution or statute or rule of public policy, or for any other reason, such circumstances shall not have the effect of rendering the provision in question inoperative
or unenforceable in any other case or circumstance, or of rendering any other provision or provisions herein contained invalid, inoperative or unenforceable to any extent whatever. 
  
 The invalidity of any one or more phrases, sentences, clauses or paragraphs in this First Supplemental Indenture contained
shall not affect the remaining portions of this First Supplemental Indenture or part thereof. 
  
 Section 27. Counterparts. This First Supplemental Indenture may be simultaneously executed in several counterparts, each of which shall be an original and all of which shall constitute but one and
the same instrument. 
  

 -41- 

 Section 28. Effect of First Supplemental Indenture. Upon the execution and delivery
of this First Supplemental Indenture, the Indenture shall be supplemented in accordance herewith, and this First Supplemental Indenture shall form a part of the Indenture for all purposes and every Holder of Notes hereafter authenticated and
delivered and Other Beneficiary under the Indenture shall be bound hereby. 
  

 -42- 

 IN WITNESS WHEREOF, the parties hereto have caused this First Supplemental Indenture to be duly executed
all as of the day and year first above written. 
  

			
	 EDUCATION LOANS INCORPORATED

		
	By	 	 /s/ Michael A. Gort

	 	 	 President

  

	
	Attest:
	
	 /s/ Rollyn H. Samp

	 Secretary

  

			
	 U.S. BANK NATIONAL ASSOCIATION,
as Trustee

		
	By	 	 /s/ Cynthia S. Woodward

	 	 	 Vice President

  
 [Signature
page to First Supplemental Indenture] 
  

 EXHIBIT A 
  

FORM OF SERIES 2004-C SENIOR NOTES 
  
 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

  
 EDUCATION LOANS INCORPORATED 
  
 STUDENT LOAN ASSET-BACKED NOTE 
 SENIOR SERIES 2004-C[1][2][3][4][5] 
 CLASS A

  

			
	No. R            	 	$                    

  

							
	 Stated Maturity Date

	 	 Date of Original
 Issue

	 	 Interest
 Rate

	 	 CUSIP

	 December 1, 2036
	 	August 5, 2004	 	Variable	 	 

  
 REGISTERED HOLDER: CEDE & CO.

  
 PRINCIPAL AMOUNT: 
  
 FOR VALUE RECEIVED, EDUCATION LOANS INCORPORATED, a corporation organized
under the laws of the State of Delaware (the “Corporation,” which term includes any successor corporation under the Indenture hereinafter referred to), acknowledges itself indebted and hereby promises to pay to the registered holder
specified above, or registered assigns (the “Registered Holder”), but solely from the revenues and receipts hereinafter specified and not otherwise, the Principal Amount specified above on the Stated Maturity Date specified above (subject
to the right of prior redemption hereinafter mentioned), upon presentation and surrender of this Note at the Principal Office of the Trustee (as hereinafter defined), as Paying Agent for the Series 2004-C/D Notes (as hereinafter defined), or a duly
appointed successor Paying Agent, and to pay interest on said Principal Amount, but solely from the revenues and receipts hereinafter specified and not otherwise, to the Registered Holder hereof from the date hereof until the payment of said
Principal Amount has been made or duly provided for, payable on each Interest Payment Date and at Maturity, at the Series 2004-C/D Note Interest Rate (as hereinafter 

  

 A-1 

 
described), and at the same rate per annum (to the extent that the payment of such interest shall be legally enforceable) on overdue installments of
interest. Payment of interest on this Note on each regularly scheduled Interest Payment Date shall be made by check or draft drawn upon the Paying Agent and mailed to the person who is the Registered Holder hereof as of 5:00 p.m. in the city in
which the Principal Office of the Note Registrar is located on the applicable Regular Record Date at the address of such Registered Holder as it appears on the Note Register maintained by the Note Registrar, or, if the Registered Holder of this Note
is the Registered Holder of Series 2004-C/D Notes in the aggregate principal amount of $1,000,000 or more, at the direction of such Registered Holder received by the Paying Agent by 5:00 p.m. in the city in which the Principal Office of the Paying
Agent is located on the last Business Day preceding the applicable Regular Record Date, by electronic transfer by the Paying Agent in immediately available funds to an account designated by such Registered Holder. In addition, premium, if any, and
interest on this Note are payable at the Maturity hereof in the same manner as the principal hereof, unless the date of such maturity is a regularly scheduled Interest Payment Date, in which event interest is payable in the manner set forth in the
preceding sentence. Any interest not so timely paid or duly provided for shall cease to be payable to the person who is the Registered Holder hereof at the close of business on the Regular Record Date and shall be payable to the person who is the
Registered Holder hereof at the close of business on a special record date for the payment of any such defaulted interest. Such special record date shall be fixed by the Trustee whenever moneys become available for payment of the defaulted interest,
and notice of the special record date shall be given to the Registered Holder hereof not less than ten days prior thereto by first-class mail to such Registered Holder as shown on the Note Register on a date selected by the Trustee, stating the date
of the special record date and the date fixed for the payment of such defaulted interest. The principal of, premium, if any, and interest on this Note are payable in lawful money of the United States of America. 
  
 This Note is one of an authorized issue of Notes (the “Notes”),
issued and to be issued by the Corporation in one or more series pursuant to an Indenture of Trust, dated as of August 1, 2004 (as supplemented and amended, the “Indenture”), as supplemented by a First Supplemental Indenture of Trust,
dated as of August 1, 2004 (the “First Supplemental Indenture”), each between the Corporation and U.S. Bank National Association, in Minneapolis, Minnesota, as Trustee (the “Trustee,” which term includes any successor trustee
under the Indenture). As provided in the Indenture, the Notes are issuable in series which may vary as in the Indenture provided or permitted. This Note is one of a series issued in an aggregate principal amount of $78,300,000 (the “Series
2004-C[1][2][3][4][5] Notes”). The Series 2004-C[1][2][3][4][5] Notes are issued simultaneously with four other series of Class A Notes issued in the aggregate principal amount of $313,200,000 (together with the Series 2004-C[1][2][3][4][5]
Notes, collectively referred to herein as the “Series 2004-C Senior Notes”), and a series of Class B Notes issued in the aggregate principal amount of $40,000,000 (the “Series 2004-D Notes” and, together with the Series 2004-C
Senior Notes, collectively referred to herein as the “Series 2004-C/D Notes”). The proceeds of the Series 2004-C/D Notes will be used by the Corporation to (a) acquire student loan notes incurred under the Higher Education Act and under
certain Alternative Loan Programs, (b) fund the Reserve Fund, (c) pay a portion of the interest coming due on the Series 2004-C/D Notes and (d) pay Costs of Issuance of the Series 2004-C/D Notes. 
  
 Reference is hereby made to the Indenture, copies of which are on file in the
principal corporate trust office of the Trustee, and to all of the provisions of which any Registered Holder 

  

 A-2 

 
of this Note by his acceptance hereof hereby assents, for definitions of terms; the description of and the nature and extent of the security for the various
classes of Notes and Other Obligations secured thereunder; the student loan acquisition program being financed by the issuance of the Notes; the revenues and other moneys pledged to the payment of the principal of, premium, if any, and interest on
the Notes and the Other Obligations; the nature and extent and manner of enforcement of the pledge; the conditions upon which Notes may be issued or Other Obligations may be incurred by the Corporation thereunder, payable from such revenues and
other moneys thereunder as Senior Obligations, Subordinate Obligations or Class C Notes; the conditions upon which the Indenture may be amended or supplemented with or without the consent of the Holders of the Notes; the rights and remedies of the
Registered Holder hereof with respect hereto and thereto, including the limitations upon the right of a Registered Holder hereof to institute any suit, action or proceeding in equity or at law with respect hereto and thereto; the rights, duties and
obligations of the Corporation and the Trustee thereunder; the terms and provisions upon which the liens, pledges, charges, trusts and covenants made therein may be discharged at or prior to the maturity or redemption of this Note, and this Note
thereafter no longer be secured by the Indenture, or be deemed to be Outstanding thereunder; and for the other terms and provisions thereof. Terms used with initial capital letters but not defined in this Note have the respective meanings given such
terms in the Indenture. The Series 2004-C Senior Notes are being issued as, and will constitute, Class A Notes under the Indenture. The Series 2004-D Notes are being issued as, and will constitute, Class B Notes under the Indenture. 
  
 The Notes and Other Obligations are limited obligations of the Corporation,
payable solely from the revenues and assets of the Corporation pledged therefor under the Indenture, including certain notes evidencing Student Loans and the proceeds of the Corporation’s bonds, notes or other evidences of indebtedness, if any,
issued with respect to the Notes. 
  
 Interest payable on this
Note shall be computed on the basis of actual days elapsed and accrue daily from the date hereof (on the basis of a 360-day year), and is payable on each regularly scheduled Interest Payment Date prior to the Maturity of this Note and at the
Maturity of this Note. The interest payable on each Interest Payment Date for this Note shall be that interest which has accrued through the last day of the last complete Interest Period immediately preceding the Interest Payment Date or, in the
case of the Maturity of this Note, the last day preceding the date of such Maturity. The Series 2004-C/D Note Interest Rate shall be effective as of and on the first day (whether or not a Business Day) of the applicable Interest Period and be in
effect thereafter through the end of such Interest Period. 
  
 The
unpaid principal amount hereof from time to time outstanding shall bear interest at a Series 2004-C/D Note Auction Rate, as described below, payable on each Interest Payment Date and at the Maturity hereof, such interest to accrue from the later of
the date hereof or the date through which interest has been paid or duly provided for. 
  
 During the Initial Interest Period, this Note shall bear interest at the Series 2004-C/D Note Initial Interest Rate. Thereafter until an Auction Period Adjustment, if any, this Note shall bear interest at a Series
2004-C/D Note Auction Rate based on an Auction Period that shall generally consist of 28 days, all as determined in the First Supplemental Indenture. 
  

 A-3 

 The Series 2004-C/D Note Auction Rate to be borne by this Note after the Initial Interest Period for each
Auction Period until an Auction Period Adjustment, if any, shall be the lesser of (i) the Net Loan Rate in effect for such Auction Period, (ii) the Auction Rate determined in accordance with the applicable provisions of the First Supplemental
Indenture and (iii) the Series 2004-C/D Note Auction Rate Limitation. 
  
 In no event shall the Series 2004-C/D Note Auction Rate on this Note exceed the Series 2004-C/D Note Auction Rate Limitation. 
  
 The Interest Period, including, without limitation, an Auction Period, the applicable Series 2004-C/D Note Auction Rate, the method of determining the
applicable Series 2004-C/D Note Auction Rate on each of the Series 2004-C[1][2][3][4][5] Notes and the Auction Procedures related thereto, including, without limitation, required notices thereof to the Holders or Existing Holders of the Series
2004-C Senior Notes, an Auction Period Adjustment, a change in the Auction Date and the Interest Payment Dates will be determined in accordance with the terms, conditions and provisions of the First Supplemental Indenture and the Auction Agent
Agreement, to which terms, conditions and provisions specific reference is hereby made, and all of which terms, conditions and provisions are hereby specifically incorporated herein by reference. 
  
 If the Auction Rate for the Series 2004-C[1][2][3][4][5] Notes is greater
than the Net Loan Rate, then the Series 2004-C/D Note Auction Rate applicable to the Series 2004-C/D Notes for that Interest Period will be the Net Loan Rate. If the Series 2004-C/D Note Auction Rate applicable to the Series 2004-C[1][2][3][4][5]
Notes for any Interest Period is the Net Loan Rate, the Trustee shall determine the Carry-Over Amount, if any, with respect to the Series 2004-C[1][2][3][4][5] Notes for such Interest Period. Such Carry-Over Amount shall bear interest calculated at
a rate equal to One-Month LIBOR from the Interest Payment Date for the Interest Period with respect to which such Carry-Over Amount was calculated until paid. For purposes of this Note, any reference to “principal” or “interest”
herein shall not include within the meaning of such words Carry-Over Amount or any interest accrued on any such Carry-Over Amount. Such Carry-Over Amount shall be separately calculated for each Series 2004-C[1][2][3][4][5] Note by the Trustee during
such Interest Period in sufficient time for the Trustee to give notice to each Holder of such Carry-Over Amount as required in the next succeeding sentence. On the Interest Payment Date for an Interest Period with respect to which such Carry-Over
Amount has been calculated by the Trustee, the Trustee shall give written notice to each Holder of the Carry-Over Amount applicable to each Holder’s Series 2004-C[1][2][3][4][5] Note, which written notice may accompany the payment of interest
by check made to each such Holder on such Interest Payment Date or otherwise shall be mailed on such Interest Payment Date by first class mail, postage prepaid, to each such Holder at such Holder’s address as it appears on the registration
books maintained by the Note Registrar. Such notice shall state, in addition to such Carry-Over Amount, that, unless and until a Series 2004-C[1][2][3][4][5] Note has been redeemed or has been deemed no longer Outstanding under the First
Supplemental Indenture (after which no Carry-Over Amount shall be paid with respect to a Series 2004-C[1][2][3][4][5] Note), (i) the Carry-Over Amount (and interest accrued thereon) shall be paid by the Trustee on such Series 2004-C[1][2][3][4][5]
Note on the first occurring Interest Payment Date for a subsequent Interest Period if and to the extent that (l) the Eligible Carry-Over Make-Up Amount with respect to such Interest Period is greater than zero, 

  

 A-4 

 
and (2) moneys are available pursuant to the terms of the First Supplemental Indenture to pay such Carry-Over Amount (and interest accrued thereon), and (ii)
interest shall accrue on the Carry-Over Amount at a per annum rate equal to One-Month LIBOR until such Carry-Over Amount is paid in full or is cancelled. 
  
 The Carry-Over Amount for the Series 2004-C[1][2][3][4][5] Notes shall be paid by the Trustee on Outstanding Series 2004-C[1][2][3][4][5] Notes on the
first occurring Interest Payment Date for a subsequent Interest Period if and to the extent that (i) the Eligible Carry-Over Make-Up Amount with respect to such Interest Period is greater than zero, and (ii) moneys in the Surplus Account are
available on such Interest Payment Date for transfer to the Interest Account for such purpose in accordance with the applicable provisions of the Indenture, after taking into account all other amounts payable from the Surplus Fund on such Interest
Payment Date. Any Carry-Over Amount (and any interest accrued thereon) which is unpaid as of an Interest Payment Date with respect to any Series 2004-C[1][2][3][4][5] Note, which Series 2004-C[1][2][3][4][5] Note is to be redeemed or deemed no
longer Outstanding under the First Supplemental Indenture on such Interest Payment Date, shall be paid to the Holder thereof on such Interest Payment Date to the extent that moneys are available therefor in accordance with the provisions of the
preceding clause (ii); provided, however, that any Carry-Over Amount (and any interest accrued thereon) which is not so paid on such Interest Payment Date shall be cancelled with respect to such Series 2004-C[1][2][3][4][5] Note on such Interest
Payment Date and shall not be paid on any succeeding Interest Payment Date. To the extent that any portion of the Carry-Over Amount (and any interest accrued thereon) remains unpaid after payment of a portion thereof, such unpaid portion shall be
paid in whole or in part as required hereunder until fully paid by the Trustee on the next occurring Interest Payment Date or Dates, as necessary, for a subsequent Interest Period or Periods, if and to the extent that the conditions in the first
sentence of this paragraph are satisfied. On any Interest Payment Date on which the Trustee pays less than all of the Carry-Over Amount (and any interest accrued thereon) with respect to a Series 2004-C[1][2][3][4][5] Note, the Trustee shall give
written notice in the manner set forth in the immediately preceding paragraph to the Holder of such Series 2004-C[1][2][3][4][5] Note of the Carry-Over Amount remaining unpaid on such Series 2004-C[1][2][3][4][5] Note. 
  
 The Interest Payment Date in such subsequent Interest Period on which such
Carry-Over Amount for the Series 2004-C[1][2][3][4][5] Notes shall be paid shall be determined by the Trustee in accordance with the provisions of the immediately preceding paragraph, and the Trustee shall make payment of the Carry-Over Amount in
the same manner as, and from the same Account from which, it pays interest on the Series 2004-C[1][2][3][4][5] Notes on an Interest Payment Date. 
  
 By purchasing Series 2004-C[1][2][3][4][5] Notes, whether in an Auction or otherwise, each purchaser of the Series 2004-C[1][2][3][4][5] Notes, or its
Broker-Dealer, must agree and shall be deemed by such purchase to have agreed (i) to participate in Auctions on the terms described in the First Supplemental Indenture, (ii) to have its beneficial ownership of the Series 2004-C[1][2][3][4][5] Notes
maintained at all times in Book-Entry Form for the account of its Participant, which in turn will maintain records of such beneficial ownership, and (iii) to authorize such Participant to disclose to the Auction Agent such information with respect
to such beneficial ownership as the Auction Agent may request. So long as the ownership of Series 2004-C[1][2][3][4][5] Notes is maintained in Book-Entry Form by the Securities Depository, an 

  

 A-5 

 
Existing Holder may sell, transfer or otherwise dispose of Series 2004-C[1][2][3][4][5] Notes only pursuant to a Bid or Sell Order placed in an Auction or
otherwise sell, transfer or dispose of Series 2004-C[1][2][3][4][5] Notes through a Broker-Dealer, provided that, in the case of all transfers other than pursuant to Auctions, such Existing Holder, its Broker-Dealer or its Participant advises the
Auction Agent of such transfer. 
  
 The determination of a Series
2004-C/D Note Interest Rate by the Auction Agent or any other authorized Person pursuant to the provisions of the First Supplemental Indenture shall be conclusive and binding on the Holders of the Series 2004-C[1][2][3][4][5] Notes to which such
Series 2004-C/D Note Interest Rate applies, and the Corporation and the Trustee may rely thereon for all purposes. 
  
 Notwithstanding any provision of this Note to the contrary, in no event shall the cumulative amount of interest paid or payable on this Note (including
interest calculated as provided herein, plus any other amounts that constitute interest on this Note under applicable law, which are contracted for, charged, reserved, taken or received pursuant to this Note or related documents) calculated from the
date of issuance of this Note through any subsequent day during the term of this Note or otherwise prior to payment in full of this Note exceed the amount permitted by applicable law. If the applicable law is ever judicially interpreted so as to
render usurious any amount called for under this Note or related documents or otherwise contracted for, charged, reserved, taken or received in connection with this Note, or if the redemption or acceleration of the maturity of this Note results in
payment to or receipt by the Registered Holder or any former Registered Holder hereof of any interest in excess of that permitted by applicable law, then notwithstanding any provision of this Note or related documents to the contrary all excess
amounts theretofore paid or received with respect to this Note shall be credited on the principal balance of this Note (or, if this Note has been paid or would thereby be paid in full, refunded by the recipient thereof), and the provisions of this
Note and related documents shall immediately be deemed reformed and the amounts thereafter collectible hereunder and thereunder reduced, without the necessity of the execution of any new document, so as to comply with the applicable law, but so as
to permit the recovery of the fullest amount otherwise called for under this Note and under the related documents. 
  
 Subject to compliance with the provisions of the Indenture relating to certain asset requirements, Outstanding Series 2004-C/D Notes shall be redeemed, in
part, on the first regularly scheduled Interest Payment Date occurring after December 3, 2004, for which notice can be given in accordance with the Indenture, at a Redemption Price equal to 100% of the principal amount of Series 2004-C/D Notes so
redeemed, from proceeds of the Series 2004-C/D Notes constituting that portion of the Balance of the Series 2004-C/D Acquisition Account that have not been used to acquire Eligible Loans by December 3, 2004, and from that portion of the Reserve Fund
which, if left in the Reserve Fund upon such redemption, would cause the Balance in the Reserve Fund to exceed the Reserve Fund Requirement, calculated after giving effect to such redemption. 
  
 Subject to compliance with the provisions of the Indenture relating to
certain asset requirements, Outstanding Series 2004-C[1][2][3][4][5] Notes shall be redeemed on any regularly scheduled Interest Payment Date, in whole or in part, at a Redemption Price equal to 100% of the principal amount thereof to be redeemed,
from that portion of the balance of the 

  

 A-6 

 
Series 2004-C/D Surplus Subaccount that has been on deposit therein for at least 12 months, as to which the Corporation has failed to certify to the Trustee
is necessary to pay debt service on the Outstanding Notes or on Outstanding Other Obligations, Carry-Over Amounts, including accrued interest thereon, with respect to Outstanding Notes, Administrative Expenses or Note Fees or to make required
deposits to the Indemnification Fund. 
  
 Subject to compliance
with the provisions of the Indenture relating to certain asset requirements and certain other requirements, Outstanding Series 2004-C[1][2][3][4][5] Notes may, at the option of the Corporation, be redeemed on any regularly scheduled Interest Payment
Date, in whole or in part, at a Redemption Price equal to 100% of the principal amount thereof to be redeemed, from amounts credited to the Retirement Account for such purpose. 
  
 If not all Series 2004-C/D Notes are to be redeemed, the particular Series 2004-C/D Notes to be redeemed are to be selected
as provided in the Indenture. 
  
 Notice of redemption shall be
given by first-class mail mailed at least 15 days before the Redemption Date to each Holder of Series 2004-C[1][2][3][4][5] Notes to be redeemed at his last address appearing on the Note Register; but no defect in or failure to give such notice of
redemption shall affect the validity of proceedings for redemption of any Series 2004-C[1][2][3][4][5] Notes not affected by such defect or failure. All Series 2004-C[1][2][3][4][5] Notes so called for redemption will cease to bear interest on such
Redemption Date, provided funds for their redemption have been duly deposited, and, except for the purpose of payment, shall no longer be protected by the Indenture and shall not be deemed Outstanding thereunder. 
  
 It is provided in the Indenture that Series 2004-C[1][2][3][4][5] Notes of a
denomination larger than $50,000 may be redeemed in part ($50,000 or an integral multiple thereof) and that upon any partial redemption of any such Series 2004-C[1][2][3][4][5] Note the same shall be surrendered in exchange for one or more new Notes
of the same series in authorized form for the unredeemed portion of principal. 
  
 If provision is made for the payment of principal of, premium, if any, and interest on this Note in accordance with the Indenture, this Note shall no longer be deemed Outstanding under the Indenture, shall cease to be
entitled to the benefits of the Indenture and shall thereafter be payable solely from the funds provided for such payment. 
  
 If an Event of Default shall occur, the principal of all the Outstanding Notes may and, under certain circumstances, shall be declared due and payable in
the manner and with the effect provided in the Indenture. 
  
 The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Corporation and the rights of the Holders of the Notes and Other Beneficiaries under the Indenture at any
time by the Corporation with, among other things, the consent of the Holders of two-thirds of the aggregate principal amount of Class A Notes at the time Outstanding, if affected thereby, and the consent of the Holders of two-thirds of the aggregate
principal amount of Class B Notes at the time Outstanding, if affected thereby. The Indenture also contains provisions permitting the Holders 

  

 A-7 

 
of specified percentages in aggregate principal amount of the Class A Notes at the time Outstanding or Other Senior Beneficiaries or, if no Senior
Obligations are Outstanding, the Holders of specified percentages in aggregate principal amount of the Class B Notes at the time Outstanding or Other Subordinate Beneficiaries, on behalf of the Holders of all the Notes, to waive certain past
defaults under the Indenture and their consequences. Any such consent or waiver shall be conclusive and binding upon the Registered Holder of this Note and upon all future Registered Holders hereof and of any Note issued in exchange herefor or in
lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 
  
 This Note is transferable by the Registered Holder hereof upon surrender of this Note for transfer at the Principal Office of the Note Registrar (which shall be the Trustee unless and until an Authenticating Agent
becomes the Note Registrar under the Indenture) or at the Principal Office of a duly appointed Authenticating Agent (the “Authenticating Agent,” which term includes any successor Authenticating Agent under the Indenture), duly endorsed or
accompanied by a written instrument of transfer in form satisfactory to the Note Registrar or such Authenticating Agent, as the case may be, and executed by the Registered Holder hereof or his attorney duly authorized in writing, with signature
guarantees satisfactory to the Note Registrar or such Authenticating Agent, as the case may be. Thereupon the Corporation shall execute and the Trustee or the Authenticating Agent, as the case may be, shall authenticate and deliver, in exchange for
this Note, one or more new fully registered Notes in the name of the transferee, of an authorized denomination, in aggregate principal amount equal to the principal amount of this Note, of the same series and bearing interest at the same rate. This
Note may also be exchanged for one or more other Notes of the same series upon surrender hereof at the Principal Office of the Note Registrar or the Principal Office of an Authenticating Agent. No Authenticating Agent will be initially appointed
with respect to the Series 2004-C[1][2][3][4][5] Notes. Notwithstanding the foregoing provisions of this paragraph, no Series 2004-C[1][2][3][4][5] Note shall be required to be transferred, (i) during a period beginning at the opening of business
fifteen days before any selection of Series 2004-C[1][2][3][4][5] Notes for redemption and ending at the close of business on the day of such selection, or (ii) if such Series 2004-C[1][2][3][4][5] Note has been selected for redemption in whole or
in part. 
  
 The Corporation may require payment by the Registered
Holder hereof of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of this Note, other than certain exchanges specifically exempted under the Indenture and not involving
any transfer. 
  
 The Corporation, the Trustee, each Paying Agent,
any Authenticating Agent, the Note Registrar and any other agent of the Corporation may treat the Person in whose name this Note is registered on the Note Register as the absolute owner hereof for all purposes, whether or not this Note is overdue,
and neither the Corporation, the Trustee, any Paying Agent, any Authenticating Agent, the Note Registrar nor any other such agent shall be affected by notice to the contrary. 
  
 IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND DECLARED that all acts, conditions and things required to have happened, to
exist and to have been performed precedent to and in the issuance of this Note have happened, do exist, and have been performed in regular and due time, form and manner as so required. 
  

 A-8 

 This Note shall not be valid or become obligatory for any purpose or be entitled to any security or
benefit under the Indenture until the Certificate of Authentication hereon shall have been signed by the Trustee or by the Authenticating Agent by the manual signature of one of its authorized representatives. 
  

 A-9 

 IN WITNESS WHEREOF, the Corporation has caused this Note to be executed in its name by the manual
signatures of its President and Secretary. 
  

					
	 Dated:
                                        
                                       
 
	 	 EDUCATION LOANS INCORPORATED

			
	  	 	  	 	  
	 	 	 	 	President
			
	  	 	  	 	  
	 	 	 	 	Secretary

  

  
 CERTIFICATE OF AUTHENTICATION 
  
 This Note is one of the Notes of the series designated therein and issued under the provisions of the within-mentioned Indenture. 
  

			
	 U.S. BANK NATIONAL ASSOCIATION,
as Trustee

		
	By	 	 
	 	 	Authorized Representative

  

 A-10 

  
 ASSIGNMENT 
  
 FOR VALUE RECEIVED
the undersigned hereby sells, assigns and transfers unto
                                        
the within Note and irrevocably appoints
                                        ,
attorney-in-fact, to transfer the within Note on the books kept for registration thereof, with full power of substitution in the premises. 
  

							
	Dated
                                        
                                       
 	 	 	 	 
			
	PLEASE INSERT SOCIAL SECURITY	 	 	 	

	OR OTHER IDENTIFYING NUMBER	 	 	 	 
	OF ASSIGNEE	 	 	 	NOTICE: The signature to this
	 	 	 	 	 	 	assignment must correspond with the
	 	 	 	 	 	 	name as it appears upon the face of the
	 	 	 	 	 	 	within Note in every particular,
	 	 	 	 	 	 	without any alteration whatsoever.
			
	 SIGNATURE GUARANTEED:
	 	 	 	 
				
	  	 	  	 	  	 	  

  

 A-11 

 EXHIBIT B 
  

FORM OF SERIES 2004-D NOTES 
  
 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

  
 EDUCATION LOANS INCORPORATED 
  
 STUDENT LOAN ASSET-BACKED NOTE 
 SUBORDINATE SERIES 2004-D 
 CLASS B 

 

			
	 No. R            
	 	$                    

  

							
	 Stated
Maturity Date

	 	 Date of Original
 Issue

	 	 Interest Rate

	 	 CUSIP

	 December 1, 2036
	 	August 5, 2004	 	Variable	 	 

  
 REGISTERED HOLDER: CEDE & CO.

  
 PRINCIPAL AMOUNT: 
  
 FOR VALUE RECEIVED, EDUCATION LOANS INCORPORATED, a corporation organized
under the laws of the State of Delaware (the “Corporation,” which term includes any successor corporation under the Indenture hereinafter referred to), acknowledges itself indebted and hereby promises to pay to the registered holder
specified above, or registered assigns (the “Registered Holder”), but solely from the revenues and receipts hereinafter specified and not otherwise, the Principal Amount specified above on the Stated Maturity Date specified above (subject
to the right of prior redemption hereinafter mentioned), upon presentation and surrender of this Note at the Principal Office of the Trustee (as hereinafter defined), as Paying Agent for the Series 2004-C/D Notes (as hereinafter defined), or a duly
appointed successor Paying Agent, and to pay interest on said Principal Amount, but solely from the revenues and receipts hereinafter specified and not otherwise, to the Registered Holder hereof from the date hereof until the payment of said
Principal Amount has been made or duly provided for, payable on each 

  

 B-1 

 
Interest Payment Date and at Maturity, at the Series 2004-C/D Note Interest Rate (as hereinafter described), and at the same rate per annum (to the extent
that the payment of such interest shall be legally enforceable) on overdue installments of interest. Payment of interest on this Note on each regularly scheduled Interest Payment Date shall be made by check or draft drawn upon the Paying Agent and
mailed to the person who is the Registered Holder hereof as of 5:00 p.m. in the city in which the Principal Office of the Note Registrar is located on the applicable Regular Record Date at the address of such Registered Holder as it appears on the
Note Register maintained by the Note Registrar, or, if the Registered Holder of this Note is the Registered Holder of Series 2004-C/D Notes in the aggregate principal amount of $1,000,000 or more, at the direction of such Registered Holder received
by the Paying Agent by 5:00 p.m. in the city in which the Principal Office of the Paying Agent is located on the last Business Day preceding the applicable Regular Record Date, by electronic transfer by the Paying Agent in immediately available
funds to an account designated by such Registered Holder. In addition, premium, if any, and interest on this Note are payable at the Maturity hereof in the same manner as the principal hereof, unless the date of such maturity is a regularly
scheduled Interest Payment Date, in which event interest is payable in the manner set forth in the preceding sentence. Any interest not so timely paid or duly provided for shall cease to be payable to the person who is the Registered Holder hereof
at the close of business on the Regular Record Date and shall be payable to the person who is the Registered Holder hereof at the close of business on a special record date for the payment of any such defaulted interest. Such special record date
shall be fixed by the Trustee whenever moneys become available for payment of the defaulted interest, and notice of the special record date shall be given to the Registered Holder hereof not less than ten days prior thereto by first-class mail to
such Registered Holder as shown on the Note Register on a date selected by the Trustee, stating the date of the special record date and the date fixed for the payment of such defaulted interest. The principal of, premium, if any, and interest on
this Note are payable in lawful money of the United States of America. 
  
 This Note is one of an authorized issue of Notes (the “Notes”), issued and to be issued by the Corporation in one or more series pursuant to an Indenture of Trust, dated as of August 1, 2004 (as supplemented and amended, the
“Indenture”), as supplemented by a First Supplemental Indenture of Trust, dated as of August 1, 2004 (the “First Supplemental Indenture”), each between the Corporation and U.S. Bank National Association, in Minneapolis,
Minnesota, as Trustee (the “Trustee,” which term includes any successor trustee under the Indenture). As provided in the Indenture, the Notes are issuable in series which may vary as in the Indenture provided or permitted. This Note is one
of a series of Class B Notes issued in an aggregate principal amount of $40,000,000 (the “Series 2004-D Notes”). The Series 2004-D Notes are issued simultaneously with five series of Class A Notes issued in the aggregate principal amount
of $391,500,000 (the “Series 2004-C Senior Notes” and, together with the Series 2004-D Notes, collectively referred to herein as the “Series 2004-C/D Notes”). The proceeds of the Series 2004-C/D Notes will be used by the
Corporation to (a) acquire student loan notes incurred under the Higher Education Act and under certain Alternative Loan Programs, (b) fund the Reserve Fund, (c) pay a portion of the interest coming due on the Series 2004-C/D Notes and (d) pay Costs
of Issuance of the Series 2004-C/D Notes. 
  
 Reference is hereby
made to the Indenture, copies of which are on file in the principal corporate trust office of the Trustee, and to all of the provisions of which any Registered Holder of this Note by his acceptance hereof hereby assents, for definitions of terms;
the description of 

  

 B-2 

 
and the nature and extent of the security for the various classes of Notes and Other Obligations secured thereunder; the student loan acquisition program
being financed by the issuance of the Notes; the revenues and other moneys pledged to the payment of the principal of, premium, if any, and interest on the Notes and the Other Obligations; the nature and extent and manner of enforcement of the
pledge; the conditions upon which Notes may be issued or Other Obligations may be incurred by the Corporation thereunder, payable from such revenues and other moneys thereunder as Senior Obligations, Subordinate Obligations or Class C Notes; the
conditions upon which the Indenture may be amended or supplemented with or without the consent of the Holders of the Notes; the rights and remedies of the Registered Holder hereof with respect hereto and thereto, including the limitations upon the
right of a Registered Holder hereof to institute any suit, action or proceeding in equity or at law with respect hereto and thereto; the rights, duties and obligations of the Corporation and the Trustee thereunder; the terms and provisions upon
which the liens, pledges, charges, trusts and covenants made therein may be discharged at or prior to the maturity or redemption of this Note, and this Note thereafter no longer be secured by the Indenture, or be deemed to be Outstanding thereunder;
and for the other terms and provisions thereof. Terms used with initial capital letters but not defined in this Note have the respective meanings given such terms in the Indenture. The Series 2004-C Senior Notes are being issued as, and will
constitute, Class A Notes under the Indenture. The Series 2004-D Notes are being issued as, and will constitute, Class B Notes under the Indenture. 
  
 The Notes and Other Obligations are limited obligations of the Corporation, payable solely from the revenues and assets of the Corporation pledged
therefor under the Indenture, including certain notes evidencing Student Loans and the proceeds of the Corporation’s bonds, notes or other evidences of indebtedness, if any, issued with respect to the Notes. 
  
 The Series 2004-D Notes constitute Class B Notes under the Indenture which
are subordinated in right of payment, the direction of remedies and certain other matters in accordance with the terms of the Indenture to the rights of the Holders of Class A Notes issued from time to time under the Indenture (including, without
limitation, the Series 2004-C Senior Notes) and Other Senior Beneficiaries thereunder. A failure to pay principal of, premium, if any, or interest on this Class B Note will not constitute an Event of Default under the Indenture if any Senior
Obligation is Outstanding. 
  
 Interest payable on this Note shall
be computed on the basis of actual days elapsed and accrue daily from the date hereof (on the basis of a 360-day year), and is payable on each regularly scheduled Interest Payment Date prior to the Maturity hereof and at the Maturity hereof. The
interest payable on each Interest Payment Date for this Note shall be that interest which has accrued through the last day of the last complete Interest Period immediately preceding the Interest Payment Date or, in the case of the Maturity hereof,
the last day preceding the date of such Maturity. The Series 2004-C/D Note Interest Rate shall be effective as of and on the first day (whether or not a Business Day) of the applicable Interest Period and be in effect thereafter through the end of
such Interest Period. 
  
 The unpaid principal amount hereof from
time to time outstanding shall bear interest at a Series 2004-C/D Note Auction Rate, as described below, payable on each Interest Payment Date and at the Maturity hereof, such interest to accrue from the later of the date hereof or the date through
which interest has been paid or duly provided for. 
  

 B-3 

 During the Initial Interest Period, this Note shall bear interest at the Series 2004-C/D Note Initial
Interest Rate. Thereafter until an Auction Period Adjustment, if any, this Note shall bear interest at a Series 2004-C/D Note Auction Rate based on an Auction Period that shall generally consist of 28 days, all as determined in the First
Supplemental Indenture. 
  
 The Series 2004-C/D Note Auction Rate
to be borne by this Note after the Initial Interest Period for each Auction Period until an Auction Period Adjustment, if any, shall be the lesser of (i) the Net Loan Rate in effect for such Auction Period, (ii) the Auction Rate determined in
accordance with the applicable provisions of the First Supplemental Indenture and (iii) the Series 2004-C/D Note Auction Rate Limitation. 
  
 In no event shall the Series 2004-C/D Note Auction Rate on this Note exceed the Series 2004-C/D Note Auction Rate Limitation. 
  
 The Interest Period, including, without limitation, an Auction Period, the
applicable Series 2004-C/D Note Auction Rate, the method of determining the applicable Series 2004-C/D Note Auction Rate on each of the Series 2004-D Notes and the Auction Procedures related thereto, including, without limitation, required notices
thereof to the Holders or Existing Holders of the Series 2004-C Senior Notes, an Auction Period Adjustment, a change in the Auction Date and the Interest Payment Dates will be determined in accordance with the terms, conditions and provisions of the
First Supplemental Indenture and the Auction Agent Agreement, to which terms, conditions and provisions specific reference is hereby made, and all of which terms, conditions and provisions are hereby specifically incorporated herein by reference.

  
 If the Auction Rate for the Series 2004-D Notes is greater
than the Net Loan Rate, then the Series 2004-C/D Note Auction Rate applicable to the Series 2004-C/D Notes for that Interest Period will be the Net Loan Rate. If the Series 2004-C/D Note Auction Rate applicable to the Series 2004-D Notes for any
Interest Period is the Net Loan Rate, the Trustee shall determine the Carry-Over Amount, if any, with respect to the Series 2004-D Notes for such Interest Period. Such Carry-Over Amount shall bear interest calculated at a rate equal to One-Month
LIBOR from the Interest Payment Date for the Interest Period with respect to which such Carry-Over Amount was calculated until paid. For purposes of this Note, any reference to “principal” or “interest” herein shall not include
within the meaning of such words Carry-Over Amount or any interest accrued on any such Carry-Over Amount. Such Carry-Over Amount shall be separately calculated for each Series 2004-D Note by the Trustee during such Interest Period in sufficient time
for the Trustee to give notice to each Holder of such Carry-Over Amount as required in the next succeeding sentence. On the Interest Payment Date for an Interest Period with respect to which such Carry-Over Amount has been calculated by the Trustee,
the Trustee shall give written notice to each Holder of the Carry-Over Amount applicable to each Holder’s Series 2004-D Note, which written notice may accompany the payment of interest by check made to each such Holder on such Interest Payment
Date or otherwise shall be mailed on such Interest Payment Date by first class mail, postage prepaid, to each such Holder at such Holder’s address as it appears on the registration books maintained by the Note Registrar. Such notice shall
state, in addition to such Carry-Over Amount, that, unless and until a Series 2004-D Note has been redeemed or has been deemed no longer Outstanding under the First Supplemental Indenture (after which no Carry-Over Amount shall be paid with respect
to a Series 2004-D Note), (i) the Carry-Over Amount (and interest accrued thereon) shall be paid by the Trustee on such Series 

  

 B-4 

 
2004-D Note on the first occurring Interest Payment Date for a subsequent Interest Period if and to the extent that (l) the Eligible Carry-Over Make-Up
Amount with respect to such Interest Period is greater than zero, and (2) moneys are available pursuant to the terms of the First Supplemental Indenture to pay such Carry-Over Amount (and interest accrued thereon), and (ii) interest shall accrue on
the Carry-Over Amount at a per annum rate equal to One-Month LIBOR until such Carry-Over Amount is paid in full or is cancelled. 
  
 The Carry-Over Amount for the Series 2004-D Notes shall be paid by the Trustee on Outstanding Series 2004-D Notes on the first occurring Interest Payment
Date for a subsequent Interest Period if and to the extent that (i) the Eligible Carry-Over Make-Up Amount with respect to such Interest Period is greater than zero, and (ii) moneys in the Surplus Account are available on such Interest Payment Date
for transfer to the Interest Account for such purpose in accordance with the applicable provisions of the Indenture, after taking into account all other amounts payable from the Surplus Fund on such Interest Payment Date. Any Carry-Over Amount (and
any interest accrued thereon) which is unpaid as of an Interest Payment Date with respect to any Series 2004-D Note, which Series 2004-D Note is to be redeemed or deemed no longer Outstanding under the First Supplemental Indenture on such Interest
Payment Date, shall be paid to the Holder thereof on such Interest Payment Date to the extent that moneys are available therefor in accordance with the provisions of the preceding clause (ii); provided, however, that any Carry-Over Amount (and any
interest accrued thereon) which is not so paid on such Interest Payment Date shall be cancelled with respect to such Series 2004-D Note on such Interest Payment Date and shall not be paid on any succeeding Interest Payment Date. To the extent that
any portion of the Carry-Over Amount (and any interest accrued thereon) remains unpaid after payment of a portion thereof, such unpaid portion shall be paid in whole or in part as required hereunder until fully paid by the Trustee on the next
occurring Interest Payment Date or Dates, as necessary, for a subsequent Interest Period or Periods, if and to the extent that the conditions in the first sentence of this paragraph are satisfied. On any Interest Payment Date on which the Trustee
pays less than all of the Carry-Over Amount (and any interest accrued thereon) with respect to a Series 2004-D Note, the Trustee shall give written notice in the manner set forth in the immediately preceding paragraph to the Holder of such Series
2004-D Note of the Carry-Over Amount remaining unpaid on such Series 2004-D Note. 
  
 The Interest Payment Date in such subsequent Interest Period on which such Carry-Over Amount for the Series 2004-D Notes shall be paid shall be determined by the Trustee in accordance with the provisions of the
immediately preceding paragraph, and the Trustee shall make payment of the Carry-Over Amount in the same manner as, and from the same Account from which, it pays interest on the Series 2004-D Notes on an Interest Payment Date. 
  
 By purchasing Series 2004-D Notes, whether in an Auction or otherwise, each
purchaser of the Series 2004-D Notes, or its Broker-Dealer, must agree and shall be deemed by such purchase to have agreed (i) to participate in Auctions on the terms described in the First Supplemental Indenture, (ii) to have its beneficial
ownership of the Series 2004-D Notes maintained at all times in Book-Entry Form for the account of its Participant, which in turn will maintain records of such beneficial ownership, and (iii) to authorize such Participant to disclose to the Auction
Agent such information with respect to such beneficial ownership as the Auction Agent may request. So long as the ownership of Series 2004-D Notes is maintained in Book-Entry Form by the Securities Depository, an Existing Holder may sell, transfer
or otherwise 

  

 B-5 

 
dispose of Series 2004-D Notes only pursuant to a Bid or Sell Order placed in an Auction or otherwise sell, transfer or dispose of Series 2004-D Notes
through a Broker-Dealer, provided that, in the case of all transfers other than pursuant to Auctions, such Existing Holder, its Broker-Dealer or its Participant advises the Auction Agent of such transfer. 
  
 The determination of a Series 2004-C/D Note Interest Rate by the Auction
Agent or any other authorized Person pursuant to the provisions of the First Supplemental Indenture shall be conclusive and binding on the Holders of the Series 2004-D Notes to which such Series 2004-C/D Note Interest Rate applies, and the
Corporation and the Trustee may rely thereon for all purposes. 
  
 Notwithstanding any provision of this Note to the contrary, in no event shall the cumulative amount of interest paid or payable on this Note (including interest calculated as provided herein, plus any other amounts that constitute interest
on this Note under applicable law, which are contracted for, charged, reserved, taken or received pursuant to this Note or related documents) calculated from the date of issuance of this Note through any subsequent day during the term of this Note
or otherwise prior to payment in full of this Note exceed the amount permitted by applicable law. If the applicable law is ever judicially interpreted so as to render usurious any amount called for under this Note or related documents or otherwise
contracted for, charged, reserved, taken or received in connection with this Note, or if the redemption or acceleration of the maturity of this Note results in payment to or receipt by the Registered Holder or any former Registered Holder hereof of
any interest in excess of that permitted by applicable law, then notwithstanding any provision of this Note or related documents to the contrary all excess amounts theretofore paid or received with respect to this Note shall be credited on the
principal balance of this Note (or, if this Note has been paid or would thereby be paid in full, refunded by the recipient thereof), and the provisions of this Note and related documents shall immediately be deemed reformed and the amounts
thereafter collectible hereunder and thereunder reduced, without the necessity of the execution of any new document, so as to comply with the applicable law, but so as to permit the recovery of the fullest amount otherwise called for under this Note
and under the related documents. 
  
 Subject to compliance with
the provisions of the Indenture relating to certain asset requirements, Outstanding Series 2004-C/D Notes shall be redeemed, in part, on the first regularly scheduled Interest Payment Date occurring after May 1, 2004, for which notice can be given
in accordance with the requirements of the First Supplemental Indenture, at a Redemption Price equal to 100% of the principal amount of Series 2004-C/D Notes so redeemed, from proceeds of the Series 2004-C/D Notes constituting a portion of the
Balance of the Acquisition Fund that have not been used to acquire Eligible Loans and from that portion of the Reserve Fund which, if left in the Reserve Fund upon such redemption, would cause the Balance in the Reserve Fund to exceed the Reserve
Fund Requirement, calculated giving effect to such redemption. 
  
 Subject to compliance with the provisions of the Indenture relating to certain asset requirements, Outstanding Series 2004-D Notes shall be redeemed on any regularly scheduled Interest Payment Date, in whole or in part, at a Redemption
Price equal to 100% of the principal amount thereof to be redeemed, from that portion of the balance of the Series 2004-C/D Surplus Subaccount that has been on deposit therein for at least 12 months, as to which the Corporation 

  

 B-6 

 
has failed to certify to the Trustee is necessary to pay debt service on the Outstanding Notes or on Outstanding Other Obligations, Carry-Over Amounts,
including accrued interest thereon, with respect to Outstanding Notes, Administrative Expenses or Note Fees or to make required deposits to the Indemnification Fund. 
  
 Subject to compliance with the provisions of the Indenture relating to certain asset requirements and certain other
requirements, Outstanding Series 2004-D Notes may, at the option of the Corporation, be redeemed on any regularly scheduled Interest Payment Date, in whole or in part, at a Redemption Price equal to 100% of the principal amount thereof to be
redeemed, from amounts credited to the Retirement Account for such purpose. 
  
 If not all Series 2004-C/D Notes are to be redeemed, the particular Series 2004-C/D Notes to be redeemed are to be selected as provided in the Indenture. 
  
 Notice of redemption shall be given by first-class mail mailed at least 15 days before the Redemption Date to each Holder of
Series 2004-D Notes to be redeemed at his last address appearing on the Note Register; but no defect in or failure to give such notice of redemption shall affect the validity of proceedings for redemption of any Note not affected by such defect or
failure. All Series 2004-D Notes so called for redemption will cease to bear interest on such Redemption Date, provided funds for their redemption have been duly deposited, and, except for the purpose of payment, shall no longer be protected by the
Indenture and shall not be deemed Outstanding thereunder. 
  
 It
is provided in the Indenture that Series 2004-D Notes of a denomination larger than $50,000 may be redeemed in part ($50,000 or an integral multiple thereof) and that upon any partial redemption of any such Series 2004-D Note the same shall be
surrendered in exchange for one or more new Notes of the same series in authorized form for the unredeemed portion of principal. 
  
 If provision is made for the payment of principal of, premium, if any, and interest on this Note in accordance with the Indenture, this Note shall no
longer be deemed Outstanding under the Indenture, shall cease to be entitled to the benefits of the Indenture and shall thereafter be payable solely from the funds provided for such payment. 
  
 If an Event of Default shall occur, the principal of all the Outstanding
Notes may and, under certain circumstances, shall be declared due and payable in the manner and with the effect provided in the Indenture. 
  
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the
Corporation and the rights of the Holders of the Notes and Other Beneficiaries under the Indenture at any time by the Corporation with, among other things, the consent of the Holders of two-thirds of the aggregate principal amount of Class A Notes
at the time Outstanding, if affected thereby, and with the consent of the Holders of two-thirds of the aggregate principal amount of Class B Notes at the time Outstanding, if affected thereby. The Indenture also contains provisions permitting the
Holders of specified percentages in aggregate principal amount of the Class A Notes at the time Outstanding or Other Senior Beneficiaries or, if no Senior Obligations are Outstanding, the 

  

 B-7 

 
Holders of specified percentages in aggregate principal amount of the Class B Notes at the time Outstanding or Other Subordinate Beneficiaries, on behalf of
the Holders of all the Notes, to waive certain past defaults under the Indenture and their consequences. Any such consent or waiver shall be conclusive and binding upon the Registered Holder of this Note and upon all future Registered Holders hereof
and of any Note issued in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 
  
 This Note is transferable by the Registered Holder hereof upon surrender of this Note for transfer at the Principal Office of the Note Registrar (which
shall be the Trustee unless and until an Authenticating Agent becomes the Note Registrar under the Indenture) or at the Principal Office of a duly appointed Authenticating Agent (the “Authenticating Agent,” which term includes any
successor Authenticating Agent under the Indenture), duly endorsed or accompanied by a written instrument of transfer in form satisfactory to the Note Registrar or the Authenticating Agent, as the case may be, and executed by the Registered Holder
hereof or his attorney duly authorized in writing, with signature guarantees satisfactory to the Note Registrar or the Authenticating Agent, as the case may be. Thereupon the Corporation shall execute and the Trustee or the Authenticating Agent, as
the case may be, shall authenticate and deliver, in exchange for this Note, one or more new fully registered Notes in the name of the transferee, of an authorized denomination, in aggregate principal amount equal to the principal amount of this
Note, of the same series and bearing interest at the same rate. This Note may also be exchanged for one or more other Notes of the same series upon surrender hereof at the Principal Office of the Note Registrar or the Principal Office of an
Authenticating Agent. No Authenticating Agent will be initially appointed with respect to the Series 2004-D Notes. Notwithstanding the foregoing provisions of this paragraph, no Series 2004-D Note shall be required to be transferred, (i) during a
period beginning at the opening of business fifteen days before any selection of Series 2004-D Notes for redemption and ending at the close of business on the day of such selection, or (ii) if such Series 2004-D Note has been selected for redemption
in whole or in part. 
  
 The Corporation may require payment by
the Registered Holder hereof of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of this Note, other than certain exchanges specifically exempted under the Indenture and
not involving any transfer. 
  
 The Corporation, the Trustee, each
Paying Agent, any Authenticating Agent, the Note Registrar and any other agent of the Corporation may treat the Person in whose name this Note is registered on the Note Register as the absolute owner hereof for all purposes, whether or not this Note
is overdue, and neither the Corporation, the Trustee, any Paying Agent, any Authenticating Agent, the Note Registrar nor any other such agent shall be affected by notice to the contrary. 
  
 IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND DECLARED that all acts, conditions and things required to have happened, to
exist and to have been performed precedent to and in the issuance of this Note have happened, do exist, and have been performed in regular and due time, form and manner as so required. 
  
 This Note shall not be valid or become obligatory for any purpose or be entitled to any security or benefit under the
Indenture until the Certificate of Authentication hereon shall have 

  

 B-8 

 
been signed by the Trustee or by the Authenticating Agent by the manual signature of one of its authorized representatives. 
  
 IN WITNESS WHEREOF, the Corporation has caused this Note to be executed in
its name by the manual signatures of its President and Secretary. 
  

					
	 Dated:
                                        
                                       
 
	 	 	 	 EDUCATION LOANS INCORPORATED

			
	  	 	 	 	  
	 	 	 	 	President
			
	  	 	 	 	  
	 	 	 	 	Secretary

  

  
 CERTIFICATE OF AUTHENTICATION 
  
 This Note is one of the Notes of the series designated therein and issued under the provisions of the within-mentioned Indenture. 
  

			
	 U.S. BANK NATIONAL ASSOCIATION,
as Trustee

		
	 By
	 	 
	 	 	Authorized Representative

  

 B-9 

  
 ASSIGNMENT 
  
 FOR VALUE RECEIVED
the undersigned hereby sells, assigns and transfers unto
                                        
the within Note and irrevocably appoints
                                        ,
attorney-in-fact, to transfer the within Note on the books kept for registration thereof, with full power of substitution in the premises. 
  

					
	 Dated
                                        
                                    
	 	 	 	 
	  
 PLEASE INSERT SOCIAL
SECURITY
 OR OTHER IDENTIFYING NUMBER
 OF
ASSIGNEE
	 	 	 	 
	 	 	 	  
 NOTICE: The signature to this
 assignment must correspond with the
 name as it appears upon the face of
the
 within Note in every particular,
 without any alteration
whatsoever.

	  	 	 	 
			
	SIGNATURE GUARANTEED:	 	 	 	 
			
	 	 	 	 	 

  

 B-10 

 EXHIBIT C 
  

NOTICE OF A PAYMENT DEFAULT 
  
 EDUCATION LOANS INCORPORATED 
 STUDENT LOAN
ASSET-BACKED NOTES 
 SENIOR SERIES 2004-C[1][2][3][4][5] 
 [SUBORDINATE SERIES 2004-D] 
  
 NOTICE IS HEREBY GIVEN that a Payment Default has occurred and not been cured with respect to the Notes identified above. Determination of the Series 2004-C/D Note Interest Rate pursuant to the Auction Procedures will be suspended. The
Series 2004-C/D Note Interest Rate on the Series 2004-C[1][2][3][4][5] Notes for each Auction Period commencing after the date of Payment Default will equal the Non-Payment Rate as it is determined by the Trustee on the first day of such Auction
Period. 
  
 Terms used herein have the meanings set forth in the
First Supplemental Indenture of Trust relating to the above-referenced Notes. 
  

									
	 Dated:
                                        
                            
	 	 	 	 U.S. BANK NATIONAL ASSOCIATION,
as Trustee

					
	 	 	 	 	 	 	 By
	 	 
	 	 	 	 	 	 	 	 	Authorized Representative

  

 C-1 

 EXHIBIT D 
  

NOTICE OF CURE OF PAYMENT DEFAULT 
  
 EDUCATION LOANS INCORPORATED 
 STUDENT LOAN
ASSET-BACKED NOTES 
 SENIOR SERIES 2004-C[1][2][3][4][5] 
 [SUBORDINATE SERIES 2004-D] 
  
 NOTICE IS HEREBY GIVEN that a Payment Default with respect to the Notes identified above has been waived or cured. The next Interest Payment Date is
                     and the next Auction Date is
                    . 
  
 Terms used herein have the meanings set forth in the First Supplemental Indenture of Trust relating to the above-referenced Notes. 
  

									
	 Dated:
                                       
                             
	 	 	 	 U.S. BANK NATIONAL ASSOCIATION,
as Trustee

					
	 	 	 	 	 	 	 By
	 	 
	 	 	 	 	 	 	 	 	Authorized Representative

  

 D-1 

 EXHIBIT E 
  

NOTICE OF PROPOSED AUCTION PERIOD ADJUSTMENT 
  
 EDUCATION LOANS INCORPORATED 
 STUDENT LOAN
ASSET-BACKED NOTES 
 SENIOR SERIES 2004-C[1][2][3][4][5] 
 [SUBORDINATE SERIES 2004-D] 
  
 Notice is hereby given that EDUCATION LOANS INCORPORATED proposes to change the length of one or more Auction Periods with respect to the Notes identified above, pursuant to the First Supplemental Indenture of Trust relating to such Notes
(the “First Supplemental Indenture”), as follows: 
  
 1.
The change shall take effect on the Interest Payment Date for the current Auction Period and the date of commencement of the next Auction Period (the “Effective Date”). 
  
 2. The Auction Period Adjustment in Paragraph 1 shall take place only if (A) the Trustee and the Auction Agent receive, by
11:00 a.m., New York City time, on the Business Day before the Auction Date for the Auction Period commencing on the Effective Date, a certificate from the Market Agent, as required by the First Supplemental Indenture authorizing the change in
length of one or more Auction Periods and (B) Sufficient Bids exist on the Auction Date for the Auction Period commencing on the Effective Date. 
  
 3. If the condition referred to in (A) above is not met, the Auction Rate for the Auction Period commencing on the Effective Date will be determined
pursuant to the Auction Procedures and the Auction Period shall be the Auction Period determined without reference to the proposed change. If the condition referred to in (A) is met but the condition referred to in (B) above is not met, the Auction
Rate for the Auction Period commencing on the Effective Date shall be the Maximum Auction Rate and the Auction Period shall be the Auction Period determined without reference to the proposed change. 
  
 4. It is hereby represented, upon advice of the Auction Agent for the Notes
described herein, that there were Sufficient Bids for such Notes at the Auction immediately preceding the date of this Notice. 
  
 Terms used herein have the meanings set forth in the First Supplemental Indenture. 
  

									
	 Dated:
                                        
                            
	 	 	 	 EDUCATION LOANS INCORPORATED

					
	 	 	 	 	 	 	 By:
	 	 
	 	 	 	 	 	 	 	 	 

  

 E-1 

 EXHIBIT F 
  

NOTICE ESTABLISHING AUCTION PERIOD ADJUSTMENT 
  
 EDUCATION LOANS INCORPORATED 
 STUDENT LOAN
ASSET-BACKED NOTES 
 SENIOR SERIES 2004-C[1][2][3][4][5] 
 [SUBORDINATE SERIES 2004-D] 
  
 Notice is hereby given that EDUCATION LOANS INCORPORATED hereby establishes new lengths for one or more Auction Periods with respect to the Notes identified above pursuant to the First Supplemental Indenture of Trust relating to such Notes
(the “First Supplemental Indenture”): 
  
 1. The change
shall take effect on                     , the Interest Payment Date for the current Auction Period and the date of commencement of the next
Auction Period (the “Effective Date”). 
  
 2. For the
Auction Period commencing on the Effective Date, the Interest Payment Date shall be                     , or the next succeeding Business Day
if such date is not a Business Day. 
  
 3. For Auction Periods
occurring after the Auction Period the Interest Payment Dates shall be [                     (date) and every
                     (number)
                     (day of week) thereafter] [every
                     (number) (day of week) after the date set forth in paragraph 2 above], or the next Business Day if any such day is not a
Business Day; provided, however, that the length of subsequent Auction Periods shall be subject to further change hereafter as provided in Section 11 of the First Supplemental Indenture. 
  
 4. The changes described in paragraphs 2 and 3 above shall take place only upon delivery of this Notice and the satisfaction
of other conditions set forth in the First Supplemental Indenture and our prior notice dated                      regarding the proposed
change. 
  
 Terms used herein have the meanings
set forth in the First Supplemental Indenture. 
  

									
	 Dated:
                                        
                            
	 	 	 	 EDUCATION LOANS INCORPORATED

					
	 	 	 	 	 	 	 By
	 	 
	 	 	 	 	 	 	 	 	 

  

 F-1 

 EXHIBIT G 
  

NOTICE OF CHANGE IN AUCTION DATE 
  
 EDUCATION LOANS INCORPORATED 
 STUDENT LOAN
ASSET-BACKED NOTES 
 SENIOR SERIES 2004-C[1][2][3][4][5] 
 [SUBORDINATE SERIES 2004-D] 
  
 Notice is hereby give by RBC Dain Rauscher Inc., as Market Agent for the Notes identified above, that, with respect to such Notes, the Auction Date is hereby changed as follows: 
  
 1. With respect to such Notes, the definition of “Auction Date” shall be deemed amended by substituting
“                     (number) Business Day” in the third and fourth lines thereof and by substituting
“                     (number) Business Days” for “two (2) Business Days” in subsection (d) thereof. 
  
 2. This change shall take effect on
                    , which shall be the Auction Date for the Auction Period commencing on
                    . 
  
 3. The Auction Date for such Notes shall be subject to further change hereafter as provided in the First Supplemental Indenture of Trust relating to such
Notes (the “First Supplemental Indenture”). 
  
 Terms
used herein have the meanings set forth in the First Supplemental Indenture. 
  

									
	 Dated:
                                        
                            
	 	 	 	 RBC DAIN RAUSCHER INC., as
Market Agent

					
	 	 	 	 	 	 	 By
	 	 
	 	 	 	 	 	 	 	 	 

  

 G-1 

 EXHIBIT H-1 
  
 [List of EdLinc Student Loan Purchase Agreements] 
  

 H-1-1 

 EXHIBIT H-2 
  
 [List of GOAL Funding II Student Loan Purchase Agreements] 
  

 H-2-1Auction Agent Agreement

 Exhibit 4.3 

  
 AUCTION AGENT AGREEMENT 
  
 by and among 
  
 EDUCATION LOANS INCORPORATED, 
 as Issuer, 
  
 U.S. BANK NATIONAL ASSOCIATION, 
 as Trustee, 
  
 and 
  
 DEUTSCHE BANK TRUST COMPANY AMERICAS, 
 as Auction Agent 
  

  
 Dated as of August 1, 2004 
  

  
 Relating to 
  
 $431,500,000 
 EDUCATION LOANS INCORPORATED 
 STUDENT
LOAN ASSET-BACKED NOTES 
 SENIOR SERIES 2004-C1, C2, C3, C4 and C5 
 SUBORDINATE SERIES 2004-D 
  

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page

			
	 Section 1.
	 	Definitions and Rules of Construction	  	2
	 1.1
	 	Terms Defined by Reference to First Supplemental Indenture	  	2
	 1.2
	 	Terms Defined Herein	  	2
	 1.3
	 	Rules of Construction	  	3
			
	 Section 2.
	 	The Auction	  	4
	 2.1
	 	Interest Rate on Series 2004–C/D Notes; Incorporation by Reference of Auction Procedures and Settlement Procedures	  	4
	 2.2
	 	Preparation of Each Auction; Maintenance of Existing Holder Registry	  	4
	 2.3
	 	All Hold Rates, Maximum Auction Rates, Net Loan Rate, One-Month LIBOR and Three-Month LIBOR	  	7
	 2.4
	 	Auction Schedule	  	7
	 2.5
	 	Changes in Auction Periods or Auction Date	  	8
	 2.6
	 	Notice of Fee Rate Change	  	9
	 2.7
	 	Notices to Existing Holders	  	9
	 2.8
	 	Payment Default	  	9
	 2.9
	 	Broker-Dealers	  	10
	 2.10
	 	Access to and Maintenance of Auction Records	  	10
			
	 Section 3.
	 	Term of Agreement	  	10
			
	 Section 4.
	 	Trustee	  	11
			
	 Section 5.
	 	Representations and Warranties of the Trustee	  	11
			
	 Section 6.
	 	The Auction Agent	  	12
	 6.1
	 	Duties and Responsibilities	  	12
	 6.2
	 	Rights of the Auction Agent	  	12
	 6.3
	 	Auction Agent’s Disclaimer	  	13
	 6.4
	 	Compensation, Remedies and Indemnification	  	13
	 6.5
	 	Compensation of the Broker-Dealers	  	14
			
	 Section 7.
	 	Miscellaneous	  	15
	 7.1
	 	Governing Law	  	15
	 7.2
	 	Communications	  	15
	 7.3
	 	Entire Agreement	  	16
	 7.4
	 	Benefits	  	16
	 7.5
	 	Amendment; Waiver	  	16
	 7.6
	 	Successors and Assigns	  	16
	 7.7
	 	Severability	  	16
	 7.8
	 	Execution in Counterparts	  	16

  

 -i- 

			
	Exhibits

	 	 
	Exhibit A	 	— List of Initial Broker-Dealers for the Series 2004-C/D Notes
	Exhibit B	 	— Broker-Dealer Agreement
	Exhibit C	 	— Notice of Ratings
	Exhibit D	 	— Notice of Series 2004-C/D Notes Outstanding
	Exhibit E	 	— Notice of Fee Rate Change
	Exhibit F	 	— Notice of a Payment Default
	Exhibit G	 	— Settlement Procedures
	Exhibit H	 	— Notice of Continuation of Auction Period
	Exhibit I	 	— Notice of Series 2004-C/D Note Auction Rate

  

 -ii- 

 THIS AUCTION AGENT AGREEMENT, dated as of August 1, 2004 (this “Auction Agent Agreement”), is
being entered into by and among EDUCATION LOANS INCORPORATED, a Delaware corporation (together with any successors or assigns, the “Issuer”), U.S. BANK NATIONAL ASSOCIATION, Minneapolis, Minnesota, a national banking association duly
established and existing under the laws of the United States of America, as Trustee (together with any successors or assigns, the “Trustee”) under a certain First Supplemental Indenture of Trust, as hereinafter defined and described, and
DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation (together with its successors and assigns, the “Auction Agent”), acting not in its individual capacity but solely as agent for the Issuer. 
  
 W I T N E S S E T H: 
  
 WHEREAS, the Issuer proposes to cause the Trustee to authenticate and deliver
$431,500,000 aggregate principal amount of its Student Loan Asset-Backed Notes, Senior Series 2004-C and Subordinate Series 2004-D, consisting of six series designated Student Loan Asset-Backed Notes, Senior Series 2004-C1 (the “Series 2004-C1
Notes”), Student Loan Asset-Backed Notes, Senior Series 2004-C2 (the “Series 2004-C2 Notes”), Student Loan Asset-Backed Notes, Senior Series 2004-C3 (the “Series 2004-C3 Notes”), Student Loan Asset-Backed Notes, Senior
Series 2004-C4 (the “Series 2004-C4 Notes”), Student Loan Asset-Backed Notes, Senior Series 2004-C5 (the “Series 2004-C5 Notes”), and Student Loan Asset-Backed Notes, Subordinate Series 2004-D (the “Series 2004-D Notes”
and, together with the Series 2004-C1 Notes, the Series 2004-C2 Notes, the Series 2004-C3 Notes, the Series 2004-C4 Notes and the Series 2004-C5 Notes, the “Series 2004-C/D Notes”). The Series 2004-C/D Notes are being issued under the
First Supplemental Indenture of Trust, dated as of August 1, 2004 (the “First Supplemental Indenture”), by and between the Issuer and the Trustee and executed pursuant to an Indenture of Trust, dated as of August 1, 2004 (as amended and
supplemented, the “Original Indenture”), by and between the Trustee and the Issuer; and 
  
 WHEREAS, pursuant to Section 8 of the First Supplemental Indenture, the Auction Agent has been appointed to act in the capacities set forth in this
Auction Agent Agreement; and 
  
 WHEREAS, the Trustee is entering
into this Auction Agent Agreement at the direction of the Issuer pursuant to the terms of the First Supplemental Indenture; 
  

 NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, the Issuer,
the Trustee and the Auction Agent agree as follows: 
  
 Section
1. Definitions and Rules of Construction. 
  
 1.1
Terms Defined by Reference to First Supplemental Indenture. Capitalized terms used herein and not otherwise defined herein shall have the meanings given such terms in the First Supplemental Indenture. 
  
 1.2 Terms Defined Herein. As used herein and in the Settlement
Procedures (as defined below), the following terms shall have the following meanings, unless the context otherwise requires: 
  
 “Auction” shall have the meaning specified in Section 2.1 hereof. 
  
 “Auction Agent Fee” shall have meaning specified in Section 6.4(b) hereof. 
  
 “Auction Agent Fee Payment Date” shall mean each July 1, October 1,
January 1 and March 1, commencing October 1, 2004. 
  
 “Auction Agent Fee Rate” shall mean the rate per annum determined pursuant to Section 6.4(b) hereof, as the same may be changed from time to time in accordance with Section 6.4(b) hereof, at which the fee to be paid to the Auction
Agent for services rendered by it hereunder and under the Broker-Dealer Agreements accrues pursuant to Section 6.4(b) hereof. 
  
 “Auction Procedures” shall mean the provisions that are set forth in Sections 4 through 11, inclusive, of the First Supplemental Indenture.

  
 “Authorized Auction Agent Officer” shall mean, with
respect to the Auction Agent, each Managing Director, Vice President, Assistant Vice President and Associate of the Auction Agent and every other officer of the Auction Agent assigned to its Trust & Securities Services Group and every other
officer or employee of the Auction Agent designated as an “Authorized Auction Agent Officer” for purposes hereof in a communication to the Trustee and the Issuer. 
  
 “Authorized Issuer Officer” shall mean, with respect to the Issuer, the Chairman of the Board of Directors, the
President, any Vice President or the Secretary of the Issuer or any other person designated in writing by the Board of Directors of the Issuer to the Auction Agent from time to time, which writing may limit the functions which such other person may
undertake as an Authorized Issuer Officer hereunder. 
  
 “Authorized Trustee Representative” shall mean each Vice President, Assistant Vice President or Trust Officer in the Corporate Trust Department of the Trustee and every other officer or employee of the Trustee designated as an
“Authorized Trustee Representative” for purposes hereof in a written communication to the Auction Agent and the Issuer. 
  
 “Broker-Dealer” shall mean a Person listed on Exhibit A hereto, as such Exhibit A may be amended from time to time. 
  
 “Broker-Dealer Agreement” shall mean each agreement between the
Auction Agent and a Broker-Dealer substantially in the form attached hereto as Exhibit B. 
  

 -2- 

 “Broker-Dealer Fee” shall have the meaning specified in Section 6.5(a) hereof. 
  
 “Broker-Dealer Fee Rate” shall have the meaning specified in
Section 6.5(b) hereof. 
  
 “Business Day” shall mean a
day of the year on which (i) banks located in the city in which the Principal Office of the Trustee is located are not required or authorized to remain closed, (ii) banks located in the city in which the Principal Office of the Auction Agent, as set
forth in Section 7.2 hereof, is located are not required or authorized to remain closed, (iii) banks located in the city in which the Principal Office of each Broker-Dealer, as set forth in and for purposes of the applicable Broker-Dealer Agreement,
is located are not required or authorized to remain closed and (iv) The New York Stock Exchange is not closed. 
  
 “Existing Holder Registry” shall mean the register maintained by the Auction Agent pursuant to Section 2.2 hereof. 
  
 “Notice of Failure to Deliver or Make Payment” shall mean a notice
substantially in the form of Exhibit D to the Broker-Dealer Agreement. 
  
 “Notice of Fee Rate Change” shall mean a notice substantially in the form of Exhibit E hereof. 
  
 “Notice of Payment Default” shall mean a notice substantially in the form of Exhibit F hereto. 
  
 “Notice of Ratings” shall mean a notice substantially in the form
of Exhibit C hereto. 
  
 “Notice of Series 2004-C/D Notes
Outstanding” shall mean a notice substantially in the form of Exhibit D hereto. 
  
 “Notice of Transfer” shall mean a notice substantially in the form of Exhibit C to the Broker-Dealer Agreement. 
  
 “Participant” shall mean a member of, or participant in, the Securities Depository. 
  
 “Settlement Procedures” shall mean the Settlement Procedures
attached as Exhibit G hereto. 
  
 1.3 Rules of
Construction. Unless the context or use indicates another or different meaning or intent, the following rules shall apply to the construction of this Auction Agent Agreement: 
  
 (a) Words importing the singular number shall include the plural number and vice versa. 
  
 (b) The captions and headings herein are solely for
convenience of reference and shall not constitute a part of this Auction Agent Agreement nor shall they affect its meaning, construction or effect. 
  

 -3- 

 (c) The words “hereof,” “herein,” “hereto” and other words
of similar import refer to this Auction Agent Agreement as a whole. 
  
 (d) All references herein to a particular time of day shall be to New York City time. 
  
 (e) The rights and duties of the Trustee, the Auction Agent and the Issuer under this Auction Agent Agreement shall apply to the Series
2004-C1 Notes, the Series 2004-C2 Notes, the Series 2004-C3 Notes, the Series 2004-C4 Notes, the Series 2004-C5 Notes and the Series 2004-D Notes, but separately in each case. References to “Series 2004-C/DNotes” shall, unless the context
clearly contemplates a reference to all the Series 2004-C/D Notes, be deemed to refer only to a particular series of Series 2004-C/D Notes. 
  
 Section 2. The Auction. 
  
 2.1 Interest Rate on Series 2004-C/D Notes; Incorporation by Reference of Auction Procedures and Settlement Procedures. 
  
 (a) During the Initial Interest Period, each of the Series
2004-C1 Notes, the Series 2004-C2 Notes, the Series 2004-C3 Notes, the Series 2004-C4 Notes, the Series 2004-C5 Notes and the Series 2004-D Notes shall bear interest at the Series 2004-C/D Note Initial Interest Rate for such series. Thereafter, the
Series 2004-C/D Notes shall bear interest at the Series 2004-C/D Note Interest Rate based on an Interest Period that shall be an Auction Period. The Series 2004-C/D Note Auction Rate on each series of the Series 2004-C/D Notes for each Auction
Period shall be the lesser of (i) the Net Loan Rate and (ii) the Auction Rate determined in accordance with Sections 3 through 12 of the First Supplemental Indenture (not to exceed 18% per annum). Pursuant to Section 8 of the First Supplemental
Indenture, the Issuer has duly appointed Deutsche Bank Trust Company Americas as Auction Agent for purposes of the Auction Procedures and to perform such other obligations and duties as are herein set forth. Deutsche Bank Trust Company Americas
hereby accepts such appointment and agrees that, on each Auction Date, it shall follow the procedures set forth in this Section 2 and the Auction Procedures for the purpose of, among other things, determining the Auction Rate, and ultimately the
Series 2004-C/D Note Auction Rate for each series of the Series 2004-C/D Notes for each Auction Period other than the Initial Interest Period. Each periodic operation of such procedures is hereinafter referred to as an “Auction.”

  
 (b) All of the provisions contained in the
Auction Procedures and the Settlement Procedures are incorporated herein by reference in their entirety and shall be deemed to be a part hereof to the same extent as if such provisions were fully set forth herein. 
  
 2.2 Preparation of Each Auction; Maintenance of Existing Holder
Registry. 
  
 (a) A list of Broker-Dealers
with respect to the Series 2004-C/D Notes (showing RBC Dain Rauscher Inc. as the sole initial Broker-Dealer) is attached as Exhibit A to this Auction Agent Agreement. Not later than seven days prior to any 

  

 -4- 

 
Auction Date for which any change in such list of Broker-Dealers is to be effective, the Trustee, at the direction of an Authorized Issuer Officer, will
notify the Auction Agent in writing of such change and, if any such change is the addition of a Broker-Dealer to such list, shall cause to be delivered to the Auction Agent for execution by the Auction Agent a Broker-Dealer Agreement manually signed
by such Broker-Dealer. The Auction Agent shall have entered into a Broker-Dealer Agreement with each Broker-Dealer prior to the participation of any such Broker-Dealer in any Auction. 
  
 (b) In the event that any day that is scheduled to be an Auction Date shall be changed after the Auction
Agent shall have given the notice of such Auction Date pursuant to clause (vii) of paragraph (a) of the Settlement Procedures, the Auction Agent, by such means as the Auction Agent deems practicable, shall give notice of such change to the
Broker-Dealers not later than the earlier of 9:15 a.m., New York City time, on the new Auction Date and 9:15 a.m., New York City time, on the old Auction Date. 
  

(c) (i) The Auction Agent shall maintain a current registry of Persons that are Broker-Dealers, compiled initially on the Closing Date
as described below, and that hold Series 2004-C/D Notes, for purposes of dealing with the Auction Agent in connection with an Auction (such registry being herein called the “Existing Holder Registry”). Such Persons shall constitute the
“Existing Holders” for purposes of dealing with the Auction Agent in connection with an Auction. The Auction Agent shall indicate in the Existing Holder Registry for each Existing Holder the identity of the Broker-Dealer which submitted
the most recent Order in any Auction which resulted in such Existing Holder continuing to hold or purchasing the Series 2004-C/D Notes. Pursuant to its Broker-Dealer Agreement, RBC Dain Rauscher Inc., as the sole initial Broker-Dealer with respect
to the Series 2004-C/D Notes, has agreed to provide to the Auction Agent on the Closing Date the names and addresses of the Persons who are to be initially listed on the Existing Holder Registry as constituting the initial Existing Holders of Series
2004-C/D Notes for purposes of dealing with the Auction Agent in connection with an Auction. The Auction Agent may rely upon, as evidence of the identities of the Existing Holders, such list, the results of each Auction and notices from any Existing
Holder, Participant of any Existing Holder or Broker-Dealer of any Existing Holder as described in Section 2.2(c)(iii) hereof. 
  
 (ii) The Trustee shall notify the Auction Agent when any notice of redemption is sent to the Securities Depository as the Holder of Series
2004-C/D Notes not later than 11:00 a.m., New York City time, on the date such notice is sent. Such notice with respect to a redemption shall be substantially in the form of Exhibit D hereto, Notice of Series 2004-C/D Notes Outstanding. In the event
the Auction Agent receives from the Trustee written notice of any partial redemption of any Series 2004-C/D Notes, the Auction Agent shall, at least two Business Days prior to the next Auction, request each Participant to disclose to the Auction
Agent (upon selection by such Participant of the Existing Holders whose Series 2004-C/D Notes are to be redeemed) the aggregate principal amount of such Series 2004-C/D Notes of each such Existing Holder, if any, which are to be redeemed; provided
the Auction Agent has been furnished with the name and 
  

 -5- 

 
telephone number of a person or department at such Participant from which it is to request such information. In the absence of receiving any such information
with respect to any Existing Holder, from such Existing Holder’s Participant or otherwise, the Auction Agent may continue to treat such Existing Holder as the beneficial owner of the principal amount of Series 2004-C/D Notes shown in the
Existing Holder Registry. 
  
 (iii) The Auction
Agent shall be required to register in the Existing Holder Registry a transfer of Series 2004-C/D Notes from an Existing Holder to another Person only if such transfer is made to a Person through a Broker-Dealer and if (A) such transfer is pursuant
to an Auction or (B) the Auction Agent has been notified in writing (1) in a notice substantially in the form of a Notice of Transfer by such Existing Holder, by the Participant of such Existing Holder or by the Broker-Dealer of such Existing Holder
of such transfer, or (2) in a notice substantially in the form of a Notice of Failure to Deliver or Make Payment by the Broker-Dealer of any Person that purchased or sold Series 2004-C/D Notes in an Auction of the failure of such Series 2004-C/D
Notes to be transferred as a result of the Auction. The Auction Agent is not required to accept any Notice of Transfer or Notice of Failure to Deliver or Make Payment delivered prior to an Auction unless it is received by the Auction Agent by 3:00
p.m., New York City time, on the Business Day next preceding the applicable Auction Date. 
  
 (d) The Auction Agent may request that the Broker-Dealers, as set forth in the Broker-Dealer Agreements, provide the Auction Agent with
the aggregate principal amount of Series 2004-C/D Notes held by such Broker-Dealers for purposes of the Existing Holder Registry, as well as with a list of their respective customers that such Broker-Dealers believe are Existing Holders of the
Series 2004-C/D Notes and the aggregate principal amount of Series 2004-C/D Notes beneficially owned by each such customer. Except as permitted by Section 2.10 hereof, the Auction Agent shall keep confidential any such information and shall not
disclose any such information so provided to any person other than the relevant Broker-Dealer, the Issuer and the Trustee, provided that the Auction Agent reserves the right to disclose any such information if it is advised by its counsel that its
failure to do so would be unlawful or would expose the Auction Agent to liability, claim or damage for which the Auction Agent has not previously received indemnity reasonably satisfactory to it. The Auction Agent shall notify the Issuer, the
Trustee and each Broker-Dealer promptly upon receipt of any request or demand to disclose such information and shall cooperate with any party seeking a protective order or similar relief. 
  
 (e) The Auction Agent shall send by telecopy or other means
a copy of any Notice of Series 2004-C/D Notes Outstanding received from the Trustee to each Broker-Dealer in accordance with Section 4.3 of the applicable Broker-Dealer Agreement. 
  

 -6- 

 2.3 All Hold Rates, Maximum Auction Rates, Net Loan Rate, One-Month LIBOR and Three-Month LIBOR.

  
 (a) On each Auction Date, the Auction Agent
shall determine the All Hold Rate, the Maximum Auction Rate and One-Month LIBOR or Three-Month LIBOR, as the case may be. The Net Loan Rate with respect to each Auction Date shall be determined and written notice thereof given to the Auction Agent
in accordance with Section 6 of the First Supplemental Indenture. Not later than 9:30 a.m., New York City time, on each Auction Date, the Auction Agent shall notify the Trustee and the Broker-Dealers of the All Hold Rate, the Maximum Auction Rate,
the Net Loan Rate and One-Month LIBOR or Three-Month LIBOR, as the case may be, so determined. On or within three Business Days after the Closing Date, the Issuer shall give written notice to the Auction Agent of the initial ratings on the Series
2004-C/D Notes by Moody’s and Fitch substantially in the form of the Notice of Ratings. Thereafter, if there is a change in one or both of such ratings, the Issuer shall give written notice to the Auction Agent substantially in the form of the
Notice of Ratings within three Business Days of its receipt of notice of such change, but not later than the close of business on the Business Day immediately preceding an Auction Date if the Issuer has received written notice of such change in a
rating or ratings prior to 12:00 noon, New York City time, on such Business Day, and the Auction Agent shall take into account such change in rating or ratings for purposes hereof and any Auction so long as such Notice of Ratings is received by the
Auction Agent no later than the close of business on such Business Day. 
  
 (b) (i) If, on any Auction Date for an Auction Period, an Auction is not held for any reason, then the Series 2004-C/D Note Auction Rate for the next succeeding Auction Period shall be the Net Loan Rate. 

 
 (ii) If the ownership of the Series 2004-C/D Notes is no
longer maintained in Book-Entry Form by the Securities Depository, no further Auctions shall be held and the Series 2004-C/D Note Auction Rate for each Interest Period commencing after the delivery of certificated Series 2004-C/D Notes pursuant to
Section 17 of the First Supplemental Indenture shall equal the lesser of the Net Loan Rate and the Maximum Auction Rate as determined by the Trustee on the Business Day immediately preceding the first day of such subsequent Interest Period as
provided in Section 3 of the First Supplemental Indenture. 
  
 (iii) If a Payment Default shall have occurred with respect to a series of Series 2004-C/D Notes, the Series 2004-C/D Note Auction Rate with respect to such series for each Interest Period commencing on or immediately
after the occurrence of such Payment Default, and for each Interest Period thereafter, to and including the Interest Period, if any, during which, or commencing less than two Business Days after, such Payment Default is cured, shall equal the
Non-Payment Rate, as determined by the Trustee on the first day of such Interest Period as provided in Section 3 of the First Supplemental Indenture. The Series 2004-C/D Note Auction Rate for each Interest Period commencing at least two Business
Days after any cure of a Payment Default shall be determined through implementation of the Auction Procedures. 
  
 2.4 Auction Schedule. The Auction Agent shall conduct Auctions on the Auction Date in accordance with the schedule set forth below. Such schedule
may be changed by the 

  

 -7- 

 
Auction Agent with the consent of the Trustee and the Market Agent, which consent shall not be unreasonably withheld or delayed. The Auction Agent shall give
notice pursuant to Section 4.3 of the applicable Broker-Dealer Agreement of any such change to each Broker-Dealer. Such notice shall be given prior to the first Auction Date on which any such change shall be effective. 
  

			
		
	By 9:30 a.m.	 	The Auction Agent advises the Trustee and the Broker-Dealers of the Maximum Auction Rate, the All Hold Rate, the Net Loan Rate and One-Month LIBOR or Three-Month LIBOR, as the case may be, to be
used in determining the Auction Rate under the Auction Procedures, the First Supplemental Indenture and this Auction Agent Agreement.
		
	9:30 a.m.-12:30 p.m.	 	The Auction Agent assembles information communicated to it by Broker-Dealers as provided in Section 4(c)(i) of the First Supplemental Indenture. The Submission Deadline is 12:30 p.m., New York
City time.
		
	 Not earlier than
 12:30 p.m.
	 	The Auction Agent makes the determination pursuant to Section 4(c)(i) of the First Supplemental Indenture. Submitted Bids and Submitted Sell Orders are accepted and rejected in whole or in part
and principal amount of Series 2004-C/D Notes is allocated as provided in Section 4(d) of the First Supplemental Indenture.
		
	 By approximately
 3:00 p.m.1/ or
 4:00 p.m.2/
	 	The Auction Agent advises the Trustee and the Broker-Dealers of the results of the Auction as provided in Section 4(c)(ii) of the First Supplemental Indenture.

	1/	If the Series 2004-C/D Note Auction Rate is the Auction Rate.  

  

	2/	If the Series 2004-C/D Note Auction Rate is the Net Loan Rate. 

  

The Auction Agent shall follow the notification procedures set forth in paragraph (a) of the Settlement Procedures. 
  
 2.5 Changes in Auction Periods or Auction Date. 
  
 (a) Changes in Auction Period or Periods. 

 
 (i) The Auction Agent shall deliver any notice delivered
to it pursuant to Section 10(a) of the First Supplemental Indenture to the Existing Holders within two Business Days of its receipt thereof. 
  

 -8- 

 (ii) The Auction Agent shall deliver any certificate delivered to it pursuant to Section
10(c) of the First Supplemental Indenture to the Broker-Dealers not later than 3:00 p.m., New York City time, on the last Business Day preceding the next Auction Date by telecopy or similar means. 
  
 (iii) If, after delivery to the Auction Agent of the notice
referred to in Section 10(a) of the First Supplemental Indenture, the Auction Agent fails to receive the certificate referred to in Section 10(c) of the First Supplemental Indenture by 11:00 a.m., New York City time, on the last Business Day
preceding the next Auction Date, the Auction Agent shall deliver a notice of such failure in substantially the form of Exhibit H hereto to the Broker-Dealers not later than 3:00 p.m., New York City time, on such Business Day by telecopy or other
similar means. 
  
 (iv) If, after delivery to the
Auction Agent of the notice referred to in Section 10(a) and the certificate referred to in Section 10(c) of the First Supplemental Indenture, Sufficient Bids are not received by the Auction Agent by the Submission Deadline, the Auction Agent shall
notify the Broker-Dealers not later than 3:00 p.m., New York City time, on such Auction Date by telephone confirmed in writing in substantially the form of Exhibit I hereto the next Business Day. 
  
 (b) Changes in Auction Date. The Auction Agent shall
deliver any notice delivered to it pursuant to Section 11 of the First Supplemental Indenture to the Broker-Dealers within three Business Days of its receipt thereof. 
  
 2.6 Notice of Fee Rate Change. If the Auction Agent Fee Rate is changed pursuant to the provisions of Section 6.4(b)
hereof or the Broker-Dealer Fee Rate is changed pursuant to the provisions of 6.5(b) hereof, the Auction Agent shall deliver a Notice of Fee Rate Change (i) to the Trustee with respect to a change in the Auction Agent Fee Rate and the Broker-Dealer
Fee Rate and (ii) to the Broker-Dealers with respect to a change in the Broker-Dealer Fee Rate, in each case within two Business Days of such change. 
  
 2.7 Notices to Existing Holders. The Auction Agent shall be entitled to rely upon the address of each Broker-Dealer as provided in Section 4.3 of
the applicable Broker-Dealer Agreement in connection with any notice to each Broker-Dealer, as an Existing Holder, required to be given by the Auction Agent. 
  
 2.8 Payment Default. 
  
 (a) After delivery by the Trustee to the Auction Agent of a notice that a Payment Default shall have occurred, the Auction Agent shall, on
the Business Day following its receipt of the same, deliver a Notice of Payment Default to the Broker-Dealers by telecopy or other similar means. 
  
 (b) The Auction Agent shall deliver a copy of any notice received by it from the Trustee to the effect that a Payment Default has been
cured to the Broker-Dealers on the Business Day following its receipt of the same by telecopy or other similar means. 
  

 -9- 

 2.9 Broker-Dealers. 
  
 (a) If the Auction Agent is provided with a copy of a Broker-Dealer Agreement, which has been manually
signed, with any person listed on Exhibit A hereto to which the Trustee, at the direction of an Authorized Issuer Officer, shall have consented, it shall enter into such Broker-Dealer Agreement with such person. The Issuer hereby directs the Trustee
to consent to RBC Dain Rauscher Inc. as the sole initial Broker-Dealer with respect to the Series 2004-C/D Notes. 
  
 (b) The Auction Agent may, at the written direction of an Authorized Issuer Officer, and with the approval of RBC Dain Rauscher Inc., so
long as RBC Dain Rauscher Inc. is acting as a Broker-Dealer with respect to such series, enter into a Broker-Dealer Agreement with respect to one or more series of the Series 2004-C/D Notes with any other person who requests to be selected to act as
a Broker-Dealer. The Auction Agent shall have entered into a Broker-Dealer Agreement with each Broker-Dealer prior to the participation of any such Broker-Dealer in any Auction. 
  
 (c) The Auction Agent shall terminate any Broker-Dealer Agreement as set forth therein at the direction of
an Authorized Issuer Officer. 
  
 2.10 Access to and
Maintenance of Auction Records. The Auction Agent shall afford to the Trustee, the Issuer and their respective agents, independent public accountants and counsel access, at reasonable times during normal business hours, to review and make
extracts or copies (at no cost to the Auction Agent) of all books, records, documents and other information concerning the conduct and results of Auctions, provided that any such agent, accountant or counsel shall furnish the Auction Agent with a
letter from the Trustee or the Issuer requesting that the Auction Agent afford such person access. The Auction Agent shall maintain records relating to any Auction for a period of two years after such Auction (or for such longer period requested by
the Trustee or the Issuer, not to exceed four years after each Auction), and such records shall, in reasonable detail, accurately and fairly reflect the actions taken by the Auction Agent hereunder. At the end of such period, the Auction Agent
shall, upon receipt of written request therefor, deliver such records to the Trustee. The Trustee and the Issuer agree to keep any information regarding the conduct and results of the Auctions, including, without limitation, information regarding
customers of any Broker-Dealer, received from the Auction Agent in connection with this Auction Agent Agreement confidential and shall not disclose such information or permit the disclosure of such information without the prior written consent of
the applicable Broker-Dealer to anyone except such agent, accountant or counsel engaged to audit or review the results of Auctions as permitted by this Section 2.10. Any such agent, accountant or counsel, before having access to such information,
shall agree to keep such information confidential and not to disclose such information or permit disclosure of such information without the prior written consent of the applicable Broker-Dealer, except as may otherwise be required by law.

  
 Section 3. Term of Agreement. 
  
 (a) This Auction Agent Agreement shall terminate on the
earlier to occur of (i) the satisfaction and discharge of the First Supplemental Indenture with respect to the 

  

 -10- 

 
Series 2004-C/D Notes or this Auction Agent Agreement and (ii) the date on which this Auction Agent Agreement is terminated in accordance with this Section
3. The Trustee may terminate this Auction Agent Agreement in accordance with Section 8(a) of the First Supplemental Indenture. The Auction Agent may terminate this Auction Agent Agreement upon written notice to the Trustee, the Issuer and the Market
Agent on the date specified in such notice, which date shall be no earlier than 90 days after the date of delivery of such notice. Notwithstanding the foregoing, the provisions of Section 2 hereof shall terminate upon the delivery of certificates
representing Series 2004-C/D Notes pursuant to Section 17 of the First Supplemental Indenture. Notwithstanding the foregoing, the Auction Agent may terminate this Agreement without further notice if, within 25 days after notifying in writing the
Trustee, the Issuer and the Market Agent that it has not received payment of any Auction Agent Fee due it in accordance with the terms hereof, the Auction Agent does not receive such payment. Any resignation of the Auction Agent or termination of
this Auction Agent Agreement, other than as described in the preceding sentence of this paragraph, shall not become effective until a successor Auction Agent has been appointed and acceptance of such appointment by such successor Auction Agent. The
Issuer and the Trustee agree to diligently proceed to appoint a successor Auction Agent. However, if a successor Auction Agent shall not have been appointed within 60 days from the date of such notice of resignation, the resigning Auction Agent may
petition any court of competent jurisdiction for the appointment of a successor Auction Agent. 
  
 (b) Except as otherwise provided in this Section 3(b), the respective rights and duties of the Trustee, the Issuer and the Auction Agent
under this Auction Agent Agreement shall cease upon termination of this Auction Agent Agreement. The Trustee’s representations and warranties to the Auction Agent under Section 5 hereof, and the Issuer’s obligations to the Auction Agent
under Section 6.4 hereof and to the Broker-Dealers under Section 6.5 hereof, shall survive the termination of this Auction Agent Agreement subject to Section 4 hereof. Upon termination of this Auction Agent Agreement, the Auction Agent shall, upon
request, promptly deliver to the Trustee copies of all books and records maintained by it with respect to Series 2004-C/D Notes in connection with its duties hereunder. 
  
 Section 4. Trustee. All privileges, rights and immunities given to the Trustee in the First Supplemental Indenture
are hereby extended to and applicable to the Trustee’s obligations hereunder. 
  
 Section 5. Representations and Warranties of the Trustee. The Trustee hereby represents and warrants to the Auction Agent and the Issuer as follows: 
  
 5.1 The Trustee (i) has been duly incorporated and is validly existing and in good standing as a national banking
association under the laws of the United States, and (ii) has all necessary authority, approvals, consents (whether from the Issuer or otherwise) to enter into and perform its obligations under this Auction Agent Agreement. This Auction Agent
Agreement has been duly and validly authorized, executed and delivered by the Trustee and constitutes the legal, valid, binding and enforceable obligation of the Trustee. 
  

 -11- 

 5.2 Neither the execution, delivery and performance of this Auction Agent Agreement, the consummation of
the transactions contemplated hereby nor the fulfillment of or compliance with the terms and conditions of this Auction Agent Agreement will conflict with, violate or result in a breach of, the terms, conditions or provisions of, or constitute a
default under, any law or regulation, any order or decree of any court or public authority having jurisdiction over the Trustee, or any mortgage, indenture, contract, agreement or undertaking to which the Trustee is a party or by which it is bound,
or the organizational documents pursuant to which the Trustee has been created and under which it is operating. 
  
 5.3 All approvals, consents and orders of any governmental authority, legislative body, board, agency or commission having jurisdiction over the Trustee
which would constitute a condition precedent to or the absence of which would materially adversely affect the due performance by the Trustee of its obligations under this Auction Agent Agreement have been obtained. 
  
 Section 6. The Auction Agent. 
  
 6.1 Duties and Responsibilities. 
  
 (a) The Auction Agent is acting solely as agent of the
Issuer and owes no fiduciary duties to any person (other than the Issuer) by reason of this Auction Agent Agreement. The Auction Agent undertakes to perform such duties and only such duties as are specifically set forth in this Auction Agent
Agreement, and no implied covenants or obligations shall be read into this Auction Agent Agreement by means of the provisions of the First Supplemental Indenture or otherwise against the Auction Agent. 
  
 (b) In the absence of bad faith or negligence on its part,
the Auction Agent shall not be liable for any action taken, suffered or omitted or for any error of judgment made by it in the performance of its duties under this Auction Agent Agreement. The Auction Agent shall not be liable for any error of
judgment made in good faith unless the Auction Agent shall have been negligent in ascertaining the pertinent facts. 
  
 (c) The Auction Agent shall not agree to any amendment to a Broker-Dealer Agreement without the prior written consent of the Issuer, which
consent shall not be unreasonably withheld. 
  
 6.2 Rights of
the Auction Agent. 
  
 (a) The Auction Agent
may rely and shall be protected in acting or refraining from acting upon any communication authorized hereby and upon any written instruction, notice, request, direction, consent, report, certificate, form of bond certificate or other instrument,
paper or document believed by it to be genuine. The Auction Agent shall not be liable for acting upon any telephone communication authorized hereby which the Auction Agent believes in good faith to have been given by the Trustee or by a
Broker-Dealer. The Auction Agent may record telephone communications with the Trustee or with Broker-Dealers or both. 
  

 -12- 

 (b) The Auction Agent may consult with counsel of its choice, and the advice of such
counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 
  
 (c) The Auction Agent shall not be required to advance, expend or risk its own funds or otherwise incur or
become exposed to financial liability in the performance of its duties hereunder. 
  
 (d) The Auction Agent may perform its duties and exercise its rights hereunder either directly or by or through agents or attorneys and
shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed by it with due care hereunder. 
  
 6.3 Auction Agent’s Disclaimer. The Auction Agent makes no representation as to the correctness of the recitals in this Auction Agent
Agreement or the Broker-Dealer Agreement or the validity or adequacy of the Series 2004-C/D Notes. 
  
 6.4 Compensation, Remedies and Indemnification. 
  
 (a) With respect to each series of Series 2004-C/D Notes, not later than 12:00 noon, New York City time, on October 1, 2004, the Issuer,
pursuant to Section 5(b) of the First Supplemental Indenture, shall pay in arrears to the Auction Agent, solely from moneys available therefor in the Administration Fund, an amount in cash equal to the product of (i) the Auction Agent Fee Rate times
(ii) a fraction, the numerator of which is the number of days from the Closing Date to October 1, 2004 (or, if such series of Series 2004-C/D Notes ceased to be outstanding prior to October 1, 2004, the date on which such series ceased to be
outstanding) and the denominator of which is 360, times (iii) the aggregate principal amount of Series 2004-C/D Notes of such series on the date of original issuance of the Series 2004-C/D Notes. 
  
 (b) With respect to each series of Series 2004-C/D Notes any
of which were outstanding on each Auction Agent Fee Payment Date, not later than 12:00 noon, New York City time, on such Auction Agent Fee Payment Date, the Issuer, pursuant to Section 5(b) of the First Supplemental Indenture, shall pay in advance
to the Auction Agent, solely from moneys available therefor in the Administration Fund, an amount in cash equal to the product of (i) one-quarter of the Auction Agent Fee Rate times (ii) the principal amount of Series 2004-C/D Notes of such series
outstanding on such Auction Agent Fee Payment Date (together with the fee described in Section 6.4(a), the “Auction Agent Fee”). The Auction Agent Fee Rate may be adjusted from time to time with the approval of an Authorized Issuer Officer
upon a written request of the Auction Agent delivered to the Trustee and the Issuer. The Initial Auction Agent Fee Rate shall be .015%. Any change in the Auction Agent Fee Rate shall be effective on the Auction Agent Fee Payment Date next succeeding
such change. 
  
 (c) The Issuer shall reimburse
the Auction Agent, upon its request, for all reasonable expenses, disbursements and advances, if any, incurred or made by the Auction Agent in accordance with any provision of this Auction Agent Agreement or the 

  

 -13- 

 
Broker-Dealer Agreements (including the reasonable compensation, expenses and disbursements of its agents and counsel) from amounts available therefor in the
Administration Fund. The Issuer shall indemnify and hold harmless the Auction Agent for and against any loss, liability or expense incurred without negligence or bad faith on the Auction Agent’s part, arising out of or in connection with the
acceptance or administration of its agency under this Auction Agent Agreement and the Broker-Dealer Agreements, including the reasonable costs and expenses (including the reasonable fees and expenses of its counsel) of defending itself against any
such claim or liability in connection with its exercise or performance of any of its duties hereunder and thereunder and of enforcing this indemnification provision; provided that the Issuer shall not indemnify the Auction Agent pursuant to this
Section 6.4(c) for any fees and expenses incurred by the Auction Agent in the normal course of performing its duties hereunder and under the Broker-Dealer Agreements, such fees and expenses being payable as provided in Section 6.4(a) and (b) above.

  
 6.5 Compensation of the Broker-Dealers. 
  
 (a) With respect to each series of the Series 2004-C/D
Notes, not later than 12:00 noon, New York City time, on each Interest Payment Date relating to such series, with respect to the Interest Period commencing on such Interest Payment Date, the Issuer, pursuant to Section 5(b) of the First Supplemental
Indenture, shall pay to the Auction Agent, solely from moneys available therefor in the Administration Fund, an amount in cash equal to the product of (i) the Broker-Dealer Fee Rate times (ii) a fraction, the numerator of which is the number of days
in such Interest Period and the denominator of which is 360, times (iii) the aggregate principal amount of Series 2004-C/D Notes of such series that will be outstanding at the close of business on such Interest Payment Date (the “Broker-Dealer
Fee”). The Auction Agent shall advise the Issuer of the amount referred to in the preceding sentence not later than 4:00 p.m., New York City time, at least two Business Days preceding such Interest Payment Date. The Auction Agent shall apply
such monies as set forth in Section 2.5 of the Broker-Dealer Agreements. 
  
 (b) After retaining an amount equal to the Auction Agent Fee as provided in Section 6.4 above, the Auction Agent shall pay the Broker-Dealer Fee as provided in Section 6.5(a) above solely out of amounts received by
the Auction Agent pursuant to Section 5(b) of the First Supplemental Indenture. The Auction Agent shall advise the Issuer at least annually, at the request of an Authorized Issuer Officer, of the prevailing rate. The Broker-Dealer Fee Rate with
respect to each series of the Series 2004-C/D Notes may be adjusted from time to time with the approval of an Authorized Issuer Officer upon a written request of the Auction Agent or RBC Dain Rauscher Inc., as the initial Broker-Dealer with respect
to the Series 2004-C/D Notes, delivered to the Trustee and the Issuer. The initial Broker-Dealer Fee Rate for all Series 2004-C/D Notes shall be .25% per annum. If the Broker-Dealer Fee Rate is changed pursuant to the terms hereof, the Trustee shall
notify the Auction Agent thereof. Any changes in the Broker-Dealer Fee Rate shall be effective on the Auction Date next succeeding such change. 
  

 -14- 

 Section 7. Miscellaneous. 
  
 7.1 Governing Law. This Auction Agent Agreement shall be governed by and construed in accordance with the laws of the
State of New York applicable to agreements made and to be performed in such state, it being understood that the corporate powers and legal capacity of the Issuer shall be construed and interpreted in accordance with the laws of the State of
Delaware. 
  
 7.2 Communications. Except for (i)
communications authorized to be made by telephone pursuant to this Auction Agent Agreement or the Auction Procedures and (ii) communications in connection with Auctions (other than those expressly required to be in writing), all notices, requests
and other communications to any party hereunder shall be in writing (including facsimile or similar writing) and shall be given to such party addressed to it at its address, or facsimile number set below: 
  

			
	If to the Trustee, addressed:	  	U.S. Bank National Association
	 	  	60 Livingston Avenue
	 	  	St. Paul, Minnesota 55107
	 	  	Attn: Corporate Trust
	 	  	Telephone: (651) 495-3907
	 	  	Facsimile: (651) 495-8096
		
	If to the Issuer, addressed:	  	Education Loans Incorporated
	 	  	105 First Avenue Southwest, Suite 200
	 	  	Aberdeen, South Dakota 57401
	 	  	Attn: President
	 	  	Telephone: (605) 622-4555
	 	  	Facsimile: (605) 622-4547
		
	If to the Auction Agent, addressed:	  	Deutsche Bank Trust Company Americas Trust & Securities Services
	 	  	60 Wall Street, 27th Floor
	 	  	New York, New York 10005
	 	  	Attention: Auction Rate Securities
	 	  	Telephone: (212) 250-6645
	 	  	Facsimile: (212) 797-8600
		
	If to the Market Agent, addressed:	  	RBC Dain Rauscher Inc.
	 	  	1211 Avenue of the Americas
	 	  	Suite 3102
	 	  	New York, New York 10036
	 	  	Attn: Craig W. Laraia, Short-Term Desk
	 	  	Telephone: (212) 703-6233
	 	  	Facsimile: (212) 703-8600

  
 or such other address, telephone or
facsimile number as such party may hereafter specify for such purpose by notice in writing to the other parties. Each such notice, request or 

  

 -15- 

 
communication shall be effective when delivered at the address specified herein. Communications shall be given on behalf of the Trustee by an Authorized
Trustee Representative, on behalf of the Auction Agent by an Authorized Auction Agent Officer and on behalf of the Issuer by an Authorized Issuer Officer. 
  
 7.3 Entire Agreement. This Auction Agent Agreement contains the entire agreement between the parties relating to the subject matter hereof, and
there are no other representations, endorsements, promises, agreements or understandings, oral, written or inferred, between the parties relating to the subject matter hereof. 
  
 7.4 Benefits. Nothing herein, express or implied, shall give to any person, other than the Trustee, acting on behalf
of the beneficial owners of the Series 2004-C/D Notes, the Auction Agent, the Issuer and their respective successors and assigns, any benefit of any legal or equitable right, remedy or claim hereunder. 
  
 7.5 Amendment; Waiver. 
  
 (a) This Auction Agent Agreement shall not be deemed or
construed to be modified, amended, rescinded, canceled or waived, in whole or in part, except by a written instrument signed by duly authorized representatives of the parties hereto. 
  
 (b) The Trustee and the Issuer shall not enter into or approve any amendment of or supplement to the First
Supplemental Indenture which materially affects the Auction Agent’s duties or obligations under the First Supplemental Indenture without obtaining the prior written consent of the Auction Agent. The Trustee shall promptly notify the Auction
Agent of any amendment of or supplement to the First Supplemental Indenture, and shall provide a copy thereof to the Auction Agent upon request. 
  
 (c) Failure of a party hereto to exercise any right or remedy hereunder in the event of a breach hereof by any other party shall not
constitute a waiver of any such right or remedy with respect to any subsequent breach. 
  
 7.6 Successors and Assigns. This Auction Agent Agreement shall be binding upon, inure to the benefit of and be enforceable by the respective successors and assigns of each of the Trustee, the Issuer and the
Auction Agent. This Auction Agent Agreement may not be assigned by any party hereto absent the prior written consent of the other parties hereto, which consents shall not be unreasonably withheld. 
  
 7.7 Severability. If any clause, provision or section hereof shall be
ruled invalid or unenforceable by any court of competent jurisdiction, the invalidity or unenforceability of such clause, provision or section shall not affect any of the remaining clauses, provisions or sections hereof. 
  
 7.8 Execution in Counterparts. This Auction Agent Agreement may be
executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. 
  

 -16- 

 IN WITNESS WHEREOF, the parties hereto have caused this Auction Agent Agreement to be duly executed and
delivered by their proper and duly authorized officers as of the date first above written. 
  

			
	 EDUCATION LOANS INCORPORATED,

	 	 	 as Issuer

		
	By:	 	 /s/ Michael A. Gort

	 	 	 Title: President

  

			
	U.S. BANK NATIONAL ASSOCIATION,
	 	 	as Trustee
		
	By:	 	 /s/ Cynthia S. Woodward

	 	 	 Title: Vice President

  

			
	DEUTSCHE BANK TRUST COMPANY
	 	 	AMERICAS,
	 	 	as Auction Agent
		
	By:	 	 /s/ Lisa McDermid

	 	 	 Title: Assistant Vice President

  
 [Signature
page to Auction Agent Agreement] 
  

 EXHIBIT A 
 TO AUCTION AGENT AGREEMENT 
  
 LIST OF INITIAL BROKER-DEALERS WITH RESPECT TO 
 THE SERIES 2004-C/D NOTES 
  
 RBC Dain Rauscher Inc. 
  

 A-1 

 EXHIBIT B 
 TO AUCTION AGENT AGREEMENT 
  
 BROKER-DEALER AGREEMENT 
  

 B-1 

 EXHIBIT C 
 TO AUCTION AGENT AGREEMENT 
  
 NOTICE OF RATINGS 
  
 EDUCATION LOANS INCORPORATED

 STUDENT LOAN ASSET-BACKED NOTES 
 SENIOR SERIES 2004-C1, C2, C3, C4 AND C5 
 SUBORDINATE SERIES 2004-D 
  
 NOTICE IS HEREBY GIVEN to the Auction Agent by the Issuer pursuant to Section 2.3(a) of the Auction Agent Agreement that:

  

	 	1.	as of the date of this notice the rating by Moody’s on the captioned Senior Series 2004-C Notes is
             [and such rating is [*“Aa3”or higher/lower than “Aa3”]]**; 

  

	 	2.	as of the date of this notice the rating by Fitch on the captioned Senior Series 2004-C Notes is              [and
such rating is [*“AA-” or higher] [lower than “AA-” ]]**; 

  

	 	3.	as of the date of this notice the rating by Moody’s on the captioned Subordinate Series 2004-D Notes is
             [and such rating is [*“            ”or higher/lower than
“            ”]]**; and 

  

	 	4.	as of the date of this notice the rating by Fitch on the captioned Subordinate Series 2004-D Notes is             
[and such rating is [*“            ” or higher] [lower than “            ”]]**.

  
 The Auction Agent may rely on such ratings for
all purposes of the First Supplemental Indenture, including determination of the Maximum Auction Rate thereunder, from the date hereof until further notice from the undersigned Education Loans Incorporated. 
  

					
	 EDUCATION LOANS INCORPORATED

		
	 By:
	 	 
	 	 	 Title:
	 	 
	 	 	 Date:
	 	 

  

	*	Choose one. 

  

	**	The information in the outer brackets will be used as applicable whenever the Moody’s rating is not equal to “Aa3” and/or the Fitch rating is not equal to
“AA-.” 

  

 C-1 

 EXHIBIT D 
 TO AUCTION AGENT AGREEMENT 
  
 NOTICE OF SERIES 2004-C/D NOTES OUTSTANDING 
  
 EDUCATION LOANS INCORPORATED 
 STUDENT LOAN 
 ASSET-BACKED NOTES 
 SENIOR SERIES 2004-C1 [2][3][4][5] 
 [SUBORDINATE SERIES 2004-D] 
  
 NOTICE IS HEREBY GIVEN that
$                     aggregate principal amount of Series 2004-C1 [2][3][4][5][D] Notes were outstanding at the close of business on the
immediately preceding Regular Record Date. Such aggregate principal amount of Series 2004-C1 [2][3][4][5][D] Notes, less $                    
aggregate principal amount of Series 2004-C1 [2][3][4][5][D] Notes to be redeemed by the Issuer pursuant to the First Supplemental Indenture, for a net aggregate principal amount of Series 2004-C1 [2][3][4][5][D] Notes of
$                    , will be available on the next Auction scheduled to be held on
                    . 
  
 Terms used herein have the meanings set forth in the First Supplemental Indenture relating to the above-referenced issue. 
  

					
	 U.S. BANK NATIONAL ASSOCIATION,
as Trustee

		
	 By:
	 	 
	 	 	 Title:
	 	 
	 	 	 Date:
	 	 

  

 D-1 

 EXHIBIT E 
 TO AUCTION AGENT AGREEMENT 
  
 NOTICE OF FEE RATE CHANGE 
  
 EDUCATION LOANS
INCORPORATED 
 STUDENT LOAN 
 ASSET-BACKED NOTES 
 SENIOR SERIES 2004-C1 [2][3][4][5] 
 SUBORDINATE SERIES 2004-D 
  
 NOTICE IS HEREBY GIVEN that the [Auction Agent Fee Rate] [Broker-Dealer Fee Rate with respect to the Series 2004-C1 [2][3][4][5][D] Notes] has been changed in accordance with Section [6.4(b)] [6.5(b)] of the Auction Agent Agreement. The new
[Auction Agent Fee Rate] [Broker-Dealer Fee Rate with respect to the Series 2004-C1 [2][3][4][5][D] Notes] shall be                     % per
annum. 
  
 Terms used herein have the meanings set forth in the
First Supplemental Indenture relating to the above-referenced issue. 
  

					
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,
as Auction Agent

		
	 By:
	 	 
	 	 	 Title:
	 	 
	 	 	 Date:
	 	 

  

					
	 APPROVED:

	
	 EDUCATION LOANS INCORPORATED

		
	 By:
	 	 
	 	 	 Title:
	 	 
	 	 	 Date:
	 	 

  

 E-1 

 EXHIBIT F 
 TO AUCTION AGENT AGREEMENT 
  
 NOTICE OF A PAYMENT DEFAULT 
  
 EDUCATION LOANS
INCORPORATED 
 STUDENT LOAN 
 ASSET-BACKED NOTES 
 SENIOR SERIES 2004-C1 [2][3][4][5] 
 [SUBORDINATE SERIES 2004-D] 
  
 NOTICE IS HEREBY GIVEN that a Payment Default has occurred and not been cured with respect to the Series 2004-C1 [2][3][4][5][D] Notes. Determination of the Series 2004-C/D Note Auction Rate on the Series 2004-C/D Notes pursuant to the
Auction Procedures will be suspended. The Series 2004-C/D Note Auction Rate on each series of the Series 2004-C/D Notes for each Auction Period commencing after the date of Payment Default will equal the Non-Payment Rate (as to each such series with
respect to which a Payment Default exists) or the Net Loan Rate (as to all other series), as the case may be, as it is determined by the Trustee on the first day of such Auction Period. 
  
 Terms used herein have the meanings set forth in the First Supplemental Indenture relating to the above-referenced issue.

  

					
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,
as Auction Agent

		
	 By:
	 	 
	 	 	 Title:
	 	 
	 	 	 Date:
	 	 

  

 F-1 

 EXHIBIT G 
 TO AUCTION AGENT AGREEMENT 
  
 SETTLEMENT PROCEDURES 
  
 If not otherwise defined
below, capitalized terms used herein shall have the meanings given such terms in the First Supplemental Indenture. These Settlement Procedures apply separately to each series of Series 2004-C/D Notes. 
  
 (a) Not later than (1) 3:00 p.m., if the Series 2004-C/D
Note Auction Rate is the Auction Rate, or (2) 4:00 p.m., if the Series 2004-C/D Note Auction Rate is the Net Loan Rate, on each Auction Date, the Auction Agent shall notify by telephone each Broker-Dealer that participated in the Auction held on
such Auction Date and submitted an Order on behalf of an Existing Holder or Potential Holder of: 
  
 (i) the Series 2004-C/D Note Auction Rate fixed for the next Interest Period; 
  
 (ii) whether there were Sufficient Bids in such Auction;

  
 (iii) if such Broker-Dealer (a
“Seller’s Broker-Dealer”) submitted Bids or Sell Orders on behalf of an Existing Holder, whether such Bid or Sell Order was accepted or rejected, in whole or in part, and the principal amount of Series 2004-C/D Notes, if any, to be
sold by such Existing Holder; 
  
 (iv) if such
Broker-Dealer (a “Buyer’s Broker-Dealer”) submitted a Bid on behalf of a Potential Holder, whether such Bid was accepted or rejected, in whole or in part, and the principal amount of Series 2004-C/D Notes, if any, to be purchased by
such Potential Holder; 
  
 (v) If the aggregate
principal amount of Series 2004-C/D Notes to be sold by all Existing Holders on whose behalf such Seller’s Broker-Dealer submitted Bids or Sell Orders exceeds the aggregate principal amount of Series 2004-C/D Notes to be purchased by all
Potential Holders on whose behalf such Buyer’s Broker-Dealer submitted a Bid, the name or names of one or more Buyer’s Broker-Dealers (and the name of the Participant, if any, of each such Buyer’s Broker-Dealer) acting for one or more
purchasers of such excess principal amount of Series 2004-C/D Notes and the principal amount of Series 2004-C/D Notes to be purchased from one or more Existing Holders on whose behalf such Seller’s Broker-Dealer acted by one or more Potential
Holders on whose behalf each of such Buyer’s Broker-Dealers acted; 
  
 (vi) if the aggregate principal amount of Series 2004-C/D Notes to be purchased by all Potential Holders on whose behalf such Buyer’s Broker-Dealer submitted a Bid exceeds the aggregate principal amount of Series
2004-C/D Notes to be sold by all Existing Holders on whose behalf such Seller’s Broker-Dealer submitted a Bid or a Sell Order, the name or names of one or more Seller’s Broker-Dealers (and the name of the Participant, if any, of each such
Seller’s 

  

 G-1 

 
Broker-Dealer) acting for one or more sellers of such excess principal amount of Series 2004-C/D Notes and the principal amount of Series 2004-C/D Notes to
be sold to one or more Potential Holders on whose behalf such Buyer’s Broker-Dealer acted by one or more Existing Holders on whose behalf each of such Seller’s Broker-Dealers acted; and 
  
 (vii) the Auction Date for the next succeeding Auction.

  
 (b) On each Auction Date, each Broker-Dealer
that submitted an Order on behalf of any Existing Holder or Potential Holder shall: 
  
 (i) advise each Existing Holder and Potential Holder on whose behalf such Broker-Dealer submitted a Bid or Sell Order in the Auction on
such Auction Date whether such Bid or Sell Order was accepted or rejected, in whole or in part; 
  
 (ii) in the case of a Broker-Dealer that is a Buyer’s Broker-Dealer, advise each Potential Holder on whose behalf such Buyer’s
Broker-Dealer submitted a Bid that was accepted, in whole or in part, to instruct such Potential Holder’s Participant to pay such Buyer’s Broker-Dealer (or its Participant) through the Securities Depository the amount necessary to purchase
the principal amount of Series 2004-C/D Notes to be purchased pursuant to such Bid against receipt of such Series 2004-C/D Notes; 
  
 (iii) in the case of a Broker-Dealer that is a Seller’s Broker-Dealer, instruct each Existing Holder on whose behalf such
Seller’s Broker-Dealer submitted a Sell Order that was accepted, in whole or in part, or a Bid that was accepted, in whole or in part, to instruct such Existing Holder’s Participant to deliver to such Seller’s Broker-Dealer (or its
Participant) through the Securities Depository the principal amount of Series 2004-C/D Notes to be sold pursuant to such Order against payment therefor; 
  
 (iv) advise each Existing Holder on whose behalf such Broker-Dealer submitted an Order and each Potential Holder on whose behalf such
Broker-Dealer submitted a Bid of the Series 2004-C/D Note Auction Rate for the next Interest Period; 
  
 (v) advise each Existing Holder on whose behalf such Broker-Dealer submitted an Order of the next Auction Date; and 
  
 (vi) advise each Potential Holder on whose behalf such
Broker-Dealer submitted a Bid that was accepted, in whole or in part, of the next Auction Date. 
  
 (c) On the basis of the information provided to it pursuant to paragraph (a) above, each Broker-Dealer that submitted a Bid or Sell Order
in an Auction is required to allocate any funds received by it in connection with such Auction pursuant to paragraph (b)(ii) above, and any Series 2004-C/D Notes received by it in connection with such Auction pursuant to paragraph (b)(iii) above
among the Potential Holders, if any, on whose behalf such Broker-Dealer submitted Bids, the Existing Holders, if any, on whose 

  

 G-2 

 
behalf such Broker-Dealer submitted Bids or Sell Orders in such Auction, and any Broker-Dealers identified to it by the Auction Agent following such Auction
pursuant to paragraph (a)(v) or (a)(vi) above. 
  
 (d) On each Auction Date: 
  
 (i) each
Potential Holder and Existing Holder with an Order in the Auction on such Auction Date shall instruct its Participant as provided in paragraph (b)(ii) or (b)(iii) above, as the case may be; 
  
 (ii) each Seller’s Broker-Dealer that is not a
Participant of the Securities Depository shall instruct its Participant to deliver such Series 2004-C/D Notes through the Securities Depository to a Buyer’s Broker-Dealer (or its Participant) identified to such Seller’s Broker-Dealer
pursuant to paragraph (a)(v) above against payment therefor; and 
  
 (iii) each Buyer’s Broker-Dealer that is not a Participant in the Securities Depository shall instruct its Participant to pay through the Securities Depository to Seller’s Broker-Dealer (or its Participant)
identified following such Auction pursuant to (a)(vi) above in the amount necessary to purchase Series 2004-C/D Notes to be purchased pursuant to paragraph (b)(ii) above against receipt of such Series 2004-C/D Notes. 
  
 (e) On the Business Date following each Auction Date:

  
 (i) each Participant for a Bidder in the
Auction on such Auction Date referred to in paragraph (d)(i) above shall instruct the Securities Depository to execute the transactions described under paragraph (b)(ii) or (b)(iii) above for such Auction, and the Securities Depository shall execute
such transactions; 
  
 (ii) each Seller’s
Broker-Dealer or its Participant shall instruct the Securities Depository to execute the transactions described in paragraph (d)(ii) above for such Auction, and the Securities Depository shall execute such transactions; and 
  
 (iii) each Buyer’s Broker-Dealer or its Participant
shall instruct the Securities Depository to execute the transactions described in paragraph (d)(iii) above for such Auction, and the Securities Depository shall execute such transactions. 
  
 (f) If an Existing Holder selling Series 2004-C/D Notes in
an Auction fails to deliver such Series 2004-C/D Notes (by authorized book-entry), a Broker-Dealer may deliver to the Potential Holder on behalf of which it submitted a Bid that was accepted a principal amount of Series 2004-C/D Notes that is less
than the principal amount of Series 2004-C/D Notes that otherwise was to be purchased by such Potential Holder. In such event, the principal amount of Series 2004-C/D Notes to be so delivered shall be determined solely by such Broker-Dealer (but
only in Authorized Denominations). Delivery of such lesser principal amount of Series 2004-C/D Notes shall constitute good 

  

 G-3 

 
delivery. Notwithstanding the foregoing terms of this paragraph (f), any delivery or nondelivery of Series 2004-C/D Notes which shall represent any departure
from the results of an Auction, as determined by the Auction Agent, shall be of no effect unless and until the Auction Agent shall have been notified of such delivery or nondelivery in accordance with the provisions of the Auction Agent Agreement
and the Broker-Dealer Agreements. Neither the Trustee nor the Auction Agent will have any responsibility or liability with respect to the failure of a Potential Holder, Existing Holder or their respective Broker-Dealer or Participant to take
delivery of or deliver, as the case may be, the principal amount of Series 2004-C/D Notes purchased or sold pursuant to an Auction or otherwise. 
  

 G-4 

 EXHIBIT H 
 TO AUCTION AGENT AGREEMENT 
  
 NOTICE OF CONTINUATION OF AUCTION PERIOD 
  
 EDUCATION LOANS INCORPORATED 
 STUDENT LOAN 
 ASSET-BACKED NOTES 
 SENIOR SERIES 2004-C1 [2][3][4][5] 
 [SUBORDINATE SERIES 2004-D] 
  
 NOTICE IS HEREBY GIVEN that a condition for the establishment of a change in the length of one or more Auction Periods for the captioned Series 2004-C/D
Notes has not been met. An Auction will therefor be held on the next Auction Date
(                                        )
and the length of such Auction Period shall remain an Auction Period of              days. 
  

					
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,
as Auction Agent

		
	 By:
	 	 
	 	 	 Title:
	 	 
	 	 	 Date:
	 	 

  

 H-1 

 EXHIBIT I 
 TO AUCTION AGENT AGREEMENT 
  
 NOTICE OF SERIES 2004-C/D NOTE AUCTION RATE 
  
 EDUCATION LOANS INCORPORATED 
 STUDENT LOAN 
 ASSET-BACKED NOTES 
 SENIOR SERIES 2004-C1 [2][3][4][5] 
 [SUBORDINATE SERIES 2004-D] 
  
 NOTICE IS HEREBY GIVEN that [the Corporation Certificate and the Trustee written statements, if any,] [Sufficient Bids] necessary for the establishment of
a change in the length of one or more Auction Periods for the captioned Series 2004-C/D Notes have not been provided. The Series 2004-C/D Note Auction Rate for the Auction Period commencing on
                                 shall be the [Maximum Auction Rate] [Net Loan
Rate] and such Auction Period shall remain an Auction Period of              days. 
  

					
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,
as Auction Agent

		
	 By:
	 	 
	 	 	 Title:
	 	 
	 	 	 Date:
	 	 

  

 I-1

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