Document:

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                                                                     EXHIBIT 4.2

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                     FOURTH SUPPLEMENTAL INDENTURE OF TRUST

                                     between

                          EDUCATION LOANS INCORPORATED

                                       and

                         U.S. BANK NATIONAL ASSOCIATION

                                   as Trustee

                              _____________________

                          Dated as of September 1, 2002

                             ______________________

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                                TABLE OF CONTENTS

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PARTIES .............................................................................................    1
RECITALS ............................................................................................    1

Section 1.    Definitions ...........................................................................    1
Section 2.    Authorization and Terms of Series 2002-1 Notes ........................................   12
Section 3.    Interest Payable on Series 2002-1 Notes ...............................................   14
Section 4.    Determining the Series 2002-1 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 ...............................   26
Section 7.    Notification of Rates, Amounts and Payment Dates ......................................   27
Section 8.    Auction Agent .........................................................................   27
Section 9.    Broker-Dealers ........................................................................   28
Section 10.   Changes in Auction Period or Periods ..................................................   29
Section 11.   Changes in the Auction Date ...........................................................   30
Section 12.   Additional Provisions Regarding the Series 2002-1 Note Interest Rate ..................   30
Section 13.   Qualifications of Market Agent ........................................................   31
Section 14.   Purposes of Issuance of Series 2002-1 Notes ...........................................   31
Section 15.   Deposit of Series 2002-1 Note Proceeds ................................................   32
Section 16.   Redemption of Series 2002-1 Notes .....................................................   32
Section 17.   Book-Entry Series 2002-1 Notes ........................................................   35
Section 18.   Series 2002-1 Accounts and Subaccounts ................................................   37
Section 19.   Certain Findings, Determinations and Designations .....................................   38
Section 20.   Purchase or Origination of Eligible Loans From Series 2002-1
              Acquisition Account and Series 2002-1 Surplus Subaccount ..............................   39
Section 21.   Limitation on Costs of Issuance, Administrative Expenses and Note Fees ................   42
Section 22.   Proceeds of Sales of Certain Student Loans To Be Deposited in the
              Acquisition Fund ......................................................................   42
Section 23.   Amendment of Granting Clause First of the Indenture ...................................   42
Section 24.   Amendment of Section 1.1 of the Indenture .............................................   43
Section 25.   Amendment of Section 4.1 of the Indenture .............................................   46
Section 26.   Consent of Series 2002-1 Noteholders to Amendments to Indenture .......................   47
Section 27.   Governing Law .........................................................................   47
Section 28.   Section Headings; Table of Contents ...................................................   47
Section 29.   Severability ..........................................................................   47
Section 30.   Counterparts ..........................................................................   48
Section 31.   Effect of Fourth Supplemental Indenture ...............................................   48

SIGNATURES ..........................................................................................   48
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<S>                                                                                                 <C>
Exhibit A--Form of Series 2002-1 Senior Notes ....................................................    A-1
Exhibit B--Form of Series 2002-1C Notes ..........................................................    B-1
Exhibit C--Form of Notice of A Payment Default ...................................................    C-1
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 Student Loan Purchase Agreements ...............................  H-2-1
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                                      -ii-

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     THIS FOURTH SUPPLEMENTAL INDENTURE OF TRUST, dated as of September 1, 2002,
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 (the "Original Indenture") and a
First Supplemental Indenture of Trust (the "First Supplemental Indenture"), each
dated as of December 1, 1999, a Second Supplemental Indenture of Trust (the
"Second Supplemental Indenture"), dated as of December 1, 2000, and a Third
Supplemental Indenture of Trust (the "Third Supplemental Indenture"), dated as
of July 1, 2001; 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 three series of Notes in the respective aggregate principal
amounts of $82,700,000 (the "Series 2002-1A Notes") and $82,700,000 (the "Series
2002-1B Notes"), each of which will be a series of Class A Notes, and
$24,500,000 (the "Series 2002-1C Notes," and, together with the Series 2002-1A
Notes and the Series 2002-1B Notes, the "Series 2002-1 Notes"), which will be a
series of Class B Notes; and

     WHEREAS, the Corporation desires by this Fourth Supplemental Indenture to
prescribe the terms and provisions of the Series 2002-1 Notes, all as more fully
set forth herein; and

     WHEREAS, the Corporation also desires, at this time, to amend certain
provisions of the Indenture in conjunction with the issuance of the Series
2002-1 Notes; and

     WHEREAS, the execution and delivery of this Fourth Supplemental Indenture
and the issuance of the Series 2002-1 Notes have been in all respects duly and
validly authorized by the Corporation;

     NOW, THEREFORE, THIS FOURTH SUPPLEMENTAL INDENTURE WITNESSETH:

     Section 1.  Definitions. In this Fourth Supplemental Indenture, the terms
defined in the Original Indenture, the First Supplemental Indenture, the Second
Supplemental Indenture and the Third Supplemental 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:

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     "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.

     "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
2002-1A Notes, October 17, 2002, and (ii) with respect to the Series 2002-1B
Notes and the Series 2002-1C Notes, October 24, 2002, and, thereafter, with
respect to each such series of Series 2002-1 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

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     (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 Fourth Supplemental Indenture.

     "Auction Period" shall mean the Interest Period applicable to the Series
2002-1A Notes, the Series 2002-1B Notes and the Series 2002-1C 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 2002-1
Notes, $50,000 and any integral multiple thereof.

     "Available Series 2002-1 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 Salomon Smith Barney 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 2002-1
Notes that is in effect on the date of reference.

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     "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 Agreement,
dated as of September 1, 2002, between Deutsche Bank Trust Company Americas, as
Auction Agent, and Salomon Smith Barney 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 2002-1 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 2002-1 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 Fourth Supplemental Indenture, in the Indenture and in the
Series 2002-1 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 2002-1 Notes.

     "Closing Date" shall mean, with respect to the Series 2002-1 Notes,
September 19, 2002, the date of initial issuance and delivery of the Series
2002-1 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.

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     "Eligible Carry-Over Make-Up Amount" shall mean, with respect to each
Interest Period relating to a series of Series 2002-1 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 2002-1 Note 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 2002-1 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 2002-1 Notes.

     "Existing Holder Registry" shall mean the registry of Persons who are
owners of the Series 2002-1 Notes, maintained by the Auction Agent as provided
in the Auction Agent Agreement.

     "First Supplemental Indenture" shall mean the First Supplemental Indenture
of Trust, dated as of December 1, 1999, as amended or supplemented in accordance
with the terms thereof and of the Indenture.

     "Fourth Supplemental Indenture" shall mean this Fourth 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 September 1, 2002, 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 2002-1
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 2002-1A Notes, October 18, 2002, and (ii) with respect to the Series
2002-1B Notes and the Series 2002-1C Notes, October 25, 2002.

     "Interest Payment Date" shall mean (i) each regularly scheduled interest
payment date on the Series 2002-1 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 2002-1 Note

                                      -5-

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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 2002-1
Notes, the Initial Interest Period and each period commencing on an Interest
Rate Adjustment Date for such series 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 2002-1 Notes, the date on which a Series 2002-1 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 2002-1 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 Salomon Smith Barney 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 2002-1 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 2002-1 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 2002-1 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 2002-1 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 2002-1
     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 2002-1 Senior Notes is less than "A"); and

          (B)  with respect to the Series 2002-1C 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 2002-1C 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 2002-1C
     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 2002-1C Notes are at least "A2"
     and "A," respectively),

                                      -6-

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     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 2002-1C Notes is less than "A2" or "A," respectively).

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 2002-1 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 2002-1 Notes having
Interest Periods longer than forty-five (45) days) the Series 2002-1 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 2002-1 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 2002-1 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 2002-1
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

                                       -7-

<PAGE>

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 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
December 1, 1999, 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 2002-1
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 2002-1 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 2002-1 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 2002-1 Notes (or, in the case of an Existing Holder thereof, an
additional principal amount of Series 2002-1 Notes).

     "Regular Record Date" shall mean with respect to any regularly scheduled
Interest Payment Date occurring with respect to a series of Series 2002-1 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).

     "Second Supplemental Indenture" shall mean the Second Supplemental
Indenture of Trust, dated as of December 1, 2000, as amended or supplemented in
accordance with the terms thereof and of the Indenture.

     "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
2002-1 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 2002-1 Notes and which is
selected by the Corporation with the consent of the Trustee.

                                       -8-

<PAGE>

     "Sell Order" shall have the meaning ascribed to such term in Section
4(a)(i) hereof.

     "Series 1999-1 Notes" shall mean the Series 1999-1A Notes, the Series
1999-1B Notes and the Series 1999-1C Notes.

     "Series 1999-1A Notes" shall mean the Notes created and issued under the
First Supplemental Indenture in the original principal amount of $78,000,000 and
designated as the "Student Loan Asset-Backed Notes, Senior Series 1999-1A."

     "Series 1999-1B Notes" shall mean the Notes created and issued under the
First Supplemental Indenture in the original principal amount of $39,000,000 and
designated as the "Student Loan Asset-Backed Notes, Senior Series 1999-1B."

     "Series 1999-1C Notes" shall mean the Notes created and issued under the
First Supplemental Indenture in the original principal amount of $9,300,000 and
designated as the "Student Loan Asset-Backed Notes, Subordinate Series 1999-1C."

     "Series 2000-1 Notes" shall mean the Series 2000-1A Notes, the Series
2000-1B Notes and the Series 2000-1C Notes.

     "Series 2000-1A Notes" shall mean the Notes created and issued under the
Second Supplemental Indenture in the original principal amount of $54,100,000
and designated as the "Student Loan Asset-Backed Notes, Senior Series 2000-1A."

     "Series 2000-1B Notes" shall mean the Notes created and issued under the
Second Supplemental Indenture in the original principal amount of $54,100,000
and designated as the "Student Loan Asset-Backed Notes, Senior Series 2000-1B."

     "Series 2000-1C Notes" shall mean the Notes created and issued under the
Second Supplemental Indenture in the original principal amount of $22,000,000
and designated as the "Student Loan Asset-Backed Notes, Subordinate Series
2000-1C."

     "Series 2001-1 Notes" shall mean the Series 2001-1A Notes, the Series
2001-1B Notes and the Series 2001-1C Notes.

     "Series 2001-1A Notes" shall mean the Notes created and issued under the
Second Supplemental Indenture in the original principal amount of $79,000,000
and designated as the "Student Loan Asset-Backed Notes, Senior Series 2001-1A."

     "Series 2001-1B Notes" shall mean the Notes created and issued under the
Second Supplemental Indenture in the original principal amount of $79,000,000
and designated as the "Student Loan Asset-Backed Notes, Senior Series 2001-1B."

     "Series 2001-1C Notes" shall mean the Notes created and issued under the
Second Supplemental Indenture in the original principal amount of $23,800,000
and designated as the "Student Loan Asset-Backed Notes, Subordinate Series
2001-1C."

                                       -9-

<PAGE>

     "Series 2002-1 Cost of Issuance Account" shall mean the Account by that
name created in the Administration Fund pursuant to Section 18 of this Fourth
Supplemental Indenture.

     "Series 2002-1 Notes" shall mean the Series 2002-1A Notes, the Series
2002-1B Notes and the Series 2002-1C Notes.

     "Series 2002-1 Note Auction Rate" shall mean the rate of interest per annum
borne by a series of the Series 2002-1 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 2002-1
Note Auction Rate shall equal the Non-Payment Rate; and provided, further, that
such Series 2002-1 Note Auction Rate shall in no event exceed the Series 2002-1
Note Auction Rate Limitation.

     "Series 2002-1 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 2002-1 Notes.

     "Series 2002-1 Note Initial Interest Rate" shall mean 1.88% for the Series
2002-1A Notes, 1.88% for the Series 2002-1B Notes and 2.05% for the Series
2002-1C Notes.

     "Series 2002-1 Note Interest Rate" shall mean the rate of interest per
annum borne by a series of Series 2002-1 Notes, as of the time referred to,
including, without limitation, the Series 2002-1 Note Initial Interest Rate and
the Series 2002-1 Note Auction Rate.

     "Series 2002-1 Senior Notes" shall mean the Series 2002-1A Notes and the
Series 2002-1B Notes.

     "Series 2002-1 Transfer Agreement" shall mean the Transfer Agreement, dated
as of September 1, 2002, among the Corporation, the Trustee, GOAL Funding and
the trustee for GOAL Funding, as from time to time amended or supplemented.

     "Series 2002-1A Notes" shall mean the Notes created and to be issued under
this Fourth Supplemental Indenture in the original principal amount of
$82,700,000 and designated as the "Student Loan Asset-Backed Notes, Senior
Series 2002-1A."

     "Series 2002-1B Notes" shall mean the Notes created and to be issued under
this Fourth Supplemental Indenture in the original principal amount of
$82,700,000 and designated as the "Student Loan Asset-Backed Notes, Senior
Series 2002-1B."

     "Series 2002-1C Notes" shall mean the Notes created and to be issued under
this Fourth Supplemental Indenture in the original principal amount of
$24,500,000 and designated as the "Student Loan Asset-Backed Notes, Subordinate
Series 2002-1C."

     "Special Redemption and Prepayment Account Requirement" shall mean an
amount, as of any Monthly Payment Date, with respect to the Series 2002-1 Notes,
equal to $0.00.

                                      -10-

<PAGE>

         "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 Fourth Supplemental Indenture agrees with the Trustee and the
Corporation to perform the duties of the Auction Agent under this Fourth
Supplemental Indenture.

         "Sufficient Bids" shall have the meaning ascribed to such term in
Section 4(c)(i) hereof.

         "Third Supplemental Indenture" shall mean the Third Supplemental
Indenture of Trust, dated as of July 1, 2001, as amended or supplemented in
accordance with the terms thereof and of the Indenture.

         "Three-Month LIBOR" shall mean, with respect to a series of Series
2002-1 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. $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

                                      -11-

<PAGE>

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 2002-1 Notes. There is hereby
created and there shall be (1) a series of Class A Notes entitled "Student Loan
Asset-Backed Notes, Senior Series 2002-1A," (2) a series of Class A Notes
entitled "Student Loan Asset-Backed Notes, Senior Series 2002-1B," and (3) a
series of Class B Notes entitled "Student Loan Asset-Backed Notes, Subordinate
Series 2002-1C." The aggregate principal amount of the Series 2002-1A Notes that
may be authenticated and delivered and Outstanding under the Indenture is
limited to and shall not exceed $82,700,000. The aggregate principal amount of
the Series 2002-1B Notes that may be authenticated and delivered and Outstanding
under the Indenture is limited to and shall not exceed $82,700,000. The
aggregate principal amount of the Series 2002-1C Notes that may be authenticated
and delivered and Outstanding under the Indenture is limited to and shall not
exceed $24,500,000.

     The Series 2002-1A Notes shall consist of Term Notes with a Stated Maturity
on December 1, 2035.

     The Series 2002-1B Notes shall consist of Term Notes with a Stated Maturity
on December 1, 2035.

     The Series 2002-1C Notes shall consist of Term Notes with a Stated Maturity
on December 1, 2035.

     Each series of Series 2002-1 Notes shall bear interest at a rate per annum
equal to the applicable Series 2002-1 Note Interest Rate (which, after the
Initial Interest Period, shall be the Series 2002-1 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 2002-1 Notes shall be issued as fully registered Notes without
coupons in Authorized Denominations.

     The Series 2002-1 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 2002-1
Notes shall be the Closing Date. The Series 2002-1 Notes of each series shall be
numbered in such manner as the Note Registrar shall determine.

     Interest on each series of Series 2002-1 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 2002-1 Notes shall be that interest which has
accrued through the last day of the last complete Interest Period immediately
preceding the Interest Payment Date

                                      -12-

<PAGE>

or, in the case of the Maturity of such series, the last day preceding the date
of such Maturity. The applicable Series 2002-1 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 2002-1 Notes,
together with interest payable on the Series 2002-1 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 2002-1 Notes at the Principal Office of the Trustee, as
Paying Agent with respect to the Series 2002-1 Notes, or a duly appointed
successor Paying Agent. Interest on the Series 2002-1 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 2002-1 Note the Holder of which is
the Holder of Series 2002-1 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 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
2002-1 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 2002-1 Notes shall be made in lawful money of the United States of
America.

         The Series 2002-1 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 2002-1 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 2002-1C 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

                                      -13-

<PAGE>

requirements of any governmental authority or any usage or requirement of law
with respect thereto.

     Section 3. Interest Payable on Series 2002-1 Notes. The Initial Interest
Rate Adjustment Dates for each series of Series 2002-1 Notes shall be (i) with
respect to the Series 2002-1A Notes, October 18, 2002, and (ii) with respect to
the Series 2002-1B Notes and the Series 2002-1C Notes, October 25, 2002.

     During the Initial Interest Period, each series of Series 2002-1 Notes
shall bear interest at the Series 2002-1 Note Initial Interest Rate for such
series. Thereafter, except with respect to an Auction Period Adjustment, the
Series 2002-1 Notes shall bear interest at a Series 2002-1 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 2002-1 Note Auction Rate to be borne by each series of Series
2002-1 Notes after such Initial Interest Period for each Auction Period until an
Auction Period Adjustment, if any, shall be determined as hereinbelow described.
Each such Auction Period shall commence on and include the Thursday (or, if such
Thursday 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 Thursday (or, if such Thursday 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 2002-1 Notes, such
Auction Period shall commence on the Initial Interest Rate Adjustment Date for
such series. The Series 2002-1 Note Auction Rate on each series of Series 2002-1
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 2002-1 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 2002-1 Notes is no longer
     maintained in Book-Entry Form, the Series 2002-1 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 2002-1 Notes, the Series 2002-1 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.

                                      -14-

<PAGE>

     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
2002-1 Note Auction Rate (unless the Series 2002-1 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 2002-1 Note Auction Rate, applicable to
each series of Series 2002-1 Notes. The Trustee shall notify the Holders of
Series 2002-1 Notes of the Series 2002-1 Note Auction Rate applicable to each
such series for each Auction Period on the second Business Day of such Auction
Period.

     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
2002-1 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 2002-1 Notes.

     Notwithstanding any other provision of the Series 2002-1 Notes or this
Fourth Supplemental Indenture, and except for the occurrence of a Payment
Default, interest payable on each series of the Series 2002-1 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 2002-1 Note Auction Rate
Limitation) in effect for such Auction Period.

     If the Auction Rate for a series of Series 2002-1 Notes is greater than the
Net Loan Rate, then the Series 2002-1 Note Auction Rate applicable to such
series for that Interest Period will be the Net Loan Rate. If the Series 2002-1
Note Auction Rate for a series of Series 2002-1 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 2002-1
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 Fourth Supplemental Indenture, the Indenture and the Series
2002-1 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 2002-1 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 2002-1 Note, which written notice may accompany the payment
of interest by check made

                                      -15-

<PAGE>

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 2002-1 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 2002-1 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 2002-1 Note), (i) the Carry-Over Amount (and interest accrued
thereon) shall be paid by the Trustee on such Series 2002-1 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 Fourth 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
2002-1 Notes shall be paid by the Trustee on Outstanding Series 2002-1 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 2002-1 Note which is unpaid as of an Interest Payment
Date, which Series 2002-1 Note is to be redeemed or deemed no longer Outstanding
under this Fourth 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 2002-1 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 2002-1 Note, the Trustee
shall give written notice in the manner set forth in the immediately preceding
paragraph to the Holder of such Series 2002-1 Note of the Carry-Over Amount
remaining unpaid on such Series 2002-1 Note.

     The Interest Payment Date on which any Carry-Over Amount (or any interest
accrued thereon) for a series of Series 2002-1 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

                                      -16-

<PAGE>

as, and from the same Account from which, it pays interest on the Series 2002-1
Notes on an Interest Payment Date.

     In the event that the Auction Agent no longer determines, or fails to
determine, when required, the Series 2002-1 Note Auction Rate with respect to a
series of Series 2002-1 Notes, or, if for any reason, such manner of
determination shall be held to be invalid or unenforceable, the Series 2002-1
Note Auction Rate for the next succeeding Interest Period (which Interest Period
shall be an Auction Period for such series of Series 2002-1 Notes) shall be the
Net Loan Rate. The Net Loan Rate with respect to each Interest Rate
Determination Date shall be determined and communicated to the Auction Agent and
the Trustee in accordance with Section 6 hereof.

     Section 5. Determining the Series 2002-1 Note Auction Rate. By purchasing
Series 2002-1 Notes, whether in an Auction or otherwise, each purchaser of the
Series 2002-1 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 2002-1
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 2002-1 Notes is maintained
in Book-Entry Form by the Securities Depository, an Existing Holder may sell,
transfer or otherwise dispose of Series 2002-1 Notes of such series only
pursuant to a Bid or Sell Order placed in an Auction or otherwise sell, transfer
or dispose of Series 2002-1 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 2002-1 Notes):

          (a)  (i) Prior to the Submission Deadline on each Auction Date;

          (A)  each Existing Holder of Series 2002-1 Notes may submit to a
Broker-Dealer by telephone or otherwise any information as to:

               (1)  the principal amount of Outstanding Series 2002-1 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 2002-1 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 2002-1 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

                                      -17-

<PAGE>

     (B)  one or more Broker-Dealers may contact Potential Holders to determine
the principal amount of Series 2002-1 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 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 2002-1 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 2002-1 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 2002-1 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 2002-1 Notes
          specified in such Sell Order; or

               (2)  such principal amount, or a lesser principal amount, of
          Outstanding Series 2002-1 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 2002-1 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 2002-1 Notes set forth in Section 4(d)(i)(E)
          hereof, if

                                      -18-

<PAGE>

          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;

           (B) the aggregate principal amount of Series 2002-1 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 2002-1 Notes, if any, subject
           to any Hold Order placed by such Existing Holder;

               (2)  the principal amount of Series 2002-1 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 2002-1 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 2002-1 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 2002-1 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 2002-1 Notes owned by such Existing Holder, such
Orders shall be considered valid as follows and in the following order of
priority:

                                      -19-

<PAGE>

          (A)  All Hold Orders shall be considered valid, but only up to the
   aggregate principal amount of Outstanding Series 2002-1 Notes owned by such
   Existing Holder, and if the aggregate principal amount of Series 2002-1 Notes
   subject to such Hold Orders exceeds the aggregate principal amount of Series
   2002-1 Notes owned by such Existing Holder, the aggregate principal amount of
   Series 2002-1 Notes subject to each such Hold Order shall be reduced pro rata
   so that the aggregate principal amount of Series 2002-1 Notes subject to such
   Hold Order equals the aggregate principal amount of Outstanding Series 2002-1
   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 2002-1 Notes
          owned by such Existing Holder over the aggregate principal amount of
          Series 2002-1 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 2002-1
          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 2002-1
          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 2002-1 Notes
   owned by such Existing Holder over the aggregate principal amount of Series
   2002-1 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 2002-1 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 2002-1
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 2002-1 Notes not equal to an Authorized

                                      -20-

<PAGE>

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
2002-1 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.

     (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
     2002-1 Notes over the sum of the aggregate principal amount of Outstanding
     Series 2002-1 Notes subject to Submitted Hold Orders (such excess being
     herein referred to as the "Available Series 2002-1 Notes"), and

          (B)  from the Submitted Orders whether:

               (1)  the aggregate principal amount of Outstanding Series 2002-1
          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 2002-1
          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 2002-1
          Notes subject to Submitted Sell Orders;

          (in the event such excess or such equality exists, other than because
          all of the Outstanding Series 2002-1 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:

                                      -21-

<PAGE>

                     (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 2002-1 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;

                the result would be that such Existing Holders described in
                subclause (1) above would continue to own an aggregate principal
                amount of Outstanding Series 2002-1 Notes which, when added to
                the aggregate principal amount of Outstanding Series 2002-1
                Notes to be purchased by such Potential Holders described in
                subclause (2) above, would equal not less than the Available
                Series 2002-1 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 2002-1 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 2002-1 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 2002-1 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 2002-1 Note Auction Rate exceed the Series 2002-1 Note
     Auction Rate Limitation.

     (d)  Existing Holders shall continue to own the principal amount of Series
2002-1 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).

                                      -22-

<PAGE>

     If the Auction Agent has not received Sufficient Bids (other than because
all of the Outstanding Series 2002-1 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 2002-1 Notes subject to such Submitted Bids;

               (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 2002-1 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 2002-1 Notes subject to such Submitted Bid, unless the
          aggregate principal amount of Outstanding Series 2002-1 Notes subject
          to all such Submitted Bids shall be greater than the principal amount
          of Series 2002-1 Notes (the "remaining principal amount") equal to the
          excess of the Available Series 2002-1 Notes over the aggregate
          principal amount of Series 2002-1 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 2002-1 Notes subject to such Submitted
          Bid, but only in an amount equal to the aggregate principal amount of
          Series 2002-1 Notes obtained by multiplying the remaining principal
          amount by a fraction, the numerator of which shall be the principal
          amount of Outstanding Series 2002-1 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 2002-1
          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 2002-1 Notes obtained
          by multiplying the excess of the aggregate principal amount of
          Available Series 2002-1 Notes over the

                                      -23-

<PAGE>

               aggregate principal amount of Series 2002-1 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 2002-1 Notes
               subject to such Submitted Bid and the denominator of which shall
               be the sum of the principal amount of Outstanding Series 2002-1
               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 2002-1 Notes are subject to Submitted
          Hold Orders), subject to the 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 2002-1 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 2002-1
               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 2002-1 Notes obtained by multiplying the
               aggregate principal amount of Series 2002-1 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 2002-1 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 2002-1 Notes
               subject to all such Submitted Bids and Submitted Sell Orders.

               (iii) If all Outstanding Series 2002-1 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 2002-1
          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 2002-1
          Notes to be purchased or sold by any Existing Holder or Potential
          Holder so that the principal amount of Series 2002-1 Notes purchased
          or sold by each Existing Holder or Potential Holder shall be equal to
          an Authorized Denomination.

                                      -24-

<PAGE>

          (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 2002-1 Notes, the
     Auction Agent shall, in such manner as in its sole discretion it shall
     determine, allocate Series 2002-1 Notes for purchase among Potential
     Holders so that only Series 2002-1 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 2002-1 Notes.

     (e)  Based on the result of each Auction, the Auction Agent shall determine
the aggregate principal amount of Series 2002-1 Notes to be purchased and the
aggregate principal amount of Series 2002-1 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 2002-1 Notes to be sold differs from such
aggregate principal amount of Series 2002-1 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 2002-1 Notes.

     (f)  Any calculation by the Auction Agent, the Corporation or the Trustee,
as applicable, of the Series 2002-1 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 Fourth 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 2002-1 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 2002-1 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

                                      -25-

<PAGE>

     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 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 2002-1 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
2002-1 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 2002-1 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 2002-1 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 2002-1 Notes, the Trustee shall:

                                      -26-

<PAGE>

          (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
     2002-1 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;

          (ii)   pursuant to Section 3 hereof, advise the Holders of each series
     of Series 2002-1 Notes of any Carry-Over Amount accruing on such Series
     2002-1 Notes; and

          (iii)  advise the Securities Depository, so long as the ownership of
     each series of Series 2002-1 Notes is maintained in Book-Entry Form by the
     Securities Depository, upon request, of the Series 2002-1 Note Interest
     Rate payable on such series of Series 2002-1 Notes and the interest amount.

     If any day scheduled to be an Interest Payment Date with respect to a
series of Series 2002-1 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 2002-1 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 Fourth 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 2002-1 Senior Notes then
Outstanding (or, if no Series 2002-1 Senior Notes are then Outstanding, the
Holders of 66-2/3% of the aggregate principal amount of the Series 2002-1C 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.

                                      -27-

<PAGE>

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 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
Salomon Smith Barney Inc., as the sole initial Broker-Dealer with respect to the
Series 2002-1 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 Salomon Smith Barney Inc. is serving as a Broker-Dealer with
respect to a series of the Series 2002-1 Notes, Salomon Smith Barney 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 2002-1 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

                                      -28-

<PAGE>

securities or to accommodate economic and financial factors that may affect or
be relevant to the length of the Auction Period and the Series 2002-1 Note
Interest Rate borne by the Series 2002-1 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 unreasonably withheld and (ii) written confirmation from each of the Rating
Agencies then rating the Series 2002-1 Notes that such Auction Period Adjustment
will not adversely affect its ratings then applicable to any of the Series
2002-1 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 Fourth
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 Fourth 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 Fourth
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 2002-1 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 2002-1 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 Fourth 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

                                      -29-

<PAGE>

economic and financial factors that may affect or be relevant to the day of the
week constituting an Auction Date and the Series 2002-1 Note Interest Rate borne
by the Series 2002-1 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 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 Fourth
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 2002-1 Note Interest
Rate. The determination of a Series 2002-1 Note Interest Rate by the Auction
Agent or any other Person pursuant to the provisions of the applicable Section
of this Fourth Supplemental Indenture shall be conclusive and binding on the
Holders of the series of Series 2002-1 Notes to which such Series 2002-1 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 2002-1 Notes (including interest calculated as provided herein,
plus any other amounts that constitute interest on the Series 2002-1 Notes of
such series under applicable law, which are contracted for, charged, reserved,
taken or received pursuant to the Series 2002-1 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 2002-1 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 2002-1 Notes of a series
or related documents or otherwise contracted for, charged, reserved, taken or
received in connection with the Series 2002-1 Notes of such series, or if the
redemption or acceleration of the maturity of the Series 2002-1 Notes of such
series results in payment to or receipt by the Holder or any former Holder of
the Series 2002-1 Notes of such series of any interest in excess of that
permitted by applicable law, then, notwithstanding any provision of the Series
2002-1 Notes of such series or related documents to the contrary, all excess
amounts theretofore paid or received with respect to the Series 2002-1 Notes of
such series shall be credited on the principal balance of the Series 2002-1
Notes of such series (or, if the Series 2002-1 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 2002-1 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 2002-1 Notes of such series and under the related documents.

                                      -30-

<PAGE>

     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 Fourth Supplemental Indenture. The Market
Agent may resign and be discharged of the duties and obligations created by this
Fourth 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 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 Fourth 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 2002-1 Notes. The Series 2002-1
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 2002-1 Notes and (d) pay Costs of Issuance of the Series
2002-1 Notes.

     Section 15. Deposit of Series 2002-1 Note Proceeds. From the proceeds
derived from the sale of the Series 2002-1 Notes, there shall be deposited with
the Trustee:

          (A)    for credit to the Series 2002-1 Reserve Account, an amount
     equal to $2,848,500;

          (B)    for credit to the Series 2002-1 Cost of Issuance Account, an
     amount equal to $175,475.04 and

          (C)    for credit to the Series 2002-1 Acquisition Account, the
     remainder, to remain in the Series 2002-1 Acquisition Account until applied
     for the acquisition or origination of Eligible Loans as follows: (1) on the
     Closing Date, (a) FFELP Loans shall be originated in the principal amount
     of $5,049,284.63 (b) Eligible Loans shall be purchased from GOAL Funding
     pursuant to the Series 2002-1 Transfer Agreement (which Eligible Loans were
     either originated by GOAL Funding or purchased by GOAL Funding pursuant to
     the Student Loan Purchase Agreements identified in Exhibit H-2 hereto), and
     (c) FFELP Loans at a purchase price of $34,596.167.83, including accrued
     and unpaid borrower interest, shall be purchased from lenders pursuant to
     Student Loan

                                      -31-

<PAGE>

     Purchase Agreements identified in Exhibit H-1 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).

     Upon the acquisition of Eligible Loans pursuant to the Series 2002-1
Transfer Agreement, the Trustee shall deposit to the credit of the Series 2002-1
Alternative Loan Guarantee Account cash in the amount of $1,125,717.16 received
from the trustee for GOAL Funding in connection with such acquisition.
Thereafter, upon the acquisition of any Alternative Loan with amounts from the
Series 2002-1 Acquisition Account or the Series 2002-1 Surplus Account, the
Trustee shall, as a condition of such acquisition, receive and deposit to the
credit of the Series 2002-1 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 2002-1 Notes. The Series 2002-1 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 2002-1 Notes shall be
redeemed, in part, on the first regularly scheduled Interest Payment Date
occurring after January 16, 2003, 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 2002-1 Notes so redeemed, from proceeds of the
Series 2002-1 Notes constituting that portion of the Balance of the Series
2002-1 Acquisition Account that have not been used to acquire Eligible Loans by
January 16, 2003, 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 such moneys to the credit of the
Series 2002-1 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 2002-1 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 2002-1 Surplus
Subaccount transferred to the Series 2002-1 Retirement Account in accordance
with this subsection (B). If there are any amounts in the Series 2002-1 Surplus
Subaccount which have been on deposit therein for at least twelve (12) months
and have not been used to acquire Student Loans, 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
2002-1 Retirement Account and applied to the redemption of Series 2002-1 Notes
in accordance with this subsection (B) 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

                                      -32-

<PAGE>

Corporation will remain in the Series 2002-1 Surplus Subaccount and will not be
applied to the redemption of Series 2002-1 Notes pursuant to this subsection
(B).

     (C)  Optional Redemption. Subject to compliance with Section 10.2 of the
Indenture, Outstanding Series 2002-1 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 2002-1 Notes to be so redeemed.

     Notwithstanding the foregoing, no Series 2002-1 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 2002-1 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 2002-1 Notes for Redemption. If less than all
Outstanding Series 2002-1 Notes are to be redeemed pursuant to subsections (A),
(B) or (C) of this Section 16, the principal amounts of each series of Series
2002-1 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, either
(i) that principal amount of Series 2002-1C 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 2002-1 Notes to be redeemed as the
aggregate principal amount of Outstanding Series 2002-1C Notes bears to the
aggregate principal amount of all Outstanding Series 2002-1 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 Corporation
Certificate certifying that, based on a Cash Flow Projection, a different
proportion of Series 2002-1C 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, Series
2002-1C Notes shall be redeemed in such principal amount as is designated by the
Corporation in such certificate. The remaining Series 2002-1 Notes to be
redeemed shall be selected from each series of the Series 2002-1 Senior Notes
in, as nearly as practicable, the same proportion to the aggregate principal
amount of all Outstanding Series 2002-1 Senior Notes to be redeemed as the
aggregate principal amount of Outstanding Series 2002-1 Senior Notes of such
series bears to the aggregate principal amount of all Outstanding Series 2002-1
Senior Notes.

     Notwithstanding the foregoing provisions of this Section 16, to the extent
Series 2002-1C Notes cannot be redeemed due to the application of Section 10.2
of the Indenture, but Series 2002-1 Senior Notes may be redeemed without
violating the provisions of said Section 10.2, the particular Series 2002-1
Notes to be redeemed shall be selected from the Series 2002-1 Senior Notes in
the manner described in the preceding paragraph.

                                      -33-

<PAGE>

     If less than all of the Outstanding Series 2002-1 Notes of a given series
are to be redeemed pursuant to this Section 16, the particular Series 2002-1
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 2002-1 Notes in
an Authorized Denomination.

     The Trustee shall promptly notify the Note Registrar and any Paying Agent
for the Series 2002-1 Notes (in each case, if other than the Trustee) in writing
of the Series 2002-1 Notes selected for redemption and, in the case of any
Series 2002-1 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 2002-1 Notes shall relate,
in the case of any Series 2002-1 Note redeemed or to be redeemed only in part,
to the portion of the principal of such Series 2002-1 Note which has been or is
to be redeemed.

     (E)  Notice of Redemption. Notice of redemption of Series 2002-1 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 2002-1 Notes.

     (a)  The registered Holder of all Series 2002-1 Notes shall be the
Securities Depository and the Series 2002-1 Notes shall be registered in the
name of the nominee for the Securities Depository. The "Series 2002-1 Notes"
referred to in this subsection (a) shall refer to the Series 2002-1 Notes
registered in the name of the Securities Depository.

     (b)  The Series 2002-1 Notes shall be initially issued in the form of
separate, single, authenticated fully-registered Series 2002-1 Notes for each
series thereof in the amount of such series. Upon initial issuance, the
ownership of each such Series 2002-1 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 2002-1
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 2002-1 Notes, (2) selecting the
Series 2002-1 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 2002-1 Notes, and (5) obtaining any consent
or other action to be taken by 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 2002-1 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

                                      -34-

<PAGE>

Series 2002-1 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 2002-1 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 2002-1 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 2002-1 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 2002-1 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 2002-1 Notes will be transferable to such new nominee in accordance
with subsection (f) below.

     (c)  Except with respect to any Series 2002-1 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 2002-1 Notes. In such
event, the Trustee shall authenticate, transfer and exchange definitive Series
2002-1 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 2002-1 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 2002-1 Notes as
described in this Indenture and in accordance with subsection (f) below. In the
event definitive Series 2002-1 Notes are issued, the provisions of this
Indenture shall apply to such definitive Series 2002-1 Notes in all respects,
including, among other things, the transfer and exchange of such Series 2002-1
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 2002-1 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
2002-1 Notes to any Participant having Series 2002-1 Notes credited to its
account with the Securities Depository or (B) to arrange for another securities
depository to maintain custody of definitive Series 2002-1 Notes.

                                      -35-

<PAGE>

         (d) Notwithstanding any other provision of the Indenture to the
contrary, so long as any Series 2002-1 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 2002-1 Note and all notices with
respect to such Series 2002-1 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 2002-1 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 2002-1 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 2002-1 Notes are issued to Holders other than the nominee of
the Securities Depository, or another securities depository as Holder of all the
Series 2002-1 Notes, the provisions of the Indenture shall also apply to, among
other things, the printing of such definitive Series 2002-1 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 2002-1 Notes.

         (g) Notwithstanding any provision of Article Ten of the Indenture to
the contrary, in connection with any redemption of Series 2002-1 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
2002-1 Notes, and the Trustee shall give notice of redemption to DTC as Holder
of such Series 2002-1 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 2002-1 Notes.

         Section 18. Series 2002-1 Accounts and Subaccounts. So long as any
Series 2002-1 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 2002-1 Acquisition Account"; in the Administration Fund, an Account
to be known as the "Series 2002-1 Administration Account" and an Account to be
known as the "Series 2002-1 Cost of Issuance Account"; in the Reserve Fund, an
Account to be known as the "Series 2002-1 Reserve Account"; in the Interest
Account, a Subaccount to be known as the "Series 2002-1 Interest Subaccount"; in
the Principal Account, a Subaccount to be known as the "Series 2002-1 Principal
Subaccount"; in the Retirement Account, a Subaccount to be known as the "Series
2002-1 Retirement Subaccount"; in the Alternative Loan Guarantee Fund, an
Account to be known as the "Series 2002-1 Alternative

                                      -36-

<PAGE>

Loan Guarantee Account"; and in the Surplus Account, a Subaccount to be known as
the "Series 2002-1 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 2002-1 Notes or the Student Loans Financed with the
proceeds thereof shall be deposited to the credit of the Series 2002-1
Acquisition Account, the Series 2002-1 Administration Account, the Series 2002-1
Reserve Account, the Series 2002-1 Interest Subaccount, the Series 2002-1
Principal Subaccount, the Series 2002-1 Retirement Subaccount, the Series 2002-1
Alternative Loan Guarantee Account or the Series 2002-1 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 2002-1 Notes Outstanding, the Series
2002-1 Acquisition Account shall terminate and any Balance thereof at such time
shall be used as other Balances of the Acquisition Fund, and the Series 2002-1
Administration Account and the Series 2002-1 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 2002-1 Notes
Outstanding, the Series 2002-1 Interest Account shall terminate and any Balance
thereof at such time shall be used as other Balances of the Interest Account,
the Series 2002-1 Principal Account shall terminate and any Balance thereof at
such time shall be used as other Balances of the Principal Account, the Series
2002-1 Retirement Account shall terminate and any Balance thereof at such time
shall be used as other Balances of the Retirement Account, the Series 2002-1
Reserve Account shall terminate and any Balance thereof at such time shall be
used as other Balances of the Reserve Fund, the Series 2002-1 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 Series 2002-1 Surplus
Subaccount shall terminate and any Balance thereof at such time shall be used as
other Balances of the Surplus Account.

         Section 19. Certain Findings, Determinations and Designations. The
Corporation hereby finds and determines as follows:

                (A)  The Original Indenture, except as provided in the First
         Supplemental Indenture, the Second Supplemental Indenture and the Third
         Supplemental Indenture, has not been amended, supplemented or repealed
         since the execution thereof. This Fourth Supplemental Indenture amends
         and 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.

                                      -37-

<PAGE>

                  (B) No Note, other than the Series 1999-1 Notes, the Series
         2000-1 Notes and the Series 2001-1 Notes, have heretofore been issued
         under the Indenture. The Series 2002-1A Notes and the Series 2002-1B
         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 2002-1C 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
         2002-1 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 2002-1
         Notes.

         (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 20. Purchase or Origination of Eligible Loans From Series
2002-1 Acquisition Account and Series 2002-1 Surplus Subaccount. The price paid
to purchase an Eligible Loan from the Balances in the Series 2002-1 Acquisition
Account (other than the Eligible Loans to be purchased pursuant to the Series
2002-1 Transfer Agreement, the purchase price for which is set forth in such
agreement) or the Series 2002-1 Surplus Subaccount 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 2002-1 Acquisition Account and the Series 2002-1 Surplus Subaccount
to exceed 1.75% (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 2002-1 Notes, as evidenced in
writing to the Trustee by each such Rating Agency), and as otherwise authorized
by Section 4.2 of the Indenture.

         The application of the proceeds of the Series 2002-1 Notes deposited in
the Series 2002-1 Acquisition Account or used on the Closing Date in accordance
with Section 15 (C) hereof shall be subject to the following restrictions:

                  (1) no more than $36,333,333 of such proceeds may be used to
         purchase or originate Alternative Loans;

                                      -38-

<PAGE>

                  (2) at least 40% of the Alternative Loans Financed with such
         proceeds must be "credit worthy" Alternative Loans; and

                  (3) no more than 5% of the Alternative Loans Financed with
         such proceeds may be "credit able" Alternative Loans;

provided that the foregoing restrictions may be exceeded if such action 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 2002-1 Notes, as evidenced in
writing to the Trustee by each such Rating Agency.

         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 2002-1 Acquisition Account
and the Series 2002-1 Surplus Subaccount 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 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 2002-1 Notes that
the purchase or origination of such Student Loan will not result in a reduction
or withdrawal of the rating of the Series 2002-1 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 2002-1 Acquisition Account or the Series 2002-1 Surplus
Subaccount (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

                                      -39-

<PAGE>

required deposits to the Indemnification Fund, and (2) written confirmation from
each Rating Agency then rating the Series 2002-1 Notes that such reduction will
not result in a reduction or withdrawal of the rating of the Series 2002-1
Notes.

         The Corporation shall not purchase or originate any Student Loan from
the Balance in the Series 2002-1 Surplus Subaccount:

                  (A) after December 1, 2003, or

                  (B) if such Student Loan is an Alternative Loan and the
         purchase or origination thereof would cause either (a) the aggregate of
         the principal balances of Alternative Loans purchased or originated
         from Balances in the Series 1999-1 Surplus Subaccount, the Series
         2000-1 Surplus Subaccount, the Series 2001-1 Surplus Subaccount and the
         Series 2002-1 Surplus Subaccount to exceed one-half of the aggregate of
         the principal balances of FFELP Loans purchased or originated from such
         Balances during the period from the Closing Date through December 1,
         2003, or (b) the aggregate of the principal balances of "credit worthy"
         Alternative Loans purchased or originated from Balances in the Series
         1999-1 Surplus Subaccount, the Series 2000-1 Surplus Subaccount, the
         Series 2001-1 Surplus Subaccount and the Series 2002-1 Surplus
         Subaccount to be less than 40% of the aggregate of the principal
         balances of all Alternative Loans purchased or originated from such
         Balances during the period from the Closing Date through December 1,
         2003, in any such case 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
                  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

                           (2) written confirmation from each Rating Agency then
                  rating the Series 2002-1 Notes that the purchase or
                  origination of such Student Loan will not result in a
                  reduction or withdrawal of the rating of the Series 2002-1
                  Notes.

         The Corporation shall not purchase or originate (A) any FFELP Loan from
the Balances in the Series 2002-1 Acquisition Account or the Series 2002-1
Surplus Subaccount if, as a result of an amendment to the Higher Education Act
after the date of this Fourth 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
2002-1 Acquisition Account or the Series 2002-1 Surplus Subaccount that has a
final payment date beyond November 30, 2035, 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

                                      -40-

<PAGE>

make required deposits to the Indemnification Fund, and (2) written confirmation
from each Rating Agency then rating the Series 2002-1 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 2002-1 Notes.

         If the Corporation purchases any Student Loans from Balances in the
Series 2002-1 Surplus Subaccount that do not constitute Eligible Loans, it shall
give written notice of such purchase to each Rating Agency then rating the
Series 2002-1 Notes.

         Any Student Loans Financed from Balances in the Series 2002-1 Surplus
Subaccount prior to January 16, 2003, and constituting Eligible Loans shall,
upon the financing thereof, be credited to, and included in the Balance of, the
Series 2002-1 Acquisition Account, and shall not be deemed to have been Financed
with moneys in the Surplus Account but to have been Financed with moneys in the
Acquisition Fund.

         Section 21. 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 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 2002-1 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 2002-1 Notes.

         Section 22. 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 2002-1 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 January 16, 2003. Any such proceeds received by the Trustee
after such date shall be deposited in the Revenue Fund.

         Section 23. Amendment of Granting Clause First of the Indenture.
Granting Clause First of the Indenture is hereby amended as follows:

                              GRANTING CLAUSE FIRST

                  All rights, title, interest and privileges of the Corporation
         (1) with respect to Financed Student Loans, in, to and under the
         Federal Reimbursement Contracts, any Servicing Agreement, the Student
         Loan Purchase Agreements (including, but not limited to, those
         agreements described in Exhibits H-1 and H-2 to the First Supplemental

                                      -41-

<PAGE>

         Indenture, in Exhibits H-1 and H-2 to the Second Supplemental
         Indenture, and in Exhibits H-1 and H-2 to the Third Supplemental
         Indenture and in Exhibits H-1 and H-2 to the Fourth Supplemental
         Indenture), the Transfer Agreements, any Non-Delivery Fees and the
         Guarantee Agreements, (2) in, to and under all Financed Student Loans
         (including the evidences of indebtedness thereof and related
         documentation), the proceeds of the sale of the Notes (until expended
         for the purpose for which the Notes were issued) and the revenues,
         moneys, evidences of indebtedness , instruments, securities and other
         financial assets (including any earnings thereon) in and payable into
         the Acquisition Fund, Note Fund, Revenue Fund, Reserve Fund,
         Administration Fund, Indemnification Fund, Alternative Loan Guarantee
         Fund and Surplus Fund, and any deposit accounts or securities accounts
         to which such Financed Student Loans, proceeds, revenues, moneys,
         evidences of indebtedness, instruments, securities and other financial
         assets may be credited, including, without limitation, the Acquisition
         Fund, Note Fund, Revenue Fund, Reserve Fund, Administration Fund,
         Indemnification Fund, Alternative Loan Guarantee Fund and Surplus Fund
         and any Accounts or Subaccounts therein, in the manner and subject to
         the prior applications provided in Article Four hereof, and (3) in, to
         and under any Credit Enhancement Facility, any Demand Purchase
         Agreement, any Swap Agreement, any Swap Counterparty Guarantee, any
         Depositary Agreement, any Remarketing Agreement, any Auction Agent
         Agreement and any Broker-Dealer Agreement, all as hereinbefore and
         hereinafter defined, including any contract, any payment intangible,
         any general intangible or any evidence of indebtedness or other rights
         of the Corporation to receive any of the same whether now existing or
         hereafter coming into existence, and whether now or hereafter acquired;

         Section 24. Amendment of Section 1.1 of the Indenture. The definition
of the following terms contained in Section 1.1 of the Indenture is are hereby
amended as follows:

                  "Guarantee Agency" shall mean (1) Education Assistance
         Corporation, and its successors and assigns, including, without
         limitation, the Secretary of Education, (2) Pennsylvania Higher
         Education Assistance Agency, and its successors and assigns, including,
         without limitation, the Secretary of Education, (3) United Student Aid
         Funds, Inc., and its successors and assigns, including, without
         limitation, the Secretary of Education, (4) Student Loans of North
         Dakota, and its successors and assigns, including, without limitation,
         the Secretary of Education, (5) Northwest Education Loan Association,
         and its successors and assigns, including, without limitation, the
         Secretary of Education, (6) Great Lakes Higher Education Guaranty
         Corporation, and its successors and assigns, including, without
         limitation, the Secretary of Education, (7) Educational Credit
         Management Corporation (formerly known as Transitional Guaranty Agency,
         Inc.), and its successors and assigns, including, without limitation,
         the Secretary of Education, (8) Iowa College Aid Commission, and its
         successors and assigns, including, without limitation, the Secretary of
         Education, (9) Missouri Coordinating Board for Higher Education, and
         its successors and assigns, including, without limitation, the
         Secretary of Education, (10) Illinois Student Assistance Commission,
         and its successors and assigns, including, without limitation, the
         Secretary of Education, (11) California Student Aid Commission, and its
         successors and assigns, including, without limitation, the Secretary of
         Education, (12) Oregon Student Assistance Commission, and its
         successors and assigns, including, without limitation, the Secretary of
         Education, (13)

                                      -42-

<PAGE>

     Texas Guaranteed Student Loan Corporation, and its successors and assigns,
     including, without limitation, the Secretary of Education, (14)
     Massachusetts Higher Education Assistance Corporation (d/b/a as American
     Student Assistance), and its successors and assigns, including, without
     limitation, the Secretary of Education, (15) Student Loan Guarantee
     Foundation of Arkansas, Inc., and its successors and assigns, including,
     without limitation, the Secretary of Education, (16) Student Loan Division
     of the Colorado Department of Higher Education, and its successors and
     assigns, including, without limitation, the Secretary of Education, (17)
     Kentucky Higher Education Assistance Authority, and its successors and
     assigns, including, without limitation, the Secretary of Education, (18)
     Finance Authority of Maine, and its successors and assigns, including,
     without limitation, the Secretary of Education, (19) Michigan Higher
     Education Assistance Authority, with is component unit, Michigan Guaranty
     Agency, and its successors and assigns, including, without limitation, the
     Secretary of Education, (20) Board of Regents of Higher Education (Montana
     University System), and its successors and assigns, including, without
     limitation, the Secretary of Education, (21) Nebraska Student Loan Program,
     Inc., and its successors and assigns, including, without limitation, the
     Secretary of Education, (22) New York State Higher Education Services
     Corporation, and its successors and assigns, including, without limitation,
     the Secretary of Education, (23) New Jersey Higher Education Student
     Assistance Authority, and its successors and assigns, including, without
     limitation, the Secretary of Education, (24) Oklahoma State Regents for
     Higher Education, and its successors and assigns, including, without
     limitation, the Secretary of Education, (25) Louisiana Student Financial
     Assistance Commission, and its successors and assigns, including, without
     limitation, the Secretary of Education, (26) Florida Department of
     Education, Office of Student Financial Assistance, and its successors and
     assigns, including, without limitation, the Secretary of Education, (1427)
     the Secretary of Education, to the extent the Secretary of Education has
     directly insured or guaranteed FFELP Loans, or (1528) any other state
     agency or private nonprofit institution or organization which administers a
     Guarantee Program, subject to confirmation of ratings on any Outstanding
     Unenhanced Notes or, if no Unenhanced Notes are then Outstanding but Other
     Obligations are Outstanding, consent of each Other Beneficiary holding such
     Outstanding Other Obligations, as evidenced in writing to the Trustee by
     each such Other Beneficiary.

          "Guarantee Agreements" shall mean, collectively, (1) that certain
     Lender Agreement for Guarantee of Student Loans With Federal Reinsurance,
     dated July 3, 1997, and those certain Certificates of Comprehensive
     Insurance, dated September 12, 1997, September 29, 1998, October 1, 1999,
     and October 11, 2000, and September 27, 2001, respectively, each between
     the Trustee and Education Assistance Corporation, (2) that certain Lender
     Agreement for Guarantee of Student Loans With Federal Reinsurance, dated
     February 28, 1994, between the Trustee and Pennsylvania Higher Education
     Assistance Agency, (3) that certain Agreement to Guarantee Loans, dated
     February 22, 2002, July 11, 1997, and that certain Agreement to Guarantee
     Consolidation Loans and Certificate of Comprehensive Guarantee Coverage,
     dated February 22, 2002, each between the Trustee and United Student Aid
     Funds, Inc., (4) that certain Lender Participation Agreement for Insurance,
     dated July 8, 1997, between the Trustee and Student Loans of North Dakota,
     (5) that certain Agreement to Guarantee Loans, dated March 22, 1999, that
     certain Lender Participation Agreement for Consolidation Loans,

                                      -43-

<PAGE>

     dated January 30, 2002, that certain Certificate of Comprehensive
     Insurance, dated February 27, 2002, and that certain Blanket Certificate of
     Loan Guaranty, dated March 11, 2002, each between the Trustee and Northwest
     Education Loan Association, (6) that certain Student Loan Guaranty, dated
     July 15, 1997, and that certain Certificate of Comprehensive Insurance for
     Consolidation Loans, dated June 1, 2002, each between the Trustee and Great
     Lakes Higher Education Guaranty Corporation, (7) that certain Agreement for
     Payment on Guarantee of Student Loans With Federal Reinsurance, dated
     December 15, 1994 January 30, 2002, that certain Agreement for Payment on
     Guarantee of Consolidation Loans with Federal Reinsurance, dated January
     30, 2002, and that certain Certificate of Comprehensive Guarantee for
     Consolidation Loans, dated January 30, 2002, each between the Trustee and
     Educational Credit Management Corporation (formerly known as Transitional
     Guaranty Agency, Inc.), (8) that certain Agreement to Guarantee Loans,
     dated July 15, 1997, and that certain Agreement to Guarantee PLUS/SLS
     Loans, dated July 15, 1997, each between the Trustee and Iowa College Aid
     Commission, (9) that certain Agreement to Guarantee Federal Stafford Loans
     (Subsidized and Unsubsidized), Federal PLUS Loans, Federal SLS Loans, dated
     July 15, 1997, that certain Federal Consolidation Loan Program Lender
     Participation Agreement, dated February 7, 2002, and that certain Federal
     Consolidation Loan Program Certificate of Comprehensive Insurance, dated
     July 16, 2002, each between the Trustee and Missouri Coordinating Board for
     Higher Education, (10) those certain Holder Agreements, dated July 7, 1997,
     and January 7, 2000, respectively, each between the Trustee and Illinois
     Student Assistance Commission, (11) that certain Agreement to Guarantee
     Loans Made by a Commercial Lender, dated July 10, 1997, that certain
     Agreement to Guarantee CLAS Program Loans Made by a Commercial Lender,
     dated July 10, 1997, that certain Consolidation Loan Program Lender
     Participation Agreement, dated July 6, 1997, and that certain Certificate
     of Comprehensive Insurance (for Federal Consolidation Loans made in
     accordance with Title IV, Part B of the Higher Education Act of 1965, as
     amended), dated July 17, 1997, and that certain Agreement (relating to the
     guarantee of loans for attendance at educational institutions), dated
     August 29, 2001, each between the Trustee and California Student Aid
     Commission, (12) that certain Agreement to Endorse Loans, dated January 30,
     2002 April 8, 1999, that certain Agreement to Guarantee Federal
     Consolidation Loans, dated January 30, 2002, and that certain Certificate
     of Comprehensive Guarantee Coverage, dated January 30, 2002, each between
     the Trustee and Oregon Student Assistance Commission, (13) that certain
     Lender Participation Agreement, dated April 18, 2000, that certain
     Consolidation Loans Lender Participation Agreement, dated April 18, 2000,
     and that certain Certificate of Comprehensive Insurance, dated April 18,
     2000, each between the Trustee and Texas Guaranteed Student Loan
     Corporation, (14) that certain Guarantee Agreement, dated June 19, 2002,
     between the Trustee and Massachusetts Higher Education Assistance
     Corporation (d/b/a as American Student Assistance), (15) that certain
     Agreement to Guarantee Loans, dated January 30, 2002, between the Trustee
     and Student Loan Guarantee Foundation of Arkansas, Inc., (16) that certain
     Lender Program Participation Agreement, dated February 26, 2002, and that
     certain Certificate of Comprehensive Insurance, dated February 25, 2002,
     each between the Trustee and Student Loan Division of the Colorado
     Department of Higher Education, (17) that certain Lender Participation
     Agreement and Contract of Insurance, dated July 5, 2001, between the
     Trustee and Kentucky Higher Education

                                      -44-

<PAGE>

     Assistance Authority, (18) that certain Agreement to Guarantee Loans, dated
     February 20, 2002, that certain Agreement to Guarantee Consolidation Loans,
     dated February 20, 2002, and that certain Certificate of Comprehensive
     Guarantee Coverage, dated February 20, 2002, each between the Trustee and
     Finance Authority of Maine, (19) that certain Agreement to Guarantee Loans,
     dated January 30, 2002, that certain Consolidation Loan Program Agreement
     to Guarantee Consolidation Loans, dated January 30, 2002, and that certain
     Consolidation Loan Program Certificate of Comprehensive Guarantee Coverage,
     dated January 30, 2002, each between the Trustee and Michigan Higher
     Education Assistance Authority, with is component unit, Michigan Guaranty
     Agency, (20) that certain Agreement to Guarantee Federal Family Education
     Loans, dated January 30, 2002, that certain Agreement (relating to the
     guarantee of consolidation loans), dated February 15, 2002, and that
     certain Certificate of Comprehensive Insurance for Consolidation Loans,
     dated January 30, 2002, each between the Trustee and Board of Regents of
     Higher Education (Montana University System), (21) that certain Lender
     Agreement for Guarantee of Student Loans with Federal Reinsurance
     (Originating Lender), dated January 30, 2002, that certain Lender Agreement
     for Guarantee of Federal Consolidation Loans with Federal Reinsurance,
     dated January 30, 2002, that certain Blanket Certificate of Guarantee with
     Respect to Student Loans with Federal Reinsurance, dated January 30, 2002,
     and that certain Certificate of Guarantee with respect to Federal
     Consolidation Loans, dated February 27, 2002, each between the Trustee and
     Nebraska Student Loan Program, Inc., (22) that certain Loan Guarantee
     Agreement with Lending Institution, dated January 30, 2002, that certain
     Consolidation Loan Program Lender Participation Agreement, dated July 1,
     2002, and that certain Certificate of Comprehensive Insurance, dated July
     1, 2002, each between the Trustee and New York State Higher Education
     Services Corporation, (23) that certain Guaranty Loan Agreement, dated
     January 30, 2002, that certain Lender Participation Agreement for
     Consolidation Loans, dated January 30, 2002, and that certain Authority
     Certification of Comprehensive Insurance, dated February 20, 2002, each
     between the Trustee and New Jersey Higher Education Student Assistance
     Authority, (24) that certain Agreement to Guarantee Loans, dated January
     30, 2002, that certain Agreement to Guarantee Consolidation Loans, dated
     January 30, 2002, and that certain Certificate of Comprehensive Guarantee
     Coverage for Federal Consolidation Loans, dated January 30, 2002, each
     between the Trustee and Oklahoma State Regents for Higher Education, (25)
     that certain Participation Agreement, dated January 30, 2002, that certain
     Agreement to Guarantee Consolidation Loans, dated January 30, 2002, and
     that certain Certificate of Comprehensive Guarantee Coverage, dated January
     30, 2002, each between the Trustee and Louisiana Student Financial
     Assistance Commission, (26) that certain Lending Institution Participation
     Agreement, dated April 16, 2002, that certain Lender Participation
     Agreement (federal consolidation loans), dated April 16, 2002, that certain
     Lender of Last Resort Agreement, dated April 16, 2002, and that certain
     Certificate of Comprehensive Insurance, dated April 16, 2002, each between
     the Trustee and Florida Department of Education, Office of Student
     Financial Assistance, and (1427) any other agreement between a Guarantee
     Agency and the Trustee providing for the insurance or guarantee by such
     Guarantee Agency, to the extent provided in the Higher Education Act, of
     the principal of and accrued interest on FFELP Loans acquired by the
     Trustee from

                                      -45-

<PAGE>

     time to time, including any supplement thereto or amendment thereof entered
     into in accordance with the provisions thereof and hereof.

     Section 25. Amendment of Section 4.1 of the Indenture. Section 4.1 of the
Indenture is is hereby amended as follows:

          Section 4.1.  Creation of Funds and Accounts. There are hereby created
     and established the following Funds and Accounts (each of which shall be a
     securities account, as defined in Section 8-501 of the UCC) to be held by
     the Trustee, or, in the case of the Acquisition Fund, the Revenue Fund or
     the Administration Fund, by the Trustee or a Deposit Agent, and maintained
     in accordance with the provisions of this Indenture:

          (i)    An Acquisition Fund.

          (ii)   An Administration Fund.

          (iii)  A Reserve Fund.

          (iv)   An Indemnification Fund.

          (v)    A Revenue Fund, within which there shall be a Repayment Account
     and an Income Account.

          (vi)   A Note Fund, within which there shall be an Interest Account, a
     Principal Account and a Retirement Account.

          (vii)  An Alternative Loan Guarantee Fund.

          (viii) A Surplus Fund, within which there shall be a Special
     Redemption and Prepayment Account and a Surplus Account.

     Section 26. Consent of Series 2002-1 Noteholders to Amendments to
Indenture. Each Holder of Series 2002-1 Notes, by his acceptance thereof, shall
be deemed to have consented to each of the amendments to the Indenture contained
in Sections 23 through 25 of this Fourth Supplemental Indenture and in the
applicable sections of the Second Supplemental Indenture and the Third
Supplemental Indenture.

     Section 27. Governing Law. This Fourth 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 Fourth 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 28. 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
Fourth Supplemental Indenture.

                                      -46-

<PAGE>

     Section 29. Severability. If any provision of this Fourth 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 Fourth Supplemental Indenture contained shall not affect the remaining
portions of this Fourth Supplemental Indenture or part thereof.

     Section 30. Counterparts. This Fourth 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.

     Section 31. Effect of Fourth Supplemental Indenture. Upon the execution and
delivery of this Fourth Supplemental Indenture, the Indenture shall be amended
and supplemented in accordance herewith, and this Fourth 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.

                                      -47-

<PAGE>

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

                                           EDUCATION LOANS INCORPORATED

                                           By /s/  A. Norgrin Sanderson
                                              ----------------------------------
                                                        President

Attest:

          /s/  Rollyn Samp
----------------------------------
              Secretary

                                           U.S. BANK NATIONAL ASSOCIATION,
                                                as Trustee

                                           By /s/  Gloria S. Kessler
                                              ----------------------------------
                                                      Vice President

                                      -48-

<PAGE>

                                    EXHIBIT A

                       FORM OF SERIES 2002-1 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 2002-1A [B]
                                     CLASS A

No. R_____                                                            $________

           Stated             Date of Original          Interest
        Maturity Date               Issue                 Rate           CUSIP
        -------------               -----                 ----           -----

      December 1, 2035       September 19, 2002         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 2002-1 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 2002-1 Note Interest Rate (as hereinafter

                                      A-1

<PAGE>

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 2002-1 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 December 1, 1999 (as supplemented and amended,
the "Indenture"), as amended and supplemented by a First Supplemental Indenture
of Trust, dated as of December 1, 1999, a Second Supplemental Indenture of
Trust, dated as of December 1, 2000, a Third Supplemental Indenture of Trust,
dated as of July 1, 2001, and a Fourth Supplemental Indenture of Trust, dated as
of September 1, 2002 (the "Fourth 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 $82,700,000 (the "Series 2002-1A [B]
Notes"). The Series 2002-1A [B] Notes are issued simultaneously with one other
series of Class A Notes issued in the aggregate principal amount of $82,700,000
(the "Series 2002-1B [A] Notes" and, together with the Series 2002-1A [B] Notes,
collectively referred to herein as the "Series 2002-1 Senior Notes"), and a
series of Class B Notes issued in the aggregate principal amount of $24,500,000
(the "Series 2002-1C Notes" and, together with the Series 2002-1 Senior Notes,
collectively referred to herein as the "Series 2002-1 Notes"). The proceeds of
the Series 2002-1 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 2002-1 Notes and (d) pay Costs of Issuance of the
Series 2002-1 Notes. The Series 2002-1 Senior Notes are being issued on a
parity, and are

                                      A-2

<PAGE>

equally and ratably secured under the Indenture, with the Corporation's Student
Loan Asset-Backed Notes, Senior Series 1999-1A and 1999-1B, issued under the
Indenture as Class A Notes in the original aggregate principal amount of
$117,000,000, the Corporation's Student Loan Asset-Backed Notes, Senior Series
2000-1A and 2000-1B, issued under the Indenture as Class A Notes in the original
aggregate principal amount of $108,200,000, and the Corporation's Student Loan
Asset-Backed Notes, Senior Series 2001-1A and 2001-1B, issued under the
Indenture as Class A Notes in the original aggregate principal amount of
$158,000,000, and the Series 2002-1C Notes are being issued on a parity, and are
equally and ratably secured under the Indenture, with the Corporation's Student
Loan Asset-Backed Notes, Subordinate Series 1999-1C, issued under the Indenture
as Class B Notes in the original principal amount of $9,300,000, the
Corporation's Student Loan Asset-Backed Notes, Subordinate Series 2000-1C,
issued under the Indenture as Class B Notes in the original principal amount of
$22,000,000, and the Corporation's Student Loan Asset-Backed Notes, Subordinate
Series 2001-1C, issued under the Indenture as Class B Notes in the original
principal amount of $23,800,000.

         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 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 2002-1 Senior Notes are being issued as, and will constitute, Class A
Notes under the Indenture. The Series 2002-1C 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

                                      A-3

<PAGE>

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 2002-1 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 2002-1 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 2002-1 Note Initial Interest Rate. Thereafter until an Auction Period
Adjustment, if any, this Note shall bear interest at a Series 2002-1 Note
Auction Rate based on an Auction Period that shall generally consist of 28 days,
all as determined in the Fourth Supplemental Indenture.

         The Series 2002-1 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 Fourth Supplemental Indenture and (iii) the Series
2002-1 Note Auction Rate Limitation.

         In no event shall the Series 2002-1 Note Auction Rate on this Note
exceed the Series 2002-1 Note Auction Rate Limitation.

         The Interest Period, including, without limitation, an Auction Period,
the applicable Series 2002-1 Note Auction Rate, the method of determining the
applicable Series 2002-1 Note Auction Rate on each of the Series 2002-1A [B]
Notes and the Auction Procedures related thereto, including, without limitation,
required notices thereof to the Holders or Existing Holders of the Series 2002-1
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 Fourth 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 2002-1A [B] Notes is greater than
the Net Loan Rate, then the Series 2002-1 Note Auction Rate applicable to the
Series 2002-1 Notes for that Interest Period will be the Net Loan Rate. If the
Series 2002-1 Note Auction Rate applicable to the Series 2002-1A [B] 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 2002-1A [B] 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 2002-1A [B] Note by the Trustee during
such Interest Period in sufficient time for the Trustee to give notice to each
Holder of such Carry-Over

                                      A-4

<PAGE>

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 2002-1A [B] 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 2002-1A [B] Note has been redeemed or
has been deemed no longer Outstanding under the Fourth Supplemental Indenture
(after which no Carry-Over Amount shall be paid with respect to a Series 2002-1A
[B] Note), (i) the Carry-Over Amount (and interest accrued thereon) shall be
paid by the Trustee on such Series 2002-1A [B] 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
Fourth 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 2002-1A [B] Notes shall be paid by
the Trustee on Outstanding Series 2002-1A [B] 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 2002-1A [B] Note,
which Series 2002-1A [B] Note is to be redeemed or deemed no longer Outstanding
under the Fourth 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 2002-1A [B] 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 2002-1A [B]
Note, the Trustee shall give written notice in the manner set forth in the
immediately preceding paragraph to the Holder of such Series 2002-1A [B] Note of
the Carry-Over Amount remaining unpaid on such Series 2002-1A [B] Note.

         The Interest Payment Date in such subsequent Interest Period on which
such Carry-Over Amount for the Series 2002-1A [B] Notes shall be paid shall be
determined by the Trustee in

                                       A-5

<PAGE>

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 2002-1A [B]
Notes on an Interest Payment Date.

         By purchasing Series 2002-1A [B] Notes, whether in an Auction or
otherwise, each purchaser of the Series 2002-1A [B] 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 Fourth Supplemental
Indenture, (ii) to have its beneficial ownership of the Series 2002-1A [B] 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 2002-1A [B] Notes is maintained in Book-Entry
Form by the Securities Depository, an Existing Holder may sell, transfer or
otherwise dispose of Series 2002-1A [B] Notes only pursuant to a Bid or Sell
Order placed in an Auction or otherwise sell, transfer or dispose of Series
2002-1A [B] 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 2002-1 Note Interest Rate by the Auction
Agent or any other authorized Person pursuant to the provisions of the Fourth
Supplemental Indenture shall be conclusive and binding on the Holders of the
Series 2002-1A [B] Notes to which such Series 2002-1 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 2002-1 Notes shall be redeemed,
in part, on the first regularly scheduled Interest Payment Date occurring after
January 16, 2003 for which notice can be given

                                      A-6

<PAGE>

in accordance with the requirements of the Fourth Supplemental Indenture, at a
Redemption Price equal to 100% of the principal amount of Series 2002-1 Notes so
redeemed, from proceeds of the Series 2002-1 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 2002-1A [B] 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 2002-1 Surplus
Subaccount that has been on deposit therein for at least 12 months, has not been
used to acquire Student Loans and 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
2002-1A [B] 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 2002-1 Notes are to be redeemed, the particular
Series 2002-1 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 2002-1A [B] 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 2002-1A [B] Notes not affected by such
defect or failure. All Series 2002-1A [B] 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 2002-1A [B] 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
2002-1A [B] 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.

                                      A-7

<PAGE>

         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 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
2002-1A [B] Notes. Notwithstanding the foregoing provisions of this paragraph,
no Series 2002-1A [B] Note shall be required to be transferred, (i) during a
period beginning at the opening of business fifteen days before any selection of
Series 2002-1A [B] Notes for redemption and ending at the close of business on
the day of such selection, or (ii) if such Series 2002-1A [B] 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.

                                      A-8

<PAGE>

         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 been signed by the Trustee or by the
Authenticating Agent by the manual signature of one of its authorized
representatives.

                                      A-9

<PAGE>

     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

<PAGE>

                         _______________________________

                                   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

<PAGE>

                                    EXHIBIT B

                          FORM OF SERIES 2002-1C 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 2002-1C
                                     CLASS B

No. R_____                                                            $________

          Stated         Date of Original       Interest
       Maturity Date           Issue              Rate         CUSIP

     December 1, 2035   September 19, 2002      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 2002-1 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

<PAGE>

Interest Payment Date and at Maturity, at the Series 2002-1 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 2002-1
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 December 1, 1999 (as supplemented and amended,
the "Indenture"), as amended and supplemented by a First Supplemental Indenture
of Trust, dated as of December 1, 1999, a Second Supplemental Indenture of
Trust, dated as of December 1, 2000, a Third Supplemental Indenture of Trust,
dated as of July 1, 2001, and a Fourth Supplemental Indenture of Trust, dated as
of September 1, 2002 (the "Fourth 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 $24,500,000 (the
"Series 2002-1C Notes"). The Series 2002-1C Notes are issued simultaneously with
two series of Class A Notes issued in the aggregate principal amount of
$165,400,000 (the "Series 2002-1 Senior Notes" and, together with the Series
2002-1C Notes, collectively referred to herein as the "Series 2002-1 Notes").
The proceeds of the Series 2002-1 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 2002-1 Notes and (d) pay Costs of
Issuance of the Series 2002-1 Notes. The Series 2002-1 Senior Notes are being
issued on a parity, and are equally and ratably secured under the Indenture,
with the Corporation's Student Loan Asset-Backed Notes, Senior Series 1999-1A
and

                                      B-2

<PAGE>

1999-1B, issued under the Indenture as Class A Notes in the original aggregate
principal amount of $117,000,000, the Corporation's Student Loan Asset-Backed
Notes, Senior Series 2000-1A and 2000-1B, issued under the Indenture as Class A
Notes in the original aggregate principal amount of $108,200,000, and the
Corporation's Student Loan Asset-Backed Notes, Senior Series 2001-1A and
2001-1B, issued under the Indenture as Class A Notes in the original aggregate
principal amount of $158,000,000 (the "Prior Senior Notes"), and the Series
2002-1C Notes are being issued on a parity, and are equally and ratably secured
under the Indenture, with the Corporation's Student Loan Asset-Backed Notes,
Subordinate Series 1999-1C, issued under the Indenture as Class B Notes in the
original principal amount of $9,300,000, the Corporation's Student Loan
Asset-Backed Notes, Subordinate Series 2000-1C, issued under the Indenture as
Class B Notes in the original principal amount of $22,000,000, and the
Corporation's Student Loan Asset-Backed Notes, Subordinate Series 2001-1C,
issued under the Indenture as Class B Notes in the original principal amount of
$23,800,000.

         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 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 2002-1 Senior Notes are being issued as, and will constitute, Class A
Notes under the Indenture. The Series 2002-1C 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 2002-1C 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 Prior Senior Notes and the Series
2002-1 Senior Notes) and Other Senior Beneficiaries thereunder. A failure to pay

                                      B-3

<PAGE>

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 2002-1 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 2002-1 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 2002-1 Note Initial Interest Rate. Thereafter until an Auction Period
Adjustment, if any, this Note shall bear interest at a Series 2002-1 Note
Auction Rate based on an Auction Period that shall generally consist of 28 days,
all as determined in the Fourth Supplemental Indenture.

         The Series 2002-1 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 Fourth Supplemental Indenture and (iii) the Series
2002-1 Note Auction Rate Limitation.

         In no event shall the Series 2002-1 Note Auction Rate on this Note
exceed the Series 2002-1 Note Auction Rate Limitation.

         The Interest Period, including, without limitation, an Auction Period,
the applicable Series 2002-1 Note Auction Rate, the method of determining the
applicable Series 2002-1 Note Auction Rate on each of the Series 2002-1C Notes
and the Auction Procedures related thereto, including, without limitation,
required notices thereof to the Holders or Existing Holders of the Series 2002-1
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 Fourth 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 2002-1C Notes is greater than the
Net Loan Rate, then the Series 2002-1 Note Auction Rate applicable to the Series
2002-1 Notes for that Interest Period will be the Net Loan Rate. If the Series
2002-1 Note Auction Rate applicable to the Series 2002-1C 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 2002-1C Notes for such Interest

                                      B-4

<PAGE>

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 2002-1C 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 2002-1C 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
2002-1C Note has been redeemed or has been deemed no longer Outstanding under
the Fourth Supplemental Indenture (after which no Carry-Over Amount shall be
paid with respect to a Series 2002-1C Note), (i) the Carry-Over Amount (and
interest accrued thereon) shall be paid by the Trustee on such Series 2002-1C
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 Fourth 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 2002-1C Notes shall be paid by the
Trustee on Outstanding Series 2002-1C 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 2002-1C Note, which
Series 2002-1C Note is to be redeemed or deemed no longer Outstanding under the
Fourth 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 2002-1C 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 2002-1C Note, the Trustee shall give
written notice in the

                                       B-5

<PAGE>

manner set forth in the immediately preceding paragraph to the Holder of such
Series 2002-1C Note of the Carry-Over Amount remaining unpaid on such Series
2002-1C Note.

         The Interest Payment Date in such subsequent Interest Period on which
such Carry-Over Amount for the Series 2002-1C 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 2002-1C Notes on an Interest Payment Date.

         By purchasing Series 2002-1C Notes, whether in an Auction or otherwise,
each purchaser of the Series 2002-1C 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 Fourth Supplemental Indenture, (ii) to have its
beneficial ownership of the Series 2002-1C 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
2002-1C Notes is maintained in Book-Entry Form by the Securities Depository, an
Existing Holder may sell, transfer or otherwise dispose of Series 2002-1C Notes
only pursuant to a Bid or Sell Order placed in an Auction or otherwise sell,
transfer or dispose of Series 2002-1C 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 2002-1 Note Interest Rate by the Auction
Agent or any other authorized Person pursuant to the provisions of the Fourth
Supplemental Indenture shall be conclusive and binding on the Holders of the
Series 2002-1C Notes to which such Series 2002-1 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

                                      B-6

<PAGE>

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 2002-1 Notes shall be redeemed,
in part, on the first regularly scheduled Interest Payment Date occurring after
January 16, 2003 for which notice can be given in accordance with the
requirements of the Fourth Supplemental Indenture, at a Redemption Price equal
to 100% of the principal amount of Series 2002-1 Notes so redeemed, from
proceeds of the Series 2002-1 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 2002-1C 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 2002-1 Surplus Subaccount that
has been on deposit therein for at least 12 months, has not been used to acquire
Student Loans and 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
2002-1C 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 2002-1 Notes are to be redeemed, the particular
Series 2002-1 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 2002-1C 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 2002-1C 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 2002-1C 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
2002-1C 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.

                                      B-7

<PAGE>

         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 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
2002-1C Notes. Notwithstanding the foregoing provisions of this paragraph, no
Series 2002-1C Note shall be required to be transferred, (i) during a period
beginning at the opening of business fifteen days before any selection of Series
2002-1C Notes for redemption and ending at the close of business on the day of
such selection, or (ii) if such Series 2002-1C Note has been selected for
redemption in whole or in part.

                                      B-8

<PAGE>

         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 been signed by the Trustee or by the
Authenticating Agent by the manual signature of one of its authorized
representatives.

                                      B-9

<PAGE>

     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-10

<PAGE>

                          _____________________________

                                   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-11

<PAGE>

                                    EXHIBIT C

                           NOTICE OF A PAYMENT DEFAULT

                          EDUCATION LOANS INCORPORATED
                         STUDENT LOAN ASSET-BACKED NOTES
                            SENIOR SERIES 2002-1A [B]
                          [SUBORDINATE SERIES 2002-1C]

     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
2002-1 Note Interest Rate pursuant to the Auction Procedures will be suspended.
The Series 2002-1 Note Interest Rate on the Series 2002-1A [B][C] 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 Fourth Supplemental
Indenture of Trust relating to the above-referenced Notes.

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

                                                 By_____________________________
                                                     Authorized Representative

                                      C-1

<PAGE>

                                    EXHIBIT D

                        NOTICE OF CURE OF PAYMENT DEFAULT

                          EDUCATION LOANS INCORPORATED
                         STUDENT LOAN ASSET-BACKED NOTES
                            SENIOR SERIES 2002-1A [B]
                          [SUBORDINATE SERIES 2002-1C]

     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 Fourth Supplemental
Indenture of Trust relating to the above-referenced Notes.

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

                                                 By_____________________________
                                                     Authorized Representative

                                      D-1

<PAGE>

                                    EXHIBIT E

                  NOTICE OF PROPOSED AUCTION PERIOD ADJUSTMENT

                          EDUCATION LOANS INCORPORATED
                         STUDENT LOAN ASSET-BACKED NOTES
                            SENIOR SERIES 2002-1A [B]
                          [SUBORDINATE SERIES 2002-1C]

         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 Fourth Supplemental Indenture of Trust
relating to such Notes (the "Fourth 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 Fourth 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 Fourth
Supplemental Indenture.

Dated:_______________________                       EDUCATION LOANS INCORPORATED

                                                    By:_________________________

                                      E-1

<PAGE>

                                    EXHIBIT F

                  NOTICE ESTABLISHING AUCTION PERIOD ADJUSTMENT

                          EDUCATION LOANS INCORPORATED
                         STUDENT LOAN ASSET-BACKED NOTES
                            SENIOR SERIES 2002-1A [B]
                          [SUBORDINATE SERIES 2002-1C]

         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 Fourth Supplemental Indenture of Trust
relating to such Notes (the "Fourth 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 Fourth 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 Fourth Supplemental Indenture and our prior notice dated
________________________ regarding the proposed change.

            Terms used herein have the meanings set forth in the Fourth
Supplemental Indenture.

Dated:__________________________                    EDUCATION LOANS INCORPORATED

                                                    By__________________________

                                      F-1

<PAGE>

                                    EXHIBIT G

                        NOTICE OF CHANGE IN AUCTION DATE

                          EDUCATION LOANS INCORPORATED
                         STUDENT LOAN ASSET-BACKED NOTES
                            SENIOR SERIES 2002-1A [B]
                          [SUBORDINATE SERIES 2002-1C]

         Notice is hereby give by Salomon Smith Barney 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 Fourth Supplemental Indenture of Trust relating to
such Notes (the "Fourth Supplemental Indenture").

         Terms used herein have the meanings set forth in the Fourth
Supplemental Indenture.

Dated:________________________                     SALOMON SMITH BARNEY INC., as
                                                      Market Agent

                                                   By___________________________

                                      G-1

<PAGE>

                                   EXHIBIT H-1

                [List of EdLinc Student Loan Purchase Agreements]

                                     H-1-1

<PAGE>

                                   EXHIBIT H-2

             [List of GOAL Funding Student Loan Purchase Agreements]

                                     H-2-1<PAGE>

                                                                     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 September 1, 2002

                            ________________________

                                   Relating to

                                  $189,900,000
                          EDUCATION LOANS INCORPORATED
                         STUDENT LOAN ASSET-BACKED NOTES
                           SENIOR SERIES 2002-1A AND B
                           SUBORDINATE SERIES 2002-1C

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

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                    Page
                                                                                                    ----
<S>                                                                                                 <C>
Section 1.    Definitions and Rules of Construction ..............................................    2
       1.1    Terms Defined by Reference to Fourth 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 2002-1 Notes; Incorporation by Reference of Auction
              Procedures and Settlement Procedures ...............................................    4
       2.2    Preparation of Each Auction; Maintenance of Existing Holder Registry ...............    5
       2.3    All Hold Rates, Maximum Auction Rates, Net Loan Rate, One-Month
              LIBOR and Three-Month LIBOR ........................................................    7
       2.4    Auction Schedule ...................................................................    8
       2.5    Changes in Auction Periods or Auction Date .........................................    9
       2.6    Notice of Fee Rate Change ..........................................................    9
       2.7    Notices to Existing Holders ........................................................   10
       2.8    Payment Default ....................................................................   10
       2.9    Broker-Dealers .....................................................................   10
       2.10   Access to and Maintenance of Auction Records .......................................   10

Section 3.    Term of Agreement ..................................................................   11

Section 4.    Trustee ............................................................................   12

Section 5.    Representations and Warranties of the Trustee ......................................   12

Section 6.    The Auction Agent ..................................................................   13
       6.1    Duties and Responsibilities ........................................................   13
       6.2    Rights of the Auction Agent ........................................................   13
       6.3    Auction Agent's Disclaimer .........................................................   14
       6.4    Compensation, Remedies and Indemnification .........................................   14
       6.5    Compensation of the Broker-Dealers .................................................   15

Section 7.    Miscellaneous ......................................................................   16
       7.1    Governing Law ......................................................................   16
       7.2    Communications .....................................................................   16
       7.3    Entire Agreement ...................................................................   17
       7.4    Benefits ...........................................................................   17
       7.5    Amendment; Waiver ..................................................................   17
       7.6    Successors and Assigns .............................................................   18
       7.7    Severability .......................................................................   18
       7.8    Execution in Counterparts ..........................................................   18
</TABLE>

                                      -i-

<PAGE>

Exhibits
--------

Exhibit A     -- List of Initial Broker-Dealers for the Series 2002-1
Exhibit B     -- Broker-Dealer Agreement
Exhibit C     -- Notice of Ratings
Exhibit D     -- Notice of Series 2002-1 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 2002-1 Note Auction Rate

                                      -ii-

<PAGE>

         THIS AUCTION AGENT AGREEMENT, dated as of September 1, 2002 (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 Fourth 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 $189,900,000 aggregate principal amount of its Student Loan Asset-Backed
Notes, Series 2002-1, consisting of three series designated Student Loan
Asset-Backed Notes, Senior Series 2002-1A (the "Series 2002-1A Notes"), Student
Loan Asset-Backed Notes, Senior Series 2002-1B (the "Series 2002-1B Notes"), and
Student Loan Asset-Backed Notes, Subordinate Series 2002-1C (the "Series 2002-1C
Notes" and, together with the Series 2002-1A Notes and the Series 2002-1B Notes,
the " Series 2002-1 Notes"). The Series 2002-1 Notes are being issued under the
Fourth Supplemental Indenture of Trust, dated as of September 1, 2002 (the
"Fourth Supplemental Indenture"), by and between the Issuer and the Trustee and
executed pursuant to an Indenture of Trust, dated as of December 1, 1999 (as
amended and supplemented, the "Original Indenture"), by and between the Trustee
and the Issuer; and

         WHEREAS, pursuant to Section 8 of the Fourth 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 Fourth 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:

                                      -1-

<PAGE>

     Section 1. Definitions and Rules of Construction.

     1.1 Terms Defined by Reference to Fourth Supplemental Indenture.
Capitalized terms used herein and not otherwise defined herein shall have the
meanings given such terms in the Fourth 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 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 Fourth Supplemental Indenture.

     "Authorized Auction Agent Officer" shall mean, with respect to the Auction
Agent, each Managing Director, Vice President, Assistant Vice President and
Assistant Treasurer of the Auction Agent and every other officer of the Auction
Agent assigned to its Corporate Trust and Agency 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.

     "Broker-Dealer Fee" shall have the meaning specified in Section 6.5(a)
hereof.

                                      -2-

<PAGE>

     "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 2002-1 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.

          (c)  The words "hereof," "herein," "hereto" and other words of similar
     import refer to this Auction Agent Agreement as a whole.

                                      -3-

<PAGE>

          (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 2002-1A
     Notes, the Series 2002-1B Notes and the Series 2002-1C Notes, but
     separately in each case. References to "Series 2002-1 Notes" shall, unless
     the context clearly contemplates a reference to all the Series 2002-1
     Notes, be deemed to refer only to a particular series of Series 2002-1
     Notes.

     Section 2. The Auction.

     2.1  Interest Rate on Series 2002-1 Notes; Incorporation by Reference of
Auction Procedures and Settlement Procedures.

          (a) During the Initial Interest Period, each of the Series 2002-1A
     Notes, the Series 2002-1B Notes and the Series 2002-1C Notes shall bear
     interest at the Series 2002-1 Note Initial Interest Rate for such series.
     Thereafter, the Series 2002-1 Notes shall bear interest at the Series
     2002-1 Note Interest Rate based on an Interest Period that shall be an
     Auction Period. The Series 2002-1 Note Auction Rate on each series of the
     Series 2002-1 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 Fourth Supplemental Indenture (not to exceed
     18% per annum). Pursuant to Section 8 of the Fourth 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 2002-1 Note Auction
     Rate for each series of the Series 2002-1 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 2002-1 Notes
     (showing Salomon Smith Barney 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 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

                                      -4-

<PAGE>

         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 2002-1 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
          2002-1 Notes. Pursuant to its Broker-Dealer Agreement, Salomon Smith
          Barney Inc., as the sole initial Broker-Dealer with respect to the
          Series 2002-1 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 2002-1 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 2002-1 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 2002-1 Notes Outstanding. In the event the Auction Agent
          receives from the Trustee written notice of any partial redemption of
          any Series 2002-1 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 2002-1 Notes are to be redeemed) the
          aggregate principal amount of such Series 2002-1 Notes of each such
          Existing Holder, if any, which are to be redeemed; provided the
          Auction Agent has been furnished with the name and 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

                                      -5-

<PAGE>

          of the principal amount of Series 2002-1 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 2002-1 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 2002-1 Notes in an Auction of the failure of such Series 2002-1
          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 2002-1 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 2002-1 Notes and the aggregate principal
     amount of Series 2002-1 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 2002-1 Notes Outstanding received from the Trustee to
     each Broker-Dealer in accordance with Section 4.3 of the applicable
     Broker-Dealer Agreement.

     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 Fourth Supplemental Indenture.
     Not later than 9:30 a.m., New York City

                                      -6-

<PAGE>

     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 2002-1 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 2002-1 Note Auction Rate
          for the next succeeding Auction Period shall be the Net Loan Rate.

               (ii)  If the ownership of the Series 2002-1 Notes is no longer
          maintained in Book-Entry Form by the Securities Depository, no further
          Auctions shall be held and the Series 2002-1 Note Auction Rate for
          each Interest Period commencing after the delivery of certificated
          Series 2002-1 Notes pursuant to Section 17 of the Fourth 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 Fourth Supplemental Indenture.

               (iii) If a Payment Default shall have occurred with respect to a
          series of Series 2002-1 Notes, the Series 2002-1 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 Fourth Supplemental Indenture. The Series
          2002-1 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 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.

                                      -7-

<PAGE>

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 Fourth Supplemental Indenture and this
                                   Auction Agent Agreement.

9:30 a.m.-1:00 p.m.                The Auction Agent assembles information
                                   communicated to it by Broker-Dealers as
                                   provided in Section 4(c)(i) of the Fourth
                                   Supplemental Indenture. The Submission
                                   Deadline is 12:30 p.m., New York City time.

Not earlier than                   The Auction Agent makes the determination
1:00 p.m.                          pursuant to Section 4(c)(i) of the Fourth
                                   Supplemental Indenture. Submitted Bids and
                                   Submitted Sell Orders are accepted and
                                   rejected in whole or in part and principal
                                   amount of Series 2002-1 Notes is allocated as
                                   provided in Section 4(d) of the Fourth
                                   Supplemental Indenture.

By approximately                   The Auction Agent advises the Trustee and
3:00 p.m.1/ or                     the Broker-Dealers of the results of the
4:00 p.m.2/                        Auction as provided in Section 4(c)(ii) of
                                   the Fourth Supplemental Indenture.

----------------
1/   If the Series 2002-1 Note Auction Rate is the Auction Rate.
2/   If the Series 2002-1 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 mail any notice delivered to it
          pursuant to Section 10(a) of the Fourth Supplemental Indenture to the
          Existing Holders within two Business Days of its receipt thereof.

               (ii) The Auction Agent shall deliver any certificate delivered to
          it pursuant to Section 10(c) of the Fourth 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.

                                      -8-

<PAGE>

               (iii) If, after delivery to the Auction Agent of the notice
          referred to in Section 10(a) of the Fourth Supplemental Indenture, the
          Auction Agent fails to receive the certificate referred to in Section
          10(c) of the Fourth 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 Fourth 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 mail any notice
     delivered to it pursuant to Section 11 of the Fourth 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 mail 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.

     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-1 or

                                      -9-

<PAGE>

     Exhibit A-2 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 Salomon Smith Barney Inc. as the sole initial
     Broker-Dealer with respect to the Series 2002-1 Notes.

          (b)  The Auction Agent may, at the written direction of an Authorized
     Issuer Officer, and with the approval of Salomon Smith Barney Inc., so long
     as Salomon Smith Barney 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 2002-1 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
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 Fourth Supplemental
     Indenture with respect to the Series 2002-1 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 Fourth
     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

                                      -10-

<PAGE>

     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 2002-1 Notes pursuant to Section 17 of the
     Fourth 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 2002-1 Notes in connection with its duties hereunder.

     Section 4. Trustee. All privileges, rights and immunities given to the
Trustee in the Fourth 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.

     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

                                      -11-

<PAGE>

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 Fourth
     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.

          (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.

                                      -12-

<PAGE>

          (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 2002-1 Notes.

     6.4 Compensation, Remedies and Indemnification.

          (a)  With respect to each series of Series 2002-1 Notes, not later
     than 12:00 noon, New York City time, on the first Interest Payment Date
     relating to such series, the Issuer, pursuant to Section 5(b) of the Fourth
     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 such Interest Payment Date (or, if such series of Series 2002-1
     Notes ceased to be outstanding prior to such Interest Payment Date, 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 2002-1
     Notes of such series on the date of original issuance of the Series 2002-1
     Notes.

          (b)  With respect to each series of Series 2002-1 Notes any of which
     were outstanding at any time during the related period, not later than
     12:00 noon, New York City time, on each Interest Payment Date thereafter
     relating to such series, the Issuer, pursuant to Section 5(b) of the Fourth
     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 preceding
     Interest Payment Date to the current Interest Payment Date (or, if such
     series of Series 2002-1 Notes ceased to be outstanding prior to such
     current Interest Payment Date, the date on which such series ceased to be
     outstanding) and the denominator of which is 360, times (iii) the average
     principal amount of Series 2002-1 Notes of such series outstanding during
     the period between such preceding Interest Payment Date (or the Closing
     Date, in the case of the first Interest Payment Date) and the current
     Interest Payment Date (or, if such series of Series 2002-1 Notes ceased to
     be outstanding prior to such current Interest Payment Date, the date on
     which such series ceased to be outstanding) (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 .02%. Any change in the Auction Agent Fee Rate shall be effective
     on the Auction Date next succeeding such change.

                                      -13-

<PAGE>

          (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 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 2002-1 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 Fourth
     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 2002-1 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 Fourth
     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
     2002-1 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
     Salomon Smith Barney Inc., as the initial Broker-Dealer with respect to the
     Series 2002-1 Notes, delivered to the Trustee and the Issuer. The initial
     Broker-Dealer Fee Rate for all Series 2002-1 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-

<PAGE>

         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:

<TABLE>
<S>                                          <C>
         If to the Trustee, addressed:       U.S. Bank National Association
                                             180 East Fifth Street
                                             St. Paul, Minnesota 55101
                                             Attn: Corporate Trust
                                             Telephone: (651) 244-0746
                                             Facsimile: (651) 244-0711

         If to the Issuer, addressed:        Education Loans Incorporated
                                             105 First Avenue Southwest, Suite 200
                                             Aberdeen, South Dakota 57401
                                             Attn: President
                                             Telephone: (605) 622-4590
                                             Facsimile: (605) 622-4547

If to the Auction Agent, addressed:          Deutsche Bank Trust Company Americas
                                             c/o Deutsche Bank Services, New Jersey, Inc.
                                             100 Plaza One
                                             Jersey City, NJ 07311
                                             MSJCY 03-0606
                                             Attention: Auction Rate Securities
                                             Telephone: (201) 593-6878
                                             Facsimile: (201) 593-6447

         If to the Market Agent, addressed:  Salomon Smith Barney Inc.
                                             390 Greenwich Street
                                             5th Floor
                                             New York, New York 10013
                                             Attn: Auction Rate Trading
                                             Telephone: (212) 723-7082
                                             Facsimile: (212) 723-8809
</TABLE>

                                      -15-

<PAGE>

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 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 2002-1 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 Fourth Supplemental Indenture which
         materially affects the Auction Agent's duties or obligations under the
         Fourth 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 Fourth
         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-

<PAGE>

         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/  A. Norgrin Sanderson
                                             -----------------------------------
                                             Title:  President

                                         U.S. BANK NATIONAL ASSOCIATION,
                                           as Trustee

                                         By: /s/  Gloria S. Kessler
                                             -----------------------------------
                                             Title:  Vice President

                                         DEUTSCHE BANK TRUST COMPANY AMERICAS,
                                           as Auction Agent

                                         By: /s/  Robert P. Sandt Jr.
                                             -----------------------------------
                                             Title:  Vice President

                                      -17-

<PAGE>

                                    EXHIBIT A
                           TO AUCTION AGENT AGREEMENT

     LIST OF INITIAL BROKER-DEALERS WITH RESPECT TO THE SERIES 2002-1 NOTES

Salomon Smith Barney Inc.

                                      A-1

<PAGE>

                                    EXHIBIT B
                           TO AUCTION AGENT AGREEMENT

                             BROKER-DEALER AGREEMENT

                                      B-1

<PAGE>

                                    EXHIBIT C
                           TO AUCTION AGENT AGREEMENT

                                NOTICE OF RATINGS

                          EDUCATION LOANS INCORPORATED
                         STUDENT LOAN ASSET-BACKED NOTES
                           SENIOR SERIES 2002-1A AND B
                           SUBORDINATE SERIES 2002-1C

         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 2002-1 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 2002-1 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 2002-1 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 2002-1 Notes is _____ [and such rating is
              [*"_______" or higher] [lower than "_______"]]**.

         The Auction Agent may rely on such ratings for all purposes of the
Fourth 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

<PAGE>

                                    EXHIBIT D
                           TO AUCTION AGENT AGREEMENT

                    NOTICE OF SERIES 2002-1 NOTES OUTSTANDING

                          EDUCATION LOANS INCORPORATED
                                  STUDENT LOAN
                               ASSET-BACKED NOTES
                            SENIOR SERIES 2002-1A[B]
                          [SUBORDINATE SERIES 2002-1C]

         NOTICE IS HEREBY GIVEN that $_________ aggregate principal amount of
Series 2002-1A[B][C] Notes were outstanding at the close of business on the
immediately preceding Regular Record Date. Such aggregate principal amount of
Series 2002-1A[B][C] Notes, less $_________ aggregate principal amount of Series
2002-1A[B][C] Notes to be redeemed by the Issuer pursuant to the Fourth
Supplemental Indenture, for a net aggregate principal amount of Series
2002-1A[B][C] Notes of $______________, will be available on the next Auction
scheduled to be held on _______________.

         Terms used herein have the meanings set forth in the Fourth
Supplemental Indenture relating to the above-referenced issue.

                                           U.S. BANK NATIONAL ASSOCIATION,
                                              as Trustee

                                           By:__________________________________
                                              Title:____________________________
                                              Date:_____________________________

                                      D-1

<PAGE>

                                    EXHIBIT E
                           TO AUCTION AGENT AGREEMENT

                            NOTICE OF FEE RATE CHANGE

                          EDUCATION LOANS INCORPORATED
                                  STUDENT LOAN
                               ASSET-BACKED NOTES
                          SENIOR SERIES 2002-1A AND [B]
                           SUBORDINATE SERIES 2002-1C

         NOTICE IS HEREBY GIVEN that the [Auction Agent Fee Rate] [Broker-Dealer
Fee Rate with respect to the Series 2002-1___ 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
2002-1___ Notes] shall be ______% per annum.

         Terms used herein have the meanings set forth in the Fourth
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

<PAGE>

                                    EXHIBIT F
                           TO AUCTION AGENT AGREEMENT

                           NOTICE OF A PAYMENT DEFAULT

                          EDUCATION LOANS INCORPORATED
                                  STUDENT LOAN
                               ASSET-BACKED NOTES
                            SENIOR SERIES 2002-1A[B]
                          [SUBORDINATE SERIES 2002-1C]

         NOTICE IS HEREBY GIVEN that a Payment Default has occurred and not been
cured with respect to the Series 2002-1___ Notes. Determination of the Series
2002-1 Note Auction Rate on the Series 2002-1 Notes pursuant to the Auction
Procedures will be suspended. The Series 2002-1 Note Auction Rate on each series
of the Series 2002-1 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 Fourth
Supplemental Indenture relating to the above-referenced issue.

                                           DEUTSCHE BANK TRUST COMPANY AMERICAS,
                                             as Auction Agent

                                           By:__________________________________
                                              Title:____________________________
                                              Date:_____________________________

                                      F-1

<PAGE>

                                    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 Fourth Supplemental Indenture. These
Settlement Procedures apply separately to each series of Series 2002-1 Notes.

                  (a) Not later than (1) 3:00 p.m., if the Series 2002-1 Note
         Auction Rate is the Auction Rate, or (2) 4:00 p.m., if the Series
         2002-1 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 2002-1 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 2002-1
                  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 2002-1 Notes, if any, to be
                  purchased by such Potential Holder;

                      (v)   If the aggregate principal amount of Series 2002-1
                  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 2002-1 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 2002-1 Notes and the principal amount of
                  Series 2002-1 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 2002-1
                  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 2002-1 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

<PAGE>

                  Broker-Dealer) acting for one or more sellers of such excess
                  principal amount of Series 2002-1 Notes and the principal
                  amount of Series 2002-1 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 2002-1
                  Notes to be purchased pursuant to such Bid against receipt of
                  such Series 2002-1 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 2002-1 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
                  2002-1 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 2002-1 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

<PAGE>

         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 2002-1 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 2002-1 Notes to be purchased pursuant to
                  paragraph (b)(ii) above against receipt of such Series 2002-1
                  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 2002-1 Notes in an
         Auction fails to deliver such Series 2002-1 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 2002-1 Notes that is less than the principal amount of Series
         2002-1 Notes that otherwise was to be purchased by such Potential
         Holder. In such event, the principal amount of Series 2002-1 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 2002-1 Notes shall constitute good delivery.

                                      G-3

<PAGE>

         Notwithstanding the foregoing terms of this paragraph (f), any delivery
         or nondelivery of Series 2002-1 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 2002-1 Notes purchased or sold pursuant to
         an Auction or otherwise.

                                      G-4

<PAGE>

                                    EXHIBIT H
                           TO AUCTION AGENT AGREEMENT

                    NOTICE OF CONTINUATION OF AUCTION PERIOD

                          EDUCATION LOANS INCORPORATED
                                  STUDENT LOAN
                               ASSET-BACKED NOTES
                            SENIOR SERIES 2002-1A[B]
                          [SUBORDINATE SERIES 2002-1C]

         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
2002-1 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

<PAGE>

                                    EXHIBIT I
                           TO AUCTION AGENT AGREEMENT

                    NOTICE OF SERIES 2002-1 NOTE AUCTION RATE

                          EDUCATION LOANS INCORPORATED
                                  STUDENT LOAN
                               ASSET-BACKED NOTES
                            SENIOR SERIES 2002-1A[B]
                          [SUBORDINATE SERIES 2002-1C]

         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 2002-1 Notes have not been provided. The Series 2002-1 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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