Document:

Eligible Lender Trust Agreement

 Exhibit 10.4 
  

 ELIGIBLE LENDER TRUST AGREEMENT 
 between 
 GOAL CAPITAL FUNDING TRUST 2006-1 
 and 
 THE BANK OF NEW YORK, 

As Eligible Lender Trustee 
 Dated as
of May 25, 2006 
  

 TABLE OF CONTENTS 
  

					
	 Clause
	 	 Subject Matter
	  	Page
	Article I	 	DEFINITIONS AND INTENT OF THE PARTIES HERETO	  	2
	Section 1.01.	 	Definitions	  	2
	Section 1.02.	 	Intent of the Parties Hereto	  	3
	Article II	 	ACQUISITION OF ELIGIBLE LOANS	  	4
	Section 2.01.	 	Acquisition	  	4
	Section 2.02.	 	Revocation and Termination	  	4
	Article III	 	COVENANTS	  	4
	Section 3.01.	 	Administration	  	4
	Section 3.02.	 	Enforcement of the Trustee Guarantee Agreements	  	5
	Section 3.03.	 	Assignment of Eligible Loans; Collection of Payments With Respect to Eligible Loans	  	5
	Section 3.04.	 	Enforcement of Financed Eligible Loans	  	5
	Section 3.05.	 	Enforcement of Servicing Agreements	  	5
	Section 3.06.	 	Authority of Eligible Lender Trustee	  	5
	Section 3.07.	 	Power of Attorney to Issuer	  	5
	Article IV	 	CONCERNING THE ELIGIBLE LENDER TRUSTEE	  	6
	Section 4.01.	 	Acceptance of the Trusts	  	6
	Section 4.02.	 	Recitals of Others	  	6
	Section 4.03.	 	Taxes	  	6
	Section 4.04.	 	Eligible Lender Trustee May Act Through Agents	  	7
	Section 4.05.	 	Indemnification of Eligible Lender Trustee	  	7
	Section 4.06.	 	Eligible Lender Trustee’s Right to Reliance	  	7
	Section 4.07.	 	Compensation of Eligible Lender Trustee	  	8
	Section 4.08.	 	Eligible Lender Trustee Eligibility	  	8
	Section 4.09.	 	Resignation of Eligible Lender Trustee	  	8
	Section 4.10.	 	Removal of Eligible Lender Trustee	  	9
	Section 4.11.	 	Successor Eligible Lender Trustee	  	9
	Section 4.12.	 	Limitation with Respect to Examination of Reports	  	10
	Section 4.13.	 	Additional Covenants of Eligible Lender Trustee	  	10
	Section 4.14.	 	Authority of Eligible Lender Trustee	  	10
	Section 4.15.	 	Sale of Eligible Loans	  	11
	Section 4.16.	 	Use of Trustee Eligible Lender Number	  	11

 TABLE OF CONTENTS 
  

					
	 Clause
	 	 Subject Matter
	  	Page
	Article V	 	MISCELLANEOUS	  	11
	Section 5.01.	 	Eligible Lender Trust Agreement Binding upon Successors or Assigns of Eligible Lender Trustee and Issuer	  	11
	Section 5.02.	 	Effect of Legal Holidays	  	11
	Section 5.03.	 	Partial Invalidity	  	11
	Section 5.04.	 	Notices	  	11
	Section 5.05.	 	Law and Place of Enforcement of Eligible Lender Trust Agreement; Construction	  	12
	Section 5.06.	 	Effect of Article and Section Headings and Table of Contents	  	12
	Section 5.07.	 	Amendments	  	12
	Section 5.08.	 	Limitation of Liability	  	12
	Section 5.09.	 	Entire Agreement	  	12
	Section 5.10.	 	Counterparts	  	13
	Annex A	 		  	

  

			
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 ELIGIBLE LENDER TRUST AGREEMENT 
 ELIGIBLE LENDER TRUST AGREEMENT dated as of May 25, 2006 (this “Eligible Lender Trust Agreement”) entered into between GOAL
CAPITAL FUNDING TRUST 2006-1, a Delaware statutory trust (the “Issuer”), and THE BANK OF NEW YORK, a banking corporation organized and existing under the laws of the State of New York, as eligible lender trustee (the
“Eligible Lender Trustee”): 
 W I T N E S S E T H: 
 WHEREAS, the Issuer is conducting and administering a program of acquiring student loans incurred under the Higher Education Act, under which it issues notes or other obligations to finance the purchase of such
Eligible Loans; and 
 WHEREAS, certain contracts and agreements have been and will be entered into with the Secretary of Education and the
Guaranty Agencies to provide an insurance or guarantee program for student loans incurred under the Higher Education Act; and 
 WHEREAS, the
Guaranty Agencies have entered into agreements with the Secretary of Education for the payment by the Secretary of Education of amounts authorized to be paid pursuant to the Higher Education Act, including reimbursement of certain amounts to be paid
upon certain defaulted student loans guaranteed by such Guaranty Agencies and interest subsidy payments to holders of loans guaranteed by such Guaranty Agencies; and 
 WHEREAS, upon the execution and delivery of this Eligible Lender Trust Agreement, the Eligible Lender Trustee will become the legal owner, and the Issuer shall be the beneficial owner, of various Financed Eligible
Loans, and the Issuer will finance the acquisition of additional Eligible Loans which will become Financed Eligible Loans for which the Eligible Lender Trustee shall be the legal owner and the Issuer shall be the beneficial owner, all of which
Financed Eligible Loans are or will be held under the Indenture; and 
 WHEREAS, the Eligible Lender Trustee, as trustee for this trust of
which the Issuer is the sole beneficiary, shall be legal owner of the Financed Eligible Loans and is an “eligible lender” under the Higher Education Act, and the Issuer shall be the beneficial owner of such Financed Eligible Loans;

 NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS: 
 That the Issuer and the Eligible Lender Trustee in consideration of the premises and of other good and lawful consideration, the receipt of which is hereby acknowledged, and the performance and observance of all of
the covenants and conditions herein contained, have executed and delivered this Eligible Lender Trust Agreement, and by these presents the Issuer does hereby assign, transfer, set over and confirm unto the Eligible Lender Trustee, its successor or
successors and its or their assigns, for the benefit of the Issuer, the Trust Estate, as defined in the Indenture: 

 ARTICLE I 
 DEFINITIONS AND INTENT OF THE PARTIES HERETO 
 Section 1.01. Definitions. Unless
the context shall clearly indicate some other meaning or may otherwise require, the terms defined in this Section shall, for all purposes of this Eligible Lender Trust Agreement and of any agreement or other instrument amendatory hereof or
supplemental hereto, have the meanings herein specified or have the meanings assigned to them in the Indenture: 
 “Eligible
Lender” means any “eligible lender,” as defined in the Higher Education Act, and which has received an eligible lender designation from the Secretary of Education or from the Guaranty Agency with respect to Eligible Loans.

 “Express Duties” means all duties of the Eligible Lender Trustee set forth herein, including, but not limited to,
instructions of the Issuer set forth in Issuer Requests, Issuer Orders, Issuer Certificates and Issuer Consents. 
 “Federal
Contracts” means, collectively, any agreement between any Guaranty Agency and the Secretary of Education providing for the payment by the Secretary of Education of amounts authorized to be paid pursuant to the Higher Education Act,
including but not necessarily limited to reimbursement of amounts paid or payable upon defaulted Financed Eligible Loans and other student loans guaranteed by any Guaranty Agency and federal interest subsidy payments and Special Allowance Payments,
if applicable, to holders of qualifying student loans guaranteed by any Guaranty Agency. 
 “Fiscal Year” means the fiscal
year of the Issuer which presently begins January 1 of each year and ends December 31 of the following year. 
 “Higher
Education Act” means Title IV, Parts B, F and G of the Higher Education Act of 1965, as amended or supplemented from time to time, and all regulations and guidelines promulgated thereunder. 
 “Indenture” means the Indenture of Trust, dated as of May 25, 2006, between the Issuer, the Indenture Trustee and the Eligible
Lender Trustee, as it may be supplemented or amended. 
 “Indenture Trustee” means The Bank of New York, in its capacity as
trustee under the Indenture, and its successors and assigns. 
 “Interest Benefit Payments” means interest payments on
Eligible Loans received pursuant to the Higher Education Act and an agreement with the federal government, or any similar payments. 
 “Issuer Representative” means those individuals authorized to act for the Administrator, as set forth in a list of Authorized Officers delivered by the Administrator to the Indenture Trustee, as such list may be amended
from time to time by the Administrator. 
  

					
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 “Issuer Request,” “Issuer Order,” “Issuer Certificate”
and “Issuer Consent” mean, respectively, a written request, order, certificate or consent signed in the name of the Issuer by an Issuer Representative and delivered to the Eligible Lender Trustee by overnight or same-day mail or
courier, facsimile, telex, telegram or other electronic means or by hand delivery. 
 “Person” means any individual,
corporation, partnership, joint venture, association, joint stock corporation, trust, unincorporated organization or government or any agency or political subdivision thereof. 
 “Program” means the Issuer’s program for the purchase of Eligible Loans, as the same may be modified from time to time. 

“Secretary of Education” means the Commissioner of Education and the Secretary of the United States Department of Education (who
succeeded to the functions of the Commissioner of Education pursuant to the Department of Education Organization Act), or any successor to the functions thereof under the Higher Education Act. 
 “Securitization Cooperation Annex” means the “Securitization Cooperation Annex” attached hereto as Annex A. 
 “Servicer” shall have the meaning assigned to such term in the Indenture. 
 “Servicing Agreement” shall have the meaning assigned to such term in the Indenture. 
 “Special Allowance Payments” shall have the meaning assigned to such term in the Indenture. 
 “State” means the State of New York. 
 “Trustee Guarantee Agreement” means the Eligible Lender Trustee’s Guarantee Agreement with each Guaranty Agency with respect to the Financed Eligible Loans. 
 Section 1.02. Intent of the Parties Hereto. This Eligible Lender Trust Agreement and all documents, agreements, understandings and
arrangements relating to this Eligible Lender Trust Agreement which are executed by the Eligible Lender Trustee have been executed by the Eligible Lender Trustee solely for the purpose of having the legal title to the Financed Eligible Loans held by
an “eligible lender” under the Higher Education Act, and the Issuer hereby agrees that the Eligible Lender Trustee shall be accorded appropriate protection for its limited role herein pursuant to the indemnity herein and that the Eligible
Lender Trustee (its officers, directors, employees and agents) shall not have any liability thereunder or hereunder except as expressly set forth herein, including, without limitation, liability which may be incurred as a result of actions or
inactions of the Issuer and any Servicer, subject to the terms of applicable laws, rules and regulations. The Issuer agrees that it will not seek recourse or commence any action against the Eligible Lender Trustee (or its officers, directors,
employees or agents) or any of their personal assets for the performance or payment of any obligation thereunder or hereunder; provided that the Eligible Lender Trustee shall be liable for its negligence and willful misconduct in the performance of
its Express Duties hereunder. The parties hereto intend that this Eligible Lender Trust Agreement is for their benefit only and not for the benefit of any third 
  

					
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 party, except that the Issuer shall assign its interest in this Eligible Lender Trust Agreement to the Indenture Trustee
pursuant to the Indenture. The parties hereto agree that each and every provision of this Eligible Lender Trust Agreement is subject to this paragraph. 
 ARTICLE II 
 ACQUISITION OF ELIGIBLE LOANS 
 Section 2.01. Acquisition. The Eligible Lender Trustee shall, from time to time, acquire Eligible Loans upon receipt of an Issuer
Request with funds provided to the Eligible Lender Trustee pursuant to the Indenture. Such Issuer Request shall contain a certification that the loans to be acquired are Eligible Loans under the Indenture from which such funds are obtained, shall
identify such loans, and shall be in the form attached as Exhibit A to the Indenture. The Eligible Lender Trustee will hold legal title to such Financed Eligible Loans in trust hereunder for the sole benefit of the Issuer, but such interest of the
Issuer (and the Eligible Lender Trustee’s legal interest therein) have and will be assigned to the Indenture Trustee under the Indenture. The Issuer shall direct the Eligible Lender Trustee to acquire only Eligible Loans that are Guaranteed by
a Guaranty Agency with respect to which the Eligible Lender Trustee has entered into a Trustee Guarantee Agreement. The Eligible Lender Trustee shall, to the extent it has such knowledge within its corporate trust department, notify the Issuer with
respect to rejections and repurchases of such Financed Eligible Loans. 
 Section 2.02. Revocation and Termination.
Subject to Section 4.10 hereof, the Issuer may, by Issuer Order delivered to the Eligible Lender Trustee, revoke this Eligible Lender Trust Agreement in whole or in part. Upon receipt of such Issuer Order, the Eligible Lender Trustee shall
transfer to the order of the Issuer all amounts held hereunder, and the trust created hereby shall thereupon terminate (except that the obligations of the Issuer under Section 4.05 hereof shall survive such termination). 
 ARTICLE III 
 COVENANTS

 Section 3.01. Administration. The Issuer shall cause the Trust Estate to be administered so as to allow the
Eligible Lender Trustee to obtain the benefits of the Trustee Guarantee Agreements and Federal Contracts and the right to receive Interest Benefit Payments and Special Allowance Payments with respect to Financed Eligible Loans. The Eligible Lender
Trustee shall have no liability for actions taken at the direction of the Issuer. The Eligible Lender Trustee shall have no liability for any action or inaction hereunder, except for its negligence or willful misconduct in the performance of its
Express Duties hereunder. The Eligible Lender Trustee shall not be responsible for any action or inaction of the Issuer or any Servicer under this Eligible Lender Trust Agreement. Except as specifically set forth herein, the Eligible Lender Trustee
shall have no obligation to administer, service or collect the Financed Eligible Loans or to maintain or monitor the administration, servicing or collection of the Financed Eligible Loans. 
  

					
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 Section 3.02. Enforcement of the Trustee Guarantee Agreements. The Issuer will be
responsible for dealing with the Guaranty Agencies with respect to the rights, benefits and obligations under Trustee Guarantee Agreements as they relate to Financed Eligible Loans. 
 Section 3.03. Assignment of Eligible Loans; Collection of Payments With Respect to Eligible Loans. The Issuer shall diligently or
cause a Servicer to diligently make every effort to make claim for and to collect all principal and interest payments on all the Financed Eligible Loans, all grants, subsidies, donations, insurance payments, Interest Benefit Payments and Special
Allowance Payments relating to Financed Eligible Loans and all Guarantee payments on defaulted Financed Eligible Loans as required under the Indenture with respect to Financed Eligible Loans. The Issuer shall cause the Servicer to assign such
Financed Eligible Loans for payment of Guarantee benefits at the earliest practicable date permitted under applicable law and regulations. The Issuer will comply with all statutes, rules and regulations which apply to its Program and to the Financed
Eligible Loans. 
 The Issuer shall take all reasonable actions within its power to cause the Secretary of Education to make all Interest
Benefit Payments and Special Allowance Payments with respect to the Financed Eligible Loans, all payments to be made with respect to the Financed Eligible Loans by the obligors thereof and all payments to be made under Guarantees of Financed
Eligible Loans. 
 Section 3.04. Enforcement of Financed Eligible Loans. The Issuer shall cause to be diligently enforced,
and shall cause to be taken all reasonable steps, actions and proceedings necessary or appropriate for the enforcement of all terms, covenants and conditions of all Financed Eligible Loans and agreements in connection therewith, including the prompt
payment of all principal and interest payments and all other amounts due thereunder, as provided in the Indenture. 
 Section 3.05. Enforcement of Servicing Agreements. The Issuer shall cause to be diligently enforced, and shall cause to be taken all reasonable steps, actions and proceedings necessary or appropriate for the enforcement
of all terms, covenants and conditions of all Servicing Agreements, including the prompt payment of all principal and interest payments and all other amounts due thereunder, including all grants, subsidies, donations, insurance payments, Interest
Benefit Payments and Special Allowance Payments on Financed Eligible Loans, and all Guarantee payments on defaulted Financed Eligible Loans, as provided in the Indenture. 
 Section 3.06. Authority of Eligible Lender Trustee. Notwithstanding anything herein, the Eligible Lender Trustee has any and all power, right and authority, where permitted by law and regulation, to
realize on any Guarantee of the Financed Eligible Loans under the Trustee Guarantee Agreement. 
 Section 3.07. Power of
Attorney to Issuer. The Eligible Lender Trustee hereby does make, constitute and appoint the Issuer as its true and lawful agent and attorney for it and in its name, place and stead, from time to time, at all times until this Eligible Lender
Trust Agreement is terminated, to exercise and enforce the rights of the Eligible Lender Trustee to make claim for and collect all payments due on Financed Eligible Loans pursuant to Section 3.03 hereof (provided that such payments in respect
of collections, go to the Indenture Trustee) and the Issuer does hereby accept such appointment to exercise and enforce such rights. 
  

					
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 ARTICLE IV 
 CONCERNING THE ELIGIBLE LENDER TRUSTEE 
 Section 4.01. Acceptance of the Trusts.
The Issuer hereby appoints the Eligible Lender Trustee to act as its “eligible lender trustee” to hold legal title to the Financed Eligible Loans pursuant to the Higher Education Act, the Indenture and this Eligible Lender Trust Agreement.
The Eligible Lender Trustee shall hold legal title to the Financed Eligible Loans, for the benefit of the Issuer, subject to the pledge of the Indenture, pursuant to the Higher Education Act, the Indenture and this Eligible Lender Trust Agreement.
The Eligible Lender Trustee hereby accepts the trusts granted to it by this Eligible Lender Trust Agreement and agrees to perform said trusts, but only upon and subject to the following express terms and conditions: 
 (a) The Eligible Lender Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Eligible
Lender Trust Agreement, and no implied covenants or obligations shall be read into this Eligible Lender Trust Agreement against the Eligible Lender Trustee. 
 (b) In the absence of bad faith on its part, the Eligible Lender Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions furnished to the Eligible Lender Trustee and conforming to the requirements of this Eligible Lender Trust Agreement; but in the case of any such certificates or opinions
which by any provisions hereof are specifically required to be furnished to the Eligible Lender Trustee, the Eligible Lender Trustee shall be under a duty to examine the same to determine whether or not they conform as to form with the requirements
of this Eligible Lender Trust Agreement and whether or not they contain the statements required under this Eligible Lender Trust Agreement. 
 (c) The Eligible Lender Trustee, in exercising the rights and powers vested in it by this Eligible Lender Trust Agreement, shall use the same degree of care and skill in their exercise as a prudent man would exercise
or use under the circumstances in the conduct of his own affairs. 
 Section 4.02. Recitals of Others. The recitals,
statements, and representations of the Issuer set forth herein shall be taken as the statements of the Issuer, and the Eligible Lender Trustee assumes no responsibility for the correctness of the same or for inquiring with respect thereto. The
Eligible Lender Trustee makes no representations as to the title of the Issuer in Financed Eligible Loans, and the Eligible Lender Trustee shall incur no responsibility in respect of such matters. 
 Section 4.03. Taxes. The Eligible Lender Trustee shall not be liable for failure of the Issuer to pay any tax or taxes in respect of
any property, or any part thereof, or the income therefrom or otherwise, nor shall the Eligible Lender Trustee be under any duty in respect of any tax which may be assessed against it in respect of such property or the Financed Eligible Loans.

  

					
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 Section 4.04. Eligible Lender Trustee May Act Through Agents. The Eligible Lender
Trustee may execute any of the trusts or powers hereof and perform any duty hereunder, either itself or by or through its attorneys, agents, or employees, and it shall not be answerable or accountable for any default, neglect, or misconduct of any
such attorneys, agents, or employees, if reasonable care has been exercised in the appointment, supervision, and monitoring of the work performed. 
 Section 4.05. Indemnification of Eligible Lender Trustee. The Issuer agrees to indemnify the Eligible Lender Trustee for, and to hold it harmless against, any loss, liability, or expenses incurred without negligence or
bad faith on its part, arising out of or in connection with the acceptance or administration of this Eligible Lender Trust Agreement (including without limitation any such losses, liability or expenses arising from a breach of a Lender
representation, warranty or covenant in any Servicing Agreement or Trustee Guarantee Agreement), including the costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers
or duties hereunder. 
 Such indemnification by the Issuer shall survive the termination of this Eligible Lender Trust Agreement and/or the
resignation or removal of the Eligible Lender Trustee and shall include, without limitation, any loss, liability, expense or advance incurred or made by the Eligible Lender Trustee as a result of the acts or omissions of the Issuer or any servicer
in the origination or servicing of any of the Eligible Loans. 
 Section 4.06. Eligible Lender Trustee’s Right to
Reliance. The Eligible Lender Trustee shall be protected in acting upon any notice, resolution, request, consent, order, certificate, report, appraisal, opinion, or other paper or document believed by it to be genuine and to have been signed or
presented by the proper party or parties. The Eligible Lender Trustee may, whenever it determines in good faith that it must seek further determination or interpretation of any matters hereunder, consult with experts and with counsel (who may be
counsel for the Issuer, the Indenture Trustee or the Eligible Lender Trustee), and the opinion of such counsel shall be full and complete authorization and protection in respect of any action taken or suffered, and in respect of any determination
made by it hereunder in good faith and in accordance with the opinion of such counsel. 
 Whenever in the administration hereof the Eligible
Lender Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering, or omitting any action hereunder, the Eligible Lender Trustee (unless other evidence be herein specifically prescribed) may, in the absence of
bad faith on its part, rely upon a certificate signed by an Issuer Representative; provided, however, that the Eligible Lender Trustee may not delay any action required hereunder because the Eligible Lender Trustee has failed to receive such
certificate. 
 The Eligible Lender Trustee shall not be liable for any action taken, suffered, or omitted by it in good faith and believed
by it to be authorized or within the discretion or rights or powers conferred upon it hereby; provided, however, that the Eligible Lender Trustee shall be liable for its negligence or willful misconduct in taking such action. 
 The Eligible Lender Trustee is authorized to sell, assign, transfer, convey or repurchase Eligible Loans in accordance with this Eligible Lender Trust
Agreement and the Indenture, 

  

					
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provided that no such Eligible Loan may be sold, assigned, transferred, or conveyed to any Person who is not an “eligible lender” under the Higher
Education Act. The Eligible Lender Trustee is further authorized to enter into agreements with other Persons, in its capacity as Eligible Lender Trustee, in order to carry out or implement the terms and provisions of this Eligible Lender Trust
Agreement. 
 Section 4.07. Compensation of Eligible Lender Trustee. The Issuer shall pay to the Eligible Lender Trustee
from time to time reasonable compensation for all services, reasonable expenses (including Counsel fees), charges and other disbursements incurred in and about the administration and execution of this Eligible Lender Trust Agreement. The Eligible
Lender Trustee may not change the amount of its annual compensation with respect to this Eligible Lender Trust Agreement without giving the Issuer at least 90 days’ written notice prior to the beginning of a Fiscal Year. 
 Section 4.08. Eligible Lender Trustee Eligibility. 
 (a) There shall at all times be an Eligible Lender Trustee hereunder which shall be a corporation or national bank association organized
and doing business under the laws of the United States of America or of any state thereof, authorized under such laws to exercise corporate trust powers and shall be an Eligible Lender under the Higher Education Act and the regulations of any
Guaranty Agency and acceptable to the Issuer. 
 (b) The Eligible Lender Trustee, by the execution hereof, covenants,
represents and agrees that: 
 (1) it is an Eligible Lender as defined in the Higher Education Act and has an Eligible Lender
designation that applies to the Financed Eligible Loans and that it will remain an Eligible Lender; 
 (2) it shall use
eligible lender number 834117, which shall be the Eligible Lender Trustee’s eligible lender number for Financed Eligible Loans which it owns as legal owner for the Issuer as beneficial owner hereunder; and 
 (3) it shall be responsible for the preservation of the supporting documents submitted to and received by it relating to Financed Eligible
Loans, if any; provided, however, that the separate Servicer of the Financed Eligible Loans shall be responsible for such preservation of the Financed Eligible Loans and supporting documents in accordance with the Custodian Agreements to the extent
and during the period that the Servicer holds such documents. 
 (c) The parties hereto recognize that the Eligible Lender
Trustee has contractual obligations with the Guaranty Agency which must be maintained and preserved in order for the Eligible Lender Trustee to remain as Eligible Lender Trustee, and the Eligible Lender Trustee agrees to maintain the same.

 Section 4.09. Resignation of Eligible Lender Trustee. The Eligible Lender Trustee and any successor to the Eligible
Lender Trustee may resign and be discharged from the trust created by this Eligible Lender Trust Agreement by giving to the Issuer notice in writing which 
  

					
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 notice shall specify the date on which such resignation is to take effect; provided, however, that such resignation shall
only take effect on the day specified in such notice if a successor Eligible Lender Trustee shall have been appointed pursuant to Section 4.11 hereof (and is qualified to be the Eligible Lender Trustee under the requirements of
Section 4.11 hereof). If no successor Eligible Lender Trustee has been appointed by the date specified or within a period of 90 days from the receipt of the notice by the Issuer, the Eligible Lender Trustee may (a) appoint a temporary
successor Eligible Lender Trustee having the qualifications provided in Section 4.11 hereof or (b) request a court of competent jurisdiction to (i) require the Issuer to appoint a successor, as provided in Section 4.11 hereof,
within three days of the receipt of citation or notice by the court, or (ii) appoint an Eligible Lender Trustee having the qualifications provided in Section 4.11 hereof. In no event may the resignation of the Eligible Lender Trustee be
effective until a qualified successor Eligible Lender Trustee shall have been selected and appointed. In the event a temporary successor Eligible Lender Trustee is appointed pursuant to clause (a) above, the Issuer may remove such temporary
successor Eligible Lender Trustee and appoint a successor thereto pursuant to Section 4.11 hereof. 
 Section 4.10.
Removal of Eligible Lender Trustee. The Eligible Lender Trustee or any successor Eligible Lender Trustee may be removed at any time by the Issuer upon payment to the Eligible Lender Trustee so removed of all money then due to it hereunder and
appointment of a successor thereto by the Issuer and acceptance thereof by said successor. In the event an Eligible Lender Trustee (or successor Eligible Lender Trustee) is removed such removal shall not become effective until the Issuer shall have
appointed a successor and the successor Eligible Lender Trustee has accepted appointment as such. 
 Section 4.11. Successor Eligible
Lender Trustee. 
 (a) Any bank, corporation or other entity into which the Eligible Lender Trustee may be merged or
converted or with which it may be consolidated, and any bank, corporation or other entity resulting from any merger, conversion or consolidation to which the Eligible Lender Trustee shall be a party, shall be the Eligible Lender Trustee under this
Eligible Lender Trust Agreement without any further act, provided the resulting bank, corporation or other entity at all times meets the qualifications set forth herein. 
 (b) In case at any time the Eligible Lender Trustee or any successor Eligible Lender Trustee shall resign, be dissolved, or otherwise
shall be disqualified to act or be incapable of acting, or in case control of the Eligible Lender Trustee or of any successor Eligible Lender Trustee or of its officers shall be taken over by any public officer or officers, a successor Eligible
Lender Trustee may be appointed by the Issuer by an instrument in writing. 
 (c) Every successor Eligible Lender Trustee
shall be a bank or trust company in good standing, organized and doing business under the laws of the United States or of a state therein, which has a reported capital and surplus of not less than $20,000,000, be authorized under the law to exercise
corporate trust powers, be subject to supervision or examination by a federal or state agency, and be an Eligible Lender. 
  

					
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 Section 4.12. Limitation with Respect to Examination of Reports. Except as expressly
provided in this Eligible Lender Trust Agreement, the Eligible Lender Trustee shall be under no duty to examine any report or statement or other document required or permitted to be filed with it by the Issuer. 
 Section 4.13. Additional Covenants of Eligible Lender Trustee. The Eligible Lender Trustee, by the execution hereof, covenants,
represents and agrees that: 
 (a) this Eligible Lender Trust Agreement and all documents, agreements, understandings and
arrangements relating to this Eligible Lender Trust Agreement which are executed by the Eligible Lender Trustee have been executed by the Eligible Lender Trustee solely for the purpose of having the legal title to the Financed Eligible Loans held by
an “eligible lender” under the Higher Education Act, and the Issuer hereby agrees that the Eligible Lender Trustee shall be accorded the protection set forth in Section 4.05 hereof for its limited role herein pursuant to the indemnity
herein and that the Eligible Lender Trustee (its officers, directors, employees and agents) shall not have any liability thereunder or hereunder except as expressly set forth herein, including, without limitation, liability which may be incurred as
a result of actions or inactions of the Issuer or the Servicer of the Financed Eligible Loans, subject to the terms of applicable laws, rules and regulations; 
 (b) it will comply with the Higher Education Act and the regulations promulgated thereunder and will, upon written notice from the Issuer,
the Secretary of Education, or the Guaranty Agency, use its reasonable efforts to cause this Eligible Lender Trust Agreement to be amended if the Higher Education Act or regulations promulgated thereunder are hereafter amended so as to be contrary
to the terms of this Eligible Lender Trust Agreement; 
 (c) it will, from and after it shall have either entered into, or
succeeded to the rights and interests of any Eligible Lender under any Guarantee Agreement covering Financed Eligible Loans, maintain the same and diligently enforce its rights thereunder, and not consent to or permit any rescission of or consent to
any amendment thereto or otherwise take any action under or in connection therewith which in any manner would adversely affect the rights of the Issuer or the parties secured by the Indenture; 
 (d) it will comply with each covenant, agreement or undertaking set forth in the Securitization Cooperation Annex; and 
 (e) notwithstanding any other provision of this Eligible Lender Trust Agreement or other documents pertaining to the Notes or the Financed
Eligible Loans, nothing herein or therein shall be construed to limit the responsibility of the Eligible Lender Trustee to the Secretary of Education or a Guaranty Agency as required under, or to comply with its obligations under, the Higher
Education Act and the regulations promulgated thereunder. 
 Section 4.14. Authority of Eligible Lender Trustee.
Notwithstanding anything herein, the Eligible Lender Trustee has any and all power, right and authority, where permitted by law and regulation, to realize on any Guarantee Agreement with respect to any Financed Eligible Loan. 
  

					
		  	10	 	

 Section 4.15. Sale of Eligible Loans. At the written direction of the Issuer (so long
as the Issuer certifies no Event of Default exists under the Indenture), or if an Event of Default exists under the Indenture as directed by the Indenture Trustee, the Eligible Lender Trustee shall sell Financed Eligible Loans to designated
purchasers. The Issuer covenants that in the event it intends to direct the sale of Financed Eligible Loans, it shall give written notice thereof to the Eligible Lender Trustee not later than five Business Days prior to the proposed sale. The
Financed Eligible Loans shall not be sold to any Person unless such Person is an Eligible Lender. 
 Section 4.16. Use of
Trustee Eligible Lender Number. The Eligible Lender Trustee covenants and agrees if it holds any other Eligible Loans under the federal eligible lender number under which it holds any Financed Eligible Loans, the Eligible Lender Trustee shall
segregate such Eligible Loans and separately account for such Eligible Loans to the Issuer. 
 ARTICLE V 
 MISCELLANEOUS 
 Section 5.01. Eligible Lender Trust Agreement Binding upon Successors or Assigns of Eligible Lender Trustee and Issuer. All the terms, provisions, conditions, covenants, warranties and agreements contained in this
Eligible Lender Trust Agreement shall be binding upon the successors and assigns of the Issuer and the Eligible Lender Trustee, and shall inure to the benefit of the Eligible Lender Trustee and its successor and assigns and the Issuer, its
successors or substitutes in trust and assigns. The Eligible Lender Trustee acknowledges that the Issuer may assign its beneficial rights hereunder in financed eligible loans and payments related thereto to the Indenture Trustee without consent of
the Eligible Lender Trustee. 
 Section 5.02. Effect of Legal Holidays. Whenever this Eligible Lender Trust Agreement
requires any action to be taken on a day which is not a Business Day, such action shall be taken on the next succeeding Business Day with the same force and effect as if taken on such day. 
 Section 5.03. Partial Invalidity. If any one or more of the covenants or agreements or portion thereof provided in this Eligible
Lender Trust Agreement on the part of the Issuer or the Eligible Lender Trustee to be performed should be determined by a court of competent jurisdiction to be contrary to law, then such covenant or covenants, or such agreement or agreements, or
such portions thereof, shall be deemed severable from the remaining covenants and agreements provided in this Eligible Lender Trust Agreement and the invalidity thereof shall in no way affect the validity of the other provisions of this Eligible
Lender Trust Agreement hereunder and under any applicable provisions of law. 
 Section 5.04. Notices. Except as otherwise
expressly provided herein, all notices and other communications provided for hereunder shall be in writing (including facsimile communication and other electronic communication capable of producing a written record) and mailed or delivered or sent
by facsimile or other electronic communication, if to the Eligible 
  

					
		  	11	 	

 Lender Trustee, at the corporate trust office of the Eligible Lender Trustee in Jacksonville, Florida which at the date
of this Eligible Lender Trust Agreement is located at 10161 Centurion Parkway, 2nd Floor, Jacksonville, Florida
32256, Attention: Corporate Trust Department (telephone (904) 998-4738, facsimile (904) 998-4740, email nturner@bankofny.com), or at such other address as may have been filed in writing by the Eligible Lender Trustee; if to the Issuer, to
c/o Goal Financial, LLC, 9477 Waples Street, Suite 100, San Diego, California 92121, Attention: Seamus Garland (telephone (858) 320-6790; facsimile (858) 452-6648, email sgarland@goalfinancial.net), or to the Issuer at such other
address as may have been filed in writing by the Issuer. All such notices and communications shall be effective (a) if given by facsimile, when transmitted, (b) if given by mail, when deposited in the mail addressed as aforesaid, and
(c) if given by other means, when delivered at the address specified as aforesaid. Any notice required to be given in writing shall be deemed to be in writing if given by telex, facsimile or other method which produces a written record.

 Section 5.05. Law and Place of Enforcement of Eligible Lender Trust Agreement; Construction. This Eligible Lender Trust
Agreement shall be construed and interpreted in accordance with the laws of the State of New York. 
 Section 5.06. Effect of
Article and Section Headings and Table of Contents. The heading or titles of the several Articles and Sections hereof, and any table of contents appended hereto, shall be solely for convenience of reference and shall not affect the meaning or
construction, interpretation or effect of this Eligible Lender Trust Agreement. 
 Section 5.07. Amendments. The Issuer
and the Eligible Lender Trustee, from time to time, may amend this Eligible Lender Trust Agreement subject to any provisions to the contrary herein. 
 Section 5.08. Limitation of Liability. It is expressly understood and agreed by the parties hereto that (a) this Eligible Lender Trust Agreement is executed and delivered by the Wilmington
Trust Company, not individually or personally but solely as Delaware Trustee of the Issuer, in the exercise of the powers and authority conferred and vested in it; (b) each of the representations, undertakings and agreement herein made on the
part of the Issuer is made and intended not as personal representations, undertakings and agreements by Wilmington Trust Company but is made and intended for the purpose of binding only the Issuer; (c) nothing herein contained shall be
construed as creating any liability on Wilmington Trust Company, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any
Person claiming by, through or under the parties hereto; and (d) under no circumstances shall Wilmington Trust Company be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of
any obligations, representation, warranty or covenant made or undertaken by the Issuer under this Eligible Lender Trust Agreement. 
 Section 5.09. Entire Agreement. This Eligible Lender Trust Agreement embodies and constitutes the entire understanding between the parties with respect to the transactions contemplated by this Agreement, and all prior or
contemporaneous agreements, understandings, representations and statements between the parties, written or oral, are merged into and superseded by this Agreement. 
  

					
		  	12	 	

 Section 5.10. Counterparts. This Eligible Lender Trust Agreement 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. 
  

					
		  	13	 	

 IN WITNESS WHEREOF, GOAL CAPITAL FUNDING TRUST 2006-1 has caused this Eligible Lender Trust Agreement to
be signed in its name and on its behalf by the Delaware Trustee and THE BANK OF NEW YORK, to evidence its acceptance of the trusts hereby created, and has caused this Eligible Lender Trust Agreement to be signed in its name and on its behalf by one
of its officers thereunto duly authorized. 
  

			
	GOAL CAPITAL FUNDING TRUST 2006-1
		
	By:	 	Wilmington Trust Company, not in its individual capacity but solely as Delaware Trustee
		
	By:	 	 /s/ Joann A. Rozell

	Name:	 	Joann A. Rozell
	Title:	 	Assistant Vice President
	
	 THE BANK OF NEW YORK, as Eligible
 Lender
Trustee

		
	By:	 	 /s/ William Cardozo

	Name:	 	William Cardozo
	Title:	 	Agent

  

					
		  	14	 	Eligible Lender Trust Agreement        

 ANNEX A 
 SECURITIZATION COOPERATION ANNEX 
 This Annex forms a part of the Eligible Lender Trust Agreement dated as of
May 25, 2006 (the “Eligible Lender Trust Agreement”) between Goal Capital Funding Trust 2006-1 (the “Issuer”) and The Bank of New York (the “Trustee” and “Eligible Lender
Trustee”). Capitalized terms used but not defined in this Annex I shall have the meanings assigned to them in Exhibit A hereto and, if not defined therein, in the Eligible Lender Trust Agreement. 
 1. Subject to Sections 4.04 through 4.07 of the Eligible Lender Trust Agreement, the Trustee agrees to take such actions as are necessary and appropriate
in its capacity as Trustee to assist Goal in connection with any Securitization of the Eligible Loans as Goal may reasonably request, provided that Goal shall not exercise its right to request delivery of information or other performance
under these provisions other than in good faith, or for purposes other than Goal’s compliance with the Securities Act, the Exchange Act and the rules and regulations of the Commission thereunder. Subject to Article VII of the Indenture,
the Trustee agrees to cooperate promptly and in good faith with any reasonable written request by Goal for information regarding the Trustee, including without limitation the following: 
 (a) information relating to the Trustee for use in, or in the preparation of, any prospectus or other Securitization Document; and

 (b) information relating to the Trustee that is required in order to enable Goal to comply with the reporting requirements
of the Exchange Act, including without limitation the requirements to file with the Commission Form 10-D and Form 10-K; 
 in either case
including any information required under Regulation AB as it relates to the Trustee or to the Trustee’s obligations under the Indenture or the Eligible Lender Trust Agreement; provided that any related expenses incurred by the Trustee shall be
payable by, or reimbursed to the Trustee by, the Issuer under the Eligible Lender Trust Agreement. Such information shall be true and correct and shall not contain an untrue statement of a material fact or omit to state any fact required to be
stated therein or necessary to make the statements therein not misleading. 
 2. The Trustee shall indemnify the Trustee Indemnified Parties
for any and all Losses arising from or relating to (a) noncompliance of any Trustee Information with applicable law (including Regulation AB), (b) any inaccuracy in or omission from such Trustee Information or (c) any breach of a
covenant, representation or warranty by Trustee. 
 3. This Annex shall survive any termination of the Eligible Lender Trust Agreement or the
resignation or removal of the Trustee with respect to any liability or obligation of the Trustee arising prior to such termination, resignation or removal; it being understood that the Trustee shall be required to provide any information reasonably
requested by Goal pursuant to this Annex relating to any period during which The Bank of New York was acting as Trustee, regardless of whether The Bank of New York shall be acting as Trustee at the time of such request. 

 Exhibit A 
 DEFINITIONS 
 As used in this Annex, the following terms shall have the following
meanings: 
 “Eligible Lender Trust Agreement” is defined in the preamble to this Annex. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 “Goal” means, collectively, the Issuer, Goal Capital Funding, LLC and Goal Financial, LLC, a California limited liability company. 
 “Governing Jurisdiction” means the governing law under the Eligible Lender Trust Agreement. 
 “Issuer” is defined in the preamble to this Annex. 
 “Losses” shall mean any and all liabilities, losses, costs, claims, damages, settlement costs, penalties and expenses (including reasonable attorneys’ fees and expenses and costs of investigation
and litigation). In the event any of the foregoing are indemnifiable hereunder, the term “Losses” shall include any and all liabilities, losses, costs, and expenses (including reasonable attorneys’ fees and expenses and costs of
investigation and litigation) incurred by any Trustee Indemnified Party in enforcing such indemnity. 
 “Securities
Act” means the Securities Act of 1933, as amended. 
 “Securitization” means any (i) financing transaction or securities
offering that is payable from or secured, directly or indirectly, by all or a portion of the Eligible Loans, (ii) sale or other transfer of all or a portion of the Eligible Loans or (iii) other securitization, secured loan, financing or
similar transaction involving all or a portion of the Eligible Loans. 
 “Securitization Document” means any transaction document or any
prospectus, offering document, term sheet, computational material or other information filed with the Securities and Exchange Commission or delivered to any rating agency, trustee, investor or other participant in connection with or during the term
of a Securitization, including (without limitation) any reports under the Exchange Act. 
 “Trustee Indemnified Parties” means
(a) Goal, its Affiliates, any subsequent purchaser or beneficial owner of the Eligible Loans, (b) in the event of any Securitization of some or all of the Eligible Loans, any trustee, underwriter, placement agent, initial purchaser, rating
agency, any special purpose entity service company (i.e., any company providing “independent directors”, management, ownership or related services in connection with securitization entities) or bond insurer in any of the transactions
relating to the Securitization and (c) any of their respective officers, directors, agents, employees and “controlling persons” (within the meaning of the Securities Act or the Exchange Act). 
 “Trustee Information” means any information in any Securitization Document describing or relating to the Trustee, or any information delivered by the
Trustee to Goal pursuant to this Annex. 
  

					
		  	2Student Loan Servicing Agreement

 Exhibit 10.5 
 GREAT LAKES EDUCATIONAL LOAN SERVICES, INC. 
 Student Loan Servicing Agreement 
 This agreement (this “Agreement”) is made as of May 25, 2006 (the “Closing Date”) between GREAT LAKES EDUCATIONAL LOAN SERVICES, INC.
(“Great Lakes”) and GOAL CAPITAL FUNDING TRUST 2006-1, a Delaware statutory trust (the “Lender”) for which Wilmington Trust Company serves as Delaware trustee, as beneficial owner of loans legal title to which will be held by The
Bank of New York, as eligible lender trustee (the “Eligible Lender Trustee”), Lender #834117, and which is an eligible institution engaged in providing loans (“Loans”) to students and parents under Title IV, Part B, of the Higher
Education Act of 1965, as amended (the “Act”). 
 WITNESSETH: 
 Whereas, Great Lakes has established a program for servicing Loans under the Act; and 
 Whereas, the Lender desires that Great Lakes service Loans that are purchased by the Lender and that are covered by the Act, according to the terms and conditions
set forth herein. 
 Now, therefore, in consideration of the promises and the terms and conditions set forth herein, the Lender agrees as follows:

 1. Loans To Be Serviced. Great Lakes and the Lender agree that Great Lakes shall service all Loans covered by the Act that are made or purchased by
the Lender, that are guaranteed by Great Lakes Higher Education Guaranty Corporation (“GLHEGC” or the “Guarantor”) and that are submitted to Great Lakes by the Lender and accepted by Great Lakes for servicing. 
 2. Great Lakes’ Duties as Servicer. 
 (a) Great
Lakes, as servicer of the Loans, shall perform all of the Lender’s obligations as holder of the Loans as required by the Act and all regulations issued by the U.S. Department of Education (the “Department”) or by the Guarantor to
implement the Act. Great Lakes shall have full power to sign and act on the Lender’s behalf as the Lender’s agent in all transactions with borrowers serviced hereunder. The Lender does hereby authorize, constitute and appoint Great Lakes
on its behalf and as its attorney-in-fact to endorse those promissory notes for which a claim has been filed with the Guarantor. Great Lakes will carry out its responsibilities hereunder in a diligent and lawful manner. 
 (b) Great Lakes shall complete all forms and reports required by the Department and by GLHEGC. 
 (c) Great Lakes shall prepare a “Lender’s Interest and Special Allowance Request and Report-LaRS” to be used in billing the Department for
interest and the special allowance for 

 all eligible Loans on a quarterly basis. Great Lakes agrees to submit the electronic report to the Department within 30
days following the last day of each calendar quarter (March 31, June 30, September 30, December 31). 
 Great
Lakes shall accrue and capitalize interest on those Loans not eligible for interest subsidy. 
 (d) Great Lakes shall verify the current
status of all borrowers not less often than annually through direct contact with each borrower to ensure correct account information. Great Lakes shall also seek to verify the borrower’s status by direct or indirect contact with educational
institutions. 
 (e) Great Lakes shall respond to all borrower inquiries in a prompt, courteous and thorough manner. 
 (f) When a Loan becomes due for repayment, Great Lakes shall prepare a payment schedule and disclosure statement and mail it to the borrower for
signature(s). Prior to the first payment due date, repayment coupons will be prepared and sent to the borrower. 
 (g) Great Lakes shall
collect when and as due and remit to the Lender all principal, interest, charges and fees (including late fees) owed by borrowers. Great Lakes shall post to each borrower’s account all payments of principal, interest and other charges. Cash
receipts shall be remitted to the Lender daily via an ACH transfer initiated by Great Lakes the day after collection. In the event that Great Lakes services Loans that secure more than one series or class of bonds or other indebtedness of the
Lender, Great Lakes will report all payment allocations separately by financing. 
 (h) Great Lakes shall prepare a reconciliation with
respect to each concentration, collection or other bank account in which moneys are collected for remittance to the Lender no more than 30 days after receipt by Great Lakes of a bank statement relating to such account. 
 (i) Great Lakes shall provide reports via email to the Lender and the Eligible Lender Trustee of all monetary transactions, as well as periodic summary
and account information as required in the “Lender Service Manual,” including such items as: 
 (1) Detailed
periodic reports to support all cash transactions processed; 
 (2) Monthly portfolio summary reports and supporting data
listings; 
 (3) A monthly listing of delinquent accounts; and 
 (4) A quarterly report of billings to the Department for interest and special allowances. 
 (j) Great Lakes shall automatically credit the Lender’s account whenever a borrower overpays an account by less than $5.00, and the Lender, at its
discretion, can reimburse the borrower. When the overpayment is more than $5.00, Great Lakes shall remit the overpayment directly to the borrower. When a borrower’s balance owing is less than $10.00, Great Lakes may, at its discretion, write
off the balance. 

 (k) Great Lakes shall handle all required borrower contact functions and shall meet all servicing
“due diligence” requirements, as that term is used under the Act and implementing regulations. Such functions include, for example, skip tracing, contacting delinquent borrowers, handling borrower requests for extensions or deferments, and
preparing and processing claims, including death, disability, default, closed school, false certification and bankruptcy claims. 
 (l) Great
Lakes agrees to prepare and submit all papers and documents necessary to strictly follow reimbursement procedures specified in “Common Manual: Unified Student Loan Policy” upon default of borrower and further agrees to promptly remit
proceeds to the Lender upon receipt from the Guarantor. 
 3. Lender’s Responsibilities. The Lender agrees to promptly notify Great Lakes of any
transactions involving the Lender and the borrower and/or changes in status or demographic data on any of its accounts if received from sources other than Great Lakes. The Lender specifically agrees to promptly notify Great Lakes of any bankruptcy
action taken with respect to any Loan. 
 4. Fees. The Lender agrees to pay Great Lakes the fees established by Great Lakes from time to time for
services rendered pursuant to this Agreement. The current fee schedule is attached to this Agreement as Schedule A. Increases or decreases in such schedule may be made from time to time; provided, however, that the Lender shall be given 60
days’ written notice prior to the effective date of any change in the fee schedule. Such effective date shall be the beginning of a calendar quarter (April 1, July 1, October 1, January 1). Statements for services
rendered will be provided on a monthly basis and are payable upon receipt. 
 5. Liability. Great Lakes shall exercise care and due diligence in
performing the services required by this Agreement. To the extent that Great Lakes is required to appear in, or is made a defendant in, any legal action or other proceeding commenced by a party other than the Lender with respect to any matter
arising hereunder, the Lender shall indemnify and hold Great Lakes harmless from all loss, liability and expense (including reasonable attorneys’ fees), except for any loss, liability or expense arising out of or relating to Great Lakes’
acts or omissions with regard to the performance of services hereunder. Subject to Section 13 below, Great Lakes shall indemnify and hold the Lender harmless from all loss, liability and expense (including reasonable attorneys’
fees) arising out of or relating to Great Lakes’ acts or omissions with regard to the performance of services hereunder; provided, however, that Great Lakes shall not be liable in the performance of such services except for its negligence or
misconduct; and, provided further, that in no event shall Great Lakes be responsible or liable for any consequential damages with respect to any matter whatsoever arising out of this Agreement. 
 Either party shall have the right to mitigate its liability under this Agreement by taking such actions as may be appropriate, including, but not limited
to, reperformance. 
 If, within a twelve (12)-month period beginning on the date a claim is denied or would have been denied if filed
timely, or a cure should be initiated pursuant to the terms of this Agreement, Great Lakes is unable to cure a Loan or to demonstrate that none of the stated 

 reasons for claim denial is attributable to Great Lakes, Great Lakes will purchase the subrogated rights to collect on
such Loan from the Lender. Upon payment by Great Lakes of the sum of the unpaid principal amount plus interest and special allowance foregone by the Lender at the applicable rate at the time of purchase, the Loan shall be considered a
“Subrogated Loan” and shall no longer be considered a “Loan” as defined in this Agreement. 
 For any Subrogated Loan for
which insurance is reinstated in accordance with the Guarantor’s policies, the Lender will pay Great Lakes an amount equal to the principal balance of the Subrogated Loan, including any unreinsured interest that may have been capitalized,
insured accrued interest and special allowance collectible. After such payment, the subrogation right purchased by Great Lakes is void and such Loan shall be deemed a Loan subject to this Agreement and will no longer be a Subrogated Loan.

 Except as to Loans originated by Great Lakes, Great Lakes does not assume, and acceptance for servicing shall not result in, any
responsibility for the correctness or completeness of loan-related papers transmitted to Great Lakes as a part of or in conjunction with the commitment of any Loans to Great Lakes for servicing, and Great Lakes shall not be responsible for any
procedural errors or omissions (including due diligence violations) that may have occurred prior to initiation of servicing of a Loan hereunder by Great Lakes. 
 6. Confidentiality. Information about each borrower furnished to Great Lakes hereunder is furnished upon the express condition that the information will be kept confidential by Great Lakes. All such information, except as may be
otherwise required by statute, by court order or as may be necessary in Great Lakes’ reasonable judgment to the performance of the services required under this Agreement, shall be held in confidence by Great Lakes. 
 7. Examination of Records. The Lender or its designated representative may at any time during Great Lakes’ regular business hours examine, at the sole
expense of the Lender, the records that Great Lakes maintains with respect to the Lender’s Loans. 
 8. Termination. 
 (a) This Agreement shall remain in full force and effect until terminated or modified as provided herein. This Agreement may be terminated only at the end
of a calendar quarter (March 31, June 30, September 30, December 31), and only if written notice is given (i) by the Lender to Great Lakes at least 30 days prior to the end of a calendar quarter or (ii) by
Great Lakes to the Lender at least 180 days prior to the end of a calendar quarter. 
 (b) In the event that this Agreement is terminated as
provided in subsection (a) above, Great Lakes shall continue its full servicing until the date of termination and shall provide to the Lender a full set of periodic reports, adjusted through the date of termination. Great Lakes shall
retain all notes, records and papers, as well as a copy of all computer-stored data relating to the Lender’s accounts as required by the Act. Great Lakes shall make available to the Lender on demand copies of all computer records relating to
the Lender’s accounts. Such copies of the computer records will be provided and updated at the times desired by the Lender in order to facilitate a transfer to another servicing agent. The Lender agrees to pay Great Lakes the servicing removal
fee identified on Schedule A. Upon the Lender’s request, Great Lakes may 

 agree to provide servicing removal services beyond those identified in this Section. Such agreement between Great Lakes
and the Lender shall include sufficient additional charges to cover Great Lakes’ costs. Great Lakes agrees that the Lender shall be entitled to injunctive relief to enforce the provisions of this subsection. 
 (c) The Lender shall be liable for all charges incurred for services performed pursuant to this Agreement up to the termination date. 
 (d) Great Lakes shall continue to be liable for all acts or failures to act that occur prior to termination (or the following loan transactions: sale or
transfer to another lender, servicing transfer to the Lender or another servicer, purchase by the Guarantor or payment in full), but shall not be liable for post-termination activities, except that Great Lakes shall be obligated to remit to the
Lender any collections received by Great Lakes subsequent to termination and to provide the reports and records herein required. 
 9. Amendments.
Except as provided in Section 4, this Agreement may be amended by Great Lakes at any time upon 30 days’ written notice to the Lender, provided that the provisions of this Agreement shall at all times be consistent with the Act and
applicable regulations. In the event of any such modification by Great Lakes, the Lender has 30 days in which to accept or reject the modification by notice in writing. In the event of rejection of a proposed modification, either party may exercise
its right to terminate as provided in Section 8. In the event of termination for such reason, such modification shall not apply to the Lender. 
 10. Governing Law. This Agreement shall be interpreted under the laws of the State of Wisconsin. 
 11. No Implied Waiver. Any waiver or modification, expressed or implied, by Great Lakes or by the Lender of any breach of this Agreement shall not be construed to
be a waiver of any such breach or any acquiescence thereto; nor shall any delay or omission by Great Lakes or by the Lender to exercise any right arising from any such breach affect or impair the respective party’s right to such breach or any
future breach. 
 12. Arbitration. In the event that the parties hereto shall fail to agree regarding any provision of this Agreement, such disputes
shall be resolved by arbitration procedures established by the American Arbitration Association by a panel of three neutral arbitrators who shall render a written opinion explaining the reasons for their award. The decision of any arbitrator under
this paragraph shall be final and binding upon the parties. 
 13. Limitation of Liability. Great Lakes and the Lender recognize that Great
Lakes’ lender servicing programs are separate and distinct from GLHEGC’s guarantee program and Great Lakes Higher Education Corporation’s (“GLHEC”) outreach and access mission. The Lender specifically agrees to look
only to Great Lakes, in its capacity as a servicing agent, to satisfy any claims under this Agreement relating to its functions as servicing agent. The Lender specifically waives any claim under this Agreement against GLHEGC’s Guarantee
Fund (as defined in 34 CFR § 682.410(a)(1)) and GLHEGC’s Federal Reserve Fund and Administrative Operating Fund and all other escrows required under the Act and any claim hereunder against GLHEC. 

 14. Assignment. The Lender may assign this Agreement to any affiliate and Great Lakes may assign this Agreement to
any affiliate to which its FFELP lender servicing program is transferred in whole or substantial part. Except as provided herein, this Agreement may not be assigned without the prior consent of the non-assigning party, which shall not be
unreasonably withheld. 
 Notwithstanding the foregoing, this Agreement has been made and entered into not only for the benefit of Great Lakes and the Lender
but also for the benefit of the Trustee (as defined in Section 15 below) in connection with the financing of Loans; the Lender shall have the right to assign this Agreement to the Trustee, and, upon assignment, its provisions may be
enforced not only by the parties to this Agreement but by the Trustee; the foregoing creates a permissive right on behalf of the Trustee, but if the Trustee takes an assignment of this Agreement, then the Trustee, to the extent of the trust corpus,
shall fulfill the payment obligations of the Lender to Great Lakes as servicer under this Agreement, but the Trustee’s obligations shall be solely on behalf of and shall be limited to the trust corpus and the Trustee shall have no personal
liability for such obligations. Upon such an assignment, this Agreement shall inure to the benefit of the Trustee and its successors and assigns. Without limiting the generality of the foregoing, all representations, covenants and agreements in this
Agreement that expressly confer rights upon the Lender or the Eligible Lender Trustee shall be for the benefit of, and run directly to, the Trustee and the Trustee shall be entitled to rely on and enforce such representations, covenants and
agreements to the same extent as if it were a party hereto. 
 15. Compliance with Lender Bond Documents. In the event that any Loans that the Lender
delivers to Great Lakes for servicing hereunder constitute “Financed Eligible Loans” under the Indenture of Trust dated as of the Closing Date (the “Indenture”) among the Lender, the Eligible Lender Trustee and The Bank of New
York, as indenture trustee (the “Trustee”), are pledged in connection with, or constitute collateral under any similar indenture or loan agreement pledging or granting to any entity a security interest therein (all such Loans or other
loans pledged to or held by a trustee or other entity are hereafter referred to as the “Pledged Education Loans”), Great Lakes agrees as follows: 
 (a) At the request of the Trustee or other pledgee of such Pledged Education Loans, Great Lakes will enter into a custodian agreement or other similar document, in form and substance reasonably acceptable to Great Lakes, the Lender and the
Trustee or other pledgee, for the purpose of establishing a bailment with respect to any Pledged Education Loans pledged to the Trustee or other pledgee. 
 (b) Great Lakes shall hold all Pledged Education Loans and related documentation as bailee for and on behalf of the Trustee (or such other pledgee as may be applicable) for the Trustee’s intended purpose of perfecting the security or
other interests of the Trustee or other pledgee therein. 
 (c) All sums received by Great Lakes with respect to Pledged Education Loans shall be held on
behalf of the Trustee or other applicable pledgee, including, but not limited to, all payments of principal and interest and insurance or guarantee payments. All such funds shall be held in a segregated account (which may, however, contain funds
belonging to other Great Lakes servicing customers, including Great Lakes affiliates) and shall not be commingled with any of 

 Great Lakes’ other funds and shall be accounted for such that all such funds are identified separately from all
other payments received by Great Lakes in respect of the servicing of loans. Any such amounts, if received by Great Lakes, shall be remitted only to the Trustee or other pledgee, and not to the Lender, unless otherwise directed by the Trustee or
other applicable pledgee. 
 (d) If any Education Loans are Pledged Education Loans, all periodic reports required to be furnished pursuant to this Agreement
shall be furnished to the Trustee. 
 (e) With respect to the servicing of any Pledged Education Loans on behalf of or for the benefit of the Trustee or any
other applicable pledgee, no amendment, modification or addition to this Agreement shall be effective with respect to the Trustee or such other applicable pledgee without its written approval or consent or the direction of Trustee. 
 (f) Great Lakes waives any lien that it might have pursuant to statute or otherwise available at law or in equity on any and all notes evidencing Pledged Education Loans
held by it on behalf of the Trustee and on any and all related documentation, including all moneys and proceeds derived therefrom or relating thereto. Notwithstanding the foregoing, if Great Lakes incurs cost or expense (i) due to an
“unreasonable act” of the Guarantor resulting in the Guarantor’s refusal to pay a claim or (ii) due to the Lender failing to make payments to the U.S. Secretary of Education (the “Secretary”) required by law or
regulation, Great Lakes may offset such cost or expense against moneys derived from Pledged Education Loans serviced by Great Lakes and held by the Lender on behalf of the Trustee. In addition, Great Lakes may offset against such derived moneys in
the event fees due it are not paid in accordance with this Agreement. 
 (g) Great Lakes shall administer and collect all Pledged Education Loans in a
competent, diligent and orderly fashion and in accordance with all requirements of the Act, the Secretary and this Agreement. 
 If there is
an Event of Default under the Indenture and the Trustee forecloses on its security interest on the Pledged Education Loans, then the Trustee shall assume all duties and obligations of the Lender hereunder. 
 16. Limited Role of the Delaware Trustee. It is expressly understood and agreed by the parties hereto that (a) this Agreement is executed and delivered by
Wilmington Trust Company, not individually or personally, but solely as trustee of the Issuer in the exercise of the powers and authority conferred and vested in it, (b) each of the representations, undertakings and agreements herein made on
the part of the Issuer is made and intended not as personal representations, undertakings and agreements by Wilmington Trust Company but is made and intended for the purpose of binding only the Issuer, (c) nothing herein contained shall be
construed as creating any liability on Wilmington Trust Company, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any
Person claiming by, through or under the parties hereto and (d) under no circumstances shall Wilmington Trust Company be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of
any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Agreement. 

 17. Incorporation of Exhibits. This Agreement incorporates any exhibit, appendix and annex attached hereto, each
of which is an integral part of this Agreement. 
 18. Notices. All notices, requests, demands or other instruments that may or are required to be
given by any party to any other party shall be in writing and shall be deemed to have been properly given when served personally on an officer of the entity to which such notice is to be given, or upon expiration of a period of 48 hours from and
after the postmark thereof when mailed, postage prepaid, by registered or certified mail, requesting return receipt, addressed as follows: 
 If intended for Great Lakes Educational Loan Services, Inc.: 
 Chief Servicing Officer 
 Great Lakes Educational Loan Services, Inc. 
 2401 International Lane 
 P. O. Box 7858 
 Madison, WI 53707 
 If intended for the Lender: 
 Goal Capital Funding Trust 2006-1 
 c/o Goal
Financial, LLC 
 Attn: Mr. Seamus Garland 
 9477 Waples Street, Suite 100 
 San Diego, California 92121 
 With copies to: 
 The Bank of New York

 Attn: Corporate Trust Manager 
 10161 Centurion Parkway, 2nd Floor 
 Jacksonville, Florida 32256 
 In Witness
Whereof, the parties hereto have executed this Agreement as of the date and year first above written. 
  

							
	 GREAT LAKES EDUCATIONAL
 LOAN SERVICES,
INC.
	 	GOAL CAPITAL FUNDING TRUST 2006-1
		 		 	by:	 	 Wilmington Trust Company,
 not in its individual capacity
but solely as Delaware Trustee

				
	By:	 	 /s/ Bruce J. Rashke
	 		 	
		 	Bruce J. Rashke	 		 	
		 	Chief Administration and Loan Consolidation Officer	 	By:	 	 /s/ Joann A. Rozell

		 		 	Name:	 	Joann A. Rozell
		 		 	Its:	 	Assistant Vice President

 GREAT LAKES EDUCATIONAL LOAN SERVICES, INC. 
 STUDENT LOAN SERVICING AGREEMENT 
 GOAL CAPITAL FUNDING TRUST 2006-1, AS BENEFICIAL OWNER OF LOANS 
 THE LEGAL TITLE TO WHICH WILL BE HELD BY THE BANK OF NEW
YORK, 
 AS ELIGIBLE LENDER TRUSTEE 
 SCHEDULE A – FEES 
 The Lender agrees to pay the following fees to Great Lakes upon receipt of a monthly
statement for services rendered pursuant to this Agreement: 
 Monthly Service Fees: 
 $1.25 per borrower per month during interim (in-school) period 
 $3.05 per borrower per month during grace period 
 $3.25 per borrower per month during first 12 months of
repayment servicing 
 $2.88 per borrower per month during the remainder of the repayment period 
 Servicing Removal Fee: 
 $14.00 per account, plus
actual cost of additional services requested to remove an active account from the servicing system 
 Late Charge Assessment Fee: 
 Great Lakes shall receive 25% of the late fee revenue collected from delinquent borrowers  
 Monthly Extract Fee: 
 $100.00 per month 

 Exceptional Servicer Default Fee: 
 Five tenths of one percent (0.50%) of the amount of default payments posted during the month. 
 Consolidation loans will be charged the standard repayment servicing fees. 
 The total monthly amount due will be the actual fees calculated as
described above or $75, whichever is greater. All references to borrower for fee calculations equal unique combinations of borrower/federal lender number or assigned lender number/loan program (Stafford, PLUS, Consolidation Loans). 
 Great Lakes may agree to provide the Lender with services beyond those normally included in the servicing program. Such agreement between Great Lakes and the Lender
shall include sufficient additional charges to cover Great Lakes’ costs. 
 Increases or decreases to this fee schedule
may be made from time to time as provided in Section 5 of this Agreement.

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