Document:

EX-4.8:

 

Exhibit 4.8

FORM OF SEARS HOLDINGS CORPORATION

RESTRICTED SHARE AGREEMENT

          RESTRICTED SHARE AGREEMENT, entered into as of [ ], 200[ ], between Sears Holdings
Corporation, a Delaware corporation (the “Company”), and Alan J. Lacy (the “Executive”);

          WHEREAS, Sears, Roebuck & Co., a New York corporation, and Kmart Holding Corporation, a
Delaware corporation, and the Executive have entered into an employment agreement dated as of the
16th day of November, 2004 (the “Employment Agreement”), which has been assumed by the Company,
pursuant to which, among other things, the Company has determined that, as an inducement material
to the Executive’s agreement to enter into employment with the Company, in satisfaction of certain
of the Company’s obligations under Section 3(b)(iii) of the Employment Agreement, and subject to
the restrictions stated below, the Executive should be granted shares of the Company’s common
stock, par value $.01 (the “Common Stock”);

          WHEREAS, the Company desires to grant the Executive 75,000 shares of restricted Common Stock
(the “Restricted Shares”);

          NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other
good and valuable consideration, the parties hereto do hereby agree as follows:

	1.  	Capitalized Terms. Capitalized terms not defined herein shall have the definitions
ascribed to such terms in the Employment Agreement.

	2.  	Grant. Pursuant to Section 3(b)(iii) of the Employment Agreement, the Executive is
hereby granted, effective as of the Effective Date (the “Grant Date”) and subject to the terms
and conditions of this Agreement, 75,000 Restricted Shares.

	3.  	Equity Plan. At such time, if any, as the Company shall have adopted (and, if
required, there shall have been approved by the Company’s shareholders) an equity incentive
plan under which restricted shares of Common Stock may be granted (the “Plan”), the Restricted
Shares and this Agreement shall be subject to the terms of such Plan, to the extent the terms
of such Plan are not inconsistent with the terms of this Agreement and the applicable
provisions of the Employment Agreement.

	4.  	Issuance of Stock. The Restricted Shares shall be held in the custody of the Company
or its designee for the Executive’s benefit. The Restricted Shares shall be subject to the
restrictions described herein. The Restricted Shares shall bear appropriate legends with
respect to the restrictions described herein.

 

 

	5.  	Vesting.

	 	(a)  	The Restricted Shares shall vest in full and become free of restrictions on
June 30, 2006, provided that the Executive is employed by or rendering services
to the Company or a subsidiary or affiliate thereof as of each such date.
	 
	 	(b)  	Notwithstanding the foregoing, any unvested Restricted Shares shall immediately
vest in full, and become free of restriction upon the Executive’s termination of
employment (i) by the Company without Cause, (ii) by the Executive for Good Reason, or
(iii) by reason of the Executive’s death or Disability.

	6.  	Restrictions.

	 	(a)  	No portion of the Restricted Shares or rights granted hereunder may be sold,
transferred, assigned, pledged or otherwise encumbered or disposed of by the Executive
until such portion of the Restricted Shares becomes vested in accordance with Section 3
of this Agreement, and any purported sale, transfer, assignment, pledge, encumbrance or
disposition shall be void and unenforceable against the Company. The period of time
between the Grant Date and the date all Restricted Shares become vested is referred to
herein as the “Restriction Period.”
	 
	 	(b)  	If the Executive’s employment with the Company terminates for any reason which
does not result in vesting of the Restricted Shares as provided in Section 3 above, the
balance of the Restricted Shares subject to the provisions of this Agreement which have
not vested at the time of the Executive’s termination of employment shall be forfeited
by the Executive, and ownership transferred back to the Company.

	7.  	Executive Shareholder Rights. During the Restriction Period, the Executive shall
have all the rights of a shareholder with respect to the Restricted Shares except for the
right to transfer the Restricted Shares, as set forth in Section 4 of this Agreement.
Accordingly, the Executive shall have the right to vote the Restricted Shares and to receive
any cash dividends paid to or made with respect to the Restricted Shares, provided,
however, that dividends paid, if any, with respect to that Restricted Shares which has
not vested at the time of the dividend payment shall be held in the custody of the Company and
shall be subject to the same restrictions that apply to the corresponding Restricted Shares;
provided, further, that if such a restriction on dividends would be subject to
the tax imposed under the provisions of Section 409A of the Code, such dividends shall be paid
to the Executive immediately and shall not be subject to the same restrictions that apply to
the corresponding Restricted Shares.

	8.  	Changes in Stock. In the event of (a) a stock dividend, stock split, reverse stock
split, share combination, or recapitalization or similar event of or by the Company (each, a
“Share Change”), or (b) a merger, consolidation, acquisition of property or shares,
separation, spinoff, reorganization, stock rights offering, liquidation, disaffiliation, or
similar event of or by the Company (each, a “Corporate Transaction”), in each case, affecting
the Common Stock, the Committee or the Board may in its discretion make

2

 

	   	such substitutions or adjustments as it deems appropriate and equitable to adjust the number
and kind of Restricted Shares. In the case of Corporate Transactions, (x) unless otherwise
determined by the Committee, if the Corporate Transaction results in shareholders of Common
Stock receiving cash, securities, property, or any combination thereof in exchange for each
share of Common Stock, such consideration being exchanged for each share of Common Stock
shall be substituted for each Restricted Share subject to this Agreement, and (y) the
Committee may in its discretion make such alternative or additional substitutions or
adjustments as it deems appropriate and equitable, including, without limitation, (i) the
cancellation of the Restricted Shares in exchange for payments of cash, property or a
combination thereof having an aggregate value equal to the value of the Restricted Shares,
as determined by the Committee or the Board in its sole discretion (it being understood that
in the case of a Corporate Transaction with respect to which shareholders of Common Stock
receive consideration other than equity securities of the ultimate surviving entity, any
such determination by the Committee that the value of the Restricted Shares shall for this
purpose be deemed to equal the value of the consideration being paid for each share of
Common Stock pursuant to such Corporate Transaction shall conclusively be deemed valid); and
(ii) the substitution of other property (including, without limitation, cash or other
securities of the Company and securities of entities other than the Company) for the
Restricted Shares. The determination of the Committee regarding any adjustment shall be
final and conclusive.

	9.  	Taxes. No later than the date as of which an amount first becomes includible in the
gross income of the Executive for federal income tax purposes with respect to any Restricted
Shares, the Executive shall pay to the Company, or make arrangements satisfactory to the
Company regarding the payment of, all federal, state, local and foreign taxes that are
required by applicable laws and regulations to be withheld with respect to such amount. The
Executive may direct the Company, to the extent permitted by law, to deduct any such taxes
from any payment otherwise due to the Executive, including the delivery of the Restricted
Shares that gives rise to the withholding requirement.

	10.  	Notices. Any notices required or permitted hereunder shall be addressed to the
Company at its corporate headquarters, attention: General Counsel, or to the Executive at the
address then on record with the Company, as the case may be, and deposited, postage prepaid,
in the United States mail. Either party may, by notice to the other given in the manner
aforesaid, change his/her or its address for future notices.

	11.  	Governing Law. This Agreement shall be governed by and construed in accordance with
the laws of the State of Delaware without regard to its conflict of laws principles.

	12.  	Successor. This Agreement shall bind and inure to the benefit of the Company, its
successors and assigns, and the Executive and his or her personal representatives and assigns.

	13.  	Amendment. This Agreement may be amended or modified at any time by an instrument in
writing signed by the parties hereto.

3

 

	14.  	Certificates. Certificates representing the Restricted Shares as originally or from
time to time constituted shall bear the following legend:

	 	   	The Shares represented by this stock certificate have been granted as restricted stock under
a Restricted Share Agreement between the registered holder of these Shares and the Company.
The Shares represented by this stock certificate may not be sold, exchanged, assigned,
transferred, pledged, hypothecated or otherwise encumbered or disposed of until the
restrictions set forth in the Restricted Stock Agreement between the registered holder of
these Shares and the Company shall have lapsed.

As soon as administratively practicable after the lapsing of the restrictions with respect to any
Restricted Shares, the Company shall deliver to the Executive or his or her personal
representative, in book-entry or certificate form, the formerly Restricted Shares that do not bear
any restrictive legend making reference to this Agreement. Such Shares shall be free of
restrictions, except for any restrictions required under Federal securities laws.

	15.  	Laws and Regulations. No shares of Common Stock shall be issued under this Agreement
unless and until all legal requirements applicable to the issuance of such shares have been
complied with to the satisfaction of the Committee. The Committee shall have the right to
condition any issuance of shares of Common Stock to the Executive hereunder on the Executive’s
undertaking in writing to comply with such restrictions on the subsequent disposition of such
shares as the Committee shall deem necessary or advisable as a result of any applicable law or
regulation.

	16.  	Registration. As of the Grant Date, the Company shall, at its expense, cause
issuance of the Restricted Shares and the resale thereof to be registered under the Securities
Act of 1933, as amended, and registered or qualified under applicable state law, to be freely
resold. The Company shall thereafter maintain the effectiveness of such registration and
qualification for so long as the Executive holds the Restricted Shares (or any portion
thereof) or any of the shares of Common Stock that were previously Restricted Shares, or until
such earlier date as such Restricted Shares and shares of Common Stock, as applicable, may
otherwise be freely sold under applicable law.

	17.  	Miscellaneous.

	 	(a)  	     The Company shall not be required (i) to transfer on its books any Restricted
Shares which shall have been sold or transferred in violation of any of the provisions
set forth in this Agreement, or (ii) to treat as owner of such shares or to accord the
right to vote as such owner or to pay dividends to any transferee to whom such shares
shall have been so transferred.
	 
	 	(b)  	     This Agreement shall not be construed so as to grant the Executive any right to
remain in the employ of the Company.
	 
	 	(c)  	     This Agreement may be executed in counterparts, which together shall constitute
one and the same original.

4

 

          IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by its officer
thereunder duly authorized and the Executive has hereunto set his hand, all as of the day and year
first set forth above.

	 	 	 
	

	 	SEARS HOLDINGS CORPORATION
	 
	 	 
	 
	 	 
	

	 	 
	

	 	Name:
	

	 	Title:

ACCEPTED:

The undersigned hereby acknowledges having read this Restricted Share Agreement and hereby agrees
to be bound by all provisions set forth herein.

	 	 	 
	 
	 	 
	

	 	 
	

	 	Executiveexv4w2

 

Exhibit 4.2

AMENDED AND RESTATED

INDENTURE OF TRUST

from

HIGHER EDUCATION FUNDING I

and

THE BANK OF NEW YORK,

as Eligible Lender Trustee

to

THE BANK OF NEW YORK,

as Trustee

Dated as of March 1, 2005

 

 

     Reconciliation and tie between Trust Indenture Act of 1939, as amended (the “Trust Indenture
Act” or “TIA”) and this Amended and Restated Indenture of Trust, dated as of March 1, 2005.

	 	 	 
	Trust Indenture Act Section	 	Indenture Section
	 
	Section 310(a)(1)
	 	7.13
	Section 310 (a)(2)
	 	7.13
	Section 310(a)(3)
	 	7.12
	Section 310(a)(4)
	 	N.A.
	Section 310(a)(5)
	 	7.13
	Section 310(b)
	 	7.13
	Section 310(c)
	 	N.A.
	Section 311(a)
	 	7.22
	Section 311(b)
	 	N.A.
	Section 311(c)
	 	N.A.
	Section 312(a)
	 	5.20
	Section 312(b)
	 	7.23
	Section 312(c)
	 	7.23
	Section 313(a)
	 	7.14
	Section 313 (b)
	 	7.14
	Section 313 (c)
	 	7.14
	Section 313 (d)
	 	7.14
	Section 314(a)
	 	5.21; 5.22
	Section 314 (b)
	 	5.17
	Section 314 (c)(1)
	 	1.04
	Section 314 (c)(2)
	 	1.04
	Section 314 (c)(3)
	 	N.A.
	Section 314 (d)
	 	4.14
	Section 314 (e)
	 	1.04
	Section 314 (f)
	 	N.A.
	Section 315(a)
	 	7.01
	Section 315 (b)
	 	7.03
	Section 315 (c)
	 	7.01(b)
	Section 315 (d)
	 	7.01(c)
	Section 315 (e)
	 	6.11
	Section 316(a)(1)
	 	6.04; 6.13
	Section 316 (a)(2)
	 	N.A.
	Section 316 (b)
	 	6.09
	Section 316 (c)
	 	N.A.
	Section 317(a)(1)
	 	6.03
	Section 317 (a)(2)
	 	6.10
	Section 317 (b)
	 	7.16
	Section 318(a)
	 	10.10

	 	 	NOTE: This reconciliation and tie shall not, for any purpose, be deemed to be a part of the
Indenture.

 

 

     Attention should also be directed to Section 318(c) of the Trust Indenture Act, which provides
that the provisions of Sections 310 to and including 317 of the Trust Indenture Act are a part of
and govern every qualified indenture, whether or not physically contained therein.

2

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page
	ARTICLE I

	DEFINITIONS AND GENERAL PROVISIONS

	 
	Section 1.01.

	 	Definitions
	 	 	3	 
	 
	 	 	 	 	 	 
	Section 1.02.

	 	Definitions of General Terms
	 	 	23	 
	 
	 	 	 	 	 	 
	Section 1.03.

	 	Computations
	 	 	24	 
	 
	 	 	 	 	 	 
	Section 1.04.

	 	Compliance Certificates and Opinions, Etc
	 	 	24	 
	 
	 	 	 	 	 	 
	Section 1.05.

	 	Evidence of Action by the Issuer
	 	 	25	 
	 
	 	 	 	 	 	 
	Section 1.06.

	 	Exclusion of Notes Held By or For the Issuer
	 	 	25	 
	 
	 	 	 	 	 	 
	Section 1.07.

	 	Exhibits
	 	 	26	 
	 
	 	 	 	 	 	 
	ARTICLE II

	THE NOTES AND OTHER OBLIGATIONS

	 
	 	 	 	 	 	 
	Section 2.01.

	 	General Title
	 	 	26	 
	 
	 	 	 	 	 	 
	Section 2.02.

	 	General Limitations; Issuable in Series; Purposes and
Conditions for Issuance; Payment of Principal and
Interest
	 	 	26	 
	 
	 	 	 	 	 	 
	Section 2.03.

	 	Terms of Particular Series
	 	 	28	 
	 
	 	 	 	 	 	 
	Section 2.04.

	 	Form and Denominations
	 	 	28	 
	 
	 	 	 	 	 	 
	Section 2.05.

	 	Execution, Authentication and Delivery
	 	 	28	 
	 
	 	 	 	 	 	 
	Section 2.06.

	 	Temporary Notes
	 	 	29	 
	 
	 	 	 	 	 	 
	Section 2.07.

	 	Registration, Transfer and Exchange
	 	 	29	 
	 
	 	 	 	 	 	 
	Section 2.08.

	 	Mutilated, Destroyed, Lost and Stolen Notes
	 	 	33	 
	 
	 	 	 	 	 	 
	Section 2.09.

	 	Interest Rights Preserved; Dating of Notes
	 	 	34	 
	 
	 	 	 	 	 	 
	Section 2.10.

	 	Persons Deemed Holders
	 	 	34	 
	 
	 	 	 	 	 	 
	Section 2.11.

	 	Cancellation
	 	 	34	 
	 
	 	 	 	 	 	 
	Section 2.12.

	 	Credit Enhancement Facilities and Swap Agreements
	 	 	34	 
	 
	 	 	 	 	 	 
	ARTICLE III

	PREPAYMENT OF NOTES

	 
	 	 	 	 	 	 
	Section 3.01.

	 	Right of Prepayment
	 	 	35	 
	 
	 	 	 	 	 	 
	Section 3.02.

	 	Election To Prepay or Purchase; Notice to Trustee; Senior Asset
Requirement and Subordinate Asset Requirement
	 	 	35	 
	 
	 	 	 	 	 	 
	Section 3.03.

	 	Selection by Trustee of Notes To Be Prepaid
	 	 	36	 
	 
	 	 	 	 	 	 
	Section 3.04.

	 	Notice of Prepayment
	 	 	37	 
	 
	 	 	 	 	 	 
	Section 3.05.

	 	Notes Payable on Prepayment Date and Sinking Fund Payment Date
	 	 	37	 
	 
	 	 	 	 	 	 
	Section 3.06.

	 	Notes Prepaid in Part
	 	 	38	 

  i

 

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 	 	 
	 	 	 	 	Page
	Section 3.07.

	 	Purchase of Notes
	 	 	38	 
	 
	 	 	 	 	 	 
	Section 3.08.

	 	Clean-Up Call
	 	 	39	 
	 
	 	 	 	 	 	 
	ARTICLE IV

	CREATION OF FUNDS AND ACCOUNTS; CREDITS THERETO AND PAYMENTS THEREFROM

	 
	 	 	 	 	 	 
	Section 4.01.

	 	Creation of Funds and Accounts
	 	 	39	 
	 
	 	 	 	 	 	 
	Section 4.02.

	 	Acquisition Fund
	 	 	40	 
	 
	 	 	 	 	 	 
	Section 4.03.

	 	Administration Fund
	 	 	42	 
	 
	 	 	 	 	 	 
	Section 4.04.

	 	Reserve Fund
	 	 	43	 
	 
	 	 	 	 	 	 
	Section 4.05.

	 	Collection Fund
	 	 	44	 
	 
	 	 	 	 	 	 
	Section 4.06.

	 	Debt Service Fund
	 	 	47	 
	 
	 	 	 	 	 	 
	Section 4.07.

	 	Surplus Fund
	 	 	50	 
	 
	 	 	 	 	 	 
	Section 4.08.

	 	Borrower Benefits Fund
	 	 	52	 
	 
	 	 	 	 	 	 
	Section 4.09.

	 	Termination
	 	 	52	 
	 
	 	 	 	 	 	 
	Section 4.10.

	 	Pledge
	 	 	53	 
	 
	 	 	 	 	 	 
	Section 4.11.

	 	Investments
	 	 	54	 
	 
	 	 	 	 	 	 
	Section 4.12.

	 	Transfer of Investment Securities
	 	 	57	 
	 
	 	 	 	 	 	 
	Section 4.13.

	 	Verification of Investment Securities
	 	 	57	 
	 
	 	 	 	 	 	 
	Section 4.14.

	 	Release
	 	 	57	 
	 
	 	 	 	 	 	 
	ARTICLE V

	COVENANTS TO SECURE NOTES, REPRESENTATIONS AND WARRANTIES

	 
	 	 	 	 	 	 
	Section 5.01.

	 	Eligible Lender Trustee to Hold Financed Student Loans
	 	 	58	 
	 
	 	 	 	 	 	 
	Section 5.02.

	 	Enforcement and Amendment of Guarantee Agreements
	 	 	58	 
	 
	 	 	 	 	 	 
	Section 5.03.

	 	Acquisition, Collection and Assignment of Student Loans
	 	 	58	 
	 
	 	 	 	 	 	 
	Section 5.04.

	 	Enforcement of Financed Student Loans
	 	 	58	 
	 
	 	 	 	 	 	 
	Section 5.05.

	 	Administration and Collection of Financed Student Loans
	 	 	59	 
	 
	 	 	 	 	 	 
	Section 5.06.

	 	Punctual Payments
	 	 	60	 
	 
	 	 	 	 	 	 
	Section 5.07.

	 	Further Assurances
	 	 	60	 
	 
	 	 	 	 	 	 
	Section 5.08.

	 	Protection of Security; Power to Issue Notes and Pledge Revenues
and Other Funds
	 	 	60	 
	 
	 	 	 	 	 	 
	Section 5.09.

	 	No Encumbrances
	 	 	61	 
	 
	 	 	 	 	 	 
	Section 5.10.

	 	Continuing Existence; Merger and Consolidation
	 	 	61	 

  ii

 

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 	 	 
	 	 	 	 	Page
	Section 5.11.

	 	Amendment of Remarketing Agreements and Tender Agent Agreements
	 	 	62	 
	 
	 	 	 	 	 	 
	Section 5.12.

	 	Tax Treatment
	 	 	62	 
	 
	 	 	 	 	 	 
	Section 5.13.

	 	Representations and Warranties of the Issuer
	 	 	63	 
	 
	 	 	 	 	 	 
	Section 5.14.

	 	Use of Trustee Eligible Lender Number
	 	 	64	 
	 
	 	 	 	 	 	 
	Section 5.15.

	 	Additional Covenants
	 	 	64	 
	 
	 	 	 	 	 	 
	Section 5.16.

	 	Covenant Regarding Financed Student Loans
	 	 	65	 
	 
	 	 	 	 	 	 
	Section 5.17.

	 	Opinions as to Trust Estate
	 	 	66	 
	 
	 	 	 	 	 	 
	Section 5.18.

	 	Representations of the Issuer Regarding the Trustee’s Security Interest
	 	 	67	 
	 
	 	 	 	 	 	 
	Section 5.19.

	 	Covenants of the Issuer Regarding the Trustee’s Security Interest
	 	 	67	 
	 
	 	 	 	 	 	 
	Section 5.20.

	 	Noteholder Lists
	 	 	68	 
	 
	 	 	 	 	 	 
	Section 5.21.

	 	Reports by Issuer
	 	 	68	 
	 
	 	 	 	 	 	 
	Section 5.22.

	 	Statement as to Compliance
	 	 	68	 
	 
	 	 	 	 	 	 
	Section 5.23.

	 	Verification Agent’s Certificate
	 	 	69	 
	 
	 	 	 	 	 	 
	ARTICLE VI

	DEFAULTS AND REMEDIES

	 
	 	 	 	 	 	 
	Section 6.01.

	 	Events of Default
	 	 	69	 
	 
	 	 	 	 	 	 
	Section 6.02.

	 	Acceleration
	 	 	71	 
	 
	 	 	 	 	 	 
	Section 6.03.

	 	Other Remedies; Rights of Beneficiaries
	 	 	73	 
	 
	 	 	 	 	 	 
	Section 6.04.

	 	Direction of Proceedings by Acting Beneficiaries Upon Default
	 	 	74	 
	 
	 	 	 	 	 	 
	Section 6.05.

	 	Waiver of Stay or Extension Laws
	 	 	75	 
	 
	 	 	 	 	 	 
	Section 6.06.

	 	Application of Moneys
	 	 	75	 
	 
	 	 	 	 	 	 
	Section 6.07.

	 	Remedies Vested in Trustee
	 	 	81	 
	 
	 	 	 	 	 	 
	Section 6.08.

	 	Limitation on Suits by Beneficiaries
	 	 	81	 
	 
	 	 	 	 	 	 
	Section 6.09.

	 	Unconditional Right of Holders To Enforce Payment
	 	 	81	 
	 
	 	 	 	 	 	 
	Section 6.10.

	 	Trustee May File Proofs of Claims
	 	 	81	 
	 
	 	 	 	 	 	 
	Section 6.11.

	 	Undertaking for Costs
	 	 	82	 
	 
	 	 	 	 	 	 
	Section 6.12.

	 	Termination of Proceedings
	 	 	83	 
	 
	 	 	 	 	 	 
	Section 6.13.

	 	Waiver of Defaults and Events of Default
	 	 	83	 
	 
	 	 	 	 	 	 
	Section 6.14.

	 	Inspection of Books and Records
	 	 	83	 

  iii

 

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 	 	 
	 	 	 	 	Page
	ARTICLE VII

	FIDUCIARIES

	 
	 	 	 	 	 	 
	Section 7.01.

	 	Acceptance of the Trustee
	 	 	83	 
	 
	 	 	 	 	 	 
	Section 7.02.

	 	Fees, Charges and Expenses of the Trustee, Paying Agents,
Note Registrar, Authenticating Agents, Remarketing Agents,
Tender Agents, Auction Agents, Market Agents and Broker-Dealers
	 	 	86	 
	 
	 	 	 	 	 	 
	Section 7.03.

	 	Notice to Beneficiaries if Default Occurs
	 	 	86	 
	 
	 	 	 	 	 	 
	Section 7.04.

	 	Intervention by Trustee
	 	 	86	 
	 
	 	 	 	 	 	 
	Section 7.05.

	 	Successor Trustee, Paying Agents, Authenticating Agents, and Tender
Agents
	 	 	87	 
	 
	 	 	 	 	 	 
	Section 7.06.

	 	Resignation by Trustee, Paying Agents, Authenticating Agents, and
Tender Agents
	 	 	87	 
	 
	 	 	 	 	 	 
	Section 7.07.

	 	Removal of Trustee
	 	 	87	 
	 
	 	 	 	 	 	 
	Section 7.08.

	 	Appointment of Successor Trustee
	 	 	88	 
	 
	 	 	 	 	 	 
	Section 7.09.

	 	Concerning any Successor Trustee
	 	 	88	 
	 
	 	 	 	 	 	 
	Section 7.10.

	 	Trustee Protected in Relying Upon Resolutions, Etc
	 	 	88	 
	 
	 	 	 	 	 	 
	Section 7.11.

	 	Successor Trustee as Custodian of Funds
	 	 	89	 
	 
	 	 	 	 	 	 
	Section 7.12.

	 	Co-Trustee
	 	 	89	 
	 
	 	 	 	 	 	 
	Section 7.13.

	 	Corporate Trustee Required; Eligibility; Disqualification
	 	 	90	 
	 
	 	 	 	 	 	 
	Section 7.14.

	 	Statement by Trustee of Funds and Accounts and Other Matters
	 	 	91	 
	 
	 	 	 	 	 	 
	Section 7.15.

	 	Trustee, Authenticating Agent, Note Registrar, Paying Agents,
Remarketing Agents, Tender Agents, Auction Agents, Market Agents
and Broker-Dealers May Buy, Hold, Sell or Deal in Notes
	 	 	92	 
	 
	 	 	 	 	 	 
	Section 7.16.

	 	Authenticating Agent and Paying Agents; Paying Agents To Hold Moneys
in Trust
	 	 	92	 
	 
	 	 	 	 	 	 
	Section 7.17.

	 	Removal of Authenticating Agent and Paying Agents; Successors
	 	 	93	 
	 
	 	 	 	 	 	 
	Section 7.18.

	 	Appointment and Qualifications of Tender Agents
	 	 	93	 
	 
	 	 	 	 	 	 
	Section 7.19.

	 	Remarketing Agents
	 	 	95	 
	 
	 	 	 	 	 	 
	Section 7.20.

	 	Qualifications of Remarketing Agents
	 	 	95	 
	 
	 	 	 	 	 	 
	Section 7.21.

	 	Indemnification of the Trustee
	 	 	96	 
	 
	 	 	 	 	 	 
	Section 7.22.

	 	Preferential Collection of Claims
	 	 	97	 
	 
	 	 	 	 	 	 
	Section 7.23.

	 	Communication Among Holders
	 	 	97	 

  iv

 

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 	 	 
	 	 	 	 	Page
	ARTICLE VIII

	SUPPLEMENTAL INDENTURES

	 
	 	 	 	 	 	 
	Section 8.01.

	 	Supplemental Indentures Not Requiring Consent of Beneficiaries
	 	 	97	 
	 
	 	 	 	 	 	 
	Section 8.02.

	 	Supplemental Indentures Requiring Consent of Beneficiaries
	 	 	98	 
	 
	 	 	 	 	 	 
	Section 8.03.

	 	Rights of Trustee
	 	 	100	 
	 
	 	 	 	 	 	 
	Section 8.04.

	 	Consent of Tender Agents
	 	 	100	 
	 
	 	 	 	 	 	 
	Section 8.05.

	 	Consent of Remarketing Agents
	 	 	100	 
	 
	 	 	 	 	 	 
	Section 8.06.

	 	Consent of Auction Agents
	 	 	100	 
	 
	 	 	 	 	 	 
	Section 8.07.

	 	Consent of Broker-Dealers
	 	 	100	 
	 
	 	 	 	 	 	 
	Section 8.08.

	 	Consent of Market Agents
	 	 	100	 
	 
	 	 	 	 	 	 
	Section 8.09.

	 	Effect of No Objection
	 	 	101	 
	 
	 	 	 	 	 	 
	ARTICLE IX

	DEFEASANCE; MONEYS HELD FOR PAYMENT OF DEFEASED NOTES

	 
	 	 	 	 	 	 
	Section 9.01.

	 	Discharge of Liens and Pledges; Notes No
Longer Outstanding and Deemed To Be Paid
Hereunder
	 	 	101	 
	 
	 	 	 	 	 	 
	Section 9.02.

	 	Notes Not Presented
for Payment When
Due; Moneys Held
for the Notes after
Due Date of Notes
	 	 	103	 
	 
	 	 	 	 	 	 
	ARTICLE X

	MISCELLANEOUS

	 
	 	 	 	 	 	 
	Section 10.01.

	 	Consent, etc., of Holders
	 	 	104	 
	 
	 	 	 	 	 	 
	Section 10.02.

	 	Limitation of Rights
	 	 	104	 
	 
	 	 	 	 	 	 
	Section 10.03.

	 	Severability
	 	 	104	 
	 
	 	 	 	 	 	 
	Section 10.04.

	 	Notices
	 	 	105	 
	 
	 	 	 	 	 	 
	Section 10.05.

	 	Counterparts
	 	 	106	 
	 
	 	 	 	 	 	 
	Section 10.06.

	 	Indenture Constitutes a Security Agreement
	 	 	106	 
	 
	 	 	 	 	 	 
	Section 10.07.

	 	Payments Due on Non-Business Days
	 	 	106	 
	 
	 	 	 	 	 	 
	Section 10.08.

	 	Notices to Rating Agencies
	 	 	106	 
	 
	 	 	 	 	 	 
	Section 10.09.

	 	Governing Law
	 	 	107	 
	 
	 	 	 	 	 	 
	Section 10.10.

	 	Trust Indenture Act
	 	 	107	 
	 
	 	 	 	 	 	 
	Section 10.11.

	 	Rights of Other Beneficiaries
	 	 	107	 
	 
	 	 	 	 	 	 
	Section 10.12.

	 	Subcontracting by Issuer
	 	 	107	 
	 
	 	 	 	 	 	 
	Section 10.13.

	 	Role of Eligible Lender Trustee
	 	 	107	 
	 
	 	 	 	 	 	 
	Section 10.14.

	 	Limitation of Liability
	 	 	107	 

  v

 

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 	 	 
	 	 	 	 	Page
	Section 10.15.

	 	Filings by Depositor
	 	 	107	 
	 
	 	 	 	 	 	 
	Section 10.16.

	 	Provision of Information and Certifications
	 	 	108	 
	 
	 	 	 	 	 	 
	Section 10.17.

	 	Effect of Amendments and Restatement
	 	 	108	 
	 
	 	 	 	 	 	 
	EXHIBIT A  —

	 	ELIGIBLE LOAN ACQUISITION CERTIFICATE	 	 	 	 
	EXHIBIT B  —

	 	FORM OF STUDENT LOAN PURCHASE AGREEMENT	 	 	 	 

  vi

 

 

     THIS AMENDED AND RESTATED INDENTURE OF TRUST, dated as of March 1, 2005, among HIGHER
EDUCATION FUNDING I, a Delaware statutory trust (herein called the “Issuer”), THE BANK OF NEW YORK,
as trustee pursuant to an Eligible Lender Trust Agreement with the Issuer dated as of January 1,
2004 (herein called the “Eligible Lender Trustee”), and THE BANK OF NEW YORK, a banking corporation
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 State of New York, as trustee (herein called the
“Trustee”);

RECITALS OF THE ISSUER

     WHEREAS, the parties hereto are parties to the Indenture of Trust dated as of January 1, 2004
(the “Initial Indenture”); and

     WHEREAS, the parties hereto wish to amend and restate the Initial Indenture in accordance with
Section 8.01(f) and (k) of the Initial Indenture;

     WHEREAS, this Indenture is subject to the provisions of the Trust Indenture Act of 1939, as
amended (the “Trust Indenture Act” or “TIA”), that are deemed to be incorporated into this
Indenture and shall, to the extent applicable, be governed by such provisions; and

     WHEREAS, the Initial Indenture is hereby amended and restated in its entirety to read as
follows:

     NOW, THEREFORE, THIS INDENTURE WITNESSETH:

     The Issuer and the Eligible Lender Trustee, in consideration of the premises and the
acceptance by the Trustee of the trusts hereby created and of the purchase and acceptance of the
Notes by the Holders thereof, the execution and delivery of any Swap Agreement (as hereinafter
defined) by any Swap Counterparty (as hereinafter defined), the execution and delivery of any
Credit Enhancement Facility (as hereinafter defined) by any Credit Facility Provider (as
hereinafter defined), and the acknowledgment thereof by the Trustee, in order to secure the payment
of the principal of, premium, if any, and interest on and any Carry-Over Amounts (and accrued
interest thereon) with respect to the Notes according to their tenor and effect and the performance
and observance by the Issuer of all the covenants expressed or implied herein and in the Notes and
in any such Swap Agreement or Credit Enhancement Facility, do hereby grant to the Trustee, and to
its successors in trust, and to them and their assigns, forever, a security interest in the
following (the “Trust Estate”):

GRANTING CLAUSE FIRST

     All rights, title, interest and privileges of the Issuer and/or the Eligible Lender Trustee
(a) with respect to Financed Student Loans, in, to and under any Servicing Agreement, the Eligible
Lender Trust Agreement, the Guarantee Agreements and any purchase and sale agreements pursuant to
which the Issuer acquires Financed Student Loans; (b) 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 and securities
(including any earnings thereon) in and payable into the Acquisition Fund, the Debt Service

 

 

Fund, the Collection Fund, the Reserve Fund, the Administration Fund, the Borrower Benefits Fund and the
Surplus Fund, in the manner and subject to the prior applications provided in Article IV hereof;
and (c) in, to and under any Credit Enhancement Facility, any Swap Agreement, any Swap Counterparty
Guaranty, any Tender Agent Agreement, any Remarketing Agreement, any Auction Agent Agreement, any
Market Agent Agreement and any Broker-Dealer Agreement, all as hereinbefore and hereinafter
defined, including any contract or any evidence of indebtedness or other rights of the Issuer to
receive any of the same whether now existing or hereafter coming into existence, and whether now or
hereafter acquired;

GRANTING CLAUSE SECOND

     All proceeds from any property described in these Granting Clauses and any and all other
property of every name and nature from time to time hereafter by delivery or by writing of any kind
conveyed, pledged, assigned or transferred, as and for additional security hereunder by the Issuer
or by anyone on its behalf or with its written consent to the Trustee, which is hereby authorized
to receive any and all such property at any and all times and to hold and apply the same subject to
the terms hereof;

     To Have and to Hold all the same with all privileges and appurtenances hereby conveyed and
assigned, or agreed or intended so to be, to the Trustee and its successors in said trust and to
them and their assigns forever;

     In Trust Nevertheless, upon the terms and trust herein set forth (a) for the equal and
proportionate benefit, security and protection of all present and future Senior Beneficiaries (as
hereinafter defined), without privilege, priority or distinction as to lien or otherwise of any of
the Senior Beneficiaries over any of the others; (b) for the equal and proportionate benefit,
security and protection of all present and future Subordinate Beneficiaries (as hereinafter
defined), without privilege, priority or distinction as to the lien or otherwise of any of the
Subordinate Beneficiaries over any of the others, but on a basis subordinate to the Senior
Beneficiaries on the terms described herein; and (c) for the equal and proportionate benefit,
security and protection of all present and future Junior Subordinate Beneficiaries (as hereinafter
defined), without privilege, priority or distinction as to the lien or otherwise of any of the
Junior Subordinate Beneficiaries over any of the others, but on a basis subordinate to the Senior
Beneficiaries and the Subordinate Beneficiaries on the terms described herein;

     Provided, However, that if the Issuer, its successors or assigns, shall well and truly pay, or
cause to be paid, the principal of and premium, if any, on the Notes and the interest and any
Carry-Over Amounts (and accrued interest thereon) with respect thereto due and to become due
thereon, or provide fully for payment thereof as herein provided, at the times and in the manner
mentioned in the Notes, according to the true intent and meaning thereof, and shall make the
payments into the Trust Funds as required under Article IV hereof, or shall provide, as permitted
hereby, for the payment thereof by depositing with the Trustee sums sufficient for payment of the
entire amount due and to become due thereon as herein provided, and shall well and truly keep, perform and observe all the covenants and conditions pursuant to the terms of this
Indenture to be kept, performed and observed by it, and shall pay to the Trustee, any Swap
Counterparty and any Credit Facility Provider all sums of money due or to become due to them in
accordance with the terms and provisions hereof, then (except as otherwise provided in a

2

 

Supplemental Indenture) this Indenture and the rights hereby granted shall cease, terminate and be
void; otherwise, this Indenture shall be and remain in full force and effect.

     NOW, THEREFORE, it is mutually covenanted and agreed for the benefit of all Holders of the
Notes and for the benefit of any Swap Counterparty and any Credit Facility Provider, as follows:

ARTICLE I

DEFINITIONS AND GENERAL PROVISIONS

     Section 1.01. Definitions. In this Indenture the following terms have the following
respective meanings unless the context hereof clearly requires otherwise:

     “Account” means any of the accounts created or established by this Indenture.

     “Accountant” means any registered or certified public accountant or firm of such accountants
selected and paid by the Issuer, who is Independent and not under the domination of the Issuer, but
who may be regularly retained to make annual or similar audits of the books or records of the
Issuer.

     “Acquisition Fund” means the Acquisition Fund created and established by Section 4.01 hereof.

     “Acquisition Period” with respect to any series of Notes shall have the meaning set forth in
the related Supplemental Indenture.

     “Acting Beneficiaries Upon Default” means:

     (a) at any time that any Senior Obligations are Outstanding: (i) with respect to
directing the Trustee to accelerate the Outstanding Notes pursuant to Section 6.02 hereof
(A) upon an Event of Default described in clauses (a) through (d) of Section 6.01 hereof,
the Holders of a majority in aggregate Principal Amount of Senior Notes Outstanding; and (B)
upon any other Event of Default described in Section 6.01 hereof, the Holders of a majority
in aggregate Principal Amount of all Notes Outstanding; (ii) with respect to requesting the
Trustee to exercise rights and powers under this Indenture, directing the conduct of
proceedings in connection with the enforcement of this Indenture and requiring the Trustee
to waive Events of Default (other than with respect to directing the Trustee to accelerate
the Outstanding Notes): (A) the Holders of a majority in aggregate Principal Amount of the
Senior Notes Outstanding, unless the Trustee shall receive conflicting requests or
directions from any Other Senior Beneficiary; or (B) any Other Senior Beneficiary, unless
the Trustee determines that the requested action is not in the overall interest of the Senior Beneficiaries or receives conflicting requests or
directions from another Other Senior Beneficiary or the Holders of a majority in aggregate
Principal Amount of the Senior Notes Outstanding; and (iii) with respect to all other
matters under this Indenture, the Holders of a majority in aggregate Principal Amount of
Senior Notes Outstanding or any Other Senior Beneficiary; and

3

 

     (b) at any time that no Senior Obligations are Outstanding but Subordinate Obligations
are Outstanding: (i) with respect to directing the Trustee to accelerate the Outstanding
Notes pursuant to Section 6.02 hereof (A) upon an Event of Default described in clauses (a)
through (d) of Section 6.01 hereof, the Holders of a majority in aggregate Principal Amount
of Subordinate Notes Outstanding; and (B) upon any other Event of Default described in
Section 6.01, the Holders of a majority in aggregate Principal Amount of all Notes
Outstanding; (ii) with respect to requesting the Trustee to exercise rights and powers under
this Indenture, directing the conduct of proceedings in connection with the enforcement of
this Indenture and requiring the Trustee to waive Events of Default (other than with respect
to directing the Trustee to accelerate the Outstanding Notes): (A) the Holders of a majority
in aggregate Principal Amount of the Subordinate Notes Outstanding, unless the Trustee
receives conflicting requests or directions from any Other Subordinate Beneficiary; or (B)
any Other Subordinate Beneficiary, unless the Trustee determines that the requested action
is not in the overall interest of the Subordinate Beneficiaries or receives conflicting
requests or directions from another Other Subordinate Beneficiary or the Holders of a
majority in aggregate Principal Amount of the Subordinate Notes Outstanding; and (iii) with
respect to all other matters under this Indenture, the Holders of a majority in aggregate
Principal Amount of Subordinate Notes Outstanding or any Other Subordinate Beneficiary.

     (c) at any time that no Senior Obligations and no Subordinate Obligations are
Outstanding but any Junior Subordinate Obligations are Outstanding, (i) with respect to
directing the Trustee to accelerate the Outstanding Junior Subordinate Notes pursuant to
Section 6.02 hereof, the Holders of a majority in aggregate Principal Amount of Junior
Subordinate Notes Outstanding; (ii) with respect to requesting the Trustee to exercise
rights and powers under this Indenture, directing the conduct of proceedings in connection
with the enforcement of this Indenture and requiring the Trustee to waive Events of Default:
(A) the Holders of a majority in aggregate Principal Amount of the Junior Subordinate Notes
Outstanding, unless the Trustee receives conflicting requests or directions from an Other
Junior Subordinate Beneficiary; or (B) any Other Junior Subordinate Beneficiary, unless the
Trustee determines that the requested action is not in the overall interest of the Junior
Subordinate Beneficiaries or receives conflicting requests or directions from another Other
Junior Subordinate Beneficiary or the Holders of a majority in aggregate Principal Amount of
the Junior Subordinate Notes Outstanding; and (iii) with respect to all other matters under
this Indenture, the Holders of a majority in aggregate Principal Amount of Junior
Subordinate Notes Outstanding or any Other Junior Subordinate Beneficiary.

     “Add-On Loan” means, with respect to any Consolidation Loan owned by the Issuer, an amount
equal to the increased balance of such Consolidation Loan arising out of amounts required to be
paid to a Lender at the request of the related borrower within 180 days of the date such
Consolidation Loan was originated.

     “Administration Agreement” means the Amended and Restated Administration Agreement, dated as
of March 1, 2005, among the Issuer Administrator, the Issuer, the Trustee, the Eligible Lender
Trustee and the Delaware Trustee, as such agreement may be amended or supplemented from time to
time.

4

 

     “Administration Fee” means, with respect to each series of Notes, a monthly fee in an amount
set forth in the Supplemental Indenture authorizing such series of Notes, which shall be released
to the Issuer Administrator each month to cover expenses (other than Servicing Fees and Note Fees)
incurred in connection with carrying out and administering its powers, duties and functions under
this Indenture and any related agreements.

     “Administration Fund” means the Administration Fund created and established by Section 4.01
hereof.

     “Aggregate Value” means on any calculation date the sum of the Values of all assets of the
Trust Estate.

     “Asset Release Requirement” means, at any time, any requirement set forth as such in a
Supplemental Indenture.

     “Auction Agent” means, with respect to any series of Notes, any bank, national banking
association or trust company designated as such with respect to such Notes pursuant to the
provisions of a Supplemental Indenture, and its successor or successors, and any bank, national
banking association or trust company at any time substituted in its place pursuant to such
Supplemental Indenture.

     “Auction Agent Agreement” means, with respect to any series of Notes, an agreement among an
Auction Agent, the Issuer and the Trustee setting forth the rights and obligations of the Auction
Agent acting in such capacity with respect to such Notes under this Indenture and the related
Supplemental Indenture, including any supplement thereto or amendment thereof entered into in
accordance with the provisions thereof.

     “Authenticating Agent,” when used with respect to a series of Notes, means a bank or trust
company (which may be the Trustee) appointed for the purpose of receiving, authenticating and
delivering Notes of that series in connection with transfers, exchanges and registrations as in
this Indenture provided, and its successor or successors and any other bank or trust company which
may at any time be substituted in its place as Authenticating Agent pursuant to this Indenture.

     “Authorized Officer,” when used with reference to the Issuer, means those individuals
authorized to act for the Issuer Administrator, as set forth in a
list of Authorized Officers delivered by the Issuer Administrator to the Trustee and the Delaware Trustee, as such list
may be amended from time to time by the Issuer Administrator.

     “Balance,” when used with reference to any Account or Fund, means the aggregate sum of all
assets standing to the credit of such Account or Fund, including, without limitation, Investment
Securities computed at the Value thereof; Financed Student Loans computed at the Value thereof; and
lawful money of the United States; provided, however, that (a) the Balance of the Interest Account
shall not include amounts standing to the credit thereof which are being held therein for (i) the
payment of past due and unpaid interest on Notes; or (ii) the payment of interest on Notes that are
deemed no longer Outstanding as a result of the defeasance thereof pursuant to subparagraph (b) of
the first paragraph of Section 9.01 hereof; and (b) the Balances of the Principal Account and the
Retirement Account shall not include amounts standing to the

5

 

credit thereof which are being held therein for the payment of principal of or premium, if any, on Notes which are deemed no longer
Outstanding in accordance with the provisions of subparagraph (b) of the first paragraph of Section
9.01 hereof.

     “Beneficial Owner” means the Person in whose name a Note is recorded as beneficial owner of
such Note by the Securities Depository under a book-entry system, or by a Participant or Indirect
Participant, as the case may be.

     “Beneficial Ownership Interest” means the right to receive payments and notices with respect
to Notes which are held by the Securities Depository under a book-entry system and for which the
Securities Depository does not act on behalf of the Beneficial Owner in connection with the
optional or mandatory tender of Notes on a Tender Date.

     “Beneficiaries” means, collectively, all Senior Beneficiaries, all Subordinate Beneficiaries
and all Junior Subordinate Beneficiaries.

     “Book-Entry Notes” means Notes registered in book-entry form.

     “Borrower Benefits” shall have the meaning assigned to such term in a Supplemental Indenture.

     “Borrower Benefits Fund” means the Borrower Benefits Fund created and established by Section
4.01 hereof.

     “Broker-Dealer” means, with respect to any series of Notes, any broker or dealer (each as
defined in the Exchange Act), commercial bank or other entity permitted by law to perform the
functions required of a broker-dealer set forth in the auction procedures relating to such Notes,
designated as such with respect to such Notes pursuant to the provisions of a Supplemental
Indenture, and its successor or successors, and any broker or dealer, commercial bank or other
entity at any time substituted in its place pursuant to such Supplemental Indenture.

     “Broker-Dealer Agreement” means, with respect to any series of Notes, an agreement between an
Auction Agent and a Broker-Dealer, and approved by the Issuer, setting forth the rights and
obligations of the Broker-Dealer acting in such capacity with respect to such Notes under this Indenture and the related Supplemental Indenture, including any supplement thereto
or amendment thereof entered into in accordance with the provisions thereof.

     “Business Day” means a day of the year other than a Saturday, a Sunday or a day on which banks
located in the city in which the Principal Office of the Trustee is located, in the city in which
the Principal Office of any Authenticating Agent is located or in the city in which the Principal
Office of the Issuer is located, are required or authorized by law to remain closed, or on which
The New York Stock Exchange is closed; provided, that a Supplemental Indenture may provide for a
different meaning with respect to Notes of any series issued pursuant thereto.

     “Carry-Over Amount” means, if and to the extent specifically provided for as such in a
Supplemental Indenture with respect to a series of Variable Rate Notes, the excess, if any, of (a)
the amount of interest on a Note that would have accrued with respect to the related interest
period at the applicable interest rate over (b) the amount of interest on such Note actually

6

 

accrued with respect to such Note, with respect to such interest period based on the maximum rate
specified in a Supplemental Indenture, together with the unpaid portion of any such excess from
prior interest periods. To the extent required by a Supplemental Indenture providing for any
Carry-Over Amount, interest will accrue on such Carry-Over Amount until paid. Any reference to
“principal” or “interest” in this Indenture and in the related Notes shall not include, within the
meanings of such words, any Carry-Over Amount or any interest accrued on any Carry-Over Amount.

     “Cash Flows” means cash flow schedules prepared by the Issuer or its designee, including a
listing of all assumptions used in the preparation of such cash flow schedules, in connection with
the issuance of any Notes hereunder or in connection with obtaining a Rating Agency Confirmation.

     “Code” means the Internal Revenue Code of 1986, as amended, or any successor legislation
thereto.

     “Collection Fund” means the Collection Fund created and established by Section 4.01 hereof.

     “Commission” means the Securities and Exchange Commission.

     “Consolidation Loan” means a Student Loan originated pursuant to Section 428C of the Higher
Education Act.

     “Costs of Issuance” means all items of expense directly or indirectly payable by or
reimbursable to the Issuer and related to the authorization, sale and issuance of a series of the
Notes, including, but not limited to, printing costs, costs of preparation and reproduction of
documents, filing fees, initial fees, charges and expenses of the Trustee, the Delaware Trustee,
the Eligible Lender Trustee, any Authenticating Agent, any Remarketing Agent, any Tender Agent, any
Auction Agent, any Market Agent or any Broker-Dealer, legal fees and charges, fees and
disbursements of underwriters, consultants and professionals, underwriters’ discount, costs of credit ratings, fees and charges for preparation, execution, transportation and safekeeping
of such Notes, other costs incurred by the Issuer in anticipation of the issuance of such Notes and
any other cost, charge or fee in connection with the issuance of such Notes.

     “Counsel” means a person, or firm of which such a person is a member, authorized in any state
or the District of Columbia to practice law.

     “Counterparty Swap Payment” means a payment due to or received by the Issuer from a Swap
Counterparty pursuant to a Swap Agreement (including, but not limited to, payments in respect of
any early termination of such Swap Agreement) and amounts received by the Issuer under any related
Swap Counterparty Guaranty.

     “Credit Enhancement Facility” means, if and to the extent provided for in a Supplemental
Indenture (including a Supplemental Indenture described in Section 8.01(h) hereof), with respect to
Notes of one or more series (a) an insurance policy insuring, or a letter of credit or surety bond
or other instrument or agreement providing a direct or indirect source of funds for, the timely
payment of principal of and interest on such Notes (but not necessarily principal due upon

7

 

acceleration thereof under Section 6.02 hereof); or (b) a letter of credit, standby purchase
agreement, or other instrument or agreement, providing for the purchase of such Notes on a Tender
Date, or (c) any other arrangement as to which a Rating Agency Confirmation has been obtained, and
in any case, all agreements entered into by the Issuer or the Trustee and the Credit Facility
Provider with respect thereto.

     “Credit Facility Provider” means, if and to the extent provided for in a Supplemental
Indenture (including a Supplemental Indenture entered into pursuant to Section 8.01(h) hereof), any
Person or Persons engaged by the Issuer pursuant to a Credit Enhancement Facility, to provide
credit enhancement or liquidity for the payment of the principal of and interest on any or all of
the Notes of one or more series or the Issuer’s obligation to purchase Notes on a Tender Date.

     “Custodian” means Great Lakes Educational Loan Services, Inc., as custodian pursuant to the
Custodian Agreement, dated as of January 1, 2004, among Great Lakes Educational Loan Services,
Inc., the Issuer, the Eligible Lender Trustee and the Trustee, ACS Education Services, Inc., as
custodian pursuant to the Custodian Agreement, dated as of January 1, 2004, among ACS Education
Services, Inc., the Issuer, the Eligible Lender Trustee and the Trustee, and its successors and
assigns in such capacity, and any other Person entering into a similar agreement and for which a
Rating Agency Confirmation has been obtained.

     “Debt Service” means: (a) with respect to any Notes, as of any particular date and with
respect to any particular period, the aggregate of the moneys to be paid or set aside on such date
or during such period for the payment (or retirement) of the principal of, premium, if any, and
interest on Notes; and (b) with respect to Other Obligations, as of any particular date and with
respect to any particular period, the aggregate of the moneys to be paid or set aside on such date
or during such period for the payment of amounts payable by the Issuer under any Swap Agreements or Credit Enhancement Facilities, including fees payable by the Issuer to the
Credit Facility Provider thereunder.

     “Debt Service Fund” means the Debt Service Fund created and established by Section 4.01
hereof.

     “Defaulted Interest” shall have the meaning given in Section 2.02 hereof.

     “Delaware Trustee” means Wilmington Trust Company, not in its individual capacity but solely
as trustee under the Trust Agreement, and its successors and assigns in such capacity.

     “Depositor” means Consolidation Loan Funding II, LLC, a Delaware limited liability company, as
depositor under the Trust Agreement, and any successor thereto or assignee thereof.

     “Direct Participant” means any broker-dealer, bank or other financial institution for whom the
nominee of the Securities Depository holds an interest in any Note.

     “DTC” means The Depository Trust Company.

     “DTC Custodian” means the Trustee as a custodian for DTC.

8

 

     “Eligible Borrower” means a borrower who is eligible under the Higher Education Act to be the
obligor of a loan for consolidating two or more Student Loans, or who is eligible under the Higher
Education Act to be an obligor of a loan made pursuant to the Higher Education Act.

     “Eligible Institution” means (i) an institution of higher education; (ii) a vocational school;
or (iii) with respect to students who are nationals of the United States, an institution outside
the United States which is comparable to an institution of higher education or to a vocational
school and which has been approved by the Secretary of Education.

     “Eligible Lender Trust Agreement” means the Eligible Lender Trust Agreement, dated as of
January 1, 2004, between the Issuer, as grantor, and the Eligible Lender Trustee, as trustee, and
any similar agreement entered into by the Issuer and an “eligible lender” under the Higher
Education Act pursuant to which such “eligible lender” holds Financed Student Loans as legal owner
in trust for the Issuer as beneficial owner, in each case as supplemented or amended from time to
time.

     “Eligible Lender Trustee” means The Bank of New York, as trustee under the Eligible Lender
Trust Agreement, and its successors and assigns in such capacity.

     “Eligible Loan” means a Student Loan which: (i) has been or will be made to a borrower for
post-secondary education; (ii) is Guaranteed; and (iii) is an “eligible loan” as defined in Section
438 of the Higher Education Act for purposes of receiving Special Allowance Payments; provided,
however, that if, after any reauthorization or amendment of the Higher Education Act, loans
authorized thereunder, including their benefits, are materially different from loans authorized
prior to such reauthorization or amendment, such loans authorized after such reauthorization or amendment shall not constitute Eligible Loans unless a Rating Agency
Confirmation is obtained.

     “Eligible Loan Acquisition Certificate” means a certificate signed by an Authorized Officer of
the Issuer and substantially in the form attached as Exhibit A hereto.

     “Event of Default” means one of the events described as such in Section 6.01 hereof.

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

     “Federal Reimbursement Contract” means any agreement between a Guarantee 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) partial reimbursement of amounts paid or payable upon defaulted Financed Student Loans and
other student loans guaranteed or insured by the Guarantee Agency and interest subsidy payments to
holders of qualifying student loans Guaranteed by the Guarantee Agency.

     “Financed,” when used with respect to Student Loans or Eligible Loans, means Student Loans or
Eligible Loans, as the case may be, acquired by the Issuer or the Eligible Lender Trustee on behalf
of the Issuer with moneys in the Acquisition Fund, any Eligible Loans received in exchange for
Financed Student Loans upon the sale thereof or substitution therefor in accordance with Section
4.02 hereof and any other Student Loans deemed to be “Financed” with

9

 

moneys in the Acquisition Fund pursuant to this Indenture, but does not include Student Loans released from the lien of this
Indenture and sold, as permitted in this Indenture, to any purchaser, including a trustee for the
holders of the Issuer’s bonds, notes or other evidences of indebtedness issued other than pursuant
to this Indenture.

     “Fiscal Year” means the fiscal year of the Issuer as established from time to time (initially
being January 1 through December 31 of each year).

     “Fitch” means Fitch, Inc., its successors and assigns, and, if such entity shall be dissolved
or liquidated or shall no longer perform the functions of a securities rating agency, “Fitch” shall
be deemed to refer to any other nationally recognized securities rating agency designated by the
Trustee, at the written direction of the Issuer.

     “Fund” means any of the funds created or established by this Indenture.

     “Goal” means Goal Financial, LLC (formerly known as Student Loan Consolidation Center, LLC), a
California limited liability company, and any successor thereto or assignee thereof.

     “Government Obligations” means direct obligations of, or obligations the full and timely
payment of the principal of and interest on which are unconditionally guaranteed by, the United
States of America.

     “Guarantee” or “Guaranteed” means with respect to a Student Loan, the insurance or guarantee
by a Guarantee Agency, to the extent provided in the Higher Education Act, of the principal of and
accrued interest on such Student Loan, and the coverage of such Student Loan by one or more Federal
Reimbursement Contracts providing, among other things, for reimbursement to the Guarantee Agency
for losses incurred by it on defaulted Financed Student Loans insured or guaranteed by the
Guarantee Agency to the extent provided in the Higher Education Act.

     “Guarantee Agency” means any state agency or private nonprofit institution or organization
which has Federal Reimbursement Contracts in place and has entered into a Guarantee Agreement with
the Eligible Lender Trustee, and any such guarantor’s successors and assigns.

     “Guarantee Agreements” means the blanket guarantee and other guarantee agreements issued by or
from any Guarantee Agency to the Eligible Lender Trustee for the purpose of Guaranteeing Student
Loans to be Financed hereunder, and any amendment of any of the foregoing entered into in
accordance with the provisions thereof.

     “Guaranteed Loan” means a Student Loan which is Guaranteed.

     “Higher Education Act” means the Higher Education Act of 1965, as amended or supplemented from
time to time, and all regulations promulgated thereunder.

     “Holder,” when used with respect to any Note, means the Person in whose name such Note is
registered in the Note Register, except that to the extent and for the purposes provided in

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a Supplemental Indenture for a series of Notes (including, without limitation, for purposes of the
definition of “Acting Beneficiaries Upon Default”), a Credit Facility Provider that has delivered a
Credit Enhancement Facility with respect to such series of Notes may instead be treated as the
Holder of the Notes of such series.

     “Indenture” means this Amended and Restated Indenture of Trust, including any supplement
hereto or amendment hereof entered into in accordance with the provisions hereof.

     “Independent,” when used with respect to any specified Person, means such a Person who (a) is
in fact independent; (b) does not have any direct financial interest or any material indirect
financial interest in the Issuer, other than the payment to be received under a contract for
services to be performed by such Person; and (c) is not connected with the Issuer as an official,
officer, employee, promoter, underwriter, trustee, partner, affiliate, subsidiary, director or
Person performing similar functions. Whenever it is herein provided that any Independent Person’s
opinion or certificate shall be furnished to the Trustee, such Person shall be appointed by the
Issuer or the Trustee, as the case may be, and such opinion or certificate shall state that the
signer has read this definition and that the signer is Independent within the meaning hereof.

     “Indirect Participant” means any financial institution for whom any Direct Participant holds
an interest in any Note.

     “Individual Note” means any Note registered in the name of a holder other than the Securities
Depository or its nominee.

     “Initial Indenture” is defined in the recitals.

     “Initial Notes” means the Notes issued contemporaneously with the execution and delivery of
the Initial Indenture pursuant to the First Supplemental Indenture of Trust dated as of January 1,
2004, between the Issuer and the Trustee.

     “Interest Account” means the Interest Account created and established by Section 4.01 hereof.

     “Interest Payment Date” means each regularly scheduled interest payment date on a Note (which
dates shall be specified in the Supplemental Indenture providing for the issuance thereof) or, with
respect to the payment of interest upon redemption or acceleration of a Note, purchase of a Note by
the Trustee on a Tender Date (to the extent such Tender Date is designated as an Interest Payment
Date in the related Supplemental Indenture) or the payment of Defaulted Interest, such date on
which such interest is payable under this Indenture or a Supplemental Indenture.

     “Investment Company Act” means the Investment Company Act of 1940, as amended.

     “Investment Securities” means any of the following:

     (a) direct general obligations of, or obligations fully and unconditionally guaranteed
as to the timely payment of principal and interest by, the United States or any agency or
instrumentality thereof, provided such obligations are backed by the full faith

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and credit of the United States, FHA debentures, Freddie Mac senior debt obligations, Federal Home Loan
Bank consolidated senior debt obligations, and Fannie Mae senior debt obligations, but
excluding any of such securities whose terms do not provide for payment of a fixed dollar
amount upon maturity or call for redemption;

     (b) federal funds, certificates of deposit, time deposits and banker’s acceptances
(having original maturities of not more than 365 days) of any bank or trust company
incorporated under the laws of the United States or any state thereof, provided that the
short-term debt obligations of such bank or trust company at the date of acquisition thereof
have been rated “A-1+” or better by S&P and “P-1” or better by Moody’s and “F-1+” by Fitch;

     (c) deposits of any bank or savings and loan association which has combined capital,
surplus and undivided profits of at least $3,000,000 which deposits are held only up to the
limits insured by the Bank Insurance Fund or Savings Association Insurance Fund administered
by the Federal Deposit Insurance Corporation, provided that the unsecured long-term debt
obligations of such bank or savings and loan association have been rated “BBB” or better by
S&P and “Baa3” or better by Moody’s and “BBB” or better by Fitch;

     (d) commercial paper (having original maturities of not more than 365 days) rated
“A-1+” or better by S&P and “P-1” or better by Moody’s and “F-1+” by Fitch;

     (e) debt obligations rated “AAA” by S&P and “Aaa” by Moody’s and “AAA” by Fitch (other
than any such obligations that do not have a fixed par value and/or whose terms do not
promise a fixed dollar amount at maturity or call date);

     (f) investments in money market funds (including those funds managed or advised by the
Trustee or an affiliate thereof) rated “AAAm” by S&P and “Aaa” by Moody’s and “AA” by Fitch;

     (g) guaranteed investment contracts or surety bonds for which a Rating Agency
Confirmation has been obtained and providing for the investment of funds in an account or
insuring a minimum rate of return on investments of such funds, which contract or surety
bond shall:

     (i) be an obligation of an insurance company or other corporation whose debt
obligations or insurance financial strength or claims paying ability are rated “AAA”
by S&P and “Aaa” by Moody’s and “AAA” by Fitch; and

     (ii) provide that the Trustee may exercise all of the rights of the Issuer
under such contract or surety bond without the necessity of the taking of any action
by the Issuer;

     (h) a repurchase agreement between the Trustee and a dealer or bank or securities firm
described in (A) or (B) below:

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     (A) primary dealers on the Federal Reserve reporting dealer list which are
rated “A” or better by S&P and “Aa3” or better by Moody’s and A” or better by Fitch;
or

     (B) banks rated “A” or above by S&P and “Aa3” or above by Moody’s and “A” or
better by Fitch; and

     (i) any other investment upon receipt of a Rating Agency Confirmation (provided,
however, that if such other investment meets the rating criteria above for a particular
Rating Agency but not all Rating Agencies, then a Rating Agency Confirmation need be
satisfied only with respect to any other Rating Agency for which such rating criteria has
not been met).

     “Issuer” means Higher Education Funding I, a Delaware statutory trust, and any successor or
assignee thereto under this Indenture.

     “Issuer Administrator” means Goal in its capacity as administrator under the Administration
Agreement, or any other Person providing similar services upon receipt of a Rating Agency
Confirmation.

     “Issuer Order” or “Issuer Certificate” means, respectively, a written order or certificate
(which may be a standing order or certificate) signed in the name of the Issuer by an Authorized
Officer and delivered to the Trustee.

     “Issuer Swap Payment” means a payment due to a Swap Counterparty from the Issuer pursuant to
the applicable Swap Agreement (including, but not limited to, payments in respect of any early
termination of such Swap Agreement).

     “Junior Subordinate Beneficiaries” means (a) the Holders of any Outstanding Junior Subordinate
Notes and (b) any Other Junior Subordinate Beneficiary holding any Other Junior Subordinate
Obligation that is Outstanding.

     “Junior Subordinate Credit Enhancement Facility” means a Credit Enhancement Facility
designated as a Junior Subordinate Credit Enhancement Facility in the Supplemental Indenture
pursuant to which such Credit Enhancement Facility is furnished by the Issuer.

     “Junior Subordinate Credit Facility Provider” means any Person who provides a Junior
Subordinate Credit Enhancement Facility.

     “Junior Subordinate Notes” means any Notes designated in a Supplemental Indenture as Junior
Subordinate Notes.

     “Junior Subordinate Obligations” means, collectively, the Junior Subordinate Notes and any
Other Junior Subordinate Obligations.

     “Junior Subordinate Swap Agreement” means a Swap Agreement designated as a Junior Subordinate
Swap Agreement in the Supplemental Indenture pursuant to which such Swap Agreement is furnished by
the Issuer.

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     “Junior Subordinate Swap Counterparty” means any Person who provides a Junior Subordinate Swap
Agreement.

     “Lender” means any party from which the Issuer or the Depositor (or the Eligible Lender
Trustee on behalf of the Issuer or the applicable eligible lender trustee on behalf of the
Depositor) acquires Financed Student Loans, which, in the case of Student Loans, must be an
“eligible lender” (as defined in the Higher Education Act).

     “Letter of Representations” means any Letter of Representations relating to Book-Entry Notes
between the Issuer and the Securities Depository.

     “Market Agent” means, with respect to any series of Notes, the Person identified as such in
the related Supplemental Indenture, and its successor or successors, and any Person at any time
substituted in its place pursuant to such Supplemental Indenture.

     “Market Agent Agreement” means, with respect to any series of Notes, an agreement between a
Market Agent and the Trustee designated as such in the Supplemental Indenture pursuant to which the
issuance of such series of Notes is authorized.

     “Maturity,” when used with respect to any Note, means the date on which the entire outstanding
Principal Amount of such Note becomes due and payable as therein or herein provided, whether at the
Stated Maturity thereof or by declaration of acceleration, redemption, distribution of principal or
otherwise.

     “Monthly Calculation Date” means the twenty-fifth day of each calendar month (or, in the event
such twenty-fifth day is not a Business Day, the next succeeding Business Day).

     “Monthly Servicing Report” means a report prepared by the Issuer Administrator setting forth
certain information with respect to the Financed Student Loans as of the end of each month.

     “Moody’s” means Moody’s Investors Service, Inc., its successors and assigns, and, if such
corporation shall be dissolved or liquidated or shall no longer perform the functions of a
securities rating agency, “Moody’s” shall be deemed to refer to any other nationally recognized
securities rating agency designated by the Trustee, at the written direction of the Issuer.

     “Note Fees” means the fees, costs and expenses (excluding Costs of Issuance), of the Trustee,
the Delaware Trustee and any Eligible Lender Trustee, Paying Agent, Authenticating Agent,
Remarketing Agent, Tender Agent, Auction Agent, Market Agent, Broker-Dealer, Counsel, Note
Registrar, Accountant, Verification Agent and other consultants and professionals incurred by the
Issuer in carrying out and administering its powers, duties and functions under (a) the Eligible
Lender Trust Agreement, the Trust Agreement, the Guarantee Agreements, the Verification Agent
Agreement, the Higher Education Act or any requirement of the laws of the United States or any
State, as such powers, duties and functions relate to Financed Student Loans; (b) any Swap
Agreement or Credit Enhancement Facility (other than any amounts payable thereunder which
constitute Other Obligations); (c) any Remarketing Agreement, Tender Agent Agreement, Auction Agent
Agreement, Market Agent Agreement or Broker-Dealer Agreement; and (d) this Indenture.

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     “Note Register” means the register maintained by the Note Registrar pursuant to Section 2.07
hereof.

     “Note Registrar” means the Trustee, or, if so designated pursuant to the terms of a
Supplemental Indenture, an Authenticating Agent, serving in such capacity under the terms of this
Indenture, unless and until an Issuer Order is delivered to the Authenticating Agent and the
Trustee directing that the Authenticating Agent or the Trustee, as the case may be, become the Note
Registrar and the Authenticating Agent or the Trustee, as the case may be, agrees to serve in such
capacity hereunder.

     “Notes” means all notes, bonds or other obligations issued pursuant to this Indenture in
accordance with the provisions of Article II hereof.

     “Other Beneficiary” means an Other Senior Beneficiary, an Other Subordinate Beneficiary or an
Other Junior Subordinate Beneficiary.

     “Other Junior Subordinate Beneficiary” means a Person who is a Junior Subordinate Beneficiary
other than as a result of ownership of Junior Subordinate Notes.

     “Other Junior Subordinate Obligations” means the Issuer’s obligations to pay any amounts under
any Junior Subordinate Swap Agreements and any Junior Subordinate Credit Enhancement Facilities.

     “Other Obligations” means, collectively, Other Senior Obligations, Other Subordinate
Obligations and Other Junior Subordinate Obligations.

     “Other Senior Beneficiary” means a Person who is a Senior Beneficiary other than as a result
of ownership of Senior Notes.

     “Other Senior Obligations” means the Issuer’s obligations to pay any amounts under any Senior
Swap Agreements and any Senior Credit Enhancement Facilities.

     “Other Subordinate Beneficiary” means a Person who is a Subordinate Beneficiary other than as
a result of ownership of Subordinate Notes.

     “Other Subordinate Obligations” means the Issuer’s obligations to pay any amounts under any
Subordinate Swap Agreements and any Subordinate Credit Enhancement Facilities.

     “Outstanding,” (a) when used with respect to any Note, shall have the construction given to
such word in Sections 1.06, 2.07 and 9.01 hereof, i.e., a Note shall not be Outstanding hereunder
if such Note is at the time not deemed to be Outstanding hereunder by reason of the operation and
effect of Section 1.06, 2.07 or 9.01 hereof; and (b) when used with respect to any Other
Obligation, means all Other Obligations which have become, or may in the future become, due and
payable and which have not been paid or otherwise satisfied.

     “Participant” means a Person that has an account with DTC.

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     “Paying Agent” means the Trustee and any other commercial bank designated herein or in accordance herewith as the party from whom principal of, premium, if any, or interest on any Note is payable to the Holders of the Notes.

     “Person” means any individual, corporation, limited liability company, partnership, joint venture, association, joint stock company, trust, incorporated organization or government or any agency or political subdivision thereof.

     “Premium” means for each Eligible Loan acquired by the Issuer or the Eligible Lender Trustee on behalf of the Issuer from a Lender, the meaning set forth in a Supplemental Indenture.

     “Prepayment Date,” when used with respect to any Note, all or any portion of the Principal Amount of which is to be prepaid prior to its Stated Maturity, means the date fixed for such prepayment by or pursuant to this Indenture or a Supplemental Indenture.

     “Prepayment Price,” when used with respect to any Note to be prepaid, means the price at which it is to be redeemed pursuant to this Indenture and the Supplemental Indenture pursuant to which it has been issued.

     “Principal Account” means the Principal Account created and established by Section 4.01 hereof.

     “Principal Amount,” when used with respect to (a) a Note, means the original principal amount of such Note less all payments previously made to the Holder thereof in respect of principal; and (b) a Swap Agreement, shall have the meaning set forth in the Supplemental Indenture relating to the Series of Notes for which the Issuer entered into such Swap Agreement.

     “Principal Balance,” when used with respect to a Student Loan, means the unpaid principal amount thereof, including, in the case of Student Loans, any unpaid capitalized interest thereon that is authorized to be capitalized under the Higher Education Act as of a given date.

     “Principal Office” means (a) when used with respect to the Trustee, the office located at the address specified in Section 10.04 hereof, or such other office as may, from time to time, be designated as such by the Trustee in writing to the Issuer; (b) when used with respect to the Issuer, its executive office located at the address specified in Section 10.04 hereof, or such other office as may, from time to time, be designated as such by Issuer Order; and (c) when used with respect to a Paying Agent (other than the Trustee), an Authenticating Agent, the Note Registrar, a Tender Agent, a Remarketing Agent, an Auction Agent, a Market Agent or a Broker-Dealer, its office located at the address specified in Section 10.04 hereof or such office as may, from time to time, be designated as such in writing to the Trustee and the Issuer as the location of its principal office for the performance of its duties as Paying Agent, Authenticating Agent, Note Registrar, Tender Agent, Remarketing Agent, Auction Agent, Market Agent or Broker-Dealer, as the case may be.

     “Principal Payment Date” means the Stated Maturity of principal of any Serial Note and the Sinking Fund Payment Date for any Term Note.

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     “Public Securities” means Notes that are or have been offered publicly pursuant to a
registration statement filed by the Issuer with the Commission.

     “Rating Agency” means (a) with respect to the Notes, any rating agency that shall have an
outstanding rating on any of the Notes pursuant to request by the Issuer; and (b) with respect to
Investment Securities, any rating agency that shall have an outstanding rating on the applicable
Investment Security.

     “Rating Agency Confirmation” means, with respect to any action, that each of the Rating
Agencies shall have notified the Issuer and the Trustee in writing that such action will not result
in a reduction, qualification or withdrawal of the then-current rating of any of the Notes.

     “Rating Category” means one of the general rating categories of a Rating Agency, without
regard to any refinement or gradation of such rating category by a numerical modifier or otherwise.

     “Regular Record Date” means, with respect to an Interest Payment Date for any series of Notes,
unless the Supplemental Indenture authorizing the issuance of such series of Notes otherwise
provides, the fifteenth day (whether or not a Business Day) of the calendar month immediately
preceding such Interest Payment Date.

     “Remaining Acquisition Amount” with respect to any series of Notes means the excess, if any,
of (a) the amount of proceeds of the issuance of such Notes deposited into the Acquisition Fund on
the date of issuance of such series of Notes; over (b) the portion (which may be all) of such
amount withdrawn from the Acquisition Fund during the related Acquisition Period.

     “Remarketing Agent” means, with respect to any series of Notes, any securities dealer
designated as such with respect to such Notes pursuant to the provisions of Section 7.19 hereof and
its successor or successors and any securities dealer at any time substituted in its place pursuant
to this Indenture.

     “Remarketing Agreement” means an agreement between a Remarketing Agent and the Issuer setting
forth the rights and obligations of the Remarketing Agent acting in such capacity under this
Indenture and otherwise meeting the requirements of Section 7.20 hereof, including any supplement
thereto or amendment thereof entered into in accordance with the provisions thereof.

     “Reserve Fund” means the Reserve Fund created and established by Section 4.01 hereof.

     “Retirement Account” means the Retirement Account created and established by Section 4.01
hereof.

     “Revolving Period” with respect to any series of Notes shall have the meaning set forth in the
related Supplemental Indenture.

     “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc.,
its successors and assigns, and, if such corporation shall be dissolved or liquidated or shall no
longer perform the functions of a securities rating agency, “S&P” shall be

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deemed to refer to any other nationally recognized securities rating agency designated by the
Trustee, at the written direction of the Issuer.

     “Secretary of Education” means 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 other officer, board, body, commission or agency succeeding to the
functions thereof under the Higher Education Act.

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

     “Securities Depository” means The Depository Trust Company, New York, New York, and its
successors and assigns, or, if (a) the then-existing Securities Depository resigns from its
functions as depository of the Notes or (b) the Issuer discontinues use of the Securities
Depository pursuant to Section 2.07 hereof, then any other securities depository which agrees to
follow the procedures required to be followed by a securities depository in connection with the
Notes and which is selected by the Issuer with the consent of the Trustee.

     “Securities Legend” means the following legend: “THIS NOTE HAS NOT BEEN AND WILL NOT BE
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR REGISTERED OR
QUALIFIED UNDER ANY STATE SECURITIES OR BLUE SKY LAW OF ANY STATE. THE HOLDER HEREOF, BY
PURCHASING THIS NOTE, AGREES THAT THIS NOTE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE
TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY (a) (i)
PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY
BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A “QIB”), PURCHASING
FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN
EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE
144A; OR (b) TO AN “ACCREDITED INVESTOR” (WITHIN THE MEANING OF RULE 501(a) UNDER THE SECURITIES
ACT) PURCHASING FOR INVESTMENT AND NOT FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, SUBJECT
TO THE RECEIPT BY THE TRUSTEE OF SUCH EVIDENCE ACCEPTABLE TO THE TRUSTEE THAT SUCH REOFFER, RESALE,
PLEDGE OR TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS; (ii)
PURSUANT TO ANOTHER EXEMPTION AVAILABLE UNDER THE SECURITIES ACT AND IN ACCORDANCE WITH ANY
APPLICABLE STATE SECURITIES LAWS; OR (iii) PURSUANT TO A VALID REGISTRATION STATEMENT.”

     “Senior Asset Percentage” means, as of the date of determination, the percentage resulting by
dividing (a) the result of (x) the Aggregate Value less (y) the sum of (i) all accrued interest on
Outstanding Senior Notes, (ii) all accrued Issuer Swap Payments with respect to Senior Swap
Agreements, (iii) all accrued fees with respect to Senior Credit Enhancement Facilities and (iv)
all accrued fees and expenses to be paid out of the Administration Fund by (b) the aggregate
Principal Amount of Outstanding Senior Notes.

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     “Senior Asset Requirement” means, at any time, any requirement set forth as such in a
Supplemental Indenture providing for the issuance of one or more series of Notes any of which are
then Outstanding.

     “Senior Beneficiaries” means (a) the Holders of any Outstanding Senior Notes and (b) any Other
Senior Beneficiary holding any Other Senior Obligation that is Outstanding.

     “Senior Credit Enhancement Facility” means a Credit Enhancement Facility designated as a
Senior Credit Enhancement Facility in the Supplemental Indenture pursuant to which such Credit
Enhancement Facility is furnished by the Issuer.

     “Senior Credit Facility Provider” means any Person who provides a Senior Credit Enhancement
Facility.

     “Senior Notes” means any Notes designated in a Supplemental Indenture as Senior Notes.

     “Senior Obligations” means, collectively, the Senior Notes and any Other Senior Obligations.

     “Senior Swap Agreement” means a Swap Agreement designated as a Senior Swap Agreement in the
Supplemental Indenture pursuant to which such Swap Agreement is furnished by the Issuer.

     “Senior Swap Counterparty” means any Person who provides a Senior Swap Agreement.

     “Serial Notes” means all Notes other than Term Notes.

     “Servicer” means Great Lakes Educational Loan Services, Inc., ACS Education Services, Inc.
and, subject to obtaining a Rating Agency Confirmation, any other organization with which the
Issuer has (or the Issuer and the Eligible Lender Trustee have) entered into a Servicing Agreement;
in any case, so long as such party acts as servicer of Financed Student Loans.

     “Servicing Agreement” means the Student Loan Servicing Agreement, dated as of January 1, 2004,
between the Issuer and Great Lakes Educational Loan Services, Inc., the Servicing Agreement, dated
as of January 1, 2004, between the Issuer and ACS Education Services, Inc. and any other agreement
between the Issuer and any Servicer (or among the Issuer, the Eligible Lender Trustee and any
Servicer), under which such Servicer agrees to act as the Issuer’s agent in connection with the
administration and collection of Financed Student Loans in accordance with this Indenture.

     “Servicing Fees” means any fees payable by the Issuer to (a) a Servicer in respect of Financed
Student Loans pursuant to the provisions of a Servicing Agreement and (b) a collection agent in
respect of Financed Student Loans in default.

     “Sinking Fund Payment Date” means the date on which any Term Note is to be mandatorily
redeemed pursuant to the applicable provisions of the Supplemental Indenture providing for the
issuance thereof and from funds allocated as provided in Section 4.06(b) hereof, or, if not
redeemed, the Stated Maturity thereof.

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     “Special Allowance Payments” means special allowance payments authorized to be made by the
Secretary of Education by Section 438 of the Higher Education Act, or similar allowances authorized
from time to time by federal law or regulation.

     “Special Record Date” means, with respect to the payment of any Defaulted Interest, a date
fixed by the Trustee pursuant to Section 2.02 hereof.

     “Specified Reserve Account Balance” with respect to any series of Notes shall have the meaning
set forth in the Supplemental Indenture authorizing the issuance of such series of Notes (or, in
the case of the Supplemental Indenture under which the Initial Notes were issued, shall mean
“Reserve Fund Requirement”). In calculating the Specified Reserve Account Balance, all Notes to be
defeased by a series of refunding Notes shall be deemed not Outstanding as of the date of
calculation.

     “Stated Maturity,” when used with respect to any Note or any installment of interest thereon,
means the date specified in such Note as the fixed date on which principal of such Note or such
installment of interest is due and payable.

     “Student Loan” means a loan under the Higher Education Act to an Eligible Borrower for
education at an Eligible Institution (or a loan to consolidate the same).

     “Student Loan Purchase Agreement” means (a) the Amended and Restated Loan Purchase Agreement,
dated as of March 1, 2005, among the Issuer, the Depositor and the eligible lender trustees party
thereto, as the same may be amended and supplemented with a Rating Agency Confirmation, (b) the
Amended and Restated Loan Purchase Agreement, dated as of March 1, 2005, among the Issuer,
Consolidation Loan Funding, LLC, and the eligible lender trustees party thereto, as the same may be
amended and supplemented with a Rating Agency Confirmation, and (c) any other student loan purchase
agreement in the form of Exhibit B hereto, as such form may be amended and supplemented with a
Rating Agency Confirmation, with a seller as to which a Rating Agency Confirmation has occurred.

     “Student Loan Repurchase Agreement” means the Student Loan Repurchase Agreement, dated as of
January 1, 2004, between the Issuer and Goal, as amended and supplemented pursuant to the terms
thereof.

     “Subordinate Asset Percentage” means, as of the date of determination, the percentage
resulting by dividing (a) the result of (x) Aggregate Value less (y) the sum of (i) all accrued
interest on Outstanding Senior Notes and Outstanding Subordinate Notes, (ii) all accrued Issuer
Swap Payments (other than with respect to Junior Subordinate Swap Agreements), (iii) all accrued
fees with respect to Credit Enhancement Facilities (other than Junior Subordinate Credit
Enhancement Facilities) and (iv) all accrued fees and expenses to be paid out of the Administration
Fund by (b) the aggregate Principal Amount of Outstanding Senior Notes and Outstanding Subordinate
Notes.

     “Subordinate Asset Requirement” means, at any time, any requirement set forth as such in a
Supplemental Indenture providing for the issuance of one or more series of Notes any of which are
then Outstanding.

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     “Subordinate Beneficiaries” means (a) the Holders of any Outstanding Subordinate Notes and (b)
any Other Subordinate Beneficiary holding any Other Subordinate Obligation that is Outstanding.

     “Subordinate Credit Enhancement Facility” means a Credit Enhancement Facility designated as a
Subordinate Credit Enhancement Facility in the Supplemental Indenture pursuant to which such Credit
Enhancement Facility is furnished by the Issuer.

     “Subordinate Credit Facility Provider” means any Person who provides a Subordinate Credit
Enhancement Facility.

     “Subordinate Notes” means any Notes designated in a Supplemental Indenture as Subordinate
Notes.

     “Subordinate Obligations” means, collectively, the Subordinate Notes and any Other Subordinate
Obligations.

     “Subordinate Swap Agreement” means a Swap Agreement designated as a Subordinate Swap Agreement
in the Supplemental Indenture pursuant to which such Swap Agreement is furnished by the Issuer.

     “Subordinate Swap Counterparty” means any Person who provides a Subordinate Swap Agreement.

     “Subservicing Agreement” means any agreement between a Servicer and any subservicer relating
to subservicing and/or administration of Financed Student Loans, which Subservicing Agreement shall
be approved by a Rating Agency Confirmation.

     “Supplemental Indenture” means any amendment of or supplement to this Indenture made in
accordance with Article VIII hereof.

     “Surplus Fund” means the Surplus Fund created and established by Section 4.01 hereof.

     “Swap Agreement” means an interest rate or other hedge agreement or derivative product
agreement between the Issuer and a Swap Counterparty, as supplemented or amended from time to time.

     “Swap Counterparty” means any Person with whom the Issuer shall, from time to time, enter into
a Swap Agreement.

     “Swap Counterparty Guaranty” means a guarantee in favor of the Issuer given in connection with
the execution and delivery of a Swap Agreement under this Indenture.

     “Taxes” shall mean an amount reasonably estimated by the Issuer Administrator which shall be
equal to the hypothetical taxes which would be incurred by the Issuer as a direct consequence of
this Indenture, the Notes or the Financed Student Loans if the Issuer were a taxpaying entity with
a tax rate of 35% (which percentage can be changed with a Rating Agency

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Confirmation), and shall not be based upon the actual taxes owed by any owners of the Issuer
or the Depositor.

     “Tender Agent” means, with respect to any series of Notes, any commercial bank or banking
association having trust powers or trust company designated as such with respect to such Notes
pursuant to the provisions of Section 7.18 hereof and its successor or successors and any other
commercial bank or banking association having trust powers or trust company at any time substituted
in its place pursuant to this Indenture.

     “Tender Agent Agreement” means an agreement among a Tender Agent, the Trustee, the Issuer, any
Remarketing Agent and/or any related Credit Facility Provider setting forth the rights and
obligations of the Tender Agent acting in such capacity under this Indenture and otherwise meeting
the requirements of Section 7.18 hereof, including any supplement thereto or amendment thereof
entered into in accordance with the provisions thereof.

     “Tender Date” means, with respect to any Note, a date on which such Note is required to be
tendered for purchase by or on behalf of the Issuer, or has been tendered for purchase by or on
behalf of the Issuer pursuant to a right given the Holder or Beneficial Owner of such Note, in
accordance with the provisions in the Supplemental Indenture providing for the issuance thereof.

     “Term Notes” means Notes the payment of the principal of which is provided for from moneys
credited to the Principal Account pursuant to Section 4.06(b) hereof.

     “TIA” is defined in the recitals.

     “Trust Agreement” means the Amended and Restated Trust Agreement, dated as of March 1, 2005,
among the Delaware Trustee and the Depositor, as the same may be amended from time to time.

     “Trust Estate” is defined in the paragraph preceding the Granting Clauses hereof.

     “Trust Funds” means, in the aggregate, all of the Funds and Accounts.

     “Trust Indenture Act” is defined in the recitals.

     “Trustee” means The Bank of New York, a banking corporation 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 State of New York, as trustee under this Indenture, and its successor or successors and
any other corporation which may at any time be substituted in its place pursuant to this Indenture.

     “Unamortized Premium” means for each Eligible Loan, the portion of the related Premium that
has not been amortized based upon an assumed average life for such Eligible Loan of seven years and
straight line method of amortization (or such other method approved by a Rating Agency
Confirmation).

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     “Value” means, on any calculation date when required under this Indenture, the value of the
Trust Estate calculated by the Issuer Administrator with respect to clauses (a) and (f) below and
the Trustee with respect to clauses (b) through (e) below, in accordance with the following:

          (a) with respect to any Financed Eligible Loan, the Principal Balance thereof, plus
accrued interest and Special Allowance Payments thereon (or with respect to a Financed
Student Loan which is no longer an Eligible Loan, zero);

          (b) with respect to any funds of the Issuer held under this Indenture on deposit in any
commercial bank or as to any banker’s acceptance or repurchase agreement or investment
agreement, the amount thereof plus accrued interest thereon;

          (c) with respect to any investment securities of an investment company, the bid price,
or the net asset value if there is no bid price, of the shares as reported by the investment
company;

          (d) as to other investments, (i) the bid price published by a nationally recognized
pricing service; or (ii) if the bid and asked prices thereof are published on a regular
basis by Bloomberg Financial Markets Commodities News (or, if not there, then in The Wall
Street Journal), the average of the bid and asked prices for such investments so published
on or most recently prior to such time of determination plus accrued interest thereon;

          (e) as to investments the bid prices of which are not published by a nationally
recognized pricing service and the bid and asked prices of which are not published on a
regular basis by Bloomberg Financial Markets Commodities News (or, if not there, then in
The Wall Street Journal) the lower of the bid prices at such time of determination for such
investments by any two nationally recognized government securities dealers (selected by the
Issuer in its absolute discretion) at the time making a market in such investments, plus
accrued interest thereon; and

          (f) any accrued but unpaid Counterparty Swap Payment, unless the Swap Counterparty is
in default of its obligations under the Swap Agreement.

     “Variable Rate Notes” means Notes whose interest rate is not fixed but varies on a periodic
basis as specified in the Supplemental Indenture providing for the issuance thereof.

     “Verification Agent” means Lord Securities Corporation in its capacity as verification agent
under the Verification Agent Agreement, or any other Person providing similar services as to which
a Rating Agency Confirmation has occurred.

     “Verification Agent Agreement” means the Verification Agent Agreement, dated as of March 1,
2005, among the Issuer, the Issuer Administrator and the Verification Agent, as such agreement may
be amended from time to time.

     Section 1.02. Definitions of General Terms. Unless the context shall clearly indicate
otherwise, or may otherwise require, in this Indenture the terms “herein,” “hereunder,” “hereby,”

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“hereto,” “hereof” and any similar terms refer to this Indenture as a whole and not to any
particular article, section or subdivision hereof.

     Unless the context shall clearly indicate otherwise, or may otherwise require, in this
Indenture: (a) references to articles, sections and other subdivisions, whether by number or
letter or otherwise, are to the respective or corresponding articles, sections or subdivisions of
this Indenture as such articles, sections or subdivisions may be amended from time to time; (b)
references to articles, chapters, subchapters and sections of the Statutes, or to any public law or
other statute of the United States or any section thereof, are to the respective or corresponding
chapters, subchapters, sections and statutes as they may be amended from time to time; (c) the word
“heretofore” means before the date of execution of this Indenture, the word “now” means at the date
of execution of this Indenture, and the word “hereafter” means after the date of execution of this
Indenture; and (d) the word “or” is not exclusive.

     Section 1.03. Computations. Unless the facts shall then be otherwise, all computations
required for the purposes of this Indenture shall be made on the assumption that: (a) the
principal of and interest on all Notes shall be paid as and when the same become due; (b) all
credits required by this Indenture to be made to any Fund or Account shall be made in the amounts
and at the times required; (c) all Notes required by this Indenture to be paid from moneys credited
to the Note Principal Account shall be paid on the respective Sinking Fund Payment Dates therefor
in the amounts and at the times as required by this Indenture; and (d) all Issuer Swap Payments and
Counterparty Swap Payments (unless the Swap Counterparty is then in default of its obligations
under the Swap Agreement) shall be paid when the same become due.

     Section 1.04. Compliance Certificates and Opinions, Etc. Except as otherwise specifically
provided in this Indenture, upon any application or request by the Issuer to the Trustee to take
any action under any provision of this Indenture, the Issuer shall furnish to the Trustee an Issuer
Certificate stating that all conditions precedent, if any, provided for in this Indenture relating
to the proposed action have been complied with and an opinion of Counsel stating that, in the
opinion of such Counsel, all such conditions precedent have been complied with.

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

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

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

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

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

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

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

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

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

     Section 1.05. Evidence of Action by the Issuer. Except as otherwise specifically provided in
this Indenture, any request, direction, command, order, notice, certificate or other instrument of,
by or from the Issuer shall be effective and binding upon the Issuer for the purposes of this
Indenture if signed by an Authorized Officer.

     Section 1.06. Exclusion of Notes Held By or For the Issuer. In determining whether the
Holders of the requisite Principal Amount of Notes Outstanding have given any request, demand,
authorization, direction, notice, consent or waiver hereunder, Notes owned by the Issuer shall be
disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall
be protected in relying upon any such request, demand, authorization, direction, notice, consent or
waiver, only Notes which the Trustee knows to be so owned shall be disregarded.

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     Section 1.07. Exhibits. Exhibit A (Form of Eligible Loan Acquisition Certificate) and Exhibit
B (Form of Student Loan Purchase Agreement) are attached to and by reference made a part of this
Indenture.

ARTICLE II

THE NOTES AND OTHER OBLIGATIONS

     Section 2.01. General Title. There is hereby created and established an issue of Notes of the
Issuer to be known and designated as “Student Loan Asset-Backed Notes,” which Notes may be issued
in series as hereinafter provided. With respect to the Notes of any particular series, the Issuer
may incorporate in or add to the general title of such Notes any words, letters or figures designed
to distinguish that series.

     Section 2.02. General Limitations; Issuable in Series; Purposes and Conditions for Issuance;
Payment of Principal and Interest. The aggregate Principal Amount of Notes that may be
authenticated and delivered and Outstanding under this Indenture is not limited, except as may be
limited by law. The Notes may be issued in series as from time to time authorized by Issuer Order.

     Notes shall be issued only for the purposes of (a) providing funds for the acquisition by the
Issuer of Eligible Loans (including, for this purpose, the acquisition under this Indenture of
Eligible Loans previously purchased by the Issuer or any affiliate of the Issuer from other
available moneys of the Issuer or such affiliate) or for the payment of guarantee or origination
fees with respect to Student Loans; (b) refunding at or before their Stated Maturity any or all
Outstanding Notes issued for that purpose; (c) paying Servicing Fees, Administration Fees, Note
Fees, Costs of Issuance and capitalized interest on the Notes being issued; (d) making deposits to
the Reserve Fund; and (e) such other purposes relating to the Issuer’s loan programs as may be
provided in a Supplemental Indenture.

     The Notes, including the principal thereof, premium, if any, and interest thereon and any
Carry-Over Amounts (and accrued interest thereon) with respect thereto, and Other Obligations are
limited obligations of the Issuer, payable solely from the revenues and assets of the Issuer
pledged therefor under this Indenture.

     In the event a default occurs in the due and punctual payment of any interest on any Note,
interest shall be payable thereon to the extent permitted by law on the overdue installment of
interest, at the interest rate borne by the Note in respect of which such interest is overdue.

     The principal of and premium, if any, on the Notes, together with interest payable on the
Notes at the Maturity thereof if the date of such Maturity is other than a regularly scheduled
Interest Payment Date, shall, except as hereinafter provided or as otherwise provided in a
Supplemental Indenture, be payable upon presentation and surrender of such Notes at the Principal
Office of the Trustee or, at the option of the Holder, at the Principal Office of a duly appointed
Paying Agent. Interest due on the Notes on each regularly scheduled Interest Payment Date and
payments of principal of and premium, if any, on the Notes prior to the Maturity thereof shall,
except as hereinafter provided or as otherwise provided in a Supplemental

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Indenture, be payable by check or draft drawn upon the Trustee mailed to the Person who is the
Holder thereof as of 5:00 p.m. on the Regular Record Date relating thereto, at the address of such
Holder as it appears on the Note Register. 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 Notes not less than 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, premium, if any, and interest on the Notes shall be made in lawful
money of the United States of America.

     After the issuance of the Initial Notes, and from time to time, one or more additional series
of Notes may be issued upon compliance with the provisions of Article II hereof (except where
specifically indicated otherwise in this Section) in such Principal Amounts as may be determined by
the Issuer for any of the purposes hereinbefore specified in this Section upon compliance with the
following conditions and any additional conditions specified in a Supplemental Indenture:

     (a) An Authorized Officer of the Issuer shall have certified (as evidenced by an Issuer
Certificate filed with the Trustee) that the Issuer is not in default in the performance of any of
its covenants and agreements in this Indenture made (unless, in the opinion of Counsel, any such
default does not deprive any Beneficiary in any material respect of the security afforded by this
Indenture).

     (b) A Rating Agency Confirmation shall have been obtained with respect to the issuance of such
additional series of Notes.

     (c) An opinion of Counsel to the Issuer to the effect that: (i) this Indenture and such
Supplemental Indenture have been duly authorized, executed and delivered by the Issuer and,
assuming due authorization, execution and delivery by the other parties thereto, is valid and
binding upon the Issuer (subject to the operation of bankruptcy, insolvency, preferential transfer,
fraudulent transfer, fraudulent conveyance or other laws relating to or affecting creditors rights
generally, now existing or hereafter enacted, and by the application of general principles of
equity including those relating to equitable subordination and judicial discretion); (ii) pursuant
to this Indenture the Issuer has granted a security interest, and all necessary action on the part
of the Issuer has been taken as required to grant a security interest under this Indenture, in all
of the Trust Estate to the Trustee, subject to customary exceptions; (iii) upon the execution,
authentication and delivery thereof, such Notes will have been duly and validly authorized and
issued in accordance with the provisions of this Indenture; (iv) such Notes are valid and binding
obligations of the Issuer; (v) the Notes will be classified as debt for federal income tax
purposes; and (vi) the Trustee will have a perfected security interest in all Financed Student
Loans.

     (d) A written order as to the delivery of such Notes, signed by an Authorized Officer.

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     Section 2.03. Terms of Particular Series. Each series of Notes shall be created by and issued
pursuant to a Supplemental Indenture and such Supplemental Indenture shall designate Notes of each
series as Senior Notes, Subordinate Notes or Junior Subordinate Notes. The Notes of each series
shall bear such date or dates, shall be payable at such place or places, shall have such Stated
Maturities and Sinking Fund Payment Dates, shall bear interest at such rate or rates, from such
date or dates, payable in such installments and on Interest Payment Dates and at such place or
places, may be subject to redemption at such Prepayment Price or Prices and upon such terms, may be
entitled to distributions of principal upon such terms, may have such provisions for accrual of
Carry-Over Amounts (and interest thereon), payable in such installments and on Interest Payment
Dates and at such place or places, upon such terms as shall be provided for in the Supplemental
Indenture creating that series. The Supplemental Indenture creating any series of Notes may
contain a provision limiting the aggregate Principal Amount of the Notes of that series or the
aggregate Principal Amount of Notes which may thereafter be issued.

     All Notes of the same series shall be substantially identical in tenor and effect, except as
to denomination, the differences specified herein or in a Supplemental Indenture between interest
rates, Stated Maturities and redemption and principal distribution provisions.

     Section 2.04. Form and Denominations. The Notes of each series and the Trustee’s or
Authenticating Agent’s certificate of authentication shall be in substantially the forms set forth
in the Supplemental Indenture providing for the issuance thereof, with such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by this Indenture or
such Supplemental Indenture, and may have such letters, numbers or other marks of identification
and such legends or endorsements placed thereon as may, consistently herewith, be determined by the
officers executing such Notes, as evidenced by their signing of the Notes. Any portion of the text
of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the
face of the Note. The Notes of each series shall be distinguished from the Notes of other series
and Term Notes shall be distinguished from Serial Notes in such manner as the Issuer may determine.

     The Notes of any series may be issuable only as fully registered Notes.

     The Notes of each series shall be issuable in such denominations as shall be provided in the
provisions of the Supplemental Indenture creating such series.

     Section 2.05. Execution, Authentication and Delivery. The Notes shall be executed on behalf
of the Issuer by the Delaware Trustee, which signature may be facsimiles.

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

     At any time and from time to time after the execution and delivery of this Indenture, the
Issuer may deliver Notes executed by the Issuer to the Trustee or an Authenticating Agent for
authentication; and, upon Issuer Order, the Trustee or the Authenticating Agent, as the case may
be, shall authenticate and deliver such Notes as in this Indenture provided and not otherwise.

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

     Section 2.06. Temporary Notes. Pending the preparation of definitive Notes, the Issuer may
execute and, upon Issuer Order, the Trustee shall authenticate and deliver, temporary Notes which
are printed, lithographed, typewritten, mimeographed or otherwise produced, in any denomination,
substantially of the tenor of the definitive Notes in lieu of which they are issued, in fully
registered form, without coupons, and with such appropriate insertions, omissions, substitutions
and other variations as the officers of the Issuer executing such Notes may determine, as evidenced
by their signing of such Notes.

     If temporary Notes are issued, the Issuer will cause definitive Notes to be prepared without
unreasonable delay. After the preparation of definitive Notes, the temporary Notes shall be
exchangeable for definitive Notes upon surrender of the temporary Notes at the Principal Office of
the Trustee, without charge to the Holder. Upon surrender for cancellation of any one or more
temporary Notes, the Issuer shall execute and the Trustee shall authenticate and deliver in
exchange therefor a like Principal Amount of definitive Notes of the same series and Stated
Maturity of authorized denominations. Until so exchanged the temporary Notes shall in all respects
be entitled to the same benefits under this Indenture as definitive Notes.

     Section 2.07. Registration, Transfer and Exchange. The Issuer shall cause to be kept at the
Principal Office of the Note Registrar a Note Register in which, subject to such reasonable
regulations as it may prescribe, the Issuer shall provide for the registration of Notes and of
transfers of Notes as herein provided. The Issuer may, in a Supplemental Indenture, appoint an
Authenticating Agent for the purpose of receiving, authenticating and delivering Notes in
connection with transfers, exchanges and registrations as herein provided. Unless an
Authenticating Agent is designated to serve in such capacity pursuant to a Supplemental Indenture
or is otherwise directed, and agrees, to so serve in accordance with an Issuer Order, the Trustee
shall be Note Registrar for the purpose of registering Notes and transfer of Notes as herein
provided. At reasonable times and under reasonable regulations established by the Note Registrar,
the Note Register may be inspected and copied by the Issuer or by the Holders (or a designated
representative thereof) of 10% or more in Principal Amount of Notes then Outstanding.

     The Trustee and any Authenticating Agent shall adhere, with respect to transfer of Notes, to
the standards for efficiency in transfer agent performance established in Securities and Exchange
Commission Rules 17Ad-2 through 17Ad-7 under the Exchange Act, most particularly Rule 17Ad-2, which
requires that registered transfer agents process at least 90% of routine items (such as
certificates presented for transfer) received during any month within three business days of their
receipt.

     Upon surrender for transfer or exchange of any Note at the Principal Office of the Note
Registrar or at the Principal Office of any Authenticating Agent, or on a Tender Date with

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respect to Notes which are required to be tendered for purchase, whether or not surrendered on
such date, the Issuer shall execute, and the Trustee or the Authenticating Agent, as the case may
be, shall authenticate and deliver, in the name of the designated transferee or transferees,
including transferees designated by a Tender Agent with respect to Notes required to be tendered
for purchase, or in exchange for the Note surrendered, one or more new fully registered Notes of
any authorized denomination or denominations, of like aggregate Principal Amount, of the same
series, having the same Stated Maturity and interest rate and bearing numbers not previously
assigned.

     All Notes executed, delivered and authenticated pursuant to the preceding paragraph shall be
registered in the name of the Holder presenting the Note for exchange or the designated transferee,
as the case may be, on the Note Register on the date of such transfer or exchange.

     All Notes surrendered upon any exchange or transfer provided for in this Indenture shall be
promptly canceled by the Trustee upon receipt thereof from the Note Registrar or the Authenticating
Agent, as the case may be, and thereafter disposed of as directed by Issuer Order.

     All Notes issued upon any transfer or exchange of Notes, including Notes issued in lieu of
Notes required to be tendered for purchase on a Tender Date, whether or not surrendered, shall be
the valid obligations of the Issuer evidencing the same debt, and entitled to the same security and
benefits under this Indenture, as the Notes surrendered upon such transfer or exchange or in lieu
of which such Notes were issued.

     Every Note presented or surrendered for transfer or exchange shall be duly endorsed, or be
accompanied by a written instrument of transfer in form satisfactory to the Note Registrar or the
Authenticating Agent, as the case may be, duly executed, by the Holder thereof or his, her or its
attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor
institution” meeting the requirements of the Note Registrar or the Authenticating Agent, as the
case may be, which requirements include membership or participation in a “signature guarantee
program” determined by the Note Registrar or the Authenticating Agent, as the case may be, in
accordance with the Exchange Act, and such other documents as the Trustee may require.

     No service charge shall be imposed on a Holder for any registration of transfer or exchange of
a Note. The Issuer may require payment by the Holder thereof of a sum sufficient to cover any tax
or other governmental charge that may be imposed in connection with any transfer or exchange of
Notes, other than exchanges upon a partial redemption of, or distribution of principal with respect
to, a Note not involving any transfer. All other expenses incurred by the Issuer, the Trustee, the
Note Registrar or the Authenticating Agent in connection with any transfer or exchange of Notes
shall be paid by the Issuer.

     Except in connection with a Tender Date, the Issuer shall not be required to transfer any Note
(a) during a period beginning at the opening of business 15 days before any selection of Notes of
the same series for redemption and ending at the close of business on the day of such selection,
(b) selected for redemption in whole or in part, (c) after receipt by the Tender Agent of a
properly completed demand for purchase of such Note in accordance with the Supplemental Indenture
pursuant to which it was issued and through the corresponding Tender Date, or (d) on or after the
date notice of a Tender Date is given and through such Tender Date. In the event that

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a Note is transferred in connection with a Tender Date either during the period referred to in
clause (a) or after being selected for redemption in whole or in part, the Note Registrar or the
Authenticating Agent, as appropriate, shall give written notice to any transferee thereof that such
Note may be, or has been, selected for redemption, as the case may be.

     The Book-Entry Notes (a) shall be delivered by the Issuer to the Securities Depository or,
pursuant to the Securities Depository’s instructions, shall be delivered by the Issuer on behalf of
the Securities Depository to and deposited with the DTC Custodian, and in each case shall be
registered in the name of Cede & Co. and (b) shall bear a legend substantially to the following
effect:

     “Unless this Note is presented by an authorized representative of The Depository Trust
Company, a New York corporation (“DTC”), to the Note Registrar 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.”

     The Book-Entry Notes may be deposited with such other Securities Depository as the Issuer may
from time to time designate, and shall bear such legend as may be appropriate; provided that such
successor Securities Depository maintains a book-entry system that qualifies to be treated as
“registered form” under Section 163(f)(3) of the Code.

     The Issuer and the Trustee are hereby authorized to execute and deliver a Letter of
Representations with the Securities Depository relating to the Notes of each series.

     With respect to Notes registered in the Note Register in the name of Cede & Co., as nominee of
the Securities Depository, the Issuer and the Trustee shall have no responsibility or obligation to
Direct or Indirect Participants or Beneficial Owners for which the Securities Depository holds
Notes from time to time as a Securities Depository. Without limiting the immediately preceding
sentence, the Issuer and the Trustee shall have no responsibility or obligation with respect to (a)
the accuracy of the records of the Securities Depository, Cede & Co., or any Direct or Indirect
Participant with respect to the ownership interest in the Notes; (b) the delivery to any Direct or
Indirect Participant or any other Person, other than a Holder of a Note; (c) the payment to any
Direct or Indirect Participant or any other Person, other than a Holder of a Note as shown in the
Note Register, of any amount with respect to any distribution of principal or interest on the
Notes; or (d) the making of book-entry transfers among Participants of the Securities Depository
with respect to Notes registered in the Note Register in the name of the nominee of the Securities
Depository. No Person other than a Holder of a Note as shown in the Note Register shall receive a
Note evidencing such Note.

     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 Cede & Co., and
subject to the provisions hereof with respect to the payment of distributions by the mailing of
checks or drafts to the Holders of Notes appearing as Holders in the Note Register, the

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name “Cede & Co.” in this Indenture shall refer to such new nominee of the Securities
Depository.

     In the event that (a) the Securities Depository or the Issuer advises the Trustee in writing
that the Securities Depository is no longer willing or able to discharge properly its
responsibilities as nominee and depository with respect to the Book-Entry Notes and the Issuer is
unable to locate a qualified successor; or (b) the Issuer at its sole option elects to terminate
the book-entry system through the Securities Depository, the Book-Entry Notes shall no longer be
restricted to being registered in the Note Register in the name of Cede & Co. (or a successor
nominee) as nominee of the Securities Depository. At that time, the Issuer may determine that the
Book-Entry Notes shall be registered in the name of and deposited with a successor depository
operating a global book-entry system, as may be acceptable to the Issuer, or such depository’s
agent or designee but, if the Issuer does not select such alternative global book-entry system,
then upon surrender to the Note Registrar of the Book-Entry Notes by the Securities Depository,
accompanied by the registration instructions from the Securities Depository for registration, the
Issuer shall issue, and the Trustee shall at the Issuer’s expense authenticate, Individual Notes.
Neither the Issuer nor the Trustee shall be liable for any delay in delivery of such instructions
and may conclusively rely on, and shall be protected in relying on, such instructions. Upon the
issuance of Individual Notes, the Trustee, the Note Registrar, the Issuer, any Paying Agent and the
Depositor shall recognize the Holders of the Individual Notes as Holders hereunder.

     Notwithstanding any other provision of this Indenture to the contrary, so long as any
Book-Entry Notes are registered in the name of Cede & Co., as nominee of the Securities Depository,
all distributions of principal and interest on such Book-Entry Notes and all notices with respect
to such Book-Entry Notes shall be made and given, respectively, in the manner provided in the
applicable Letter of Representations.

     Subject to the preceding paragraphs, upon surrender for registration of transfer of any Note
at the office of the Note Registrar and, upon satisfaction of the conditions set forth below, the
Issuer shall execute in the name of the designated transferee or transferees, a new Note of the
same Principal Amount and dated the date of authentication by the Trustee. The Note Registrar, if
not the Trustee, shall notify the Trustee of any such transfer.

     By acceptance of an Individual Note which is not a Public Security, whether upon original
issuance or subsequent transfer, each holder of such a Note acknowledges the restrictions on the
transfer of such Note set forth in the Securities Legend and agrees that it will transfer such a
Note only as provided herein.

     No transfer of any Note shall be made unless such transfer is exempt from the registration
requirements of the Securities Act and any applicable state securities laws or is made in
accordance with the Securities Act and laws. In the event of any such transfer of a Note that is
not a Public Security, unless such transfer is made in reliance upon Rule 144A under the Securities
Act as evidenced by a certificate signed by such transferee in substantially the form provided in
the Supplemental Indenture with respect to such Notes, (a) the Trustee may require a written
opinion of Counsel (which may be in-house counsel) acceptable to and in form and substance
reasonably satisfactory to the Trustee that such transfer may be made pursuant to an

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exemption, describing the applicable exemption and the basis therefor, from the Securities Act
and laws or is being made pursuant to the Securities Act and laws, which opinion of Counsel shall
not be an expense of the Trustee, the Issuer or the Trust Estate; and (b) the Trustee shall require
the transferee to execute a transferee letter certifying to the Issuer and the Trustee the facts
surrounding such transfer, which transferee letter shall not be an expense of the Trustee, the
Issuer or the Trust Estate. The holder of a Note desiring to effect such transfer shall, and does
hereby agree to, indemnify the Trustee, the Eligible Lender Trustee and the Issuer against any
liability that may result if the transfer is not so exempt or is not made in accordance with such
federal and state laws. None of the Issuer, the Trustee, the Eligible Lender Trustee or the
Depositor is obligated to register or qualify any Note under the Securities Act or any state
securities laws.

     By acquiring a Note, each purchaser and transferee shall be deemed to represent, warrant and
covenant that either (a) it is not an employee benefit plan or other retirement arrangement which
is subject to Title I of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)
and/or Section 4975 of the Code (each, a “Plan”) and it is not acquiring a Note directly or
indirectly for, or on behalf of, a Plan or any entity whose underlying assets include “plan assets”
(within the meaning of 29 C.F.R. § 2510.3-101) by reason of a Plan’s investment in the entity; or
(b) if it is a Plan, that no non-exempt prohibited transaction under Section 406 of ERISA, Section
4975 of the Code or other similar, applicable law will result from the acquisition, holding or
disposition of a Note.

     Section 2.08. Mutilated, Destroyed, Lost and Stolen Notes. If a mutilated Note is surrendered
to the Trustee or the Note Registrar, the Issuer shall execute and the Trustee or any
Authenticating Agent shall authenticate and deliver in exchange therefor a new Note of the same
series and of like tenor and Principal Amount, Stated Maturity and interest rate, bearing a number
not contemporaneously outstanding. If the Issuer, the Note Registrar, any Authenticating Agent and
the Trustee receive evidence to their satisfaction of the destruction, loss or theft of any Note,
and there is delivered to the Issuer, the Note Registrar, any Authenticating Agent and the Trustee
such security or indemnity as may be required by them to save each of them harmless, then, in the
absence of notice to the Issuer, the Note Registrar, any Authenticating Agent or the Trustee that
such Note has been acquired by a bona fide purchaser, the Issuer shall execute and upon its request
the Trustee or any Authenticating Agent shall authenticate and deliver, in exchange for or in lieu
of such destroyed, lost or stolen Note, a new Note of the same series and of like tenor, Principal
Amount, Stated Maturity and interest rate.

     In case any such mutilated, destroyed, lost or stolen Note has become or is about to become
due and payable, the Issuer in its discretion may, instead of issuing a new Note, pay such Note.

     Every new Note issued pursuant to this Section in lieu of any destroyed, lost or stolen Note
shall constitute an original additional contractual obligation of the Issuer, whether or not the
destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to
all the benefits of this Indenture equally and proportionately with any and all other Notes of such
series duly issued and authenticated hereunder. Neither the Issuer, the Trustee, the Note
Registrar nor any Authenticating Agent shall be required to treat both the original Note and any
duplicate Note as being Outstanding for the purpose of determining the Principal Amount of

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Notes which may be issued hereunder or for the purpose of determining any percentage of Notes
Outstanding hereunder, but both the original and duplicate Note shall be treated as one and the
same.

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

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

     Section 2.09. Interest Rights Preserved; Dating of Notes. Each Note delivered under this
Indenture upon transfer of or in exchange for or in lieu of any other Note shall carry all the
rights to interest accrued and unpaid, and to accrue, which were carried by such other Note. Each
Note shall bear an original issue date as provided in the Supplemental Indenture authorizing the
issuance of the series of Notes of which such Note is a part and, upon the original delivery of a
series of Notes or an exchange or transfer of Notes pursuant to Section 2.07 hereof, the Trustee or
the Authenticating Agent, as the case may be, shall date each Note to be delivered as of the date
of authentication thereof, except as may be otherwise provided in a Supplemental Indenture with
respect to Notes of the series authorized to be issued thereby.

     Section 2.10. Persons Deemed Holders. The Issuer, the Trustee, each Authenticating Agent,
each Paying Agent, each Note Registrar, each Tender Agent and any other agent of the Issuer may
treat the Person in whose name any Registered Note is registered as the owner of such Note for the
purpose of receiving payment of principal of (and premium, if any), interest on and any Carry-Over
Amounts (and accrued interest thereon) with respect to such Note and (except as may be provided in
a Supplemental Indenture with respect to Beneficial Ownership Interests) for all other purposes
whatsoever, whether or not such Note be overdue, and neither the Issuer, the Trustee, any
Authenticating Agent, any Paying Agent, any Note Registrar, any Tender Agent nor any other agent of
the Issuer shall be affected by notice to the contrary.

     Section 2.11. Cancellation. All Notes surrendered for payment, redemption, transfer or
exchange, if surrendered to the Trustee, shall be promptly canceled by it, and, if surrendered to
any Person other than the Trustee, shall be delivered to the Trustee and, if not already canceled,
shall be promptly canceled by it. The Issuer may at any time deliver to the Trustee for
cancellation any Notes previously authenticated and delivered hereunder, which Notes so delivered
shall be promptly canceled by the Trustee. All canceled Notes held by the Trustee shall be
disposed of as directed by an Issuer Order.

     Section 2.12. Credit Enhancement Facilities and Swap Agreements. The Issuer may from time to
time, pursuant to a Supplemental Indenture, enter into or obtain the benefit of any Credit
Enhancement Facility with respect to any Notes of any series or any Swap Agreement; provided that
(a) a Rating Agency Confirmation is obtained with respect to any such Credit Enhancement Facility
or Swap Agreement and (b) any such Credit Enhancement Facility or Swap Agreement satisfies any
conditions specified in a prior Supplemental Indenture.

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     Notwithstanding anything in this Indenture to the contrary, (a) any Supplemental Indenture
authorizing the execution by the Issuer of a Swap Agreement or Credit Enhancement Facility may
include provisions with respect to the application and use of all amounts to be paid thereunder;
(b) no amounts paid under any such Credit Enhancement Facility shall be part of the Trust Estate
except to the extent, if any, specifically provided in such Supplemental Indenture and no
Beneficiaries shall have any rights with respect to any such amounts so paid except as may be
specifically provided in such Supplemental Indenture; (c) Notes of one or more series or any
portions thereof may be secured by a pledge of any or all amounts payable pursuant to such Credit
Enhancement Facility, in the manner and to the extent provided in such Supplemental Indenture, and
such Notes may be either Senior Notes or Subordinate Notes for purposes hereof; and (d) except as
otherwise provided in the Supplemental Indenture pursuant to which such Credit Enhancement Facility
is obtained or such Swap Agreement is entered into, the Issuer’s obligations under any such Credit
Enhancement Facility or Swap Agreement shall be limited obligations, payable solely from the
revenues and assets of the Issuer pledged therefor under this Indenture.

ARTICLE III

PREPAYMENT OF NOTES

     Section 3.01. Right of Prepayment. The Notes of any series shall be subject to redemption or
principal distribution as provided in this Article and in the Supplemental Indenture creating such
series. As used in this Article and elsewhere in this Indenture, references to “prepay” shall mean
to make payments of principal prior to Stated Maturity, and shall be deemed to include references
to “redeem” or “make distributions of principal with respect to,” as appropriate.

     Notes which may be prepaid before their Stated Maturity shall be prepaid in accordance with
their terms, this Indenture and (except as otherwise provided with respect to the Notes of any
particular series by the provisions of the Supplemental Indenture creating such series) in
accordance with this Article.

     Section 3.02. Election To Prepay or Purchase; Notice to Trustee; Senior Asset Requirement and
Subordinate Asset Requirement. The election of the Issuer to prepay any Notes or cause any Notes
then subject to prepayment to be purchased by the Trustee (other than on a Tender Date) shall be
evidenced by an Issuer Order, received by the Trustee no later than the tenth Business Day prior to
the date on which notice of prepayment must be given in order to effect a prepayment on the
Prepayment Date established with respect to a series of Notes in the Supplemental Indenture
authorizing the issuance of the Notes of such series, stating the Prepayment Date, the Principal
Amount, the series of Notes, and, if applicable, the Stated Maturity within a series, to be
prepaid.

     Notwithstanding any provision hereof to the contrary but apart from the prepayment of
Subordinate Notes which are no longer Outstanding by reason of Section 9.01 hereof or the
prepayment of Subordinate Notes on a Sinking Fund Payment Date, no prepayment or purchase (other
than on a Tender Date) of Subordinate Notes by the Trustee shall be effected hereunder unless prior
to the Trustee giving notice of redemption, transferring moneys to the Retirement

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Account to make a principal distribution or soliciting a purchase, as the case may be, the
Issuer furnishes the Trustee an Issuer Certificate to the effect that, as of the date Subordinate
Notes are to be selected for prepayment or purchase or such determination to prepay is made, and
after giving effect to such prepayment or purchase, the Senior Asset Requirement will be met, and
such Issuer Certificate shall contain the information used to calculate the Senior Asset
Requirement and the Trustee shall verify that the Senior Asset Requirement will be met. Such
Subordinate Notes may be prepaid on the Prepayment Date or purchased on the purchase date therefor
if the foregoing conditions are met on the date such Notes are selected for redemption or purchase
or as of the date on which moneys are transferred to the Retirement Account to make any
distribution of principal with respect to such Notes, whether or not such conditions are met on the
Prepayment Date or the date of purchase. Any election to prepay Notes of a series may also be
conditioned upon such additional requirements as may be set forth in the Supplemental Indenture
authorizing the issuance of such Notes.

     Notwithstanding any provision hereof to the contrary but apart from the prepayment of Junior
Subordinate Notes which are no longer Outstanding by reason of Section 9.01 hereof or the
prepayment of Junior Subordinate Notes on a Sinking Fund Payment Date, no prepayment or purchase
(other than on a Tender Date) of Junior Subordinate Notes by the Trustee shall be effected
hereunder unless prior to the Trustee giving notice of redemption, transferring moneys to the
Retirement Account to make a principal distribution or soliciting a purchase, as the case may be,
the Issuer furnishes the Trustee an Issuer Certificate to the effect that, as of the date Junior
Subordinate Notes are to be selected for prepayment or purchase or such determination to prepay is
made, and after giving effect to such prepayment or purchase, both the Senior Asset Requirement and
the Subordinate Asset Requirement will be met, and such Issuer Certificate shall contain the
information used to calculate the Senior Asset Requirement and the Subordinate Asset Requirement
and the Trustee shall verify that the Senior Asset Requirement and the Subordinate Asset
Requirement will be met. Such Junior Subordinate Notes may be prepaid on the Prepayment Date or
purchased on the purchase date therefor if the foregoing conditions are met on the date such Notes
are selected for redemption or purchase or as of the date on which moneys are transferred to the
Retirement Account to make any distribution of principal with respect to such Notes, whether or not
such conditions are met on the Prepayment Date or the date of purchase. Any election to prepay
Notes of a series may also be conditioned upon such additional requirements as may be set forth in
the Supplemental Indenture authorizing the issuance of such Notes.

     Section 3.03. Selection by Trustee of Notes To Be Prepaid. Subject to Section 3.02 hereof,
Balances deposited to the credit of the Retirement Account to provide for the payment of the
Prepayment Price of Notes subject to mandatory redemption, or required distributions of principal
with respect to Notes, shall be applied to the payment of Notes of all series subject to such
prepayment (or to the reimbursement of any Credit Facility Provider for such payment) in such order
of priority as may be established by the Supplemental Indentures pursuant to which such Notes have
been issued or, in the absence of direction from such Supplemental Indentures, in the order of the
Stated Maturities of such Notes, and among Notes with the same Stated Maturity, in the order in
which such Notes were issued.

     If less than all Notes of a series are to be prepaid, the Trustee shall select the particular
Notes to be prepaid as provided in the Supplemental Indenture providing for the issuance of such

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Notes. The Trustee may provide for the selection for prepayment of portions of the principal
of Notes in the denomination larger than the smallest authorized denomination of the Notes of that
series or multiple thereof.

     The Trustee shall promptly notify the Issuer and any Paying Agent in writing of the Notes
selected for prepayment and, in the case of any Note selected for partial prepayment, the Principal
Amount thereof to be prepaid.

     For all purposes of this Indenture, unless the context otherwise requires, all provisions
relating to the prepayment of Notes shall relate, in the case of any Note prepaid or to be prepaid
only in part, to the portion of the principal of such Note which has been or is to be prepaid.

     Section 3.04. Notice of Prepayment. Notice of prepayment with respect to any series of Notes
shall be given by first-class mail, postage prepaid, mailed by the date specified in the
Supplemental Indenture creating such series to each Holder of Notes to be prepaid at the address of
such Holder appearing in the Note Register; but neither failure to give such notice nor any defect
in any notice so given shall affect the validity of the proceedings for prepayment of any Note not
affected by such failure or defect.

     All notices of prepayment shall state:

          (a) the Prepayment Date;

          (b) the Prepayment Price;

          (c) the name (including series designation), Stated Maturity and CUSIP numbers of the
Notes to be prepaid, the Principal Amount of Notes of each series to be prepaid, and, if
less than all outstanding Notes of a series are to be prepaid, the identification (and, in
the case of partial prepayment, the respective Principal Amounts) of the Notes of each
series to be prepaid;

          (d) that, on the Prepayment Date, the Prepayment Price of and accrued interest on each
such Note will become due and payable and that interest on each such Note shall cease to
accrue on and after such date;

          (e) the place or places where such Notes are to be surrendered for payment of the
Prepayment Price thereof and accrued interest thereon; and

          (f) if it be the case, that such Notes are to be prepaid by the application of certain
specified trust moneys and for certain specified reasons.

     Within 60 days after any Prepayment Date, a second notice of prepayment shall be given, in the
manner described above, to the Holder of any Note that was not presented for prepayment within 30
days after the Prepayment Date.

     Section 3.05. Notes Payable on Prepayment Date and Sinking Fund Payment Date. Notice of
prepayment having been given as aforesaid, the Notes so to be prepaid shall, on the Prepayment
Date, become due and payable at the Prepayment Price specified plus accrued

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interest thereon to the Prepayment Date and on and after such date (unless the Issuer shall
default in the payment of the Prepayment Price and accrued interest) such Notes (or portions
thereof) shall cease to bear interest. Upon surrender of any such Note for redemption in
accordance with such notice, such Note shall be paid at the Prepayment Price thereof plus (unless
the Prepayment Date is a regularly scheduled Interest Payment Date) accrued interest to the
Prepayment Date. Installments of interest whose Stated Maturity is on or prior to the Prepayment
Date shall continue to be payable to the applicable Holder.

     If any Note called for redemption shall not be so paid upon surrender thereof for redemption,
the Prepayment Price and, to the extent lawful, interest thereon shall, until paid, bear interest
from the Prepayment Date at the rate borne by the Note.

     Section 3.06. Notes Prepaid in Part. Any Note other than a Book-Entry Note which is to be
redeemed only in part shall (except as otherwise provided in the Supplemental Indenture pursuant to
which the Notes of such series were issued) be surrendered to the Paying Agent (with, if the Paying
Agent so requires, due endorsement by, or a written instrument of transfer in form satisfactory to
the Paying Agent duly executed by, the Holder thereof or his, her or its attorney duly authorized
in writing) and the appropriate officers of the Issuer shall execute and the Trustee or an
Authenticating Agent shall authenticate and deliver to the Holder of such Note, without service
charge, a new Note or Notes of the same series, of any authorized denomination or denominations,
having the same Stated Maturity and interest rate as requested by such Holder, in aggregate
Principal Amount equal to and in exchange for the unredeemed portion of the principal of the Note
so surrendered.

     Any Note with respect to which a partial distribution of principal is made shall remain
Outstanding in the then current Principal Amount. The Trustee shall retain a record of the
Principal Amount of each Note any portion of the principal of which has been distributed, and shall
give the Note Registrar (if other than the Trustee) prompt written notice of the current Principal
Amount of each such Note as of the end of each calendar month.

     Section 3.07. Purchase of Notes. The Issuer may at any time, but subject to Section 3.02
hereof, and in the case of Book-Entry Notes, subject to Section 2.07 hereof, authorize and direct
the Trustee to purchase Notes in the open market out of any funds available for such purpose, such
purchases to be made at a price not in excess of the amount specified in this Indenture or, if no
amount is specified, the Principal Amount thereof plus accrued interest and any applicable
prepayment premium. In addition, the Issuer may, from time to time, direct the Trustee to request
the submission of tenders following published notice requesting such submission prior to making the
purchases authorized pursuant to this Section. The Issuer may specify the maximum and minimum
period of time which shall transpire between the date upon which such notice is to be given and the
date upon which such tenders are to be accepted or may authorize the Trustee to determine the same
in its discretion. No tenders shall be considered or accepted at any price exceeding the maximum
price specified by the Issuer for the purchase of Notes. The Trustee shall accept bids with the
lowest price and, in the event the moneys available for purchase pursuant to such tenders are not
sufficient to permit acceptance of all tenders and if there shall be tenders at an equal price
above the amounts of moneys available for purchase, then the Trustee shall, determine in its
discretion, the Notes tendered which shall be purchased. All Notes purchased by the Trustee
pursuant to this Section shall be canceled and not reissued.

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     Section 3.08. Clean-Up Call. If the then current aggregate Principal Amount of all
Outstanding Notes is less than ten percent (10%) of the aggregate initial Principal Amount of all
Notes previously issued by the Issuer, then the Issuer shall have the right, but not the
obligation, to redeem all of the Outstanding Notes on any Prepayment Date at a Prepayment Price
equal to one hundred percent (100%) of the Principal Amount of such Notes plus accrued interest
thereon to such Prepayment Date.

ARTICLE IV

CREATION OF FUNDS AND ACCOUNTS;

CREDITS THERETO AND PAYMENTS THEREFROM

     Section 4.01. Creation of Funds and Accounts. There are hereby created and established the
following Funds and Accounts to be held by the Trustee and maintained in accordance with the
provisions of this Indenture:

          (a) an Acquisition Fund;

          (b) an Administration Fund;

          (c) a Reserve Fund;

          (d) a Collection Fund;

          (e) a Debt Service Fund, within which there shall be an Interest Account, a Principal
Account and a Retirement Account;

          (f) a Surplus Fund; and

          (g) a Borrower Benefits Fund.

     The Supplemental Indenture for any series of Notes may provide for the creation of additional
Funds, separate Accounts within any Fund or separate subaccounts within any Account, into which
moneys representing proceeds of such series, moneys set aside for the payment of such series, or
moneys otherwise allocable to such series shall be deposited or credited. Notwithstanding the
creation of such Accounts or subaccounts, moneys therein shall (except as provided in this Section
with respect to amounts paid pursuant to a Credit Enhancement Facility and amounts set aside in an
Escrow Account) be available for any purpose for which other moneys in the Fund of which such
Account is a part or the Account of which such subaccount is a part, as the case may be, are
authorized to be applied or used.

     Any Supplemental Indenture providing for the issuance of any series of Notes, the payment of
which is to be provided pursuant to or secured by a Credit Enhancement Facility, shall also provide
for the creation of separate subaccounts within the Interest Account, the Principal Account and the
Retirement Account. Any payment received pursuant to such Credit Enhancement Facility shall be
deposited into such subaccounts, and moneys deposited therein shall be used only for the payment of
Debt Service on Notes of such series, or for such other

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purposes as may be permitted by such Supplemental Indenture, upon the conditions set forth in
such Supplemental Indenture.

     Any Supplemental Indenture providing for the issuance of any series of Notes which (or the
Beneficial Ownership Interests in which) must, upon the occurrence of certain circumstances, or
may, at the option of the Holder or Beneficial Owner, be tendered for purchase by or on behalf of
the Issuer shall also provide for the creation of a separate Fund for such purpose. Any payment
received from any source provided for in accordance with the provisions in the Supplemental
Indenture (including proceeds of remarketing of such Notes or Beneficial Ownership Interests,
amounts provided pursuant to a Credit Enhancement Facility which provides liquidity for the payment
of such purchase price, or amounts received from other sources) shall be deposited into such Fund,
and moneys deposited therein shall be used only for the payment of the purchase price of Notes of
such series (or the Beneficial Ownership Interests therein) on a Tender Date, or for such other
purposes as may be permitted by such Supplemental Indenture (including reimbursement of the Credit
Facility Provider for the payment of such purchase price).

     In addition, a Supplemental Indenture may provide for the creation of one or more Escrow
Accounts within the Debt Service Fund, upon the defeasance of Notes pursuant to Section 9.01
hereof. Moneys deposited in any Escrow Account shall be used only for the payment of the Notes
with respect to which the Escrow Account was established.

     Section 4.02. Acquisition Fund. With respect to each series of Notes, the Trustee shall, upon
the issuance thereof and from the proceeds of issuance thereof, credit to the Acquisition Fund the
amount, if any, specified in the Supplemental Indenture providing for the issuance of such series
of Notes. The Trustee shall also deposit in the Acquisition Fund: (a) any funds to be transferred
thereto from the Collection Fund as provided in Section 4.05 hereof, or from the Surplus Fund as
provided in Section 4.07 hereof; and (b) any other amounts specified in a Supplemental Indenture to
be deposited therein.

     Balances in the Acquisition Fund shall be used only for (a) the acquisition of Eligible Loans
including the payment of any related Premium and origination fees, if any, and any related Add-On
Loan; (b) the redemption or purchase of, or distribution of principal with respect to, Notes as
provided in a Supplemental Indenture providing for the issuance of such Notes; (c) the payment of
Debt Service on the Notes and Other Obligations when due (upon transfer to the Debt Service Fund as
set forth below in this Section); (d) following the Acquisition Period, the deposit of amounts into
the Debt Service Fund; (e) the deposit of amounts into the Administration Fund to pay
Administration Fees, Servicing Fees and Note Fees as provided in Section 4.03 hereof; or (f) such
other purposes related to the Issuer’s loan programs as may be provided in the Supplemental
Indenture authorizing a series of Notes. The Trustee shall make payments from the Acquisition Fund
to Lenders for the acquisition of Eligible Loans, including all related Premiums, if any, in
connection therewith, and any related Add-On Loan, upon receipt by the Trustee of an Eligible Loan
Acquisition Certificate and all documents and certificates required thereby.

     If, on any Monthly Calculation Date, the Balance in the Acquisition Fund available for such
purpose is less than the amount set forth in an Issuer Certificate as the amount expected to

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be needed to pay such origination fees, related premiums and other fees due in the next month,
the Trustee shall transfer to the Acquisition Fund an amount equal to such deficiency from the
following Funds in the following order of priority: (i) the Collection Fund and (ii) the Surplus
Fund.

     Balances in the Acquisition Fund (other than any portion of such Balance consisting of Student
Loans) shall be transferred to the credit of the Debt Service Fund on the Monthly Calculation Date
of each calendar month to the extent required to provide for the payment of the Debt Service on the
Notes and any Other Obligations, all as provided in Section 4.06 hereof. Transfers of amounts from
the Acquisition Fund to the Debt Service Fund pursuant to the preceding sentence shall be made by
the Trustee without any further authorization or direction. If any amounts have been transferred
to the Debt Service Fund pursuant to this paragraph, the Trustee shall, to the extent necessary to
cure the deficiency in the Acquisition Fund as a result of such transfer or transfers, transfer to
the Acquisition Fund amounts from the Collection Fund as provided in Section 4.05 hereof.

     Unless otherwise provided in the applicable Supplemental Indenture, on the first Monthly
Calculation Date following the end of the Acquisition Period relating to a series of Notes, the
Trustee shall transfer from the Acquisition Fund to the Collection Fund an amount equal to the
Remaining Acquisition Amount.

     The Principal Balance of Financed Student Loans in the Acquisition Fund shall be included in
the Balance of the Acquisition Fund until such Financed Student Loans shall have been paid in full
or sold or exchanged as herein provided. Interest and principal payments, including Guarantee
payments, and Special Allowance Payments received with respect to Financed Student Loans
(excluding, except as otherwise provided in a Supplemental Indenture, any federal interest subsidy
payments and Special Allowance Payments that accrued prior to the date on which such Student Loans
were Financed) and proceeds from the sale or other conveyance of Financed Student Loans shall be
credited to the Collection Fund as provided in Section 4.05 hereof.

     Except as otherwise set forth in a Supplemental Indenture (which Supplemental Indenture shall
be executed by the Issuer only after receipt of a Rating Agency Confirmation) or with Rating Agency
Confirmation, the Issuer may direct the Trustee and the Eligible Lender Trustee to sell to any
purchaser, free and clear of the lien of this Indenture, one or more Student Loans Financed only in
the following circumstances: (a) to the Depositor or other Person if the Depositor or such other
Person is required to purchase or repurchase such Financed Student Loan pursuant to a Student Loan
Purchase Agreement, a Servicing Agreement or the Student Loan Repurchase Agreement; (b) in order to
avoid an Event of Default hereunder; (c) to a Guarantee Agency; or (d) if all of the Financed
Student Loans are sold at a price sufficient to defease all Obligations Outstanding under this
Indenture as described in Article IX hereof and such proceeds are so used. Prior to any such sale
the Trustee shall have received an Issuer Certificate certifying that such sale will not materially
adversely affect the Issuer’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, Servicing Fees, Administration Fees or Note Fees. Any money received by the
Issuer in connection with a sale of Financed Student Loans pursuant to this paragraph, including
those moneys representing the

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excess of the aggregate Principal Balance of and accrued borrower interest on such Financed
Student Loans released from this Indenture over the aggregate Principal Balance of and accrued
borrower interest on the Eligible Loans transferred to this Indenture in exchange therefor, shall
be deposited to the credit of the Collection Fund in accordance with the preceding paragraph.
Notwithstanding the foregoing, the Issuer may not direct the Trustee or the Eligible Trustee to
sell any Student Loans Financed with moneys in the Acquisition Fund to the Depositor pursuant to
clause (a) of this paragraph (unless the Depositor is required to repurchase such Student Loan
pursuant to a Student Loan Purchase Agreement).

     Any acquisition or sale of Eligible Loans hereunder may be for an amount of principal,
interest and Special Allowance Payments as of a cut-off date determined by the Issuer, and,
notwithstanding any other provision of this Indenture to the contrary, compensatory payments and
receipts may be made to and from the Acquisition Fund in amounts necessary to reconcile the same.

     Pending application of moneys in the Acquisition Fund, such moneys shall be invested in
Investment Securities, as provided in Section 4.11 hereof, and any earnings on or income from such
investments shall be deposited in the Collection Fund as provided in Section 4.05 hereof.

     Section 4.03. Administration Fund. With respect to each series of Notes, the Trustee shall,
upon issuance thereof and from the proceeds of issuance thereof, credit to the Administration Fund
the amount, if any, specified in the Supplemental Indenture providing for the issuance of such
series of Notes. The Trustee shall also credit to the Administration Fund all amounts transferred
thereto from the Collection Fund as provided in Section 4.05 hereof and the Surplus Fund as
provided in Section 4.07 hereof. Amounts in the Administration Fund shall be used for the payment
of Costs of Issuance, Servicing Fees, Administration Fees and Note Fees as provided in this
Section.

     On each Monthly Calculation Date, the Trustee shall transfer and credit to the Administration
Fund moneys available hereunder for transfer thereto in such amounts and at such times as an
Authorized Officer of the Issuer shall direct by Issuer Order, for the payment of Servicing Fees,
Administration Fees and Note Fees due during the next month. Deposits to the credit of the
Administration Fund shall be made from the following sources in the following order of priority:
(i) the Collection Fund to the extent and in the manner provided in Section 4.05 hereof; and (ii)
the Surplus Fund to the extent and in the manner provided in Section 4.07 hereof.

     Amounts in the Administration Fund may, subject to any limitations specified in a Supplemental
Indenture, be paid out for Servicing Fees, Administration Fees or Note Fees at any time upon
receipt of an Issuer Order and shall be paid in the full amount designated therein. Amounts in the
Administration Fund may, as provided in a Supplemental Indenture pursuant to which Notes are
issued, be paid out for Costs of Issuance related to such Notes upon receipt of an Issuer Order and
shall be paid in the full amount designated therein. Upon receipt by the Trustee of Issuer Orders
directing the payment of Note Fees or Costs of Issuance to designated payees in designated amounts
for stated services or, in the case of reimbursement of the Issuer for its payment of such Note
Fees or Costs of Issuance or the payment of Servicing Fees or Administration Fees, to the Issuer,
and in each case certifying that such payment is authorized by

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this Indenture, be used for and applied only to pay Servicing Fees, Administration Fees, Note
Fees and Costs of Issuance or to reimburse another fund, account or other source of the Issuer for
the previous payment of Administration Fees, Servicing Fees, Note Fees or Costs of Issuance.
Payments from the Administration Fund for such purposes shall be made by check or wire transfer by
the Trustee in accordance with such Issuer Orders (which Issuer Order shall have attached thereto
the appropriate invoice from the payee and the Trustee shall compare the amount stated in the
invoice with the amount requested by the Issuer Order). The Trustee shall calculate the fees
payable to the Auction Agent, the Broker-Dealer, the Issuer Administrator and the Trustee and shall
compare its calculations to the amounts requested in the Issuer Order. Amounts in the
Administration Fund in excess of amounts needed to pay Servicing Fees, Administration Fees or Note
Fees may, upon Issuer Order, be transferred to the Collection Fund. Any Administrative Fees
payable to any subadministrator shall be paid directly to such subadministrator and not to or
through the Issuer Administrator.

     Pending application of moneys in the Administration Fund, the moneys therein shall be invested
in Investment Securities, as provided in Section 4.11 hereof, and any earnings on or income from
such investments shall be deposited in the Collection Fund as provided in Section 4.05 hereof.

     Section 4.04. Reserve Fund. Immediately upon the issuance of any series of Notes, and from
the proceeds of issuance thereof or, at the option of the Issuer, from any amounts to be
transferred thereto from the Surplus Fund pursuant to Section 4.07 hereof or from any other
available moneys of the Issuer not otherwise credited to or payable into any Fund or Account under
this Indenture or otherwise subject to the pledge and security interest created by this Indenture,
the Trustee shall credit to the Reserve Fund the amount, if any, specified in the Supplemental
Indenture providing for the issuance of that series of Notes, such that upon issuance of such
Notes, the Balance in the Reserve Fund shall not be less than the Specified Reserve Account
Balance.

     If on any Monthly Calculation Date the Balance in the Reserve Fund shall be less than the
Specified Reserve Account Balance, which shall be calculated by the Trustee on such Monthly
Calculation Date with the most current information provided to the Trustee, the Trustee shall
transfer and credit thereto an amount equal to the deficiency from moneys available therefor in the
following Funds and Accounts in the following order of priority (to the extent not required for
credit to the Administration Fund, the Debt Service Fund or the Acquisition Fund): (i) the
Collection Fund and (ii) the Surplus Fund.

     The Balance in the Reserve Fund shall be used and applied solely for the payment when due of
Debt Service on the Notes and the Other Obligations and the other purposes specified in Section
4.06 hereof. Amounts in the Reserve Fund shall be transferred by the Trustee to the credit of the
Debt Service Fund at any time and to the extent that the Balance therein and the Balances available
for deposit to the credit thereof from the Collection Fund and the Surplus Fund are insufficient to
meet the requirements specified in Section 4.06 hereof for deposit to the credit of the Debt
Service Fund at such time (provided, however, that such amounts shall be applied in the following
order of priority: (a) to the payment of interest on the Senior Notes and the payment of Other
Senior Obligations payable from the Interest Account, (b) to the payment of principal and the
purchase price of the Senior Notes and the payment of Other Senior

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Obligations payable from the Principal Account, (c) to the payment of interest on the
Subordinate Notes and the payment of Other Subordinate Obligations payable from the Interest
Account, (d) to the payment of principal and the purchase price of the Subordinate Notes and the
payment of Other Subordinate Obligations payable from the Principal Account, (e) to the payment of
interest on the Junior Subordinate Notes and the payment of Other Junior Subordinate Obligations
payable from the Interest Account and (f) to the payment of principal and the purchase price of the
Junior Subordinate Notes and the payment of Other Junior Subordinate Obligations payable from the
Principal Account).

     On the Stated Maturity or any Prepayment Date of any Notes, amounts in the Reserve Fund shall,
upon Issuer Order, be applied to the payment at Maturity or prepayment of all Outstanding Notes of
a series, to the extent that such application will not reduce the Balance of the Reserve Fund below
the Specified Reserve Account Balance (calculated as though the Notes to be retired on such Stated
Maturity or Prepayment Date were not Outstanding as of the date of such calculation), and, after
giving effect to such payment or prepayment, the conditions of Section 3.02 will be met. In
addition, at any time when the aggregate of the Balances in the Debt Service Fund, the Reserve Fund
and the Surplus Fund (exclusive of Financed Student Loans) equals an amount sufficient to discharge
and satisfy the obligations of the Issuer with respect to all of the Outstanding Notes and Other
Obligations, all in the manner described in Section 9.01 hereof, said Balances shall, upon Issuer
Order, be so applied.

     Notwithstanding the foregoing, if on any Monthly Calculation Date the Balance in the Reserve
Fund exceeds the Specified Reserve Account Balance, such excess shall, upon Issuer Order, be
transferred to the Collection Fund.

     Pending application of moneys in the Reserve Fund, the moneys therein shall be invested in
Investment Securities as provided in Section 4.11 hereof, and any earnings on or income from such
investments shall be deposited in the Collection Fund as provided in Section 4.05 hereof.

     Section 4.05. Collection Fund. The Trustee shall credit to the Collection Fund: (a) all
amounts received as interest, including interest subsidy payments, late fees and principal payments
with respect to Financed Student Loans, including all Guarantee payments, and all Special Allowance
Payments with respect to Financed Student Loans (excluding, unless otherwise provided in a
Supplemental Indenture, any interest subsidy payments and Special Allowance Payments that accrued
prior to the date on which such Student Loans were Financed); (b) unless otherwise provided in a
Supplemental Indenture, proceeds of any sale of any Financed Student Loans as permitted by Section
4.02 hereof; (c) amounts transferred thereto from the Acquisition Fund as provided in Section 4.02
hereof, the Administration Fund as provided in Section 4.03 hereof, the Reserve Fund as provided in
Section 4.04 hereof and the Borrower Benefits Fund as provided in Section 4.08 hereof; (d) all
amounts received as earnings on or income from Investment Securities in the Acquisition Fund, the
Administration Fund, the Reserve Fund, the Collection Fund, the Debt Service Fund, the Surplus Fund
and the Borrower Benefits Fund; (e) all Counterparty Swap Payments; and (f) any amount representing
proceeds of the Notes if and to the extent specified in a Supplemental Indenture.

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     The Issuer shall cause all amounts required to be credited to the Collection Fund, upon
receipt by the Issuer or a Servicer, or any agent thereof, as the case may be, to be forthwith
transmitted to the Trustee for such credit.

     On each Monthly Calculation Date, the Trustee shall transfer the moneys received during the
preceding month in the Collection Fund as directed by Issuer Order in the following order of
priority:

          (a) to make any payments due and payable (or anticipated to be due and payable prior to
the next Monthly Calculation Date) by the Issuer to the U.S. Department of Education related
to the Student Loans or any other payment due to another entity or trust estate if amounts
due by the Issuer or the Eligible Lender Trustee to the U.S. Department of Education or a
Guarantee Agency with respect to the Student Loans were paid by or offset against such other
entity or trust estate;

          (b) to the credit of the Administration Fund to the extent and in the manner provided
in Section 4.03 hereof;

          (c) to the credit of the Interest Account to the extent and in the manner provided in
Section 4.06(a) hereof to provide for the payment of interest on Senior Notes or Other
Senior Obligations (except termination payments due under Senior Swap Agreements as a result
of a Swap Counterparty default);

          (d) to the credit of the Principal Account to the extent and in the manner provided in
Section 4.06(b) hereof to provide for the payment of principal of Senior Notes at their
Stated Maturities or on a Sinking Fund Payment Date, or the reimbursement of Senior Credit
Facility Providers for the payment of principal of the Senior Notes;

          (e) to the credit of the Interest Account to the extent and in the manner provided in
Section 4.06(a) hereof to provide for the payment of interest on Subordinate Notes or Other
Subordinate Obligations (except termination payments due under Subordinate Swap Agreements
as a result of a Swap Counterparty default);

          (f) to the credit of the Principal Account to the extent and in the manner provided in
Section 4.06(b) hereof to provide for the payment of principal of Subordinate Notes at their
Stated Maturities or on a Sinking Fund Payment Date, or the reimbursement of Subordinate
Credit Facility Providers for the payment of principal of the Subordinate Notes;

          (g) to the credit of the Reserve Fund to the extent and in the manner provided in
Section 4.04 hereof;

          (h) to the credit of the Retirement Account, in accordance with Section 4.06(c) hereof
to provide for the distribution of principal with respect to Senior Notes identified in a
Supplemental Indenture as a “Planned Amortization Class” as may be set forth in such
Supplemental Indenture;

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          (i) (but only if the Senior Asset Percentage would be not less than a percentage as to
which a Rating Agency Confirmation has been obtained upon the application of such amounts)
to the credit of the Retirement Account, in accordance with Section 4.06(c) hereof to
provide for the distribution of principal with respect to Subordinate Notes identified in a
Supplemental Indenture as a “Planned Amortization Class” as may be set forth in such
Supplemental Indenture;

          (j) to the credit of the Interest Account to the extent and in the manner provided in
Section 4.06(a) hereof to provide for the payment of interest on Junior Subordinate Notes or
Other Junior Subordinate Obligations (except termination payments due under Junior
Subordinate Swap Agreements as a result of a Swap Counterparty default) payable therefrom;

          (k) to the credit of the Principal Account to the extent and in the manner provided in
Section 4.06(b) hereof to provide for the payment of principal of Junior Subordinate Notes
at their Stated Maturities or on a Sinking Fund Payment Date or the reimbursement of Junior
Subordinate Credit Facility Providers for the payment of principal of the Junior Subordinate
Notes;

          (l) to make such other payments or distributions as may be set forth in a Supplemental
Indenture;

          (m) during a Revolving Period, if any, for a series of Notes, and to the extent
directed by Issuer Order, to the credit of the Acquisition Fund to acquire Eligible Loans
and, after such Revolving Period, to the extent directed by Issuer Order, to the credit of
the Acquisition Fund an amount equal to any Add-On Loans required to be funded;

          (n) to the credit of the Interest Account to the extent and in the manner provided in
Section 4.06(a) for the payment of Carry-Over Amounts (and interest thereon) due with
respect to the Senior Notes, if applicable;

          (o) (but only if the Senior Asset Percentage would be at least 100% upon the
application of such amounts), to the credit of the Interest Account to the extent and in the
manner provided in Section 4.06(a) for the payment of Carry-Over Amounts (and interest
thereon) due with respect to the Subordinate Notes, if applicable;

          (p) (but only if the Senior Asset Percentage and the Subordinate Asset Percentage would
be at least 100% upon the application of such amounts), to the credit of the Interest
Account to the extent and in the manner provided in Section 4.06(a) for the payment of
Carry-Over Amounts (and interest thereon) due with respect to the Junior Subordinate Notes;

          (q) to the credit of the Interest Account for the payment of termination payments due
under Senior Swap Agreements as a result of a Swap Counterparty default;

          (r) to the credit of the Interest Account for the payment of termination payments due
under Subordinate Swap Agreements as a result of a Swap Counterparty default;

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          (s) to the credit of the Interest Account for the payment of termination payments due
under Junior Subordinate Swap Agreements as a result of a Swap Counterparty default;

          (t) to the credit of the Retirement Account (but only until the Subordinate Asset
Percentage would be at least one hundred one percent (101%) upon the application of such
amount), for the redemption of, or distribution of principal with respect to, Notes; and

          (u) to the credit of the Surplus Fund.

     Pending application of moneys in the Collection Fund, such moneys shall be invested in
Investment Securities as provided in Section 4.11 hereof, and any earnings on or income from such
investments shall be retained therein.

     Section 4.06. Debt Service Fund. The Debt Service Fund shall be used only for the payment of
principal of, premium, if any, and interest on the Notes, the purchase price of the Notes to be
purchased in accordance with Section 3.07 hereof, Other Obligations and Carry-Over Amounts
(including any accrued interest thereon).

          (a) Interest Account. With respect to each series of Notes, the Trustee shall, upon
the issuance thereof and from the proceeds of the issuance thereof, credit to the Interest
Account the amount, if any, specified in the Supplemental Indenture providing for the
issuance of such series of Notes. The Trustee shall also deposit in the Interest Account
(i) that portion of the proceeds from the sale of the Issuer’s refunding bonds, notes or
other evidences of indebtedness, if any, to be used to pay interest on the Notes; (ii) all
payments under any Credit Enhancement Facilities by Credit Facility Providers to be used to
pay interest on Notes; and (iii) all amounts required to be transferred thereto from the
Funds and Accounts specified in this Section 4.06(a).

     With respect to each series of Notes on which interest is paid at intervals of less than every
thirty (30) days, the Trustee shall deposit to the credit of the Interest Account on each Monthly
Calculation Date an amount equal to the interest that will become payable on such Notes prior to or
during the following calendar month. With respect to each series of Notes on which interest is
paid at intervals of every thirty (30) days or more than every thirty (30) days, the Trustee shall
make equal monthly deposits to the credit of the Interest Account on each Monthly Calculation Date
preceding each Interest Payment Date, to aggregate the full amount of such interest. With respect
to Variable Rate Notes for which any such amount cannot be determined on the Monthly Calculation
Date, the Trustee will make such deposit based upon assumptions set forth in the Supplemental
Indenture authorizing such Notes.

     With respect to each Swap Agreement under which Issuer Swap Payments are paid no less
frequently than every thirty (30) days, the Trustee shall deposit to the credit of the Interest
Account on each Monthly Calculation Date an amount equal to the Issuer Swap Payments that will
become payable under such Swap Agreement during the following calendar month. With respect to each
Swap Agreement under which Issuer Swap Payments are paid less frequently than every thirty (30)
days, the Trustee shall make equal monthly deposits to the credit of the

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Interest Account on each Monthly Calculation Date preceding each date on which such Issuer
Swap Payments are due, to aggregate the full amount of such Issuer Swap Payments. With respect to
any Swap Agreement for which any such amount cannot be determined on the Monthly Calculation Date,
the Trustee will make such deposit based upon assumptions set forth in the Supplemental Indenture
authorizing such Swap Agreement.

     With respect to each Credit Enhancement Facility under which fees or premiums are due no less
frequently than every thirty (30) days, the Trustee shall deposit to the credit of the Interest
Account on each Monthly Calculation Date an amount equal to the fees or premiums that will become
payable under such Credit Enhancement Facility during the following calendar month. With respect
to each Credit Enhancement Facility under which fees or premiums are paid less frequently than
every thirty (30) days, the Trustee shall make equal monthly deposits to the credit of the Interest
Account on each Monthly Calculation Date preceding each Interest Payment Date, to aggregate the
full amount of such fees or premiums.

     In making the deposits required to be deposited and credited to the Interest Account, all
other deposits and credits otherwise made or required to be made to the Interest Account shall, to
the extent available for such purpose, be taken into consideration and allowed for. Each deposit
required by this Section 4.06(a) to pay the foregoing amounts or any deficiency on an Interest
Payment Date shall be made by transfer from the following Funds and Accounts, in the following
order of priority: (i) the Collection Fund, (ii) the Surplus Fund, (iii) the Acquisition Fund
(other than that portion of the Balance thereof consisting of Student Loans) and (iv) the Reserve
Fund.

     On each Monthly Calculation Date, if any Carry-Over Amount (including any accrued interest
thereon) will be due and payable with respect to a series of Notes during the next month, as
provided in the related Supplemental Indenture, the Trustee shall transfer to the Interest Account
(to the extent amounts are available therefor in the Collection Fund or the Surplus Fund after
taking into account all prior applications of moneys in such Funds on such Monthly Calculation Date
in accordance with Sections 4.06 and 4.08 hereof) an amount equal to such Carry-Over Amount
(including any accrued interest thereon) so due and payable.

     The moneys in the Interest Account required for the payment of interest on the Notes of any
series (including, without limitation, the payment of that portion of the purchase price of Notes
purchased pursuant to Section 4.06(b) or 4.06(c) hereof attributable to accrued interest thereon),
any Issuer Swap Payments or fees payable to a Credit Facility Provider under a Credit Enhancement
Facility or any Carry-Over Amount (including any accrued interest thereon) shall be applied by the
Trustee to the payment of such interest or amounts when due without further authorization or
direction, except that the Issuer shall provide written direction as to any Issuer Swap Payments or
fees payable to a Credit Facility Provider under a Credit Enhancement Facility.

     Pending application of moneys in the Interest Account, such moneys shall be invested in
Investment Securities as provided in Section 4.11 hereof, and any earnings on or income from such
investments shall be deposited in the Collection Fund as provided in Section 4.05 hereof.

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          (b) Principal Account. With respect to each series of Notes, the Trustee shall, upon
the issuance thereof and from the proceeds of the issuance thereof, credit to the Principal
Account: (i) that portion of the proceeds from the sale of the Issuer’s bonds, notes or
other evidences of indebtedness, if any, to be used to pay principal of the Notes on a
Principal Payment Date; (ii) all payments under any Credit Enhancement Facility to be used
to pay principal of Notes; and (iii) all amounts required to be transferred thereto from the
Funds and Accounts specified in this Section 4.06(b).

     Each deposit required by this Section 4.06(b) to pay the foregoing amounts or any deficiency
on an Principal Payment Date shall be made by transfer from the following Funds, in the following
order of priority (after transfers therefrom to the Interest Account required on the date of any
such transfer): (i) the Collection Fund, (ii) the Surplus Fund, (iii) the Acquisition Fund (other
than that portion of the Balance thereof consisting of Student Loans) and (iv) the Reserve Fund.

     The moneys in the Principal Account required for the payment of the principal of Notes at the
Stated Maturity thereof or on a Sinking Fund Payment Date therefor (or for the reimbursement to any
Credit Facility Provider for the payment of such principal) shall be applied by the Trustee to such
payment when due without further authorization or direction.

     Subject to Section 3.02 hereof, Balances in the Principal Account may also be applied to the
purchase of Notes at a purchase price (including any brokerage or other charges) not to exceed the
Principal Amount thereof plus accrued interest, in accordance with the provisions of Section 3.07
hereof, or to the redemption of or distribution of principal with respect to Notes at a Prepayment
Price not to exceed the Principal Amount thereof plus accrued interest, upon transfer to the
Retirement Account, as determined by the Issuer at such time, provided the Trustee shall have first
certified that no deficiency exists at such time in the Debt Service Fund. Any such purchase,
redemption, or distribution of principal shall be limited to those Notes whose Stated Maturity or
Sinking Fund Payment Date is the next succeeding Principal Payment Date. If any moneys credited to
the Principal Account for the retirement of the Term Notes are applied to the purchase or
redemption of, or distribution of principal with respect to, such Notes as provided in this Section
4.06(b), the Principal Amount of such Notes to be prepaid on the next respective Sinking Fund
Payment Date shall be reduced by the Principal Amount of the Notes so purchased, redeemed or
distributed; provided, however, that no Term Notes shall be so purchased during the interval
between the date on which notice of prepayment of said Notes on a Sinking Fund Payment Date is
given and the date of prepayment set forth in such notice, unless the Notes so purchased are Notes
called for prepayment in such notice or are purchased from moneys other than those credited to the
Principal Account with respect to sinking fund installments.

     All Notes retired by prepayment, purchase or payment at Stated Maturity pursuant to this
Section 4.06(b) shall be canceled and shall not be reissued. The accrued interest to be paid on
the prepayment, purchase or payment at Stated Maturity of such Notes shall be paid from the
Interest Account.

     Pending application of moneys in the Principal Account, such moneys shall be invested in
Investment Securities as provided in Section 4.11 hereof, and any earnings on or income from such
investments shall be deposited in the Collection Fund as provided in Section 4.05 hereof.

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          (c) Retirement Account. The Trustee shall deposit to the credit of the Retirement
Account (i) any amounts transferred thereto from the Acquisition Fund, the Collection Fund,
the Reserve Fund, the Surplus Fund or the Principal Account to provide for the redemption or
purchase of, or the distribution of principal with respect to, Notes; (ii) that portion of
the proceeds from the sale of the Issuer’s bonds, notes or other evidences of indebtedness,
if any, to be used to pay the principal or Prepayment Price of Notes on a date other than
the Stated Maturity thereof or a Sinking Fund Payment Date therefor; (iii) that portion of
the proceeds of the sale or securitization of an Eligible Loan, if any, to be used to pay
the principal or Prepayment Price of Notes on a date other than the Stated Maturity thereof
or a Sinking Fund Payment Date thereof; and (iv) all payments made by a Credit Facility
Provider under a Credit Enhancement Facility to be used to pay the principal or Prepayment
Price of Notes payable from the Retirement Account.

     Subject to Section 3.02 hereof, all redemptions of and distributions of principal with respect
to Notes (other than at Stated Maturity or on a Sinking Fund Payment Date), shall be made with
moneys deposited to the credit of the Retirement Account. Moneys in the Retirement Account shall
also be used for the reimbursement to any Credit Facility Provider for the payment of such amounts
pursuant to a Credit Enhancement Facility.

     Subject to Section 3.02 hereof, Balances in the Retirement Account may also be applied to the
purchase of Notes at a purchase price (including any brokerage or other charges) not to exceed the
Principal Amount thereof plus accrued interest plus any then applicable prepayment premium, in
accordance with the provisions of Section 3.07 hereof, as determined by the Issuer at such time;
provided the Trustee shall have first certified that no deficiency exists at such time in the Debt
Service Fund.

     In the event that Notes are to be prepaid from the Retirement Account on a date other than a
regularly scheduled Interest Payment Date or are to be purchased from Balances in the Retirement
Account pursuant to the preceding paragraph, accrued interest on such Notes shall be paid from the
Interest Account.

     The moneys in the Retirement Account required for the payment of the Prepayment Price of Notes
to be redeemed, or required distributions or principal with respect to Notes (or for the
reimbursement to any Credit Facility Provider for the payment of such amounts) shall be applied by
the Trustee to such payment when due without further authorization or direction.

     Pending application of moneys in the Retirement Account, such moneys shall be invested in
Investment Securities as provided in Section 4.11 hereof, and any earnings on or income from such
investment shall be deposited in the Collection Fund as provided in Section 4.05 hereof.

     Section 4.07. Surplus Fund. On each Monthly Calculation Date, the Trustee shall transfer from
the Collection Fund to the Surplus Fund any amounts permitted to be transferred to the Surplus Fund
pursuant to Section 4.05 hereof. The Trustee shall also credit to the Surplus Fund any amounts
transferred from the Acquisition Fund pursuant to Section 4.02.

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     At any time there is a deficiency in any of the other Funds or Accounts, Balances in the
Surplus Fund shall be transferred to such Funds or Accounts to remedy such deficiency in the same
order of priority as set forth in Section 4.05 hereof for the application of moneys in the
Collection Fund.

     If the Subordinate Asset Percentage is less than one hundred one percent (101%), Balances in
the Surplus Fund shall be transferred to the Retirement Account for the redemption or purchase, or
distribution of principal with respect to, Notes until the Subordinate Asset Percentage is at least
one hundred one percent (101%).

     Subject to Section 3.02 hereof, Balances in the Surplus Fund may also be applied to any one or
more of the following purposes at any time as determined by the Issuer at such time, provided the
Trustee shall have first certified that no deficiencies exist at such time in the Administration
Fund, the Debt Service Fund or the Reserve Fund:

          (a) transfer to the Retirement Account for the redemption or purchase of, or the
distribution of principal with respect to, Notes;

          (b) the purchase of Notes in accordance with the provisions of Section 3.07 hereof;

          (c) transfer to the Acquisition Fund for the acquisition of Eligible Loans pursuant to
Section 4.02 hereof; or

          (d) so long as no Event of Default has occurred and is continuing and the Asset Release
Requirement (or such different requirement set forth in a Rating Agency Confirmation) will
be met, paid to the Issuer on a quarterly basis in an amount equal to the Taxes which would
be theoretically incurred by the Issuer during the preceding calendar quarter; provided,
however, no amounts in the Surplus Fund shall be paid out for Taxes on amounts previously
released by the Trustee to the Issuer in accordance with this Section.

     Any amounts in the Surplus Fund shall, upon Issuer Order, be released to the Issuer free and
clear of the lien of this Indenture if, after taking into account any such release, the Asset
Release Requirement will be met. The Issuer Order requesting such release shall identify the
Senior Asset Percentage and the Subordinate Asset Percentage used in making the calculation of the
Asset Release Requirement and provide the Trustee with Issuer’s calculation of the Aggregate Value
of the assets held under the Indenture, the principal amount of all Notes Outstanding, the accrued
interest on Outstanding Senior Notes, the accrued Issuer Swap Payments with respect to Senior Swap
Agreements, the accrued fees with respect to Senior Credit Enhancement Facilities, the accrued
interest on all Outstanding Subordinate Notes, the accrued Issuer Swap Payments (other than with
respect to Junior Subordinate Swap Agreements), the accrued fees with respect to Credit Enhancement
Facilities (other than Junior Subordinate Credit Enhancement Facilities) and the Asset Release
Requirement. The Trustee shall verify the Asset Release Requirement using the numbers contained in
the Issuer Order requesting the release. Amounts in the Surplus Fund may also be released free and
clear of the lien of this Indenture to make indemnity payments required pursuant to the terms of
any

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Servicing Agreement, any Custodian Agreement, any Guaranty Agreement, the Trust Agreement, the
Eligible Lender Trust Agreement, any Auction Agency Agreement, any Note Purchase Agreement and the
Administration Agreement. The Trustee shall not release any moneys to the Issuer from the Surplus
Fund pursuant to this Section if there are any unpaid indemnification amounts due and owing.

     Pending application of moneys in the Surplus Fund, such moneys shall be invested in Investment
Securities as provided in Section 4.11 hereof, and any earnings on or income from such investments
shall be deposited in the Collection Fund as provided in Section 4.05 hereof.

     Section 4.08. Borrower Benefits Fund. An amount identified in the Eligible Loan Acquisition
Certificate equal to 1% of the original principal amount of each Consolidation Loan with an
interest rate of 5.00% or greater purchased with proceeds from the sale of Notes shall be
transferred from the Acquisition Fund to the Borrower Benefits Fund on the purchase date. Amounts
on deposit in the Borrower Benefits Fund, unless released to the Collection Fund as provided in
this Section, shall be used solely for the payment of the Borrower Benefit on such Consolidation
Loans described in clause (a)(i) of the definition of “Borrower Benefits” contained in Section 1 of
the applicable Supplemental Indenture. Amounts on deposit in the Borrow Benefits Fund shall be
transferred upon Issuer Order to an entity acceptable to the Rating Agencies engaged by the Issuer
to disburse such funds to borrowers under such Consolidation Loans who have qualified for the
Borrower Benefit on such Consolidation Loans described in clause (a)(i) of the definition of
“Borrower Benefits” contained in Section 1 of the applicable Supplemental Indenture. Such Issuer
Order shall identify the amount to be transferred and the Consolidation Loans to which such
Borrower Benefit payments relate. Any amount returned by the entity engaged by the Issuer to
disburse such fund to borrowers under such Consolidation Loans (due to the borrower under the
Consolidation Loan not cashing his or her disbursement check or otherwise) shall be deposited to
the Borrower Benefits Fund and shall remain in the Borrower Benefits Fund until the borrower under
the related Consolidation Loan is unable to make a claim for such moneys against the Issuer.

     Any amounts on deposit in the Borrower Benefits Fund which relate to Consolidation Loans for
which the borrower under such Consolidation Loans has failed to qualify for the Borrower Benefit on
such Consolidation Loans described in clause (a)(i) of the definition of “Borrower Benefits”
contained in Section 1 of the applicable Supplemental Indenture shall, upon Issuer Order, be
transferred to the Collection Fund. Such Issuer Order shall identify the amount to be transferred
to the Collection Fund and the Consolidation Loans to which such payments relate.

     Pending application of moneys in the Borrower Benefits Fund, such moneys shall be invested in
Investment Securities as provided in Section 4.11 hereof, and any earnings on or income from such
investments shall be deposited in the Collection Fund as provided in Section 4.05 hereof.

     Section 4.09. Termination. When no Notes remain Outstanding and no Other Obligations are
Outstanding, the Trustee shall transfer to the Issuer, or to the order of the Issuer, the Balances
in all Funds and Accounts if, and to the extent that, such Balances are in excess of amounts needed
to pay principal of, premium, if any, and interest on, and any Carry-Over

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Amounts (and accrued interest thereon) due and payable with respect to the Notes, to satisfy
any Other Obligations, and to pay the fees, compensation and expenses of the Trustee and any
Authenticating Agent, Note Registrar, Remarketing Agents, Tender Agents, Auction Agents, Market
Agents, Broker-Dealers and Paying Agents. To the extent that such Balances are needed to pay such
amounts or fees, the Trustee shall retain such Balances hereunder and pay such amounts or fees to
the Persons to whom such amounts are due and payable as provided hereunder. In the event that any
portion or all of the Balances in the Funds and Accounts payable to the Issuer pursuant to this
Section consist of Investment Securities which are payable solely to the Trustee and cannot be
effectively transferred to the Issuer, the Trustee shall continue to hold such Investment
Securities under this Indenture on behalf of the Issuer until such time as such securities can be
transferred to the Issuer or amounts payable thereunder received, whether by acceleration at the
option of the holder thereof, at maturity or otherwise, all at the direction of an Authorized
Officer of the Issuer.

     Section 4.10. Pledge. The Notes, including the principal thereof, premium, if any, and
interest thereon and any Carry-Over Amounts (and accrued interest thereon) with respect thereto,
and Other Obligations shall be limited obligations of the Issuer specifically secured as provided
in the Granting Clauses hereof. Financed Student Loans resold to a Lender pursuant to its
repurchase obligation, or sold (or exchanged for Eligible Loans) in accordance with the provisions
of Section 4.02 hereof, shall, contemporaneously with receipt by the Trustee of the purchase price
thereof in freely transferable funds, including any Eligible Loans to be received in exchange
therefor, no longer be pledged to nor serve as security for the principal of, premium, if any, and
interest on and any Carry-Over Amounts (and accrued interest thereon) with respect to the Notes or
any Other Obligations. Moneys paid out to the Issuer as provided in Section 4.03 hereof for Costs
of Issuance, Servicing Fees, Administration Fees, and reimbursement for the prior payment of Note
Fees, moneys on deposit in the Borrower Benefits Fund, moneys released to the Issuer pursuant to
Section 4.07 hereof, and other moneys applied as herein provided shall, upon such payment, release,
or application, no longer be pledged to nor serve as security for the principal of, premium, if
any, and interest on and any Carry-Over Amounts (and accrued interest thereon) with respect to the
Notes or any Other Obligations.

     The Issuer pledges and agrees with the Beneficiaries that the Issuer will not limit or alter
its powers to fulfill the terms of any agreements made in this Indenture or in any Notes or in any
way impair the rights and remedies of the Beneficiaries until the Notes, together with interest
thereon, including interest on any unpaid installments of interest, and all costs and expenses in
connection with any action or proceeding by or on behalf of the Holders and all amounts owing to
Other Beneficiaries, are fully met and discharged.

     The Notes, including the principal thereof, premium, if any, and interest thereon and any
Carry-Over Amounts (and accrued interest thereon) with respect thereto, and any Other Obligations
shall be secured hereunder by the foregoing pledge of the Financed Student Loans, revenues,
securities and other moneys hereby made, and by a lien thereon, subject to the priorities expressly
provided herein. The pledge in the Granting Clauses hereof shall constitute a prior and paramount
lien and charge on such Financed Student Loans, revenues, contract rights, securities and other
moneys from time to time held hereunder (subject only to the valid exercise of the constitutional
powers of the United States of America, valid bankruptcy, insolvency, reorganization, moratorium
and other laws affecting creditors’ rights, and to the provisions of

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this Indenture permitting the application of such Financed Student Loans, revenues, securities
and other moneys for the purposes and on the terms and conditions hereof), over and ahead of any
claims (whether in tort, contract or otherwise irrespective of whether the parties possessing such
claims have notice of the foregoing pledges or charges), encumbrances or obligations of any nature
hereafter arising or incurred, and over and ahead of all other indebtedness payable from or secured
by such revenues which may hereafter be created or incurred. The pledge of such Financed Student
Loans, revenues, securities and other moneys made herein and hereby shall be valid and binding from
the time of the delivery of and payment for the first series of Notes issued hereunder, and such
Financed Student Loans, revenues, securities and other moneys shall thereupon be immediately
subject to the lien, pledge and charge hereof upon receipt thereof by the Issuer or Trustee,
without any physical delivery or segregation thereof or further act.

     No Beneficiary shall be required to see that the moneys derived from any Note are applied to
the purpose or purposes for which the Note is issued. The validity of the Notes shall neither be
dependent upon nor affected by the use and application of the proceeds of such Notes.

     The pledge of the Financed Student Loans, revenues, securities and other moneys made hereby
includes the pledge of any contract or any evidence of indebtedness or other rights of the Issuer
to receive any of the same, whether now existing or hereafter coming into existence, and whether
now or hereafter acquired, and the proceeds thereof.

     Section 4.11. Investments. Moneys held by the Trustee for the credit of any Fund or Account
shall be invested by the Trustee, in accordance with the Sections hereof relating to such Funds and
Accounts, as directed by the Issuer, to the fullest extent practicable and reasonable, in
Investment Securities which shall mature or be redeemable at the option of the holder prior to the
respective times when the moneys held for the credit of such Fund or Account will be required for
the purposes intended; provided, however, an amount equal to the interest due on the next Interest
Payment Date shall be held uninvested or shall be invested in Investment Securities which shall
mature or be redeemed no later than such Interest Payment Date.

     If the Issuer has not provided other investment directions to the Trustee, the moneys in the
Funds or Accounts shall be invested and reinvested by the Trustee in the Dreyfus Cash Management
Fund/Class ”B”. The Investment Securities purchased shall be held by the Trustee and shall be
deemed at all times to be part of such Fund or Account or combination thereof, and the Trustee
shall inform the Issuer of the details of all such investments. The Trustee shall sell at the best
price obtainable, or present for redemption, any Investment Securities purchased by it as an
investment whenever it shall be necessary to provide moneys to meet any payment from such Fund or
Account. The Trustee may purchase from or sell to itself or an affiliate, as principal or agent,
any Investment Securities. The Trustee shall advise the Issuer of all investments held for the
credit of each Fund or Account in its custody under the provisions of this Indenture as provided in
Section 7.14 hereof.

     Any investment of funds in Investment Securities shall be held by a financial institution in
accordance with the following requirements:

          (a) all Investment Securities shall be held in an account with such financial
institution in the name of the Trustee;

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          (b) all Investment Securities held in such account shall be delivered to the Trustee in
the following manner:

               (i) with respect to bankers’ acceptances, commercial paper, negotiable
certificates of deposit and other obligations that constitute “instruments” within
the meaning of Section 9-102(a)(47) of the UCC (other than certificated securities)
and are susceptible of physical delivery, transferred to the Trustee by physical
delivery to the Trustee, endorsed to, or registered in the name of, the Trustee or
its nominee or endorsed in blank; or such additional or alternative procedures as
may hereafter become appropriate to effect the complete transfer of ownership of any
such Investment Securities to the Trustee free of any adverse claims, consistent
with changes in applicable law or regulations or the interpretation thereof;

               (ii) with respect to a “certificated security” (as defined in Section
8-102(a)(4) of the UCC), transferred:

                    (A) by physical delivery of such certificated security to the Trustee,
provided that if the certificated security is in registered form, it shall
be endorsed to, or registered in the name of, the Trustee or endorsed in
blank;

                    (B) by physical delivery of such certificated security in registered
form to a “securities intermediary” (as defined in Section 8-102(a)(14) of
the UCC) acting on behalf of the Trustee if the certificated security has
been specially endorsed to the Trustee by an effective endorsement;

               (iii) with respect to any security issued by the U.S. Treasury, the Federal
Home Loan Mortgage Corporation or by the Federal National Mortgage Association that
is a book-entry security held through the Federal Reserve System pursuant to Federal
book entry regulations, the following procedures, all in accordance with applicable
law, including applicable federal regulations and Articles 8 and 9 of the UCC:
book-entry registration of such property to an appropriate book-entry account
maintained with a Federal Reserve Bank by a securities intermediary which is also a
“depositary” pursuant to applicable federal regulations and issuance by such
securities intermediary of a deposit advice or other written confirmation of such
book-entry registration to the Trustee of the purchase by the securities
intermediary on behalf of the Trustee of such book-entry security; the making by
such securities intermediary of entries in its books and records identifying such
book-entry security held through the Federal Reserve System pursuant to Federal
book-entry regulations as belonging to the Trustee and indicating that such
securities intermediary holds such book-entry security solely as agent for the
Trustee; or such additional or alternative procedures as may hereafter become
appropriate to effect complete transfer of ownership of any such Investment
Securities to the Trustee free of any adverse claims, consistent with changes in
applicable law or regulations or the interpretation thereof;

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               (iv) with respect to any “uncertificated security” (as defined in Section
8-102(a)(18) of the UCC) that is not governed by clause (iii) above, transferred:

                    (A) (1) by registration to the Trustee as the registered owner thereof,
on the books and records of the issuer thereof; or

         (1) by registration to another Person (not a securities
intermediary) that either becomes the registered owner of the
uncertificated security on behalf of the Trustee or, having become
the registered owner, acknowledges that it holds for the Trustee; or

                    (B) by the issuer thereof having agreed that it will comply with
instructions originated by the Trustee without further consent of the
registered owner thereof;

               (v) with respect to any “security entitlement” (as defined in Section
8-102(a)(17) of the UCC):

                    (A) if a securities intermediary

            (1) indicates by book entry that a “financial asset” (as defined
in Section 8-102(a)(9) of the UCC) has been credited to the Trustee’s
“securities account” (as defined in Section 8-501(a) of the UCC),

            (2) receives a financial asset (as so defined) from the Trustee
or acquires a financial asset for the Trustee, and, in either case,
accepts it for credit to the Trustee’s securities account (as so
defined),

            (3) becomes obligated under other law, regulation or rule to
credit a financial asset to the Trustee’s securities account, or

            (4) has agreed that it will comply with “entitlement orders” (as
defined in Section 8-102(a)(8) of the UCC) originated by the Trustee,
without further consent by the “entitlement holder” (as defined in
Section 8-102(a)(7) of the UCC), and

                    (B) such financial asset either is such Investment Security or a
security entitlement evidencing a claim thereto; and

               (vi) in each case of delivery contemplated pursuant to clauses (i) through (v)
above, the Trustee shall make appropriate notations on its records, and shall cause
the same to be made on the records of its nominees, indicating that such Investment
Security is held in trust pursuant to and as provided in this Indenture.

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     Any cash held by the Trustee shall be considered a “financial asset” for purposes of this
paragraph. Subject to the other provisions hereof, the Trustee shall have sole control over each
such investment and the income thereon, and any certificate or other instrument evidencing any such
investment, if any, shall be delivered directly to the Trustee or its agent, together with each
document of transfer, if any, necessary to transfer title to such investment to the Trustee in a
manner which complies with this paragraph.

     The Trustee agrees that it has no security interest or other adverse claim to the Funds and
Accounts or the Investment Securities therein that are part of the Trust Estate other than pursuant
to this Indenture and that it will not enter into any agreement that would give any Person or
entity other than the Trustee the right to give entitlement orders with respect to such Investment
Securities or the Funds and Accounts.

     Section 4.12. Transfer of Investment Securities. Whenever any transfer is required by this
Indenture to be made from any Fund or Account to any other Fund or Account, the Trustee may use
Investment Securities, or allocable portions thereof, included in the Balance of the former to the
extent necessary to make such transfer, but only to the extent such Investment Securities are
permissible investments for the Fund or Account to which they are to be transferred. The amount of
any such transfer of Investment Securities shall be the Value determined with respect thereto as of
the date of transfer.

     Section 4.13. Verification of Investment Securities. The Trustee shall verify as of each
January 1 and July 1 of each year that each investment of moneys within any Fund constitutes a
Permitted Investment.

     Section 4.14. Release. The Trustee shall, upon Issuer Order and subject to the provisions of
this Indenture, take all actions reasonably necessary to effect the release of any Financed Student
Loans from the lien of this Indenture to the extent the terms hereof permit the sale, disposition
or transfer of such Financed Student Loans.

     Subject to the payment of its fees and expenses pursuant to Sections 7.02 and 7.21 hereof, the
Trustee may, and when required by the provisions of this Indenture shall, execute instruments to
release property from the lien of this Indenture, or convey the Trustee’s interest in the same, in
a manner and under circumstances that are not inconsistent with the provisions of this Indenture.
No party relying upon an instrument executed by the Trustee as provided in this Article IV shall be
bound to ascertain the Trustee’s authority, inquire into the satisfaction of any conditions
precedent or see to the application of any moneys.

     The Trustee shall, at such time as there are no Notes Outstanding and all sums due the Trustee
pursuant to Sections 7.02 and 7.21 hereof and as evidenced by an Issuer Order all amounts payable
to the Servicer, the Issuer Administrator, the Auction Agents, the Broker-Dealers, the Delaware
Trustee and the Swap Counterparties have been paid, release any remaining portion of the Trust
Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any
other Person entitled thereto any funds then on deposit in the Funds and Accounts.

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     Subject to the provisions of this Indenture and except for sales of Financed Student Loans
pursuant to Section 4.02 hereof, the Trustee shall release property from the lien of this Indenture
only upon receipt of an Issuer Order, an opinion of Counsel and Independent certificates in
accordance with TIA Sections 314(c) and 314(d)(1) or an opinion of Counsel in lieu of such
Independent certificates to the effect that the TIA does not require any such Independent
certificates.

     Each Holder, by the acceptance of a Note, acknowledges that from time to time the Trustee
shall release the lien of this Indenture on any Financed Student Loan to be sold pursuant to
Section 4.02 hereof, and each Holder, by the acceptance of a Note, consents to any such release.

ARTICLE V

COVENANTS TO SECURE NOTES, REPRESENTATIONS AND WARRANTIES

     Section 5.01. Eligible Lender Trustee to Hold Financed Student Loans. The Issuer shall cause
all Financed Student Loans to be endorsed and otherwise conveyed to the Issuer or the Eligible
Lender Trustee on behalf of the Issuer.

     Section 5.02. Enforcement and Amendment of Guarantee Agreements. So long as any Notes or
Other Obligations are Outstanding and Financed Eligible Loans are guaranteed by a Guarantee Agency,
the Issuer will (a) from and after the date on which the Eligible Lender Trustee on its behalf
shall have either entered into, or succeeded to the rights and interests of any Lender under, any
Guarantee Agreement covering Financed Eligible Loans, cause the Eligible Lender Trustee to maintain
such Guarantee Agreement and diligently enforce the Eligible Lender Trustee’s rights thereunder;
(b) cause the Eligible Lender Trustee to enter into such other similar or supplemental agreements
as shall be required to maintain benefits for all Financed Eligible Loans covered thereby; and (c)
not voluntarily consent to or permit any rescission of or consent to any amendment to or otherwise
take any action under or in connection with any such Guarantee Agreement or any similar or
supplemental agreement which in any manner will materially adversely affect the rights of the
Holders from time to time of the Notes or Other Beneficiaries hereunder. Notwithstanding the
foregoing, the Issuer may amend any Guarantee Agreement, or may cause the Eligible Lender Trustee
to amend any Guarantee Agreement, in any respect if a Rating Agency Confirmation is obtained with
respect to such amendment.

     Section 5.03. Acquisition, Collection and Assignment of Student Loans. The Issuer shall
acquire only Eligible Loans with moneys in any of the Funds and shall diligently cause to be
collected all principal and interest payments (subject to any adjustments described in Section 5.04
hereof) on all the Financed Student Loans and other sums to which the Issuer is entitled with
respect to such Financed Student Loans, and all Special Allowance Payments and all defaulted
payments guaranteed by any Guarantee Agency which relate to such Financed Student Loans.

     Section 5.04. Enforcement of Financed Student Loans. The Issuer shall cause to be diligently
enforced, and shall cause to be taken all steps, actions and proceedings reasonably necessary for
the enforcement of, all terms, covenants and conditions of all Financed Student

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Loans and agreements in connection therewith, including the prompt payment of all principal
and interest payments (as such payments may be adjusted to take into account (a) any discount the
Issuer may cause to be made available to borrowers who make payments on Financed Student Loans
through automatic withdrawals; and (b) any reduction in the interest payable on Financed Student
Loans provided for in any borrower incentive or other special program under which such loans were
originated) and all other amounts due the Issuer thereunder. The Issuer shall not permit the
release of the obligations of any borrower under any Financed Student Loan and shall at all times,
to the extent permitted by law, cause to be defended, enforced, preserved and protected the rights
and privileges of the Issuer, the Eligible Lender Trustee, the Trustee and the Beneficiaries under
or with respect to each Financed Student Loan and agreement in connection therewith. The Issuer
shall not consent or agree to or permit any amendment or modification of any Financed Student Loan
or agreement in connection therewith which will in any manner materially adversely affect the
rights or security of the Beneficiaries; provided, that nothing in this Section or in Sections 5.03
and 5.05 hereof shall be construed to prevent the Issuer from (i) settling a default or from curing
a delinquency on any Financed Student Loan on such terms as shall be required by law; (ii) amending
the terms of a Financed Student Loan to provide for a different rate of interest thereon to the
extent required by law; or (iii) amending the terms of any Financed Student Loan or agreement in
connection therewith in any manner if a Rating Agency Confirmation is obtained with respect to such
amendment.

     Section 5.05. Administration and Collection of Financed Student Loans. The Issuer shall
service and collect, or shall enter into one or more Servicing Agreements pursuant to which the
Servicers agree to service and collect, all Student Loans in accordance with all applicable
requirements of the Higher Education Act, the Secretary of Education and this Indenture, and each
Guarantee Agreement, provided that each such Servicer shall (i) be in compliance with the laws of
each state necessary to enable it to perform its obligations under the related Servicing Agreement;
and (ii) either have a net worth of at least $5,000,000 or be Goal or another affiliate of the
Issuer. The Issuer may enter into the Administration Agreement with the Issuer Administrator and
into other administration agreements with other administrators, provided that the Issuer
Administrator and each such other administrator shall (A) be in compliance with the laws of each
state necessary to enable it to perform its obligations under the Administration Agreement or
related administration agreement (as applicable); and (B) either have a net worth of at least
$5,000,000 or be an affiliate of the Issuer.

     The Issuer shall cause to be diligently enforced, and take all reasonable steps, actions and
proceedings necessary for the enforcement of, all terms, covenants and conditions of all Servicing
Agreements, the Administration Agreement, the Eligible Lender Trust Agreement, the Student Loan
Repurchase Agreement, any Student Loan Purchase Agreement and all other administration agreements,
including, in the case of the Servicing Agreements, the prompt payment of all principal and
interest payments and all other amounts due the Issuer or the Trustee thereunder, including all
Special Allowance Payments and all defaulted payments guaranteed by any Guarantee Agency which
relate to any Financed Student Loans. The Issuer shall not permit the release of the obligations
of any Servicer under any Servicing Agreement, the Eligible Lender Trustee under the Eligible
Lender Trust Agreement, Goal under the Student Loan Repurchase Agreement, any parties to any
Student Loan Purchase Agreement or the Issuer Administrator or any other administrator under the
Administration Agreement or the related administration agreement, as applicable, except in
accordance with the terms thereof, and shall at

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all times, to the extent permitted by law, cause to be defended, enforced, preserved and
protected the rights and privileges of the Issuer, the Trustee and the Beneficiaries under or with
respect to each Servicing Agreement, the Administration Agreement and each other administration
agreement. The Issuer shall not consent or agree to or permit any amendment or modification of any
Servicing Agreement, the Administration Agreement, the Eligible Lender Trust Agreement, the Student
Loan Repurchase Agreement, any Student Loan Purchase Agreement or any other administration
agreement which will in any manner materially adversely affect the rights or security of the
Beneficiaries, unless, in the case of the Administration Agreement or any other administration
agreement, the requisite amount of Beneficiaries vote in favor of such amendment or modification in
accordance with the terms thereof. Notwithstanding the foregoing, the Issuer may amend, or cause
the Eligible Lender Trustee to amend, any Servicing Agreement, the Administration Agreement or any
other administration agreement in any respect if a Rating Agency Confirmation is obtained with
respect to such amendment.

     Each Servicer may enter into Subservicing Agreements for any servicing and administration of
Financed Student Loans with any entity, upon receipt of a Rating Agency Confirmation. The Servicer
shall be entitled to terminate any Subservicing Agreement in accordance with the terms and
conditions of such Subservicing Agreement and to either itself directly service the related
Financed Student Loans or enter into a Subservicing Agreement with a successor subservicer.

     Section 5.06. Punctual Payments. The Issuer shall duly and punctually pay, or cause to be
paid, the principal of, premium, if any, and interest on and any Carry-Over Amount (and accrued
interest thereon) due and payable with respect to each and every Note and each Other Obligation
from the revenues and other assets pledged hereunder on the dates and at the places, and in the
manner provided, in the Notes and with respect to each Other Obligation according to the true
intent and meaning thereof, and the Issuer shall faithfully do and perform and at all times fully
observe and keep any and all of its covenants, undertakings, stipulations and provisions contained
in the Notes, the Other Obligations and this Indenture. The Issuer shall duly and punctually pay,
or cause to be paid, the Note Fees, Servicing Fees and Administration Fees from the revenues and
other assets pledged hereunder as and when the same become due in accordance with Section 4.03
hereof.

     Section 5.07. Further Assurances. Each of the Issuer and the Eligible Lender Trustee shall at
any and all times, insofar as it may be authorized so to do, pass, make, do, execute, acknowledge
and deliver all and every such further resolutions, indentures, acts, deeds, conveyances,
assignments, transfers and assurances as may be necessary or desirable for the better assuring,
conveying, granting, assigning and confirming any and all of the rights, revenues, securities and
other moneys hereby pledged or charged with or assigned to the payment of the Notes or Other
Obligations, or intended so to be, or which the Issuer and/or the Eligible Lender Trustee may
hereafter become bound to pledge or charge or assign.

     Section 5.08. Protection of Security; Power to Issue Notes and Pledge Revenues and Other
Funds. The Issuer is duly authorized under all applicable law to create and issue the Notes, to
enter into this Indenture, to enter into Other Obligations and to pledge the revenues and other
moneys, Financed Student Loans, securities, properties, rights, interests and evidences of
indebtedness purported to be pledged by this Indenture in the manner and to the extent provided

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in this Indenture. The revenues and other moneys, securities, evidences of indebtedness and
properties so pledged are and will be free and clear of any pledge, lien, charge or encumbrance
thereon or with respect thereto prior to, or of equal rank with, the pledge created by this
Indenture, except as otherwise expressly provided herein, and all action on the part of the Issuer
to that end has been duly and validly taken. The Notes and the provisions of this Indenture, each
Supplemental Indenture and each Other Obligation are and will be valid and legally enforceable
obligations of the Issuer in accordance with their terms and the terms of this Indenture and each
Supplemental Indenture. The Issuer shall at all times, to the extent permitted by law, defend,
preserve and protect the pledge of the revenues and other moneys, Financed Student Loans,
securities, properties, rights, interests and evidences of indebtedness pledged under this
Indenture and each Supplemental Indenture and all the rights of the Beneficiaries hereto against
all claims and demands of all Persons whomsoever.

     The pledge of the revenues and other moneys, Financed Student Loans, securities, properties,
rights, interests and evidences of indebtedness made hereby includes the pledge of any contract or
any evidence of indebtedness or other rights of the Issuer to receive any of the same, whether now
existing or hereafter coming into existence, and whether now or hereafter acquired, and the
proceeds thereof.

     In consideration of the purchase and acceptance of the Notes by those who shall hold the same
from time to time and the execution and delivery by Other Beneficiaries of any Other Obligations,
the provisions of this Indenture shall be a part of the contract of the Issuer with the
Beneficiaries and shall be deemed to be and shall constitute a contract between the Issuer, the
Trustee and the Beneficiaries.

     Section 5.09. No Encumbrances. The Issuer will not create, or permit the creation of, any
pledge, lien, charge or encumbrance upon the Financed Student Loans or the revenues and other
moneys, securities, properties, rights, interests and evidences of indebtedness pledged under this
Indenture, except only as to a lien subordinate to the lien of this Indenture created by any other
indenture authorizing the issuance of bonds, notes or other evidences of indebtedness of the Issuer
the proceeds of which have been or will be used to refund or otherwise retire all or a portion of
the Outstanding Notes (but only upon receipt by the Trustee of an opinion of Counsel that the
creation of such lien will not be prejudicial to the Trustee or the Holders of any Outstanding
Notes or any Other Beneficiary) or as otherwise provided in or permitted by this Indenture. The
Issuer will not issue any bonds or other evidences of indebtedness, other than the Notes as
permitted by this Indenture and other than Swap Agreements and Credit Enhancement Facilities
relating to Notes as permitted by this Indenture, secured by a pledge of the revenues and other
moneys, securities, properties, rights, interests and evidences of indebtedness herein pledged or
held aside by the Issuer or by a fiduciary under this Indenture, creating a lien or charge on such
revenues and other moneys, securities, properties, rights, interests and evidences of indebtedness
equal or superior to the lien of this Indenture; provided that nothing in this Indenture shall
prevent the Issuer from issuing obligations secured by assets and revenues of the Issuer other than
the revenues and other moneys, securities, properties, rights, interests and evidences of
indebtedness pledged in this Indenture.

     Section 5.10. Continuing Existence; Merger and Consolidation. The Issuer will maintain its
existence as a Delaware statutory trust and will not dispose of all or substantially all

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of its assets (by sale, lease or otherwise), except as otherwise specifically authorized in
this Indenture, or consolidate with or merge into another entity or permit any other entity to
consolidate with or merge into it unless either the Issuer is the surviving entity or each of the
following conditions is satisfied:

     (a) the surviving, resulting or transferee entity, as the case may be, shall be a
corporation, limited liability company or other legal entity organized under the laws of the
United States or one of the states thereof;

     (b) at least thirty (30) days before such merger, consolidation or transfer of assets
becomes effective, the Issuer shall give the Trustee written notice of the proposed
transaction;

     (c) immediately after giving effect to such merger, consolidation or transfer of
assets, no Event of Default shall have occurred and be continuing;

     (d) a Rating Agency Confirmation shall have been obtained with respect to such merger,
consolidation or transfer of assets; and

     (e) prior to or concurrently with such merger, consolidation or transfer of assets, (i)
any action as is necessary to maintain the lien and security interest created in favor of
the Trustee by this Indenture shall have been taken; (ii) the surviving, resulting or
transferee entity, as the case may be, shall deliver to the Trustee an instrument assuming
all of the obligations of the Issuer under this Indenture, any Notes, any Swap Agreement,
any Credit Enhancement Facility, any Remarketing Agreement, any Tender Agent Agreement, any
Auction Agent Agreement and any Servicing Agreement, together with the consent of the other
parties, if any, to each such instrument to such assumption; and (iii) the Issuer shall have
delivered to the Trustee and each Rating Agency an Issuer Certificate and an opinion of
Counsel (which shall describe the actions taken as required by clause (i) of this paragraph
or that no such action need be taken) each stating that all conditions precedent herein
provided for relating to such merger, consolidation or transfer of assets have been compiled
with.

     Section 5.11. Amendment of Remarketing Agreements and Tender Agent Agreements. The Issuer
shall notify the Trustee and any related Credit Facility Provider in writing of any proposed
amendments to any Remarketing Agreement or Tender Agent Agreement. No such amendment shall become
effective unless and until (a) the Trustee consents in writing thereto, which consent shall not be
given unless the Trustee receives an opinion of Counsel that such amendment is required by a Credit
Enhancement Facility or this Indenture or is not to the material prejudice of the Holders of the
Notes; and (b) any related Credit Facility Provider consents in writing thereto, which consent
shall not be unreasonably withheld, provided that no consent of the Credit Facility Provider shall
be required if the Credit Facility Provider receives an opinion of Counsel that such amendment is
required by this Indenture.

     Section 5.12. Tax Treatment. The Issuer has entered into this Indenture with the intention
that (and each Holder, by its acceptance of a Note, will evidence its intention that), for federal,
state and local income, business and franchise tax purposes, the Notes will be

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indebtedness secured by the Student Loans. The Issuer, by entering into this Indenture, and
each Holder, by its acceptance of its Note, agree to treat the Notes for federal, state and local
income, business and franchise tax purposes as indebtedness.

     Section 5.13. Representations and Warranties of the Issuer. By execution of this Indenture,
the Issuer makes the following representations and warranties:

     (a) Organization and Good Standing. It has been duly organized and is validly existing
as a Delaware statutory trust, with power and authority to own its properties and to conduct
its business as such properties are currently owned and as such business is currently
conducted and is proposed to be conducted pursuant to this Indenture.

     (b) Power and Authority. It has the power and authority to execute and deliver this
Indenture and to perform its obligations pursuant thereto; and the execution, delivery and
performance of this Indenture, the Notes and each Other Obligation have been duly authorized
by all necessary corporate action.

     (c) No Consent Required. No consent, license, approval or authorization of, or
registration or declaration with, any Person or any governmental authority, bureau or agency
is required to be obtained by the Issuer in connection with the execution, delivery or
performance of this Indenture, the Notes or any Other Obligation, except for such as have
been obtained, effected or made.

     (d) No Violation. The consummation of the transactions contemplated by this Indenture,
the Notes and each Other Obligation and the fulfillment of its obligations under this
Indenture, the Notes and each Other Obligation will not conflict with, result in any breach
of any of the terms and provisions of or constitute (with or without notice, lapse of time
or both) a default under, its certificate of incorporation or bylaws, or any indenture,
agreement, mortgage, deed of trust or other instrument to which it is a party or by which it
is bound, or result in the creation or imposition of any lien upon any of its properties
pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other
instrument, or violate any law, order, rule or regulation applicable to it of any court or
of any federal or state regulatory body, administrative agency or other governmental
instrumentality having jurisdiction over it or any of its properties.

     (e) No Proceedings. There are no proceedings or investigations pending or, to its
knowledge, threatened against it before any court, regulatory body, administrative agency or
other tribunal or governmental instrumentality having jurisdiction over it or its properties
(i) asserting the invalidity of this Indenture, any Note or any Other Obligation; (ii)
seeking to prevent the issuance of the Notes or the consummation of any of the transactions
contemplated by this Indenture, any Note or any Other Obligation; or (iii) seeking any
determination or ruling that might materially and adversely affect its performance of its
obligations under, or the validity or enforceability of, this Indenture, any Note or any
Other Obligation.

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     (f) Place of Business. The principal offices of the Issuer are in Newark, Delaware.

     (g) Not an Investment Company. The Issuer is not an “investment company” within the
meaning of the Investment Company Act of 1940, as amended, or is exempt from all provisions
of such Act.

     (h) Binding Obligations. This Indenture, the Notes and each Other Obligation
constitutes the legal, valid and binding obligation of the Issuer, enforceable against the
Issuer in accordance with its terms, except (i) as such enforceability may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws now or
hereafter in effect, affecting the enforcement of creditors’ rights in general; and (ii) as
such enforceability may be limited by general principles of equity (whether considered in a
suit at law or in equity).

     (i) Valid Security Interest. This Indenture creates a valid and continuing security
interest (as defined in the Uniform Commercial Code as in effect in the State of Delaware)
in the Financed Student Loans in favor of the Trustee, and is enforceable as such against
any creditors of the Issuer.

     Section 5.14. Use of Trustee Eligible Lender Number. The Eligible Lender Trustee covenants
and agrees if it holds any other Student Loans under the federal eligible lender number under which
it holds any Financed Student Loans, the Eligible Lender Trustee shall segregate such Student Loans
and separately account for such Student Loans to the Issuer.

     Section 5.15. Additional Covenants. The Issuer covenants that it will acquire or cause to be
acquired Student Loans as described herein. The Holders of the Notes shall not in any
circumstances be deemed to be the owner or holder of the Financed Student Loan.

     The Issuer, or its designated agent, shall be responsible for each of the following actions:

     (a) With respect to Financed Student Loans originated under the Higher Education Act,
the Issuer, or its designated agent, shall be responsible for dealing with the Secretary of
Education with respect to the rights, benefits and obligations under the certificates of
insurance and the contract of insurance with respect to Financed Student Loans originated
under the Higher Education Act, and the Issuer, or its designated agent, shall be
responsible for dealing with the Guarantee Agency with respect to the rights, benefits and
obligations under any Guarantee Agreement with respect to the Financed Student Loans.

     (b) With respect to Financed Student Loans originated under the Higher Education Act,
the Issuer, or its designated agent, shall comply, and shall cause all of its officers,
directors, employees and agents to comply, with the provisions of the Higher Education Act
and any regulations or rulings thereunder, and with the provisions of any Guarantee
Agreement with respect to the Financed Student Loans.

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     (c) The Issuer, or its designated agent, shall cause the benefits of the Guarantee
Agreements, the federal interest subsidy payments and the Special Allowance Payments to flow
to the Trustee.

     (d) The Trustee shall have no obligation to administer, service or collect the loans in
the Trust Estate or to maintain or monitor the administration, servicing or collection of
such loans.

     The Trustee shall not be deemed to be the designated agent for the purposes of this Section
unless it has agreed in writing to be such agent.

     Section 5.16. Covenant Regarding Financed Student Loans. The Issuer hereby covenants that all
Student Loans to be acquired hereunder will meet the following:

     (a) Each Student Loan is evidenced by an executed promissory note (which may be in
electronic form), which note is a valid and binding obligation of the borrower, enforceable
by or on behalf of the holder thereof in accordance with its terms, subject to bankruptcy,
insolvency and other laws relating to or affecting creditors’ rights.

     (b) The amount of the unpaid principal balance of each Student Loan is due and owing,
and no counterclaim, offset, defense or right to rescission exists with respect to any such
Student Loan which can be asserted and maintained or which, with notice, lapse of time, or
the occurrence or failure to occur of any act or event, could be asserted and maintained by
the borrower against the Issuer as assignee thereof. The Issuer shall take all reasonable
actions to assure that no maker of a Student Loan has or may acquire a defense to the
payment thereof.

     (c) No Student Loan has a payment that is more than 60 days overdue.

     (d) The Issuer has full right, title and interest in each Student Loan free and clear
of all liens, pledges or encumbrances whatsoever, and other than the security interest
granted to the Trustee hereunder, the Issuer has not pledged, assigned, sold, granted a
security interest in, or otherwise conveyed any of the Student Loans to any other Person.
The Issuer has not authorized the filing of and is not aware of any financing statements
against it that include a description of collateral covering the Student Loans, other than
any financing statement relating to the security interest granted to the Trustee hereunder
or any financing statement that has been terminated. The Issuer is not aware of any
judgment or tax lien filings against it.

     (e) Each Student Loan was made in compliance with all applicable local, state and
federal laws, rules and regulations, including, without limitation, all applicable
nondiscrimination, truth-in-lending, consumer credit and usury laws.

     (f) Except as otherwise approved in writing by each Credit Facility Provider, if any,
all loan documentation shall be delivered to a custodian (as custodian for the Trustee)
prior to payment of the purchase price of such Student Loan.

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     (g) Each Student Loan is accruing interest (whether or not such interest is being paid
currently, either by the borrower or the Secretary of Education, or is being capitalized),
except as otherwise expressly permitted by this Indenture.

     (h) Each Student Loan constitutes an “instrument” as defined in the Uniform Commercial
Code as in effect in the State of Delaware.

     (i) The Issuer has received all consents and approvals required by the terms of each
Student Loan to the pledge of such Student Loan hereunder to the Trustee.

     (j) The Issuer has caused or will have caused, within ten days of the Closing Date, the
filing of all appropriate financing statements in the proper offices of all jurisdictions in
which filing is necessary under applicable law in order to perfect the security interest of
the Trustee in the Student Loans.

     (k) The original executed copy of each promissory note that constitutes or evidences a
Student Loan will be delivered to the Custodian on behalf of and for the benefit of the
Trustee.

     (l) At the time each Student Loan is delivered to the Custodian, the Issuer will
receive a written acknowledgment from the Custodian that the Custodian is holding each
promissory note that constitutes or evidences a Student Loan solely on behalf of and for the
benefit of the Trustee.

     (m) The promissory notes that constitute or evidence the Student Loans will not have
any marks or notations indicating that they have been pledged, assigned or otherwise
conveyed to any Person other than the Trustee. All financing statements filed or to be
filed against the Issuer in favor of the Trustee in connection herewith describing the
Student Loans contain the following statement: “A purchase of or security interest in any
collateral described in this financing statement will violate the rights of the Trustee.”

     (n) Each Student Loan complies with the requirements of the Higher Education Act.

     Section 5.17. Opinions as to Trust Estate. On or before January 1 in each calendar year,
beginning in 2004, the Issuer will furnish to the Trustee an opinion of Counsel at the expense of
the Issuer either stating that, in the opinion of such counsel, such action has been taken with
respect to the recording, filing, re-recording and refiling of this Indenture, any indentures
supplemental hereto and any other requisite documents and with respect to the execution and filing
of any financing statements and continuation statements as is necessary to maintain the lien and
security interest created by this Indenture and reciting the details of such action or stating that
in the opinion of such counsel no such action is necessary to maintain such lien and security
interest. Such opinion of Counsel shall also describe the recording, filing, re-recording and
refiling of this Indenture, any indentures supplemental hereto and any other requisite documents
and the execution and filing of any financing statements and continuation statements that will, in
the opinion of such counsel, be required to maintain the lien and security interest of this
Indenture until January 1 in the following calendar year.

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     Section 5.18. Representations of the Issuer Regarding the Trustee’s Security Interest.

     (a) This Indenture creates a valid and continuing security interest (as defined in the
applicable Uniform Commercial Code in effect in the State of Delaware) in the Trust Estate
in favor of the Trustee, which security interest is prior to all other liens, charges,
security interests, mortgages or other encumbrances, and is enforceable as such as against
creditors of and purchasers from the Issuer.

     (b) The Higher Education Act deems the Financed Eligible Loans to constitute “accounts”
within the meaning of the applicable UCC for purposes of perfecting a security interest in
the Financed Eligible Loans.

     (c) The Issuer (or the Eligible Lender Trustee on behalf of the Issuer) owns and has
good and marketable title to the Financed Eligible Loans free and clear of any lien, charge,
security interest, mortgage or other encumbrance or claim of any Person.

     (d) The Issuer has previously caused the filing of all appropriate financing statements
in the proper filing office in the appropriate jurisdictions under applicable law in order
to perfect the security interest in the Financed Eligible Loans granted to the Trustee under
this Indenture

     (e) All executed copies of each promissory note that constitute or evidence the
Financed Eligible Loans have been delivered to the Trustee (or its agent or bailee pursuant
to a Servicing Agreement or a Custodian Agreement).

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

     (g) The Issuer is an statutory trust organized solely under the laws of the State of
Delaware.

     Section 5.19. Covenants of the Issuer Regarding the Trustee’s Security Interest. The Issuer
hereby covenants for the benefit of the Trustee and the Registered Owners as follows:

     (a) None of the representations and warranties set forth in Section 5.18 hereof may be
waived by the Trustee.

     (b) The Issuer shall take all steps necessary, and shall cause each Servicer to take
all steps necessary and appropriate, to maintain the perfection and priority of the
Trustee’s security interest in the Financed Eligible Loans.

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     Section 5.20. Noteholder Lists. The
 Issuer covenants and agrees that it will furnish or cause
to be furnished to the Trustee, semiannually, not more than fifteen calendar days after each March
first and each September first of each year, with the first such
report due in September 2005, and
at such other times as the Trustee may request in writing, within thirty calendar days after
receipt by the Issuer of any such request (or such lesser time as the Trustee may reasonably
request in order to enable it to timely provide any notice to be provided by it hereunder), a list
in such form as the Trustee may reasonably require of the names and addresses of the Holders as of
a date not more than fifteen calendar days (or such other date as the Trustee may reasonably
request in order to so provide any such notices) prior to the time such information is furnished,
except that no such list need be furnished by the Issuer to the Trustee so long as the Trustee is
acting as the sole Note Registrar. The Trustee shall preserve, in as current a form as is
reasonably practicable, all such information so furnished to it or received by it.

     Section 5.21. Reports by Issuer. The Issuer will:

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

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

     (c) Transmit by mail to the Holders, within thirty (30) days after the filing thereof
with the Trustee, in the manner and to the extent provided in TIA Section 313(c), such
summaries of any information, documents and reports required to be filed by the Issuer, if
any, pursuant to paragraphs (a) and (b) above as may be required by rules and regulations
prescribed from time to time by the Commission.

     The Trustee may conclusively rely and accept such reports from the Issuer as fulfilling the
requirements of this Section 5.20, with no further duty to know, determine or examine such reports
or comply with the prescribed timing, rules and regulations of the Commission.

     Section 5.22. Statement as to Compliance. The Issuer shall deliver to the Trustee, within
seventy-five (75) days after the end of each Fiscal Year, a brief certificate from an Authorized
Officer as to his or her knowledge stating the Issuer is in compliance with all conditions and
covenants under this Indenture and, in the event of any noncompliance, specifying such
noncompliance and the nature and status thereof. For purposes of this Section 5.22, such compliance
shall be determined without regard to any period of grace or requirement of notice under this
Indenture.

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     Section 5.23. Verification Agent’s Certificate. The Verification Agent Agreement provides
that, prior to each Monthly Calculation Date, the Verification Agent shall deliver to the Trustee a
certificate certifying as to whether the Issuer Order to transfer moneys on such Monthly
Calculation Date pursuant to Section 4.05 is accurate. In the event that such certificate
delivered by the Verification Agent indicates that such Issuer Order is not accurate, then the
Trustee shall transfer moneys on such Monthly Calculation Date based on the applicable information
that the Verification Agent has certified to be the correct information; provided that the Trustee
shall not transfer moneys based on such certificate from the Verification Agent if either: (i) the
Issuer Administrator shows, to the reasonable satisfaction of the Trustee, that such certification
of the Verification Agent is incorrect, in which case the Trustee shall transfer moneys on such
Monthly Calculation Date based on information provided by the Issuer Administrator; or (ii) the
Issuer Administrator shows, to the reasonable satisfaction of the Verification Agent, that such
certification of the Verification Agent is incorrect and the Verification Agent provides a
corrected certification to the Trustee, in which case the Trustee shall transfer moneys on such
Monthly Calculation Date based on such corrected certificate.

ARTICLE VI

DEFAULTS AND REMEDIES

     Section 6.01. Events of Default. If any of the following events occur, it is hereby defined
as and declared to be and to constitute an Event of Default, whatever the reason therefor and
whether voluntary or involuntary or effected by operation of law:

     (a) default in the due and punctual payment of any interest on any Senior Note; or

     (b) default in the due and punctual payment of the principal of, or premium, if any,
on, any Senior Note, whether at the Stated Maturity thereof, at the date fixed for
prepayment or redemption thereof (including, but not limited to, Sinking Fund Payment Dates)
or otherwise upon the maturity thereof; or

     (c) default by the Issuer in its obligation to purchase any Senior Note on a Tender
Date therefor; or

     (d) default in the due and punctual payment of any amount owed by the Issuer to any
Other Senior Beneficiary under a Senior Swap Agreement or Senior Credit Enhancement
Facility; or

     (e) if no Senior Obligations are Outstanding, default in the due and punctual payment
of any interest on any Subordinate Note; or

     (f) if no Senior Obligations are Outstanding, default in the due and punctual payment
of the principal of, or premium, if any, on, any Subordinate Note, whether at the Stated
Maturity thereof, at the date fixed for prepayment or redemption thereof (including, but not
limited to, Sinking Fund Payment Dates) or otherwise upon the maturity thereof; or

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     (g) if no Senior Obligations are Outstanding, default by the Issuer in its obligation
to purchase any Subordinate Note on a Tender Date therefor; or

     (h) if no Senior Obligations are Outstanding, default in the due and punctual payment
of any amount owed by the Issuer to any Other Subordinate Beneficiary under a Subordinate
Swap Agreement or Subordinate Credit Enhancement Facility; or

     (i) if no Senior Obligations and no Subordinate Obligations are Outstanding, default in
the due and punctual payment of any interest on any Junior Subordinate Note; or

     (j) if no Senior Obligations and no Subordinate Obligations are Outstanding, default in
the due and punctual payment of the principal of, or premium, if any, on, any Junior
Subordinate Note, whether at the Stated Maturity thereof, at the date fixed for prepayment
thereof (including, but not limited to, Sinking Fund Payment Dates) or otherwise upon the
maturity thereof; or

     (k) if no Senior Obligations and no Subordinate Obligations are Outstanding, default by
the Issuer in its obligation to purchase any Junior Subordinate Note on a Tender Date
therefor; or

     (l) if no Senior Obligations and no Subordinate Obligations are Outstanding, default in
the due and punctual payment of any amount owed by the Issuer to any Other Junior
Subordinate Beneficiary under a Junior Subordinate Swap Agreement or Junior Subordinate
Credit Enhancement Facility; or

     (m) default in the performance of any of the Issuer’s obligations with respect to the
transmittal of moneys to be credited to the Collection Fund, the Acquisition Fund or the
Debt Service Fund under the provisions hereof and such default shall have continued for a
period of thirty days; or

     (n) default in the performance or observance of any other of the covenants, agreements
or conditions on the part of the Issuer in this Indenture or in the Notes contained, and
such default shall have continued for a period of thirty days after written notice thereof,
specifying such default, shall have been given to the Issuer by the Trustee (which may give
such notice in its discretion and shall give such notice at the written request of the
Acting Beneficiaries Upon Default); provided that, if the default is such that it can be
corrected, but not within such thirty days, it shall not constitute an Event of Default if
corrective action is instituted by the Issuer within such thirty days and is diligently
pursued until the default is corrected; or

     (o) if the Issuer shall:

     (i) admit in writing its inability to pay its debts generally as they become
due; or

     (ii) consent to the appointment of a custodian (as that term is defined in the
federal Bankruptcy Code) for or assignment to a custodian of the whole or

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any substantial part of the Issuer’s property, or fail to stay, set aside or
vacate within 90 days from the date of entry thereof any order or decree entered by
a court of competent jurisdiction ordering such appointment or assignment (it being
understood and agreed that the custodial arrangements contemplated by the definition
of Custodian in this Indenture do not constitute an Event of Default); or

     (iii) commence any proceeding or file a petition under the provisions of the
federal Bankruptcy Code for liquidation, reorganization or adjustment of debts, or
under any insolvency law or other statute or law providing for the modification or
adjustment of the rights of creditors or fail to stay, set aside or vacate within 90
days from the date of entry thereof any order or decree entered by a court of
competent jurisdiction pursuant to an involuntary proceeding, whether under federal
or state law, providing for liquidation or reorganization of the Issuer or
modification or adjustment of the rights of creditors; or

     (p) there occurs the filing of a decree or order for relief by a court having
jurisdiction in the premises in respect of the Issuer or any substantial part of the Trust
Estate in an involuntary case under any applicable federal or state bankruptcy, insolvency
or other similar law now or hereafter in effect, or appointing a receiver, liquidation,
assignee, custodian, trustee, sequestrator or similar official of the Issuer or for any
substantial part of the Trust Estate, or ordering the winding-up or liquidation of the
Issuer’s affairs, and such decree or order shall remain unstayed and in effect for a period
of 90 consecutive days.

     Section 6.02. Acceleration. Whenever any Event of Default shall have occurred and be
continuing, the Trustee may (and upon the written request of the Acting Beneficiaries Upon Default,
the Trustee shall), by notice in writing delivered to the Issuer, declare the principal of and
interest accrued on all Notes then Outstanding due and payable. A copy of such notice shall also
be provided to any Tender Agent, any Remarketing Agent, any Auction Agent, any Market Agent and any
Broker-Dealer. In the event that the Trustee shall declare the principal of and interest accrued
on all Notes then Outstanding due and payable in accordance with this Section, such principal and
interest shall become immediately due and payable on the date of declaration. At any time after
such a declaration of acceleration has been made, but before a judgment or decree for payment of
the money due has been obtained by the Trustee, the Acting Beneficiaries Upon Default may, by
written notice to the Issuer and the Trustee, rescind and annul such declaration and its
consequences if:

     (a) There has been paid to or deposited with the Trustee by or for the account of the
Issuer, or provision satisfactory to the Trustee has been made for the payment of, a sum
sufficient to pay:

     (i) if Senior Obligations are Outstanding:

     (A) all overdue installments of interest on all Senior Notes;

     (B) the principal of (and premium, if any, on) any Senior Notes which
have become due otherwise than by such declaration of

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acceleration, together with interest thereon at the rate or rates borne
by such Senior Notes;

     (C) to the extent that payment of such interest is lawful, interest
upon overdue installments of interest on the Senior Notes at the rate or
rates borne by such Senior Notes;

     (D) all Other Senior Obligations which have become due other than as a
direct result of such declaration of acceleration;

     (E) all other sums required to be paid to satisfy the Issuer’s
obligations with respect to the transmittal of moneys to be credited to the
Collection Fund, the Acquisition Fund and the Interest Account under the
provisions of this Indenture; and

     (F) all sums paid or advanced by the Trustee under this Indenture and
the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel and any Paying Agents, Remarketing Agents,
Tender Agents, Auction Agents, Market Agents and Broker-Dealers; or

     (ii) if no Senior Obligations are Outstanding but Subordinate Obligations are
Outstanding:

     (A) all overdue installments of interest on all Subordinate Notes;

     (B) the principal of (and premium, if any, on) any Subordinate Notes
which have become due other than by such declaration of acceleration,
together with interest thereon at the rate or rates borne by such
Subordinate Notes;

     (C) to the extent that payment of such interest is lawful, interest
upon overdue installments of interest on the Subordinate Notes at the rate
or rates borne by such Subordinate Notes;

     (D) all Other Subordinate Obligations which have become due other than
as a direct result of such declaration of acceleration;

     (E) all other sums required to be paid to satisfy the Issuer’s
obligations with respect to the transmittal of moneys to be credited to the
Collection Fund, the Acquisition Fund and the Interest Account under the
provisions of this Indenture; and

     (F) all sums paid or advanced by the Trustee under this Indenture and
the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel and any Paying Agents,

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Remarketing Agents, Tender Agents, Auction Agents and Broker-Dealers; or

     (iii) if no Senior Obligations and no Subordinate Obligations are Outstanding
but Junior Subordinate Notes are Outstanding:

     (A) all overdue installments of interest on all Junior Subordinate
Notes;

     (B) the principal of (and premium, if any, on) any Junior Subordinate
Notes which have become due other than by such declaration of acceleration,
together with interest thereon at the rate or rates borne by such Junior
Subordinate Notes;

     (C) to the extent that payment of such interest is lawful, interest
upon overdue installments of interest on the Junior Subordinate Notes at the
rate or rates borne by such Junior Subordinate Notes;

     (D) all Other Junior Subordinate Obligations which have become due
otherwise as a direct result of such declaration of acceleration;

     (E) all other sums required to be paid to satisfy the Issuer’s
obligations with respect to the transmittal of moneys to be credited to the
Collection Fund, the Acquisition Fund and the Interest Account under the
provisions of this Indenture; and

     (F) all sums paid or advanced by the Trustee under this Indenture and
the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel and any Paying Agents, Remarketing Agents,
Tender Agents, Auction Agents and Broker-Dealers.

     (b) All Events of Default, other than the non-payment of the principal of Notes or
Other Obligations which have become due solely by, or as a direct result of, such
declaration of acceleration, have been cured or waived as provided in Section 6.13 hereof.

     No such rescission and annulment shall affect any subsequent default or impair any right
consequent thereon.

     Section 6.03. Other Remedies; Rights of Beneficiaries. If an Event of Default has occurred
and is continuing, the Trustee may (a) institute judicial proceedings in its own name and as or on
behalf of a trustee of an express trust for the collection of all amounts then payable on the Notes
and any Other Obligations or under this Indenture with respect thereto, whether by declaration or
otherwise, enforce any judgment obtained, and collect from the Issuer and any other obligor upon
such Notes and Other Obligations moneys adjudged due; and (b) pursue any other available remedy by
suit at law or in equity to enforce the covenants of the Issuer herein, including, without
limitation, any remedy of a secured party under the Uniform Commercial

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Code, foreclosure and mandamus, and may pursue such appropriate judicial proceedings as the
Trustee shall deem most effective to protect and enforce, or aid in the protection and enforcement
of, the covenants and agreements herein.

     If an Event of Default shall have occurred and is continuing, and if it shall have been
requested so to do by the Acting Beneficiaries Upon Default and shall have been indemnified as
provided in Section 7.01 hereof, the Trustee shall be obliged to exercise such one or more of the
rights and powers conferred by this Section as the Trustee, being advised by its Counsel, shall
deem most expedient in the interests of the Beneficiaries; provided, however, that the Trustee
shall have the right to decline to comply with any such request if the Trustee shall be advised by
Counsel that the action so requested may not lawfully be taken or if the Trustee receives, before
exercising such right or power, contrary instructions from the Acting Beneficiaries Upon Default.

     Notwithstanding any other provisions of this Article, if an “Event of Default” (as defined
therein) occurs under a Swap Agreement or a Credit Enhancement Facility and, as a result, the Other
Beneficiary that is a party thereto is entitled to exercise one or more remedies thereunder, such
Other Beneficiary may exercise such remedies, including, without limitation, the termination of
such agreement, as provided therein, in its own discretion; provided that the exercise of any such
remedy shall not adversely affect the legal ability of the Trustee or Acting Beneficiaries Upon
Default to exercise any remedy available hereunder.

     No remedy by the terms of this Indenture conferred upon or reserved to the Trustee or to the
Beneficiaries is intended to be exclusive of any other remedy, but each and every such remedy shall
be cumulative and shall be in addition to any other remedy given to the Trustee or to the
Beneficiaries hereunder or now or hereafter existing at law or in equity or by statute. The
assertion or employment of any right or remedy hereunder shall not prevent the concurrent assertion
or employment of any other appropriate right or remedy.

     No delay or omission to exercise any right or power accruing upon any Event of Default shall
impair any such right or power or shall be construed to be a waiver of any such Event of Default or
acquiescence therein; and every such right and power may be exercised from time to time and as
often as may be deemed expedient by the Trustee or the Acting Beneficiaries Upon Default, as the
case may be.

     The Issuer covenants that if an Event of Default shall have happened and shall not have been
remedied, the Issuer will continue to account, as a trustee of an express trust, for all other
money, securities and property pledged under this Indenture.

     Section 6.04. Direction of Proceedings by Acting Beneficiaries Upon Default. The Acting
Beneficiaries Upon Default shall have the right, at any time, by an instrument or instruments in
writing executed and delivered to the Trustee, to direct the method and place of conducting all
proceedings to be taken in connection with the enforcement of the terms and conditions of this
Indenture; provided that (a) such direction shall not be otherwise than in accordance with the
provisions of law and of this Indenture; (b) the Trustee shall not determine that the action so
directed would be unjustly prejudicial to the Holders of Notes or Other Beneficiaries not taking
part in such direction, other than by effect of the subordination of any of

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their interests hereunder; and (c) the Trustee may take any other action deemed proper by the
Trustee which is not inconsistent with such direction.

     Section 6.05. Waiver of Stay or Extension Laws. To the extent that such rights may lawfully
be waived, neither the Issuer nor anyone claiming through it or under it shall or will set up,
claim, or seek to take advantage of any stay or extension laws now or hereafter in force, which may
affect the covenants or agreements contained in this Indenture, or in the Notes, and the Issuer,
for itself and all who may claim through or under it, hereby waives, to the extent that it lawfully
may do so, the benefit of all such laws.

     Section 6.06. Application of Moneys. All moneys received by the Trustee pursuant to any right
given or action taken under the provisions of this Article shall, after, except as otherwise
provided in a Supplemental Indenture, payment of the cost and expenses of the proceedings resulting
in the collection of such moneys and of the expenses, liabilities and advances incurred or made by
the Trustee with respect thereto and the payment of Servicing Fees (provided that any moneys or
Investment Securities held pursuant to Section 9.01 hereof with respect to Notes no longer deemed
Outstanding hereunder shall not be available for, nor be applied to, the payment of any such costs,
expenses, liabilities, advances or Servicing Fees), be applied as follows (except that moneys
received with respect to Credit Enhancement Facilities shall be applied only to the purposes for
which such Credit Enhancement Facilities were provided, and shall be so applied prior to the
application of other moneys as provided in this Section):

     (a) Unless the principal of all the Outstanding Notes shall have become or shall have
been declared due and payable, all such moneys shall be applied as follows:

     (i) first, to the payment to the Senior Beneficiaries of all installments of
principal and interest then due on the Senior Notes and all Other Senior Obligations
(except termination payments due under Swap Agreements as a result of Swap
Counterparty default), and if the amount available shall not be sufficient to pay
all such amounts in full, then to the payment ratably, in proportion to the amounts
due, without regard to due date, to the Holders of Senior Notes and to each Other
Senior Beneficiary, without any discrimination or preference (provided, that the
Trustee shall apply the amount so apportioned to the Holders of Senior Notes, as
follows:

     (A) to the payment of all installments of interest (other than interest
on overdue principal) then due and payable in the order in which such
installments became due and payable, and if the amount available shall not
be sufficient to pay in full any particular installment, then to the
payment, ratably, according to the amounts due on such installment and other
amounts, to the Holders of Senior Notes entitled thereto, without any
discrimination or preference, and

     (B) to the payment of the unpaid principal of any of the Senior Notes
which shall have become due and payable (other than Senior Notes called for
redemption for the payment of which money is held pursuant to

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the provisions of this Indenture) in the order of their stated payment
dates, with interest on the Principal Amount of such Notes at the respective
rates specified therein from the respective dates upon which such Senior
Notes became due and payable, and, if the amount available shall not be
sufficient to pay in full the principal of the Senior Notes by their stated
terms due and payable on any particular date, then to the payment of such
principal, ratably, according to the amount of such principal then due on
such date, to the Holders of Senior Notes entitled thereto without any
discrimination or preference);

     (ii) second (but only if the Senior Asset Percentage would be at least 100%
upon the application of such amounts or if there are no Senior Notes Outstanding),
to the payment to the Subordinate Beneficiaries of all installments of principal and
interest then due on the Subordinate Notes and all Other Subordinate Obligations
(except termination payments due under Swap Agreements as a result of Swap
Counterparty default), and if the amount available shall not be sufficient to pay
all such amounts in full, then to the payment ratably, in proportion to the amounts
due, without regard to due date, to the Holders of Subordinate Notes and to each
Other Subordinate Beneficiary, without any discrimination or preference (provided,
that the Trustee shall apply the amount so apportioned to the Holders of Subordinate
Notes, as follows:

     (A) to the payment of all installments of interest (other than interest
on overdue principal) then due and payable in the order in which such
installments became due and payable, and if the amount available shall not
be sufficient to pay in full any particular installment, then to the
payment, ratably, according to the amounts due on such installment and other
amounts, to the Holders of Subordinate Notes entitled thereto, without any
discrimination or preference, and

     (B) to the payment of the unpaid principal of any of the Subordinate
Notes which shall have become due and payable (other than Subordinate Notes
called for redemption for the payment of which money is held pursuant to the
provisions of this Indenture) in the order of their stated payment dates,
with interest on the Principal Amount of such Notes at the respective rates
specified therein from the respective dates upon which such Subordinate
Notes became due and payable, and, if the amount available shall not be
sufficient to pay in full the principal of the Subordinate Notes by their
stated terms due and payable on any particular date, then to the payment of
such principal, ratably, according to the amount of such principal then due
on such date, to the Holders of Subordinate Notes entitled thereto without
any discrimination or preference);

     (iii) third (but only if the Subordinate Asset Percentage would be at least
100% upon the application of such amounts or if there are no Senior Notes or
Subordinate Notes Outstanding), to the payment to the Junior Subordinate

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Beneficiaries of all installments of principal and interest then due on the
Junior Subordinate Notes and all Other Junior Subordinate Obligations (except
termination payments due under Swap Agreements as a result of Swap Counterparty
default), and if the amount available shall not be sufficient to pay all such
amounts in full, then to the payment ratably, in proportion to the amounts due,
without regard to due date, to the Holders of Junior Subordinate Notes and to each
Other Junior Subordinate Beneficiary, without any discrimination or preference
(provided, that the Trustee shall apply the amount so apportioned to the Holders of
Junior Subordinate Notes, as follows:

     (A) to the payment of all installments of interest (other than interest
on overdue principal) then due and payable in the order in which such
installments became due and payable, and if the amount available shall not
be sufficient to pay in full any particular installment, then to the
payment, ratably, according to the amounts due on such installment and other
amounts, to the Holders of Junior Subordinate Notes entitled thereto,
without any discrimination or preference, and

     (B) to the payment of the unpaid principal of any of the Junior
Subordinate Notes which shall have become due and payable (other than Junior
Subordinate Notes called for redemption for the payment of which money is
held pursuant to the provisions of this Indenture) in the order of their
stated payment dates, with interest on the Principal Amount of such Notes at
the respective rates specified therein from the respective dates upon which
such Junior Subordinate Notes became due and payable, and, if the amount
available shall not be sufficient to pay in full the principal of the Junior
Subordinate Notes by their stated terms due and payable on any particular
date, then to the payment of such principal, ratably, according to the
amount of such principal then due on such date, to the Holders of Junior
Subordinate Notes entitled thereto without any discrimination or
preference);

     (iv) fourth, to the payment of the Holders of the Senior Notes of all
Carry-Over Amounts (together with interest thereon) then due and payable in the
order in which such amounts became due and payable, and if the amount available
shall not be sufficient to pay in full all such Carry-Over Amounts (and interest
thereon) which became due and payable on any particular date, then to the payment,
ratably, according to the amounts due on such date, to the Holders of Senior Notes
entitled thereto, without any discrimination or preference;

     (v) fifth (but only if the Senior Asset Percentage would be at least 100% upon
the application of such amounts or if there are no Senior Notes Outstanding), to the
payment to the Holders of the Subordinate Notes of all Carry-Over Amounts (together
with interest thereon) then due and payable in the order in which such amounts
became due and payable, and if the amount available shall not be sufficient to pay
in full all such Carry-Over Amounts (and interest thereon) which became due and
payable on any particular date, then to the payment,

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ratably, according to the amounts due on such date, to the Holders of
Subordinate Notes entitled thereto, without any discrimination or preference;

     (vi) sixth (but only if the Subordinate Asset Percentage would be at least 100%
upon the application of such amounts or if there are no Senior Notes or Subordinate
Notes Outstanding), to the payment to the Holders of the Junior Subordinate Notes of
all Carry-Over Amounts (together with interest thereon) then due and payable in the
order in which such amounts became due and payable, and if the amount available
shall not be sufficient to pay in full all such Carry-Over Amounts (and interest
thereon) which became due and payable on any particular date, then to the payment,
ratably, according to the amounts due on such date, to the Holders of Junior
Subordinate Notes entitled thereto, without any discrimination or preference;

     (vii) seventh, to the payment of termination payments then due and payable to
Swap Counterparties under Senior Swap Agreements as a result of Swap Counterparty
default, in the order in which such termination payments became due and payable, and
if the amount available shall not be sufficient to pay in full all such termination
payments which became due and payable on any particular date, then to the payment,
ratably, according to the amounts due on such date, to the Senior Swap
Counterparties entitled thereto, without any discrimination or preference;

     (viii) eighth (but only if the Senior Asset Percentage would be at least 100%
upon the application of such amounts or if there are no Senior Notes Outstanding),
to the payment of termination payments then due and payable to Swap Counterparties
under Subordinate Swap Agreements as a result of Swap Counterparty default, in the
order in which such termination payments became due and payable, and if the amount
available shall not be sufficient to pay in full all such termination payments which
became due and payable on any particular date, then to the payment, ratably,
according to the amounts due on such date, to the Subordinate Swap Counterparties
entitled thereto, without any discrimination or preference; and

     (ix) ninth (but only if the Subordinate Asset Percentage would be at least 100%
upon the application of such amounts or if there are no Senior Notes or Subordinate
Notes Outstanding), to the payment of termination payments then due and payable to
Swap Counterparties under Junior Subordinate Swap Agreements as a result of Swap
Counterparty default, in the order in which such termination payments became due and
payable, and if the amount available shall not be sufficient to pay in full all such
termination payments which became due and payable on any particular date, then to
the payment, ratably, according to the amounts due on such date, to the Junior
Subordinate Swap Counterparties entitled thereto, without any discrimination or
preference.

     (b) If the principal of all Outstanding Notes shall have become due or shall have been
declared due and payable and such declaration has not been annulled and

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rescinded under the provisions of this Article, all such moneys shall be applied as follows:

     (i) first, to the payment to the Senior Beneficiaries of the principal and
interest then due and unpaid upon the Senior Notes and all Other Senior Obligations
(except termination payments due under Swap Agreements as a result of Swap
Counterparty default), without preference or priority of principal over interest or
of interest over principal, or of any installment of interest over any other
installment of interest, or of any Senior Beneficiary over any other Senior
Beneficiary, ratably, according to the amounts due, to the Persons entitled thereto
without any discrimination or preference;

     (ii) second, to the payment to the Subordinate Beneficiaries of the principal
and interest then due and unpaid upon the Subordinate Notes and all Other
Subordinate Obligations (except termination payments due under Swap Agreements as a
result of Swap Counterparty default), without preference or priority of principal
over interest or of interest over principal, or of any installment of interest over
any other installment of interest, or of any Subordinate Beneficiary over any other
Subordinate Beneficiary, ratably, according to the amounts due, to the Persons
entitled thereto without any discrimination or preference;

     (iii) third, to the payment to the Junior Subordinate Beneficiaries of the
principal and interest then due and unpaid upon the Junior Subordinate Notes and all
Other Junior Subordinate Obligations (except termination payments due under Swap
Agreements as a result of Swap Counterparty default), without preference or priority
of principal over interest or of interest over principal, or of any installment of
interest over any other installment of interest, or of any Junior Subordinate
Beneficiary over any other Junior Subordinate Beneficiary, ratably, according to the
amounts due, to the Persons entitled thereto without any discrimination or
preference;

     (iv) fourth, to the payment of the Holders of the Senior Notes of all
Carry-Over Amounts (together with interest thereon) then due and unpaid, without any
preference or priority of Carry-Over Amounts over interest thereon or of interest
thereon over Carry-Over Amounts, ratably, according to the amounts due, to the
Holders of Senior Notes entitled thereto, without any discrimination or preference;

     (v) fifth, to the payment to the Holders of the Subordinate Notes of all
Carry-Over Amounts (together with interest thereon) then due and unpaid, without any
preference or priority of Carry-Over Amounts over interest thereon or of interest
thereon over Carry-Over Amounts, ratably, according to the amounts due, to the
Holders of Subordinate Notes entitled thereto, without any discrimination or
preference;

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     (vi) sixth, to the payment to the Holders of the Junior Subordinate Notes of
all Carry-Over Amounts (together with interest thereon) then due and unpaid, without
any preference or priority of Carry-Over Amounts over interest thereon or of
interest thereon over Carry-Over Amounts, ratably, according to the amounts due, to
the Holders of Junior Subordinate Notes entitled thereto, without any discrimination
or preference;

     (vii) seventh, to the payment of termination payments then due and unpaid to
Swap Counterparties under Senior Swap Agreements as a result of Swap Counterparty
default, ratably, according to the amounts due on such date, to the Senior Swap
Counterparties entitled thereto, without any discrimination or preference;

     (viii) eighth, to the payment of termination payments then due and unpaid to
Swap Counterparties under Subordinate Swap Agreements as a result of Swap
Counterparty default, ratably, according to the amounts due on such date, to the
Subordinate Swap Counterparties entitled thereto, without any discrimination or
preference; and

     (ix) ninth, to the payment of termination payments then due and unpaid to Swap
Counterparties under Junior Subordinate Swap Agreements as a result of Swap
Counterparty default, ratably, according to the amounts due on such date, to the
Junior Subordinate Swap Counterparties entitled thereto, without any discrimination
or preference.

     (c) If the principal of all the Outstanding Notes shall have been declared due and
payable and if such declaration shall thereafter have been rescinded and annulled under the
provisions of Section 6.02 hereof, then (subject to the provisions of paragraph (b) of this
Section, in the event that the principal of all the Outstanding Notes shall later become or
be declared due and payable) the money held by the Trustee hereunder shall be applied in
accordance with the provisions of paragraph (a) of this Section.

     Whenever moneys are to be applied by the Trustee pursuant to the provisions of this Section,
such moneys shall be applied by it at such times, and from time to time, as the Trustee shall
determine, having due regard to the amount of such moneys available for application and the
likelihood of additional moneys becoming available for such application in the future. Whenever
the Trustee shall apply such funds, it shall fix the date (which shall be an Interest Payment Date
unless it shall deem another date more suitable) upon which such application is to be made and upon
such date interest on the amounts of principal to be paid shall cease to accrue. The Trustee shall
give such notice as it may deem appropriate of the deposits with it of any such moneys and of the
fixing of any such date, and shall not be required to make payment to the Holder of any unpaid Note
until such Note shall be presented to the Trustee for appropriate endorsement or for cancellation
if fully paid.

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     Whenever all Notes and interest thereon and all Other Obligations have been fully paid under
the provisions of this Section, and all expenses and charges of the Trustee have been paid, the
Issuer and the Trustee shall be restored to their former positions hereunder.

     Section 6.07. Remedies Vested in Trustee. All rights of action, including the right to file
proof of claims under this Indenture or under any of the Notes, may be enforced by the Trustee
without the possession of any of the Notes or the production thereof in any trial or other
proceedings relating thereto, and any such suit or proceeding instituted by the Trustee shall be
brought in its name as Trustee without the necessity of joining as plaintiffs or defendants any
Beneficiaries, and any recovery of judgment shall be for the equal benefit of all Beneficiaries in
respect of which such judgment has been recovered.

     Section 6.08. Limitation on Suits by Beneficiaries. Except as may be permitted in a
Supplemental Indenture with respect to an Other Beneficiary, no Holder of any Note or Other
Beneficiary shall have any right to institute any suit, action or proceeding in equity or at law
for the enforcement of this Indenture or for the execution of any trust hereof or for the
appointment of a receiver or any other remedy hereunder unless (a) an Event of Default shall have
occurred and be continuing; (b) the Acting Beneficiaries Upon Default shall have made written
request to the Trustee; (c) such Beneficiary or Beneficiaries shall have offered to the Trustee
indemnity, as provided in Section 7.01 hereof; (d) the Trustee shall have thereafter failed for a
period of 60 days after the receipt of the request and indemnification or refused to exercise the
powers hereinbefore granted or to institute such action, suit or proceeding in its own name; and
(e) no direction inconsistent with such written request shall have been given to the Trustee during
such 60-day period by the Holders of not less than a majority in aggregate Principal Amount of the
Notes then Outstanding or by any Other Beneficiary; it being understood and intended that no one or
more Holders of the Notes or any Other Beneficiary shall have any right in any manner whatsoever to
affect, disturb or prejudice the lien of this Indenture by his, her, its or their action or to
enforce any right hereunder except in the manner herein provided, and that all proceedings at law
or in equity shall be instituted, had and maintained in the manner herein provided and for the
benefit of the Holders of all Outstanding Notes and Other Beneficiaries hereunder as their
interests may appear hereunder; provided, however, that, notwithstanding the foregoing provisions
of this Section 6.08, the Acting Beneficiaries Upon Default may institute any such suit, action or
proceeding in their own names for the benefit of the Holders of all Outstanding Notes and Other
Beneficiaries hereunder.

     Section 6.09. Unconditional Right of Holders To Enforce Payment. Notwithstanding any other
provision in this Indenture, the Holder of any Note shall have the right, which is absolute and
unconditional, to receive payment of the principal of, premium, if any, and interest on such Note
in accordance with the terms thereof and hereof and, upon the occurrence of an Event of Default
with respect thereto, to institute suit for the enforcement of any such payment, and such right
shall not be impaired without the consent of such Holder.

     Section 6.10. Trustee May File Proofs of Claims. In case of the pendency of any receivership,
insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other
judicial proceeding relative to the Issuer or the property of the Issuer, the Trustee (irrespective
of whether the principal of the Notes shall then be due and payable as therein expressed or by
declaration or otherwise and irrespective of whether the Trustee shall

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have made any demand on the Issuer for the payment of overdue principal or interest) shall be
entitled and empowered, by intervention in such proceeding or otherwise,

     (a) to file and prove a claim for the whole amount of principal, premium, if any, and
interest owing and unpaid in respect of the Notes then Outstanding and to file such other
papers or documents as may be necessary or advisable in order to have the claims of the
Trustee (including any claim for the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and Counsel and any Paying Agents, Authenticating
Agents, Note Registrar, Remarketing Agents, Tender Agents, Auction Agents, Market Agents and
Broker-Dealers) and of the Beneficiaries allowed in such judicial proceeding, and

     (b) to collect and receive any moneys or other property payable or deliverable on any
such claims and to distribute the same;

     and any receiver, assignee, trustee, liquidator, sequestrator or other similar official in any
such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee
and, in the event that the Trustee shall consent to the making of such payments directly to the
Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses and
disbursements of the Trustee, its agents and Counsel and any Paying Agents, Authenticating Agents,
Note Registrar, Remarketing Agents, Tender Agents, Auction Agents, Market Agents and
Broker-Dealers.

     Nothing herein shall affect the right of any Paying Agent, Authenticating Agent, Note
Registrar, Remarketing Agent, Tender Agent, Auction Agent, Market Agent or Broker-Dealer to file
proofs of claim on their own behalf in any such proceeding.

     Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to
or accept or adopt on behalf of any Holder or Other Beneficiary any plan of reorganization,
arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof or
Other Beneficiary, or to authorize the Trustee to vote in respect of the claim of any Holder in any
such proceeding.

     Section 6.11. Undertaking for Costs. The Issuer and the Trustee agree, and each Holder of any
Note by his, her or its acceptance thereof shall be deemed to have agreed, that any court may in
its discretion require, in any suit for the enforcement of any right or remedy under this
Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the
filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that
such court may in its discretion assess reasonable costs, including reasonable attorneys fees,
against any party litigant in such suit, having due regard to the merits and good faith of the
claims or defenses made by such party litigant; but the provisions of this Section shall not apply
to (a) any suit instituted by the Trustee; (b) any suit instituted by any Holder, or group of
Holders, in each case holding in the aggregate more than 10% of the Outstanding Principal Amount of
the Notes; or (c) any suit instituted by any Holder for the enforcement of the payment of the
principal of, premium, if any, or interest on any Note in accordance with Section 6.09 hereof.

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     Section 6.12. Termination of Proceedings. In case the Trustee or any Beneficiary shall have
proceeded to enforce any right under this Indenture by the appointment of a receiver, or otherwise,
and such proceedings shall have been discontinued or abandoned for any reason, or shall have been
determined adversely to the Trustee or such Beneficiary, then and in every such case the Issuer and
the Trustee or such Beneficiary shall, subject to any final determination in such proceedings, be
restored to their former positions and rights hereunder with respect to this Indenture, and all
rights, remedies and powers of the Trustee and the Beneficiaries shall continue as if no such
proceedings had been taken.

     Section 6.13. Waiver of Defaults and Events of Default. The Trustee shall, unless the Trustee
has declared the principal of and interest on all Outstanding Notes immediately due and payable in
accordance with Section 6.02 hereof and a judgment or decree for payment of the money due has been
obtained by the Trustee, waive any default or Event of Default hereunder and its consequences but
only upon written request of the Acting Beneficiaries Upon Default; provided, however, that there
shall not be waived (a) any Event of Default arising from the acceleration of the maturity of the
Notes, except upon the rescission and annulment of such declaration as described in Section 6.02
hereof; (b) any Event of Default in the payment when due of any amount owed to any Beneficiary
(including payment of principal of or interest on any Note) except with the consent of such
Beneficiary or unless, prior to such waiver, the Issuer has paid or deposited (or caused to be paid
or deposited) with the Trustee a sum sufficient to pay all amounts owed to such Beneficiary
(including, to the extent permitted by law, interest upon overdue installments of interest); (c)
any Event of Default arising from the failure of the Issuer to pay unpaid expenses of the Trustee,
its agents and counsel, and any Authenticating Agent, Paying Agents, Note Registrars, Remarketing
Agents, Tender Agents, Auction Agents, Market Agents and Broker-Dealers as required by this
Indenture, unless, prior to such waiver, the Issuer has paid or deposited (or caused to be paid or
deposited) with the Trustee sums required to satisfy such obligations of the Issuer under the
provisions of this Indenture; or (d) any default in respect of a covenant or provision hereof
which, under Article VIII hereof, cannot be modified or amended without the consent of the Holder
of each Note affected thereby. No such waiver shall extend to any subsequent or other default or
Event of Default, or impair any right consequent thereon.

     Section 6.14. Inspection of Books and Records. The Issuer covenants that if an Event of
Default shall have happened and shall not have been remedied, the books of record and account of
the Issuer relating to the Financed Student Loans and the Trust Estate, shall at all times be
subject to the inspection and use of the Trustee and any Holder of at least 25% of the Principal
Amount of the Notes Outstanding and of their respective agents and attorneys.

ARTICLE VII

FIDUCIARIES

     Section 7.01. Acceptance of the Trustee. The Trustee hereby accepts the trusts imposed upon
it by this Indenture, and agrees to perform said trusts, but only upon and subject to the following
terms and conditions:

     (a) Except during the continuance of an Event of Default;

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

     (ii) in the absence of bad faith on its part, the 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 Trustee and
conforming to the requirements of this Indenture; but in the case of any such
certificates or opinions which by any provisions hereof are specifically required to
be furnished to the Trustee, the Trustee shall be under a duty to examine the same
to determine whether or not they conform to the requirements of this Indenture.

     (b) In case an Event of Default has occurred and is continuing, the Trustee shall
exercise such of the rights and powers vested in it by this Indenture, and 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.

     (c) No provision of this Indenture shall be construed to relieve the Trustee from
liability for its own negligent action, its own negligent failure to act, or its own willful
misconduct, except that:

     (i) this subsection (c) shall not be construed to limit the effect of
subsection (a) of this Section;

     (ii) the Trustee shall not be liable for any error of judgment made in good
faith by a responsible officer or officers of the Trustee, unless it shall be proved
that the Trustee was negligent in ascertaining the pertinent facts;

     (iii) the Trustee shall not be liable with respect to any action taken or
omitted to be taken by it in good faith in accordance with the direction of the
Acting Beneficiaries Upon Default relating to the time, method and place of
conducting any proceeding for any remedy available to the Trustee, or exercising any
trust or power conferred upon the Trustee, under this Indenture; and

     (iv) no provision of this Indenture shall require the Trustee to expend or risk
its own funds or otherwise incur any financial liability in the performance of any
of its duties hereunder, or in the exercise of any of its rights or powers, if it
shall have reasonable grounds for believing that repayment of such funds or adequate
indemnity against such risk or liability is not reasonably assured to it.

     (d) The Trustee may execute any of the trusts or powers hereof and perform any of its
duties by or through attorneys, agents, receivers, or employees but shall be answerable for
the conduct of the same in accordance with the standard specified in subsection (b) above,
and shall be entitled to advice of Counsel concerning all matters of trusts hereof and
duties hereunder, and may in all cases pay such reasonable compensation to any attorney,
agent, receiver or employee retained or employed by it in connection herewith. The Trustee
may act upon the opinion or advice of any Counsel or accountant selected by it in the
exercise of reasonable care. The Trustee shall not be

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responsible for any loss or damage resulting from any action or inaction based on its
good faith reliance upon such opinion or advice.

     (e) The Trustee shall not be responsible for any recital herein or in the Notes (except
with respect to the certificate of the Trustee endorsed on the Notes), or for the filing or
refiling of this Indenture, or for the validity of the execution by the Issuer of this
Indenture, or of any Supplemental Indenture or instrument of further assurance, or for the
sufficiency of the security for the Notes issued hereunder or intended to be secured hereby.

     (f) The Trustee shall not be accountable for the use or application by the Issuer of
any of the Notes or the proceeds thereof or for the use or application of any money paid
over by the Trustee in accordance with the provisions of this Indenture or for the use and
application of money received by any Paying Agent.

     (g) The Trustee shall be protected in acting upon any notice, order, requisition,
request, consent, certificate, order, opinion (including an opinion of Counsel), affidavit,
letter, telegram or other paper or document in good faith deemed by it to be genuine and
correct and to have been signed or sent by the proper Person or Persons. Any action taken
by the Trustee pursuant to this Indenture upon the request or authority or consent of any
Person who at the time of making such request or giving such authority or consent is the
Holder of any Note shall be conclusive and binding upon all future Holders of the same Note
and Notes issued in exchange therefor or in place thereof.

     (h) As to the existence or nonexistence of any fact or as to the sufficiency or
authenticity of any instrument, paper or proceeding, the Trustee shall be entitled to rely
upon an Issuer Certificate as sufficient evidence of the facts stated therein.

     (i) At any and all reasonable times, the Trustee, and its duly authorized agents,
attorneys, experts, engineers, accountants and representatives, shall have the right fully
to inspect all books, papers and records of the Issuer pertaining to the Financed Student
Loans, and to take such memoranda from and in regard thereto as may be desired.

     (j) The Trustee shall not be required to give any bond or surety in respect of the
execution of the said trusts and powers or otherwise in respect of the premises.

     (k) Notwithstanding anything elsewhere in this Indenture contained, the Trustee, in
respect to the authentication of any Notes, the withdrawal of any cash or any action
whatsoever within the purview of this Indenture, and any Authenticating Agent, in respect of
the authentication of Notes, shall have the right, but shall not be required, to demand any
showings, certificates, opinions (including opinions of Counsel), appraisals or other
information, or corporate action or evidence thereof, in addition to that by the terms
hereof required as a condition of such action by the Trustee or the Authenticating Agent, as
the case may be, deemed desirable for the purpose of establishing the right of the Issuer to
the authentication of any Notes, the withdrawal of any cash, or the taking of any other
action by the Trustee or the Authenticating Agent, as the case may be.

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     (l) Before taking any action hereunder requested by Holders or by any Other
Beneficiary, the Trustee may require that it be furnished an indemnity bond or other
indemnity satisfactory to it for the reimbursement of all expenses to which it may be put
and to protect it against all liability, except liability which results from the negligence
or willful misconduct of the Trustee, by reason of any action so taken by the Trustee.

     (m) The Trustee shall periodically file Uniform Commercial Code continuation statements
and take such other actions described in Section 4.11 hereof as required to maintain and
continue the perfection of any security interests granted by the Issuer and the Eligible
Lender Trustee as debtors to the Trustee as secured party hereunder.

     Section 7.02. Fees, Charges and Expenses of the Trustee, Paying Agents, Note Registrar,
Authenticating Agents, Remarketing Agents, Tender Agents, Auction Agents, Market Agents and
Broker-Dealers. The Trustee and each Paying Agent, Note Registrar, Authenticating Agent,
Remarketing Agent, Tender Agent, Auction Agent, Market Agent and Broker-Dealer shall be entitled to
payment and/or reimbursement for reasonable fees for services rendered hereunder and all advances,
legal fees and other expenses reasonably and necessarily made or incurred by it in and about the
execution of the trusts created by this Indenture and in and about the exercise and performance of
the powers and duties of the Trustee and each Paying Agent, Note Registrar, Authenticating Agent,
Remarketing Agent, Tender Agent, Auction Agent, Market Agent and Broker-Dealer hereunder and for
the reasonable and necessary costs and expenses incurred in defending any liability in the premises
of any character whatsoever (unless such liability is adjudicated to have resulted from the
negligence or willful misconduct of the Trustee, the Paying Agent, the Note Registrar, the
Authenticating Agent, the Remarketing Agent, the Tender Agent, the Auction Agent, the Market Agent
or the Broker-Dealer); provided that any moneys or Investment Securities held pursuant to Section
9.01 hereof with respect to Notes no longer deemed Outstanding hereunder, shall not be available
for, nor be applied to, the payment of any such fees, advances, costs or expenses.

     Section 7.03. Notice to Beneficiaries if Default Occurs. The Trustee shall give to all
Beneficiaries, in the manner and to the extent provided in TIA Section 313(c), notice of all Events
of Default, and of all events which, with the passage of time or the giving of notice, or both,
would become an Event of Default, known to the Trustee, within 90 days after the occurrence of such
Event of Default or other event unless such Event of Default or other event shall have been cured
before the giving of such notice; provided that, except in the case of Events of Default in the
payment of the principal of, premium, if any, or interest on any of the Notes, or in the payment of
any sinking or purchase fund installment with respect to the Notes, the Trustee shall be protected
in withholding such notice if and so long as a trust committee of the Trustee in good faith
determines that the withholding of such notice is in the interests of the Beneficiaries.

     Section 7.04. Intervention by Trustee. In any judicial proceeding to which the Issuer is a
party and which in the opinion of the Trustee and its Counsel has a substantial bearing on the
interest of the Beneficiaries, the Trustee may intervene on behalf of Beneficiaries and shall do so
if requested in writing by the Acting Beneficiaries Upon Default. The rights and obligations of

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the Trustee under this Section are subject to the approval of a court of competent
jurisdiction in the premises.

     Section 7.05. Successor Trustee, Paying Agents, Authenticating Agents, and Tender Agents. Any
corporation, association or agency into which the Trustee and any Paying Agent, any Authenticating
Agent or any Tender Agent may be converted or merged, or with which it may be consolidated, or to
which it may sell or transfer its trust business and assets as a whole or substantially as a whole,
or any corporation or association resulting from any such conversion, sale, merger, consolidation
or transfer to which it is a party, ipso facto, shall be and become successor Trustee, Paying
Agent, Note Registrar, Authenticating Agent, or Tender Agent hereunder and vested with all of the
trusts, powers, discretions, immunities, privileges and all other matters as was its predecessor,
without the execution or filing of any instrument or any further act, deed or conveyance on the
part of any of the parties hereto, anything herein to the contrary notwithstanding; provided that
no such merger, conversion or consolidation shall relieve the Trustee of its obligation to comply
with Section 7.13 hereof.

     Section 7.06. Resignation by Trustee, Paying Agents, Authenticating Agents, and Tender Agents.
The Trustee, any Paying Agent, any Authenticating Agent and any Tender Agent may at any time
resign from the trusts and be discharged of the duties and obligations hereby created by giving 60
days’ written notice to the Issuer and the Rating Agencies and, in the case of the Trustee, a
Paying Agent, an Authenticating Agent or a Tender Agent, by first-class mail to all Holders and
Other Beneficiaries and such resignation shall take effect upon the appointment of a successor
Trustee, Paying Agent, Authenticating Agent or Tender Agent. No such resignation of the Trustee
shall become effective until the acceptance of appointment by a successor Trustee under Section
7.09 hereof. Upon the appointment and acceptance of a successor Trustee, Authenticating Agent,
Paying Agent or Tender Agent, the Trustee shall promptly cause written notice of such appointment
to be given to all Holders and Other Beneficiaries in the manner provided in Section 10.04 hereof,
which notice shall include the address of the Principal Office of such successor. If an instrument
of acceptance by a successor Trustee, Paying Agent, Authenticating Agent or Tender Agent shall not
have been delivered to the resigning Trustee, Paying Agent, Authenticating Agent or Tender Agent
within 60 days after the giving of such notice of resignation, the resigning Trustee, Paying Agent,
Authenticating Agent or Tender Agent may petition any court of competent jurisdiction for the
appointment of a successor and any attorneys’ fees incurred in connection with any such petition
shall be payable by the Issuer.

     Section 7.07. Removal of Trustee. The Issuer may, with a Rating Agency Confirmation, at any
time, subject to the provisions of this Article, remove the Trustee by Issuer Order. The Issuer
shall remove the Trustee if at any time so requested by an instrument or concurrent instruments in
writing, filed with the Trustee and the Issuer, and signed by the Holders of a majority in
Principal Amount of the Notes then Outstanding or their attorneys-in-fact duly authorized.
Notwithstanding the foregoing, the Trustee may not be removed during the existence of an Event of
Default.

     In case the Trustee shall be dissolved, fail to comply with Section 7.13 hereof or otherwise
become incapable of acting hereunder, or in case it shall be taken under the control of any public
officer or officers, or of a receiver appointed by a court, any Holder may petition any

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court of competent jurisdiction for the removal of the Trustee and the appointment of a
successor Trustee.

     No removal of the Trustee, and no appointment of a successor Trustee, pursuant to the
provisions of this Article shall become effective until the acceptance of appointment by the
successor Trustee under Section 7.09 hereof.

     Section 7.08. Appointment of Successor Trustee. If the Trustee shall resign, be removed or
become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, the
Issuer shall, by Issuer Order, promptly appoint a successor trustee. If, within one year of such
resignation, removal or incapability, or the occurrence of such vacancy, the Holders of a majority
in aggregate Principal Amount of the then Outstanding Notes, by an instrument or concurrent
instruments in writing signed by such Holders, or by their attorney-in-fact duly authorized,
appoint a successor, such successor shall, upon its acceptance of such appointment, supersede the
successor appointed by the Issuer. If no successor trustee has been appointed and accepted
appointment as herein provided after 60 days from the mailing of notice of resignation by the
Trustee under Section 7.06 hereof, or from the date the Trustee is removed or otherwise incapable
of acting hereunder, any Beneficiary may petition a court of competent jurisdiction to appoint a
successor trustee. No appointment of a successor Trustee shall be effective without the written
consent of all Other Beneficiaries, which consent shall not be unreasonably withheld.

     The Issuer shall promptly notify any Paying Agent, Authenticating Agent, Remarketing Agent and
Tender Agent as to the appointment of any successor trustee and shall promptly cause written notice
of such appointment to be given to all Holders and Other Beneficiaries in the manner provided in
Section 10.04 hereof, which notice shall include the address of the Principal Office of the
successor Trustee. The appointment of a successor trustee shall not be effective until the Issuer
has received a Rating Agency Confirmation.

     Section 7.09. Concerning any Successor Trustee. Every successor Trustee appointed hereunder
shall execute, acknowledge and deliver to its predecessor, and to the Issuer, an instrument in
writing accepting such appointment hereunder, and thereupon such successor, without any further
act, assignment or conveyance, shall become fully vested with all the estates, properties, rights,
powers, trusts, duties and obligations of its predecessor as Trustee; but such predecessor shall,
nevertheless, on the written request of the Issuer, or of its successor Trustee, execute and
deliver an instrument transferring to such successor Trustee all the estates, properties, rights,
powers and trusts of such predecessor hereunder, and every predecessor Trustee shall deliver all
securities and moneys and Balances held by it as Trustee hereunder to its successor together with
an accounting of the Balances held by it hereunder and shall take such actions as may be necessary
to cause any Credit Enhancement Facility to be transferred to the successor Trustee. Should any
instrument in writing from the Issuer be required by any successor Trustee for more fully and
certainly vesting in such successor the estates, rights, powers and duties hereby vested or
intended to be vested in the predecessor trustee, any and all such instruments in writing shall, on
request, be executed, acknowledged and delivered by the Issuer.

     Section 7.10. Trustee Protected in Relying Upon Resolutions, Etc. The resolutions, orders,
requisitions, opinions, certificates and other instruments conforming to the requirements

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of this Indenture may be accepted by the Trustee as conclusive evidence of the facts and
conclusions stated therein and shall be full warrant, protection and authority to the Trustee for
the withdrawal of cash hereunder. The Trustee shall not, however, comply with any Issuer Order
which does not comply with the terms and provisions of this Indenture or which directs the Trustee
to take an action which is not permitted by the terms and provisions of this Indenture.

     Section 7.11. Successor Trustee as Custodian of Funds. In the event of a change in the office
of Trustee the predecessor Trustee which has resigned or been removed shall cease to be custodian
of the Funds and Accounts, and the successor Trustee shall be and become such custodian.

     Section 7.12. Co-Trustee. At any time or times, for the purpose of (a) meeting any legal
requirements of any state in which the Trustee determines it necessary to take any action
hereunder; or (b) establishing the eligibility of any Financed Student Loans for receipt of federal
payments with respect thereto, the Trustee shall have power to appoint, and, upon the request of
the Trustee or of the Holders of at least 25% in aggregate Principal Amount of Notes Outstanding or
of any Other Beneficiary, the Issuer shall for such purpose join with the Trustee in the execution,
delivery and performance of all instruments and agreements necessary or proper to appoint one or
more Persons approved by the Trustee either to act as co-trustee or co-trustees, jointly with the
Trustee of all or any part of the trust estate, or to act as separate trustee or separate trustees
of all or any part of the trust estate, and to vest in such Person or Persons, in such capacity,
such title to the trust estate or any part thereof, and such rights, powers, duties, trusts or
obligations as the Trustee may consider necessary or desirable, subject to the remaining provisions
of this Section. No co-trustee or separate trustee hereunder shall be required to meet the terms
of eligibility as a successor Trustee under Section 7.13 hereof and no notice to Holders of the
appointment of any co-trustee or separate trustee shall be required under Section 7.08 hereof.

     If the Issuer shall not have joined in such appointment within 15 days after the receipt by it
of a request so to do, or in case an Event of Default shall have occurred and be continuing, the
Trustee alone shall have power to make such appointment.

     The Issuer shall execute, acknowledge and deliver all such instruments as may be required by
any such co-trustee or separate trustee.

     Every co-trustee or separate trustee shall, to the extent permitted by law but to such extent
only, be appointed subject to the following terms, namely:

     (a) The Notes shall be authenticated and delivered, and all rights, powers, trusts,
duties and obligations by this Indenture conferred upon the Trustee in respect of the
custody, control and management of moneys, papers, securities and other personal property
shall be exercised, solely by the Trustee.

     (b) All rights, powers, trusts, duties and obligations conferred or imposed upon the
trustees shall be conferred or imposed upon and exercised or performed by the Trustee, or by
the Trustee and such co-trustee or co-trustees or separate trustee or separate trustees
jointly, as shall be provided in the instrument appointing such co-trustee

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or co-trustees or separate trustee or separate trustees, except to the extent that,
under the law of any jurisdiction in which any particular act or acts are to be performed,
the Trustee shall be incompetent or unqualified to perform such act or acts, in which event
such act or acts shall be performed by such co-trustee or co-trustees or separate trustee or
separate trustees.

     (c) Any request in writing by the Trustee to any co-trustee or separate trustee to take
or to refrain from taking any action hereunder shall be sufficient warrant for the taking,
or the refraining from taking, of such action by such co-trustee or separate trustee.

     (d) Any co-trustee or separate trustee may delegate to the Trustee the exercise of any
right, power, trust, duty or obligations, discretionary or otherwise.

     (e) The Trustee at any time, by any instrument in writing, may accept the resignation
of or remove any co-trustee or separate trustee appointed under this Section. Upon the
request of the Trustee, the Issuer shall join with the Trustee in the execution, delivery
and performance of all instruments and agreements necessary or proper to effectuate such
resignation or removal.

     (f) No trustee hereunder shall be personally liable by reason of any act or omission of
any other trustee hereunder.

     (g) Any demand, request, direction, appointment, removal, notice, consent, waiver or
other action in writing delivered to the Trustee shall be deemed to have been delivered to
each such co-trustee or separate trustee.

     (h) Any moneys, papers, securities or other items of personal property received by any
such co-trustee or separate trustee hereunder shall forthwith, so far as may be permitted by
law, be turned over to the Trustee.

     Upon the acceptance in writing of such appointment by any such co-trustee or separate trustee,
it or he or she shall be vested with such title to the trust estate or any part thereof, and with
such rights, powers, duties or obligations, as shall be specified in the instrument of appointment
jointly with the Trustee (except insofar as local law makes it necessary for any such co-trustee or
separate trustee to act alone) subject to all the terms of this Indenture. Every such acceptance
shall be filed with the Trustee. Any co-trustee or separate trustee may, at any time by an
instrument in writing, constitute the Trustee, his, her or its attorney-in-fact and agent, with
full power and authority to do all acts and things and to exercise all discretion on his, her or
its behalf and in his, her or its name.

     In case any co-trustee or separate trustee shall die, become incapable of acting, resign or be
removed, the title to the trust estate, and all rights, powers, trusts, duties and obligations of
said co-trustee or separate trustee shall, so far as permitted by law, vest in and be exercised by
the Trustee unless and until a successor co-trustee or separate trustee shall be appointed in the
manner herein provided.

     Section 7.13. Corporate Trustee Required; Eligibility; Disqualification. There shall at all
times be a Trustee hereunder which (i) shall be a bank or banking association organized

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and doing business under the laws of the United States of America or of any state, authorized
under such laws to exercise corporate trust powers, (ii) shall satisfy the requirements of
subsection (a)(4)(i) of Rule 3a-7 of the Investment Company Act, (iii) shall comply with the Trust
Indenture Act and (iv) shall be an “eligible lender” under the Higher Education Act, having a
combined capital and surplus of at least $50,000,000, subject to supervision or examination by a
federal or state authority. If such corporation publishes reports of condition at least annually,
pursuant to law or to the requirements of the aforesaid supervising or examining authority, then
for the purposes of this Section, the combined capital and surplus of such corporation shall be
deemed to be its combined capital stock, capital surplus and undivided profits as set forth in its
most recent report of condition so published. If at any time the Trustee shall cease to be
eligible in accordance with the provisions of this Section 7.13, it shall resign immediately in
the manner and with the effect specified in this Article VII. Neither the Issuer nor any Person
directly or indirectly controlling or controlled by, or under common control with, the Issuer shall
serve as Trustee. If the Trustee has or shall acquire a conflicting interest within the meaning of
the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent
and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this
Indenture.

     Section 7.14. Statement by Trustee of Funds and Accounts and Other Matters. Not more than 30
days after the close of each Fiscal Year the Trustee shall furnish the Issuer and any Holder or
Other Beneficiary filing with the Trustee a written request for a copy, a statement setting forth
(to the extent applicable) in respect to such Fiscal Year, (a) all transactions relating to the
receipt, disbursement and application of all moneys received by the Trustee pursuant to all terms
of this Indenture; (b) the Balances held by the Trustee at the end of such Fiscal Year to the
credit of each Fund and Account; (c) a brief description of all moneys, Student Loans and
Investment Securities held by the Trustee as part of the Balance of each Fund and Account as of the
end of such Fiscal Year; (d) the Principal Amount of Notes of each series purchased by the Trustee
during such Fiscal Year from moneys available therefor in any Fund pursuant to the provisions of
this Indenture and the respective purchase price of such Notes; (e) the Principal Amount of Notes
of each series retired, at their Stated Maturity or by prepayment, during such Fiscal Year and the
Prepayment Prices thereof, if any; and (f) any other information which the Issuer may reasonably
request.

     In addition, the Trustee shall furnish the Issuer on or before the fifteenth day of each
calendar month (but no sooner than three Business Days after receipt of the monthly report with
respect to the Financed Eligible Loans from the Issuer Administrator or Servicers) a brief
description of all moneys, Financed Student Loans and Investment Securities to the credit of each
Fund and Account as of the last day of the preceding month.

     In addition:

     (a) Within sixty calendar days after March first of each year commencing with the year 2006,
the Trustee shall transmit to the Holders such reports dated as of March first of the year in which
such reports are made concerning the Trustee and its actions under this Indenture as may be
required pursuant to Section 313(a) of the Trust Indenture Act at the times and in the manner
provided pursuant thereto. In the event that no events have occurred under such Section of the
Trust Indenture Act, the Trustee shall be under no duty or obligation to provide such reports.

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     (b) The Trustee shall transmit to the Holders reports contemplated by Section 313(b) of the
Trust Indenture Act within the times specified therein.

     (c) Reports contemplated by clauses (a) and (b) above shall be transmitted and filed by the
Trustee in accordance with Sections 313(c) and 313(d) of the Trust Indenture Act.

     Section 7.15. Trustee, Authenticating Agent, Note Registrar, Paying Agents, Remarketing
Agents, Tender Agents, Auction Agents, Market Agents and Broker-Dealers May Buy, Hold, Sell or Deal
in Notes. Subject to compliance with subsection (a)(4)(i) of Rule 3a-7 of the Investment Company
Act: the Trustee, any Authenticating Agent, any Note Registrar, any Paying Agent, any Remarketing
Agent, any Tender Agent, any Auction Agent, any Market Agent or any Broker-Dealer and its
directors, officers, employees or agents may, in good faith, buy, sell, own, hold and deal in any
of the Notes and may join in any action which any Holder of a Note may be entitled to take, with
like effect as if such Trustee, Authenticating Agent, Note Registrar, Paying Agent, Remarketing
Agent, Tender Agent, Auction Agent, Market Agent or Broker-Dealer were not the Trustee, an
Authenticating Agent, a Note Registrar, a Paying Agent, a Remarketing Agent, a Tender Agent, an
Auction Agent, a Market Agent or a Broker-Dealer, as the case may be, under this Indenture.

     Section 7.16. Authenticating Agent and Paying Agents; Paying Agents To Hold Moneys in Trust.
Any Paying Agent for a series of Notes shall be appointed by or pursuant to a Supplemental
Indenture providing for the issuance of such series of Notes. Each Paying Agent (i) shall hold in
trust for the benefit of the Holders of the Notes and the Trustee any sums held by such Paying
Agent for the payment of the principal of, premium, if any, and interest on and any Carry-Over
Amounts (and accrued interest thereon) with respect to the Notes, and (ii) shall give to the
Trustee notice of any default by the Issuer in the making of any such payment. Anything in this
paragraph to the contrary notwithstanding, the Issuer may, at any time, for the purpose of
obtaining a satisfaction and discharge of this Indenture, or for any other reason, cause to be paid
to the Trustee all sums held in trust by any Paying Agent hereunder as required by this paragraph,
such sums to be held by the Trustee upon the trusts herein contained, and such Paying Agent shall
thereupon be released from all further liability with respect to such sums.

     Any Authenticating Agent for a series of Notes shall be appointed by or pursuant to a
Supplemental Indenture providing for the issuance of such series of Notes. The Authenticating
Agent shall have the power to act in the receipt, authentication and delivery of Notes in
connection with transfers, exchanges and registrations hereunder.

     Each Authenticating Agent and Paying Agent other than the Trustee shall designate its
Principal Office and signify its acceptance of the duties and obligations imposed upon it by this
Indenture by executing and delivering to the Issuer a written acceptance thereof under which, in
the case of the Paying Agent, the Paying Agent will agree particularly:

     (a) to hold all sums held by it pursuant to this Indenture in trust for the benefit of
the Holders of the Notes until such sums shall be paid to such Holders or otherwise disposed
of as herein provided;

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

     (c) in the event of the resignation or removal of such Paying Agent, pay over, assign
and deliver any moneys, records or securities held by it as Paying Agent to its successor
or, if there be no successor, to the Trustee.

     No Paying Agent shall be obligated to expend its own funds in paying Debt Service on, or
Carry-Over Amounts (including accrued interest thereon) with respect to, the Notes.

     Section 7.17. Removal of Authenticating Agent and Paying Agents; Successors. Any
Authenticating Agent and any Paying Agent may be removed at any time by an instrument filed with
such Authenticating Agent or Paying Agent, as the case may be, and the Trustee and signed by the
Issuer. Any successor Authenticating Agent or Paying Agent shall be appointed by the Issuer and
shall be a bank having trust powers or trust company duly organized under the laws of any state of
the United States or a national banking association having trust powers, having, in the case of a
successor paying agent, a capital stock and surplus aggregating at least $25,000,000, and willing
and able to accept the office on reasonable and customary terms and authorized by law to perform
all the duties imposed upon it by this Indenture and any Supplemental Indenture. Upon the
appointment and acceptance of a successor Authenticating Agent or Paying Agent, the Issuer shall
promptly give written notice of such appointment to the Trustee and the Trustee shall promptly
cause written notice thereof to be given to all Holders in the manner provided in Section 10.04
hereof, which notice shall include the address of the Principal Office of such successor.

     In the event of the resignation or removal of any Authenticating Agent or any Paying Agent,
such Authenticating Agent or Paying Agent shall pay over, assign and deliver any moneys, records or
securities held by it as Authenticating Agent (and Note Registrar, if appropriate) or Paying Agent,
as the case may be, to its successors or, if there be no successor, to the Trustee.

     Section 7.18. Appointment and Qualifications of Tender Agents. The Issuer may, in a
Supplemental Indenture, appoint a Tender Agent with respect to one or more series of Notes. The
Tender Agent shall, by entering into a Tender Agent Agreement, designate to the Trustee its
Principal Offices for the purposes of its functions as Tender Agent and, if applicable,
Authenticating Agent and Note Registrar hereunder and signify its acceptance of the duties and
obligations imposed upon it hereunder (including, if applicable, those of Authenticating Agent and
Note Registrar) and under the Tender Agent Agreement, and under which the Tender Agent will agree,
particularly:

     (a) to hold all Notes delivered to it hereunder in trust for the benefit of the
respective Holders which shall have so delivered such Notes until moneys representing the
purchase price of such Notes shall have been delivered to or for the account of or to the
order of such Holders;

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     (b) to hold all moneys delivered to it hereunder for the purchase of Notes in trust for
the benefit of the Person which shall have so delivered such moneys until the Notes
purchased with such moneys shall have been delivered to or for the account of such Person;
and

     (c) to keep such books and records as shall be consistent with prudent industry
practice and to make such books and records available for inspection by the Issuer and the
Trustee at all reasonable times.

     The Issuer shall cooperate with the Tender Agent and the Trustee to cause the necessary
arrangements to be made and to be thereafter continued whereby funds from the sources specified
herein will be made available for the purchase of the Notes which are required to be tendered on a
Tender Date and whereby Notes, executed by the Issuer and authenticated by the Trustee or the
Authenticating Agent, shall be made available to the Remarketing Agent, the Trustee or the Tender
Agent to the extent necessary for delivery pursuant the applicable provisions of the related
Supplemental Indenture.

     The Tender Agent shall be a commercial bank or trust company duly organized under the laws of
the United States or any state or territory thereof, having its Principal Office for the
performance of its functions as Tender Agent hereunder located in New York, New York, having a
combined capital stock, surplus and undivided profits of at least $100,000,000 and authorized by
law to perform all the duties imposed upon it by this Indenture (including, if applicable, those of
Authenticating Agent and Note Registrar) and the Tender Agent Agreement. The Tender Agent may at
any time resign and be discharged of the duties and obligations created by this Indenture and the
Tender Agent Agreement (including such duties and obligations as Note Registrar and Authenticating
Agent hereunder) by giving at least 60 days’ notice to the Issuer, the Trustee and any related
Credit Facility Provider, provided that such resignation shall not be effective until the
appointment of a successor Tender Agent by the Issuer. The Tender Agent may be replaced at any
time, at the direction of the Issuer, by an instrument, signed by an Authorized Officer of the
Issuer, filed with the Remarketing Agent, the Tender Agent, the Trustee and any related Credit
Facility Provider at least 60 days prior to the effective date of such replacement, provided that
such replacement shall not be effective until the appointment of a successor Tender Agent by the
Issuer. Upon the appointment and acceptance of a successor Tender Agent, the Issuer shall promptly
give written notice of such appointment to the Trustee and the Trustee shall promptly cause written
notice thereof to be given to all Holders in the manner provided in Section 10.04 hereof, which
notice shall include the address of the Principal Office of such successor.

     In the event of the resignation or removal of the Tender Agent, the Tender Agent shall pay
over, assign and deliver any moneys, Notes and records held by it in such capacity (including any
such moneys, Notes and records held by it as Authenticating Agent and Note Registrar) to its
successor or, if there be no successor, to the Trustee.

     In the event that the Tender Agent shall be removed or be dissolved, or if the property or
affairs of the Tender 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 the Issuer
shall not have appointed its successor as Tender Agent, the Trustee, notwithstanding the

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foregoing provisions of this Section, shall ipso facto be deemed to be the Tender Agent for
all purposes of this Indenture until the appointment by the Issuer of the successor Tender Agent,
and the Trustee shall be required to perform the functions of the Tender Agent (and, if applicable,
of Note Registrar and Authenticating Agent) as set forth in this Indenture and the Tender Agent
Agreement.

     Section 7.19. Remarketing Agents. The Issuer may, in a Supplemental Indenture, appoint a
Remarketing Agent with respect to one or more series of Notes. The Remarketing Agent shall
designate its Principal Office and signify its acceptance of the duties and obligations imposed
upon it hereunder by entering into a Remarketing Agreement under which the Remarketing Agent will
agree, particularly:

     (a) to determine any variable interest rate in accordance with the applicable
provisions of the related Supplemental Indenture;

     (b) to determine any fixed interest rate in accordance with the applicable provisions
of the related Supplemental Indenture;

     (c) to hold all Notes delivered to it hereunder in trust for the benefit of the
respective Holders which shall have so delivered such Notes until moneys representing the
purchase price of such Notes shall have been delivered to or for the account of or to the
order of such Holders;

     (d) to hold all moneys delivered to it hereunder for the purchase of Notes in trust for
the benefit of the Person which shall have so delivered such moneys until the Notes
purchased with such moneys shall have been delivered to or for the account of such Person;
and

     (e) to keep such books and records as shall be consistent with prudent industry
practice and to make such books and records available for inspection by the Issuer and the
Trustee at all reasonable times.

     Section 7.20. Qualifications of Remarketing Agents. The Remarketing 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 Indenture
and the Remarketing Agreement. The Remarketing Agent may at any time resign and be discharged of
the duties and obligations created by this Indenture and the Remarketing Agreement (a) by giving at
least 60 days’ notice to the Issuer, the Trustee, the Tender Agent and any related Credit Facility
Provider, provided that such resignation shall not be effective until a successor Remarketing Agent
has been appointed by the Issuer and any related Credit Facility Provider has consented in writing
thereto, which consent shall not be unreasonably withheld; or (b) by giving notice to the Issuer,
the Trustee and the Tender Agent under the circumstances set forth in the Remarketing Agreement.
The Remarketing Agent may be replaced at any time, at the direction of the Issuer, by an instrument
signed by an Authorized Officer of the Issuer, filed with the Remarketing Agent, the Trustee, the
Tender Agent and any related Credit Facility Provider, provided that such replacement shall not be
effective until a successor Remarketing

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Agent has been appointed by the Issuer and any related Credit Facility Provider has consented
in writing thereto, which consent shall not be unreasonably withheld.

     In the event of the resignation or removal of the Remarketing Agent, the Remarketing Agent
shall pay over, assign and deliver any moneys and Notes held by it in such capacity to its
successor or, if there be no successor, to the Trustee.

     In the event that the Remarketing Agent shall resign, be removed or be dissolved, or if the
property or affairs of the Remarketing 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 the Issuer shall not have appointed its successor as Remarketing Agent, the Trustee,
notwithstanding the provisions of the first paragraph of this Section, shall ipso facto be deemed
to be the Remarketing Agent for all purposes of this Indenture until the appointment by the Issuer
of the successor Remarketing Agent; provided, however, that the Trustee, in its capacity as
Remarketing Agent, shall not be required to sell Notes or to determine the interest rate on the
Notes. Nothing in this Section shall be construed as conferring on the Trustee additional duties
other than as set forth herein.

     Section 7.21. Indemnification of the Trustee. Other than with respect to its duties to make
payment on the Notes and Other Obligations when due, and its duty to pursue the remedy of
acceleration as provided in Section 6.02 hereof, for each of which no additional security or
indemnity may be required, the Trustee shall be under no obligation or duty to perform any act at
the request of the Beneficiaries or to institute or defend any suit in respect thereof unless
properly indemnified and provided with security to its satisfaction as provided in Section 7.01
hereof. However, the Trustee may begin suit, or appear in and defend suit, execute any of the
trusts hereby created, enforce any of its rights or powers hereunder, or do anything else in its
judgment proper to be done by it as Trustee, without assurance of reimbursement or indemnity, and
in such case the Trustee shall be reimbursed or indemnified by the Beneficiaries requesting such
action, if any, or the Issuer (but solely out of the Trust Estate) in all other cases, for all
fees, costs and expenses, liabilities, outlays and counsel fees and other reasonable disbursements
properly incurred in connection therewith, unless such costs and expenses, liabilities, outlays and
attorneys’ fees and other reasonable disbursements properly incurred in connection therewith are
adjudicated to have resulted from the negligence or willful misconduct of the Trustee. In
furtherance and not in limitation of this Section, the Trustee shall not be liable for, and shall
be held harmless by the Issuer from, following any Issuer Orders, instructions or other directions
upon which the Trustee is authorized to rely pursuant to this Indenture or any other agreement to
which it is a party with the Issuer or an affiliate of the Issuer. If the Issuer or the
Beneficiaries, as appropriate, shall fail to make such reimbursement or indemnification, the
Trustee may reimburse itself from any money in its possession under the provisions of this
Indenture, subject only to the prior lien of the Notes for the payment of the principal thereof,
premium, if any, and interest thereon from the Collection Fund, except as otherwise provided in
Section 6.03 hereof. None of the provisions contained in this Indenture or any other agreement to
which it is a party shall require the Trustee to act or to expend or risk its own funds or
otherwise incur individual financial liability in the performance of any of its duties or in the
exercise of any of its rights or powers if the Beneficiaries shall not have offered security and
indemnity acceptable to it or if it shall have reasonable grounds for believing that prompt
repayment of such funds or adequate indemnity against such risk or liability is not reasonably
assured to it.

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     The Issuer agrees to indemnify the Trustee for, and to hold it harmless against, any loss,
liability or expenses incurred without negligence or bad faith or willful misconduct on its part,
arising out of or in connection with the acceptance or administration of the trust or trusts
hereunder, 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 arising from
the Trust Estate, provided, however, that any such indemnification shall be payable solely out of
the Trust Estate. The Issuer agrees to indemnify and hold harmless the Trustee against any and all
claims, demands, suits, actions or other proceedings and all liabilities, costs and expenses
whatsoever caused by any untrue statement or misleading statement or alleged untrue statement or
alleged misleading statement of a material fact contained in any offering document distributed in
connection with the issuance of the Notes or caused by any omission or alleged omission from such
offering document of any material fact required to be stated therein or necessary in order to make
the statements made therein in the light of the circumstances under which they were made, not
misleading, provided, however, that no indemnification is made by the Issuer as to information
contained in any such offering document relating to, and provided by, the Trustee.

     Section 7.22. Preferential Collection of Claims. If and when the Trustee shall be or become a
creditor of the Issuer (or any other obligor upon the Notes), the Trustee shall be subject to the
provisions of the Trust Indenture Act regarding the collection of its claims against the Issuer (or
any such other obligor).

     Section 7.23. Communication Among Holders. The rights of Holders to communicate with other
Holders with respect to their rights under this Indenture or under the Notes, and the corresponding
rights and duties of the Trustee, shall be as provided by the Trust Indenture Act. Neither the
Issuer nor the Trustee nor any agent of either of them shall be held accountable by reason of any
mailing of materials, or any disclosure of information as to names and addresses of Holders,
pursuant to or as contemplated by the Trust Indenture Act.

ARTICLE VIII

SUPPLEMENTAL INDENTURES

     Section 8.01. Supplemental Indentures Not Requiring Consent of Beneficiaries. The Issuer and
the Trustee may, from time to time and at any time, without the consent of, or notice to, any of
the Holders or any Other Beneficiary (except to the extent, if any, required pursuant to a
Supplemental Indenture authorizing the issuance of a series of Notes), and when so required by this
Indenture shall, enter into an indenture or indentures supplemental to this Indenture (which
Supplemental Indenture or Indentures shall thereafter form a part hereof), so as to thereby (a)
cure any ambiguity or formal defect or omission in this Indenture or in any Supplemental Indenture;
(b) grant to or confer upon the Trustee for the benefit of the Beneficiaries any additional rights,
remedies, powers, authority or security that may lawfully be granted to or conferred upon the
Beneficiaries or the Trustee; (c) describe or identify more precisely any part of the Trust Estate
or subject additional revenues, properties or collateral to the lien and pledge of this Indenture;
(d) evidence the appointment of a separate trustee or a co-trustee or the succession of a new
Trustee hereunder; (e) authorize issuance of a series of Notes, subject to the requirements of
Article II hereof; (f) modify, eliminate and/or add to the provisions of this

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Indenture to such extent as shall be necessary to effect the qualification of this Indenture
under the Trust Indenture Act of 1939, as then amended, or under any similar Federal statute
enacted after the date of this Indenture, and to add to this Indenture such other provisions as may
be expressly permitted by said Trust Indenture Act of 1939, excluding, however, the provisions
referred to in Section 316(a)(2) of said Trust Indenture Act of 1939; (g) modify, eliminate and/or
add to the provisions of this Indenture to such extent as shall be necessary or advisable in order
to acquire Eligible Loans described in the proviso to the definition thereof in Section 1.01
hereof; (h) modify this Indenture (including deletions of or changes to provisions of this
Indenture or additions to this Indenture or any combination of deletions, changes and additions) as
required by any Credit Facility Provider or Swap Counterparty, or otherwise necessary to give
effect to any Credit Enhancement Facility, Swap Agreement or Swap Counterparty Guaranty authorized
to be obtained or entered into under Section 2.12 hereof, at the time of issuance of a series of
Notes to which such agreements relate; provided that no such modifications described in this clause
(h) shall be effective (i) if the consent of any Holders would be required therefor under the
proviso contained in Section 8.02 hereof and such consent has not been obtained; or (ii) if the
Trustee in its sole discretion shall determine that such modifications are to the prejudice of any
Other Beneficiary; (i) create additional Funds, Accounts or subaccounts as authorized by Section
4.01 hereof; (j) to provide for the creation of one or more additional classes of Notes to be part
of a previously existing series of Notes or Other Obligations relating to such previously existing
series of Notes; provided, (i) that no such class of Notes or Other Obligations may be senior in
any respect to any previously created such class of Notes or Other Obligations any of which are
then Outstanding, except to the extent specifically authorized or permitted by the Supplemental
Indenture authorizing such previously created class or except to the extent consented to by each
Beneficiary who would be adversely affected thereby; and (ii) that a Rating Agency Confirmation is
obtained with respect to such additional classes of Notes or Other Obligations; (k) to enable the
Issuer, the Depositor or any of their respective affiliates to obtain more favorable treatment
under any current or future law, rule or regulation; or (l) make any other change in this Indenture
which is not materially adverse to the Holders. An amendment shall be deemed not to be materially
adverse to the Holders if a Rating Agency Confirmation occurs with respect to such amendment.

     Section 8.02. Supplemental Indentures Requiring Consent of Beneficiaries. Exclusive of
Supplemental Indentures covered by Section 8.01 hereof and subject to the terms and provisions
contained in this Section, and not otherwise, the Trustee (upon receipt of an instrument evidencing
the consent to the below-mentioned Supplemental Indenture by: (a) if they are affected thereby,
the Holders of not less than two-thirds of the aggregate Principal Amount of the Outstanding Senior
Notes; (b) if they are affected thereby, the Holders of not less than two-thirds of the aggregate
Principal Amount of the Outstanding Subordinate Notes; (c) if they are affected thereby, the
Holders of not less than two-thirds of the Aggregate Principal Amount of the Outstanding Junior
Subordinate Notes; and (d) each other Person which must consent to such Supplemental Indenture as
provided in any then outstanding Supplemental Indenture authorizing the issuance of a series of
Notes or any Other Obligation) shall join with the Issuer in the execution of such other indenture
or indentures supplemental hereto as shall be deemed necessary and desirable for the purpose of
modifying, altering, amending, adding to or rescinding, in any particular, any of the terms or
provisions contained in this Indenture; provided, however, that nothing contained in this Article
shall permit or be construed as permitting without the consent of the Holder of each Note and each
Other Beneficiary which would be affected

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thereby (i) a specific extension of the maturity of the principal of or the interest on any
Note, whether at the Stated Maturity thereof, on a Sinking Fund Payment Date or otherwise; or (ii)
a specific reduction in the Principal Amount, Prepayment Price or purchase price of any Note or the
rate of interest thereon; or (iii) a privilege or priority of any Senior Obligation over any other
Senior Obligation; (iv) a privilege or priority of any Subordinate Obligation over any other
Subordinate Obligation; or (v) a privilege of any Senior Notes over any Subordinate Notes or Junior
Subordinate Notes, other than as provided herein; or (vi) a privilege of any Subordinate Notes over
any Junior Subordinate Notes, other than as provided herein; or (vii) the surrendering of a
privilege or a priority granted hereby if, in the judgment of the Trustee, to the detriment of
another Beneficiary hereunder; or (viii) a reduction or an increase in the aggregate Principal
Amount of the Notes required for consent to such Supplemental Indenture; or (ix) the creation of
any lien ranking prior to or on a parity with the lien of this Indenture on the Trust Estate or any
part thereof, except as hereinbefore expressly permitted; or (x) any Beneficiary to be deprived of
the lien hereby created on the rights, title, interest, privileges, revenues, moneys and securities
pledged hereunder; or (xi) the modification of any of the provisions of this Section 8.02; or (xii)
the modification of any provision of a Supplemental Indenture which states that it may not be
modified without the consent of the Holders of Notes issued pursuant thereto or any Notes of the
same class or any Beneficiary that has provided a Credit Enhancement Facility or Swap Agreement of
such class.

     For purposes of this Indenture, Notes are deemed “affected” by an amendment if such amendment
adversely affects or diminishes the rights of the Holders thereof to be assured of the payment of
principal of, premium, if any, and interest on and any Carry-Over Amount (and accrued interest
thereon) with respect to such Notes, taking into account the priorities between classes of Notes
theretofore prescribed hereby. The Trustee may in its discretion determine whether any Notes would
be affected by any amendment and any such determination shall be conclusive upon the Holders of all
Notes, whether theretofore or thereafter authenticated and delivered under this Indenture. The
Trustee shall not be liable for any such determination made in good faith.

     If at any time the Issuer shall request the Trustee to enter into any such Supplemental
Indenture for any of the purposes of this Section 8.02 that would require the consent of any
Holder, the Trustee shall, upon being satisfactorily indemnified with respect to expenses, cause
notice of the proposed execution of such Supplemental Indenture to be mailed to each Holder of an
Outstanding Note in accordance with the provisions of Section 10.04 hereof and to each Other
Beneficiary. Such notice shall briefly set forth the nature of the proposed Supplemental Indenture
and shall state that copies thereof are on file at the Principal Office of the Trustee for
inspection by all Beneficiaries. The Trustee shall not, however, be subject to any liability to
any Holder or any Other Beneficiary by reason of its failure to mail such notice, and any such
failure shall not affect the validity of such Supplemental Indenture when consented to and approved
as provided in this Section. If, at the time of the execution of any such Supplemental Indenture,
the Holders of Notes and each other Beneficiary shall have consented to and approved the execution
thereof as herein provided, no Beneficiary shall have any right to object to any of the terms and
provisions contained therein, or the operation thereof, or in any manner to question the propriety
of the execution thereof, or to enjoin or restrain the Trustee or the Issuer from executing the
same or from taking any action pursuant to the provisions thereof. Upon the execution of any such

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Supplemental Indenture as in this Section permitted and provided this Indenture shall be and
be deemed to be modified and amended in accordance therewith.

     Section 8.03. Rights of Trustee. If, in the opinion of the Trustee, any Supplemental
Indenture provided for in this Article adversely affects the rights, duties or immunities of the
Trustee under this Indenture or otherwise, the Trustee may, in its sole discretion, decline to
execute such Supplemental Indenture, except to the extent that this may be required in the case of
a Supplemental Indenture entered into under Section 8.01 hereof. The Trustee shall not be liable
for any such determination made in good faith. The Trustee shall be entitled to receive, and shall
be fully protected in relying upon, an opinion of Counsel as conclusive evidence that any such
Supplemental Indenture conforms to the requirements of this Indenture.

     Section 8.04. Consent of Tender Agents. So long as any Tender Agent Agreement is in effect,
(a) no Supplemental Indenture which materially adversely affects the rights, duties or immunities
of the Tender Agent created by this Indenture or the Tender Agent Agreement (including, if
applicable, such duties and obligations as Note Registrar and Authenticating Agent hereunder) shall
become effective with respect to such Tender Agent unless and until delivery to the Trustee of a
written consent of the Tender Agent to such Supplemental Indenture; and (b) the Trustee shall
promptly furnish to the Tender Agent a copy of each Supplemental Indenture.

     Section 8.05. Consent of Remarketing Agents. So long as any Remarketing Agreement is in
effect, (a) no Supplemental Indenture which materially adversely affects the rights, duties or
immunities of the Remarketing Agent created by this Indenture or the Remarketing Agreement shall
become effective with respect to such Remarketing Agent unless and until delivery to the Trustee of
a written consent of the Remarketing Agent to such Supplemental Indenture; and (b) the Trustee
shall promptly furnish to the Remarketing Agent a copy of each Supplemental Indenture.

     Section 8.06. Consent of Auction Agents. So long as any Auction Agent Agreement is in effect,
(a) no Supplemental Indenture which materially adversely affects the rights, duties or immunities
of the Auction Agent created by this Indenture or the Auction Agent Agreement shall become
effective with respect to such Auction Agent unless and until delivery to the Trustee of a written
consent of the Auction Agent to such Supplemental Indenture; and (b) the Trustee shall promptly
furnish to the Auction Agent a copy of each Supplemental Indenture.

     Section 8.07. Consent of Broker-Dealers. So long as any Broker-Dealer Agreement is in effect,
(a) no Supplemental Indenture which materially adversely affects the rights, duties or immunities
of the Broker-Dealer created by this Indenture or the Broker-Dealer Agreement shall become
effective with respect to such Broker-Dealer unless and until delivery to the Trustee of a written
consent of the Broker-Dealer to such Supplemental Indenture; and (b) the Trustee shall promptly
furnish to the Broker-Dealer a copy of each Supplemental Indenture.

     Section 8.08. Consent of Market Agents. So long as any Market Agent Agreement is in effect,
(a) no Supplemental Indenture which materially adversely affects the rights, duties or immunities
of the Market Agent created by this Indenture or the Market Agent Agreement shall become effective
with respect to such Market Agent unless and until delivery to the Trustee of a

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written consent of the Market Agent to such Supplemental Indenture; and (b) the Trustee shall
promptly furnish to the Market Agent a copy of each Supplemental Indenture.

     Section 8.09. Effect of No Objection. The consent of the Trustee, any Tender Agent, any
Remarketing Agent, any Auction Agent, any Broker-Dealer, and any Market Agent shall be deemed to
have been given pursuant to this Article VIII if the Issuer does not receive a written objection
from such Person within ten (10) Business Days after a written request for such consent shall have
been given to such Person.

ARTICLE IX

DEFEASANCE; MONEYS HELD FOR PAYMENT OF DEFEASED NOTES

     Section 9.01. Discharge of Liens and Pledges; Notes No Longer Outstanding and Deemed To Be
Paid Hereunder. The obligations of the Issuer under this Indenture, and the liens, pledges,
charges, trusts, covenants and agreements of the Issuer herein made or provided for, shall be fully
discharged and satisfied as to any Note and such Note shall no longer be deemed to be Outstanding
hereunder:

     (a) when such Note shall have been canceled, or shall have been purchased by the
Trustee from moneys held by it under this Indenture; or

     (b) as to any Note not canceled or so purchased, when payment of the principal of and
the applicable prepayment premium, if any, on such Note, plus interest on such principal to
the due date thereof (whether such due date be by reason of Stated Maturity or upon
prepayment, or otherwise); either (i) shall have been made or caused to be made in
accordance with the terms hereof; or (ii) shall have been provided for by irrevocably
depositing with the Trustee in an escrow account (an “Escrow Account”) and irrevocably
appropriating and setting aside exclusively for such payment; (A) moneys sufficient to make
such payment; or (B) Government Obligations maturing as to principal and interest in such
amount and at such times as will ensure the availability of sufficient moneys to make such
payment, and all necessary and proper fees, compensation and expenses of the Trustee, any
Remarketing Agents, any Tender Agents, any Auction Agents, any Market Agents, any
Broker-Dealers, any Authenticating Agents, the Note Registrar and any Paying Agents
pertaining to the Note with respect to which such deposit is made shall have been paid or
the payment thereof provided for to the satisfaction of the Trustee, said Remarketing
Agents, said Tender Agents, said Auction Agents, said Market Agents, said Broker-Dealers,
said Authenticating Agents, said Note Registrar and said Paying Agents.

     Any deposit under the preceding clause (ii) shall be accompanied by an Issuer Certificate
certifying that the moneys and Government Obligations so appropriated and set aside are sufficient,
and will mature as needed, to pay the principal, premium, if any, and interest due on the Note with
respect to which such deposit has been made on the Stated Maturity or Prepayment Date thereof and
on each Interest Payment Date on and prior to such Stated Maturity or Prepayment Date. At such
time as a Note shall be deemed to be no longer Outstanding hereunder, as aforesaid, such Note shall
cease to draw interest from the due date thereof (whether

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such due date be by reason of Stated Maturity, or upon prepayment or by declaration as
aforesaid, or otherwise) and, except for the purposes of any such payment from such moneys or
Investment Securities, shall no longer be secured by or entitled to the benefits of this Indenture.

     Notwithstanding the foregoing, (a) in the case of Notes which by their terms may be prepaid
prior to their Stated Maturities, no deposit under clause (ii) of subparagraph (b) above shall
constitute such payment, discharge and satisfaction as aforesaid, as to all such Notes which are to
be paid prior to their respective Stated Maturities, until proper notice of such prepayment shall
have been previously given in accordance with Section 3.04 hereof or provision satisfactory to the
Trustee shall have been irrevocably made for the giving of such notice, and (b) in the case of
Notes which may be required to be purchased on a Tender Date, no deposit under clause (ii)(B) of
subparagraph (b) above shall constitute such payment, discharge and satisfaction as aforesaid.

     Any such moneys so deposited with the Trustee as provided in this Section 9.01 may at the
direction of the Issuer also be invested and reinvested in Government Obligations maturing in the
amounts and time as hereinbefore set forth, and all income from all Government Obligations in the
hands of the Trustee pursuant to this Section which is not required for the payment of the Notes
and interest and premium thereon with respect to which such moneys shall have been so deposited
shall (a) if any Notes are then Outstanding, be deposited in the Collection Fund as and when
realized and collected, for use and application as are other moneys credited to such Fund and (b)
if no Notes are then Outstanding and no amounts are owed to any Other Beneficiaries hereunder, be
paid to the Issuer.

     Notwithstanding the satisfaction and discharge of this Indenture with respect to any Note, the
right to transfer and exchange such Note pursuant to Section 2.07, and any rights to have such Note
purchased on a Tender Date, shall survive.

     Notwithstanding any provision of any other Section of this Indenture which may be contrary to
the provisions of this Section, all moneys or Investment Securities set aside and held in trust
pursuant to the provisions of this Section for the payment of the principal of, premium, if any,
and interest on Notes shall be applied to and used solely for the payment of the principal of,
premium, if any, and interest on the particular Note with respect to which such moneys and
Investment Securities have been so set aside in trust.

     Anything in Article VIII hereof to the contrary notwithstanding, if moneys or Government
Obligations have been deposited or set aside with the Trustee pursuant to this Section for the
payment of Notes and such Notes shall be deemed to have been paid and to be no longer Outstanding
hereunder as provided in this Section, but such Notes shall not have in fact been actually paid in
full, no amendment to the provisions of this Article shall be made without the consent of the
Holder of each Note affected thereby.

     The Issuer may at any time cause to be canceled any Notes previously executed and delivered,
which the Issuer may have acquired in any manner whatever, and such Notes upon such surrender for
cancellation shall be deemed to be paid and no longer Outstanding hereunder.

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     The obligations of the Issuer under this Indenture, and the liens, pledges, charges, trusts,
covenants and agreements of the Issuer herein made or provided for, shall be fully discharged and
satisfied as to any Credit Enhancement Facility or Swap Agreement in the manner and with the effect
provided in the Supplemental Indenture providing for such Credit Enhancement Facility or Swap
Agreement.

     Notwithstanding the foregoing provisions of this Section, no Note shall be defeased hereunder
if, after giving effect to the defeasance, the requirements in Section 3.02 hereof are not met on
the date such Note is to be defeased, treating, for purposes of said Section 3.02, any Note that is
to be defeased as being prepaid on the date it is to be defeased at an assumed Prepayment Price
equal to the Principal Amount thereof with interest accrued thereon to the date of defeasance,
plus, if the Note is to be prepaid under this Section at a Prepayment Price greater than the
Principal Amount thereof, a premium equal to the amount by which the Prepayment Price exceeds such
Principal Amount.

     Section 9.02. Notes Not Presented for Payment When Due; Moneys Held for the Notes after Due
Date of Notes. Subject to the provisions of the next sentence of this paragraph, if any Note shall
not be presented for payment when the principal thereof shall become due, whether at Stated
Maturity, at the date fixed for redemption in full or otherwise, and if moneys or Investment
Securities described in subdivision (a) of the definition thereof in Section 1.01 hereof shall at
such due date be held by the Trustee, or a Paying Agent therefor, in trust for that purpose
sufficient and available to pay the principal of and premium, if any, on such Note, together with
all interest due on such principal to the due date thereof or to the date fixed for redemption
thereof, all liability of the Issuer for such payment shall forthwith cease, determine and be
completely discharged, and thereupon it shall be the duty of the Trustee, or such Paying Agent, to
hold said moneys or Investment Securities without liability to the Holder of such Note for interest
thereon, in trust for the benefit of the Holder of such Note, who thereafter shall be restricted
exclusively to said moneys or Investment Securities for any claim of whatever nature on his, her or
its part on or with respect to said Note, including any claim for the payment thereof. In the
event any such moneys or Investment Securities, or any other moneys or Investment Securities with
respect to interest due and payable on any Note prior to the Maturity thereof, held by the Trustee
or any Paying Agent for the Holders of such Notes remain unclaimed as of (a) 55 days after the
principal of or interest on the respective Notes with respect to which such moneys or Investment
Securities have been so set aside has become due and payable (whether at Stated Maturity,
redemption or otherwise), the Trustee shall, within five days thereafter, give notice thereof to
the Holders of such Notes in the same manner as a notice of redemption given in accordance with
Section 3.04 hereof; and (b) two years after the principal of or interest on such Notes has become
due and payable as aforesaid, the Trustee or such Paying Agent, as the case may be, shall, without
further request by the Issuer, pay such moneys and Investment Securities, to the extent permitted
by law, to the Issuer against a written receipt therefor, and otherwise hold or dispose of such
moneys and Investment Securities as required by law; provided that, if applicable law requires the
Trustee or any Paying Agent to dispose of any such moneys or Investment Securities prior to the end
of the period described in the preceding clause (b), disposition of such moneys and Investment
Securities shall be made at the time and otherwise in accordance with such law.

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ARTICLE X

MISCELLANEOUS

     Section 10.01. Consent, etc., of Holders. Any consent, request, direction, approval,
objection or other instrument required by this Indenture to be signed and executed by Holders may
be in any number of writings of similar tenor and may be signed or executed by such Holders in
person or by agent appointed in writing. Proof of the execution of any such consent, request,
direction, approval, objection or other instrument or of the writing appointing any such agent and
of the ownership of Notes, if made in the following manner, shall be sufficient for any of the
purposes of this Indenture, and shall be conclusive in favor of the Issuer, any Paying Agent, any
Remarketing Agent, any Tender Agent, any Auction Agent, any Market Agent, any Broker-Dealer or the
Trustee with regard to any action taken by it under such consent, request, direction, approval,
objection or other instrument, namely:

     (a) The fact and date of the execution by any Person of any such writing may be proved
by the certificate of any officer in any jurisdiction who by law has power to take
acknowledgements within such jurisdiction that the Person signing such writing acknowledged
before him the execution thereof, or by an affidavit of any witness to such execution.

     (b) The fact of ownership of Notes, the numbers and other identification of such Notes,
and the date of holding the same shall be proved by the Note Register.

     Section 10.02. Limitation of Rights. With the exception of rights herein conferred, nothing
expressed or mentioned in or to be implied from this Indenture or the Notes is intended or shall be
construed to give to any Person other than the parties hereto, any Authenticating Agent, each
Paying Agent, each Remarketing Agent, each Tender Agent, each Auction Agent, each Market Agent,
each Broker-Dealer and the Beneficiaries, any legal or equitable right, remedy, or claim under or
in respect to this Indenture or any covenants, conditions and provisions herein contained; this
Indenture and all of the covenants, conditions and provisions hereof being intended to be and being
for the sole and exclusive benefit of the parties hereto, any Authenticating Agent, each Paying
Agent, each Remarketing Agent, each Tender Agent, each Auction Agent, each Market Agent, each
Broker-Dealer and the Beneficiaries as herein provided.

     Section 10.03. Severability. If any provision of this 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 Indenture
contained shall not affect the remaining portions of this Indenture or part thereof.

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     Section 10.04. Notices.

     (a) All notices, certificates, Issuer Orders or other communications hereunder shall be
sufficiently given and shall be deemed given when mailed by certified mail, postage prepaid,
with proper address as indicated below or, as to Other Beneficiaries, to a proper address
specified in or pursuant to a Supplemental Indenture; provided, however, any notices,
certificates, Issuer Orders or other communications hereunder to the Trustee may be given by
facsimile. The Issuer, the Trustee and any Rating Agency may, by written notice given by
each to the others, designate any other address or addresses to which notices, certificates,
Issuer Orders or other communications to them shall be sent when required as contemplated by
this Indenture. Until otherwise provided by the respective parties, all notices,
certificates, Issuer Orders and communications to each of them shall be addressed as
follows:

	 	 	 	 	 
	 

	 	To the Issuer:
	 	Higher Education Funding I
	

	 	 	 	c/o Wilmington Trust Company,
	

	 	 	 	as Delaware Trustee
	

	 	 	 	Rodney Square North
	

	 	 	 	1100 North Market Street
	

	 	 	 	Wilmington, Delaware 19890-0001
	 
	 	 	 	 
	

	 	 	 	With a copy to:
	 
	 	 	 	 
	

	 	 	 	Goal Financial, LLC
	

	 	 	 	9477 Waples Street, Suite 100
	

	 	 	 	San Diego, California 92121
	

	 	 	 	Attention: Ryan Katz
	 
	 	 	 	 
	

	 	To the Eligible	 	 
	

	 	     Lender Trustee:
	 	The Bank of New York
	

	 	 	 	10161 Centurion Parkway, 2nd Floor
	

	 	 	 	Jacksonville, Florida 32256
	

	 	 	 	Attention: Corporate Trust Department
	 
	 	 	 	 
	

	 	To the Trustee:
	 	The Bank of New York
	

	 	 	 	10161 Centurion Parkway, 2nd Floor
	

	 	 	 	Jacksonville, Florida 32256
	

	 	 	 	Attention: Corporate Trust Department
	 
	 	 	 	 
	

	 	To the	 	 
	

	 	      Delaware Trustee:
	 	Wilmington Trust Company
	

	 	 	 	Rodney Square North
	

	 	 	 	1100 North Market Street
	

	 	 	 	Wilmington, Delaware 19890-0001

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	 	To the Depositor:
	 	Consolidation Loan Funding II, LLC
	

	 	 	 	9477 Waples Street, Suite 100
	

	 	 	 	San Diego, California 92121
	

	 	 	 	Attention: Ryan Katz
	 
	 	 	 	 
	

	 	To S&P:
	 	Standard & Poor’s
	

	 	 	 	55 Water Street
	

	 	 	 	New York, New York 10041
	

	 	 	 	Attention: Asset-Backed Surveillance Group
	 
	 	 	 	 
	

	 	To Moody’s:
	 	Moody’s Investors Service
	

	 	 	 	99 Church Street
	

	 	 	 	4th Floor
	

	 	 	 	New York, New York 10007
	

	 	 	 	Attention: Structured Finance Group
	 
	 	 	 	 
	

	 	To Fitch:
	 	Fitch, Inc.
	

	 	 	 	One State Street Plaza
	

	 	 	 	New York, NY 10004
	

	 	 	 	Attention: Structured Finance

     (b) Except as is otherwise provided in this Indenture, any provision in this Indenture
for the mailing of notice or other instrument to Holders of Notes shall be fully complied
with if it is mailed by first-class mail, postage prepaid, to each Holder of Notes
outstanding at the address appearing on the Note Register.

     Section 10.05. Counterparts. This 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 10.06. Indenture Constitutes a Security Agreement. An executed counterpart or
certified copy of this Indenture delivered to and accepted by the Trustee shall constitute a
security agreement pursuant to and for all purposes of the Uniform Commercial Code of the State of
Delaware and of any other state or jurisdiction.

     Section 10.07. Payments Due on Non-Business Days. Except as may be otherwise provided in a
Supplemental Indenture, in any case where the principal of, premium, if any, or interest on the
Notes or amounts due to any Beneficiary shall be due on a day other than a Business Day, then
payment of such principal, premium and interest may be made on the next succeeding Business Day
with the same force and effect as if made on the date due and no interest shall accrue for the
intervening period.

     Section 10.08. Notices to Rating Agencies. So long as any Outstanding Notes are rated by a
Rating Agency, the Trustee agrees to give the Rating Agency prompt written notice of the
appointment of any successor Trustee.

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     Section 10.09. Governing Law. This Indenture shall be governed by and be construed in
accordance with the laws of the State of New York without giving effect to the conflicts-of-laws
principles thereof.

     Section 10.10. Trust Indenture Act. This Indenture is hereby made subject to, and shall be
governed by, the provisions of the Trust Indenture Act required to be part of and to govern
indentures qualified under the Trust Indenture Act. If any provision hereof limits, qualifies or
conflicts with another provisions hereof which is required to be included in an indenture qualified
under the Trust Indenture Act, such required provision shall control.

     Section 10.11. Rights of Other Beneficiaries. All rights of any Other Beneficiary under this
Indenture to consent to or direct certain remedies, waivers, actions and amendments hereunder shall
cease for so long as such Other Beneficiary is in default of any of its obligations or agreements
under the Swap Agreement or the Credit Enhancement Facility by reason of which such Person is an
Other Beneficiary.

     Section 10.12. Subcontracting by Issuer. The Issuer may contract with other Persons to
assist it in performing its duties under this Indenture, and any performance of such duties by a
Person identified to the Trustee in an Issuer Certificate shall be deemed to be action taken by the
Issuer.

     Section 10.13. Role of Eligible Lender Trustee. The Eligible Lender Trustee has entered into
this Indenture for the sole purpose of pledging, hypothecating, assigning and granting a security
interest in its right, title and interest in the Financed Student Loans and related documentation
and contracts, all as provided in the Granting Clauses and Sections 5.07 and 5.15 hereof. The
Eligible Lender Trustee shall have no responsibility or liability for the payment of the Note or
the performance of any other obligation of the Issuer hereunder, except to the extent of such
pledge, hypothecation, assignment and grant.

     Section 10.14. Limitation of Liability. It is expressly understood and agreed by the parties
hereto that (a) this Indenture is executed and delivered by 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
Indenture or the other related documents.

     Section 10.15. Filings by Depositor. The Depositor is hereby authorized to file with or
deliver to the Commission or any other Person any report, certification or other item that the
Issuer may or must file under any current or future law, rule or regulation. In furtherance of the

107

 

foregoing, the Depositor and/or the Issuer Administrator are hereby authorized to prepare,
execute and deliver all certificates or other documents required to be delivered by the Issuer
pursuant to the Sarbanes-Oxley Act of 2002 or the rules and regulations promulgated thereunder.

     Section 10.16. Provision of Information and Certifications. Each of the Trustee, the
Eligible Lender Trustee and the Delaware Trustee hereby agrees to provide and sign, if applicable,
any information, letters and certifications reasonably requested by Goal, the Depositor or the
Issuer in order to enable Goal, the Depositor or the Issuer to comply with or obtain more favorable
treatment under any current or future law, rule or regulation. Without limiting the foregoing, in
the event that an accounting firm, in connection with procedures or the scope of services being
performed at the direction of or pursuant to its engagement by Goal, the Depositor, the Issuer, the
Issuer Administrator or other Person, requests the Trustee, the Eligible Lender Trustee or the
Delaware Trustee to agree in writing to or to provide or to confirm account balances, payments or
other facts known to it in its capacity hereunder, the Issuer Administrator or the Issuer may
direct the Trustee, the Eligible Lender Trustee or the Delaware Trustee to so agree, provide or
confirm; it being understood and agreed that the Trustee, the Eligible Lender Trustee and the
Delaware Trustee (i) shall deliver such writing or letter in reliance upon the direction of the
Issuer Administrator or the Issuer and (ii) shall have no obligation to make any independent
inquiry or investigation as to such accounting firm’s procedures or the scope of its services.
Notwithstanding anything contained herein to the contrary, neither Trustee, the Eligible Lender
Trustee nor the Delaware Trustee, nor any agent, employee, director or officer of the Trustee, the
Eligible Lender Trustee or the Delaware Trustee, shall have any obligation hereunder to execute on
behalf of Goal, the Depositor, the Issuer or other third party any certificates or other documents
required pursuant to the Sarbanes-Oxley Act of 2002 or the rules and regulations promulgated
thereunder, and the refusal to comply with any such instructions shall not constitute a default or
breach hereunder.

     Section 10.17. Effect of Amendments and Restatement. This Indenture amends and restates the
Initial Indenture and does not effect a novation of the Initial Indenture.

108

 

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

	 	 	 	 	 	 	 
	 	 	HIGHER EDUCATION FUNDING I	 	 
	 
	 	 	 	 	 	 
	

	 	By
	 	WILMINGTON TRUST COMPANY, not in
its
individual capacity but solely as Delaware Trustee	 	 
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ Janel R. Havrilla	 	 
	

	 	 	 	 	 	 
	

	 	Name:
	 	Janel R. Havrilla	 	 
	

	 	Title:
	 	Financial Services Officer	 	 

					
	 	 	 	 	 
	 
	 	S-1
	 	A/R INDENTURE

 

 

	 	 	 	 	 	 	 
	 	 	THE BANK OF NEW YORK, as Eligible Lender Trustee	 	 
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ William Cardozo	 	 
	

	 	 	 	 	 	 
	

	 	Name:
	 	William Cardozo	 	 
	

	 	Title:
	 	Agent	 	 
	 
	 	 	 	 	 	 
	 	 	THE BANK OF NEW YORK, as Trustee	 	 
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ William Cardozo	 	 
	

	 	 	 	 	 	 
	

	 	Name:
	 	William Cardozo	 	 
	

	 	Title:
	 	Agent	 	 

					
	 	 	 	 	 
	 
	 	S-2
	 	A/R INDENTURE

 

 

Exhibit A

Eligible Loan Acquisition Certificate

     This Eligible Loan Acquisition Certificate is submitted to the Trustee pursuant to the
provisions of Section 4.02 of the Amended and Restated Indenture of Trust, dated as of March 1,
2005 (as amended and supplemented from time to time in accordance with its terms, the “Indenture”),
from Higher Education Funding I (the “Issuer”) and The Bank of New York, as eligible lender
trustee, to The Bank of New York, as indenture trustee. All capitalized terms used in this
Certificate and not otherwise defined herein shall have the respective meanings given to such terms
in the Indenture. In your capacity as Trustee, you are hereby authorized and requested to disburse
(i) to the Lender(s) identified in the schedule attached hereto (the “Student Loan Acquisition
Schedule”) the amount(s) specified in such Schedule from the Acquisition Fund for the acquisition
of Eligible Loans, and any related Add-On Loan; (ii) to the Depositor, the amount of Premium set
forth in such Schedule (less an amount equal to the origination fees set forth in the Schedule
which are payable to the Secretary of Education on any Consolidation Loan set forth in the Student
Loan Acquisition Schedule attached hereto), (iii) to The Bank of New York Trust Company, N.A., as
eligible lender trustee pursuant to an Amended and Restated Eligible Lender Trust Agreement, dated
as of January 1, 2004, between the Depositor and The Bank of New York Trust Company, N.A. for
deposit to the Depositor Trust Account established thereunder, an amount equal to the origination
fees set forth in the Student Loan Acquisition Schedule which are payable to the Secretary of
Education on the Eligible Loans set forth in the Student Loan Acquisition Schedule attached hereto
and (iv) to the Borrower Benefits Fund established pursuant to the Indenture, an amount equal to
[___] percent (___)% of any Consolidation Loans set forth on the Student Loan Acquisition Schedule
attached hereto identified as having an interest rate of [___] percent (___)% or greater. With
respect to the Eligible Loans so to be acquired, the Issuer hereby certifies as follows:

     (a) The Eligible Loans to be acquired are those specified in the Student Loan
Acquisition Schedule (the “Acquired Eligible Loans”).

     (b) The amount to be disbursed pursuant to this Certificate does not exceed the amount
permitted under the provisions of Section 4.02 of the Indenture.

     (c) Each Acquired Eligible Loan is an Eligible Loan authorized so to be acquired by the
Indenture and does not exceed any limitations imposed on the acquisition of Eligible Loans
contained in any Supplemental Indenture.

     (d) You (or your agent) have been previously, or are herewith, provided with the
following items:

     (i) with respect to each Acquired Eligible Loan, a copy of the Student Loan
Purchase Agreement pursuant to which the Issuer acquired such Acquired Eligible
Loan;

A-1

 

     (ii) with respect to each Guaranteed Loan included among the Acquired Eligible
Loans, a certified copy of the Guarantee Agreement relating thereto;

     (iii) evidence in form satisfactory to the Trustee that each action necessary
to perfect a first security interest in each of the Acquired Eligible Loans in favor
of the Trustee has been accomplished; and

     (iv) instruments duly assigning the Acquired Eligible Loans to the Issuer or
the Eligible Lender Trustee.

     (e) The Issuer is not, on the date hereof, in default under the Indenture or any other
agreement relating to the Acquired Eligible Loans, and, to the best knowledge of the Issuer,
the Depositor is not in default under any agreement relating to the Acquired Eligible Loans.
The Issuer is not aware of any default existing on the date hereof under any of the other
documents referred to in paragraph (d) hereof.

     (f) All of the conditions specified in the Student Loan Purchase Agreement relating to
the Acquired Eligible Loans and the Indenture for the acquisition of the Acquired Eligible
Loans and the disbursement hereby authorized and requested have been satisfied.

     (g) The undersigned is authorized to sign and submit this Certificate on behalf of the
Issuer.

     Witness my hand this ___day of______, ______.

	 	 	 	 	 	 	 
	 	 	HIGHER EDUCATION FUNDING I	 	 
	 
	 	 	 	 	 	 
	

	 	By:
	 	GOAL FINANCIAL, LLC, 

as Issuer Administrator	 	 
	 
	 	 	 	 	 	 
	

	 	By
	 	 	 	 
	

	 	 	 	 	 	 
	

	 	Name
	 	 	 	 
	

	 	 	 	 	 	 
	

	 	Title
	 	 	 	 
	

	 	 	 	 	 	 

A-2

 

Exhibit B

FORM OF LOAN PURCHASE AGREEMENT

This
Loan Purchase Agreement is made and entered into as of [•] by and among
______, as seller (“Seller”), HIGHER EDUCATION FUNDING I, a Delaware statutory
trust, as purchaser (“Purchaser”), THE BANK OF NEW YORK TRUST COMPANY, N.A., not in its individual
capacity but as eligible lender trustee for Seller (in such capacity, “Seller ELT”), and
______, not in its individual capacity but as eligible lender trustee for Purchaser
(in such capacity, “Purchaser ELT”).

WITNESSETH:

WHEREAS, Seller, through its eligible lender trustee, is engaged in a program of originating,
funding, purchasing, holding and selling Eligible Loans;

WHEREAS, Purchaser, through its eligible lender trustee, is engaged in a program of purchasing,
holding and selling Eligible Loans;

WHEREAS, Seller, through its eligible lender trustee, desires to sell to Purchaser, through its
eligible lender trustee, certain Eligible Loans in accordance with the terms and conditions of this
Agreement;

WHEREAS, Seller ELT holds legal title to, and serves as eligible lender trustee with respect to,
Eligible Loans on behalf of Seller; and

WHEREAS, Purchaser ELT holds legal title to, and serves as eligible lender trustee with respect to,
Eligible Loans on behalf of Purchaser.

NOW, THEREFORE, in consideration of the foregoing premises and mutual covenants herein contained,
the parties agree as follows:

ARTICLE I

DEFINITIONS

Unless the context otherwise requires, capitalized terms defined in the Indenture of Trust and used
but not defined in this Agreement shall have the meanings set forth in the Indenture of Trust. The
following words and terms used in this Agreement shall have the following meanings unless otherwise
provided herein or unless the context or use clearly indicates another or different meaning or
intent:

“Act” shall mean Title IV, Part B of the Higher Education Act of 1965 (20 USC § 1071 et.
seq.), and includes insofar as the context requires Title VII of the Public Health Service Act (42
USC. §292 et seq.), as either is amended and in effect from time to time, or any successor
enactment thereto, the effective administrative regulations promulgated thereunder, and any binding
directives issued by the Secretary pursuant thereto.

B-1

 

“Agreement” shall mean this Loan Purchase Agreement, including all exhibits attached hereto, and
any supplements or amendments hereto.

“Certificate of Insurance” shall mean a certificate of federal loan insurance issued with respect
to an Eligible Loan by the Secretary pursuant to the Act.

“Commitment” shall mean Seller’s commitment to sell Eligible Loans to Purchaser pursuant to Section
2.1 hereof.

“Contract of Insurance” shall mean a contract of insurance under the Act between the Secretary and
the Eligible Lender Trustee for the benefit of the Seller or the Secretary and the Eligible Lender
Trustee for the benefit of the Purchaser, providing for the Insurance of Student Loans.

“Eligible Lender Trust Agreement” means (i) the Eligible Lender Trust Agreement, dated as of
January 1, 2004, between the Purchaser and the Eligible Lender Trustee, as trustee, and any similar
agreement entered into by the Purchaser and an “eligible lender” under the Higher Education Act
pursuant to which such “eligible lender” holds Student Loans as legal owner in trust for the
Purchaser as beneficial owner, in each case as supplemented or amended from time to time; or (ii)
the Eligible Lender Trust Agreement, dated as of [•] between the Seller and the Eligible Lender
Trustee, as trustee, and any similar agreement entered into by the Seller and an “eligible lender”
under the Higher Education Act pursuant to which such “eligible lender” holds Student Loans as
legal owner in trust for the Seller as beneficial owner, in each case as supplemented or amended
from time to time; as is applicable.

“Eligible Lender Trustee” means, for Seller, Seller ELT, as trustee under the applicable Eligible
Lender Trust Agreement, and its successors and assigns in such capacity and, for Purchaser,
Purchaser ELT as trustee under the applicable Eligible Lender Trust Agreement, and its successors
and assigns in such capacity.

“Indenture of Trust” means the Amended and Restated Indenture of Trust, dated as of March 1, 2005,
among Purchaser, The Bank of New York, as Eligible Lender Trustee, and The Bank of New York, as
Trustee, as the same may be amended or supplemented from time to time.

“Insurance” or “Insured” or “Insure” shall mean, with respect to a Student Loan, the insurance by
the Secretary under the Act (as evidenced by a Contract of Insurance issued or entered into under
the provisions of the Act) of the maximum percentage of the principal of and accrued interest on
such Student Loan allowed under the Act with respect to such Student Loan.

“Insured Loan” shall mean a Student Loan which is Insured.

“Loan Transfer Addendum” shall mean a loan transfer addendum substantially in the form set forth as
Exhibit A attached hereto and incorporated herein by this reference.

“Original Agreement” is defined in the recitals.

“Portfolio” shall mean a group of Eligible Loans sold pursuant to Section 2.1 hereof on a Scheduled
Sale Date.

B-2

 

“Principal Balance” shall mean the original principal amount of a Student Loan, plus 
capitalized interest (if any) and items which may not be guaranteed or insured (such as late
charges), less  payments by or on behalf of the Student Borrower.

“Purchase Price” shall mean the price as set forth in the Loan Transfer Addendum.

“Purchaser” is defined in the preamble.

“Purchaser ELT” is defined in the preamble.

“Scheduled Sale Date” shall mean any date designated as such in a communication delivered pursuant
to Section 4.3(a) of this Agreement and in an applicable Loan Transfer Addendum for purchase of a
Portfolio of Eligible Loans pursuant to this Agreement, unless such date is changed by mutual
agreement of the parties, in which case Scheduled Sale Date shall be any new date so agreed to by
the parties.

“Secretary” shall mean the Secretary of the United States Department of Education or any successor
to the pertinent functions of that official or department under the Act, or, when the context so
requires, the former Commissioner of Education of the former United States Department of Health,
Education and Welfare and includes the Secretary of the United States Department of Health and
Human Services.

“Seller” is defined in the preamble.

“Seller ELT” is defined in the preamble.

“Student Borrower” shall mean the obligor on a Student Loan.

ARTICLE II

LOAN SALE COMMITMENT

     Section 2.01. Loan Sale Commitment. Subject to the terms and conditions of this
Agreement, and in express reliance upon the representations, warranties and covenants set forth
herein, Seller (and, with respect to legal title thereto, Seller ELT on behalf of Seller )
agrees to sell, and Purchaser (and, with respect to legal title thereto, Purchaser ELT on
behalf of Purchaser) agrees to purchase, on the applicable Scheduled Sale Date all Student Loans
identified in the loan transfer schedule attached to the applicable Loan Transfer Addendum to the
extent such Student Loans meet all eligibility requirements and to the extent the Purchaser has the
funds available to purchase such Student Loans.

ARTICLE III

SERVICING

     Section 3.01. Servicing of Other Eligible Loans. All of the Eligible Loans that are
sold pursuant to Section 2.1 hereof are currently serviced (or will be serviced on the Scheduled
Sale Date) by the Servicer(s) identified in the Loan Transfer Addendum. Such Servicer shall either
be

B-3

 

Great Lakes Educational Loan Services, Inc., ACS Education Services Inc. or another servicer
with whom Purchaser has a servicing agreement that is satisfactory to (i) The Bank of New York or
its successor as Trustee under the Indenture of Trust and (ii) The Bank of New York or its
successor as Purchaser ELT. On the effective date for the sale of those Eligible Loans, Purchaser
shall cause the current servicer(s) or such other servicer(s) as Purchaser may select to commence
servicing such Portfolio at Purchaser’s expense and under the identification number of Purchaser or
its designee.

ARTICLE IV

SALE/PURCHASE OF PORTFOLIOS

     Section 4.01. Tender of Eligible Loans to Purchaser. With respect to a Portfolio of
Eligible Loans to be sold pursuant to Section 2.1 hereof, prior to or on the applicable Scheduled
Sale Date (or at such other time as the parties may agree), Seller shall furnish Purchaser or its
designee with a list of the Eligible Loans to be included in such Portfolio, and shall authorize
and direct the Servicer of the Eligible Loans to release such information and documentation to
Purchaser or its designee, in its reasonable judgment, deems necessary and appropriate to undertake
a review of such loans to determine whether (i) such loans constitute Eligible Loans, and (ii) the
Portfolio, aggregated with the other Eligible Loans that have been sold to Purchaser by Seller if
appropriate, comply with the requirements set forth in Section 3.1 hereof.

     Section 4.02. Conditions of Purchase. Purchaser’s obligation to purchase and pay for
a Student Loan in a Portfolio hereunder shall be subject to the following conditions precedent:

     (a) the Eligible Loans in the Portfolio, aggregated with the other Eligible Loans that
have been sold to Purchaser by Seller if appropriate, shall meet the requirements described
in Section 3.1 hereof;

     (b) all representations, warranties and statements by or on behalf of Seller contained
in this Agreement with respect to such Student Loan are true on the Scheduled Sale Date
relating to such Student Loan;

     (c) any notification to or approval by the Secretary or Guarantee Agency required by
the Act or the Guarantee Agreement as a condition to the assignment of such Student Loan
shall have been made or received and evidence thereof delivered to both Purchaser and
Purchaser ELT;

     (d) without a prior Rating Agency Confirmation, all Student Loans purchased pursuant to
this Agreement shall have been originated by Great Lakes Educational Loan Services, Inc. or
ACS Education Services, Inc.; and

     (e) the entire interest of Seller in such Student Loan shall have been duly assigned by
endorsement, such endorsement to be without recourse except as provided in Article V hereof.

     Section 4.03. Consummation of Sale and Purchase of Portfolio. To consummate the sale
and purchase of a Portfolio of Eligible Loans, on or before the applicable Scheduled Sale Date,

B-4

 

Seller shall deliver via facsimile to Purchaser ELT a Loan Transfer Addendum, the Seller’s
Closing Certificate, a form of which is attached as Exhibit B, and such instruments of transfer,
including a bill of sale, a form of which is attached as Exhibit D, and blanket endorsement, a form
of which is attached as Exhibit C, as Purchaser shall reasonably deem necessary for conveyance of
title of the Eligible Loans contained in the Portfolio free and clear of all liens, encumbrances
and security interests. Seller shall retain all ownership rights with respect to Eligible Loans in
a Portfolio at all times prior to the effective sale of such Portfolio. Purchaser shall pay for
any reasonable transfer fees as may be required to be paid to the Secretary or to the Servicer.

     (a) On each Scheduled Sale Date, Seller shall arrange for the Servicer of the Eligible
Loans to notify the Eligible Lender Trustees via facsimile, by no later than 12:00 noon EST
or EDT, as is applicable, that (i) such day is a Scheduled Sale Date and (ii) the dollar
amount of the Eligible Loans which are going to be disbursed by the Servicer on such
Scheduled Sale Date. Seller shall also arrange for the Servicer of the Eligible Loans to
email to the Seller, the Issuer Administrator and Purchaser ELT a detailed roster of the
Eligible Loans that were so disbursed.

     (b) By 12:00 noon EST or EDT, as is applicable, on such Scheduled Sale Date, Seller
shall deliver to Purchaser ELT a Loan Transfer Addendum.

     (c) On such Scheduled Sale Date, after receipt of the aforesaid Loan Transfer Addendum
and the documentation required to be provided by this Section, Purchaser shall arrange for a
transfer into an Account or Accounts maintained at The Bank of New York, designated by
Seller and satisfactory to Purchaser, or wire transfer as directed by the Purchaser, the
amount necessary for the purchase of the Eligible Loans. The purchase and sale of the
Portfolio shall be effective simultaneously with the payment of the Purchase Price.

     Section 4.04. Other Information and Documents. Seller shall furnish or make
available to Purchaser such additional information concerning Seller’s Student Loan portfolio as
Purchaser may reasonably request. Seller and Seller ELT shall execute all other documents and take
all other steps as may be reasonably requested by Purchaser or Purchaser ELT from time to time to
effect the sale hereunder of a Portfolio of Eligible Loans.

ARTICLE V

REPURCHASE OBLIGATION OF SELLER

     Section 5.01. Conditions Precedent to Repurchase Obligation. At the request of
Purchaser or its Eligible Lender Trustee, Seller shall repurchase any Student Loan purchased by
Purchaser pursuant to this Agreement if:

     (a) any representation or warranty made or furnished by Seller in or pursuant to this
Agreement with respect to such Student Loan shall prove to have been materially incorrect as
to such Student Loan, unless resulting from an act or omission of Purchaser;

B-5

 

     (b) the Secretary or a Guarantee Agency, as the case may be, refuses to honor all or
part of a claim filed with respect to such Student Loan (including any claim for interest
subsidy, Special Allowance Payments, Insurance, reinsurance or Guarantee payments) on
account of any circumstance or event that occurred prior to the sale of such Student Loan to
Purchaser, unless resulting from an act or omission of Purchaser; or

     (c) On account of any wrongful or negligent act or omission of Seller or its servicing
agent that occurred prior to the sale of such Student Loan to Purchaser, a defense is
asserted by a maker (or endorser, if any) of such Student Loan with respect to his or her
obligation to pay all or any part of such Student Loan, and Purchaser or Purchaser ELT in
good faith believes that the facts reported, if true, raise a reasonable doubt as to the
enforceability of such Student Loan.

     Section 5.02. Repurchase by Seller. Upon the occurrence of any of the conditions set
forth in Section 5.1 hereof with respect to a Student Loan and upon the request of
Purchaser or Purchaser ELT, Seller shall pay to Purchaser ELT, for the account of Purchaser, an
amount equal to the then-outstanding principal balance of such Student Loan, plus any premium in
excess of par paid as part of the Purchase Price with respect to such Student Loan, plus interest
and Special Allowance Payments accrued and unpaid with respect to such Student Loan from the
applicable Scheduled Sale Date to and including the date of repurchase, plus any attorneys’ fees,
legal expenses, court costs, servicing fees or other expenses incurred by Purchaser, Purchaser ELT
or the appropriate successors or assigns in connection with such Student Loans. Upon payment of
such amount, Purchaser and Purchaser ELT shall take all necessary action to release and re-convey
to Seller (and Seller ELT) all of their respective interests in such Student Loan free and clear of
any lien or security interest created by Purchaser or Purchaser ELT.

ARTICLE VI

ONGOING OBLIGATIONS OF SELLER

     Section 6.01. Obligation of Seller to Forward Payments. Seller shall promptly remit,
or cause to be remitted, to Purchaser ELT as it may direct, all funds received by Seller after the
Scheduled Sale Date for a Student Loan sold pursuant to this Agreement which constitute payments of
principal, or interest or Special Allowance Payments accrued after such Scheduled Sale Date with
respect to such Student Loan.

     Section 6.02. Obligation of Seller to Forward Communications. Seller shall
immediately transmit to Purchaser any communication received by Seller after the Scheduled Sale
Date with respect to a Student Loan or the borrower under such a Student Loan. Such communication
shall include, but not be limited to, letters, notices of death or disability, adjudication of
bankruptcy and similar documents and forms requesting deferment of repayment or loan cancellations.

     Section 6.03. Notification to Student Borrowers. Seller and Purchaser shall cause
the Servicers to provide each borrower under the Eligible Loans purchased under this Agreement with
notice of the assignment and transfer to Purchaser ELT for the account and on behalf of Purchaser
of Seller’s interest in such Eligible Loans as required by the Act.

B-6

 

     Section 6.04. No Modification of Lender Agreements. Seller will consent to no
amendments to, or modifications of, the Contract of Insurance or Guarantee Agreement that may
affect Eligible Loans which are sold or listed on a Loan Transfer Addendum for sale pursuant to
this Agreement without (i) the prior written consent of Purchaser, which consent shall not be
unreasonably withheld, and (ii) Rating Agency Confirmation. Amendments or modifications required
by the Act are excluded from the requirement of this Section 6.4.

ARTICLE VII

REPRESENTATIONS, WARRANTIES AND COVENANTS

     Section 7.01. Representations. Warranties and Covenants of Seller. Seller hereby
represents, covenants, and warrants to Purchaser that:

     (a) Organization and Authority of Seller. Seller is duly organized, validly
existing and in good standing under the laws of the State of Delaware, and has all necessary
statutory power and authority to own its assets and carry on its business as now being
conducted; Seller has, and its officers and Seller ELT acting on its behalf have, all
necessary statutory power and authority to make and perform this Agreement, and has the
power and authority to sell, assign and transfer Student Loans to Purchaser and Purchaser
ELT, and to repurchase Student Loans as required under the terms hereof.

     (b) Eligible Lender Status. Seller ELT, if applicable, is an “eligible lender”
under the Act.

     (c) Legal and Binding Obligation. The execution, delivery and performance of
this Agreement by Seller have been duly authorized by all necessary corporate action, and do
not require any stockholder approval or approval or consent of, or notice to, any trustee or
holders of indebtedness or obligations of Seller; upon due execution and delivery by the
parties hereto, this Agreement will constitute the legal, valid and binding obligation of
Seller, enforceable in accordance with its terms.

     (d) No Conflicts. Neither the execution, delivery or performance by Seller of
this Agreement, nor the consummation or performance by Seller of the transactions
contemplated hereby, will conflict with, result in a violation of, or constitute a default
(or an event which could constitute a default with the passage of time or notice or both)
under, (i) any of the terms of Seller’s charter or bylaws, or (ii) any indenture, mortgage,
contract or other agreement to which Seller is a party or by which it or its properties are
bound, or any law or regulation by which it or its properties are bound, where, in the case
of this clause (ii), such conflict, violation or default could have a material adverse
effect on Seller’s ability for perform its obligations hereunder. Seller is not a party to
or bound by any agreement or instrument or subject to any charter or other corporate
restrictions or judgment, order, writ, injunction, decree, law, rule or regulation which may
materially and adversely affect the ability of Seller to perform its obligations under this
Agreement.

     (e) No Defaults or Violations. Seller is not in default under any mortgage,
deed of trust, indenture or other instrument or agreement to which Seller is a party or by

B-7

 

which it or its properties are bound, or in violation of any law or regulation, which
default or violation could have a material adverse effect on Seller’s ability for perform
its obligations hereunder.

     (f) No Consents. No consent, approval or authorization of any government or
governmental body, including (without limitation) the Office of Thrift Supervision, the
Federal Deposit Insurance Corporation, the Comptroller of the Currency, the Board of
Governors of the Federal Reserve System or any state bank regulatory agency, is required in
connection with the execution, delivery and performance of this Agreement, or the
consummation of the transactions contemplated hereby.

     (g) No Litigation. There are no pending or threatened actions or proceedings
by or before any court, administrative agency or arbitrator, that could if adversely
determined, materially and adversely affect the ability of Seller to perform its obligations
hereunder, and there are no presently existing orders of any court, administrative agency or
arbitrator that could have a material and adverse effect on the ability of Seller to perform
its obligations hereunder.

     (h) Continuing Obligations of Seller. Seller agrees that during the term of
this Agreement, it will (i) remain in good standing and qualified to do business under the
laws of the State of Delaware and the jurisdictions in which it operates, (ii) conduct its
business in accordance with all applicable state and federal laws, and (iii) continue to be
qualified to carry out this Agreement.

     Section 7.02. Representations, Warranties and Covenants of Seller with Respect to Student
Loans. Seller hereby represents, covenants, and warrants to Purchaser with respect to each
Student Loan to be sold hereunder that, except for any condition resulting from an act or omission
of Purchaser, as of the Scheduled Sale Date for such Student Loan:

     (a) Accuracy of Information. Any information furnished by Seller to Purchaser
or its agents with respect to such Student Loan is true, complete and correct.

     (b) Validity of Loans. Such Student Loan has been duly executed and delivered
and constitutes the legal, valid and binding obligation of the maker (and the endorser, if
any) thereof, enforceable in accordance with its terms.

     (c) No Defenses Against Repayment of Loans. The amount of the unpaid principal
balance of such Student Loan is true and owing, and no counterclaim, offset, defense or
right to rescission exists with respect to such Student Loan which can be asserted and
maintained or which, with notice, lapse of time, or the occurrence or failure to occur of
any act or event, could be asserted and maintained by the borrower against the Eligible
Lender Trustee as assignee thereof. Seller shall take all reasonable actions to assure that
no maker of such Student Loan has or may acquire a defense to the payment thereof. The rate
of interest carried by such Student Loan is the maximum which was allowable by law at the
time the loan was made, and such Student Loan does not carry a rate of interest in excess of
that permitted by the provisions of the Act or such other rate as was applicable under a
borrower’s benefit program.

B-8

 

     (d) Ownership and Location of Loans: Existence of Liens. Seller is the sole
owner and holder of title to such Student Loan and has full right and authority to sell and
assign the same free and clear of all liens, pledges or encumbrances, and upon the
endorsement and delivery of promissory notes evidencing such Student Loan to Eligible Lender
Trustee on behalf of Purchaser pursuant to this Agreement, Eligible Lender Trustee on behalf
of Purchaser will acquire full right, title and interest in such Student Loan free and clear
of all liens, pledges or encumbrances whatsoever. All documentation relating to such Student
Loan, including the original promissory note for such Student Loan, is now in the possession
of the servicer thereof.

     (e) Guarantee and Insurance on Loans. Such Student Loan is either Insured or
Guaranteed. If such Student Loan is an Insured Loan, a Contract of Insurance is in full
force and effect with respect thereto, the applicable Certificates of Insurance are valid
and binding upon the parties thereto in all respects, Seller is not in default in the
performance of any of its covenants and agreements made in respect thereof, and such
Insurance is freely transferable as an incident to the sale of such Student Loan. With
respect to all Guaranteed Loans being acquired, a Guarantee Agreement is in full force and
effect with respect thereto and is valid and binding upon the parties thereto in all
material respects, Seller is not in default in the performance of any of its covenants and
agreements made in such Guarantee Agreement, and such Guarantee is freely transferable as an
incident to the sale of such Student Loan. All amounts due and payable to the Secretary or
the Guarantee Agency, as the case may be, have been or will be paid in full by Seller at the
time such Student Loan is sold to Purchaser, and such Student Loan has not at any time been
tendered to either the Secretary or the Guarantee Agency for payment. Seller will not, with
respect to such Student Loan, agree to release the Guarantee Agency or the Secretary from
any of its contractual obligations to Guarantee or Insure such loan, or agree to otherwise
alter, amend or renegotiate any terms or conditions under which such Student Loan is
Guaranteed or Insured, without the express prior written consent of Purchaser and the
Eligible Lender Trustee.

     (f) Compliance with the Act. Such Student Loan complies in all respects with
the requirements of the Act and is an Eligible Loan.

     (g) Compliance with Federal Laws. Such Student Loan was made in compliance
with all applicable local, state and federal laws, rules and regulations, including without
limitation all applicable nondiscrimination, truth-in-lending, consumer credit and usury
laws and is an Eligible Loan.

     (h) No Discrimination. In making such Student Loan, Seller has not
discriminated based upon the educational institutions attended by, or the age, sex, race,
national origin, color, religion, handicapped status, income, attendance at a particular
eligible institution within the area served by Purchaser, length of the Student Borrower’s
educational program, or the Student Borrower’s academic year in school.

     (i) Due Diligence in Servicing Loans. Seller and any independent servicer have
each exercised and shall continue until the Scheduled Sale Date for such Student Loan to
exercise due diligence and reasonable care in making, administering, servicing

B-9

 

and collecting such Student Loan and Seller has conducted a reasonable investigation of
sufficient scope and content to enable it duly to make the representations and warranties
contained in this Agreement. Seller shall be solely responsible for the payment of the
costs and expenses incident to origination of such Student Loan, without any right of
reimbursement therefor from Purchaser.

     (j) Origination Fees. Seller has reported or shall report the amount of
origination fees (if any) authorized to be collected with respect to such Student Loan
pursuant to the Act to the Secretary for the period in which such fee was authorized to be
collected; and Seller has made and shall make any refund of an origination fee collected in
connection with such Student Loan which may be required pursuant to the Act.

     (k) Insurance Premium. For such Student Loan Seller has reported or shall
report the amount of the insurance premium authorized to be collected, and has paid or shall
pay said premium to the Guarantee Agency or the Secretary with all rights therein inuring to
Purchaser; and in the event that on or prior to the Scheduled Sale Date for such Student
Loan the applicable Student Borrower withdraws within the period specified as qualifying for
a cancellation refund by the Guarantee Agency, Seller agrees to pay the amount of the
premium to be refunded to Purchaser.

     Section 7.03. Representations Warranties and Covenants of Purchaser. Purchaser hereby
represents, covenants, and warrants to Seller that:

     (a) Organization and Authority of Purchaser. Purchaser is a duly organized,
validly existing Delaware statutory trust in good standing under the laws of the State of
Delaware; Purchaser has, and its Eligible Lender Trustee and officers acting on its behalf
have, all necessary statutory power and authority to make and perform this Agreement,
including (without limitation) the power and authority to purchase Student Loans from Seller
under the terms and conditions of this Agreement.

     (b) Legal and Binding Obligation. The execution, delivery and performance of
this Agreement by Purchaser have been duly authorized by all necessary action, and do not
require any member approval or approval or consent of, or notice to, any trustee or holders
of indebtedness or obligations of Purchaser; upon due execution and delivery by the parties
hereto, this Agreement will constitute the legal, valid and binding obligation of Purchaser,
enforceable in accordance with its terms.

     (c) No Conflict. Neither the execution, delivery and performance by Purchaser
of this Agreement, nor the consummation or performance by Purchaser of the transactions
contemplated hereby, will conflict with, result in a violation of, or constitute a default
(or an event which could constitute a default with the passage of time or notice or both)
under, (i) any of the terms of Purchaser’s organizational documents, or (ii) any indenture,
mortgage, contract or other agreement to which Purchaser is a party or by which it or its
properties are bound, or any law or regulation by which it or its properties are bound,
where, in the case of this clause (ii), such conflict, violation or default could have a
material adverse effect on Purchaser’s ability for perform its obligations hereunder.
Purchaser is not a party to or bound by any agreement or instrument or subject

B-10

 

to any charter or other corporate restrictions or judgment, order, writ, injunction,
decree, law, rule or regulation which may materially and adversely affect the ability of
Purchaser to perform its obligations under this Agreement.

     (d) No Defaults or Violations. Purchaser is not in default under any mortgage,
deed of trust, indenture or other instrument or agreement to which Purchaser is a party or
by which it or its properties are bound, or in violation of any law or regulation, which
default or violation could have a material adverse effect on Purchaser’s ability for perform
its obligations hereunder.

     (e) No Consents. No consent, approval or authorization of any government or
governmental body is required in connection with the execution, delivery and performance of
this Agreement, or the consummation of the transactions contemplated hereby.

     (f) No Litigation. There are no pending or threatened actions or proceedings
by or before any court, administrative agency or arbitrator, that could if adversely
determined, materially and adversely affect the ability of Purchaser to perform its
obligations hereunder, and there are no presently existing orders of any court,
administrative agency or arbitrator that could have a material and adverse affect on the
ability of Purchaser to perform its obligations hereunder.

     (g) Continuing Obligation of Purchaser. Purchaser agrees that during the term
of this Agreement, it will (i) remain in good standing and qualified to do business under
the laws of the state of its organization and any other jurisdictions in which it operates,
(ii) conduct its business in accordance with all applicable state and federal laws, and
(iii) continue to be qualified to carry out this Agreement.

     Section 7.04. Representations Warranties and Covenants with Respect to Eligible Lender
Trustees. Seller and Purchaser hereby represent, covenant and warrant that if and to the
extent that they are acting via Eligible Lender Trustees, then each such Eligible Lender Trustee
has no personal liability for any representation, covenant, warranty or other obligation undertaken
in this Agreement and that such Eligible Lender Trustee acts only for the Seller or Purchaser (as
applicable) and that recourse (if any) may be had only against such Seller or Purchaser and not
against such Eligible Lender Trustee or its separate assets. Each Eligible Lender Trustee shall be
a third-party beneficiary of this Section 7.4.

ARTICLE VIII

MISCELLANEOUS

     Section 8.01. Communications and Notices. Unless otherwise expressly provided herein,
all notices, requests, demands or other instruments which may or are required to be given by either
party to the other or to the Eligible Lender Trustee, shall be in writing, and each shall be deemed
to have been properly given when served personally on an officer of the party to whom such notice
is to be given, or upon expiration of a period of 48 hours from and after the postmark

B-11

 

thereof when mailed postage prepaid by registered or certified mail, requesting return
receipt, addressed as follows:

	 	 	 	 	 	 	 
	 	 	If to Seller:	 	 
	 
	 	 	 	 	 	 
	

	 	 	 	 	 	 
	

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	

	 	 	 	with a copy to Seller ELT	 	 
	 
	 	 	 	 	 	 
	 	 	If to Seller ELT:	 	 
	 
	 	 	 	 	 	 
	

	 	 	 	 	 	 
	

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	If to Purchaser:	 	 
	 
	 	 	 	 	 	 
	

	 	 	 	Higher Education Funding I	 	 
	

	 	 	 	c/o Goal Financial, LLC,	 	 
	

	 	 	 	   as Issuer Administrator	 	 
	

	 	 	 	Attention: Mr. Ryan D. Katz	 	 
	

	 	 	 	9477 Waples Street, Suite 100	 	 
	

	 	 	 	San Diego, CA 92121	 	 
	

	 	 	 	Facsimile: (858) 909-0284	 	 
	

	 	 	 	e-mail: rkatz@goalfinancial.net	 	 
	 
	 	 	 	 	 	 
	

	 	 	 	with a copy to Purchaser ELT	 	 
	 
	 	 	 	 	 	 
	 	 	If to Purchaser ELT:	 	 
	 
	 	 	 	 	 	 
	

	 	 	 	The Bank of New York,	 	 
	

	 	 	 	as Purchaser’s Eligible Lender Trustee	 	 
	

	 	 	 	Attn: Corporate Trust Manager	 	 
	

	 	 	 	10161 Centurion Parkway, 2nd Floor	 	 
	

	 	 	 	Jacksonville, Florida 32256	 	 
	

	 	 	 	Facsimile: (904) 645-1931	 	 
	

	 	 	 	e-mail: wcardozo@bankofny.com	 	 

B-12

 

	 	 	 	 	 	 	 
	 	 	If to Issuer Administrator:	 	 
	 
	 	 	 	 	 	 
	

	 	 	 	Goal Financial, LLC	 	 
	

	 	 	 	Attention: Mr. Ryan D. Katz	 	 
	

	 	 	 	9477 Waples Street, Suite 100	 	 
	

	 	 	 	San Diego, CA 92121	 	 
	

	 	 	 	Facsimile: (858) 909-0284	 	 
	

	 	 	 	e-mail: rkatz@goalfinancial.net	 	 

Any party may change the address and name of the addressee to which subsequent notices are to be
sent to it, by notice to the others given as aforesaid, but any such notice of change, if sent by
mail, shall not be effective until the 5th day after it is mailed.

     Section 8.02. Forms of Instruments, Proceedings. All instruments relating to the
sale and purchase of the Student Loans pursuant to this Agreement, and all proceedings to be taken
in connection with this Agreement and the transactions contemplated herein, shall be in form and
substance mutually satisfactory to Seller and Purchaser and their respective counsel.

     Section 8.03. Payment of Expenses. Each party to this Agreement shall pay its own
expenses incurred in connection with transactions herein contemplated.

     Section 8.04. Non-Business Days. If the date for taking any action required
hereunder is not a Business Day, then such action can be taken, without interest or penalty, on the
next succeeding Business Day, with the same force and effect as if such action was taken on the
required date.

     Section 8.05. Amendments, Modifications and Waivers. The provisions of this
Agreement cannot be amended, waived or modified unless such amendment, waiver or modification be in
writing and signed by the parties hereto. Inaction or failure to demand strict performance shall
not be deemed a waiver.

     Section 8.06. Severability. If any provision of this Agreement shall be held, or
deemed to be or shall, in fact, be inoperative or unenforceable as applied in any particular
situation, such circumstance shall not have the effect of rendering the provision in question
inoperative or unenforceable in any other situation or of rendering any other provision or
provisions herein contained invalid, inoperative or unenforceable to any extent whatsoever. The
invalidity of any one or more phrases, sentences, clauses or paragraphs herein contained shall not
affect the remaining portions of this Agreement or any part hereof.

     Section 8.07. Remedies. Unless otherwise expressly provided herein, no remedy by the
terms of this Agreement conferred upon or reserved to Purchaser ELT or Purchaser is intended to be
exclusive of any other remedy, but each and every such remedy shall be cumulative and in addition
to every other remedy given under this Agreement or existing at law or in equity (including,
without limitation, the right to such equitable relief by way of injunction), or statute on or
after the date of this Agreement.

B-13

 

     Section 8.08. Assignment. This Agreement may not be assigned or otherwise
transferred, in whole or in part, by one party without the prior written consent of the other
parties, which consent shall not unreasonably be withheld; provided, however, that this Agreement
may be pledged and assigned by Purchaser and Purchaser ELT without the prior written consent of the
parties to the extent necessary or appropriate to effect the provisions of the Indenture of Trust.

     Section 8.09. Binding Effect. All covenants and agreements herein contained shall
extend to and be obligatory upon all successors of the respective parties hereto.

     Section 8.10. Governing Law. This Agreement shall be construed in accordance with
and governed by the law of the State of New York.

     Section 8.11. Arbitration. All disputes or differences between the parties which
arise under or are related to this Agreement shall be settled by arbitration in New York, New York
in accordance with the Commercial Arbitration Rules of the American Arbitration Association and
judgment upon the award entered by the arbitrators may be entered in any Court having jurisdiction
thereof. The panel of arbitrators, as contemplated in this Article, shall consist of three neutral
arbitrators. The arbitrators shall promptly enter an award which shall do justice between the
parties and the award shall be supported by written opinion. Each party to the arbitration shall
bear its respective costs of arbitration, with the fees and expenses of the arbitrators to be borne
equally by the parties.

     Section 8.12. Entire Agreement. This 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.

     Section 8.13. Counterparts. This 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.

     Section 8.14. Limited Role of the Delaware Trustee. It is expressly understood and
agreed by the parties hereto that this Loan Purchase Agreement is executed and delivered by
Wilmington Trust Company, not individually or personally but solely as Delaware Trustee of the
Purchaser, 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 Purchaser 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 Purchaser; (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 Purchaser or be liable
for the breach or failure of any obligations, representation, warranty or covenant made or
undertaken by the Purchaser under this Agreement.

B-14

 

     Section 8.15. True Sale.

     (a) All purchases hereunder shall be made without recourse except as provided in
Article V. Each party hereto intends that the transactions hereunder constitute the sales
of the Student Loans by Seller to Purchaser (and by Seller ELT to Purchaser ELT). No party
hereto intends the transactions contemplated hereby to be, or for any purpose to be
characterized as, a loan from Purchaser to Seller (or from Purchaser ELT to Seller ELT).

     (b) In the event (but only to the extent) that the conveyance of any Student Loan
hereunder is characterized by a court, governmental authority or regulatory body as a loan
rather than a sale, Seller shall be deemed to have granted to Purchaser (and Seller ELT
shall be deemed to have granted to Purchaser ELT), and Seller hereby grants to Purchaser
(and Seller ELT hereby grants to Purchaser ELT), a security interest in all of its right,
title and interest in, to and under such Student Loan. Each of Seller and Seller ELT
authorizes Purchaser and Purchaser ELT to file any and all Uniform Commercial Code financing
statements deemed necessary by Purchaser (or the Issuer Administrator) to perfect the
ownership interests described herein.

B-15

 

IN WITNESS WHEREOF, the parties hereto have caused this Loan Purchase Agreement to be duly executed
as of the day and year first above written.

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	,	 
	 	 	as Seller	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	 	,	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	 	 	 
	 	 	 	 	Name:	 	 	 	 
	 	 	 	 	Title:	 	 	 	 

					
	 	 	 	 	 
	 
	 	S-1
	 	LOAN PURCHASE AGREEMENT

 

 

	 	 	 	 	 	 	 	 	 
	 	 	HIGHER EDUCATION FUNDING I,

as Purchaser	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By: Wilmington Trust Company,

not in its individual capacity but solely as

Delaware Trustee	 	 
	 
	 	 	 	 	 	 	 	 
	

	 	 	 	By:
	 	 	 	 
	

	 	 	 	 	 	 	 	 
	

	 	 	 	Name:
	 	 	 	 
	

	 	 	 	 	 	 	 	 
	

	 	 	 	Title:
	 	 	 	 
	

	 	 	 	 	 	 	 	 

					
	 	 	 	 	 
	 
	 	S-2
	 	LOAN PURCHASE AGREEMENT

 

 

	 	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	,	 
	 	 	not in its individual capacity but as

Eligible Lender Trustee for Seller
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	 	 	 
	 	 	Name:	 	 	 	 
	 	 	Title:	 	 	 	 

					
	 	 	 	 	 
	 
	 	S-3
	 	LOAN PURCHASE AGREEMENT

 

 

	 	 	 	 	 	 	 	 	 
	 	 	THE BANK OF NEW YORK,	 	 
	 	 	 	 	not in its individual capacity but as

Eligible Lender Trustee for Purchaser	 	 
	 
	 	 	 	 	 	 	 	 
	

	 	 	 	By:
	 	 	 	 
	

	 	 	 	 	 	 	 	 
	

	 	 	 	Name:
	 	 	 	 
	

	 	 	 	 	 	 	 	 
	

	 	 	 	Title:
	 	 	 	 
	

	 	 	 	 	 	 	 	 

					
	 	 	 	 	 
	 
	 	S-4
	 	LOAN PURCHASE AGREEMENT

 

 

EXHIBIT A TO LOAN PURCHASE AGREEMENT

LOAN TRANSFER ADDENDUM

     This Loan Transfer Addendum (“Addendum”) is made and entered into as of the ______day of______,
___by and among _________(the “Seller”), Higher Education Funding
I (the “Purchaser”), ______, not in its individual capacity but as eligible
lender trustee for Seller (in such capacity, the “Seller ELT”), and The Bank of New York, not in
its individual capacity but as eligible lender trustee for Purchaser (in such capacity, the
“Purchaser ELT”).

     WHEREAS,
the parties hereto entered into that certain Loan Purchase Agreement,
dated as of [•]
(as the same may be amended or otherwise modified from time to time, the “Loan Purchase
Agreement”), and the Seller wishes to sell a portfolio of Student Loans to the Purchaser, pursuant
to and in accordance with the terms and conditions of the Loan Purchase Agreement.

     NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants herein
contained, the parties hereto agree as follows:

     1. Definitions. All capitalized terms in this Addendum shall have the same meanings given to
them in the Loan Purchase Agreement, unless otherwise specifically stated herein.

     2. Purchase of Student Loans. Subject to the terms and conditions of the Loan Purchase
Agreement and in reliance upon the representations, warranties and covenants as set forth in the
Loan Purchase Agreement, the Seller (and, with respect to legal title thereto, Seller ELT on behalf
of Seller) agrees to sell to the Purchaser (and, with respect to legal title thereto, to Purchaser
ELT on behalf of Purchaser), a portfolio of Student Loans identified in the Loan Transfer Schedule
attached hereto, having an aggregate outstanding Principal Balance of approximately ___(the
“Current Purchase Portfolio”).

     3. Purchase Price. Subject to the terms and conditions of the Loan Purchase Agreement,
Purchaser (and, with respect to legal title thereto, Purchaser ELT on behalf of Purchaser) agrees
to purchase the Student Loans in the Current Purchase Portfolio at a purchase price equal to
______of the aggregate unpaid Principal Balance thereon plus (without duplication) 100%
of the accrued and unpaid interest thereon (including Interest Subsidy Payments and Special
Allowance Payments), each as of the Scheduled Sale Date.

     4. Scheduled Sale Date. The Scheduled Sale Date applicable to the Current Purchase Portfolio
shall be no later than ______, ___.

     5. Non-Consolidation Loans. Student Loans which are not Consolidation Loans check one

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     are___

     are not ___

included in the Portfolio of Eligible Loans.

     6. Servicer. The Servicer of the Eligible Loans is ______

     7. Guarantors. The Guarantor of the Eligible Loans is ______

     8. Representations and Warranties. The Seller hereby confirms all the representations and
warranties set forth in the Loan Purchase Agreement with respect to the Current Purchase Portfolio
as of the Scheduled Sale Date set forth in Article VII of the Loan Purchase Agreement.

     9. Effect on Loan Purchase Agreement. This Addendum sets forth the terms of purchase and sale
solely with respect to the Current Purchase Portfolio. This Addendum shall have no effect upon any
other sale or purchase of any Student Loans consummated or contemplated prior to or after the
Scheduled Sale Date, and all other terms, conditions and agreements contained in the Loan Purchase
Agreement shall remain in full force and effect. Prior or subsequent purchases and sales of Student
Loans shall each be governed by a separate Loan Transfer Addendum.

	 	 	 	 	 	 	 	 	 
	 	 	 	,
	 	 	as Seller	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	 	,
	 
	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	By:
	 	 
	

	 	 	 	 	 	Name:
	 	 
	

	 	 	 	 	 	Title:
	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	HIGHER EDUCATION FUNDING I,

as Purchaser
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	 	 	GOAL FINANCIAL, LLC,
	 	 	 	 	 	 	as Issuer Administrator
	 
	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	By:
	 	 
	

	 	 	 	 	 	Name:
	 	 
	

	 	 	 	 	 	Title:
	 	 

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	 	 	 	,
	

	 	 	not in its individual capacity but as

Eligible Lender Trustee for Seller	 
	 
	 	 	 	 
	

	 	By:
	 	 
	

	 	 	 	 
	

	 	Name:
	 	 
	

	 	 	 	 
	

	 	Title:
	 	 
	

	 	 	 	 
	 
	 	 	 	 
	 	 	THE BANK OF NEW YORK,
	

	 	 	not in its individual capacity but as

Eligible Lender Trustee for Purchaser	 
	 
	 	 	 	 
	

	 	By:
	 	 
	

	 	 	 	 
	

	 	Name:
	 	 
	

	 	 	 	 
	

	 	Title:
	 	 
	

	 	 	 	 

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LOAN TRANSFER SCHEDULE

	 	 	 
	Loan Number / Identification

	 	Principal Balance

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EXHIBIT B TO LOAN PURCHASE AGREEMENT

SELLER’S CLOSING CERTIFICATE

                                             (the “Seller”) does hereby certify that all representations,
warranties and statements by or on behalf of the Seller contained in a certain Loan Purchase
Agreement, dated as of [•] (as the same may be amended or otherwise modified from time to time, the
“Loan Purchase Agreement”), among the Seller, Higher Education Funding I, a Delaware statutory
trust, as purchaser (“Purchaser”),                                         , not in its individual capacity
but as eligible lender trustee for Seller (in such capacity, the “Seller ELT”), and The Bank of New
York, not in its individual capacity but as eligible lender trustee for Purchaser (in such
capacity, the “Purchaser ELT”), are true and correct on and as of the Scheduled Sale Date hereunder
written, without exception or qualification whatsoever;

     FURTHERMORE, the Seller does hereby certify that the following documents, where applicable to
each Student Loan (as defined in the Loan Purchase Agreement) acquired under the Loan Purchase
Agreement, have heretofore been furnished to the Purchaser or are simultaneously herewith delivered
in accordance with the instructions of the Purchaser, pursuant to Section 4.3 of the Loan Purchase
Agreement:

     The Department of Education application or Guarantee Agency application, as supplemented

     Interim note(s) for each Student Loan

     Payout note(s) for each Student Loan

     Disclosure and Student Loan information statement

     Certificate of Insurance and Contract of Insurance with respect to each Insured Student Loan
(or certified copy thereof)

     Guarantee Agreement, Agreement for Participation in the Guaranteed Loan Program and
Notification of Loan Approval by the Guarantee Agency with respect to each Guaranteed Student Loan
(or certified copy thereof)

     Any other documentation held by the Seller relating to the history of such Student Loan

     Secretary or Guarantee Agency Loan Transfer Statements, if any

     Uniform Commercial Code financing statement, if any, securing any interest in a Student Loan
to be Financed, and an executed termination statement related thereto

     Evidence of Student Loan disbursement

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     Any other document required to be submitted with a claim to the Guarantee Agency.

     IN WITNESS WHEREOF, the undersigned has caused this Certificate to be executed and delivered
by an officer hereunto duly authorized as of the following Scheduled Sale Date:                      ___, ___.

	 	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	,
	 	 	 
	 	 	as Seller
	

	 	 	 	By:
	 	 	 	,
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	By:	 	 
	

	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	Name:	 	 
	

	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	Title:
	 	
	

	 	 	 	 	 	 	 	 

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EXHIBIT C TO LOAN PURCHASE AGREEMENT

BLANKET ENDORSEMENT OF

STUDENT LOAN PROMISSORY NOTES

     Pursuant
to the Loan Purchase Agreement, dated as of [•] (as the same may be amended or
otherwise modified from time to time, the “Loan Purchase Agreement”), among
                                        , as seller (“Seller”), Higher Education Funding I, a Delaware
statutory trust, as purchaser (“Purchaser”),                                         , not in its individual
capacity but as eligible lender trustee for Seller (in such capacity, the “Seller ELT”), and The
Bank of New York, not in its individual capacity but as eligible lender trustee for Purchaser (in
such capacity, the “Purchaser ELT”), the Seller (and, with respect to legal title thereto, Seller
ELT on behalf of the Seller) by execution of this instrument, hereby endorses all promissory notes
purchased by the Purchaser (and, with respect to legal title thereto, Purchaser ELT on behalf of
the Purchaser). This endorsement is in blank, unrestricted form. This endorsement is without
recourse, except as provided under the terms of the Loan Purchase Agreement. All right, title, and
interest of Seller (and, with respect to legal title thereto, Seller ELT on behalf of the Seller)
in and to the promissory notes and related documentation identified in the attached loan ledger are
transferred and assigned to the Purchaser (and, with respect to legal title thereto, Purchaser ELT
on behalf of the Purchaser).

     This endorsement may be further manifested by attaching this instrument or a facsimile hereof
to each or any of the Promissory Notes and Master Notes (or copies thereof) and related
documentation acquired by the Purchaser (and, with respect to legal title thereto, Purchaser ELT on
behalf of the Purchaser) from Seller (and, with respect to legal title thereto, Seller ELT on
behalf of the Seller), or by attaching this instrument to the loan ledger schedule, as the
Purchaser may require or deem necessary.

     Dated this ___day of                     ___

	 	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	,
	 	 	 
	 	 	as Seller
	

	 	 	 	By:
	 	 	 	,
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	By:	 	 
	

	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	Name:	 	 
	

	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	Title:	 	 
	

	 	 	 	 	 	 	 	 

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	 	 	 	,
	 	 	 
	

	 	 	 	     not in its individual capacity but as

     Eligible Lender Trustee for Seller
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	Name:	 	 
	

	 	 	 	 
	

	 	Title:	 	 
	

	 	 	 	 

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EXHIBIT D TO LOAN PURCHASE AGREEMENT

BILL OF SALE

[• (Date)]

     FOR VALUE RECEIVED,                                         (the “Seller”) (and with respect to legal
title thereto, Seller ELT on behalf of Seller), pursuant to the terms and conditions of that
certain Loan Purchase Agreement, dated as of [•] (as the same may be amended or otherwise modified
from time to time, the “Loan Purchase Agreement”), among the Seller, Higher Education Funding I, a
Delaware statutory trust, as purchaser (“Purchaser”),                                         , not in its
individual capacity but as eligible lender trustee for Seller (in such capacity, “Seller ELT”), and
The Bank of New York, not in its individual capacity but as eligible lender trustee for Purchaser
(in such capacity, “Purchaser ELT”), does hereby grant, sell, assign, transfer and convey to
Purchaser (and, with respect to legal title thereto, Purchaser ELT on behalf of Purchaser), and its
successors and assigns, all right, title and interest of the Seller (and with respect to legal
title thereto, the Seller ELT) in and to the following:

          (1) The loans described in Annex I attached hereto (the “Student Loans”), including
the Guarantee, if any, of the Student Loans issued by a Guarantor and the Certificate of
Insurance for Student Loans insured by the Secretary of Education;

          (2) All promissory notes and Master Notes (or copies thereof) and related
documentation evidencing the indebtedness represented by such Student Loans; and

          (3) All proceeds of the foregoing including, without limitation, all payments made by
the obligor thereunder or with respect thereto, all guarantee payments made by any guarantee
agency with respect thereto, if any, and all interest benefit payments and special allowance
payments with respect thereto made under Title IV, Part B, of the Higher Education
Act of 1965, as amended, and all rights to receive such payments, but excluding any proceeds
of the sale made hereby.

          TO HAVE AND TO HOLD the same unto the Purchaser (and, with respect to legal title
thereto, Purchaser ELT on behalf of Purchaser), its successors and assigns, forever. This
Bill of Sale is made pursuant to and is subject to the terms and provisions of the Loan
Purchase Agreement, and is without recourse, except as provided in the Loan Purchase
Agreement.

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     IN WITNESS WHEREOF, this instrument has been duly executed as of the date first above written.

	 	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	,
	 	 	 
	 	 	 Seller
	

	 	 	 	By:
	 	 	 	,
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	By:	 	 
	

	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	Name:	 	 
	

	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	Title:
	 	 
	

	 	 	 	 	 	 	 	 

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	 	 	 	,
	 	 	 
	

	 	 	 	     not in its individual capacity but as

     Eligible Lender Trustee for Seller
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	Name:	 	 
	

	 	 	 	 
	

	 	Title:	 	 
	

	 	 	 	 

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