Document:

Registration Rights Agreement

 Exhibit 10.3 
 REGISTRATION RIGHTS AGREEMENT 
 REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as
of October 11, 2006, by and among Noble International, Ltd., a Delaware corporation, with headquarters located at 28213 Van Dyke Road, Warren, Michigan 48093 (the “Company”) and Whitebox Convertible Arbitrage Partners,
L.P., a British Virgin Islands limited partnership, Whitebox Convertible Diversified Arbitrage Partners, L.P., a British Virgin Islands limited partnership and Guggenheim Portfolio Company XXXI, LLC, a
             limited liability company, and HFR RVA Combined Master Trust, a Bermuda unit trust (each, a “Buyer” and collectively, the “Buyers”).

 WHEREAS: 
 A. The parties have
agreed to amend and restate on the date hereof certain convertible subordinated notes of the Company (the “Notes”), which are convertible into shares of the Company’s common stock, par value $.00067 per share (the
“Common Stock”) (as converted, the “Conversion Shares”) in accordance with the terms of the Notes; 
 B.
The Company has agreed to provide certain registration rights under the Securities Act of 1933, as amended, and the rules and regulations thereunder, or any similar successor statute (collectively, the “1933 Act”), and applicable
state securities laws. 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and each of the Buyers hereby agree as follows: 
 1. Definitions. 
 As used in this Agreement, the following terms shall have the following meanings: 
 a. “BUSINESS DAY” means any day other than Saturday, Sunday or any other day on which commercial banks in The City of New York are authorized or
required by law to remain closed. 
 b. “INVESTOR” means a Buyer, any transferee or assignee thereof to whom a Buyer assigns its
rights under this Agreement and who agrees to become bound by the provisions of this Agreement in accordance with Section 9 and any transferee or assignee thereof to whom a transferee or assignee assigns its rights under this Agreement and who
agrees to become bound by the provisions of this Agreement in accordance with Section 9. 
 c. “PERSON” means an individual, a
limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization and governmental or any department or agency thereof. 
 d. “REGISTER,” “REGISTERED,” and “REGISTRATION” refer to a registration effected by preparing and filing one or more Registration Statements (as defined below) in compliance with the 1933
Act and pursuant to Rule 415 under the 1933 Act or any successor rule 

 providing for offering securities on a continuous or delayed basis (“RULE 415”), and the declaration or
ordering of effectiveness of such Registration Statement(s) by the United States Securities and Exchange Commission (the “SEC”). 
 e. “REGISTRABLE SECURITIES” means (i) the Conversion Shares issued or issuable upon conversion of all of the Notes, (ii) any Shares issued or issuable upon payment of the Notes, including the Make-Whole Premium (as
defined in the Notes), (iii) any Shares issued or issuable upon payment of the Registration Delay Payments, (iv) any shares of capital stock issued or issuable with respect to the Notes or the Conversion Shares as a result of any stock
split, stock dividend, recapitalization, exchange or similar event or otherwise, without regard to any limitations on conversions of the Notes, and (v) any shares of capital stock of any entity issued in respect of the capital stock referenced
in the immediately preceding clauses (i), (ii), (iii) and (iv) as a result of a merger, consolidation, sale of assets, sale or exchange of capital stock or other similar transaction; provided, that the Conversion Shares will cease to be
Registrable Securities at such time as they have been sold under a Registration Statement or pursuant to Rule 144 under the 1933 Act or such time as they are eligible to be sold pursuant to Rule 144(k). 
 f. “REGISTRATION PERIOD” means the period between the date of this Agreement and the earliest of (i) the second anniversary of the date of
this Agreement or (ii) the date on which all of the Registrable Securities have been sold by the Investors under a Registration Statement or pursuant to Rule 144, or otherwise. 
 g. “REGISTRATION STATEMENT” means a registration statement or registration statements of the Company filed under the 1933 Act covering the
Registrable Securities. 
 Capitalized terms used herein and not otherwise defined herein shall have the respective meanings set forth in the
Securities Purchase Agreement dated March 24, 2004 (the “Securities Purchase Agreement”) or the Notes, as applicable. 
 2.
Registration. 
 a. Mandatory Registration. The Company shall use its reasonable best efforts to prepare, and, as soon as practicable
but in no event later than seventy five (75) days after the date hereof (the “Filing Deadline”), file with the SEC a Registration Statement on Form S-3 covering the resale of all of the Registrable Securities. In the event that
Form S-3 is unavailable for such a registration, the Company shall use such other form as is available for such a registration, subject to the provisions of Section 2(d). The Registration Statement prepared pursuant hereto shall register the
Registrable Securities for resale, including at least 125% of the number of shares of Common Stock issuable upon conversion of the Notes, subject to adjustment as provided in Section 2(e), and shall contain the “Plan of Distribution”
section attached hereto as Annex I. The Company shall use its reasonable best efforts to have the Registration Statement declared effective by the SEC as soon as practicable, but in no event later than the date which is one hundred thirty five
(135) days after the date hereof (the “Effectiveness Deadline”). 
  

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 b. Allocation of Registrable Securities. The initial number of Registrable Securities included in
any Registration Statement and each increase in the number of Registrable Securities included therein pursuant to Section 2(e) shall be allocated pro rata among the Investors based on the number of Registrable Securities held by each Investor
at the time the Registration Statement covering such initial number of Registrable Securities or increase thereof is declared effective by the SEC. In the event that an Investor sells or otherwise transfers any of such Investor’s Registrable
Securities, each transferee shall be allocated a pro rata portion of the then remaining number of Registrable Securities included in such Registration Statement for such transferor. Any shares of Common Stock included in a Registration Statement and
which remain allocated to any Person which ceases to hold any Registrable Securities covered by such Registration Statement shall be allocated to the remaining Investors, pro rata based on the number of Registrable Securities then held by such
Investors which are covered by such Registration Statement. In no event shall the Company include any securities other than Registrable Securities on any Registration Statement without the prior written consent of Buyers holding at least a majority
of the Registrable Securities. 
 c. Legal Counsel. Subject to Section 5 hereof, the Investors holding at least a majority of the
Registrable Securities shall have the right to select one legal counsel to review and oversee any registration pursuant to this Section 2 (“Legal Counsel”), which shall be Messerli & Kramer P.A. or such other counsel
as thereafter designated by the holders of at least a majority of the Registrable Securities. The Company and Legal Counsel shall reasonably cooperate with each other in performing the Company’s obligations under this Agreement. 
 d. Ineligibility for Form S-3. In the event that Form S-3 is not available for the registration of the resale of Registrable Securities hereunder,
the Company shall (i) register the resale of the Registrable Securities on another appropriate form reasonably acceptable to the holders of at least a majority of the Registrable Securities and (ii) undertake to register the Registrable
Securities on Form S-3 as soon as such form is available, provided that the Company shall maintain the effectiveness of the Registration Statement then in effect until such time as a Registration Statement on Form S-3 covering the Registrable
Securities has been declared effective by the SEC. 
 e. Sufficient Number of Shares Registered. In the event the number of shares
available under a Registration Statement filed pursuant to Section 2(a) is insufficient to cover all of the Registrable Securities required to be covered by such Registration Statement or an Investor’s allocated portion of the Registrable
Securities pursuant to Section 2(b), the Company shall amend the applicable Registration Statement, or file a new Registration Statement (on the short form available therefor, if applicable), or both, so as to cover at least 110% of the number
of such Conversion Shares as of the trading day immediately preceding the date of the filing of such amendment or new Registration Statement, in each case, as soon as practicable, but in any event not later than thirty (30) days after the
Company becomes aware of the necessity therefor arises (excluding any applicable Allowable Grace Period). The Company shall use its reasonable best efforts to cause such amendment and/or new Registration Statement to become effective as soon as
practicable following the filing thereof. For purposes of the foregoing provision, the number of shares available under a Registration Statement shall be deemed “insufficient to cover all of the Registrable Securities” if at any time the
number of shares of Common Stock available for resale under such Registration Statement is less than 125% of the number of Conversion Shares issued 
  

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 and issuable upon conversion of the Notes. The calculation set forth in the foregoing sentence shall be made without
regard to any limitations on the conversion of the Notes and such calculation shall assume that the Notes are convertible into shares of Common Stock, assuming the initial outstanding principal amount of the Notes remains outstanding through the
scheduled maturity date and assuming no conversions or redemptions of the Notes prior to the scheduled maturity date, are issuable at the then prevailing the Conversion Rate (as defined in the Notes ). 
 f. Effect of Failure to File and Obtain and Maintain Effectiveness of Registration Statement. If (i) a Registration Statement covering all
the Registrable Securities required to be covered thereby and required to be filed by the Company pursuant to this Agreement is (A) not filed with the SEC on or before the Filing Deadline (a “Filing Failure”) or (B) not
declared effective by the SEC on or before the Effectiveness Deadline (an “Effectiveness Failure”) or (ii) on any day after such Registration Statement has been declared effective by the SEC sales of all the Registrable
Securities required to be included on such Registration Statement cannot be made (other than during an Allowable Grace Period (as defined in Section 3(r)) pursuant to such Registration Statement (including, without limitation, because of a
failure to keep such Registration Statement effective, to disclose such information as is necessary for sales to be made pursuant to such Registration Statement or to register sufficient shares of Common Stock) (a “Maintenance
Failure”), then, as partial relief for the damages to any holder by reason of any such delay in or reduction of its ability to sell the underlying shares of Common Stock (which remedy shall not be exclusive of any other remedies available
at law or in equity), the Company shall pay to each holder of Registrable Securities relating to such Registration Statement an amount in cash equal to one percent (1.0 %) of the aggregate Principal (as defined in the Notes) of such Investor’s
Notes convertible into Conversion Shares included in such Registration Statement (to the extent that such Conversion Shares have not been sold) on (i) each of the day of a Filing Failure, the day of an Effectiveness Failure and the initial day
of a Maintenance Failure and (ii) each of the following dates: on every 30th day after the day of a Filing
Failure and thereafter (prorated for periods totaling less than thirty (30) days) until such Filing Failure is cured; on every 30th day after the day of an Effectiveness Failure and thereafter (prorated for periods totaling less than thirty (30) days) until such Effectiveness Failure is cured; and on every 30th day after the initial day of a Maintenance Failure and thereafter (prorated for periods totaling less than thirty (30) days) until such
Maintenance Failure is cured. The payments to which a holder shall be entitled pursuant to this Section 2(f) are referred to herein as “Registration Delay Payments” and shall cease to accrue upon termination of the Registration
Period. Registration Delay Payments shall be paid on the earlier of (I) the last day of the calendar month during which such Registration Delay Payments are incurred and (II) the third Business Day after the event or failure giving rise to the
Registration Delay Payments is cured. In the event the Company fails to make any Registration Delay Payments pursuant to this Section 2(f) in a timely manner, such Registration Delay Payments shall bear interest at the rate of 1.5% per
month, or such lower maximum amount as is permitted by law, (prorated for partial months) until paid in full. 
 3. Related Obligations.

 At such time as the Company is obligated to file a Registration Statement with the SEC pursuant to Section 2(a), 2(d) or 2(e), the
Company will use its best efforts to effect the registration of the Registrable Securities in accordance with the intended method of disposition thereof and, pursuant thereto, the Company shall have the following obligations: 
  

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 a. The Company shall submit to the SEC, within two (2) Business Days after the Company learns that
no review of a particular Registration Statement will be made by the staff of the SEC or that the staff of the SEC has no further comments on a particular Registration Statement, as the case may be, a request for acceleration of effectiveness of
such Registration Statement to a time and date not later than 48 hours after the submission of such request. The Company shall keep each Registration Statement effective pursuant to Rule 415 at all times until the earlier of (i) the date as of
which the Investors may sell all of the Registrable Securities covered by such Registration Statement without restriction pursuant to Rule 144(k) (or successor thereto) promulgated under the 1933 Act or (ii) the date on which the Investors
shall have sold all the Registrable Securities covered by such Registration Statement (the “Registration Period”). The Company shall ensure that each Registration Statement (including any amendments or supplements thereto and
prospectuses contained therein) shall not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein, or necessary to make the statements therein (in the case of prospectuses, in the light of the
circumstances in which they were made) not misleading. 
 b. The Company shall prepare and file with the SEC such amendments (including
post-effective amendments) and supplements to a Registration Statement and the prospectus used in connection with such Registration Statement, which prospectus is to be filed pursuant to Rule 424 promulgated under the 1933 Act, as may be necessary
to keep such Registration Statement effective at all times during the Registration Period, and, during such period, comply with the provisions of the 1933 Act with respect to the disposition of all Registrable Securities of the Company covered by
such Registration Statement until such time as all of such Registrable Securities shall have been disposed of in accordance with the intended methods of disposition by the seller or sellers thereof as set forth in such Registration Statement. In the
case of amendments and supplements to a Registration Statement which are required to be filed pursuant to this Agreement (including pursuant to this Section 3(b)) by reason of the Company filing a report on Form 10-K, Form 10-Q or Form 8-K or
any analogous report under the Securities Exchange Act of 1934, as amended (the “1934 Act”), the Company shall have incorporated such report by reference into such Registration Statement, if applicable, or shall file such amendments
or supplements with the SEC on the same day on which the 1934 Act report is filed which created the requirement for the Company to amend or supplement such Registration Statement. 
 c. The Company shall (A) permit Legal Counsel to review and comment upon (i) a Registration Statement at least three (3) Business Days
prior to its filing with the SEC and (ii) all amendments and supplements to all Registration Statements (except for Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K and any similar or successor
reports) within a reasonable number of days prior to their filing with the SEC, and (B) not file any Registration Statement or amendment or supplement thereto in a form to which Legal Counsel reasonably objects. The Company shall not submit a
request for acceleration of the effectiveness of a Registration Statement or any amendment or supplement thereto without the prior approval of Legal Counsel, which consent shall not be unreasonably withheld. The Company shall furnish to Legal
Counsel, without charge, (i) copies of any correspondence from the SEC or 
  

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 the staff of the SEC to the Company or its representatives relating to any Registration Statement, (ii) promptly
after the same is prepared and filed with the SEC, one copy of any Registration Statement and any amendment(s) thereto, including financial statements and schedules, all documents, including exhibits if reasonably requested by the Investor,
incorporated therein by reference, if requested by an Investor and not otherwise available on the EDGAR system, and all other exhibits and (iii) upon the effectiveness of any Registration Statement, one copy of the prospectus included in such
Registration Statement and all amendments and supplements thereto. The Company shall reasonably cooperate with Legal Counsel in performing the Company’s obligations pursuant to this Section 3. 
 d. The Company shall furnish to each Investor whose Registrable Securities are included in any Registration Statement, without charge, (i) promptly
after the same is prepared and filed with the SEC, at least one copy of such Registration Statement and any amendment(s) thereto, including financial statements and schedules, all documents, including exhibits, incorporated therein by reference, if
requested by an Investor and not otherwise available on the EDGAR system, all other exhibits if reasonably requested by the Investor and each preliminary prospectus, (ii) upon the effectiveness of any Registration Statement, ten
(10) copies of the prospectus included in such Registration Statement and all amendments and supplements thereto (or such other number of copies as such Investor may reasonably request) and (iii) such other documents, including copies of
any preliminary or final prospectus, as such Investor may reasonably request from time to time in order to facilitate the disposition of the Registrable Securities owned by such Investor. 
 e. The Company shall use its reasonable best efforts to (i) register and qualify, unless an exemption from registration and qualification applies,
the resale by Investors of the Registrable Securities covered by a Registration Statement under such other securities or “blue sky” laws of such jurisdictions in the United States as the Investor may reasonably request, (ii) prepare
and file in those jurisdictions such amendments (including post-effective amendments) and supplements to such registrations and qualifications as may be necessary to maintain the effectiveness thereof during the Registration Period, (iii) take
such other actions as may be necessary to maintain such registrations and qualifications in effect at all times during the Registration Period, and (iv) take all other actions reasonably necessary or advisable to qualify the Registrable
Securities for sale in such jurisdictions; provided, however, that the Company shall not be required in connection therewith or as a condition thereto to (x) qualify to do business in any jurisdiction where it would not otherwise be required to
qualify but for this Section 3(e), (y) subject itself to general taxation in any such jurisdiction, or (z) file a general consent to service of process in any such jurisdiction. The Company shall promptly notify Legal Counsel and each
Investor who holds Registrable Securities of the receipt by the Company of any notification with respect to the suspension of the registration or qualification of any of the Registrable Securities for sale under the securities or “blue
sky” laws of any jurisdiction in the United States or its receipt of actual notice of the initiation or threatening of any proceeding for such purpose. 
 f. The Company shall notify Legal Counsel and each Investor in writing of the happening of any event, as promptly as practicable after becoming aware of such event, as a result of which the prospectus included in a
Registration Statement, as then in effect, includes an untrue statement of a material fact or omission to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they
were 
  

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 made, not misleading (provided that in no event shall such notice contain any material, nonpublic information), and,
subject to Section 3(r), promptly prepare a supplement or amendment to such Registration Statement to correct such untrue statement or omission, and deliver ten (10) copies of such supplement or amendment to Legal Counsel and each Investor
(or such other number of copies as Legal Counsel or such Investor may reasonably request). The Company shall also promptly notify Legal Counsel and each Investor in writing (i) when a prospectus or any prospectus supplement or post-effective
amendment has been filed, and when a Registration Statement or any post-effective amendment has become effective (notification of such effectiveness shall be delivered to Legal Counsel and each Investor by facsimile on the same day of such
effectiveness and by overnight mail), (ii) of any request by the SEC for amendments or supplements to a Registration Statement or related prospectus or related information, and (iii) of the Company’s reasonable determination that a
post-effective amendment to a Registration Statement would be appropriate. 
 g. The Company shall use its reasonable best efforts to prevent
the issuance of any stop order or other suspension of effectiveness of a Registration Statement, or the suspension of the qualification of any of the Registrable Securities for sale in any jurisdiction and, if such an order or suspension is issued,
to obtain the withdrawal of such order or suspension at the earliest possible moment and to notify Legal Counsel and each Investor who holds Registrable Securities being sold of the issuance of such order and the resolution thereof or its receipt of
actual notice of the initiation or threat of any proceeding for such purpose. 
 h. If any Investor is required under applicable securities
law to be described in the Registration Statement as an underwriter, at the reasonable request of such Investor, the Company shall furnish to such Investor, on the date of effectiveness of the Registration Statement and thereafter from time to time
on such dates as an Investor may reasonably request (i) a letter, dated such date, from the Company’s independent certified public accountants in form and substance as is customarily given by independent certified public accountants to
underwriters in an underwritten public offering, addressed to such Investors, and (ii) an opinion, dated as of such date, of counsel representing the Company for purposes of such Registration Statement, in form, scope and substance as is
customarily given in an underwritten public offering, addressed to such Investor. 
 i. Upon the written request of any Investor of holding
at least 20% of the Registrable Securities) in connection with such Investor’s due diligence requirements, the Company shall make available for inspection by (i) such Investor, (ii) Legal Counsel and (iii) one firm of accountants
or other agents retained by such Investor (collectively, the “Inspectors”), all pertinent financial and other records, and pertinent corporate documents and properties of the Company (collectively, the “Records”),
as shall be reasonably deemed necessary by each Inspector, and cause the Company’s officers, directors and employees to supply all information which any Inspector may reasonably request; provided, however, that each Inspector shall agree in
writing (in a form reasonably acceptable to the Company) to hold in strict confidence and shall not make any disclosure (except to an Investor) or use of any Record or other information which the Company determines in good faith to be confidential,
and of which determination the Inspectors are so notified, unless (a) the disclosure of such Records is necessary to avoid or correct a misstatement or omission in any Registration Statement or is otherwise required under the 1933 Act,
(b) the release of such Records is ordered pursuant to a final, non-appealable subpoena or order from a court or 
  

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 government body of competent jurisdiction, or (c) the information in such Records has been made generally available
to the public other than by disclosure in violation of this or any other agreement of which the Inspector has knowledge. Each Investor agrees that it shall, upon learning that disclosure of such Records is sought in or by a court or governmental
body of competent jurisdiction or through other means, give prompt notice to the Company and allow the Company, at its expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order for, the Records deemed
confidential. Nothing herein (or in any other confidentiality agreement between the Company and any Investor) shall be deemed to limit the Investors’ ability to sell Registrable Securities in a manner which is otherwise consistent with
applicable laws and regulations. 
 j. The Company shall hold in confidence and not make any disclosure of information concerning an Investor
provided to the Company unless (i) disclosure of such information is necessary to comply with federal or state securities laws or applicable rules and regulations of NASDAQ or any other relevant market or exchange, (ii) the disclosure of
such information is necessary to avoid or correct a misstatement or omission in any Registration Statement, (iii) the release of such information is ordered pursuant to a subpoena or other final, non-appealable order from a court or
governmental body of competent jurisdiction, or (iv) such information has been made generally available to the public other than by disclosure in violation of this Agreement or any other agreement of which the Company has knowledge. The Company
agrees that it shall, upon learning that disclosure of such information concerning an Investor is sought in or by a court or governmental body of competent jurisdiction or through other means, give prompt written notice to such Investor and allow
such Investor, at the Investor’s expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order for, such information. 
 k. The Company shall use its reasonable best efforts either to (i) cause all the Registrable Securities covered by a Registration Statement to be listed on each securities exchange on which securities of the same
class or series issued by the Company are then listed, if any, if the listing of such Registrable Securities is then permitted under the rules of such exchange, or (ii) secure designation and quotation of all the Registrable Securities covered
by a Registration Statement on The Nasdaq National Market, or (iii) if, despite the Company’s reasonable best efforts to satisfy the preceding clause (i) or (ii), the Company is unsuccessful in satisfying the preceding clause
(i) or (ii), to secure the inclusion for quotation on The Nasdaq SmallCap Market for such Registrable Securities, and, without limiting the generality of the foregoing, to use its reasonable best efforts to arrange for at least two market
makers to register with the National Association of Securities Dealers, Inc. as such with respect to such Registrable Securities. The Company shall pay all fees and expenses in connection with satisfying its obligation under this Section 3(k).

 l. The Company shall cooperate with the Investors who hold Registrable Securities being offered and, to the extent applicable, facilitate
the timely preparation and delivery of certificates (not bearing any restrictive legend) representing the Registrable Securities to be offered pursuant to a Registration Statement and enable such certificates to be in such denominations or amounts,
as the case may be, as the Investors may reasonably request and registered in such names as the Investors may request. 
  

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 m. If requested by an Investor, the Company shall (i) as soon as practicable incorporate in a
prospectus supplement or post-effective amendment such information as an Investor reasonably requests to be included therein relating to the sale and distribution of Registrable Securities, including, without limitation, information with respect to
the number of Registrable Securities being offered or sold, the purchase price being paid therefor and any other terms of the offering of the Registrable Securities to be sold in such offering; (ii) as soon as practicable make all required
filings of such prospectus supplement or post-effective amendment after being notified of the matters to be incorporated in such prospectus supplement or post-effective amendment; and (iii) as soon as practicable, supplement or make amendments
to any Registration Statement if reasonably requested by an Investor holding any Registrable Securities. 
 n. The Company shall use its best
efforts to cause the Registrable Securities covered by a Registration Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to consummate the disposition of such Registrable Securities.

 o. The Company shall make generally available to its security holders as soon as practical, but not later than ninety (90) days after
the close of the period covered thereby, an earnings statement (in form complying with, and in the manner provided by, the provisions of Rule 158 under the 1933 Act) covering a twelve-month period beginning not later than the first day of the
Company’s fiscal quarter next following the effective date of a Registration Statement. 
 p. The Company shall otherwise use its
reasonable best efforts to comply with all applicable rules and regulations of the SEC in connection with any registration hereunder. 
 q.
Within two (2) Business Days after a Registration Statement which covers Registrable Securities is ordered effective by the SEC, the Company shall deliver, and shall cause legal counsel for the Company to deliver, to the transfer agent for such
Registrable Securities (with copies to the Investors whose Registrable Securities are included in such Registration Statement) confirmation that such Registration Statement has been declared effective by the SEC in the form attached hereto as
Exhibit A. 
 r. Notwithstanding anything to the contrary herein, at any time after the Registration Statement has been declared effective by
the SEC, the Company may delay the disclosure of material non-public information concerning the Company the disclosure of which at the time is not, in the good faith opinion of the Board of Directors of the Company and its counsel, in the best
interest of the Company and, in the opinion of counsel to the Company, otherwise required (a “Grace Period”); provided, that the Company shall promptly (i) notify the Investors in writing of the existence of material non-public
information giving rise to a Grace Period (provided that in each notice the Company will not disclose the content of such material non-public information to the Investors), the date on which the Grace Period will begin, and the fact that the use of
the Registration Statement has been suspended, and (ii) notify the Investors in writing of the date on which the Grace Period ends and that the use of the Registration Statement may be resumed; and, provided further, that no Grace Period shall
exceed twenty (20) consecutive days and during any three hundred sixty five (365) day period such Grace Periods shall not exceed an aggregate of forty-five (45) days and the first day of any Grace Period must be at least two
(2)
  

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 trading days after the last day of any prior Grace Period (each, an “Allowable Grace Period”). For
purposes of determining the length of a Grace Period above, the Grace Period shall begin on and include the date the Investors receive the notice referred to in clause (i) and shall end on and include the later of the date the Investors receive
the notice referred to in clause (ii) and the date referred to in such notice. During the period of any Allowable Grace Period, the provisions of Section 3(f) hereof shall not be applicable and the use of the Registration Statement shall
be suspended. Upon expiration of the Grace Period, the Company shall again be bound by the first sentence of Section 3(f) with respect to the information giving rise thereto unless such material non-public information is no longer applicable.
Notwithstanding anything to the contrary, the Company shall cause its transfer agent to deliver unlegended shares of Common Stock to a transferee of an Investor in connection with any sale of Registrable Securities with respect to which an Investor
has entered into a contract for sale, and delivered a copy of the prospectus included as part of the applicable Registration Statement, prior to the Investor’s receipt of the notice of a Grace Period and for which the Investor has not yet
settled. 
 4. Obligations of The Investors. 
 a. At least seven (7) Business Days prior to the first anticipated filing date of a Registration Statement, the Company shall notify each Investor in writing of the information the Company requires from each such
Investor if such Investor elects to have any of such Investor’s Registrable Securities included in such Registration Statement. It shall be a condition precedent to the obligations of the Company to complete the registration pursuant to this
Agreement with respect to the Registrable Securities of a particular Investor that such Investor shall furnish, in a manner consistent with the last sentence of this Section 4(a), to the Company such information regarding itself, the
Registrable Securities held by it and the intended method of disposition of the Registrable Securities held by it as shall be reasonably required to effect the effectiveness of the registration of such Registrable Securities and shall execute such
documents in connection with such registration as the Company may reasonably request. All such information provided to the Company by an Investor pursuant to the prior sentence shall be in writing, and such writing shall expressly acknowledge that
the information is being provided for use in connection with the preparation of the Registration Statement or any such amendment thereof or supplement thereto. 
 b. Each Investor, by such Investor’s acceptance of the Registrable Securities, agrees to cooperate with the Company as reasonably requested by the Company in connection with the preparation and filing of any
Registration Statement hereunder, unless such Investor has notified the Company in writing of such Investor’s election to exclude all of such Investor’s Registrable Securities from such Registration Statement. 
 c. Each Investor agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 3(g) or the
first sentence of 3(f), such Investor will immediately discontinue disposition of Registrable Securities pursuant to any Registration Statement(s) covering such Registrable Securities until such Investor’s receipt of the copies of the
supplemented or amended prospectus contemplated by Section 3(g) or the first sentence of 3(f) or receipt of notice that no supplement or amendment is required. Notwithstanding anything to the contrary, the Company shall cause its transfer agent
to deliver unlegended shares of Common Stock to a transferee of an Investor in connection with any sale of Registrable Securities 
  

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 with respect to which an Investor has entered into a contract for sale prior to the Investor’s receipt of a notice
from the Company of the happening of any event of the kind described in Section 3(g) or the first sentence of 3(f) and for which the Investor has not yet settled. 
 5. Expenses of Registration. 
 All reasonable expenses, other than underwriting discounts and commissions
(which shall be borne by the Investors), incurred in connection with the performance of the Company’s obligations hereunder and under the transactions contemplated hereby, including registrations, filings or qualifications pursuant to Sections
2 and 3, including, without limitation, all registration, listing and qualifications fees, printers and accounting fees, and fees and disbursements of counsel for the Company shall be paid by the Company. The Company shall also reimburse the
Investors for the fees and disbursements of Legal Counsel in connection with registration, filing or qualification pursuant to Sections 2 and 3 of this Agreement which amount shall be limited to $10,000 for the Registration Statement. 
 6. Indemnification. 
 In the event any
Registrable Securities are included in a Registration Statement under this Agreement: 
 a. To the fullest extent permitted by law, the
Company will, and hereby does, indemnify, hold harmless and defend each Investor, the directors, officers, partners, employees, agents, representatives of, and each Person, if any, who controls any Investor within the meaning of the 1933 Act or the
1934 Act (each, an “Indemnified Person”), against any losses, claims, damages, liabilities, judgments, fines, penalties, charges, costs, reasonable attorneys’ fees, amounts paid in settlement or expenses, joint or several
(collectively, “Claims”), incurred in investigating, preparing or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court or governmental, administrative or
other regulatory agency, body or the SEC, whether pending or threatened, whether or not an indemnified party is or may be a party thereto (“Indemnified Damages”), to which any of them may become subject insofar as such Claims (or
actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon: (i) any untrue statement or alleged untrue statement of a material fact in a Registration Statement or any post-effective amendment
thereto or in any filing made in connection with the qualification of the offering under the securities or other “blue sky” laws of any jurisdiction in which Registrable Securities are offered (“Blue Sky Filing”), or the
omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading, (ii) any untrue statement or alleged untrue statement of a material fact contained in any
preliminary prospectus if used prior to the effective date of such Registration Statement, or contained in the final prospectus (as amended or supplemented, if the Company files any amendment thereof or supplement thereto with the SEC) or the
omission or alleged omission to state therein any material fact necessary to make the statements made therein, in the light of the circumstances under which the statements therein were made, not misleading, (iii) any violation or alleged
violation by the Company of the 1933 Act, the 1934 Act, any other law, including, without limitation, any state securities law, or any rule or regulation thereunder relating to the offer or sale of the Registrable Securities pursuant to a
Registration Statement or (iv)
  

 11 

 any material violation of this Agreement (the matters in the foregoing clauses (i) through (iv) being,
collectively, “Violations”). Subject to Section 6(c), the Company shall reimburse the Indemnified Persons, promptly as such expenses are incurred and are due and payable, for any legal fees or other reasonable expenses incurred
by them in connection with investigating or defending any such Claim. Notwithstanding anything to the contrary contained herein, the indemnification agreement contained in this Section 6(a): (w) shall not apply to a Claim by an Indemnified
Person arising out of or based upon a Violation which occurs in reliance upon and in conformity with information furnished in writing to the Company by such Indemnified Person for such Indemnified Person expressly for use in connection with the
preparation of the Registration Statement or any such amendment thereof or supplement thereto, if such prospectus was timely made available by the Company pursuant to Section 3(d); (x) with respect to any preliminary prospectus, shall not
inure to the benefit of any such Indemnified Person from whom the Person asserting any such Claim purchased the Registrable Securities that are the subject thereof (or to the benefit of any Person controlling such Person) if the untrue statement or
omission of material fact contained in the preliminary prospectus was corrected in the prospectus, as then amended or supplemented, and if such prospectus was timely made available by the Company pursuant to Section 3(d), and the Indemnified
Person was promptly advised in writing not to use the incorrect prospectus prior to the use giving rise to a violation and such Indemnified Person, notwithstanding such advice, used it or failed to deliver the correct prospectus as required by the
1933 Act and such correct prospectus was timely made available pursuant to Section 3(d); (y) shall not be available to the extent such Claim is based on a failure of the Investor to deliver or to cause to be delivered the prospectus made
available by the Company, including a corrected prospectus, if such prospectus or corrected prospectus was timely made available by the Company pursuant to Section 3(d); and (z) shall not apply to amounts paid in settlement of any Claim if
such settlement is effected without the prior written consent of the Company, which consent shall not be unreasonably withheld or delayed. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of
the Indemnified Person and shall survive the transfer of the Registrable Securities by the Investors pursuant to Section 9. 
 b. In
connection with any Registration Statement in which an Investor is participating, each such Investor agrees to severally and not jointly indemnify, hold harmless and defend, to the same extent and in the same manner as is set forth in
Section 6(a), the Company, each of its directors, each of its officers who signs the Registration Statement and each Person, if any, who controls the Company within the meaning of the 1933 Act or the 1934 Act (each, an “Indemnified
Party”), against any Claim or Indemnified Damages to which any of them may become subject, under the 1933 Act, the 1934 Act or otherwise, insofar as such Claim or Indemnified Damages arise out of or are based upon: (y) any Violation,
in each case to the extent, and only to the extent, that such Violation occurs in reliance upon and in conformity with written information furnished to the Company by such Investor expressly for use in connection with such Registration Statement or
any post-effective amendment thereof or any prospectus contained therein, or (z) any failure by such Investor to comply with the prospectus delivery requirements (or the 1933 Act, the 1934 Act, or any other law, including, without limitation,
any state securities law, or any rule or regulation thereunder relating to the offer or sale of the Registrable Securities pursuant to a Registration Statement) or any covenant or agreement contained in the Securities Purchase Agreement or this
Agreement; and, subject to Section 6(c), such Investor will reimburse any legal or other expenses reasonably incurred by an Indemnified Party in connection with 
  

 12 

 investigating or defending any such Claim as promptly as such expenses are incurred and are due and payable; provided,
however, that the indemnity agreement contained in this Section 6(b) and the agreement with respect to contribution contained in Section 7 shall not apply to amounts paid in settlement of any Claim if such settlement is effected without
the prior written consent of such Investor, which consent shall not be unreasonably withheld or delayed; provided, further, however, that an Investor shall be liable under this Section 6(b) for only that amount of a Claim or Indemnified Damages
as does not exceed the net proceeds to such Investor as a result of the sale of Registrable Securities pursuant to such Registration Statement. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf
of such Indemnified Party and shall survive the transfer of the Registrable Securities by the Investors pursuant to Section 9. Notwithstanding anything to the contrary contained herein, the indemnification agreement contained in this
Section 6(b) with respect to any preliminary prospectus shall not inure to the benefit of any Indemnified Party if the untrue statement or omission of material fact contained in the preliminary prospectus was corrected on a timely basis in the
prospectus, as then amended or supplemented. 
 c. Promptly after receipt by an Indemnified Person or Indemnified Party under this
Section 6 of notice of the commencement of any action or proceeding (including any governmental action or proceeding) involving a Claim, such Indemnified Person or Indemnified Party shall, if a Claim in respect thereof is to be made against any
indemnifying party under this Section 6, deliver to the indemnifying party a written notice of the commencement thereof, and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires,
jointly with any other indemnifying party similarly noticed, to assume control of the defense thereof with counsel mutually satisfactory to the indemnifying party and the Indemnified Person or the Indemnified Party, as the case may be; provided,
however, that an Indemnified Person or Indemnified Party shall have the right to retain its own counsel with the fees and expenses of not more than one counsel for such Indemnified Person or Indemnified Party to be paid by the indemnifying party,
if, in the reasonable opinion of the Indemnified Person or the Indemnified Party, as the case may be, the representation by such counsel of the Indemnified Person or Indemnified Party and the indemnifying party would be inappropriate due to actual
or potential differing interests between such Indemnified Person or Indemnified Party and any other party represented by such counsel in such proceeding. In the case of an Indemnified Person, legal counsel referred to in the immediately preceding
sentence shall be selected by the Investors holding at least a majority in interest of the Registrable Securities included in the Registration Statement to which the Claim relates. The Indemnified Party or Indemnified Person shall cooperate fully
with the indemnifying party in connection with any negotiation or defense of any such action or Claim by the indemnifying party and shall furnish to the indemnifying party all information reasonably available to the Indemnified Party or Indemnified
Person which relates to such action or Claim. The indemnifying party shall keep the Indemnified Party or Indemnified Person fully apprised at all times as to the status of the defense or any settlement negotiations with respect thereto. No
indemnifying party shall be liable for any settlement of any action, claim or proceeding effected without its prior written consent, provided, however, that the indemnifying party shall not unreasonably withhold, delay or condition its consent. No
indemnifying party shall, without the prior written consent of the Indemnified Party or Indemnified Person, consent to entry of any judgment or enter into any settlement or other compromise which does not include as an unconditional term thereof the
giving by the claimant or plaintiff to such Indemnified Party or 
  

 13 

 Indemnified Person of a release from all liability in respect to such Claim or litigation. Following indemnification as
provided for hereunder, the indemnifying party shall be subrogated to all rights of the Indemnified Party or Indemnified Person with respect to all third parties, firms or corporations relating to the matter for which indemnification has been made.
The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action shall not relieve such indemnifying party of any liability to the Indemnified Person or Indemnified Party under this
Section 6, except to the extent that the indemnifying party is prejudiced in its ability to defend such action. 
 d. The
indemnification required by this Section 6 shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or Indemnified Damages are incurred. 
 e. The indemnity agreements contained herein shall be in addition to (i) any cause of action or similar right of the Indemnified Party or
Indemnified Person against the indemnifying party or others, and (ii) any liabilities the indemnifying party may be subject to pursuant to the law. 
 7. Contribution. 
 To the extent any indemnification by an indemnifying party is prohibited or limited by
law, the indemnifying party agrees to make the maximum contribution with respect to any amounts for which it would otherwise be liable under Section 6 to the fullest extent permitted by law; provided, however, that: (i) no contribution
shall be made under circumstances the maker would not have been liable for indemnification under the fault standards set forth in Section 6, (ii) no Person involved in the sale of Registrable Securities which Person is guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the 1933 Act) in connection with such sale shall be entitled to contribution from any Person involved in such sale of Registrable Securities who was not guilty of fraudulent
misrepresentation; and (iii) contribution by any seller of Registrable Securities shall be limited in amount to the net amount of proceeds received by such seller from the sale of such Registrable Securities pursuant to such Registration
Statement. 
 8. Rule 144A Information. 
 The Company shall, upon request of any Investor, make available to such Investor the information required by Rule 144A(d)(4) (or any successor rule) under the Securities Act. 
 9. Assignment of Registration Rights. 
 The
rights under this Agreement shall be automatically assignable by the Investors to any transferee of all or any portion of such Investor’s Registrable Securities if: (i) the Investor agrees in writing with the transferee or assignee to
assign such rights, and a copy of such agreement is furnished to the Company within a reasonable time after such assignment; (ii) the Company is, within a reasonable time after such transfer or assignment, furnished with written notice of
(a) the name and address of such transferee or assignee, and (b) the securities with respect to which such registration rights are being transferred or assigned; (iii) immediately following such transfer or assignment the further
disposition of such securities by the transferee or assignee is restricted under 
  

 14 

 the 1933 Act and applicable state securities laws; (iv) at or before the time the Company receives the written
notice contemplated by clause (ii) of this sentence the transferee or assignee agrees in writing with the Company to be bound by all of the provisions contained herein; and (v) such transfer shall have been made in accordance with the
applicable requirements of the Securities Purchase Agreement. 
 10. Amendment of Registration Rights. 
 Provisions of this Agreement may be amended and the observance thereof may be waived (either generally or in a particular instance and either
retroactively or prospectively), only with the written consent of the Company and Investors who then hold at least a majority of the Registrable Securities. Any amendment or waiver effected in accordance with this Section 10 shall be binding
upon each Investor and the Company. No such amendment shall be effective to the extent that it applies to less than all of the holders of the Registrable Securities. No consideration shall be offered or paid to any Person to amend or consent to a
waiver or modification of any provision of any of this Agreement unless the same consideration also is offered to all of the parties to this Agreement. 
 11. Termination of Obligations. 
 The obligations of the Company pursuant to Sections 3 and 4 hereof shall
cease and terminate upon the expiration of the Registration Period. 
 12. Miscellaneous. 
 a. A Person is deemed to be a holder of Registrable Securities whenever such Person owns or is deemed to own of record such Registrable Securities. If the
Company receives conflicting instructions, notices or elections from two or more Persons with respect to the same Registrable Securities, the Company shall act upon the basis of instructions, notice or election received from the record owner of such
Registrable Securities. 
 b. Any notices, consents, waivers or other communications required or permitted to be given under the terms of
this Agreement must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile (provided confirmation of transmission is mechanically or electronically
generated and kept on file by the sending party); or (iii) one (1) Business Day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the party to receive the same. The addresses and
facsimile numbers for such communications shall be: 
 If to the Company: 
 Noble International, Ltd. 
 28213 Van Dyke Road 
 Warren, MI 48093 
 Telephone: (586) 751-5600 
 Facsimile: (586) 751-5601 
 Attention: Office of General Counsel 
  

 15 

 with a copy to: 
 Foley and Lardner LLP 
 150 West Jefferson Avenue 
 Suite 1000 
 Detroit, MI 48226 
 Telephone: (313) 963-6200 
 Facsimile: (313) 963-9308 
 Attention: Patrick Daugherty, Esq. 
 If to the Buyers, in care of: 
 Whitebox Advisors, LLC 
 3033 Excelsior Boulevard, Suite 300 
 Minneapolis, MN 55416 
 Facsimile: (612) 253-6151 
 Attention: Jonathan Woof, Chief Financial Officer 
 If to Legal Counsel: 
 Messerli & Kramer PA 
 150 South Fifth Street, Suite 1800 
 Minneapolis, MN 55402 
 Facsimile: (612) 672-3777 
 Attention: Jeffrey C. Robbins, Esq. 
 Written confirmation of receipt (A) given by the recipient of such notice, consent, waiver or other communication, (B) mechanically or electronically generated
by the sender’s facsimile machine containing the time, date, recipient facsimile number and an image of the first page of such transmission or (C) provided by a courier or overnight courier service shall be rebuttable evidence of personal
service, receipt by facsimile or receipt from a nationally recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively. 
 c. Failure of any party to exercise any right or remedy under this Agreement or otherwise, or delay by a party in exercising such right or remedy, shall
not operate as a waiver thereof. 
 d. All questions concerning the construction, validity, enforcement and interpretation of this Agreement
shall be governed by the internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the
laws of any jurisdictions other than the State of New York. Each party hereby irrevocably submits to the non-exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan, for the adjudication of any
dispute hereunder or in connection herewith or with any 
  

 16 

 transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit,
action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each
party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees
that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. If any provision of this Agreement
shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability of any provision of
this Agreement in any other jurisdiction. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR
ANY TRANSACTION CONTEMPLATED HEREBY. 
 e. This Agreement, the Securities Purchase Agreement, the letter agreement between the Company and
the Buyers of even date herewith, the Notes, the Closing Certificate of the Company, the Closing Certificate of the Buyers and the instruments and documents referenced herein and therein constitute the entire agreement among the parties hereto with
respect to the subject matter hereof and thereof. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein and therein. This Agreement, the Securities Purchase Agreement, the letter agreement
between the Company and the Buyers of even date herewith, the Notes, the Closing Certificate of the Company, the Closing Certificate of the Buyers and the instruments and documents referenced herein and therein supersede all prior agreements and
understandings among the parties hereto with respect to the subject matter hereof and thereof. 
 f. Subject to the requirements of
Section 9, this Agreement shall inure to the benefit of and be binding upon the permitted successors and assigns of each of the parties hereto. 
 g. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. 
 h. This Agreement may be executed in identical counterparts, each of which shall be deemed an original but all of which shall constitute one and the same agreement. This Agreement, once executed by a party, may be
delivered to the other party hereto by facsimile transmission of a copy of this Agreement bearing the signature of the party so delivering this Agreement. 
 i. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as any other
party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby. 
  

 17 

 j. All consents and other determinations required to be made by the Investors pursuant to this Agreement
shall be made, unless otherwise specified in this Agreement, by Investors holding at least a majority of the Registrable Securities, determined as if all the Notes then outstanding have been converted to Common Stock without regard to any
limitations on exercises of the Notes. 
 k. The language used in this Agreement will be deemed to be the language chosen by the parties to
express their mutual intent and no rules of strict construction will be applied against any party. 
 l. This Agreement is intended for the
benefit of the parties hereto and their respective permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person. 
 [Remainder of Page Intentionally Left Blank.] 
  

 18 

 IN WITNESS WHEREOF, each of the parties have caused their respective signature page to this Registration
Rights Agreement to be duly executed as of day and year first above written. 
  

			
	COMPANY:
	
	NOBLE INTERNATIONAL, LTD.
		
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature Page to Registration Rights Agreement] 
  

 19 

 IN WITNESS WHEREOF, each of the parties have caused their respective signature page to this Registration
Rights Agreement to be duly executed as of day and year first above written. 
 BUYERS: 
 Whitebox Convertible Arbitrage Partners, L.P. 
 By: Whitebox Convertible Arbitrage Advisors, LLC, its Managing Member 
 By: Whitebox Advisors, LLC, its Managing Member 
  

							
		 		 	  

		 		 	By:	 	Jonathan Wood, Chief Financial Officer

 Whitebox Diversified Convertible Arbitrage Partners, L.P. 
 By: Whitebox Diversified Convertible Arbitrage Advisors, LLC, its Managing Member 
 By: Whitebox Advisors, LLC, its Managing Member 
  

							
		 		 	  

		 		 	By:	 	Jonathan Wood, Chief Financial Officer

 Guggenheim Portofolio Company XXXI, LLC 
 By: Whitebox Advisors, LLC, its Investment Manager 
  

							
		 		 	  

		 		 	By:	 	Jonathan Wood, Chief Financial Officer

 HRF RVA Combined Master Trust 
 By: Whitebox Advisors, LLC, its Investment Manager 
  

							
		 		 	  

		 		 	By:	 	Jonathan Wood, Chief Financial Officer

 [Signature Page to Registration Rights Agreement] 
  

 20 

 EXHIBIT A 
 FORM OF NOTICE OF EFFECTIVENESS 
 OF REGISTRATION STATEMENT 
 Attn:                     

  

	 	Re:	Noble International, Ltd. 

 Ladies and
Gentlemen: 
 We are counsel to Noble International, Ltd., a Delaware corporation (the “Company”), and have represented the Company
in connection with the issuance of its amended and restated convertible notes (the “Notes”), convertible into shares of the Company’s Common Stock, par value $.00067 per share (the “Common Stock”). The Company also has
entered into a Registration Rights Agreement dated as of October     , 2006 (the “Registration Rights Agreement”) pursuant to which the Company agreed, among other things, to register the resale of the
Registrable Securities (as defined in the Registration Rights Agreement), including the shares of its Common Stock issuable upon conversion of the Notes under the Securities Act of 1933, as amended (the “1933 Act”). In connection with the
Company’s obligations under the Registration Rights Agreement, on                          , 2006, the Company
filed a Registration Statement on Form S-1 (File No. 333-            ) (the “Registration Statement”) with the Securities and Exchange Commission (the “SEC”)
relating to the Registrable Securities which names each of the Holders as a selling stockholder thereunder. 
 In connection with the
foregoing, we advise you that a member of the SEC’s staff has advised us by telephone that the SEC has entered an order declaring the Registration Statement effective under the 1933 Act at [ENTER TIME OF EFFECTIVENESS] on [ENTER DATE OF
EFFECTIVENESS] and we have no knowledge, after telephonic inquiry of a member of the SEC’s staff, that any stop order suspending its effectiveness has been issued or that any proceedings for that purpose are pending before, or threatened by,
the SEC and the Registrable Securities are available for resale under the 1933 Act pursuant to the Registration Statement. 
  

			
		 	Very truly yours,
		
		 	[ISSUER’S COUNSEL]
		
		 	By:

 CC: [LIST NAMES OF HOLDERS] 
  

 21 

 ANNEX I 
 PLAN OF DISTRIBUTION 
 The selling securityholders may, from time to time, sell any or all of the securities
offered by this prospectus on any stock exchange, market or trading facility on which the shares are traded or in private transactions. These sales may be at fixed or negotiated prices. The selling securityholders may use any one or more of the
following methods when selling the notes or the shares of common stock: 
  

	•	 	ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers; 

  

	•	 	block trades in which the broker-dealer will attempt to sell the securities as agent but may position and resell a portion of the block as principal to facilitate the transaction;

  

	•	 	purchases by a broker-dealer as principal and resale by the broker-dealer for its account; 

  

	•	 	an exchange distribution in accordance with the rules of the applicable exchange; 

  

	•	 	privately negotiated transactions; 

  

	•	 	short sales; 

  

	•	 	broker-dealers may agree with the selling securityholders to sell a specified number of such securities at a stipulated price; 

  

	•	 	a combination of any such methods of sale; and 

  

	•	 	any other method permitted pursuant to applicable law. 

 The selling securityholders may also sell the securities under Rule 144 or Rule 144A under the Securities Act, if available, rather than under this prospectus. 
 The selling securityholders may also engage in short sales against the box, puts and calls and other transactions in our securities or derivatives of our securities and may sell or deliver shares in connection with
these trades. 
 Broker-dealers engaged by the selling securityholders may arrange for other brokers-dealers to participate in sales.
Broker-dealers may receive commissions or discounts from the selling securityholders (or, if any broker-dealer acts as agent for the purchaser of securities, from the 
  

 22 

 purchaser) in amounts to be negotiated. The selling securityholders do not expect these commissions and discounts to
exceed what is customary in the types of transactions involved. Any profits on the resale of shares of common stock or notes by a broker-dealer acting as principal might be deemed to be underwriting discounts or commissions under the Securities Act.
Discounts, concessions, commissions and similar selling expenses, if any, attributable to the sale of notes or shares of common stock will be borne by a selling securityholder. The selling securityholders may agree to indemnify any agent, dealer or
broker-dealer that participates in transactions involving sales of the notes or shares of common stock if liabilities are imposed on that person under the Securities Act. 
 The selling securityholders may from time to time pledge or grant a security interest in some or all of the notes or shares of common stock owned by them and, if they default in the performance of their secured
obligations, the pledgees or secured parties may offer and sell the notes or shares of common stock from time to time under this prospectus after we have filed an amendment to this prospectus under Rule 424(b)(3) or other applicable provision of the
Securities Act of 1933 amending the list of selling securityholders to include the pledgee, transferee or other successors in interest as selling securityholders under this prospectus. 
 The selling securityholders also may transfer the notes and shares of common stock in other circumstances, in which case the transferees, pledgees or
other successors in interest will be the selling beneficial owners for purposes of this prospectus and may sell the notes and shares of common stock from time to time under this prospectus after we have filed an amendment to this prospectus under
Rule 424(b)(3) or other applicable provision of the Securities Act of 1933 amending the list of selling securityholders to include the pledgee, transferee or other successors in interest as selling securityholders under this prospectus. 

The selling securityholders and any broker-dealers or agents that are involved in selling the notes and shares of common stock may be deemed to be
“underwriters” within the meaning of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers or agents and any profit on the resale of the notes and shares of common stock purchased
by them may be deemed to be underwriting commissions or discounts under the Securities Act. The selling securityholders have advised us that they have acquired their securities in the ordinary course of business and they have not entered into any
agreements, understandings or arrangements with any underwriters or broker-dealers regarding the sale of their notes or shares of common stock, nor is there an underwriter or coordinating broker acting in connection with a proposed sale of notes or
shares of common stock by any selling securityholder. If we are notified by any selling securityholder that any material arrangement has been entered into with a broker-dealer for the sale of notes or shares of common stock, if required, we will
file a supplement to this prospectus 
 We are required to pay all fees and expenses incident to the registration of the notes or shares of
common stock. We have agreed to indemnify the selling securityholders against certain losses, claims, damages and liabilities, including liabilities under the Securities Act. 
  

 23Exhibit 4.1

 Exhibit 4.1 
  

 AMENDED AND RESTATED TRUST AGREEMENT 
 among 
 SLM FUNDING LLC, 
 as Depositor 
 CHASE BANK USA, NATIONAL ASSOCIATION, 
 not in its individual capacity but solely 
 as
Eligible Lender Trustee 
 and 
 DEUTSCHE BANK TRUST COMPANY AMERICAS, 
 not in its individual capacity but solely 
 as Indenture Trustee 
 Dated as of
October 12, 2006 
  

 TABLE OF CONTENTS 
  

			
	 	  	Page
	ARTICLE I
	 SECTION 1.1 Definitions and Usage
	  	1
	
	ARTICLE II ORGANIZATION
		
	 SECTION 2.1 Creation of Trust; Name
	  	1
	 SECTION 2.2 Office
	  	1
	 SECTION 2.3 Purposes and Powers
	  	1
	 SECTION 2.4 Appointment of Eligible Lender Trustee
	  	2
	 SECTION 2.5 Initial Capital Contribution of Trust Estate
	  	2
	 SECTION 2.6 Declaration of Trust
	  	3
	 SECTION 2.7 Liability of the Excess Distribution Certificateholder
	  	3
	 SECTION 2.8 Title to Trust Property
	  	3
	 SECTION 2.9 Representations, Warranties and Covenants of the Depositor
	  	3
	 SECTION 2.10 Intentionally Omitted
	  	4
	 SECTION 2.11 Authorization of Depositor
	  	4
	
	ARTICLE III BENEFICIAL OWNERSHIP AND EXCESS DISTRIBUTION CERTIFICATE
		
	 SECTION 3.1 Initial Beneficial Ownership
	  	4
	 SECTION 3.2 Corporate Trust Office
	  	4
	 SECTION 3.3 The Excess Distribution Certificate
	  	5
	
	ARTICLE IV ACTIONS BY ELIGIBLE LENDER TRUSTEE
		
	 SECTION 4.1 Prior Notice to the Excess Distribution Certificateholder With Respect to Certain Matters
	  	10
	 SECTION 4.2 Action with Respect to Sale of the Trust Student Loans
	  	10
	 SECTION 4.3 Action with Respect to Bankruptcy
	  	10
	 SECTION 4.4 Restrictions
	  	10
	
	ARTICLE V APPLICATION OF TRUST FUNDS; CERTAIN DUTIES
		
	 SECTION 5.1 Application of Trust Funds
	  	11
	 SECTION 5.2 Method of Payment
	  	11
	 SECTION 5.3 No Segregation of Moneys; No Interest
	  	11
	 SECTION 5.4 Reports to the Excess Distribution Certificateholder, the Internal Revenue Service and Others
	  	11

  

 -i- 

			
	ARTICLE VI AUTHORITY AND DUTIES OF ELIGIBLE LENDER TRUSTEE
		
	 SECTION 6.1 General Authority
	  	11
	 SECTION 6.2 General Duties
	  	12
	 SECTION 6.3 Action upon Instruction
	  	12
	 SECTION 6.4 No Duties Except as Specified in this Agreement or in Instructions
	  	13
	 SECTION 6.5 No Action Except Under Specified Documents or Instructions
	  	14
	 SECTION 6.6 Restrictions
	  	14
	
	ARTICLE VII CONCERNING THE ELIGIBLE LENDER TRUSTEE
		
	 SECTION 7.1 Acceptance of Trusts and Duties
	  	14
	 SECTION 7.2 Intentionally Omitted
	  	15
	 SECTION 7.3 Representations and Warranties
	  	15
	 SECTION 7.4 Reliance; Advice of Counsel
	  	16
	 SECTION 7.5 Not Acting in Individual Capacity
	  	16
	 SECTION 7.6 Eligible Lender Trustee Not Liable for Excess Distribution Certificate or Trust Student Loans
	  	16
	 SECTION 7.7 Eligible Lender Trustee May Own Notes
	  	17
	
	ARTICLE VIII COMPENSATION AND INDEMNITY OF ELIGIBLE LENDER TRUSTEE
		
	 SECTION 8.1 Eligible Lender Trustee’s Fees and Expenses
	  	17
	 SECTION 8.2 Payments to the Eligible Lender Trustee
	  	17
	 SECTION 8.3 Indemnity
	  	18
	
	ARTICLE IX TERMINATION OF TRUST AGREEMENT
		
	 SECTION 9.1 Termination of Trust Agreement
	  	18
	
	ARTICLE X SUCCESSOR ELIGIBLE LENDER TRUSTEES AND ADDITIONAL ELIGIBLE LENDER TRUSTEES
		
	 SECTION 10.1 Eligibility Requirements for Eligible Lender Trustee
	  	18
	 SECTION 10.2 Resignation or Removal of Eligible Lender Trustee
	  	19
	 SECTION 10.3 Successor Eligible Lender Trustee
	  	19
	 SECTION 10.4 Merger or Consolidation of Eligible Lender Trustee
	  	20
	 SECTION 10.5 Appointment of Co-Eligible Lender Trustee or Separate Eligible Lender Trustee
	  	20
	
	ARTICLE XI MISCELLANEOUS
		
	 SECTION 11.1 Supplements and Amendments
	  	22
	 SECTION 11.2 No Legal Title to Trust Estate in Excess Distribution Certificateholder
	  	22
	 SECTION 11.3 Limitations on Rights of Others
	  	23

  

 -ii- 

			
	 SECTION 11.4 Notices
	  	23
	 SECTION 11.5 Severability
	  	23
	 SECTION 11.6 Separate Counterparts
	  	23
	 SECTION 11.7 Successors and Assigns
	  	23
	 SECTION 11.8 No Petition
	  	23
	 SECTION 11.9 No Recourse
	  	24
	 SECTION 11.10 Headings
	  	24
	 SECTION 11.11 Governing Law
	  	24
	
	ARTICLE XII COMPLIANCE WITH REGULATION AB
		
	 SECTION 12.1 Intent of the Parties; Reasonableness
	  	25

  

			
	Exhibit A	 	Form of Excess Distribution Certificate
	Exhibit B	 	Form of Certificate of Trust
	Exhibit C	 	Form of Transferor Letter
	Exhibit D-1	 	Form of Transferee Letter (Non-Rule 144A)
	Exhibit D-2	 	Form of Transferee Letter (Rule 144A)
	Appendix A	 	Definitions and Usage

  

 -iii- 

 AMENDED AND RESTATED TRUST AGREEMENT dated as of October 12, 2006, among SLM FUNDING LLC, a Delaware
limited liability company, as the Depositor, CHASE BANK USA, NATIONAL ASSOCIATION, a national banking association, not in its individual capacity but solely as the Eligible Lender Trustee, and formerly known as Chase Manhattan Bank USA, National
Association, and DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation, not in its individual capacity but solely as the Indenture Trustee, acting as the Excess Distribution Certificate Paying Agent hereunder. 
 WITNESSETH: 
 The Depositor and the
Eligible Lender Trustee are parties to the trust agreement dated as of June 23, 2006 (the “Short-Form Trust Agreement”) pursuant to which a trust known as “SLM Student Loan Trust 2006-9” was established on June 23,
2006; 
 The Depositor, the Indenture Trustee and the Eligible Lender Trustee desire to amend and restate the Short-Form Trust Agreement upon
the terms and conditions set forth herein as follows: 
 ARTICLE I 
 SECTION 1.1 Definitions and Usage. Except as otherwise specified herein or as the context may otherwise require, capitalized terms used but
not otherwise defined herein are defined in Appendix A hereto, which also contains rules as to usage that shall be applicable herein. 
 ARTICLE II 
 Organization 
 SECTION 2.1 Creation of Trust; Name. There is hereby created a Trust which shall be known as “SLM Student Loan Trust 2006-9”, in which name the Eligible Lender Trustee may conduct the business
of the Trust, make and execute contracts and other instruments on behalf of the Trust and sue and be sued. The Trust shall constitute a statutory trust within the meaning of Section 3801(a) of the Delaware Statutory Trust Act for which the
Eligible Lender Trustee has filed or has caused to be filed a certificate of trust with the Secretary of State of the State of Delaware pursuant to Section 3810(a) of the Delaware Statutory Trust Act. 
 SECTION 2.2 Office. The office of the Trust shall be in care of the Eligible Lender Trustee at its Corporate Trust Office or at such other
address as the Eligible Lender Trustee may designate by written notice to the Depositor. 
 SECTION 2.3 Purposes and Powers.
The purpose of the Trust is to engage in the following activities: 
 (i) to issue the Notes pursuant to the Indenture and the
Excess Distribution Certificate pursuant to this Agreement and to sell the Notes in one or more transactions; 

 (ii) with the proceeds of the sale of the Notes, (A) to fund the Reserve Account
pursuant to Section 2.9 of the Administration Agreement, (B) to fund the Capitalized Interest Account pursuant to Section 2.10(a) of the Administration Agreement, to fund the Supplemental Purchase Account pursuant to
Section 2.10(c) of the Administration Agreement, to fund the Borrower Benefit Account, if any, pursuant to Section 2.10(e) of the Administration Agreement, to fund the Add-On Consolidation Loan Account pursuant to Section 2.10(d) of
the Administration Agreement and to fund the Floor Income Rebate Account, if any, pursuant to Section 2.10(f) of the Administration Agreement, (C) to make the Collection Account Initial Deposit pursuant to Section 2.10(b) of the
Administration Agreement, (D) to purchase (x) the Initial Trust Student Loans on the Closing Date and (y) any Additional Trust Student Loans during the Supplemental Purchase Period and (E) to disburse funds in connection with any
Add-On Consolidation Loans during the Consolidation Loan Add on Period, in the case of items (D) and (E) above pursuant to the Sale Agreement; 
 (iii) to Grant the Trust Estate to the Indenture Trustee pursuant to the Indenture, and to hold, manage and distribute to the Excess Distribution Certificateholder pursuant to the terms of this Agreement any portion
of the Trust Estate released from the Lien of, and remitted to the Trust pursuant to, the Indenture; 
 (iv) to enter into and
perform its obligations under the Basic Documents (including any agreements representing Eligible Repurchase Obligations) to which it is to be a party; 
 (v) to engage in those activities, including entering into agreements, that are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith; 
 (vi) subject to compliance with the Basic Documents, to engage in such other activities as may be required in connection with conservation
of the Trust Estate and the making of distributions to the Noteholders and the others specified in Sections 2.7 and 2.8 of the Administration Agreement; and 
 (vii) if so directed by the Administrator, and subject to the Rating Agency Condition, to enter into one or more interest rate cap
agreements with one or more cap counterparties to hedge some or all of the interest rate risk of the Notes. 
 The Trust shall not engage in any activity
other than in connection with the foregoing or other than as required or authorized by the terms of this Agreement or the other Basic Documents. The Trust is not intended to be a “business trust” for purposes of the United States
Bankruptcy Code. 
 SECTION 2.4 Appointment of Eligible Lender Trustee. The Depositor hereby appoints the Eligible Lender
Trustee as trustee of the Trust, effective as of the date hereof, to have all the rights, powers and duties set forth herein. 
 SECTION
2.5 Initial Capital Contribution of Trust Estate. The Depositor hereby sells, assigns, transfers, conveys and sets over to the Eligible Lender Trustee, as of the date 
  

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 hereof, the sum of $100.00. The Eligible Lender Trustee hereby acknowledges receipt in trust from the Depositor, as of
the date hereof, of the foregoing contribution, which shall constitute the Initial Trust Estate and shall be deposited in the Collection Account. The Depositor shall pay the organizational expenses of the Trust as they may arise or shall, upon the
request of the Eligible Lender Trustee, promptly reimburse the Eligible Lender Trustee for any such expenses paid by the Eligible Lender Trustee. 
 SECTION 2.6 Declaration of Trust. The Eligible Lender Trustee hereby declares that it will hold the Trust Estate in trust upon and subject to the conditions set forth herein for the use and benefit of the Excess Distribution
Certificateholder, subject to the obligations of the Trust under the other Basic Documents. It is the intention of the parties hereto that the Trust constitute a statutory trust under Delaware law and that this Agreement constitute the governing
instrument of such trust. Effective as of the date hereof, the Eligible Lender Trustee shall have all rights, powers and duties set forth herein and in the Delaware Statutory Trust Act with respect to accomplishing the purposes of the Trust.

 SECTION 2.7 Liability of the Excess Distribution Certificateholder. No Excess Distribution Certificateholder (in such
capacity) shall have any personal liability for any liability or obligation of the Trust. 
 SECTION 2.8 Title to Trust
Property. Legal title to all of the Trust Estate shall be vested at all times in the Trust as a separate legal entity except where applicable law in any jurisdiction requires title to any part of the Trust Estate to be vested in a trustee or
trustees, in which case title shall be deemed to be vested in the Eligible Lender Trustee, a co-trustee and/or a separate trustee, as the case may be; provided that legal title to the Trust Student Loans shall be vested at all times in the
Eligible Lender Trustee on behalf of the Trust. 
 SECTION 2.9 Representations, Warranties and Covenants of the Depositor. The
Depositor hereby represents, warrants and covenants to the Eligible Lender Trustee as follows: 
 (a) The Depositor is duly organized and
validly existing as a Delaware limited liability company in good standing under the laws of the State of Delaware, with power and authority to own its properties and to conduct its business as such properties are currently owned and such business is
presently conducted. 
 (b) The Depositor has the power and authority to execute and deliver this Agreement and to carry out its terms; the
Depositor has the power and authority to sell and assign the property to be sold and assigned to and deposited with the Trust (or with the Eligible Lender Trustee on behalf of the Trust) and the Depositor has duly authorized such sale and assignment
and deposit to the Trust (or to the Eligible Lender Trustee on behalf of the Trust) by all necessary action; and the execution, delivery and performance of this Agreement has been duly authorized by the Depositor by all necessary action. 

(c) This Agreement constitutes a legal, valid and binding obligation of the Depositor enforceable in accordance with its terms, subject to applicable
bankruptcy, insolvency, reorganization and similar laws relating to creditors’ rights generally and subject to general principles of equity. 
  

 -3- 

 (d) The consummation of the transactions contemplated by this Agreement and the fulfillment of the terms
hereof do not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under, the Certificate of Formation or Operating Agreement of the Depositor, or any
indenture, agreement or other instrument to which the Depositor is a party or by which it is bound; nor result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement or other
instrument (other than pursuant to the Basic Documents); nor violate any law or, to the Depositor’s knowledge, any order, rule or regulation applicable to the Depositor of any court or of any Federal or state regulatory body, administrative
agency or other governmental instrumentality having jurisdiction over the Depositor or its properties. 
 (e) The Depositor agrees for the
benefit of the Noteholders and the Excess Distribution Certificateholder that it will comply with each of the requirements set forth in the Certificate of Formation and its Operating Agreement. 
 SECTION 2.10 Intentionally Omitted.  
 SECTION 2.11 Authorization of the Depositor. The Depositor is authorized and directed to execute on behalf of the Issuer, and, after execution, to deliver to the Administrator for filing with the Commission, all documents and
forms required to be filed in accordance with applicable law or the rules and regulations prescribed by the Commission. 
 ARTICLE III

 Beneficial Ownership and 
 Excess Distribution Certificate 
 SECTION 3.1 Initial Beneficial Ownership. Upon the formation of the Trust by
the contribution by the Depositor pursuant to Section 2.5 and until the issuance of the Excess Distribution Certificate, the Depositor shall be the sole beneficial owner of the Trust. 
 SECTION 3.2 Corporate Trust Office. The Eligible Lender Trustee initially designates Christiana Center/OPS4, 500 Stanton Christiana Road,
Newark, Delaware 19713, as its principal Corporate Trust Office, at which it shall act as Trustee of the Trust. The Excess Distribution Certificate Registrar’s New York office and its authenticating agent’s office are located at:

 Deutsche Bank Trust Company Americas 
 60 Wall Street, 26th Floor 
 Mailstop NYC60-2606 
 New York, New York 10005 
 Attn: Trust & Securities Services/Structured Finance Services 
 Telephone:
(212) 250-8454 
 Facsimile: (212) 797-8606 
  

 -4- 

 SECTION 3.3 The Excess Distribution Certificate. 
 (a) General. The Excess Distribution Certificate shall be issued in one or more registered, definitive physical certificates substantially in the
form of Exhibit A hereto, in minimum percentage interests of at least 10% and integral multiples of 10% in excess thereof. The Excess Distribution Certificate shall receive payments as provided in Sections 2.8(i) and 2.9(f), as applicable, of
the Administration Agreement. The Excess Distribution Certificate shall be executed on behalf of the Trust by manual or facsimile signature of an authorized officer of the Eligible Lender Trustee. An Excess Distribution Certificate bearing the
manual or facsimile signatures of individuals who were, at the time when such signatures were affixed, authorized to sign on behalf of the Trust, shall be valid and binding obligations of the Trust, notwithstanding that such individuals or any of
them shall have ceased to be so authorized prior to the authentication and delivery of such Excess Distribution Certificate or did not hold such offices at the date of authentication and delivery of such Excess Distribution Certificate. 

(b) Authentication. Concurrently with the sale of the Trust Student Loans to the Trust pursuant to the Sale Agreement, the Eligible Lender
Trustee shall cause the Excess Distribution Certificate to be executed on behalf of the Trust, authenticated and delivered to or upon the written order of the Depositor, signed by its president or any vice president, without further action by the
Depositor. For all purposes hereunder, the Depositor shall be the Excess Distribution Certificateholder. No Excess Distribution Certificate shall entitle its holder to any benefit under this Agreement, or shall be valid for any purpose, unless there
shall appear on such Excess Distribution Certificate a certificate of authentication substantially in the form set forth in Exhibit A, executed by the Eligible Lender Trustee or JPMorgan Chase Bank, National Association, as the Eligible Lender
Trustee’s authenticating agent, by manual signature; such authentication shall constitute conclusive evidence that such Excess Distribution Certificate shall have been duly authenticated and delivered hereunder. The Excess Distribution
Certificate shall be dated the date of its authentication. No further Excess Distribution Certificates shall be issued except pursuant to paragraph (c) or (d) below. 
 (c) Registration of Transfer and Exchange. The Excess Distribution Certificate Registrar shall keep or cause to be kept, at the office or agency
maintained pursuant to paragraph (f) below, the Excess Distribution Certificate Register in which, subject to such reasonable regulations as it may prescribe, the Eligible Lender Trustee shall provide for the registration of the Excess
Distribution Certificate and of transfers and exchanges of the Excess Distribution Certificate as herein provided. Deutsche Bank Trust Company Americas shall be the initial Excess Distribution Certificate Registrar. 
 Upon surrender for registration of transfer of the Excess Distribution Certificate at the office or agency maintained pursuant to paragraph
(f) below, the Eligible Lender Trustee shall execute, authenticate and deliver (or shall cause JPMorgan Chase Bank, National Association as its authenticating agent to authenticate and deliver), in the name of the designated transferee, a new
Excess Distribution Certificate dated the date of authentication by the Eligible Lender Trustee or any authenticating agent. At the option of the Excess Distribution Certificateholder, the Excess Distribution Certificate may be exchanged for another
Excess Distribution Certificate upon surrender of the Excess Distribution Certificate to be exchanged at the office or agency maintained pursuant to paragraph (f) below. 
  

 -5- 

 An Excess Distribution Certificate presented or surrendered for registration of transfer or exchange
shall be accompanied by a written instrument of transfer in form satisfactory to the Eligible Lender Trustee and the Excess Distribution Certificate Registrar duly executed by the holder thereof or his attorney duly authorized in writing, with such
signature (other than for transfers or exchanges to or among any Affiliates of the Depositor) guaranteed by a member firm of the New York Stock Exchange or a commercial bank or trust company. An Excess Distribution Certificate surrendered for
registration of transfer or exchange shall be cancelled and subsequently disposed of by the Eligible Lender Trustee in accordance with its customary practice. 
 No service charge shall be made for any registration of transfer or exchange of the Excess Distribution Certificate, but the Eligible Lender Trustee or the Excess Distribution Certificate Registrar may require payment
of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of the Excess Distribution Certificate. 
 The preceding provisions of this Section notwithstanding, the Eligible Lender Trustee shall not be required to make and the Excess Distribution Certificate Registrar need not register transfers or exchanges of the
Excess Distribution Certificate for a period of 15 days preceding any Distribution Date with respect to the Excess Distribution Certificate. 
 The Excess Distribution Certificate (including any beneficial interest therein) may not be acquired by or for the account of (i) any Benefit Plan subject to Title I of ERISA and/or Section 4975 of the Code, if such acquisition, or
the management or servicing of the Trust or its assets, would cause a non-exempt prohibited transaction in violation of Section 406 of ERISA and/or Section 4975 of the Code, (ii) any Benefit Plan subject to a substantially similar
federal, state, local or foreign law, if such acquisition would cause a non-exempt violation of such substantially similar law, (iii) any person who is not a United States person within the meaning of Section 7701(a)(30) of the Code, or
(iv) any “pass-thru entity” referred to in Section 1(h)(10)(D), (E) or (F) of the Code, the income of which pass-thru entity is includible directly or indirectly through one or more other such pass-thru entities by any
person referred to in clause (iii) above. By accepting and holding the Excess Distribution Certificate, the holder hereof shall be deemed to have represented and warranted that it is not acquiring the Excess Distribution Certificate by or for
the account of any entity in violation of the above restrictions, and to have agreed that if such restrictions are violated, the holder will promptly dispose of the Excess Distribution Certificate. 
 (d) Mutilated, Destroyed, Lost or Stolen Excess Distribution Certificate. If (1) a mutilated Excess Distribution Certificate shall be
surrendered to the Excess Distribution Certificate Registrar, or if the Excess Distribution Certificate Registrar shall receive evidence to its satisfaction of the destruction, loss or theft of the Excess Distribution Certificate, and (2) there
shall be delivered to the Excess Distribution Certificate Registrar and the Eligible Lender Trustee such security or indemnity as may be required by them to save each of them and the Trust harmless, then in the absence of notice that such Excess
Distribution Certificate shall have been acquired by a bona fide purchaser, the Eligible Lender Trustee, on behalf of the Trust, shall execute and the Eligible Lender Trustee shall authenticate and deliver, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Excess Distribution Certificate, a new Excess Distribution Certificate of like tenor. In connection with the issuance of any new Excess 
  

 -6- 

 Distribution Certificate under this Section, the Eligible Lender Trustee and the Excess Distribution Certificate
Registrar may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. Any duplicate Excess Distribution Certificate issued pursuant to this paragraph shall constitute
conclusive evidence of ownership in the Trust, as if originally issued, whether or not the lost, stolen or destroyed Excess Distribution Certificate shall be found at any time. 
 (e) Persons Deemed Owners. Prior to due presentation of the Excess Distribution Certificate for registration of transfer, the Eligible Lender
Trustee and the Excess Distribution Certificate Registrar and any agent of either of them may treat the Person in whose name the Excess Distribution Certificate shall be registered in the Excess Distribution Certificate Register as the owner of such
Excess Distribution Certificate for the purpose of receiving distributions thereon and for all other purposes whatsoever, and neither the Eligible Lender Trustee, the Excess Distribution Certificate Registrar nor any agent thereof shall be bound by
any notice to the contrary. 
 (f) Maintenance of Office or Agency. The Eligible Lender Trustee shall maintain in the Borough of
Manhattan, The City of New York, an office or offices or agency or agencies where the Excess Distribution Certificate may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Eligible Lender Trustee in
respect of the Excess Distribution Certificate may be served. 
 (g) Appointment of Excess Distribution Certificate Paying Agent. The
Excess Distribution Certificate Paying Agent shall make distributions to the Excess Distribution Certificateholder from the amounts received from the Indenture Trustee pursuant to Sections 2.8(i) and 2.9(f) of the Administration Agreement and shall
report the amounts of such distributions to the Indenture Trustee (if the Excess Distribution Certificate Paying Agent is not the Indenture Trustee). Any Excess Distribution Certificate Paying Agent shall have the revocable power to receive such
funds from the Indenture Trustee for the purpose of making the distributions referred to above. The Eligible Lender Trustee may revoke such power and remove the Excess Distribution Certificate Paying Agent if the Eligible Lender Trustee determines
in its sole discretion that the Excess Distribution Certificate Paying Agent shall have failed to perform its obligations under this Agreement in any material respect. The Excess Distribution Certificate Paying Agent shall initially be the Indenture
Trustee, and any co-paying agent chosen by the Eligible Lender Trustee and consented to by the Administrator (which consent shall not be unreasonably withheld). The Indenture Trustee shall be permitted to resign as Excess Distribution Certificate
Paying Agent upon 30 days’ written notice to the Eligible Lender Trustee. In the event that the Indenture Trustee shall no longer be the Excess Distribution Certificate Paying Agent, the Eligible Lender Trustee shall appoint a successor to act
as Excess Distribution Certificate Paying Agent (which shall be a bank or trust company). The Eligible Lender Trustee shall cause such successor Excess Distribution Certificate Paying Agent or any additional Excess Distribution Certificate Paying
Agent appointed by the Eligible Lender Trustee to execute and deliver to the Eligible Lender Trustee an instrument in which such successor Excess Distribution Certificate Paying Agent or additional Excess Distribution Certificate Paying Agent shall
agree with the Eligible Lender Trustee that as Excess Distribution Certificate Paying Agent, such successor Excess Distribution Certificate Paying Agent or additional Excess Distribution Certificate Paying Agent will hold all sums, if any, held by
it for payment to the 
  

 -7- 

 Excess Distribution Certificateholder in trust for the benefit of such holder until such sums shall be paid to such
holder. The Excess Distribution Certificate Paying Agent shall return all unclaimed funds to the Eligible Lender Trustee and upon removal of an Excess Distribution Certificate Paying Agent such Excess Distribution Certificate Paying Agent shall also
return all funds in its possession to the Eligible Lender Trustee. The provisions of Articles VII and VIII of the Indenture shall apply to the Indenture Trustee also in its role as Excess Distribution Certificate Paying Agent, for so long as the
Indenture Trustee shall act as Excess Distribution Certificate Paying Agent and, to the extent applicable, to any other paying agent appointed hereunder. Any reference in this Agreement to the Excess Distribution Certificate Paying Agent shall
include any co-paying agent unless the context requires otherwise. 
 (h) Restrictions on Transfer of the Excess Distribution
Certificate. 
 (i) The Excess Distribution Certificate may be transferred to any Affiliate of the Depositor, without any
requirement to provide any officer’s certificates or legal opinions that would otherwise be required if such proposed transfer was being made to a Person who is not an Affiliate of the Depositor. 
 (ii) Except as provided above, the Excess Distribution Certificate shall not be sold, pledged, transferred or assigned except as provided
below: 
 (A) The Excess Distribution Certificate has not been registered or qualified under the Securities Act of 1933, as
amended (the “Securities Act”) or any state securities law. No transfer, sale, pledge or other disposition of the Excess Distribution Certificate or any interest therein shall be made unless such transfer is made pursuant to an effective
registration statement under the Securities Act and effective registration or qualification under applicable state securities laws, or is made in a transaction which does not require such registration or qualification. In the event that a transfer
is to be made without registration or qualification, the Eligible Lender Trustee shall require, in order to assure compliance with such laws, that the prospective transferor and transferee each certify to the Eligible Lender Trustee, the Excess
Distribution Certificate Registrar, the Administrator, and, if it is not the proposed transferor, the Depositor, in writing, the facts surrounding the transfer. Such certifications shall be substantially in the forms of Exhibit C hereto and Exhibit
D-1 or D-2 hereto, as applicable. In the event that such a transfer is to be made within two years from the date of the initial issuance of the Excess Distribution Certificate pursuant hereto (other than a transfer as to which the proposed
transferee has provided a certificate in the form of Exhibit D-2), the Eligible Lender Trustee in its sole discretion, may require that there shall also be delivered to the Eligible Lender Trustee, the Excess Distribution Certificate Registrar, the
Administrator, or, if it is not the proposed transferor, the Depositor, at the expense of the transferor, an opinion of counsel that such transfer may be made pursuant to an exemption from the Securities Act and such state securities laws. Any such
opinion of counsel shall not be an expense of the Eligible Lender Trustee, the Excess Distribution Certificate Registrar, the Administrator, and, if it is not the proposed transferor, the Depositor. None of the Depositor, the Administrator or the
Eligible Lender Trustee is obligated to register or qualify the Excess Distribution Certificate under the Securities Act or any other securities law or to take any action not otherwise required under this Agreement to permit the 
  

 -8- 

 transfer of the Excess Distribution Certificate without registration or qualification. Any such Excess
Distribution Certificateholder desiring to effect such transfer shall, and does hereby agree to, indemnify the Eligible Lender Trustee, the Excess Distribution Certificate Registrar, the Administrator, and, if it is not the proposed transferor, the
Depositor, against any liability that may result if the transfer is not so exempt or is made in accordance with such applicable federal and state laws. 
 (B) No transfer of the Excess Distribution Certificate will be registered by the Eligible Lender Trustee or the Excess Distribution Certificate Registrar unless the Eligible Lender Trustee, the Excess Distribution
Certificate Registrar, the Administrator, and, if it is not the proposed transferor, the Depositor receives a representation from the proposed transferee of the Excess Distribution Certificate, substantially in the form of Exhibit D-1 or D-2, as the
case may be, that such transferee is not acquiring the Excess Distribution Certificate by or for the account of any entity in violation of the restrictions set forth in the final paragraph of Section 3.3(c) above. If any proposed transferee
shall become an Excess Distribution Certificateholder in violation of these provisions, then the last preceding permitted transferee shall be restored, to the extent permitted by law, to all rights as Excess Distribution Certificateholder,
retroactive to the date of registration of such transfer of the Excess Distribution Certificate. Neither the Eligible Lender Trustee nor the Excess Distribution Certificate Registrar shall have any liability to any person for any registration or
transfer of the Excess Distribution Certificate that is not permitted or for making any payments due on the Excess Distribution Certificate to the holder thereof or for taking any action with respect to such holder under this Agreement. Any proposed
transferee who becomes an Excess Distribution Certificateholder shall agree to indemnify the Eligible Lender Trustee, the Excess Distribution Certificate Registrar, the Administrator, and, if it is not the proposed transferor, the Depositor, against
any loss, damage or penalty incurred as a result of the transfer of the Excess Distribution Certificate to such proposed transferee in violation of such restrictions. 
 (C) The prospective transferee shall be aware that the Excess Distribution Certificate shall bear legends referring to the restrictions
contained in sub-clauses (A) and (B) above and by its acceptance of an Excess Distribution Certificate agrees to abide by such restrictions. 
 (D) The prospective transferee shall deliver an opinion of counsel addressed to the Eligible Lender Trustee, the Administrator, and, if it is not the proposed transferor, the Depositor, to the effect that, (1) as
a matter of federal income tax law, such prospective transferee is permitted to accept the transfer of the Excess Distribution Certificate, (2) such transfer or pledge would not jeopardize the tax treatment of the Trust, (3) such transfer
or pledge would not subject the Trust to any entity-level tax, (4) such transfer or pledge would not jeopardize the status of the Notes as debt for all purposes, and (5) such pledge or transfer would not cause the Trust to be treated, for
federal income tax purposes, as an association or a publicly traded partnership taxable as a corporation. 
 (E) No pledge or
transfer of the Excess Distribution Certificate shall be effective unless such purchase or transfer is to a single beneficial owner. 
  

 -9- 

 (iii) Any Excess Distribution Certificateholder, as evidenced by its agreement to accept
the rights conferred under the Excess Distribution Certificate, is hereby deemed to accept all obligations of the Depositor under this Agreement. 
 ARTICLE IV 
 Actions by Eligible Lender Trustee 
 SECTION 4.1 Prior Notice to the Excess Distribution Certificateholder With Respect to Certain Matters. With respect to the following
matters, the Eligible Lender Trustee shall not take action unless at least 30 days before the taking of such action, the Eligible Lender Trustee shall have notified the Excess Distribution Certificateholder and each of the Rating Agencies in writing
of the proposed action and the Excess Distribution Certificateholder shall not have notified the Eligible Lender Trustee in writing prior to the 30th calendar day after such notice is given that it has withheld consent or provided alternative
direction: 
  

	 	(a)	the initiation of any material claim or lawsuit by the Trust (except claims or lawsuits brought in connection with the collection of the Trust Student Loans) and the compromise of
any material action, claim or lawsuit brought by or against the Trust (except with respect to the aforementioned claims or lawsuits for collection of Trust Student Loans); 

  

	 	(b)	the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any class of Noteholders is required; or 

  

	 	(c)	the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any class of Noteholders is not required and such amendment materially adversely
affects the interests of the Excess Distribution Certificateholder; 

 SECTION 4.2 Action with Respect to Sale of the
Trust Student Loans. The Eligible Lender Trustee shall not have the power, except upon the written direction of the Excess Distribution Certificateholder and except as expressly provided in the Basic Documents, to sell the Trust Student Loans
after the payment in full of the Notes. 
 SECTION 4.3 Action with Respect to Bankruptcy. The Eligible Lender Trustee shall not
have the power to commence a voluntary proceeding in bankruptcy relating to the Trust without the prior approval of the Excess Distribution Certificateholder and the delivery to the Eligible Lender Trustee by the Excess Distribution
Certificateholder of a certificate certifying that the Excess Distribution Certificateholder reasonably believes that the Trust is insolvent. 
 SECTION 4.4 Restrictions. Neither the Depositor nor the Excess Distribution Certificateholder shall direct the Eligible Lender Trustee to take or refrain from taking any action if such action or inaction would be contrary to
any obligation of the Trust or the Eligible Lender Trustee under this Agreement or any of the other Basic Documents or would be contrary to Section 2.3 nor shall the Eligible Lender Trustee be permitted to follow any such direction, if given.

  

 -10- 

 ARTICLE V 
 Application of Trust Funds; Certain Duties 
 SECTION 5.1 Application of Trust Funds.

 (a) On each Distribution Date, the Excess Distribution Certificate Paying Agent shall distribute to the Excess Distribution
Certificateholder any amounts payable in respect of the Excess Distribution Certificate in accordance with the Administration Agreement. 
 (b) In the event that any withholding tax is imposed on the Trust’s payment to the Excess Distribution Certificateholder, such tax shall reduce the amount otherwise distributable on the Excess Distribution Certificate. 
 SECTION 5.2 Method of Payment. Distributions required to be made to the Excess Distribution Certificateholder on any Distribution Date
shall be made to the holder of record on the preceding Record Date either by wire transfer, in immediately available funds, to the account of such holder at a bank or other entity having appropriate facilities therefor, if such holder shall have
provided to the Excess Distribution Certificate Registrar appropriate written instructions signed by two authorized officers, if any, at least five Business Days prior to such Distribution Date, or, if not, by check mailed to such holder at the
address of such holder appearing in the Excess Distribution Certificate Register. 
 SECTION 5.3 No Segregation of Moneys; No
Interest. Subject to Section 5.1, moneys received by the Eligible Lender Trustee hereunder need not be segregated in any manner except to the extent required by law or the Administration Agreement and may be deposited under such general
conditions as may be prescribed by law, and the Eligible Lender Trustee shall not be liable for any interest thereon. 
 SECTION 5.4
Reports to the Excess Distribution Certificateholder, the Internal Revenue Service and Others. The Eligible Lender Trustee shall provide (or cause to be provided) any reports or other information required to be provided to the Excess
Distribution Certificateholder pursuant to the Code, the regulations promulgated thereunder or other applicable law. In addition, the Eligible Lender Trustee shall provide (or cause to be provided) any information concerning the Excess Distribution
Certificate to the Internal Revenue Service or other taxing authority as required under the Code, the regulations promulgated thereunder or other applicable law. The Eligible Lender Trustee shall be entitled to hire an independent accounting firm to
perform the functions described in this Section 5.4, the reasonable fees and expenses of which shall be paid by the Depositor. 
 ARTICLE VI  
 Authority and Duties of Eligible Lender Trustee 
 SECTION 6.1 General Authority. The Eligible Lender Trustee is authorized and directed to execute and deliver the Basic Documents to which
the Trust is to be a party and each certificate or other document attached as an exhibit to or contemplated by the Basic Documents to which the Trust is to be a party, in each case, in such form as the Depositor shall approve as 
  

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 evidenced conclusively by the Eligible Lender Trustee’s execution thereof, and, on behalf of the Trust, to direct
the Indenture Trustee to authenticate and deliver Notes denominated in U.S. Dollars in the aggregate principal amount of $2,604,116,000. The Eligible Lender Trustee is also authorized and directed on behalf of the Trust (i) to acquire and hold
legal title to the Trust Student Loans from the Depositor and (ii) to take all actions required pursuant to Section 2.4 of the Administration Agreement and otherwise follow the direction of and cooperate with the Servicer in submitting,
pursuing and collecting any claims to and with the Department with respect to any Interest Subsidy Payments and Special Allowance Payments relating to the Trust Student Loans. 
 In addition to the foregoing, the Eligible Lender Trustee is authorized to take all actions required of the Trust pursuant to the Basic Documents. The
Eligible Lender Trustee is further authorized from time to time to take such action as the Administrator directs or instructs with respect to the Basic Documents and is directed to take such action to the extent that the Administrator is expressly
required pursuant to the Basic Documents to cause the Eligible Lender Trustee to act. 
 SECTION 6.2 General Duties. It shall
be the duty of the Eligible Lender Trustee to discharge (or cause to be discharged) all of its responsibilities pursuant to the terms of this Agreement and the other Basic Documents to which the Trust is a party and to administer the Trust in the
interest of the Noteholders and the Excess Distribution Certificateholder subject to and in accordance with the provisions of this Agreement and the other Basic Documents. Without limiting the foregoing, the Eligible Lender Trustee shall on behalf
of the Trust file and prove any claim or claims that may exist on behalf of the Trust against the Depositor in connection with any claims paying procedure as part of an insolvency or a receivership proceeding involving the Depositor. Notwithstanding
the foregoing, the Eligible Lender Trustee shall be deemed to have discharged its duties and responsibilities hereunder and under the other Basic Documents to the extent the Administrator has agreed in the Administration Agreement to perform and act
or to discharge any duty of the Eligible Lender Trustee hereunder or under any other Basic Document, and the Eligible Lender Trustee shall not be held liable for the default or failure of the Administrator to carry out its obligations under the
Administration Agreement. Except as expressly provided in the Basic Documents, the Eligible Lender Trustee shall have no obligation to administer, service or collect the Trust Student Loans or to maintain, monitor or otherwise supervise the
administration, servicing or collection of the Trust Student Loans. 
 SECTION 6.3 Action upon Instruction. 
 (a) [Reserved]. 
 (b) The Eligible Lender
Trustee shall not be required to take any action hereunder or under any other Basic Document if the Eligible Lender Trustee shall have reasonably determined, or shall have been advised by counsel, that such action is likely to result in liability on
the part of the Eligible Lender Trustee or is contrary to the terms hereof, any other Basic Document or is otherwise contrary to law. 
 (c)
Whenever the Eligible Lender Trustee is unable to determine the appropriate course of action between alternative courses and actions permitted or required by the terms of 
  

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 this Agreement or under any other Basic Document, the Eligible Lender Trustee shall promptly give notice (in such form as
shall be appropriate under the circumstances) to the Excess Distribution Certificateholder requiring instruction as to the course of action to be adopted, and to the extent the Eligible Lender Trustee acts in good faith in accordance with any
written instruction of the Excess Distribution Certificateholder received, the Eligible Lender Trustee shall not be liable on account of such action to any Person. If the Eligible Lender Trustee shall not have received appropriate instruction within
10 days of such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action, not inconsistent
with this Agreement, the other Basic Documents, as it shall deem to be in the best interests of the Excess Distribution Certificateholder, and shall have no liability to any Person for such action or inaction. 
 (d) In the event that the Eligible Lender Trustee is unsure as to the application of any provision of this Agreement, any other Basic Document or any
such provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or in the event that this Agreement permits any determination by the Eligible Lender Trustee or is silent or is incomplete
as to the course of action that the Eligible Lender Trustee is required to take with respect to a particular set of facts, the Eligible Lender Trustee may give notice (in such form as shall be appropriate under the circumstances) to the Excess
Distribution Certificateholder requesting instruction and, to the extent that the Eligible Lender Trustee acts or refrains from acting in good faith in accordance with any such instruction received, the Eligible Lender Trustee shall not be liable,
on account of such action or inaction, to any Person. If the Eligible Lender Trustee shall not have received appropriate instruction within 10 days of such notice (or within such shorter period of time as reasonably may be specified in such notice
or may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action, not inconsistent with this Agreement or the other Basic Documents, as it shall deem to be in the best interest of the Excess
Distribution Certificateholder, and shall have no liability to any Person for such action or inaction. 
 SECTION 6.4 No Duties
Except as Specified in this Agreement or in Instructions. The Eligible Lender Trustee shall not have any duty or obligation to manage, make any payment with respect to, register, record, sell, service, dispose of or otherwise deal with the Trust
Estate, or to otherwise take or refrain from taking any action under, or in connection with, any document contemplated hereby to which the Eligible Lender Trustee is a party, except as expressly provided by the terms of this Agreement or in any
document or written instruction received by the Eligible Lender Trustee pursuant to Section 6.3; and no implied duties or obligations shall be read into this Agreement or any other Basic Document against the Eligible Lender Trustee. The
Eligible Lender Trustee shall have no responsibility for filing any financing or continuation statement in any public office at any time or to otherwise perfect or maintain the perfection of any security interest or lien granted to it hereunder or
to prepare or file any Commission filing for the Trust or to record this Agreement or any other Basic Document. The Eligible Lender Trustee nevertheless agrees that it will, at its own cost and expense, promptly take all action as may be necessary
to discharge any Liens on any part of the Trust Estate that result from actions by, or claims against, Chase Bank USA, National Association in its individual capacity or as the Eligible Lender Trustee that are not related to the ownership or the
administration of the Trust Estate. 
  

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 SECTION 6.5 No Action Except under Specified Documents or Instructions. The Eligible Lender
Trustee shall not otherwise deal with any part of the Trust Estate except (i) in accordance with the powers granted to and the authority conferred upon the Eligible Lender Trustee pursuant to this Agreement, (ii) in accordance with the
other Basic Documents to which it is a party and (iii) in accordance with any document or instruction delivered to the Eligible Lender Trustee pursuant to Section 6.3. 
 SECTION 6.6 Restrictions. The Eligible Lender Trustee shall not take any action (a) that is inconsistent with the purposes of the
Trust set forth in Section 2.3 or (b) that, to the actual knowledge of the Eligible Lender Trustee, would result in the Trust’s becoming taxable as a corporation for Federal income tax purposes. Neither the Depositor nor the Excess
Distribution Certificateholder shall direct the Eligible Lender Trustee to take action that would violate the provisions of this Section. 
 ARTICLE VII  
 Concerning the Eligible Lender Trustee 
 SECTION 7.1 Acceptance of Trusts and Duties. The Eligible Lender Trustee accepts the trusts hereby created and agrees to perform its duties
hereunder with respect to such trusts but only upon the terms of this Agreement. The Eligible Lender Trustee also agrees to disburse all moneys actually received by it constituting part of the Trust Estate upon the terms of this Agreement and the
other Basic Documents. The Eligible Lender Trustee shall not be answerable or accountable hereunder or under any other Basic Document under any circumstances, except (i) for its own willful misconduct or negligence or (ii) in the case of
the inaccuracy of any representation or warranty contained in Section 7.3 expressly made by the Eligible Lender Trustee. In particular, but not by way of limitation (and subject to the exceptions set forth in the preceding sentence):

 (a) the Eligible Lender Trustee shall not be liable for any error of judgment made by a responsible officer of the Eligible Lender Trustee;

 (b) the Eligible Lender Trustee shall not be liable with respect to any action taken or omitted to be taken by it in accordance with the
direction or instructions of the Administrator, the Depositor or the Excess Distribution Certificateholder; 
 (c) no provision of this
Agreement or any other Basic Document shall require the Eligible Lender Trustee to expend or risk funds or otherwise incur any financial liability in the performance of any of its rights or powers hereunder or under any other Basic Document, if the
Eligible Lender Trustee shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it; 
 (d) under no circumstances shall the Eligible Lender Trustee be liable for indebtedness evidenced by or arising under any of the Basic Documents,
including the principal of and interest on the Notes; 
  

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 (e) the Eligible Lender Trustee shall not be responsible for or in respect of the validity or sufficiency
of this Agreement or for the due execution hereof by the Depositor or for the form, character, genuineness, sufficiency, value or validity of any of the Trust Estate or for or in respect of the validity or sufficiency of the Basic Documents, other
than the certificate of authentication on the Excess Distribution Certificate, and the Eligible Lender Trustee shall in no event assume or incur any liability, duty, or obligation to any Noteholder or the Excess Distribution Certificateholder, other
than as expressly provided for herein and in the other Basic Documents; 
 (f) the Eligible Lender Trustee shall not be liable for the action
or inaction, default or misconduct of the Administrator, the Depositor, the Indenture Trustee, the Servicer under any of the other Basic Documents or otherwise and the Eligible Lender Trustee shall have no obligation or liability to perform the
obligations of the Trust under this Agreement or the other Basic Documents that are required to be performed by the Administrator under the Administration Agreement, the Indenture Trustee under the Indenture or the Servicer under the Servicing
Agreement; and 
 (g) the Eligible Lender Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this
Agreement, or to institute, conduct or defend any litigation under this Agreement or otherwise or in relation to this Agreement, any other Basic Document, at the request, order or direction of the Depositor or the Excess Distribution
Certificateholder, unless the Depositor or such holder has offered to the Eligible Lender Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by the Eligible Lender Trustee therein or
thereby. The right of the Eligible Lender Trustee to perform any discretionary act enumerated in this Agreement or in any other Basic Document shall not be construed as a duty, and the Eligible Lender Trustee shall not be answerable for other than
its negligence or willful misconduct in the performance of any such act. 
 SECTION 7.2 Intentionally Omitted. 
 SECTION 7.3 Representations and Warranties. The Eligible Lender Trustee hereby represents and warrants to the Depositor, for the benefit of
the Noteholders, and the Excess Distribution Certificateholder, that: 
 (a) It is duly organized and validly existing in good standing under
the laws of its governing jurisdiction and has an office located within the State of Delaware. It has all requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement. 
 (b) It has taken all corporate action necessary to authorize the execution and delivery by it of this Agreement, and this Agreement will be executed and
delivered by one of its officers who is duly authorized to execute and deliver this Agreement on its behalf. 
 (c) Neither the execution nor
the delivery by it of this Agreement, nor the consummation by it of the transactions contemplated hereby nor compliance by it with any of the terms or provisions hereof will contravene any Federal or Delaware state law, governmental rule or
regulation governing the banking or trust powers of the Eligible Lender Trustee or any 
  

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 judgment or order binding on it, or constitute any default under its charter documents or by-laws or any indenture,
mortgage, contract, agreement or instrument to which it is a party or by which any of its properties may be bound. 
 (d) It is and will
maintain its status as an “eligible lender” (as such term is defined in Section 435(d) of the Higher Education Act) for purposes of holding legal title to the Trust Student Loans as contemplated by this Agreement and the other Basic
Documents, it has a lender identification number with respect to the Trust Student Loans from the Department and has and will maintain in effect a Guarantee Agreement with each of the Guarantors with respect to the Trust Student Loans. 

SECTION 7.4 Reliance; Advice of Counsel. 
 (a) The Eligible Lender Trustee shall incur no liability to anyone in acting upon any signature, instrument, direction, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document
or paper believed by it to be genuine and believed by it to be signed by the proper party or parties. The Eligible Lender Trustee may accept a certified copy of a resolution of the board of directors or other governing body of any corporate party as
conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any fact or matter the method of the determination of which is not specifically prescribed herein, the Eligible Lender
Trustee may for all purposes hereof rely on a certificate, signed by the president or any vice president or by the treasurer or other authorized officers of the relevant party, as to such fact or matter and such certificate shall constitute full
protection to the Eligible Lender Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon. 
 (b) In the
exercise or administration of the trusts hereunder and in the performance of its duties and obligations under this Agreement or the other Basic Documents, the Eligible Lender Trustee (i) may act directly or through its agents or attorneys
pursuant to agreements entered into with any of them and the Eligible Lender Trustee shall not be liable for the conduct or misconduct of such agents or attorneys if such agents or attorneys shall have been selected by the Eligible Lender Trustee
with reasonable care, and (ii) may consult with counsel and accountants to be selected with reasonable care and employed by it. The Eligible Lender Trustee shall not be liable for anything done, suffered or omitted in good faith by it in
accordance with the written opinion or advice of any such counsel or accountants and not contrary to this Agreement or any other Basic Document. 
 SECTION 7.5 Not Acting in Individual Capacity. Except as provided in this Article VII, in accepting the trusts hereby created Chase Bank USA, National Association acts solely as Eligible Lender Trustee hereunder and not in its
individual capacity and all Persons having any claim against the Eligible Lender Trustee by reason of the transactions contemplated by this Agreement or any other Basic Document shall look only to the Trust Estate for payment or satisfaction
thereof. 
 SECTION 7.6 Eligible Lender Trustee Not Liable for Excess Distribution Certificate or Trust Student Loans. The
recitals contained herein and in the Excess Distribution Certificate (other than the signature of and authentication by the Eligible Lender Trustee on the Excess 
  

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 Distribution Certificate) shall be taken as the statements of the Depositor and the Eligible Lender Trustee assumes no
responsibility for the correctness thereof. The Eligible Lender Trustee makes no representations as to the validity or sufficiency of this Agreement, the Excess Distribution Certificate, or any other Basic Document (other than the signature of and
authentication by the Eligible Lender Trustee on the Excess Distribution Certificate), or the Notes, or of any Trust Student Loan or related documents. The Eligible Lender Trustee shall at no time have any responsibility (or liability except for
willfully or negligently terminating or allowing to be terminated any of the Guarantee Agreements, in a case where the Eligible Lender Trustee knows of any facts or circumstances which will or could reasonably be expected to result in any such
termination) for or with respect to the legality, validity, enforceability and eligibility for Guarantee Payments, federal reinsurance, Interest Subsidy Payments or Special Allowance Payments, as applicable, in respect of any Trust Student Loan, or
for or with respect to the sufficiency of the Trust Estate or its ability to generate the payments to be distributed to the Excess Distribution Certificateholder under this Agreement or the Noteholders, under the Indenture, including the existence
and contents of any computer or other record of any Trust Student Loan; the validity of the assignment of any Trust Student Loan to the Eligible Lender Trustee on behalf of the Trust; the completeness of any Trust Student Loan; the performance or
enforcement (except as expressly set forth in any Basic Document) of any Trust Student Loan; the compliance by the Depositor or the Servicer with any warranty or representation made under any Basic Document or in any related document or the accuracy
of any such warranty or representation or any action or inaction of the Administrator, the Indenture Trustee or the Servicer or any subservicer taken in the name of the Eligible Lender Trustee. 
 SECTION 7.7 Eligible Lender Trustee May Own Notes. The Eligible Lender Trustee in its individual or any other capacity may become the owner
or pledgee of Notes and may deal with the Depositor, the Excess Distribution Certificateholder, the Administrator, the Indenture Trustee or the Servicer in banking transactions with the same rights as it would have if it were not Eligible Lender
Trustee. 
 ARTICLE VIII  
 Compensation and Indemnity of Eligible Lender Trustee 
 SECTION 8.1 Eligible Lender Trustee’s Fees and
Expenses. The Eligible Lender Trustee shall receive as compensation for its services hereunder such fees as have been separately agreed upon before the date hereof between the Depositor and the Eligible Lender Trustee, and the Eligible Lender
Trustee shall be entitled to be reimbursed by the Depositor, to the extent provided in such separate agreement, for its other reasonable expenses (including the reasonable fees and expenses of counsel and independent accountants) hereunder.

 SECTION 8.2 Payments to the Eligible Lender Trustee. Any amounts paid to the Eligible Lender Trustee pursuant to
Section 8.1 hereof or pursuant to Section 9 of the Sale Agreement, Section 4.2 of the Administration Agreement or Section 4.2 of the Servicing Agreement shall be deemed not to be a part of the Trust Estate immediately after such
payment. 
  

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 SECTION 8.3 Indemnity. The Depositor shall cause the Administrator to indemnify the
Eligible Lender Trustee in its individual capacity and any of its officer, directors, employees and agents as and to the extent provided for in Section 4.2 of the Administration Agreement. 
 ARTICLE IX  
 Termination of
Trust Agreement 
 SECTION  9.1 Termination of Trust Agreement. 
 (a) This Agreement (other than Article VIII) and the Trust shall terminate and be of no further force or effect upon (1) the final distribution by
the Excess Distribution Certificate Paying Agent of all moneys or other property or proceeds of the Trust Estate in accordance with the terms of the Indenture, the Administration Agreement and Article V hereof and (2) the filing of the
certificate of cancellation by the Eligible Lender Trustee pursuant to section 9.1(b) below. The bankruptcy, liquidation, dissolution, death or incapacity of the Excess Distribution Certificateholder shall not (x) operate to terminate this
Agreement or the Trust, nor (y) entitle such holder’s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Trust or Trust Estate nor
(z) otherwise affect the rights, obligations and liabilities of the parties hereto. 
 (b) Except as provided in Section 9.1(a),
none of the Depositor, any Noteholder or the Excess Distribution Certificateholder shall be entitled to revoke or terminate the Trust. 
 Upon final distribution of any funds remaining in the Trust, the Eligible Lender Trustee shall file a certificate of cancellation of the Trust’s certificate of trust pursuant to Section 3810(c) of the Delaware Statutory Trust Act.

 ARTICLE X  
 Successor Eligible Lender Trustees and 
 Additional Eligible Lender Trustees 
 SECTION 10.1 Eligibility Requirements for Eligible Lender Trustee. The Eligible Lender Trustee shall at all times be a corporation or
association (i) qualifying as an “eligible lender” as such term is defined in Section 435(d) of the Higher Education Act for purposes of holding legal title to the Trust Student Loans on behalf of the Trust, with a valid lender
identification number with respect to the Trust Student Loans from the Department; (ii) being authorized to exercise corporate trust powers and hold legal title to the Trust Student Loans; (iii) having in effect Guarantee Agreements with
each of the Guarantors as may be directed by the Depositor; (iv) having a combined capital and surplus of at least $50,000,000 and being subject to supervision or examination by Federal or state authorities; (v) having its principal place
of business in the State of Delaware and otherwise complying with Section 3807 of the Delaware Statutory Trust Act; and (vi) having (or having a parent which has) a rating in respect of its long-term senior unsecured debt of at least
“BBB-” (or the equivalent) by each of the Rating Agencies (or which, if the long-term senior unsecured debt of such corporation or association is not rated by any Rating Agency, shall have provided to the Indenture Trustee written
confirmation from 
  

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 such Rating Agency that the appointment of such corporation or association to serve as Eligible Lender Trustee will not
result in and of itself in a reduction or withdrawal of the then current rating of any of the Notes). If the Eligible Lender Trustee shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid
supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of the Eligible Lender Trustee shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so
published. In case at any time the Eligible Lender Trustee shall cease to be eligible in accordance with the provisions of this Section, the Eligible Lender Trustee shall resign immediately in the manner and with the effect specified in
Section 10.2. 
 SECTION 10.2 Resignation or Removal of Eligible Lender Trustee. The Eligible Lender Trustee may at any
time resign and be discharged from the trusts hereby created by giving written notice thereof to the Administrator. Upon receiving such notice of resignation, the Administrator shall promptly appoint a successor Eligible Lender Trustee meeting the
eligibility requirements of Section 10.1 by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Eligible Lender Trustee and one copy to the successor Eligible Lender Trustee. If no successor
Eligible Lender Trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Eligible Lender Trustee may petition any court of competent jurisdiction for the
appointment of a successor Eligible Lender Trustee; provided, however, that such right to appoint or to petition for the appointment of any such successor shall in no event relieve the resigning Eligible Lender Trustee from any
obligations otherwise imposed on it under the Basic Documents until such successor has in fact assumed such appointment. 
 If at any time
the Eligible Lender Trustee shall cease to be or shall be likely to cease to be eligible in accordance with the provisions of Section 10.1 and shall fail to resign after written request therefor by the Administrator, or if at any time an
Insolvency Event with respect to the Eligible Lender Trustee shall have occurred and be continuing, then the Administrator may remove the Eligible Lender Trustee. If the Administrator shall remove the Eligible Lender Trustee under the authority of
the immediately preceding sentence, the Administrator shall promptly appoint a successor Eligible Lender Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the outgoing Eligible Lender Trustee so removed
and one copy to the successor Eligible Lender Trustee and payment of all fees owed to the outgoing Eligible Lender Trustee. 
 Any
resignation or removal of the Eligible Lender Trustee and appointment of a successor Eligible Lender Trustee pursuant to any of the provisions of this Section shall not become effective until acceptance of appointment by the successor Eligible
Lender Trustee pursuant to Section 10.3, payment of all fees and expenses owed to the outgoing Eligible Lender Trustee and the filing of a certificate of amendment to the Trust’s certificate of trust pursuant to Section 3810(b) of the
Delaware Statutory Trust Act. The Administrator shall provide notice of such resignation or removal of the Eligible Lender Trustee and to each of the Rating Agencies. 
 SECTION 10.3 Successor Eligible Lender Trustee. Any successor Eligible Lender Trustee appointed pursuant to Section 10.2 shall execute, acknowledge and deliver to the Administrator and to its
predecessor Eligible Lender Trustee an instrument accepting such appointment under this Agreement, and thereupon the resignation or removal of the predecessor 
  

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 Eligible Lender Trustee shall become effective and such successor Eligible Lender Trustee, without any further act, deed
or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as if originally named as Eligible Lender Trustee. The predecessor Eligible Lender Trustee shall
upon payment of its fees and expenses deliver to the successor Eligible Lender Trustee all documents, statements, moneys and properties held by it under this Agreement and shall assign, if permissible, to the successor Eligible Lender Trustee the
lender identification number obtained from the Department on behalf of the Trust; and the Administrator and the predecessor Eligible Lender Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for
fully and certainly vesting and confirming in the successor Eligible Lender Trustee all such rights, powers, duties and obligations. 
 No
successor Eligible Lender Trustee shall accept such appointment as provided in this Section unless at the time of such acceptance such successor Eligible Lender Trustee shall be eligible pursuant to Section 10.1. 
 Upon acceptance of appointment by a successor Eligible Lender Trustee pursuant to this Section, the Administrator shall mail notice of the successor of
such Eligible Lender Trustee to the Excess Distribution Certificateholder, the Indenture Trustee, the Noteholders and the Rating Agencies. If the Administrator shall fail to mail such notice within 10 days after acceptance of appointment by the
successor Eligible Lender Trustee, the successor Eligible Lender Trustee shall cause such notice to be mailed at the expense of the Administrator. 
 SECTION 10.4 Merger or Consolidation of Eligible Lender Trustee. Any corporation or association into which the Eligible Lender Trustee may be merged or converted or with which it may be consolidated, or any corporation or
association resulting from any merger, conversion or consolidation to which the Eligible Lender Trustee shall be a party, or any corporation or association succeeding to all or substantially all the corporate trust business of the Eligible Lender
Trustee, shall, without the execution or filing of any instrument or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding, be the successor of the Eligible Lender Trustee hereunder;
provided that such corporation or association shall be eligible pursuant to Section 10.1; and provided further that the Eligible Lender Trustee shall mail notice of such merger or consolidation to the Rating Agencies not
less than 15 days prior to the effective date thereof and shall file an amendment to the Certificate of Trust as required under the Delaware Statutory Trust Act. 
 SECTION 10.5 Appointment of Co-Eligible Lender Trustee or Separate Eligible Lender Trustee. Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting any legal
requirements of any jurisdiction in which any part of the Trust may at the time be located, the Administrator and the Eligible Lender Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more
Persons approved by the Eligible Lender Trustee, meeting the eligibility requirements of clauses (i) through (iii) of Section 10.1, to act as co-trustee, jointly with the Eligible Lender Trustee, or separate trustee or separate
trustees, of all or any part of the Trust Estate, and to vest in such Person, in such capacity, such title to the Trust Estate, or any part thereof, and, subject to the other provisions of this Section, such powers, duties, obligations, rights and
trusts as the Administrator and the Eligible Lender Trustee may consider necessary or desirable. If the Administrator shall not have 
  

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 joined in such appointment within 15 days after the receipt by it of a request so to do, the Eligible Lender Trustee
alone shall have the power to make such appointment. No co-trustee or separate trustee under this Agreement shall be required to meet the terms of eligibility as a successor trustee pursuant to clauses (iv), (v) and (vi) of
Section 10.1 and no notice of the appointment of any co-trustee or separate trustee shall be required pursuant to Section 10.3. 
 Each separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions: 
 (i) all rights, powers, duties, and obligations conferred or imposed upon the Eligible Lender Trustee shall be conferred upon and
exercised or performed by the Eligible Lender Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without the Eligible Lender Trustee joining in
such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed, the Eligible Lender Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights,
powers, duties, and obligations (including the holding of title to the Trust or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, solely at the direction of the Eligible
Lender Trustee; 
 (ii) no trustee under this Agreement shall be personally liable by reason of any act or omission of any
other trustee under this Agreement; and 
 (iii) the Administrator and the Eligible Lender Trustee acting jointly may at any
time accept the resignation of or remove any separate trustee or co-trustee. 
 Any notice, request or other writing given to the Eligible
Lender Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Agreement and the
conditions of this Article. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Eligible Lender Trustee
or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, the Eligible
Lender Trustee. Each such instrument shall be filed with the Eligible Lender Trustee and a copy thereof given to the Administrator. 
 Any
separate trustee or co-trustee may at any time appoint the Eligible Lender Trustee as its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its
behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Eligible Lender Trustee, to the
extent permitted by law, without the appointment of a new or successor trustee. 
  

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 ARTICLE XI  
 Miscellaneous 
 SECTION 11.1 Supplements and Amendments. This Agreement may be amended
by the Excess Distribution Certificateholder and the Eligible Lender Trustee, with prior written notice to the Rating Agencies, without the consent of any of the Noteholders, to cure any ambiguity, to correct or supplement any provisions in this
Agreement or for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions in this Agreement or modifying in any manner the rights of the Noteholders; provided, however, that such action
shall not, as evidenced by an Opinion of Counsel, adversely affect in any material respect the interests of any Noteholder. 
 This Agreement
may also be amended from time to time by the Excess Distribution Certificateholder and the Eligible Lender Trustee, with prior written notice to the Rating Agencies, with the consent of (i) the Class A Noteholders evidencing not less than
a majority of the Outstanding Amount of the Class A Notes and (ii) the Class B Noteholders evidencing not less than a majority of the Class B Notes, for the purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of this Agreement or modifying in any manner the rights of the Class A Noteholders or Class B Noteholders, as the case may be; provided, however, that no such amendment shall (a) increase or reduce in any
manner the amount of, or accelerate or delay the timing of, collections of payments on Trust Student Loans or distributions that shall be required to be made for the benefit of the Noteholders or (b) reduce the aforesaid percentage of the
Outstanding Amount of any class of Notes required to consent to any such amendment, without the consent of all the outstanding Noteholders of such class. 
 Promptly after the execution of any such amendment or consent, the Eligible Lender Trustee shall furnish written notification of the substance of such amendment or consent to the Excess Distribution Certificateholder,
the Indenture Trustee and each of the Rating Agencies. 
 It shall not be necessary for the consent of the Noteholders or the Indenture
Trustee pursuant to this Section to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents (and any other consents of
provided for in this Agreement or in any other Basic Document) and of evidencing the authorization of the execution thereof shall be subject to such reasonable requirements as the Eligible Lender Trustee may prescribe. 
 Prior to the execution of any amendment to this Agreement, the Eligible Lender Trustee shall be entitled to receive and rely upon an Opinion of Counsel
stating that the execution of such amendment is authorized or permitted by this Agreement and an Officer’s Certificate from the Depositor stating that all conditions precedent to the execution of such amendment have been met or otherwise
satisfied. The Eligible Lender Trustee may, but shall not be obligated to, enter into any such amendment which affects the Eligible Lender Trustee’s own rights, duties or immunities under this Agreement or otherwise. 
 SECTION 11.2 No Legal Title to Trust Estate in Excess Distribution Certificateholder. The Excess Distribution Certificateholder shall not
have legal title to any part of the Trust Estate. 
  

 -22- 

 The Excess Distribution Certificateholder shall be entitled to receive distributions with respect to its undivided
beneficial ownership interest therein only in accordance with Section 3.3 of this Agreement. No transfer, by operation of law or otherwise, of any right, title, or interest of the Excess Distribution Certificateholder to and in its beneficial
ownership interest in the Trust Estate shall operate to terminate this Agreement or the trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any part of the Trust Estate. 
 SECTION 11.3 Limitations on Rights of Others. Except for Section 2.7, the provisions of this Agreement are solely for the benefit of
the Eligible Lender Trustee, the Depositor, the Excess Distribution Certificateholder, the Administrator and, to the extent expressly provided herein, the Indenture Trustee and the Noteholders, and nothing in this Agreement (other than
Section 2.7), whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Trust Estate or under this Agreement or any covenants, conditions or provisions contained herein.

 SECTION 11.4 Notices. Unless otherwise expressly specified or permitted by the terms hereof, all notices shall be in writing
and shall be deemed given upon receipt by the intended recipient or three Business Days after mailing if mailed by certified mail, postage prepaid (except that notice to the Eligible Lender Trustee shall be deemed given only upon actual receipt by
the Eligible Lender Trustee), if to the Eligible Lender Trustee, addressed to its Corporate Trust Office with copies to Deutsche Bank Trust Company Americas, 60 Wall Street, 26th Floor, Mailstop NYC60-2606, New York, New York 10005, Attention: Trust & Securities Services/Structured Finance Services; if to the Depositor,
addressed to SLM Funding LLC, 12061 Bluemont Way, V3419, Reston, Virginia 20190, or, as to each party, at such other address as shall be designated by such party in a written notice to each other party. 
 SECTION 11.5 Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction. 
 SECTION 11.6 Separate Counterparts. This Agreement may be executed by the parties
hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument. 
 SECTION 11.7 Successors and Assigns. All covenants and agreements contained herein shall be binding upon and inure to the benefit of, the
Depositor and its successors, the Eligible Lender Trustee and its successors, each Excess Distribution Certificateholder and its successors and permitted assigns, all as herein provided. Any request, notice, direction, consent, waiver or other
instrument or action by a Noteholder or the Excess Distribution Certificateholder shall bind the successors and assigns of such holder. 
 SECTION 11.8 No Petition. 
 (a) Neither the Depositor, nor any other Excess Distribution Certificateholder (as
evidenced by acceptance of its Excess Distribution Certificate) will institute against the Trust, at 
  

 -23- 

 any time, any bankruptcy proceedings under any United States Federal or state bankruptcy or similar law in connection
with any obligations relating to the Excess Distribution Certificate, the Notes, this Agreement or any of the other Basic Documents. The foregoing shall not limit the rights of the Depositor, nor any Excess Distribution Certificateholder to file any
claim in, or otherwise take any action with respect to, any insolvency proceeding that was instituted against the Trust by a Person other than the Depositor or such other Excess Distribution Certificateholder. 
 (b) The Eligible Lender Trustee (not in its individual capacity but solely as Eligible Lender Trustee), by entering into this Agreement, the Excess
Distribution Certificateholder by accepting the Excess Distribution Certificate, and the Indenture Trustee and each Noteholder by accepting the benefits of this Agreement, hereby covenant and agree that they will not at any time institute against
the Depositor or the Trust, or join in any institution against the Depositor or the Trust of, any bankruptcy, reorganization, arrangement, insolvency, receivership or liquidation proceedings, or other proceedings under any United States Federal or
state bankruptcy or similar law in connection with any obligations relating to the Notes, this Agreement or any of the other Basic Documents. The foregoing shall not limit the rights of the Eligible Lender Trustee to file any claim in, or otherwise
take any action with respect to, any insolvency proceeding that was instituted against the Issuer by a Person other than the Eligible Lender Trustee. 
 SECTION 11.9 No Recourse. Each Excess Distribution Certificateholder by accepting its Excess Distribution Certificate acknowledges that such holder’s certificate represents beneficial interests in
the Trust only and do not represent interests in or obligations of the Depositor, the Servicer, the Administrator, the Eligible Lender Trustee, the Indenture Trustee or any Affiliate thereof or any officer, director or employee of any thereof and no
recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Excess Distribution Certificate or the other Basic Documents. 
 SECTION 11.10 Headings. The headings of the various Articles and Sections herein are for convenience of reference only and shall not define
or limit any of the terms or provisions hereof. 
 SECTION 11.11 Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

 

 -24- 

 ARTICLE XII 
 Compliance with Regulation AB 
 SECTION 12.1 Intent of the Parties; Reasonableness. The
Depositor, the Eligible Lender Trustee, and the Indenture Trustee acknowledge and agree that the purpose of Article XII of this Agreement is to facilitate compliance by the Depositor and the Issuer with the provisions of Regulation AB and related
rules and regulations of the Commission. 
 Neither the Depositor, the Eligible Lender Trustee, nor the Indenture Trustee shall exercise its
right to request delivery of information or other performance under these provisions other than in good faith, or for purposes other than compliance with the Securities Act, the Exchange Act and the rules and regulations of the Commission thereunder
(or the provision in a private offering of disclosure comparable to that required under the Securities Act). The Indenture Trustee acknowledges that interpretations of the requirements of Regulation AB may change over time, whether due to
interpretive guidance provided by the Commission or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees to comply with requests made by the Depositor in good faith for delivery
of information under these provisions on the basis of evolving interpretations of Regulation AB. In connection therewith, the Indenture Trustee and the Eligible Lender Trustee shall cooperate fully with the Depositor to deliver to the Depositor
(including any of its assignees or designees), any and all statements, reports, certifications, records, attestations, and any other information necessary in the good faith determination of the Depositor, to permit the Depositor to comply with the
provisions of Regulation AB, together with such disclosures relating to the Eligible Lender Trustee, Indenture Trustee or the servicing of the Trust Student Loans, reasonably believed by the Depositor to be necessary in order to effect such
compliance. 
  

 -25- 

 IN WITNESS WHEREOF, the parties hereto have caused this Amended and Restated Trust Agreement to be duly
executed by their respective officers hereunto duly authorized, as of the day and year first above written. 
  

			
	CHASE BANK USA, NATIONAL ASSOCIATION,
	not in its individual capacity but solely as
	Eligible Lender Trustee
		
	By:	 	 /S/ JOHN J. CASHIN

	Name:	 	John J. Cashin
	Title:	 	Vice President
	
	 SLM FUNDING LLC,
 as the
Depositor

		
	By:	 	 /S/ MARK L. HELEEN

	Name:	 	Mark L. Heleen
	Title:	 	Vice President

  

 -26- 

 Acknowledged and agreed as to 
 Section 3.3(c) and Section 3.3(g) 
 of this Amended and Restated Trust Agreement 
  

			
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,
 not in its individual capacity but solely
 as the initial Excess Distribution
 Certificate Paying Agent and Excess Distribution Certificate Registrar

		
	By:	 	 /S/ MICHELE H.Y. VOON

	Name:	 	Michele H.Y. Voon
	Title:	 	Assistant Vice President
		
	By:	 	 /S/ JENNA KAUFMAN

	Name:	 	Jenna Kaufman
	Title:	 	Vice President

  

 -27- 

 EXHIBIT A 
 TO THE TRUST AGREEMENT 
 [PLEASE SEE ATTACHED] 
  

 A-1 

 EXHIBIT B 
 FORM OF 
 CERTIFICATE OF TRUST 
 OF 
 SLM STUDENT LOAN 
 TRUST 2006-9 
 This Certificate of
Trust of SLM STUDENT LOAN TRUST 2006-9 (the “Trust”) is being duly executed and filed on behalf of the Trust by the undersigned, as trustee, to form a statutory trust under the Delaware Statutory Trust Statute (12 Del. C. § 3801 et
seq.) (the “Act”). 
 1. Name. The name of the statutory trust formed by this Certificate of Trust is SLM STUDENT LOAN
TRUST 2006-9. 
 2. Delaware Trustee. The name and business address of the eligible lender trustee of the Trust in the State of
Delaware are the Chase Bank USA, National Association, c/o JPMorgan Chase Bank, National Association, 500 Stanton Christiana Road, Christiana Center/OPS4/3rd Floor, Newark, Delaware 19713. Attn: Institutional Trust Services. 
 3. Effective Date. This Certificate of Trust shall be effective upon filing. 
 IN WITNESS WHEREOF, the undersigned has duly executed this Certificate of Trust in accordance with Section 3811(a)(1) of the Act. 
  

			
	CHASE BANK USA,
	NATIONAL ASSOCIATION, not in its individual capacity but solely as Eligible Lender Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 B-1 

 EXHIBIT C 
 [FORM OF TRANSFEROR LETTER] 
 [Date] 
 Sallie Mae, Inc. 
 as Administrator 
 12061 Bluemont Way 
 Reston, Virginia 20190 
 Deutsche Bank Trust Company Americas, 
 as Excess Distribution Certificate
Registrar 
 60 Wall Street, 26th Floor 
 Mailstop NYC60-2606 
 New York, New York
10005 
 Attention: Trust & Securities Services/Structured Finance Services 
 Chase Bank USA, National Association 
 as Eligible Lender Trustee 
 Christiana Center/OPS4 
 500 Stanton Christiana Road 
 Newark, Delaware 19713 
  

	Re:	SLM Student Loan Trust 2006-9, 

	  	Excess Distribution Certificate (the “Certificate”) 

 Ladies and Gentlemen: 
 In connection with our disposition of the above Certificate, we certify that
(a) we understand that the Certificate has not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and is being disposed by us in a transaction that is exempt from the registration requirements of the
Securities Act, and (b) we have not offered or sold the Certificate to, or solicited offers to buy the Certificate from, any person, or otherwise approached or negotiated with any person with respect thereto, in a manner that would be deemed,
or taken any other action would result in, a violation of Section 5 of the Securities Act. 
  

			
	Very truly yours,
	
	  

	[Print Name of Transferor]
		
	By:	 	  

		 	Authorized Officer

  

 C-1 

 EXHIBIT D-1 
 [FORM OF TRANSFEREE LETTER (NON-RULE 144A)] 
 [Date] 
 Sallie Mae, Inc. 
 as Administrator 
 12061 Bluemont Way 
 Reston, Virginia 20190 
 Deutsche Bank Trust Company Americas, 
 as Excess Distribution Certificate Registrar

 60 Wall Street, 26th Floor 
 Mailstop NYC60-2606 
 New York, New York 10005 
 Attention: Trust & Securities Services/Structured Finance Services 
 Chase Bank
USA, National Association 
 as Eligible Lender Trustee 
 Christiana Center/OPS4 
 500 Stanton Christiana Road 
 Newark, Delaware 19713 
  

	Re:	SLM Student Loan Trust 2006-9, 

	  	Excess Distribution Certificate (the “Certificate”) 

 Ladies and Gentlemen: 
 In connection with our acquisition of the above Certificate, we certify that
(a) we understand that the Certificate is not being registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws and is being transferred to us in a transaction that is exempt from the
registration requirements of the Securities Act and any such laws, (b) we are an institutional “accredited investor,” as defined in Rule 501 (a) (1), (2), (3) or (7) of Regulation D under the Securities Act or an entity
in which all of the equity owners come within such paragraphs, and have such knowledge and experience in financial and business matters that we are capable of evaluating the merits and risks of investments in the Certificate, (c) we have had
the opportunity to ask questions of and receive answers from the Depositor concerning the purchase of the Certificate and all matters relating thereto or any additional information deemed necessary to our decision to purchase the Certificate,
(d) we are not acquiring the Certificate for, by or for the account of (i) any Benefit Plan subject to Title I of ERISA and/or Section 4975 of the Code, if such acquisition, or the management or servicing of the Trust or its assets,
would cause a non-exempt prohibited transaction in violation of Section 406 of ERISA and/or Section 4975 of the Code, (ii) any Benefit Plan subject to a substantially similar federal, state, local or foreign law, if such acquisition
would cause a non-exempt violation of such substantially similar law, (iii) any person who is not a United States person 
  

 D-1-1 

 within the meaning of Section 7701(a)(30) of the Code, or (iv) any “pass-thru entity” referred to in
Section 1(h)(10)(D), (E) or (F) of the Code, the income of which pass-thru entity is includible directly or indirectly through one or more other such pass-thru entities by any person referred to in clause (iii) above, (e) we
are acquiring the Certificate for investment for our own account and not with a view to any distribution of the Certificate (but without prejudice to our right at all times to sell or otherwise dispose of the Certificate in accordance with clause
(g) below), (f) we have not offered or sold the Certificate to, or solicited offers to buy the Certificate from, any person, or otherwise approached or negotiated with any person with respect thereto, or taken any other action which would
result in a violation of Section 5 of the Securities Act, and (g) we will not sell, transfer or otherwise dispose of the Certificate unless (1) such sale, transfer or other disposition is made pursuant to an effective registration
statement under the Securities Act or is exempt from such registration requirements, and if requested, we will at our expense provide an opinion of counsel satisfactory to the addressees of this Letter that such sale, transfer or other disposition
may be made pursuant to an exemption from the Securities Act, (2) the purchaser or transferee of such Certificate has executed and delivered to you a certificate to substantially the same effect as this certificate and (3) the purchaser or
transferee has otherwise complied with any conditions for transfer set forth in the Trust Agreement relating to the Certificate. 
 Except as
otherwise specified herein or as the context may otherwise require, capitalized terms used but not otherwise defined herein are defined in Appendix A to the Amended and Restated Trust Agreement dated as of October 12, 2006, among SLM Funding
LLC, as the Depositor, Chase Bank USA, National Association, not in its individual capacity, but solely as the Eligible Lender Trustee, and Deutsche Bank Trust Company Americas, not in its individual capacity, but solely as the Indenture Trustee,
acting as the Excess Distribution Certificate Paying Agent. 
  

			
	Very truly yours,
	
	  

	[Print Name of Transferee]
		
	By:	 	  

		 	Authorized Officer

  

 D-1-2 

 EXHIBIT D-2 
 [FORM OF TRANSFEREE LETTER (RULE 144A)] 
 [Date] 
 Sallie Mae, Inc. 
 as Administrator 
 12061 Bluemont Way 
 Reston, Virginia 20190 
 Deutsche Bank Trust Company Americas, 
 as Excess Distribution Certificate Registrar

 60 Wall Street, 26th Floor 
 Mailstop NYC60-2606 
 New York, New York 10005 
 Attention: Trust & Securities Services/Structured Finance Services 
 Chase Bank
USA, National Association 
 as Eligible Lender Trustee 
 Christiana Center/OPS4 
 500 Stanton Christiana Road 
 Newark, Delaware 19713 
  

	Re:	SLM Student Loan Trust 2006-9, 

	  	Excess Distribution Certificate (the “Certificate”) 

 Ladies and Gentlemen: 
 In connection with our acquisition of the above Certificate, we certify that
(a) we understand that the Certificate is not being registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws and is being transferred to us in a transaction that is exempt from the
registration requirements of the Securities Act and any such laws, (b) we have such knowledge and experience in financial and business matters that we are capable of evaluating the merits and risks of investments in the Certificate, (c) we
have had the opportunity to ask questions of and receive answers from the Depositor concerning the purchase of the Certificate and all matters relating thereto or any additional information deemed necessary to our decision to purchase the
Certificate, (d) we are not acquiring the Certificate by or for the account of (i) any Benefit Plan subject to Title I of ERISA and/or Section 4975 of the Code, if such acquisition, or the management or servicing of the Trust or its
assets, would cause a non-exempt prohibited transaction in violation of Section 406 of ERISA and/or Section 4975 of the Code, (ii) any Benefit Plan subject to a substantially similar federal, state, local or foreign law, if such
acquisition would cause a non-exempt violation of such substantially similar law, (iii) any person who is not a United States person within the meaning of Section 7701(a)(30) of the Code, or (iv) any “pass-thru entity”
referred to in Section 1(h)(10)(D), (E) or (F) of the Code, the income of which pass-thru entity is includible directly or indirectly through one or more other 
  

 D-2-1 

 such pass-thru entities by any person referred to in clause (iii) above, (e) we have not, nor has anyone acting
on our behalf offered, transferred, pledged, sold or otherwise disposed of the Certificate, any interest in the Certificate or any other similar security to, or solicited any offer to buy or accept a transfer, pledge or other disposition of the
Certificate, any interest in the Certificate or any other similar security from, or otherwise approached or negotiated with respect to the Certificate, any interest in the Certificate or any other similar security with, any person in any manner, or
made any general solicitation by means of general advertising or in any other manner, or taken any other action, that would constitute a distribution of the Certificate under the Securities Act or that would render the disposition of the Certificate
a violation of Section 5 of the Securities Act or require registration pursuant thereto, nor will act, nor has authorized or will authorize any person to act, in such manner with respect to the Certificate, (f) we are a “qualified
institutional buyer” as that term is defined in Rule 144A under the Securities Act (“Rule 144A”) and have completed either of the forms of certification to that effect attached hereto as Annex 1 or Annex 2. We are aware that the sale
to us is being made in reliance on Rule 144A. We are acquiring the Certificate for our own account or for resale pursuant to Rule 144A and further understand that the Certificate may be resold, pledged or transferred only (1) to a person
reasonably believed to be a qualified institutional buyer that purchases for its own account or for the account of a qualified institutional buyer to whom notice is given that the resale, pledge or transfer is being made in reliance on Rule 144A, or
(ii) pursuant to another exemption from registration under the Securities Act. 
 Except as otherwise specified herein or as the context
may otherwise require, capitalized terms used but not otherwise defined herein are defined in Appendix A to the Amended and Restated Trust Agreement dated as of October 12, 2006, among SLM Funding LLC, as the Depositor, Chase Bank USA, National
Association, not in its individual capacity, but solely as the Eligible Lender Trustee, and Deutsche Bank Trust Company Americas, not in its individual capacity, but solely as the Indenture Trustee, acting as the Excess Distribution Certificate
Paying Agent. 
  

			
	Very truly yours,
	
	  

	[Print Name of Transferee]
		
	By:	 	  

		 	Authorized Officer

  

 D-2-2 

 ANNEX 1 
 QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A 
 [For Transferees Other Than Registered
Investment Companies] 
 The undersigned (the “Buyer”) hereby certifies as follows to the parties listed in the Rule 144A
Transferee Letter to which this certification relates with respect to the Certificate described therein: 
  

	 	1.	As indicated below, the undersigned is the President, Chief Financial Officer, Senior Vice President or other executive officer of the Buyer. 

  

	 	2.	In connection with purchases by the Buyer, the Buyer is a “qualified institutional buyer” as that term is defined in Rule 144A under the Securities Act of 1933, as amended
(“Rule 144A”) because (i) the Buyer owned and/or invested on a discretionary basis $                    1 in securities (except for the excluded securities referred to below) as of the end of the Buyer’s most recent fiscal year
(such amount being calculated in accordance with Rule 144A and (ii) the Buyer satisfies the criteria in the category marked below. 

  

	 	•	 	Corporation, etc. The Buyer is a corporation (other than a bank, savings and loan association or similar institution), Massachusetts or similar business trust, partnership,
or charitable organization described in Section 501 (c) (3) of the Internal Revenue Code of 1986, as amended. 

  

	 	•	 	Bank. The Buyer (a) is a national bank or banking institution organized under the laws of any State, territory or the District of Columbia, the business of which is
substantially confined to banking and is supervised by the State or territorial banking commission or similar official or is a foreign bank or equivalent institution, and (b) has an audited net worth of at least $25,000,000 as demonstrated in
its latest annual financial statements, a copy of which is attached hereto. 

  

	 	•	 	Savings and Loan. The Buyer (a) is a savings and loan association, building and loan association, cooperative bank, homestead association or similar institution, which
is supervised and examined by a State or Federal authority having supervision over any such institutions or is a foreign savings and loan association or equivalent institution and (b) has an audited net worth of at least $25,000,000 as
demonstrated in its latest annual financial statements, a copy of which is attached hereto. 

  

	1	Buyer must own and/or invest on a discretionary basis at least $100,000,000 in securities unless Buyer is a dealer, and, in that case, Buyer must own and/or invest
on a discretionary basis at least $10,000,000 in securities. 

  

 Annex 1-1 

	 	•	 	Broker-dealer. The Buyer is a dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934. 

  

	 	•	 	Insurance Company. The Buyer is an insurance company whose primary and predominant business activity is the writing of insurance or the reinsuring of risks underwritten by
insurance companies and which is subject to supervision by the insurance commissioner or a similar official or agency of a State, territory or the District of Columbia. 

  

	 	•	 	State or Local Plan. The Buyer is a plan established and maintained by a State, its political subdivisions, or any agency or instrumentality of the State or its political
subdivisions, for the benefit of its employees. 

  

	 	•	 	ERISA Plan. The Buyer is an employee benefit plan within the meaning of Title I of the Employee Retirement Income Security Act of 1974. 

  

	 	•	 	Investment Advisor. The Buyer is an investment advisor registered under the Investment Advisors Act of 1940. 

  

	 	•	 	Small Business Investment Company. The Buyer is a small business investment company licensed by the U.S. Small Business Administration under Section 301(c) or
(d) of the Small Business Investment Act of 1958. 

  

	 	•	 	Business Development Company. The Buyer is a business development company as defined in Section 202(a)(22) of the Investment Advisors Act of 1940.

  

	 	•	 	Qualified Institutional Buyers. The Buyer owned and/or invested on a discretionary basis less than $100,000,000, but it is an entity in which all of the equity owners are
qualified institutional buyers. 

  

	 	3.	The term “securities” as used herein does not include (i) securities of issuers that are affiliated with the Buyer, (ii) securities that are part
of an unsold allotment to or subscription by the Buyer, if the Buyer is a dealer, (iii) securities issued or guaranteed by the U.S. or any instrumentality thereof, (iv) bank deposit notes and certificates of deposit, (v) loan
participations, (vi) repurchase agreements, (vii) securities owned but subject to a repurchase agreement and (viii) currency, interest rate and commodity swaps. 

  

	 	4.	For purposes of determining the aggregate amount of securities owned and/or invested on a discretionary basis by the Buyer, the Buyer used the cost of such securities to the Buyer
and did not include any of the securities referred to in the preceding paragraph, except (i) where the Buyer reports its securities holdings in its financial statements on the basis of their market value, and (ii) no current information
with respect to the cost of those securities has been published. If clause (ii) in the preceding sentence applies, the securities may be valued at market. Further, in determining such aggregate amount, the Buyer may have

  

 Annex 1-2 

	 	  	included securities owned by subsidiaries of the Buyer, but only if such subsidiaries are consolidated with the Buyer in its financial statements prepared in accordance with
generally accepted accounting principles and if the investments of such subsidiaries are managed under the Buyer’s direction. However, such securities were not included if the Buyer is a majority-owned, consolidated subsidiary of another
enterprise and the Buyer is not itself a reporting company under the Securities Exchange Act of 1934, as amended. 

  

	 	5.	The Buyer acknowledges that it is familiar with Rule 144A and understands that the seller to it and other parties related to the Certificate are relying and will continue to rely on
the statements made herein because one or more sales to the Buyer may be in reliance on Rule 144A. 

  

	 	6.	Until the date of purchase of the Rule 144A Securities, the Buyer will notify each of the parties to which this certification is made of any changes in the information and
conclusions herein. Until such notice is given, the Buyer’s purchase of the Certificate will constitute a reaffirmation of this certification as of the date of such purchase. In addition, if the Buyer is a bank or savings and loan is provided
above, the Buyer agrees that it will furnish to such parties updated annual financial statements promptly after they become available. 

  

			
	  

	[Print Name of Transferee]
		
	By:	 	  

	 Name:
	 	
	 Title:
	 	
		
	Date:	 	  

  

 Annex 1-3 

 ANNEX 2 
 QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A 
 [For Transferees That are Registered
Investment Companies] 
 The undersigned (the “Buyer”) hereby certifies as follows to the parties listed in the Rule 144A
Transferee Letter to which this certification relates with respect to the Certificate described therein: 
  

	 	1.	As indicated below, the undersigned is the President, Chief Financial Officer or Senior Vice President of the Buyer or, if the Buyer is a “qualified institutional buyer”
as that term is defined in Rule 144A under the Securities Act of 1933, as amended (“Rule 144A”) because Buyer is part of a Family of Investment Companies (as defined below), is such an officer of the Adviser. 

  

	 	2.	In connection with purchases by Buyer, the Buyer is a “qualified institutional buyer” as defined in SEC Rule 144A because (i) the Buyer is an investment company
registered under the Investment Company Act of 1940, as amended and (ii) as marked below, the Buyer alone, or the Buyer’s Family of Investment Companies, owned at least $100,000,000 in securities (other than the excluded securities
referred to below) as of the end of the Buyer’s most recent fiscal year. For purposes of determining the amount of securities owned by the Buyer or the Buyer’s Family of Investment Companies, the cost of such securities was used, except
(i) where the Buyer or the Buyer’s Family of Investment Companies reports its securities holdings in its financial statements on the basis of their market value, and (ii) no current information with respect to the cost of those
securities has been published. If clause (ii) in the preceding sentence applies, the securities may be valued at market. 

  

	 	•	 	The Buyer owned $                     in securities (other than the
excluded securities referred to below) as of the end of the Buyer’s most recent fiscal year (such amount being calculated in accordance with Rule 144A). 

  

	 	•	 	The Buyer is part of a Family of Investment Companies which owned in the aggregate
$                     in securities (other than the excluded securities referred to below) as of the end of the Buyer’s most recent
fiscal year (such amount being calculated in accordance with Rule 144A). 

  

	 	3.	The term “Family of Investment Companies” as used herein means two or more registered investment companies (or series thereof) that have the same investment adviser
or investment advisers that are affiliated (by virtue of being majority owned subsidiaries of the same parent or because one investment adviser is a majority owned subsidiary of the other). 

  

 Annex 2-1 

	 	4.	The term “securities” as used herein does not include (i) securities of issuers that are affiliated with the Buyer or are part of the Buyer’s Family of
Investment Companies, (ii) securities issued or guaranteed by the U.S. or any instrumentality thereof, (iii) bank deposit notes and certificates of deposit, (iv) loan participations, (v) repurchase agreements,
(vi) securities owned but subject to a repurchase agreement and (vii) currency, interest rate and commodity swaps. 

  

	 	5.	The Buyer is familiar with Rule 144A and understands that the parties listed in the Rule 144A Transferee Letter to which this certification relates are relying and will continue to
rely on the statements made herein because one or more sales to the Buyer will be in reliance on Rule 144A. In addition, the Buyer will only purchase for the Buyer’s own account. 

  

	 	6.	Until the date of purchase of the Certificate, the undersigned will notify the parties listed in the Rule 144A Transferee Letter to which this certification relates of any changes
in the information and conclusions herein. Until such notice is given, the Buyer’s purchase of the Certificate will constitute a reaffirmation of this certification by the undersigned as of the date of such purchase. 

 

			
	  

	Print Name of Buyer or Adviser
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	[IF AN ADVISER:]
	
	  

	Print Name of Buyer
		
	Date:	 	  

  

 Annex 2-2

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