Document:

Eligible Lender Trust Agreement

 Exhibit 10.11 
  

  
 ELIGIBLE LENDER TRUST AGREEMENT 
  
 between

  
 GOAL CAPITAL FUNDING TRUST 
  
 and 
  
 [                        ], 
 As Eligible Lender Trustee 
  
 Dated as of [            ], 2005 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

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

  

 -i- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page

	 Section 4.13
	  	Additional Covenants of Eligible Lender Trustee	  	10
	 Section 4.14
	  	Authority of Eligible Lender Trustee	  	10
	 Section 4.15
	  	Sale of Eligible Loans	  	11
		
	ARTICLE V.	  	 
	MISCELLANEOUS	  	 
			
	 Section 5.01
	  	Eligible Lender Trust Agreement Binding upon Successors or Assigns of Eligible Lender Trustee and Issuer	  	11
	 Section 5.02
	  	Effect of Legal Holidays	  	11
	 Section 5.03
	  	Partial Invalidity	  	11
	 Section 5.04
	  	Notices	  	11
	 Section 5.05
	  	Law and Place of Enforcement of Eligible Lender Trust Agreement; Construction	  	12
	 Section 5.06
	  	Consent to Jurisdiction	  	12
	 Section 5.07
	  	Effect of Article and Section Headings and Table of Contents	  	12
	 Section 5.08
	  	Amendments	  	12
	 Section 5.09
	  	Limitation of Liability	  	12

  

 -ii- 

 ELIGIBLE LENDER TRUST AGREEMENT 
  
 ELIGIBLE LENDER TRUST AGREEMENT dated as of
[            ], 2005 (this “Eligible Lender Trust Agreement”) entered into between GOAL CAPITAL FUNDING TRUST, a Delaware statutory trust (the “Issuer”),
and [                    ], a banking corporation organized and existing under the laws of the State of New York, as eligible lender
trustee (the “Eligible Lender Trustee”): 
  
 W I T N E S
S E T H: 
  
 WHEREAS, the Issuer is conducting and administering a
program of acquiring student loans incurred under the Higher Education Act, under which it issues notes or other obligations to finance the purchase of such Student Loans; and 
  
 WHEREAS, certain contracts and agreements have been and will be entered into with the Secretary of Education and the
Guarantee Agencies to provide an insurance or guarantee program for student loans incurred under the Higher Education Act; and 
  
 WHEREAS, the Guarantee Agencies have entered into agreements with the Secretary of Education for the payment by the Secretary of Education of amounts
authorized to be paid pursuant to the Higher Education Act, including reimbursement of certain amounts to be paid upon certain defaulted student loans guaranteed by such Guarantee Agencies and interest subsidy payments to holders of loans guaranteed
by such Guarantee Agencies; and 
  
 WHEREAS, upon the execution
and delivery of this Eligible Lender Trust Agreement, the Eligible Lender Trustee will become the legal owner, and the Issuer shall be the beneficial owner, of various Financed Eligible Loans, and the Issuer will finance the acquisition of
additional Eligible Loans which will become Financed Eligible Loans for which the Eligible Lender Trustee shall be the legal owner and the Issuer shall be the beneficial owner, all of which Financed Eligible Loans are or will be held under the
Indenture; and 
  
 WHEREAS, the Eligible Lender Trustee, as
trustee for the Issuer, shall be legal owner of the Financed Eligible Loans and is an “eligible lender” under the Higher Education Act, and the Issuer shall be the beneficial owner of such Financed Eligible Loans; 

 NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS: 
  
 That the Issuer and the Eligible Lender Trustee in consideration of the
premises and of other good and lawful consideration, the receipt of which is hereby acknowledged, and the performance and observance of all of the covenants and conditions herein contained, have executed and delivered this Eligible Lender Trust
Agreement, and by these presents the Issuer does hereby assign, transfer, set over and confirm unto the Eligible Lender Trustee, its successor or successors and its or their assigns, for the benefit of the Issuer, the Trust Estate, as defined in the
Indenture: 
  
 ARTICLE I. 
  
 DEFINITIONS AND INTENT OF THE PARTIES HERETO 
  
 Section 1.01 Definitions. Unless the context shall clearly indicate
some other meaning or may otherwise require, the terms defined in this Section shall, for all purposes of this Eligible Lender Trust Agreement and of any agreement or other instrument amendatory hereof or supplemental hereto, have the meanings
herein specified or have the meanings assigned to them in the Indenture: 
  
 “Eligible Lender” means any “eligible lender,” as defined in the Higher Education Act, and which has received an eligible lender designation from the Secretary of Education or from the
Guarantee Agency with respect to Eligible Loans. 
  
 “Express Duties” means all duties of the Eligible Lender Trustee set forth herein, including, but not limited to, instructions of the Issuer set forth in Issuer Requests, Issuer Orders, Issuer Certificates and Issuer
Consents. 
  
 “Federal Contracts” means,
collectively, any agreement between any Guarantee Agency and the Secretary of Education providing for the payment by the Secretary of Education of amounts authorized to be paid pursuant to the Higher Education Act, including but not necessarily
limited to reimbursement of amounts paid or payable upon defaulted Financed Eligible Loans and other student loans guaranteed by any Guarantee Agency and federal interest subsidy payments and Special Allowance Payments, if applicable, to holders of
qualifying student loans guaranteed by any Guarantee Agency. 
  
 “Fiscal Year” means the fiscal year of the Issuer which presently begins January 1 of each year and ends December 31 of the following year. 
  
 “Higher Education Act” means Title IV, Parts B, F and G of the Higher Education Act of 1965, as amended or
supplemented from time to time, and all regulations and guidelines promulgated thereunder. 
  
 “Indenture” means the Indenture of Trust, dated as of [            ], 2005, between the Issuer, the Indenture Trustee and the
Eligible Lender Trustee, as it may be supplemented or amended. 
  
 “Indenture Trustee” means [            ], in its capacity as trustee under the Indenture, and its successors and assigns. 
  
 “Interest Benefit Payments” means interest payments on
Eligible Loans received pursuant to the Higher Education Act and an agreement with the federal government, or any similar payments. 
  
 “Issuer Representative” means those individuals authorized to act for the Issuer Administrator, as set forth in a list of Authorized
Officers delivered by the Issuer Administrator to the Indenture Trustee, as such list may be amended from time to time by the Issuer Administrator. 
  

 2 

 “Issuer Request,” “Issuer Order,” “Issuer Certificate”
and “Issuer Consent” mean, respectively, a written request, order, certificate or consent signed in the name of the Issuer by an Issuer Representative and delivered to the Eligible Lender Trustee by overnight or same-day mail or
courier, facsimile, telex, telegram or other electronic means or by hand delivery. 
  
 “Person” means any individual, corporation, partnership, joint venture, association, joint stock corporation, trust, unincorporated organization or government or any agency or political subdivision
thereof. 
  
 “Program” means shall mean the
Issuer’s program for the purchase of Eligible Loans, as the same may be modified from time to time. 
  
 “Secretary of Education” means the Commissioner of Education and the Secretary of the United States Department of Education (who
succeeded to the functions of the Commissioner of Education pursuant to the Department of Education Organization Act), or any successor to the functions thereof under the Higher Education Act. 
  
 “Servicer” shall have the meaning assigned to such term in
the Indenture. 
  
 “Servicing Agreement” shall
have the meaning assigned to such term in the Indenture. 
  
 “Special Allowance Payments” shall have the meaning assigned to such term in the Indenture. 
  
 “State” means the State of New York. 
  
 “Student Loan Acquisition Account” means the Account established pursuant to Section 2.02 hereof. 
  
 “Trustee Guarantee Agreement” means the Eligible Lender
Trustee’s Guarantee Agreement with each Guarantee Agency with respect to the Financed Eligible Loans. 
  
 Section 1.02 Intent of the Parties Hereto. This Eligible Lender Trust Agreement and all documents, agreements, understandings and arrangements
relating to this Eligible Lender Trust Agreement which are executed by the Eligible Lender Trustee have been executed by the Eligible Lender Trustee solely for the purpose of having the legal title to the Financed Eligible Loans held by an
“eligible lender” under the Higher Education Act, and the Issuer hereby agrees that the Eligible Lender Trustee shall be accorded appropriate protection for its limited role herein pursuant to the indemnity herein and that the Eligible
Lender Trustee (its officers, directors, employees and agents) shall not have any liability thereunder or hereunder except as expressly set forth herein, including, without limitation, liability which may be incurred as a result of actions or
inactions of the Issuer and any Servicer, subject to the terms of applicable laws, rules and regulations. The Issuer agrees that it will not seek recourse or commence any action against the Eligible Lender Trustee (or its officers, directors,
employees or agents) or any of their personal assets for the performance or payment of any obligation thereunder or hereunder; provided that the Eligible Lender Trustee shall be liable for its negligence and willful misconduct in the performance of
its Express Duties hereunder. The parties hereto intend that this Eligible Lender Trust Agreement is for their benefit only and not for the benefit of any third 

  

 3 

 
party, except that the Issuer shall assign its interest in this Eligible Lender Trust Agreement to the Indenture Trustee pursuant to the Indenture. The
parties hereto agree that each and every provision of this Eligible Lender Trust Agreement is subject to this paragraph. 
  
 ARTICLE II. 
  
 ACQUISITION OF ELIGIBLE LOANS 
  
 Section 2.01 Acquisition. The Eligible Lender Trustee shall, from time to time, acquire Eligible Loans upon receipt of an Issuer Request with funds provided to the Eligible Lender Trustee pursuant to the
Indenture. Such Issuer Request shall contain a certification that the loans to be acquired are Eligible Loans under the Indenture from which such funds are obtained, shall identify such loans, and shall be in the form attached as Exhibit A to the
Indenture. The Eligible Lender Trustee will hold legal title to such Financed Eligible Loans in trust hereunder for the sole benefit of the Issuer, but such interest of the Issuer (and the Eligible Lender Trustee’s legal interest therein) have
and will be assigned to the Indenture Trustee under the Indenture. The Issuer shall direct the Eligible Lender Trustee to acquire only Eligible Loans that are Guaranteed by a Guarantee Agency with respect to which the Eligible Lender Trustee has
entered into a Trustee Guarantee Agreement. The Eligible Lender Trustee shall, to the extent it has such knowledge within its corporate trust department, notify the Issuer with respect to rejections and repurchases of such Financed Eligible Loans.

  
 Section 2.02 Revocation and Termination. Subject to
Section 4.10 hereof, the Issuer may, by Issuer Order delivered to the Eligible Lender Trustee, revoke this Eligible Lender Trust Agreement in whole or in part. Upon receipt of such Issuer Order, the Eligible Lender Trustee shall transfer to the
order of the Issuer all amounts held hereunder, and the trust created hereby shall thereupon terminate (except that the obligations of the Issuer under Section 4.05 hereof shall survive such termination). 
  
 ARTICLE III. 
  
 COVENANTS 
  
 Section 3.01 Administration. The Issuer shall cause the Trust Estate to be administered so as to allow the Eligible
Lender Trustee to obtain the benefits of the Trustee Guarantee Agreements and Federal Contracts and the right to receive Interest Benefit Payments and Special Allowance Payments with respect to Financed Eligible Loans. The Eligible Lender Trustee
shall have no liability for actions taken at the direction of the Issuer. The Eligible Lender Trustee shall have no liability for any action or inaction hereunder, except for its negligence or willful misconduct in the performance of its Express
Duties hereunder. The Eligible Lender Trustee shall not be responsible for any action or inaction of the Issuer or any Servicer under this Eligible Lender Trust Agreement. Except as specifically set forth herein, the Eligible Lender Trustee shall
have no obligation to administer, service or collect the Financed Eligible Loans or to maintain or monitor the administration, servicing or collection of the Financed Eligible Loans. 
  

 4 

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

  

 5 

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

 6 

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

  

 7 

 
provided that no such Eligible Loan may be sold, assigned, transferred, or conveyed to any Person who is not an “eligible lender” under the Higher
Education Act. The Eligible Lender Trustee is further authorized to enter into agreements with other Persons, in its capacity as Eligible Lender Trustee, in order to carry out or implement the terms and provisions of this Eligible Lender Trust
Agreement. 
  
 Section 4.07 Compensation of Eligible Lender
Trustee. The Issuer shall pay to the Eligible Lender Trustee from time to time reasonable compensation for all services, reasonable expenses (including Counsel fees), charges and other disbursements incurred in and about the administration and
execution of this Eligible Lender Trust Agreement. The Eligible Lender Trustee may not change the amount of its annual compensation with respect to this Eligible Lender Trust Agreement without giving the Issuer at least 90 days’ written notice
prior to the beginning of a Fiscal Year. 
  
 Section 4.08
Eligible Lender Trustee Eligibility. 
  
 (a)
There shall at all times be an Eligible Lender Trustee hereunder which shall be a corporation or national bank association organized and doing business under the laws of the United States of America or of any state thereof, authorized under such
laws to exercise corporate trust powers and shall be an Eligible Lender under the Higher Education Act and the regulations of any Guarantee Agency and acceptable to the Issuer. 
  
 (b) The Eligible Lender Trustee, by the execution hereof, covenants, represents and agrees that: 

 
 (1) it is an Eligible Lender as defined in the Higher
Education Act and has received an Eligible Lender designation and that it will remain an Eligible Lender; 
  
 (2) it shall use eligible lender number [            ], which shall be
the Eligible Lender Trustee’s eligible lender number for Financed Eligible Loans which it owns as legal owner for the Issuer as beneficial owner hereunder; and 
  
 (3) it shall be responsible for the preservation of the supporting documents submitted to and received by it
relating to Financed Eligible Loans, if any; provided, however, that the separate Servicer of the Financed Eligible Loans shall be responsible for such preservation of the Financed Eligible Loans and supporting documents in accordance with the
Custodian Agreements to the extent and during the period that the Servicer holds such documents. 
  
 (c) The parties hereto recognize that the Eligible Lender Trustee has contractual obligations with the Guarantee Agency which must be
maintained and preserved in order for the Eligible Lender Trustee to remain as Eligible Lender Trustee, and the Eligible Lender Trustee agrees to maintain the same. 
  
 Section 4.09 Resignation of Eligible Lender Trustee. The Eligible Lender Trustee and any successor to the Eligible
Lender Trustee may resign and be discharged from the trust created by this Eligible Lender Trust Agreement by giving to the Issuer notice in writing which 

  

 8 

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

 9 

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

 10 

 Section 4.15 Sale of Eligible Loans. At the written direction of the Issuer (so long as the Issuer
certifies no Event of Default exists under the Indenture), or if an Event of Default exists under the Indenture as directed by the Indenture Trustee, the Eligible Lender Trustee shall sell Financed Eligible Loans to designated purchasers. The Issuer
covenants that in the event it intends to direct the sale of Financed Eligible Loans, it shall give written notice thereof to the Eligible Lender Trustee not later than five Business Days prior to the proposed sale. The Financed Eligible Loans shall
not be sold to any Person unless such Person is an Eligible Lender. 
  
 ARTICLE V. 
  
 MISCELLANEOUS 
  
 Section 5.01 Eligible Lender Trust Agreement Binding upon Successors or
Assigns of Eligible Lender Trustee and Issuer. All the terms, provisions, conditions, covenants, warranties and agreements contained in this Eligible Lender Trust Agreement shall be binding upon the successors and assigns of the Issuer and the
Eligible Lender Trustee, and shall inure to the benefit of the Eligible Lender Trustee and its successor and assigns and the Issuer, its successors or substitutes in trust and assigns. The Eligible Lender Trustee acknowledges that the Issuer may
assign its beneficial rights hereunder in financed eligible loans and payments related thereto to the Indenture Trustee without consent of the Eligible Lender Trustee. 
  
 Section 5.02 Effect of Legal Holidays. Whenever this Eligible Lender Trust Agreement requires any action to be taken
on a day which is not a Business Day, such action shall be taken on the next succeeding Business Day with the same force and effect as if taken on such day. 
  
 Section 5.03 Partial Invalidity. If any one or more of the covenants or agreements or portion thereof provided in this Eligible Lender Trust
Agreement on the part of the Issuer or the Eligible Lender Trustee to be performed should be determined by a court of competent jurisdiction to be contrary to law, then such covenant or covenants, or such agreement or agreements, or such portions
thereof, shall be deemed severable from the remaining covenants and agreements provided in this Eligible Lender Trust Agreement and the invalidity thereof shall in no way affect the validity of the other provisions of this Eligible Lender Trust
Agreement hereunder and under any applicable provisions of law. 
  
 Section 5.04 Notices. Except as otherwise expressly provided herein, all notices and other communications provided for hereunder shall be in writing (including facsimile communication) and mailed or delivered or sent by facsimile, if
to the Eligible Lender Trustee, at the corporate trust office of the Eligible Lender Trustee in [                    ] which at the date of
this Eligible Lender Trust Agreement is located at [                    ], or at such other address as may have been filed in writing by the
Eligible Lender Trustee; if to the Issuer, to c/o Goal Financial, LLC, 9477 Waples Street, Suite 100, San Diego, California 92121, Attention: Ryan Katz (facsimile (858) 909-0284), or to the Issuer at such other address as may have been filed in
writing by the Issuer. All such notices and communications shall be effective (a) if given by facsimile, when transmitted, (b) if given by mail, when deposited in the mail addressed as aforesaid, and (c) if given by other means, when delivered at
the address specified as aforesaid. Any notice required to be given in writing shall be deemed to be in writing if given by telex, facsimile or other method which produces a written record. 
  

 11 

 Section 5.05 Law and Place of Enforcement of Eligible Lender Trust Agreement; Construction. THIS
ELIGIBLE LENDER TRUST AGREEMENT SHALL BE CONSTRUED BY AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW BUT OTHERWISE WITHOUT GIVING EFFECT TO THE PRINCIPLES OF
CONFLICTS OF LAW, AND THE RIGHTS, OBLIGATIONS AND REMEDIES OF THE PARTIES HERETO SHALL BE DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
  
 Section 5.06 Consent to Jurisdiction. ANY LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS ELIGIBLE LENDER TRUST AGREEMENT OR
ANY TRANSACTION CONTEMPLATED HEREBY MAY BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE COUNTY OF NEW YORK, STATE OF NEW YORK AND EACH PARTY HERETO HEREBY WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH
SUIT, ACTION OR PROCEEDING, AND, SOLELY FOR THE PURPOSES OF THIS ELIGIBLE LENDER TRUST AGREEMENT, EACH PARTY HERETO HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUCH SUIT, ACTION OR PROCEEDING. 
  
 Section 5.07 Effect of Article and Section Headings and Table of
Contents. The heading or titles of the several Articles and Sections hereof, and any table of contents appended hereto, shall be solely for convenience of reference and shall not affect the meaning or construction, interpretation or effect of
this Eligible Lender Trust Agreement. 
  
 Section 5.08
Amendments. The Issuer and the Eligible Lender Trustee, from time to time, may amend this Eligible Lender Trust Agreement subject to any provisions to the contrary herein. 
  
 Section 5.09 Limitation of Liability. It is expressly understood and agreed by the parties hereto that (a) this
Eligible Lender Trust Agreement is executed and delivered by Wilmington Trust Company, not individually or personally but solely as Delaware Trustee of the Issuer, in the exercise of the powers and authority conferred and vested in it; (b) each of
the representations, undertakings and agreement herein made on the part of the Issuer is made and intended not as personal representations, undertakings and agreements by Wilmington Trust Company but is made and intended for the purpose of binding
only the Issuer; (c) nothing herein contained shall be construed as creating any liability on Wilmington Trust Company, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any,
being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto; and (d) under no circumstances shall Wilmington Trust Company be personally liable for the payment of any indebtedness or expenses of
the Issuer or be liable for the breach or failure of any obligations, representation, warranty or covenant made or undertaken by the Issuer under this Eligible Lender Trust Agreement. 
  

 12 

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

			
	GOAL CAPITAL FUNDING TRUST
		
	By:	 	WILMINGTON TRUST COMPANY,
	 	 	not in its individual capacity but solely as
	 	 	Delaware Trustee
		
	By	 	  

	Name	 	  

	Title	 	  

  

					
	 	 	S-1	 	ELT AGREEMENT (ISSUER)

			
	 [                ], as Eligible Lender
Trustee

		
	 By
	 	  

	 Name
	 	  

	 Title
	 	  

  

					
	 	 	S-2	 	ELT AGREEMENT (ISSUER)Loan Purchase Agreement

 Exhibit 10.19 
  
 LOAN PURCHASE AGREEMENT 
  
 This loan purchase agreement is made and entered into as of the [            ] (this
“Loan Purchase Agreement”) by and among GOAL CAPITAL FUNDING, LLC, as seller (“Seller”), GOAL CAPITAL FUNDING TRUST, as purchaser (“Purchaser”),
[                ], not in its individual capacity but as eligible lender trustee for Seller (in such capacity, “Seller ELT”), and
[                ], not in its individual capacity but as eligible lender trustee for Purchaser (in such capacity, “Purchaser ELT”). 

 
 WITNESSETH: 
  
 WHEREAS, Seller, through its eligible lender trustee, is engaged in a
program of acquiring Eligible Loans; 
  
 WHEREAS,
Purchaser, through its eligible lender trustee, is engaged in a program of acquiring Loans; 
  
 WHEREAS, Seller, through its eligible lender trustee, desires to sell to Purchaser, through its eligible lender trustee, certain Eligible Loans in accordance with the terms and conditions of this Agreement;

  
 WHEREAS, Seller ELT holds legal title to, and serves as
eligible lender trustee with respect to, Eligible Loans on behalf of Seller; and 
  
 WHEREAS, Purchaser ELT holds legal title to, and serves as eligible lender trustee with respect to, Eligible Loans on behalf of Purchaser. 
  
 NOW, THEREFORE, in consideration of the foregoing premises and mutual covenants herein contained, the parties agree
as follows: 
  
 ARTICLE I 
  
 DEFINITIONS 
  
 Unless the context otherwise requires, capitalized terms defined in the
Indenture of Trust and used but not defined in this Agreement shall have the meanings set forth in the Indenture of Trust. The following words and terms used in this Agreement shall have the following meanings unless otherwise provided herein or
unless the context or use clearly indicates another or different meaning or intent: 
  
 “Act” shall mean Title IV, Part B of the Higher Education Act of 1965 (20 USC § 1071 et seq.), and includes insofar as the context requires Title VII of the Public Health Service Act (42
USC. §292 et seq.), as either is amended and in effect from time to time, or any successor enactment thereto, the effective administrative regulations promulgated thereunder, and any binding directives issued by the Secretary
pursuant thereto. 
  
 “Agreement” shall mean this Loan
Purchase Agreement, including the exhibit attached hereto, and any supplements or amendments hereto. 

 “Certificate of Insurance” shall mean a certificate of federal loan insurance issued with
respect to an Eligible Loan by the Secretary pursuant to the Act. 
  
 “Commitment” shall mean Seller’s commitment to sell Eligible Loans to Purchaser pursuant to Section 2.1 hereof. 
  
 “Contract of Insurance” shall mean a contract of insurance under the Act between the Secretary and the Eligible Lender Trustee for the benefit
of the Seller or the Secretary and the Eligible Lender Trustee for the benefit of the Purchaser, providing for the Insurance of Student Loans. 
  
 “Eligible Lender Trust Agreement” means (i) the Eligible Lender Trust Agreement, dated as of
[                    ], 2005, between the Purchaser and the Purchaser ELT, as trustee, and any similar agreement entered into by the Purchaser
and an “eligible lender” under the Higher Education Act pursuant to which such “eligible lender” holds Student Loans as legal owner in trust for the Purchaser as beneficial owner, in each case as supplemented or amended from time
to time; or (ii) the Eligible Lender Trust Agreement, dated as of [                    ], 2005 between the Seller and the Seller ELT, as
trustee, and any similar agreement entered into by the Seller and an “eligible lender” under the Higher Education Act pursuant to which such “eligible lender” holds Student Loans as legal owner in trust for the Seller as
beneficial owner, in each case as supplemented or amended from time to time; as is applicable. 
  
 “Eligible Lender Trustee” means, for Seller, Seller ELT, as trustee under the applicable Eligible Lender Trust Agreement, and its successors and assigns in such capacity and, for Purchaser, Purchaser ELT as
trustee under the applicable Eligible Lender Trust Agreement, and its successors and assigns in such capacity. 
  
 “Indenture of Trust” means the Indenture of Trust dated as of
[                    ], 2005, among the Purchaser, as issuer, the Purchaser ELT, as eligible lender trustee, and
[                    ], as indenture trustee (the “Indenture Trustee”), as the same may be amended or supplemented from time to
time. 
  
 “Insurance” or “Insured” or
“Insure” shall mean, with respect to a Student Loan, the insurance by the Secretary under the Act (as evidenced by a Contract of Insurance issued or entered into under the provisions of the Act) of the maximum percentage of the principal
of and accrued interest on such Student Loan allowed under the Act with respect to such Student Loan. 
  
 “Insured Loan” shall mean a Student Loan which is Insured. 
  
 “Loan Transfer Document” shall mean a loan transfer addendum, a seller’s closing certificate, a bill of sale
and a blanket endorsement of student loan promissory notes substantially in the form set forth as Exhibit A attached hereto and incorporated herein by this reference. 
  
 “Portfolio” shall mean a group of Eligible Loans sold pursuant to Section 2.1 hereof on a Scheduled Sale Date.

  

 2 

 “Principal Balance” shall mean the original principal amount of a Student Loan, plus
capitalized interest (if any) and items which may not be guaranteed or insured (such as late charges), less payments by or on behalf of the Student Borrower. 
  
 “Purchase Price” shall mean the price as set forth in the Loan Transfer Document. 
  
 “Purchaser” is defined in the preamble. 
  
 “Purchaser ELT” is defined in the preamble. 
  
 “Scheduled Sale Date” shall mean any date designated as such in a
communication delivered pursuant to Section 4.3(a) of this Agreement and in an applicable Loan Transfer Document for purchase of a Portfolio of Eligible Loans pursuant to this Agreement, unless such date is changed by mutual agreement of the
parties, in which case Scheduled Sale Date shall be any new date so agreed to by the parties. 
  
 “Secretary” shall mean the Secretary of the United States Department of Education or any successor to the pertinent functions of that official or department under the Act, or, when the context so requires,
the former Commissioner of Education of the former United States Department of Health, Education and Welfare and includes the Secretary of the United States Department of Health and Human Services. 
  
 “Seller” is defined in the preamble. 
  
 “Seller ELT” is defined in the preamble. 
  
 “Student Borrower” shall mean the obligor on a Student Loan.

  
 ARTICLE II 
  
 LOAN SALE COMMITMENT 
  
 2.1 Loan Sale Commitment. Subject to the terms and conditions of this
Agreement, and in express reliance upon the representations, warranties and covenants set forth herein, Seller (and, with respect to legal title thereto, Seller ELT on behalf of Seller) agrees to sell, and Purchaser (and, with respect to legal title
thereto, Purchaser ELT on behalf of Purchaser) agrees to purchase, on the applicable Scheduled Sale Date all Student Loans identified in the loan transfer schedule attached to the applicable Loan Transfer Document to the extent such Student Loans
meet all eligibility requirements and to the extent the Purchaser has the funds available to purchase such Student Loans. 
  
 ARTICLE III 
  
 SERVICING 
  
 3.1 Servicing of Other Eligible Loans. All of the Eligible Loans that are sold pursuant to Section 2.1 hereof are currently serviced (or will be serviced on the Scheduled Sale Date) by the Servicer(s) identified in the Loan Transfer
Document. Such Servicer shall either be 
  

 3 

 Great Lakes Educational Loan Services, Inc., ACS Education Services Inc. or another servicer with whom Purchaser has a
servicing agreement that is satisfactory to (i) the Indenture Trustee or its successor as indenture trustee under the Indenture of Trust and (ii) the Purchaser ELT or its successor as eligible lender trustee for the Purchaser. On the effective date
for the sale of those Eligible Loans, Purchaser shall cause the current servicer(s) or such other servicer(s) as Purchaser may select to commence servicing such Portfolio at Purchaser’s expense and under the identification number of Purchaser
or its designee. 
  
 ARTICLE IV 
  
 SALE/PURCHASE OF PORTFOLIOS 
  
 4.1 Tender of Eligible Loans to Purchaser. With respect to a Portfolio
of Eligible Loans to be sold pursuant to Section 2.1 hereof, prior to or on the applicable Scheduled Sale Date (or at such other time as the parties may agree), Seller shall furnish Purchaser or its designee with a list of the Eligible Loans to be
included in such Portfolio, and shall authorize and direct the Servicer of the Eligible Loans to release such information and documentation to Purchaser or its designee, in its reasonable judgment, deems necessary and appropriate to undertake a
review of such loans to determine whether (i) such loans constitute Eligible Loans, and (ii) the Portfolio, aggregated with the other Eligible Loans that have been sold to Purchaser by Seller if appropriate, comply with the requirements set forth in
Section 3.1 hereof. 
  
 4.2 Conditions of Purchase.
Purchaser’s obligation to purchase and pay for a Student Loan in a Portfolio hereunder shall be subject to the following conditions precedent: 
  
 (a) the Eligible Loans in the Portfolio, aggregated with the other Eligible Loans that have been sold to Purchaser by Seller if
appropriate, shall meet the requirements described in Section 3.1 hereof; 
  
 (b) all representations, warranties and statements by or on behalf of Seller contained in this Agreement with respect to such Student Loan are true on the Scheduled Sale Date relating to such Student Loan; 

 
 (c) any notification to or approval by the Secretary or
Guarantee Agency required by the Act or the Guarantee Agreement as a condition to the assignment of such Student Loan shall have been made or received and evidence thereof delivered to both Purchaser and Purchaser ELT; 
  
 (d) without a prior Rating Agency Confirmation, all Student
Loans purchased pursuant to this Agreement shall have been originated by Great Lakes Educational Loan Services, Inc. or ACS Education Services, Inc.; and 
  
 (e) the entire interest of Seller in such Student Loan shall have been duly assigned by endorsement, such endorsement to be without
recourse except as provided in Article V hereof. 
  
 4.3
Consummation of Sale and Purchase of Portfolio. To consummate the sale and purchase of a Portfolio of Eligible Loans, on or before the applicable Scheduled Sale Date, Seller 
  

 4 

 shall deliver via facsimile to Purchaser ELT a Loan Transfer Document. Seller shall retain all ownership rights with
respect to Eligible Loans in a Portfolio at all times prior to the effective sale of such Portfolio. Purchaser shall pay for any reasonable transfer fees as may be required to be paid to the Secretary or to the Servicer. 
  
 (a) On each Scheduled Sale Date, Seller shall arrange for
the Servicer of the Eligible Loans to notify the Eligible Lender Trustees via facsimile, by no later than 12:00 noon EST or EDT, as is applicable, that (i) such day is a Scheduled Sale Date and (ii) the dollar amount of the Eligible Loans which are
going to be disbursed by the Servicer on such Scheduled Sale Date. Seller shall also arrange for the Servicer of the Eligible Loans to email to the Seller, the Issuer Administrator and Purchaser ELT a detailed roster of the Eligible Loans that were
so disbursed. 
  
 (b) By 12:00 noon EST or EDT,
as is applicable, on such Scheduled Sale Date, Seller shall deliver to Purchaser ELT a Loan Transfer Document. 
  
 (c) On such Scheduled Sale Date, after receipt of the aforesaid Loan Transfer Document and the documentation required to be provided by
this Section, Purchaser shall arrange for a transfer into an Account or Accounts maintained at The Bank of New York, designated by Seller and satisfactory to Purchaser, or wire transfer as directed by the Purchaser, the amount necessary for the
purchase of the Eligible Loans. The purchase and sale of the Portfolio shall be effective simultaneously with the payment of the Purchase Price. 
  
 4.4 Other Information and Documents. Seller shall furnish or make available to Purchaser such additional information concerning Seller’s
Student Loan portfolio as Purchaser may reasonably request. Seller and Seller ELT shall execute all other documents and take all other steps as may be reasonably requested by Purchaser or Purchaser ELT from time to time to effect the sale hereunder
of a Portfolio of Eligible Loans. 
  
 ARTICLE V 

 
 REPURCHASE OBLIGATION OF SELLER 
  
 5.1 Conditions Precedent to Repurchase Obligation. At the request of
Purchaser or its Eligible Lender Trustee, Seller shall repurchase any Student Loan purchased by Purchaser pursuant to this Agreement if: 
  
 (a) any representation or warranty made or furnished by Seller in or pursuant to this Agreement with respect to such Student Loan shall
prove to have been materially incorrect as to such Student Loan, unless resulting from an act or omission of Purchaser; 
  
 (b) the Secretary or a Guarantee Agency, as the case may be, refuses to honor all or part of a claim filed with respect to such Student
Loan (including any claim for interest subsidy, Special Allowance Payments, Insurance, reinsurance or Guarantee payments) on account of any circumstance or event that occurred prior to the sale of such Student Loan to Purchaser, unless resulting
from an act or omission of Purchaser; or 
  

 5 

 (c) On account of any wrongful or negligent act or omission of Seller or its servicing
agent that occurred prior to the sale of such Student Loan to Purchaser, a defense is asserted by a maker (or endorser, if any) of such Student Loan with respect to his or her obligation to pay all or any part of such Student Loan, and Purchaser or
Purchaser ELT in good faith believes that the facts reported, if true, raise a reasonable doubt as to the enforceability of such Student Loan. 
  
 5.2 Repurchase by Seller. Upon the occurrence of any of the conditions set forth in Section 5.1 hereof with respect to a Student Loan
and upon the request of Purchaser or Purchaser ELT, Seller shall pay to Purchaser ELT, for the account of Purchaser, an amount equal to the then-outstanding principal balance of such Student Loan, plus any premium in excess of par paid as part of
the Purchase Price with respect to such Student Loan, plus interest and Special Allowance Payments accrued and unpaid with respect to such Student Loan from the applicable Scheduled Sale Date to and including the date of repurchase, plus any
attorneys’ fees, legal expenses, court costs, servicing fees or other expenses incurred by Purchaser, Purchaser ELT or the appropriate successors or assigns in connection with such Student Loans. Upon payment of such amount, Purchaser and
Purchaser ELT shall take all necessary action to release and re-convey to Seller (and Seller ELT) all of their respective interests in such Student Loan free and clear of any lien or security interest created by Purchaser or Purchaser ELT.

  
 ARTICLE VI 
  
 ONGOING OBLIGATIONS OF SELLER 
  
 6.1 Obligation of Seller to Forward Payments. Seller shall promptly
remit, or cause to be remitted, to Purchaser ELT as it may direct, all funds received by Seller after the Scheduled Sale Date for a Student Loan sold pursuant to this Agreement which constitute payments of principal, or interest or Special Allowance
Payments accrued after such Scheduled Sale Date with respect to such Student Loan. 
  
 6.2 Obligation of Seller to Forward Communications. Seller shall immediately transmit to Purchaser any communication received by Seller after the Scheduled Sale Date with respect to a Student Loan or the
borrower under such a Student Loan. Such communication shall include, but not be limited to, letters, notices of death or disability, adjudication of bankruptcy and similar documents and forms requesting deferment of repayment or loan cancellations.

  
 6.3 Notification to Student Borrowers. Seller and
Purchaser shall cause the Servicers to provide each borrower under the Eligible Loans purchased under this Agreement with notice of the assignment and transfer to Purchaser ELT for the account and on behalf of Purchaser of Seller’s interest in
such Eligible Loans as required by the Act. 
  
 6.4 No
Modification of Lender Agreements. Seller will consent to no amendments to, or modifications of, the Contract of Insurance or Guarantee Agreement that may affect Eligible Loans which are sold or listed on a Loan Transfer Document for sale
pursuant to this Agreement without (i) the prior written consent of Purchaser, which consent shall not be unreasonably withheld and (ii) Rating Agency Confirmation. Amendments or modifications required by the Act are excluded from the requirement of
this Section 6.4. 
  

 6 

 ARTICLE VII 
  
 REPRESENTATIONS, WARRANTIES AND COVENANTS 
  
 7.1 Representations. Warranties and Covenants of Seller. Seller hereby represents, covenants, and warrants to
Purchaser that: 
  
 (a) Organization and
Authority of Seller. Seller is duly organized, validly existing and in good standing under the laws of the State of Delaware, and has all necessary statutory power and authority to own its assets and carry on its business as now being conducted;
Seller has, and its officers and Seller ELT acting on its behalf have, all necessary statutory power and authority to make and perform this Agreement, and has the power and authority to sell, assign and transfer Student Loans to Purchaser and
Purchaser ELT, and to repurchase Student Loans as required under the terms hereof. 
  
 (b) Eligible Lender Status. Seller ELT, if applicable, is an “eligible lender” under the Act. 
  
 (c) Legal and Binding Obligation. The execution,
delivery and performance of this Agreement by Seller have been duly authorized by all necessary corporate action, and do not require any stockholder approval or approval or consent of, or notice to, any trustee or holders of indebtedness or
obligations of Seller; upon due execution and delivery by the parties hereto, this Agreement will constitute the legal, valid and binding obligation of Seller, enforceable in accordance with its terms. 
  
 (d) No Conflicts. Neither the execution, delivery or
performance by Seller of this Agreement, nor the consummation or performance by Seller of the transactions contemplated hereby, will conflict with, result in a violation of, or constitute a default (or an event which could constitute a default with
the passage of time or notice or both) under, (i) any of the terms of Seller’s charter or bylaws, or (ii) any indenture, mortgage, contract or other agreement to which Seller is a party or by which it or its properties are bound, or any law or
regulation by which it or its properties are bound, where, in the case of this clause (ii), such conflict, violation or default could have a material adverse effect on Seller’s ability for perform its obligations hereunder. Seller is not a
party to or bound by any agreement or instrument or subject to any charter or other corporate restrictions or judgment, order, writ, injunction, decree, law, rule or regulation which may materially and adversely affect the ability of Seller to
perform its obligations under this Agreement. 
  
 (e) No Defaults or Violations. Seller is not in default under any mortgage, deed of trust, indenture or other instrument or agreement to which Seller is a party or by which it or its properties are bound, or in violation of any law
or regulation, which default or violation could have a material adverse effect on Seller’s ability for perform its obligations hereunder. 
  
 (f) No Consents. No consent, approval or authorization of any government or governmental body, including (without limitation) the
Office of Thrift Supervision, the Federal Deposit Insurance Corporation, the Comptroller of the Currency, the Board of 

  

 7 

 
Governors of the Federal Reserve System or any state bank regulatory agency, is required in connection with the execution, delivery and performance of this
Agreement, or the consummation of the transactions contemplated hereby. 
  
 (g) No Litigation. There are no pending or threatened actions or proceedings by or before any court, administrative agency or arbitrator, that could if adversely determined, materially and adversely affect the
ability of Seller to perform its obligations hereunder, and there are no presently existing orders of any court, administrative agency or arbitrator that could have a material and adverse effect on the ability of Seller to perform its obligations
hereunder. 
  
 (h) Continuing Obligations of
Seller. Seller agrees that during the term of this Agreement, it will (i) remain in good standing and qualified to do business under the laws of the State of Delaware and the jurisdictions in which it operates, (ii) conduct its business in
accordance with all applicable state and federal laws and (iii) continue to be qualified to carry out this Agreement. 
  
 7.2 Representations, Warranties and Covenants of Seller with Respect to Student Loans. Seller hereby represents, covenants, and warrants to
Purchaser with respect to each Student Loan to be sold hereunder that, except for any condition resulting from an act or omission of Purchaser, as of the Scheduled Sale Date for such Student Loan: 
  
 (a) Accuracy of Information. Any information
furnished by Seller to Purchaser or its agents with respect to such Student Loan is true, complete and correct. 
  
 (b) Validity of Loans. Such Student Loan has been duly executed and delivered and constitutes the legal, valid and binding
obligation of the maker (and the endorser, if any) thereof, enforceable in accordance with its terms. 
  
 (c) No Defenses Against Repayment of Loans. The amount of the unpaid principal balance of such Student Loan is true and owing, and
no counterclaim, offset, defense or right to rescission exists with respect to such Student Loan which can be asserted and maintained or which, with notice, lapse of time, or the occurrence or failure to occur of any act or event, could be asserted
and maintained by the borrower against the Eligible Lender Trustee as assignee thereof. Seller shall take all reasonable actions to assure that no maker of such Student Loan has or may acquire a defense to the payment thereof. The rate of interest
carried by such Student Loan is the maximum which was allowable by law at the time the loan was made, and such Student Loan does not carry a rate of interest in excess of that permitted by the provisions of the Act or such other rate as was
applicable under a borrower’s benefit program. 
  
 (d) Ownership and Location of Loans: Existence of Liens. Seller is the sole owner and holder of title to such Student Loan and has full right and authority to sell and assign the same free and clear of all liens, pledges or
encumbrances, and upon the endorsement and delivery of promissory notes evidencing such Student Loan to Purchaser ELT pursuant to this Agreement, Purchaser ELT will acquire full right, title and interest in such Student Loan free and clear of all
liens, pledges or encumbrances whatsoever. All documentation relating to such Student Loan, including the original promissory note for such Student Loan, is now in the possession of the servicer thereof. 
  

 8 

 (e) Guarantee and Insurance on Loans. Such Student Loan is either Insured or
Guaranteed. If such Student Loan is an Insured Loan, a Contract of Insurance is in full force and effect with respect thereto, the applicable Certificates of Insurance are valid and binding upon the parties thereto in all respects, Seller is not in
default in the performance of any of its covenants and agreements made in respect thereof, and such Insurance is freely transferable as an incident to the sale of such Student Loan. With respect to all Guaranteed Loans being acquired, a Guarantee
Agreement is in full force and effect with respect thereto and is valid and binding upon the parties thereto in all material respects, Seller is not in default in the performance of any of its covenants and agreements made in such Guarantee
Agreement, and such Guarantee is freely transferable as an incident to the sale of such Student Loan. All amounts due and payable to the Secretary or the Guarantee Agency, as the case may be, have been or will be paid in full by Seller at the time
such Student Loan is sold to Purchaser, and such Student Loan has not at any time been tendered to either the Secretary or the Guarantee Agency for payment. Seller will not, with respect to such Student Loan, agree to release the Guarantee Agency or
the Secretary from any of its contractual obligations to Guarantee or Insure such loan, or agree to otherwise alter, amend or renegotiate any terms or conditions under which such Student Loan is Guaranteed or Insured, without the express prior
written consent of Purchaser and Purchaser ELT. 
  
 (f) Compliance with the Act. Such Student Loan complies in all respects with the requirements of the Act and is an Eligible Loan. 
  
 (g) Compliance with Federal Laws. Such Student Loan was made in compliance with all applicable local, state and federal laws, rules
and regulations, including without limitation all applicable nondiscrimination, truth-in-lending, consumer credit and usury laws and is an Eligible Loan. 
  
 (h) No Discrimination. In making such Student Loan, Seller has not discriminated based upon the educational institutions attended
by, or the age, sex, race, national origin, color, religion, handicapped status, income, attendance at a particular eligible institution within the area served by Purchaser, length of the Student Borrower’s educational program, or the Student
Borrower’s academic year in school. 
  
 (i)
Due Diligence in Servicing Loans. Seller and any independent servicer have each exercised and shall continue until the Scheduled Sale Date for such Student Loan to exercise due diligence and reasonable care in making, administering, servicing
and collecting such Student Loan and Seller has conducted a reasonable investigation of sufficient scope and content to enable it duly to make the representations and warranties contained in this Agreement. Seller shall be solely responsible for the
payment of the costs and expenses incident to origination of such Student Loan, without any right of reimbursement therefor from Purchaser. 
  

 9 

 (j) Origination Fees. Seller has reported or shall report the amount of
origination fees (if any) authorized to be collected with respect to such Student Loan pursuant to the Act to the Secretary for the period in which such fee was authorized to be collected; and Seller has made and shall make any refund of an
origination fee collected in connection with such Student Loan which may be required pursuant to the Act. 
  
 (k) Insurance Premium. For such Student Loan Seller has reported or shall report the amount of the insurance premium authorized to
be collected, and has paid or shall pay said premium to the Guarantee Agency or the Secretary with all rights therein inuring to Purchaser; and in the event that on or prior to the Scheduled Sale Date for such Student Loan the applicable Student
Borrower withdraws within the period specified as qualifying for a cancellation refund by the Guarantee Agency, Seller agrees to pay the amount of the premium to be refunded to Purchaser. 
  
 7.3 Representations Warranties and Covenants of Purchaser. Purchaser hereby represents, covenants, and warrants to
Seller that: 
  
 (a) Organization and
Authority of Purchaser. Purchaser is duly organized, validly existing and in good standing under the laws of the State of Delaware; Purchaser has, and its Eligible Lender Trustee and officers acting on its behalf have, all necessary statutory
power and authority to make and perform this Agreement, including (without limitation) the power and authority to purchase Student Loans from Seller under the terms and conditions of this Agreement. 
  
 (b) Legal and Binding Obligation. The execution,
delivery and performance of this Agreement by Purchaser have been duly authorized by all necessary action, and do not require any member approval or approval or consent of, or notice to, any trustee or holders of indebtedness or obligations of
Purchaser; upon due execution and delivery by the parties hereto, this Agreement will constitute the legal, valid and binding obligation of Purchaser, enforceable in accordance with its terms. 
  
 (c) No Conflict. Neither the execution, delivery and
performance by Purchaser of this Agreement, nor the consummation or performance by Purchaser of the transactions contemplated hereby, will conflict with, result in a violation of, or constitute a default (or an event which could constitute a default
with the passage of time or notice or both) under, (i) any of the terms of Purchaser’s organizational documents or (ii) any indenture, mortgage, contract or other agreement to which Purchaser is a party or by which it or its properties are
bound, or any law or regulation by which it or its properties are bound, where, in the case of this clause (ii), such conflict, violation or default could have a material adverse effect on Purchaser’s ability for perform its obligations
hereunder. Purchaser is not a party to or bound by any agreement or instrument or subject to any charter or other corporate restrictions or judgment, order, writ, injunction, decree, law, rule or regulation which may materially and adversely affect
the ability of Purchaser to perform its obligations under this Agreement. 
  
 (d) No Defaults or Violations. Purchaser is not in default under any mortgage, deed of trust, indenture or other instrument or agreement to which Purchaser is 
  

 10 

 a party or by which it or its properties are bound, or in violation of any law or regulation, which
default or violation could have a material adverse effect on Purchaser’s ability for perform its obligations hereunder. 
  
 (e) No Consents. No consent, approval or authorization of any government or governmental body is required in connection with the
execution, delivery and performance of this Agreement, or the consummation of the transactions contemplated hereby. 
  
 (f) No Litigation. There are no pending or threatened actions or proceedings by or before any court, administrative agency or
arbitrator, that could if adversely determined, materially and adversely affect the ability of Purchaser to perform its obligations hereunder, and there are no presently existing orders of any court, administrative agency or arbitrator that could
have a material and adverse affect on the ability of Purchaser to perform its obligations hereunder. 
  
 (g) Continuing Obligation of Purchaser. Purchaser agrees that during the term of this Agreement, it will (i) remain in good
standing and qualified to do business under the laws of the state of its organization and any other jurisdictions in which it operates, (ii) conduct its business in accordance with all applicable state and federal laws, and (iii) continue to be
qualified to carry out this Agreement. 
  
 7.4 Representations
Warranties and Covenants with Respect to Eligible Lender Trustees. Seller and Purchaser hereby represent, covenant and warrant that if and to the extent that they are acting via Eligible Lender Trustees, then each such Eligible Lender Trustee
has no personal liability for any representation, covenant, warranty or other obligation undertaken in this Agreement and that such Eligible Lender Trustee acts only for the Seller or Purchaser (as applicable) and that recourse (if any) may be had
only against such Seller or Purchaser and not against such Eligible Lender Trustee or its separate assets. Each Eligible Lender Trustee shall be a third-party beneficiary of this Section 7.4. 
  

 11 

 ARTICLE VIII 
  
 MISCELLANEOUS 
  
 8.1 Communications and Notices. Unless otherwise expressly provided herein, all notices, requests, demands or other instruments which may or are
required to be given by either party to the other or to the Eligible Lender Trustee, shall be in writing, and each shall be deemed to have been properly given when served personally on an officer of the party to whom such notice is to be given, or
upon expiration of a period of 48 hours from and after the postmark thereof when mailed postage prepaid by registered or certified mail, requesting return receipt, addressed as follows: 
  
 If to Seller: 
  
 Goal Capital Funding, LLC 
 Attention: Mr.
Ryan D. Katz 
 9477 Waples Street, Suite 100 
 San Diego, CA 92121 
 Facsimile: (858) 909-0284 
 e-mail: rkatz@goalfinancial.net 
  
 with a copy to Seller ELT 
  
 If to Seller ELT: 
  
 [                                ] 
 [                                ] 
 [                                ] 
  
 If to Purchaser: 
  
 Goal Capital Funding Trust 
 c/o Goal Financial, LLC 
 Attention: Mr. Ryan
D. Katz 
 9477 Waples Street, Suite 100 
 San Diego, CA 92121 
 Facsimile: (858) 909-0284 
 e-mail: rkatz@goalfinancial.net 
  
 with a copy to Purchaser ELT 
  
 If to Purchaser ELT: 
  
 [                                ] 
 [                                ] 
 [                                ] 
  
 If to Issuer Administrator: 
  
 Goal Financial, LLC 
 Attention: Mr. Ryan D. Katz 
 9477 Waples
Street, Suite 100 
 San Diego, CA 92121 
 Facsimile: (858) 909-0284 
 e-mail: rkatz@goalfinancial.net 
  

 12 

 Any party may change the address and name of the addressee to which subsequent notices are to be sent to
it, by notice to the others given as aforesaid, but any such notice of change, if sent by mail, shall not be effective until the 5th day after it is mailed. 
  
 8.2 Forms of Instruments, Proceedings. All instruments relating to the sale and purchase of the Student Loans pursuant to this Agreement, and all
proceedings to be taken in connection with this Agreement and the transactions contemplated herein, shall be in form and substance mutually satisfactory to Seller and Purchaser and their respective counsel. 
  
 8.3 Payment of Expenses. Each party to this Agreement shall pay its
own expenses incurred in connection with transactions herein contemplated. 
  
 8.4 Non-Business Days. If the date for taking any action required hereunder is not a Business Day, then such action can be taken, without interest or penalty, on the next succeeding Business Day, with the same
force and effect as if such action was taken on the required date. 
  
 8.5 Amendments, Modifications and Waivers. The provisions of this Agreement cannot be amended, waived or modified unless such amendment, waiver or modification be in writing and signed by the parties hereto. Inaction or failure to
demand strict performance shall not be deemed a waiver. 
  
 8.6
Severability. If any provision of this Agreement shall be held, or deemed to be or shall, in fact, be inoperative or unenforceable as applied in any particular situation, such circumstance shall not have the effect of rendering the provision
in question inoperative or unenforceable in any other situation or of rendering any other provision or provisions herein contained invalid, inoperative or unenforceable to any extent whatsoever. The invalidity of any one or more phrases, sentences,
clauses or paragraphs herein contained shall not affect the remaining portions of this Agreement or any part hereof. 
  
 8.7 Remedies. Unless otherwise expressly provided herein, no remedy by the terms of this Agreement conferred upon or reserved to Purchaser ELT or
Purchaser is intended to be exclusive of any other remedy, but each and every such remedy shall be cumulative and in addition to every other remedy given under this Agreement or existing at law or in equity (including, without limitation, the right
to such equitable relief by way of injunction), or statute on or after the date of this Agreement. 
  
 8.8 Assignment. This Agreement may not be assigned or otherwise transferred, in whole or in part, by one party without the prior written consent of
the other parties, which consent shall not unreasonably be withheld; provided, however, that this Agreement may be pledged and assigned by Purchaser and Purchaser ELT without the prior written consent of the parties to the extent necessary or
appropriate to effect the provisions of the Indenture of Trust. 
  
 8.9 Binding Effect. All covenants and agreements herein contained shall extend to and be obligatory upon all successors of the respective parties hereto. 
  
 8.10 Governing Law. THIS LOAN PURCHASE AGREEMENT SHALL BE CONSTRUED BY AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF
THE 
  

 13 

 STATE OF NEW YORK, INCLUDING SECTION 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW BUT OTHERWISE WITHOUT GIVING EFFECT
TO THE PRINCIPLES OF CONFLICTS OF LAW, AND THE RIGHTS, OBLIGATIONS AND REMEDIES OF THE PARTIES HERETO SHALL BE DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
  
 8.11 Consent to Jurisdiction. ANY LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS LOAN PURCHASE
AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY MAY BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE COUNTY OF NEW YORK, STATE OF NEW YORK AND EACH PARTY HERETO HEREBY WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE
OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND, SOLELY FOR THE PURPOSES OF THIS LOAN PURCHASE AGREEMENT, EACH PARTY HERETO HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUCH SUIT, ACTION OR PROCEEDING. 
  
 8.12 Entire Agreement. This Agreement embodies and constitutes the
entire understanding between the parties with respect to the transactions contemplated by this Agreement, and all prior or contemporaneous agreements, understandings, representations and statements between the parties, written or oral, are merged
into and superseded by this Agreement. 
  
 8.13
Counterparts. This Agreement may be simultaneously executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. 
  
 8.14 Limited Role of the Delaware Trustee. It is expressly understood
and agreed by the parties hereto that this Loan Purchase Agreement is executed and delivered by Wilmington Trust Company, not individually or personally but solely as Delaware Trustee of the Purchaser, in the exercise of the powers and authority
conferred and vested in it; (b) each of the representations, undertakings and agreement herein made on the part of the Purchaser is made and intended not as personal representations, undertakings and agreements by Wilmington Trust Company but is
made and intended for the purpose of binding only the Purchaser; (c) nothing herein contained shall be construed as creating any liability on Wilmington Trust Company, individually or personally, to perform any covenant either expressed or implied
contained herein, all such liability, if any, being expressly waived by the parties hereto and by any person claiming by, through or under the parties hereto; and (d) under no circumstances shall Wilmington Trust Company be personally liable for the
payment of any indebtedness or expenses of the Purchaser or be liable for the breach or failure of any obligations, representation, warranty or covenant made or undertaken by the Purchaser under this Agreement. 
  
 8.15 True Sale. 
  
 (a) All purchases hereunder shall be made without recourse
except as provided in Article V. Each party hereto intends that the transactions hereunder constitute the sales of the Student Loans by Seller to Purchaser (and by Seller ELT to Purchaser ELT). No party hereto intends the transactions contemplated
hereby to be, or for any purpose to be characterized as, a loan from Purchaser to Seller (or from Purchaser ELT to Seller ELT). 
  

 14 

 (b) In the event (but only to the extent) that the conveyance of any Student Loan
hereunder is characterized by a court, governmental authority or regulatory body as a loan rather than a sale, Seller shall be deemed to have granted to Purchaser (and Seller ELT shall be deemed to have granted to Purchaser ELT), and Seller hereby
grants to Purchaser (and Seller ELT hereby grants to Purchaser ELT), a security interest in all of its right, title and interest in, to and under such Student Loan. Each of Seller and Seller ELT authorizes Purchaser and Purchaser ELT to file any and
all Uniform Commercial Code financing statements deemed necessary by Purchaser (or the Issuer Administrator) to perfect the ownership interests described herein. 
  

 15 

 IN WITNESS WHEREOF, the parties hereto have caused this Loan Purchase Agreement to be duly
executed as of the day and year first above written. 
  

							
	 GOAL CAPITAL FUNDING, LLC, as Seller

		
	 By:
	 	 GOAL FINANCIAL, LLC, as Manager

			
	 	 	 By:
	 	  

	 	 	 Name:
	 	  

	 	 	 Title:
	 	  

  
  

					
	 	  	S-1	  	LOAN PURCHASE AGREEMENT (D)

					
	 GOAL CAPITAL FUNDING TRUST,

	 as Purchaser

		
	 By:
	 	 WILMINGTON TRUST COMPANY, not
 in its
individual capacity but solely as
 Delaware Trustee

			
	 	 	 By:
	 	  

	 	 	 Name:
	 	  

	 	 	 Title:
	 	  

  
  

					
	 	  	S-2	  	LOAN PURCHASE AGREEMENT (D)

					
	 [                    ],

	 not in its individual capacity but as

	 Eligible Lender Trustee for Seller

			
	 	 	 By:
	 	  

	 	 	 Name:
	 	  

	 	 	 Title:
	 	  

  

					
	 	  	S-3	  	LOAN PURCHASE AGREEMENT (D)

					
	 [                    ],

	 not in its individual capacity but as

	 Eligible Lender Trustee for Purchaser

			
	 	 	 By:
	 	  

	 	 	 Name:
	 	  

	 	 	 Title:
	 	  

  
  

					
	 	  	S-4	  	LOAN PURCHASE AGREEMENT (D)

 EXHIBIT A 
 FORM OF LOAN TRANSFER DOCUMENT 
  
 This loan transfer addendum, seller’s closing certificate, bill of sale and blanket endorsement of student loan promissory notes (collectively, this “Loan Transfer Document”) is made and entered into as of the
         day of             , 20    , by and among GOAL CAPITAL FUNDING, LLC (the “Seller”), GOAL
CAPITAL FUNDING TRUST (the “Purchaser”), [                    ], not in its individual capacity but as eligible lender trustee for
the Seller (in such capacity, the “Seller ELT”), and [                    ], not in its individual capacity but as eligible lender
trustee for the Purchaser (in such capacity, the “Purchaser ELT”). 
  
 WHEREAS, the parties hereto entered into that certain loan purchase agreement, dated as of
[                    ], 2005 (as the same may be amended or otherwise modified from time to time, the “Loan Purchase Agreement”),
and the Seller wishes to sell a portfolio of student loans to the Purchaser, pursuant to and in accordance with the terms and conditions of the Loan Purchase Agreement. 
  
 NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants herein contained, the parties hereto
agree as follows: 
  
 1. Definitions. All
capitalized terms in this Loan Transfer Document shall have the same meanings given to them in (or by reference in) the Loan Purchase Agreement, unless otherwise specifically stated herein. 
  
 2. Sale of Student Loans. For value received and subject to the
terms and conditions of the Loan Purchase Agreement and in reliance upon the representations, warranties and covenants set forth therein, the Seller (and, with respect to legal title thereto, Seller ELT on behalf of Seller) does hereby grant, sell,
assign, transfer and convey to the Purchaser (and, with respect to legal title thereto, to Purchaser ELT on behalf of the Purchaser), and its successors and assigns, all right, title and interest of the Seller (and with respect to legal title
thereto, of the Seller ELT on behalf of Seller) in and to the following: 
  
 (a) the loans identified in the loan transfer schedule attached hereto as Schedule I, having an aggregate outstanding Principal Balance of approximately      (collectively, the
“Portfolio”), including any guarantees and Certificates of Insurance applicable to the Portfolio; 
  
 (b) all promissory notes and master notes (or copies thereof) and related documentation evidencing the indebtedness represented by the
Portfolio; and 
  
 (c) all proceeds of the
foregoing including, without limitation, all payments made by the obligor thereunder or with respect thereto, all guarantee payments made by any Guarantee Agency with respect thereto, if any, and all interest benefit payments and Special Allowance
Payments with respect thereto made under Title IV, Part B, of the Higher Education Act of 1965, as amended, and all rights to receive such payments, but excluding any proceeds of the sale made hereby, 
  

 A-1 

 to have and to hold the same unto the Purchaser (and, with respect to legal title thereto, unto Purchaser ELT on behalf
of the Purchaser), its successors and assigns, forever. Except as provided in the Loan Purchase Agreement, the sale contemplated by this Section 2 is without recourse. 
  
 3. Purchase Price. Subject to the terms and conditions of the Loan Purchase Agreement, the Purchaser (and,
with respect to legal title thereto, Purchaser ELT on behalf of the Purchaser) agrees to purchase the Portfolio at a purchase price equal to [             dollars
($            )]. 
  
 4. Scheduled Sale Date. The Scheduled Sale Date applicable to the Portfolio shall be the date hereof. 
  
 5. Non-Consolidation Loans. Student Loans that are not Consolidation Loans [check one] 
  
 are
             
  
 are not              
  
 included in the Portfolio. 
  
 6. Servicer. The Servicer[s] of the Eligible Loans in the Portfolio [is/are] 
  
 ____________ 
  
 7. Guarantee Agency. The Guarantee Agenc[ies] with respect to the Eligible Loans in the Portfolio [is/are] 
  
 ____________ 
  
 8. Representations and Warranties. The Seller does hereby represent and warrant that all representations,
warranties and statements by or on behalf of the Seller contained in the Loan Purchase Agreement are true and correct on and as of the date hereof with respect to each of the Student Loans in the Portfolio. 
  
 The Seller does further hereby represent and warrant that the documents
listed on Schedule II hereto, to the extent applicable to any Student Loan acquired under the Loan Purchase Agreement, have heretofore been furnished to the Purchaser or are simultaneously herewith being delivered in accordance with the
instructions of the Purchaser, pursuant to Section 4.3 of the Loan Purchase Agreement. 
  

 A-2 

 9. Blanket Endorsement. By its execution of this Loan Transfer Document, the Seller (and,
with respect to legal title, Seller ELT on behalf of the Seller) hereby endorses in blank, unrestricted form and without recourse, except as provided for in the Loan Purchase Agreement, all promissory notes and related documents purchased by the
Purchaser (and, with respect to legal title, by Purchaser ELT on behalf of the Purchaser) pursuant to the Loan Purchase Agreement and this Loan Transfer Document. The endorsement contemplated by this Section 9 is without recourse, except as provided
under the terms of the Loan Purchase Agreement. All right, title, and interest of Seller (and, with respect to legal title thereto, of Seller ELT on behalf of the Seller) in and to such promissory notes and related documentation are hereby
transferred and assigned to the Purchaser (and, with respect to legal title thereto, to Purchaser ELT on behalf of the Purchaser). 
  
 The endorsement contemplated by this Section 9 may be further manifested by attaching this Loan Transfer Document or a facsimile hereof to each or any of
the promissory notes and master notes (or copies thereof) and related documentation acquired by the Purchaser (and, with respect to legal title thereto, by Purchaser ELT on behalf of the Purchaser) from Seller (and, with respect to legal title
thereto, from Seller ELT on behalf of the Seller), or by attaching this Loan Transfer Document to Schedule I hereof, as the Purchaser may require or deem necessary. 
  
 10. Effect on Loan Purchase Agreement. This Loan Transfer Document sets forth the terms of purchase and sale
solely with respect to the Portfolio. This Loan Transfer Document shall have no effect upon any other sale or purchase of any Student Loans consummated or contemplated prior to or after the date hereof, and all other terms, conditions and agreements
contained in the Loan Purchase Agreement shall remain in full force and effect. Prior or subsequent purchases and sales of Student Loans shall each be governed by a separate Loan Transfer Document. 
  
  

 A-3 

 IN WITNESS WHEREOF, this Loan Transfer Document has been duly executed as of the date first above
written. 
  

					
	 GOAL CAPITAL FUNDING, LLC, as Seller

		
	 By:
	 	 GOAL FINANCIAL, LLC, as Manager

			
	 	 	 By:
	 	  

	 	 	 Name:
	 	  

	 	 	 Title:
	 	  

  
  

 S-1 

					
	 GOAL CAPITAL FUNDING TRUST,

	 as Purchaser

		
	 By:
	 	 GOAL FINANCIAL, LLC,

	 	 	 as Issuer Administrator

			
	 	 	 By:
	 	  

	 	 	 Name:
	 	  

	 	 	 Title:
	 	  

  
  

 S-2 

			
	 [                    ],

	 not in its individual capacity but as Eligible

	 Lender Trustee for the Seller

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  
  

 S-3 

			
	 [                    ],

	 not in its individual capacity but as Eligible

	 Lender Trustee for the Purchaser

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  
  

 S-4 

 Schedule I 
  
 LOAN TRANSFER SCHEDULE 
  

			
	Loan Number / Identification	 	Principal Balance

  
  

 Schedule I 

 Schedule II 
  
 *     *     * 
  
 The Department of Education application or Guarantee Agency application, as supplemented 
  
 Interim note(s) for each Student Loan 
  
 Payout note(s) for each Student Loan 
  
 Disclosure and Student Loan information statement 
  
 Certificate of Insurance and Contract of Insurance with respect to each Insured Student Loan (or certified copy thereof)

  
 Guarantee Agreement, Agreement for Participation in the
Guaranteed Loan Program and Notification of Loan Approval by the Guarantee Agency with respect to each Guaranteed Student Loan (or certified copy thereof) 
  
 Any other documentation held by the Seller relating to the history of such Student Loan 
  
 Secretary or Guarantee Agency Loan Transfer Statements, if any 
  
 Uniform Commercial Code financing statement, if any, securing any interest in a Student Loan to be Financed, and an executed
termination statement related thereto 
  
 Evidence of Student Loan
disbursement 
  
 Any other document required to be submitted with
a claim to the Guarantee Agency. 
  
 *    
*     * 
  

 Schedule II

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00090-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00090-of-00352.parquet"}]]