Document:

EX-4.19

 Exhibit 4.19 

SLM CORPORATION 

OFFICERS’ CERTIFICATE 

This certificate is furnished to JP Morgan Chase Bank, formerly known as The Chase Manhattan Bank, in its capacity as trustee (the
“Trustee”), pursuant to Section 2.02(c) of the Indenture, dated as of October 1, 2000, as amended or supplemented (the “Indenture”), between SLM Corporation, formerly known as USA Education, Inc., a
Delaware corporation (the “Company”), and the Trustee. 
 The Company has filed with the Securities and Exchange Commission
(the “Commission”) a Registration Statement (File No. 333-107132) including a Prospectus, dated August 6, 2003, and a Prospectus Supplement, dated December 4, 2003, with respect to the offering of $275,000,000
aggregate principal amount of 6% Senior Notes due December 15, 2043 (the “Initial Senior Notes”) and, subject to the agreement of the Company, up to $41,250,000 of 6% Senior Notes due December 15, 2043 (the
“Option Senior Notes”, and together with the Initial Senior Notes, the “Senior Notes”). By resolution dated January 28, 2003, the Board of Directors of the Company authorized the Company to issue and
sell indebtednesss and authorized certain officers or any one of their designees to take or cause to be taken actions under such resolution. 

The undersigned, C.E. Andrews, Executive Vice President, Accounting and Risk Management of the Company, and Mary F. Eure, Vice President and
Corporate Secretary of the Company, hereby make this certificate in order to set forth the terms of the Senior Notes to be issued under the Indenture on December 15, 2003. 

A. Board Resolution: The resolution of the Board of Directors of the Company authorizing issuance of the Senior Notes is attached as
Exhibit A to this certificate. The Corporate Secretary of the Company hereby certifies that the foregoing resolution was adopted by the Board of Directors of the Company and is in full force and effect on the date of this certificate. 

B. Terms and Conditions of the Senior Notes: The terms and conditions of the Senior Notes are as follows. Capitalized terms used and
not otherwise defined in this Officers’ Certificate have the meanings ascribed to them in the Indenture and the Master Note (defined below). 

(1) Title of the Senior Notes. The title of the Senior Notes is “6% Senior Notes due December 15, 2043.” The Senior
Notes shall be deemed a separate Series of Securities under the Indenture, known as “Series C”. 
 (2) Aggregate Principal
Amount of Senior Notes. The aggregate principal amount of Senior Notes that may be authenticated and delivered is $275,000,000 and, subject to the agreement of the Company, up to an additional $41,250,000. The Company is entitled under
Section 2.02(b) of the Indenture to reopen the Series of Senior Notes by offering additional Securities of such Series. Upon receipt of a Company Order for the authentication and delivery of the Notes and satisfaction of the requirements of
Section 2.03 of the Indenture, the Trustee shall authenticate Senior Notes for the original issuance in a an aggregate principal amount as set forth in the Company Order. 

(3) Maturity Date. The entire outstanding principal of the Senior Notes shall be payable on the Maturity Date set forth in the Master
Note to Holders as of the Regular Record Date immediately preceding the Maturity Date 
 (4) Interest. Interest shall be paid as set
forth in the Master Note. 
 (5) Record Date. Payments of interest and principal shall be made to Holders on each Regular Record
Date, determined as set forth in the Master Note. 
 (6) Registrar and Paying Agent. The Trustee shall be the Registrar and the
Paying Agent with respect to the Senior Notes. Payments in respect of the Senior Notes represented by Global Securities (including principal and interest) shall be made in immediately available funds as provided in the Master Note. 

 (7) Redemption. The Senior Notes shall be redeemable at the option of the Company on any
Business Day on and after December 15, 2008 (each, a “Redemption Date”). The Senior Notes may be redeemed on any Redemption Date, in whole or in part, at a redemption price equal to 100% of the principal amount to be
redeemed plus any accrued and unpaid interest up to, but excluding, the applicable Redemption Date. Pursuant to Section 3.01 of the Indenture, the Company shall, at least sixty (60) days prior to the Redemption Date fixed by the Company,
notify the Trustee of such Redemption Date and of the principal amount and the redemption price of the Senior Notes to be redeemed. Notwithstanding Section 3.03(a) of the Indenture, at least thirty (30), but not more than sixty (60), days
before a Redemption Date, the Company and the Trustee shall send a notice of redemption by facsimile or some other form of electronic transmission, with a copy of such notice sent simultaneously by first-class mail, to the Depositary for the Senior
Notes issued in book-entry form or to each Holder of the Senior Notes that are to be redeemed if the Senior Notes are issued in other than book-entry form. All provisions of Section 3.03 of the Indenture, with the exception of
Section 3.03(a) which has been modified by this Paragraph B. (7), shall remain unchanged. 
 (8) Sinking Fund. The Senior Notes
shall not have the benefit of any sinking fund. 
 (9) Denomination. The Senior Notes shall be issued in denominations of $25 and any
integral multiple thereof. The Senior Notes may be transferred or exchanged only in minimum denominations of $25 and integral multiples of $25 in excess thereof; and any attempted transfer, sale or other disposition of the Senior Notes in a
denomination of less than $25 shall be deemed to be void and of no legal effect whatsoever. 
 (10) Acceleration. In the Event of
Default, the Trustee, by notice to the Company, or the Holders of at least 25% in principal amount of all of the outstanding Senior Notes, by notice to the Company and the Trustee, may declare the Principal of the Senior Notes to be due and payable.
Upon such declaration, the full amount of such Principal shall be due and payable immediately. 
 (11) Registered Securities. The
Senior Notes shall be issuable only as Registered Securities (without coupons) and as permanent Global Securities. The Notes shall not be issuable in definitive form (other than in the name of the Depositary’s nominee) except under the
circumstances described in Section 2.15 of the Indenture. The Trustee shall act as transfer agent for the Senior Notes. 
 (12) Form
of Notes. The master note for the Senior Notes and the form of fixed rate note attached thereto (the “Master Note”) is to be substantially in the form attached as Exhibit B to this Officers’ Certificate. 

(13) Depositary. The Depositary for the Senior Notes in book-entry form shall be The Depository Trust Company. Beneficial interests in
such Notes shall be held through the Depositary. 
 (14) Currency. Payments of principal and interest on the Senior Notes shall be
made in U.S. Dollars, and the Senior Notes shall be denominated in U.S. Dollars. 
 (15) Conversion. The Senior Notes shall not be
convertible or exchangeable into any other class or series of securities. 
 (16) Defeasance. The Company shall not be entitled to
defease payments under the Notes. 
 (17) Priority. The Senior Notes are senior unsecured obligations of the Company and rank equally
in right of payment with any other senior unsecured and unsubordinated indebtedness that the Company may issue from time to time. The Senior Notes will rank senior to any subordinated indebtedness that the Company may issue from time to time. 

C. Trustee Payments  
 (1)
Establishment of Account; Investments. The Company directs and authorizes the Trustee to establish one or more debt service accounts in respect of the Senior Notes. All or a portion of the 

  
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 amounts paid to the Trustee by the Company are to be deposited in such accounts and are to be invested and
reinvested by the Trustee pursuant to written directions from the Company, which direction may be in the form of a standing direction. Such investments may be in one or more Eligible Instruments (as defined in the Indenture) or Eligible Investments
(defined below). Notwithstanding the foregoing, no investment of any such amount may mature later than the Business Day preceding the applicable payment date (or, in the case of an investment in an obligation of the Trustee, no later than the
applicable payment date) and no such investment may be sold prior to its maturity date. On each payment date, the trustee is required to withdraw any net reinvestment income and return such amount to the Company. The Trustee has no obligation to
invest and reinvest any cash held in such accounts established by the Trustee in the absence of a timely and specific written investment direction from the Company. In no event is the Trustee liable for the selection of investments or for investment
losses incurred thereon. The Trustee has no liability in respect of losses incurred as a result of the liquidation of any investment prior to its stated maturity or the failure of the Company to provide timely written investment direction. 

“Eligible Investments” means book-entry securities, negotiable instruments or securities represented by instruments in bearer or
registered form, with respect to which the Trustee has taken delivery, which evidence: (i) direct obligations of, and obligations fully guaranteed as to the full and timely payment by, the United States of America, (ii) demand deposits,
time deposits or certificates of deposit of any depository institution or trust company incorporated under the laws of the United States of America or any State thereof and subject to supervision and examination by Federal or State banking or
depository institution authorities, provided that at the time of investment or contractual commitment to invest therein, the commercial paper or other short-term unsecured debt obligations (other than such obligations the rating of which is based on
the credit of a person other than such depository institution or trust company) thereof shall be rated “A-1+” by Standard & Poor’s Credit Market Services (“S&P”) and “P-1” by Moody’s Investors
Service, Inc. (“Moody’s”); (iii) commercial paper that, at the time of the investment or contractual commitment to invest therein, is rated “A-1” by S&P and “P-1” by Moody’s; (iv)bankers’
acceptances issued by any depository institution or trust company referred to in (ii) above; (v) repurchase obligations with respect to any security pursuant to a written agreement that is a direct obligation of, or fully guaranteed as to
the full and timely payment by, the United States of America or any agency or instrumentality thereof, the obligations of which are backed by the full faith and credit of the United States of America, in either case entered into with a depository
institution or trust company the deposits of which are insured by the Federal Deposit Insurance Corporation and whose commercial paper or other short-term unsecured debt obligations are rated “A-1+” by S&P and “P-1” by
Moody’s; and (vi) money market mutual funds registered under the Investment Company Act having a rating, at the time of such investment from each of S&P and Moody’s in the highest investment category granted thereby. Any Eligible
Investments may be purchased by or through Trustee or any of its affiliates and shall include such securities issued by the Trustee or its affiliates. 

D. Additional Certification. Each of the undersigned (i) has read Section 2.02 and other relevant provisions of the
Indenture; (ii) has examined documents and made inquiries of officers of the Company in order to ascertain compliance with Section 2.02 of the Indenture; (iii) is of the opinion that the signing officer has made such examination and
investigation as the signing officer deems necessary to enable such officer to express an informed opinion as to whether the conditions of Section 2.02 of the Indenture have been complied with; and (iv) is of the opinion that the
requirements of Section 2.02 of the Indenture have been complied with. 

  
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 IN WITNESS WHEREOF, we have executed this certificate as of December 4, 2003. 

 

					
	 /s/ C.E. ANDREWS
	  		  	 /s/ MARY F. EURE

	C.E. Andrews	  		  	Mary F. Eure
	Executive Vice President, Accounting Risk Management	  		  	Vice President and Corporate Secretary abd
	SLM Corporation	  		  	SLM Corporation

  
 4EX-4.20

 Exhibit 4.20 

EXCEPT AS OTHERWISE PROVIDED IN SECTION 2.15 OF THE INDENTURE, THIS NOTE MAY BE TRANSFERRED IN WHOLE, BUT NOT IN PART, ONLY TO ANOTHER NOMINEE OF THE
DEPOSITARY OR TO A SUCCESSOR DEPOSITARY OR TO A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO
CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL, SINCE THE REGISTERED OWNER OF THIS NOTE, CEDE & CO., HAS AN INTEREST IN THIS NOTE. 

 

									
	REGISTERED	  	$300,000,000.00	  	  	
	No. 1	  	CUSIP:	  	 	78442P304	  	  	
		  	ISIN:	  	 	US78442P3047	  	  	

 SLM CORPORATION 

6% SENIOR NOTES DUE DECEMBER 15, 2043 

(FIXED RATE) 
  

			
	Original Issue Date: December 15, 2003	  	Interest Rate: 6% per annum
		
	Maturity Date: December 15, 2043	  	Interest Payment Dates: *
		
	Redeemable On and After: December 15, 2008	  	Interest Accrual Period: **
		
	Original Issue Discount Note: N/A	  	Maximum Interest Rate: N/A
		
	Authorized Denomination: $25 or any integral multiple thereof	  	Accrual Method: 30/360 (Payment Basis)

  

	*	March 15, June 15, September 15 and December 15 of each year, beginning March 15, 2004, and the Maturity Date. 

	**	The period from and including the previous Interest Payment Date (or Original Issue Date, in the case of the first Interest Accrual Period) through the calendar day before the then-current Interest Payment Date (or
Maturity Date, in the case of the last Interest Accrual Period). 

 SLM CORPORATION, a Delaware corporation, formerly known as
USA Education, Inc. (the “Company”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal amount shown above on the Maturity Date shown above (or upon earlier
redemption), and interest on the principal amount shown above at the rate per annum equal to the Interest Rate shown above, until the principal of this Note is fully paid or duly made available for payment. 

The Company will pay the interest then due and payable on each Interest Payment Date shown above and on the Maturity Date, and the
principal amount shown above on the Maturity Date, provided if any Interest Payment Date or the Maturity Date would otherwise be a day that is not a Business Day, then payment of interest payable on such date will be made on the next
succeeding day which is a Business Day, and no interest on such payment will accrue from or after the original Interest Payment Date or Maturity Date to the date of payment. “Business Day” means any day other than a Saturday, a
Sunday, or a day on which banking institutions in New York, New York are authorized or required by law, regulation or executive order to close. 

The interest so payable, and punctually paid or duly provided for, on the Interest Payment Dates referred to above, will, as provided in the
Indenture (defined on the reverse of this Note), be paid to 

 
the Person in whose name this Note is registered at the close of business on the Regular Record Date for such interest, provided that interest payable on the Maturity Date will be paid to
the Person to whom the principal of this Note is payable. The “Regular Record Date” for each payment of interest is the first day of March, June, September or December immediately preceding the applicable Interest Payment Date in
that March, June, September or December, whether or not a Business Day, except that the Regular Record Date for the final Interest Payment Date will be the final Interest Payment Date. Any such interest which is payable, but is not punctually paid
or duly provided for, on any Interest Payment Date, will cease to be payable to the Holder on such Regular Record Date, and may be paid to the Person in whose name this Note is registered at the close of business on a special record date for the
payment of such defaulted interest to be fixed by the Trustee (defined on the reverse of this Note), notice of which will be given to the Holder of this Note not less than ten (10) days prior to such special record date, or may be paid at any
time in any other lawful manner not inconsistent with the requirements of any securities exchange on which this Note may be listed and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. The Company
will pay interest at the applicable interest rate on overdue principal and, to the extent permitted by law, on overdue interest. 
 Payments
of principal and interest will be made at the office or agency of the Trustee maintained for that purpose in the Borough of Manhattan, The City of New York, in such coin or currency of the United States of America as at the time of payment is legal
tender for the payment of public and private debt, by check mailed to the address of the Person entitled thereto as such address appears in the Register for this Note, provided that so long as this Note is represented by a Global Security,
each payment will be made by wire transfer of immediately available funds, if the Holder has provided the Trustee appropriate instructions for such payment. 

The principal of this Note and interest due at maturity will be paid upon maturity by wire transfer of immediately available funds against
presentation of this Note at the office or agency of the Trustee maintained for that purpose in the Borough of Manhattan, The City of New York. 

REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET FORTH ON THE REVERSE OF THIS NOTE, WHICH FURTHER PROVISIONS FOR ALL
PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH ON THE FACE OF THIS NOTE. 
 This Note is governed by and will be construed in accordance with
the laws of the State of New York. 
 Unless the certificate of authentication on this Note has been executed by JPMorgan Chase Bank,
formerly known as The Chase Manhattan Bank, the Trustee under the Indenture, or its successor thereunder by the manual signature of one of its authorized signatories, this Note will not be entitled to any benefit under the Indenture or be valid or
obligatory for any purpose. 

  
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 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

Dated: December 15, 2003 
  

			
	SLM CORPORATION
		
	By:	 	 /s/ JOHN F. REMONDI

	Name:	 	John F. Remondi
	Title:	 	Executive Vice President, Finance
		
	By:	 	 /s/ MARY F. EURE

	Name:	 	Mary F. Eure
	Title:	 	Vice President and Corporate Secretary

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	JPMORGAN CHASE BANK, as Trustee
		
	By:	 	 /s/ PATRICIA RUSSO

		 	Authorized Signature

  
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 [Reverse of Note] 

SLM CORPORATION 
 6%
SENIOR NOTES 
 DUE DECEMBER 15, 2043 

(FIXED RATE) 
 This Note
is one of a duly authorized series of notes of the Company issued and to be issued under the Indenture, dated as of October 1, 2000 (the “Base Indenture”), between the Company and JPMorgan Chase Bank, formerly known as
The Chase Manhattan Bank, as trustee (“Trustee”), as supplemented by an Officers’ Certificate, dated December 4, 2003, establishing the terms of the Company’s 6% Senior Notes due December 15, 2043 (the
“Senior Notes”), delivered by the Company to the Trustee under Section 2.02(c) of the Base Indenture (the Base Indenture, as amended or supplemented by the Officers’ Certificate, collectively the
“Indenture”). Reference is made to the Indenture for a statement of the respective rights and limitations of rights thereunder of the Company, the Trustee and the Holders of the Senior Notes, and the terms upon which the Senior
Notes are, and are to be, authenticated and delivered. Capitalized terms used and not otherwise defined in this Note have the meanings ascribed to them in the Indenture. The term “Company”, as used in this Note, includes any
successor to the Company under the Indenture. 
 The Note is one of a separate Series of Securities under the Indenture, known as
“Series C”, and designated as a 6% Senior Note due December 15, 2043. The Interest Accrual Period for each Interest Payment Date begins on and includes the previous Interest Payment Date through the calendar day before the
then-current Interest Payment Date, provided that the first Interest Accrual Period begins on December 15, 2003 and ends on March 14, 2004, the calendar day before the first Interest Payment Date. Interest will be computed on the
basis of a 360-day year consisting of twelve 30-day months. The Calculation Agent will round all U.S. dollar amounts resulting from calculations of interest payments to the nearest cent (with one-half cent being rounded upward, if necessary). The
“Calculation Agent” will be the Company. 
 The calculation agent on behalf of the Trustee will calculate the interest
payable on this Note in accordance with the foregoing and will confirm in writing such calculation to the Paying Agent immediately after each determination. All determinations made by the calculation agent on behalf of the Trustee will be, in the
absence of manifest error, conclusive for all purposes and binding on the Company and the Holders of the Senior Notes. 
 This Note may be
redeemed at the option of the Company on any Business Day on and after the date specified on the face of this Note (each, a “Redemption Date”). This Note may be redeemed on any Redemption Date, in whole or in part, at a redemption
price equal to 100% of the principal amount to be redeemed plus any accrued and unpaid interest up to, but excluding, the applicable Redemption Date, upon not less than thirty (30) nor more than sixty (60) days’ notice prior to the
proposed Redemption Date given by the Company and the Trustee to the Holder of this Note. 
 In the event of redemption or repayment of this
Note in part only, a new Note or Notes of like tenor in the aggregate principal amount to and in exchange for the portion of this Note that is not redeemed or repaid will be issued in the name of the Holder of this Note upon its cancellation. 

As described on the face of this Note, the entire principal amount of this Note will be due and payable on the Maturity Date. If an Event
of Default occurs and is continuing, the Trustee, by notice to the Company, or the Holders of at least 25% in principal amount of all of the outstanding Senior Notes, by notice to the Company and the Trustee, may declare the principal of all the
Senior Notes due and payable in the manner and with the effect provided in the Indenture. 
 The Indenture permits, with certain exceptions
as provided in the Indenture, the amendment of the Indenture and the modification of the rights and obligations of the Company and the rights of the 

  
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Holders of the Senior Notes at any time by the Company and the Trustee with the consent of the Holders of a majority in aggregate principal amount of the Senior Notes at the time outstanding. The
Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Senior Notes at the time outstanding, on behalf of the Holders of all Senior Notes, to waive compliance by the Company with
certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note will be conclusive and binding upon such Holder and upon future Holders of this Note and
of any Note issued upon the registration of transfer of, exchange for or substitution of this Note, whether or not notation of such consent or waiver is made upon this Note. 

Holders of Senior Notes may not enforce their rights pursuant to the Indenture or the Senior Notes except as provided in the Indenture. No
reference in this Note to the Indenture and no provision of this Note or the Indenture will alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Note at the time, place, and
rate, and in the coin or currency, prescribed in this Note. 
 As provided in the Indenture and subject to certain limitations set forth in
the Indenture, the transfer of this Note may be registered on the Note Register of the Company, upon surrender of this Note for registration of transfer at the office or agency of the Company in the Borough of Manhattan, The City of New York,
duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company, and this Note duly executed by, the Holder of this Note or by his attorney duly authorized in writing and thereupon one or more new Notes, of
authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The
Senior Notes are issuable only in registered form without coupons in denominations of $25 or any amount in excess thereof which is an integral multiple of $25. 

No service charge will be made for any such registration of transfer, but the Company may require payment of a sum sufficient to cover any tax
or other governmental charge payable in connection therewith. 
 Prior to the due presentment of this Note for registration of transfer, the
Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner of this Note for all purposes, whether or not this Note is overdue, and neither the Company, the Trustee nor any
such agent will be affected by notice to the contrary. 

  
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 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of this instrument, will be construed as though they were written out in full according
to applicable laws or regulations: 
  

									
	TEN COM	  	—	  	as tenants in common
			
	TEN ENT	  	—	  	as tenants by the entireties
			
	JT TEN	  	—	  	as joint tenants with right of survivorship and not as tenants in common
					
	 UNIF GIFT MIN ACT
	  	—	  	  
	  	Custodian	  	  

		  		  	(Cust)	  		  	(Minor)

					
		
		  	                     Under Uniform Gifts
to Minors Act

		
		  	  

			
		  	  
	  	(State)
		
	 Additional abbreviations may also be used though not in the above list.
	  	
			
		  	  
	  	

  
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 Assignment 

FOR VALUE RECEIVED, the undersigned 

hereby sell(s), assign(s) and transfer(s) unto 
  

			
	  

	PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE
	
	  

	
	  

	PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE	  	
	
	  

	the within Note and all rights thereunder, hereby irrevocably constituting and appointing	  	
		
	  
	  	Attorney
	to transfer said Note on the books of the Company, with full power of substitution in the premises.	  	

					
	  
 Dated:
	  		  	
			
		  	  
	  	  

		
	  
	  	
		  	(Signature Guarantee)	  	

  
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