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      EXHIBIT
        4.1

    

    
 

    INDENTURE

     

    between

     

    THE
      NATIONAL COLLEGIATE STUDENT LOAN TRUST 2006-4,

    as
      Issuer

     

    and

     

    U.S.
      BANK
      NATIONAL ASSOCIATION,

    as
      Indenture Trustee

     

    Relating
      To:

    The
      National Collegiate Student Loan Trust 2006-4

     

    Dated
      as
      of December 1, 2006

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    THE
      NATIONAL COLLEGIATE STUDENT LOAN TRUST 2006-4

     

    Reconciliation
      and tie between Trust Indenture Act of 1939, as amended (the “Trust Indenture
      Act” or “TIA”) and this Indenture of Trust, dated as of December 1,
      2006.

     

    
      	
              Trust
                Indenture Act Section

            	 	
              Indenture
                Section

            
	 	 	 
	
              Section 310(a)(1)

            	 	
              6.11

            
	
              Section
                310(a)(3)

            	 	
              6.10

            
	
              Section
                310(b)

            	 	
              6.11

            
	
              Section
                313(c)

            	 	
              3.24,
                5.17(c)

            
	
              Section
                314(c)

            	 	
              3.14

            
	
              Section
                314(d)(1)

            	 	
              3.14

            
	
              Section
                318

            	 	
              11.12

            

    

    

    
      	
              ____________________

            

    

    

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

     

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

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

    
      	
              TABLE
                OF CONTENTS

            

    

     

    

      
        	
                ARTICLE
                  I

              
	
                Definitions
                  and Usage

                 

              
	
                SECTION
                  1.01

              	
                Definitions
                  and Usage

                 

              
	
                ARTICLE
                  II

              
	
                The
                  Notes

                 

              
	
                SECTION
                  2.01

              	
                Form

              
	
                SECTION
                  2.02

              	
                Execution,
                  Authentication and Delivery

              
	
                SECTION
                  2.03

              	
                Temporary
                  Notes

              
	
                SECTION
                  2.04

              	
                Registration;
                  Registration of Transfer and Exchange

              
	
                SECTION
                  2.05

              	
                Mutilated,
                  Destroyed, Lost or Stolen Notes

              
	
                SECTION
                  2.06

              	
                Persons
                  Deemed Owner

              
	
                SECTION
                  2.07

              	
                Payment
                  of Principal and Interest; Defaulted Interest

              
	
                SECTION
                  2.08

              	
                Cancellation

              
	
                SECTION
                  2.09

              	
                Release
                  of Collateral

              
	
                SECTION
                  2.10

              	
                Book-Entry
                  Notes

              
	
                SECTION
                  2.11

              	
                Notices
                  to Clearing Agency

              
	
                SECTION
                  2.12

              	
                Definitive
                  Notes

              
	
                SECTION
                  2.13

              	
                Tax
                  Treatment

                 

              
	
                ARTICLE
                  III

              
	
                Covenants

                 

              
	
                SECTION
                  3.01

              	
                Payment
                  to Noteholders

              
	
                SECTION
                  3.02

              	
                Maintenance
                  of Office or Agency

              
	
                SECTION
                  3.03

              	
                Money
                  for Payments To Be Held in Trust

              
	
                SECTION
                  3.04

              	
                Existence

              
	
                SECTION
                  3.05

              	
                Protection
                  of Indenture Trust Estate

              
	
                SECTION
                  3.06

              	
                Opinions
                  as to Indenture Trust Estate

              
	
                SECTION
                  3.07

              	
                Performance
                  of Obligations; Servicing of Financed Student Loans

              
	
                SECTION
                  3.08

              	
                Negative
                  Covenants

              
	
                SECTION
                  3.09

              	
                Annual
                  Statement as to Compliance

              
	
                SECTION
                  3.10

              	
                Issuer
                  May Consolidate, etc., Only on Certain Terms

              
	
                SECTION
                  3.11

              	
                Successor
                  or Transferee

              
	
                SECTION
                  3.12

              	
                No
                  Other Business

              
	
                SECTION
                  3.13

              	
                No
                  Borrowing

              
	
                SECTION
                  3.14

              	
                Disposing
                  of Financed Student Loans

              
	
                SECTION
                  3.15

              	
                Guarantees,
                  Loans, Advances and Other Liabilities

              
	
                SECTION
                  3.16

              	
                Capital
                  Expenditures

              
	
                SECTION
                  3.17

              	
                Restricted
                  Payments

              
	
                SECTION
                  3.18

              	
                Notice
                  of Events of Default

              
	
                SECTION
                  3.19

              	
                Further
                  Instruments and Acts

              
	
                SECTION
                  3.20

              	
                Additional
                  Covenants

              
	
                SECTION
                  3.21

              	
                Covenant
                  Regarding Financed Student Loans

              
	
                SECTION
                  3.22

              	
                Additional
                  Representations of the Issuer

              
	
                SECTION
                  3.23

              	
                Issuer
                  Separateness Covenants

              
	
                SECTION
                  3.24

              	
                Reports
                  by Issuer

                 

              
	
                ARTICLE
                  IV

              
	
                Satisfaction
                  and Discharge

                 

              
	
                SECTION
                  4.01

              	
                Satisfaction
                  and Discharge of Indenture

              
	
                SECTION
                  4.02

              	
                Application
                  of Trust Money

              
	
                SECTION
                  4.03

              	
                Repayment
                  of Moneys Held by Paying Agent

                 

              
	
                ARTICLE
                  V

              
	
                Remedies

                 

              
	
                SECTION
                  5.01

              	
                Events
                  of Default

              
	
                SECTION
                  5.02

              	
                Acceleration
                  of Maturity; Rescission and Annulment

              
	
                SECTION
                  5.03

              	
                Collection
                  of Indebtedness and Suits for Enforcement by Indenture
                  Trustee

              
	
                SECTION
                  5.04

              	
                Remedies;
                  Priorities

              
	
                SECTION
                  5.05

              	
                Optional
                  Preservation of the Financed Student Loans

              
	
                SECTION
                  5.06

              	
                Limitation
                  of Suits

              
	
                SECTION
                  5.07

              	
                Unconditional
                  Rights of Noteholders To Receive Principal and Interest

              
	
                SECTION
                  5.08

              	
                Restoration
                  of Rights and Remedies

              
	
                SECTION
                  5.09

              	
                Rights
                  and Remedies Cumulative

              
	
                SECTION
                  5.10

              	
                Delay
                  or Omission Not a Waiver

              
	
                SECTION
                  5.11

              	
                Control
                  by Noteholders

              
	
                SECTION
                  5.12

              	
                Waiver
                  of Past Defaults

              
	
                SECTION
                  5.13

              	
                Undertaking
                  for Costs

              
	
                SECTION
                  5.14

              	
                Waiver
                  of Stay or Extension Laws

              
	
                SECTION
                  5.15

              	
                Action
                  on Notes

              
	
                SECTION
                  5.16

              	
                Performance
                  and Enforcement of Certain Obligations

              
	
                SECTION
                  5.17

              	
                Notice
                  of Defaults

                 

              
	
                ARTICLE
                  VI

              
	
                The
                  Indenture Trustee

                 

              
	
                SECTION
                  6.01

              	
                Duties
                  of Indenture Trustee

              
	
                SECTION
                  6.02

              	
                Rights
                  of Indenture Trustee

              
	
                SECTION
                  6.03

              	
                Individual
                  Rights of Indenture Trustee

              
	
                SECTION
                  6.04

              	
                Indenture
                  Trustee’s Disclaimer

              
	
                SECTION
                  6.05

              	
                Notice
                  of Defaults

              
	
                SECTION
                  6.06

              	
                Reports
                  by Indenture Trustee to Noteholders

              
	
                SECTION
                  6.07

              	
                Compensation
                  and Indemnity

              
	
                SECTION
                  6.08

              	
                Replacement
                  of Indenture Trustee

              
	
                SECTION
                  6.09

              	
                Successor
                  Indenture Trustee by Merger

              
	
                SECTION
                  6.10

              	
                Appointment
                  of Co-Trustee or Separate Trustee

              
	
                SECTION
                  6.11

              	
                Eligibility;
                  Disqualification

                 

              
	
                ARTICLE
                  VII

              
	
                Noteholders’
                  Lists and Reports

                 

              
	
                SECTION
                  7.01

              	
                Issuer
                  To Furnish Indenture Trustee Names and Addresses of
                  Noteholders

              
	
                SECTION
                  7.02

              	
                Preservation
                  of Information; Communications to Noteholders

              
	
                SECTION
                  7.03

              	
                Reports
                  by Issuer

                 

              
	
                ARTICLE
                  VIII

              
	
                Accounts,
                  Disbursements and Releases

                 

              
	
                SECTION
                  8.01

              	
                Collection
                  of Money

              
	
                SECTION
                  8.02

              	
                Trust
                  Accounts

              
	
                SECTION
                  8.03

              	
                General
                  Provisions Regarding Accounts

              
	
                SECTION
                  8.04

              	
                Release
                  of Indenture Trust Estate

              
	
                SECTION
                  8.05

              	
                Opinion
                  of Counsel

              
	
                SECTION
                  8.06

              	
                Cost
                  of Issuance Account

              
	
                SECTION
                  8.07

              	
                Application
                  of Collections

              
	
                SECTION
                  8.08

              	
                Reserve
                  Account

              
	
                SECTION
                  8.09

              	
                Statements
                  to Noteholders

              
	
                SECTION
                  8.10

              	
                Advances

                 

              
	
                ARTICLE
                  IX

              
	
                Supplemental
                  Indentures

                 

              
	
                SECTION
                  9.01

              	
                Supplemental
                  Indentures Without Consent of Noteholders

              
	
                SECTION
                  9.02

              	
                Supplemental
                  Indentures with Consent of Noteholders

              
	
                SECTION
                  9.03

              	
                Execution
                  of Supplemental Indentures

              
	
                SECTION
                  9.04

              	
                Effect
                  of Supplemental Indenture

              
	
                SECTION
                  9.05

              	
                Reference
                  in Notes to Supplemental Indentures

              
	
                SECTION
                  9.06

              	
                Conformity
                  With the Trust Indenture Act

                 

              
	
                ARTICLE
                  X

              
	
                Reporting
                  Requirements

                 

              
	
                SECTION
                  10.01

              	
                Annual
                  Statement as to Compliance

              
	
                SECTION
                  10.02

              	
                Annual
                  Independent Public Accountants’ Servicing Report

              
	
                SECTION
                  10.03

              	
                Assessment
                  of Compliance and Attestation Reports.

                 

              
	
                ARTICLE
                  XI

              
	
                Miscellaneous

                 

              
	
                SECTION
                  11.01

              	
                Compliance
                  Certificates and Opinions, etc

              
	
                SECTION
                  11.02

              	
                Form
                  of Documents Delivered to Indenture Trustee

              
	
                SECTION
                  11.03

              	
                Acts
                  of Noteholders

              
	
                SECTION
                  11.04

              	
                Notices,
                  etc., to Indenture Trustee, Issuer and Rating Agencies

              
	
                SECTION
                  11.05

              	
                Notices
                  to Noteholders; Waiver

              
	
                SECTION
                  11.06

              	
                Alternate
                  Payment and Notice Provisions

              
	
                SECTION
                  11.07

              	
                Effect
                  of Headings and Table of Contents

              
	
                SECTION
                  11.08

              	
                Successors
                  and Assigns

              
	
                SECTION
                  11.09

              	
                Separability

              
	
                SECTION
                  11.10

              	
                Benefits
                  of Indenture

              
	
                SECTION
                  11.11

              	
                Legal
                  Holidays

              
	
                SECTION
                  11.12

              	
                Governing
                  Law

              
	
                SECTION
                  11.13

              	
                Counterparts

              
	
                SECTION
                  11.14

              	
                Recording
                  of Indenture

              
	
                SECTION
                  11.15

              	
                Trust
                  Obligations

              
	
                SECTION
                  11.16

              	
                No
                  Petition

              
	
                SECTION
                  11.17

              	
                Inspection

              
	
                SECTION
                  11.18

              	
                Third-Party
                  Beneficiaries

              

      

    

    

       

    

    
      	
              APPENDIX
                A

            	
              Definitions
                and Usage

            
	 	 
	
              SCHEDULE
                A

            	
              Schedule
                of Financed Student Loans

            
	
              SCHEDULE
                B

            	
              List
                of TERI Guaranty Agreements

            
	
              SCHEDULE
                C

            	
              List
                of Student Loan Purchase Agreements

            
	 	 
	 	 
	
              EXHIBIT
                A-1

            	
              Form
                of Class A-1 Note

            
	
              EXHIBIT
                A-2

            	
              Form
                of Class A-2 Note

            
	
              EXHIBIT
                A-3

            	
              Form
                of Class A-3 Note

            
	
              EXHIBIT
                A-4

            	
              Form
                of Class A-4 Note

            
	
              EXHIBIT
                A-5

            	
              Form
                of Class A-IO Note

            
	
              EXHIBIT
                A-6

            	
              Form
                of Class B Note

            
	
              EXHIBIT
                A-7

            	
              Form
                of Class C Note

            
	
              EXHIBIT
                A-8

            	
              Form
                of Class D Note

            
	
              EXHIBIT
                B

            	
              [RESERVED]

            
	
              EXHIBIT
                C

            	
              Relevant
                Servicing Criteria

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    INDENTURE
      dated as of December 1, 2006, between THE NATIONAL COLLEGIATE STUDENT LOAN
      TRUST
      2006-4, a Delaware statutory trust (the “Issuer”), and U.S. BANK NATIONAL
      ASSOCIATION, a national banking association, as trustee and not in its
      individual capacity (the “Indenture Trustee”).

     

    W I T N E S S E T H:

     

    WHEREAS,
      the Issuer is duly created as a statutory trust under the laws of the State
      of
      Delaware and by proper action has duly authorized the execution and delivery
      of
      this Indenture, which Indenture provides for the issuance of student loan
      asset-backed notes to finance the acquisition of certain student loans from
      The
      National Collegiate Funding LLC (the “Depositor”) and the payment to holders of
      the Notes; and

     

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

     

    NOW,
      THEREFORE, each party agrees as follows for the benefit of the other party
      and
      for the equal and ratable benefit of the holders of the Issuer’s Class A-1 Notes
      (the “Class A-1 Notes”), Class A-2 Notes (the “Class A-2 Notes”), Class A-3
      Notes (the “Class A-3 Notes”), Class A-4 Notes (the “Class A-4 Notes”), Class
      A-IO Notes (the “Class A-IO Notes”), Class B Notes (the “Class B Notes”), Class
      C Notes (the “Class C Notes”) and Class D Notes (the “Class D Notes” and
      together with the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes,
      the
      Class A-4 Notes, the Class A-IO Notes, the Class B Notes and the Class C Notes,
      the “Notes”):

     

    GRANTING
      CLAUSE

     

    The
      Issuer hereby Grants to the Indenture Trustee at the Closing Date with respect
      to the Financed Student Loans, as trustee for the benefit of the holders of
      the
      Notes, all the Issuer’s right, title and interest in and to the
      following:

     

    (a)  the
      Financed Student Loans, and all obligations of the Obligors thereunder including
      all moneys paid thereunder on or after the Cutoff Date;

     

    (b)  all
      Servicing Agreements and all Student Loan Purchase Agreements, including the
      right of the Issuer to cause the Sellers to repurchase or the Servicers to
      purchase, Student Loans from the Issuer under circumstances described
      therein;

     

    (c)  each
      Guarantee Agreement, including the right of the Issuer to cause the Guarantee
      Agency to make Guarantee Payments in respect of the Student Loans, the TERI
      Deposit and Security Agreement and the Issuer’s rights to the TERI Pledge Fund
      as the same relate to the Student Loans and the proceeds thereof, and each
      of
      the other Basic Documents;

     

    (d)  all
      funds
      on deposit from time to time in the Trust Accounts related to the Notes (and
      sub-accounts thereof), including the Reserve Account Initial Deposit; and

     

    (e)  all
      present and future claims, demands, causes and choses in action in respect
      of
      any or all of the foregoing and all payments on or under and all proceeds of
      every kind and nature whatsoever in respect of any or all of the foregoing,
      including all proceeds of the conversion, voluntary or involuntary, into cash
      or
      other liquid property, all cash proceeds, accounts, accounts receivable, notes,
      drafts, acceptances, chattel paper, checks, deposit accounts, insurance
      proceeds, condemnation awards, rights to payment of any and every kind and
      other
      forms of obligations and receivables, instruments and other property which
      at
      any time constitute all or part of or are included in the proceeds of any of
      the
      foregoing (collectively, “Collateral”).

     

    The
      foregoing Grant is made in trust to secure the payment of principal of and/or
      interest on, as applicable, and any other amounts owing in respect of, the
      Notes, equally and ratably, without prejudice, priority or distinction, except
      as otherwise provided for herein, and to secure compliance with the provisions
      of this Indenture, all as provided in this Indenture.

     

    The
      Indenture Trustee, as Indenture Trustee on behalf of the holders of the Notes,
      acknowledges such Grant, accepts the trusts under this Indenture in accordance
      with the provisions of this Indenture and agrees to perform its duties required
      in this Indenture to the best of its ability to the end that the interests
      of
      the holders of the Notes may be adequately and effectively
      protected.

     

     

     

    ARTICLE
      I

     

    Definitions
      and Usage

     

    SECTION
      1.01  Definitions
      and Usage.
      Except
      as otherwise specified herein or as the context may otherwise require,
      capitalized terms used but not defined herein are defined in Appendix A
      hereto, which also contain rules as to usage that shall be applicable
      herein.

     

     

     

    ARTICLE
      II

     

    The
      Notes

     

    SECTION
      2.01  Form.
      The
      Notes, together with the Indenture Trustee’s certificate of authentication,
      shall be in substantially the forms set forth in Exhibits A-1 through A-8,
      with such appropriate insertions, omissions, substitutions and other variations
      as are required or permitted by this Indenture and may have such letters,
      numbers or other marks of identification and such legends or endorsements placed
      thereon as may, consistently herewith, be determined by the officers executing
      the Notes, as evidenced by their execution of the Notes. Any portion of the
      text
      of any Note may be set forth on the reverse thereof, with an appropriate
      reference thereto on the face of the Note.

     

    The
      Definitive Notes shall be typewritten, printed, lithographed or engraved or
      produced by any combination of these methods (with or without steel engraved
      borders), all as determined by the officers executing such Notes, as evidenced
      by their execution of such Notes.

     

    Each
      Note
      shall be dated the date of its authentication. The terms of the Notes set forth
      in Exhibits A-1 through A-8, are part of the terms of this
      Indenture.

     

    SECTION
      2.02  Execution,
      Authentication and Delivery.
      The
      Notes shall be executed on behalf of the Issuer by any of its Authorized
      Officers. The signature of any such Authorized Officer on the Notes may be
      manual or facsimile.

     

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

     

    The
      Indenture Trustee shall upon an Issuer Order authenticate and deliver Notes
      for
      original issue in (i) an aggregate principal amount of $285,000,000 with respect
      to the Class A-1 Notes, $256,000,000 with respect to the Class A-2 Notes,
      $134,000,000 with respect to the Class A-3 Notes, $200,000,000 with respect
      to
      the Class A-4 Notes, $52,000,000 with respect to the Class B Notes, $51,000,000
      with respect to the Class C Notes and $47,000,000 with respect to the Class
      D
      Notes and (ii) an aggregate Notional Amount of $200,000,000 with respect to
      the
      Class A-IO Notes.

     

    Each
      Note
      shall be dated the date of its authentication. The Notes shall be issuable
      as
      registered Notes in minimum denominations (or in the case of the Class A-IO
      Notes, minimum Notional Amounts) of $100,000 and in integral multiples of $1,000
      in excess thereof.

     

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

     

    SECTION
      2.03  Temporary
      Notes.
      Pending
      the preparation of Definitive Notes, the Issuer may execute, and upon receipt
      of
      an Issuer Order the Indenture Trustee shall authenticate and deliver, temporary
      Notes which are printed, lithographed, typewritten, mimeographed or otherwise
      produced, of the tenor of the Definitive Notes in lieu of which they are issued
      and with such variations not inconsistent with the terms of this Indenture
      as
      the officers executing such Notes may determine, as evidenced by their execution
      of such Notes.

     

    If
      temporary Notes are issued, the Issuer will cause Definitive Notes to be
      prepared without unreasonable delay. After the preparation of Definitive Notes,
      the temporary Notes shall be exchangeable for Definitive Notes upon surrender
      of
      the temporary Notes at the office or agency of the Issuer to be maintained
      as
      provided in Section 3.02, without charge to the holder of the Notes. Upon
      surrender for cancellation of any one or more temporary Notes, the Issuer shall
      execute and the Indenture Trustee shall authenticate and deliver in exchange
      therefor a like initial principal amount or initial Notional Amount, as
      applicable, of Definitive Notes of authorized denominations. Until so exchanged,
      the temporary Notes shall in all respects be entitled to the same benefits
      under
      this Indenture as Definitive Notes.

     

    SECTION
      2.04  Registration;
      Registration of Transfer and Exchange.
      

     

    (a) The
      Indenture Trustee shall cause to be kept a register (the “Note Register”) in
      which, subject to such reasonable regulations as it may prescribe, the Issuer
      shall provide for the registration of Notes and the registration of transfers
      and exchanges of Notes as herein provided. The Indenture Trustee shall be “Note
      Registrar” for the purpose of registering Notes and transfers of Notes as herein
      provided. Upon any resignation of any Note Registrar, the Issuer shall promptly
      appoint a successor.

     

    (b)  If
      a
      Person other than the Indenture Trustee is appointed by the Issuer as Note
      Registrar, the Issuer will give the Indenture Trustee prompt written notice
      of
      the appointment of such Note Registrar and of the location, and any change
      in
      the location, of the Note Register, and the Indenture Trustee shall have the
      right to inspect the Note Register at all reasonable times and to obtain copies
      thereof, and the Indenture Trustee shall have the right to rely upon a
      certificate executed on behalf of the Note Registrar by an Executive Officer
      thereof as to the names and addresses of the holders of the Notes and the
      principal amounts or Notional Amount, as applicable, and number of such
      Notes.

     

    (c)  Every
      Note presented or surrendered for registration of transfer or exchange shall
      be
      duly endorsed by, or be accompanied by a written instrument of transfer in
      form
      satisfactory to the Indenture Trustee duly executed by the holder of the Notes
      thereof or such holder’s attorney duly authorized in writing, with such
      signature guaranteed by an “eligible guarantor institution” meeting the
      requirements of the Note Registrar, which requirements include membership or
      participation in Securities Transfer Agent’s Medallion Program (“STAMP”) or such
      other “signature guarantee program” as may be determined by the Note Registrar
      in addition to, or in substitution for, STAMP, all in accordance with the
      Exchange Act.

     

    (d)  No
      service charge shall be made to a holder of the Notes for any registration
      of
      transfer or exchange of Notes, but the Indenture Trustee may require payment
      of
      a sum sufficient to cover any tax or other governmental charge that may be
      imposed in connection with any registration of transfer or exchange of Notes,
      other than exchanges pursuant to Section 2.03 or 9.05 not involving any
      transfer.

     

    (e)  On
      the
      Closing Date, the Issuer will execute and the Indenture Trustee will, upon
      Issuer Order, authenticate one or more Global Notes in an aggregate principal
      amount (or, in the case of the Class A-IO Notes, an aggregate Notional Amount)
      that shall equal the applicable Original Principal Balance for each Class of
      Notes.

     

    The
      Global Notes, pursuant to the Depository’s instructions, shall be delivered by
      the Administrator on behalf of the Depository to and deposited with the DTC
      Custodian, and shall be registered in the name of Cede & Co. and shall bear
      a legend substantially to the following effect:

     

    “Unless
      this Note is presented by an authorized representative of The Depository Trust
      Company, a New York corporation (“DTC”), to the Issuer or its agent for
      registration of transfer, exchange or payment, and any Note issued is registered
      in the name of Cede & Co. or in such other name as is requested by an
      authorized representative of DTC (and any payment is made to Cede & Co. or
      to such other entity as is requested by an authorized representative of DTC),
      ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
      PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has
      an interest herein.”

     

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

     

    The
      Issuer and the Indenture Trustee are hereby authorized to execute and deliver
      a
      Note Depository Agreement with the Depository relating to the Global
      Notes.

     

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

     

    (g)  Upon
      delivery by the Depository to the Indenture Trustee of written notice to the
      effect that the Depository has determined to substitute a new nominee in place
      of Cede & Co., and subject to the provisions hereof with respect to the
      payment of distributions by the mailing of checks or drafts to the registered
      Noteholder appearing as registered owners in the Note Register on a Record
      Date,
      the name “Cede & Co.” in this Indenture shall refer to such new nominee of
      the Depository.

     

    Subject
      to the preceding paragraphs, upon surrender for registration of transfer of
      any
      Note at the office of the Note Registrar and, upon satisfaction of the
      conditions set forth below, the Issuer shall execute in the name of the
      designated transferee or transferees, a new Note of the same principal balance
      or Notional Amount and dated the date of authentication by the Indenture
      Trustee. The Note Registrar shall notify the Administrator and the Indenture
      Trustee of any such transfer.

     

    No
      Note
      may be acquired directly or indirectly by a fiduciary of, on behalf of, or
      with
“Plan Assets” (within the meaning of Section 2510.3-101 of the U.S. Department
      of Labor regulations (the “Plan Asset Regulation”)) of, an “employee benefit
      plan” as defined in Section 3(3) of ERISA, a “plan” within the meaning of
      Section 4975 of the Code or any other entity whose underlying assets include
      Plan Assets by reason of any plan’s investment in the entity, which is subject
      to Title I of ERISA or Section 4975 of the Code (a “Plan”), unless (i) such Note
      is rated investment grade or better as of the date of purchase, (ii) the
      transferee of the Note believes that the Note is properly treated as
      indebtedness without substantial equity features for purposes of the Plan Asset
      Regulation and agrees to so treat such Note and (iii) the acquisition and
      holding of the Note do not result in a violation of the prohibited transaction
      rules of ERISA or Section 4975 of the Code (A) because it is covered by an
      applicable exemption, including Prohibited Transaction Class Exemption 96-23,
      95-60, 91-38, 90-1 or 84-14, or (B) by reason of the Trust, the Administrator,
      the Back-up Administrator, the Underwriters, the Servicers, the Indenture
      Trustee, the Owner Trustee, any other provider of credit support or any of
      their
      affiliates not being a “Party in Interest” (within the meaning of Section 3(14)
      of ERISA) with respect to such Plan. Any transferee of a Note shall be deemed
      to
      have represented that such transferee is acquiring a Note in conformance with
      the requirements of the preceding sentence.

     

    The
      Indenture Trustee shall have no obligation or duty to monitor, determine or
      inquire as to compliance with any restrictions on transfer imposed under this
      Indenture or under applicable law with respect to any transfer of any interest
      in any Note (including any transfers between or among Participants, members
      or
      Beneficial Owners in any Note) other than to require delivery of such
      certificates and other documentation or evidence as are expressly required
      by,
      and to do so if and when expressly required by, the terms of this Indenture,
      and
      to examine the same to determine substantial compliance as to form with the
      express requirements hereof.

     

    SECTION
      2.05  Mutilated,
      Destroyed, Lost or Stolen Notes.
      If
      (i) any mutilated Note is surrendered to the Indenture Trustee, or the
      Indenture Trustee receives evidence to its satisfaction of the destruction,
      loss
      or theft of any Note, and (ii) there is delivered to the Indenture Trustee
      such security or indemnity as may be required by it to hold the Issuer and
      the
      Indenture Trustee harmless, then, in the absence of notice to the Issuer, the
      Note Registrar or the Indenture Trustee that such Note has been acquired by
      a
      bona fide purchaser, and provided that the requirements of Section 8-405 of
      the UCC are met, the Issuer shall execute and upon its request the Indenture
      Trustee shall authenticate and deliver, in exchange for or in lieu of any such
      mutilated, destroyed, lost or stolen Note, a replacement Note; provided,
      however,
      that if
      any such destroyed, lost or stolen Note, but not a mutilated Note, shall have
      become or within 15 days shall be due and payable instead of issuing a
      replacement Note, the Issuer may pay such destroyed, lost or stolen Note when
      so
      due or payable without surrender thereof. If, after the delivery of such
      replacement Note or payment of a destroyed, lost or stolen Note pursuant to
      the
      proviso to the preceding sentence, a bona fide purchaser of the original Note
      in
      lieu of which such replacement Note was issued presents for payment such
      original Note, the Issuer and the Indenture Trustee shall be entitled to recover
      such replacement Note (or such payment) from the Person to whom it was delivered
      or any Person taking such replacement Note from such Person to whom such
      replacement Note was delivered or any assignee of such Person, except a bona
      fide purchaser, and shall be entitled to recover upon the security or indemnity
      provided therefor to the extent of any loss, damage, cost or expense incurred
      by
      the Issuer or the Indenture Trustee in connection therewith.

     

    Upon
      the
      issuance of any replacement Note under this Section, the Issuer may require
      the
      payment by the holder of the Notes thereof of a sum sufficient to cover any
      tax
      or other governmental charge that may be imposed in relation thereto and any
      other reasonable expenses (including the fees and expenses of the Indenture
      Trustee) connected therewith.

     

    Every
      replacement Note issued pursuant to this Section in replacement of any
      mutilated, destroyed, lost or stolen Note shall constitute an original
      additional contractual obligation of the Issuer, whether or not the mutilated,
      destroyed, lost or stolen Note shall be at any time enforceable by anyone,
      and
      shall be entitled to all the benefits of this Indenture equally and
      proportionately with any and all other Notes duly issued hereunder.

     

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

     

    SECTION
      2.06  Persons
      Deemed Owner.
      Prior
      to due presentment for registration of transfer of any Note, the Issuer, the
      Indenture Trustee and any agent of the Issuer or the Indenture Trustee may
      treat
      the Person in whose name any Note is registered (as of the day of determination)
      as the owner of such Note for the purpose of receiving payments of principal
      of
      (with respect to each Class of Notes other than the Class A-IO Notes) and
      interest on such Note and for all other purposes whatsoever, whether or not
      such
      Note be overdue, and neither the Issuer or the Indenture Trustee nor any agent
      of the Issuer or the Indenture Trustee shall be affected by notice to the
      contrary.

     

    SECTION
      2.07  Payment
      of Principal and Interest; Defaulted Interest.
      

     

    (a) Each
      Class of Notes shall accrue interest as provided in the applicable form of
      such
      Class set forth in Exhibits A-1 through A-8 respectively, and such interest
      accrued on each Class of Notes shall be payable on each applicable Distribution
      Date as specified therein and in the order set forth in Section 8.02 hereof,
      subject to Section 3.01. Any installment of interest or principal, if any,
      with respect to each Class of Notes payable on any applicable Note which is
      punctually paid or duly provided for by the Issuer on the applicable
      Distribution Date shall be paid to the Person in whose name such Note (or one
      or
      more Predecessor Notes) is registered on the Record Date by check mailed
      first-class, postage prepaid to such Person’s address as it appears on the Note
      Register on such Record Date, except that, unless Definitive Notes have been
      issued pursuant to Section 2.12, with respect to Notes registered on the
      Record Date in the name of the nominee of the Clearing Agency (initially, such
      nominee to be Cede & Co.), payment will be made by wire transfer in
      immediately available funds to the account designated by such nominee and except
      for the final installment of principal payable with respect to such Note on
      a
      Distribution Date or on the applicable Note Final Maturity Date which shall
      be
      payable as provided below. The funds represented by any such checks returned
      undelivered shall be held in accordance with Section 3.03.

     

    (b)  The
      principal of each Note (other than the Class A-IO Notes) shall be payable in
      installments on each Distribution Date as provided in the applicable form of
      Note set forth in Exhibits A-1 through A-8, respectively, to the extent the
      amount of funds required and available to be distributed in respect of principal
      on such Class of Notes pursuant to the terms of this Indenture; provided,
      however,
      the
      entire unpaid principal amount of each Class of Notes, other than the Class
      A-IO
      Notes, shall be due and payable on its respective Final Maturity Date.
      Notwithstanding the foregoing, the entire unpaid principal amount of the Notes,
      other than the Class A-IO Notes, shall be due and payable, if not previously
      paid, on the date on which an Event of Default shall have occurred and is
      continuing, if the Indenture Trustee or the Interested Noteholders holding
      a
      majority of the Outstanding Amount of the related Classes of Notes have declared
      the Notes to be immediately due and payable in the manner provided in
      Section 5.02. All principal payments on each Class of Class A Notes, other
      than the Class A-IO Notes, shall be made pro rata
      to the
      holders of such Class of Notes entitled thereto. The Indenture Trustee shall
      notify the Person in whose name a Note is registered at the close of business
      on
      the Record Date preceding the Distribution Date on which the Issuer expects
      that
      the final installment of principal of and interest on any Class of Notes, other
      than the Class A-IO Notes, will be paid. Such notice shall be mailed or
      transmitted by facsimile prior to such final Distribution Date and shall specify
      that such final installment will be payable only upon presentation and surrender
      of such Note and shall specify the place where such Note may be presented and
      surrendered for payment of such installment.

     

    (c)  If
      the
      Issuer defaults in a payment of interest on any Class of the Notes, the Issuer
      shall pay defaulted interest (plus interest on such defaulted interest to the
      extent lawful) at the applicable Note Interest Rate in any lawful manner. The
      Issuer shall pay such defaulted interest to the persons who are holders of
      such
      Class or Classes of Notes on a subsequent special record date, which date shall
      be at least three Business Days prior to the payment date. The Issuer shall
      fix
      or cause to be fixed any such special record date and payment date, and, at
      least 15 days before any such special record date, the Issuer shall mail to
      each
      holder of the affected Class or Classes of Notes and the Indenture Trustee
      a
      notice that states the special record date, the payment date and the amount
      of
      defaulted interest to be paid.

     

    SECTION
      2.08  Cancellation.
      All
      Notes surrendered for payment, registration of transfer or exchange shall,
      if
      surrendered to any Person other than the Indenture Trustee, be delivered to
      the
      Indenture Trustee and shall be promptly cancelled by the Indenture Trustee.
      The
      Issuer may at any time deliver to the Indenture Trustee for cancellation any
      Notes previously authenticated and delivered hereunder which the Issuer may
      have
      acquired in any manner whatsoever, and all Notes so delivered shall be promptly
      cancelled by the Indenture Trustee. No Notes shall be authenticated in lieu
      of
      or in exchange for any Notes cancelled as provided in this Section, except
      as
      expressly permitted by this Indenture. All cancelled Notes may be held or
      disposed of by the Indenture Trustee in accordance with its standard retention
      or disposal policy as in effect at the time, unless the Issuer shall direct
      by
      an Issuer Order that they be returned to it and so long as such Issuer Order
      is
      timely and the Notes have not been previously disposed of by the Indenture
      Trustee.

     

    SECTION
      2.09  Release
      of Collateral.
      Subject
      to Section 11.01 and the terms of the Basic Documents, the Indenture
      Trustee shall release property from the lien of this Indenture only upon receipt
      of an Issuer Request accompanied by an Officers’ Certificate of the
      Issuer.

     

    SECTION
      2.10  Book-Entry
      Notes.
      The
      Notes, upon original issuance, will be issued in the form of typewritten Notes
      representing the Book-Entry Notes, to be delivered to The Depository Trust
      Company, the initial Clearing Agency, by, or on behalf of, the Issuer. Such
      Notes shall initially be registered on the Note Register in the name of Cede
      & Co., the nominee of the initial Clearing Agency, and no Note Owner will
      receive a Definitive Note (as defined below) representing such Note Owner’s
      interest in such Note, except as provided in Section 2.12. Unless and until
      definitive, fully registered Notes (the “Definitive Notes”) have been issued to
      Note Owners pursuant to Section 2.12:

     

    (i)  the
      provisions of this Section shall be in full force and effect;

     

    (ii)  the
      Note
      Registrar and the Indenture Trustee may deal with the Clearing Agency for all
      purposes (including the payment of principal of and interest and other amounts
      on the Notes) as the authorized representative of the Note Owners;

     

    (iii)  to
      the
      extent that the provisions of this Section conflict with any other provisions
      of
      this Indenture, the provisions of this Section shall control;

     

    (iv)  the
      rights of Note Owners shall be exercised only through the Clearing Agency and
      shall be limited to those established by law and agreements between such Note
      Owners and the Clearing Agency and/or the Clearing Agency Participants pursuant
      to the Note Depository Agreements. Unless and until Definitive Notes are issued
      pursuant to Section 2.12, the initial Clearing Agency will make book-entry
      transfers among the Clearing Agency Participants and receive and transmit
      payments of principal of and interest and other amounts on the Notes to such
      Clearing Agency Participants; and

     

    (v)  whenever
      this Indenture requires or permits actions to be taken based upon instructions
      or directions of the holders of the Notes evidencing a specified percentage
      of
      the Outstanding Amount of the Notes, the Clearing Agency shall be deemed to
      represent such percentage only to the extent that it has received instructions
      to such effect from Note Owners and/or Clearing Agency Participants owning
      or
      representing, respectively, such required percentage of the beneficial interest
      in the Notes and has delivered such instructions to the Indenture
      Trustee.

     

    SECTION
      2.11  Notices
      to Clearing Agency.
      Whenever a notice or other communication to the holders of the Notes is required
      under this Indenture, unless and until Definitive Notes shall have been issued
      to Note Owners pursuant to Section 2.12, the Indenture Trustee shall give
      all such notices and communications specified herein to be given to the holders
      of the Notes to the Clearing Agency.

     

    SECTION
      2.12  Definitive
      Notes.
      If
      (i) the Administrator advises the Indenture Trustee in writing that the
      Clearing Agency is no longer willing or able to properly discharge its
      responsibilities with respect to the Notes, and the Administrator is unable
      to
      locate a qualified successor, (ii) circumstances change so that the book-entry
      system through the Clearing Agency is less advantageous due to economic or
      administrative burden or the use of the book-entry system becomes unlawful
      with
      respect to the Notes or the Issuer notifies the Indenture Trustee in writing
      that because of the change in circumstances the Issuer is terminating the
      book-entry system with respect to the Notes or (iii) after the occurrence of
      an
      Event of Default, Note Owners representing beneficial interests aggregating
      at
      least a majority of the Outstanding Amount of such Class of Notes advise the
      Clearing Agency (which shall then notify the Indenture Trustee) in writing
      that
      the continuation of a book-entry system through the Clearing Agency is no longer
      in the best interests of the Note Owners of such Class of Notes, then the
      Indenture Trustee will cause the Clearing Agency to notify all Note Owners
      of
      such Class of Notes, through the Clearing Agency, of the occurrence of any
      such
      event and of the availability of Definitive Notes to such Note Owners requesting
      the same. Upon surrender to the Indenture Trustee of the typewritten Notes
      representing the Book-Entry Notes by the Clearing Agency, accompanied by
      registration instructions, the Issuer shall execute and the Indenture Trustee
      shall authenticate the Definitive Notes in accordance with the instructions
      of
      the Clearing Agency. None of the Issuer, the Note Registrar or the Indenture
      Trustee shall be liable for any delay in delivery of such instructions and
      may
      conclusively rely on, and shall be protected in relying on, such instructions.
      Upon the issuance of Definitive Notes, the Indenture Trustee shall recognize
      the
      holders of the Definitive Notes as the Noteholders for such Class of
      Notes.

     

    SECTION
      2.13  Tax
      Treatment.
      The
      Issuer has entered into this Indenture, and the Notes will be issued, with
      the
      intention that, for federal, state and local income, business and franchise
      tax
      purposes, the Notes will qualify as indebtedness of the Issuer. The Issuer,
      by
      entering into this Indenture, and each Noteholder, by its acceptance of its
      Note, agree to treat the Notes for federal, state and local income, business
      and
      franchise tax purposes as indebtedness of the Issuer.

     

     

     

    ARTICLE
      III

     

    Covenants

     

    SECTION
      3.01  Payment
      to Noteholders.
      The
      Issuer will duly and punctually pay the principal of and interest owing on
      each
      Class of Notes (and in the case of Class A-IO Notes, interest and Prepayment
      Penalties) pursuant to the terms of this Indenture. Without limiting the
      foregoing, subject to Section 8.02, the Issuer will cause to be distributed
      to
      the holders of each Class of Notes that portion of the amounts on deposit in
      the
      Trust Accounts on a Distribution Date, to which the holders of each Class of
      Notes are entitled to receive pursuant to the terms of this Indenture. Amounts
      properly withheld under the Code by any Person from a payment to any holder
      of
      the Notes of interest on and/or principal of shall be considered as having
      been
      paid by the Issuer to such holder of the applicable Notes for all purposes
      of
      this Indenture. The Notes will be non-recourse obligations of the Issuer and
      shall be limited in right of payment to amounts available from the Indenture
      Trust Estate as provided in this Indenture and the Issuer shall not be otherwise
      liable on the Notes. 

     

    SECTION
      3.02  Maintenance
      of Office or Agency.
      The
      Issuer will maintain in the Borough of Manhattan, The City of New York, an
      office or agency where Notes may be surrendered for registration of transfer
      or
      exchange. The Issuer hereby initially designates U.S. Bank National Association,
      U.S. Bank Trust New York, 100 Wall Street, Suite 1600, New York, New York 10005
      to serve as its agent for the foregoing purposes. The Issuer will give prompt
      written notice to the Indenture Trustee of the location, and of any change
      in
      the location, of any such office or agency. If at any time the Issuer shall
      fail
      to maintain any such office or agency or shall fail to furnish the Indenture
      Trustee with the address thereof, such surrenders may be made or served at
      the
      Corporate Trust Office, and the Issuer hereby appoints the Indenture Trustee
      as
      its agent to receive all such surrenders in respect of the Notes.

     

    SECTION
      3.03  Money
      for Payments To Be Held in Trust.
      As
      provided in Section 8.02, all payments of amounts due and payable with respect
      to any Notes, that are to be made from amounts distributed from the Collection
      Account or any other Trust Account pursuant to Section 8.02 shall be made on
      behalf of the Issuer by the Indenture Trustee or by another Paying Agent, and
      no
      amounts so distributed from the Collection Account for payments of Notes shall
      be paid over to the Issuer except as provided in this Section. The Indenture
      Trustee is hereby appointed as the initial “Paying Agent” hereunder and the
      Indenture Trustee hereby accepts such appointment.

     

    On
      or
      before the Business Day next preceding each Distribution Date, the Issuer shall
      distribute or cause to be distributed to the Indenture Trustee (or any other
      Paying Agent) an aggregate sum sufficient to pay the amounts then becoming
      due
      under each Class of the Notes, such sum to be held in trust for the benefit
      of
      the Persons entitled thereto and (unless the Paying Agent is the Indenture
      Trustee) shall promptly notify the Indenture Trustee of its action or failure
      so
      to act.

     

    The
      Issuer will cause each Paying Agent other than the Indenture Trustee to execute
      and deliver to the Indenture Trustee an instrument in which such Paying Agent
      shall agree with the Indenture Trustee (and if the Indenture Trustee acts as
      Paying Agent, it hereby so agrees), subject to the provisions of this Section,
      that such Paying Agent will:

     

    (i)  hold
      all
      sums held by it for the payment of amounts due with respect to each Class of
      the
      Notes in trust for the benefit of the Persons entitled thereto until such sums
      shall be paid to such Persons or otherwise disposed of as herein provided and
      pay such sums to such Persons as herein provided;

     

    (ii)  give
      the
      Indenture Trustee notice of any default by the Issuer of which it has actual
      knowledge (or any other obligor upon the Notes) in the making of any payment
      required to be made with respect to any Class of Notes;

     

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

     

    (iv)  immediately
      resign as a Paying Agent and forthwith pay to the Indenture Trustee all sums
      held by it in trust for the payment of each applicable Class of Notes if at
      any
      time it ceases to meet the standards required to be met by a Paying Agent at
      the
      time of its appointment; and

     

    (v)  comply
      with all requirements of the Code with respect to the withholding from any
      payments made by it on any Class of the Notes of any applicable withholding
      taxes imposed thereon and with respect to any applicable reporting requirements
      in connection therewith.

     

    The
      Administrator may at any time, for the purpose of obtaining the satisfaction
      and
      discharge of this Indenture or for any other purpose, by written order direct
      any Paying Agent to pay to the Indenture Trustee all sums held in trust by
      such
      Paying Agent, such sums to be held by the Indenture Trustee upon the same trusts
      as those upon which the sums were held by such Paying Agent; and upon such
      payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall
      be
      released from all further liability with respect to such money.

     

    Subject
      to applicable laws with respect to escheat of funds, any money held by the
      Indenture Trustee or any Paying Agent in trust for the payment of any amount
      due
      with respect to any Note and remaining unclaimed for two years after such amount
      has become due and payable shall be discharged from such trust and be paid
      to
      the Issuer on Issuer Request; and the holder of such Notes thereof shall
      thereafter, as an unsecured general creditor, look only to the Issuer for
      payment thereof (but only to the extent of the amounts so paid to the Issuer),
      and all liability of the Indenture Trustee or such Paying Agent with respect
      to
      such trust money shall thereupon cease; provided,
      however,
      that
      the Indenture Trustee or such Paying Agent, before being required to make any
      such repayment, shall at the expense and direction of the Issuer cause to be
      published once, in a newspaper published in the English language, customarily
      published on each Business Day and of general circulation in The City of New
      York, notice that such money remains unclaimed and that, after a date specified
      therein, which shall not be less than 30 days from the date of such publication,
      any unclaimed balance of such money then remaining will be repaid to the
      Issuer.

     

    SECTION
      3.04  Existence.
      The
      Issuer will keep in full effect its existence, rights and franchises as a trust
      under the laws of the State of Delaware (unless it becomes, or any successor
      Issuer hereunder is or becomes, organized under the laws of any other State
      or
      of the United States of America, in which case the Issuer will keep in full
      effect its existence, rights and franchises under the laws of such other
      jurisdiction) and will obtain and preserve its qualification to do business
      in
      each jurisdiction in which such qualification is or shall be necessary to
      protect the validity and enforceability of this Indenture, the Notes, the
      Collateral and each other instrument or agreement included in the Indenture
      Trust Estate.

     

    SECTION
      3.05  Protection
      of Indenture Trust Estate.
      The
      Issuer will from time to time execute and deliver all such supplements and
      amendments hereto and all such financing statements, continuation statements,
      instruments of further assurance and other instruments, and will take such
      other
      action necessary or advisable to:

     

    (i)  maintain
      or preserve the lien and security interest (and the priority thereof) of this
      Indenture or carry out more effectively the purposes hereof;

     

    (ii)  perfect,
      publish notice of or protect the validity of any Grant made or to be made by
      this Indenture;

     

    (iii)  enforce
      any of the Collateral; or

     

    (iv)  preserve
      and defend title to the Indenture Trust Estate and the rights of the Indenture
      Trustee, and the holders of the Notes in such Indenture Trust Estate against
      the
      claims of all persons and parties.

     

    The
      Issuer hereby designates the Indenture Trustee its agent and attorney-in-fact
      to
      execute any financing statement, continuation statement or other instrument
      required to be executed pursuant to this Section.

     

    SECTION
      3.06  Opinions
      as to Indenture Trust Estate.
      (a)  On
      the Closing Date, the Issuer shall furnish to the Indenture Trustee an Opinion
      of Counsel either stating that, in the opinion of such counsel, such action
      has
      been taken with respect to the recording and filing of this Indenture, any
      indentures supplemental hereto, and any other requisite documents, and with
      respect to the execution and filing of any financing statements and continuation
      statements, as are necessary to perfect and make effective the lien and security
      interest of this Indenture and reciting the details of such action, or stating
      that, in the opinion of such counsel, no such action is necessary to make such
      lien and security interest effective.

     

    (b)  On
      or
      before April 30 in each calendar year, beginning in 2007, the Issuer shall
      furnish to the Indenture Trustee an Opinion of Counsel either stating that,
      in
      the opinion of such counsel, such action has been taken with respect to the
      recording, filing, re-recording and refiling of this Indenture, any indentures
      supplemental hereto and any other requisite documents and with respect to the
      execution and filing of any financing statements and continuation statements
      as
      is necessary to maintain the lien and security interest created by this
      Indenture and reciting the details of such action or stating that in the opinion
      of such counsel no such action is necessary to maintain such lien and security
      interest. Such Opinion of Counsel shall also describe the recording, filing,
      re-recording and refiling of this Indenture, any indentures supplemental hereto
      and any other requisite documents and the execution and filing of any financing
      statements and continuation statements that will, in the opinion of such
      counsel, be required to maintain the lien and security interest of this
      Indenture until April 30 in the following calendar year.

     

    SECTION
      3.07  Performance
      of Obligations; Servicing of Financed Student Loans.
      (a)  The
      Issuer will not take any action and will use its best efforts not to permit
      any
      action to be taken by others that would release any Person from any of such
      Person’s material covenants or obligations under any instrument or agreement
      included in the Indenture Trust Estate or that would result in the amendment,
      hypothecation, subordination, termination or discharge of, or impair the
      validity or effectiveness of, any such instrument or agreement, except as
      expressly provided in this Indenture or the other Basic Documents.

     

    (b)  Although
      the Issuer will contract with other Persons to assist it in performing its
      duties under this Indenture, any performance of such duties by a Person
      identified to the Indenture Trustee in an Officers’ Certificate of the Issuer
      shall be deemed to be action taken by the Issuer. Initially, the Issuer has
      contracted with the Servicers and the Administrator to assist the Issuer in
      performing its duties under this Indenture.

     

    (c)  The
      Issuer will enforce all of its rights under this Indenture and the Basic
      Documents, including, without limitation, enforcing the covenants and agreements
      of the Depositor in the Deposit and Sale Agreement (including covenants to
      the
      effect that the Depositor will enforce covenants against the Sellers under
      the
      Student Loan Purchase Agreements), and will punctually perform and observe
      all
      of its obligations and agreements contained in this Indenture, the other Basic
      Documents and in the instruments and agreements included in the Indenture Trust
      Estate, including filing or causing to be filed all UCC financing statements
      and
      continuation statements required to be filed by the terms of this Indenture
      in
      accordance with and within the time periods provided for herein and therein.
      Except as otherwise expressly provided therein, the Issuer shall not waive,
      amend, modify, supplement or terminate any Basic Document or any provision
      thereof without the consent of the Indenture Trustee and the Interested
      Noteholders holding a majority of the Outstanding Amount of the related Classes
      of Notes.

     

    (d)  If
      the
      Issuer shall have knowledge of the occurrence of a Servicer Default, an
      Administrator Default or a Back-up Administrator Default, the Issuer shall
      promptly notify the Indenture Trustee and the Rating Agencies thereof, and
      shall
      specify in such notice the action, if any, the Issuer is taking with respect
      to
      such default. If a Servicer Default shall arise from the failure of a Servicer
      to perform any of its duties or obligations under the Servicing Agreement,
      or an
      Administrator Default shall arise from the failure of the Administrator to
      perform any of its duties or obligations under the Administration Agreement,
      or
      a Back-up Administrator Default shall arise from the failure of the Back-up
      Administrator to perform any of its duties or obligations under the Back-up
      Administration Agreement, as the case may be, with respect to the Financed
      Student Loans, the Issuer shall take all reasonable steps available to it to
      enforce its rights under the Basic Documents in respect of such
      failure.

     

    (e)  Upon
      any
      partial or complete termination of a Servicer’s rights and powers pursuant to a
      Servicing Agreement, or any termination of the Administrator’s rights and powers
      pursuant to the Administration Agreement, or any termination of the Back-up
      Administrator’s rights and powers pursuant to the Back-up Administration
      Agreement, as the case may be, the Issuer shall promptly notify the Indenture
      Trustee and the Rating Agencies. As soon as a successor Servicer, a successor
      Administrator, or a successor Back-up Administrator is appointed, the Issuer
      shall notify the Indenture Trustee and the Rating Agencies of such appointment,
      specifying in such notice the name and address of such Successor Servicer,
      such
      Successor Administrator or such Back-up Administrator.

     

    (f)  Without
      derogating from the absolute nature of the assignment granted to the Indenture
      Trustee under this Indenture or the rights of the Indenture Trustee hereunder,
      the Issuer agrees that it will not, without the prior written consent of the
      Indenture Trustee and the Interested Noteholders holding a majority of the
      Outstanding Amount of the Related Classes of Notes, amend, modify, waive,
      supplement, terminate or surrender, or agree to any amendment, modification,
      supplement, termination, waiver or surrender of, the terms of any Collateral
      or
      the Basic Documents, except to the extent otherwise provided therein, or waive
      timely performance or observance by a Servicer, the Administrator, the Back-up
      Administrator, the Depositor, the Issuer or the Owner Trustee under the Basic
      Documents; provided,
      however,
      that no
      such amendment shall (i) increase or reduce in any manner the amount of, or
      accelerate or delay the timing of, collections of payments with respect to
      Student Loans or distributions that shall be required to be made for the benefit
      of the holders of Notes, (ii) amend the aforesaid percentage of the Outstanding
      Amount of the related Class or Classes of Notes, which are required to consent
      to any such amendment, without the consent of all outstanding holders of all
      Classes of Notes affected by such amendment. If any such amendment,
      modification, supplement or waiver shall be so consented to by the Indenture
      Trustee and such holders of the Notes, the Issuer agrees, promptly following
      a
      request by the Indenture Trustee to do so, to execute and deliver, in its own
      name and at its own expense, such agreements, instruments, consents and other
      documents as the Indenture Trustee may deem necessary or appropriate in the
      circumstances.

     

    SECTION
      3.08  Negative
      Covenants.
      So long
      as any Notes are Outstanding, the Issuer shall not:

     

    (i)  except
      as
      expressly permitted by this Indenture or any other Basic Document, sell,
      transfer, exchange or otherwise dispose of any of the properties or assets
      of
      the Issuer, including those included in the Indenture Trust Estate, unless
      directed to do so by the Indenture Trustee pursuant to the terms
      hereof;

     

    (ii)  claim
      any
      credit on, or make any deduction from the principal or interest payable in
      respect of the applicable Notes (other than amounts properly withheld from
      such
      payments under the Code or applicable state law) or assert any claim against
      any
      present or former holder of the Notes by reason of the payment of the taxes
      levied or assessed upon any part of the Indenture Trust Estate; or

     

    (iii)  (A) permit
      the validity or effectiveness of this Indenture to be impaired, or permit the
      lien of this Indenture to be amended, hypothecated, subordinated, terminated
      or
      discharged, or permit any Person to be released from any covenants or
      obligations with respect to the Notes under this Indenture except as may be
      expressly permitted hereby or thereby, (B) permit any lien, charge, excise,
      claim, security interest, mortgage or other encumbrance (other than the lien
      of
      this Indenture) to be created on or extend to or otherwise arise upon or burden
      the Indenture Trust Estate or any part thereof or any interest therein or the
      proceeds thereof (other than tax liens and other liens that arise by operation
      of law, in each case arising solely as a result of an action or omission of
      the
      related Obligor, and other than as expressly permitted by the Basic Documents)
      or (C) permit the lien of this Indenture not to constitute a valid first
      priority (other than with respect to any such tax or other lien) security
      interest in the Indenture Trust Estate.

     

    SECTION
      3.09  Annual
      Statement as to Compliance.
      The
      Issuer will deliver to the Indenture Trustee, on or before March 15 of each
      year, commencing March 15, 2007, an Officers’ Certificate of the Issuer stating
      that:

     

    (i)  a
      review
      of the activities of the Issuer during the previous calendar year and of
      performance under this Indenture has been made under such Authorized Officers’
supervision; and

     

    (ii)  to
      the
      best of such Authorized Officers’ knowledge, based on such review, the Issuer
      has complied with all conditions and covenants under this Indenture throughout
      such year, or, if there has been a default in the compliance of any such
      condition or covenant, specifying each such default known to such Authorized
      Officers and the nature and status thereof.

     

    SECTION
      3.10  Issuer
      May Consolidate, etc., Only on Certain Terms.
      

     

    (a)  The
      Issuer shall not consolidate or merge with or into any other Person
      unless:

     

    (i)  the
      Person (if other than the Issuer) formed by or surviving such consolidation
      or
      merger shall be a Person organized and existing under the laws of the United
      States of America or any State and shall expressly assume, by an indenture
      supplemental hereto, executed and delivered to the Indenture Trustee, in form
      satisfactory to the Indenture Trustee, the due and punctual payment of the
      principal of and interest on each Class of Notes, and the performance or
      observance of every agreement and covenant of this Indenture and the other
      Basic
      Documents on the part of the Issuer to be performed or observed, all as provided
      herein and therein;

     

    (ii)  immediately
      after giving effect to such transaction, no Default shall have occurred and
      be
      continuing;

     

    (iii)  the
      Rating Agency Condition shall have been satisfied with respect to such
      transaction;

     

    (iv)  the
      Issuer shall have received an Opinion of Counsel (and shall have delivered
      copies thereof to the Indenture Trustee) to the effect that such transaction
      will not have any material adverse Federal tax consequence to the Issuer, any
      holder of the Notes, or any holder of the Certificates;

     

    (v)  any
      action as is necessary to maintain the lien and security interest created by
      this Indenture shall have been taken; and

     

    (vi)  the
      Issuer shall have delivered to the Indenture Trustee an Officers’ Certificate of
      the Issuer and an Opinion of Counsel each stating that such consolidation or
      merger and such supplemental indenture comply with this Article III and that
      all
      conditions precedent herein provided for relating to such transaction have
      been
      complied with.

     

    (b)  The
      Issuer shall not convey or transfer all or substantially all its properties
      or
      assets, including those included in the Indenture Trust Estate, to any Person
      unless:

     

    (i)  the
      Person that acquires by conveyance or transfer the properties and assets of
      the
      Issuer the conveyance or transfer of which is hereby restricted shall (A) be
      a
      United States citizen or a Person organized and existing under the laws of
      the
      United States of America or any State, (B) expressly assume, by an indenture
      supplemental hereto, executed and delivered to the Indenture Trustee, in form
      satisfactory to the Indenture Trustee, the due and punctual payment of the
      principal of and interest on each Class of Notes and the performance or
      observance of every agreement and covenant of this Indenture and the other
      Basic
      Documents on the part of the Issuer to be performed or observed, all as provided
      herein and therein, (C) expressly agree by means of such supplemental indenture
      that all right, title and interest so conveyed or transferred shall be subject
      and subordinate to the rights of holders of the Notes and (D) unless otherwise
      provided in such supplemental indenture, expressly agree to indemnify, defend
      and hold harmless the Issuer against and from any loss, liability or expense
      arising under or related to this Indenture and the Notes;

     

    (ii)  immediately
      after giving effect to such transaction, no Default shall have occurred and
      be
      continuing;

     

    (iii)  the
      Rating Agency Condition shall have been satisfied with respect to such
      transaction;

     

    (iv)  the
      Issuer shall have received an Opinion of Counsel (and shall have delivered
      copies thereof to the Indenture Trustee) to the effect that such transaction
      will not have any material adverse Federal tax consequence to the Issuer, any
      holder of the Notes or any holder of the Certificates;

     

    (v)  any
      action as is necessary to maintain the lien and security interest created by
      this Indenture shall have been taken; and

     

    (vi)  the
      Issuer shall have delivered to the Indenture Trustee an Officers’ Certificate of
      the Issuer and an Opinion of Counsel each stating that such conveyance or
      transfer and such supplemental indenture comply with this Article III and that
      all conditions precedent herein provided for relating to such transaction have
      been complied with.

     

    SECTION
      3.11  Successor
      or Transferee.
      (a)  Upon
      any consolidation or merger of the Issuer in accordance with Section 3.10(a),
      the Person formed by or surviving such consolidation or merger (if other than
      the Issuer) shall succeed to, and be substituted for, and may exercise every
      right and power of, the Issuer under this Indenture with the same effect as
      if
      such Person had been named as the Issuer herein.

     

    (b)  Upon
      a
      conveyance or transfer of all the assets and properties of the Issuer pursuant
      to Section 3.10(b), The National Collegiate Student Loan Trust 2006-4 will
      be released from every covenant and agreement of this Indenture to be observed
      or performed on the part of the Issuer with respect to the Notes immediately
      upon the delivery by the Issuer of written notice to the Indenture Trustee
      stating that The National Collegiate Student Loan Trust 2006-4 is to be so
      released.

     

    SECTION
      3.12  No
      Other Business.
      The
      Issuer shall not engage in any business other than financing, purchasing,
      owning, selling and servicing the Financed Student Loans in the manner
      contemplated by this Indenture and the other Basic Documents and activities
      incidental thereto.

     

    SECTION
      3.13  No
      Borrowing.
      The
      Issuer shall not issue, incur, assume, guarantee or otherwise become liable,
      directly or indirectly, for any indebtedness except for the Notes.

     

    SECTION
      3.14  Disposing
      of Financed Student Loans.
      Other
      than pursuant to Article V, Financed Student Loans may only be sold,
      transferred, exchanged or otherwise disposed of by the Indenture Trustee free
      from the lien of this Indenture (i) for transfer to a Guarantee Agency pursuant
      to the terms of the applicable Guarantee Agreement; (ii) to a Seller or the
      Depositor in accordance with the applicable Student Loan Purchase Agreement
      or
      the Deposit and Sale Agreement; or (iii) to a Servicer in and, in each case,
      if
      the Indenture Trustee is provided with the following:

     

    (a)  an
      Issuer
      Order stating the sale price and directing that Financed Student Loans be sold,
      transferred or otherwise disposed of and delivered to a transferee whose name
      shall be specified; and

     

    (b)  a
      certificate signed by an Authorized Officer of the Issuer to the effect that
      the
      disposition price is equal to or in excess of the amount required by the
      applicable Guarantee Agreement in the case of clause (i), by the applicable
      Student Loan Purchase Agreement in the case of clause (ii), or by the applicable
      Servicing Agreement in the case of clause (iii).

     

    Subject
      to the provisions of this Indenture and except for sales of Financed Student
      Loans pursuant to this Section 3.14, the Indenture Trustee shall release
      property from the lien of this Indenture only upon receipt of an Issuer Order,
      an Opinion of Counsel and independent certificates in accordance with TIA
      Sections 314(c) and 314(d)(1) or an Opinion of Counsel in lieu of such
      independent certificates to the effect that the TIA does not require any such
      independent certificates.

     

    Each
      Noteholder, by the acceptance of a Note, acknowledges that from time to time
      the
      Indenture Trustee shall release the lien of this Indenture on any Financed
      Student Loan to be sold pursuant to this Section 3.14, and each Noteholder,
      by
      the acceptance of a Note, consents to any such release.

     

    The
      Indenture Trustee, as a third-party beneficiary under the Student Loan Purchase
      Agreements entered into by the Depositor, who has assigned its entire right,
      title and interest in such Student Loan Purchase Agreements to the Issuer
      pursuant to the terms of the Deposit and Sale Agreement, shall have the right
      to
      request the repurchase of loans by the applicable Seller or the Depositor,
      as
      the case may be, together with any indemnity payments due thereunder upon the
      conditions and subject to the provisions contained in the Student Loan Purchase
      Agreements. The Indenture Trustee shall make such a request to the applicable
      Seller under the related Student Loan Purchase Agreement or the Depositor under
      the Deposit and Sale Agreement, as the case may be, to repurchase and, as the
      case may be, pay any indemnity amounts due with respect to certain specific
      loans pursuant to the Student Loan Purchase Agreements or the Deposit and Sale
      Agreement, as applicable, if (i) a Responsible Officer of the Indenture Trustee
      has actual knowledge that the conditions precedent to such a repurchase or
      indemnity obligation with respect to such loans have been satisfied; (ii) the
      Indenture Trustee has notified the Issuer in writing that such conditions have
      been satisfied; and (iii) the Issuer has not exercised its right to request
      the
      repurchase or indemnity of the applicable loans by the applicable Seller or
      the
      Depositor, as the case may be, within 10 days after receiving written notice
      from the Indenture Trustee.

     

    SECTION
      3.15  Guarantees,
      Loans, Advances and Other Liabilities.
      Except
      as contemplated by this Indenture or the other Basic Documents, the Issuer
      shall
      not make any loan or advance or credit to, or guarantee (directly or indirectly
      or by an instrument having the effect of assuring another’s payment or
      performance on any obligation or capability of so doing or otherwise), endorse
      or otherwise become contingently liable, directly or indirectly, in connection
      with the obligations, stocks or dividends of, or own, purchase, repurchase
      or
      acquire (or agree contingently to do so) any stock, obligations, assets or
      securities of, or any other interest in, or make any capital contribution to,
      any other Person.

     

    SECTION
      3.16  Capital
      Expenditures.
      The
      Issuer shall not make any expenditure (by long-term or operating lease or
      otherwise) for capital assets (either realty or personalty).

     

    SECTION
      3.17  Restricted
      Payments.
      The
      Issuer shall not, directly or indirectly, (i) pay any dividend or make any
      distribution (by reduction of capital or otherwise), whether in cash, property,
      securities or a combination thereof, to the Owner Trustee or any owner of a
      beneficial interest in the Issuer or otherwise with respect to any ownership
      or
      equity interest or security in or of the Issuer or to the Depositor, a Servicer,
      the Administrator or the Back-up Administrator, (ii) redeem, purchase,
      retire or otherwise acquire for value any such ownership or equity interest
      or
      security or (iii) set aside or otherwise segregate any amounts for any such
      purpose; provided,
      however,
      that
      the Issuer may make, or cause to be made, distributions to such persons as
      contemplated by, and to the extent funds are available for such purpose under,
      this Indenture and the other Basic Documents. The Issuer will not, directly
      or
      indirectly, make payments to or distributions from the Collection Account except
      in accordance with this Indenture and the other Basic Documents.

     

    SECTION
      3.18  Notice
      of Events of Default.
      The
      Issuer shall give the Indenture Trustee and the Rating Agencies prompt written
      notice of each Event of Default hereunder and each default on the part of a
      Servicer of its obligations under a Servicing Agreement or the Administrator
      of
      its obligations under the Administration Agreement. In addition, the Issuer
      shall deliver to the Indenture Trustee, within five days after the occurrence
      thereof, written notice in the form of an Officers’ Certificate of the Issuer of
      any event which with the giving of notice and the lapse of time would become
      an
      Event of Default under Section 5.01(iii), its status and what action the Issuer
      is taking or proposes to take with respect thereto.

     

    SECTION
      3.19  Further
      Instruments and Acts.
      Upon
      request of the Indenture Trustee (acting at the direction of the Interested
      Noteholders representing not less than a majority of the Outstanding Amount
      of
      the applicable Classes of Notes), the Issuer will execute and deliver such
      further instruments and do such further acts as may be reasonably necessary
      or
      proper to carry out more effectively the purpose of this Indenture.

     

    SECTION
      3.20  Additional
      Covenants.
      The
      Issuer covenants that it will acquire or cause to be acquired Student Loans
      as
      described herein. The Noteholders shall not in any circumstances be deemed
      to be
      the owner or holder of the Financed Student Loans.

     

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

     

    (a)  The
      Issuer, or its designated agent, shall cause the benefits of the Guarantee
      Agreements to flow to the Indenture Trustee.

     

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

     

    (c)  The
      Issuer shall comply with all United States statutes, rules and regulations
      which
      apply to the Student Loan Programs, the Program Manual and the Financed Student
      Loans.

     

    (d)  The
      Issuer shall cause to be diligently enforced and taken all reasonable steps,
      actions and proceedings necessary for the enforcement of all terms, covenants
      and conditions of all Financed Student Loans made and agreements in connection
      therewith, including the prompt payment of all principal and interest payments
      and all other amounts due the Issuer thereunder. The Issuer shall not permit
      the
      release of the obligations of any borrower under any Financed Student Loan
      and
      shall at all times, to the extent permitted by law, cause to be defended,
      enforced, preserved and protected the rights and privileges of the Issuer,
      the
      Indenture Trustee and of the Noteholders under or with respect to each Financed
      Student Loan and agreement in connection therewith.

     

    (e)  The
      Issuer shall take all appropriate action to ensure that at the time each Student
      Loan becomes a part of the Indenture Trust Estate it shall be free and clear
      from all liens.

     

    (f)  The
      Issuer shall diligently enforce, and take all steps, actions and proceedings
      reasonably necessary to protect its rights with respect to each Financed Student
      Loan, and to maintain any guarantee (including the Guarantee issued by TERI)
      on
      and to enforce all terms, covenants and conditions of Financed Student Loans,
      including its rights and remedies under the Deposit and Sale Agreement and
      the
      TERI Pledge Fund.

     

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

     

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

     

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

     

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

     

    (c)  No
      Student Loan has a payment that is more than 90 days overdue other than such
      Student Loans that, in the aggregate, do not exceed 1.00% of the then aggregate
      outstanding principal amount of the Student Loans.

     

    (d)  The
      Issuer has full right, title and interest in each Student Loan free and clear
      of
      all liens, pledges or encumbrances whatsoever.

     

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

     

    (f)  All
      loan
      documentation shall be delivered to the applicable Servicer (as custodian for
      the Indenture Trustee) prior to payment of the purchase price of such Student
      Loan.

     

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

     

    (h)  Each
      Student Loan was originated in conformity with the “loan acceptance criteria”
(including, without limitation, any general policies, eligible borrower
      criteria, creditworthiness criteria and “good credit” criteria) and the “loan
      program terms” (including, without limitation, the loan amount, the interest
      rate and the guaranty fee) (or any similar criteria or terms, however so
      designated, under the applicable Program Manual) contained in the Program Manual
      and otherwise, in substantial conformity with the Program Manual.

     

    (i)  Each
      Student Loan is guaranteed by a Guarantee Agency.

     

    SECTION
      3.22  Additional
      Representations of the Issuer.
      The
      Issuer hereby makes the following representations and warranties to the
      Indenture Trustee, on behalf of the Noteholders:

     

    (a)  Valid
      and Continuing Security Interest.
      This
      Indenture creates a valid and continuing security interest (as defined in the
      applicable Uniform Commercial Code (“UCC”) in effect in the State of Delaware)
      in the Financed Student Loans and all other assets constituting part of the
      Indenture Trust Estate in favor of the Indenture Trustee, which security
      interest is prior to all other liens, charges, security interests, mortgages
      or
      other encumbrances, and is enforceable as such as against creditors of and
      purchasers from the Issuer.

     

    (b)  Accounts.
      The
      Financed Student Loans constitute “accounts” or “payment intangibles” within the
      meaning of the applicable UCC.

     

    (c)  Good
      and
      Marketable Title. The Issuer owns and has good and marketable title to the
      Financed Student Loans and all other assets constituting part of the Indenture
      Trust Estate free and clear of any lien, charge, security interest, mortgage
      or
      other encumbrance, claim or encumbrance of any Person, other that those granted
      pursuant to this Indenture.

     

    (d)  Perfection
      by Filing.
      The
      Issuer has caused or will have caused, within ten days of the Closing Date,
      the
      filing of all appropriate financing statements in the proper filing office
      in
      the appropriate jurisdictions under applicable law in order to perfect the
      security interest in the Financed Student Loans and all other assets of the
      Indenture Trust Estate granted to the Trustee hereunder.

     

    (e)  Perfection
      by Possession.
      The
      Issuer has given the Indenture Trustee a copy of a written acknowledgment from
      the applicable custodian that such custodian is holding executed copies of
      the
      promissory notes and master promissory notes that constitute or evidence the
      Financed Student Loans, and that such custodian is holding such notes solely
      on
      behalf and for the benefit of the Indenture Trustee.

     

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

     

    (g)  Valid
      Business Reasons; No Fraudulent Transfers.
      The
      transactions contemplated by this Indenture are in the ordinary course of the
      Issuer’s business and the Issuer has valid business reasons for granting the
      Indenture Trust Estate pursuant to this Indenture. At the time of each such
      grant: (i) the Issuer granted the Indenture Trust Estate to the Indenture
      Trustee without any intent to hinder, delay, or defraud any current or future
      creditor of the Issuer; (ii) the Issuer was not insolvent and did not become
      insolvent as a result of any such grant; (iii) the Issuer was not engaged and
      was not about to engage in any business or transaction for which any property
      remaining with such entity was an unreasonably small capital or for which the
      remaining assets of such entity are unreasonably small in relation to the
      business of such entity or the transaction; (iv) the Issuer did not intend
      to
      incur, and did not believe or should not have reasonably believed, that it
      would
      incur, debts beyond its ability to pay as they become due; and (v) the
      consideration paid received by the Issuer for the grant of the Indenture Trust
      Estate was reasonably equivalent to the value of the related grant.

     

    SECTION
      3.23  Issuer
      Separateness Covenants.
      So long
      as any of the Notes are Outstanding:

     

    (a)  The
      Issuer shall not engage in any business or activity other than in connection
      with the activities contemplated hereby and in the Basic Documents, and in
      connection with the issuance of Notes.

     

    (b)  The
      funds
      and other assets of the Issuer shall not be commingled with those of any other
      individual, corporation, estate, partnership, joint venture, association, joint
      stock company, trust, unincorporated organization, or government or any agency
      or political subdivision thereof.

     

    (c)  The
      Issuer shall not be, become or hold itself out as being liable for the debts
      of
      any other party.

     

    (d)  The
      Issuer shall not form, or cause to be formed, any subsidiaries.

     

    (e)  The
      Issuer shall act solely in its own name and through its duly authorized officers
      or agents in the conduct of its business, and shall conduct its business so
      as
      not to mislead others as to the identity of the entity with which they are
      concerned.

     

    (f)  The
      Issuer shall maintain its records and books of account and shall not commingle
      its records and books of account with the records and books of account of any
      other Person. The books of the Issuer may be kept (subject to any provision
      contained in the statutes) inside or outside the State of Delaware at such place
      or places as may be designated from time to time by the board of trustees or
      in
      the bylaws of the Issuer.

     

    (g)  All
      actions of the Issuer shall be taken by a duly authorized officer or agent
      of
      the Issuer.

     

    (h)  The
      Issuer shall not amend, alter, change or repeal any provision contained in
      this
      Section without (i) the prior written consent of the Indenture Trustee, and
      (ii) satisfying the Rating Agency Condition.

     

    (i)  The
      Issuer shall not amend its organizational documents or change its jurisdiction
      of formation without first satisfying the Rating Agency Condition.

     

    (j)  All
      audited financial statements of the Issuer that are consolidated with those
      of
      any Affiliate thereof will contain detailed notes clearly stating that
      (i) all of the Issuer’s assets are owned by the Issuer, and (ii) the
      Issuer is a separate entity with creditors who have received ownership and/or
      security interests in the Issuer’s assets.

     

    (k)  The
      Issuer will strictly observe legal formalities in its dealings with any of
      its
      Affiliates, and funds or other assets of the Issuer will not be commingled
      with
      those of any of its Affiliates. The Issuer shall not maintain joint bank
      accounts or other depository accounts to which any of its Affiliates has
      independent access. None of the Issuer’s funds will at any time be pooled with
      the funds of any of its Affiliates.

     

    (l)  The
      Issuer will maintain an arm’s length relationship with each Seller (and any
      Affiliate thereof), the Depositor (and any Affiliate thereof), and any of the
      Issuer’s Affiliates. Any Person that renders or otherwise furnishes services to
      the Issuer will be compensated by the Issuer at market rates for such services
      it renders or otherwise furnishes to the Issuer except as otherwise provided
      in
      this Indenture. The Issuer will not hold itself out to be responsible for the
      debts of the Seller, or the Depositor, the parent or the decisions or actions
      respecting the daily business and affairs of the Seller, the Depositor or the
      parent.

     

    (m)  The
      Issuer shall not sell, transfer, exchange or otherwise dispose of any portion
      of
      the Indenture Trust Estate except as expressly permitted by this
      Indenture.

     

    (n)  The
      Issuer shall not claim any credit on, or make any deduction from, the principal
      amount of any of the Notes by reason of the payment of any taxes levied or
      assessed upon any portion of the Indenture Trust Estate.

     

    (o)  The
      Issuer shall not permit the validity or effectiveness of this Indenture or
      any
      grant hereunder to be impaired, or permit the lien of this Indenture to be
      amended, hypothecated, subordinated, terminated or discharged, or permit any
      Person to be released from any covenants or obligations under this Indenture,
      except as may be expressly permitted hereby.

     

    SECTION
      3.24  Reports
      by Issuer.
      The
      Issuer will:

     

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

     

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

     

    (c)  Transmit
      by mail to the Noteholders, within 30 days after the filing thereof with
      the Indenture Trustee, in the manner and to the extent provided in TIA
      Section 313(c), such summaries of any information, documents and reports
      required to be filed by the Issuer, if any, pursuant to Section 3.24(a) and
      (b) as may be required by rules and regulations prescribed from time to time
      by
      the SEC.

     

    The
      Indenture Trustee may conclusively rely and accept such reports from the Issuer
      as fulfilling the requirements of this Section 3.24, with no further duty
      to examine such reports or to determine whether such reports comply with the
      prescribed timing, rules and regulations of the SEC. Delivery of such reports
      to
      the Indenture Trustee is for informational purposes only and the Indenture
      Trustee’s receipt of such shall not constitute constructive notice of any
      information contained therein or determinable from information contained
      therein, including the Issuer’s compliance with any of its covenants hereunder
      (as to which the Indenture Trustee is entitled to rely on an Officers’
Certificate).

     

     

     

    ARTICLE
      IV

     

    Satisfaction
      and Discharge

     

    SECTION
      4.01  Satisfaction
      and Discharge of Indenture.
      This
      Indenture shall cease to be of further effect with respect to the Notes except
      as to (i) rights of registration of transfer and exchange, (ii) substitution
      of
      mutilated, destroyed, lost or stolen Notes, (iii) rights of holders of the
      Notes
      to receive payments of principal thereof and interest thereon, (iv) Sections
      3.03, 3.04, 3.05, 3.08, 3.10, 3.12 and 3.13, (v) the rights, obligations and
      immunities of the Indenture Trustee hereunder (including the rights of the
      Indenture Trustee under Section 6.07 and the obligations of the Indenture
      Trustee under Section 4.02) and (vi) the rights of holders of the Notes, as
      beneficiaries hereof with respect to the property so deposited with the
      Indenture Trustee payable to all or any of them, and the Indenture Trustee,
      on
      demand of and at the expense of the Issuer, shall execute proper instruments
      acknowledging satisfaction and discharge of this Indenture with respect to
      the
      Notes, when:

     

    (A)  a
      period
      of 367 days has expired after all Notes theretofore authenticated and delivered
      (other than (i) Notes that have been destroyed, lost or stolen and that have
      been replaced or paid as provided in Section 2.05 and (ii) Notes for whose
      payment money has theretofore been deposited in trust or segregated and held
      in
      trust by the Issuer and thereafter repaid to the Issuer or discharged from
      such
      trust, as provided in Section 3.03) have been delivered to the Indenture Trustee
      for cancellation;

     

    (B)  a
      period
      of 367 days has expired after the later of (i) the date on which no Notes are
      outstanding or (ii) the date on which the Issuer has paid or caused to be paid
      all other sums otherwise payable hereunder by the Issuer; and

     

    (C)  the
      Issuer has delivered to the Indenture Trustee an Officers’ Certificate of the
      Issuer and an Opinion of Counsel, each meeting the applicable requirements
      of
      Section 11.01 and, subject to Section 11.02, each stating that all conditions
      precedent herein provided for relating to the satisfaction and discharge of
      this
      Indenture have been complied with.

     

    SECTION
      4.02  Application
      of Trust Money.
      All
      moneys deposited with the Indenture Trustee pursuant to Section 4.01 hereof
      shall be held in trust and applied by it, in accordance with the provisions
      of
      the Notes and this Indenture, to the payment, either directly or through any
      Paying Agent, as the Indenture Trustee may determine, to the holders of the
      particular Notes for the payment of which such moneys have been deposited with
      the Indenture Trustee, of all sums due and to become due thereon for principal
      of and interest on each Class of Notes; but such moneys need not be segregated
      from other funds except to the extent required herein or required by
      law.

     

    SECTION
      4.03  Repayment
      of Moneys Held by Paying Agent.
      In
      connection with the satisfaction and discharge of this Indenture with respect
      to
      the Notes, all moneys then held by any Paying Agent other than the Indenture
      Trustee under the provisions of this Indenture with respect to such Notes shall,
      upon demand of the Issuer, be paid to the Indenture Trustee to be held and
      applied according to Section 3.03 and thereupon such Paying Agent shall be
      released from all further liability with respect to such moneys.

     

     

     

    ARTICLE
      V

     

    Remedies

     

    SECTION
      5.01  Events
      of Default.
“Event
      of Default”, wherever used herein, means any one of the following events
      (whatever the reason for such Event of Default and whether it shall be voluntary
      or involuntary or be effected by operation of law or pursuant to any judgment,
      decree or order of any court or any order, rule or regulation of any
      administrative or governmental body):

     

    (i)  default
      in the payment of any interest on any Note when the same becomes due and
      payable, and such default shall continue for a period of three (3) Business
      Days
      (provided,
      however,
      so long
      as (x) any of the Class A Notes are outstanding, each holder of any Class B
      Note, Class C Note or Class D Note or the Note Owner of any such Class B Note,
      Class C Note or Class D Note by such holder’s acceptance of such Class B Note,
      Class C Note or Class D Note or beneficial interest therein, as the case may
      be,
      shall be deemed to have consented to the delay in payment of interest on such
      Class B Note, Class C Note or Class D Note and to have waived its right to
      institute suit for enforcement of any such payment, (y) any of the Class B
      Notes
      are outstanding, each holder of any Class C Note or Class D Note or the Note
      Owner of any such Class C Note or Class D Note by such holder’s acceptance of
      such Class C Note or Class D Note or beneficial interest therein, as the case
      may be, shall be deemed to have consented to the delay in payment of interest
      on
      such Class C Note or Class D Note and to have waived its right to institute
      suit
      for enforcement of any such payment or
      (z)
      any of the Class C Notes are outstanding, each holder of any Class D Note or
      the
      Note Owner of any such Class D Note by such holder’s acceptance of such Class D
      Note or beneficial interest therein, as the case may be, shall be deemed to
      have
      consented to the delay in payment of interest on such Class D Note and to have
      waived its right to institute suit for enforcement of any such
      payment);
      or

     

    (ii)  default
      in the payment of the principal of any Note (other than the Class A-IO Notes)
      (x) when the same becomes due and payable (but only to the extent there exists
      sufficient Available Funds, therefor), or (y) on the Final Maturity Date with
      respect thereto; or

     

    (iii)  default
      in the observance or performance of any covenant or agreement of the Issuer
      made
      in this Indenture or any other Basic Document (other than a covenant or
      agreement, a default in the observance or performance of which is elsewhere
      in
      this Section specifically dealt with), or any representation or warranty of
      the
      Issuer made in this Indenture or any other Basic Document or in any certificate
      or other writing delivered pursuant hereto or in connection herewith proving
      to
      have been incorrect in any material respect as of the time when the same shall
      have been made, and such default shall continue or not be cured, or the
      circumstance or condition in respect of which such misrepresentation or warranty
      was incorrect shall not have been eliminated or otherwise cured, for a period
      of
      30 days after there shall have been given, by registered or certified mail,
      to
      the Issuer by the Indenture Trustee or to the Issuer and the Indenture Trustee
      by the Interested Noteholders, representing not less than 25% of the Outstanding
      Amount of the applicable Classes of Notes; a written notice specifying such
      default or incorrect representation or warranty and requiring it to be remedied
      and stating that such notice is a notice of Default hereunder; or

     

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

     

    (v)  the
      commencement by the Issuer of a voluntary case under any applicable Federal
      or
      state bankruptcy, insolvency or other similar law now or hereafter in effect,
      or
      the consent by the Issuer to the entry of an order for relief in an involuntary
      case under any such law, or the consent by the Issuer to the appointment or
      taking possession by a receiver, liquidator, assignee, custodian, trustee,
      sequestrator or similar official of the Issuer or for any substantial part
      of
      the Indenture Trust Estate, or the making by the Issuer of any general
      assignment for the benefit of creditors, or the failure by the Issuer generally
      to pay its debts as such debts become due, or the taking of action by the Issuer
      in furtherance of any of the foregoing.

     

    SECTION
      5.02  Acceleration
      of Maturity; Rescission and Annulment.
      If an
      Event of Default should occur and be continuing, then and in every such case
      the
      Indenture Trustee at the written direction of the Interested Noteholders
      representing not less than a majority of the Outstanding Amount of the
      applicable Classes of Notes, shall declare all the Notes to be immediately
      due
      and payable, by a notice in writing to the Issuer (and to the Indenture Trustee
      if given by the holders of the Notes), and upon any such declaration the unpaid
      principal amount of the Notes, together with accrued and unpaid interest thereon
      through the date of acceleration, shall become immediately due and
      payable.

     

    At
      any
      time after such declaration of acceleration of maturity has been made and before
      a judgment or decree for payment of the money due has been obtained by the
      Indenture Trustee as hereinafter in this Article V provided, the Interested
      Noteholders representing not less than a majority of the Outstanding Amount
      of
      the applicable Classes of Notes, by written notice to the Issuer and the
      Indenture Trustee, may rescind and annul such declaration and its consequences
      if:

     

    (i)  the
      Issuer has paid or deposited with the Indenture Trustee a sum sufficient to
      pay:

     

    (A)  all
      payments of principal of and interest on all Notes, and all other amounts that
      would then be due hereunder or upon such Notes if the Event of Default giving
      rise to such acceleration had not occurred;

     

    (B)  all
      sums
      paid or advanced by the Indenture Trustee hereunder and the reasonable
      compensation, expenses, disbursements and advances of the Indenture Trustee
      and
      its agents and counsel; and

     

    (ii)  all
      Events of Default, other than the nonpayment of the principal of the Notes
      that
      have become due solely by such acceleration, have been cured or waived as
      provided in Section 5.12.

     

    No
      such
      rescission shall affect any subsequent default or impair any right consequent
      thereto.

     

    SECTION
      5.03  Collection
      of Indebtedness and Suits for Enforcement by Indenture Trustee.
      (a)
      The
      Issuer covenants that if (i) default is made in the payment of any interest
      on
      any Note when the same becomes due and payable, and such default continues
      for a
      period of three Business Days, or (ii) default is made in the payment of the
      principal on the related Final Maturity Date of a Class of Notes when the same
      becomes due and payable in accordance with Section 2.07(b), the Issuer will,
      upon demand of the Indenture Trustee, pay to the Indenture Trustee, for the
      benefit of the holders of the Notes, the whole amount then due and payable
      on
      such Notes for principal and interest, with interest upon the overdue principal,
      and, to the extent payment at such rate of interest shall be legally
      enforceable, upon overdue installments of interest at the rate specified in
      Section 2.07 and in addition thereto such further amount as shall be
      sufficient to cover the costs and expenses of collection, including the
      reasonable compensation, expenses, disbursements and advances of the Indenture
      Trustee and its agents and counsel.

     

    (b)  In
      case
      the Issuer shall fail forthwith to pay such amounts upon such demand, the
      Indenture Trustee, in its own name and as trustee of an express trust, may,
      or
      shall at the written direction of the Interested Noteholders, representing
      not
      less than a majority of the Outstanding Amount of the applicable Classes of
      Notes, institute a Proceeding for the collection of the sums so due and unpaid,
      and prosecute such Proceeding to judgment or final decree, and enforce the
      same
      against the Issuer or other obligor upon such Notes, and collect in the manner
      provided by law out of the property of the Issuer or other obligor upon such
      Notes wherever situated, the moneys adjudged or decreed to be
      payable.

     

    (c)  If
      an
      Event of Default occurs and is continuing, the Indenture Trustee may, or shall
      at the written direction of the Interested Noteholders, representing not less
      than a majority of the Outstanding Amount of the applicable Classes of Notes,
      as
      more particularly provided in Section 5.04, proceed to protect and enforce
      its
      rights, the rights of the holders of the Notes, by such appropriate Proceedings
      as the Indenture Trustee shall deem most effective to protect and enforce any
      such rights, whether for the specific enforcement of any covenant or agreement
      in this Indenture or in aid of the exercise of any power granted herein, or
      to
      enforce any other proper remedy or legal or equitable right vested in the
      Indenture Trustee by this Indenture or by law.

     

    (d)  In
      case
      there shall be pending, relative to the Issuer or any other obligor upon the
      Notes, or any Person having or claiming an ownership interest in the Indenture
      Trust Estate, Proceedings under Title 11 of the United States Code or any other
      applicable Federal or state bankruptcy, insolvency or other similar law, or
      in
      case a receiver, assignee or trustee in bankruptcy or reorganization,
      liquidator, sequestrator or similar official shall have been appointed for
      or
      taken possession of the Issuer or its property or such other obligor or Person,
      or in case of any other comparable judicial Proceedings relative to the Issuer
      or other obligor upon the Notes, or to the creditors or property of the Issuer
      or such other obligor, the Indenture Trustee, irrespective of whether the
      principal of any Notes shall then be due and payable as therein expressed or
      by
      declaration or otherwise and irrespective of whether the Indenture Trustee
      shall
      have made any demand pursuant to the provisions of this Section, may, or shall
      at the written direction of the Interested Noteholders representing not less
      than a majority of the Outstanding Amount of the applicable Classes of Notes,
      be
      entitled and empowered, by intervention in such proceedings or
      otherwise:

     

    (i)  to
      file
      and prove a claim or claims for the whole amount of principal of and interest
      on
      each Class of Notes owing and unpaid in respect of the Notes and to file such
      other papers or documents as may be necessary or advisable in order to have
      the
      claims of the Indenture Trustee (including any claim for reasonable compensation
      to the Indenture Trustee and each predecessor Indenture Trustee, and their
      respective agents, attorneys and counsel, and for reimbursement of all expenses
      and liabilities incurred, and all advances made, by the Indenture Trustee and
      each predecessor Indenture Trustee, except as a result of negligence or bad
      faith) and the holders of the Notes allowed in such Proceedings;

     

    (ii)  unless
      prohibited by applicable law and regulations, to vote on behalf of the holders
      of the Notes in any election of a trustee, a standby trustee or Person
      performing similar functions in any such Proceedings;

     

    (iii)  to
      collect and receive any moneys or other property payable or deliverable on
      any
      such claims and to distribute all amounts received with respect to the claims
      of
      the holders of the Notes and of the Indenture Trustee on their
      behalf;

     

    (iv)  to
      file
      such proofs of claim and other papers or documents as may be necessary or
      advisable in order to have the claims of the Indenture Trustee or the holders
      of
      the Notes allowed in any judicial proceedings relative to the Issuer, its
      creditors and its property; and

     

    (v)  to
      take
      any other action with respect to such claims including participating as a member
      of any official committee of creditor’s appointed in the matters as it deems
      necessary or advisable;

     

    and
      any
      trustee, receiver, liquidator, custodian or other similar official in any such
      Proceeding is hereby authorized by each of such holders of the Notes to make
      payments to the Indenture Trustee, and, in the event that the Indenture Trustee
      shall consent to the making of payments directly to such holders of the Notes
      to
      pay to the Indenture Trustee such amounts as shall be sufficient to cover
      reasonable compensation to the Indenture Trustee, each predecessor Indenture
      Trustee and their respective agents, attorneys and counsel, and all other
      expenses and liabilities incurred, and all advances made, by the Indenture
      Trustee and each predecessor Indenture Trustee except as a result of negligence
      or bad faith.

     

    (e)  Nothing
      herein contained shall be deemed to authorize the Indenture Trustee to authorize
      or consent to or vote for or accept or adopt on behalf of any holder of the
      Notes any plan of reorganization, arrangement, adjustment or composition
      affecting the Notes or the rights of any holder of the Notes thereof or to
      authorize the Indenture Trustee to vote in respect of the claim of any holder
      of
      the Notes in any such proceeding except, as aforesaid, to vote for the election
      of a trustee in bankruptcy or similar Person.

     

    (f)  All
      rights of action and of asserting claims under this Indenture, or under any
      of
      the Notes may be enforced by the Indenture Trustee without the possession of
      any
      of the Notes or the production thereof in any trial or other Proceedings
      relative thereto, and any such action or Proceedings instituted by the Indenture
      Trustee shall be brought in its own name as trustee of an express trust, and
      any
      recovery of judgment, subject to the payment of the expenses, disbursements
      and
      compensation of the Indenture Trustee, each predecessor Indenture Trustee and
      their respective agents and attorneys, shall be for the ratable benefit of
      the
      holders of the Notes.

     

    (g)  In
      any
      Proceedings brought by the Indenture Trustee (and also any Proceedings involving
      the interpretation of any provision of this Indenture to which the Indenture
      Trustee shall be a party), the Indenture Trustee shall be held to represent
      all
      the holders of the Notes and it shall not be necessary to make any holder of
      the
      Notes a party to any such Proceedings.

     

    SECTION
      5.04  Remedies;
      Priorities.
      (a) If
      an Event of Default shall have occurred and be continuing, the Indenture Trustee
      may, or shall, subject to Section 5.11, at the written direction of the
      Interested Noteholders representing not less than a majority of the Outstanding
      Amount of the applicable Classes of Notes (or such different percentage as
      set
      forth below), do one or more of the following (subject to Section
      5.05):

     

    (i)  institute
      Proceedings in its own name and as trustee of an express trust for the
      collection of all amounts then payable on the Notes or this Indenture with
      respect thereto, whether by declaration or otherwise, enforce any judgment
      obtained, and collect from the Issuer and any other obligor upon such Notes
      moneys adjudged due;

     

    (ii)  institute
      Proceedings from time to time for the complete or partial foreclosure of this
      Indenture with respect to the Indenture Trust Estate securing the
      Notes;

     

    (iii)  exercise
      any remedies of a secured party under the UCC and take any other appropriate
      action to protect and enforce the rights and remedies of the Indenture Trustee
      and the holders of the Notes; and

     

    (iv)  sell
      the
      Indenture Trust Estate securing the Notes or any portion thereof or rights
      or
      interest therein, at one or more public or private sales called and conducted
      in
      any manner permitted by law;

     

    provided,
      however,
      that
      the Indenture Trustee may not sell or otherwise liquidate the Indenture Trust
      Estate securing the Notes following an Event of Default, other than an Event
      of
      Default described in Section 5.01(i) or (ii), unless (x) 100% of the Noteholders
      consent to such sale, (y) the proceeds of such sale are sufficient to pay in
      full the principal of and the accrued interest on the Notes or (z) the Indenture
      Trustee determines that the collections on the Financed Student Loans would
      not
      be sufficient on an ongoing basis to make all payments on the Notes as such
      payments would have become due if such obligations had not been declared due
      and
      payable, and the Indenture Trustee obtains the consent of the holders of Notes,
      representing not less than a 66.67% of the Outstanding Amount of the Notes.
      In
      determining the sufficiency of the collections on such loans, the Indenture
      Trustee may, but need not, obtain and rely upon an opinion of an Independent
      investment banking or accounting firm of national reputation as to the
      sufficiency of the Indenture Trust Estate for such purpose.

     

    (b)  If
      the
      Indenture Trustee collects any money or property under this Article V following
      the occurrence and during the continuation of an Event of Default with respect
      to Sections 5.01(i) or 5.01(ii) above or following the acceleration of the
      Notes
      pursuant to Section 5.02 upon an Event of Default with respect to Sections
      5.01(i) or 5.01(ii) above, it shall pay out the money or property in the
      following order:

     

    FIRST:
        pro rata
      based
      upon amounts owed (i) to the Owner Trustee for amounts due under Article X
      of
      the Trust Agreement, to the Indenture Trustee for amounts due under Section
      6.07, to the Irish Paying Agent for amounts due under the Irish Paying Agent
      Agreement, to the Back-up Administrator for amounts due under the Back-up
      Administration Agreement, not to exceed $200,000 per annum in the aggregate,
      and
      (ii) to the Servicers and the Administrator, the unpaid fees and expenses owed
      by the Issuer to such parties;

     

    SECOND:
        to
      the
      holders of the Class A Notes for amounts due and unpaid on the Class A Notes
      for
      interest, ratably, without preference or priority of any kind, according to
      the
      amounts due and payable on the Class A Notes for interest;

     

    THIRD:
        to
      the
      holders of the Class A Notes for amounts due and unpaid on the Class A Notes
      for
      principal, ratably, without preference or priority of any kind, according to
      the
      amounts due and payable on the Class A Notes for principal, until the
      Outstanding Amount of the Class A Notes is zero;

     

    FOURTH:
        to
      the
      holders of the Class B Notes for amounts due and unpaid on the Class B Notes
      for
      interest (including any Noteholder’s Interest Carryover Shortfall), without
      preference or priority of any kind, according to the amounts due and payable
      on
      the Class B Notes for interest;

     

    FIFTH:
        to
      the
      holders of the Class B Notes for amounts due and unpaid on the Class B Notes
      for
      principal, without preference or priority of any kind, according to the amounts
      due and payable on the Class B Notes for principal, until the Outstanding Amount
      of the Class B Notes is zero;

     

    SIXTH:
        to
      the
      holders of the Class C Notes for amounts due and unpaid on the Class C Notes
      for
      interest (including any Noteholder’s Interest Carryover Shortfall), without
      preference or priority of any kind, according to the amounts due and payable
      on
      the Class C Notes for interest;

     

    SEVENTH:
        to
      the
      holders of the Class C Notes for amounts due and unpaid on the Class C Notes
      for
      principal, without preference or priority of any kind, according to the amounts
      due and payable on the Class C Notes for principal, until the Outstanding Amount
      of the Class C Notes is zero;

     

    EIGHTH:  to
      the
      holders of the Class D Notes for amounts due and unpaid on the Class D Notes
      for
      interest (including any Noteholder’s Interest Carryover Shortfall), without
      preference or priority of any kind, according to the amounts due and payable
      on
      the Class D Notes for interest;

     

    NINTH:
        to
      the
      holders of the Class D Notes for amounts due and unpaid on the Class D Notes
      for
      principal, without preference or priority of any kind, according to the amounts
      due and payable on the Class D Notes for principal, until the Outstanding Amount
      of the Class D Notes is zero;

     

    TENTH:
        pro rata
      based
      upon amounts owed, (i) to the Owner Trustee, the Indenture Trustee, the Irish
      Paying Agent and the Back-up Administrator, for all amounts due and owing to
      such parties under the Basic Documents to the extent not paid pursuant to
      priority FIRST above, (ii) to FMC, for any unreimbursed Advances made pursuant
      to Section 8.10, and (iii) to the Servicer, the Administrator and the Guarantee
      Agency, for all amounts due and owing to such parties pursuant to the Basic
      Documents;

     

    ELEVENTH:
        to
      the
      holders of the Class A-IO Notes any Prepayment Penalties remaining unpaid from
      prior Distribution Dates, together with interest thereon at the Note Interest
      Rate for the Class A-IO Notes; and

     

    TWELFTH:
        to
      the
      Owner Trustee (on behalf of the Issuer), for distribution to the
      Certificateholders in accordance with the terms of the Trust
      Agreement.

     

    The
      Indenture Trustee may fix a record date and payment date for any payment to
      the
      holders of the Notes pursuant to this Section. At least 15 days before such
      record date, the Issuer shall mail to each holder of the Notes and the Indenture
      Trustee a notice that states the record date, the payment date and the amount
      to
      be paid.

     

    (c)  If
      the
      Indenture Trustee collects any money or property under this Article V following
      the occurrence and during the continuation of an Event of Default other than
      with respect to Sections 5.01(i) or 5.01(ii) above or following the acceleration
      of the Notes pursuant to Section 5.02 upon an Event of Default other than with
      respect to Sections 5.01(i) or 5.01(ii) above, it shall pay out the money or
      property in the following order:

     

    FIRST:
        pro rata
      based
      upon amounts owed (i) to the Owner Trustee for amounts due under Article X
      of
      the Trust Agreement, to the Indenture Trustee for amounts due under Section
      6.07, to the Irish Paying Agent for amounts due under the Irish Paying Agent
      Agreement, to the Back-up Administrator for amounts due under the Back-up
      Administration Agreement, not to exceed $200,000 per annum in the aggregate,
      and
      (ii) to the Servicers and the Administrator, the unpaid fees and expenses owed
      by the Issuer to such parties;

     

    SECOND:
        to
      the
      holders of the Class A Notes for amounts due and unpaid on the Class A Notes
      for
      interest, ratably, without preference or priority of any kind, according to
      the
      amounts due and payable on the Class A Notes for interest;

     

    THIRD:
        to
      the
      holders of the Class B Notes for amounts due and unpaid on the Class B Notes
      for
      interest (except for Noteholders’ Interest Carryover Shortfall), without
      preference or priority of any kind, according to the amounts due and payable
      on
      the Class B Notes for interest (except for Noteholders’ Interest Carryover
      Shortfall);

     

    FOURTH:
        to
      the
      holders of the Class C Notes for amounts due and unpaid on the Class C Notes
      for
      interest (except for Noteholders’ Interest Carryover Shortfall), without
      preference or priority of any kind, according to the amounts due and payable
      on
      the Class C Notes for interest (except for Noteholders’ Interest Carryover
      Shortfall);

     

    FIFTH:
        to
      the
      holders of the Class D Notes for amounts due and unpaid on the Class D Notes
      for
      interest (except for Noteholders’ Interest Carryover Shortfall), without
      preference or priority of any kind, according to the amounts due and payable
      on
      the Class D Notes for interest (except for Noteholders’ Interest Carryover
      Shortfall);

     

    SIXTH:
        to
      the
      holders of the Class A Notes for amounts due and unpaid on the Class A Notes
      for
      principal, ratably, without preference or priority of any kind, according to
      the
      amounts due and payable on the Class A Notes for principal, until the
      Outstanding Amount of the Class A Notes is zero;

     

    SEVENTH:
        to
      the
      holders of the Class B Notes for amounts due and unpaid on the Class B Notes
      for
      Noteholders’ Interest Carryover Shortfall, without preference or priority of any
      kind, according to the amounts due and payable on the Class B Notes for
      Noteholders’ Interest Carryover Shortfall;

     

    EIGHTH:
        to
      the
      holders of the Class B Notes for amounts due and unpaid on the Class B Notes
      for
      principal, without preference or priority of any kind, according to the amounts
      due and payable on the Class B Notes for principal, until the Outstanding Amount
      of the Class B Notes is zero;

     

    NINTH:
        to
      the
      holders of the Class C Notes for amounts due and unpaid on the Class C Notes
      for
      Noteholders’ Interest Carryover Shortfall, without preference or priority of any
      kind, according to the amounts due and payable on the Class C Notes for
      Noteholders’ Interest Carryover Shortfall;

     

    TENTH:
        to
      the
      holders of the Class C Notes for amounts due and unpaid on the Class C Notes
      for
      principal, without preference or priority of any kind, according to the amounts
      due and payable on the Class C Notes for principal, until the Outstanding Amount
      of the Class C Notes is zero;

     

    ELEVENTH:
        to
      the
      holders of the Class D Notes for amounts due and unpaid on the Class D Notes
      for
      Noteholders’ Interest Carryover Shortfall, without preference or priority of any
      kind, according to the amounts due and payable on the Class D Notes for
      Noteholders’ Interest Carryover Shortfall;

     

    TWELFTH:  to
      the
      holders of the Class D Notes for amounts due and unpaid on the Class D Notes
      for
      principal, without preference or priority of any kind, according to the amounts
      due and payable on the Class D Notes for principal, until the Outstanding Amount
      of the Class D Notes is zero;

     

    THIRTEENTH:
        pro rata
      based
      upon amounts owed, (i) to the Owner Trustee, the Indenture Trustee, the Irish
      Paying Agent and the Back-up Administrator, for all amounts due and owning
      to
      such parties under the Basic Documents to the extent not paid pursuant to
      priority FIRST above, (ii) to FMC, for any unreimbursed Advances made pursuant
      to Section 8.10, and (iii) to the Servicer, the Administrator and the Guarantee
      Agency, for all amounts due and owing to such parties pursuant to the Basic
      Documents;

     

    FOURTEENTH:
        to
      the
      holders of the Class A-IO Notes any Prepayment Penalties remaining unpaid from
      prior Distribution Dates, together with interest thereon at the Note Interest
      Rate for the Class A-IO Notes; and

     

    FIFTEENTH:
        to
      the
      Owner Trustee (on behalf of the Issuer), for distribution to the
      Certificateholders in accordance with the terms of the Trust
      Agreement.

     

    SECTION
      5.05  Optional
      Preservation of the Financed Student Loans.
      If the
      Notes have been declared to be due and payable under Section 5.02 following
      an
      Event of Default and such declaration and its consequences have not been
      rescinded and annulled, the Indenture Trustee may, or, subject to Section 5.11,
      shall at the written direction of the Interested Noteholders, representing
      not
      less than a majority of the Outstanding Amount of the applicable Classes of
      Notes, elect to maintain possession of the related Indenture Trust Estate.
      It is
      the desire of the parties hereto and the holders of the Notes that there be
      at
      all times sufficient funds for the payment of principal of and interest on
      each
      Class of Notes and the Indenture Trustee shall take such desire into account
      when determining whether or not to maintain possession of the Indenture Trust
      Estate. In determining whether to maintain possession of the Indenture Trust
      Estate, the Indenture Trustee may, but need not, obtain and rely upon an opinion
      of an Independent investment banking or accounting firm of national reputation
      as to the feasibility of such proposed action and as to the sufficiency of
      the
      Indenture Trust Estate for such purpose.

     

    SECTION
      5.06  Limitation
      of Suits.
      No
      holder of the Notes shall have any right to institute any Proceeding, judicial
      or otherwise, with respect to this Indenture, or for the appointment of a
      receiver or trustee, or for any other remedy hereunder, unless the following
      conditions listed below are satisfied:

     

    (i)  such
      holder of the Notes has previously given written notice to the Indenture Trustee
      of a continuing Event of Default;

     

    (ii)  the
      holders of not less than 25% of the Outstanding Amount of the Notes, in the
      aggregate, have made written request to the Indenture Trustee to institute
      such
      Proceeding in respect of such Event of Default in its own name as Indenture
      Trustee hereunder;

     

    (iii)  such
      holders of the Notes have offered to the Indenture Trustee reasonable indemnity
      against the costs, expenses and liabilities to be incurred in complying with
      such request;

     

    (iv)  the
      Indenture Trustee for 60 days after its receipt of such notice, request and
      offer of indemnity has failed to institute such Proceeding; and

     

    (v)  no
      direction inconsistent with such written request has been given to the Indenture
      Trustee during such 60-day period by the holders of a majority of the
      Outstanding Amount of the Notes in the aggregate;

     

    it
      being
      understood and intended that no one or more holders of the Notes shall have
      any
      right in any manner whatever by virtue of, or by availing of, any provision
      of
      this Indenture to affect, disturb or prejudice the rights of any other holders
      of the Notes or to obtain or to seek to obtain priority or preference over
      any
      other holders of the Notes or to enforce any right under this Indenture, except
      in the manner herein provided.

     

    If
      the
      Indenture Trustee shall receive conflicting or inconsistent requests and
      indemnity from two or more groups of Noteholders, each representing less than
      a
      majority of the Outstanding Amount of the Notes, the Indenture Trustee in its
      sole discretion may determine what action, if any, shall be taken,
      notwithstanding any other provisions of this Indenture.

     

    SECTION
      5.07  Unconditional
      Rights of Noteholders To Receive Principal and Interest.
      Notwithstanding any other provisions in this Indenture, any holder of any Class
      of Notes shall have the right, which is absolute and unconditional, to receive
      payment of the principal of and interest, on such Note, on or after the
      respective due dates thereof expressed in such Note, or in this Indenture and
      to
      institute suit for the enforcement of any such payment, and such right shall
      not
      be impaired without the consent of such holder of any such Class of
      Notes.

     

    SECTION
      5.08  Restoration
      of Rights and Remedies.
      If the
      Indenture Trustee or any holder of Notes has instituted any Proceeding to
      enforce any right or remedy under this Indenture and such Proceeding has been
      discontinued or abandoned for any reason or has been determined adversely to
      the
      Indenture Trustee or to such holder of Notes, then and in every such case the
      Issuer, the Indenture Trustee and the holders of the Notes shall, subject to
      any
      determination in such Proceeding, be restored severally and respectively to
      their former positions hereunder, and thereafter all rights and remedies of
      the
      Indenture Trustee and the holders of the Notes shall continue as though no
      such
      Proceeding had been instituted.

     

    SECTION
      5.09  Rights
      and Remedies Cumulative.
      No
      right or remedy herein conferred upon or reserved to the Indenture Trustee
      or to
      the holders of the Notes is intended to be exclusive of any other right or
      remedy, and every right and remedy shall, to the extent permitted by law, be
      cumulative and in addition to every other right and remedy given hereunder
      or
      now or hereafter existing at law or in equity or otherwise. The assertion or
      employment of any right or remedy hereunder, or otherwise, shall not prevent
      the
      concurrent assertion or employment of any other appropriate right or
      remedy.

     

    SECTION
      5.10  Delay
      or Omission Not a Waiver.
      No
      delay or omission of the Indenture Trustee or any holder of Notes to exercise
      any right or remedy accruing upon any Default shall impair any such right or
      remedy or constitute a waiver of any such Default or an acquiescence therein.
      Every right and remedy given by this Article V or by law to the Indenture
      Trustee or to the holders of the Notes may be exercised from time to time,
      and
      as often as may be deemed expedient, by the Indenture Trustee or by the holders
      of the Notes.

     

    SECTION
      5.11  Control
      by Noteholders.
      With
      respect to the Notes, the Interested Noteholders, representing not less than
      a
      majority of the Outstanding Amount of the applicable Classes of Notes (or,
      in
      each case, if only one Class is affected thereby, a majority of the Outstanding
      Amount of such Class) shall have the right to direct the time, method and place
      of conducting any Proceeding for any remedy available to the Indenture Trustee
      with respect to the Notes or exercising any trust or power conferred on the
      Indenture Trustee; provided
      that:

     

    (i)  such
      direction shall not be in conflict with any rule of law or with this
      Indenture;

     

    (ii)  subject
      to the express terms of Section 5.04, any direction to the Indenture Trustee
      to
      sell or liquidate the Indenture Trust Estate shall be by the holders of not
      less
      than 100% of the Outstanding Amount of the Notes;

     

    (iii)  if
      the
      conditions set forth in Section 5.05 have been satisfied and the Indenture
      Trustee elects to retain the Indenture Trust Estate pursuant to such Section,
      then any direction to the Indenture Trustee by the holders of less than 100%
      of
      the Outstanding Amount of the Notes, to sell or liquidate the Indenture Trust
      Estate shall be of no force and effect; and

     

    (iv)  the
      Indenture Trustee may take any other action deemed proper by the Indenture
      Trustee that is not inconsistent with such direction;

     

    provided,
      however,
      that,
      subject to Section 6.01, the Indenture Trustee need not take any action that
      it
      determines might involve it in liability or might materially adversely affect
      the rights of any holders of the Notes not consenting to such
      action.

     

    SECTION
      5.12  Waiver
      of Past Defaults.
      Prior
      to the declaration of the acceleration of the Notes as provided in Section
      5.02,
      the Interested Noteholders representing not less than a majority of the
      Outstanding Amount of the applicable Classes of Notes, may waive any past
      Default and its consequences except a Default (a) in payment when due of
      principal of or interest on any Note or (b) in respect of a covenant or
      provision hereof which cannot be modified or amended without the consent of
      each
      holder of the Notes. In the case of any such waiver, the Issuer, the Indenture
      Trustee and the holders of the Notes shall be restored to their former positions
      and rights hereunder, respectively; but no such waiver shall extend to any
      subsequent or other Default or impair any right consequent thereto.

     

    Upon
      any
      such waiver, such Default shall cease to exist and be deemed to have been cured
      and not to have occurred for every purpose of this Indenture; but no such waiver
      shall extend to any subsequent or other Default or impair any right consequent
      thereto.

     

    SECTION
      5.13  Undertaking
      for Costs.
      All
      parties to this Indenture agree, and each holder of the Notes by such
      Noteholder’s acceptance of any Note shall be deemed to have agreed, that any
      court may in its discretion require, in any suit for the enforcement of any
      right or remedy under this Indenture, or in any suit against the Indenture
      Trustee for any action taken, suffered or omitted by it as Indenture Trustee,
      the filing by any party litigant in such suit of an undertaking to pay the
      costs
      of such suit, and that such court may in its discretion assess reasonable costs,
      including reasonable attorneys’ fees, against any party litigant in such suit,
      having due regard to the merits and good faith of the claims or defenses made
      by
      such party litigant; but the provisions of this Section shall not apply to
      (a)
      any suit instituted by the Indenture Trustee, (b) any suit instituted by any
      holder of the Notes or group of holders of the Notes, in each case holding
      in
      the aggregate more than 10% of the Outstanding Amount of the Notes or (c) any
      suit instituted by any holder of the Notes for the enforcement of the payment
      of
      principal of or interest on any Note on or after the respective due dates
      expressed in such Note and in this Indenture.

     

    SECTION
      5.14  Waiver
      of Stay or Extension Laws.
      The
      Issuer covenants (to the extent that it may lawfully do so) that it will not
      at
      any time insist upon, or plead or in any manner whatsoever, claim or take the
      benefit or advantage of, any stay or extension law wherever enacted, now or
      at
      any time hereafter in force, that may affect the covenants or the performance
      of
      this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby
      expressly waives all benefit or advantage of any such law, and covenants that
      it
      will not hinder, delay or impede the execution of any power herein granted
      to
      the Indenture Trustee, but will suffer and permit the execution of every such
      power as though no such law had been enacted.

     

    SECTION
      5.15  Action
      on Notes.
      The
      Indenture Trustee’s right to seek and recover judgment on the Notes or under
      this Indenture shall not be affected by the seeking, obtaining or application
      of
      any other relief under or with respect to this Indenture. Neither the lien
      of
      this Indenture nor any rights or remedies of the Indenture Trustee or the
      holders of the Notes shall be impaired by the recovery of any judgment by the
      Indenture Trustee against the Issuer or by the levy of any execution under
      such
      judgment upon any portion of the Indenture Trust Estate or upon any of the
      assets of the Issuer. Any money or property collected by the Indenture Trustee
      shall be applied in accordance with Section 5.04(b) or (c), as the case may
      be.

     

    SECTION
      5.16  Performance
      and Enforcement of Certain Obligations.
      

     

    (a)
      Promptly
      following a request from the Indenture Trustee, and at the Administrator’s
      expense, the Issuer shall take all such lawful action as the Indenture Trustee
      may request to compel or secure the performance and observance by the Depositor,
      the Sellers, the Administrator, the Back-up Administrator and the Servicers,
      as
      applicable, of each of their obligations to the Issuer under or in connection
      with the Basic Documents in accordance with the terms thereof, and to exercise
      any and all rights, remedies, powers and privileges lawfully available to the
      Issuer under or in connection with the Basic Documents, including the
      transmission of notices of default and the institution of legal or
      administrative actions or proceedings to compel or secure performance by the
      Depositor, the Sellers, the Administrator, the Back-up Administrator or the
      Servicers of each of their obligations under the Basic Documents.

     

    (b)  If
      an
      Event of Default has occurred and is continuing, the Indenture Trustee shall,
      subject to Section 5.11, at the direction (which direction shall be in writing
      or by telephone (confirmed in writing promptly thereafter)) of the Interested
      Noteholders, representing not less than 66.67% of the Outstanding Amount of
      the
      applicable Classes of Notes, exercise all rights, remedies, powers, privileges
      and claims of the Issuer against the Depositor, the Sellers, the Administrator,
      the Back-up Administrator, the Servicers or the Guarantee Agency under or in
      connection with the Basic Documents, including the right or power to take any
      action to compel or secure performance or observance by the Depositor, the
      Sellers, the Administrator, the Back-up Administrator, and the Servicers of
      each
      of their obligations to the Issuer thereunder and to give any consent, request,
      notice, direction, approval, extension or waiver under the Basic Documents
      and
      any right of the Issuer to take such action shall be suspended.

     

    SECTION
      5.17  Notice
      of Defaults.
      Within
      90 days after the occurrence of any Default hereunder with respect to the
      Notes, the Indenture Trustee shall transmit in the manner and to the extent
      provided in TIA Section 313(c), notice of such Default hereunder to which a
      Responsible Officer of the Indenture Trustee has actual knowledge or is in
      receipt of a written notice thereof in accordance with the terms of this
      Indenture, unless such Default shall have been cured or waived; provided,
      however,
      that,
      except in the case of a Default in the payment of the principal of or interest
      with respect to any Note, the Indenture Trustee shall be protected in
      withholding such notice if and so long as a Responsible Officer of the Indenture
      Trustee in good faith determines that the withholding of such notice is in
      the
      interest of the Noteholders.

     

     

     

    ARTICLE
      VI

     

    The
      Indenture Trustee

     

    SECTION
      6.01  Duties
      of Indenture Trustee.
      (a)  If
      an Event of Default has occurred and is continuing, the Indenture Trustee shall
      exercise the rights and powers vested in it by this Indenture and use the same
      degree of care and skill in their exercise as a prudent person would exercise
      or
      use under the circumstances in the conduct of such person’s own
      affairs.

     

    (b)  Except
      during the continuance of an Event of Default:

     

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

     

    (ii)  in
      the
      absence of bad faith on its part, the Indenture 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 a Responsible Officer of
      the
      Indenture Trustee and conforming to the requirements of this Indenture;
provided,
      however,
      that
      the Indenture Trustee shall examine the certificates and opinions to determine
      whether or not they conform to the requirements of this Indenture.

     

    (c)  The
      Indenture Trustee may not be relieved from liability for its own negligent
      action, its own negligent failure to act or its own willful misconduct, except
      that:

     

    (i)  this
      paragraph does not limit the effect of paragraph (b) of this
      Section;

     

    (ii)  the
      Indenture Trustee shall not be liable for any error of judgment made in good
      faith by a Responsible Officer unless it is proved that the Indenture Trustee
      was negligent in ascertaining the pertinent facts; and

     

    (iii)  the
      Indenture Trustee shall not be liable with respect to any action it takes or
      omits to take in good faith in accordance with a direction received by it
      pursuant to Section 5.11.

     

    (d)  Every
      provision of this Indenture that in any way relates to the Indenture Trustee
      is
      subject to paragraphs (a), (b), (c) and (g) of this Section 6.01.

     

    (e)  The
      Indenture Trustee shall not be liable for interest on any money received by
      it
      except as the Indenture Trustee may agree in writing with the
      Issuer.

     

    (f)  Money
      held in trust by the Indenture Trustee need not be segregated from other funds
      except to the extent required by law or the terms of this
      Indenture.

     

    (g)  No
      provision of this Indenture shall require the Indenture Trustee to expend or
      risk its own funds or otherwise incur financial liability in the performance
      of
      any of its duties hereunder or in the exercise of any of its rights or powers,
      if it shall have reasonable grounds to believe that repayments of such funds
      or
      adequate indemnity satisfactory to it against any loss, liability or expense
      is
      not reasonably assured to it.

     

    (h)  Except
      as
      expressly provided in the Basic Documents, the Indenture Trustee shall have
      no
      obligation to administer, service or collect the Financed Student Loans or
      to
      maintain, monitor or otherwise supervise the administration, servicing or
      collection of the Financed Student Loans.

     

    (i)  In
      the
      event that the Indenture Trustee is the Paying Agent or the Note Registrar,
      the
      rights and protections afforded to the Indenture Trustee pursuant to this
      Indenture shall also be afforded to the Indenture Trustee in its capacity as
      Paying Agent and Note Registrar.

     

    (j)  Every
      provision of this Indenture relating to the conduct or affecting the liability
      of or affording protection to the Indenture Trustee shall be subject to the
      provisions of this Section 6.01.

     

    SECTION
      6.02  Rights
      of Indenture Trustee.
      (a)
      The
      Indenture Trustee may rely on any document believed by it to be genuine and
      to
      have been signed or presented by the proper Person. The Indenture Trustee need
      not investigate any fact or matter stated in such document.

     

    (b)  Before
      the Indenture Trustee acts or refrains from acting, it may require an Officers’
Certificate of the Issuer or an Opinion of Counsel. The Indenture Trustee shall
      not be liable for any action it takes or omits to take in good faith in reliance
      on such Officers’ Certificate or Opinion of Counsel.

     

    (c)  The
      Indenture Trustee may execute any of the trusts or powers hereunder or perform
      any duties hereunder either directly or by or through agents or attorneys or
      a
      custodian or nominee, and the Indenture Trustee shall not be responsible for
      any
      misconduct or negligence on the part of, or for the supervision of, any such
      agent, attorney, custodian or nominee appointed with due care by it
      hereunder.

     

    (d)  The
      Indenture Trustee shall not be liable for any action it takes or omits to take
      in good faith which it believes to be authorized or within its rights or powers;
      provided,
      however,
      that
      the Indenture Trustee’s conduct does not constitute willful misconduct,
      negligence or bad faith.

     

    (e)  The
      Indenture Trustee may consult with counsel, and the advice or opinion of counsel
      with respect to legal matters relating to this Indenture and the Notes shall
      be
      full and complete authorization and protection from liability in respect to
      any
      action taken, omitted or suffered by it hereunder in good faith and in
      accordance with the advice or opinion of such counsel.

     

    (f)  In
      the
      event that the Person acting as Indenture Trustee is also acting as securities
      intermediary, all the rights, powers, immunities and indemnities afforded to
      the
      Indenture Trustee under the Basic Documents shall also be afforded to the
      securities intermediary.

     

    (g)  Absent
      willful misconduct or fraud, the Indenture Trustee shall not be liable for
      any
      punitive damages, regardless of the form of action and whether or not any such
      damages were foreseeable or contemplated.

     

    (h)  The
      Indenture Trustee shall not be deemed to have notice of any Default or Event
      of
      Default unless a Responsible Officer of the Indenture Trustee has actual
      knowledge thereof or unless written notice of any event which is in fact such
      Default or Event of Default is received by the Indenture Trustee at the
      Corporate Trust Office, and such notice references the Notes under this
      Indenture.

     

    (i)  Any
      permissive right or authority granted to the Indenture Trustee shall not be
      construed as a mandatory duty.

     

    SECTION
      6.03  Individual
      Rights of Indenture Trustee.
      The
      Indenture Trustee in its individual or any other capacity may become the owner
      or pledgee of Notes and may otherwise deal with the Issuer or its Affiliates
      with the same rights it would have if it were not Indenture Trustee. Any Paying
      Agent, Note Registrar, co-registrar or co-paying agent may do the same with
      like
      rights. However, the Indenture Trustee must comply with Section
      6.11.

     

    SECTION
      6.04  Indenture
      Trustee’s Disclaimer.
      The
      Indenture Trustee shall not be responsible for and makes no representation
      as to
      the validity or adequacy of this Indenture or the Notes, it shall not be
      accountable for the Issuer’s use of the proceeds from the Notes, and it shall
      not be responsible for any statement of the Issuer in the Indenture or in any
      document issued in connection with the sale of the Notes or in the Notes other
      than the Indenture Trustee’s certificate of authentication.

     

    SECTION
      6.05  Notice
      of Defaults.
      If a
      Default occurs and is continuing and if it is either actually known or written
      notice of the existence thereof has been received by a Responsible Officer
      of
      the Indenture Trustee, the Indenture Trustee shall mail to each holder of the
      Notes notice of the Default within 90 days after it occurs. Except in the case
      of a Default in payment of principal of or interest on the Notes, the Indenture
      Trustee may withhold the notice to the holders of the Notes if and so long
      as a
      committee of its Responsible Officers in good faith determines that withholding
      the notice is in the interests of holders of the Notes.

     

    SECTION
      6.06  Reports
      by Indenture Trustee to Noteholders.
      The
      Indenture Trustee shall deliver to each holder of the Notes (and to each Person
      who was a holder of the Notes at any time during the applicable calendar year)
      such information with respect to the Notes, as may be required to enable such
      holder to prepare its Federal and state income tax returns.

     

    SECTION
      6.07  Compensation
      and Indemnity.
      The
      Issuer shall pay to the Indenture Trustee from time to time reasonable
      compensation for all services rendered under this Indenture, and also all
      reasonable expenses, charges, counsel fees and other disbursements, including
      those of their attorneys, agents and employees, incurred in and about the
      performance of their powers and duties under this Indenture. The Issuer further
      agrees to indemnify and save the Indenture Trustee harmless against any
      liabilities which it may incur in the exercise and performance of its powers
      and
      duties hereunder, and which are not due to its negligence or willful misconduct,
      to the extent solely payable from the Indenture Trust Estate. To secure the
      Indenture Trustee’s right to receive amounts pursuant to this Section 6.07, the
      Indenture Trustee shall have a lien against the Indenture Trust Estate that
      is,
      except to the extent otherwise expressly provided herein, subordinate to the
      rights of the Noteholders. Without prejudice to its rights hereunder, when
      the
      Indenture Trustee incurs expenses or renders services after a Default specified
      in Sections 5.01(iv) or (v) occurs, such expenses and the compensation for
      such
      services (including the fees and expenses of its agent and counsel) shall
      constitute expenses of administration under the applicable bankruptcy law.
      The
      provisions of this Section 6.07 shall survive the satisfaction and discharge
      of
      this Indenture and the resignation or removal of the Indenture
      Trustee.

     

    SECTION
      6.08  Replacement
      of Indenture Trustee.
      No
      resignation or removal of the Indenture Trustee and no appointment of a
      successor Indenture Trustee shall become effective until the acceptance of
      appointment by the successor Indenture Trustee pursuant to this Section 6.08.
      The Indenture Trustee may resign at any time by so notifying the Issuer. The
      Administrator shall remove the Indenture Trustee if:

     

    (i)  the
      Indenture Trustee fails to comply with Section 6.11;

     

    (ii)  an
      Insolvency Event occurs with respect to the Indenture Trustee;

     

    (iii)  a
      receiver or other public officer takes charge of the Indenture Trustee or its
      property; or

     

    (iv)  the
      Indenture Trustee otherwise becomes incapable of acting.

     

    If
      the
      Indenture Trustee resigns or is removed or if a vacancy exists in the office
      of
      Indenture Trustee for any reason (the Indenture Trustee in such event being
      referred to herein as the retiring Indenture Trustee), the Administrator shall
      promptly appoint a successor Indenture Trustee.

     

    A
      successor Indenture Trustee shall deliver a written acceptance of its
      appointment to the retiring Indenture Trustee and the Issuer. Thereupon the
      resignation or removal of the retiring Indenture Trustee shall become effective,
      and the successor Indenture Trustee shall have all the rights, powers and duties
      of the Indenture Trustee under this Indenture. The successor Indenture Trustee
      shall mail a notice of its succession to the holders of the Notes and each
      Rating Agency. The retiring Indenture Trustee shall promptly transfer all
      property held by it as Indenture Trustee to the successor Indenture Trustee
      upon
      payment of all monies due and owing to the retiring Indenture
      Trustee.

     

    If
      a
      successor Indenture Trustee does not take office within 60 days after the
      retiring Indenture Trustee resigns or is removed, the retiring Indenture
      Trustee, the Issuer or the holders of a majority in Outstanding Amount of the
      Notes may petition any court of competent jurisdiction for the appointment
      of a
      successor Indenture Trustee.

     

    If
      the
      Indenture Trustee fails to comply with Section 6.11, any holder of the Notes
      may
      petition any court of competent jurisdiction for the removal of the Indenture
      Trustee and the appointment of a successor Indenture Trustee.

     

    Notwithstanding
      the replacement of the Indenture Trustee pursuant to this Section, the Issuer’s
      and the Administrator’s obligations under Section 6.07 shall continue for the
      benefit of the retiring Indenture Trustee.

     

    SECTION
      6.09  Successor
      Indenture Trustee by Merger.
      If the
      Indenture Trustee consolidates with, merges or converts into, or transfers
      all
      or substantially all its corporate trust business or assets to, another
      corporation or banking association, the resulting, surviving or transferee
      corporation without any further act shall be the successor Indenture Trustee;
      provided that such corporation or banking association shall be otherwise
      qualified and eligible under Section 6.11. The Indenture Trustee shall provide
      the Rating Agencies with written notice of any such transaction provided it
      is
      not otherwise obligated to maintain such information confidential.

     

    In
      case
      at the time such successor or successors by merger, conversion or consolidation
      to the Indenture Trustee shall succeed to the trusts created by this Indenture
      any of the Notes shall have been authenticated but not delivered, any such
      successor to the Indenture Trustee may adopt the certificate of authentication
      of any predecessor trustee, and deliver such Notes so authenticated; and in
      case
      at that time any of the Notes shall not have been authenticated, any successor
      to the Indenture Trustee may authenticate such Notes either in the name of
      any
      predecessor hereunder or in the name of the successor to the Indenture Trustee;
      and in all such cases such certificates shall have the full force which it
      is
      anywhere in the Notes or in this Indenture provided that the certificate of
      the
      Indenture Trustee shall have.

     

    SECTION
      6.10  Appointment
      of Co-Trustee or Separate Trustee.
      

     

    (a)
      Notwithstanding any other provisions of this Indenture, at any time, for the
      purpose of meeting any legal requirement of any jurisdiction in which any part
      of the Indenture Trust Estate may at the time be located, the Indenture Trustee
      shall have the power and may execute and deliver all instruments to appoint
      one
      or more Persons to act as a co-trustee or co-trustees, or separate trustee
      or
      separate trustees, of all or any part of the Indenture Trust Estate, and to
      vest
      in such Person or Persons, in such capacity and for the benefit of the holders
      of the Notes, such title to the Indenture Trust Estate, or any part hereof,
      and,
      subject to the other provisions of this Section, such powers, duties,
      obligations, rights and trusts as the Indenture Trustee may consider necessary
      or desirable. No co-trustee or separate trustee hereunder shall be required
      to
      meet the terms of eligibility as a successor trustee under Section 6.11 and
      no
      notice to holders of the Notes of the appointment of any co-trustee or separate
      trustee shall be required under Section 6.08 hereof.

     

    (b)  Every
      separate trustee and co-trustee shall, to the extent permitted by law, be
      appointed and act subject to the following provisions and
      conditions:

     

    (i)  all
      rights, powers, duties and obligations conferred or imposed upon the Indenture
      Trustee shall be conferred or imposed upon and exercised or performed by the
      Indenture Trustee and such separate trustee or co-trustee jointly (it being
      understood that such separate trustee or co-trustee is not authorized to act
      separately without the Indenture Trustee joining in such act), except to the
      extent that under any law of any jurisdiction in which any particular act or
      acts are to be performed the Indenture Trustee shall be incompetent or
      unqualified to perform such act or acts, in which event such rights, powers,
      duties and obligations (including the holding of title to the Indenture Trust
      Estate or any portion thereof in any such jurisdiction) shall be exercised
      and
      performed singly by such separate trustee or co-trustee, but solely at the
      direction of the Indenture Trustee;

     

    (ii)  no
      trustee hereunder shall be personally liable by reason of any act or omission
      of
      any other trustee hereunder; and

     

    (iii)  the
      Indenture Trustee may at any time accept the resignation of or remove any
      separate trustee or co-trustee.

     

    (c)  Any
      notice, request or other writing given to the Indenture Trustee shall be deemed
      to have been given to each of the then separate trustees and co-trustees, as
      effectively as if given to each of them. Every instrument appointing any
      separate trustee or co-trustee shall refer to this Indenture and the conditions
      of this Article VI. Each separate trustee and co-trustee, upon its acceptance
      of
      the trusts conferred, shall be vested with the estates or property specified
      in
      its instrument of appointment, either jointly with the Indenture Trustee or
      separately, as may be provided therein, subject to all the provisions of this
      Indenture, specifically including every provision of this Indenture relating
      to
      the conduct of, affecting the liability of, or affording protection to, the
      Indenture Trustee. Every such instrument shall be filed with the Indenture
      Trustee.

     

    (d)  Any
      separate trustee or co-trustee may at any time constitute the Indenture Trustee,
      its agent or attorney-in-fact with full power and authority, to the extent
      not
      prohibited by law, to do any lawful act under or in respect of this Indenture
      on
      its behalf and in its name. If any separate trustee or co-trustee shall die,
      become incapable of acting, resign or be removed, all its estates, properties,
      rights, remedies and trusts shall vest in and be exercised by the Indenture
      Trustee, to the extent permitted by law, without the appointment of a new or
      successor trustee.

     

    SECTION
      6.11  Eligibility;
      Disqualification.
      There
      shall at all times be an Indenture Trustee hereunder which shall be eligible
      to
      act as Indenture Trustee under TIA Section 310(a)(1) and shall have a
      combined capital and surplus of at least $50,000,000 (and, with respect to
      any
      successor Indenture Trustee, having a rating of at least “Baa3” from Moody’s
      unless the Rating Agency Condition is satisfied). If such corporation publishes
      reports of condition at least annually, pursuant to law or the requirements
      of
      federal, state, territorial or District of Columbia supervising or examining
      authority, then for the purposes of this Section 6.11, the combined capital
      and surplus of such corporation shall be deemed to be its combined capital
      and
      surplus as set forth in its most recent report of condition so published. If
      at
      any time the Indenture Trustee shall cease to be eligible in accordance with
      the
      provisions of this Section 6.11, it shall resign immediately in the manner
      and with the effect specified in this Article VI. Neither the Issuer nor
      any Person directly or indirectly controlling or controlled by, or under common
      control with, the Issuer shall serve as Indenture Trustee.

     

     

     

    ARTICLE
      VII

     

    Noteholders’
      Lists and Reports

     

    SECTION
      7.01  Issuer
      To Furnish Indenture Trustee Names and Addresses of Noteholders.
      The
      Issuer will furnish or cause to be furnished to the Indenture Trustee (a) not
      more than five days after the earlier of (i) each Record Date and (ii) three
      months after the last Record Date, a list, in such form as the Indenture Trustee
      may reasonably require, of the names and addresses of the holders of the Notes
      as of such Record Date, (b) at such other times as the Indenture Trustee may
      request in writing, within 30 days after receipt by the Issuer of any such
      request, a list of similar form and content as of a date not more than 10 days
      prior to the time such list is furnished; provided,
      however,
      that so
      long as the Indenture Trustee is the Note Registrar, no such list shall be
      required to be furnished.

     

    SECTION
      7.02  Preservation
      of Information; Communications to Noteholders.
      (a)
      The
      Indenture Trustee shall preserve, in as current a form as is reasonably
      practicable, the names and addresses of the holders of the Notes contained
      in
      the most recent list furnished to the Indenture Trustee as provided in Section
      7.01 and the names and addresses of the holders of the Notes received by the
      Indenture Trustee in its capacity as Note Registrar. The Indenture Trustee
      may
      destroy any list furnished to it as provided in such Section 7.01 upon receipt
      of a new list so furnished.

     

    (b)  Upon
      receipt by the Indenture Trustee of any request by a holder of the Notes to
      receive a copy of the current list of holders of the Notes, the Indenture
      Trustee shall promptly notify the Administrator thereof by providing to the
      Administrator a copy of such request and a copy of the list of holders of the
      Notes produced in response thereto.

     

    (c)  The
      Indenture Trustee shall furnish to the holders of the Notes promptly upon
      receipt of a written request therefor, duplicates or copies of all reports,
      notices, requests, demands, certificates, financial statements and any other
      instruments furnished to the Indenture Trustee under the Basic
      Documents.

     

    SECTION
      7.03  Reports
      by Issuer.
      (a)
      The
      Issuer shall cause the Administrator to furnish the Issuer and the Indenture
      Trustee the reports required by the Administration Agreement and by Section
      3.24
      of this Indenture.

     

    (b)  Unless
      the Issuer otherwise determines, the fiscal year of the Issuer shall end on
      June
      30 of each year. In the case of any change to the Issuer’s fiscal year, the
      Administrator shall notify the Indenture Trustee of such change.

     

     

     

    ARTICLE
      VIII

     

    Accounts,
      Disbursements and Releases

     

    SECTION
      8.01  Collection
      of Money.
      (a)
      Except
      as otherwise expressly provided herein, the Indenture Trustee may demand payment
      or delivery of, and shall receive and collect, directly and without intervention
      or assistance of any fiscal agent or other intermediary, all money and other
      property payable to or receivable by the Indenture Trustee pursuant to this
      Indenture. The Indenture Trustee shall apply all such money received by it
      on
      behalf of the holders of the Notes as provided in this Indenture. Except as
      otherwise expressly provided in this Indenture, if any default occurs in the
      making of any payment or performance under any agreement or instrument that
      is
      part of the Indenture Trust Estate, the Indenture Trustee may take such action
      as may be appropriate to enforce such payment or performance, including the
      institution and prosecution of appropriate Proceedings. Any such action shall
      be
      without prejudice to any right to claim a Default under this Indenture and
      any
      right to proceed thereafter as provided in Article V.

     

    (b)  The
      Indenture Trustee shall deposit into the Collection Account all payments it
      receives from the Servicers by or on behalf of the Obligors with respect to
      the
      Student Loans, and all related Liquidation Proceeds and Recoveries, as collected
      during the Collection Period. For purposes of this Article VIII, the phrase
      “payments by or on behalf of Obligors” shall mean payments made with respect to
      the Student Loans, as applicable, by or on behalf of borrowers thereof and
      the
      Guarantee Agency.

     

    (c)  The
      Indenture Trustee shall deposit into the Collection Account the aggregate
      Purchase Amount it receives with respect to Purchased Student Loans and all
      other amounts received from the Sellers or the Servicers with respect to the
      Student Loans.

     

    SECTION
      8.02  Trust
      Accounts.
      (a)(i)  The
      Issuer, for the benefit of the Noteholders and itself, shall establish and
      maintain in the name of the Indenture Trustee an Eligible Deposit Account (the
      “Collection Account”), bearing a designation clearly indicating that the funds
      deposited therein are held for the benefit of the Noteholders and the Issuer.
      The Collection Account will initially be established as a segregated account
      at
      U.S. Bank National Association in the name of the Indenture Trustee. The Issuer
      will make an initial deposit on the Closing Date into the Collection Account
      of
      cash equal to $855,344,319, of which $765,737,994 amount will be disbursed
      on
      the Closing Date by the Indenture Trustee, pursuant to written instructions
      of
      the Administrator, to acquire the Financed Student Loans and $89,606,325 will
      be
      disbursed on the Closing Date by the Indenture Trustee, pursuant to written
      instructions of the Administrator, to pay the First Marblehead Corporation
      a
      structuring advisory fee.

     

    (ii)  The
      Issuer, for the benefit of the Noteholders and itself, shall establish and
      maintain in the name of the Indenture Trustee an Eligible Deposit Account (the
      “Reserve Account”), bearing a designation clearly indicating that the funds
      deposited therein are held for the benefit of the Noteholders and the Issuer.
      The Reserve Account initially will be established as a segregated account at
      U.S. Bank National Association in the name of the Indenture Trustee. The Issuer
      will make an initial deposit on the Closing Date into the Reserve Account of
      cash or certain Eligible Investments equal to the Reserve Account Initial
      Deposit.

     

    (b)  Funds
      on
      deposit in the Collection Account and the Reserve Account (together, the “Trust
      Accounts”) shall be invested by the Indenture Trustee (or any custodian or
      designated agent with respect to any amounts on deposit in such accounts) in
      Eligible Investments pursuant to written instructions by the Issuer;
provided,
      however,
      it is
      understood and agreed that the Indenture Trustee shall not be liable for any
      loss arising from such investment in Eligible Investments. All such Eligible
      Investments shall be held by (or by any custodian on behalf of) the Indenture
      Trustee for the benefit of the Noteholders and the Issuer; provided that on
      the
      Business Day preceding each Distribution Date on which funds in the applicable
      Trust Account will be needed, all interest and other investment income (net
      of
      losses and investment expenses) on funds on deposit therein shall be deposited
      into the Collection Account and shall constitute a portion of the Available
      Funds for such Distribution Date. Other than as described in the following
      proviso or as otherwise permitted by the Rating Agencies, funds on deposit
      in
      the Trust Accounts shall be invested in Eligible Investments that will mature
      so
      that such funds will be available at the close of business on the Business
      Day
      preceding the following Distribution Date for which such funds are needed;
      provided,
      however,
      that
      funds on deposit in Trust Accounts may be invested in Eligible Investments
      of
      the Indenture Trustee which may mature so that such funds will be available
      on
      such Distribution Date. Funds deposited in a Trust Account on a Business Day
      which immediately precedes a Distribution Date upon the maturity of any Eligible
      Investments are not required to be invested overnight.

     

    (c)  The
      Indenture Trustee, on behalf of the Noteholders, shall possess all right, title
      and interest in all funds on deposit from time to time in the Trust Accounts
      and
      in all proceeds thereof (including all income thereon) and all such funds,
      investments, proceeds and income shall be part of the Indenture Trust Estate.
      Subject to the Issuer’s power to instruct the Indenture Trustee pursuant to
      paragraph (b) above, the Trust Accounts shall be under the sole dominion and
      control of the Indenture Trustee for the benefit of the Noteholders. If, at
      any
      time, any of the Trust Accounts cease to be an Eligible Deposit Account, the
      Indenture Trustee (or the Administrator on its behalf) agrees, by its acceptance
      hereto, that it shall within 5 Business Days (or such longer period, not to
      exceed 30 calendar days, as to which each Rating Agency may consent) establish
      a
      new Trust Account as an Eligible Deposit Account and shall transfer any cash
      and/or any investments to such new Trust Account. In connection with the
      foregoing, the Issuer agrees that, in the event that any of the Trust Accounts
      are not accounts with the Indenture Trustee, the Issuer shall notify the
      Indenture Trustee, in writing, promptly upon any of such Trust Accounts ceasing
      to be an Eligible Deposit Account.

     

    (A)  With
      respect to the Trust Account Property, the Indenture Trustee agrees, by its
      acceptance hereof, that:

     

    (B)  any
      Trust
      Account Property that is held in deposit accounts shall be held solely in
      Eligible Deposit Accounts; and, subject to Section 8.02(b), each such
      Eligible Deposit Account shall be subject to the exclusive custody and control
      of the Indenture Trustee, and the Indenture Trustee shall have sole signature
      authority with respect thereto;

     

    (C)  any
      Trust
      Account Property shall be Delivered to the Indenture Trustee in accordance
      with
      the definition of “Delivery” herein and shall be held, pending maturity or
      disposition, solely by the Indenture Trustee or such other Person acting solely
      for the Indenture Trustee as required for Delivery;

     

    (D)  In
      the
      event that the Indenture Trustee, in its capacity as Securities Intermediary
      has
      or subsequently obtains by agreement, operation of law or otherwise a security
      interest in the Trust Accounts or any security entitlement credited thereto,
      the
      Indenture Trustee, in its capacity as Securities Intermediary hereby agrees
      that
      such security interest shall be subordinate to the security interest of the
      Indenture Trustee for the benefit of the Noteholders. The financial assets
      and
      other items deposited to the Trust Accounts will not be subject to deduction,
      set-off, banker’s lien, or any other right in favor of any person other than the
      Indenture Trustee (except that the Indenture Trustee, in its capacity as
      Securities Intermediary may set off (i) the face amount of any checks which
      have
      been credited to the Trust Accounts but are subsequently returned unpaid because
      of uncollected or insufficient funds, and (ii) all amounts due to it in respect
      of its customary fees and expenses for the routine maintenance and operation
      of
      the Trust Accounts;

     

    (E)  The
      Issuer shall instruct the Indenture Trustee to make withdrawals and payments
      from the Trust Accounts for the purpose of permitting the Indenture Trustee
      to
      carry out its duties under this Indenture;

     

    (F)  Each
      Trust Account provided for herein to be established and maintained by the
      Indenture Trustee shall be so established and maintained by the Indenture
      Trustee, as securities intermediary (in such capacity, the “Securities
      Intermediary”). Each item of “investment property” within the meaning of Section
      9-102(a)(49) of the New York Uniform Commercial Code (which shall not be deemed
      to include the Financed Student Loans or the related notes evidencing the
      Financed Student Loans) or “money” within the meaning of Section 1-201(24) of
      the New York Uniform Commercial Code, that is (whether investment property,
      security, instrument or cash) credited to such a Trust Account shall be treated
      as a “financial asset” within the meaning of Section 8-102(a)(9) of the New York
      Uniform Commercial Code. The State of New York shall be deemed to be the
      Securities Intermediary’s location for purposes of the New York Uniform
      Commercial Code, and each such Trust Account (as well as the securities
      entitlements related thereto) shall be governed by the laws of the State of
      New
      York; and

     

    (G)  Following
      the filing of any UCC financing statement with respect to this Indenture, the
      Indenture Trustee hereby agrees to notify the Issuer no earlier than six months
      prior to the expiration of such filing of the need to file continuation
      statements, and to the extent permitted by law, the Issuer shall execute and
      file such continuation statements, and provide a copy thereof to the Indenture
      Trustee along with an Opinion of Counsel to the effect that all action has
      been
      taken as is necessary to maintain the lien and security interest created by
      this
      Indenture.

     

    (d)  On
      each
      Distribution Date on which a Class B Note Interest Trigger, a Class C Note
      Interest Trigger or a Class D Note Interest Trigger is not in effect, the
      Administrator shall instruct the Indenture Trustee in writing (based on the
      information contained in the Administrator’s Officer’s Certificate and each
      related Servicer’s Report delivered pursuant to the Administration Agreement) to
      make the following deposits and distributions to the Persons or to the account
      specified below by 11:00 a.m. (New York time), to the extent of the amount
      of Available Funds in the Collection Account, in the following order of priority
      (except as otherwise provided in Sections 5.04(b) or 5.04(c)) and the Indenture
      Trustee shall comply with such instruction:

     

    (1)  FIRST:
      pro rata
      (i)
      Indenture Trustee fees and expenses, Irish Paying Agent fees and expenses,
      Owner
      Trustee fees and expenses, and Back-up Administrator fees and expenses due
      on
      and allocated to such Distribution Date in an aggregate amount not to exceed
      $200,000, per annum; (ii) Servicing Fees and expenses with respect to the
      Financed Student Loans due on such Distribution Date and all prior unpaid
      Servicing Fees and expenses allocated to the Financed Student Loans up to the
      amount specified in the Servicing Agreement, and (iii) Administration Fees
      and
      expenses with respect to the Financed Student Loans up to the amount specified
      in the Administration Agreement;

     

    (2)  SECOND:
      to TERI, the additional guaranty fees pursuant to the TERI Guaranty Agreements,
      which will be deposited into the TERI Pledge Fund;

     

    (3)  THIRD:
      to
      the holders of each Class of Class A Notes, the Noteholders’ Interest
      Distribution Amount for such Class A Notes on a pro rata
      basis;

     

    (4)  FOURTH:
      to the holders of the Class B Notes, the Noteholders’ Interest Distribution
      Amount for the Class B Notes;

     

    (5)  FIFTH:
      to
      the holders of the Class C Notes, the Noteholders’ Interest Distribution Amount
      for the Class C Notes;

     

    (6)  SIXTH:
      to
      the holders of the Class D Notes, the Noteholders’ Interest Distribution Amount
      for the Class D Notes;

     

    (7)  SEVENTH:
      to the Reserve Account, an amount, if any, up to the amount necessary to
      reinstate the balance of the Reserve Account to the Required Reserve Amount;
      

     

    (8)  EIGHTH:
      to TERI (or the TERI Pledge Fund), to purchase Rehabilitated Financed Student
      Loans;

     

    (9)  NINTH:
      the Noteholders’ Principal Distribution Amount to the holders of (i) the Class
      A-1 Notes, until paid in full, then (ii) the Class A-2 Notes, until paid in
      full, then (iii) the Class A-3 Notes, until paid in full, then (iv) the Class
      A-4 Notes, until paid in full, then (v) the Class B Notes, to pay any
      Noteholders’ Interest Carryover Shortfall for the Class B Notes, until paid in
      full, then (vi) the Class B Notes, until paid in full, then (vii) the Class
      C
      Notes, to pay any Noteholders’ Interest Carryover Shortfall for the Class C
      Notes, until paid in full, then (viii) the Class C Notes, until paid in full,
      then (ix) the Class D Notes, to pay any Noteholders’ Interest Carryover
      Shortfall for the Class D Notes, until paid in full, and finally, (x) the Class
      D Notes, until paid in full; provided,
      however,
      that on
      and after the Stepdown Date and so long as no Subordinate Note Principal Trigger
      has occurred and remains in effect, the Class A Percentage of the Noteholders’
Principal Distribution Amount will be payable to the Class A Notes (in the
      same
      order of priority set forth above), the Class B Percentage of the Noteholders’
Principal Distribution Amount will be payable to the Class B Notes first to
      pay
      any Noteholders’ Interest Carryover Shortfall for the Class B Notes and then to
      pay principal until paid in full, the Class C Percentage of the Noteholders’
Principal Distribution Amount will be payable to the Class C Notes first to
      pay
      any Noteholders’ Interest Carryover Shortfall for the Class C and then to pay
      principal until paid in full, and the Class D Percentage of the Noteholders’
Principal Distribution Amount will be payable to the Class D Notes first to
      pay
      any Noteholders’ Interest Carryover Shortfall for the Class D and then to pay
      principal until paid in full;

     

    (10)  TENTH:
      to
      the holders of the Class B Notes, any remaining Noteholders’ Interest Carryover
      Shortfall for the Class B Notes;

     

    (11)  ELEVENTH:
      to the holders of the Class C Notes, any remaining Noteholders’ Interest
      Carryover Shortfall for the Class C Notes;

     

    (12)  TWELFTH:
      to the holders of the Class D Notes, any remaining Noteholders’ Interest
      Carryover Shortfall for the Class D Notes;

     

    (13)  THIRTEENTH:
      pro rata:
      (i) any
      unreimbursed Advances to FMC, (ii) for all amounts in excess of the maximum
      amounts specified in priority FIRST: for Indenture Trustee fees and expenses
      pursuant to the Indenture; for Irish Paying Agent fees and expenses pursuant
      to
      the Irish Paying Agent Agreement; Owner Trustee fees and expenses pursuant
      to
      the Trust Agreement; for Back-up Administrator fees and expenses pursuant to
      the
      Back-up Administration Agreement; (iii) indemnities, fees and expenses of the
      Servicer; (iv) the portion of the Administration Fee and expenses allocated
      to
      the Notes; and (v) all unpaid Administration Fees and expenses from prior
      Collection Periods allocated to the Notes.

     

    (14)  FOURTEENTH:
      (a) if a Turbo Trigger is in effect, to the holders of the Notes, any remaining
      amounts as payment of principal allocated among the Noteholders as described
      in
      priority NINTH until the Outstanding Amount of each Class of Notes is reduced
      to
      zero;

     

    (15)  FIFTEENTH:
      to the holders of the Class A-IO Notes any Prepayment Penalty for that
      Distribution Date and any Prepayment Penalties remaining unpaid from prior
      Distribution Dates, together with interest thereon at the Note Interest Rate
      for
      the Class A-IO Notes; and

     

    (16)  SIXTEENTH:
      to FMC, any unpaid and accrued structuring advisory fees, and then to the
      Certificateholders, any remaining amounts.

     

    Notwithstanding
      the foregoing, for each Distribution Date on which (i) a Class B Note Interest
      Trigger is in effect (x) amounts payable pursuant to priority FOURTH will
      instead be paid following payment of the Noteholders’ Principal Distribution
      Amount to the Class A Notes pursuant to priority NINTH (i) through (iv),
      inclusive, (y) amounts payable pursuant to priorities FIFTH and NINTH (vii)
      and
      (viii) will instead be paid following priority TENTH and (z) amounts payable
      pursuant to priorities SIXTH and NINTH (ix) and (x) will instead be paid
      following priority ELEVENTH; (ii) a Class C Note Interest Trigger is in effect
      (x) amounts payable pursuant to priorities FIFTH and NINTH (vii) and (viii)
      will
      instead be paid following priority TENTH and (y) amounts payable pursuant to
      priorities SIXTH and NINTH (ix) and (x) will instead be paid following priority
      ELEVENTH; and (iii) a Class D Note Interest Trigger is in effect amounts payable
      pursuant to priorities SIXTH and NINTH (ix) and (x) will instead be paid
      following priority ELEVENTH.

     

    SECTION
      8.03  General
      Provisions Regarding Accounts.
      (a) So
      long as no Default shall have occurred and be continuing, all or a portion
      of
      the funds in the Trust Accounts shall be invested in Eligible Investments and
      reinvested by the Indenture Trustee upon Issuer Order, subject to the provisions
      of Section 8.01(b). All income or other gain from investments of moneys
      deposited in the Trust Accounts shall be deposited by the Indenture Trustee
      in
      the Collection Account, and any loss resulting from such investments shall
      be
      charged to such Trust Account. The Issuer will not direct the Indenture Trustee
      to make any investment of any funds or to sell any investment held in any of
      the
      Trust Accounts unless the security interest granted and perfected in such
      account will continue to be perfected in such investment or the proceeds of
      such
      sale, in either case without any further action by any Person, and, in
      connection with any direction to the Indenture Trustee to make any such
      investment or sale, if requested by the Indenture Trustee, the Issuer shall
      deliver to the Indenture Trustee an Opinion of Counsel, acceptable to the
      Indenture Trustee, to such effect.

     

    (b)  Subject
      to Section 6.01(c), the Indenture Trustee shall not in any way be held liable
      by
      reason of any insufficiency in any of the Trust Accounts resulting from any
      loss
      on any Eligible Investment included therein except for losses attributable
      to
      the Indenture Trustee’s failure to make payments on such Eligible Investments
      issued by the Indenture Trustee, in its commercial capacity as principal obligor
      and not as trustee, in accordance with their terms.

     

    (c)  If
      (i)
      the Issuer shall have failed to give investment directions for any funds on
      deposit in the Trust Accounts to the Indenture Trustee by 1:00 p.m. Eastern
      Time
      (or such other time as may be agreed by the Issuer and Indenture Trustee) on
      any
      Business Day; or (ii) a Default shall have occurred and be continuing, but
      the
      Notes shall not have been declared due and payable pursuant to Section 5.02,
      or,
      if such Notes shall have been declared due and payable following an Event of
      Default, amounts collected or receivable from the Indenture Trust Estate are
      being applied in accordance with Section 5.04 as if there had not been such
      a
      declaration; then the Indenture Trustee shall, to the fullest extent
      practicable, invest and reinvest funds in the Trust Accounts in one or more
      of
      the Indenture Trustee’s money market mutual funds that is an Eligible
      Investment.

     

    SECTION
      8.04  Release
      of Indenture Trust Estate.
      (a)
      Subject
      to the payment of its fees and expenses pursuant to Section 6.07, the Indenture
      Trustee may, and when required by the provisions of this Indenture shall,
      execute instruments to release property from the lien of this Indenture, or
      convey the Indenture Trustee’s interest in the same, in a manner and under
      circumstances that are not inconsistent with the provisions of this Indenture.
      No party relying upon an instrument executed by the Indenture Trustee as
      provided in this Article VIII shall be bound to ascertain the Indenture
      Trustee’s authority, inquire into the satisfaction of any conditions precedent
      or see to the application of any moneys.

     

    (b)  The
      Indenture Trustee shall, at such time as there are no Notes Outstanding and
      all
      sums due the Indenture Trustee pursuant to Section 6.07 have been paid, release
      any remaining portion of the Indenture Trust Estate that secured the Notes
      from
      the lien of this Indenture and release to the Issuer or any other Person
      entitled thereto any funds then on deposit in the Trust Accounts. The Indenture
      Trustee shall release property from the lien of this Indenture pursuant to
      this
      Section 8.04(b) only upon receipt of an Issuer Request accompanied by an
      Officers’ Certificate of the Issuer and an Opinion of Counsel meeting the
      applicable requirements of Section 11.01.

     

    SECTION
      8.05  Opinion
      of Counsel.
      The
      Indenture Trustee shall receive at least seven days’ notice when requested by
      the Issuer to take any action pursuant to Section 8.04(a), accompanied by copies
      of any instruments involved, and the Indenture Trustee shall also require,
      except in connection with any action contemplated by Section 8.04(c), as a
      condition to such action, an Opinion of Counsel, in form and substance
      satisfactory to the Indenture Trustee, stating the legal effect of any such
      action, outlining the steps required to complete the same, and concluding that
      all conditions precedent to the taking of such action have been complied with
      and such action will not materially and adversely impair the security for the
      Notes or the rights of the holders of the Notes in contravention of the
      provisions of this Indenture. Counsel rendering any such opinion may rely,
      without independent investigation, on the accuracy and validity of any
      certificate or other instrument delivered to the Indenture Trustee in connection
      with any such action.

     

    SECTION
      8.06  Cost
      of Issuance Account.
      The
      Issuer shall establish and maintain in the name of the Indenture Trustee an
      Eligible Deposit Account (the “Cost of Issuance Account”). The Cost of Issuance
      Account shall not be a Trust Account and the Noteholders shall have no interest
      in the amount deposited therein. The Cost of Issuance Account initially will
      be
      established as a segregated account at U.S. Bank National Association in the
      name of the Indenture Trustee. The Issuer shall make a deposit into the Cost
      of
      Issuance Account on the Closing Date in an amount equal to $2,000,000. Upon
      receipt of written instructions from the Administrator, the Indenture Trustee
      shall remit funds on deposit in the Cost of Issuance Account to pay the costs
      and expenses incurred by the Issuer in connection with issuing the Notes.
      Commencing 60 days after the Closing Date, the Indenture Trustee shall remit
      funds, if any, remaining in the Cost of Issuance Account as directed in writing
      by the Administrator.

     

    SECTION
      8.07  Application
      of Collections.
      (a)
      With
      respect to each Financed Student Loan, all collections (including all
      Guarantee Payments) with respect thereto for the Collection Period shall be
      applied to interest and principal on such Financed Student Loan by allocating
      to
      interest the portion of such collection equal to the product of (A) the
      applicable interest rate on such Financed Student Loan, (B) the unpaid
      principal balance of such Financed Student Loan, and (C) the period of time
      elapsed since the preceding payment of interest on such Financed Student Loan
      was made (over the actual number of days in a year) (“Interest Collections”) and
      by allocating the remainder of such collection to principal.

     

    (b)  All
      Liquidation Proceeds shall be applied to the related Financed Student
      Loan.

     

    SECTION
      8.08  Reserve
      Account.
      (a)  On
      the Closing Date, the Issuer shall deposit the Reserve Account Initial Deposit
      into the Reserve Account. The Indenture Trustee shall deposit into the Reserve
      Account the amounts, if any, required to be deposited pursuant to Sections
      8.02
      and 8.10.

     

    (b)  (i)
      If
      the amounts payable for any Distribution Date pursuant to Section 8.02(d)(1)
      exceed the amount distributed or allocated to the applicable parties on such
      Distribution Date (exclusive of the amounts described in the second proviso
      to
      the definition of “Available Funds” included in Appendix A hereto), the
      Administrator shall instruct the Indenture Trustee in writing to withdraw from
      the Reserve Account on such Distribution Date an amount equal to such excess,
      to
      the extent of funds available therein, and to distribute or allocate such
      amounts to the applicable parties pro rata
      (based
      upon the amount owed to such parties);

     

    (ii)  If
      the
      amounts payable for any Distribution Date pursuant to Section 8.02(d)(2) exceed
      the amount transferred to the TERI Pledge Fund on such Distribution Date
      (exclusive of the amounts described in the second proviso to the definition
      of
“Available Funds” included in Appendix A hereto), the Administrator shall
      instruct the Indenture Trustee in writing to withdraw from the Reserve Account
      on such Distribution Date an amount equal to such excess, to the extent of
      funds
      available therein after giving effect to paragraph (b)(i) above, and to transfer
      such amount to the TERI Pledge Fund;

     

    (iii)  If
      the
      Noteholders’ Interest Distribution Amount with respect to the Class A Notes for
      a Distribution Date exceeds the amount distributed to the holders of the Class
      A
      Notes on such Distribution Date (exclusive of the amounts described in the
      second proviso to the definition of “Available Funds” included in Appendix A
      hereto), the Administrator shall instruct the Indenture Trustee in writing
      to
      withdraw from the Reserve Account on such Distribution Date an amount equal
      to
      such excess, to the extent of funds available therein after giving effect to
      paragraphs (b)(i) through (b)(ii) above, and to distribute such amount to the
      applicable parties pro rata
      (based
      upon the amounts then owed to each such party);

     

    (iv)  If
      on the
      Final Maturity Date for a Class of Class A Notes, the outstanding principal
      balance of the applicable Class of Class A Notes (prior to giving effect to
      any
      distribution of principal thereon on such date) exceeds the amount of principal
      distributed to the holders of the applicable Class of Class A Notes on such
      date, the Administrator shall instruct the Indenture Trustee in writing on
      such
      date to withdraw from the Reserve Account on such date an amount equal to such
      excess, to the extent of funds available therein, after giving effect to
      paragraphs (b)(i) through (b)(iii) above, and to distribute such amount,
pro
      rata,
      to the
      holders of the applicable Class of Class A Notes, in the same order and priority
      as is set forth in Section 8.02(d)(9);

     

    (v)  If
      the
      Noteholders’ Interest Distribution Amount with respect to the Class B Notes for
      a Distribution Date exceeds the amount distributed to the holders of the Class
      B
      Notes on such Distribution Date, the Administrator shall instruct the Indenture
      Trustee in writing to withdraw from the Reserve Account on such Distribution
      Date an amount equal to such excess, to the extent of funds available therein
      after giving effect to paragraphs (b)(i) through (b)(iv) above, and to
      distribute such amount, to the holders of the Class B Notes entitled
      thereto;

     

    (vi)  If
      on the
      Final Maturity Date for the Class B Notes, the outstanding principal balance
      of
      the Class B Notes (prior to giving effect to any distribution of principal
      thereon on such date) exceeds the amount of principal distributed to the holders
      of the Class B Notes on such date, the Administrator shall instruct the
      Indenture Trustee in writing on such date to withdraw from the Reserve Account
      on such date an amount equal to such excess, to the extent of funds available
      therein, after giving effect to paragraphs (b)(i) through (b)(v) above and
      to
      distribute such amount to the holders of the Class B Notes;

     

    (vii)  If
      the
      Noteholders’ Interest Distribution Amount with respect to the Class C Notes for
      a Distribution Date exceeds the amount distributed to the holders of the Class
      C
      Notes on such Distribution Date, the Administrator shall instruct the Indenture
      Trustee in writing to withdraw from the Reserve Account on such Distribution
      Date an amount equal to such excess, to the extent of funds available therein
      after giving effect to paragraphs (b)(i) through (b)(vi) above, and to
      distribute such amount to the holders of the Class C Notes entitled
      thereto;

     

    (viii)  If
      on the
      Final Maturity Date for the Class C Notes, the outstanding principal balance
      of
      the Class C Notes (prior to giving effect to any distribution of principal
      thereon on such date) exceeds the amount of principal distributed to the holders
      of the Class C Notes on such date, the Administrator shall instruct the
      Indenture Trustee in writing on such date to withdraw from the Reserve Account
      on such date an amount equal to such excess, to the extent of funds available
      therein, after giving effect to paragraphs (b)(i) through (b)(vii) above and
      to
      distribute such amount to the holders of the Class C Notes;

     

    (ix)  If
      the
      Noteholders’ Interest Distribution Amount with respect to the Class D Notes for
      a Distribution Date exceeds the amount distributed to the holders of the Class
      D
      Notes on such Distribution Date, the Administrator shall instruct the Indenture
      Trustee in writing to withdraw from the Reserve Account on such Distribution
      Date an amount equal to such excess, to the extent of funds available therein
      after giving effect to paragraphs (b)(i) through (b)(viii) above, and to
      distribute such amount to the holders of the Class D Notes entitled
      thereto;

     

    (x)  If
      on the
      Final Maturity Date for the Class D Notes, the outstanding principal balance
      of
      the Class D Notes (prior to giving effect to any distribution of principal
      thereon on such date) exceeds the amount of principal distributed to the holders
      of the Class D Notes on such date, the Administrator shall instruct the
      Indenture Trustee in writing on such date to withdraw from the Reserve Account
      on such date an amount equal to such excess, to the extent of funds available
      therein, after giving effect to paragraphs (b)(i) through (b)(ix) above and
      to
      distribute such amount to the holders of the Class D Notes.

     

    (c)  If
      the
      amount on deposit in the Reserve Account on any Distribution Date (after giving
      effect to all deposits or withdrawals therefrom on such Distribution Date)
      is
      greater than the Required Reserve Amount for such Distribution Date, the
      Administrator shall instruct the Indenture Trustee in writing to deposit the
      amount of such excess into the Collection Account for distribution on such
      Distribution Date.

     

    (d)  If
      on any
      Distribution Date the amount on deposit in the Reserve Account (after giving
      effect to all deposits or withdrawals therefrom on such Distribution Date)
      is
      equal to or greater than the aggregate Outstanding Amount of all Notes, the
      Administrator shall instruct the Indenture Trustee in writing to deposit all
      amounts in the Reserve Account into the Collection Account for distribution
      on
      such Distribution Date.

     

    SECTION
      8.09  Statements
      to Noteholders.
      On each
      Determination Date preceding a Distribution Date, pursuant to the Administration
      Agreement the Administrator shall provide to the Indenture Trustee (with a
      copy
      to the Owner Trustee and the Rating Agencies) for the Indenture Trustee to
      forward on such succeeding Distribution Date to each holder of record of the
      Notes a statement setting forth at least the following information as to the
      Notes, to the extent applicable:

     

    (1)  the
      amount of the distribution allocable to principal of each Class of
      Notes;

     

    (2)  the
      amount of the distribution allocable to interest on each Class of Notes
      (including, with respect to the Class B Notes, the Class C Notes and the Class
      D
      Notes, the portion allocable to Noteholders’ Interest Carryover Shortfall),
      together with the interest rates applicable with respect thereto;

     

    (3)  the
      Pool
      Balance as of the close of business on the last day of the preceding Collection
      Period, after giving effect to the related payments allocated to principal
      reported under clause (1) above;

     

    (4)  the
      aggregate outstanding principal balance of each Class of Notes as of such
      Distribution Date, after giving effect to related payments allocated to
      principal reported under clause (1) above;

     

    (5)  for
      each
      Distribution Date (A) the amount of fees and expenses paid to the Indenture
      Trustee and the Owner Trustee; (B) the amount of the Servicing Fee and expenses
      paid to the Servicers; (C) the amount of fees paid to TERI; (D) the amount
      of
      the Administration Fee and expenses paid to the Administrator, and (E) the
      amount of the Back-Up Administration Fee and expenses paid to the Back-Up
      Administrator, and, in each case, with respect to such Collection Period,
      together with the amount, if any, remaining unpaid after giving effect to all
      such payments;

     

    (6)  for
      each
      Distribution Date, the amount of the aggregate Realized Losses for the Financed
      Student Loans, if any, for such Collection Period and the balance of the
      Financed Student Loans that are delinquent in each delinquency period as of
      the
      end of such Collection Period;

     

    (7)  the
      balance of the Reserve Account on such Distribution Date, after giving effect
      to
      changes therein on such Distribution Date;

     

    (8)  the
      amounts withdrawn from the Reserve Account on such Distribution
      Date;

     

    (9)  the
      amount of any Advance with respect to such Distribution Date;

     

    (10)  the
      amount transferred to the TERI Pledge Fund to acquire Rehabilitated Student
      Loans with respect to such Distribution Date; and

     

    (11)  the
      amount of the distribution allocable to Prepayment Penalties.

     

    Each
      amount set forth pursuant to clauses (1), (2), (3), (5) and (6) above shall
      be expressed as a dollar amount. A copy of the statements referred to above
      may
      be obtained by any Note Owner by a written request to the Indenture Trustee
      addressed to the Corporate Trust Office.

     

    SECTION
      8.10  Advances.
      (a)
      On or
      prior to any Distribution Date, a Certificateholder may, but shall not be
      obligated to, make an optional deposit (each, an “Optional Deposit”) to the
      Reserve Account from funds to be released to such Certificateholder pursuant
      to
      Section 8.02(d)(16) on such Distribution Date or otherwise. Any such Optional
      Deposit shall be applied on the related Distribution Date in the same manner
      as
      other funds on deposit in the Reserve Account on the related Distribution Date
      in accordance with Section 8.08.

     

    (b)  If
      on any
      Determination Date the amount required to be distributed on the upcoming
      Distribution Date pursuant to Section 8.02(d)(1), would exceed the sum of the
      aggregate amount in the Collection Account and the Reserve Account, the
      Administrator, in its sole option, may elect to deposit, or have an Affiliate
      deposit, in the Reserve Account (no later than the Business Day immediately
      preceding such Distribution Date) an amount up to the amount of such deficiency
      (such deposit, is referred to as an “Advance”).

     

     

     

    ARTICLE
      IX

     

    Supplemental
      Indentures

     

    SECTION
      9.01  Supplemental
      Indentures Without Consent of Noteholders.
      (a)
      Without
      the consent of any holders of the Notes but with prior notice to the Rating
      Agencies, the Issuer and the Indenture Trustee, when authorized by an Issuer
      Order, at any time and from time to time, may enter into one or more indentures
      supplemental hereto, in form satisfactory to the Indenture Trustee, for any
      of
      the following purposes:

     

    (i)  to
      correct or amplify the description of any property at any time subject to the
      lien of this Indenture, or better to assure, convey and confirm unto the
      Indenture Trustee any property subject or required to be subjected to the lien
      of this Indenture, or to subject to the lien of this Indenture additional
      property;

     

    (ii)  to
      evidence the succession, in compliance with the applicable provisions hereof,
      of
      another person to the Issuer, and the assumption by any such successor of the
      covenants of the Issuer herein and in the Notes contained;

     

    (iii)  to
      add to
      the covenants of the Issuer, for the benefit of the holders of the Notes, or
      to
      surrender any right or power herein conferred upon the Issuer;

     

    (iv)  to
      convey, transfer, assign, mortgage or pledge any property to or with the
      Indenture Trustee;

     

    (v)  to
      cure
      any ambiguity, to correct or supplement any provision herein or in any
      supplemental indenture which may be inconsistent with any other provision herein
      or in any supplemental indenture or to make any other provisions with respect
      to
      matters or questions arising under this Indenture or in any supplemental
      indenture; provided that such action shall not materially adversely affect
      the
      interests of the holders of the Notes; or

     

    (vi)  to
      evidence and provide for the acceptance of the appointment hereunder by a
      successor trustee with respect to the Notes and to add to or change any of
      the
      provisions of this Indenture as shall be necessary to facilitate the
      administration of the trusts hereunder by more than one trustee, pursuant to
      the
      requirements of Article VI.

     

    The
      Indenture Trustee is hereby authorized to join in the execution of any such
      supplemental indenture and to make any further appropriate agreements and
      stipulations that may be therein contained.

     

    (b)  The
      Administrator, on behalf of the Issuer and the Indenture Trustee, when
      authorized by an Issuer Order, may, also without the consent of any of the
      holders of the Notes but upon satisfying the Rating Agency Condition, enter
      into
      an indenture or indentures supplemental hereto for the purpose of adding any
      provisions to, or changing in any manner or eliminating any of the provisions
      of, this Indenture, including modifying in any manner the rights of the holders
      of the Notes under this Indenture; provided,
      however,
      that
      such action shall not, as evidenced by an Opinion of Counsel, adversely affect
      in any material respect the interests of any holder of the Notes.

     

    SECTION
      9.02  Supplemental
      Indentures with Consent of Noteholders.
      The
      Issuer and the Indenture Trustee, when authorized by an Issuer Order, also
      may,
      with prior notice to the Rating Agencies, and with the consent of the Interested
      Noteholders holding a majority of the Outstanding Amount of the related Classes
      of Notes, enter into an indenture or indentures supplemental hereto for the
      purpose of adding any provisions to, or changing in any manner or eliminating
      any of the provisions of, this Indenture or of modifying in any manner the
      rights of the holders of the Notes under this Indenture; provided,
      however,
      that no
      such supplemental indenture shall, without the consent of the holder of each
      Outstanding Note affected thereby:

     

    (i)  change
      the date of payment of any installment of principal of or interest on each
      Class
      of Notes, or reduce the principal amount thereof or the interest rate thereon,
      change the provisions of this Indenture relating to the application of
      collections on, or the proceeds of the sale of, the Indenture Trust Estate
      to
      payment of principal of or interest on the applicable Notes or change any place
      of payment where, or the coin or currency in which, any Note, or the interest
      thereon is payable, or impair the right to institute suit for the enforcement
      of
      the provisions of this Indenture requiring the application of funds available
      therefor, as provided in Article V, to the payment of any such amount due on
      the
      Notes on or after the respective due dates thereof;

     

    (ii)  reduce
      the percentage of the Outstanding Amount of the Notes, the consent of the
      holders of which is required for any such supplemental indenture, or the consent
      of the holders of the Notes of which is required for any waiver of compliance
      with certain provisions of this Indenture or certain defaults hereunder and
      their consequences provided for in this Indenture;

     

    (iii)  modify
      or
      alter the provisions of the proviso to the definition of the term
“Outstanding”;

     

    (iv)  reduce
      the percentage of the Outstanding Amount of the Notes required to direct the
      Indenture Trustee to direct the Issuer to sell or liquidate the Indenture Trust
      Estate pursuant to Section 5.04;

     

    (v)  modify
      any provision of this Section except to increase any percentage specified herein
      or to provide that certain additional provisions of this Indenture or the other
      Basic Documents cannot be modified or waived without the consent of the holder
      of each Outstanding Note affected thereby;

     

    (vi)  modify
      any of the provisions of this Indenture in such manner as to affect the
      calculation of the amount of any payment of interest or principal due on any
      applicable Note on any Distribution Date (including the calculation of any
      of
      the individual components of such calculation);

     

    (vii)  permit
      the creation of any lien ranking prior to or on a parity with the lien of this
      Indenture with respect to any part of the Indenture Trust Estate or, except
      as
      otherwise permitted or contemplated herein, terminate the lien of this Indenture
      on any property at any time subject hereto or deprive any holder of any Note
      of
      the security provided by the lien of this Indenture; or

     

    (viii)  change
      the definition of Interested Noteholders.

     

    It
      shall
      not be necessary for any Act of holders of the Notes under this Section to
      approve the particular form of any proposed supplemental indenture, but it
      shall
      be sufficient if such Act shall approve the substance thereof.

     

    Promptly
      after the execution by the Issuer and the Indenture Trustee of any supplemental
      indenture pursuant to this Section, the Indenture Trustee shall mail to the
      holders of the Notes to which such amendment or supplemental indenture relates
      a
      notice prepared by the Issuer setting forth in general terms the substance
      of
      such supplemental indenture. Any failure of the Indenture Trustee to mail such
      notice, or any defect therein, shall not, however, in any way impair or affect
      the validity of any such supplemental indenture.

     

    SECTION
      9.03  Execution
      of Supplemental Indentures.
      In
      executing, or permitting the additional trusts created by, any supplemental
      indenture permitted by this Article IX or the modifications thereby of the
      trusts created by this Indenture, the Indenture Trustee shall be entitled to
      receive, and subject to Sections 6.01 and 6.02, shall be fully protected in
      relying upon, an Opinion of Counsel stating that the execution of such
      supplemental indenture is authorized or permitted by this Indenture and that
      all
      conditions precedent to the execution and delivery thereof have been satisfied.
      The Indenture Trustee may, but shall not be obligated to, enter into any such
      supplemental indenture that affects the Indenture Trustee’s own rights, duties,
      liabilities or immunities under this Indenture or otherwise.

     

    SECTION
      9.04  Effect
      of Supplemental Indenture.
      Upon
      the execution of any supplemental indenture pursuant to the provisions hereof,
      this Indenture shall be and be deemed to be modified and amended in accordance
      therewith, and the respective rights, limitations of rights, obligations,
      duties, liabilities and immunities under this Indenture of the Indenture
      Trustee, the Issuer and the holders of the Notes shall thereafter be determined,
      exercised and enforced hereunder subject in all respects to such modifications
      and amendments, and all the terms and conditions of any such supplemental
      indenture shall be and be deemed to be part of the terms and conditions of
      this
      Indenture for any and all purposes.

     

    SECTION
      9.05  Reference
      in Notes to Supplemental Indentures.
      Notes
      authenticated and delivered after the execution of any supplemental indenture
      pursuant to this Article IX may, and if required by the Indenture Trustee shall,
      bear a notation in form approved by the Indenture Trustee as to any matter
      provided for in such supplemental indenture. If the Issuer or the Indenture
      Trustee shall so determine, new Notes so modified as to conform, in the opinion
      of the Indenture Trustee and the Issuer, to any such supplemental indenture
      may
      be prepared and executed by the Issuer and authenticated and delivered by the
      Indenture Trustee in exchange for Outstanding Notes.

     

    SECTION
      9.06  Conformity
      With the Trust Indenture Act.
      Every
      Supplemental Indenture executed pursuant to this Article IX shall conform
      to the requirements of the TIA as then in effect.

     

     

     

    ARTICLE
      X

     

    Reporting
      Requirements

     

    SECTION
      10.01  Annual
      Statement as to Compliance.
      The
      Issuer will cause each Servicer to deliver to the Administrator, any applicable
      annual statements as to compliance required by such Servicer’s Servicing
      Agreement. Copies of any such annual statements will be provided to the Rating
      Agencies rating the Notes.

     

    SECTION
      10.02  Annual
      Independent Public Accountants’ Servicing Report.
      The
      Issuer shall cause each Servicer to cause a firm of independent public
      accountants to furnish a statement to the Administrator and the Indenture
      Trustee in accordance with such Servicer’s Servicing Agreement. So long as the
      Issuer is required to file reports with the SEC pursuant to Section 15(d) of
      the
      Exchange Act, the Issuer shall cause each Servicer that is required to provide
      an assessment of compliance and an attestation report pursuant to Item 1122
      of
      Regulation AB to furnish such items to the Administrator and the Indenture
      Trustee in sufficient time to permit the Issuer to file in a timely manner
      with
      the SEC all reports required to be filed by the Issuer pursuant to Section
      15(d)
      of the Exchange Act. The Issuer shall cause copies of each document delivered
      pursuant to this Section 10.02 to be provided to the Rating Agencies rating
      the
      Notes.

     

    SECTION
      10.03  Assessment
      of Compliance and Attestation Reports.

     

    (a)  Assessment
      of Compliance.

     

    (i)  By
      September 15 of each year, commencing in September 2007, the Indenture Trustee
      shall furnish to the Depositor and the Administrator, a report on an assessment
      of compliance with the Relevant Servicing Criteria that contains (A) a statement
      by such party of its responsibility for assessing compliance with the Relevant
      Servicing Criteria, (B) a statement that such party used the Servicing Criteria
      to assess compliance with the Relevant Servicing Criteria, (C) such party’s
      assessment of compliance with the Relevant Servicing Criteria as of and for
      the
      fiscal year covered by the Form 10-K required to be filed pursuant to Section
      3.24, including, if there has been any material instance of noncompliance with
      the Relevant Servicing Criteria, a discussion of each such failure and the
      nature and status thereof, and (D) a statement that a registered public
      accounting firm has issued an attestation report on such party’s assessment of
      compliance with the Relevant Servicing Criteria as of and for such
      period.

     

    (ii)  When
      the
      Indenture Trustee submits its assessment to the Depositor and the Administrator,
      it will also at such time include the assessment (and attestation pursuant
      to
      subsection (b) of this Section 10.03) of each Servicing Function Participant
      engaged by it and shall indicate what Relevant Servicing Criteria will be
      addressed in any such reports prepared by any such Servicing Function
      Participant.

     

    (iii)  Promptly
      after receipt of each report on assessment of compliance, the Administrator
      shall confirm that the assessments, taken as a whole, address all applicable
      Servicing Criteria and taken individually address the Relevant Servicing
      Criteria (and disclose the inapplicability of the Servicing Criteria not
      determined to be Relevant Servicing Criteria) for each party as set forth on
      Exhibit C attached hereto and on any similar exhibit set forth in the applicable
      Servicing Agreement in respect of any Servicer, and the applicable Custodial
      Agreement, and shall notify the Depositor of any exceptions.

     

    (b)  Attestation
      Reports.

     

    (i)  By
      September 15 of each year, commencing in September 2007, the Indenture Trustee
      shall cause, and shall cause any Servicing Function Participant engaged by
      it to
      cause, a registered public accounting firm (which may also render other services
      to the Administrator and the Indenture Trustee, as the case may be) that is
      a
      member of the American Institute of Certified Public Accountants to furnish
      a
      report to the Depositor and the Administrator, to the effect that (A) it has
      obtained a representation regarding certain matters from the management of
      such
      party, which includes an assertion that such party has complied with the
      Relevant Servicing Criteria, and (B) on the basis of an examination conducted
      by
      such firm in accordance with standards for attestation engagements issued or
      adopted by the Public Company Accounting Oversight Board, it is expressing
      an
      opinion as to whether such party’s compliance with the Relevant Servicing
      Criteria was fairly stated in all material respects, or it cannot express an
      overall opinion regarding such party’s assessment of compliance with the
      Relevant Servicing Criteria. In the event that an overall opinion cannot be
      expressed, such registered public accounting firm shall state in such report
      why
      it was unable to express such an opinion. Such report must be available for
      general use and not contain restricted use language.

     

    (ii)  Promptly
      after receipt of such report from the Indenture Trustee or any Servicing
      Function Participant engaged by it, the Administrator shall confirm that each
      assessment submitted pursuant subsection (a) of this Section 10.03 is coupled
      with an attestation meeting the requirements of this Section and notify the
      Depositor of any exceptions.

     

    (c)  The
      Indenture Trustee’s obligation to provide assessments of compliance and
      attestations under this Section 10.03 shall terminate upon the filing of a
      Form
      15 suspension notice on behalf of the Issuer; provided,
      however
      that the
      Indenture Trustee shall provide assessments of compliance and attestations
      for
      the first fiscal year of the Issuer. After the occurrence of such event, and
      provided the Depositor is not otherwise provided with such reports or copies
      of
      such reports, the Indenture Trustee shall no longer be obligated to provide
      a
      copy of such reports to the Depositor or the Administrator.

     

    (d)  The
      scope
      of the “platform” to be used for the assessment of compliance and attestation
      reports shall be limited to all asset-backed securities offered after January
      1,
      2006 involving the Indenture Trustee as the asserting party that are relevant
      for and applicable to such assessments and reports and as required by Item
      1122
      of Regulation AB.

     

    (e)  Notwithstanding
      anything contained in Exhibit C to the contrary, the Indenture Trustee shall
      be
      entitled to deposit payments on Financed Student Loans in the appropriate
      custodial bank accounts and related bank clearing accounts no more than five
      Business Days following receipt, in accordance with Section 1122(d)(2)(i) of
      the
      Relevant Servicing Criteria.

     

    (f)  Each
      of
      the parties hereto acknowledges and agrees that the purpose of this Section
      10.03 is to facilitate compliance by the Issuer with the provisions of
      Regulation AB, as such may be amended or clarified from time to time. Therefore,
      each of the parties agrees that the Indenture Trustee’s obligations hereunder
      will be supplemented and modified as necessary to be consistent with any such
      amendments, interpretive advice or guidance, convention or consensus among
      active participants in the asset-backed securities markets, advice of counsel
      or
      otherwise in respect of the requirements of Regulation AB and the Indenture
      Trustee shall comply with requests made by the Administrator, on behalf of
      the
      Issuer, for delivery of additional or different information as the
      Administrator, on behalf of the Issuer, may determine in good faith is necessary
      to comply with the provisions of Regulation AB, provided that such information
      is available without unreasonable effort or expense and within such timeframe
      as
      may be reasonably requested.

     

     

     

    ARTICLE
      XI

     

    Miscellaneous

     

    SECTION
      11.01  Compliance
      Certificates and Opinions, etc.
      Upon
      any application or request by the Issuer to the Indenture Trustee to take any
      action under any provision of this Indenture, the Issuer shall furnish to the
      Indenture Trustee (i) an Officers’ Certificate of the Issuer stating that all
      conditions precedent, if any, provided for in this Indenture relating to the
      proposed action have been complied with and (ii) an Opinion of Counsel stating
      that in the opinion of such counsel all such conditions precedent, if any,
      have
      been complied with, except that, in the case of any such application or request
      as to which the furnishing of such documents is specifically required by any
      provision of this Indenture, no additional certificate or opinion need be
      furnished.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    SECTION
      11.03  Acts
      of Noteholders.
      (a)
      Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action provided by this Indenture to be given or taken by holders of the Notes
      may be embodied in and evidenced by one or more instruments of substantially
      similar tenor signed by such holders of the Notes, in person or by agents duly
      appointed in writing; and except as herein otherwise expressly provided such
      action shall become effective when such instrument or instruments are delivered
      to the Indenture Trustee, and, where it is hereby expressly required, to the
      Issuer. Such instrument or instruments (and the action embodied therein and
      evidenced thereby) are herein sometimes referred to as the “Act” of the holders
      of the Notes, signing such instrument or instruments. Proof of execution of
      any
      such instrument or of a writing appointing any such agent shall be sufficient
      for any purpose of this Indenture and (subject to Section 6.01) conclusive
      in
      favor of the Indenture Trustee and the Issuer, if made in the manner provided
      in
      this Section.

     

    (b)  The
      fact
      and date of the execution by any person of any such instrument or writing may
      be
      proved in any manner that the Indenture Trustee deems sufficient.

     

    (c)  The
      ownership of Notes, shall be proved by the Note Register.

     

    (d)  Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action by the holder of any Notes shall bind the holder of every Note issued
      upon the registration thereof or in exchange therefor or in lieu thereof, in
      respect of anything done, omitted or suffered to be done by the Indenture
      Trustee or the Issuer in reliance thereon, whether or not notation of such
      action is made upon such Note.

     

    SECTION
      11.04  Notices,
      etc., to Indenture Trustee, Issuer and Rating Agencies.
      Any
      request, demand, authorization, direction, notice, consent, waiver or Act of
      holders of Notes, or other documents provided or permitted by this Indenture
      shall be in writing and if such request, demand, authorization, direction,
      notice, consent, waiver or act of holders of Notes, is to be made upon, given
      or
      furnished to or filed with:

     

    (a)  the
      Indenture Trustee by any holder of Notes, or by the Issuer shall be sufficient
      for every purpose hereunder if made, given, furnished or filed in writing to
      or
      with the Indenture Trustee at its Corporate Trust Office.

     

    (b)  the
      Issuer by the Indenture Trustee or by any holder of Notes shall be sufficient
      for every purpose hereunder if in writing and mailed, first-class, postage
      prepaid, to the Issuer addressed to: The National Collegiate Student Loan Trust
      2006-4, c/o Wilmington Trust Company, as Owner Trustee, 1100 North Market
      Street, Wilmington, DE 19890, Attention: Corporate Trust Administration; with
      a
      copy to: The First Marblehead Corporation, The Prudential Tower, 800 Boylston
      Street, 34th Floor, Boston, Massachusetts 02199-8157, Attention: Controller,
      with a copy to: Corporate Law Department, or at any other address previously
      furnished in writing to the Indenture Trustee by the Issuer or the
      Administrator. The Issuer shall promptly transmit any notice received by it
      from
      the holders of the Notes to the Indenture Trustee.

     

    Notices
      required to be given to the Rating Agencies by the Issuer, the Indenture Trustee
      or the Owner Trustee shall be in writing, personally delivered, electronically
      delivered, or mailed by certified mail, return receipt requested, and shall
      be
      deemed to have been duly given upon receipt (i) in the case of Moody’s, via
      electronic delivery to “servicerreports@moodys.com”, and for any information not
      available in electronic format, send hard copies to: Moody’s Investors Service,
      Inc., ABS Monitoring Department, 99 Church Street, New York, New York 10007;
      (ii) in the case of Standard & Poor’s, via electronic delivery to
“Servicer_reports@sandp.com” and for any information not available in electronic
      format, send hard copies to: Standard & Poor’s Ratings Services, 55 Water
      Street, 41st floor, New York, New York 10041-0003, Attention: ABS Surveillance
      Group; (iii) in the case of Fitch, via electronic delivery to
“surveillance-abs-consumer@fitchratings.com” and for any information not
      available in electronic format, send hard copies to: Fitch Ratings, One State
      Street Plaza, New York, NY 10004, Attention: ABS Surveillance Group; or as
      to
      each of the foregoing, at such other address as shall be designated by written
      notice to the other parties.

     

    SECTION
      11.05  Notices
      to Noteholders; Waiver.
      Where
      this Indenture provides for notice to holders of Notes of any event, such notice
      shall be sufficiently given (unless otherwise herein expressly provided) if
      in
      writing and mailed, first-class, postage prepaid to each holder of Notes
      affected by such event, at his address as it appears on the Note Register,
      not
      later than the latest date, and not earlier than the earliest date, prescribed
      for the giving of such notice. In any case where notice to holders of the Notes
      is given by mail, neither the failure to mail such notice nor any defect in
      any
      notice so mailed to any particular holder of Notes shall affect the sufficiency
      of such notice with respect to other holders of Notes, and any notice that
      is
      mailed in the manner herein provided shall conclusively be presumed to have
      been
      duly given.

     

    Where
      this Indenture provides for notice in any manner, such notice may be waived
      in
      writing by any Person entitled to receive such notice, either before or after
      the event, and such waiver shall be the equivalent of such notice. Waivers
      of
      notice by holders of the Notes shall be filed with the Indenture Trustee but
      such filing shall not be a condition precedent to the validity of any action
      taken in reliance upon such a waiver.

     

    In
      case,
      by reason of the suspension of regular mail service as a result of a strike,
      work stoppage or similar activity, it shall be impractical to mail notice of
      any
      event to holders of the Notes when such notice is required to be given pursuant
      to any provision of this Indenture, then any manner of giving such notice as
      shall be satisfactory to the Indenture Trustee shall be deemed to be a
      sufficient giving of such notice.

     

    Where
      this Indenture provides for notice to the Rating Agencies, failure to give
      such
      notice shall not affect any other rights or obligations created hereunder,
      and
      shall not under any circumstance constitute a Default.

     

    SECTION
      11.06  Alternate
      Payment and Notice Provisions.
      Notwithstanding any provision of this Indenture or any of the Notes to the
      contrary, the Issuer may enter into any agreement with any holder of the Notes
      providing for a method of payment, or notice by the Indenture Trustee or any
      Paying Agent to such holder of the Notes that is different from the methods
      provided for in this Indenture for such payments or notices. The Issuer will
      furnish to the Indenture Trustee a copy of each such agreement and the Indenture
      Trustee will cause payments to be made and notices to be given in accordance
      with such agreements.

     

    SECTION
      11.07  Effect
      of Headings and Table of Contents.
      The
      Article and Section headings herein and the Table of Contents are for
      convenience only and shall not affect the construction hereof.

     

    SECTION
      11.08  Successors
      and Assigns.
      All
      covenants and agreements in this Indenture and the Notes by the Issuer shall
      bind its successors and assigns, whether so expressed or not. All agreements
      of
      the Indenture Trustee in this Indenture shall bind the successors, co-trustees
      and agents (excluding any legal representatives or accountants) of the Indenture
      Trustee.

     

    SECTION
      11.09  Separability.
      In case
      any provision in this Indenture or in the Notes shall be invalid, illegal or
      unenforceable, the validity, legality, and enforceability of the remaining
      provisions shall not in any way be affected or impaired thereby.

     

    SECTION
      11.10  Benefits
      of Indenture.
      Nothing
      in this Indenture or in the Notes, express or implied, shall give to any Person,
      other than the parties hereto and their successors hereunder, and the holders
      of
      the Notes, and any other party secured hereunder and any other Person with
      an
      ownership interest in any part of the Indenture Trust Estate, any benefit or
      any
      legal or equitable right, remedy or claim under this Indenture.

     

    SECTION
      11.11  Legal
      Holidays.
      In any
      case where the date on which any payment is due shall not be a Business Day,
      then (notwithstanding any other provision of the Notes or this Indenture)
      payment need not be made on such date, but may be made on the next succeeding
      Business Day with the same force and effect as if made on the date on which
      nominally due, and no interest shall accrue for the period from and after any
      such nominal date.

     

    SECTION
      11.12  Governing
      Law.
      THIS
      INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
      YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS,
      RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE
      WITH SUCH LAWS. THIS INDENTURE IS SUBJECT TO THE PROVISIONS OF THE TIA THAT
      ARE
      REQUIRED TO BE PART OF THIS INDENTURE AND SHALL, TO THE EXTENT APPLICABLE,
      BE
      GOVERNED BY SUCH PROVISIONS.

     

    SECTION
      11.13  Counterparts.
      This
      Indenture may be executed in any number of counterparts, each of which so
      executed shall be deemed to be an original, but all such counterparts shall
      together constitute but one and the same instrument.

     

    SECTION
      11.14  Recording
      of Indenture.
      If this
      Indenture is subject to recording in any appropriate public recording offices,
      such recording is to be effected by the Issuer and at its expense accompanied
      by
      an Opinion of Counsel (which may be counsel to the Indenture Trustee or any
      other counsel reasonably acceptable to the Indenture Trustee) to the effect
      that
      such recording is necessary either for the protection of the holders of the
      Notes or any other Person secured hereunder or for the enforcement of any right
      or remedy granted to the Indenture Trustee under this Indenture.

     

    SECTION
      11.15  Trust
      Obligations.
      No
      recourse may be taken, directly or indirectly, with respect to the obligations
      of the Issuer, the Administrator, the Back-up Administrator, any Servicer,
      the
      Owner Trustee or the Indenture Trustee on the Notes or under this Indenture
      or
      any certificate or other writing delivered in connection herewith or therewith,
      against (i) the Administrator, the Back-up Administrator, such Servicer, the
      Indenture Trustee or the Owner Trustee in its individual capacity or (ii) any
      partner, owner, beneficiary, agent, officer, director, employee or agent of
      the
      Administrator, the Back-up Administrator, such Servicer, the Indenture Trustee
      or the Owner Trustee in its individual capacity, any holder or owner of a
      beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee
      or
      of any successor or assign of the Administrator, the Back-up Administrator,
      a
      Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity,
      except as any such Person may have expressly agreed (it being understood that
      the Indenture Trustee and the Owner Trustee have no such obligations in their
      individual capacity) and except that any such partner, owner or beneficiary
      shall be fully liable, to the extent provided by applicable law, for any unpaid
      consideration for stock, unpaid capital contribution or failure to pay any
      installment or call owing to such entity.

     

    This
      Indenture is executed and delivered by Wilmington Trust Company (“WTC”), not
      individually or personally but solely as Owner Trustee of the Issuer in the
      exercise of the powers and authority conferred and vested in it and each of
      the
      representations, undertakings and agreements herein made on the part of the
      Issuer is made and intended not as a personal representation, undertaking and
      agreement by WTC but is made and intended for the purpose of binding only the
      Issuer and under no circumstances shall WTC be personally liable for the payment
      of any indebtedness or expenses of the Issuer or be liable for the breach or
      failure of any obligation, representation, warranty or covenant made or
      undertaken by the Issuer under this Indenture or otherwise.

     

    SECTION
      11.16  No
      Petition.
      The
      Indenture Trustee, by entering into this Indenture, and each holder of each
      Class of the Notes, by accepting a Note, hereby covenant and agree that they
      will not at any time institute against the Issuer, or join in any institution
      against the Issuer of, any bankruptcy, reorganization, arrangement, insolvency,
      receivership or liquidation proceedings, or other proceedings under any United
      States Federal or state bankruptcy or similar law in connection with any
      obligations relating to the Notes, this Indenture or any of the other Basic
      Documents.

     

    SECTION
      11.17  Inspection.
      The
      Issuer agrees that, on reasonable prior notice, it will permit any
      representative of the Indenture Trustee, during the Issuer’s normal business
      hours, to examine all the books of account, records, reports, and other papers
      of the Issuer, to make copies and extracts therefrom, to cause such books to
      be
      audited by Independent certified public accountants, and to discuss the Issuer’s
      affairs, finances and accounts with the Issuer’s officers, employees, and
      Independent certified public accountants, all at such reasonable times and
      as
      often as may be reasonably requested. The Indenture Trustee shall and shall
      cause its representatives to hold in confidence all such information obtained
      from such examination or inspection except to the extent disclosure may be
      required by law (and all reasonable applications for confidential treatment
      are
      unavailing) and except to the extent that the Indenture Trustee may reasonably
      determine that such disclosure is consistent with its obligations
      hereunder.

     

    SECTION
      11.18  Third-Party
      Beneficiaries.
      This
      Indenture will inure to the benefit of and be binding upon the parties hereto,
      the Owner Trustee, the Noteholders, the Note Owners, TERI and their respective
      successors and permitted assigns. Except as otherwise provided in this
      Indenture, no other person will have any right or obligation
      hereunder.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Issuer and the Indenture Trustee have caused this Indenture
      to be duly executed by their respective officers, thereunto duly authorized
      and
      duly attested, all as of the day and year first above written.

     

    
      	 	
              THE
                NATIONAL COLLEGIATE STUDENT LOAN TRUST 2006-4

            
	 	 	 
	 	
              By:

            	
              WILMINGTON
                TRUST COMPANY,

              not
                in its individual capacity but solely as Owner Trustee

            
	 	 	 
	 	 	 
	 	
              By:
                

            	
              /s/
                Michele C. Harra

            
	 	 	
              Name:
                Michele C. Harra

            
	 	 	
              Title:
                Financial Services Officer

            
	 	 	 
	 	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION,

              not
                in its individual capacity but solely

              as
                Indenture Trustee

            
	 	 	 
	 	 	 
	 	
              By:
                

            	
              /s/
                Vaneta I. Bernard

            
	 	 	
              Name:
                Vaneta I. Bernard

            
	 	 	
              Title:
                Vice President

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF DELAWARE

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF NEW CASTLE

            	
              )

            	 

    

    

    On
      the
      4th
      day of
      December in the year 2006, before me, the undersigned, personally appeared
      Michele C. Harra, an Authorized Officer, of WILMINGTON TRUST COMPANY, as Owner
      Trustee of THE NATIONAL COLLEGIATE STUDENT LOAN TRUST 2006-4, personally known
      to me or proved to me on the basis of satisfactory evidence to be the individual
      whose name is subscribed to the within instrument and acknowledged to me that
      he
      executed the same in his capacity, and that by his signature on the instrument,
      the individual, or the person upon behalf of which the individual acted,
      executed the instrument.

     

    GIVEN
      UNDER MY HAND AND SEAL OF OFFICE, this 4th
      day of
      December 2006.

     

    
      	 	
              /s/
                J. Christopher Murphy

            
	 	
              Notary
                Public in and for

            
	 	
              the
                State of Delaware.

            
	 	 
	 	 

    

    

    My
      commission expires:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	
              COMMONWEALTH
                OF MASSACHUSETTS

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF SUFFOLK

            	
              )

            	 

    

    

    On
      the
      7th day of December in the year 2006, before me, the undersigned, personally
      appeared Vaneta I. Bernard, a Vice President of U.S. BANK NATIONAL ASSOCIATION,
      personally known to me or proved to me on the basis of satisfactory evidence
      to
      be the individual whose name is subscribed to the within instrument and
      acknowledged to me that he executed the same in his capacity, and that by his
      signature on the instrument, the individual, or the person upon behalf of which
      the individual acted, executed the instrument.

     

    GIVEN
      UNDER MY HAND AND SEAL OF OFFICE, this 7th day of December 2006.

     

    
      	 	
              /s/
                Winnie L Chen

            
	 	
              Notary
                Public in and for

            
	 	
              the
                Commonwealth of Massachusetts.

            
	 	 
	 	 

    

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    APPENDIX
      A

     

    DEFINITIONS
      AND USAGE

     

    Usage

     

    The
      following rules of construction and usage shall be applicable to any instrument
      that is governed by this Appendix:

     

    (a)  All
      terms
      defined in this Appendix shall have the defined meanings when used in any
      instrument governed hereby and in any certificate or other document made or
      delivered pursuant thereto unless otherwise defined therein.

     

    (b)  As
      used
      herein, in any instrument governed hereby and in any certificate or other
      document made or delivered pursuant thereto, accounting terms not defined in
      this Appendix or in any such instrument, certificate or other document, and
      accounting terms partly defined in this Appendix or in any such instrument,
      certificate or other document to the extent not defined, shall have the
      respective meanings given to them under generally accepted accounting principles
      as in effect on the date of such instrument. To the extent that the definitions
      of accounting terms in this Appendix or in any such instrument, certificate
      or
      other document are inconsistent with the meanings of such terms under generally
      accepted accounting principles, the definitions contained in this Appendix
      or in
      any such instrument, certificate or other document shall control.

     

    (c)  The
      words
“hereof,” “herein,” “hereunder” and words of similar import when used in an
      instrument refer to such instrument as a whole and not to any particular
      provision or subdivision thereof; references in an instrument to “Article,”
“Section” or another subdivision or to an attachment are, unless the context
      otherwise requires, to an article, section or subdivision of or an attachment
      to
      such instrument; and the term “including” means “including without
      limitation.”

     

    (d)  The
      definitions contained in this Appendix are equally applicable to both the
      singular and plural forms of such terms and to the masculine as well as to
      the
      feminine and neuter genders of such terms.

     

    (e)  Any
      agreement, instrument or statute defined or referred to below or in any
      agreement or instrument that is governed by this Appendix means such agreement
      or instrument or statute as from time to time amended, modified or supplemented,
      including (in the case of agreements or instruments) by waiver or consent and
      (in the case of statutes) by succession of comparable successor statutes and
      includes (in the case of agreements or instruments) references to all
      attachments thereto and instruments incorporated therein. References to a Person
      are also to its permitted successors and assigns.

     

    Definitions

     

    “Accountant”
means
      PricewaterhouseCoopers LLP and any other independent certified public accountant
      as may be selected by the Issuer and satisfying the Rating Agency
      Condition.

     

    “Act”
has
      the
      meaning specified in Section 11.03(a) of the Indenture.

     

    “Administration
      Agreement”
means
      the Administration Agreement dated as of December 7, 2006, among the Issuer,
      the
      Indenture Trustee, the Owner Trustee, the Depositor and the
      Administrator.

     

    “Administration
      Fee”
has
      the
      meaning specified in Section 3 of the Administration
      Agreement.

     

    “Administrator”
means
      First Marblehead Data Services, Inc., a Massachusetts corporation, in its
      capacity as administrator of the Issuer and the Financed Student Loans, and
      its
      successors and permitted assigns.

     

    “Administrator
      Default”
means
      the occurrence of any event specified in Section 8(d) of the Administration
      Agreement.

     

    “Advance”
has
      the
      meaning specified in Section 8.10(b) of the Indenture.

     

    “Affiliate”
means,
      with respect to any specified Person, any other Person controlling or controlled
      by or under common control with such specified Person. For the purposes of
      this
      definition, “control” when used with respect to any specified Person means the
      power to direct the management and policies of such Person, directly or
      indirectly, whether through the ownership of voting securities, by contract
      or
      otherwise; and the terms “controlling” and “controlled” have meanings
      correlative to the foregoing.

     

    “Applicable
      Index”
means
      with respect to each Class of Notes (other than the Class A-IO Notes), One-Month
      LIBOR; provided,
      however,
      with
      respect to the initial Interest Period, the Applicable Index shall be determined
      by the following formula:

     

    
      	 	
              X
                +
                19/28 * (Y-X)

            
	 	 
	 	
              Where:
                X = Two-Month LIBOR, and

            
	 	 
	 	
              Y
                =
                Three-Month LIBOR, in each case, as of the second Business Day before
                the
                start of the initial Interest
                Period.

            

    

    

    “Applicable
      Note Margin”
means
      0.03% for the Class A-1 Notes, 0.14 % for the Class A-2 Notes, 0.26% for the
      Class A-3 Notes, 0.31% for the Class A-4 Notes, 0.34% for the Class B Notes,
      0.45% for the Class C Notes, and 1.10% for the Class D Notes.

     

    “Authorized
      Officer”
means,
      with respect to any Person, any Person who is authorized to act for such Person
      in matters relating to the Basic Documents and whose action is binding upon
      such
      Person. With the respect to the Issuer, “Authorized Officer” means any officer
      of the Owner Trustee and/or the Administrator who is authorized to act for
      the
      Owner Trustee and/or the Administrator in matters relating to the Issuer. With
      respect to the Indenture Trustee, “Authorized Officer” means any officer of the
      Indenture Trustee customarily performing functions similar to those performed
      by
      any of the above designated officers and also, with respect to a particular
      matter, any other officer to whom such matter is referred because of such
      officer’s knowledge of and familiarity with the particular subject.

     

    “Available
      Funds”
means,
      with respect to any Distribution Date, the sum of the following amounts received
      with respect to the preceding Collection Period to the extent not previously
      distributed:

     

    (i)  all
      collections received by the Servicers on the Financed Student Loans (including
      any Guarantee Payments received) but net of any applicable administrative fees,
      a portion of any late fees or similar fees received from a
      borrower;

     

    (ii)  all
      Liquidation Proceeds and all Recoveries in respect of Liquidated Student Loans
      which were written off in prior Collection Periods;

     

    (iii)  the
      aggregate Purchase Amounts received for Financed Student Loans repurchased
      by a
      Seller or a Servicer during the Collection Period;

     

    (iv)  Investment
      Earnings for such Distribution Date;

     

    (v)  amounts
      withdrawn from the Reserve Account in excess of the Required Reserve Amount
      and
      deposited into the Collection Account;

     

    (vi)  Advances
      and Optional Deposits, if any; and

     

    (vii)  any
      proceeds received in connection with the sale of the Student Loans, or sums
      collected by the Indenture Trustee pursuant to Sections 5.03 or 5.04(a) of
      the
      Indenture;

     

    provided,
      however,
      that
      Available Funds will exclude all payments and proceeds (including Liquidation
      Proceeds) of any Financed Student Loans, the related Purchase Amount of which
      has been included in Available Funds, for a prior Distribution Date;
provided,
      further,
      that if
      on any Distribution Date there would not be sufficient funds, after application
      of Available Funds and amounts available from the Reserve Account to pay any
      of
      the items specified in clauses (1) through (6) of Section 8.02(d) of the
      Indenture for such Distribution Date, then Available Funds for such Distribution
      Date shall include, in addition to the Available Funds described above in
      clauses (i) through (vii) inclusive, amounts being held pursuant to Section
      8.01
      of the Indenture or on deposit in the Collection Account which would have
      constituted Available Funds for the Distribution Date succeeding such
      Distribution Date, up to the amount necessary to pay the items specified in
      clause (1) through (6) of Section 8.02(d) of the Indenture, and the Available
      Funds for such succeeding Distribution Date shall be adjusted
      accordingly.

     

    “Back-up
      Administration Agreement”:
      means
      the Back-up Administration Agreement dated as of December 7, 2006 among the
      Issuer, Back-up Administrator, the Owner Trustee, the Administrator and the
      Depositor.

     

    “Back-up
      Administration Fee”
means
      the fee payable to the Back-up Administrator pursuant to the Back-up
      Administration Agreement.

     

    “Back-up
      Administrator”
means
      U.S. Bank National Association, a national banking association, in its capacity
      as back-up administrator of the Issuer and the Financed Student Loans, and
      its
      successors and permitted assigns.

     

    “Back-up
      Administrator Default”
means
      the occurrence of any event specified in Section 8(d) of the Administration
      Agreement after the Back-up Administrator has assumed the duties required to
      be
      performed by the Administrator pursuant to the Back-up Administration
      Agreement.

     

    “Basic
      Documents”
means
      the Trust Agreement, the Indenture, all Student Loan Purchase Agreements, the
      Deposit and Sale Agreement, the Servicing Agreements, the Administration
      Agreement, the Back-up Administration Agreement, the Custodial Agreements,
      the
      Note Depository Agreement, the Guarantee Agreements, the TERI Deposit and
      Security Agreement, any Program Manual and other documents and certificates
      delivered in connection with any thereof.

     

    “Beneficial
      Owner”
means,
      with respect to a Note, the Person who is the beneficial owner of such Note,
      as
      reflected on the books of the Depository or on the books of a Person maintaining
      an account with such Depository (directly or as an indirect participant, in
      accordance with the rules of such Depository), as the case may be.

     

    “Book-Entry
      Note”
means
      a
      beneficial interest in the Notes, ownership and transfers of which shall be
      made
      through book entries by a Clearing Agency as described in Section 2.10 of
      the Indenture.

     

    “Business
      Day”
means
      any day other than a Saturday, a Sunday or a day on which banking institutions
      or trust companies in New York City, Minneapolis, Minnesota or the city in
      which
      the designated corporate trust office of the Indenture Trustee is located,
      are
      authorized or obligated by law, regulation or executive order to remain
      closed.

     

    “Certificates”
means
      the Trust Certificates issued pursuant to the Trust Agreement, substantially
      in
      the form of Exhibit 1 thereto.

     

    “Certificateholders”
means
      the Persons in whose names Certificates are registered.

     

    “Class”
means
      reference to any of the Class A-1, Class A-2, Class A-3, Class A-4, Class B,
      Class C or Class D Notes, as applicable.

     

    “Class
      A Notes”
means
      the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes and
      Class
      A-IO Notes.

     

    “Class
      A Percentage”
means
      at any time the percentage equivalent of a fraction, the numerator of which
      is
      the Outstanding Amount of the Class A Notes and the denominator of which is
      the
      sum of the Outstanding Amount of all the Notes.

     

    “Class
      A-1 Note”
means
      a
      Class A-1 Note issued pursuant to the Indenture, substantially in the form
      of
      Exhibit A-1 thereto.

     

    “Class
      A-2 Note”
means
      a
      Class A-2 Note issued pursuant to the Indenture, substantially in the form
      of
      Exhibit A-2 thereto.

     

    “Class
      A-3 Note”
means
      a
      Class A-3 Note issued pursuant to the Indenture, substantially in the form
      of
      Exhibit A-3 thereto.

     

    “Class
      A-4 Note”
means
      a
      Class A-4 Note issued pursuant to the Indenture, substantially in the form
      of
      Exhibit A-4 thereto.

     

    “Class
      A-IO Note”
means
      a
      6.35% Class A-IO Note issued pursuant to the Indenture, substantially in the
      form of Exhibit A-5 thereto.

     

    “Class
      B Note”
means
      a
      Class B Note issued pursuant to the Indenture, substantially in the form of
      Exhibit A-6 thereto.

     

    “Class
      B Percentage”
means
      at any time the percentage equivalent of a fraction, the numerator of which
      is
      the Outstanding Amount of the Class B Notes and the denominator of which is
      the
      sum of the Outstanding Amount of all the Notes.

     

    “Class
      B Note Interest Trigger”
means
      on any Distribution Date, if the Cumulative Default Rate for such Distribution
      Date equals or exceeds the percentage listed below for the most recent date
      preceding such Distribution Date:

    

    
      	
              Date

            	
              Cumulative
                Default Rate

            
	
              February
                2008

            	
               
                3.00%

            
	
              February
                2009

            	
               
                9.00%

            
	
              February
                2010

            	
              15.00%

            
	
              February
                2011

            	
              21.00%

            
	
              February
                2012

            	
              25.00%

            
	
              February
                2013

            	
              30.00%

            
	
              February
                2014

            	
              30.00%

            

    

    

    provided,
      however,
      that a
      Class B Note Interest Trigger will not be deemed to be in effect if (a) on
      the
      last day of the related Collection Period, the aggregate Outstanding Amount
      of
      the Class A Notes is less than the sum of the Pool Balance plus the amount
      on
      deposit in the Reserve Account (excluding the sum of (i) the amount on deposit
      in the TERI Pledge Fund and (ii) the amount of any Noteholders’ Interest
      Carryover Shortfall for the Class B Notes) or (b) TERI is solvent and is
      continuing to purchase Defaulted Student Loans with respect to which TERI has
      become obligated to purchase under the terms of the relevant Guaranty
      Agreement.

     

    “Class
      C Note”
means
      a
      Class C Note issued pursuant to the Indenture, substantially in the form of
      Exhibit A-7 thereto.

     

    “Class
      C Note Interest Trigger”
means
      on any Distribution Date, if the Cumulative Default Rate for such Distribution
      Date equals or exceeds the percentage listed below for the most recent date
      preceding such Distribution Date:

    

    
      	
              Date

            	
              Cumulative
                Default Rate

            
	
              February
                2008

            	
              3.00%

            
	
              February
                2009

            	
              7.00%

            
	
              February
                2010

            	
              12.00%

            
	
              February
                2011

            	
              16.00%

            
	
              February
                2012

            	
              19.00%

            
	
              February
                2013

            	
              21.00%

            
	
              February
                2014

            	
              23.00%

            

    

    

    provided,
      however,
      that a
      Class C Note Interest Trigger will not be deemed to be in effect if (a) on
      the
      last day of the related Collection Period, the aggregate Outstanding Amount
      of
      the Class A Notes and the Class B Notes is less than the sum of the Pool Balance
      plus the amount on deposit in the Reserve Account (excluding the sum of (i)
      the
      amount on deposit in the TERI Pledge Fund and (ii) the amount of any
      Noteholders’ Interest Carryover Shortfall for the Class B Notes and the Class C
      Notes) or (b) TERI is solvent and is continuing to purchase Defaulted Student
      Loans with respect to which TERI has become obligated to purchase under the
      terms of the relevant Guaranty Agreement.

     

    “Class
      C Percentage”
means
      at any time the percentage equivalent of a fraction, the numerator of which
      is
      the Outstanding Amount of the Class C Notes and the denominator of which is
      the
      sum of the Outstanding Amount of all the Notes.

     

    “Class
      D Note”
means
      a
      Class D Note issued pursuant to the Indenture, substantially in the form of
      Exhibit A-8 thereto.

     

    “Class
      D Note Interest Trigger”
means
      on any Distribution Date if (a)
      the
      sum of the pool balance at the end of the preceding collection period plus
      amounts on deposit in the reserve account (excluding amounts on deposit in
      the
      TERI pledge fund) after payments on that distribution date is less than (b)
      84%
      of the
      outstanding principal balance of the offered notes after payments on that
      distribution date.

     

    provided,
      however,
      that a
      Class D Note Interest Trigger will not be deemed to be in effect if (a) on
      the
      last day of the related Collection Period, the aggregate Outstanding Amount
      of
      the Class A Notes, the Class B Notes and the Class C Notes is less than the
      sum
      of the Pool Balance plus the amount on deposit in the Reserve Account (excluding
      the sum of (i) the amount on deposit in the TERI Pledge Fund and (ii) the amount
      of any Noteholders’ Interest Carryover Shortfall for the Class B Notes, the
      Class C Notes and the Class D Notes) or (b) TERI is solvent and is continuing
      to
      purchase Defaulted Student Loans with respect to which TERI has become obligated
      to purchase under the terms of the relevant Guaranty Agreement.

     

    “Class
      D Percentage”
means
      at any time the percentage equivalent of a fraction, the numerator of which
      is
      the Outstanding Amount of the Class D Notes and the denominator of which is
      the
      sum of the Outstanding Amount of all the Notes.

     

    “Clearing
      Agency”
means
      an organization registered as a “clearing agency” pursuant to Section 17A
      of the Exchange Act.

     

    “Clearing
      Agency Participant”
means
      a
      broker, dealer, bank, other financial institution or other Person for whom
      from
      time to time a Clearing Agency effects book-entry transfers and pledges of
      securities deposited with the Clearing Agency.

     

    “Clearstream”
means
      Clearstream Banking, a société anonyme, a limited liability company organized
      under the laws of Luxembourg.

     

    “Closing
      Date”
means
      December 7, 2006.

     

    “Code”
means
      the Internal Revenue Code of 1986, as amended from time to time, and Treasury
      Regulations promulgated thereunder.

     

    “Collateral”
has
      the
      meaning specified in the Granting Clause of the Indenture.

     

    “Collection
      Account”
means
      the account designated as such, established and maintained pursuant to Section
      8.02(a)(i) of the Indenture.

     

    “Collection
      Period”
means,
      with respect to the first Distribution Date, the period beginning on the Cutoff
      Date and ending on January 31, 2007, and with respect to each subsequent
      Distribution Date, the Collection Period means the calendar month immediately
      following the end of the previous Collection Period.

     

    “Corporate
      Trust Office”
means
      (i) with respect to the Indenture Trustee and the Note Registrar (so long
      as the Indenture Trustee is the Note Registrar), the designated office of the
      Indenture Trustee at which at any particular time its corporate trust business
      shall be administered, which office at the Closing Date is located at One
      Federal Street, 3rd Floor, Boston, Massachusetts 02110,
      Attention:  The National Collegiate Student Loan Trust 2006-4
      (facsimile: (617) 603-6638) or at such other address as the Indenture Trustee
      may designate from time to time by notice to the Noteholders, the Administrator,
      and the Depositor, or the principal corporate trust office of any successor
      Indenture Trustee (the address of which the successor Indenture Trustee will
      notify the Noteholders, the Administrator, and the Depositor) and (ii) with
      respect to the Owner Trustee, the principal corporate trust office of the Owner
      Trustee located at Rodney Square North, 1100 North Market Street, Wilmington,
      Delaware 19890, Attention: Corporate Trust Administration (facsimile:
      302-636-4140); or at such other address as the Owner Trustee may designate
      by
      notice to the Certificateholders, the Administrator and the Depositor, or
      corporate trust office of any successor Owner Trustee (the address of which
      the
      successor Owner Trustee will notify the Certificateholders, the Administrator,
      the Back-up Administrator and the Depositor).

     

    “Cost
      of Issuance Account”
means
      the account designated as such, established and maintained pursuant to Section
      8.06 of the Indenture.

     

    “Credit-Worthy
      Cosigned Loan”
means
      a
      loan made to a borrower to pay the costs of attendance at a school approved
      under the Student Loan Programs, which loan (i) was originated and underwritten
      to a credit-worthy standard as set forth in the related Program Manual with
      at
      least two signatures on the note evidencing such Student Loan, and (ii) is
      guaranteed by TERI.

     

    “Credit-Worthy
      Non-Cosigned Loan”
means
      a
      loan made to a borrower to pay the costs of attendance at a school approved
      under the Student Loan Programs, which loan (i) was originated and underwritten
      to a credit-worthy standard as set forth in the related Program Manual with
      one
      signature on the note evidencing such Student Loan, and (ii) is guaranteed
      by
      TERI.

     

    “Credit-Ready
      Loan”
means
      a
      loan made to a borrower to pay the costs of attendance at a school approved
      under the Student Loan Programs, which loan (i) was originated and underwritten
      to a credit-ready standard as set forth in the related Program Manual with
      one
      signature on the note evidencing such Student Loan, and (ii) is guaranteed
      by
      TERI.

     

    “Cumulative
      Default Rate”
means,
      as of any Distribution Date, the percentage equivalent of the fraction (a)
      the
      numerator of which is the aggregate principal balance of the Financed Student
      Loans which are Defaulted Student Loans as of the end of the related Collection
      Period, and (b) the denominator of which is the aggregate principal balance
      of
      the Financed Student Loans as of the Cutoff Date.

     

    “Custodial
      Agreements”
means
      the Custodial Agreements, dated as of December 7, 2006, each between the
      applicable Servicer and the Indenture Trustee.

     

    “Cutoff
      Date”
means
      with respect to the Financed Student Loans, November 30, 2006.

     

    “Default”
means
      any occurrence that is, or with notice or the lapse of time or both would
      become, an Event of Default.

     

    “Defaulted
      Student Loan”
means
      a
      Financed Student Loan for which a TERI Guaranty Event has occurred.

     

    “Definitive
      Notes”
has
      the
      meaning specified in Section 2.10 of the Indenture.

     

    “Delivery”
or
      “Deliver”
when
      used with respect to Trust Account Property means the following and such
      additional or alternative procedures as may hereafter become appropriate to
      effect the complete transfer of ownership of any such Collateral to the
      Indenture Trustee, free and clear of any adverse claims, consistent with changes
      in applicable law or regulations or the interpretation thereof:

     

    (a)  with
      respect to bankers’ acceptances, commercial paper, negotiable certificates of
      deposit and other obligations that constitute instruments and are susceptible
      of
      physical delivery (“Physical Property”):

     

    (b)  transfer
      of possession thereof to the Indenture Trustee endorsed to, or with respect
      to a
      certificated security:

     

    (i)  delivery
      thereof in bearer form to the Indenture Trustee; or

     

    (ii)  delivery
      thereof in registered form to the Indenture Trustee and

     

    (A)  the
      certificate is endorsed to the Indenture Trustee or in blank by effective
      endorsement; or

     

    (B)  the
      certificate is registered in the name of the Indenture Trustee, upon original
      issue or registration of transfer by the issuer;

     

    (c)  with
      respect to an uncertificated security:

     

    (i)  the
      delivery of the uncertificated security to the Indenture Trustee;
      or

     

    (ii)  the
      issuer has agreed that it will comply with instructions originated by the
      Indenture Trustee, without further consent by the registered owner;

     

    (d)  with
      respect to any security issued by the U.S. Treasury, the Federal Home Loan
      Mortgage Corporation or by the Federal National Mortgage Association that is
      a
      book-entry security held through the Federal Reserve System pursuant to Federal
      book-entry regulations:

     

    (i)  a
      Federal
      Reserve Bank by book entry credits the book-entry security to the securities
      account (as defined in 31 CFR Part 357) of a participant (as defined in 31 CFR
      Part 357) which is also a securities intermediary; and

     

    (ii)  the
      participant indicates by book entry that the book-entry security has been
      credited to the Indenture Trustee’s securities account, as
      applicable;

     

    (e)  with
      respect to a security entitlement:

     

    (i)  the
      Indenture Trustee, becomes the entitlement holder; or

     

    (ii)  the
      securities intermediary has agreed that it will comply with entitlement orders
      originated by the Indenture Trustee;

     

    (f)  without
      further consent by the entitlement holder for the purpose of clauses (b) and
      (c)
      hereof “delivery” means:

     

    (i)  with
      respect to a certificated security:

     

    (A)  the
      Indenture Trustee, acquires possession thereof;

     

    (B)  another
      person (other than a securities intermediary) either acquires possession thereof
      on behalf of the Indenture Trustee or, having previously acquired possession
      thereof, acknowledges that it holds for the Indenture Trustee; or

     

    (C)  a
      securities intermediary acting on behalf of the Indenture Trustee acquires
      possession of thereof, only if the certificate is in registered form and has
      been specially endorsed to the Indenture Trustee by an effective
      endorsement;

     

    (ii)  with
      respect to an uncertificated security:

     

    (A)  the
      issuer registers the Indenture Trustee as the registered owner, upon original
      issue or registration of transfer; or

     

    (B)  another
      person (other than a securities intermediary) either becomes the registered
      owner thereof on behalf of the Indenture Trustee, or, having previously become
      the registered owner, acknowledges that it holds for the Indenture
      Trustee;

     

    (g)  for
      purposes of this definition, except as otherwise indicated, the following terms
      shall have the meaning assigned to each such term in the UCC:

     

    (i)  “certificated
      security”

     

    (ii)  “effective
      endorsement”

     

    (iii)  “entitlement
      holder”

     

    (iv)  “instrument”

     

    (v)  “securities
      account”

     

    (vi)  “securities
      entitlement”

     

    (vii)  “securities
      intermediary”

     

    (viii)  “uncertificated
      security”

     

    (h)  in
      each
      case of Delivery contemplated herein, the Indenture Trustee shall make
      appropriate notations on its records, and shall cause same to be made of the
      records of its nominees, indicating that securities are held in trust pursuant
      to and as provided in this Agreement.

     

    “Deposit
      and Sale Agreement”
means
      the Deposit and Sale Agreement dated as of December 7, 2006, between the
      Depositor and the Issuer pursuant to which the Depositor transfers Student
      Loans
      to the Issuer.

     

    “Depositor”
means
      The National Collegiate Funding LLC, as depositor under the Trust Agreement
      and
      any successor thereto or assignee thereof.

     

    “Depository”
means
      The Depository Trust Company, a New York corporation, its successors and
      assigns.

     

    “Depository
      Participant”
means
      a
      Person for whom, from time to time, the Depository effects book-entry transfers
      and pledges of securities deposited with the Depository.

     

    “Determination
      Date”
means,
      with respect to any Distribution Date, the third Business Day preceding such
      Distribution Date.

     

    “Distribution
      Date”
means,
      the 25th
      calendar
      day of each month or if such day is not a Business Day, the next Business Day,
      commencing February 26, 2007.

     

    “DTC”
means
      the Depository Trust Company, a New York corporation.

     

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

     

    “Eligible
      Deposit Account”
means
      either (a) a segregated account with an Eligible Institution, (b) a
      segregated trust account with the corporate trust department of a depository
      institution organized under the laws of the United States of America or any
      one
      of the States (or any domestic branch of a foreign bank), having corporate
      trust
      powers and acting as trustee for funds deposited in such account, so long as
      any
      of the securities of such depository institution have a credit rating from
      at
      least two nationally recognized Rating Agencies in one of their respective
      generic rating categories which signifies investment grade, or (c) any other
      account that is acceptable to the Rating Agencies (as evidenced by written
      confirmation to the Indenture Trustee from each Rating Agency that the use
      of
      such account satisfies the Rating Agency Condition).

     

    “Eligible
      Institution”
means
      a
      depository institution (which may be, without limitation, the Indenture Trustee
      or any Affiliate of the Indenture Trustee) organized under the banking laws
      of
      the United States of America or any one of the States (or any domestic branch
      of
      a foreign bank), (a) which has (i) a short-term senior unsecured debt rating
      of
“P-1” or better by Moody’s, (ii) either (A) a long term senior unsecured debt
      rating of “AAA” by S&P or (B) a short-term senior unsecured debt rating
“A-1+” by S&P, and (iii) a short-term senior unsecured debt rating of “F-1”
or better by Fitch or any other long-term, short-term or certificate of deposit
      rating acceptable to the Rating Agencies, and (b) whose deposits are insured
      by
      the FDIC.

     

    “Eligible
      Investments”
mean
      book-entry securities, negotiable instruments or securities represented by
      instruments in bearer or registered form which evidence:

     

    (a)  direct
      obligations of, and obligations fully guaranteed as to timely payment by, the
      United States of America;

     

    (b)  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 (or any domestic branch of a foreign bank) and subject to supervision
      and examination by Federal or state banking or depository institution
      authorities (including depository receipts issued by any such institution or
      trust company as custodian with respect to any obligation referred to in
      clause (a) above or portion of such obligation for the benefit of the
      holders of such depository receipts); provided,
      however,
      that
      (i) each such investment has an original maturity of less than 365 days and
      (ii)
      at the time of the investment or contractual commitment to invest therein (which
      shall be deemed to be made again each time funds are reinvested following each
      Distribution Date, as the case may be), the commercial paper or other short-term
      senior 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 have a credit rating from Moody’s, S&P and
      Fitch in the highest investment category granted thereby;

     

    (c)  commercial
      paper having an original maturity of less than 365 days and having, at the
      time
      of the investment or contractual commitment to invest therein, a rating from
      Moody’s, S&P and Fitch in the highest investment category granted
      thereby;

     

    (d)  investments
      in money market funds (including funds for which the Indenture Trustee or the
      Owner Trustee or any of their respective Affiliates is an investment manager
      or
      advisor) that (i) maintain a stable $1.00 net asset value per share, (ii) are
      freely transferable on a daily basis, (iii) invests only in other Eligible
      Investments, and (iv) have a rating from Moody’s, S&P and Fitch in the
      highest investment category granted thereby;

     

    (e)  bankers’
      acceptances having an original maturity of less than 365 days and issued by
      any
      depository institution or trust company referred to in clause (b) above;
      and

     

    (f)  any
      other
      investment permitted by each of the Rating Agencies and as set forth in writing
      delivered to the Indenture Trustee; provided
      that
      such investment shall satisfy the Rating Agency Condition and that such
      investment is relatively risk free.

     

    “ERISA”
means
      the Employee Retirement Income Security Act of 1974, as amended.

     

    “Euroclear”
means
      the Euroclear System, or any successor thereto.

     

    “Event
      of Default”
has
      the
      meaning specified in Section 5.01 of the Indenture.

     

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

     

    “Executive
      Officer”
means,
      with respect to any corporation, the Chief Executive Officer, Chief Operating
      Officer, Chief Financial Officer, President, any Executive Vice President,
      any
      Senior Vice President, any Vice President, the Secretary, the Assistant
      Secretary or the Treasurer of such corporation; and with respect to any
      partnership, any general partner thereof.

     

    “FASB”
means
      the Financial Accounting Standards Board.

     

    “FDIC”
means
      the Federal Deposit Insurance Corporation.

     

    “Final
      Maturity Date”
means
      for the (i) Class A-1 Notes, March 25, 2025, (ii) Class A-2 Notes, December
      27,
      2027, (iii) Class A-3 Notes, February 26, 2029, (iv) Class A-4 Notes, May 25,
      2032, (v) Class A-IO Notes, February 27, 2012, (vi) Class B Notes, May 25,
      2032,
      (vii) Class C Notes, May 25, 2032, and (viii) Class D Notes, May 25,
      2032.

     

    “Financed
      Student Loans”
means
      the Student Loans identified as such in each of the pool supplements dated
      as of
      the Closing Date between the Trust and a Seller, transferred to the Trust as
      of
      the Closing Date and listed on the Schedule of Financed Student Loans on the
      Closing Date as set forth in Schedule
      A
      to the
      Indenture (which Schedule may be in the form of microfiche or computer disk
      or
      tape).

     

    “Financed
      Student Loan Note”
means
      the original fully executed copy of the note (or a copy of a fully executed
      master promissory note) evidencing each Financed Student Loan.

     

    “FMC”
means
      The First Marblehead Corporation.

     

    “Fitch”
means
      Fitch, Inc., and its successors and assigns.

     

    “Global
      Note”
means
      any Note registered in the name of the Depository or its nominee, beneficial
      interests of which are reflected on the books of the Depository or on the books
      of a Person maintaining any account with such Depository (directly or as an
      indirect participant in accordance with the rules of such
      Depository).

     

    “Grant”
means
      mortgage, pledge, bargain, sell, warrant, alienate, remise, release, convey,
      assign, transfer, create, and grant a lien upon and a security interest in
      and
      right of set-off against, deposit, set over and confirm pursuant to the
      Indenture. A Grant of the Collateral or of any other agreement or instrument
      shall include all rights, powers and options (but none of the obligations)
      of
      the Granting party thereunder, including the immediate and continuing right
      to
      claim for, collect, receive and give receipt for principal and interest payments
      in respect of the Collateral and all other moneys payable thereunder, to give
      and receive notices and other communications, to make waivers or other
      agreements, to exercise all rights and options, to bring Proceedings in the
      name
      of the Granting party or otherwise and generally to do and receive anything
      that
      the Granting party is or may be entitled to do or receive thereunder or with
      respect thereto.

     

    “Guarantee”
means
      with respect to a Student Loan, the insurance or guarantee of the Guarantee
      Agency pursuant to such Guarantee Agency’s Guarantee Agreement.

     

    “Guarantee
      Agency”
means
      TERI.

     

    “Guarantee
      Agreements”
means
      the TERI Guarantee Agreements.

     

    “Guarantee
      Payment”
means
      any payment made by the Guarantee Agency pursuant to the Guarantee Agreement
      in
      respect of a Financed Student Loan.

     

    “Indenture”
means
      this Indenture, dated as of December 1, 2006, between the Issuer and the
      Indenture Trustee.

     

    “Indenture
      Trustee”
means
      U.S. Bank National Association, not in its individual capacity but solely as
      Indenture Trustee under the Indenture.

     

    “Indenture
      Trust Estate”
means
      all money, instruments, rights and other property that are subject or intended
      to be subject to the lien and security interest of the Indenture for the benefit
      of the Noteholders (including all property and interests granted to the
      Indenture Trustee), including all proceeds thereof.

     

    “Independent”
means,
      when used with respect to any specified Person, that the Person (a) is in
      fact independent of the Issuer, any other obligor upon the Notes, the Depositor,
      the Administrator, the Back-up Administrator and any Affiliate of any of the
      foregoing Persons, (b) does not have any direct financial interest or any
      material indirect financial interest in the Issuer, any such other obligor,
      the
      Depositor, the Administrator, the Back-Up Administrator or any Affiliate of
      any
      of the foregoing Persons and (c) is not connected with the Issuer, any such
      other obligor, the Depositor, the Administrator, the Back-Up Administrator
      or
      any Affiliate of any of the foregoing Persons as an officer, employee, promoter,
      underwriter, trustee, partner, director or person performing similar functions.
      Whenever it is herein provided that any Independent Person’s Opinion of Counsel
      or certificate shall be furnished to the Indenture Trustee, such Person shall
      be
      appointed by the Issuer or the Indenture Trustee, as the case may be, and such
      Opinion of Counsel or certificate shall state that the signer has read this
      definition and that the signer is Independent within the meaning
      hereof.

     

    “Index
      Maturity”
means,
      (i) for One-Month LIBOR, one month, (ii) for Two-Month LIBOR, two months, and
      (ii) for Three-Month LIBOR, three months.

     

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

     

    “Insider”
means,
      with respect to an entity, any officer, director or person privy to material
      information, including, but not limited to, contracts or agreements concerning
      such entity that are not available to the general public.

     

    “Insolvency
      Event”
means,
      with respect to a specified Person, (a) the filing of a decree or order for
      relief by a court having jurisdiction in the premises in respect of such Person
      or any substantial part of its property in an involuntary case under any
      applicable Federal or state bankruptcy, insolvency or other similar law now
      or
      hereafter in effect, or appointing a receiver, liquidator, assignee, custodian,
      trustee, sequestrator or similar official for such Person or for any substantial
      part of its property, or ordering the winding-up or liquidation of such Person’s
      affairs, and such decree or order shall remain unstayed and in effect for a
      period of 60 consecutive days; or (b) the commencement by such Person of a
      voluntary case under any applicable Federal or state bankruptcy, insolvency
      or
      other similar law now or hereafter in effect, or the consent by such Person
      to
      the entry of an order for relief in an involuntary case under any such law,
      or
      the consent by such Person to the appointment of or taking possession by a
      receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
      official for such Person or for any substantial part of its property, or the
      making by such Person of any general assignment for the benefit of creditors,
      or
      the failure by such Person generally to pay its debts as such debts become
      due,
      or the taking of action by such Person in furtherance of any of the
      foregoing.

     

    “Interest
      Collections”
shall
      have the meaning specified in Section 8.07 of the Indenture.

     

    “Interest
      Period”
means,
      with respect to a Distribution Date for (i) each Class of Notes, other than
      the
      Class A-IO Notes, the period from and including the Closing Date or the most
      recent Distribution Date for that Class of Notes on which interest on the Notes
      has been distributed to but excluding the current Distribution Date and (ii)
      the
      Class A-IO Notes, the period commencing on the 25th day of the month immediately
      preceding the current Distribution Date (or in the case of the first
      Distribution Date, from the Closing Date) to, but excluding, the 25th day of
      the
      month of the current Distribution Date.

     

    “Interested
      Noteholders”
means
      the Class A Noteholders (until such time as all Class A Notes have been paid
      in
      full), then the Class B Noteholders (until such time as all Class B Notes have
      been paid in full) the Class C Noteholders (until such time as all Class C
      Notes
      have been paid in full), and finally the Class D Noteholders. Notwithstanding
      the foregoing, any Notes owned by the Administrator, the Depositor or any of
      their respective Affiliates or agents designated for such purpose, shall not
      be
      voted by such entity nor considered in determining any specified voting
      percentage of the Interested Noteholders, unless otherwise set forth in the
      Indenture. 

     

    “Investment
      Earnings”
means,
      with respect to any Distribution Date, the investment earnings (net of losses
      and investment expenses) on amounts on deposit in the Trust Accounts to be
      deposited into the Collection Account on or prior to such Distribution Date
      pursuant to Section 8.02(b) of the Indenture.

     

    “Irish
      Paying Agent”
means
      Custom House Administration and Corporate Services Limited, and its successors
      and assigns, and any other entity serving in such capacity.

     

    “Irish
      Paying Agent Agreement”
means
      Irish Paying Agency Agreement dated as of December 7, 2006 between the Irish
      Paying Agent and the Administrator on behalf of the Issuer.

     

    “Issuer”
means
      The National Collegiate Student Loan Trust 2006-4 until a successor replaces
      it
      and, thereafter, means the successor.

     

    “Issuer
      Order”
and
      “Issuer
      Request”
means
      a
      written order or request signed in the name of the Issuer by any one of its
      Authorized Officers and delivered to the Indenture Trustee.

     

    “LIBOR”
means
      the London interbank offered rate for deposits in U.S. dollars for a specified
      maturity.

     

    “LIBOR
      Determination Date”
means,
      with respect to each Interest Period, the second Business Day prior to the
      commencement of such Interest Period. For purposes of this definition, a
“Business Day” is any day on which banks in London and New York City are open
      for the transaction of business.

     

    “Lien”
means
      a
      security interest, lien, charge, pledge, equity or encumbrance of any kind,
      other than tax liens and any other liens, if any, which attach to the respective
      Financed Student Loan by operation of law as a result of any act or omission
      by
      the related Obligor.

     

    “Liquidated
      Student Loan”
means
      any defaulted Financed Student Loan, liquidated by a Servicer.

     

    “Liquidation
      Proceeds”
means,
      with respect to any Liquidated Student Loan, the moneys collected in respect
      thereof from whatever source, other than Recoveries or Guarantee Payments
      received, net of the sum of any amounts expended by a Servicer in connection
      with such liquidation and any amounts required by law to be remitted to the
      borrower on such Liquidated Student Loan.

     

    “Moody’s”
means
      Moody’s Investors Service, Inc., and its successors and assigns.

     

    “Note
      Depository Agreement”
means
      the blanket issuer letter of representations relating to the Notes, executed
      by
      the Issuer and received and accepted by The Depository Trust Company, as the
      initial Clearing Agency.

     

    “Note
      Interest Rate”
means,
      with respect to any Interest Period and (1) in the case of each Class of Notes,
      other than the Class A-IO Notes, the interest rate per annum equal to the sum
      of
      (x) the Applicable Index plus (y) the Applicable Note Margin for such Class,
      and
      (2) in the case of the Class A-IO Notes, 6.35% per annum. The interest rate
      per
      annum for each Class of Notes, other than the Class A-IO Notes, will be computed
      on the basis of the actual number of days elapsed in the related Interest Period
      divided by 360. The interest rate per annum for the Class A-IO Notes will be
      computed on a 30/360 basis, meaning a year of 360 days that is comprised of
      12
      months consisting of 30 days each; provided,
      however,
      that
      the initial Interest Period for the Class A-IO Notes shall consist of 78
      days.

     

    “Note
      Owner”
means,
      with respect to a Book-Entry Note, the Person who is the owner of such
      Book-Entry Note, as reflected on the books of the Clearing Agency, or on the
      books of a Person maintaining an account with such Clearing Agency (directly
      as
      a Clearing Agency Participant or as an indirect participant, in each case in
      accordance with the rules of such Clearing Agency).

     

    “Note
      Parity Trigger”
means
      on any Distribution Date on and after the Stepdown Date if (a) the sum of the
      Pool Balance plus amounts on deposit in the Reserve Account (excluding amounts
      on deposit in the TERI Pledge Fund) at the end of the preceding Collection
      Period is less than (b) 101% of the Outstanding Amount of the Notes after
      payments on that Distribution Date.

     

    “Note
      Register”
and
      “Note
      Registrar”
have
      the respective meanings specified in Section 2.04 of the
      Indenture.

     

    “Noteholders”
means
      each Person in whose name a Note is registered in the Note.

     

    “Noteholders’
      Interest Carryover Shortfall”
means,
      with respect to any Distribution Date and any Class of Notes, the sum of (x)
      the
      excess of (i) the sum of the related Noteholders’ Interest Distribution
      Amount with respect to that Class of Notes, on the preceding Distribution Date
      for the Class of Notes over (ii) the amount of interest actually
      distributed to the holders of that Class of Notes on such preceding Distribution
      Date, and (y) all Noteholders’ Interest Carryover Shortfall for that Class of
      Notes remaining unpaid from prior Distribution Dates, plus interest on the
      amount of such excess interest due to the holders of that Class of Notes to
      the
      extent permitted by law, at the then current Note
      Interest Rate for that Class of Notes from such preceding Distribution Date
      for
      that Class of Notes to the current Distribution Date for that Class of
      Notes.

     

    “Noteholders’
      Interest Distribution Amount”
means,
      with respect to any Distribution Date and any Class of Notes, the aggregate
      amount of interest accrued at the applicable Note Interest Rate for the related
      Interest Period on the outstanding principal balance (or Notional Amount, for
      the Class A-IO Note) of such Class of Notes on the immediately preceding
      Distribution Date after giving effect to all principal distributions (or related
      reduction in Notional Amount, as applicable), to such Noteholders of such Class
      on such date (or, in the case of the first Distribution Date, on the Closing
      Date).

     

    “Noteholders’
      Principal Distribution Amount”
means,
      with respect to any Distribution Date, the amount necessary, so that after
      distributing such amount to the Notes, (a) the sum of the Pool Balance at the
      end of the preceding Collection Period, plus amounts on deposit in the Reserve
      Account (excluding amounts on deposit in the TERI Pledge Fund) after payments
      on
      such Distribution Date, equals (b) 103% of the Outstanding Amount of the Notes
      after payments on such Distribution Date; provided,
      however,
      that
      the Noteholders’ Principal Distribution Amount will not exceed the Outstanding
      Amount of the Notes. In addition, (a) on the Final Maturity Date for each
      related Class of Notes, the principal required to be distributed to such Class
      of Notes will include the amount required to reduce the Outstanding Amount
      of
      such Class of Notes to zero.

     

    “Notes”
means
      collectively, the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes,
      the
      Class A-4 Notes, the Class A-IO Notes, the Class B Notes, the Class C Notes,
      and
      the Class D Notes.

     

    “Notional
      Amount”
means,
      for the Class A-IO Notes, the amount on which the interest accrued on such
      Class
      of Notes is computed and, as of any Distribution Date, shall equal the amount
      determined as follows:

     

    
      	
              Distribution
                Dates

            	
              Notional
                Amount

            
	
              February
                2007 - October 2011

            	
              $200,000,000

            
	
              November
                2011

            	
              $189,000,000

            
	
              December
                2011

            	
              $177,000,000

            
	
              January
                2012

            	
              $165,000,000

            
	
              February
                2012 and thereafter

            	
              $0

            

    

    

    However,
      if on any Distribution Date (after giving effect to the distributions of
      principal to be made on that Distribution Date) the Outstanding Amount of the
      Class A-4 Notes would be less than its Original Principal Balance, the Notional
      Amount of the Class A-IO Notes will equal the lesser of the Outstanding Amount
      of the Class A-4 Notes and the scheduled Notional Amount determined as described
      in the above table.

     

    “Obligor”
on
      a
      Financed Student Loan means the borrower or co-borrowers of such Financed
      Student Loan and any other Person who owes payments in respect of such Financed
      Student Loan, including the Guarantee Agency thereof.

     

    “Officers’
      Certificate”
means,
      with respect to the Issuer or the Administrator, a certificate signed by one
      of
      its Authorized Officers.

     

    “One-Month
      LIBOR,”
      “Two-Month
      LIBOR”
and
      “Three-Month
      LIBOR”
means,
      with respect to any Interest Period, the London interbank offered rate for
      deposits in U.S. dollars having the Index Maturity which appears on Telerate
      Page 3750 as of 11:00 a.m., London time, on such LIBOR Determination
      Date. If such rate does not appear on Telerate Page 3750, the rate for that
      day will be determined on the basis of the rates at which deposits in U.S.
      dollars, having the Index Maturity and in a principal amount of not less than
      U.S. $1,000,000, are offered at approximately 11:00 a.m., London time, on
      such LIBOR Determination Date to prime banks in the London interbank market
      by
      the Reference Banks. The Administrator will request the principal London office
      of each of such Reference Banks to provide a quotation of its rate. If at least
      two such quotations are provided, the rate for that day will be the arithmetic
      mean of the quotations. If fewer than two quotations are provided, the rate
      for
      that day will be the arithmetic mean of the rates quoted by major banks in
      New
      York City, selected by the Administrator, at approximately 11:00 a.m., New
      York City time, on such LIBOR Determination Date for loans in U.S. dollars
      to
      leading European banks having the Index Maturity and in a principal amount
      of
      not less than U.S. $1,000,000; provided that if the banks selected as aforesaid
      are not quoting as mentioned in this sentence, LIBOR in effect for the
      applicable Interest Period for the applicable Index Maturity will be LIBOR
      in
      effect for the previous Interest Period for that Index Maturity.

     

    “Opinion
      of Counsel”
means
      a
      written opinion of an attorney at law or firm of attorneys selected by the
      Person obliged to deliver an opinion on the subject in question, reasonably
      acceptable to the Person who is to receive the same hereunder, duly admitted
      to
      the practice of law before the highest court of any state of the United States
      of America or the District of Columbia.

     

    “Optional
      Deposit”
has
      the
      meaning specified in Section 8.10(a) of the Indenture.

     

    “Original
      Principal Balance”
means,
      for any Class of Notes, the original principal balance (or, in the case of
      the
      Class A-IO Notes, the original Notional Amount) for such Class on the Closing
      Date, as set forth in Section 2.02 of the Indenture.

     

    “Outstanding”
means,
      as of the date of determination, all Notes theretofore authenticated and
      delivered under the Indenture except:

     

    (i)  Notes
      theretofore canceled by the Note Registrar or delivered to the Note Registrar
      for cancellation;

     

    (ii)  Notes
      or
      portions thereof the payment for which money in the necessary amount has been
      theretofore deposited with the Indenture Trustee or any Paying Agent in trust
      for the Noteholders thereof;

     

    (iii)  Notes
      in
      exchange for or in lieu of other Notes which have been authenticated and
      delivered pursuant to the Indenture unless proof satisfactory to the Indenture
      Trustee is presented that any such Notes are held by a bona fide
      purchaser;

     

    provided
      that in
      determining whether the Noteholders of the requisite Outstanding Amount of
      the
      Notes have given any request, demand, authorization, direction, notice, consent
      or waiver hereunder or under any other Basic Document, Notes owned by the
      Issuer, any other obligor upon the Notes, the Depositor, the Administrator,
      a
      Servicer, or any Affiliate of any of the foregoing Persons shall be disregarded
      and deemed not to be Outstanding, except that, in determining whether the
      Indenture Trustee shall be protected in relying upon any such request, demand,
      authorization, direction, notice, consent or waiver, only Notes that a
      Responsible Officer of the Indenture Trustee either actually knows to be so
      owned or has received written notice thereof shall be so disregarded. Notes
      so
      owned that have been pledged in good faith may be regarded as Outstanding if
      the
      pledgee establishes to the satisfaction of the Indenture Trustee the pledgee’s
      right so to act with respect to such Notes and that the pledgee is not the
      Issuer, any other obligor upon the Notes, the Depositor, the Administrator,
      a
      Servicer, or any Affiliate of any of the foregoing Persons.

     

    “Outstanding
      Amount”
means
      the sum of the aggregate principal amount of all Notes (or, if the context
      so
      indicates, one or more Classes of Notes) Outstanding at the date of
      determination. The Class A-IO Notes shall have no Outstanding
      Amount.

     

    “Owner
      Trustee”
means
      Wilmington Trust Company, not in its individual capacity but solely as Owner
      Trustee under the Trust Agreement, and any successor thereto or assigned
      thereof.

     

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

     

    “Paying
      Agent”
means
      (i) the Indenture Trustee or any other Person that meets the eligibility
      standards for the Indenture Trustee specified in Section 6.11 of the
      Indenture and is authorized by the Issuer to make the payments to and
      distributions from the Collection Account and payments of principal of and
      interest and any other amounts owing on the Notes on behalf of the Issuer and
      (ii) the Irish Paying Agent.

     

    “Person”
means
      any individual, corporation, estate, partnership, joint venture, association,
      joint stock company, trust (including any beneficiary thereof), unincorporated
      organization or government or any agency or political subdivision
      thereof.

     

    “Physical
      Property”
has
      the
      meaning assigned to such term in the definition of “Delivery”
above.

     

    “Pool
      Balance”
means,
      at any time, the aggregate principal balance of the Financed Student Loans
      at
      the end of the preceding Collection Period (including accrued interest thereon
      for such Collection Period to the extent such interest will be capitalized
      upon
      commencement of repayment or during deferment or forbearance).

     

    “Predecessor
      Note”
means,
      with respect to any particular Note, every previous Note evidencing all or
      a
      portion of the same debt as that evidenced by such particular Note; and, for
      the
      purpose of this definition, any Note authenticated and delivered under
      Section 2.05 of the Indenture and in lieu of a mutilated, lost, destroyed
      or stolen Note shall be deemed to evidence the same debt as the mutilated,
      lost,
      destroyed or stolen Note.

     

    “Prepayment
      Penalty”
means,
      on any Distribution Date on which the Class A-IO Notes are Outstanding, if
      the
      amount listed as the Notional Amount for that Distribution Date on the following
      schedule exceeds the Notional Amount of such Class A-IO Notes immediately prior
      to such Distribution Date, an amount equal to the interest accrued on such
      excess at the rate of 6.35% per annum for the applicable Interest
      Period:

     

    
      	
              Distribution
                Dates

            	
              Notional
                Amount

            
	
              February
                2007 - October 2011

            	
              $200,000,000

            
	
              November
                2011

            	
              $189,000,000

            
	
              December
                2011

            	
              $177,000,000

            
	
              January
                2012

            	
              $165,000,000

            
	
              February
                2012 and thereafter

            	
              $0

            

    

    

    Prepayment
      Penalties shall not be deemed payments of interest and/or principal of the
      Class
      A-IO Notes.

     

    “Proceeding”
means
      any suit in equity, action at law or other judicial or administrative
      proceeding.

     

    “Program
      Manuals”
means
      the program manual attached as an exhibit to each TERI Guarantee Agreement
      together with the student loan program guidelines of each of the Sellers which
      describe their credit and collection policies for the origination, acquisition,
      financing and servicing of Financed Student Loans, as amended, revised or
      supplemented from time to time; provided,
      however,
      that no
      such amendment, revision or supplement shall (a) reduce in any manner the amount
      of, or delay the timing of, collections of payments with respect to Financed
      Student Loans or (b) reduce the underwriting standards with respect to Financed
      Student Loans acquired or to be acquired by the Issuer, in each case without
      satisfying the Rating Agency Condition.

     

    “Purchase
      Amount”
means,
      as of the close of business on the last day of a Collection Period, 100% of
      the
      amount required to prepay in full the respective Financed Student Loan, in
      each
      case under the terms thereof including all accrued interest thereon expected
      to
      be capitalized upon commencement of repayment or during deferment or
      forbearance.

     

    “Purchased
      Student Loan”
means
      a
      Financed Student Loan purchased by a Service or repurchased by a Seller from
      the
      Issuer.

     

    “Rating
      Agency”
means
      each of Moody’s, S&P and Fitch. If any such organization or successor is no
      longer in existence, “Rating Agency” shall be a nationally recognized
      statistical rating organization or other comparable Person designated by the
      Issuer, notice of which designation shall be given to the Indenture Trustee
      and
      the Owner Trustee.

     

    “Rating
      Agency Condition”
means,
      with respect to any action, that each Rating Agency shall have been given
      10 days’ prior notice thereof (or such shorter period as shall be
      acceptable to the Rating Agencies) and that each Rating Agency shall have
      confirmed to the Administrator and the Indenture Trustee, in writing that such
      action will not in and of itself result in a reduction or withdrawal of the
      then
      current rating of the Notes, based upon the review by each such Rating Agency
      of
      payment and default performance of the Financed Student Loans, financial
      information relating to the Trust, the Indenture Trust Estate, the Guarantee
      Agency, the Servicers or the Administrator, and such other information that
      such
      Rating Agency determines to review.

     

    “Realized
      Losses”
means
      the excess of the aggregate principal balance of any Liquidated Student Loan
      plus accrued but unpaid interest thereon over the related Liquidation Proceeds
      to the extent allocable to principal.

     

    “Record
      Date”
means
      with respect to a Class of the Notes, the close of business on the Business
      Day
      immediately preceding a Distribution Date for such Class of Notes.

     

    “Recoveries”
means,
      with respect to any Liquidated Student Loan, moneys collected in respect
      thereof, from whatever source, during any Collection Period following the
      Collection Period in which such Financed Student Loan, became a Liquidated
      Student Loan, net of the sum of any amounts expended by a Servicer for the
      account of any Obligor and any amounts required by law to be remitted to the
      Obligor.

     

    “Reference
      Bank”
means
      a
      leading bank (i) engaged in transactions in Eurodollar deposits in the
      international Eurocurrency market, (ii) not controlling, controlled by or under
      common control with the Administrator and (iii) having an established place
      of
      business in London.

     

    “Regulation
      AB”
means
      Subpart 229.1100 - Asset Backed Securities (Regulation AB), 17 C.F.R.
§§229.1100-229.1123, as such may be amended from time to time, and subject to
      such clarification and interpretation as have been provided by the SEC in the
      adopting release (Asset-Backed Securities, Securities Act Release No. 33-8518,
      70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff of the SEC, or as
      may
      be provided by the SEC or its staff from time to time.

     

    “Rehabilitated
      Student Loans”
means
      Financed Student Loan purchased by TERI due to a TERI Guaranty Event, that
      the
      Trust will repurchase, (to the extent there are Available Funds), if TERI
      succeeds, after purchase, in obtaining from the borrower three or more
      consecutive on-time monthly payments pursuant to the TERI Guarantee Agreements,
      and the borrower is within thirty days of being current on the Financed Student
      Loan.

     

    “Relevant
      Servicing Criteria”
means
      the Servicing Criteria applicable to the Indenture Trustee, as set forth on
      Exhibit C attached hereto. With respect to a Servicing Function Participant
      engaged by the Indenture Trustee, the term “Relevant Servicing Criteria” may
      refer to a portion of the Relevant Servicing Criteria applicable to such
      parties.

     

    “Required
      Reserve Amount”
means,
      on any Distribution Date beginning with the Distribution Date in February 2007
      (after giving effect to all deposits or withdrawals therefrom on that
      Distribution Date), the respective amount listed below for that Distribution
      Date:

     

    
      	
              Distribution
                Date

            	
              Amount

            	 	
              Distribution
                Date

            	
              Amount

            
	
              February
                2007

            	
              $201,020,000
                

            	 	
              January
                2009

            	
              $49,690,000

            
	
              March
                2007

            	
              $195,880,000

            	 	
              February
                2009

            	
              $47,030,000

            
	
              April
                2007

            	
              $189,590,000

            	 	
              March
                2009

            	
              $45,260,000

            
	
              May
                2007

            	
              $183,280,000

            	 	
              April
                2009

            	
              $40,550,000

            
	
              June
                2007

            	
              $176,330,000

            	 	
              May
                2009

            	
              $36,680,000

            
	
              July
                2007

            	
              $169,360,000

            	 	
              June
                2009

            	
              $33,150,000

            
	
              August
                2007

            	
              $161,930,000

            	 	
              July
                2009

            	
              $29,480,000

            
	
              September
                2007

            	
              $154,880,000

            	 	
              August
                2009

            	
              $26,450,000

            
	
              October
                2007

            	
              $148,080,000

            	 	
              September
                2009

            	
              $24,120,000

            
	
              November
                2007

            	
              $141,170,000

            	 	
              October
                2009

            	
              $21,650,000

            
	
              December
                2007

            	
              $134,440,000

            	 	
              November
                2009

            	
              $18,920,000

            
	
              January
                2008

            	
              $127,350,000

            	 	
              December
                2009

            	
              $16,620,000

            
	
              February
                2008

            	
              $121,290,000

            	 	
              January
                2010

            	
              $14,620,000

            
	
              March
                2008

            	
              $115,400,000

            	 	
              February
                2010

            	
              $13,240,000

            
	
              April
                2008

            	
              $108,450,000

            	 	
              March
                2010

            	
              $13,040,000

            
	
              May
                2008

            	
              $101,960,000

            	 	
              April
                2010

            	
              $11,870,000

            
	
              June
                2008

            	
              $95,030,000

            	 	
              May
                2010

            	
              $11,170,000

            
	
              July
                2008

            	
              $88,400,000

            	 	
              June
                2010

            	
              $9,740,000

            
	
              August
                2008

            	
              $82,610,000

            	 	
              July
                2010

            	
              $8,680,000

            
	
              September
                2008

            	
              $76,750,000

            	 	
              August
                2010

            	
              $6,560,000

            
	
              October
                2008

            	
              $70,510,000

            	 	
              September
                2010

            	
              $5,210,000

            
	
              November
                2008

            	
              $64,190,000

            	 	
              October
                2010 and thereafter

            	
              $5,125,000

            
	
              December
                2008

            	
              $57,520,000

            	 	 	 

    

    

    “Reserve
      Account”
means
      the account designated as such, established and maintained pursuant to Section
      8.02(a)(ii) of the Indenture.

     

    “Reserve
      Account Initial Deposit”
means
      $215,400,000.

     

    “Reserve
      Account Minimum Balance”
means
      $5,125,000.

     

    “Responsible
      Officer”
means,
      with respect to the Indenture Trustee or the Owner Trustee, any officer within
      the Corporate Trust Office of the Indenture Trustee or the Owner Trustee,
      including any Vice President, Assistant Vice President, Secretary, Assistant
      Secretary, or any other officer of the Indenture Trustee or the Owner Trustee
      customarily performing functions similar to those performed by any of the above
      designated officers, with direct responsibility for the administration of the
      Indenture (or the Trust Agreement, as amended from time to time, as applicable
      to the Owner Trustee) and the other Basic Documents on behalf of the Indenture
      Trustee or the Owner Trustee and also, with respect to a particular matter,
      any
      other officer to whom such matter is referred because of such officer’s
      knowledge of and familiarity with the particular subject.

     

    “S&P”
means
      Standard and Poor’s Ratings Services, a division of The McGraw-Hill Companies,
      Inc., and its successors and assigns.

     

    “Schedules
      of Financed Student Loans”
means
      the listing of the Financed Student Loans set forth in Schedule A to the
      Indenture (which Schedule may be in the form of microfiche or file or computer
      disk tape).

     

    “SEC”
means
      the United States Securities and Exchange Commission.

     

    “Securities”
means
      the Notes.

     

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

     

    “Seller”
means
      any person authorized to sell Student Loans to the Depositor pursuant to a
      Student Loan Purchase Agreement.

     

    “Servicer”
means
      the Pennsylvania Higher Education Assistance Agency,, CFS-SunTech Servicing
      LLC,
      Great Lakes Educational Loan Services, Inc., EdFinancial Services, LLC, Nelnet,
      Inc., ACS
      Education Services, Inc.
      and any
      other loan servicer satisfying the Rating Agency Condition.

     

    “Servicer
      Default”
means
      any default event specified in the Servicing Agreement.

     

    “Servicer’s
      Report”
means
      any report of a Servicer delivered pursuant to such Servicer’s Servicing
      Agreement, substantially in the form acceptable to the
      Administrator.

     

    “Servicing
      Agreement”
means
      (a) the Amended and Restated Private Student Loan Servicing Agreement, dated
      as
      of September 28, 2006, between the Pennsylvania Higher Education Assistance
      Agency and FMC, (b) the Private Consolidation Agreement dated as of March 26,
      2004 as amended, between CFS-SunTech Servicing LLC and FMC, (c) the Non-FFELP
      Loan Servicing Agreement, dated as of May 1, 2003, as amended, by and between
      Great Lakes Educational Loan Services, Inc. and FMC, (d) the Alternative
      Servicing Agreement dated as of February 1, 2004, as supplemented, between
      EdFinancial Services, LLC (as successor in interest to Educational Services
      of
      America, Inc.) and FMC, (e) the Loan Servicing Agreement, dated as of August
      1,
      2001, as amended, between Nelnet, Inc. (as successor in interest to UNIPAC
      Service Corporation) and FMC, and (f) the Alternative Servicing Agreement,
      dated
      as of March 1, 2005, as amended, between ACS Education Services, Inc. and FMC,
      all of which agreements will be assigned to the Trust concurrent with the
      initial purchase of Financed Student Loans, or any other servicing agreement
      between the Issuer and a servicer under which such servicer agrees to service
      Financed Student Loans included in the Indenture Trust Estate, which servicing
      agreement shall satisfy the Rating Agency Condition. 

     

    “Servicing
      Criteria”
means
      the “servicing criteria” set forth in Item 1122(d) of Regulation AB, as such may
      be amended from time to time, and as described on Exhibit C attached
      hereto.

     

    “Servicing
      Fee”
means
      the fee payable to a Servicer (including services rendered but not yet invoiced)
      pursuant to such Servicer’s Servicing Agreement as in effect on the Closing
      Date; such fee may be increased upon satisfying the Rating Agency Condition.
      The
      Servicing Fee shall include expenses of the applicable Servicer related to
      sending privacy policy notices as required by the Gramm-Leach-Bliley Act of
      1999, as amended, or any successor thereto. As of each Distribution Date, the
      Servicing Fee shall include services rendered but not yet invoiced.

     

    “Servicing
      Function Participant”
means
      any Subservicer, Subcontractor or any other Person, other than each Servicer
      and
      the Indenture Trustee, that is participating in the servicing function within
      the meaning of Regulation AB, unless such Person’s activities relate only to 5%
      or less of the Financed Student Loans.

     

    “State”
means
      any one of the 50 States of the United States of America or the District of
      Columbia.

     

    “Stepdown
      Date”
means
      the February 2013 Distribution Date.

     

    “Student
      Loan”
means
      (a) a Credit-Worthy Cosigned Loan, (b) a Credit-Worthy Non-Cosigned Loan,
      or (c) a Credit-Ready Loan.

     

    “Student
      Loan Files”
      means

     

    (a)  the
      original fully executed copy of the note evidencing the Financed Student Loan
      (including the original loan application fully executed by the Obligor);
      and

     

    (b)  any
      and
      all other documents and computerized records that a Servicer shall keep on
      file,
      in accordance with its customary procedures, relating to such Financed Student
      Loan or any borrower with respect thereto.

     

    “Student
      Loan Programs”
means
      the student loan programs sponsored by the Depositor and its Affiliates for
      the
      origination, acquisition, holding, servicing and financing of Student Loans,
      which programs are governed by the Program Manuals.

     

    “Student
      Loan Purchase Agreements”
means,
      collectively, the student loan purchase agreements and any other similar
      agreement providing for the sale of Student Loans from the Sellers to the
      Depositor for deposit into the Indenture Trust Estate, including the pool
      supplement relating thereto by and among the applicable Seller, the Depositor
      and FMC. On the Closing Date, the Student Loan Purchase Agreements shall be
      as
      listed in Schedule C to the Indenture.

     

    “Subcontractor”
means
      any third-party or Affiliate vendor, subcontractor or other Person utilized
      by a
      Servicer, a Subservicer or the Indenture Trustee that is not responsible for
      the
      overall servicing (as “servicing” is commonly understood by participants in the
      student loan backed securities market) of the Financed Student Loans but
      performs one or more discrete functions identified in Item 1122(d) of Regulation
      AB with respect to the Financed Student Loans under direction and authority
      of
      such Servicer, Subservicer or Indenture Trustee.

     

    “Subordinate
      Note Principal Trigger”
means
      if (a) a Note Parity Trigger occurs and is continuing or (b) the Cumulative
      Default Rate exceeds 10%, provided, however, that a Subordinated Note Principal
      Trigger will not be deemed to be in effect if TERI is solvent and is continuing
      to purchase Defaulted Student Loans with respect to which TERI has become
      obligated to purchase under the terms of the relevant Guaranty
      Agreement.

     

    “Subservicer”
means
      any Person that (i) is considered to be a Servicing Function Participant, (ii)
      services Financed Student Loans on behalf of any Servicer and (iii) is
      responsible for the performance (whether directly or through Subservicers or
      Subcontractors) of material servicing functions required to be performed by
      the
      Servicer or the Indenture Trustee under the Basic Documents with respect to
      some
      or all of the Financed Student Loans, that are identified in Item 1122(d) of
      Regulation AB.

     

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

     

    “Telerate
      Page 3750”
means
      the display page so designated on the Bridge Telerate Service (or such other
      page as may replace that page on that service for the purpose of displaying
      comparable rates or prices) or such comparable page on a comparable
      service.

     

    “TERI”
means
      The Education Resources Institute, Inc., a Massachusetts non-profit corporation,
      or its successors and assigns.

     

    “TERI
      Deposit and Security Agreement”
means
      the Deposit and Security Agreement dated as of December 7, 2006, by and among
      the Issuer, TERI and the Administrator with respect to the issuance of the
      Notes
      hereunder.

     

    “TERI
      Guaranty Agreement”
means,
      with a respect to a Student Loan Program, a guaranty agreement between a Seller
      and TERI, together with the acknowledgment by TERI relating thereto. On the
      Issue Date, the TERI Guarantee Agreements shall be as listed on Schedule B
      to
      the Indenture.

     

    “TERI
      Guaranty Amount”
means,
      pursuant to the TERI Guaranty Agreements, Financed Student Loans are guaranteed
      100% as to payment of principal and interest.

     

    “TERI
      Guaranty Event”
means
      a
      claim for payment on a Financed Student Loan made under any of the TERI Guaranty
      Agreements if: (i)(a) the Obligor has failed to make monthly principal and/or
      interest payments on such loan when due, provided such failure continues for
      a
      period of 150 consecutive days, (b) the Obligor has filed a Chapter 13 petition
      in a bankruptcy or, in a Chapter 7 proceeding has filed an adversary proceeding
      pursuant to 11 U.S.C. § 523(a)(8), or (c) the Obligor has died and (ii) the
      conditions set forth in such TERI Guaranty Agreement giving rise to an
      obligation on the part of TERI to make payment on such claim have otherwise
      been
      satisfied.

     

    “TERI
      Pledge Fund”
means
      the fund by the name created in the TERI Deposit and Security Agreement whereby
      TERI will pledge a portion of its guaranty fees to the Trust, by deposit into
      a
      special trust account with the Indenture Trustee.

     

    “Three-Month
      LIBOR”
see
      “One-Month LIBOR” herein.

     

    “Treasury
      Regulations”
means
      regulations, including proposed or temporary regulations, promulgated under
      the
      Code. References in any document or instrument to specific provisions of
      proposed or temporary regulations shall include analogous provisions of final
      Treasury Regulations or other successor Treasury Regulations.

     

    “Trust”
means
      the Issuer, established pursuant to the Trust Agreement.

     

    “Trust
      Account Property”
means
      the Trust Accounts, all amounts and investments held from time to time in any
      Trust Account (whether in the form of deposit accounts, Physical Property,
      book-entry securities, uncertificated securities or otherwise), including the
      Reserve Account Initial Deposits and all proceeds of the foregoing.

     

    “Trust
      Accounts”
has
      the
      meaning specified in Section 8.02(b) of the Indenture.

     

    “Trust
      Agreement”
means
      the Trust Agreement, dated as of December 7, 2006, among the Depositor, TERI
      and
      the Owner Trustee.

     

    “Trust
      Certificates”
means
      the Certificates.

     

    “Trust
      Indenture Act”
or
      “TIA”
means
      the Trust Indenture Act of 1939, as amended from time to time.

     

    “Turbo
      Trigger”
means
      any Distribution Date on which (a) the outstanding aggregate Pool Balance is
      equal to or less than 10% of the sum of the aggregate principal balance as
      of
      the Cutoff Date of the Financed Student Loans; or (b) the Cumulative Default
      Rate exceeds 10%; provided,
      however,
      that
      with respect to clause (b), a Turbo Trigger will not have occurred if TERI
      is
      solvent and is continuing to purchase Defaulted Student Loans with respect
      to
      which TERI has become obligated to purchase under the terms of the relevant
      Guaranty Agreement.

     

    “Two-Month
      LIBOR”
see
      “One-Month LIBOR” herein.

     

    “UCC”
means,
      unless the context otherwise requires, the Uniform Commercial Code, as in effect
      in the relevant jurisdiction, as amended from time to time.

     

    “Underwriters”
means
      Goldman, Sachs & Co., J.P. Morgan Securities Inc. and Greenwich Capital
      Markets, Inc.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

     

    SCHEDULE
      A

     

    SCHEDULE
      OF FINANCED STUDENT LOANS

     

    [On
      file
      with Indenture Trustee]

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

     

    SCHEDULE
      B

     

    LIST
      OF TERI GUARANTEE AGREEMENTS

     

    Each
      of
      the following guaranty agreements, as amended or supplemented, was entered
      into
      by and between The Education Resources Institute, Inc. and:

     

    ·  Bank
      of
      America, N.A., dated April 30, 2001, for loans that were originated under Bank
      of America’s BAGEL Loan Program, TERI Loan Program and ISLP Loan
      Program.

     

    ·  Bank
      of
      America, N.A., dated June 30, 2006, for loans that were originated under Bank
      of
      America’s BAGEL Loan Program, TERI Loan Program and ISLP Loan
      Program.

     

    ·  Bank
      of
      America, N.A., dated June 30, 2003, for loans that were originated under Bank
      of
      America’s Direct to Consumer Loan Program.

     

    ·  Charter
      One Bank, N.A., dated as of December 29, 2003 for loans that were originated
      under Charter One’s AAA Southern New England Bank Loan Program.

     

    ·  Charter
      One Bank, N.A., dated October 31, 2003, for loans that were originated under
      Charter One’s AES EducationGAIN Loan Program.

     

    ·  Charter
      One Bank, N.A., dated March 25, 2004, for loans that were originated under
      Charter One’s Astrive and AstriveAlliance Education Loan Program.

     

    ·  Charter
      One Bank, N.A., dated May 15, 2002, for loans that were originated under Charter
      One’s CFS Direct to Consumer Loan Program.

     

    ·  Charter
      One Bank, N.A., dated June 30, 2003, for loans that were originated under
      Charter One’s Citibank Education Assistance Loan Program.

     

    ·  Charter
      One Bank, N.A., dated July 1, 2002, for loans that were originated under Charter
      One’s College Loan Corporation Loan Program.

     

    ·  Charter
      One Bank, N.A., dated December 1, 2003, for loans that were originated under
      Charter One’s Custom Educredit Loan Program.

     

    ·  Charter
      One Bank, N.A., dated May 10, 2004, for loans that were originated under Charter
      One’s Edfinancial Loan Program.

     

    ·  Charter
      One Bank, N.A., dated September 15, 2003, for loans that were originated under
      Charter One’s Extra Credit II Loan Program (North Texas Higher
      Education).

     

    ·  Charter
      One Bank, N.A., dated September 20, 2003, for loans that were originated under
      Charter One’s M&I Alternative Loan Program.

     

    ·  Charter
      One Bank, N.A., dated November 17, 2003, for loans that were originated under
      Charter One’s National Education Loan Program.

     

    ·  Charter
      One Bank, N.A., dated May 15, 2002, for loans that were originated under Charter
      One’s NextStudent Alternative Loan Program.

     

    ·  Charter
      One Bank, N.A., dated March 26, 2004, for loans that were originated under
      Charter One’s NextStudent Private Consolidation Loan Program.

     

    ·  Charter
      One Bank, N.A., dated May 15, 2003, for loans that were originated under Charter
      One’s WAMU Alternative Student Loan Program.

     

    ·  Charter
      One Bank, N.A., dated February 15, 2005, for loans that were originated under
      Charter One’s Referral Loan Program, including the UPromise Alternative Loan
      Program, Collegiate Solutions Alternative Loan Program, College Board
      Alternative Loan Program, Axiom Alternative Loan Program, and ThinkFinancial
      Alternative Loan Program.

     

    ·  Citizens
      Bank of Rhode Island, dated April 30, 2004, for loans that were originated
      under
      Citizens Bank of Rhode Island’s Alternative Loan Program, Compass Bank
      Alternative Loan Program, FinanSure Alternative Loan Program, Navy Federal
      Alternative Loan Program, and Xanthus Alternative Loan Program.

     

    ·  Citizens
      Bank of Rhode Island, dated October 1, 2002, for loans that were originated
      under Citizens Bank of Rhode Island’s Penn State Undergraduate Loan
      Program.

     

    ·  First
      National Bank Northeast, dated August 1, 2001, for loans that were originated
      under First National Bank Northeast’s CASL Undergraduate Alternative Loan
      Program.

     

    ·  GMAC
      Bank, dated May 30, 2003, for loans that were originated under GMAC Bank’s
      Alternative Loan Program.

     

    ·  HSBC
      Bank
      USA, National Association, dated April 17, 2002, for loans that were originated
      under the HSBC Loan Program.

     

    ·  The
      Huntington National Bank, dated May 20, 2003, for loans that were originated
      under The Huntington National Bank’s Huntington Bank Education Loan
      Program.

     

    ·  JPMorgan
      Chase Bank, N.A., (successor to Bank One, N.A.,) dated May 13, 2002, for loans
      that were originated under Bank One’s CORPORATE ADVANTAGE Loan Program,
      EDUCATION ONE Loan Program, and Campus One Loan Program.

     

    ·  KeyBank,
      dated May 12, 2006, for loans that were originated under KeyBank’s Private
      Education Loan Program.

     

    ·  Manufacturers
      and Traders Trust Company, dated April 29, 2004, for loans that were originated
      under Manufacturers and Traders Trust Company’s Alternative Loan
      Program.

     

    ·  National
      City Bank, dated July 26, 2002, for loans that were originated under National
      City Bank’s National City Loan Program.

     

    ·  National
      City Bank, dated July 21, 2006, for loans that were originated under National
      City Bank’s Referral Loan Program, including the Astute Private Loan
      Program.

     

    ·  PNC
      Bank,
      N.A., dated April 22, 2004, for loans that were originated under PNC Bank’s
      Alternative Conforming Loan Program, Brazos Alternative Loan Program, Edvisors
      Alternative Loan Program, GE Money Bank Alternative Loan Prorgam, Old National
      Bank Alternative Loan Program, Regions Bank Alternative Loan Program, and
      Varsity Group Alternative Loan Program

     

    ·  Sovereign
      Bank, dated April 30, 2004, for loans that were originated under Sovereign
      Bank’s Alternative Loan Program.

     

    ·  SunTrust
      Bank, dated March 1, 2002, for loans that were originated under SunTrust Bank’s
      SunTrust Alternative Loan Program.

     

    ·  TCF
      National Bank, dated July 22, 2005, for loans that were originated under TCF
      National Bank’s Alternative Loan Program.

     

    ·  U.S.
      Bank, N.A., dated May 1, 2005, for loans that were originated under U.S Bank’s
      Alternative Loan Program.

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    SCHEDULE
      C

     

    LIST
      OF STUDENT LOAN PURCHASE AGREEMENTS

     

    Each
      of
      the student loan purchase agreements, as amended or supplemented, was entered
      into by and between The First Marblehead Corporation and:

     

    ·  Bank
      of
      America, N.A., dated April 30, 2001, for loans that were originated under Bank
      of America’s BAGEL Loan Program, TERI Alternative Loan Program and ISLP Loan
      Program.

     

    ·  Bank
      of
      America, N.A., dated June 30, 2006, for loans that were originated under Bank
      of
      America’s BAGEL Loan Program, TERI Alternative Loan Program and ISLP Loan
      Program. 

     

    ·  Bank
      of
      America, N.A., dated June 30, 2003, for loans that were originated under Bank
      of
      America’s Direct to Consumer Loan Program.

     

    ·  Bank
      of
      America, N.A., dated April 1, 2006, for loans that were originated under Bank
      of
      America’s Direct to Consumer Loan Program.

     

    ·  Charter
      One Bank, N.A., dated as of December 29, 2003 for loans that were originated
      under Charter One’s AAA Southern New England Bank Loan Program.

     

    ·  Charter
      One Bank, N.A., dated October 31, 2003, for loans that were originated under
      Charter One’s AES EducationGAIN Loan Program.

     

    ·  Charter
      One Bank, N.A., dated May 15, 2002, for loans that were originated under Charter
      One’s CFS Direct to Consumer Loan Program.

     

    ·  Charter
      One Bank, N.A., dated June 30, 2003, for loans that were originated under
      Charter One’s Citibank Education Assistance Loan Program.

     

    ·  Charter
      One Bank, N.A., dated July 1, 2002, for loans that were originated under Charter
      One’s College Loan Corporation Loan Program.

     

    ·  Charter
      One Bank, N.A., dated December 1, 2003, for loans that were originated under
      Charter One’s Custom Educredit Loan Program.

     

    ·  Charter
      One Bank, N.A., dated May 10, 2004, for loans that were originated under Charter
      One’s EdFinancial Loan Program.

     

    ·  Charter
      One Bank, N.A., dated September 15, 2003, for loans that were originated under
      Charter One’s Extra Credit II Loan Program (North Texas Higher
      Education).

     

    ·  Charter
      One Bank, N.A., dated September 20, 2003, for loans that were originated under
      Charter One’s M&I Alternative Loan Program.

     

    ·  Charter
      One Bank, N.A., dated November 17, 2003, for loans that were originated under
      Charter One’s National Education Loan Program.

     

    ·  Charter
      One Bank, N.A., dated May 15, 2002, for loans that were originated under Charter
      One’s NextStudent Alternative Loan Program.

     

    ·  Charter
      One Bank, N.A., dated March 26, 2004, for loans that were originated under
      Charter One’s NextStudent Private Consolidation Loan Program.

     

    ·  Charter
      One Bank, N.A., dated March 25, 2004, for loans that were originated under
      Charter One’s Astrive and AstriveAlliance Education Loan Programs.

     

    ·  Charter
      One Bank, N.A., dated May 15, 2003, for loans that were originated under Charter
      One’s WAMU Alternative Student Loan Program.

     

    ·  Charter
      One Bank, N.A., dated February 15, 2005, for loans that were originated under
      Charter One’s Referral Loan Program (including loans in the UPromise Alternative
      Loan Program, Collegiate Solutions Alternative Loan Program, College Board
      Alternative Loan Program, Axiom Alternative Loan Program, and ThinkFinancial
      Alternative Loan Program).

     

    ·  Citizens
      Bank of Rhode Island, dated April 30, 2004, for loans that were originated
      under
      Citizens Bank of Rhode Island’s Alternative Loan Program, Compass Bank
      Alternative Loan Program, FinanSure Alternative Loan Program, Navy Federal
      Alternative Loan Program, and Xanthus Alternative Loan Program.

     

    ·  Citizens
      Bank of Rhode Island, dated October 1, 2002, for loans that were originated
      under Citizens Bank of Rhode Island’s Penn State Undergraduate Loan
      Program.

     

    ·  First
      National Bank Northeast, dated August 1, 2001, for loans that were originated
      under First National Bank Northeast’s Nelnet Undergraduate Alternative Loan
      Program.

     

    ·  GMAC
      Bank, dated May 30, 2003, for loans that were originated under GMAC Bank’s
      Alternative Loan Program

     

    ·  HSBC
      Bank
      USA, National Association, dated April 17, 2002, as amended on June 2, 2003
      and
      August 1, 2003, for loans that were originated under the HSBC Loan
      Program.

     

    ·  The
      Huntington National Bank, dated May 20, 2003, for loans that were originated
      under The Huntington National Bank’s Huntington Bank Education Loan
      Program.

     

    ·  JPMorgan
      Chase Bank, N.A,, (successor to Bank One, N.A.), dated May 1, 2002, for loans
      that were originated under Bank One’s CORPORATE ADVANTAGE Loan Program,
      EDUCATION ONE Loan Program, and Campus One Loan Program.

     

    ·  KeyBank,
      dated May 12, 2006, for loans that were originated under KeyBank’s Private
      Education Loan Program.

     

    ·  Manufacturers
      and Traders Trust Company, dated April 29, 2004, for loans that were originated
      under Manufacturers and Traders Trust Company’s Alternative Loan
      Program.

     

    ·  National
      City Bank, dated November 13, 2002, for loans that were originated under
      National City Bank’s National City Loan Program.

     

    ·  National
      City Bank, dated July 21, 2006, for loans that were originated under National
      City Bank’s Referral Loan Program, including the Astute Private Loan
      Program.

     

    ·  PNC
      Bank,
      N.A., dated April 22, 2004, for loans that were originated under PNC Bank’s
      Alternative Conforming Loan Program, Brazos Alternative Loan Program, Edvisors
      Alternative Loan Program, GE Money Bank Alternative Loan Prorgam, Old National
      Bank Alternative Loan Program, Regions Bank Alternative Loan Program, and
      Varsity Group Alternative Loan Program.

     

    ·  Sovereign
      Bank, dated April 30, 2004, for loans that were originated under Sovereign
      Bank’s Alternative Loan Program.

     

    ·  SunTrust
      Bank, dated March 1, 2002, for loans that were originated under SunTrust Bank’s
      SunTrust Alternative Loan Program.

     

    ·  TCF
      National Bank, dated July 22, 2005, for loans that were originated under TCF
      National Bank’s Alternative Loan Program.

     

    ·  U.S.
      Bank, N.A., dated May 1, 2005, for loans that were originated under U.S Bank’s
      Alternative Loan Program.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

     

    EXHIBIT
      A-1

     

    FORM
      OF CLASS A-1 NOTE

     

    UNLESS
      THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
      COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE INDENTURE TRUSTEE, THE REGISTRAR
      OR ANY AGENT THEREOF FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
      ANY
      NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS
      IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
      TO
      CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

    THE
      PURCHASER OR HOLDER OF THIS NOTE OR ANY INTEREST HEREIN WILL BE DEEMED TO HAVE
      REPRESENTED THAT EITHER (I) IT IS NOT, AND IS NOT PURCHASING THIS NOTE ON BEHALF
      OF, AS A FIDUCIARY OF, OR WITH “PLAN ASSETS” (WITHIN THE MEANING OF SECTION
      2510.3-101 OF THE U.S. DEPARTMENT OF LABOR REGULATIONS (THE “PLAN ASSET
      REGULATION”)) OF, AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE
      EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)), A “PLAN”
(WITHIN THE MEANING OF SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986 (THE
      “CODE”)) OR ANY OTHER ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY
      REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY, WHICH IS SUBJECT TO TITLE I OF
      ERISA OR SECTION 4975 OF THE CODE (A “PLAN”), OR (II)(A) THIS NOTE IS RATED
      INVESTMENT GRADE OR BETTER AS OF THE DATE OF PURCHASE, (B) THE PURCHASER OR
      HOLDER OF THE NOTE BELIEVES THAT THE NOTE IS PROPERLY TREATED AS INDEBTEDNESS
      WITHOUT SUBSTANTIAL EQUITY FEATURES FOR PURPOSES OF THE PLAN ASSET REGULATION
      AND AGREES TO SO TREAT SUCH NOTE AND (C) THE ACQUISITION AND HOLDING OF THE
      NOTE
      DO NOT RESULT IN A VIOLATION OF THE PROHIBITED TRANSACTION RULES OF ERISA OR
      SECTION 4975 OF THE CODE (X) BECAUSE IT IS COVERED BY AN APPLICABLE EXEMPTION,
      INCLUDING PROHIBITED TRANSACTION CLASS EXEMPTION 96-23, 95-60, 91-38, 90-1
      OR
      84-14, OR (Y) BY REASON OF THE TRUST, THE ADMINISTRATOR, THE BACK-UP
      ADMINISTRATOR, THE UNDERWRITERS, THE SERVICERS, THE INDENTURE TRUSTEE, THE
      OWNER
      TRUSTEE, ANY PROVIDER OF CREDIT SUPPORT OR ANY OF THEIR AFFILIATES NOT BEING
      A
“PARTY IN INTEREST” (WITHIN THE MEANING OF SECTION 3(14) OF ERISA) WITH RESPECT
      TO SUCH PLAN.

     

    THE
      NATIONAL COLLEGIATE STUDENT LOAN TRUST 2006-4

    STUDENT
      LOAN ASSET BACKED NOTES

    CLASS
      A-1

     

    

    
      	
              No.
                A-1-___

            
	 
	
              Interest
                Rate

            	
              Date
                of Maturity

            	
              Dated
                Date

            	
              CUSIP

            
	
              Variable

            	
              March
                25, 2025

            	
              ______
                __, 200_

            	
              63543W
                AA 9

            
	 	 	 
	
              REGISTERED
                OWNER:

            	
              **CEDE
                & CO.**

            	
              ISIN

            
	
              PRINCIPAL
                AMOUNT:

            	
              **$[                      
                ]**

            	
              US63543WAA99

            
	 	 	 
	 	 	
              European
                Common Code

            
	 	 	
              27744044

            
	 	 	 

    

    

    The
      National Collegiate Student Loan Trust 2006-4, a statutory trust duly organized
      and validly existing under the laws of the State of Delaware (the “Issuer”), for
      value received, hereby promises to pay, but only from the sources and as
      hereinafter provided, to the Registered Owner specified above, or registered
      assigns, the Principal Amount shown above in lawful money of the United States
      of America on the Date of Maturity shown above, unless prepaid prior thereto
      with interest thereon from the Distribution Date next preceding the date of
      authentication hereof, unless such date of authentication is prior to the first
      Distribution Date, in which case this note shall bear interest from the Dated
      Date specified above or unless such date of authentication is a Distribution
      Date, in which case this note shall bear interest from such Distribution Date;
      provided, however, that if as shown by the records of the Indenture Trustee
      (defined herein) interest on the Class A-1 Notes (defined herein) shall be
      in
      default, Class A-1 Notes issued in lieu of such Class A-1 Notes surrendered
      for
      transfer or exchange shall bear interest from the date to which interest has
      been paid in full on the Class A-1 Notes surrendered until payment of the
      principal hereof has been made or duly provided for. Principal of this note
      is
      payable upon the presentation and surrender hereof at the principal corporate
      trust office of U.S. Bank National Association, as indenture trustee (the
“Indenture Trustee”). Interest on this note is payable to the Registered Owner
      of record as of the close of business on the applicable record date as shown
      on
      the registration books of the Issuer maintained by the Indenture Trustee in
      its
      capacity as bond registrar, or its successor in such capacity, by check or
      draft
      mailed to the Registered Owner at the registered address.

     

    Any
      capitalized words and terms used as defined words and terms in this note and
      not
      otherwise defined herein shall have the meanings given them in the Indenture
      (hereinafter defined).

     

    The
      Issuer will pay interest on this Class A-1 Note at the rate per annum equal
      to
      the Note Interest Rate (as defined in the Indenture) for this Note, on each
      Distribution Date until the principal of this Note is paid or made available
      for
      payment, on the principal amount of this Note Outstanding on the preceding
      Distribution Date (after giving effect to all payments of principal made on
      the
      preceding Distribution Date). Interest on this Note will accrue for each
      Distribution Date from the most recent Distribution Date on which interest
      has
      been paid to but excluding such Distribution Date or, if no interest has yet
      been paid, from the Closing Date). Such principal of and interest on this Note
      shall be paid in the manner specified herein.

     

    The
      principal of and interest on this Note are payable in such coin or currency
      of
      the United States of America as at the time of payment is legal tender for
      payment of public and private debts. All payments made by the Issuer with
      respect to this Note shall be applied first to interest due and payable on
      this
      Note as provided above and then to the unpaid principal of this
      Note.

     

    This
      Note
      is one of a duly authorized class of notes of the Issuer designated Student
      Loan
      Asset Backed Notes, Class A-1 (the “Class A-1 Notes”), issued pursuant to the
      Indenture, dated as of December 1, 2006, between the Issuer and the Indenture
      Trustee, as indenture trustee (such indenture, as supplemented or amended from
      time to time in accordance with its terms, the “Indenture”).

     

    The
      Indenture pledges for the payment of the Notes (as hereinafter defined) the
      student loans identified in the Indenture (the “Financed Student Loans”) and the
      payments of interest and the repayments of principal with respect thereto,
      including certain guarantees related thereto, as well as certain other rights,
      funds and accounts of the Issuer set forth in the Indenture, including a Reserve
      Account (collectively, the “Trust Estate”).

     

    This
      Note
      is a limited obligation of the Issuer, payable solely from the principal and
      interest on Financed Student Loans financed pursuant to the Indenture, any
      guaranty payments thereon received by the Issuer, and certain other revenues
      and
      earnings to be held pursuant to the Indenture, all in an amount and in the
      manner provided in the Indenture. Additional notes and other obligations may
      be
      issued or entered into under the Indenture the right to payment of which is
      equal with or subordinate to the Class A-1 Notes. The Class A-1 Notes, together
      with any additional notes issued pursuant to the Indenture are collectively
      referred to herein as “Notes.”

     

    The
      Notes
      are secured as provided in the Indenture, but solely by the pledge of the Trust
      Estate described in the Indenture; provided that the rights of the holders
      of
      the Class A Notes shall be superior to the rights of the Registered Owners
      of
      Class B Notes, Class C Notes and Class D Notes. Reference is made to the
      Indenture for a complete statement of the terms and conditions upon which the
      Class A-1 Notes have been issued and provisions made for their security and
      for
      the rights, duties and obligations of the Issuer, the Indenture Trustee and
      the
      Registered Owners of the Class A-1 Notes.

     

    The
      Class
      A-1 Notes are issuable as registered notes in the minimum denomination of
      $100,000 and $1,000 integral multiples in excess thereof. Subject to the
      limitations provided in the Indenture and upon payment of any tax or
      governmental charge, Class A-1 Notes may be exchanged for a like Class and
      aggregate principal amount of Class A-1 Notes of other authorized
      denominations.

     

    The
      Registered Owner of this Note shall have no right to enforce the provisions
      of
      the Indenture or to institute action to enforce the covenants therein, or to
      take any action with respect to any Event of Default under the Indenture, or
      to
      institute, appear in or defend any suit or other proceedings with respect
      thereto, except as provided in the Indenture. If an Event of Default under
      the
      Indenture occurs, the principal of all Notes then Outstanding issued under
      the
      Indenture may be declared due and payable upon the conditions and in the manner
      and with the effect provided in the Indenture.

     

    It
      Is
      Hereby Certified, Recited And Declared
      that all
      acts, conditions and things required to be done, to exist, to happen and to
      be
      performed in order to make this Note a valid and binding obligation of the
      Issuer according to its terms have been done, do exist, have happened and have
      been performed in regular and due form, time and manner as so
      required.

     

    The
      Issuer and the Indenture Trustee may deem and treat the person in whose name
      this Note is registered upon the registration books as the absolute owner
      hereof, whether this Note is overdue or not, for the purpose of receiving
      payment of or on account of the principal or interest and for all other
      purposes, and all such payments so made to the Registered Owner or upon such
      Registered Owner’s order shall be valid and effectual to satisfy and discharge
      the liability on this note to the extent of the sum or sums so paid, and neither
      the Issuer nor Indenture Trustee nor any Registrar shall be affected by any
      notice to the contrary.

     

    This
      Note
      shall not be valid or become obligatory for any purpose or be entitled to any
      security or benefit under the Indenture until the Certificate of Authentication
      hereon shall have been executed by the Indenture Trustee.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    In
      Witness Whereof,
      The
      National Collegiate Student Loan Trust 2006-4 has caused this note to be
      executed and attested.

     

    

    
      	 	
              THE
                NATIONAL COLLEGIATE STUDENT LOAN TRUST 2006-4

            
	 	 	 
	 	
              By:

            	
              WILMINGTON
                TRUST COMPANY, not in its individual 

              capacity
                but solely as Owner Trustee

            
	 	 	 
	 	 	 
	 	
              By:
                

            	 
	 	 	
              Name:

            
	 	 	
              Title:

            
	 	 
	
              Attest

            	 
	 	 
	 	 
	 	 
	 	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      note
      is one of the Class A-1 Notes and described in the provisions of the
      within-mentioned Indenture.

     

    

    
      	
              Date
                of Authentication:

            	 	 
	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION,
                as
                Authenticating Agent

            
	 	 
	 	 
	 	 
	 	
              By
                

            	 
	 	
              Authorized
                Signatory

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

    For
      Value
      Received _____________________ hereby sell(s), assign(s) and transfer(s)
      unto

     

    

    
      	 	 
	 
	
              (Please
                print or type an address

            	
              (Social
                Security number

            
	
              including
                postal zip code of transferee)

            	
              of
                transferee)

            
	 	 
	
              the
                within Note, together with accrued interest thereon and all right,
                title
                and interest thereto, and hereby irrevocably authorize(s) and appoint(s)
                _______________________________________ attorney to transfer said
                Note on
                the books of the within named Corporation with full power of substitution
                in the premises.

            
	 
	 
	 
	 
	 
	 	 
	
              Dated
                ________________

            	
              ________________________________L.S.

            
	 	 
	
              Guaranteed
                by:

            	 
	 	 
	 	 
	 	 
	
              _____________________________________

            	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

     

    EXHIBIT
      A-2

     

    FORM
      OF CLASS A-2 NOTE

     

    UNLESS
      THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
      COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE INDENTURE TRUSTEE, THE REGISTRAR
      OR ANY AGENT THEREOF FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
      ANY
      NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS
      IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
      TO
      CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

    THE
      PURCHASER OR HOLDER OF THIS NOTE OR ANY INTEREST HEREIN WILL BE DEEMED TO HAVE
      REPRESENTED THAT EITHER (I) IT IS NOT, AND IS NOT PURCHASING THIS NOTE ON BEHALF
      OF, AS A FIDUCIARY OF, OR WITH “PLAN ASSETS” (WITHIN THE MEANING OF SECTION
      2510.3-101 OF THE U.S. DEPARTMENT OF LABOR REGULATIONS (THE “PLAN ASSET
      REGULATION”)) OF, AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE
      EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)), A “PLAN”
(WITHIN THE MEANING OF SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986 (THE
      “CODE”)) OR ANY OTHER ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY
      REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY, WHICH IS SUBJECT TO TITLE I OF
      ERISA OR SECTION 4975 OF THE CODE (A “PLAN”), OR (II)(A) THIS NOTE IS RATED
      INVESTMENT GRADE OR BETTER AS OF THE DATE OF PURCHASE, (B) THE PURCHASER OR
      HOLDER OF THE NOTE BELIEVES THAT THE NOTE IS PROPERLY TREATED AS INDEBTEDNESS
      WITHOUT SUBSTANTIAL EQUITY FEATURES FOR PURPOSES OF THE PLAN ASSET REGULATION
      AND AGREES TO SO TREAT SUCH NOTE AND (C) THE ACQUISITION AND HOLDING OF THE
      NOTE
      DO NOT RESULT IN A VIOLATION OF THE PROHIBITED TRANSACTION RULES OF ERISA OR
      SECTION 4975 OF THE CODE (X) BECAUSE IT IS COVERED BY AN APPLICABLE EXEMPTION,
      INCLUDING PROHIBITED TRANSACTION CLASS EXEMPTION 96-23, 95-60, 91-38, 90-1
      OR
      84-14, OR (Y) BY REASON OF THE TRUST, THE ADMINISTRATOR, THE BACK-UP
      ADMINISTRATOR, THE UNDERWRITERS, THE SERVICERS, THE INDENTURE TRUSTEE, THE
      OWNER
      TRUSTEE, ANY PROVIDER OF CREDIT SUPPORT OR ANY OF THEIR AFFILIATES NOT BEING
      A
“PARTY IN INTEREST” (WITHIN THE MEANING OF SECTION 3(14) OF ERISA) WITH RESPECT
      TO SUCH PLAN.

     

    THE
      NATIONAL COLLEGIATE STUDENT LOAN TRUST 2006-4

    STUDENT
      LOAN ASSET BACKED NOTES

    CLASS
      A-2

     

    

    
      	
              No.
                A-2-___

            
	 
	
              Interest
                Rate

            	
              Date
                of Maturity

            	
              Dated
                Date

            	
              CUSIP

            
	
              Variable

            	
              December
                27, 2027

            	
              ______
                __, 200_

            	
              63543W
                AB 7

            
	 	 	 
	
              REGISTERED
                OWNER:

            	
              **CEDE
                & CO.**

            	
              ISIN

            
	
              PRINCIPAL
                AMOUNT:

            	
              **$[                           
                 ]**

            	
              US63543WAB72

            
	 	 	 
	 	 	
              European
                Common Code

            
	 	 	
              27744338

            
	 	 	 

    

    

    The
      National Collegiate Student Loan Trust 2006-4, a statutory trust duly organized
      and validly existing under the laws of the State of Delaware (the “Issuer”), for
      value received, hereby promises to pay, but only from the sources and as
      hereinafter provided, to the Registered Owner specified above, or registered
      assigns, the Principal Amount shown above in lawful money of the United States
      of America on the Date of Maturity shown above, unless prepaid prior thereto
      with interest thereon from the Distribution Date next preceding the date of
      authentication hereof, unless such date of authentication is prior to the first
      Distribution Date, in which case this note shall bear interest from the Dated
      Date specified above or unless such date of authentication is a Distribution
      Date, in which case this note shall bear interest from such Distribution Date;
      provided, however, that if as shown by the records of the Indenture Trustee
      (defined herein) interest on the Class A-2 Notes (defined herein) shall be
      in
      default, Class A-2 Notes issued in lieu of such Class A-2 Notes surrendered
      for
      transfer or exchange shall bear interest from the date to which interest has
      been paid in full on the Class A-2 Notes surrendered until payment of the
      principal hereof has been made or duly provided for. Principal of this note
      is
      payable upon the presentation and surrender hereof at the principal corporate
      trust office of U.S. Bank National Association, as indenture trustee (the
“Indenture Trustee”). Interest on this note is payable to the Registered Owner
      of record as of the close of business on the applicable record date as shown
      on
      the registration books of the Issuer maintained by the Indenture Trustee in
      its
      capacity as bond registrar, or its successor in such capacity, by check or
      draft
      mailed to the Registered Owner at the registered address.

     

    Any
      capitalized words and terms used as defined words and terms in this note and
      not
      otherwise defined herein shall have the meanings given them in the Indenture
      (hereinafter defined).

     

    The
      Issuer will pay interest on this Class A-2 Note at the rate per annum equal
      to
      the Note Interest Rate (as defined in the Indenture) for this Note, on each
      Distribution Date until the principal of this Note is paid or made available
      for
      payment, on the principal amount of this Note Outstanding on the preceding
      Distribution Date (after giving effect to all payments of principal made on
      the
      preceding Distribution Date). Interest on this Note will accrue for each
      Distribution Date from the most recent Distribution Date on which interest
      has
      been paid to but excluding such Distribution Date or, if no interest has yet
      been paid, from the Closing Date). Such principal of and interest on this Note
      shall be paid in the manner specified herein.

     

    The
      principal of and interest on this Note are payable in such coin or currency
      of
      the United States of America as at the time of payment is legal tender for
      payment of public and private debts. All payments made by the Issuer with
      respect to this Note shall be applied first to interest due and payable on
      this
      Note as provided above and then to the unpaid principal of this
      Note.

     

    This
      Note
      is one of a duly authorized class of notes of the Issuer designated Student
      Loan
      Asset Backed Notes, Class A-2 (the “Class A-2 Notes”), issued pursuant to the
      Indenture, dated as of December 1, 2006, between the Issuer and the Indenture
      Trustee, as indenture trustee (such indenture, as supplemented or amended from
      time to time in accordance with its terms, the “Indenture”).

     

    The
      Indenture pledges for the payment of the Notes (as hereinafter defined) the
      student loans identified in the Indenture (the “Financed Student Loans”) and the
      payments of interest and the repayments of principal with respect thereto,
      including certain guarantees related thereto, as well as certain other rights,
      funds and accounts of the Issuer set forth in the Indenture, including a Reserve
      Account (collectively, the “Trust Estate”).

     

    This
      Note
      is a limited obligation of the Issuer, payable solely from the principal and
      interest on Financed Student Loans financed pursuant to the Indenture, any
      guaranty payments thereon received by the Issuer, and certain other revenues
      and
      earnings to be held pursuant to the Indenture, all in an amount and in the
      manner provided in the Indenture. Additional notes and other obligations may
      be
      issued or entered into under the Indenture the right to payment of which is
      equal with or subordinate to the Class A-2 Notes. The Class A-2 Notes, together
      with any additional notes issued pursuant to the Indenture are collectively
      referred to herein as “Notes.”

     

    The
      Notes
      are secured as provided in the Indenture, but solely by the pledge of the Trust
      Estate described in the Indenture; provided that the rights of the holders
      of
      the Class A Notes shall be superior to the rights of the Registered Owners
      of
      Class B Notes, Class C Notes and Class D Notes. Reference is made to the
      Indenture for a complete statement of the terms and conditions upon which the
      Class A-2 Notes have been issued and provisions made for their security and
      for
      the rights, duties and obligations of the Issuer, the Indenture Trustee and
      the
      Registered Owners of the Class A-2 Notes.

     

    The
      Class
      A-2 Notes are issuable as registered notes in the minimum denomination of
      $100,000 and $1,000 integral multiples in excess thereof. Subject to the
      limitations provided in the Indenture and upon payment of any tax or
      governmental charge, Class A-2 Notes may be exchanged for a like Class and
      aggregate principal amount of Class A-2 Notes of other authorized
      denominations.

     

    The
      Registered Owner of this Note shall have no right to enforce the provisions
      of
      the Indenture or to institute action to enforce the covenants therein, or to
      take any action with respect to any Event of Default under the Indenture, or
      to
      institute, appear in or defend any suit or other proceedings with respect
      thereto, except as provided in the Indenture. If an Event of Default under
      the
      Indenture occurs, the principal of all Notes then Outstanding issued under
      the
      Indenture may be declared due and payable upon the conditions and in the manner
      and with the effect provided in the Indenture.

     

    It
      Is Hereby Certified, Recited And Declared that
      all
      acts, conditions and things required to be done, to exist, to happen and to
      be
      performed in order to make this Note a valid and binding obligation of the
      Issuer according to its terms have been done, do exist, have happened and have
      been performed in regular and due form, time and manner as so
      required.

     

    The
      Issuer and the Indenture Trustee may deem and treat the person in whose name
      this Note is registered upon the registration books as the absolute owner
      hereof, whether this Note is overdue or not, for the purpose of receiving
      payment of or on account of the principal or interest and for all other
      purposes, and all such payments so made to the Registered Owner or upon such
      Registered Owner’s order shall be valid and effectual to satisfy and discharge
      the liability on this note to the extent of the sum or sums so paid, and neither
      the Issuer nor Indenture Trustee nor any Registrar shall be affected by any
      notice to the contrary.

     

    This
      Note
      shall not be valid or become obligatory for any purpose or be entitled to any
      security or benefit under the Indenture until the Certificate of Authentication
      hereon shall have been executed by the Indenture Trustee.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    In
      Witness Whereof,
      The
      National Collegiate Student Loan Trust 2006-4 has caused this note to be
      executed and attested.

     

    
      	 	
              THE
                NATIONAL COLLEGIATE STUDENT LOAN TRUST 2006-4

            
	 	 	 
	 	
              By:

            	
              WILMINGTON
                TRUST COMPANY, not in its individual 

              capacity
                but solely as Owner Trustee

            
	 	 	 
	 	 	 
	 	
              By:
                

            	 
	 	 	
              Name:

            
	 	 	
              Title:

            
	 	 
	
              Attest

            	 
	 	 
	 	 
	 	 
	 	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      Note
      is one of the Class A-2 Notes and described in the provisions of the
      within-mentioned Indenture.

     

    
      	
              Date
                of Authentication:

            	 	 
	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION,
                as
                Authenticating Agent

            
	 	 
	 	 
	 	 
	 	
              By
                

            	 
	 	
              Authorized
                Signatory

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

    For
      Value
      Received _____________________ hereby sell(s), assign(s) and transfer(s)
      unto

     

    

    
      	 	 
	 
	
              (Please
                print or type an address

            	
              (Social
                Security number

            
	
              including
                postal zip code of transferee)

            	
              of
                transferee)

            
	 	 
	
              the
                within Note, together with accrued interest thereon and all right,
                title
                and interest thereto, and hereby irrevocably authorize(s) and appoint(s)
                _______________________________________ attorney to transfer said
                Note on
                the books of the within named Corporation with full power of substitution
                in the premises.

            
	 	 
	 	 
	 	 
	 	 
	 	 
	
              Dated
                ________________

            	
              ________________________________L.S.

            
	 	 
	
              Guaranteed
                by:

            	 
	 	 
	 	 
	 	 
	
              _____________________________________

            	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

     

    EXHIBIT
      A-3

     

    FORM
      OF CLASS A-3 NOTE

     

    UNLESS
      THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
      COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE INDENTURE TRUSTEE, THE REGISTRAR
      OR ANY AGENT THEREOF FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
      ANY
      NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS
      IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
      TO
      CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

    THE
      PURCHASER OR HOLDER OF THIS NOTE OR ANY INTEREST HEREIN WILL BE DEEMED TO HAVE
      REPRESENTED THAT EITHER (I) IT IS NOT, AND IS NOT PURCHASING THIS NOTE ON BEHALF
      OF, AS A FIDUCIARY OF, OR WITH “PLAN ASSETS” (WITHIN THE MEANING OF SECTION
      2510.3-101 OF THE U.S. DEPARTMENT OF LABOR REGULATIONS (THE “PLAN ASSET
      REGULATION”)) OF, AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE
      EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)), A “PLAN”
(WITHIN THE MEANING OF SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986 (THE
      “CODE”)) OR ANY OTHER ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY
      REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY, WHICH IS SUBJECT TO TITLE I OF
      ERISA OR SECTION 4975 OF THE CODE (A “PLAN”), OR (II)(A) THIS NOTE IS RATED
      INVESTMENT GRADE OR BETTER AS OF THE DATE OF PURCHASE, (B) THE PURCHASER OR
      HOLDER OF THE NOTE BELIEVES THAT THE NOTE IS PROPERLY TREATED AS INDEBTEDNESS
      WITHOUT SUBSTANTIAL EQUITY FEATURES FOR PURPOSES OF THE PLAN ASSET REGULATION
      AND AGREES TO SO TREAT SUCH NOTE AND (C) THE ACQUISITION AND HOLDING OF THE
      NOTE
      DO NOT RESULT IN A VIOLATION OF THE PROHIBITED TRANSACTION RULES OF ERISA OR
      SECTION 4975 OF THE CODE (X) BECAUSE IT IS COVERED BY AN APPLICABLE EXEMPTION,
      INCLUDING PROHIBITED TRANSACTION CLASS EXEMPTION 96-23, 95-60, 91-38, 90-1
      OR
      84-14, OR (Y) BY REASON OF THE TRUST, THE ADMINISTRATOR, THE BACK-UP
      ADMINISTRATOR, THE UNDERWRITERS, THE SERVICERS, THE INDENTURE TRUSTEE, THE
      OWNER
      TRUSTEE, ANY PROVIDER OF CREDIT SUPPORT OR ANY OF THEIR AFFILIATES NOT BEING
      A
“PARTY IN INTEREST” (WITHIN THE MEANING OF SECTION 3(14) OF ERISA) WITH RESPECT
      TO SUCH PLAN.

     

    THE
      NATIONAL COLLEGIATE STUDENT LOAN TRUST 2006-4

    STUDENT
      LOAN ASSET BACKED NOTES

    CLASS
      A-3

     

    

    
      	
              No.
                A-3-___

            
	 
	
              Interest
                Rate

            	
              Date
                of Maturity

            	
              Dated
                Date

            	
              CUSIP

            
	
              Variable

            	
              February
                26, 2029

            	
              ______
                __, 200_

            	
              63543W
                AC 5

            
	 	 	 
	
              REGISTERED
                OWNER:

            	
              **CEDE
                & CO.**

            	
              ISIN

            
	
              PRINCIPAL
                AMOUNT:

            	
              **$[                            ]**

            	
              US63543WAC55

            
	 	 	 
	 	 	
              European
                Common Code

            
	 	 	
              27744435

            
	 	 	 

    

    

    The
      National Collegiate Student Loan Trust 2006-4, a statutory trust duly organized
      and validly existing under the laws of the State of Delaware (the “Issuer”), for
      value received, hereby promises to pay, but only from the sources and as
      hereinafter provided, to the Registered Owner specified above, or registered
      assigns, the Principal Amount shown above in lawful money of the United States
      of America on the Date of Maturity shown above, unless prepaid prior thereto
      with interest thereon from the Distribution Date next preceding the date of
      authentication hereof, unless such date of authentication is prior to the first
      Distribution Date, in which case this note shall bear interest from the Dated
      Date specified above or unless such date of authentication is a Distribution
      Date, in which case this note shall bear interest from such Distribution Date;
      provided, however, that if as shown by the records of the Indenture Trustee
      (defined herein) interest on the Class A-3 Notes (defined herein) shall be
      in
      default, Class A-3 Notes issued in lieu of such Class A-3 Notes surrendered
      for
      transfer or exchange shall bear interest from the date to which interest has
      been paid in full on the Class A-3 Notes surrendered until payment of the
      principal hereof has been made or duly provided for. Principal of this note
      is
      payable upon the presentation and surrender hereof at the principal corporate
      trust office of U.S. Bank National Association, as indenture trustee (the
“Indenture Trustee”). Interest on this note is payable to the Registered Owner
      of record as of the close of business on the applicable record date as shown
      on
      the registration books of the Issuer maintained by the Indenture Trustee in
      its
      capacity as bond registrar, or its successor in such capacity, by check or
      draft
      mailed to the Registered Owner at the registered address.

     

    Any
      capitalized words and terms used as defined words and terms in this note and
      not
      otherwise defined herein shall have the meanings given them in the Indenture
      (hereinafter defined).

     

    The
      Issuer will pay interest on this Class A-3 Note at the rate per annum equal
      to
      the Note Interest Rate (as defined in the Indenture) for this Note, on each
      Distribution Date until the principal of this Note is paid or made available
      for
      payment, on the principal amount of this Note Outstanding on the preceding
      Distribution Date (after giving effect to all payments of principal made on
      the
      preceding Distribution Date). Interest on this Note will accrue for each
      Distribution Date from the most recent Distribution Date on which interest
      has
      been paid to but excluding such Distribution Date or, if no interest has yet
      been paid, from the Closing Date). Such principal of and interest on this Note
      shall be paid in the manner specified herein.

     

    The
      principal of and interest on this Note are payable in such coin or currency
      of
      the United States of America as at the time of payment is legal tender for
      payment of public and private debts. All payments made by the Issuer with
      respect to this Note shall be applied first to interest due and payable on
      this
      Note as provided above and then to the unpaid principal of this
      Note.

     

    This
      Note
      is one of a duly authorized class of notes of the Issuer designated Student
      Loan
      Asset Backed Notes, Class A-3 (the “Class A-3 Notes”), issued pursuant to the
      Indenture, dated as of December 1, 2006, between the Issuer and the Indenture
      Trustee, as indenture trustee (such indenture, as supplemented or amended from
      time to time in accordance with its terms, the “Indenture”).

     

    The
      Indenture pledges for the payment of the Notes (as hereinafter defined) the
      student loans identified in the Indenture (the “Financed Student Loans”) and the
      payments of interest and the repayments of principal with respect thereto,
      including certain guarantees related thereto, as well as certain other rights,
      funds and accounts of the Issuer set forth in the Indenture, including a Reserve
      Account (collectively, the “Trust Estate”).

     

    This
      Note
      is a limited obligation of the Issuer, payable solely from the principal and
      interest on Financed Student Loans financed pursuant to the Indenture, any
      guaranty payments thereon received by the Issuer, and certain other revenues
      and
      earnings to be held pursuant to the Indenture, all in an amount and in the
      manner provided in the Indenture. Additional notes and other obligations may
      be
      issued or entered into under the Indenture the right to payment of which is
      equal with or subordinate to the Class A-3 Notes. The Class A-3 Notes, together
      with any additional notes issued pursuant to the Indenture are collectively
      referred to herein as “Notes.”

     

    The
      Notes
      are secured as provided in the Indenture, but solely by the pledge of the Trust
      Estate described in the Indenture; provided that the rights of the holders
      of
      the Class A Notes shall be superior to the rights of the Registered Owners
      of
      Class B Notes, Class C Notes and Class D Notes. Reference is made to the
      Indenture for a complete statement of the terms and conditions upon which the
      Class A-3 Notes have been issued and provisions made for their security and
      for
      the rights, duties and obligations of the Issuer, the Indenture Trustee and
      the
      Registered Owners of the Class A-3 Notes.

     

    The
      Class
      A-3 Notes are issuable as registered notes in the minimum denomination of
      $100,000 and $1,000 integral multiples in excess thereof. Subject to the
      limitations provided in the Indenture and upon payment of any tax or
      governmental charge, Class A-3 Notes may be exchanged for a like Class and
      aggregate principal amount of Class A-3 Notes of other authorized
      denominations.

     

    The
      Registered Owner of this Note shall have no right to enforce the provisions
      of
      the Indenture or to institute action to enforce the covenants therein, or to
      take any action with respect to any Event of Default under the Indenture, or
      to
      institute, appear in or defend any suit or other proceedings with respect
      thereto, except as provided in the Indenture. If an Event of Default under
      the
      Indenture occurs, the principal of all Notes then Outstanding issued under
      the
      Indenture may be declared due and payable upon the conditions and in the manner
      and with the effect provided in the Indenture.

     

    It
      Is Hereby Certified, Recited And Declared
      that all
      acts, conditions and things required to be done, to exist, to happen and to
      be
      performed in order to make this Note a valid and binding obligation of the
      Issuer according to its terms have been done, do exist, have happened and have
      been performed in regular and due form, time and manner as so
      required.

     

    The
      Issuer and the Indenture Trustee may deem and treat the person in whose name
      this Note is registered upon the registration books as the absolute owner
      hereof, whether this Note is overdue or not, for the purpose of receiving
      payment of or on account of the principal or interest and for all other
      purposes, and all such payments so made to the Registered Owner or upon such
      Registered Owner’s order shall be valid and effectual to satisfy and discharge
      the liability on this note to the extent of the sum or sums so paid, and neither
      the Issuer nor Indenture Trustee nor any Registrar shall be affected by any
      notice to the contrary.

     

    This
      Note
      shall not be valid or become obligatory for any purpose or be entitled to any
      security or benefit under the Indenture until the Certificate of Authentication
      hereon shall have been executed by the Indenture Trustee.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    In
      Witness Whereof,
      The
      National Collegiate Student Loan Trust 2006-4 has caused this note to be
      executed and attested.

     

    
      	 	
              THE
                NATIONAL COLLEGIATE STUDENT LOAN TRUST 2006-4

            
	 	 	 
	 	
              By:

            	
              WILMINGTON
                TRUST COMPANY, not in its individual 

              capacity
                but solely as Owner Trustee

            
	 	 	 
	 	 	 
	 	
              By:
                

            	 
	 	 	
              Name:

            
	 	 	
              Title:

            
	 	 
	
              Attest

            	 
	 	 
	 	 
	 	 
	 	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      Note
      is one of the Class A-3 Notes and described in the provisions of the
      within-mentioned Indenture.

     

    
      	
              Date
                of Authentication:

            	 	 
	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION,
                as
                Authenticating Agent

            
	 	 
	 	 
	 	 
	 	
              By
                

            	 
	 	
              Authorized
                Signatory

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

    For
      Value
      Received _____________________ hereby sell(s), assign(s) and transfer(s)
      unto

     

    

    
      	 	 
	 
	
              (Please
                print or type an address

            	
              (Social
                Security number

            
	
              including
                postal zip code of transferee)

            	
              of
                transferee)

            
	 	 
	
              the
                within Note, together with accrued interest thereon and all right,
                title
                and interest thereto, and hereby irrevocably authorize(s) and appoint(s)
                _______________________________________ attorney to transfer said
                Note on
                the books of the within named Corporation with full power of substitution
                in the premises.

            
	 	 
	 	 
	 	 
	
              Dated
                ________________

            	
              ________________________________L.S.

            
	 	 
	
              Guaranteed
                by:

            	 
	 	 
	 	 
	 	 
	
              _____________________________________

            	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

     

    EXHIBIT
      A-4

     

    FORM
      OF CLASS A-4 NOTE

     

    UNLESS
      THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
      COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE INDENTURE TRUSTEE, THE REGISTRAR
      OR ANY AGENT THEREOF FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
      ANY
      NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS
      IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
      TO
      CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

    THE
      PURCHASER OR HOLDER OF THIS NOTE OR ANY INTEREST HEREIN WILL BE DEEMED TO HAVE
      REPRESENTED THAT EITHER (I) IT IS NOT, AND IS NOT PURCHASING THIS NOTE ON BEHALF
      OF, AS A FIDUCIARY OF, OR WITH “PLAN ASSETS” (WITHIN THE MEANING OF SECTION
      2510.3-101 OF THE U.S. DEPARTMENT OF LABOR REGULATIONS (THE “PLAN ASSET
      REGULATION”)) OF, AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE
      EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)), A “PLAN”
(WITHIN THE MEANING OF SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986 (THE
      “CODE”)) OR ANY OTHER ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY
      REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY, WHICH IS SUBJECT TO TITLE I OF
      ERISA OR SECTION 4975 OF THE CODE (A “PLAN”), OR (II)(A) THIS NOTE IS RATED
      INVESTMENT GRADE OR BETTER AS OF THE DATE OF PURCHASE, (B) THE PURCHASER OR
      HOLDER OF THE NOTE BELIEVES THAT THE NOTE IS PROPERLY TREATED AS INDEBTEDNESS
      WITHOUT SUBSTANTIAL EQUITY FEATURES FOR PURPOSES OF THE PLAN ASSET REGULATION
      AND AGREES TO SO TREAT SUCH NOTE AND (C) THE ACQUISITION AND HOLDING OF THE
      NOTE
      DO NOT RESULT IN A VIOLATION OF THE PROHIBITED TRANSACTION RULES OF ERISA OR
      SECTION 4975 OF THE CODE (X) BECAUSE IT IS COVERED BY AN APPLICABLE EXEMPTION,
      INCLUDING PROHIBITED TRANSACTION CLASS EXEMPTION 96-23, 95-60, 91-38, 90-1
      OR
      84-14, OR (Y) BY REASON OF THE TRUST, THE ADMINISTRATOR, THE BACK-UP
      ADMINISTRATOR, THE UNDERWRITERS, THE SERVICERS, THE INDENTURE TRUSTEE, THE
      OWNER
      TRUSTEE, ANY PROVIDER OF CREDIT SUPPORT OR ANY OF THEIR AFFILIATES NOT BEING
      A
“PARTY IN INTEREST” (WITHIN THE MEANING OF SECTION 3(14) OF ERISA) WITH RESPECT
      TO SUCH PLAN.

     

    THE
      NATIONAL COLLEGIATE STUDENT LOAN TRUST 2006-4

    STUDENT
      LOAN ASSET BACKED NOTES

    CLASS
      A-4

     

    

    
      	
              No.
                A-4-___

            
	 
	
              Interest
                Rate

            	
              Date
                of Maturity

            	
              Dated
                Date

            	
              CUSIP

            
	
              Variable

            	
              May
                25, 2032

            	
              ______
                __, 200_

            	
              63543W
                AD 3

            
	 	 	 
	
              REGISTERED
                OWNER:

            	
              **CEDE
                & CO.**

            	
              ISIN

            
	
              PRINCIPAL
                AMOUNT:

            	
              **$[                       
                 ]**

            	
              US63543WAD39

            
	 	 	 
	 	 	
              European
                Common Code

            
	 	 	
              27744508

            
	 	 	 

    

    

    The
      National Collegiate Student Loan Trust 2006-4, a statutory trust duly organized
      and validly existing under the laws of the State of Delaware (the “Issuer”), for
      value received, hereby promises to pay, but only from the sources and as
      hereinafter provided, to the Registered Owner specified above, or registered
      assigns, the Principal Amount shown above in lawful money of the United States
      of America on the Date of Maturity shown above, unless prepaid prior thereto
      with interest thereon from the Distribution Date next preceding the date of
      authentication hereof, unless such date of authentication is prior to the first
      Distribution Date, in which case this note shall bear interest from the Dated
      Date specified above or unless such date of authentication is a Distribution
      Date, in which case this note shall bear interest from such Distribution Date;
      provided, however, that if as shown by the records of the Indenture Trustee
      (defined herein) interest on the Class A-4 Notes (defined herein) shall be
      in
      default, Class A-4 Notes issued in lieu of such Class A-4 Notes surrendered
      for
      transfer or exchange shall bear interest from the date to which interest has
      been paid in full on the Class A-4 Notes surrendered until payment of the
      principal hereof has been made or duly provided for. Principal of this note
      is
      payable upon the presentation and surrender hereof at the principal corporate
      trust office of U.S. Bank National Association, as indenture trustee (the
“Indenture Trustee”). Interest on this note is payable to the Registered Owner
      of record as of the close of business on the applicable record date as shown
      on
      the registration books of the Issuer maintained by the Indenture Trustee in
      its
      capacity as bond registrar, or its successor in such capacity, by check or
      draft
      mailed to the Registered Owner at the registered address.

     

    Any
      capitalized words and terms used as defined words and terms in this note and
      not
      otherwise defined herein shall have the meanings given them in the Indenture
      (hereinafter defined).

     

    The
      Issuer will pay interest on this Class A-4 Note at the rate per annum equal
      to
      the Note Interest Rate (as defined in the Indenture) for this Note, on each
      Distribution Date until the principal of this Note is paid or made available
      for
      payment, on the principal amount of this Note Outstanding on the preceding
      Distribution Date (after giving effect to all payments of principal made on
      the
      preceding Distribution Date). Interest on this Note will accrue for each
      Distribution Date from the most recent Distribution Date on which interest
      has
      been paid to but excluding such Distribution Date or, if no interest has yet
      been paid, from the Closing Date). Such principal of and interest on this Note
      shall be paid in the manner specified herein.

     

    The
      principal of and interest on this Note are payable in such coin or currency
      of
      the United States of America as at the time of payment is legal tender for
      payment of public and private debts. All payments made by the Issuer with
      respect to this Note shall be applied first to interest due and payable on
      this
      Note as provided above and then to the unpaid principal of this
      Note.

     

    This
      Note
      is one of a duly authorized class of notes of the Issuer designated Student
      Loan
      Asset Backed Notes, Class A-4 (the “Class A-4 Notes”), issued pursuant to the
      Indenture, dated as of December 1, 2006, between the Issuer and the Indenture
      Trustee, as indenture trustee (such indenture, as supplemented or amended from
      time to time in accordance with its terms, the “Indenture”).

     

    The
      Indenture pledges for the payment of the Notes (as hereinafter defined) the
      student loans identified in the Indenture (the “Financed Student Loans”) and the
      payments of interest and the repayments of principal with respect thereto,
      including certain guarantees related thereto, as well as certain other rights,
      funds and accounts of the Issuer set forth in the Indenture, including a Reserve
      Account (collectively, the “Trust Estate”).

     

    This
      Note
      is a limited obligation of the Issuer, payable solely from the principal and
      interest on Financed Student Loans financed pursuant to the Indenture, any
      guaranty payments thereon received by the Issuer, and certain other revenues
      and
      earnings to be held pursuant to the Indenture, all in an amount and in the
      manner provided in the Indenture. Additional notes and other obligations may
      be
      issued or entered into under the Indenture the right to payment of which is
      equal with or subordinate to the Class A-4 Notes. The Class A-4 Notes, together
      with any additional notes issued pursuant to the Indenture are collectively
      referred to herein as “Notes.”

     

    The
      Notes
      are secured as provided in the Indenture, but solely by the pledge of the Trust
      Estate described in the Indenture; provided that the rights of the holders
      of
      the Class A Notes shall be superior to the rights of the Registered Owners
      of
      Class B Notes, Class C Notes and Class D Notes. Reference is made to the
      Indenture for a complete statement of the terms and conditions upon which the
      Class A-4 Notes have been issued and provisions made for their security and
      for
      the rights, duties and obligations of the Issuer, the Indenture Trustee and
      the
      Registered Owners of the Class A-4 Notes.

     

    The
      Class
      A-4 Notes are issuable as registered notes in the minimum denomination of
      $100,000 and $1,000 integral multiples in excess thereof. Subject to the
      limitations provided in the Indenture and upon payment of any tax or
      governmental charge, Class A-4 Notes may be exchanged for a like Class and
      aggregate principal amount of Class A-4 Notes of other authorized
      denominations.

     

    The
      Registered Owner of this Note shall have no right to enforce the provisions
      of
      the Indenture or to institute action to enforce the covenants therein, or to
      take any action with respect to any Event of Default under the Indenture, or
      to
      institute, appear in or defend any suit or other proceedings with respect
      thereto, except as provided in the Indenture. If an Event of Default under
      the
      Indenture occurs, the principal of all Notes then Outstanding issued under
      the
      Indenture may be declared due and payable upon the conditions and in the manner
      and with the effect provided in the Indenture.

     

    It
      Is Hereby Certified, Recited And Declared
      that all
      acts, conditions and things required to be done, to exist, to happen and to
      be
      performed in order to make this Note a valid and binding obligation of the
      Issuer according to its terms have been done, do exist, have happened and have
      been performed in regular and due form, time and manner as so
      required.

     

    The
      Issuer and the Indenture Trustee may deem and treat the person in whose name
      this Note is registered upon the registration books as the absolute owner
      hereof, whether this Note is overdue or not, for the purpose of receiving
      payment of or on account of the principal or interest and for all other
      purposes, and all such payments so made to the Registered Owner or upon such
      Registered Owner’s order shall be valid and effectual to satisfy and discharge
      the liability on this note to the extent of the sum or sums so paid, and neither
      the Issuer nor Indenture Trustee nor any Registrar shall be affected by any
      notice to the contrary.

     

    This
      Note
      shall not be valid or become obligatory for any purpose or be entitled to any
      security or benefit under the Indenture until the Certificate of Authentication
      hereon shall have been executed by the Indenture Trustee.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    In
      Witness Whereof,
      The
      National Collegiate Student Loan Trust 2006-4 has caused this note to be
      executed and attested.

     

    
      	 	
              THE
                NATIONAL COLLEGIATE STUDENT LOAN TRUST 2006-4

            
	 	 	 
	 	
              By:

            	
              WILMINGTON
                TRUST COMPANY, not in its individual 

              capacity
                but solely as Owner Trustee

            
	 	 	 
	 	 	 
	 	
              By:
                

            	 
	 	 	
              Name:

            
	 	 	
              Title:

            
	 	 
	
              Attest

            	 
	 	 
	 	 
	 	 
	 	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      Note
      is one of the Class A-4 Notes and described in the provisions of the
      within-mentioned Indenture.

     

    
      	
              Date
                of Authentication:

            	 	 
	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION,
                as
                Authenticating Agent

            
	 	 
	 	 
	 	 
	 	
              By
                

            	 
	 	
              Authorized
                Signatory

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

    For
      Value
      Received _____________________ hereby sell(s), assign(s) and transfer(s)
      unto

     

    

    
      	 	 
	 
	
              (Please
                print or type an address

            	
              (Social
                Security number

            
	
              including
                postal zip code of transferee)

            	
              of
                transferee)

            
	 	 
	
              the
                within Note, together with accrued interest thereon and all right,
                title
                and interest thereto, and hereby irrevocably authorize(s) and appoint(s)
                _______________________________________ attorney to transfer said
                Note on
                the books of the within named Corporation with full power of substitution
                in the premises.

            
	 	 
	 	 
	 	 
	
              Dated
                ________________

            	
              ________________________________L.S.

            
	 	 
	
              Guaranteed
                by:

            	 
	 	 
	 	 
	 	 
	
              _____________________________________

            	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

     

    EXHIBIT
      A-5

     

    FORM
      OF CLASS A-IO NOTE

     

    UNLESS
      THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
      COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE INDENTURE TRUSTEE, THE REGISTRAR
      OR ANY AGENT THEREOF FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
      ANY
      NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS
      IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
      TO
      CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

    THE
      PURCHASER OR HOLDER OF THIS NOTE OR ANY INTEREST HEREIN WILL BE DEEMED TO HAVE
      REPRESENTED THAT EITHER (I) IT IS NOT, AND IS NOT PURCHASING THIS NOTE ON BEHALF
      OF, AS A FIDUCIARY OF, OR WITH “PLAN ASSETS” (WITHIN THE MEANING OF SECTION
      2510.3-101 OF THE U.S. DEPARTMENT OF LABOR REGULATIONS (THE “PLAN ASSET
      REGULATION”)) OF, AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE
      EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)), A “PLAN”
(WITHIN THE MEANING OF SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986 (THE
      “CODE”)) OR ANY OTHER ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY
      REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY, WHICH IS SUBJECT TO TITLE I OF
      ERISA OR SECTION 4975 OF THE CODE (A “PLAN”), OR (II)(A) THIS NOTE IS RATED
      INVESTMENT GRADE OR BETTER AS OF THE DATE OF PURCHASE, (B) THE PURCHASER OR
      HOLDER OF THE NOTE BELIEVES THAT THE NOTE IS PROPERLY TREATED AS INDEBTEDNESS
      WITHOUT SUBSTANTIAL EQUITY FEATURES FOR PURPOSES OF THE PLAN ASSET REGULATION
      AND AGREES TO SO TREAT SUCH NOTE AND (C) THE ACQUISITION AND HOLDING OF THE
      NOTE
      DO NOT RESULT IN A VIOLATION OF THE PROHIBITED TRANSACTION RULES OF ERISA OR
      SECTION 4975 OF THE CODE (X) BECAUSE IT IS COVERED BY AN APPLICABLE EXEMPTION,
      INCLUDING PROHIBITED TRANSACTION CLASS EXEMPTION 96-23, 95-60, 91-38, 90-1
      OR
      84-14, OR (Y) BY REASON OF THE TRUST, THE ADMINISTRATOR, THE BACK-UP
      ADMINISTRATOR, THE UNDERWRITERS, THE SERVICERS, THE INDENTURE TRUSTEE, THE
      OWNER
      TRUSTEE, ANY PROVIDER OF CREDIT SUPPORT OR ANY OF THEIR AFFILIATES NOT BEING
      A
“PARTY IN INTEREST” (WITHIN THE MEANING OF SECTION 3(14) OF ERISA) WITH RESPECT
      TO SUCH PLAN.

     

    THE
      NATIONAL COLLEGIATE STUDENT LOAN TRUST 2006-4

    STUDENT
      LOAN ASSET BACKED NOTES

    CLASS
      A-IO

     

    

    
      	
              No.
                A-IO-__

            
	 
	
              Interest
                Rate

            	
              Date
                of Maturity

            	
              Dated
                Date

            	
              CUSIP

            
	
              6.35%

            	
              February
                27, 2012

            	
              ______
                __, 200_

            	
              63543W
                AE 1

            
	 	 	 
	
              REGISTERED
                OWNER:

            	
              **CEDE
                & CO.**

            	
              ISIN

            
	 	 	
              US63543WAE12

            
	 	 	 
	 	 	
              European
                Common Code

            
	 	 	
              27744656

            
	 	 	 

    

    

    The
      National Collegiate Student Loan Trust 2006-4, a statutory trust duly organized
      and validly existing under the laws of the State of Delaware (the “Issuer”), for
      value received, hereby promises to pay, but only from the sources and as
      hereinafter provided, to the Registered Owner specified above, or registered
      assigns, the Principal Amount shown above in lawful money of the United States
      of America on the Date of Maturity shown above, unless prepaid prior thereto
      with interest thereon from the Distribution Date next preceding the date of
      authentication hereof, unless such date of authentication is prior to the first
      Distribution Date, in which case this note shall bear interest from the Dated
      Date specified above or unless such date of authentication is a Distribution
      Date, in which case this note shall bear interest from such Distribution Date;
      provided, however, that if as shown by the records of the Indenture Trustee
      (defined herein) interest on the Class A-IO Notes (defined herein) shall be
      in
      default, Class A-IO Notes issued in lieu of such Class A-IO Notes surrendered
      for transfer or exchange shall bear interest from the date to which interest
      has
      been paid in full on the Class A-IO Notes surrendered until payment of the
      principal hereof has been made or duly provided for. Principal of this note
      is
      payable upon the presentation and surrender hereof at the principal corporate
      trust office of U.S. Bank National Association, as indenture trustee (the
“Indenture Trustee”). Interest on this note is payable to the Registered Owner
      of record as of the close of business on the applicable record date as shown
      on
      the registration books of the Issuer maintained by the Indenture Trustee in
      its
      capacity as bond registrar, or its successor in such capacity, by check or
      draft
      mailed to the Registered Owner at the registered address.

     

    Any
      capitalized words and terms used as defined words and terms in this note and
      not
      otherwise defined herein shall have the meanings given them in the Indenture
      (hereinafter defined).

     

    The
      Issuer will pay interest on the Notional Amount of this Class A-IO Note at
      the
      rate per annum equal to the Note Interest Rate (as defined in the Indenture)
      for
      this Note, on each Distribution Date until the Notional Amount of this Class
      A-IO Note is reduced to zero. Interest on this Class A-IO Note will accrue
      for
      each Distribution Date on the Notional Amount of the Class A-IO Note until
      such
      Notional Amount is reduced to zero, from the most recent Distribution Date
      on
      which interest has been paid to but excluding such Distribution Date or, if
      no
      interest has yet been paid, from the Closing Date). Such principal of and
      interest on this Note shall be paid in the manner specified herein.

     

    Interest
      on this Note is payable in such coin or currency of the United States of America
      as at the time of payment is legal tender for payment of public and private
      debts.

     

    This
      Note
      also is entitled to receive Prepayment Penalties as described in the
      Indenture.

     

    This
      Note
      is one of a duly authorized class of notes of the Issuer designated Student
      Loan
      Asset Backed Notes, Class A-IO (the “Class A-IO Notes”), issued pursuant to the
      Indenture, dated as of December 1, 2006, between the Issuer and the Indenture
      Trustee, as indenture trustee (such indenture, as supplemented or amended from
      time to time in accordance with its terms, the “Indenture”).

     

    The
      Indenture pledges for the payment of the Notes (as hereinafter defined) the
      student loans identified in the Indenture (the “Financed Student Loans”) and the
      payments of interest and the repayments of principal with respect thereto,
      including certain guarantees related thereto, as well as certain other rights,
      funds and accounts of the Issuer set forth in the Indenture, including a Reserve
      Account (collectively, the “Trust Estate”).

     

    This
      Note
      is a limited obligation of the Issuer, payable solely from the principal and
      interest on Financed Student Loans financed pursuant to the Indenture, any
      guaranty payments thereon received by the Issuer, and certain other revenues
      and
      earnings to be held pursuant to the Indenture, all in an amount and in the
      manner provided in the Indenture. Additional notes and other obligations may
      be
      issued or entered into under the Indenture the right to payment of which is
      equal with or subordinate to the Class A-IO Notes. The Class A-IO Notes,
      together with any additional notes issued pursuant to the Indenture are
      collectively referred to herein as “Notes.”

     

    The
      Notes
      are secured as provided in the Indenture, but solely by the pledge of the Trust
      Estate described in the Indenture; provided that the rights of the holders
      of
      the Class A Notes shall be superior to the rights of the Registered Owners
      of
      Class B Notes, Class C Notes and Class D Notes. Reference is made to the
      Indenture for a complete statement of the terms and conditions upon which the
      Class A-IO Notes have been issued and provisions made for their security and
      for
      the rights, duties and obligations of the Issuer, the Indenture Trustee and
      the
      Registered Owners of the Class A-IO Notes.

     

    The
      Class
      A-IO Notes are issuable as registered notes in the minimum denomination of
      $100,000 and $1,000 integral multiples in excess thereof. Subject to the
      limitations provided in the Indenture and upon payment of any tax or
      governmental charge, Class A-IO Notes may be exchanged for a like Class and
      aggregate principal amount of Class A-IO Notes of other authorized
      denominations.

     

    The
      Registered Owner of this Note shall have no right to enforce the provisions
      of
      the Indenture or to institute action to enforce the covenants therein, or to
      take any action with respect to any Event of Default under the Indenture, or
      to
      institute, appear in or defend any suit or other proceedings with respect
      thereto, except as provided in the Indenture. If an Event of Default under
      the
      Indenture occurs, the principal of all Notes then Outstanding issued under
      the
      Indenture may be declared due and payable upon the conditions and in the manner
      and with the effect provided in the Indenture.

     

    It
      Is Hereby Certified, Recited And Declared
      that all
      acts, conditions and things required to be done, to exist, to happen and to
      be
      performed in order to make this Note a valid and binding obligation of the
      Issuer according to its terms have been done, do exist, have happened and have
      been performed in regular and due form, time and manner as so
      required.

     

    The
      Issuer and the Indenture Trustee may deem and treat the person in whose name
      this Note is registered upon the registration books as the absolute owner
      hereof, whether this Note is overdue or not, for the purpose of receiving
      payment of or on account of the principal or interest and for all other
      purposes, and all such payments so made to the Registered Owner or upon such
      Registered Owner’s order shall be valid and effectual to satisfy and discharge
      the liability on this note to the extent of the sum or sums so paid, and neither
      the Issuer nor Indenture Trustee nor any Registrar shall be affected by any
      notice to the contrary.

     

    This
      Note
      shall not be valid or become obligatory for any purpose or be entitled to any
      security or benefit under the Indenture until the Certificate of Authentication
      hereon shall have been executed by the Indenture Trustee.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    In
      Witness Whereof,
      The
      National Collegiate Student Loan Trust 2006-4 has caused this note to be
      executed and attested.

     

    
      	 	
              THE
                NATIONAL COLLEGIATE STUDENT LOAN TRUST 2006-4

            
	 	 	 
	 	
              By:

            	
              WILMINGTON
                TRUST COMPANY, not in its individual 

              capacity
                but solely as Owner Trustee

            
	 	 	 
	 	 	 
	 	
              By:
                

            	 
	 	 	
              Name:

            
	 	 	
              Title:

            
	 	 
	
              Attest

            	 
	 	 
	 	 
	 	 
	 	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      Note
      is one of the Class A-IO Notes and described in the provisions of the
      within-mentioned Indenture.

     

    
      	
              Date
                of Authentication:

            	 	 
	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION,
                as
                Authenticating Agent

            
	 	 
	 	 
	 	 
	 	
              By
                

            	 
	 	
              Authorized
                Signatory

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

    For
      Value
      Received _____________________ hereby sell(s), assign(s) and transfer(s)
      unto

     

    
      	 	 
	 
	
              (Please
                print or type an address

            	
              (Social
                Security number

            
	
              including
                postal zip code of transferee)

            	
              of
                transferee)

            
	 	 
	
              the
                within Note, together with accrued interest thereon and all right,
                title
                and interest thereto, and hereby irrevocably authorize(s) and appoint(s)
                _______________________________________ attorney to transfer said
                Note on
                the books of the within named Corporation with full power of substitution
                in the premises.

            
	 	 
	 	 
	 	 
	
              Dated
                ________________

            	
              ________________________________L.S.

            
	 	 
	
              Guaranteed
                by:

            	 
	 	 
	 	 
	 	 
	
              _____________________________________

            	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

     

    EXHIBIT
      A-6

     

    FORM
      OF CLASS B NOTE

     

    UNLESS
      THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
      COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE INDENTURE TRUSTEE, THE REGISTRAR
      OR ANY AGENT THEREOF FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
      ANY
      NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS
      IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
      TO
      CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

    THE
      PURCHASER OR HOLDER OF THIS NOTE OR ANY INTEREST HEREIN WILL BE DEEMED TO HAVE
      REPRESENTED THAT EITHER (I) IT IS NOT, AND IS NOT PURCHASING THIS NOTE ON BEHALF
      OF, AS A FIDUCIARY OF, OR WITH “PLAN ASSETS” (WITHIN THE MEANING OF SECTION
      2510.3-101 OF THE U.S. DEPARTMENT OF LABOR REGULATIONS (THE “PLAN ASSET
      REGULATION”)) OF, AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE
      EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)), A “PLAN”
(WITHIN THE MEANING OF SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986 (THE
      “CODE”)) OR ANY OTHER ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY
      REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY, WHICH IS SUBJECT TO TITLE I OF
      ERISA OR SECTION 4975 OF THE CODE (A “PLAN”), OR (II)(A) THIS NOTE IS RATED
      INVESTMENT GRADE OR BETTER AS OF THE DATE OF PURCHASE, (B) THE PURCHASER OR
      HOLDER OF THE NOTE BELIEVES THAT THE NOTE IS PROPERLY TREATED AS INDEBTEDNESS
      WITHOUT SUBSTANTIAL EQUITY FEATURES FOR PURPOSES OF THE PLAN ASSET REGULATION
      AND AGREES TO SO TREAT SUCH NOTE AND (C) THE ACQUISITION AND HOLDING OF THE
      NOTE
      DO NOT RESULT IN A VIOLATION OF THE PROHIBITED TRANSACTION RULES OF ERISA OR
      SECTION 4975 OF THE CODE (X) BECAUSE IT IS COVERED BY AN APPLICABLE EXEMPTION,
      INCLUDING PROHIBITED TRANSACTION CLASS EXEMPTION 96-23, 95-60, 91-38, 90-1
      OR
      84-14, OR (Y) BY REASON OF THE TRUST, THE ADMINISTRATOR, THE BACK-UP
      ADMINISTRATOR, THE UNDERWRITERS, THE SERVICERS, THE INDENTURE TRUSTEE, THE
      OWNER
      TRUSTEE, ANY PROVIDER OF CREDIT SUPPORT OR ANY OF THEIR AFFILIATES NOT BEING
      A
“PARTY IN INTEREST” (WITHIN THE MEANING OF SECTION 3(14) OF ERISA) WITH RESPECT
      TO SUCH PLAN.

     

    THE
      NATIONAL COLLEGIATE STUDENT LOAN TRUST 2006-4

    STUDENT
      LOAN ASSET BACKED NOTES

    CLASS
      B

     

    

    
      	
              No.
                B-___

            
	 
	
              Interest
                Rate

            	
              Date
                of Maturity

            	
              Dated
                Date

            	
              CUSIP

            
	
              Variable

            	
              May
                25, 2032

            	
              ______
                __, 200_

            	
              63543W
                AF 8

            
	 	 	 
	
              REGISTERED
                OWNER:

            	
              **CEDE
                & CO.**

            	
              ISIN

            
	
              PRINCIPAL
                AMOUNT:

            	
              **$[                     
                ]**

            	
              US63543WAF86

            
	 	 	 
	 	 	
              European
                Common Code

            
	 	 	
              27744788

            
	 	 	 

    

    

    The
      National Collegiate Student Loan Trust 2006-4, a statutory trust duly organized
      and validly existing under the laws of the State of Delaware (the “Issuer”), for
      value received, hereby promises to pay, but only from the sources and as
      hereinafter provided, to the Registered Owner specified above, or registered
      assigns, the Principal Amount shown above in lawful money of the United States
      of America on the Date of Maturity shown above, unless prepaid prior thereto
      with interest thereon from the Distribution Date next preceding the date of
      authentication hereof, unless such date of authentication is prior to the first
      Distribution Date, in which case this note shall bear interest from the Dated
      Date specified above or unless such date of authentication is a Distribution
      Date, in which case this note shall bear interest from such Distribution Date;
      provided, however, that if as shown by the records of the Indenture Trustee
      (defined herein) interest on the Class B Notes (defined herein) shall be in
      default, Class B Notes issued in lieu of such Class B Notes surrendered for
      transfer or exchange shall bear interest from the date to which interest has
      been paid in full on the Class B Notes surrendered until payment of the
      principal hereof has been made or duly provided for. Principal of this note
      is
      payable upon the presentation and surrender hereof at the principal corporate
      trust office of U.S. Bank National Association, as indenture trustee (the
“Indenture Trustee”). Interest on this note is payable to the Registered Owner
      of record as of the close of business on the applicable record date as shown
      on
      the registration books of the Issuer maintained by the Indenture Trustee in
      its
      capacity as bond registrar, or its successor in such capacity, by check or
      draft
      mailed to the Registered Owner at the registered address.

     

    Any
      capitalized words and terms used as defined words and terms in this note and
      not
      otherwise defined herein shall have the meanings given them in the Indenture
      (hereinafter defined).

     

    The
      Issuer will pay interest on this Class B Note at the rate per annum equal to
      the
      Note Interest Rate (as defined in the Indenture) for this Note, on each
      Distribution Date until the principal of this Note is paid or made available
      for
      payment, on the principal amount of this Note Outstanding on the preceding
      Distribution Date (after giving effect to all payments of principal made on
      the
      preceding Distribution Date). Interest on this Note will accrue for each
      Distribution Date from the most recent Distribution Date on which interest
      has
      been paid to but excluding such Distribution Date or, if no interest has yet
      been paid, from the Closing Date). Such principal of and interest on this Note
      shall be paid in the manner specified herein.

     

    The
      principal of and interest on this Note are payable in such coin or currency
      of
      the United States of America as at the time of payment is legal tender for
      payment of public and private debts. All payments made by the Issuer with
      respect to this Note shall be applied first to interest due and payable on
      this
      Note as provided above and then to the unpaid principal of this
      Note.

     

    This
      Note
      is one of a duly authorized class of notes of the Issuer designated Student
      Loan
      Asset Backed Notes, Class B (the “Class B Notes”), issued pursuant to the
      Indenture, dated as of December 1, 2006, between the Issuer and the Indenture
      Trustee, as indenture trustee (such indenture, as supplemented or amended from
      time to time in accordance with its terms, the “Indenture”).

     

    The
      Indenture pledges for the payment of the Notes (as hereinafter defined) the
      student loans identified in the Indenture (the “Financed Student Loans”) and the
      payments of interest and the repayments of principal with respect thereto,
      including certain guarantees related thereto, as well as certain other rights,
      funds and accounts of the Issuer set forth in the Indenture, including a Reserve
      Account (collectively, the “Trust Estate”).

     

    This
      Note
      is a limited obligation of the Issuer, payable solely from the principal and
      interest on Financed Student Loans financed pursuant to the Indenture, any
      guaranty payments thereon received by the Issuer, and certain other revenues
      and
      earnings to be held pursuant to the Indenture, all in an amount and in the
      manner provided in the Indenture. Additional notes and other obligations may
      be
      issued or entered into under the Indenture the right to payment of which is
      equal with or subordinate to the Class B Notes. The Class B Notes, together
      with
      any additional notes issued pursuant to the Indenture are collectively referred
      to herein as “Notes.”

     

    The
      Notes
      are secured as provided in the Indenture, but solely by the pledge of the Trust
      Estate described in the Indenture; provided that the rights of the holders
      of
      the Class A Notes shall be superior to the rights of the Registered Owners
      of
      Class B Notes, Class C Notes and Class D Notes. Reference is made to the
      Indenture for a complete statement of the terms and conditions upon which the
      Class B Notes have been issued and provisions made for their security and for
      the rights, duties and obligations of the Issuer, the Indenture Trustee and
      the
      Registered Owners of the Class B Notes.

     

    The
      Class
      B Notes are issuable as registered notes in the minimum denomination of $100,000
      and $1,000 integral multiples in excess thereof. Subject to the limitations
      provided in the Indenture and upon payment of any tax or governmental charge,
      Class B Notes may be exchanged for a like Class and aggregate principal amount
      of Class B Notes of other authorized denominations.

     

    The
      Registered Owner of this Note shall have no right to enforce the provisions
      of
      the Indenture or to institute action to enforce the covenants therein, or to
      take any action with respect to any Event of Default under the Indenture, or
      to
      institute, appear in or defend any suit or other proceedings with respect
      thereto, except as provided in the Indenture. If an Event of Default under
      the
      Indenture occurs, the principal of all Notes then Outstanding issued under
      the
      Indenture may be declared due and payable upon the conditions and in the manner
      and with the effect provided in the Indenture.

     

    It
      Is Hereby Certified, Recited And Declared that
      all
      acts, conditions and things required to be done, to exist, to happen and to
      be
      performed in order to make this Note a valid and binding obligation of the
      Issuer according to its terms have been done, do exist, have happened and have
      been performed in regular and due form, time and manner as so
      required.

     

    The
      Issuer and the Indenture Trustee may deem and treat the person in whose name
      this Note is registered upon the registration books as the absolute owner
      hereof, whether this Note is overdue or not, for the purpose of receiving
      payment of or on account of the principal or interest and for all other
      purposes, and all such payments so made to the Registered Owner or upon such
      Registered Owner’s order shall be valid and effectual to satisfy and discharge
      the liability on this note to the extent of the sum or sums so paid, and neither
      the Issuer nor Indenture Trustee nor any Registrar shall be affected by any
      notice to the contrary.

     

    This
      Note
      shall not be valid or become obligatory for any purpose or be entitled to any
      security or benefit under the Indenture until the Certificate of Authentication
      hereon shall have been executed by the Indenture Trustee.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    In
      Witness Whereof,
      The
      National Collegiate Student Loan Trust 2006-4 has caused this note to be
      executed and attested.

     

    
      	 	
              THE
                NATIONAL COLLEGIATE STUDENT LOAN TRUST 2006-4

            
	 	 	 
	 	
              By:

            	
              WILMINGTON
                TRUST COMPANY, not in its individual 

              capacity
                but solely as Owner Trustee

            
	 	 	 
	 	 	 
	 	
              By:
                

            	 
	 	 	
              Name:

            
	 	 	
              Title:

            
	 	 
	
              Attest

            	 
	 	 
	 	 
	 	 
	 	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      Note
      is one of the Class B Notes and described in the provisions of the
      within-mentioned Indenture.

     

    

    
      	
              Date
                of Authentication: __________________

            	 
	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION,
                as
                Authenticating Agent

            
	 	 
	 	 
	 	 
	 	
              By
                _____________________________

            
	 	
              Authorized
                Signatory

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

    For
      Value
      Received _____________________ hereby sell(s), assign(s) and transfer(s)
      unto

     

    

    
      	 	 
	 
	
              (Please
                print or type an address

            	
              (Social
                Security number

            
	
              including
                postal zip code of transferee)

            	
              of
                transferee)

            
	 	 
	
              the
                within Note, together with accrued interest thereon and all right,
                title
                and interest thereto, and hereby irrevocably authorize(s) and appoint(s)
                _______________________________________ attorney to transfer said
                Note on
                the books of the within named Corporation with full power of substitution
                in the premises.

            
	 	 
	 	 
	 	 
	
              Dated
                ________________

            	
              ________________________________L.S.

            
	 	 
	
              Guaranteed
                by:

            	 
	 	 
	 	 
	 	 
	
              _____________________________________

            	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

     

    EXHIBIT
      A-7

     

    FORM
      OF CLASS C NOTE

     

    UNLESS
      THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
      COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE INDENTURE TRUSTEE, THE REGISTRAR
      OR ANY AGENT THEREOF FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
      ANY
      NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS
      IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
      TO
      CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

    THE
      PURCHASER OR HOLDER OF THIS NOTE OR ANY INTEREST HEREIN WILL BE DEEMED TO HAVE
      REPRESENTED THAT EITHER (I) IT IS NOT, AND IS NOT PURCHASING THIS NOTE ON BEHALF
      OF, AS A FIDUCIARY OF, OR WITH “PLAN ASSETS” (WITHIN THE MEANING OF SECTION
      2510.3-101 OF THE U.S. DEPARTMENT OF LABOR REGULATIONS (THE “PLAN ASSET
      REGULATION”)) OF, AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE
      EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)), A “PLAN”
(WITHIN THE MEANING OF SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986 (THE
      “CODE”)) OR ANY OTHER ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY
      REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY, WHICH IS SUBJECT TO TITLE I OF
      ERISA OR SECTION 4975 OF THE CODE (A “PLAN”), OR (II)(A) THIS NOTE IS RATED
      INVESTMENT GRADE OR BETTER AS OF THE DATE OF PURCHASE, (B) THE PURCHASER OR
      HOLDER OF THE NOTE BELIEVES THAT THE NOTE IS PROPERLY TREATED AS INDEBTEDNESS
      WITHOUT SUBSTANTIAL EQUITY FEATURES FOR PURPOSES OF THE PLAN ASSET REGULATION
      AND AGREES TO SO TREAT SUCH NOTE AND (C) THE ACQUISITION AND HOLDING OF THE
      NOTE
      DO NOT RESULT IN A VIOLATION OF THE PROHIBITED TRANSACTION RULES OF ERISA OR
      SECTION 4975 OF THE CODE (X) BECAUSE IT IS COVERED BY AN APPLICABLE EXEMPTION,
      INCLUDING PROHIBITED TRANSACTION CLASS EXEMPTION 96-23, 95-60, 91-38, 90-1
      OR
      84-14, OR (Y) BY REASON OF THE TRUST, THE ADMINISTRATOR, THE BACK-UP
      ADMINISTRATOR, THE UNDERWRITERS, THE SERVICERS, THE INDENTURE TRUSTEE, THE
      OWNER
      TRUSTEE, ANY PROVIDER OF CREDIT SUPPORT OR ANY OF THEIR AFFILIATES NOT BEING
      A
“PARTY IN INTEREST” (WITHIN THE MEANING OF SECTION 3(14) OF ERISA) WITH RESPECT
      TO SUCH PLAN.

     

    THE
      NATIONAL COLLEGIATE STUDENT LOAN TRUST 2006-4

    STUDENT
      LOAN ASSET BACKED NOTES

    CLASS
      C

     

    

    
      	
              No.
                C-___

            
	 
	
              Interest
                Rate

            	
              Date
                of Maturity

            	
              Dated
                Date

            	
              CUSIP

            
	
              Variable

            	
              May
                25, 2032

            	
              ______
                __, 200_

            	
              63543W
                AG 6

            
	 	 	 
	
              REGISTERED
                OWNER:

            	
              **CEDE
                & CO.**

            	
              ISIN

            
	
              PRINCIPAL
                AMOUNT:

            	
              **$[                       
                ] **

            	
              US63543WAG69

            
	 	 	 
	 	 	
              European
                Common Code

            
	 	 	
              27744923

            
	 	 	 

    

    

    The
      National Collegiate Student Loan Trust 2006-4, a statutory trust duly organized
      and validly existing under the laws of the State of Delaware (the “Issuer”), for
      value received, hereby promises to pay, but only from the sources and as
      hereinafter provided, to the Registered Owner specified above, or registered
      assigns, the Principal Amount shown above in lawful money of the United States
      of America on the Date of Maturity shown above, unless prepaid prior thereto
      with interest thereon from the Distribution Date next preceding the date of
      authentication hereof, unless such date of authentication is prior to the first
      Distribution Date, in which case this note shall bear interest from the Dated
      Date specified above or unless such date of authentication is a Distribution
      Date, in which case this note shall bear interest from such Distribution Date;
      provided, however, that if as shown by the records of the Indenture Trustee
      (defined herein) interest on the Class C Notes (defined herein) shall be in
      default, Class C Notes issued in lieu of such Class C Notes surrendered for
      transfer or exchange shall bear interest from the date to which interest has
      been paid in full on the Class C Notes surrendered until payment of the
      principal hereof has been made or duly provided for. Principal of this note
      is
      payable upon the presentation and surrender hereof at the principal corporate
      trust office of U.S. Bank National Association, as indenture trustee (the
“Indenture Trustee”). Interest on this note is payable to the Registered Owner
      of record as of the close of business on the applicable record date as shown
      on
      the registration books of the Issuer maintained by the Indenture Trustee in
      its
      capacity as bond registrar, or its successor in such capacity, by check or
      draft
      mailed to the Registered Owner at the registered address.

     

    Any
      capitalized words and terms used as defined words and terms in this note and
      not
      otherwise defined herein shall have the meanings given them in the Indenture
      (hereinafter defined).

     

    The
      Issuer will pay interest on this Class C Note at the rate per annum equal to
      the
      Note Interest Rate (as defined in the Indenture) for this Note, on each
      Distribution Date until the principal of this Note is paid or made available
      for
      payment, on the principal amount of this Note Outstanding on the preceding
      Distribution Date (after giving effect to all payments of principal made on
      the
      preceding Distribution Date). Interest on this Note will accrue for each
      Distribution Date from the most recent Distribution Date on which interest
      has
      been paid to but excluding such Distribution Date or, if no interest has yet
      been paid, from the Closing Date). Such principal of and interest on this Note
      shall be paid in the manner specified herein.

     

    The
      principal of and interest on this Note are payable in such coin or currency
      of
      the United States of America as at the time of payment is legal tender for
      payment of public and private debts. All payments made by the Issuer with
      respect to this Note shall be applied first to interest due and payable on
      this
      Note as provided above and then to the unpaid principal of this
      Note.

     

    This
      Note
      is one of a duly authorized class of notes of the Issuer designated Student
      Loan
      Asset Backed Notes, Class C (the “Class C Notes”), issued pursuant to the
      Indenture, dated as of December 1, 2006, between the Issuer and the Indenture
      Trustee, as indenture trustee (such indenture, as supplemented or amended from
      time to time in accordance with its terms, the “Indenture”).

     

    The
      Indenture pledges for the payment of the Notes (as hereinafter defined) the
      student loans identified in the Indenture (the “Financed Student Loans”) and the
      payments of interest and the repayments of principal with respect thereto,
      including certain guarantees related thereto, as well as certain other rights,
      funds and accounts of the Issuer set forth in the Indenture, including a Reserve
      Account (collectively, the “Trust Estate”).

     

    This
      Note
      is a limited obligation of the Issuer, payable solely from the principal and
      interest on Financed Student Loans financed pursuant to the Indenture, any
      guaranty payments thereon received by the Issuer, and certain other revenues
      and
      earnings to be held pursuant to the Indenture, all in an amount and in the
      manner provided in the Indenture. Additional notes and other obligations may
      be
      issued or entered into under the Indenture the right to payment of which is
      equal with or subordinate to the Class C Notes. The Class C Notes, together
      with
      any additional notes issued pursuant to the Indenture are collectively referred
      to herein as “Notes.”

     

    The
      Notes
      are secured as provided in the Indenture, but solely by the pledge of the Trust
      Estate described in the Indenture; provided that the rights of the holders
      of
      the Class A Notes shall be superior to the rights of the Registered Owners
      of
      Class B Notes, Class C Notes and Class D Notes. Reference is made to the
      Indenture for a complete statement of the terms and conditions upon which the
      Class C Notes have been issued and provisions made for their security and for
      the rights, duties and obligations of the Issuer, the Indenture Trustee and
      the
      Registered Owners of the Class C Notes.

     

    The
      Class
      C Notes are issuable as registered notes in the minimum denomination of $100,000
      and $1,000 integral multiples in excess thereof. Subject to the limitations
      provided in the Indenture and upon payment of any tax or governmental charge,
      Class C Notes may be exchanged for a like Class and aggregate principal amount
      of Class C Notes of other authorized denominations.

     

    The
      Registered Owner of this Note shall have no right to enforce the provisions
      of
      the Indenture or to institute action to enforce the covenants therein, or to
      take any action with respect to any Event of Default under the Indenture, or
      to
      institute, appear in or defend any suit or other proceedings with respect
      thereto, except as provided in the Indenture. If an Event of Default under
      the
      Indenture occurs, the principal of all Notes then Outstanding issued under
      the
      Indenture may be declared due and payable upon the conditions and in the manner
      and with the effect provided in the Indenture.

     

    It
      Is Hereby Certified, Recited And Declared
      that all
      acts, conditions and things required to be done, to exist, to happen and to
      be
      performed in order to make this Note a valid and binding obligation of the
      Issuer according to its terms have been done, do exist, have happened and have
      been performed in regular and due form, time and manner as so
      required.

     

    The
      Issuer and the Indenture Trustee may deem and treat the person in whose name
      this Note is registered upon the registration books as the absolute owner
      hereof, whether this Note is overdue or not, for the purpose of receiving
      payment of or on account of the principal or interest and for all other
      purposes, and all such payments so made to the Registered Owner or upon such
      Registered Owner’s order shall be valid and effectual to satisfy and discharge
      the liability on this note to the extent of the sum or sums so paid, and neither
      the Issuer nor Indenture Trustee nor any Registrar shall be affected by any
      notice to the contrary.

     

    This
      Note
      shall not be valid or become obligatory for any purpose or be entitled to any
      security or benefit under the Indenture until the Certificate of Authentication
      hereon shall have been executed by the Indenture Trustee.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    In
      Witness Whereof,
      The
      National Collegiate Student Loan Trust 2006-4 has caused this note to be
      executed and attested.

     

    
      	 	
              THE
                NATIONAL COLLEGIATE STUDENT LOAN TRUST 2006-4

            
	 	 	 
	 	
              By:

            	
              WILMINGTON
                TRUST COMPANY, not in its individual 

              capacity
                but solely as Owner Trustee

            
	 	 	 
	 	 	 
	 	
              By:
                

            	 
	 	 	
              Name:

            
	 	 	
              Title:

            
	 	 
	
              Attest

            	 
	 	 
	 	 
	 	 
	 	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      Note
      is one of the Class C Notes and described in the provisions of the
      within-mentioned Indenture.

     

    
      	
              Date
                of Authentication:

            	 	 
	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION,
                as
                Authenticating Agent

            
	 	 
	 	 
	 	 
	 	
              By
                

            	 
	 	
              Authorized
                Signatory

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

    For
      Value
      Received _____________________ hereby sell(s), assign(s) and transfer(s)
      unto

     

    

    
      	 	 
	 
	
              (Please
                print or type an address

            	
              (Social
                Security number

            
	
              including
                postal zip code of transferee)

            	
              of
                transferee)

            
	 	 
	
              the
                within Note, together with accrued interest thereon and all right,
                title
                and interest thereto, and hereby irrevocably authorize(s) and appoint(s)
                _______________________________________ attorney to transfer said
                Note on
                the books of the within named Corporation with full power of substitution
                in the premises.

            
	 	 
	 	 
	 	 
	
              Dated
                ________________

            	
              ________________________________L.S.

            
	 	 
	
              Guaranteed
                by:

            	 
	 	 
	 	 
	 	 
	
              _____________________________________

            	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

     

    EXHIBIT
      A-8

     

    FORM
      OF CLASS D NOTE

     

    UNLESS
      THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
      COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE INDENTURE TRUSTEE, THE REGISTRAR
      OR ANY AGENT THEREOF FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
      ANY
      NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS
      IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
      TO
      CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

    THE
      PURCHASER OR HOLDER OF THIS NOTE OR ANY INTEREST HEREIN WILL BE DEEMED TO HAVE
      REPRESENTED THAT EITHER (I) IT IS NOT, AND IS NOT PURCHASING THIS NOTE ON BEHALF
      OF, AS A FIDUCIARY OF, OR WITH “PLAN ASSETS” (WITHIN THE MEANING OF SECTION
      2510.3-101 OF THE U.S. DEPARTMENT OF LABOR REGULATIONS (THE “PLAN ASSET
      REGULATION”)) OF, AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE
      EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)), A “PLAN”
(WITHIN THE MEANING OF SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986 (THE
      “CODE”)) OR ANY OTHER ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY
      REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY, WHICH IS SUBJECT TO TITLE I OF
      ERISA OR SECTION 4975 OF THE CODE (A “PLAN”), OR (II)(A) THIS NOTE IS RATED
      INVESTMENT GRADE OR BETTER AS OF THE DATE OF PURCHASE, (B) THE PURCHASER OR
      HOLDER OF THE NOTE BELIEVES THAT THE NOTE IS PROPERLY TREATED AS INDEBTEDNESS
      WITHOUT SUBSTANTIAL EQUITY FEATURES FOR PURPOSES OF THE PLAN ASSET REGULATION
      AND AGREES TO SO TREAT SUCH NOTE AND (C) THE ACQUISITION AND HOLDING OF THE
      NOTE
      DO NOT RESULT IN A VIOLATION OF THE PROHIBITED TRANSACTION RULES OF ERISA OR
      SECTION 4975 OF THE CODE (X) BECAUSE IT IS COVERED BY AN APPLICABLE EXEMPTION,
      INCLUDING PROHIBITED TRANSACTION CLASS EXEMPTION 96-23, 95-60, 91-38, 90-1
      OR
      84-14, OR (Y) BY REASON OF THE TRUST, THE ADMINISTRATOR, THE BACK-UP
      ADMINISTRATOR, THE UNDERWRITERS, THE SERVICERS, THE INDENTURE TRUSTEE, THE
      OWNER
      TRUSTEE, ANY PROVIDER OF CREDIT SUPPORT OR ANY OF THEIR AFFILIATES NOT BEING
      A
“PARTY IN INTEREST” (WITHIN THE MEANING OF SECTION 3(14) OF ERISA) WITH RESPECT
      TO SUCH PLAN.

     

    THE
      NATIONAL COLLEGIATE STUDENT LOAN TRUST 2006-4

    STUDENT
      LOAN ASSET BACKED NOTES

    CLASS
      D

     

    

    
      	
              No.
                D-___

            
	 
	
              Interest
                Rate

            	
              Date
                of Maturity

            	
              Dated
                Date

            	
              CUSIP

            
	
              Variable

            	
              May
                25, 2032

            	
              ______
                __, 200_

            	
              63543W
                AH 4

            
	 	 	 
	
              REGISTERED
                OWNER:

            	
              **CEDE
                & CO.**

            	
              ISIN

            
	
              PRINCIPAL
                AMOUNT:

            	
              **$[                     
                ]**

            	
              US63543WAH43

            
	 	 	 
	 	 	
              European
                Common Code

            
	 	 	
              27745024

            
	 	 	 

    

    

    The
      National Collegiate Student Loan Trust 2006-4, a statutory trust duly organized
      and validly existing under the laws of the State of Delaware (the “Issuer”), for
      value received, hereby promises to pay, but only from the sources and as
      hereinafter provided, to the Registered Owner specified above, or registered
      assigns, the Principal Amount shown above in lawful money of the United States
      of America on the Date of Maturity shown above, unless prepaid prior thereto
      with interest thereon from the Distribution Date next preceding the date of
      authentication hereof, unless such date of authentication is prior to the first
      Distribution Date, in which case this note shall bear interest from the Dated
      Date specified above or unless such date of authentication is a Distribution
      Date, in which case this note shall bear interest from such Distribution Date;
      provided, however, that if as shown by the records of the Indenture Trustee
      (defined herein) interest on the Class D Notes (defined herein) shall be in
      default, Class D Notes issued in lieu of such Class D Notes surrendered for
      transfer or exchange shall bear interest from the date to which interest has
      been paid in full on the Class D Notes surrendered until payment of the
      principal hereof has been made or duly provided for. Principal of this note
      is
      payable upon the presentation and surrender hereof at the principal corporate
      trust office of U.S. Bank National Association, as indenture trustee (the
“Indenture Trustee”). Interest on this note is payable to the Registered Owner
      of record as of the close of business on the applicable record date as shown
      on
      the registration books of the Issuer maintained by the Indenture Trustee in
      its
      capacity as bond registrar, or its successor in such capacity, by check or
      draft
      mailed to the Registered Owner at the registered address.

     

    Any
      capitalized words and terms used as defined words and terms in this note and
      not
      otherwise defined herein shall have the meanings given them in the Indenture
      (hereinafter defined).

     

    The
      Issuer will pay interest on this Class D Note at the rate per annum equal to
      the
      Note Interest Rate (as defined in the Indenture) for this Note, on each
      Distribution Date until the principal of this Note is paid or made available
      for
      payment, on the principal amount of this Note Outstanding on the preceding
      Distribution Date (after giving effect to all payments of principal made on
      the
      preceding Distribution Date). Interest on this Note will accrue for each
      Distribution Date from the most recent Distribution Date on which interest
      has
      been paid to but excluding such Distribution Date or, if no interest has yet
      been paid, from the Closing Date). Such principal of and interest on this Note
      shall be paid in the manner specified herein.

     

    The
      principal of and interest on this Note are payable in such coin or currency
      of
      the United States of America as at the time of payment is legal tender for
      payment of public and private debts. All payments made by the Issuer with
      respect to this Note shall be applied first to interest due and payable on
      this
      Note as provided above and then to the unpaid principal of this
      Note.

     

    This
      Note
      is one of a duly authorized class of notes of the Issuer designated Student
      Loan
      Asset Backed Notes, Class D (the “Class D Notes”), issued pursuant to the
      Indenture, dated as of December 1, 2006, between the Issuer and the Indenture
      Trustee, as indenture trustee (such indenture, as supplemented or amended from
      time to time in accordance with its terms, the “Indenture”).

     

    The
      Indenture pledges for the payment of the Notes (as hereinafter defined) the
      student loans identified in the Indenture (the “Financed Student Loans”) and the
      payments of interest and the repayments of principal with respect thereto,
      including certain guarantees related thereto, as well as certain other rights,
      funds and accounts of the Issuer set forth in the Indenture, including a Reserve
      Account (collectively, the “Trust Estate”).

     

    This
      Note
      is a limited obligation of the Issuer, payable solely from the principal and
      interest on Financed Student Loans financed pursuant to the Indenture, any
      guaranty payments thereon received by the Issuer, and certain other revenues
      and
      earnings to be held pursuant to the Indenture, all in an amount and in the
      manner provided in the Indenture. Additional notes and other obligations may
      be
      issued or entered into under the Indenture the right to payment of which is
      equal with or subordinate to the Class D Notes. The Class D Notes, together
      with
      any additional notes issued pursuant to the Indenture are collectively referred
      to herein as “Notes.”

     

    The
      Notes
      are secured as provided in the Indenture, but solely by the pledge of the Trust
      Estate described in the Indenture; provided that the rights of the holders
      of
      the Class A Notes shall be superior to the rights of the Registered Owners
      of
      Class B Notes, Class C Notes and Class D Notes. Reference is made to the
      Indenture for a complete statement of the terms and conditions upon which the
      Class D Notes have been issued and provisions made for their security and for
      the rights, duties and obligations of the Issuer, the Indenture Trustee and
      the
      Registered Owners of the Class D Notes.

     

    The
      Class
      D Notes are issuable as registered notes in the minimum denomination of $100,000
      and $1,000 integral multiples in excess thereof. Subject to the limitations
      provided in the Indenture and upon payment of any tax or governmental charge,
      Class D Notes may be exchanged for a like Class and aggregate principal amount
      of Class D Notes of other authorized denominations.

     

    The
      Registered Owner of this Note shall have no right to enforce the provisions
      of
      the Indenture or to institute action to enforce the covenants therein, or to
      take any action with respect to any Event of Default under the Indenture, or
      to
      institute, appear in or defend any suit or other proceedings with respect
      thereto, except as provided in the Indenture. If an Event of Default under
      the
      Indenture occurs, the principal of all Notes then Outstanding issued under
      the
      Indenture may be declared due and payable upon the conditions and in the manner
      and with the effect provided in the Indenture.

     

    It
      Is Hereby Certified, Recited And Declared
      that all
      acts, conditions and things required to be done, to exist, to happen and to
      be
      performed in order to make this Note a valid and binding obligation of the
      Issuer according to its terms have been done, do exist, have happened and have
      been performed in regular and due form, time and manner as so
      required.

     

    The
      Issuer and the Indenture Trustee may deem and treat the person in whose name
      this Note is registered upon the registration books as the absolute owner
      hereof, whether this Note is overdue or not, for the purpose of receiving
      payment of or on account of the principal or interest and for all other
      purposes, and all such payments so made to the Registered Owner or upon such
      Registered Owner’s order shall be valid and effectual to satisfy and discharge
      the liability on this note to the extent of the sum or sums so paid, and neither
      the Issuer nor Indenture Trustee nor any Registrar shall be affected by any
      notice to the contrary.

     

    This
      Note
      shall not be valid or become obligatory for any purpose or be entitled to any
      security or benefit under the Indenture until the Certificate of Authentication
      hereon shall have been executed by the Indenture Trustee.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    In
      Witness Whereof,
      The
      National Collegiate Student Loan Trust 2006-4 has caused this note to be
      executed and attested.

     

    
      	 	
              THE
                NATIONAL COLLEGIATE STUDENT LOAN TRUST 2006-4

            
	 	 	 
	 	
              By:

            	
              WILMINGTON
                TRUST COMPANY, not in its individual 

              capacity
                but solely as Owner Trustee

            
	 	 	 
	 	 	 
	 	
              By:
                

            	 
	 	 	
              Name:

            
	 	 	
              Title:

            
	 	 
	
              Attest

            	 
	 	 
	 	 
	 	 
	 	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      Note
      is one of the Class D Notes and described in the provisions of the
      within-mentioned Indenture.

     

    

    
      	
              Date
                of Authentication: __________________

            	 
	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION,
                as
                Authenticating Agent

            
	 	 
	 	 
	 	 
	 	
              By
                _____________________________

            
	 	
              Authorized
                Signatory

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

    For
      Value
      Received _____________________ hereby sell(s), assign(s) and transfer(s)
      unto

     

    

    
      	 	 
	 
	
              (Please
                print or type an address

            	
              (Social
                Security number

            
	
              including
                postal zip code of transferee)

            	
              of
                transferee)

            
	 	 
	
              the
                within Note, together with accrued interest thereon and all right,
                title
                and interest thereto, and hereby irrevocably authorize(s) and appoint(s)
                _______________________________________ attorney to transfer said
                Note on
                the books of the within named Corporation with full power of substitution
                in the premises.

            
	 	 
	 	 
	 	 
	
              Dated
                ________________

            	
              ________________________________L.S.

            
	 	 
	
              Guaranteed
                by:

            	 
	 	 
	 	 
	 	 
	
              _____________________________________

            	 

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    EXHIBIT
      B

     

    [RESERVED]

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

     

    EXHIBIT
      C

     

    RELEVANT
      SERVICING CRITERIA

     

    

    
      	 	
              Servicing
                Criteria

            	
              Applicable
                Servicing Criteria

            
	
              Reference

            	
              Criteria

            	 
	 	
              General
                Servicing Considerations

            	 
	
              1122(d)(1)(i)

            	
              Policies
                and procedures are instituted to monitor any performance or other
                triggers
                and events of default in accordance with the transaction
                agreements.

            	 
	
              1122(d)(1)(ii)

            	
              If
                any material servicing activities are outsourced to third parties,
                policies and procedures are instituted to monitor the third party’s
                performance and compliance with such servicing activities.

            	 
	
              1122(d)(1)(iii)

            	
              Any
                requirements in the transaction agreements to maintain a back-up
                servicer
                for the pool assets are maintained.

            	 
	
              1122(d)(1)(iv)

            	
              A
                fidelity bond and errors and omissions policy is in effect on the
                party
                participating in the servicing function throughout the reporting
                period in
                the amount of coverage required by and otherwise in accordance with
                the
                terms of the transaction agreements.

            	 
	 	
              Cash
                Collection and Administration

            	 
	
              1122(d)(2)(i)

            	
              Payments
                on pool assets are deposited into the appropriate custodial bank
                accounts
                and related bank clearing accounts no more than two business days
                following receipt, or such other number of days specified in the
                transaction agreements.

            	
              X

            
	
              1122(d)(2)(ii)

            	
              Disbursements
                made via wire transfer on behalf of an obligor or to an investor
                are made
                only by authorized personnel.

            	
              X

            
	
              1122(d)(2)(iii)

            	
              Advances
                of funds or guarantees regarding collections, cash flows or distributions,
                and any interest or other fees charged for such advances, are made,
                reviewed and approved as specified in the transaction
                agreements.

            	 
	
              1122(d)(2)(iv)

            	
              The
                related accounts for the transaction, such as cash reserve accounts
                or
                accounts established as a form of overcollateralization, are separately
                maintained (e.g., with respect to commingling of cash) as set forth
                in the
                transaction agreements.

            	
              X

            
	
              1122(d)(2)(v)

            	
              Each
                custodial account is maintained at a federally insured depository
                institution as set forth in the transaction agreements. For purposes
                of
                this criterion, “federally insured depository institution” with respect to
                a foreign financial institution means a foreign financial institution
                that
                meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                Act.

            	 
	
              1122(d)(2)(vi)

            	
              Unissued
                checks are safeguarded so as to prevent unauthorized
                access.

            	 
	
              1122(d)(2)(vii)

            	
              Reconciliations
                are prepared on a monthly basis for all asset-backed securities related
                bank accounts, including custodial accounts and related bank clearing
                accounts. These reconciliations are (A) mathematically accurate;
                (B)
                prepared within 30 calendar days after the bank statement cutoff
                date, or
                such other number of days specified in the transaction agreements;
                (C)
                reviewed and approved by someone other than the person who prepared
                the
                reconciliation; and (D) contain explanations for reconciling items.
                These
                reconciling items are resolved within 90 calendar days of their original
                identification, or such other number of days specified in the transaction
                agreements.

            	
              X

            
	 	
              Investor
                Remittances and Reporting

            	 
	
              1122(d)(3)(i)

            	
              Reports
                to investors, including those to be filed with the Commission, are
                maintained in accordance with the transaction agreements and applicable
                Commission requirements. Specifically, such reports (A) are prepared
                in
                accordance with timeframes and other terms set forth in the transaction
                agreements; (B) provide information calculated in accordance with
                the
                terms specified in the transaction agreements; (C) are filed with
                the
                Commission as required by its rules and regulations; and (D) agree
                with
                investors’ or the trustee’s records as to the total unpaid principal
                balance and number of pool assets serviced by the
                Servicer.

            	 
	
              1122(d)(3)(ii)

            	
              Amounts
                due to investors are allocated and remitted in accordance with timeframes,
                distribution priority and other terms set forth in the transaction
                agreements.

            	 
	
              1122(d)(3)(iii)

            	
              Disbursements
                made to an investor are posted within two business days to the Servicer’s
                investor records, or such other number of days specified in the
                transaction agreements.

            	
              X

            
	
              1122(d)(3)(iv)

            	
              Amounts
                remitted to investors per the investor reports agree with cancelled
                checks, or other form of payment, or custodial bank
                statements.

            	
              X

            
	 	
              Pool
                Asset Administration

            	 
	
              1122(d)(4)(i)

            	
              Collateral
                or security on pool assets is maintained as required by the transaction
                agreements or related pool asset documents.

            	 
	
              1122(d)(4)(ii)

            	
              Pool
                asset and related documents are safeguarded as required by the transaction
                agreements.

            	 
	
              1122(d)(4)(iii)

            	
              Any
                additions, removals or substitutions to the asset pool are made,
                reviewed
                and approved in accordance with any conditions or requirements in
                the
                transaction agreements.

            	 
	
              1122(d)(4)(iv)

            	
              Payments
                on pool assets, including any payoffs, made in accordance with the
                related
                pool asset documents are posted to the Servicer’s obligor records
                maintained no more than two business days after receipt, or such
                other
                number of days specified in the transaction agreements, and allocated
                to
                principal, interest or other items (e.g., escrow) in accordance with
                the
                related pool asset documents.

            	 
	
              1122(d)(4)(v)

            	
              The
                Servicer’s records regarding the pool assets agree with the Servicer’s
                records with respect to an obligor’s unpaid principal
                balance.

            	 
	
              1122(d)(4)(vi)

            	
              Changes
                with respect to the terms or status of an obligor’s pool assets (e.g.,
                loan modifications or re-agings) are made, reviewed and approved
                by
                authorized personnel in accordance with the transaction agreements
                and
                related pool asset documents.

            	 
	
              1122(d)(4)(vii)

            	
              Loss
                mitigation or recovery actions (e.g., forbearance plans, modifications
                and
                deeds in lieu of foreclosure, foreclosures and repossessions, as
                applicable) are initiated, conducted and concluded in accordance
                with the
                timeframes or other requirements established by the transaction
                agreements.

            	 
	
              1122(d)(4)(viii)

            	
              Records
                documenting collection efforts are maintained during the period a
                pool
                asset is delinquent in accordance with the transaction agreements.
                Such
                records are maintained on at least a monthly basis, or such other
                period
                specified in the transaction agreements, and describe the entity’s
                activities in monitoring delinquent pool assets including, for example,
                phone calls, letters and payment rescheduling plans in cases where
                delinquency is deemed temporary (e.g., illness or
                unemployment).

            	 
	
              1122(d)(4)(ix)

            	
              Adjustments
                to interest rates or rates of return for pool assets with variable
                rates
                are computed based on the related pool asset documents.

            	 
	
              1122(d)(4)(x)

            	
              Regarding
                any funds held in trust for an obligor (such as escrow accounts):
                (A) such
                funds are analyzed, in accordance with the obligor’s pool asset documents,
                on at least an annual basis, or such other period specified in the
                transaction agreements; (B) interest on such funds is paid, or credited,
                to obligors in accordance with applicable pool asset documents and
                state
                laws; and (C) such funds are returned to the obligor within 30 calendar
                days of full repayment of the related pool assets, or such other
                number of
                days specified in the transaction agreements.

            	 
	
              1122(d)(4)(xi)

            	
              Payments
                made on behalf of an obligor (such as tax or insurance payments)
                are made
                on or before the related penalty or expiration dates, as indicated
                on the
                appropriate bills or notices for such payments, provided that such
                support
                has been received by the servicer at least 30 calendar days prior
                to these
                dates, or such other number of days specified in the transaction
                agreements.

            	 
	
              1122(d)(4)(xii)

            	
              Any
                late payment penalties in connection with any payment to be made
                on behalf
                of an obligor are paid from the servicer’s funds and not charged to the
                obligor, unless the late payment was due to the obligor’s error or
                omission.

            	 
	
              1122(d)(4)(xiii)

            	
              Disbursements
                made on behalf of an obligor are posted within two business days
                to the
                obligor’s records maintained by the servicer, or such other number of days
                specified in the transaction agreements.

            	 
	
              1122(d)(4)(xiv)

            	
              Delinquencies,
                charge-offs and uncollectible accounts are recognized and recorded
                in
                accordance with the transaction agreements.

            	 
	
              1122(d)(4)(xv)

            	
              Any
                external enhancement or other support, identified in Item 1114(a)(1)
                through (3) or Item 1115 of Regulation AB, is maintained as set forth
                in
                the transaction agreements.<PAGE>

                                                                     EXHIBIT 4.2

                                                                    CONFIDENTIAL

                              CLEARWIRE CORPORATION

                   AMENDED AND RESTATED STOCKHOLDERS AGREEMENT

     This Amended and Restated Stockholders Agreement ("Agreement") is made as
of the 16th day of March, 2004 by and among Clearwire Corporation, a Delaware
corporation (the "Company"), and each stockholder of the Company listed on
Schedule A hereto executing this Agreement (a "Stockholder").

                                    RECITALS

          A. Flux Fixed Wireless, LLC ("FFW") has formed the Company to engage
in strategic acquisitions to assemble spectrum rights and other assets to
develop a competitive wireless broadband services company.

          B. The parties deem it in their respective best interests to provide
for an agreed composition of the Board of Directors, for certain restrictions on
the transfer of any interest in the current or future classes of the capital
stock of the Company (the "Shares"), and for the purchase of Shares upon the
occurrence of certain events, and the parties believe that such restrictions
will minimize the business disruption that could result from transfers and
decisions not made in accordance with this Agreement.

          C. The Company and certain Stockholders entered into that certain
Stockholders Agreement dated as of November 13, 2003 (the "Original Agreement").

          D. Prior to the date hereof, NextNet Wireless, Inc. ("NextNet") has
agreed to have a subsidiary of the Company merge with and into NextNet, and
pursuant to such merger, certain stockholders of NextNet will receive shares of
the Company's Class A Common Stock and warrants to purchase shares of the
Company's Class A Common Stock.

          E. The Stockholders own 100% of the issued and outstanding Shares
(such issued and outstanding Shares, together with any securities of the Company
that Stockholders may later acquire, are referred to collectively as the
"Stock").

          F. The parties desire to amend the Original Agreement as set forth
herein.

          G. Certain capitalized terms used in this Agreement have the
definitions provided in Section 12 hereof.

     THEREFORE, for good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties, intending legally to be bound,
agree as follows:

<PAGE>

                                    AGREEMENT

                              1. PREEMPTIVE RIGHTS

1.01 GRANT OF PREEMPTIVE RIGHTS

     The Company hereby grants to each Eligible Stockholder and each Eligible
NextNet Stockholder the preemptive rights set forth in this Section 1 with
respect to each issuance of Shares, or securities or instruments convertible
into or exchangeable or exercisable for any Shares, of any class of capital
stock of the Company, other than the Stock that is issued and outstanding as of
the date of this Agreement and other than Shares issued or issuable in the
following circumstances (collectively, subject to the following exceptions, "New
Shares"):

     (a) Shares issued pursuant to Section IV, Section 2.(d) of the Certificate;

     (b) Shares (and/or options, warrants or other Share purchase rights, and
the Shares issued pursuant to such options, warrants or other rights) issuable
or issued to employees, consultants, directors, vendors, lessors or others with
whom the Company conducts business, provided that such shares, options, warrants
or other rights are issued directly in a transaction approved by the Board of
Directors of the Company or pursuant to a stock option plan or restricted stock
plan approved by the Board of Directors of the Company and provided further that
each of the foregoing transactions is primarily for non-financing purposes;

     (c) Shares (and/or options, warrants or other Share purchase rights, and
the Shares issued pursuant to such options, warrants or other rights) issued to
financial institutions or lessors in connection with commercial credit
arrangements, equipment financing or similar transactions;

     (d) Shares (and/or options, warrants or other Share purchase rights, and
the Shares issued pursuant to such options, warrants or other rights) issued
pursuant to transactions involving technology licensing, research or development
activities, the use or acquisition of strategic assets, properties or rights, or
the distribution, manufacture or marketing of the Company's products, provided
that each of the foregoing transactions is primarily for non-financing purposes;

     (e) Shares issuable or issued in connection with bona fide acquisitions of
or by the Company whether by merger, consolidation, sale of assets, sale or
exchange of stock or otherwise, the terms of which are approved by the Board of
Directors of the Company;

     (f) Shares (and/or options, warrants or other Share purchase rights, and
the Shares issued pursuant to such options, warrants or other rights) issued or
issuable (i) to the public pursuant to the IPO or (ii) upon exercise of warrants
or rights granted to underwriters in connection with such IPO;

     (g) Shares (and/or options, warrants or other Share purchase rights, and
the Shares issued pursuant to such options, warrants or other rights) issuable
or issued pursuant to agreements and warrants existing on the date hereof that
are listed on Schedule 1.01 to this Agreement;

                                        2

<PAGE>

     (h) Shares issued upon conversion of convertible securities or instruments
outstanding on the date hereof that are issued in compliance with the preemptive
rights set forth in this Section 1; and/or

     (i) Shares issued in connection with any stock split, stock dividend,
reserve stock split or other distribution of shares that does not affect the
economic interests or rights of holders of Shares.

1.02 EXERCISE OF PREEMPTIVE RIGHTS

     Each time after the date of this Agreement and prior to the time that the
Company proposes to offer any New Shares, the Company shall first make an
offering of such New Shares to the Eligible Stockholders and the Eligible
NextNet Stockholders in accordance with this Section 1.02.

     (a) The Company shall deliver a notice (the "Issue Notice") to the Eligible
Stockholders and the Eligible NextNet Stockholders stating (i) the bona fide
intention of the Company to offer such New Shares, (ii) the number of such New
Shares to be offered, and (iii) the price and terms upon which the Company
proposes to offer such New Shares.

     (b) By written notification received by the Company, within 10 business
days after receipt of the Issue Notice, each Eligible Stockholder and each
Eligible NextNet Stockholder may elect to purchase, at the price and on the
terms specified in the Issue Notice, a portion of such New Shares that equals
the proportion that the number of shares of Stock including any options,
warrants or other share purchase rights held by such Stockholder bears to the
total number of shares of Stock of the Company then outstanding, on a fully
diluted basis, but excluding (i) any options, warrants or other rights to
acquire Shares where the fair market value of the Shares issuable on the
exercise of such options, warrants or other rights, as determined in good faith
by the Board of Directors of the Company, is less that the exercise price of
such options, warrants or other rights and (ii) any Shares and options, warrants
or other rights to acquire Shares that are reserved but unallocated pursuant to
any stock plan. Such written notification shall be a binding, irrevocable
commitment to purchase such New Shares.

     (c) If Eligible Stockholders and the Eligible NextNet Stockholders do not
elect to purchase all of the New Shares that Eligible Stockholders and the
Eligible NextNet Stockholders are entitled to purchase under subsection (b), the
Company may offer the unsubscribed portion of such New Shares to any Persons at
a price not less than, and upon terms no more favorable to the offeree, than
those specified in the Issue Notice, provided that the Company completes the
offer and sale of such unsubscribed portion within 120 business days after the
date the applicable Issue Notice is first delivered to stockholders of the
Company.

     (d) Each of HITN and Clearwire may assign its rights under this Section 1
to a Designee; provided, that the Company shall only be obligated to deliver
Issue Notices to HITN and Clearwire. No other Stockholder may assign its rights
under this Section 1 without the consent of the Company which may be withheld at
its sole discretion.

                                        3
<PAGE>

1.03 RECAPITALIZATIONS, REORGANIZATIONS, BANKRUPTCY

     The Company grants to each Eligible Stockholder and each Eligible NextNet
Stockholder a preemptive right to participate on a pro rata basis (calculated
pursuant to Section 1.02(b) above) with any McCaw Entity in any
recapitalization, reorganization, bankruptcy or similar transaction of the
Company effected in such a manner that the preemptive rights granted pursuant to
Section 1.01 do not apply (a "Restructuring"). The Company shall deliver a
notice (the "Restructuring Notice") to the Eligible Stockholders and the
Eligible NextNet Stockholders stating (i) the bona fide intention of the Company
to engage in a Restructuring, (ii) a description of the Restructuring, and (iii)
the price and terms upon which the Eligible Stockholders and Eligible NextNet
Stockholders will be entitled to participate. By written notification received
by the Company, within 10 business days after receipt of the Restructuring
Notice, each Eligible Stockholder and each Eligible NextNet Stockholder may
elect to participate in the Restructuring at the price and on the terms
specified in the Restructuring Notice, which indicates price and terms shall be
identical to those offered to the McCaw Entities. Such written notification
shall be a binding, irrevocable commitment to participate in the Restructuring
on the same terms and conditions as the McCaw Entities.

1.04 TERMINATION OF PREEMPTIVE RIGHTS

     If an Eligible NextNet Stockholder fails to fully exercise its preemptive
rights pursuant to Section 1.01 or Section 1.03 at any time, then such Eligible
NextNet Stockholder shall no longer be entitled to any preemptive rights
pursuant Section 1.01 and Section 1.03 and such rights shall be terminated in
their entirety with respect to such NextNet Stockholder; provided, however, that
such rights shall not terminate in connection with the first opportunity to
exercise the rights granted under Sections 1.01 and 1.03 so long as the Eligible
NextNet Shareholder has purchased at least 50% of the Shares that the Eligible
NextNet Shareholder was entitled to purchase.

                             2. ANTI-DILUTION RIGHTS

2.01 GRANT OF ANTI-DILUTION RIGHTS

     The Company shall not issue and sell or agree to issue and sell New Shares
to a McCaw Entity for consideration per share that is less than the Trigger
Price in effect immediately prior to such issue (each, a "Dilutive Issuance"),
unless the Company concurrently issues to each of HITN, ISA, Clearwire and each
NextNet Stockholder (or their respective Permitted Transferees) for no
consideration a number of New Shares equal to (i) such Stockholder's Adjusted
Shares less (ii) such Stockholder's Original Shares. No fractional Shares shall
be issued pursuant to this Section 2.01. The number of Shares issued shall be
rounded up to the nearest integral number of whole Shares.

     For the purposes of this Section 2.01, for each Dilutive Issuance, the
following terms shall have the following meanings:

     (a) "Adjusted Shares" means, for each of HITN, ISA, Clearwire and each
NextNet Stockholder (or their respective Permitted Transferees), the number
obtained by dividing (x) such Stockholder's Original Shares by (y) the product
of (1) the Trigger Price in effect immediately prior to such issue multiplied by
(2) the Adjustment Ratio.

                                        4

<PAGE>

     (b) "Adjustment Ratio" means the fraction in which (i) the numerator is the
sum of (A) the total number of all shares of capital stock of the Company issued
and outstanding immediately prior to Dilutive Issuance, and (B) the number of
shares that the aggregate consideration received by the Company from the McCaw
Entities in the Dilutive Issuance would purchase at the Trigger Price in effect
immediately prior to such Dilutive Issuance, and (ii) the denominator is the sum
of (C) the total number of all shares of capital stock of the Company issued and
outstanding immediately prior to the Dilutive Issuance and (D) the total number
of all New Shares that the Company issues to the McCaw Entities in the Dilutive
Issuance. For the purposes of this Section 2.01, the total number of all shares
of capital stock of the Company issued and outstanding immediately prior to the
Dilutive Issuance shall be determined on a fully-diluted and as-converted to
Class A Common Stock basis (but excluding any shares and options, warrants or
other rights to acquire shares that are reserved but unallocated pursuant to any
stock plan);

     (c) "Original Shares" means, for each of HITN, ISA, Clearwire and each
NextNet Stockholder (or their respective Permitted Transferees), the total
number of Shares held by HITN, ISA, Clearwire or NextNet Stockholders, as
applicable, on March __, 2004 or hereafter acquired by HITN, ISA or Clearwire,
as applicable, pursuant to an agreement with the Company existing on the date
hereof (other than pursuant to this Agreement), excluding any Shares acquired at
an effective price less than the Trigger Price in effect immediately prior to
the issuance that results in an anti-dilutive adjustment pursuant to this
Section 2.01, and that are held by such Stockholder immediately prior to a
Dilutive Issuance (as adjusted for any stock split, stock dividend, reverse
stock split or other distribution of shares); and

     (d) "Trigger Price" shall initially mean the Original Issue Price. The
Trigger Price shall be proportionately adjusted from time to time for any stock
splits (subdivisions or combinations), stock dividends, recapitalizations or
reorganizations pursuant to which securities of the Company are issued with
respect to a Stockholder's Original Shares.

2.02 AUTOMATIC WAIVER OF ANTI-DILUTION RIGHTS

     If a Stockholder exercises its preemptive rights pursuant to Section 1
hereof with respect to any new financing that would otherwise trigger the rights
under this Section 2, such Stockholder's exercise of its preemptive rights shall
be deemed an automatic waiver of such Stockholder's rights to receive additional
Shares pursuant to Section 2.01.

2.03 TERMINATION OF ANTI-DILUTION RIGHTS

     The rights granted under this Section 2 shall terminate immediately after
the closing of one or more equity financing transactions in which the Company
raises an aggregate of $75,000,000 at a pre-money valuation of at least
$250,000,000 and a value per Share of Common Stock of at least $3.00, as
established in good faith by the Company's Board of Directors.

                     3. ADDITIONAL MCCAW ENTITY INVESTMENTS

     The parties acknowledge and agree that the McCaw Entities shall have the
unfettered right to invest additional funds and property in the Company at any
time and from time to time in

                                        5

<PAGE>

exchange for additional Shares of Class B Common Stock at the higher of (i) the
higher of the Original Issue Price or the Current Price, or (ii) the price
otherwise established for such purpose by agreement between the Company and one
or more of the McCaw Entities or by decision of the Board of Directors from time
to time, subject only to the rights of the other Stockholders under Section 1
hereof. If the price for the additional Shares of Class B Common Stock is less
than the higher of the Original Issue Price or the Current Price, the
transaction shall be fair to the Company and require the approval of the
Disinterested Directors; provided further, that the approval of the
Disinterested Directors shall not be required in the event the purchase of
Shares by a McCaw Entity is pursuant to the exercise of its preemptive rights
pursuant to Section 1 hereof.

                          4. RESTRICTIONS ON TRANSFERS

4.01 DEFINITION OF A TRANSFER

     For purposes of this Agreement the term "Transfer" shall be interpreted
broadly to include, by way of example and without limitation whatsoever, any
direct or indirect sale, assignment, award, confirmation, distribution, bequest,
donation, trust, pledge, encumbrance, hypothecation, or other transfer or
disposition, for consideration or otherwise, whether voluntarily, involuntarily,
by operation of law, or otherwise. In addition, with respect to a Stockholder
that is an entity, the term "Transfer" includes (i) the direct or indirect
transfer of a controlling ownership or voting interest in such Stockholder or in
the ultimate direct or indirect controlling Person (or group of Persons acting
in concert) of such Stockholder, (ii) any transaction such as new issuances of
equity, a merger or other business combination, spin-off or distribution that
would result in a Change in Control of such Stockholder or of the ultimate
direct or indirect controlling Person (or group of Persons) of such Stockholder,
and (iii) any dividend, distribution, or other transfer of Stock from the
Stockholder to any of its owners, in dissolution, liquidation, or otherwise.

4.02 GENERAL RESTRICTIONS

     No Share or any interest therein, whether legal, beneficial or otherwise,
shall be validly Transferred, and no purported transferee shall be recognized as
a Stockholder of the Company for any purpose whatsoever, except in accordance
with the terms of this Agreement. A Transfer or attempt to Transfer subject to
the terms of this Agreement shall be deemed to occur whenever an interest in a
Share is transferred or is attempted to be transferred, whether voluntarily,
involuntarily, by operation of law, or otherwise, whether or not any change in
the record of the ownership of the Shares occurs.

4.03 PERMITTED TRANSFERS

     Except for the purposes of Section 4.04, the definition of the term
"Transfer" shall not include, and the restrictions on Transfers in this
Agreement shall not apply to, any of the following transactions (each, a
"Permitted Transfer"):

     (a) Any issuance of equity securities by the Company or purchase of Shares
by the Company.

                                        6
<PAGE>

     (b) Any transfer by a Stockholder of all, but not less than all, of such
Stockholder's Shares to the spouse or any lineal descendant of such Stockholder,
including adopted children, or to a trust for the exclusive benefit of such
Stockholder or such Stockholder's spouse or lineal descendants (provided, in the
case of a trust, that the existing trustees of such trust have the power to act
with respect to the trust's assets without court approval).

     (c) Any transfer to the estate or personal representative of the estate of
a deceased Stockholder.

     (d) Any transfer by Clearwire to any Qualified Clearwire Stockholder or any
Qualified Transferee, provided, that immediately after giving effect to such
transfer the total number of Clearwire Stockholders (including Clearwire itself)
will not exceed thirty-three (33).

     (e) Any transfer after the fourth anniversary of the date of this
Agreement, by a venture capital fund that is winding down and liquidating to (i)
the partners, members or other equity holders of such fund, (ii) the partners,
members or other equity holders or employees of the managing or controlling
partners, members or other equity holders of such fund and (iii) a trust for the
benefit of any of the foregoing.

     (f) Any transfer of Stock to a McCaw Entity (other than the Company and its
subsidiaries).

     (g) Any transfer by a McCaw Entity to strategic partners, Associates, or
Affiliates of a McCaw Entity.

     (h) Any conversion, exchange, or exercise of convertible, exchangeable, or
exercisable securities, stock options, or warrants if in all cases the holder of
the issued Stock after such conversion or exercise is the same as the holder of
the converted or exercised securities.

     (i) Any pledge of Shares pursuant to a bona fide loan transaction which
creates a mere security interest (with no rights to vote the Shares), provided
that foreclosure of such pledge is not a Permitted Transfer unless it otherwise
complies with this Section 4.03.

     (j) Any transfer in connection with a share exchange, merger,
consolidation, or reorganization of the Company that is approved by the Company
or its stockholders in accordance with the Governing Documents, the DGCL, and
this Agreement.

     (k) Any transfer by a Stockholder to a Qualified Transferee who is
acquiring all, but not less than all, of such Stockholder's Shares with the
prior written consent of the Company, which shall not be unreasonably
conditioned, withheld or delayed.

     (l) Any transfer by a Stockholder with the prior written consent of the
Company, which it may withhold in its sole discretion.

     (m) Any transfer after a Termination Event.

                                        7

<PAGE>

4.04 CONDITIONS PRECEDENT TO ALL TRANSFERS AND PERMITTED TRANSFERS

     No Stockholder shall Transfer any Stock except in compliance with
applicable federal and state securities laws. The Company may, as a condition to
any proposed Transfer pursuant to an exemption from the registration
requirements under applicable federal and state securities laws, require that
the Stockholder proposing to Transfer Stock provide the Company with an opinion
of counsel reasonably satisfactory to the Company stating that the Transfer is
so exempt. No Transfer shall be effective unless such Transfer is made in
accordance with applicable federal and state securities laws and the transferee
has executed and delivered a Joinder in the form attached as Exhibit A, in favor
of the Company and each Stockholder, stating that by acquiring such Stock, the
transferee has agreed to all terms and conditions of this Agreement as if such
transferee were an original party hereto.

                        5. MCCAW ENTITY PURCHASE RIGHTS

5.01 RIGHT OF FIRST REFUSAL

     With respect to any Transfer, or agreement to engage in a Transfer, prior
to the earlier of (i) January 1, 2009 or (ii) a Termination Event, the McCaw
Entities shall have, and each other Stockholder hereby irrevocably grants to the
McCaw Entities, the rights (the "Right of First Refusal") described in this
Section 5.01.

     (a) A Stockholder (other than a McCaw Entity) (the "Selling Stockholder")
that desires to Transfer its Stock in compliance with this Section 5.01 must
first receive a bona fide, written, binding offer and commitment ("Offer") for
the acquisition of any or all of the Transferor's Shares from a Qualified
Transferee (other than an Affiliate or an Associate of the Selling Stockholder),
that is capable of consummating the proposed acquisition on the terms of the
Offer, conditioned only on the exercise of Stockholder rights under this
Agreement and satisfaction of customary closing conditions. Upon receipt and
acceptance of an Offer, the Selling Stockholder shall give written notice (the
"ROFR Notice") to FFW stating that the Selling Stockholder intends to Transfer
Stock. The ROFR Notice shall identify the Qualified Transferee, specify the type
and number of shares of Stock to be Transferred to the Qualified Transferee (the
"ROFR Shares"), specify the per share price (in cash or other consideration)
(the "Sale Price") that the Qualified Transferee has agreed to pay for the ROFR
Shares, and enclose an accurate summary of all terms and conditions of the
proposed transfer.

     (b) The ROFR Notice shall constitute the Selling Stockholder's binding
offer to sell the ROFR Shares to the McCaw Entities on the terms set forth in
the ROFR Notice and this Agreement. The McCaw Entities, or any of them, shall
have 10 business days after delivery of the ROFR Notice (subject to any required
regulatory approvals, provided that the appropriate McCaw Entity is using
commercially reasonable efforts to satisfy such regulatory condition as soon as
reasonably practicable) (the "ROFR Exercise Period") to exercise its right to
purchase all, but not less than all of, the ROFR Shares at the Sale Price and
upon the other terms and conditions set forth in the ROFR Notice by written
notice to the Selling Stockholder within the ROFR Exercise Period.

                                        8

<PAGE>

     (c) Failure to deliver such a notice within the ROFR Exercise Period shall
constitute waiver of the Right of First Refusal with respect to the ROFR Shares,
and the Selling Stockholder shall have ninety (90) business days thereafter to
complete the transfer of the ROFR Shares to the Qualified Transferee pursuant to
the Offer; otherwise, the ROFR Shares shall thereupon be again subject to the
right of first refusal described in this Section 5.01 before any transfer can be
made.

     (d) Delivery of a notice exercising the Right of First Refusal shall create
a binding contract between the applicable McCaw Entities and the Selling
Stockholder for the purchase and sale of the ROFR Shares at the Sale Price and
on the terms and conditions in the Offer and this Section 5.01. In that event,
the McCaw Entities exercising the right of first refusal shall deliver the Sale
Price for the ROFR Shares, in immediately available funds, to the Selling
Stockholder to effectuate the Transfer of the ROFR Shares within five business
days after the end of the ROFR Exercise Period or the satisfaction of the
conditions to closing contained in the ROFR Notice provided that the appropriate
McCaw Entity is using commercially reasonable efforts to cause such condition to
be satisfied as soon as reasonably practicable. The Selling Stockholder shall
effectuate the Transfer of the ROFR Shares by promptly delivering to the
applicable McCaw Entities one or more certificates, properly endorsed for
transfer, that represent the ROFR Shares, together with stock powers and such
other closing documentation at the applicable McCaw Entities may reasonably
request.

     (e) A Transfer to one of the McCaw Entities or a Qualified Transferee in
accordance with this Section 5.01 is not subject to Section 4.02 or Section 7.

5.02 RIGHT OF FIRST OFFER

     At any time prior to the earlier of (i) January 1, 2009 or (ii) a
Termination Event, when the McCaw Entities do not have the Right of First
Refusal (other than with respect to a Permitted Transfer), the McCaw Entities
shall have, and each Stockholder hereby irrevocably grants to the McCaw
Entities, the rights (the "Right of First Offer") described in this Section
5.02:

     (a) A Selling Stockholder that desires to Transfer its Stock in compliance
with this Section 5.02 must first give written notice (the "ROFO Notice") to FFW
stating that the Selling Stockholder intends to Transfer Stock. The ROFO Notice
shall identify the Qualified Transferee, if known, and specify the type and
number of shares of Stock to be Transferred (the "ROFO Shares") and specify the
proposed Sale Price.

     (b) The ROFO Notice shall constitute the Selling Stockholder's binding
offer to sell the ROFO Shares to the McCaw Entities on the terms set forth in
the ROFO Notice and this Agreement. The McCaw Entities, or any of them, shall
have 10 business days after delivery of the ROFO Notice (subject to any required
regulatory approvals, provided that the appropriate McCaw Entity is using
commercially reasonable efforts to satisfy such regulatory condition as soon as
reasonably practicable) (the "ROFO Exercise Period") to exercise its right to
purchase all, but not less than all of, the ROFO Shares at the Sale Price and
upon the other terms and conditions set forth in the ROFO Notice by written
notice to the Selling Stockholder within the ROFO Exercise Period.

                                        9

<PAGE>

     (c) Failure to deliver such a notice within the ROFO Exercise Period shall
constitute waiver of the Right of First Offer with respect to the ROFO Shares,
and the Selling Stockholder shall have ninety (90) calendar days thereafter to
complete the transfer of the ROFO Shares to a Qualified Transferee at a price no
lower than the Sale Price and the other terms set forth in the ROFO Notice, or
other terms that taken as a whole are no less favorable to the Selling
Stockholder; otherwise, the ROFO Shares shall thereupon be again subject to the
Right of First Offer described in this Section 5.02 before any transfer can be
made.

     (d) Delivery of a notice exercising the Right of First Offer shall create a
binding contract between the applicable McCaw Entities and the Selling
Stockholder for the purchase and sale of the ROFO Shares at the Sale Price and
on the terms and conditions in the ROFO Notice and this Section 5.02. In that
event, the McCaw Entities exercising the Right of First Offer shall deliver the
Sale Price for the ROFO Shares, in immediately available funds, to the Selling
Stockholder to effectuate the Transfer of the ROFO Shares within five business
days after the end of the ROFO Exercise Period or the satisfaction of the
conditions to closing contained in the ROFO Notice provided that the appropriate
McCaw Entity is using commercially reasonable efforts to cause such condition to
be satisfied as soon as reasonably practicable. The Selling Stockholder shall
effectuate the Transfer of the ROFO Shares by promptly delivering to the
applicable McCaw Entities one or more certificates, properly endorsed for
transfer, that represent the ROFO Shares, together with stock powers and such
other closing documentation at the applicable McCaw Entities may reasonably
request.

     (e) A Transfer in accordance with this Section 5.02 is not subject to
Section 4.02 or Section 7.

                6. PARTICIPATION IN TRANSFERS BY MCCAW ENTITIES

6.01 DRAG/TAG NOTICE

     In the event ("Participation Trigger") any one or more McCaw Entities (the
"Selling McCaw Entities") commits to a Transfer of 25% or more of all Stock then
held by all McCaw Entities in a bona fide arm's-length transaction, or a series
of related bona fide arm's length transactions, with a Person that is not an
Affiliate of the McCaw Entities, then before consummating the sale, the Selling
McCaw Entities shall give written notice (the "Drag/Tag Notice") to all other
Stockholders informing them of the material terms of the Transfer, including the
identity of the potential purchaser, the type and number of shares of Stock to
be transferred to the potential purchaser (the "Drag/Tag Shares"), the weighted
average price per share to be paid by the potential purchaser to any selling
McCaw Entities (the "Drag/Tag Price"), and the transfer date.

6.02 EXERCISE OF DRAG ALONG RIGHT

     (a) The Selling McCaw Entities shall have the right (subject to the
regulatory approvals), exercisable upon written notice to the other Stockholders
within 10 business days after the delivery of the Drag/Tag Notice, to require
all other Stockholders to Transfer their Drag Along Pro Rata Share (as defined
herein) concurrently with the Transfer by the Selling McCaw Entities at the
Drag/Tag Price and on the same terms and conditions as those received by the

                                       10

<PAGE>

Selling McCaw Entities (the "Drag Along Right"). The Selling McCaw Entities
shall specify in the Drag/Tag Notice the number of shares to be sold by each
Stockholder, which shall equal the product of the Stockholder's Percentage times
the number of Drag/Tag Shares (the "Drag Along Pro Rata Share").

     (b) Notwithstanding Section 6.01 and subparagraph (a) of this Section 6.02,
with respect to any Shares held by HITN, the Selling McCaw Entities may only
exercise the Drag Along Right if such Selling McCaw Entity commits to a Transfer
of 51% or more of all Stock then held by all McCaw Entities in a bona fide
arm's-length transaction with a Person that is not an Affiliate of the McCaw
Entities unless the Drag/Tag Price equals 2 times the Original Issue Price.

6.03 EXERCISE OF TAG-ALONG RIGHT

     If, upon the occurrence of a Participation Trigger, none of the Selling
McCaw Entities invoke their Drag Along Rights pursuant to Section 6.02, then
before consummating the sale, each Stockholder shall have the right (subject to
the regulatory approvals) ("Tag Along Right"), exercisable upon written notice
to the Selling McCaw Entities within 10 business days after the delivery of the
Drag/Tag Notice, to participate in the Selling McCaw Entities' Transfer of
Drag/Tag Shares. Such written notice shall constitute the Stockholder's election
to cause the transferee to purchase, at the Drag/Tag Price and on the terms and
conditions as those received by the Selling McCaw Entities, a portion of the
Stockholder's Stock equal the product of the Stockholder's Percentage times the
number of Drag/Tag Shares.

6.04 DELIVERY OF SHARES; CLOSING

     At least three days prior to the transfer date (provided that the other
Stockholders shall have received at least 10 business days' advance notice of
the transfer date), all selling Stockholders shall deliver to the Company the
certificates evidencing their respective Stock to be sold under this Section
5.02, duly endorsed for transfer to the potential purchaser. On the transfer
date and provided that the McCaw Entities consummate the Transfer of their pro
rata share of the Drag/Tag Shares to the potential purchaser at the Drag/Tag
Price and on the same terms and conditions, then the Company shall deliver the
certificates evidencing all Drag/Tag Shares held by the Stockholders to the
purchaser against payment of the Drag/Tag Price for such Stock, and the Company
shall promptly remit such payment to the Stockholders in the respective amounts
due them without reduction or adjustment of any kind except as may be required
by law.

6.05 INAPPLICABILITY OF TRANSFER RESTRICTIONS

     A Transfer in accordance with this Section 6 is not subject to Section 4.02
or 7.

6.06 REMEDIES

     Each Stockholder hereby consents to every sale pursuant to this Section 6,
and hereby agrees to sell its Stock on the terms and conditions approved by the
McCaw Entities. All Stockholders shall take all necessary actions approved by
the McCaw Entities in connection with the consummation of the sale, so long as
all such actions are equally applicable to the McCaw

                                       11

<PAGE>

Entities, including the execution of such agreements and such instruments and
other actions reasonably necessary (a) to the extent required by the potential
purchaser, to make, severally but not jointly, the same customary
representations, warranties, indemnities, covenants, conditions, escrow
agreements, and other agreements relating to such sale and (b) to effectuate the
allocation and distribution of the aggregate consideration upon the sale as set
forth in this Section 5.02.

     In the event a Stockholder fails to comply with the requirements of this
Section 5.02, the McCaw Entities and the Company shall have, in addition to
whatever other rights they may have in law or in equity, such call rights
against such Stockholder as shall be necessary and appropriate to effect the
intent of this Section 6, and the Stockholders agree to be bound by such call
rights.

            7. OTHER EVENTS CONSTITUTING AN OFFER TO PURCHASE SHARES

7.01 REPURCHASE EVENTS

     Except for Permitted Transfers and Transfers pursuant to Section 5 or 6 (as
to Right of First Refusal, Drag-Along Rights, and Tag-Along Rights), any one or
more of the following events or conditions with respect to a Stockholder shall
be deemed to constitute a "Repurchase Event" with respect to such Stockholder's
Shares:

     (a) The filing of a petition in bankruptcy by or against a Stockholder or
any general assignment by a Stockholder for the benefit of such Stockholder's
creditors;

     (b) The dissolution or commencement of liquidation of a Stockholder that is
an entity, except for a Transfer in accordance with Section 4.03(d) or 4.03(k);

     (c) The Change of Control of a Stockholder that is an entity without the
prior written consent of the Company, which such consent shall not be
unreasonably withheld or delayed; or

     (d) Any Transfer, or any other event which, were it not for the provisions
of this Agreement, would cause any such Shares or any interest therein to be
transferred, in violation of Section 4 of this Agreement.

7.02 OFFER NOTICE

     Within 30 days after the occurrence of a Repurchase Event, the Stockholder
or the Stockholder's trustee in bankruptcy, personal representative, guardian,
executor, or administrator, as appropriate (for purposes of this Section 7, the
"Transferor") shall give notice (for purposes of this Section 7, the "Offer
Notice") to FFW of such Repurchase Event, specifying the date of the Repurchase
Event and describing in reasonable detail the nature of the Repurchase Event and
the number of Shares affected (the "Offered Shares"). The Offer Notice shall
state that the price per share is the lower of the Original Issue Price or the
Current Price. If FFW has not received this notice upon the expiration of the
30-day period, any Stockholder, director, or officer of the Company who has
knowledge of the Repurchase Event may give such notice (with a copy of the same
to the Transferor) at any time after the end of such period, and such notice
shall be deemed to be the Offer Notice.

                                       12
<PAGE>

7.03 PURCHASE OF SHARES

     Upon the occurrence of any Repurchase Event, the Company shall have the
right to purchase the Offered Shares for the price and on the terms described in
this Section 7. Each purchase of Shares pursuant to this Section 7 shall be made
in accordance with the following terms and conditions:

     (a) Within 15 business days after receipt of the Offer Notice (the "Offer
Period"), the Company shall have the right to purchase all or part of the
Offered Shares shall deliver to the Secretary notice of its acceptance of the
offer (the "Acceptance Notice") specifying the number of Offered Shares that the
Company agrees to purchase. Delivery of an Acceptance Notice to the Secretary
shall create a binding contract between the Company and the Transferor for the
purchase and sale of the Offered Shares.

     (b) If the Company does not exercise their right to purchase all of the
Offered Shares as provided above, the McCaw Entities shall have the right to
purchase any remaining Offered Shares (the "Remaining Offered Shares") by giving
an Acceptance Notice to the Secretary during the Offer Period stating the number
of Remaining Offered Shares that each such McCaw Entity agrees to purchase.
Delivery of an Acceptance Notice to the Secretary shall create a binding
contract between each such McCaw Entity and the Transferor for the purchase and
sale of the Offered Shares. Notwithstanding the foregoing, the McCaw Entities
may not exercise the purchase right granted under this Section 7.03(b) unless a
majority of the Disinterested Directors have approved the Company's
determination not to exercise its right to purchase all of the Offered Shares.

7.04 PAYMENT FOR THE SHARES

     Each purchaser of Offered Shares shall pay the price for its respective
Offered Shares by making a payment of 25% thereof at closing and by paying the
balance in three equal annual installments, together with interest on the unpaid
balance from at a per annum rate equal to the prime rate last reported by Bank
of America National Association prior to closing, plus 1%. The first installment
of principal and interest shall be paid on the 15th day of the month following
closing. Interest shall accrue on the unpaid balance commencing on the closing
date. The unpaid balance may be prepaid in whole or in part at any time without
penalty, and may be accelerated in the event of failure to pay any installment
when due, in which case reasonable attorney's fees and costs may also be
recovered if any legal action for collection is commenced. The other terms and
conditions and procedures for transferring Offered Shares shall be determined in
accordance with Section 5.01(d).

                          8. BOARD PARTICIPATION RIGHTS

8.01 SIZE OF THE BOARD OF DIRECTORS

     The authorized number of directors on the Company's Board of Directors
shall be not less than five and not more than eleven; provided, however, that
such number may be increased or decreased by vote of the Board.

                                       13

<PAGE>

8.02 SELECTION OF DIRECTORS

     (a) In any election of directors of the Company, each Stockholder shall
vote such number of shares of Stock as may be necessary to elect as a director
one individual nominated by the HITN (the "HITN Director"), but only if the HITN
owns, in the aggregate, Stock representing at least 5% of the Voting Shares of
the Company, it being understood that the initial HITN Director shall be Jose
Luis Rodriguez.

     (b) In any election of directors of the Company, each Stockholder shall
vote such number of shares of Stock as may be necessary to elect as a director
one individual nominated by the Clearwire Stockholders (the "Clearwire
Director"), but only if the Clearwire Stockholders own, in the aggregate, Stock
representing at least 10% of the Voting Shares of the Company, it being
understood that the initial Clearwire Director shall be a person to be
determined by Clearwire in the future.

     (c) Any director of the Company may be removed from the Board of the
Directors in the manner allowed by law and the Company's Bylaws, but with
respect to a director designated pursuant to this Section 8.02, only upon the
vote or written consent of the Stockholders entitled to designate such director.
Any vacancies on the Board of Directors shall be filled in accordance with this
Section 8.02.

8.03 IMPLEMENTATION

     (a) Each Stockholder will vote its Shares (at any meeting of stockholders
or in any consent in lieu of a meeting), and shall take all other actions
necessary, to give effect to the provisions of this Section 8 and to cause the
Governing Documents not to conflict with the provisions of this Agreement.

     (b) If any Stockholder fails to vote the Stockholder's Shares in accordance
with the voting agreement contained in this Section 8, any votes contrary to the
terms of this Section 8 shall be null and void. Each Stockholder hereby makes
and constitutes the Secretary of the Company as his true and lawful agent and
attorney-in-fact, with full power of substitution, in his name, place, and stead
to vote as his proxy, each Share owned by such Stockholder for such nominees as
the other Stockholders select consistent with the terms of the voting agreement
contained in this Section 8. The foregoing power of attorney is coupled with an
interest and shall be irrevocable, shall survive the death or incapacity of each
Stockholder, and shall be binding on his estate, heirs, beneficiaries,
successors, and assigns.

     (c) In addition to any other rights and remedies, each Stockholder (or its
personal representative, assignee, or successor) is entitled to enforce the
terms of this Section 8 by suit to enjoin a Stockholder from voting its Shares
in contravention of the terms of this Section 8.

8.04 OBSERVER RIGHTS

     (a) If HITN owns Stock representing less than 5% of the Voting Shares of
the Company and no longer has a right to nominate the HITN Director pursuant to
Section 8.02(a) above, the Company shall permit one representative of HITN to
attend the meetings of the Company's Board of Directors in a non-voting observer
capacity, and such observer shall receive

                                       14

<PAGE>

such package of documents as are provided to all of the directors, including,
but not limited to the financial information described in Section 9.01 hereof.

     (b) If the Clearwire Stockholders own, in the aggregate, Stock representing
less than 10% of the Voting Shares of the Company and no longer have a right to
nominate the Clearwire Director pursuant to Section 8.02(b) above, the Company
shall permit one representative of the Clearwire Stockholders to attend the
meetings of the Company's Board of Directors in a non-voting observer capacity,
and such observer shall receive such package of documents as are provided to all
of the directors, including, but not limited to the financial information
described in Section 9.01 hereof.

     (c) If the Globespan Entities do not have a representative on the Company's
Board of Directors, and as long as the Globespan Entities hold, in the
aggregate, at least 66 2/3% of the aggregate Shares (i) acquired by them
pursuant to the NextNet Merger (excluding any transfers pursuant to Section 6.02
hereof) and (ii) resulting from the exercise by them of warrants issued to them
in connection with the NextNet Merger (in each case, as adjusted for stock
dividends, stock splits, reverse stock splits or other distributions of shares
made upon or in exchange for the Shares), the Company shall permit one
representative of the Globespan Entities to attend the meetings of the Company's
Board of Directors in a non-voting observer capacity, and such observer shall
receive such package of documents as are provided to all of the directors,
including, but not limited to the financial information described in Section
9.01 hereof. The initial representative of the Globespan Entities shall be Barry
Schiffman. Any successor representative shall be approved by FFW, which approval
shall not be unreasonably withheld.

     (d) Each of HITN, the Clearwire Stockholders and the Globespan Entities
agree, that with respect to their respective rights in this Section 8.04, if, in
the Board of Directors' good faith judgment, such Stockholder has a competitive
conflict of interest with respect to the issue to be discussed, such exclusion
is reasonably necessary to protect highly confidential proprietary information
of the Company, the presence of Stockholder's representative would jeopardize
the Company's attorney-client privilege or for other similar reasons, (i) its
representative may be excluded from certain confidential "closed sessions" of
the Board of Directors or any portions of a Board of Directors' meeting, and/or
(ii) the Company shall not be obligated to provide the representatives with
documents related to such matters. For purposes of this subparagraph (d), the
fact that a Stockholder is a reseller of the Company's services or a lessor of
spectrum to the Company shall not deem, by itself, such Stockholder to have a
competitive interest. Each representative shall agree to hold in confidence and
trust and to act in a fiduciary manner with respect to all information provided
or acquired by such representative pursuant to this Section 8.04.

                   9. INFORMATION RIGHTS; ADDITIONAL COVENANTS

9.01 DELIVERY OF FINANCIAL STATEMENTS

     At any time that the Company is not subject to the reporting requirements
of the 1934 Act, the Company shall deliver to each Stockholder (other than the
NextNet Stockholders) and each Eligible NextNet Stockholder that owns at least
0.25% of the Voting Shares of the Company:

                                       15

<PAGE>

     (a) as soon as practicable, but in any event within 120 days after the end
of the fiscal year of the Company, subject to delivery to the Company by its
accountants, a consolidated balance sheet and statement of stockholders' equity
as of the end of such year and a consolidated statement of operations and
statement of cash flows for such year, such year-end financial statements to be
in reasonable detail, prepared in accordance with generally accepted accounting
principles, and audited and certified by independent public accountants selected
by the Company; and

     (b) as soon as practicable, but in any event within 90 days after the end
of each of the first three quarters of each fiscal year of the Company, a
consolidated balance sheet and statement of stockholders' equity as of the end
of such fiscal quarter and a consolidated statement of operations and statement
of cash flows for such fiscal quarter, in reasonable detail.

9.02 INSPECTION

     Until the Company is subject to the reporting requirements of the 1934 Act,
the Company shall permit each Stockholder (other than the NextNet Stockholders)
and each Eligible NextNet Stockholder that owns at least 0.25% of the Voting
Shares of the Company, at such Stockholder's expense, to visit and inspect the
properties of the Company, to examine its books of account and records and to
discuss its affairs, finances and accounts with its officers, all at such
reasonable times as may be requested by the Stockholder; provided, however, that
(i) the Company shall not be obligated pursuant to this Section 9.02 to provide
access to any information it reasonably considers to be a trade secret or
similar confidential information; (ii) prior to any disclosure under this
Section 9.02, the Company may require that the Stockholder agree in writing to
such confidentiality provisions as any of such entities may reasonably request
and (iii) disclosure of or access to information pursuant to this Section 9.02
shall not violate any applicable law. Nothing in this Section 9.02 shall limit
the statutory rights of a director or stockholder to inspection of the entity's
properties, books, and records.

9.03 FFW COVENANTS

     (a) Until the termination of this Agreement pursuant to Section 11 hereof,
FFW hereby covenants and agrees, for itself and the McCaw Entities, that the
Company and its subsidiaries shall be FFW's and the McCaw Entities' sole entity
through which Craig O. McCaw or any McCaw Entity acquires the right to own or
lease MDS, MMDS or ITFS spectrum in the United States for the purpose of
providing wireless point-to-multipoint fixed communications services; provided,
however, that for purposes of this Section 9.03(a), "McCaw Entities" shall only
refer to Craig O. McCaw and those entities in which Craig O. McCaw owns,
directly or indirectly, securities constituting 51% or more of the voting power
of such entity.

     (b) Until the termination of this Agreement pursuant to Section 11 hereof,
FFW hereby covenants and agrees, for itself and the McCaw Entities, neither FFW
nor any McCaw Entity shall vote to amend or modify the definition of
"Disinterested Director Approval" in the Certificate without (i) HITN's consent
so long as HITN is a Stockholder of the Company; and (ii) the approval of
Eligible NextNet Stockholders holding a majority of the aggregate Shares (as
adjusted for stock dividends, stock splits, reverse stock splits, or other
distributions of shares made upon or in exchange for the Shares) acquired by
them pursuant to the NextNet Merger,

                                       16

<PAGE>

provided that the Eligible NextNet Stockholders continue to hold at the time of
such approval at least 66 2/3% of such Shares.

                        10. LEGEND ON STOCK CERTIFICATES

     Each certificate representing Shares shall be endorsed with substantially
the following legend:

     THIS CERTIFICATE AND THE SHARES REPRESENTED HEREBY MAY NOT BE SOLD,
     ASSIGNED, TRANSFERRED, ENCUMBERED, OR IN ANY MANNER DISPOSED OF EXCEPT IN
     CONFORMITY WITH THE TERMS OF A WRITTEN STOCKHOLDERS AGREEMENT AMONG
     CLEARWIRE CORPORATION AND THE REGISTERED HOLDER OF THE SHARES (OR THE
     PREDECESSOR IN INTEREST TO THE SHARES). SUCH AGREEMENT CONTAINS CERTAIN
     RIGHTS AND OBLIGATIONS REGARDING CORPORATE GOVERNANCE AND REGARDING THE
     VOTING, SALE, ASSIGNMENT, TRANSFER, ENCUMBRANCE OR OTHER DISPOSITION OF
     SUCH CORPORATIONS' SHARES. THE CORPORATION WILL UPON WRITTEN REQUEST
     FURNISH A COPY OF SUCH AGREEMENT TO THE HOLDER HEREOF WITHOUT CHARGE.

     The legend provided by this Section 10 may be removed upon termination of
this Agreement in accordance with the provisions of Section 11. Notwithstanding
any termination of this Agreement, each Stockholder acknowledges that Shares may
not be transferred absent compliance with applicable federal, state, and foreign
securities laws.

                          11. TERMINATION OF AGREEMENT

     The restrictions, rights, and obligations in Sections 1 through 10 hereof
shall terminate upon the earlier of (a) the closing of an IPO or a transaction
in which all of the shares of the Company's Class A Common Stock are exchanged
for unrestricted securities that are listed on a recognized securities exchange
or NASDAQ National Market, (b) a Change of Control of the Company and (c) the
winding up of the Company's business. This Agreement may be terminated in its
entirety upon the written consent of all Stockholders, unless sooner terminated
in accordance with the preceding sentence.

                       12. DEFINITIONS AND INTERPRETATION

12.01 DEFINITIONS

     Whenever used in the Agreement and the Exhibits and Schedules hereto, the
following terms shall have the respective meanings set forth in this Section
12.01. Capitalized terms used but not defined herein have the meanings given in
the Certificate.

     "1934 Act" means the Securities and Exchange Act of 1934, as amended.

     "Act" means the Securities Act of 1933, as amended.

                                       17

<PAGE>

     "Affiliate" means a Person that directly, or indirectly through one or more
intermediaries, controls, is controlled by, or is under common control with the
Person specified. For purposes of this definition, an entity shall be deemed to
be controlled by a stockholder if (and only for so long as) (i) such stockholder
has the right to vote by ownership, proxy or otherwise securities constituting
5% or more of the voting power of such entity if such entity has equity
securities registered and files reports under the 1934 Act or otherwise (if not
reporting) securities constituting 10% or more of the voting power or economic
interests of such entity; (ii) such stockholder possesses, directly or
indirectly, the power to direct or cause the direction of the management and
policies of such entity, whether through the ownership of voting securities,
membership on the board or other governing entity, by contract or otherwise; or
(iii) with respect to a charitable trust, foundation or nonprofit corporation,
such stockholder is the sole trustee or director or has the power to appoint 20%
of the trustees or directors thereof, or otherwise has a strong and continuing
relationship as founder or substantial donor.

     "Associate" means (i) any corporation or organization of which such Person
is an officer or partner or is, directly or indirectly, the beneficial owner of
10% or more of any class of equity securities, (ii) any trust or other estate in
which such Person has a substantial beneficial interest or as to which such
Person serves as trustee or in a similar fiduciary capacity and (iii) any
relative or spouse of such Person or any relative of such spouse, who has the
same home as such Person.

     "Certificate" means the certificate of incorporation of the Company, as
amended from time to time.

     "Change of Control" with respect to any entity means (i) a transfer of all
or substantially the assets of that entity or (ii) the transfer by the
stockholders, partners or members that own the entity, by means of a merger,
consolidation, reorganization, recapitalization or otherwise, of more than 50%
of the voting power of or economic interests in that entity.

     "Clearwire" means Clearwire Holdings, Inc., a Delaware corporation.

     "Clearwire Stockholders" means Clearwire, its Permitted Transferees
(including but not limited to any Qualified Clearwire Stockholders and Qualified
Transferees of Clearwire), and its Designee.

     "Current Price" means (a) the price per Share applicable in the most recent
or contemporaneous third-party transaction in which the Company issued Shares
for cash consideration, or (b) if such third-party transaction was consummated
more than 120 days prior to the date of determination, then the price per Share
shall be the fair market value established in good faith by a majority of the
Disinterested Directors, provided, however, if a McCaw Entity disagrees or
disputes with the determination of "Current Price" pursuant to clause (b) above,
then the McCaw Entity may retain an independent firm reasonably acceptable to a
majority of the Disinterested Directors that has substantial experience in
valuing communications industry businesses and that has not provided any
financial advisory services to any McCaw Entity within the last 24 months to
determine the Current Price which determination shall be binding on the Company
and the McCaw Entity.

                                       18

<PAGE>

     "DGCL" means the General Corporation Law of the State of Delaware, as
amended.

     "Designee" means one Person that meets all of the following criteria: (a)
the Person is an "accredited investor" as defined under Regulation D of the Act,
(b) the Person is not a competitor of the Company, as reasonably determined by
the Board of Directors of the Company, (c) prior to the issuance of any Stock,
the Person executes and delivers a Joinder in the form of attached as Exhibit A,
in favor of the Company and each Stockholder, stating that by acquiring such
Stock, the Designee has agreed to all terms and conditions of this Agreement,
(d) the Board of Directors of the Company has not reasonably and in good faith
concluded that providing such Person any information to which a Stockholder is
entitled is likely to threaten the proprietary nature of such information or the
Company's business objectives or competitive positioning, and (e) with respect
to the Designee of Clearwire only, immediately after giving effect to the
purchase of shares by the Designee the total number of Clearwire Stockholders
(including Clearwire and the Designee) will not exceed thirty-three (33). For
purposes of this definition, the fact that a Stockholder is a reseller of the
Company's services or a lessor of spectrum to the Company shall not deem, by
itself, the provision of information to such Stockholder a likely threat to the
competitive positioning of the Company.

     "Disinterested Directors" has the meaning as set forth in the Certificate.

     "Eligible NextNet Stockholder" means each NextNet Stockholder and each
Stockholder who acquires Shares from a NextNet Stockholder pursuant to Section
4.03 hereof who is (a) an "accredited investor" as defined under Regulation D of
the Act, (b) holds, at the time of determination, at least 66 2/3% of the
aggregate Shares (as adjusted for stock dividends, stock splits, reverse stock
splits, or other distributions of shares made upon or in exchange for the
Shares) such NextNet Stockholder acquired pursuant to the NextNet Merger
(excluding any transfers pursuant to Section 6.02 hereof) and (c) holds, at the
time of determination, at least 66 2/3% of the Shares resulting from the
exercise of warrants issued to such NextNet Stockholder in connection with the
NextNet Merger.

     "Eligible Stockholder" means each Stockholder holding at least 1% of the
outstanding capital stock of the Company, on a fully diluted basis.

     "FFW" has the meaning in Recital A and includes any of its successors or
assigns.

     "Globespan" means Globespan Capital Management.

     "Globespan Entities" means the following NextNet Stockholders who are
controlled or managed by or Affiliated with Globespan: JAFCO America Technology
Fund III, LP, JAFCO America Technology Cayman Fund III, LP, JAFCO USIT Fund III,
LP, and JAFCO America Technology Affiliates Fund III, LP.

     "Governing Documents" means the certificate of incorporation and by-laws of
this Company.

     "HITN" means Hispanic Information and Telecommunications Network, Inc.

     "ISA" means ITFS Spectrum Advisors, LLC.

                                       19

<PAGE>

     "IPO" means the consummation of an underwritten public offering registered
under the Act, or an equivalent law under the laws of any other nation or
commonwealth, of at least $35 million in equity securities of the Company.

     "McCaw Entity" means FFW, Craig O. McCaw, or any of their respective
Affiliates.

     "NextNet Merger" means that certain merger of NextNet with and into a
subsidiary of the Company effective as of March __, 2004.

     "NextNet Stockholder" means a Stockholder who acquired Shares pursuant to
the NextNet Merger or pursuant to the exercise of warrants issued in connection
with the NextNet Merger.

     "Original Issue Price" means $1.00 per share of common stock (of any
class), subject to adjustment for any stock dividend, stock split, reverse stock
split, or other distribution of shares.

     "Percentage" of a Stockholder means the fraction in which the numerator
equals the total number of Shares held beneficially by such Stockholder and the
denominator equals the total number of issued and outstanding Shares, all
determined on a fully diluted basis (but excluding any shares and options,
warrants or other rights to acquire shares that are reserved but unallocated
pursuant to any stock plan).

     "Permitted Transferee" means a Person who becomes a Stockholder as a result
of a Permitted Transfer in accordance with Section 4.03 hereof.

     "Person" means any individual, corporation, partnership, company, trust or
other entity.

     "Qualified Clearwire Stockholder" means a Person that meets all of the
following requirements: (a) the Person is a stockholder of Clearwire, (b) the
Person is an "accredited investor" as defined under Regulation D of the Act, (c)
the Person is not a competitor of the Company, as reasonably determined by FFW,
(d) FFW has not reasonably and in good faith concluded that providing such
Person any information to which a Stockholder is entitled is likely to threaten
the proprietary nature of such information or the Company's business objectives
or competitive positioning, and (e) immediately after giving effect to the
Transfer of shares to such Person the total number of Clearwire Stockholders
will not exceed thirty-three (33). Notwithstanding the foregoing, in the event
that a stockholder of Clearwire fails to qualify as a Qualified Clearwire
Stockholder as a result of subsection (c) or (d) above, then a Qualified
Clearwire Stockholder may include a Person substituted for such disqualified
stockholder of Clearwire who would qualify as a Qualified Clearwire Stockholder
if not for the requirement set forth in (a) above.

     "Exchange Act" means the Securities Exchange Act of 1934, as amended, or
any successor law.

     "Qualified Transferee" means a Person that meets all of the following
requirements: (a) the Person is an "accredited investor" as defined under
Regulation D of the Act, (b) the Person is not a competitor of the Company, as
reasonably determined by the Board of Directors of the Company, (c) the Board of
Directors of the Company has not reasonably and in good faith

                                       20

<PAGE>

concluded that providing such Person any information to which a Stockholder is
entitled is likely to threaten the proprietary nature of such information or the
Company's business objectives or competitive positioning, and (d) with respect
to any Person who is a proposed transferee of Clearwire only, immediately after
giving effect to the Transfer of shares to such Person (i) the total number of
Qualified Transferees to which Clearwire has transferred Shares under Section
4.03(d) of this Agreement will not exceed ten (10) and (ii) the total number of
Clearwire Stockholders will not exceed thirty-three (33). For purposes of this
definition, the fact that a Stockholder is a reseller of the Company's services
or a lessor of spectrum to the Company shall not deem, by itself, the provision
of information to such Stockholder a likely threat to the competitive
positioning of the Company.

     "Termination Event" shall mean the earlier of the date on which (i) the
Company consummates an underwritten public offering registered under the Act, or
an equivalent law under the laws of any other nation or commonwealth, or (ii)
the Company is required to register under Section 12 of the Exchange Act, or a
substantially similar law under the laws of any other nation or commonwealth.

     "Voting Shares" means all of the issued and outstanding Shares of any class
or series entitled to vote, calculated on an as-converted to Class A Common
Stock basis; provided, that the calculation of the number of Voting Shares for
purposes of this Agreement shall be without regard to the number of votes to
which each Share is entitled.

12.02 INTERPRETATION

     The word "including" or any variation thereof means "including, without
limitation" and shall not be construed to limit any general statement that it
follows to the specific or similar items or matters immediately following it

     When calculating the period of time before which, within which or following
which any act is to be done or step taken pursuant to this Agreement, the date
that is the reference date in calculating such period shall be excluded. If the
last day of such period is a non-business day, the period in question shall end
on the next succeeding business day.

     Any reference in this Agreement to $ shall mean U.S. dollars.

     Any reference in this Agreement to gender shall include all genders, and
words imparting the singular number only shall include the plural and vice
versa.

     The provision of a Table of Contents, the division of this Agreement into
Sections and other subdivisions and the insertion of headings are for
convenience of reference only and shall not affect or be utilized in construing
or interpreting this Agreement. All references in this Agreement to any
"Section" are to the corresponding Section of this Agreement unless otherwise
specified.

     The words such as "herein," "hereinafter," "hereof," and "hereunder" refer
to this Agreement as a whole and not merely to a subdivision in which such words
appear unless the context otherwise requires

                                       21

<PAGE>

     The parties hereto have participated jointly in the negotiation and
drafting of this Agreement and, in the event an ambiguity or question of intent
or interpretation arises, this Agreement shall be construed as jointly drafted
by the parties hereto and no presumption or burden of proof shall arise favoring
or disfavoring any party by virtue of the authorship of any provision of this
Agreement.

                             13. GENERAL PROVISIONS

13.01 APPLICATION OF THIS AGREEMENT

     This Agreement shall apply to (a) any share of capital stock in the Company
after issuance to any Stockholder for any reason, whether upon exercise of any
warrant or option or otherwise, and (b) any share of capital stock in the
Company received by any party as a result of any stock dividend, stock split,
reverse stock split, or other distribution of shares made upon or in exchange
for the Shares.

13.02 EFFECT OF NON-COMPLYING TRANSFERS

     If any transfer in violation of this Agreement shall be attempted, or if
any involuntary or other purported transfer by law of any shares occurs or is
attempted, it shall be void, and upon presentation for transfer the Company
shall not give effect to such purported transfer.

13.03 ESCROW

     At the request of any Stockholder participating in a Transfer governed by
this Agreement, an escrow shall be set up to effect the transfer of any
certificates or funds. Costs of such escrow shall be borne by such Stockholder.

13.04 SUCCESSORS AND ASSIGNS; THIRD PARTY BENEFICIARIES

     Except as otherwise provided herein, each party agrees that it will not
assign, sell, transfer, delegate, or otherwise dispose of any right or
obligation under this Agreement, whether voluntarily, involuntarily, by
operation of law, or otherwise, except in accordance with the terms hereof. Any
purported assignment, transfer, or delegation in violation of this section shall
be null and void. Except as otherwise provided in this Agreement, the terms and
conditions of this Agreement shall inure to the benefit of and be binding on the
respective successors and assigns of the parties (including Permitted
Transferees). Nothing in this Agreement, express or implied, is intended to
confer on any party other than the parties to this Agreement or their respective
successors and assigns any rights, remedies, obligations or liabilities under or
by reason of this Agreement, except as expressly provided in this Agreement.

13.05 GOVERNING LAW

     This Agreement shall in all respects, including all matters of
construction, validity, and performance, be governed by, and construed and
enforced in accordance with, the laws of the state of Delaware, without
reference to any rules governing conflicts of laws. However, in light of the
McCaw Entities' presence in the State of Washington, and in light of the
location of the Company's headquarters in the State of Washington, any dispute
arising out of this Agreement

                                       22

<PAGE>

shall be resolved in a court of appropriate jurisdiction located in King County,
Washington. Each party specifically and expressly consents to the personal
jurisdiction of the state and federal courts located in King County, Washington.

13.06 COUNTERPARTS

     This Agreement may be executed in two or more counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and
the same instrument.

13.07 NOTICES

     All notices, demands, requests or other communications that may be or are
required to be given, served, transmitted or delivered by any party to any other
party pursuant to this Agreement shall be in writing and shall be hand
delivered, or transmitted by verified facsimile or internationally recognized
air courier, addressed to the party to be notified at the address indicated for
such party on the signature page hereof, or at such other address as such party
may designate by 10 days' advance written notice to the other party given in the
foregoing manner. Each notice, demand, request or other communication that shall
be hand delivered, telecopied or delivered in the manner described above shall
be deemed sufficiently given, served, transmitted or delivered for all purposes
at such time as it is delivered to the addressee (with the delivery receipt or,
with respect to a telecopy, the answer back being deemed conclusive, but not
exclusive, evidence of such delivery) or at such time as delivery is refused by
the addressee upon presentation.

13.08 EXPENSES

     If any action at law or in equity is necessary to enforce or interpret the
terms of this Agreement, the prevailing party shall be entitled to reasonable
attorneys' fees, costs, and necessary disbursements in addition to any other
relief to which such party may be entitled.

13.09 AMENDMENTS AND WAIVERS

     Any term of this Agreement may be amended and the observance of any term
may be waived (either generally or in a particular instance and either
retroactively or prospectively) only with the written consent of Stockholders
who own securities representing a majority of the voting power of the Company's
then outstanding securities; provided that no Stockholder shall be subject to
additional obligations or diminished rights that adversely affect such
Stockholder or be treated in a manner different than other Stockholders unless
such Stockholder approved the amendment or waiver. Notwithstanding the
foregoing, Schedule A to this Agreement may be amended from time to time by (x)
the Company to reflect the actual holdings of the Stockholders of shares of
Stock without formally amending this Agreement or (y) a Joinder executed by a
new stockholder and the Company and delivered to all other Stockholders. Each
Stockholder agrees to execute any amendment or waiver effected in accordance
with this Section. Any amendment or waiver effected in accordance with this
Section shall be binding on each Stockholder then a party to this Agreement,
each future Stockholder and the Company.

     The failure of any party to insist on or to enforce strict performance by
the other parties of any of the provisions of this Agreement or to exercise any
right or remedy under this

                                       23

<PAGE>

Agreement shall not be construed as a waiver or relinquishment to any extent of
that party's right to assert or rely on any provisions, rights or remedies in
that or any other instance; rather, the provisions, rights and remedies shall
remain in full force and effect. The exercise or non-exercise of the rights of a
Stockholder under this Agreement to participate in one or more Transfers of
Stock made by a Selling Stockholder or a McCaw Entity shall not adversely affect
such Stockholder's rights to participate in subsequent Transfers by a Selling
Stockholder or a Selling McCaw Entity.

13.10 SEVERABILITY

     If one or more provisions of this Agreement are held to be unenforceable
under applicable law, such provision shall be excluded from this Agreement and
the balance of the Agreement shall be interpreted as if such provision were so
excluded and shall be enforceable in accordance with its terms.

13.11 NO PARTNERSHIP OR JOINT VENTURE

     Neither execution nor performance of this Agreement shall be construed or
deemed to have established any joint venture or partnership or to have created
the relationship of agent and principal among the Company or its Affiliates and
the Stockholders or among any of the Stockholders. Except as otherwise set forth
in this Agreement or agreed in writing, at no time shall the Company or its
Affiliates make any commitments or incur any charges or expenses in the name of
any Stockholders, and vice versa, nor shall any Stockholders make any
commitments or incur any charges or expenses for, or in the name of, any other
Stockholders.

13.12 FURTHER ASSURANCES

     Each party agrees from time to time to do and perform such other and future
acts (including the taking of board and stockholder action) and execute and
deliver any and all such other instruments as may be required by law or
reasonably requested by the other parties to establish, maintain or protect the
rights and remedies of the requesting party or to carry out and effect the
intent and purpose of this Agreement.

13.13 DAMAGES AND INJUNCTIVE RELIEF

     No party shall be liable for any unforeseeable, special, consequential, or
indirect damages arising from any breach or nonobservance of any term or
condition of this Agreement. It is acknowledged that it will be impossible to
measure in money the damages that would be suffered if the parties fail to
comply with any of the obligations herein imposed on them and that in the event
of any such failure, an aggrieved person will be irreparably damaged and will
not have an adequate remedy at law. Any such person shall, therefore, be
entitled to injunctive relief, including specific performance, to enforce such
obligations, and if any action shall be brought in equity to enforce any of the
provisions of this Agreement, none of the parties hereto shall raise the defense
that there is an adequate remedy at law and in any case no bond or other
security shall be required.

                                       24
<PAGE>

13.14 ENTIRE AGREEMENT

     This Agreement (including the schedules and exhibits hereto, which are
incorporated herein by this reference) supersedes all prior or contemporaneous
agreements, and all related understandings, written or oral, among the parties
with regard to the subject matter of this Agreement (but not other contracts to
which the Company may be subject) and constitutes the full and entire
understanding and agreement between the parties with regard to the subject
matter of this Agreement. The parties further intend that this Agreement shall
constitute the complete and exclusive statement of its terms and that no
extrinsic evidence whatsoever may be introduced in any judicial, administrative,
arbitration, or other legal proceeding involving this Agreement.

13.15 CONFIDENTIALITY

     Each Stockholder hereby covenants and agrees that, during the effectiveness
of this Agreement, neither it, nor any of its employees, agent, officers or
directors, will at any time make use of, divulge or disclose to any third party
(other than good faith advisors or consultants to a party who agree to respect
the confidentiality of this Agreement or as required by law) without the prior
written consent of the Company except as permitted by this Section 13.15, any
confidential or proprietary information of the Company, including the business,
financial condition or operations of the Company, the terms of the NextNet
Merger and any information disclosed to the Stockholders in connection with the
NextNet Merger, the terms of this Agreement and any information disclosed to
Stockholders pursuant to this Agreement (the "Company Confidential
Information").

     Notwithstanding the foregoing, the Company shall be entitled to disclose
the terms of this Agreement and such confidential proprietary information of the
Company to (a) other good-faith potential investors, lenders, business partners
and service providers and (b) in connection with any registration of Stock under
the Act. Each Stockholder shall be entitled to disclose Company Confidential
Information (i) to good-faith potential Transferees whose purchases do not or
will not violate the terms of this Agreement and to good-faith potential lenders
to such Stockholder or (ii) or as otherwise required under applicable law in the
good faith judgment of such Stockholder. Any disclosures (other than pursuant to
clause (b) of the second sentence of this Section 13.15) shall only be made to
Persons who have agreed in writing to keep the terms of this Agreement
confidential.

     Notwithstanding anything herein to the contrary, any party to this
Agreement may disclose to any and all persons, without limitation of any kind,
the tax treatment and tax structure of the transactions contemplated by this
Agreement and the NextNet Merger and all materials of any kind (including
opinions or other tax analyses) that are provided to it relating to such tax
treatment and tax structure, except that this provision shall not permit
disclosure to the extent that nondisclosure is necessary in order to comply with
applicable securities law.

     All of the foregoing obligations and restrictions of this Section 13.15 do
not apply to that part of the Company Confidential Information that: (i) such
Stockholder can demonstrate was in such Stockholder's possession prior to the
disclosure; (ii) was rightfully acquired by such Stockholder from a third party
not bound by the terms of this Agreement or not otherwise prohibited from
transmitting the Company Confidential Information to such Stockholder by a

                                       25

<PAGE>

contractual, legal, fiduciary or other obligation; (iii) is in or part of the
public domain or generally known to the public through no act or fault of such
Stockholder; or (iv) for which any such obligation as to confidentiality is
waived in writing by the Company.

13.16 COUNTERPARTS

     This Agreement may be executed simultaneously in any number of
counterparts, each of which shall be deemed an original, but all such
counterparts shall together constitute one and the same instrument.

13.17 AMENDMENT AND RESTATEMENT

     Effective as of the date of this Agreement, the Original Agreement shall be
amended and restated in its entirety by this Agreement.

         [REMAINDER OF PAGE IS INTENTIONALLY BLANK; SIGNATURE LINES ARE
                               ON THE NEXT PAGE.]

                                       26

<PAGE>

     IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the
date first written above.

                             COMPANY:   CLEARWIRE CORPORATION

                                        By: /s/ R. Gerard Salemme
                                            ------------------------------------
                                            R. Gerard Salemme, its President

                             Address:   Clearwire Corporation
                                        2300 Carillon Point
                                        Kirkland, Washington 98033
                                        Attention: _________________
                                        Facsimile: (425) 828-8061

          With a copy (which shall not constitute notice) to:

                             Address:   Davis Wright Tremaine LLP
                                        2600 Century Square
                                        1501 Fourth Avenue
                                        Seattle, Washington 98101
                                        Attention: Benjamin G. Wolff
                                        Facsimile: (206) 628-7699
<PAGE>

                        STOCKHOLDERS:   FLUX FIXED WIRELESS, LLC

                                       By: Eagle River, Inc., a Washington
                                       corporation, its Manager

                                       By: /s/ Brian Mareinek
                                           ------------------------------------
                                           Brian Mareinek, it Vice President

                              Address: Flux Fixed Wireless, LLC
                                       2300 Carillon Point
                                       Kirkland, Washington 98033
                                       Attention:
                                       Facsimile: (425) 828-8061

With a copy (which shall not constitute notice) to:

                              Address: Davis Wright Tremaine LLP
                                       2600 Century Square
                                       1501 Fourth Avenue
                                       Seattle, Washington 98101
                                       Attention: Benjamin G. Wolff
                                       Facsimile: (206) 628-7699
<PAGE>
                       STOCKHOLDERS: HISPANIC INFORMATION AND
                                     TELECOMMUNICATIONS NETWORK,
                                     INC.

                                     By: /s/ Jose Luis Rodriguez
                                         ---------------------------------------
                                         Name: Jose Luis Rodriguez
                                         Title: President

                            Address: Hispanic Information and Telecommunications
                                     Network, Inc.
                                     449 Broadway
                                     New York, NY 10013
                                     Attention: Jose Luis Rodriguez
                                     Facsimile: (787)-725-7232

With a copy (which shall not constitute notice) to:

                            Address: Day, Berry & Howard LLP
                                     One Canterbury Green
                                     Stamford, CT 06901-2047
                                     Attention: Sabino Rodriguez III, Esq.
                                     Facsimile: (203)-977-7301

                                     and

                                     RJGLaw LLC
                                     8401 Ramsey Avenue
                                     Silver Spring, MD 20910
                                     Attention: Rudolph J. Geist, Esq.
                                     Facsimile: (301)-589-2644

                   [Signature page to Stockholders Agreement]
<PAGE>
                STOCKHOLDERS:    CLEARWIRE HOLDINGS, INC.

                                 By:
                                       ---------------------------------------
                                 Name:
                                       ---------------------------------------
                                 Title:
                                       ---------------------------------------

                                 Address:
                                 -------

                                 ---------------------------------------------
                                 ---------------------------------------------
                                 ---------------------------------------------
                                 Attention: ----------------------------------
                                 Fax No.: ------------------------------------
<PAGE>

                  STOCKHOLDERS:

                                   DOLL TECHNOLOGY INVESTMENT
                                   FUND, a California Limited Partnership

                                   DOLL TECHNOLOGY AFFILIATES
                                   FUND. L.P.

                                   DOLL TECHNOLOGY SIDE FUND, L.P.

                                   By: Doll Technology Investment
                                       Management, LLC, its General Partner

                                   By: /s/ Dixon R. Doll
                                       --------------------------------------
                                       Dixon R. Doll, its Managing Member

                                   Address:
                                   -------

                                   ------------------------------------------

                                   ------------------------------------------

                                   ------------------------------------------
                                   Attention:
                                              -------------------------------
                                   Fax No.:
                                            ---------------------------------

                                   BIRCHWOOD PARTNERS

                                   By: /s/ Dixon R. Doll
                                       --------------------------------------
                                                      , its GP
                                       ---------------     ---------------

                                   Address:
                                   -------

                                   ------------------------------------------

                                   ------------------------------------------

                                   ------------------------------------------
                                   Attention:
                                              -------------------------------
                                   Fax No.:
                                            ---------------------------------
<PAGE>

                                   JAFCO AMERICA TECHNOLOGY FUND
                                   III, LP

                                   JAFCO AMERICA TECHNOLOGY
                                   CAYMAN FUND III, LP

                                   JAFCO USIT FUND III, LP

                                   JAFCO AMERICA TECHNOLOGY
                                   AFFILIATES FUND III, LP

                                   By: /s/ Barry J. Schiffman
                                       -------------------------------------
                                       Managing Member, JAV Management
                                       Associates III, L.L.C.
                                       Its General Partner

                                   Address:
                                   -------
                                   300 Hamilton Avenue
                                   ------------------------------------------
                                   Palo Alto, CA 94301
                                   ------------------------------------------

                                   ------------------------------------------
                                   Attention: Barry J. Schiffman
                                              -------------------------------
                                   Fax No.: (650) 328 2818
                                            ---------------------------------

                                   GREEN VENTURE CAPITAL II, L.P., A
                                   CALIFORNIA LIMITED PARTNERSHIP

                                   By: /s/
                                       --------------------------------------
                                       Donald Green, Trustee of the Green
                                       Living Trust, General Partner Green
                                       Venture Capital II, L.P.

                                   By: /s/
                                       --------------------------------------
                                       Maureen Green, Trustee of the Green
                                       Living Trust, General Partner Green
                                       Venture Capital II, L.P.

                                   Address:
                                   -------

                                   ------------------------------------------

                                   ------------------------------------------

                                   ------------------------------------------
                                   Attention:
                                              -------------------------------
                                   Fax No.:
                                            ---------------------------------

                  [Signature page to Stockholders Agreement]
<PAGE>

                                   JAFCO AMERICA TECHNOLOGY FUND
                                   III, LP

                                   JAFCO AMERICA TECHNOLOGY
                                   CAYMAN FUND III, LP

                                   JAFCO USIT FUND III, LP

                                   JAFCO AMERICA TECHNOLOGY
                                   AFFILIATES FUND III, LP

                                   By:
                                       -------------------------------------
                                       Managing Member, JAV Management
                                       Associates III, L.L.C.
                                       Its General Partner

                                   Address:
                                   -------

                                   ------------------------------------------

                                   ------------------------------------------

                                   ------------------------------------------
                                   Attention:
                                              -------------------------------
                                   Fax No.:
                                            ---------------------------------

                                   GREEN VENTURE CAPITAL II, L.P., A
                                   CALIFORNIA LIMITED PARTNERSHIP

                                   By: /s/ Donald Green
                                       --------------------------------------
                                       Donald Green, Trustee of the Green
                                       Living Trust, General Partner Green
                                       Venture Capital II, L.P.

                                   By: /s/ Maureen Green
                                       --------------------------------------
                                       Maureen Green, Trustee of the Green
                                       Living Trust, General Partner Green
                                       Venture Capital II, L.P.

                                   Address:
                                   -------

                                   ------------------------------------------

                                   ------------------------------------------

                                   ------------------------------------------
                                   Attention:
                                              -------------------------------
                                   Fax No.:
                                            ---------------------------------

                  [Signature page to Stockholders Agreement]
<PAGE>

                                   JOSEPH COSTELLO

                                   /s/ Joseph Costello
                                   -----------------------------------------

                                   Address:
                                   -------

                                   ------------------------------------------

                                   ------------------------------------------

                                   ------------------------------------------
                                   Attention:
                                              -------------------------------
                                   Fax No.:
                                            ---------------------------------

                                   MICHAEL MURRAY TRADING
                                   PARTNERS, L.P.

                                   By:
                                       --------------------------------------
                                                      , its
                                       ---------------     ---------------

                                   Address:
                                   -------

                                   ------------------------------------------

                                   ------------------------------------------

                                   ------------------------------------------
                                   Attention:
                                              -------------------------------
                                   Fax No.:
                                            ---------------------------------

                                   COM HOLDINGS, LLC

                                   BY EAGLE RIVER, INC., Its Manager

                                   By:
                                       --------------------------------------
                                                      , its
                                       ---------------     ---------------

                                   Address:
                                   -------

                                   ------------------------------------------

                                   ------------------------------------------

                                   ------------------------------------------
                                   Attention:
                                              -------------------------------
                                   Fax No.:
                                            ---------------------------------

                  [Signature page to Stockholders Agreement]
<PAGE>
                                   JOSEPH COSTELLO

                                   ---------------------------------------------

                                   Address:
                                   -------
                                   ---------------------------------------------
                                   ---------------------------------------------
                                   ---------------------------------------------
                                   Attention:
                                              ----------------------------------
                                   Fax No.:
                                            ------------------------------------

                                   MICHAEL MURRAY TRADING
                                   PARTNERS, L.P.

                                   By: /s/ Michael Murray
                                       -----------------------------------------
                                                  , its PARTNER
                                       -----------      ---------------------

                                   Address:
                                   -------
                                   2149 BROADWAY
                                   ---------------------------------------------
                                   SAN FRANCISCO, CA  94115
                                   ---------------------------------------------
                                   ---------------------------------------------
                                   Attention:
                                              ----------------------------------
                                   Fax No.: 415 931-3905
                                            ------------------------------------

                                   COM HOLDINGS, LLC

                                   BY EAGLE RIVER, INC., Its Manager

                                   By:
                                       -----------------------------------------
                                                  , its
                                       -----------      ---------------------

                                   Address:
                                   -------
                                   ---------------------------------------------
                                   ---------------------------------------------
                                   ---------------------------------------------
                                   Attention:
                                              ----------------------------------
                                   Fax No.:
                                            ------------------------------------

                   [Signature page to Stockholders Agreement]
<PAGE>
                                   JOSEPH COSTELLO

                                   ---------------------------------------------

                                   Address:
                                   -------
                                   ---------------------------------------------
                                   ---------------------------------------------
                                   ---------------------------------------------
                                   Attention:
                                              ----------------------------------
                                   Fax No.:
                                            ------------------------------------

                                   MICHAEL MURRAY TRADING
                                   PARTNERS, L.P.

                                   By:
                                       -----------------------------------------
                                                  , its
                                       -----------      ---------------------

                                   Address:
                                   -------
                                   ---------------------------------------------
                                   ---------------------------------------------
                                   ---------------------------------------------
                                   Attention:
                                              ----------------------------------
                                   Fax No.:
                                            ------------------------------------

                                   COM HOLDINGS, LLC

                                   BY EAGLE RIVER, INC., Its Manager

                                   By: /s/ Brian Marcinek
                                       -----------------------------------------
                                       Brian Marcinek   , its CFO
                                       -----------------      ------------------

                                   Address:
                                   -------
                                   2300 Carillon Point
                                   ---------------------------------------------
                                   Kirkland, WA  98053
                                   ---------------------------------------------
                                   ---------------------------------------------
                                   Attention:
                                              ----------------------------------
                                   Fax No.: 425-828-8061
                                            ------------------------------------

                   [Signature page to Stockholders Agreement]
<PAGE>
                                   ROBERT S. COLMAN TRUST

                                   By: /S/ Robert S. Colman
                                       -----------------------------------------
                                       ROBERT S. COLMAN , its TRUSTEE
                                       -----------------      ---------------

                                   Address:
                                   -------
                                   Robert S. Colman
                                   ---------------------------------------------
                                   300 Tamal Plaza Ste. 280
                                   ---------------------------------------------
                                   Corte Madera, CA 94925-1136
                                   ---------------------------------------------
                                   Attention: ROBERT S. COLMAN
                                              ----------------------------------
                                   Fax No.: 415-945-5409
                                            ------------------------------------

                                   ENTERASYS NETWORKS, INC.

                                   By:
                                       -----------------------------------------
                                                  , its
                                       -----------      ---------------------

                                   Address:
                                   -------
                                   ---------------------------------------------
                                   ---------------------------------------------
                                   ---------------------------------------------
                                   Attention:
                                              ----------------------------------
                                   Fax No.:
                                            ------------------------------------

                   [Signature page to Stockholders Agreement]
<PAGE>

                                 IMAGINE CAPITAL PARTNERS, L.P.
                                 XXVI

                                 By: /s/
                                     ---------------------------------------
                                                , its Administrative Partner
                                     -----------      ----------------------

                                 -------------------------------------------
                                 Thomas Magne

                                 -------------------------------------------
                                 Andrew Mason

                                 -------------------------------------------
                                 James H. Moeller

                                 Address:
                                 -------

                                 -------------------------------------------

                                 -------------------------------------------

                                 -------------------------------------------
                                 Attention:
                                            --------------------------------
                                 Fax No.:
                                          ----------------------------------

                                 MORGAN STREET PARTNERS, LLC

                                 By:
                                     ---------------------------------------
                                                    , its
                                     ---------------     ---------------

                                 Address:
                                 -------

                                 -------------------------------------------

                                 -------------------------------------------

                                 -------------------------------------------
                                 Attention:
                                            --------------------------------
                                 Fax No.:
                                          ----------------------------------

                  [Signature page to Stockholders Agreement]
<PAGE>

                                   IMAGINE CAPITAL PARTNERS, L.P.
                                   XXVI

                                   By:
                                       ---------------------------------------
                                                  , its
                                       -----------      ------------------

                                   /s/ Thomas Magne
                                   -------------------------------------------
                                   Thomas Magne

                                   -------------------------------------------
                                   Andrew Mason

                                   -------------------------------------------
                                   James H. Moeller

                                   Address:
                                   -------

                                   -------------------------------------------

                                   -------------------------------------------

                                   -------------------------------------------
                                   Attention:
                                              --------------------------------
                                   Fax No.:
                                            ----------------------------------

                                   MORGAN STREET PARTNERS, LLC

                                   By:
                                       ---------------------------------------
                                                      , its
                                       ---------------     ---------------

                                   Address:
                                   -------

                                   -------------------------------------------

                                   -------------------------------------------

                                   -------------------------------------------
                                   Attention:
                                              --------------------------------
                                   Fax No.:
                                            ----------------------------------

                  [Signature page to Stockholders Agreement]
<PAGE>

                                   IMAGINE CAPITAL PARTNERS, L.P.
                                   XXVI

                                   By:
                                       ---------------------------------------
                                                  , its
                                       -----------      ------------------

                                   -------------------------------------------
                                   Thomas Magne

                                   /s/ Andrew Mason
                                   -------------------------------------------
                                   Andrew Mason

                                   -------------------------------------------
                                   James H. Moeller

                                   Address:
                                   -------

                                   -------------------------------------------

                                   -------------------------------------------

                                   -------------------------------------------
                                   Attention:
                                              --------------------------------
                                   Fax No.:
                                            ----------------------------------

                                   MORGAN STREET PARTNERS, LLC

                                   By:
                                       ---------------------------------------
                                                      , its
                                       ---------------     ---------------

                                   Address:
                                   -------

                                   -------------------------------------------

                                   -------------------------------------------

                                   -------------------------------------------
                                   Attention:
                                              --------------------------------
                                   Fax No.:
                                            ----------------------------------

                  [Signature page to Stockholders Agreement]
<PAGE>

                                   IMAGINE CAPITAL PARTNERS, L.P.
                                   XXVI

                                   By:
                                       ---------------------------------------
                                                  , its
                                       -----------      ------------------

                                   -------------------------------------------
                                   Thomas Magne

                                   -------------------------------------------
                                   Andrew Mason

                                   /s/ James H. Moeller
                                   -------------------------------------------
                                   James H. Moeller

                                   Address:
                                   -------

                                   -------------------------------------------

                                   -------------------------------------------

                                   -------------------------------------------
                                   Attention:
                                              --------------------------------
                                   Fax No.:
                                            ----------------------------------

                                   MORGAN STREET PARTNERS, LLC

                                   By:
                                       ---------------------------------------
                                                      , its
                                       ---------------     ---------------

                                   Address:
                                   -------

                                   -------------------------------------------

                                   -------------------------------------------

                                   -------------------------------------------
                                   Attention:
                                              --------------------------------
                                   Fax No.:
                                            ----------------------------------

                  [Signature page to Stockholders Agreement]
<PAGE>
                                   IMAGE CAPITAL PARTNERS, L.P.
                                   XXVI

                                   By:
                                       -----------------------------------------
                                                  , its
                                       -----------      ---------------------

                                   ---------------------------------------------
                                   Thomas Magne

                                   ---------------------------------------------
                                   Andrew Mason

                                   ---------------------------------------------
                                   James H. Moeller

                                   Address:
                                   -------
                                   ---------------------------------------------
                                   ---------------------------------------------
                                   ---------------------------------------------
                                   Attention:
                                              ----------------------------------
                                   Fax No.:
                                            ------------------------------------

                                   MORGAN STREET PARTNERS, LLC

                                   By: Ronald Eibensteiner
                                       -----------------------------------------
                                                  , its PRESIDENT
                                       -----------      ---------------------

                                   Address:
                                   -------
                                   ---------------------------------------------
                                   ---------------------------------------------
                                   ---------------------------------------------
                                   Attention:
                                              ----------------------------------
                                   Fax No.:
                                            ------------------------------------

                   [Signature page to Stockholders Agreement]
<PAGE>
                                   THE RAHN GROUP, LLC

                                   By: /s/ Noel P. Rahn
                                       -----------------------------------------
                                                  , its Partner In Charge
                                       -----------      ---------------------

                                   Address:
                                   -------
                                   The Rahn Group
                                   ---------------------------------------------
                                   225 South Sixth St.
                                   ---------------------------------------------
                                   Suite #3355
                                   ---------------------------------------------
                                   Minneapolis, MN 55402
                                   ---------------------------------------------
                                   Attention: Noel P. Rahn
                                              ----------------------------------
                                   Fax No.: 612-343-7001
                                            ------------------------------------

                                   WESTLAKE DEVELOPMENT COMPANY,
                                   INC.

                                   By:
                                       -----------------------------------------
                                                  , its
                                       -----------      ---------------------

                                   Address:
                                   -------
                                   ---------------------------------------------
                                   ---------------------------------------------
                                   ---------------------------------------------
                                   Attention:
                                              ----------------------------------
                                   Fax No.:
                                            ------------------------------------

                                   ALMARC TRADING LLC

                                   By:
                                       -----------------------------------------
                                                  , its
                                       -----------      ---------------------

                                   Address:
                                   -------
                                   ---------------------------------------------
                                   ---------------------------------------------
                                   ---------------------------------------------
                                   Attention:
                                              ----------------------------------
                                   Fax No.:
                                            ------------------------------------

                   [Signature page to Stockholders Agreement]

<PAGE>

                                THE RAHN GROUP, LLC

                                By:
                                    -------------------------------------------
                                               , its
                                    -----------      ----------------------

                                Address:
                                -------

                                -----------------------------------------------

                                -----------------------------------------------

                                -----------------------------------------------
                                Attention:
                                           ------------------------------------
                                Fax No.:
                                         --------------------------------------

                                WESTLAKE DEVELOPMENT COMPANY,
                                INC.

                                By: /s/ M. Gary Wong
                                    --------------------------------------------
                                    M. Gary Wong   , its Chief Operating Officer
                                       ---------------     ---------------------

                                Address:
                                -------

                                ------------------------------------------------

                                ------------------------------------------------

                                ------------------------------------------------
                                Attention:
                                           -------------------------------------
                                Fax No.:
                                         ---------------------------------------

                                ALMARC TRADING LLC

                                By:
                                    -------------------------------------------
                                               , its
                                    -----------      ----------------------

                                Address:
                                -------

                                -----------------------------------------------

                                -----------------------------------------------

                                -----------------------------------------------
                                Attention:
                                           ------------------------------------
                                Fax No.:
                                         --------------------------------------

                  [Signature page to Stockholders Agreement]
<PAGE>

                                   THE RAHN GROUP, LLC

                                   By:
                                       -------------------------------------
                                                  , its
                                       -----------      -----------------

                                   Address:
                                   -------

                                   ------------------------------------------

                                   ------------------------------------------

                                   ------------------------------------------
                                   Attention:
                                              -------------------------------
                                   Fax No.:
                                            ---------------------------------

                                   WESTLAKE DEVELOPMENT COMPANY,
                                   INC.

                                   By:
                                       ---------------------------------------
                                                  , its
                                       -----------      -------------------

                                   Address:
                                   -------

                                   -------------------------------------------

                                   -------------------------------------------

                                   -------------------------------------------
                                   Attention:
                                              --------------------------------
                                   Fax No.:
                                            ----------------------------------

                                   ALMARC TRADING LLC

                                   By: /s/ June Gerstel
                                       ---------------------------------------
                                                  , its Manager
                                       -----------      -------------------
                                       ALMARC TRADING LP

                                   Address:
                                   -------
                                   2325-B Renaissance Dr Suite 10
                                   -------------------------------------------
                                   LAS VEGAS NV 89119
                                   -------------------------------------------

                                   -------------------------------------------
                                   Attention:
                                              --------------------------------
                                   Fax No.: 561-893-9026
                                            ----------------------------------
                                   Alt Fax  702-966-4247

                  [Signature page to Stockholders Agreement]
<PAGE>

                                   JOHN ROUDEBUSH

                                   /s/ John Roudebush
                                   -----------------------------------------

                                   Address:
                                   -------
                                   8232 E Vista de Valle
                                   ------------------------------------------
                                   SCOTTSDALE AZ.
                                   ------------------------------------------
                                   85255
                                   ------------------------------------------
                                   Attention:
                                              -------------------------------
                                   Fax No.: 480-419-9043
                                            ---------------------------------

                                   JOEL SCHWIETERS

                                   -------------------------------------------

                                   Address:
                                   -------

                                   -------------------------------------------

                                   -------------------------------------------

                                   -------------------------------------------
                                   Attention:
                                              --------------------------------
                                   Fax No.:
                                            ----------------------------------

                                   JOHN SCHWIETERS

                                   -------------------------------------------

                                   Address:
                                   -------

                                   -------------------------------------------

                                   -------------------------------------------

                                   -------------------------------------------
                                   Attention:
                                              --------------------------------
                                   Fax No.:
                                            ----------------------------------

                  [Signature page to Stockholders Agreement]
<PAGE>

                                   JOHN ROUDEBUSH

                                   -----------------------------------------

                                   Address:
                                   -------

                                   ------------------------------------------

                                   ------------------------------------------

                                   ------------------------------------------
                                   Attention:
                                              -------------------------------
                                   Fax No.:
                                            ---------------------------------

                                   JOEL SCHWIETERS

                                   /s/ Joel Schwieters
                                   -------------------------------------------

                                   Address:
                                   -------

                                   -------------------------------------------

                                   -------------------------------------------

                                   -------------------------------------------
                                   Attention:
                                              --------------------------------
                                   Fax No.:
                                            ----------------------------------

                                   JOHN SCHWIETERS

                                   -------------------------------------------

                                   Address:
                                   -------

                                   -------------------------------------------

                                   -------------------------------------------

                                   -------------------------------------------
                                   Attention:
                                              --------------------------------
                                   Fax No.:
                                            ----------------------------------

                  [Signature page to Stockholders Agreement]
<PAGE>

                                   JOHN ROUDEBUSH

                                   -----------------------------------------

                                   Address:
                                   -------

                                   ------------------------------------------

                                   ------------------------------------------

                                   ------------------------------------------
                                   Attention:
                                              -------------------------------
                                   Fax No.:
                                            ---------------------------------

                                   JOEL SCHWIETERS

                                   -------------------------------------------

                                   Address:
                                   -------

                                   -------------------------------------------

                                   -------------------------------------------

                                   -------------------------------------------
                                   Attention:
                                              --------------------------------
                                   Fax No.:
                                            ----------------------------------

                                   JOHN SCHWIETERS

                                   /s/ John Schwieters
                                   -------------------------------------------

                                   Address:
                                   -------
                                   19 High Point Road
                                   -------------------------------------------
                                   Dellwood MN 55110
                                   -------------------------------------------

                                   -------------------------------------------
                                   Attention: John
                                              --------------------------------
                                   Fax No.: 651-762-1115
                                            ----------------------------------

                  [Signature page to Stockholders Agreement]
<PAGE>

                                   SCHEDULE A

                        To the Stockholders Agreement of

                              Clearwire Corporation

                              LIST OF STOCKHOLDERS

<TABLE>
<CAPTION>
                    CLASS A        CLASS B
NAME             COMMON STOCK   COMMON STOCK   WARRANTS   OPTIONS
----             ------------   ------------   --------   -------
<S>              <C>            <C>            <C>        <C>
[STOCKHOLDERS]
</TABLE>

<PAGE>

                                    EXHIBIT A

              To the Amended and Restated Stockholders Agreement of

                              Clearwire Corporation

                                     JOINDER

     In consideration of the permitted issuance, sale, pledge, or other transfer
to the undersigned of Stock in the Company, the undersigned hereby consents and
agrees to become a party to and be bound by the Amended and Restated
Stockholders Agreement dated as of the _____ day of March, 2004, as amended,
receipt of a copy of which is hereby acknowledged, as fully as if the
undersigned were one of its original parties, and all Stock owned by the
undersigned shall be held in accordance with and restricted by the terms of such
Amended and Restated Stockholders Agreement.

     Dated:
            -------------------------

                 Name of Stockholder:
                                        ----------------------------------------
                 Sign Name:
                                        ----------------------------------------
                 Print Name:
                                        ----------------------------------------
                 Address:
                                        ----------------------------------------

                                        ----------------------------------------

                                        ----------------------------------------
                 SSN/EIN:
                                        ----------------------------------------

     Approved by the Company:

                 COMPANY:               CLEARWIRE CORPORATION

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        Dated:
                                               ---------------------------------

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00114-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00114-of-00352.parquet"}]]