Document:

EX-10.38

 Exhibit 10.38 
 FORM OF 
 KEYCORP 

EXECUTIVE OFFICER GRANTS 
 (Award of Cash Performance Shares and Above-Target Performance Shares) 
 «Name»

 By action of the Compensation and Organization Committee (the “Committee”) of the Board of Directors of KeyCorp, taken pursuant to
the KeyCorp 2010 Equity Compensation Plan (the “Plan”), and subject to the terms and conditions of the Plan, you have been awarded KeyCorp Performance Shares payable in cash, subject to vesting upon the achievement of specified performance
criteria (the “Cash Performance Shares”) and KeyCorp Performance Shares payable in cash subject to vesting upon the achievement of specified additional performance criteria (the “Above-Target Performance Shares”) (the “Cash
Performance Shares” and “Above-Target Performance Shares” are sometimes referred to collectively as the “Performance Shares”). 
 Please note that the Performance Shares granted to you under this Award Agreement remain subject to the terms and conditions of the KeyCorp 2010 Equity Compensation Plan, the terms of this Award Agreement
and the terms and conditions of the attached Acceptance Agreement (“Acceptance Agreement”). All capitalized terms used in both this Award Agreement and the Acceptance Agreement will have the same meaning as provided under the 2010 Equity
Compensation Plan. 
 1. Date of Grant. The effective date of grant for the award of the Performance Shares shall be March 2,
2012 (the “date of grant”). 
  

	2.	Vesting of Cash Performance Shares and Above-Target Performance Shares. 

 

	 	(a)	In General. Your right to receive the Cash Performance Shares and Above-Target Performance Shares shall be determined on the basis of KeyCorp’s Shareholder
Return Versus Peers, Cumulative Earnings per Share, and Return on Assets Versus Peers (as such terms are defined in Appendix A) during the period of January 1, 2012 through December 31, 2014 (the “Performance Period”). You
are able to earn up to 100% of the Cash Performance Shares if the applicable targeted level of performance is met or exceeded and up to 100% of the Cash Performance Shares if the applicable maximum level of performance is met or exceeded.

  

	 	(b)	Vesting of Performance Shares. The Cash Performance Shares and Above-Target Performance Shares granted hereunder shall be vested on March 2, 2015, but only
if (A) you have been in the continuous employ of KeyCorp or a Subsidiary through such date and (B) the Committee shall determine that the Cash Performance Shares and Above-Target Performance Shares have been earned as set forth on
Appendix A. 

  

	 	(c)	Determination by the Committee. The amount of the Cash Performance Shares and Above-Target Performance Shares that will vest and the level of attainment of the
applicable performance goals set forth on Appendix A shall be determined by the Committee as soon as practicable after the receipt of the audited financial statements for KeyCorp relating to the last year of the Performance Period, but in no
event later than two and one-half months after the close of the last year of the Performance Period. 

 3. Transfers Void. Any purported transfer or encumbrance of the Cash Performance Shares or
Above-Target Performance Shares prior to the time that they have vested as set forth in paragraph 2 shall be void. 
 4. Payment of
Performance Shares. Payment of any earned Performance Shares shall be made in the form of cash. Payment shall occur as soon as practicable following the vesting of such shares but in no event later than two and one-half months after vesting.
Each Cash Performance Share and Above-Target Performance Share shall have a value equal to the Fair Market Value of one Common Share on the date of vesting of the Cash Performance Share and /or Above-Target Performance Share. 

 

	5.	Death, Disability, Termination Under Limited Circumstances, or Retirement. 

If you die or become Disabled or you are Terminated Under Limited Circumstances or if you Retire before fully vesting in your Performance
Shares then a pro rata number of the Performance Shares actually earned as provided on Appendix A shall be retained by you or your estate and shall entitle you to the payment described in paragraph 2 following the determination of the
attainment of the performance goals upon conclusion of the Performance Period, but the remainder shall immediately be forfeited following the determination of the attainment of the performance goals upon conclusion of the Performance Period.

 The pro rata vesting as provided for under this Section 5, shall be determined by multiplying the number of not vested
Performance Shares granted under this Award by a fraction, the numerator of which shall be the number of full months measured from this Award grant date up through the date of your death, Disability, the date of your Termination Under Limited
Circumstances or your Retirement and the denominator of which shall be 36. 
 (a) For purposes of this Section 5, the term
“Retirement” shall mean your termination of employment with Key on or following your attainment of age 55 and your completion of at least 5 full years of service with Key (based on whole months), but it will not include your Termination
for Cause (regardless of your age or service at the time of termination), and the term “Disability” shall mean your becoming eligible for disability benefits under the KeyCorp Long Term Disability Plan and your termination from Key.

 (b) For purposes of this Section 5, the term “Termination Under Limited Circumstances” shall mean your
termination from Key under circumstances in which you become entitled to receive (i) a severance benefit under the KeyCorp Separation Pay Plan as in effect at the time of your termination, or (ii) under circumstances in which you are
entitled to receive salary continuation benefits under the terms and conditions of an employment separation or letter agreement with Key, including, without limitation, a Change of Control Agreement, or (iii) as otherwise expressly approved by
an officer of KeyCorp. 
  

	6.	Forfeiture. The Performance Shares shall be immediately forfeited if your employment with KeyCorp or a Subsidiary terminates prior to vesting as set forth
in paragraph 2 unless your employment terminates because of death, Disability, Retirement, or Termination Under Limited Circumstances (in which case the specific provisions of paragraph 5 shall apply). 

 

	7.	Harmful Activity. Notwithstanding any other provisions of this Agreement, if you engage in any “harmful activity” (as defined in Section 18
of the Plan) prior to or within six months after your termination of employment with KeyCorp or a Subsidiary, then any and all Performance Shares which have vested on or after one year prior to termination of employment shall be immediately
forfeited to KeyCorp and any cash paid upon the vesting of the Performance Shares shall inure to and be payable to KeyCorp upon demand. 

  
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	8.	Acceleration. In the event of a Change of Control, the performance goals relating to the Cash Performance Shares (but not the Above-Target Performance
Shares) shall be deemed to be satisfied at 100% of target and such Cash Performance Shares shall vest on the earlier of: (a) March 2, 2015; or (b) the date not more than two years on or after a Change of Control upon which your
employment terminates under circumstances entitling you to receive severance benefits or salary continuation benefits under KeyCorp’s Separation Pay Plan or under any employment or change of control or similar arrangement or agreement, but only
if you have been in the continuous employ of KeyCorp or a Subsidiary through such date. 

  

	9.	Rights to Dividend Equivalents. Divided equivalents paid on such Cash Performance Shares shall be reinvested and shall be subject to the same terms and
restrictions as the restrictions otherwise applicable to such Cash Performance Shares (including but not limited to vesting requirements) granted under this Award. 

 

	10.	Compliance with Section 409A of the Internal Revenue Code. To the extent applicable, it is intended that this award and the Plan comply with the
provisions of Section 409A of the Internal Revenue Code. This award and the Plan shall be administrated in a manner consistent with this intent, and any provision that would cause the award or the Plan to fail to satisfy Section 409A shall
have no force and effect until amended to comply with Section 409A (which amendment may be retroactive to the extent permitted by Section 409A and may be made by KeyCorp without your consent). In particular, to the extent your right to
receive payment of Cash Performance Shares becomes nonforfeitable under the terms of paragraph 2 above and the event triggering your right to payment is your termination of employment, then notwithstanding anything to the contrary in paragraph 2
above, payment will be made to you, to the extent necessary to comply with Section 409A, on the earlier of (a) your “separation from service” with KeyCorp (determined in accordance with section 409A); provided, however, that in
case you are a “specified employee” (within the meaning of Section 409A), your date of payment shall not occur until the first day of the seventh month following the date of your separation from service with KeyCorp or (b) your
death. 

  

	11.	KeyCorp’s Reservation of Rights. As a condition of receiving this award, you acknowledge and agree that Key intends to comply with requirements of
the (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act (including clawback provisions), as the same may be amended from time to time, (ii) the banking regulatory agencies’ Guidance on Sound Incentive
Compensation Policies, (iii) KeyCorp’s Enterprise Risk Managements risk requirements and policies, and (iv) its continuing obligation to maintain the safety and soundness of the organization. As a condition of your receiving this
award, you understand and agree that Key may, in its sole discretion, (i) decrease or forfeit all or any part of this award granted to you, (ii) initiate a clawback of all or any part of this award granted to you, and/or (iii) demand
your transfer of such Performance Shares back to Key if Key determines that such action is necessary or desirable. 

  

	12.	Tax Withholding. You shall be permitted to satisfy, in whole or in part, any withholding tax obligation that may arise in connection with the vesting of
any award of stock or shares hereunder by delivering to KeyCorp in Cash Performance Shares or Above-Target Performance Shares an amount equal to such withholding tax obligation. 

  
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	13.	Condition. The award of Performance Shares granted hereby is conditioned upon your execution and delivery to KeyCorp of the Acceptance Agreement set forth
hereinafter. 

  

	14.	Amendment and Modification. The terms and conditions of this award may not be modified, amended or waived except by an instrument in writing signed by a
duly authorized executive officer of KeyCorp. 

  

					
	            , 2012	 	 	 	  

		 		 	Johnni Beckel
		 		 	Chief Human Resource Officer

  
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 APPENDIX A 
 “Performance Period” shall mean the period of January 1, 2012 through December 31, 2014. 
 Notwithstanding anything contained in Section 2(a) of the Award Agreement to the contrary, and subject to potential reduction by the Committee as described herein, if KeyCorp’s ratio of 3-Year
Average Pre-Provision Net Revenue to 3-Year Average Total Assets (from continuing operations) equals or exceeds [—]%, then you shall be eligible to earn 100% of the Cash Performance Shares and 100%
of the Above-Target Performance Shares. However, the Committee may, in its absolute and sole discretion, reduce the actual number of Cash Performance Shares and the Above-Target Performance Shares that you are otherwise eligible to earn (including a
reduction to zero) based on such factors as the Committee determines to be appropriate. It is the present intention of the Committee that it will exercise its discretion to reduce the number of Cash Performance Shares and the Above-Target
Performance Shares, if any, that you are otherwise eligible to earn based upon an evaluation of Key’s performance against the performance criteria referenced in the chart below (the “Performance Criteria”). 

Performance Criteria 
  

	1.	Financial Funding Indicators: 

  

	 	•	 	 For purposes of the grant of Cash Performance Shares and Above-Target Performance Shares, each of the Financial / Quality of Earnings metrics is
weighted at 33 1/3 % of the total. 

 [Table] 

 

	 	•	 	 Other Factors, related to Key’s Strategic Business Plan covering a three-year period, have been established and could affect funding levels at the
Compensation & Organization Committee’s discretion: 

  

	 	•	 	 Enterprise Risk Management (ERM) Dashboard and 

  

	 	•	 	 Execution of Strategic Priorities. 

  

	2.	Definitions: 

  

							
	 Measurement
	 	 Calculation

	Earnings per Share (EPS)	 		 	•	 	Net income from Continuing Operations attributable to common assuming dilution and shall be consistent with the calculation in Key’s quarterly and annual reports to
shareholders.
				
	Cumulative Earnings per Share	 		 	•	 	Sum of EPS for the 3 years included in the LT plan.
				
	Return on Assets (ROA)	 		 	•	 	Net income from Continuing Operations attributable to Key divided by average assets from Continuing Operations.
				
	Total Shareholder Return (TSR)	 		 	•	 	Based on average closing share price over the last 20 trading days in the base year vs. average closing share price in the last 20 days in year 3, plus investment of dividends paid
during the 3-year measurement period.

	3.	Measurement Periods: 

 The
proposed measurement periods are as follows: 
  

	 	•	 	 TSR – based on average closing share price over the last 20 trading days in the base year vs. average closing share price in the last 20 days in
year 3, plus investment of dividends paid during the 3-year measurement period 

  

	 	•	 	 ROA – based on the ranking of the average ROA over 3 years 

 

	 	•	 	 Cumulative EPS – based on cumulative EPS over 3 years 

 

	4.	Funding: 

  

	 	•	 	 Between the lower and upper zone is interpolated 

  

	 	•	 	 For TSR and ROA vs Peers 

  

	 	•	 	 Lower Zone starts funding 50% of target at greater than 25th percentile (25th percentile or below funds at zero) 

 

	 	•	 	 Upper Zone (max) funds at 150% for 75th percentile performance 

 

	 	•	 	 Compensation & Organization Committee may have discretion to increase funding to 200% for performance in the 90th percentile or greater for
any financial factor; in the case of EPS above the maximum, the Committee will be guided by TSR and ROA relative to peers in determining whether to increase funding for this measure. 

 

	5.	Modifications/Authority: 

  

	 	•	 	 If the Committee determines that a change in the business, operations, corporate structure or capital structure of KeyCorp, the manner in which it
conducts business or other events or circumstances render the Performance Criteria to be unsuitable, the Committee may modify such Performance Criteria or the related threshold, target and maximum levels of achievement, in whole or in part, as the
Committee deems appropriate. 

  
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 ACCEPTANCE AGREEMENT 

I acknowledge receipt of the above award of Cash Performance Shares and Above-Target Performance Shares and in consideration thereof I
accept such awards subject to the terms and conditions of the Plan (including, without limitation, the harmful activity provisions thereof) and the restrictions upon me as set forth hereinafter in this Agreement. 

My agreement to the following restrictions is (i) in addition to (and not in limitation of) any other agreements, plans, policies,
or practices that are applicable to me as a KeyCorp or Subsidiary (collectively “Key”) employee, and (ii) independent of any Plan provisions. 
  

					
	1.	 	I recognize the importance of preserving the confidentiality of Non-Public Information of Key. Therefore, I acknowledge and agree that: (a) during my employment with
Key, I will acquire, reproduce, and use such Non-Public Information only to the extent reasonably necessary for the proper performance of my duties; (b) during and after my employment with Key, I will not use, publish, sell, trade or otherwise
disclose such Non-Public Information; and (c) upon termination of my employment with Key, I will immediately return to Key all documents, data, and things in my possession or to which I have access that involve such Non-Public Information. I agree
to sign nondisclosure agreements in favor of Key and others doing business with Key with whom Key has a confidential relationship.
		
	2.	 	I acknowledge and agree that the duties of my position at Key may include the development of Intellectual Property. Accordingly, any Intellectual Property which I create
with any of Key’s resources or assistance, in whole or in part, during my employment with Key, and which pertains to the business of Key, is the property of Key; and I hereby agree to and do assign to Key all right, title, and interest in and
to such Intellectual Property, including, without limitation, copyrights, trademarks, service marks, and patents in or to (or associated with) such Intellectual Property and agree to sign patent applications and assignments thereof, without
additional compensation.
		
	3.	 	Except in the proper performance of my duties for Key, I acknowledge and agree that from the date hereof through a period of one (1) year after the termination of my
employment with Key for any reason, I will not, directly or indirectly, for myself or on behalf of any other person or entity, hire or solicit or entice for employment any Key employee without the written consent of Key, which consent it may grant
or withhold in its discretion.
			
	4.	 	(a)	 	Except in the proper performance of my duties for Key, I acknowledge and agree that from the date hereof through a period of one (1) year after the termination of my employment with
Key for any reason, I will not, directly or indirectly, for myself or on behalf of any other person or entity, call upon, solicit, or do business with (other than for a business which does not compete with any business or business activity conducted
by Key) any Key customer or potential customer I interacted with, became acquainted with, or learned of through access to information while I performed services for Key during my employment with Key, without the written consent of Key, which consent
it may grant or withhold in its discretion.
			
		 	(b)	 	In the event that my employment is terminated with Key as a result of a Termination Under Limited Circumstances as defined below, the restrictions
in

					
		 		 	paragraph 4(a) of this Agreement shall become inapplicable to me; however, the restrictions in paragraphs 1, 2, and 3 of this Agreement shall remain in full force and effect
nevertheless. I understand that a “Termination Under Limited Circumstances” shall mean the termination of my employment with Key (i) under circumstances in which I am entitled to receive severance benefits or salary continuation benefits
under the terms and conditions of the KeyCorp Separation Plan in effect at the time of such termination, or (ii) under circumstances in which I am entitled to receive severance benefits, salary continuation benefits, or similar benefits under the
terms and conditions of an agreement with Key, including, without limitation, a change of control agreement or employment or letter agreement, or (iii) as otherwise expressly approved by an officer of KeyCorp in its sole discretion.
		
	5.	 	In the event a court of competent jurisdiction determines that any of the restrictions contained in the above numbered paragraphs of this Agreement are excessive because
of duration or scope or are otherwise unenforceable, the provisions hereof shall not be void but, with respect to such limitations held to be excessive, they shall be modified to incorporate the maximum limitations such court will permit, not
exceeding the limitations contained in the acceptance of grant. In the event I engage in any activity in violation hereof, I acknowledge that such activity may cause serious damage and irreparable injury to Key, which will permit Key to terminate my
employment (if applicable) and seek monetary damages and its attorney fees and Key shall also be entitled to injunctive, equitable, and other relief. I acknowledge and agree that the validity, interpretation, and performance of this Agreement shall
be construed under the internal substantive laws of Ohio.

 BY SIGNING THIS ACCEPTANCE AGREEMENT, I ACKNOWLEDGE THAT I HAVE HAD AMPLE OPPORTUNITY TO READ THIS AGREEMENT AND THE
PLAN, MAKE A DILIGENT INQUIRY, ASK QUESTIONS, AND CONSULT WITH MY ATTORNEY IF I CHOSE TO DO SO. 
  

	
	  

	«Name» Sign Your Name
	
	  

	DateExhibit 10.3

 Exhibit 10.3 
 Execution Copy 
 AMENDMENT NO. 1 TO NOTE PURCHASE AND SECURITY
AGREEMENT 
 This AMENDMENT NO. 1, is made as of January 14, 2011 (this “Amendment”), to
the Note Purchase Agreement (as defined below), by and among BLUEMONT FUNDING I, a statutory trust duly organized under the laws of the State of Delaware, as the trust (the “Trust”), SALLIE MAE, INC., a Delaware
corporation, as administrator (the “Administrator”), THE BANK OF NEW YORK MELLON TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association, as the eligible lender trustee (the “Eligible Lender
Trustee”), J.P. MORGAN SECURITIES LLC (formerly known as J.P. Morgan Securities Inc.) and MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED (as successor by merger to Banc of America Securities LLC), as lead
arrangers (the “Lead Arrangers”), the CONDUIT LENDERS, the ALTERNATE LENDERS and the LIBOR LENDERS party hereto, JPMORGAN CHASE BANK, N.A., a national banking association, BANK OF AMERICA,
N.A., a national banking association, BARCLAYS BANK PLC, a public limited company organized under the laws of England and Wales, THE ROYAL BANK OF SCOTLAND PLC, a bank organized under the laws of Scotland, DEUTSCHE BANK AG, NEW
YORK BRANCH, a German banking corporation acting through its New York Branch, ALPINE SECURITIZATION CORPORATION, a Delaware corporation, and ROYAL BANK OF CANADA, a Canadian chartered bank acting through its New York Branch, each
as agent on behalf of its related LIBOR Lender and/or its related Conduit Lenders, Alternate Lenders and Program Support Providers (collectively, the “Managing Agents”), JPMORGAN CHASE BANK, N.A., as syndication agent
(in such capacity, the “Syndication Agent”), and BANK OF AMERICA, N.A., as the administrative agent for the Conduit Lenders, Alternate Lenders, LIBOR Lenders and Managing Agents (in such capacity, the
“Administrative Agent”). Capitalized terms, unless otherwise defined herein shall have the meanings set forth in the Note Purchase Agreement. 
 W I T N E S S E T H 
 WHEREAS, the Trust, the Administrator, the Eligible Lender Trustee, the Lead Arrangers, the Conduit Lenders, the Alternate Lenders, the LIBOR Lenders, the Managing Agents, the Administrative Agent and the
Syndication Agent are parties to that certain Note Purchase and Security Agreement, dated as of January 15, 2010 (as amended, restated, supplemented or otherwise modified from time to time prior to the date hereof, the “Note Purchase
Agreement”) and the parties hereto wish to amend the Note Purchase Agreement on the terms, and subject to the conditions, set forth below; and 
 WHEREAS, this Amendment is being executed and delivered pursuant to and in accordance with Section 10.01 of the Note Purchase Agreement. 

  
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 NOW, THEREFORE, in consideration of the premises and mutual agreements herein contained, the
parties hereto hereby agree as follows: 
 ARTICLE I 
 AMENDMENTS 
 SECTION 1.01. Amendment of Definitions. 

(a) The definition of “Administrative Agent and Syndication Agent Fee Letter” in Section 1.01 of the Note Purchase
Agreement is hereby replaced in its entirety as follows: 
 “Administrative Agent and Syndication
Agent Fee Letter” means the Amended and Restated Administrative Agent and Syndication Agent Fee Letter, dated as of January 14, 2011, among the Trust, the Administrative Agent and the Syndication Agent. 

(b) The definition of “Amendment No. 1 Effective Date” is hereby added to Section 1.01 of the Note Purchase Agreement
in alphabetical order as follows: 
 “Amendment No. 1 Effective Date” means
January 14, 2011. 
 (c) The definition of “Amendment No. 1 Initial Pool” is hereby added to
Section 1.01 of the Note Purchase Agreement in alphabetical order as follows: 
 “Amendment
No. 1 Initial Pool” means the pool of FFELP Loans owned by the Trust immediately prior to the Amendment No. 1 Effective Date as identified by the Administrator to the Administrative Agent and the Managing Agents on the
Amendment No. 1 Effective Date. 
 (d) The definition of “Borrower Benefit Amount” in Section 1.01 of the
Note Purchase Agreement is hereby replaced in its entirety as follows: 
 “Borrower Benefit
Amount” means the sum of: 
 (a) expected net present value of the product of (1) the sum of (A) the
excess of (x) the weighted average interest rate reduction as described in clause (i) of the definition of Borrower Benefit Programs on all Eligible FFELP Loans that are Post-Legislation Consolidation Loans sold to the Trust on such
Advance Date, over (y) 0.075%, and (B) the excess of (x) the weighted average interest rate reduction as described in clause (i) of the definition of Borrower Benefit Programs on all Eligible FFELP Loans that are not
Post-Legislation Consolidation Loans sold to the Trust on such Advance Date, over (y) 0.250%, and (2) the aggregate Principal Balance of all Eligible FFELP Loans sold to the Trust on such Advance Date; 

(b) expected net present value of the product of (1) the sum of (A) the weighted average rebate as described in clause
(ii) of the definition of Borrower Benefit Programs relating to all Eligible FFELP Loans that are Post-Legislation Consolidation Loans sold to the Trust on such Advance Date, and (B) the excess of (x) the weighted average rebate as
described in clause (ii) of the definition of Borrower Benefit Programs relating to all Eligible FFELP Loans that are not Post-Legislation Consolidation Loans sold to the Trust on such Advance Date, over (y) 0.200%; and (2) the
aggregate original loan amount of all Eligible FFELP Loans sold to the Trust on such Advance Date; and 

  
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 (c) expected net present value of the product of (1) the sum of (A) the excess of
(x) the weighted average interest rate reduction as described in clause (iii) of the definition of Borrower Benefit Programs on all Eligible FFELP Loans that are Post-Legislation Consolidation Loans sold to the Trust on such Advance Date,
over (y) 0.010%, and (B) the excess of (x) the weighted average interest rate reduction as described in clause (iii) of the definition of Borrower Benefit Programs on all Eligible FFELP Loans that are not Post-Legislation
Consolidation Loans sold to the Trust on such Advance Date, over (y) 0.200%; and (2) the aggregate Principal Balance of all Eligible FFELP Loans sold to the Trust on such Advance Date. 

(e) The definition of “Capitalized Interest Account Specified Balance” in Section 1.01 of the Note Purchase Agreement is
hereby replaced in its entirety as follows: 
 “Capitalized Interest Account Specified
Balance” means, as of any date of determination, the sum of (i) for each Eligible FFELP Loan that is a Trust Student Loan included in the Amendment No. 1 Initial Pool, the product of 3.15% multiplied by the Principal
Balance thereof as of such date of determination, and (ii) for each Eligible FFELP Loan that becomes a Trust Student Loan and is not included in the Amendment No. 1 Initial Pool, the product of 5.90% multiplied by the Principal Balance
thereof as of such date of determination. 
 (f) The definition of “Cavalier Omnibus Waiver and Consent and Guaranty”
is hereby added to Section 1.01 of the Note Purchase Agreement in alphabetical order as follows: 

“Cavalier Omnibus Waiver and Consent and Guaranty” means the Omnibus Waiver and Consent and
Guaranty, dated as of January 14, 2011, among SLM Education Credit Finance Corporation, SLM Corporation and Sallie Mae, Inc., in favor of Bank of America, N.A., as administrative agent, relating to Cavalier Funding 1 LLC. 

(g) The definition of “Co-Valuation Agents” in Section 1.01 of the Note Purchase Agreement is hereby replaced in its
entirety as follows: 
 “Co-Valuation Agents” means J.P. Morgan Securities LLC (formerly
known as J.P. Morgan Securities Inc.), Merrill Lynch, Pierce, Fenner & Smith Incorporated (as successor by merger to Banc of America Securities LLC) and Barclays Bank PLC, or any other entity appointed as successor Co-Valuation Agent
pursuant to the Valuation Agent Agreement. 
 (h) Clause (c) of the definition of “Eligible FFELP Loan” in
Section 1.01 of the Note Purchase Agreement is hereby replaced in its entirety as follows: 
 (c) (i) such
Student Loan is a Stafford Loan, an SLS Loan, a PLUS Loan, a Consolidation Loan originated prior to October 1, 2007, or a Post-Legislation Consolidation Loan so long as such Post-Legislation Consolidation Loan is owned as of the Amendment
No. 1 Effective Date by SLM Corporation or one of its direct or indirect subsidiaries, and (ii) the Obligor thereof was an Eligible Obligor at the time such Student Loan was originated; 

  
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 (i) The definition of “Eligible Lender Trustee Agreements” is hereby added to
Section 1.01 of the Note Purchase Agreement in alphabetical order as follows: 
 “Eligible Lender
Trustee Agreements” means (i) the VL Funding Eligible Lender Trustee Agreement, dated as of April 24, 2009, between The Bank of New York Mellon Trust Company, National Association, as eligible lender trustee on behalf of VL
Funding LLC, and VL Funding LLC, (ii) the VK Funding Eligible Lender Trustee Agreement, dated as of April 16, 2010, between The Bank of New York Mellon Trust Company, National Association, as eligible lender trustee on behalf of VK
Funding LLC, and VK Funding LLC, and (iii) the Cavalier Funding 1 LLC Eligible Lender Trustee Agreement, dated as of January 14, 2011, between The Bank of New York Mellon Trust Company, National Association, as eligible lender trustee on
behalf of Cavalier Funding 1 LLC, and Cavalier Funding 1 LLC. 
 (j) The definition of “Lead Arrangers” in
Section 1.01 of the Note Purchase Agreement is hereby replaced in its entirety as follows: 

“Lead Arrangers” means J.P. Morgan Securities LLC (formerly known as J.P. Morgan Securities Inc.)
and Merrill Lynch, Pierce, Fenner & Smith Incorporated (as successor by merger to Banc of America Securities LLC). 

(k) The definition of “Lenders Fee Letter” in Section 1.01 of the Note Purchase Agreement is hereby replaced in its
entirety as follows: 
 “Lenders Fee Letter” means the Amended and Restated Lenders Fee
Letter, dated as of January 14, 2011, among the Trust and the Managing Agents from time to time party thereto. 
 (l) The
definition of “Liquidity Expiration Date” in Section 1.01 of the Note Purchase Agreement is hereby replaced in its entirety as follows: 
 “Liquidity Expiration Date” means January 13, 2012, or if such date is extended pursuant to Section 2.16(a), the date to which it is so extended.

 (m) The definition of “Maximum Financing Amount” in Section 1.01 of the Note Purchase Agreement is hereby
replaced in its entirety as follows: 
 “Maximum Financing Amount” means at
any time on or after (i) the Amendment No. 1 Effective Date and prior to January 13, 2012, $2,500,000,000, (ii) January 13, 2012 and prior to January 11, 2013, $1,666,666,666.66, and
(iii) January 11, 2013, $833,333,333.33, as such amount may be adjusted from time to time pursuant to Sections 2.03 and 2.21. 

  
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 (n) The definition of “Non-Rated Lender” in Section 1.01 of the Note Purchase
Agreement is hereby replaced in its entirety as follows: 
 “Non-Rated Lender” means, as
of any date of determination, any Alternate Lender, LIBOR Lender or Committed Conduit Lender which does not satisfy any of the following: (i) has a short-term unsecured indebtedness rating of at least “A-1” by S&P, if S&P is
then a Rating Agency in respect of the Class A Notes, and “Prime-1” by Moody’s, if Moody’s is then a Rating Agency in respect of the Class A Notes, (ii) has a Lender Guarantor which has a short-term unsecured
indebtedness rating of at least “A-1” by S&P, if S&P is then a Rating Agency in respect of the Class A Notes, and “Prime-1” by Moody’s, if Moody’s is then a Rating Agency in respect of the Class A
Notes, or (iii) has a Qualified Program Support Provider. 
 (o) The definition of “Omnibus Amendment and
Reaffirmation” in Section 1.01 of the Note Purchase Agreement is hereby replaced in its entirety as follows: 
 “Omnibus Amendment and Reaffirmation” means the Amended and Restated Omnibus Amendment and Reaffirmation dated as of January 14, 2011, among the Trust, the
Eligible Lender Trustee, the Interim Eligible Lender Trustee, the Depositor, the Master Depositor, each Seller, Sallie Mae, Inc., SLM Corporation and the Administrative Agent. 
 (p) The definition of “Post-Legislation Consolidation Loan” is hereby added to Section 1.01 of the Note Purchase Agreement in alphabetical order as follows: 

“Post-Legislation Consolidation Loan” means a Consolidation Loan originated on or after
October 1, 2007. 
 (q) The definition of “Qualified Program Support Provider” in Section 1.01 of the Note
Purchase Agreement is hereby replaced in its entirety as follows: 
 “Qualified Program Support
Provider” means, with respect to a Committed Conduit Lender, any Program Support Provider to such Conduit Lender which has a Program Support Agreement in a form acceptable to the Rating Agencies and has a short-term unsecured
indebtedness rating of at least “A-1” by S&P, if S&P is then a Rating Agency in respect of the Class A Notes, and “Prime-1” by Moody’s, if Moody’s is then a Rating Agency in respect of the Class A
Notes. 
 (r) The definition of “Rating Agencies” in Section 1.01 of the Note Purchase Agreement is hereby
replaced in its entirety as follows: 
 “Rating Agencies” means (x) with respect to
the CP of any Conduit Lender, each of Moody’s, S&P and Fitch, to the extent it is then rating such CP at the request of such Conduit Lender, and (y) otherwise, any one of Moody’s or S&P, whichever is then rating the
Class A Notes at the request of the Administrator. 

  
 5 

 (s) The definition of “Required Ratings” in Section 1.01 of the Note Purchase
Agreement is hereby replaced in its entirety as follows: 
 “Required Ratings” means,
with respect to the Class A Notes, “Aaa” by Moody’s or “AAA” by S&P. 
 (t) The
definition of “Scheduled Maturity Date” in Section 1.01 of the Note Purchase Agreement is hereby replaced in its entirety as follows: 
 “Scheduled Maturity Date” means January 10, 2014, or if such date is extended pursuant to Section 2.16(b), the date to which it is so extended. 

(u) The definition of “S&P” in Section 1.01 of the Note Purchase Agreement is hereby replaced in its entirety as
follows: 
 “S&P” means Standard & Poor’s Ratings Services, a
Standard & Poor’s Financial Services LLC business. 
 (v) The definition of “Seller Interim Trust
Agreements” in Section 1.01 of the Note Purchase Agreement is hereby replaced in its entirety as follows: 
 “Seller Interim Trust Agreements” means (i) the interim trust agreement, dated February 29, 2008, between the Interim Eligible Lender Trustee and VG Funding, LLC, and
(ii) the interim trust agreement, dated February 29, 2008, between the Interim Eligible Lender Trustee and Phoenix Fundings LLC. 
 (w) The definition of “Sellers” in Section 1.01 of the Note Purchase Agreement is hereby replaced in its entirety as follows: 

“Sellers” means one or more of SLM Education Credit Finance Corporation, VG Funding, LLC, VL
Funding LLC, Mustang Funding I, LLC, Mustang Funding II, LLC, Phoenix Fundings LLC, VK Funding LLC, Cavalier Funding 1 LLC and the Related SPE Sellers, and such other subsidiaries of SLM Corporation as may be agreed upon by the Required Managing
Agents (provided, however, that if a proposed seller is a special purpose subsidiary of SLM Corporation for which the Master Servicer is responsible for any repurchase obligations, only the consent of the Administrative Agent shall be
required) and with respect to which the requirements of Section 4.04 have been satisfied. 
 (x) The definition of
“Side Letter” in Section 1.01 of the Note Purchase Agreement is hereby replaced in its entirety as follows: 
 “Side Letter” means the Amended and Restated Side Letter, dated as of January 14, 2011, among the Trust, the Administrator, the Administrative Agent, the Managing Agents,
the Eligible Lender Trustee and certain other financial institutions party thereto. 

  
 6 

 (y) The definition of “Subservicer” in Section 1.01 of the Note Purchase
Agreement is hereby replaced in its entirety as follows: 
 “Subservicer” means, on the
Amendment No. 1 Effective Date, Great Lakes Educational Loan Services, Inc., ACS Education Services, Inc., Education Loan Servicing Corporation, doing business as Xpress Loan Servicing, Pennsylvania Higher Education Assistance Agency, Citibank
(South Dakota), N.A., Nelnet Inc., and, thereafter, in addition, any subservicer appointed by the Master Servicer pursuant to the Servicing Agreement of the Master Servicer. 
 (z) The definition of “Transaction Documents” in Section 1.01 of the Note Purchase Agreement is hereby replaced in its entirety as follows: 

“Transaction Documents” means, collectively, this Agreement, the Trust Agreement, the
Administration Agreement, each Servicing Agreement, each Purchase Agreement, the Conveyance Agreement, the Sale Agreement, the Tri-Party Transfer Agreement, each Permitted SPE Sale Agreement, all Guarantee Agreements, each Interim Trust Agreement,
each Eligible Lender Trustee Agreement, the Valuation Agent Agreement, the Guaranty and Pledge Agreement, the Indemnity Agreement, the Revolving Credit Agreement, the Power of Attorney, the Fee Letters, the Side Letter, the Omnibus Waiver and
Consent, the VK Omnibus Waiver and Consent and Guaranty, the Cavalier Omnibus Waiver and Consent and Guaranty, the SLM Guaranty, the Omnibus Amendment and Reaffirmation, and all other instruments, fee letters, documents and agreements executed in
connection with any of the foregoing. 
 (aa) The definition of “Valuation Agent Agreement” in Section 1.01 of
the Note Purchase Agreement is hereby replaced in its entirety as follows: 
 “Valuation Agent
Agreement” means the Amended and Restated Valuation Agent Agreement, dated as of January 15, 2010, among the Trust, the Administrator, the Administrative Agent and the Co-Valuation Agents. 

(bb) The definition of “Valuation Agent Fee Letter” in Section 1.01 of the Note Purchase Agreement is hereby replaced in
its entirety as follows: 
 “Valuation Agent Fee Letter” means the Amended and Restated
Valuation Agent Fee Letter, dated as of January 14, 2011, among the Trust and the Co-Valuation Agents, setting forth the Co-Valuation Agents Fees. 
 (cc) The definition of “VK Omnibus Waiver and Consent and Guaranty” is hereby added to Section 1.01 of the Note Purchase Agreement in alphabetical order as follows: 

“VK Omnibus Waiver and Consent and Guaranty” means the Amended and Restated Omnibus Waiver and
Consent and Guaranty relating to VK Funding LLC, dated as of January 14, 2011, among SLM Education Credit Finance Corporation, SLM Corporation and Sallie Mae, Inc., in favor of Bank of America, N.A., as administrative agent. 

  
 7 

 SECTION 1.02. Amendment of Section 2.15(a)(I). 

Section 2.15(a)(I) of the Note Purchase Agreement is hereby amended by deleting the words “Affected Entity” and
substituting the words “Affected Party” in lieu thereof. 
 SECTION 1.03. Amendment of
Section 4.02(c). 
 Section 4.02(c) of the Note Purchase Agreement is hereby deleted in its entirety. 

SECTION 1.04. Amendment of Section 6.01(c)(ii)(D). 

Section 6.01(c)(ii)(D) of the Note Purchase Agreement is hereby replaced in its entirety as follows: 

(D) not inconsistent with the factual assumptions set forth in (1) the opinion letter issued as of the Closing Date
by Bingham McCutchen LLP to the Secured Creditors, (2) the opinion letter issued as of April 16, 2010 by Bingham McCutchen LLP to the Secured Creditors or (3) the opinion letter issued as of the Amendment No. 1 Effective Date by
Bingham McCutchen LLP to the Secured Creditors, each relating to the issues of substantive consolidation. 
 SECTION 1.05.
Amendment of Section 6.30. Section 6.30 of the Note Purchase Agreement is hereby replaced in its entirety as follows: 
 Section 6.30 Releases. Each time that an aggregate Principal Balance of Trust Student Loans (that are owned by the Trust and the Related SPE Trusts on the Amendment No. 1 Effective Date) that
are or have been transferred pursuant to one or more Permitted Releases by the Trust and/or the Related SPE Trusts exceeds $630,000,000, the Administrator on behalf of the Trust shall provide each Rating Agency such information that they may
reasonably require ten (10) Business Days prior to the Permitted Release and obtain a ratings affirmation letter from each Rating Agency as soon as practicable thereafter; provided, however, that no letter need be obtained if at
such time a Rating Agency does not require that its rating be reaffirmed. For the avoidance of doubt, any Trust Student Loan included in the calculation of a $630,000,000 threshold shall not be included in future calculations for determining
the date upon which an additional ratings affirmation letter may need to be obtained. 
 SECTION 1.06. Amendment of
Section 7.02. 
 (a) Section 7.02(s) of the Note Purchase Agreement is hereby replaced in its entirety as follows:

 (s) the Class A Notes shall have none of the Required Ratings; 

(b) Section 7.02(t) of the Note Purchase Agreement is hereby amended by replacing the period (“.”) appearing at the end of
such Section with “; or”. 

  
 8 

 (c) Section 7.02(u) is hereby added to the Note Purchase Agreement immediately
following Section 7.02(t) as follows: 
 (u) (1) SLM Education Credit Finance Corporation shall fail to
comply with clause (u) of Section 10.01(a) in connection with the amendment, alteration, change or deletion of the definition of “Independent Manager” or any of the “Special Purpose Provisions” (each as defined
in the related organizational document), or (2) any Person shall be appointed as an “Independent Manager” (as defined in the related organizational document) of the Depositor other than in strict compliance with the requirements
therefor set forth in the Depositor’s Amended and Restated Limited Liability Company Operating Agreement, as amended, restated, supplemented or otherwise modified from time to time in accordance with the terms thereof. 

SECTION 1.07. Amendment of Article IX. Article IX of the Note Purchase Agreement is hereby amended by inserting a new
Section 9.11 in numerical order as follows: 
 Section 9.11 Compliance with Rule 17g-5. Each of the Lenders,
the Managing Agents, the Lead Arrangers, the Syndication Agent, the Co-Valuation Agents and the Administrative Agent agrees that (i) each such Person shall be responsible for its own compliance with Rule 17g-5 promulgated by the U.S. Securities
and Exchange Commission, including, without limitation, any requirement to provide information regarding any CP to any Rating Agency or any other nationally recognized statistical rating organization, and (ii) neither this Agreement nor any
other Transaction Document shall constitute a contract by or with any other party hereto or its Affiliates to provide information to a nationally recognized statistical rating organization on behalf of any such Person or its Affiliates. 

SECTION 1.08. Amendment of Section 10.12(a). 
 (a) Section 10.12(a)(vi) of the Note Purchase Agreement is hereby replaced in its entirety as follows: 
 (vi) to any Rating Agency rating the Class A Notes, the CP of the Conduit Lenders or rating SLM Corporation, or any nationally recognized statistical rating organization in connection with any
Conduit Lender’s compliance with Rule 17g-5 promulgated by the U.S. Securities and Exchange Commission; 
 (b)
Section 10.12(a)(vii) of the Note Purchase Agreement is hereby relabeled Section 10.12(a)(viii) and the following Section 10.12(a)(vii) is inserted in numerical order: 

(vii) to any administrative agent, sub-administrative agent, administrator, sub-administrator, administrative trustee,
sub-administrative trustee or any entity serving in a similar capacity for any Conduit Lender; and 
 SECTION 1.09.
Amendment of Exhibit A. 
 Exhibit A to the Note Purchase Agreement is hereby restated in its entirety as set forth on
Exhibit A to this Amendment (it being understood that any Person previously party to the Note Purchase Agreement or previously party thereto in a particular capacity that is not listed on such

  
 9 

 
Exhibit A or is not listed therein in such capacity shall cease to be a party to the Note Purchase Agreement or cease to be a party thereto in such capacity, as applicable, from and after the
date hereof). 
 SECTION 1.10. Amendment of Exhibit M. 

Exhibit M to the Note Purchase Agreement is hereby restated in its entirety as set forth on Exhibit M to this Amendment. 

ARTICLE II 

WAIVERS 

SECTION 2.01. Applicability of Section 2.16(b). The parties hereto do hereby agree that the notice period requirements
set forth in Section 2.16(b) of the Note Purchase Agreement shall not apply to the amendment of the definition of “Scheduled Maturity Date” as set forth in Section 1.01 of this Amendment. 

SECTION 2.02. Applicability of Section 10.01(a). The parties hereto do hereby agree that the Rating Agency Condition
requirement with respect to the Class A Notes set forth in Section 10.01(a) of the Note Purchase Agreement shall be satisfied with respect to the amendments specified herein in respect of the Class A Notes upon receipt of a statement
in writing from Moody’s that the amendments specified herein will not result in a withdrawal or reduction of the ratings of the Class A Notes. For the avoidance of doubt, the satisfaction of the Rating Agency Condition with respect to the
amendments specified herein shall apply with respect to the CP of each Conduit Lender on the terms specified in the definition of “Rating Agency Condition” as set forth in the Note Purchase Agreement. 

ARTICLE III 

MISCELLANEOUS 

SECTION 3.01. Conditions Precedent to Effectiveness of Amendment. The effectiveness of this Amendment is subject to the
following conditions precedent (and each party, by the execution hereof and delivery of its signature hereto, hereby acknowledges that all such conditions precedent have been satisfied or waived): 

(a) execution and delivery of this Amendment by all parties hereto; 

(b) satisfaction of the Rating Agency Condition (subject to Section 2.02 above); 

(c) receipt by each Managing Agent, in immediately available funds, of its share of the Consent Fee on the date hereof in accordance with
the terms of, and as defined in, the Lenders Fee Letter (after giving effect to the amendment and restatement thereof on the date hereof) and all others fees and expenses due and payable to such Managing Agent or any of the Lenders in its Facility
Group on or prior to the date hereof, in the case of expenses, to the extent invoiced as of the Business Day prior to date hereof; 

  
 10 

 (d) receipt by each of the Lead Arrangers, the Co-Valuation Agents, the Administrative
Agent, the Syndication Agent and the Eligible Lender Trustee, in immediately available funds, of all fees and expenses due and payable to each such Person on or prior to the date hereof, in the case of expenses, to the extent invoiced as of the
Business Day prior to date hereof; 
 (e) receipt by the Administrative Agent and each Managing Agent, in form and substance
satisfactory to the Administrative Agent and each such Managing Agent, of each of the items listed on Schedule I hereto; 

(f) the Managing Agents having completed satisfactory legal due diligence in respect of the Trust and SLM Corporation and its Affiliates;
and 
 (g) receipt by the Administrative Agent of satisfactory evidence that the other FFELP Loan Facilities have been amended
on terms substantially similar to those set forth in this Amendment. 
 SECTION 3.02. Representations and
Warranties. The Administrator (on behalf of the Trust) makes the following representations and warranties for the benefit of the Administrative Agent and the Secured Creditors as of the date of this Amendment: (i) each of the
representations and warranties contained in the Note Purchase Agreement is true and correct and (ii) no Amortization Event, Termination Event, Servicer Default or, to the best of the Trust’s or the Administrator’s knowledge, Potential
Termination Event has occurred and is continuing after giving effect to this Amendment. 
 SECTION 3.03. Transaction
Documents. On and after the date hereof, any reference to the Note Purchase Agreement in any Transaction Document shall be deemed to refer to the Note Purchase Agreement as amended by this Amendment and each of the parties hereto agrees that,
for all purposes, this Amendment shall constitute a “Transaction Document” under and as defined in the Note Purchase Agreement. 
 SECTION 3.04. No Course of Dealing. The Administrative Agent, the Conduit Lenders, the LIBOR Lenders, the Alternate Lenders and the Managing Agents have entered into this Amendment on the
express understanding with the Trust and the Administrator that in entering into this Amendment, the Administrative Agent, the Conduit Lenders, the LIBOR Lenders, the Alternate Lenders and the Managing Agents are not establishing any course of
dealing with the Trust or the Administrator. Other than as amended or modified by the terms of this Amendment, the Administrative Agent’s, the Conduit Lenders’, the LIBOR Lenders’, the Alternate Lenders’ and the Managing
Agents’ rights to require strict performance with all other terms and conditions of the Note Purchase Agreement and the other Transaction Documents shall not in any way be impaired by the execution of this Amendment. None of the Administrative
Agent, the Conduit Lenders, the LIBOR Lenders, the Alternate Lenders and the Managing Agents shall be obligated in any manner to execute any further amendments or waivers in the future. 

SECTION 3.05. Limited Effect. Except as expressly amended hereby, all of the provisions, covenants, terms and conditions of
the Note Purchase Agreement shall continue to be, and shall remain, in full force and effect in accordance with their respective terms, and are hereby ratified and confirmed. 

  
 11 

 SECTION 3.06. Governing Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF
THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS
LAW). 
 SECTION 3.07. Execution in Counterparts; Severability. This Amendment may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. Delivery by facsimile or
electronic mail of an executed signature page of this Amendment shall be effective as delivery of an executed counterpart hereof. In case any provision in or obligation under this Amendment shall be invalid, illegal or unenforceable in any
jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. 

SECTION 3.08. Expense Provisions Apply. For the avoidance of doubt, Section 10.08 of the Note Purchase Agreement shall
apply in respect of this Amendment. 
 SECTION 3.09. Eligible Lender Trustee. 

(a) The parties hereto agree that the Eligible Lender Trustee shall be afforded all of the rights, immunities and privileges afforded to
the Eligible Lender Trustee under the Trust Agreement in connection with its execution of this Amendment. 
 (b) Notwithstanding
the foregoing, none of the Secured Creditors shall have recourse to the assets of the Eligible Lender Trustee in its individual capacity in respect of the obligations of the Trust. The parties hereto acknowledge and agree that The Bank of New York
Mellon Trust Company, National Association and any successor eligible lender trustee is entering into this Amendment solely in its capacity as Eligible Lender Trustee, and not in its individual capacity, and in no case shall The Bank of New York
Mellon Trust Company, National Association (or any person acting as successor eligible lender trustee) be personally liable for or on account of any of the statements, representations, warranties, covenants or obligations stated to be those of the
Trust, all such liability, if any, being expressly waived by the parties hereto, any person claiming by, through, or under any such party. 
 SECTION 3.10. Consents. 
 (a) Each of the Secured Creditors party
hereto agrees to the terms of, and authorizes the Administrative Agent to execute on its behalf, the amendment and restatement of that certain Omnibus Waiver and Consent and Guaranty dated as of April 16, 2010, in the form attached hereto as
Exhibit B-1, and the amendment and restatement of that certain Omnibus Amendment and Reaffirmation dated as of January 15, 2010, in the form attached hereto as Exhibit B-2. 

  
 12 

 (b) Each of the Managing Agents and the Administrative Agent hereby consents to the
amendment and restatement of the Depositor’s Limited Liability Company Operating Agreement on the terms set forth in the form of Amended and Restated Limited Liability Company Operating Agreement attached hereto as Exhibit C. 

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY BLANK] 

  
 13 

 IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by their
respective officers thereunto duly authorized, as of the date first above written. 
  

			
	THE TRUST:
	
	BLUEMONT FUNDING I
		
	By:	 	THE BANK OF NEW YORK MELLON TRUST COMPANY, NATIONAL ASSOCIATION, not in its individual capacity but solely in its capacity as Eligible Lender Trustee under the Second Amended and
Restated Trust Agreement dated as of January 15, 2010 by and among the Depositor, the Delaware Trustee and the Eligible Lender Trustee
		
	By:	 	 /s/ Michael G. Ruppel

		 	Name: Michael G. Ruppel
		 	Title: Vice President

  

			
	THE ELIGIBLE LENDER TRUSTEE:
	
	THE BANK OF NEW YORK MELLON TRUST COMPANY, NATIONAL ASSOCIATION, not in its individual capacity but solely in its capacity as Eligible Lender Trustee under the
Second Amended and Restated Trust Agreement dated as of January 15, 2010 by and among the Depositor, the Delaware Trustee and the Eligible Lender Trustee
		
	By:	 	 /s/ Michael G. Ruppel

		 	Name: Michael G. Ruppel
		 	Title: Vice President

 Signature Page to 
 Amendment No. 1 to 
 Note Purchase Agreement 

(Bluemont Funding I) 

			
	THE ADMINISTRATOR:
	
	SALLIE MAE, INC.
		
	By:	 	 /s/ Stephen O’Connell

		 	Name: Stephen O’Connell
		 	Title: Vice President

  

Signature Page to 
 Amendment No. 1 to 
 Note Purchase Agreement 

(Bluemont Funding I) 

					
	THE ADMINISTRATIVE AGENT:
	
	BANK OF AMERICA, N.A.
		
	By:	 	 /s/ Margaux L. Karagosian

		 	Name:	 	Margaux L. Karagosian
		 	Title:	 	Vice President
	
	BANK OF AMERICA, N.A., as securities intermediary and depositary bank with respect to the Trust Accounts
		
	By:	 	 /s/ Margaux L. Karagosian

		 	Name:	 	Margaux L. Karagosian
		 	Title:	 	Vice President
	
	LEAD ARRANGER:
	
	MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED (as successor by merger to Banc of America Securities LLC)
		
	By:	 	 /s/ Jeffrey K. Fricano

		 	Name:	 	Jeffrey K. Fricano
		 	Title:	 	Director

  

Signature Page to 
 Amendment No. 1 to 
 Note Purchase Agreement 

(Bluemont Funding I) 

					
	BANK OF AMERICA FACILITY GROUP:
	
	MANAGING AGENT:
	
	BANK OF AMERICA, N.A.
		
	By:	 	 /s/ Margaux L. Karagosian

		 	Name:	 	Margaux L. Karagosian
		 	Title:	 	Vice President

  

					
	LIBOR LENDER:
	
	BANK OF AMERICA, N.A.
		
	By:	 	 /s/ Margaux L. Karagosian

		 	Name:	 	Margaux L. Karagosian
		 	Title:	 	Vice President

  

Signature Page to 
 Amendment No. 1 to 
 Note Purchase Agreement 

(Bluemont Funding I) 

					
	THE SYNDICATION AGENT:
	
	JPMORGAN CHASE BANK, N.A.
		
	By:	 	 /s/ Scott T. Cornelis

		 	Name:	 	Scott T. Cornelis
		 	Title:	 	Vice President
	
	LEAD ARRANGER:
	
	J.P. MORGAN SECURITIES LLC (formerly known as J.P. Morgan Securities Inc.)
		
	By:	 	 /s/ Scott T. Cornelis

		 	Name:	 	Scott T. Cornelis
		 	Title:	 	Vice President

  

Signature Page to 
 Amendment No. 1 to 
 Note Purchase Agreement 

(Bluemont Funding I) 

					
	JPMORGAN FACILITY GROUP:
	
	CONDUIT LENDERS:
	
	CHARIOT FUNDING LLC
	
	 By: JPMORGAN CHASE BANK, N.A.,
 its attorney-in-fact

		
	By:	 	 /s/ Scott T. Cornelis

		 	Name:	 	Scott T. Cornelis
		 	Title:	 	Vice President
	
	 FALCON ASSET SECURITIZATION
 COMPANY LLC

	
	 By: JPMORGAN CHASE BANK, N.A.,
 its attorney-in-fact

		
	By:	 	 /s/ Scott T. Cornelis

		 	Name:	 	Scott T. Cornelis
		 	Title:	 	Vice President
	
	JUPITER SECURITIZATION COMPANY LLC (as successor by merger to JS Siloed Trust and Park Avenue Receivables Company, LLC)
	
	 By: JPMORGAN CHASE BANK, N.A.,
 its attorney-in-fact

		
	By:	 	 /s/ Scott T. Cornelis

		 	Name:	 	Scott T. Cornelis
		 	Title:	 	Vice President

  

Signature Page to 
 Amendment No. 1 to 
 Note Purchase Agreement 

(Bluemont Funding I) 

					
	MANAGING AGENT:
	
	JPMORGAN CHASE BANK, N.A.
		
	By:	 	 /s/ Scott T. Cornelis

		 	Name:	 	Scott T. Cornelis
		 	Title:	 	Vice President
	
	ALTERNATE LENDER:
	
	JPMORGAN CHASE BANK, N.A.
		
	By:	 	 /s/ Scott T. Cornelis

		 	Name:	 	Scott T. Cornelis
		 	Title:	 	Vice President

  

Signature Page to 
 Amendment No. 1 to 
 Note Purchase Agreement 

(Bluemont Funding I) 

					
	BARCLAYS FACILITY GROUP:
	
	COMMITTED CONDUIT LENDERS:
	
	SHEFFIELD RECEIVABLES CORPORATION
	
	By: BARCLAYS BANK PLC, as attorney-in-fact
		
	By:	 	 /s/ David Mira

		 	Name:	 	David Mira
		 	Title:	 	Associate Director
	
	SALISBURY RECEIVABLES COMPANY LLC
	
	By: BARCLAYS BANK PLC, as attorney-in-fact
		
	By:	 	 /s/ David Mira

		 	Name:	 	David Mira
		 	Title:	 	Associate Director
	
	MANAGING AGENT:
	
	BARCLAYS BANK PLC
		
	By:	 	 /s/ Jeffrey Goldberg

		 	Name:	 	Jeffrey Goldberg
		 	Title:	 	Director

  

Signature Page to 
 Amendment No. 1 to 
 Note Purchase Agreement 

(Bluemont Funding I) 

					
	RBS FACILITY GROUP:
	
	CONDUIT LENDERS:
	
	AMSTERDAM FUNDING CORPORATION
		
	By:	 	 /s/ Jill A. Russo

		 	Name:	 	Jill A. Russo
		 	Title:	 	Vice President
	
	WINDMILL FUNDING CORPORATION
		
	By:	 	 /s/ Jill A. Russo

		 	Name:	 	Jill A. Russo
		 	Title:	 	Vice President
	
	MANAGING AGENT:
	
	THE ROYAL BANK OF SCOTLAND PLC
	By: RBS Securities Inc., as agent
		
	By:	 	 /s/ Michael Zappaterrini

		 	Name:	 	Michael Zappaterrini
		 	Title:	 	Managing Director
	
	ALTERNATE LENDER:
	
	THE ROYAL BANK OF SCOTLAND PLC
	
	By: RBS Securities Inc., as agent
		
	By:	 	 /s/ Michael Zappaterrini

		 	Name:	 	Michael Zappaterrini
		 	Title:	 	Managing Director

  

Signature Page to 
 Amendment No. 1 to 
 Note Purchase Agreement 

(Bluemont Funding I) 

					
	DEUTSCHE BANK FACILITY GROUP:
	
	CONDUIT LENDER:
	
	GEMINI SECURITIZATION CORP., LLC
		
	By:	 	 /s/ Frank B. Bilotta

		 	Name:	 	Frank B. Bilotta
		 	Title:	 	President
	
	MANAGING AGENT:
	
	DEUTSCHE BANK AG, NEW YORK BRANCH
		
	By:	 	 /s/ Joseph J. Lau

		 	Name:	 	Joseph J. Lau
		 	Title:	 	Director
		
	By:	 	 /s/ Chawey Wu

		 	Name:	 	Chawey Wu
		 	Title:	 	Vice President
	
	ALTERNATE LENDER:
	
	DEUTSCHE BANK AG, NEW YORK BRANCH
		
	By:	 	 /s/ Joseph J. Lau

		 	Name:	 	Joseph J. Lau
		 	Title:	 	Director
		
	By:	 	 /s/ Chawey Wu

		 	Name:	 	Chawey Wu
		 	Title:	 	Vice President

  

Signature Page to 
 Amendment No. 1 to 
 Note Purchase Agreement 

(Bluemont Funding I) 

					
	CREDIT SUISSE FACILITY GROUP:
	
	CONDUIT LENDER:
	
	ALPINE SECURITIZATION CORPORATION
		
	By:	 	 /s/ Robbin W. Conner

		 	Name:	 	Robbin W. Conner
		 	Title:	 	Director
		
	By:	 	 /s/ Fred Mastromarino

		 	Name:	 	Fred Mastromarino
		 	Title:	 	Vice President
	
	MANAGING AGENT:
	
	ALPINE SECURITIZATION CORPORATION
		
	By:	 	 /s/ Robbin W. Conner

		 	Name:	 	Robbin W. Conner
		 	Title:	 	Director
		
	By:	 	 /s/ Fred Mastromarino

		 	Name:	 	Fred Mastromarino
		 	Title:	 	Vice President
	
	ALTERNATE LENDER:
	
	CREDIT SUISSE, NEW YORK BRANCH
		
	By:	 	 /s/ Robbin W. Conner

		 	Name:	 	Robbin W. Conner
		 	Title:	 	Director
		
	By:	 	 /s/ Fred Mastromarino

		 	Name:	 	Fred Mastromarino
		 	Title:	 	Vice President

  

Signature Page to 
 Amendment No. 1 to 
 Note Purchase Agreement 

(Bluemont Funding I) 

					
	RBC FACILITY GROUP:
	
	CONDUIT LENDERS:
	
	OLD LINE FUNDING, LLC
	By: Royal Bank of Canada, as its Agent, as attorney-in-fact
		
	By:	 	 /s/ Sofia Shields

		 	Name:	 	Sofia Shields
		 	Title:	 	Authorized Signatory
	
	THUNDER BAY FUNDING, LLC
	By: Royal Bank of Canada, as its Agent, as attorney-in-fact
		
	By:	 	 /s/ Sofia Shields

		 	Name:	 	Sofia Shields
		 	Title:	 	Authorized Signatory
	
	MANAGING AGENT:
	
	ROYAL BANK OF CANADA
		
	By:	 	 /s/ Sofia Shields

		 	Name:	 	Sofia Shields
		 	Title:	 	Authorized Signatory
		
	By:	 	 /s/ Roger Pellegrini

		 	Name:	 	Roger Pellegrini
		 	Title:	 	Authorized Signatory

  

Signature Page to 
 Amendment No. 1 to 
 Note Purchase Agreement 

(Bluemont Funding I) 

					
	ALTERNATE LENDER:
	
	ROYAL BANK OF CANADA
		
	By:	 	 /s/ Sofia Shields

		 	Name:	 	Sofia Shields
		 	Title:	 	Authorized Signatory
		
	By:	 	 /s/ Roger Pellegrini

		 	Name:	 	Roger Pellegrini
		 	Title:	 	Authorized Signatory

  

Signature Page to 
 Amendment No. 1 to 
 Note Purchase Agreement 

(Bluemont Funding I) 

					
	Agreed and acknowledged
with respect to Section 3.05:
	
	SLM CORPORATION
		
	 By:
	 	 /s/ Stephen O’Connell

		 	 Name:
	 	Stephen O’Connell
		 	 Title:
	 	Senior Vice President
	
	SLM EDUCATION CREDIT FINANCE CORPORATION
		
	 By:
	 	 /s/ Mark Rein

		 	 Name:
	 	Mark Rein
		 	 Title:
	 	Vice President

  

Signature Page to 
 Amendment No. 1 to 
 Note Purchase Agreement 

(Bluemont Funding I) 

					
	Agreed and acknowledged
with respect to Section 3.10(a):
	
	CO-VALUATION AGENTS:
	
	MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED (as successor by merger to BANC OF AMERICA SECURITIES LLC)
		
	By:	 	 /s/ Jeffrey Fricano

		 	Name:	 	Jeffrey Fricano
		 	Title:	 	Director
	
	BARCLAYS BANK PLC
		
	By:	 	 /s/ Jeffrey Goldberg

		 	Name:	 	Jeffrey Goldberg
		 	Title:	 	Director
	
	J.P. MORGAN SECURITIES LLC (formerly known as J.P. MORGAN SECURITIES INC.)
		
	By:	 	 /s/ Scott T. Cornelis

		 	Name:	 	Scott T. Cornelis
		 	Title:	 	Vice President

  

Signature Page to 
 Amendment No. 1 to 
 Note Purchase Agreement 

(Bluemont Funding I) 

 EXHIBIT A1 
 COMMITMENTS 
  

																					
	 Facility Group
	  	Managing Agent2	  	Conduit Lender(s)	 	  	LIBOR Lender	 	  	Alternate Lender	 
	 	  	 	  	Name	  	Commitment	 	  	Name	  	Commitment	 	  	Name	  	Commitment	 
								
	 Bank of America Facility Group
	  	Bank of America, N.A.	  	NONE	  	 	N/A	  	  	Bank of America,
N.A.	  	$	475,000,000.00	  	  	NONE	  	 	N/A	  
								
	 JPMorgan Facility Group
	  	JPMorgan Chase
Bank, N.A.	  	Chariot Funding LLC
Falcon Asset Securitization
Company LLC Jupiter Securitization
Company LLC
	  	   

 
  
  
	NONE  
 NONE
  
 NONE
	    
   
  

  
	  	NONE	  	 	N/A	  	  	JPMorgan Chase
Bank, N.A.	  	$	475,000,000.00	  
								
	 Barclays Facility Group
	  	Barclays Bank plc	  	Sheffield Receivables
Corporation
Salisbury Receivables
Company LLC
	  	$  
  

$
	175,000,000.00  

 
 300,000,000.00
	    
  

  
	  	NONE	  	 	N/A	  	  	NONE	  	 	N/A	  
	 RBS Facility Group
	  	The Royal Bank of
Scotland plc	  	Amsterdam Funding
Corporation
Windmill Funding
Corporation
	  	   

 
	NONE  
 NONE
	    
   
	  	NONE	  	 	N/A	  	  	The Royal Bank of
Scotland plc	  	$	425,000,000.00	  
								
	 RBC Facility Group
	  	Royal Bank of Canada
	  	Old Line Funding, LLC
Thunder Bay Funding, LLC	  	   

 
	NONE  
 NONE
	    
   
	  	NONE	  	 	N/A	  	  	Royal Bank of
Canada	  	$	275,000,000.00	  
								
	 Deutsche Bank Facility Group
	  	Deutsche Bank AG,
New York Branch	  	Gemini Securitization Corp.,
LLC	  	 	NONE	  	  	NONE	  	 	N/A	  	  	Deutsche Bank
AG, New York
Branch	  	$	187,500,000.00	  
								
	 Credit Suisse Facility Group
	  	Alpine Securitization
Corporation	  	Alpine Securitization
Corporation	  	 	NONE	  	  	NONE	  	 	N/A	  	  	Credit Suisse,
New York Branch	  	$	187,500,000.00	  

  

	1 	 The Administrative Agent may amend, restate or otherwise revise this Exhibit A from time to time to reflect assignments made pursuant to this
Agreement. 

	2 	 The Managing Agent for any Facility Group with more than one Conduit Lender may allocate Advances made by the Conduit Lenders, Alternate Lenders and
LIBOR Lenders within its Facility Group in its discretion.

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