Document:

Exhibit 4.4.3

 

Univision Communications, Inc.

 

OFFICERS’ CERTIFICATE

(Pursuant to Sections 201 and 301 of the
Indenture)

 

Dated:  July 18, 2001

 

The
undersigned, Robert V. Cahill, Vice Chairman and Secretary of Univision
Communications, Inc., a Delaware corporation (the “Corporation”) and C. Douglas
Kranwinkle, Executive Vice President and General Counsel of the Corporation,
hereby certify as follows:

 

The
undersigned, having read the appropriate provisions of the Indenture dated as
of July 18, 2001 (the “Indenture”) between the Corporation and The Bank of
New York, as trustee (the “Trustee”), including Sections 201, 301 and 303
thereof and the definitions in such Indenture relating thereto, and certain
other corporate documents and records, and having made such examination and
investigation as, in the opinion of the undersigned, each considers necessary
to enable the undersigned to express an informed opinion as to whether or not
the conditions set forth in the Indenture relating to the establishment of the terms
of the offering of $500,000,000 of the Corporation’s 7.85% Notes due 2011 (the
“Notes”) and the form of certificate evidencing the Notes have been
complied with, and whether the conditions in the Indenture relating to the
authentication and delivery by the Trustee of the Notes have been complied
with, certify that (1) the terms of the Notes were established by the
undersigned pursuant to authority delegated to them by resolutions duly adopted
by the Board of Directors of the Corporation on February 7, 2001 and
May 9, 2001 (the “Resolutions”) and such terms are as set forth in Annex
I hereto, (2) the form of certificate evidencing the Notes was established
by the undersigned pursuant to authority delegated to them by the Resolutions
and shall be in substantially the form attached as Annex II hereto, (3)
a true, complete and correct copy of the Resolutions, which were duly adopted
by the Board of Directors of the Corporation and are in full force and effect
on the date hereof, are attached as an exhibit to the Certificate of the
Secretary of the Corporation of even date herewith, and (4) the form and terms
of the Notes have been established pursuant to Sections 201 and 301 of the
Indenture and comply with the Indenture and, in the opinion of the undersigned,
all conditions provided for in the Indenture (including, without limitation,
those set forth in Sections 201, 301 and 303 of the Indenture) relating to the
establishment of the terms of the Notes and the form of certificate evidencing
the Notes, and relating to the execution, authentication and delivery of the
Notes, have been complied with.

 

This
certificate may be executed by the parties hereto in counterparts, each of
which when so executed shall be deemed to be an original, with the same effect
as if the signatures thereto and hereto were on the same instrument, but all
such counterparts shall together constitute but one and the same instrument.

 

(Signature Page Follows)

 

1

 

IN WITNESS
WHEREOF, we have hereunto set our hands as of the date first written above.

 

	
   

  	
   

  	
   

  
	
   

  	
  /s/ Robert
  V. Cahill

  
	
   

  	
  Name:

  	
  Robert V.
  Cahill

  
	
   

  	
  Title:

  	
  Vice
  Chairman and Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ C.
  Douglas Kranwinkle

  
	
   

  	
  Name:

  	
  C. Douglas
  Kranwinkle

  
	
   

  	
  Title:

  	
  Executive
  Vice President and General

  
	
   

  	
   

  	
  Counsel

  
				

 

 

ANNEX I

 

 

Capitalized
terms used in this Annex I and not otherwise defined herein have the
same definitions as in the Indenture referred to in the Officers’ Certificate
of which this Annex I constitutes a part.

 

(1)                                  The
Securities of the series established hereby shall be known and designated as
the “7.85% Notes due July 15, 2011” (the “Notes”).

 

(2)                                  The
aggregate principal amount of the Notes which initially may be authenticated
and delivered under the Indenture (except for Notes authenticated and delivered
upon registration of transfer of, or in exchange for, or in lieu of, other
Notes of the same series pursuant to Sections 304, 305, 306, 906 or 1106 of the
Indenture and except for any Notes which, pursuant to Section 303 of the
Indenture, are deemed never to have been authenticated and delivered hereunder)
is $500,000,000.  The Corporation may,
without the consent of the Holders of the Notes, issue additional notes having
the same ranking, interest rate, maturity, CUSIP numbers and terms as to
status, redemption or otherwise as the Notes; provided, however, that,
notwithstanding the foregoing, no additional notes may be issued if (a) the
Corporation has effected Defeasance or Covenant Defeasance with respect to the
Notes pursuant to Section 1302 and 1303, respectively, of the Indenture,
(b) the Corporation has effected satisfaction and discharge with respect to the
Notes pursuant to Section 401 of the Indenture or (c) an Event of Default
has occurred and is continuing with respect to the Notes.

 

(3)                                  Interest
on the Notes shall be payable to the persons in whose names the Notes are
registered at the close of business on the Regular Record Date (as specified in
paragraph (5) below) for such interest payment.

 

(4)                                  The
principal of the Notes shall be payable, unless accelerated or earlier redeemed
or repurchased pursuant to the Indenture, on July 15, 2011.

 

(5)                                  The
rate at which each of the Notes shall bear interest shall be 7.85% per annum;
provided, that in the event of a Registration Default (as defined in the
Exchange and Registration Rights Agreement (the “Registration Rights
Agreement”) dated as of July 18, 2001 by and among the Corporation, the
guarantors identified therein and the initial purchasers identified therein)
with respect to the Notes, special interest (“Special Interest”), in addition
to the interest that would otherwise accrue on the Notes, shall accrue at a per
annum rate of 0.25% for the first 90 days of the Registration Default Period
(as defined in the Registration Rights Agreement), at a per annum rate of 0.50%
for the second 90 days of the Registration Default Period, at a per annum rate
of 0.75% for the third 90 days of the Registration Default Period and at a per
annum rate of 1.0% thereafter.  Interest
and any Special Interest on the Notes shall be computed on the basis of a
360-day year of twelve 30-day months. 
The date from which interest shall accrue for the Notes shall be
July 18, 2001.  The Interest
Payment Dates on which interest and any Special Interest on the Notes shall be
payable are January 15 and July 15, commencing on January 15,
2002.  The Regular Record Date shall be
the January 1 or July 1 (whether or not a Business Day), as the case
may be, next preceding such Interest Payment Date.

 

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(6)                                  The
Corporation shall not have a right to extend the interest payment period of the
Notes.

 

(7)                                  The
principal, premium, if any, interest and Special Interest, if any, in respect
of the Notes represented by Global Notes shall be paid by wire transfer of
immediately available funds to the accounts specified by the Global Note
Holder.  The principal, premium, if any,
interest and Special Interest, if any, with respect to Certificated Notes (as
defined below) shall be paid by wire transfer of immediately available funds to
the accounts specified by the Holders of the Certificated Notes or, if no such
account is specified, by mailing a check to each such Holder’s registered
address.

 

(8)                                  The
Notes are redeemable, as a whole or from time to time in part, at the option of
the Corporation as set forth in the form of certificate evidencing the Notes
which appears as Annex II to this Officers’ Certificate.  The Redemption Price for the notes to be
redeemed on any Redemption Date will be equal to the greater of the following
amounts:

 

(a)                                  100%
of the principal amount of the Notes being redeemed on the Redemption Date; or

 

(b)                                 the
sum of the present values of the remaining scheduled payments of principal and
interest on the Notes being redeemed on that Redemption Date (not including any
portion of any payments of interest accrued to the Redemption Date) discounted
to the Redemption Date on a semiannual basis at the Adjusted Treasury Rate (as
defined below) plus 35 basis points, as determined by the Reference Treasury
Dealer (as defined below),

 

plus, in each case, accrued and
unpaid interest and Special Interest, if any, thereon to the Redemption
Date.  Notwithstanding the foregoing,
installments of interest on Notes that are due and payable on Interest Payment
Dates falling on or prior to a Redemption Date will be payable on the Interest
Payment Date to the registered Holders as of the close of business on the
relevant Regular Record Date according to the Notes and the Indenture.  The Redemption Price will be calculated on
the basis of a 360-day year consisting of twelve 30-day months.

 

As used herein, the following terms have the meanings set forth below:

 

“Adjusted Treasury Rate” means, with respect to any Redemption
Date, the rate per annum equal to the semiannual equivalent yield to maturity
of the Comparable Treasury Issue, assuming a price for the Comparable Treasury
Issue (expressed as a percentage of its principal amount) equal to the
Comparable Treasury Price for such Redemption Date.

 

“Comparable Treasury Issue” means the United States Treasury
security selected by the Reference Treasury Dealer as having a maturity
comparable to the remaining term of the Notes of this series to be redeemed
that would be utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt
securities of comparable maturity to the remaining term of such Notes.

 

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“Comparable Treasury Price” means, with respect to any
Redemption Date, (a) the average of the Reference Treasury Dealer Quotations
for such Redemption Date, after excluding the highest and lowest such Reference
Treasury Dealer Quotations, or (b) if the Trustee obtains fewer than three such
Reference Treasury Dealer Quotations, the average of all such Quotations, or
(c) if only one Reference Treasury Dealer Quotation is received, such
Quotation.

 

“Reference Treasury Dealer” means (a) Goldman, Sachs & Co.,
BNP Paribas Securities Corp., and J.P. Morgan Securities Inc. (or their
respective affiliates which are Primary Treasury Dealers), and their respective
successors; provided, however, that if any of the foregoing shall cease to be a
primary U.S. Government securities dealer in New York City (a “Primary Treasury
Dealer”), the Corporation will substitute therefor another Primary Treasury
Dealer; and (b) any other Primary Treasury Dealer(s) (selected by the Trustee
after consultation with the Corporation).

 

“Reference Treasury Dealer Quotation” means, with respect to
each Reference Treasury Dealer and any Redemption Date, the average, as
determined by the Trustee, of the bid and asked prices for the Comparable
Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m.
(New York City time) on the third business day preceding such Redemption Date.

 

(9)                                  There
is no obligation of the Corporation to redeem or repurchase the Notes pursuant
to any sinking fund or analogous provision or to redeem or repurchase any of
the Notes prior to the Stated Maturity at the option of the Holder thereof.

 

(10)                            The
Notes shall be issued in fully registered form without coupons in denominations
of $1,000 and integral multiples thereof.

 

(11)                            The
entire principal amount of the Notes shall be payable upon declaration of
acceleration of the maturity thereof pursuant to Section 502 of the
Indenture.

 

(12)                            Sections
1302 and 1303 of the Indenture shall apply to the Notes.

 

(13)                            The
Notes shall be issued in the form of one or more Global Securities, in
accordance with and subject to the provisions of Section 305 of the
Indenture and as follows:

 

(a)                                  Notes
sold within the United States to qualified institutional buyers (“QIBs”), as
defined under Rule 144A under the Securities Act of 1933, as amended (the
“Securities Act”), initially will be represented by one or more Global
Securities (the “144A Global Notes”), and Notes sold outside of the United
States in reliance on Regulation S under the Securities Act initially will be
represented by one or more Global Securities (the “Regulation S Global Notes”
and, together with the 144A Global Notes, the “Global Notes”).  The Global Notes will be deposited upon
issuance with the Trustee as custodian for The Depository Trust Corporation
(“DTC”) and registered in the name of DTC or its nominee, in each case for
credit to an account of a direct or indirect participant in DTC.

 

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(b)                                 Through
and including the 40th day after the later of the commencement of
the offering of the Notes and the closing of the offering (such period the
“Restricted Period”), beneficial interests in the Regulation S Global Notes may
be held only through the Euroclear System (“Euroclear”) and Clearstream Banking
S.A. (“Clearstream”) (as indirect participants in DTC), unless transferred to a
person that takes delivery through a 144A Global Note in accordance with the
certification requirements set forth in paragraph (c) below.

 

(c)                                  Prior
to the expiration of the Restricted Period, beneficial interests in Regulation
S Global Notes may be exchanged for beneficial interests in 144A Global Notes
only if the transferor first delivers to the Trustee a written certificate in
the form attached hereto as Exhibit A to the effect that the Notes are
being transferred to a person (A) who the transferor reasonably believes to be
a QIB; (B) purchasing for its own account or the account of a QIB in a
transaction meeting the requirements of Rule 144A; and (C) in accordance with
all applicable securities laws of the states of the United States and other
jurisdictions.

 

(d)                                 Beneficial
interests in 144A Global Notes may be transferred to a person who takes
delivery in the form of an interest in Regulation S Global Notes, whether
before or after the expiration of the Restricted Period, only if the transferor
first delivers to the Trustee a written certificate in the form attached hereto
as Exhibit A to the effect that such transfer is being made in
accordance with Rule 903 or 904 of Regulation S or Rule 144 Global Notes (if
available) and that, if such transfer occurs prior to the expiration of the
Restricted Period, the interest transferred will be held immediately thereafter
through Euroclear or Clearstream.

 

(e)                                  In
addition to the circumstances set forth in clause (2) of Section 305 of
the Indenture with respect to the exchange of Global Notes for Notes registered
in definitive form, Notes issued as Global Notes may be exchanged in whole or
in part for registered Notes if the Corporation in its discretion at any time
determines not to have all the Notes represented by Global Notes.

 

(14)                            Pursuant
to Section 201 of the Indenture, the Notes shall bear the following
legends:

 

“THE NOTES EVIDENCED
HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933
(THE “SECURITIES ACT”) AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED EXCEPT (A) (1) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A
QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE
SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (2)
IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE 903 OR RULE 904

 

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OF REGULATION
S UNDER THE SECURITIES ACT, (3) PURSUANT TO AN EXEMPTION FROM REGISTRATION
UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), (4) TO
AN INSTITUTIONAL ACCREDITED INVESTOR IN A TRANSACTION EXEMPT FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR (5) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ALL
APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES.”

 

“UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY TO
THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY
(AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), 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.”

 

(15)                            The
Trustee is appointed as the Paying Agent and Security Registrar.

 

(16)                            As
used in the Indenture with respect to the Notes and in the certificates
evidencing the Notes, all references to “premium” on the Notes shall mean any
amounts (other than accrued interest) payable upon the redemption of any Notes
in excess of 100% of the principal amount of the Notes.

 

(17)                            The
Notes shall have such other terms and provisions as are set forth in the form
of certificate evidencing the Notes attached as Annex II to this
Officers’ Certificate, all of which terms and provisions are incorporated by
reference in and made a part of this Annex I as if set forth in full
herein.

 

(18)                            The
Notes shall initially be jointly and severally, fully and unconditionally
guaranteed by each of the guarantors set forth on Exhibit B hereto (the
“Initial Guarantors”).  The Initial
Guarantors shall execute, and the Notes shall be entitled to the benefit of, a
supplemental indenture in the form attached hereto as Exhibit C to be
executed by each of the Initial Guarantors and incorporated herein by
reference.

 

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(19)                            Clause
(5) of Section 501 of the Indenture shall not apply to a default under USA
Indebtedness (as defined herein).

 

(20)                            The
following covenants shall be added to Article X of the Indenture with
respect to the Notes only:

 

Section 1007.  Additional Subsidiary Guarantees.

 

If any of the
Corporation’s present or future Subsidiaries that is not an Initial Guarantor
guarantees or otherwise provides direct credit support for borrowings by the
Corporation under a Credit Facility after the date of the Indenture, then that
Subsidiary will become a Note Guarantor and execute a supplemental indenture in
the form attached hereto as Exhibit D and incorporated herein by
reference and deliver an Opinion of Counsel satisfactory to the Trustee within
10 Business Days of the date on which it guaranteed or otherwise began
providing such direct credit support.

 

Section 1008.  Liens.

 

The
Corporation will not and will not permit any of its Subsidiaries to, create,
incur, assume or otherwise cause or suffer to exist or become effective any
Lien of any kind (other than Permitted Liens) upon any of its or its
Subsidiaries’ property or assets, now owned or hereafter acquired, unless all
payments due under the Indenture and the Notes are secured on an equal and
ratable basis with the obligations so secured until such time as such
obligations are no longer secured by a Lien.

 

Section 1009.  Incurrence of Subordinated Indebtedness.

 

Neither the
Corporation nor any of the Note Guarantors, if any, will incur any Indebtedness
that is contractually subordinated in right of payment to any of the
Corporation’s or such Note Guarantor’s, if any, other Indebtedness unless such
Indebtedness is also contractually subordinated in right of payment to the
Notes or the guarantees of such series, as applicable, on substantially
identical terms; provided, however,
that none of the Corporation’s or any of the Note Guarantors’, if any,
Indebtedness will be deemed to be contractually subordinated in right of
payment to any of the Corporation’s or such Note Guarantor’s, if any, other
Indebtedness solely by virtue of being unsecured.

 

Section 1010.  Sale and Leaseback Transactions.

 

The
Corporation will not, and will not permit any of its Subsidiaries to, enter
into any sale and leaseback transaction; provided
that the Corporation or any of its Subsidiaries may enter into a sale and
leaseback transaction if the gross cash proceeds of that sale and leaseback
transaction are at least equal to the fair market value, as determined in good
faith by the Board of Directors of the Corporation and set forth in an
Officers’ Certificate delivered to the Trustee, of the property that is the
subject of that sale and leaseback transaction, and if either:

 

(1)                                  the
Corporation or that Subsidiary could have incurred a Lien to secure such
Indebtedness under Section 1008 above, or

 

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(2)                                  the
Corporation, within 120 days of the effective date of the sale and leaseback
transaction, apply an amount not less than the fair market value of such
property to one or more of: (a) the optional redemption of some or all of the
Notes in accordance with the provisions item (8) herein; (b) the payment or
retirement of other funded non-subordinated Indebtedness incurred or assumed by
the Corporation; or (c) the purchase of other property of the Corporation at
not more than its fair market value.

 

Section 1011.  Reports.

 

At any time when the Corporation is not subject to Section 13 or
15(d) of the Exchange Act, for the benefit of the Holders from time to time of
the Notes, the Corporation shall furnish at its expense, upon request, to
Holders of the Notes and prospective purchasers of the Notes, information
satisfying the requirements of subsection (d)(4)(i) of Rule 144A under the
Act and subsection (c)(2) of Rule 144 under the Act.

 

(21)                            The
following definitions shall be added to Section 101 of the Indenture with
respect to the Notes:

 

“Capital Lease
Obligation” means, at the time any determination is to be made, the amount of a
liability in respect of a capital lease that would at that time be required to
be capitalized on a balance sheet in accordance with GAAP.

 

“Credit
Agreement” means that certain Credit Agreement, dated as of July 18, 2001,
by and among the Corporation, the guarantors party thereto and the lenders
party thereto, and BNP Paribas and J.P. Morgan Securities Inc., as joint book
managers and joint lead arrangers, and The Chase Manhattan Bank, as
administrative agent, including any related notes, guarantees, collateral
documents, instruments and agreements executed in connection therewith, and in
each case as amended, modified, renewed, refunded, replaced or refinanced from
time to time.

 

“Credit
Facilities” means, one or more debt facilities (including, without limitation,
the Credit Agreement) or commercial paper facilities of the Corporation or any
of its Subsidiaries, in each case with banks or other institutional lenders
providing for revolving credit loans, term loans, receivables financing
(including through the sale of receivables to such lenders or to special
purpose entities formed to borrow from such lenders against such receivables)
or letters of credit, in each case, as amended, restated, modified, renewed,
refunded, replaced or refinanced in whole or in part from time to time.

 

“GAAP” means
generally accepted accounting principles set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of
Certified Public Accountants and statements and pronouncements of the Financial
Accounting Standards Board or in such other statements by such other entity as
have been approved by a significant segment of the accounting profession, which
are in effect from time to time.

 

“Hedging
Obligations” means, with respect to any specified Person, the obligations of
such Person under:

 

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(a)                                  interest
rate swap agreements, interest rate cap agreements and interest rate collar
agreements; and

 

(b)                                 other
agreements or arrangements designed to protect such Person against fluctuations
in interest rates.

 

“Indebtedness”
means, with respect to any specified Person, any indebtedness of such Person,
whether or not contingent:

 

(a)                                  in
respect of borrowed money;

 

(b)                                 evidenced
by bonds, notes, debentures or similar instruments or letters of credit (or
reimbursement agreements in respect thereof);

 

(c)                                  in
respect of banker’s acceptances;

 

(d)                                 representing
Capital Lease Obligations;

 

(e)                                  representing
the balance deferred and unpaid of the purchase price of any property, except
any such balance that constitutes an accrued expense or trade payable; or

 

(f)                                    representing
any Hedging Obligations,

 

if and to the extent any of the
preceding items (other than letters of credit and Hedging Obligations) would
appear as a liability upon a balance sheet of the specified Person prepared in
accordance with GAAP.  In addition, the
term “Indebtedness” includes all Indebtedness of others secured by a Lien on
any asset of the specified Person (whether or not such Indebtedness is assumed
by the specified Person) and, to the extent not otherwise included, the
guarantee by the specified Person of any indebtedness of any other Person.

 

The amount of
any Indebtedness outstanding as of any date will be:

 

(1)                                  the
accreted value of the Indebtedness, in the case of any Indebtedness issued with
original issue discount; and

 

(2)                                  the
principal amount of the Indebtedness, together with any interest on the
Indebtedness that is more than 30 days past due, in the case of any other
Indebtedness.

 

“Lien” means,
with respect to any asset, any mortgage, lien, pledge, charge, security
interest or encumbrance of any kind in respect of such asset, whether or not
filed, recorded or otherwise perfected under applicable law, including any
conditional sale or other title retention agreement, any lease in the nature
thereof, any option or other agreement to sell or give a security interest in
and any filing of or agreement to give any financing statement under the
Uniform Commercial Code (or equivalent statutes) of any jurisdiction.

 

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“Note
Guarantors” means each of the Corporation’s present and future Subsidiaries
that guarantee any of the Corporation’s Credit Facilities.  At such time as a Subsidiary no longer meets
the definition of a Note Guarantor, it shall cease to be a Note Guarantor and
its guarantee shall be released.  The
Subsidiaries meeting the definition of Note Guarantors at the time of this
Officers’ Certificate are set forth on Exhibit B hereto.

 

“Permitted
Liens” means:

 

(a)                                  with
respect to any Subsidiary, Liens in favor of the Corporation or any Note
Guarantor;

 

(b)                                 Liens
on property of a Person existing at the time such Person is merged with or into
or consolidated with the Corporation or any Subsidiary of the Corporation; provided that such Liens were in existence
prior to the contemplation of such merger or consolidation and do not extend to
any assets other than those of the Person merged into or consolidated with the
Corporation or the Subsidiary;

 

(c)                                  Liens
on property existing at the time of acquisition of the property by the
Corporation or any Subsidiary of the Corporation, provided that such Liens were in existence prior to the
contemplation of such acquisition;

 

(d)                                 Liens
to secure Indebtedness represented by Capital Lease Obligations relating to
long-term capital leases of satellite transponders used in the business of the
Corporation or any of its Subsidiaries (“Transponder Leases”);

 

(e)                                  Liens
to secure Indebtedness represented by Capital Lease Obligations (other than
Transponder Leases), mortgage financings or purchase money obligations, in each
case, incurred for the purpose of financing all or any part of the purchase
price or cost of construction or improvement of property, plant or equipment
used in the business of the Corporation or any of its Subsidiaries, in an
aggregate principal amount, including all Indebtedness incurred to refund,
refinance or replace any Indebtedness incurred pursuant to this clause, not to
exceed $100 million at any time outstanding;

 

(f)                                    Liens
to secure the USA Indebtedness

 

(g)                                 Liens
to secure the performance of bids, trade contracts (other than for borrowed
money), statutory obligations, surety or appeal bonds, performance bonds or
other obligations of a like nature incurred in the ordinary course of business;

 

(h)                                 Liens
existing on the date of the Indenture;

 

(i)                                     Liens
for taxes, assessments or governmental charges or claims that are not yet
delinquent or that are being contested in good faith by appropriate proceedings
promptly instituted and diligently concluded, provided
that any reserve or other appropriate provision as is required in conformity
with GAAP has been made therefor;

 

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(j)                                     Liens
incurred in the ordinary course of business of the Corporation or any
Subsidiary of the Corporation with respect to obligations that do not exceed
$50 million at any one time outstanding;

 

(k)                                  Liens
arising pursuant to any order of attachment, distraint or similar legal process
arising in connection with court proceedings so long as the execution or other
enforcement thereof is effectively stayed and claims secured thereby are being
contested in good faith by appropriate proceedings;

 

(l)                                     Liens
created by operation of law not securing the payment of Indebtedness for money
borrowed or guaranteed, including carriers’, warehousemen’s, mechanics’,
materialmen’s, repairmen’s or other like Liens arising in the ordinary course
of business which are not overdue for a period of more than 45 days or which
are being contested in good faith by appropriate proceedings;

 

(m)                               pledges
or deposits in connection with workers’ compensation, unemployment insurance
and other social security legislation and deposits securing liability to
insurance carriers under insurance or self-insurance arrangements;

 

(n)                                 easements,
rights-of-way, restrictions and other similar encumbrances incurred in the
ordinary course of business which, in the aggregate, would not cause a material
adverse effect on the Corporation’s and its Subsidiaries’ business, operations,
property, condition or prospects, taken as a whole;

 

(o)                                 leases
and subleases of real property which do not materially interfere with the
ordinary conduct of the Corporation’s or its Subsidiaries’ business;

 

(p)                                 Liens
arising from Uniform Commercial Code financing statement filings regarding
operating leases entered into by us or our Subsidiaries in the ordinary course
of business;

 

(q)                                 Liens
securing the Notes, notes exchangeable for the Notes in a registered exchange
offer and the guarantees by the Note Guarantors; and

 

(r)                                    Liens
securing any Indebtedness incurred to refinance, refund, replace, renew, repay
or extend any Indebtedness that was previously so secured, provided that any such Lien is limited to
all or part of the same property or assets (plus improvements, accessions,
proceeds or dividends or distributions in respect thereof) that secured (or,
under the written arrangements under which the original Lien arose, could
secure) the Indebtedness being refinanced.

 

“USA Acquisition Subsidiaries” means any wholly-owned Subsidiaries of
the Corporation which are formed for the sole purpose of acquiring stock of
subsidiaries the Corporation is purchasing from USA Broadcasting and that issue
a promissory note to USA Broadcasting in payment of the purchase price for such
subsidiaries, provided that, immediately following such acquisition, the assets
of such Subsidiary are limited to the stock acquired in such acquisition.

 

I-10

 

“USA Indebtedness” means Indebtedness incurred by a USA Acquisition
Subsidiary which is not and will not be guaranteed by the Corporation or any of
its Subsidiaries.

 

I-11

 

EXHIBIT A TO ANNEX I

 

CERTIFICATE TO BE DELIVERED UPON EXCHANGE

OR REGISTRATION OF TRANSFER OF SECURITIES

 

This
Certificate relates to
$                     
principal amount of the 7.85% Senior Notes due 2011 of Univision Communications
Inc. held in
                         
book entry or *
                    
definitive form by
                     
(the “Transferor”) and issued under that certain Indenture dated as of
July 18, 2001 (the “Indenture”) between Univision Communications Inc. and
The Bank of New York, as Trustee (the “Trustee”).

 

The Transferor*

 

o                                    has
requested the Trustee by written order to deliver in exchange for its
beneficial interest in the Global Note held by the Depository a Note or Notes
in definitive, registered form of authorized denominations in an aggregate
principal amount equal to its beneficial interest in such Global Note (or the
portion thereof indicated above); or

 

o                                    has
requested the Trustee by written order to exchange or register the transfer of
a Note or Notes.

 

In connection with such request
and in respect of each such Note, the Transferor does hereby certify that that
Transferor is familiar with the Indenture relating to the above captioned Notes
and the transfer of this Note does not require registration under the
Securities Act of 1933, as amended (the “Securities Act”) because:*

 

o                                    Such
Note is being acquired for the Transferor’s own account, without transfer; or

 

o                                    Such
Note is being transferred to a “qualified institutional buyer” (as defined in
Rule 144A under the Securities Act) in reliance on Rule 144A; or

 

o                                    Such
Note is being transferred pursuant to an exemption from registration in
accordance with Rule 903 or Rule 904 under the Securities Act; or

 

o                                    Such
Note is being transferred to an “institutional accredited investor” (as defined
in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act) in
a transaction exempt from the registration requirements of the Securities Act.;
or

 

o                                    Such
Note is not a “restricted security” as defined under Rule 144 under the
Securities Act.

 

	
   

  	
   

  	
   

  
	
   

  	
  [INSERT NAME
  OF TRANSFEROR]

  
	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
							

 

*Check applicable box.

 

A-1

 

	
   

  	
  Signature
  Guarantee:

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Signature

  

 

Signature must
be guaranteed by an “eligible guarantor institution” meeting the requirements
of the Registrar, which requirements include membership or participation in the
Security Transfer Agent Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities and Exchange Act
of 1934, as amended.

 

A-2

 

EXHIBIT B TO ANNEX I

 

Sunshine Acquisition Corp.

Sunshine Acquisition L.P.

The Univision Network Limited
Partnership

PTI Holdings, Inc.

Univision Television Group,
Inc.

KWEX License Partnership, G.P.,
a California general partnership

KUVN License Partnership, G.P.,
a California general partnership

KMEX License Partnership, G.P.,
a California general partnership

KDTV License Partnership, G.P.,
a California general partnership

KFTV License Partnership, G.P.,
a California general partnership

KTVW License Partnership, G.P.,
a California general partnership

KXLN License Partnership, G.P.,
a California general partnership

WGBO License Partnership, G.P.,
a California general partnership

WXTV License Partnership, G.P.,
a California general partnership

WLTV License Partnership, G.P.,
a California general partnership

KUVS License Partnership, G.P.,
a California general partnership

KUVI License Partnership, G.P.,
a California general partnership

Galavision, Inc.

Univision-EV Holdings, LLC

Univision Online, Inc.

Univision Music, Inc.

Univision Acquisition Corp.

Univision of Dallas, Inc.

Univision of Atlanta Inc.

Univision of Hollywood, Florida
Inc.

Univision Spanish Media Inc.

Station Works, LLC

Univision Partnership of Dallas

Univision Partnership of
Atlanta

Univision Partnership of
Hollywood, Florida

Univision of Puerto Rico Inc.

 

B-1

 

EXHIBIT C TO ANNEX I

 

[FORM OF SUPPLEMENTAL INDENTURE

TO BE DELIVERED BY INITIAL GUARANTORS]

 

SUPPLEMENTAL
INDENTURE (this “Supplemental Indenture”),
dated as of July 18, 2001, among the guarantors set forth on
Schedule I hereto (the “Guaranteeing
Subsidiaries”), Univision Communications Inc., a Delaware
corporation (the “Corporation”),
and The Bank of New York, as trustee under the indenture referred to below (the
“Trustee”).

 

W I T N E S S E T H

 

WHEREAS, the
Corporation has heretofore executed and delivered to the Trustee an indenture,
dated as of July 18, 2001, as supplemented by that certain Officers’
Certificate, dated as of July 18, 2001 (together, the “Indenture”), providing for the issuance of
an aggregate principal amount of up to $500,000,000 of 7.85% Senior Notes due
2011 of the Corporation (the “Notes”);

 

WHEREAS, the
Indenture provides that the Guaranteeing Subsidiaries shall execute and deliver
to the Trustee a supplemental indenture pursuant to which the Guaranteeing
Subsidiaries shall unconditionally guarantee all of the Corporation’s
Obligations under the Notes and the Indenture on the terms and conditions set
forth herein (the “Note Guarantee”);
and

 

WHEREAS,
pursuant to Section 901 of the Indenture, the Trustee is authorized to
execute and deliver this Supplemental Indenture.

 

NOW THEREFORE,
in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the Guaranteeing
Subsidiaries and the Trustee mutually covenant and agree for the equal and
ratable benefit of the Holders of the Notes as follows:

 

1.                                       CAPITALIZED
TERMS.  Capitalized terms used herein
without definition shall have the meanings assigned to them in the Indenture.

 

2.                                       AGREEMENT
TO GUARANTEE.  The Guaranteeing
Subsidiaries hereby agree that, with respect to the Notes only, the provisions
of the Indenture, including but not limited to Article XIV, shall apply to
the Guaranteeing Subsidiaries.

 

3.                                       RELEASES.

 

(a)                                  In
the event that any Guaranteeing Subsidiary is no longer a guarantor of any of
the Corporation’s Credit Facilities, such Guaranteeing Subsidiary, on a date
selected by the Corporation or such Guaranteeing Subsidiary, shall be
unconditionally released from all of its obligations under its Note Guarantee.

 

(b)                                 Any
Guarantor not released from its obligations under its Note Guarantee shall
remain liable for the full amount of principal of and interest on the Notes and
for the other obligations of any Guarantor under the Indenture.

 

C-1

 

 

4.                                       NEW
YORK LAW TO GOVERN.  THIS SUPPLEMENTAL
INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THEREOF.

 

5.                                       COUNTERPARTS.  The
parties may sign any number of copies of this Supplemental Indenture.  Each signed copy shall be an original, but
all of them together represent the same agreement.

 

6.                                       EFFECT
OF HEADINGS.  The Section headings herein are for convenience
only and shall not affect the construction hereof.

 

7.                                       THE
TRUSTEE.  The Trustee shall not be responsible in any manner
whatsoever for or in respect of the validity or sufficiency of this
Supplemental Indenture or for or in respect of the recitals contained herein,
all of which recitals are made solely by the Guaranteeing Subsidiaries and the
Corporation.

 

[Signature Pages Follow]

 

C-2

 

IN WITNESS
WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed and attested, all as of the date first above written.

 

Dated:  July 18, 2001

 

	
   

  	
  [GUARANTEEING
  SUBSIDIARY]

  
	
   

  	
   

  
	
   

  	
  By:  

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  [GUARANTEEING
  SUBSIDIARY]

  
	
   

  	
   

  
	
   

  	
  By:  

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  [GUARANTEEING
  SUBSIDIARY]

  
	
   

  	
   

  
	
   

  	
  By:  

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  [GUARANTEEING
  SUBSIDIARY]

  
	
   

  	
   

  
	
   

  	
  By:  

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  [GUARANTEEING
  SUBSIDIARY]

  
	
   

  	
   

  
	
   

  	
  By:  

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  [GUARANTEEING
  SUBSIDIARY]

  
	
   

  	
   

  
	
   

  	
  By:  

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  UNIVISION
  COMMUNICATIONS INC.

  
	
   

  	
   

  
	
   

  	
  By:  

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

C-3

 

	
   

  	
  THE BANK OF
  NEW YORK,

  
	
   

  	
  as Trustee

  
	
   

  	
   

  
	
   

  	
  By:   

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized
  Signatory

  	
   

  

 

C-4

 

SCHEDULE I

 

SCHEDULE OF INITIAL GUARANTORS

 

Sunshine Acquisition Corp.

Sunshine Acquisition L.P.

The Univision Network Limited
Partnership

PTI Holdings, Inc.

Univision Television Group,
Inc.

KWEX License Partnership, G.P.,
a California general partnership

KUVN License Partnership, G.P.,
a California general partnership

KMEX License Partnership, G.P.,
a California general partnership

KDTV License Partnership, G.P.,
a California general partnership

KFTV License Partnership, G.P.,
a California general partnership

KTVW License Partnership, G.P.,
a California general partnership

KXLN License Partnership, G.P.,
a California general partnership

WGBO License Partnership, G.P.,
a California general partnership

WXTV License Partnership, G.P.,
a California general partnership

WLTV License Partnership, G.P.,
a California general partnership

KUVS License Partnership, G.P.,
a California general partnership

KUVI License Partnership, G.P.,
a California general partnership

Galavision, Inc.

Univision-EV Holdings, LLC

Univision Online, Inc.

Univision Music, Inc.

Univision Acquisition Corp.

Univision of Dallas, Inc.

Univision of Atlanta Inc.

Univision of Hollywood, Florida
Inc.

Univision Spanish Media Inc.

Station Works, LLC

Univision Partnership of Dallas

Univision Partnership of
Atlanta

Univision Partnership of
Hollywood, Florida

Univision of Puerto Rico Inc.

 

C-5

 

EXHIBIT D TO ANNEX I

 

[FORM OF SUPPLEMENTAL INDENTURE

TO BE DELIVERED BY ADDITIONAL GUARANTORS]

 

SUPPLEMENTAL
INDENTURE (this “Supplemental Indenture”),
dated as of
                 ,
      , among
                      
(the “Guaranteeing Subsidiary”),
Univision Communications Inc., a Delaware corporation (the “Corporation”), other Guarantors (as
defined in the Indenture referred to herein) and The Bank of New York, as
trustee under the indenture referred to below (the “Trustee”).

 

W I T N E S S E T H

 

WHEREAS, the
Corporation has heretofore executed and delivered to the Trustee an indenture,
dated as of July 18, 2001, as supplemented by that certain Officers’
Certificate, dated as of July 18, 2001, and that certain Supplemental
Indenture, dated as of July 18, 2001 (together, the “Indenture”), providing for the issuance of
an aggregate principal amount of up to $500,000,000 of 7.85% Senior Notes due
2011 of the Corporation (the “Notes”);

 

WHEREAS, the
Indenture provides that the Guaranteeing Subsidiary shall execute and deliver
to the Trustee a supplemental indenture pursuant to which the Guaranteeing
Subsidiary shall unconditionally guarantee all of the Corporation’s Obligations
under the Notes and the Indenture on the terms and conditions set forth herein
(the “Note Guarantee”); and

 

WHEREAS,
pursuant to Section 901 of the Indenture, the Trustee is authorized to
execute and deliver this Supplemental Indenture.

 

NOW THEREFORE,
in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the Guaranteeing
Subsidiary and the Trustee mutually covenant and agree for the equal and
ratable benefit of the Holders of the Notes as follows:

 

1.                                       CAPITALIZED
TERMS.  Capitalized terms used herein
without definition shall have the meanings assigned to them in the Indenture.

 

2.                                       AGREEMENT
TO GUARANTEE.  The Guaranteeing Subsidiary
hereby agrees that, with respect to the Notes only, the provisions of the
Indenture, including but not limited to Article XIV, shall apply to the
Guaranteeing Subsidiary.

 

3.                                       RELEASES.

 

(a)                                  In
the event that the Guaranteeing Subsidiary is no longer a guarantor of any of
the Corporation’s Credit Facilities, the Guaranteeing Subsidiary, on a date
selected by the Corporation or the Guaranteeing Subsidiary, shall be
unconditionally released from all of its obligations under its Note Guarantee.

 

D-1

 

(b)                                 So
long as the Guarantor is not released from its obligations under its Note
Guarantee, it shall remain liable for the full amount of principal of and
interest on the Notes and for the other obligations of any Guarantor under the
Indenture.

 

4.                                       NEW
YORK LAW TO GOVERN.  THIS SUPPLEMENTAL
INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THEREOF.

 

5.                                       COUNTERPARTS.  The parties may sign any number of copies of
this Supplemental Indenture.  Each
signed copy shall be an original, but all of them together represent the same
agreement.

 

6.                                       EFFECT
OF HEADINGS.  The Section headings
herein are for convenience only and shall not affect the construction hereof.

 

7.                                       THE
TRUSTEE.  The Trustee shall not be
responsible in any manner whatsoever for or in respect of the validity or
sufficiency of this Supplemental Indenture or for or in respect of the recitals
contained herein, all of which recitals are made solely by the Guaranteeing
Subsidiary and the Corporation.

 

D-2

 

IN WITNESS
WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed and attested, all as of the date first above written.

 

	
  Dated:

  	
   

  	
  ,

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [GUARANTEEING
  SUBSIDIARY]

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  UNIVISION
  COMMUNICATIONS INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  [OTHER
  GUARANTORS]

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  THE BANK OF NEW YORK,

  as Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized
  Signatory

  	
   

  

 

D-3

 

ANNEX II

 

[Form of Certificate Evidencing the Notes]

 

[Insert for Notes issued as Global Securities:]

 

THIS SECURITY IS A [U.S./REGULATION S] GLOBAL SECURITY WITHIN THE
MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME
OF A DEPOSITARY OR A NOMINEE THEREOF. 
THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A
SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART
MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR
A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE.

 

[Insert for Notes issued in the name of the Depositary’s nominee:]

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITARY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITARY).  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.

 

[Insert for all Notes:]

 

THE NOTES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED
STATES SECURITIES ACT OF 1933 (THE “SECURITIES ACT”) AND MAY NOT BE
OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) (1) TO A PERSON WHO
THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE
MEANING OF RULE 144A UNDER THE SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR
FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE
REQUIREMENTS OF RULE 144A , (2) IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE
903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (3) PURSUANT TO AN
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144
THEREUNDER (IF AVAILABLE), (4) TO AN INSTITUTIONAL ACCREDITED INVESTOR IN A
TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR
(5) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT,
AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE
UNITED STATES.

 

II-1

 

UNIVISION COMMUNICATIONS INC.

 

	
  No.

  	
  $

  	
   

  
	
   

  	
  CUSIP No.

  	
   

  

 

Univision Communications Inc., a corporation duly organized and
existing under the laws of the State of Delaware (herein called the “Corporation,” which
term includes any successor Person under the Indenture hereinafter referred
to), for value received, hereby promises to pay to                                                                                              ,
or registered assigns, the principal sum of
                                     
Dollars
($                       )
on July 15, 2011, and to pay interest thereon from July 18, 2001 or
from the most recent date to which interest has been paid or duly provided for,
semi-annually, on January 15 and July 15 in each year (each, an “Interest Payment Date”),
commencing January 15, 2002, and at Maturity at the rate of 7.85% per
annum, until the principal hereof is paid or made available for payment,
provided, that in the event of a Registration Default (as defined in the
Exchange and Registration Rights Agreement (the “Registration Rights
Agreement”) dated as of July 18, 2001 by and among the Corporation, the
guarantors identified therein and the initial purchasers identified therein)
with respect to this Security, special interest (“Special Interest”), in
addition to the interest that would otherwise accrue on this Security, shall
accrue at a per annum rate of 0.25% for the first 90 days of the Registration
Default Period (as defined in the Registration Rights Agreement), at a per
annum rate of 0.50% for the second 90 days of the Registration Default Period,
at a per annum rate of 0.75% for the third 90 days of the Registration Default
Period and at a per annum rate of 1.0% thereafter, provided further, that any
principal hereof or premium, if any, or interest hereon which is not paid when
due shall bear interest at the then applicable rate per annum (to the extent
that the payment of such interest shall be legally enforceable) from the dates
such amounts are due until they are paid or made available for payment, and
such interest shall be payable on demand.

 

Interest and any Special Interest on this Security shall be calculated
on the basis of a 360-day year consisting of twelve 30-day months.  The interest so payable, and punctually paid
or duly provided for, on any Interest Payment Date will, as provided in such
Indenture, be paid to the Person in whose name this Security (or one or more
Predecessor Securities) is registered at the close of business on the Regular
Record Date for such interest, which shall be the January 1 or July 1
(whether or not a Business Day), as the case may be, next preceding such
Interest Payment Date.  Any such
interest not so punctually paid or duly provided for on any Interest Payment
Date will forthwith cease to be payable to the Holder on such Regular Record
Date by virtue of having been such Holder and may either be paid to the Person
in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business on a Special Record Date for the payment of
such Defaulted Interest to be fixed by the Trustee, notice whereof shall be
given to Holders of Securities of this series not less than 10 days prior to
such Special Record Date, or be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the
Securities of this series may be listed, and

 

II-2

 

upon such notice as may be
required by such exchange, all as more fully provided in said Indenture.

 

Payment of the
principal of (and premium, if any) and interest and any Special Interest on
this Security will be made at the office or agency of the Corporation
maintained for that purpose in the Borough of Manhattan, The City of New York,
in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts; provided,
however, that at the option of the Corporation payment of interest and any
Special Interest may be made by check mailed to the address of the Person
entitled thereto as such address shall appear in the Security Register or by
wire transfer at such place and to such account at a banking institution in the
United States as may be designated in writing to the Trustee at least fifteen
(15) days prior to the date for payment by the Person entitled thereto.  Notwithstanding the foregoing, so long as
the Holder of this Security is the Depositary or its nominee, payment of the
principal of (and premium, if any) and interest and any Special Interest on
this Security will be made by wire transfer of immediately available funds.

 

Reference is
hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as
if set forth at this place.

 

Unless the
certificate of authentication hereon has been executed by the Trustee referred
to on the reverse hereof by manual signature, this Security shall not be
entitled to any benefit under the Indenture or be valid or obligatory for any
purpose.

 

(Signature Page Follows)

 

II-3

 

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

 

	
  Dated:

  	
  UNIVISION
  COMMUNICATIONS INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
  Attest:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
   

  
	
  Title:

  	
   

  
				

 

 

This is one of
the Securities of the series designated therein referred to in the
within-mentioned Indenture.

 

	
   

  	
  The Bank of
  New York,

  As Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
   

  
					

 

II-4

 

 

[Form of Reverse of Security]

 

This Security
is one of a duly authorized issue of securities of the Corporation (herein
called the “Securities”),
issued and to be issued in one or more series under an Indenture, dated as of
July 18, 2001 (herein called the “Indenture,” which term shall have the meaning
assigned to it in such instrument), between the Corporation and The Bank of New
York, as Trustee (herein called the “Trustee,” which term includes any successor
trustee under the Indenture), and reference is hereby made to the Indenture for
a statement of the respective rights, limitation of rights, duties and
immunities thereunder of the Corporation, the Trustee and the Holders of the
Securities and of the terms upon which the Securities are, and are to be,
authenticated and delivered.  This
Security is one of the series designated on the face hereof, initially limited
(subject to exceptions provided in the Indenture) in aggregate principal amount
to $500,000,000.

 

The Securities
are redeemable, as a whole or from time to time in part, at the option of the
Corporation.  The Redemption Price for
the Securities to be redeemed on any Redemption Date will be equal to the
greater of the following amounts:

 

(a)                                  100%
of the principal amount of the Securities being redeemed on the Redemption
Date; or

 

(b)                                 the
sum of the present values of the remaining scheduled payments of principal and
interest, including any Special Interest, on the Securities being redeemed on
that Redemption Date (not including any portion of any payments of interest accrued
to the Redemption Date) discounted to the Redemption Date on a semiannual basis
at the Adjusted Treasury Rate (as defined below) plus 35 basis points, as
determined by the Reference Treasury Dealer (as defined below),

 

plus, in each case, accrued and
unpaid interest and Special Interest, if any, thereon to the Redemption
Date.  Notwithstanding the foregoing,
installments of interest on the Securities that are due and payable on Interest
Payment Dates falling on or prior to a Redemption Date will be payable on the
Interest Payment Date to the registered Holders as of the close of business on
the relevant Regular Record Date according to the Securities and the
Indenture.  The Redemption Price will be
calculated on the basis of a 360-day year consisting of twelve 30-day months.

 

The
Corporation will mail notice of any redemption at least 30 days but not more
than 60 days before the Redemption Date to each registered Holder of the
Securities to be redeemed.  Once notice
of redemption is mailed, the Securities called for redemption will become due
and payable on the Redemption Date and at the applicable Redemption Price, plus
accrued and unpaid interest and Special Interest, if any, to the Redemption
Date.  If the Corporation elects to
redeem all or a portion of the Securities, that redemption will not be
conditional upon receipt by the Paying Agent or the Trustee of monies
sufficient to pay the Redemption Price.

 

II-5

 

Unless the
Corporation defaults in payment of the Redemption Price, on and after the
Redemption Date interest and Special Interest, if any, will cease to accrue on
the Securities or portions thereof called for redemption.

 

As used
herein, the following terms have the meanings set forth below:

 

“Adjusted Treasury Rate” means, with respect to any Redemption
Date, the rate per annum equal to the semiannual equivalent yield to maturity
of the Comparable Treasury Issue, assuming a price for the Comparable Treasury
Issue (expressed as a percentage of its principal amount) equal to the
Comparable Treasury Price for such Redemption Date.

 

“Comparable Treasury Issue” means the United States Treasury
security selected by the Reference Treasury Dealer as having a maturity
comparable to the remaining term of the Securities of this series to be
redeemed that would be utilized, at the time of selection and in accordance
with customary financial practice, in pricing new issues of corporate debt
securities of comparable maturity to the remaining term of such Securities.

 

“Comparable Treasury Price” means, with respect to any
Redemption Date, (a) the average of the Reference Treasury Dealer Quotations
for such Redemption Date, after excluding the highest and lowest such Reference
Treasury Dealer Quotations, or (b) if the Trustee obtains fewer than three such
Reference Treasury Dealer Quotations, the average of all such Quotations, or
(c) if only one Reference Treasury Dealer Quotation is received, such
Quotation.

 

“Reference Treasury Dealer” means (a) Goldman, Sachs & Co.,
BNP Paribas Securities Corp., and J.P. Morgan Securities Inc. (or their
respective affiliates which are Primary Treasury Dealers), and their respective
successors; provided, however, that if any of the foregoing shall cease to be a
primary U.S. Government securities dealer in New York City (a “Primary Treasury
Dealer”), the Corporation will substitute therefor another Primary Treasury
Dealer; and (b) any other Primary Treasury Dealer(s) (selected by the Trustee
after consultation with the Corporation).

 

“Reference Treasury Dealer Quotation” means, with respect to
each Reference Treasury Dealer and any Redemption Date, the average, as
determined by the Trustee, of the bid and asked prices for the Comparable
Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m.
(New York City time) on the third business day preceding such Redemption Date.

 

In the event
of redemption of this Security in part only, a new Security or Securities of
this series and of like tenor for the unredeemed portion hereof will be issued
in the name of the Holder hereof upon the cancellation hereof.

 

The Indenture
contains provisions for defeasance at any time of the entire indebtedness of
this Security or certain restrictive covenants and Events of Default with
respect to this Security, in each case upon compliance with certain conditions
set forth in the Indenture.

 

II-6

 

The obligations
of the Corporation under this Security are unconditionally guaranteed on a
senior basis pursuant to the Guarantee endorsed hereon.

 

If an Event of
Default with respect to Securities of this series shall occur and be
continuing, the principal of and accrued and unpaid interest and Special
Interest, if any, on the Securities of this series may be declared due and
payable in the manner and with the effect provided in the Indenture.

 

The Indenture
permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Corporation and the
rights of the Holders of the Securities of each series affected under the
Indenture at any time by the Corporation and the Trustee with the consent of
the Holders of a majority in principal amount of the Securities of each series
at the time Outstanding affected thereby. 
The Indenture contains provisions permitting the Holders of not less
than a majority in principal amount of the Securities of any series at the time
Outstanding with respect to which a default under the Indenture shall have
occurred and be continuing, on behalf of the Holders of all Securities of such
series, to waive, with certain exceptions, such past default with respect to
such series and its consequences.  The
Indenture also permits the Holders of not less than a majority in principal
amount of the Securities of any series at the time Outstanding, on behalf of
the Holders of all Securities of such series, to waive compliance by the
Corporation with certain provisions of the Indenture.  Any such consent or waiver by the Holder of this Security shall
be conclusive and binding upon such Holder and upon all future Holders of this
Security and of any Security issued upon the registration of transfer hereof or
in exchange therefor or in lieu hereof, whether or not notation of such consent
or waiver is made upon this Security.

 

As provided in
and subject to the provisions of the Indenture, the Holder of this Security
shall not have the right to institute any proceeding with respect to the
Indenture or for the appointment of a receiver or trustee or for any other
remedy thereunder unless such Holder shall have previously given the Trustee
written notice of a continuing Event of Default with respect to the Securities
of this series, the Holders of not less than 25% in principal amount of the
Securities of this series at the time Outstanding shall have made written
request to the Trustee to institute proceedings in respect of such Event of
Default as Trustee, such Holder or Holders shall have offered the Trustee
reasonable indemnity, and the Trustee, for 60 days after its receipt of such
notice, shall not have received from the Holders of a majority in principal
amount of Securities of this series at the time Outstanding a direction
inconsistent with such request, and the Trustee shall have failed to institute
any such proceeding, for 60 days after receipt of such notice, request and
offer of indemnity.  The foregoing shall
not apply to any suit instituted by the Holder of this Security for the
enforcement of any payment of principal hereof or any premium or interest
hereon on or after the respective due dates expressed herein.

 

No reference
herein to the Indenture and no provision of this Security or of the Indenture
shall alter or impair the obligation of the Corporation, which is absolute and
unconditional, to pay the principal of and premium, if any, and interest and
Special Interest, if any, on this Security at the times, place and rate, and in
the coin or currency, herein prescribed.

 

As provided in
the Indenture and subject to certain limitations therein set forth, the
transfer of this Security is registrable in the Security Register, upon
surrender of this Security

 

II-7

 

for registration of transfer at
the office or agency of the Corporation in any place where the principal of and
any premium and interest and Special Interest, if any, on this Security are
payable, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Corporation and the Security Registrar duly
executed by, the Holder hereof or his attorney duly authorized in writing, and
thereupon one or more new Securities of this series and of like tenor, of
authorized denominations and for the same aggregate principal amount, will be
issued to the designated transferee or transferees.

 

The Securities
of this series are issuable only in registered form without coupons in
denominations of $1,000 and any integral multiple thereof.  As provided in the Indenture and subject to
certain limitations therein set forth, Securities of this series are
exchangeable for a like aggregate principal amount of Securities of this series
and of like tenor of a different authorized denomination, as requested by the
Holder surrendering the same.

 

No service
charge shall be made for any such registration of transfer or exchange, but the
Corporation may require payment of a sum sufficient to cover any tax or other
governmental charge payable in connection therewith.

 

Prior to due
presentment of this Security for registration of transfer, the Corporation, the
Trustee and any agent of the Corporation or the Trustee may treat the Person in
whose name this Security is registered as the owner hereof for all purposes,
whether or not this Security be overdue, and neither the Corporation, the
Trustee nor any such agent shall be affected by notice to the contrary.

 

THIS SECURITY
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES THEREOF.

 

All terms used
in this Security which are defined in the Indenture and not defined herein
shall have the meanings assigned to them in the Indenture.

 

(Remainder of Page Intentionally Left Blank)

 

II-8

 

[Form of Guarantee of Notes]

 

FOR VALUE
RECEIVED, each of the undersigned hereby unconditionally guarantees to the
Holder of the accompanying 7.85% Security due July 15, 2011 (the “Security”)
issued by Univision Communications Inc. (the “Corporation”) under an Indenture
dated as of July 18, 2001 (the “Indenture”) among the Corporation and The
Bank of New York, as trustee (the “Trustee”), and to the Trustee on behalf of
such Holder, the due and punctual payment of the principal of, and premium, if
any, and interest including Special Interest, if any, on such Security and of
any sinking fund payments thereon, in each case when and as the same shall
become due and payable, whether at the Stated Maturity, by declaration of
acceleration, call for redemption, or otherwise, in accordance with the terms
of such Security and of the Indenture. 
In case of the failure of the Corporation punctually to make any such
payment of principal, premium, if any, or interest including Special Interest,
if any, or any such sinking fund payment, whether at Stated Maturity, by
declaration of acceleration, call for redemption or otherwise, each of the
undersigned hereby agrees to cause such payment to be made punctually when and
as the same shall become due and payable, whether at Stated Maturity or by
declaration of acceleration, call for redemption or otherwise, and as if such
payment were made by the Corporation. 
Each of the undersigned hereby agrees that its obligations hereunder
shall be absolute and unconditional irrespective of, and shall be unaffected
by, any invalidity, irregularity or unenforceability of such Security or the
Indenture, or any failure to enforce any provisions of such Security or the Indenture,
or any waiver, modification or indulgence granted to the Corporation with
respect thereto, by the Holder of such Security or the Trustee or any other
circumstance which may otherwise constitute a legal or equitable discharge or
defense of a surety or guarantor; provided, however, that notwithstanding the
foregoing, no such waiver, modification or indulgence shall, without the
consent of the undersigned, increase the principal amount of such Security, or
increase the interest rate thereon, or change any redemption provisions thereof
(including any change to increase any premium payable upon redemption thereof),
or change the Stated Maturity thereof, or change the amount of principal of
such Security that would be due and payable upon a declaration of acceleration
thereof pursuant to Article V of the Indenture.  Each of the undersigned hereby waives the benefits of diligence,
presentment, demand for payment or performance, any requirement that the
Trustee or any of the Holders exhaust any right or take any action against the
Corporation or any other Person, filing of claims with a court in the event of
insolvency or bankruptcy of the Corporation, any right to require a proceeding
first against the Corporation, protest or notice with respect to such Security
or the indebtedness evidenced thereby and all demands whatsoever, and covenants
that this Guarantee will not be discharged except by complete performance of
the obligations contained in the Indenture, such Security and in this
Guarantee.

 

No reference
herein to the Indenture and no provision of this Guarantee or of the Indenture
shall alter or impair the guarantee of the undersigned, which is absolute and
unconditional, of the full and prompt payment of the principal of and premium,
if any, interest and sinking fund payment, if any, on such Security.

 

THIS GUARANTEE
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK.

 

1

 

Unless the
certificate of authentication on such Security has been executed by the Trustee
referred to on the reverse of such Security by manual signature, this Guarantee
shall not be entitled to any benefit under the Indenture or be valid or
obligatory for any purpose.

 

The
obligations of the undersigned to the Holder of such Security and to the
Trustee pursuant to this Guarantee and the Indenture are expressly set forth in
Article XIV of the Indenture and reference is hereby made to the Indenture
for the precise terms of this Guarantee and all of the other provisions of the
Indenture to which this Guarantee relates.

 

All terms in
this Guarantee which are defined in the Indenture shall have the meanings
assigned to them in the Indenture.

 

(Signature Pages Follow)

 

2

 

IN WITNESS
WHEREOF, the undersigned has caused this Guarantee to be duly executed.

 

	
  Dated:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [GUARANTOR]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
  Attest:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Name:

  	
   

  
	
  Title:

  	
   

  
							

 

3

 

CERTIFICATE TO BE DELIVERED UPON EXCHANGE

OR REGISTRATION OF TRANSFER OF SECURITIES

 

This
Certificate relates to
$           principal
amount of the 7.85% Senior Notes due 2011 of Univision Communications Inc. held
in         book entry or *                definitive
form by
               (the
“Transferor”) and issued under that certain Indenture dated as of July 18,
2001 (the “Indenture”) between Univision Communications Inc. and The Bank of
New York, as Trustee (the “Trustee”).

 

The Transferor*

 

o                                    has
requested the Trustee by written order to deliver in exchange for its
beneficial interest in the Global Note held by the Depository a Note or Notes
in definitive, registered form of authorized denominations in an aggregate
principal amount equal to its beneficial interest in such Global Note (or the
portion thereof indicated above); or

 

o                                    has
requested the Trustee by written order to exchange or register the transfer of
a Note or Notes.

 

In connection with such request
and in respect of each such Note, the Transferor does hereby certify that that
Transferor is familiar with the Indenture relating to the above captioned Notes
and the transfer of this Note does not require registration under the
Securities Act of 1933, as amended (the “Securities Act”) because:*

 

o                                    Such
Note is being acquired for the Transferor’s own account, without transfer; or 

 

o                                    Such
Note is being transferred to a “qualified institutional buyer” (as defined in
Rule 144A under the Securities Act) in reliance on Rule 144A; or

 

o                                    Such
Note is being transferred pursuant to an exemption from registration in
accordance with Rule 903 or Rule 904 under the Securities Act; or

 

o                                    Such
Note is being transferred to an “institutional accredited investor” (as defined
in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act) in
a transaction exempt from the registration requirements of the Securities Act.;
or

 

o                                    Such
Note is not a “restricted security” as defined under Rule 144 under the
Securities Act.

 

 

	
   

  	
   

  	
   

  
	
   

  	
  [INSERT NAME
  OF TRANSFEROR]

  
	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
						

 

*Check applicable box.

 

 

	
   

  	
  Signature
  Guarantee:

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Signature

  

 

Signature must
be guaranteed by an “eligible guarantor institution” meeting the requirements
of the Registrar, which requirements include membership or participation in the
Security Transfer Agent Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities and Exchange Act
of 1934, as amended.QuickLinks
 -- Click here to rapidly navigate through this document

 
 

Exhibit 4.1    
    

SERIES 2003-2

SUPPLEMENTAL INDENTURE OF TRUST  

by and between 

GMAC EDUCATION LOAN FUNDING TRUST-I

and 

ZIONS FIRST NATIONAL BANK,

as Indenture Trustee 

Authorizing
the Issuance of: 

$200,000,000

GMAC Education Loan Funding Trust-I

GMAC ELF Student Loan Asset-Backed Notes

Series 2003-2 

Dated
as of September 1, 2003 

 
 

TABLE OF CONTENTS    
    

	 
	 	 
	 	Page

	ARTICLE I
	

DEFINITIONS AND USE OF PHRASES	
 	

1
	

ARTICLE II

SERIES 2003-2 NOTE DETAILS, FORMS OF SERIES 2003-2 NOTES, REDEMPTION OF

SERIES 2003-2 NOTES AND USE OF PROCEEDS OF SERIES 2003-2 NOTES
	

Section 2.01.	
 	

Series 2003-2 Note Details	
 	

4
	

Section 2.02.	
 	

Principal Reduction Payments and Redemptions of the Series 2003-2 Notes	
 	

6
	

Section 2.03.	
 	

Delivery of Series 2003-2 Notes	
 	

8
	

Section 2.04.	
 	

Trustee's Authentication Certificate	
 	

9
	

Section 2.05.	
 	

Deposit of Series 2003-2 Note Proceeds	
 	

9
	

Section 2.06.	
 	

Forms of Series 2003-2 Notes	
 	

9
	

Section 2.07.	
 	

Conditions Precedent	
 	

9
	

Section 2.08.	
 	

Issuer Covenants with Respect to Principal Reduction Payments	
 	

10
	

ARTICLE III

FUNDS AND ACCOUNTS
	

Section 3.01.	
 	

Acquisition Fund	
 	

11
	

Section 3.02.	
 	

Capitalized Interest Account	
 	

11
	

ARTICLE IV

AMENDMENTS TO THE SERIES 2003-1 SUPPLEMENTAL INDENTURE
	

Section 4.01.	
 	

Amendment to Section 2.02(a) of the Series 2003-1 Supplemental Indenture	
 	

11
	

Section 4.02.	
 	

Amendment to Section 2.02(c)(ii) of the Series 2003-1 Supplemental Indenture	
 	

12
	

Section 4.03.	
 	

Amendment to Section 3.01 of the Series 2003-1 Supplemental Indenture	
 	

12
	

Section 4.04.	
 	

Amendment to Section 3.02 of the Series 2003-1 Supplemental Indenture	
 	

13
	

ARTICLE V

AMENDMENTS TO THE INDENTURE	
 	

 
	

Section 5.01.	
 	

Amendment to the Definition of "Program Expenses" in Section 1.01 of the Indenture	
 	

13
	

Section 5.02.	
 	

Amendment to the Definition of "Subservicing Agreement" in Section 1.01 of the Indenture	
 	

13
	

Section 5.03.	
 	

Amendment to the Definition of "Value" in Section 1.01 of the Indenture	
 	

13
	

Section 5.04.	
 	

Amendment to Section 3.02(a) of the Indenture	
 	

13
	

Section 5.05.	
 	

Amendment to Section 3.03 of the Indenture	
 	

13
	

Section 5.06.	
 	

Amendment to Section 4.05 of the Indenture	
 	

13
	

Section 5.07.	
 	

Amendment to Section 4.13(c)(ii) of the Indenture	
 	

14
	

Section 5.08.	
 	

Amendment to Section 4.22(b) of the Indenture	
 	

14
	

Section 5.09.	
 	

Amendment to Section 5.03 of the Indenture	
 	

14
	 	 	 	 	 

 

	

Section 5.10.	
 	

Amendment to Section 5.06 of the Indenture	
 	

14
	

Section 5.11.	
 	

Amendment to Section 5.07 of the Indenture	
 	

15
	

Section 5.12.	
 	

Amendment to Section 12.04(p) of the Indenture	
 	

15
	

ARTICLE VI

GENERAL PROVISIONS
	

Section 6.01.	
 	

Date of Execution	
 	

15
	

Section 6.02.	
 	

Laws Governing	
 	

15
	

Section 6.03.	
 	

Severability	
 	

15
	

Section 6.04.	
 	

Exhibits and Appendices	
 	

15
	

Section 6.05.	
 	

Limitation of Liability of the Delaware Trustee	
 	

15
	

ARTICLE VII
	

APPLICABILITY OF INDENTURE	
 	

16

	

 	
 	

 	
 	

 	
 	

 
	APPENDIX A	 	—	 	CERTAIN TERMS AND PROVISIONS OF THE AUCTION RATE SECURITIES	 	 
	APPENDIX B	 	—	 	TARGETED BALANCES FOR THE CLASS A-1L NOTES	 	 
	EXHIBIT A-1	 	—	 	FORM OF SENIOR LIBOR FLOATING RATE SECURITIES	 	 
	EXHIBIT A-2	 	—	 	FORM OF SENIOR AUCTION RATE SECURITIES	 	 
	EXHIBIT A-3	 	—	 	FORM OF SUBORDINATE AUCTION RATE SECURITIES	 	 
	EXHIBIT B	 	—	 	SERIES 2003-2 CLOSING CASH FLOW PROJECTIONS	 	 
	EXHIBIT C	 	—	 	NOTICE OF PAYMENT DEFAULT	 	 
	EXHIBIT D	 	—	 	NOTICE OF CURE OF PAYMENT DEFAULT	 	 
	EXHIBIT E	 	—	 	NOTICE OF PROPOSED CHANGE IN LENGTH OF ONE OR MORE AUCTION PERIODS	 	 
	EXHIBIT F	 	—	 	NOTICE ESTABLISHING CHANGE IN LENGTH OF ONE OR MORE AUCTION PERIODS	 	 
	EXHIBIT G	 	—	 	NOTICE OF CHANGE IN AUCTION DATE	 	 

ii

 
 

SERIES 2003-2 SUPPLEMENTAL INDENTURE OF TRUST    
    

        THIS SERIES 2003-2 SUPPLEMENTAL INDENTURE OF TRUST (this "Supplemental Indenture"), dated as of
September 1, 2003, is by and between GMAC EDUCATION LOAN FUNDING TRUST-I, a Delaware statutory trust (the "Issuer"), and  ZIONS FIRST NATIONAL BANK, a
national banking association (together with its successors, the "Indenture Trustee"), as Indenture Trustee hereunder (all
capitalized terms used in these preambles, recitals and granting clauses shall have the same meanings assigned thereto in Article I hereof); 

W I T N E S S E T H: 

        WHEREAS,
the Issuer has previously entered into an Indenture of Trust, dated as of March 1, 2003 (the "Indenture"), among the Issuer, the Indenture Trustee and Zions First
National Bank, as Eligible Lender Trustee, as amended and supplemented by a Series 2003-1 Supplemental Indenture of Trust, dated as of March 1, 2003 (the
"Series 2003-1 Supplemental Indenture"), between the Issuer and the Indenture Trustee; and 

        WHEREAS,
the Issuer desires to enter into this Supplemental Indenture in order to issue Notes pursuant to the terms of the Indenture, including Section 2.09 thereof; and 

        WHEREAS,
the Issuer represents that it is duly created as a statutory trust under the laws of the State of Delaware and that by proper action it has duly authorized the issuance of
$200,000,000 of its GMAC ELF Student Loan Asset-Backed Notes, Series 2003-2, consisting of three classes designated as Senior Class 2003-2 (the "Class A
Notes") and one class designated as Subordinate Class 2003-2 (the "Class B Notes" and together with the Class A Notes, the "Series 2003-2 Notes"),
and it has by proper action authorized the execution and delivery of this Supplemental Indenture; and 

        WHEREAS,
the Series 2003-2 Notes constitute Notes as defined in the Indenture; and 

        WHEREAS,
the Indenture Trustee has agreed to accept the trusts herein created upon the terms herein set forth; 

        NOW,
THEREFORE, it is mutually covenanted and agreed as follows: 

 
 

ARTICLE I
  
    DEFINITIONS AND USE OF PHRASES    
    

        All words and phrases defined in the Indenture shall have the same meaning in this Supplemental Indenture, except as otherwise appears in this Article. In
addition, the following terms have the following meanings in this Supplemental Indenture unless the context clearly requires otherwise: 

        "Acquisition Account" means the Acquisition Account established within the Acquisition Fund pursuant to the
Series 2003-1 Supplemental Indenture and Section 3.01 hereof. 

        "Auction Rate Securities" means, collectively, the Class A-4AR Notes, the Class A-5AR Notes and the
Class B Notes. 

        "Authorized Denominations" means (a) for purposes of the Class A-1L Notes, $1,000 and any integral multiple of
$1,000; and (b) for the purposes of the Auction Rate Securities, the definition of "Authorized Denominations" set forth in Appendix A hereto. 

        "Business Day" means (a) for purposes of the Class A-1L Notes, (i) for purposes of calculating LIBOR, any
day on which banks in New York, New York and London, England are open for the transaction of international business and (ii) for all other purposes, any day other than a Saturday, Sunday,
holiday or other day on which the New York Stock Exchange or banks located in New York, New York or the city in which the principal office of the Indenture Trustee is located are authorized or
permitted by law or executive order to close; and (b) for purposes of the Auction Rate Securities, the definition of "Business Day" set forth in Appendix A hereto. 

 

        "Class A Notes" means, collectively, the Class A-1L Notes, the Class A-4AR Notes and the
Class A-5AR Notes. 

        "Class A-1L Notes" means the $100,000,000 GMAC Education Loan Funding Trust-I, GMAC ELF Student Loan
Asset-Backed Notes, Series 2003-2, Senior Class A-1L LIBOR Floating Rate. 

        "Class A-4AR Notes" means the $32,000,000 GMAC Education Loan Funding Trust-I, GMAC ELF Student Loan
Asset-Backed Notes, Series 2003-2, Senior Class A-4AR Auction Rate Securities. 

        "Class A-5AR Notes" means the $60,000,000 GMAC Education Loan Funding Trust-I, GMAC ELF Student Loan
Asset-Backed Notes, Series 2003-2, Senior Class A-5AR Auction Rate Securities. 

        "Class B Notes" means the $8,000,000 GMAC Education Loan Funding Trust-I, GMAC ELF Student Loan Asset-Backed Notes,
Series 2003-2, Subordinate Class B-2AR Auction Rate Securities. 

        "Closing Date" means (a) with respect to the Class A-1L Notes, the Class A-4AR Notes and the
Class B Notes, September 30, 2003 and (b) with respect to the Class A-5AR Notes, on or before January 31, 2004, as provided in an Issuer Order. 

        "Ending Balance Factor" means, for any given day, the number calculated by dividing the unpaid principal balance of the Outstanding
Class A-1L Notes (after any Principal Reduction Payments are made) by the original principal balance of the Class A-1L Notes, and rounding the result to nine
decimal places. 

        "Interest Accrual Period" means, with respect to the Class A-1L Notes, initially, the period commencing on the Closing
Date for the Class A-1L Notes to but not including November 25, 2003, and thereafter, with respect to each Quarterly Distribution Date, the period beginning on the prior
Quarterly Distribution Date and ending on the day immediately preceding such Quarterly Distribution Date. 

        "LIBOR" means, with respect to any Interest Accrual Period, the London interbank offered rate for deposits in U.S. dollars having a
maturity of three months which appears on Telerate Page 3750 as of 11:00 a.m., London time, on the related LIBOR Determination Date as determined by the Indenture Trustee or its
agent. If this 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 a maturity of three months 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 that LIBOR Determination Date, to prime banks in the London interbank market by the Reference Banks. The Indenture Trustee will request the principal
London office of each Reference Bank identified to it by the Administrator to provide a quotation of its rate. If the Reference Banks provide at least two quotations, the rate for that day will be the
arithmetic mean of the quotations. If the Reference Banks provide fewer than two quotations, 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 time, on that LIBOR Determination Date, for loans in U.S. dollars to leading European banks having a maturity of
three months and in a principal amount of not less than U.S. $1,000,000. If the banks selected as described above are not providing quotations, the LIBOR in effect for the applicable Interest
Accrual Period will be the LIBOR in effect for the previous Interest Accrual Period. 

        "LIBOR Determination Date" means, for each Interest Accrual Period for the Class A-1L Notes, the second Business Day
before the beginning of that Interest Accrual Period. 

        "Principal Reduction Payment" means, with respect to the Class A-1L Notes, a payment of principal on the
Class A-1L Notes prior to the Stated Maturity thereof. 

        "Principal Reduction Payment Date" means each Quarterly Distribution Date on which a Principal Reduction Payment is made with respect to
the Class A-1L Notes. 

2

 

        "Quarterly Distribution Date" means the 25th day of February, May, August and November, or, if such day is not a Business Day, the
immediately succeeding Business Day, commencing on November 25, 2003. 

        "Redemption Account" means the Redemption Account established within the Acquisition Fund pursuant to the Series 2003-1
Supplemental Indenture and Section 3.01 hereof. 

        "Reference Banks" means, with respect to a determination of LIBOR for any Interest Accrual Period by the Indenture Trustee, four major
banks in the London interbank market selected by the Administrator. 

        "Regular Record Date" means (a) for purposes of the Class A-1L Notes, the Business Day prior to the Quarterly
Distribution Date and (b) for the purposes of the Auction Rate Securities, the "Regular Record Date" set forth in Appendix A hereto. 

        "Reserve Fund Requirement" means 1.00% of the aggregate amount of the Class A Notes and Class B Notes Outstanding; provided,
however, that so long as any Class A Notes or Class B Notes remain Outstanding there shall be at least $500,000 on deposit in the Reserve Fund. Further, such percentages and amounts may
be changed upon satisfaction of the Rating Agency Condition and receipt of a Rating Confirmation. 

        "Series 2003-2 Counterparty" means Citibank, N.A. 

        "Series 2003-2 Derivative Product Agreements" means, collectively, the ISDA Master Agreement (including the schedule
thereto), between the Issuer and the Series 2003-2 Counterparty and the Assignment and Acceptance Agreement dated September 30, 2003, among the Issuer, the
Series 2003-2 Counterparty and GMAC Commercial Mortgage Corporation, assigning Confirmation Nos. M032507, M034035, M035274, M035286 and M035285 to the Issuer. 

        "Series 2003-1 Notes" means the GMAC Education Loan Funding Trust-I, GMAC ELF Student Loan Asset-Backed
Notes, Series 2003-1 issued pursuant to the Series 2003-1 Supplemental Indenture in the aggregate principal amount of $220,000,000. 

        "Series 2003-1 Supplemental Indenture" means the Series 2003-1 Supplemental Indenture of Trust,
dated as of March 1, 2003, between the Issuer and the Indenture Trustee. 

        "Series 2003-2 Notes" means the GMAC Education Loan Funding Trust-I, GMAC ELF Student Loan Asset-Backed
Notes, Series 2003-2 issued pursuant to this Supplemental Indenture in the aggregate principal amount of $200,000,000 consisting of the Class A Notes and the Class B
Notes. 

        "Targeted Amortization Schedule" means, with respect to the Class A-1L Notes, the Schedule set forth as
Appendix B to this Supplemental Indenture for Principal Reduction Payments on the Class A-1L Notes prior to Stated Maturity thereof to the extent moneys are available for
such purpose in the Redemption Account of the Acquisition Fund. 

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

        Words
importing the masculine gender include the feminine gender. Words importing persons include firms, associations and corporations. Words importing the singular number include the
plural number and vice versa. Additional terms are defined in the body of this Supplemental Indenture and the Appendices hereto. 

        In
the event that any term or provision contained herein with respect to the Series 2003-2 Notes shall conflict with or be inconsistent with any term or provision
contained in the Indenture, the terms and provisions of this Supplemental Indenture shall govern. 

3

 

 
 

ARTICLE II
  
  SERIES 2003-2 NOTE DETAILS,
  FORMS OF SERIES 2003-2 NOTES,
  REDEMPTION OF SERIES 2003-2 NOTES
  AND USE OF PROCEEDS OF SERIES 2003-2 NOTES    
    

        Section 2.01. Series 2003-2 Note Details.    The aggregate principal amount of the
Series 2003-2 Notes which may be initially authenticated and delivered under this Supplemental Indenture is limited to, and shall be individually issued in four separate classes
consisting of $100,000,000 of Class A-1L Notes, $32,000,000 of Class A-4AR Notes, $60,000,000 of Class A-5AR Notes and $8,000,000 of
Class B Notes, except for Series 2003-2 Notes authenticated and delivered upon transfer of, or in exchange for, or in lieu of Notes pursuant to Sections 2.03 and 2.04
of the Indenture. The Series 2003-2 Notes shall be issuable only as fully registered notes in the Authorized Denominations. The Series 2003-2 Notes of each class
shall each be lettered "R" and shall be numbered separately from 1 upwards, respectively. The Class A-1L Notes, the Class A-4AR Notes and the
Class A-5AR Notes constitute Senior Notes. The Class B Notes constitute Subordinate Notes. The Series 2003-2 Derivative Product Agreements constitute
Senior Obligations. 

        The
Class A-1L Notes shall be dated their Closing Date and shall bear interest from their Closing Date, payable on each Quarterly Distribution Date, except that
Class A-1L Notes which are reissued upon transfer, exchange or other replacement shall bear interest from the most recent Quarterly Distribution Date to which interest has been
paid, or if no interest has been paid, from the Closing Date. The Class A-1L Notes shall bear interest for each Interest Accrual Period, other than the first Interest Accrual
Period, at a per annum rate equal to LIBOR, plus
0.10%. The interest rate on the Class A-1L Notes for the first Interest Accrual Period shall be 1.24%. Interest payable on the Class A-1L Notes shall be computed
on the assumption that each year contains 360 days and actual days elapsed and rounding the resultant figure to the fifth decimal place. The Class A-1L Notes shall
mature, subject to Principal Reduction Payments, on May 25, 2013 (the Class A-1L Notes "Stated Maturity"). 

        The
Class A-4AR Notes, the Class A-5AR Notes and Class B Notes (collectively, the "Auction Rate Securities") shall be dated their Closing
Date and shall bear interest from their Closing Date, payable on each Payment Date (as defined in Appendix A to this Supplemental Indenture), except that Auction Rate Securities which are
reissued upon transfer, exchange or other replacement shall bear interest from the most recent Payment Date to which interest has been paid, or if no interest has been paid, from the Closing Date. The
Auction Rate Securities shall mature on September 1, 2040 (the Class A-4AR, Class A-5AR and Class B Notes "Stated Maturity"). The terms of and
definitions related to the Auction Rate Securities are found in Article I hereof and Appendix A to this Supplemental Indenture. 

        The
principal of the Series 2003-2 Notes due at Stated Maturity or redemption in whole shall be payable at the Corporate Trust Office of the Indenture Trustee, or such
other location as directed by the Indenture Trustee, or at the principal office of its successor in trust upon presentation and surrender of the Series 2003-2 Notes. Payment of
interest and principal paid subject to a redemption on any Series 2003-2 Note shall be made to the Noteholder thereof by check or draft mailed on the Payment Date by the
Indenture Trustee to the Noteholder at his address as it last appears on the registration books kept by the Indenture Trustee at the close of business on the Regular Record Date for such Payment Date,
but any such interest not so timely paid or duly provided for shall cease to be payable to the Noteholder thereof at the close of business on the Regular Record Date and shall be payable to the
Noteholder thereof at the close of business on a special record date (a "Special Record Date") for the payment of any such defaulted interest. Such Special Record Date shall be fixed by the Indenture
Trustee whenever moneys become available for payment of the defaulted interest, and notice of such Special Record Date shall be given to the Noteholders of the Series 2003-2 Notes
not less than 

4

 

10 days
prior thereto by first-class mail to each such Noteholder as shown on the Indenture Trustee's registration books on the date selected by the Indenture Trustee, stating the date of the
Special Record Date and the date fixed for the payment of such defaulted interest. Payment of interest to the Securities Depository or its nominee shall, and at the written request addressed to the
Indenture Trustee of any other Noteholder owning at least $1,000,000 principal amount of the Series 2003-2 Notes, payments of interest shall, be paid by wire transfer within the
United States to the bank account number filed no later than the Regular Record Date or Special Record Date with the Indenture Trustee for such purpose. All payments on the
Series 2003-2 Notes shall be made in lawful money of the United States of America. 

        (a)   Except
as otherwise provided in this Section, the Series 2003-2 Notes in the form of one global note for each Stated Maturity date shall be registered
in the name of the Securities Depository or its nominee and ownership thereof shall be maintained in book-entry
form by the Securities Depository for the account of the Agent Members. Initially, each Series 2003-2 Note shall be registered in the name of CEDE & CO., as the
nominee of The Depository Trust Company. Except as provided in subsection (d) of this Section, the Series 2003-2 Notes may be transferred, in whole but not in part,
only to the Securities Depository or a nominee of the Securities Depository or to a successor Securities Depository selected or approved by the Issuer or to a nominee of such successor Securities
Depository. Each global note shall bear a legend substantially to the following effect: "Except as otherwise provided in the Indenture, this global note may be transferred, in whole but not in part,
only to another nominee of the Securities Depository, as defined in the Indenture, or to a successor Securities Depository or to a nominee of a successor Securities Depository." 

        (b)   Except
as otherwise provided herein, the Issuer and the Indenture Trustee shall have no responsibility or obligation with respect to (i) the accuracy of the
records of the Securities Depository or any Agent Member with respect to any beneficial ownership interest in the Series 2003-2 Notes; (ii) the delivery to any Agent Member,
beneficial owner of the Series 2003-2 Notes or other Person, other than the Securities Depository, of any notice with respect to the Series 2003-2 Notes; or
(iii) the payment to any Agent Member, beneficial owner of the Series 2003-2 Notes or other Person, other than the Securities Depository, of any amount with respect to the
principal of or interest on the Series 2003-2 Notes. So long as the certificates for the Series 2003-2 Notes issued under this Supplemental Indenture are not
issued pursuant to paragraph (c) of this Section the Issuer and the Indenture Trustee may treat the Securities Depository as, and deem the Securities Depository to be, the
absolute owner of the Series 2003-2 Notes for all purposes whatsoever, including, without limitation, (A) the payment of principal of and interest on such
Series 2003-2 Notes, (B) giving notices of redemption and other matters with respect to such Series 2003-2 Notes, and (C) registering transfers with
respect to such Series 2003-2 Notes. In connection with any notice or other communication to be provided to the Noteholders pursuant to this Supplemental Indenture by the Issuer or
the Indenture Trustee with respect to any consent or other action to be taken by the Noteholders, the Issuer or the Indenture Trustee, as the case may be, shall establish a record date for such
consent or other action and, if the Securities Depository shall hold all of the Series 2003-2 Notes, give the Securities Depository notice of such record date not less than 15
calendar days in advance of such record date to the extent possible. Such notice to the Securities Depository shall be given only when the Securities Depository is the sole Noteholder. 

        (c)   If
at any time the Securities Depository notifies the Issuer and the Indenture Trustee that it is unwilling or unable to continue as Securities Depository with respect
to any or all of the Series 2003-2 Notes or if at any time the Securities Depository shall no longer be registered or in good standing under the Securities Exchange Act or other
applicable statute 

5

 

or
regulation and a successor Securities Depository is not appointed by the Issuer within 90 days after the Issuer receives notice or becomes aware of such condition, as the case may be,
paragraphs (a) and (b) of this Section shall no longer be applicable and the Issuer shall execute and the Indenture Trustee shall authenticate and deliver certificates
representing the Series 2003-2 Notes as provided below. In addition, the Issuer may determine at any time that the Series 2003-2 Notes shall no longer be
represented by global certificates and that the provisions of paragraphs (a) and (b) of this Section shall no longer apply to the Series 2003-2 Notes. In such event,
the Issuer shall execute and the Indenture Trustee shall authenticate and deliver certificates representing the Series 2003-2 Notes as provided below. Certificates for the
Series 2003-2 Notes issued in exchange for a global certificate pursuant to this subsection shall be registered in such names and authorized denominations as the Securities
Depository, pursuant to instructions from the Agent Members or otherwise, shall instruct in writing to the Issuer and the Indenture Trustee, and upon which written instructions the Indenture Trustee
may rely without investigation. The Indenture Trustee shall promptly deliver such certificates representing the Series 2003-2 Notes to the Persons in whose names such Notes are so
registered. 

        Section 2.02. Principal Reduction Payments and Redemptions of the Series 2003-2 Notes.

        (a)   Mandatory Redemption of Auction Rate Securities. 

        (i)    Subject
to the provisions of Section 2.02(b) and (d)(ii) hereof and to the provisions of any future Supplemental Indenture, the Auction Rate
Securities are subject to mandatory redemption, in whole or in part, at a redemption price equal to the principal balance being redeemed plus accrued interest to the date fixed for redemption, on the
first Payment Date occurring each month for the Auction Rate Securities, from amounts remaining on deposit in the Redemption Account and not required to be used to make Principal Reduction Payments or
to redeem other Notes pursuant to any Supplemental Indenture. The Senior Notes within the Series 2003-1 Notes shall be redeemed prior the redemption of Senior Notes within the
Series 2003-2 Notes, and the Subordinate Notes within the Series 2003-1 Notes shall be redeemed prior the redemption of Subordinate Notes within the
Series 2003-2 Notes. 

        (ii)   Notice of Redemption. The Indenture Trustee shall cause notice of any redemption pursuant to
Section 2.02(a)(i) hereof to be given by mailing a copy of the notice by first-class mail to the Administrator, the Auction Agent and the Noteholder of any Auction Rate Securities
designated for redemption in whole or in part, at their address as the same shall last appear upon the registration books, in each case not less than 15 days prior to the redemption date;
provided, however, that failure to give such notice, or any defect therein, shall not affect the validity of any proceedings for the redemption of such Auction Rate Securities for which no such
failure or defect occurs. 

        (b)   Principal Reduction Payments on Class A-1L Notes. 

        (i)    The
Class A-1L Notes shall receive pro rata reductions of principal pursuant to Principal Reduction Payments to be made on Quarterly Distribution
Dates from amounts on deposit in the Redemption Account of the Acquisition Fund for such purpose in an amount up to, but not greater than, the amount needed to reduce the outstanding balance of the
Class A-1L Notes to the Targeted Balance for such Quarterly Distribution Date. Preferably five, but not less than two Business Days prior to each Quarterly Distribution Date, the
Indenture Trustee shall send the Securities Depository written notice with respect to the dollar amount per $1,000 original principal amount thereof, that the Indenture Trustee will be paying to the
Securities Depository on the Quarterly Distribution Date. The Indenture Trustee may, to the extent necessary to avoid payments of fractional cents, reduce scheduled payments by up to $1,000. To the
extent the 

6

 

Indenture
Trustee effects any such reduction, such amount shall be carried over to the next scheduled Principal Reduction Payment Date. Such notices, which shall clearly indicate that they relate to a
pro rata reduction of principal, shall contain the Ending Balance Factor and the Indenture Trustee contact's name and telephone number, shall be sent by facsimile (or such other method designated by
the Securities Depository) to the Securities Depository's Dividend Department at (212) 855-4555. Failure to make a Principal Reduction Payment in the amount
set forth in the Targeted Amortization Schedule on the Principal Reduction Payment Date shall not constitute an Event of Default under the Indenture.

        (ii)   Notwithstanding
subsection (b)(i) of this Section or as provided in a subsequent Supplemental Indenture, if no Senior Notes (other than Senior
Notes subject to Principal Reduction Payments) remain outstanding, the Class A-1L Notes are subject to additional pro rata reductions of principal pursuant to Principal Reduction
Payments to be made on Quarterly Distribution Dates from any amounts remaining on deposit in the Redemption Account of the Acquisition Fund after making the Principal Reduction Payments required
pursuant to subsection (b)(i) of this Section. 

        (iii)  Notice of Principal Reduction. Preferably five, but not less than two Business Days prior to each Principal Reduction
Payment Date, the Indenture Trustee shall cause notice of any reduction pursuant to Section 2.02(b)(i) or (ii) hereof to be given by mailing a copy of the notice by first class
mail to the Administrator and Noteholder of any Class A-1L Notes designated for reduction in whole or in part, at their address as the same shall last appear upon the registration books on the
reduction date; provided, however, that failure to give such notice, or any defect therein, shall not affect the validity of any proceedings for the reduction of such Class A-1L
Notes. 

        (c)   Optional Redemption or Purchase. 

        (i)    Optional Redemption or Purchase of Series 2003-2 Notes. Subject to the provisions of
Section 2.02(d) hereof, the Series 2003-2 Notes are subject to redemption or purchase at the option of the Issuer exercised by an Issuer Order, in whole only, on any
Payment Date on which the aggregate current principal balance of all the Notes issued under the Indenture is less than or equal to 10% of the initial aggregate principal balance of all the Notes
issued under the Indenture on their respective Closing Date, at a redemption price equal to (A) the principal balance plus accrued interest to the date fixed for redemption and (B) any
Carry-over Amount and any interest accrued on any Carry-over Amount to the date fixed for redemption, from the proceeds of funds received by the Indenture Trustee and deposited
in the Revenue Fund, the Acquisition Fund and the Reserve Fund. On the Payment Date fixed for redemption or purchase in such Issuer Order (which Issuer Order shall be received by the Indenture Trustee
not less then 16 days prior to such redemption), the Issuer shall deposit or cause to be deposited in or transferred to the Redemption Account of the Acquisition Fund (from the Revenue Fund) an
amount sufficient to redeem all of the Notes, less amounts on deposit in the Reserve Fund. On such redemption date the Indenture Trustee shall transfer amounts in the Reserve Fund to the Redemption
Account of the Acquisition Fund and effect the redemption of all the Notes. 

        (ii)   Notice of Redemption and Purchase. The Indenture Trustee shall cause notice of any redemption or purchase pursuant to
Section 2.02(c)(i) hereof to be given by mailing a copy of the notice by first-class mail to the Administrator, the Auction Agent, if applicable, and the Noteholder of any
Series 2003-2 Notes designated for redemption or purchase in whole or in part, at their address as the same shall last appear upon the registration books, in each case not less than
15 days prior to the redemption or purchase 

7

 

date;
provided, however, that failure to give such notice, or any defect therein, shall not affect the validity of any proceedings for the redemption or purchase of such
Series 2003-2 Notes for which no such failure or defect occurs. 

        (d)   Partial Redemption. 

        (i)    If
less than all of the Auction Rate Securities are to be redeemed or purchased pursuant to Section 2.02(a)(i) hereof, the Auction Rate Securities to be
redeemed or purchased shall be redeemed or purchased on a monthly basis in ascending order of Stated Maturity and, within same Stated Maturities, from the Auction Rate Securities with the earliest
Payment Date during the month, subject to Section 2.02(d)(ii) hereof. If two or more Classes of Auction Rate Securities have the same Stated Maturity and the same Payment Date, such
Auction Rate Securities shall be redeemed on a pro rata basis among or between such Classes, subject to Section 2.02(d)(ii) hereof. 

        (ii)   All
of the Class A Notes shall be redeemed prior to redemption of any Class B Notes; provided, however, upon the Indenture Trustee's receipt of an Issuer
Order certifying that the ratio of the Value of the Trust Estate to the Value of the Senior Notes and the Subordinate Notes then Outstanding exceeds 101.5% and the ratio of the Value of the Trust
Estate to the Value of the Senior Notes then Outstanding exceeds 104%, or such other percentages that satisfy the Rating Agency Condition, the
Indenture Trustee shall redeem Class B Notes while Class A Notes remain Outstanding until the Value of the Trust Estate to the Value of the Notes equals the percentages described in this
sentence after giving effect to the redemption of Class B Notes. The Indenture Trustee may conclusively rely upon such certification without duty to know, determine or further examine such
Issuer Order. 

        (iii)  If
less than all of a class of the Auction Rate Securities are to be redeemed, the Auction Rate Securities to be redeemed shall be selected by lot in such manner as
the Indenture Trustee shall determine. In the event of a redemption pursuant to Section 2.02(a)(i) hereof whereby funds remain in an amount below the Authorized Denomination, such
remaining funds shall be transferred to the Revenue Fund. 

        (iv)  In
case an Auction Rate Security is of a denomination larger than an Authorized Denomination, a portion of such Auction Rate Security (in an Authorized Denomination)
may be redeemed. Upon surrender of any Auction Rate Security for redemption in part only, the Issuer shall execute and the Indenture Trustee shall authenticate and deliver to the Noteholder thereof,
the cost of which shall be paid by the Issuer, a new Auction Rate Security or Auction Rate Securities of the same series, maturity and of authorized denominations, in an aggregate principal amount
equal to the unredeemed portion of the Auction Rate Security surrendered. 

        Section 2.03. Delivery of Series 2003-2 Notes.    Upon the execution and delivery of this Supplemental
Indenture, the Issuer shall execute and deliver to the Indenture Trustee and the Indenture Trustee shall authenticate the Series 2003-2 Notes and deliver the Class A Notes
and the Class B Notes to The Depository Trust Company; provided, however, prior to the delivery by the Indenture Trustee of any of the Series 2003-2 Notes, there shall have
been filed with or delivered to the Indenture Trustee the following: 

        (a)   an
Issuer Order authorizing the execution and delivery of this Supplemental Indenture and the issuance of the Series 2003-2 Notes; 

        (b)   duly
executed copies of this Supplemental Indenture and a copy of the Indenture; and 

8

 

        (c)   rating
letters from each Rating Agency stating (i) that the Class A Notes have been rated "AAA" by Fitch and S&P and "Aaa" by Moody's; (ii) that the
Class B Notes have been rated "A" by Fitch and S&P and "A2" by Moody's and (iii) that neither the issuance of the Series 2003-2 Notes nor the execution of this
Supplemental Indenture will adversely affect the ratings assigned to the Series 2003-1 Notes. 

        Section 2.04. Trustee's Authentication Certificate.    The Indenture Trustee's authentication certificate upon the
Series 2003-2 Notes shall be substantially in the forms provided in Exhibits A-1, A-2 and A-3 hereto. No Series 2003-2
Note shall be secured hereby or entitled to the benefit hereof, or shall be valid or obligatory for any purpose, unless a certificate of authentication, substantially in such form, has been
duly executed by the Indenture Trustee; and such certificate of the Indenture Trustee upon any Series 2003-2 Note shall be conclusive evidence and the only competent evidence
that such Note has been authenticated and delivered hereunder. The Indenture Trustee's certificate of authentication shall be deemed to have been duly executed by it if manually signed by an
authorized officer of the Indenture Trustee, but it shall not be necessary that the same person sign the certificate of authentication on all of the Series 2003-2 Notes issued
hereunder. 

 Section 2.05. Deposit of Series 2003-2 Note Proceeds. 

        (a)   Upon
the issuance and delivery of the Class A-1L Notes, the Class A-4AR Notes and the Class B Notes, the Indenture Trustee
shall deposit the net proceeds thereof (i.e., net of Underwriters' discount of $490,000): 

        (i)    an
amount equal to $137,510,000 shall be deposited to the 2003-2 Acquisition Account and; 

        (ii)   an
amount equal to $2,000,000 shall be deposited to the Reserve Fund. 

        (b)   Upon
the issuance and delivery of the Class A-5AR Notes, unless otherwise specified in an Issuer Order, the Indenture Trustee shall deposit the net
proceeds thereof (i.e., net of Underwriters' discount of $210,000) in the 2003-2 Acquisition Account. 

        (c)   Notwithstanding
Section 5.04(e) of the Indenture, the additional $600,000 deposited to the Reserve Fund in excess of the current Reserve Fund Requirement
pursuant to subsection (a)(ii) of this Section shall remain in the Reserve Fund until the earlier of (i) issuance and delivery of the Class A-5AR Notes
or (ii) January 31, 2004. Upon the occurrence of (i) or (ii) above, then the provisions of Section 5.04(e) of the Indenture shall again apply. 

        Section 2.06. Forms of Series 2003-2 Notes.    The Class A-1L Notes shall be in
substantially the form set forth in Exhibit A-1 hereto, the Class A-4AR Notes and the Class A-5AR Notes shall be in substantially the form set
forth in
Exhibit A-2 hereto and the Class B Notes shall be in substantially the form set forth in Exhibit A-3 hereto, each with such variations, omissions and
insertions as may be necessary. 

        Section 2.07. Conditions Precedent.    Each of the Series 2003-2 Notes shall be executed,
authenticated and delivered on the applicable Closing Date for such Series 2003-2 Notes set forth herein subject to the satisfaction of the conditions precedent set forth in this
Section. 

        (a)   With
respect to the Closing Date for the Class A-1L Notes, the Class A-4AR Notes and the Class B Notes, the execution,
authentication and delivery of such Series 2003-2 Notes is conditioned upon the satisfaction of the conditions set forth in Section 2.09 of the Original Indenture and
Section 2.03 hereof. 

9

 

        (b)   With
respect to the Closing Date for the Class A-5AR Notes, the execution, authentication and delivery of the Class A-5AR Notes is
conditioned upon the following: 

        (i)    the
satisfaction of the conditions set forth in Section 2.09 of the Original Indenture (provided that the requirement for any legal opinions may be satisfied by
"bring down" letters relating to prior opinions); 

        (ii)   either
(A) the receipt by the Indenture Trustee from the Issuer on or before such Closing Date of an Issuer Order certifying that there have been no material
changes with respect to the information in the Prospectus, dated March 17, 2003 and the Prospectus Supplement, dated September 24, 2003 (collectively, the "Prospectus") since the
delivery of the Prospectus that would require updating the Prospectus; or (B) the delivery to the Underwriter of a supplement to the Prospectus setting forth any material changes with respect
to the information in the Prospectus since the delivery of the most recent Prospectus to the Underwriter; 

        (iii)  the
receipt from the Issuer by the Indenture Trustee on or before such Closing Date of an Issuer Order, which Issuer Order shall include the terms of the
Class A-5AR Notes, including the date of issuance of the Class A-5AR Notes, the aggregate principal amount of the Class A-5AR Notes, the
Initial Rate for the Class A-5AR Notes, the initial Auction Date and Initial Rate Adjustment Date of the Class A-5AR Notes, a direction to the Indenture Trustee
to execute the certificate of authentication for Class A-5AR Notes in the form provided in this Supplemental Indenture, which, upon receipt, shall be executed by the Indenture
Trustee and the Class A-5AR Notes shall be executed by the Issuer, each in accordance with Section 2.06 of the Original Indenture; and 

        (iv)  the
receipt by the Issuer and the Indenture Trustee of evidence that the Class A-5AR Notes have received the ratings of "AAA" by S&P and Fitch and
"Aaa" by Moody's or, if such ratings have been previously assigned, that Rating Confirmations with respect to such ratings have been received. 

        Section 2.08. Issuer Covenants with Respect to Principal Reduction Payments.    No Additional Notes may be issued by the
Issuer which have Principal Reduction Payments or, except as provided in this Section, Stated Maturities (or mandatory sinking fund payments) prior to August 25, 2009 which are payable prior to
the Principal Reduction Payments on the Class A-1L Notes; provided, however, the Issuer may issue Additional Notes with Principal Reduction Payments which are payable concurrently
with the Principal Reduction Payments on the Class A-1L Notes or Additional Notes with Stated Maturities (or mandatory sinking fund payments) prior to August 25, 2009, if the
Issuer reasonably determines, on the date of issuance of such Additional Notes, that the issuance of such Additional Notes will not adversely affect the sufficiency of the amounts directed to make
Principal Reduction Payments on the Class A-1L Notes in accordance with the Targeted Balances set forth on Appendix B hereto. 

10

  

 
 

ARTICLE III
  
    FUNDS AND ACCOUNTS    
    

        Section 3.01. Acquisition Fund.    The Indenture Trustee is hereby directed to establish an Account within the
Acquisition Fund to be known as the "2003-2 Acquisition Account." The Indenture Trustee shall deposit the proceeds described in Section 2.05(a)(i) and (b) hereof to
the 2003-2 Acquisition Account on each Closing Date. Moneys in the 2003-2 Acquisition Account shall be used as described in Section 5.02 of the Indenture. On
November 30, 2003, or such later date consented to by the Rating Agencies rating the Notes, any proceeds of the Class A-1L Notes, the Class A-4AR Notes and
the Class B-2AR Notes remaining in the 2003-2 Acquisition Account shall be transferred to the Redemption Account. On April 30, 2004, or such later date consented
to by the Rating Agencies rating the Notes, any amounts remaining in the 2003-2 Acquisition Account shall be transferred to the Redemption Account and the 2003-2 Acquisition
Account shall be closed. 

        The
Indenture Trustee is hereby directed to continue the Redemption Account of the Acquisition Fund established pursuant to Section 3.01 of the Series 2003-1
Supplemental Indenture, as amended in Section 4.03 herein. All Recoveries of Principal deposited to the Acquisition Fund shall be transferred to the Redemption Account. In addition, any amounts
permitted to be transferred to the Redemption Account from the Revenue Fund pursuant to Section 5.03(c) of the Indenture shall be deposited to the Redemption Account. Moneys in the
Redemption Account shall be used (i) first, to make the next scheduled Principal Reduction Payments on Notes pursuant to the provisions of the
Supplemental Indentures authorizing such Notes (or to retain therein an amount sufficient to make such next Principal Reduction Payments), second, to
mandatorily redeem Notes pursuant to the provisions of the Supplemental Indentures authorizing such Notes and, third, to make additional Principal
Reduction Payments on Notes pursuant to the provisions of the Supplemental Indentures authorizing such Notes or (ii) as otherwise directed in a Supplemental Indenture. 

        Section 3.02. Capitalized Interest Account.    The Indenture Trustee is hereby directed to continue the Capitalized
Interest Account of the Acquisition Fund established pursuant to Section 3.02 of the Series 2003-1 Supplemental Indenture. On any date prior to January 1, 2007 moneys
on deposit in the Capitalized Interest Account shall be transferred to the Revenue Fund by the Indenture Trustee as needed to make the transfers described in Sections 5.03(b)(i),
(iii) and (v) of the Indenture. Notwithstanding the provisions of Section 3.02 of the Series 2003-1 Supplemental
Indenture, on January 1, 2007, any moneys remaining in the Capitalized Interest Account shall be transferred to the Redemption Account, and the Capitalized Interest Account shall be closed. 

 
 

ARTICLE IV
  
    AMENDMENTS TO THE SERIES 2003-1 SUPPLEMENTAL INDENTURE    
    

        Section 4.01. Amendment to Section 2.02(a) of the Series 2003-1 Supplemental
Indenture.    Section 2.02(a) of the Series 2003-1 Supplemental Indenture is hereby amended in its entirety to read as follows: 

        (a)   Mandatory Redemption. 

        (i)    Subject
to the provisions of Section 2.02(c) hereof and to the provisions of any future Supplemental Indenture, the Series 2003-1 Notes
are subject to mandatory redemption, in whole or in part, at a redemption price equal to the principal balance being redeemed plus accrued interest to the date fixed for redemption, on the first
Payment Date occurring each month for the Series 2003-1 Notes, from amounts remaining on deposit in the Redemption Account and not required to be used to make 

11

 

Principal
Reduction Payments or to redeem other Notes pursuant to any Supplemental Indenture. 

        (ii)   Notice of Redemption. The Indenture Trustee shall cause notice of any redemption pursuant to
Section 2.02(a)(i) hereof to be given by mailing a copy of the notice by first-class mail to the Noteholder of any Series 2003-1 Notes, the Administrator and the
Auction Agent, if any, designated for redemption in whole or in part, at their address as the same shall last appear upon the registration books, in each case not less than 15 days prior to the
redemption date; provided, however, that failure to give such notice, or any defect therein, shall not affect the validity of any proceedings for the redemption of such
Series 2003-1 Notes for which no such failure or defect occurs. 

        Section 4.02. Amendment to Section 2.02(c)(ii) of the Series 2003-1 Supplemental
Indenture.    Section 2.02(c)(ii) of the Series 2003-1 Supplemental Indenture is hereby amended in its entirety to read as follows: 

        (ii)   All
of the Class A Notes shall be redeemed prior to redemption of any Class B Notes; provided, however, upon the Indenture Trustee's receipt of an Issuer
Order certifying that the ratio of the Value
of the Trust Estate to the Value of the Senior Notes and the Subordinate Notes then Outstanding exceeds 101.5% and the ratio of the Value of the Trust Estate to the Value of the Senior Notes then
Outstanding exceeds 104%, or such other percentages that satisfy the Rating Agency Condition, the Indenture Trustee shall redeem Class B Notes while Class A Notes remain Outstanding
until the Value of the Trust Estate to the Value of the Notes equals the percentages described in this sentence after giving effect to the redemption of Class B Notes. The Indenture Trustee may
conclusively rely upon such certification without duty to know, determine or further examine such Issuer Order. 

        Section 4.03. Amendment to Section 3.01 of the Series 2003-1 Supplemental
Indenture.    Section 3.01 of the Series 2003-1 Supplemental Indenture is hereby amended in its entirety to read as follows: 

        Section 3.01. Acquisition Fund.    The Indenture Trustee is hereby directed to establish an Account within the
Acquisition Fund to be known as the "2003-1 Acquisition Account." The Indenture Trustee shall deposit the proceeds described in Section 2.05(a) hereof to the
2003-1 Acquisition Account on the Closing Date. Moneys in the 2003-1 Acquisition Account shall be used as described in Section 5.02 of the Indenture. On
October 1, 2003, any proceeds of the Series 2003-1 Notes remaining in the 2003-1 Acquisition Account shall be transferred to the Redemption Account and the
2003-1 Acquisition Account shall be closed. 

        The
Indenture Trustee is hereby directed to establish an Account within the Acquisition Fund to be known as the "Redemption Account." All Recoveries of Principal deposited to the
Acquisition Fund shall be transferred to the Redemption Account. In addition, any amounts permitted to be transferred to the Redemption Account from the Revenue Fund pursuant to Section 5.03(c)
of the Indenture shall be deposited to the Redemption Account. Moneys in the Redemption Account shall be used (i) first, to make the next
scheduled Principal Reduction Payments on Notes pursuant to the provisions of the Supplemental Indentures authorizing such Notes (or to retain therein an amount sufficient to make such next Principal
Reduction Payments), second, to mandatorily redeem the Notes pursuant to the provisions of the Supplemental Indentures authorizing such Notes and,  third,
to make additional Principal Reduction Payments on Notes pursuant to the provisions of the Supplemental Indentures authorizing such Notes or
(ii) as otherwise directed in a Supplemental Indenture. 

12

 

        Section 4.04. Amendment to Section 3.02 of the Series 2003-1 Supplemental
Indenture.    Section 3.02 of the Series 2003-1 Supplemental Indenture is hereby amended in its entirety to read as follows: 

        Section 3.02. Capitalized Interest Account.    The Indenture Trustee is hereby directed to establish an Account within
the Revenue Fund to be known as the "Capitalized Interest Account." The Indenture
Trustee shall deposit the proceeds described in Section 2.05(b) hereof to the Capitalized Interest Account on the Closing Date. On any date prior to January 1, 2007 moneys on
deposit in the Capitalized Interest Account shall be transferred to the Revenue Fund by the Indenture Trustee as needed to make the transfers described in Sections 5.03(b)(i), (iii) and
(v) of the Indenture. On January 1, 2007, any moneys remaining in the Capitalized Interest Account shall be transferred to the Redemption Account or as otherwise directed in a
Supplemental Indenture, and the Capitalized Interest Account shall be closed. 

 
 

ARTICLE V
  
    AMENDMENTS TO THE INDENTURE    
    

        Section 5.01. Amendment to the Definition of "Program Expenses" in Section 1.01 of the
Indenture.    The definition of "Program Expenses" in Section 1.01 of the Indenture is hereby amended by the removal of the term "taxes," in
clause (k) thereof. 

        Section 5.02. Amendment to the Definition of "Subservicing Agreement" in Section 1.01 of the Indenture.    The
definition of "Subservicing Agreement" in Section 1.01 of the Indenture is hereby amended in its entirety to read as follows: 

        "Subservicing Agreement" means (a) the Student Loan Origination and Servicing Agreement, dated as of January 28, 2003, as
supplemented and amended from time to time, between the Servicer and Great Lakes Educational Loan Services, Inc., (b) the Servicing Agreement, dated as of April 1, 2003, between
the Servicer and GMAC Commercial Holding Capital Corp.; and (c) any other subservicing agreement entered into from time to time between the Servicer and a Subservicer approved by the Rating
Agency as evidenced by a Rating Confirmation. 

        Section 5.03. Amendment to the Definition of "Value" in Section 1.01 of the Indenture.    The definition of
"Value" in Section 1.01 of the Indenture is hereby amended by the addition of the following paragraph at the end thereof: 

        The
"Value" of a Note shall be the principal balance thereof plus accrued interest. 

        Section 5.04. Amendment to Section 3.02(a) of the Indenture.    Section 3.02 of the Indenture is
hereby amended in its entirety to read as follows: 

        (a)   The
Issuer shall not commingle the Funds established by this Indenture and any Supplemental Indenture with funds, proceeds, or investment of funds relating to other
issues heretofore or hereafter issued. 

        Section 5.05. Amendment to Section 3.03 of the Indenture.    Section 3.03 of the Indenture is hereby
amended by the addition of the following sentence at the end thereof: 

        The
Issuer shall verify each Issuer Derivative Payment and Counterparty Derivative Payment made pursuant to a Derivative Product. 

        Section 5.06. Amendment to Section 4.05 of the Indenture.    Section 4.05 of the Indenture is hereby
amended by the addition of the following sentence at the end thereof: 

        The
Issuer shall verify that each Subservicing Agreement complies with the terms and provisions of this Indenture. 

13

 

        Section 5.07. Amendment to Section 4.13(c)(ii) of the Indenture.    Section 4.13(c)(ii) of
the Indenture is hereby amended by the addition of the following sentence at the end thereof: 

        Each
schedule of Financed Student Loans to the Loan Sale Agreements has been prepared by the Subservicer servicing such Financed Student Loans. 

        Section 5.08. Amendment to Section 4.22(b) of the Indenture.    Subsection (b) of
Section 4.22 of the Indenture is hereby amended by the addition of the following sentence at the end thereof: 

        The
Indenture Trustee shall immediately notify the Issuer and the Rating Agencies if it has not received such Opinion of Counsel, and shall notify the Rating Agencies and the Noteholders
if such Opinion of Counsel indicates that lien and security interest created by this Indenture has not been maintained. 

        Section 5.09. Amendment to Section 5.03 of the Indenture.    Section 5.03 of the Indenture is hereby
amended by the addition of the following subsection (c) at the end thereof: 

        (c)   On
the 10th Business Day of each month, the Administrator shall determine the amount of Excess Revenues on deposit in the Revenue Fund and shall report
such amount to the Issuer and the Indenture Trustee. "Excess Revenues" shall be the amount of Revenues on deposit in the Revenue Fund which exceeds (i) the transfers expected to be made from
the Revenue Fund through the 10th Business Day of the succeeding month and (ii) interest on the Notes and the amount of any Issuer Derivative Payments which are expected to accrue
through the 10th Business Day of the succeeding month if not paid during such period. On the 10th Business Day of each month in which the Value of the Trust Estate is less
than (I) 101.5% of the Value of the Notes (excluding the Residual Notes) then Outstanding or (II) 104% of the Value of the Senior Notes then Outstanding (or such other ratios as
specified by the Issuer in a notice to the Indenture Trustee accompanied by a Rating Agency Confirmation) as certified by the Issuer, the Issuer shall instruct the Indenture Trustee in an Issuer
Order, upon which Issuer Order the Indenture Trustee may conclusively rely, to transfer any moneys on deposit in the Revenue Fund which are deemed Excess Revenues to the Redemption Account of the
Acquisition Fund to make Principal Reduction Payments or to redeem Notes pursuant to the Supplemental Indentures authorizing the issuance of such Notes, until such percentages are reached. In
addition, on any Payment Date on which the aggregate current principal balance of all the Notes issued under this Indenture is less than or equal to 10% of the initial aggregate principal balance of
all the Notes issued under this Indenture on their respective Closing Date, the Issuer may, by Issuer Order, instruct the Indenture Trustee to deposit or cause to be deposited in or transferred to the
Redemption Account of the Acquisition Fund (from the Revenue Fund) an amount sufficient to redeem all of the Notes, less amounts on deposit in the Reserve Fund. On such redemption date the Indenture
Trustee shall transfer amounts in the Reserve Fund to the Redemption Account of the Acquisition Fund and effect the redemption of all the Notes. 

        Section 5.10. Amendment to Section 5.06 of the Indenture.    The first paragraph of Section 5.06 of the
Indenture is hereby amended in its entirely to read as follows: 

        Transfers
from the Revenue Fund to the Issuer may be made in accordance with Section 5.03(b)(xii) hereof; provided, however, that no transfer of assets to the Issuer (other
than pursuant to the Operating Fund as otherwise permitted in Section 5.05 hereof) shall be made if there is not on deposit in the Reserve Fund an amount equal to at least the Reserve Fund
Requirement; and further provided, that no transfer shall be made to the Issuer unless the Administrator shall have certified to the Indenture Trustee, upon which the Indenture Trustee may
conclusively rely, that immediately after taking into account any such transfer, the Value of the Trust Estate exceeds 101.5% of the Value of the Notes Outstanding (excluding the Residual Notes) 

14

 

and
104% of the Value of the Senior Notes Outstanding; provided, however, that no such transfers may be made to the Issuer if aggregate current principal balance of all the Notes issued under the
Indenture is less than or equal to 10% of the initial aggregate principal balance of all the Notes issued under the Indenture on their respective Closing Date and the Issuer has not exercised its
rights to optionally redeem all of the Notes subject to optional redemption at such time. 

        Section 5.11. Amendment to Section 5.07 of the Indenture.    Section 5.07 of the Indenture is hereby
amended by the addition of the following sentence at the end thereof: 

        The
Indenture Trustee shall not commingle the Funds established by this Indenture with other funds, proceeds, or investment of funds held by the Indenture Trustee. 

        Section 5.12. Amendment to Section 12.04(p) of the Indenture.    Paragraph (p) of Section 12.04 of
the Indenture is hereby amended in its entirety to read as follows: 

        (p)   the
Value of the Trust Estate, the Outstanding principal amount of the Notes, the ratio of the Value of the Trust Estate to the Value of the Notes Outstanding (excluding
the Residual Notes) and the ratio of the Value of the Trust Estate to the Value of the Senior Notes Outstanding, each as of the close of business on the last day of the preceding month; and 

 
 

ARTICLE VI
  
    GENERAL PROVISIONS    
    

        Section 6.01. Date of Execution.    This Supplemental Indenture for convenience and for the purpose of reference is dated
as of September 1, 2003. 

        Section 6.02. Laws Governing.    It is the intent of the parties hereto that this Supplemental Indenture shall in all
respects be governed by the laws of the State of Colorado. 

        Section 6.03. Severability.    If any covenant, agreement, waiver or part thereof in this Supplemental Indenture
contained be forbidden by any pertinent law or under any pertinent law be effective to render this Supplemental Indenture invalid or unenforceable or to impair the lien hereof, then each such
covenant, agreement, waiver, or part thereof shall itself be and is hereby declared to be wholly ineffective, and this Supplemental Indenture shall be construed as if the same were not included
herein. 

        Section 6.04. Exhibits and Appendices.    The terms of each Exhibit and Appendix attached to this Supplemental
Indenture are incorporated herein in all particulars. 

        Section 6.05. Limitation of Liability of the Delaware Trustee.    It is expressly understood and agreed by the parties
hereto that (a) this Supplemental Indenture is executed and delivered by the Delaware Trustee, not individually or personally but solely as Delaware Trustee of the Issuer, in the exercise of
the powers and authority conferred and vested in it under the Trust Agreement; (b) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and
intended not as personal representations, undertakings and agreements by the Delaware Trustee but is made and intended for the purpose of binding only the Issuer; and (c) under no circumstances
shall the Delaware Trustee 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 Supplemental Indenture. 

15

 

 
 

ARTICLE VII
  
    APPLICABILITY OF INDENTURE    
    

        The provisions of the Indenture are hereby ratified, approved and confirmed, except as otherwise expressly modified by this Supplemental Indenture. The
representations, warranties and covenants contained in the Indenture (except as expressly modified herein) are hereby reaffirmed with the same force and effect as if fully set forth herein and made
again as of the date hereof. 

16

 

        IN
WITNESS WHEREOF, the Issuer and the Indenture Trustee have caused this Supplemental Indenture to be executed by their respective Authorized Officers, to evidence its acceptance of the
trusts hereby created, has caused this Supplemental Indenture to be executed in its name and behalf, all in multiple counterparts, each of which shall be deemed an original, and the Issuer and the
Indenture Trustee have caused this Supplemental Indenture to be dated as of the date herein above first shown, although actually executed on the dates shown in the acknowledgments hereafter appearing. 

	 	 	GMAC EDUCATION LOAN FUNDING TRUST-I
	

 	
 	

By:	

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

 	
 	

By	

/s/ Roseline K. Maney
    Name    Roseline K. Maney

    Title    Vice President
	

 	
 	

ZIONS FIRST NATIONAL BANK, not in its individual capacity but solely as Indenture Trustee
	

 	
 	

By	

/s/ David W. Bata
 David W. Bata, Vice President

[Signature
Page to Series 2003-2 Supplemental Indenture of Trust] 

17

 
 

APPENDIX A
  
  CERTAIN TERMS AND PROVISIONS OF
  THE AUCTION RATE SECURITIES    
    

 
 

ARTICLE I
  
  DEFINITIONS    
    

        Except as provided below in this Section, all terms which are defined in the Indenture and Article I of this Supplemental Indenture shall have the same
meanings, respectively, in this Appendix A as such terms are given in the Indenture and Article I of this Supplemental Indenture. In addition, the following terms shall have the
following respective meanings: 

        "All Hold Rate" means the Applicable LIBOR Rate less .20%; provided, that in no event shall the applicable All Hold Rate be greater than
the applicable Maximum Rate. 

        "Applicable LIBOR Rate" means, (a) for Auction Periods of 35 days or less, One-Month LIBOR, (b) for
Auction Periods of more than 35 days but less than 91 days, Three-Month LIBOR, (c) for Auction Periods of more than 90 days but less than 181 days,
Six-Month LIBOR, and (d) for Auction Periods of more than 180 days, One-Year LIBOR. 

        "Auction" means the implementation of the Auction Procedures on an Auction Date. 

        "Auction Agent" means the Initial Auction Agent under the Initial Auction Agent Agreement unless and until a Substitute Auction Agent
Agreement becomes effective, after which "Auction Agent" means the Substitute Auction Agent. 

        "Auction Agent Agreement" means the Initial Auction Agent Agreement unless and until a Substitute Auction Agent Agreement is entered into,
after which "Auction Agent Agreement" means such Substitute Auction Agent Agreement. 

        "Auction Agent Fee" has the meaning set forth in the Auction Agent Agreement. 

        "Auction Date" means, initially, October 27, 2003 with respect to the Class A-4AR Notes, as set forth in an
Issuer Order with respect to the Class A-5AR Notes, and October 27, 2003 with respect to the Class B Notes, and thereafter, the Business Day immediately preceding the
first day of each Auction Period for each respective Class, other than: 

        (a)   each
Auction Period commencing after the ownership of the applicable Auction Rate Securities is no longer maintained in Book-entry Form by the
Securities Depository; 

        (b)   each
Auction Period commencing after and during the continuance of a Payment Default; or 

        (c)   each
Auction Period commencing less than two Business Days after the cure or waiver of a Payment Default. 

        Notwithstanding
the foregoing, the Auction Date for one or more Auction Periods may be changed pursuant to Section 2.02(h) of this Appendix A. 

        "Auction Note Interest Rate" means the variable rate of interest per annum borne by Auction Rate Securities for each Auction Period
and determined in accordance with the provisions of Sections 2.01 and 2.02 of this Appendix A; provided, however, that in the event of a Payment Default, the Auction Note Interest
Rate shall equal the applicable Non-Payment Rate; provided, further, however that such Auction Note Interest Rate shall in no event exceed the lesser of the Net Loan Rate and the
Maximum Rate. 

        "Auction Period" means the Interest Period applicable to the Auction Rate Securities during which time the Interest Rate is determined
pursuant to Section 2.02(a) of this Appendix A, which Auction Period (after the Initial Period for such Class) initially shall consist generally of 28 days for the Auction
Rate Securities, as the same may be adjusted pursuant to Sections 2.01 and 2.02(g) of this Appendix A. 

 

        "Auction Period Adjustment" means an adjustment to the Auction Period as provided in Section 2.02(g) of this
Appendix A. 

        "Auction Procedures" means the procedures set forth in Section 2.02(a) of this Appendix A by which the Auction Rate is
determined. 

        "Auction Rate" means the rate of interest per annum that results from implementation of the Auction Procedures and is determined as
described in Section 2.02(a)(iii)(B) of this Appendix A. 

        "Auction Rate Securities" means, collectively, the Class A-4AR Notes, the Class A-5AR Notes and the
Class B Notes. 

        "Authorized Denominations" means $50,000 and any integral multiple thereof. 

        "Available Auction Rate Securities" has the meaning set forth in Section 2.02(a)(iii)(A)(1) of this Appendix A. 

        "Bid" has the meaning set forth in Section 2.02(a)(i)(A) of this Appendix A. 

        "Bid Auction Rate" has the meaning set forth in Section 2.02(a)(iii)(A) of this Appendix A. 

        "Bidder" has the meaning set forth in Section 2.02(a)(i)(A) of this Appendix A. 

        "Bond Equivalent Yield" means with respect to any security with a maturity of six months or less the rate for which is quoted in  The Wall Street Journal on a bank
discount basis, a yield (expressed as a percentage) calculated in accordance with the following formula and rounded up
to the nearest one-hundredth of one percent: 

	Bond Equivalent Yield =	 	Q × N
 360 - (T × Q)	 	x 100

where
"Q" refers to the per annum interest rate for the security quoted on a bank discount basis and expressed as a decimal, "N" refers to 365 or 366 (days), as the case may be, and "T" refers to the
number of days to maturity. 

        "Book-Entry Form" or "Book-Entry System" means a form or system
under which (a) the beneficial right to principal and interest may be transferred only through a book entry; (b) physical securities in registered form are issued only to a Securities
Depository or its nominee as Noteholder, with the securities "immobilized" to the custody of the Securities Depository; and (c) the book entry is the record that identifies the owners of
beneficial interests in that principal and interest. 

        "Broker-Dealer" means, Citigroup Global Markets, Inc. with respect to the Class A-4AR Notes and the
Class B Notes and William R. Hough & Co. with respect to the Class A-5AR Notes, or any other broker or dealer (each as defined in the Securities Exchange Act of 1934,
as amended), commercial bank or other entity permitted by law to perform the functions required of a Broker-Dealer set forth in the Auction Procedures that (a) is a Participant (or an affiliate
of a Participant); (b) has been appointed as such by the Issuer pursuant to Section 2.02(f) of this Appendix A; and (c) has entered into a Broker-Dealer Agreement
that is in effect on the date of reference. 

        "Broker-Dealer Agreements" means the agreements between the Auction Agent and the Broker-Dealers, and approved by the Issuer, pursuant to
which the Broker-Dealers agree to participate in Auctions as set forth in the Auction Procedures, as from time to time amended or supplemented. The Broker-Dealer Agreements shall be in substantially
the form of the Broker-Dealer Agreements, each dated as of September 1, 2003, among the Issuer, Deutsche Bank Trust Company Americas, as Auction Agent, and Citigroup Global Markets, Inc.
and William R. Hough & Co., respectively. 

        "Broker-Dealer Fee" has the meaning set forth in the Auction Agent Agreement. 

A-2

 

        "Business Day" means any day other than a Saturday, Sunday, holiday or other day on which the New York Stock Exchange or banks located in
New York, New York, or in the city in which the principal office of the Indenture Trustee or the Auction Agent is located, are authorized or permitted by law or executive order to close; provided that
with respect to Auction Dates such term shall exclude April 14 and 15 and December 30 and 31 and such other dates as may be agreed to in writing by the Auction Agent, the Broker-Dealers
and the Issuer. 

        "Cap Rate" means, with respect to any Interest Period applicable to the Auction Rate Securities, the lesser of (a) the applicable
Maximum Rate, and (b) the Net Loan Rate in effect for such Interest Period. 

        "Carry-over Amount" means, for any Interest Period during which interest is calculated at the Net Loan Rate, the excess, if
any, of (a) the amount of interest on an Auction Rate Security that would have accrued with respect to the related Interest Period at the lesser of (i) the applicable Auction Rate; and
(ii) the Maximum Rate; over (b) the amount of interest on such Auction Rate Security actually accrued with respect to such Auction Rate Security with respect to such Interest Period
based on the Net Loan Rate, together with the unreduced portion of any such excess from prior Interest Periods; provided that any reference to "principal" or "interest" in the Supplemental Indenture
and in this Appendix A and the Auction Rate Securities shall not include within the meanings of such words any Carry-over Amount or any interest accrued on any
Carry-over Amount. 

        "Commercial Paper Rate (90-day)" means the rate determined at the end of each calendar quarter using the daily average of that
quarter's bond equivalent 3-Month Financial Commercial Paper rates. The daily bond equivalent rates are calculated from the Three-Month Financial Commercial Paper discount rates published
in the Federal Reserve's H.15 report. On weekends, holidays and any other day when no H.15 rates are available, the rate from the most recent published date is used. 

        "Effective Interest Rate" means, with respect to any Financed Student Loan, the interest rate per annum payable by the borrower as of the
last day of the calendar quarter borne by such Financed Student Loan after giving effect to any reduction in such interest rate pursuant to borrower incentives, (a) less all accrued rebate fees
on such Financed Student Loan constituting Consolidation Loans paid during such calendar quarter expressed as a percentage per annum; and (b) plus all accrued Interest Benefit Payments and
Special Allowance Payments applicable to such Financed Student Loan during such calendar quarter expressed as a percentage per annum. 

        "Eligible Carry-Over Make-Up Amount" means, with respect to each Interest Period relating to the Auction Rate
Securities as to which, as of the first day of such Interest Period, there is any unpaid Carry-over Amount, an amount equal to the lesser of (a) interest computed on the principal
balance of the Auction Rate Securities in respect to such Interest Period at a per annum rate equal to the excess, if any, of the Net Loan Rate over the Auction Rate, together with the unreduced
portion of any such excess from prior Interest Periods; and (b) the
aggregate Carry-over Amount remaining unpaid as of the first day of such Interest Period together with interest accrued and unpaid thereon through the end of such Interest Period. 

        "Existing Owner" means (a) with respect to and for the purpose of dealing with the Auction Agent in connection with an Auction, a
Person who is a Broker-Dealer listed in the Existing Owner Registry at the close of business on the Business Day immediately preceding the Auction Date for such Auction; and (b) with respect to
and for the purpose of dealing with the Broker-Dealers in connection with an Auction, a Person who is a beneficial owner of Auction Rate Securities. 

        "Existing Owner Registry" means the registry of Persons who are owners of the Auction Rate Securities, maintained by the Auction Agent as
provided in the Auction Agent Agreement. 

        "Hold Order" has the meaning set forth in Section 2.02(a)(i)(A) of this Appendix A. 

A-3

 

        "Initial Auction Agent" means Deutsche Bank Trust Company Americas, its successors and assigns. 

        "Initial Auction Agent Agreement" means the Auction Agent Agreement dated as of September 1, 2003, by and among the Issuer, the
Indenture Trustee and the Initial Auction Agent, including any amendment thereof or supplement thereto. 

        "Initial Period" means, as to Auction Rate Securities, the period commencing on the Closing Date and continuing through the day
immediately preceding the Initial Rate Adjustment Date for such Auction Rate Securities. 

        "Initial Rate" means, with respect to the Class A-4AR, 1.122%; with respect to the Class B Notes, 1.200%; and,
with respect to the Class A-5AR Notes, as provided in an Issuer Order on the Closing Date for the Class A-5AR Notes. 

        "Initial Rate Adjustment Date" means, with respect to the Class A-4AR Notes, October 28, 2003; with respect to
the Class B Notes, October 28, 2003; and, with respect to the Class A-5AR Notes, as provided in an Issuer Order on the Closing Date for the
Class A-5AR Notes. 

        "Interest Period" means, with respect to the Auction Rate Securities, the Initial Period and each period commencing on an Interest Rate
Adjustment Date for such Class and ending on the day before (a) the next Interest Rate Adjustment Date for such Class; or (b) the Stated Maturity of such Class, as applicable. 

        "Interest Rate Adjustment Date" means the Business Day immediately following the Auction Date, such day being the date on which an Auction
Note Interest Rate is effective, and shall mean, with respect to the Auction Rate Securities, the date of commencement of each Auction Period. 

        "Interest Rate Determination Date" means, with respect to the Auction Rate Securities, the Auction Date, or if no Auction Date is
applicable to such Class, the Business Day immediately preceding the date of commencement of an Auction Period. 

        "Maximum Rate" means the least of (a) either (i) the Applicable LIBOR Rate plus 1.50% (if the ratings assigned by Moody's,
S&P and Fitch to the Auction Rate Securities are "Aaa," "AAA" and "AAA," respectively, or better); (ii) the Applicable LIBOR Rate plus 2.50% (if any one of the ratings assigned by Moody's, S&P
and Fitch to the Auction Rate Securities is less than "Aaa," "AAA" and "AAA," respectively, and greater than or equal to "A3," "A-" and "A-," respectively); or (iii) the
Applicable LIBOR Rate plus 3.50% (if any one of the ratings assigned by Moody's, S&P and Fitch to the Auction Rate Securities is less than "A3," "A-" and "A-" respectively);
(b) 16%; and (c) the highest rate the Issuer may legally pay, from time to time, as interest on the Auction Rate Securities. For purposes of the Auction Agent and the Auction Procedures,
the ratings referred to in this definition shall be the last ratings of which the Auction Agent has been given written notice pursuant to the Auction Agent Agreement. 

        "Net Loan Rate" means, respect to any Interest Period applicable to the Auction Rate Securities, the rate of interest per annum (rounded
to the next highest one-hundredth of one percent) equal to (a) the weighted average Effective Interest Rate of the Financed Student Loans for the calendar quarter immediately
preceding such Interest Period, as determined by the Issuer on the last day of such calendar quarter, less (b) the sum of (i) Realized Losses with respect to the Financed Eligible Loans
for the most recently completed calendar quarter and (ii) the Program Expense Percentage on the Financial Student Loans, as determined by the Issuer on the last day of each calendar year. In
making the determinations in (a) and (b) of this definition of "Net Loan Rate," the Issuer shall take into account as an increase to such Net Loan Rate the receipt of any Reciprocal
Payment and as a decrease to any Issuer Derivative Payment. The determinations made by the Issuer in (a) and (b) of this definition of "Net Loan Rate" shall be given in writing to the
Auction Agent, the Indenture Trustee and the Broker-Dealers immediately upon their respective calculation dates. The Issuer shall have no 

A-4

 

obligation
to compute any component of the Net Loan Rate except on an applicable Auction Date on which the Auction Rate is equal to the Maximum Rate. 

        "Non-Payment Rate" means One-Month LIBOR plus 1.50%. 

        "One-Month LIBOR," "Three-Month LIBOR,"
"Six-Month LIBOR" or "One-Year LIBOR," means the offered rate, as determined by
the Auction Agent or Indenture Trustee, as applicable, of the Applicable LIBOR Based Rate for United States dollar deposits which appears on Telerate Page 3750, as reported by Bloomberg
Financial Markets Commodities News (or such other page as may replace Telerate Page 3750 for the purpose of displaying comparable rates) as of approximately 11:00 a.m., London
time, on the Interest Rate Determination Date; provided, that if on any calculation date, no rate appears on Telerate Page 3750 as specified above, the Auction Agent or Indenture Trustee, as
applicable, shall determine the arithmetic mean of the offered quotations of four major banks in the London interbank market, for deposits in United States dollars for the respective periods specified
above to the banks in the London interbank market as of approximately 11:00 a.m., London time, on such calculation date and in a principal amount of not less than $1,000,000 that is
representative of a single transaction in such market and at such time, unless fewer than two such quotations are provided, in which case, the Applicable LIBOR Based Rate shall be the arithmetic mean
of the offered quotations that leading banks in New York City selected by the Auction Agent or Indenture Trustee, as applicable, are quoting on the relevant Interest Rate Determination Date for loans
in United States dollars to leading European banks in a principal amount of not less than $1,000,000 that is representative of a single transaction in such market at such time. All percentages
resulting from such calculations shall be rounded upwards, if necessary, to the nearest one-hundredth of one percent. 

        "Order" has the meaning set forth in Section 2.02(a)(i)(A) of this Appendix A. 

        "Payment Date" means (a) so long as Auction Rate Securities bear interest at an Auction Note Interest Rate for an Interest
Period of not greater than 90 days, the Business Day immediately following the expiration of the Initial Period for such Auction Rate Securities, and each related Auction Period thereafter; and
(b) if and for so long as Auction Rate Securities bear interest at an Auction Note Interest Rate for an Interest Period of greater than 90 days, the first Business Day occurring
in each February, May, August and November for such Auction Rate Securities. 

        "Payment Default" means, with respect to the Auction Rate Securities, (a) a default in the due and punctual payment of any
installment of interest on such Auction Rate Securities, or (b) a default in the due and punctual payment of any interest on and principal of such Auction Rate Securities at their maturity. 

        "Potential Owner" means any Person (including an Existing Owner that is (a) a Broker-Dealer when dealing with the Auction Agent and
(b) a potential beneficial owner when dealing with a Broker-Dealer) who may be interested in acquiring Auction Rate Securities (or, in the case of an Existing Owner thereof, an additional
principal amount of Auction Rate Securities). 

        "Program Expense Percentage" means, the percentage that all Program Expenses (other than Consolidation Loan rebate fees) estimated for the
next 12 months represent of the principal amount of the Notes, which as of September 30, 2003 is 0.50%, and which the Issuer shall calculate annually on the last day of each calendar
year and provide to the Indenture Trustee, the Auction Agent and the Broker-Dealers in the form of an Issuer Order. Any adjustment in the Program Expense Percentage shall be certified to the Indenture
Trustee in an Issuer Order and shall be effective beginning on the first Interest Rate Determination Date following each such calculation. 

        "PSA" means the Public Securities Association, its successors and assigns. 

        "Regular Record Date" means the Business Day next preceding the applicable Payment Date. 

A-5

 

        "S&P" means Standard & Poor's Ratings Services, a Division of The McGraw-Hill Companies, Inc., its successors
and assigns. 

        "Sell Order" has the meaning set forth in Section 2.02(a)(i)(A) of this Appendix A. 

        "Submission Deadline" means 1:00 p.m., eastern time, on any Auction Date or such other time on any Auction Date by which the
Broker-Dealers are required to submit Orders to the Auction Agent as specified by the Auction Agent from time to time. 

        "Submitted Bid" has the meaning set forth in Section 2.02(a)(iii)(A) of this Appendix A. 

        "Submitted Hold Order" has the meaning set forth in Section 2.02(a)(iii)(A) of this Appendix A. 

        "Submitted Order" has the meaning set forth in Section 2.02(a)(iii)(A) of this Appendix A. 

        "Submitted Sell Order" has the meaning set forth in Section 2.02(a)(iii)(A) of this Appendix A. 

        "Substitute Auction Agent" means the Person with whom the Issuer and the Indenture Trustee enter into a Substitute Auction Agent
Agreement. 

        "Substitute Auction Agent Agreement" means an auction agent agreement containing terms substantially similar to the terms of the Initial
Auction Agent Agreement, whereby a Person having the qualifications required by Section 2.02(e) of this Appendix A agrees with the Indenture Trustee and the Issuer to perform the
duties of the Auction Agent under this Appendix A. 

        "Sufficient Bids" has the meaning set forth in Section 2.02(a)(iii)(A) of this Appendix A. 

        "Variable Rate" means the variable rate of interest per annum, including the Initial Rate, borne by each Class of Auction Rate
Securities during the Initial Period for such Class, and each Interest Period thereafter as such rate of interest is determined in accordance with the provisions of Article II of this
Appendix A. 

 
 

ARTICLE II
  
  TERMS AND ISSUANCE    
    

        Section 2.01.    Auction Rate and Carry-Over Amounts.    During the Initial Period, each
Class of Auction Rate Securities shall bear interest at the Initial Rate for such Class. Thereafter, and except with respect to an Auction Period Adjustment, the Auction Rate Securities shall
bear interest at an Auction Note Interest Rate based on a 28-day Auction Period for the Auction Rate Securities, as determined pursuant to this Section 2.01 and
Section 2.02 of this Appendix A. 

        For
the Auction Rate Securities during the Initial Period and each Auction Period thereafter, interest at the applicable Auction Rate Securities Interest Rate shall accrue daily and
shall be computed for the actual number of days elapsed on the basis of a year consisting of 360 days and rounding the resultant figure to the fifth decimal place. 

        The
Auction Note Interest Rate to be borne by the Auction Rate Securities after such Initial Period for each Auction Period until an Auction Period Adjustment, if any, shall be
determined as described below. Unless otherwise specified in an Issuer Order, each such Auction Period after the Initial Period shall commence on and include the day following the expiration of the
immediately preceding Auction Period and terminate on and include the (i) Monday (unless such day is not followed by a Business Day, in which case on the next succeeding day that is followed by
a Business Day) of the following fourth week in the case of the Class A-4AR Notes, (ii) Monday (unless such day is not followed by a Business Day, in which case on the next
succeeding day that is followed by a Business Day) of the following fourth week in the case of the Class B Notes and (iii) as provided in an Issuer Order delivered on the Closing Date
for the Class A-5AR Notes in the case of the Class A-5AR Notes (unless such day is not followed by a Business Day, in which case on the next succeeding day 

A-6

 

that
is followed by a Business Day); provided, however, that in the case of the Auction Period that immediately follows the Initial Period for the Auction Rate Securities, such Auction Period shall
commence on the Initial Rate Adjustment Date. By way of example, if an Interest Period ordinarily would end on a Monday, but the following Tuesday is not a Business Day, the Interest Period will end
on that Tuesday and the new Interest Period will begin on Wednesday. The Auction Note Interest Rate of the Auction Rate Securities for each Auction Period shall be the Auction Rate in effect
for such Auction Period as determined in accordance with Section 2.02(a) of this Appendix A. 

        Notwithstanding
the foregoing, unless otherwise specified in an Issuer Order, if an Auction is scheduled to occur for the next Auction Period on a date that was reasonably expected to be
a Business Day, but such Auction does not occur because such date is later not considered to be a Business Day, the Auction shall nevertheless be deemed to have occurred, and the applicable Auction
Note Interest Rate in effect for the next Auction Period will be the Auction Note Interest Rate in effect for the preceding Auction Period and such Auction Period will generally be
28 days in duration, beginning on the calendar day following the date of the deemed Auction and ending on (and including) the applicable (i) Monday (unless such day is not followed by a
Business Day, in which case on the next succeeding day that is followed by a Business Day) of the following fourth week in the case of the Class A-4AR Notes, (ii) Monday
(unless such day is not followed by a Business Day, in which case on the next succeeding day that is followed by a Business Day) of the following fourth week in the case of the
Class B-2 Notes, and (iii) on the day of the week designated in an Issuer Order delivered on the Closing Date for the Class A-5AR Notes in the case of the
Class A-5AR Notes (unless such day is not followed by a Business Day, in which case on the next succeeding day that is followed by a Business Day). If the preceding Auction Period
was other than generally 28 days in duration, the Auction Note Interest Rate for the deemed Auction will instead be the rate of interest determined by the applicable Broker-Dealer on
equivalently rated auction securities with a comparable length of auction period. 

        Notwithstanding
the foregoing: 

        (a)   if
the ownership of an Auction Rate Security is no longer maintained in Book-entry Form, the Auction Note Interest Rate on the Auction Rate Securities
for any Interest Period
commencing after the delivery of certificates representing Auction Rate Securities pursuant to this Supplemental Indenture shall equal the Cap Rate; or 

        (b)   if
a Payment Default shall have occurred, the Auction Note Interest Rate on the Auction Rate Securities for the Interest Period commencing on or immediately after
such Payment Default, and for each Interest Period thereafter, to and including the Interest Period, if any, during which, or commencing less than two Business Days after, such Payment Default is
cured, shall equal the applicable Non-Payment Rate on the first day of each such Interest Period. 

        In
accordance with Section 2.02(a)(iii)(B) and (C) of this Appendix A, the Auction Agent shall promptly give written notice to the Indenture Trustee and the
Issuer of each Auction Note Interest Rate (unless the Auction Note Interest Rate is the applicable Non-Payment Rate) and the Maximum Rate when such rate is not the Auction
Note Interest Rate, applicable to the Auction Rate Securities. The Indenture Trustee shall, upon request, notify the Noteholders and the Issuer of Auction Rate Securities of the applicable
Auction Note Interest Rate applicable to such Auction Rate Securities for each Auction Period not later than the third Business Day of such Auction Period. Notwithstanding any other provision
of the Auction Rate Securities or this Supplemental Indenture and except for the occurrence of a Payment Default, interest payable on the Auction Rate Securities for an Auction Period shall never
exceed for such Auction Period the amount of interest payable at the applicable Maximum Rate in effect for such Auction Period. 

A-7

 

        If
the Auction Rate for the Auction Rate Securities is greater than the Net Loan Rate, and the Net Loan Rate is less than the applicable Maximum Rate, the Issuer shall determine the
Carry-over Amount, if any, with respect to such Auction Rate Securities for such interest period. 

        Such
Carry-over Amount shall bear interest calculated at a rate equal to One-Month LIBOR (as determined by the Auction Agent, provided the Indenture Trustee has
received notice of One-Month LIBOR from the Auction Agent, and if the Indenture Trustee shall not have received such notice from the Auction Agent, then as determined by the Indenture
Trustee) from the Payment Date for the Interest Period with respect to which such Carry-over Amount was calculated, until paid. Any payment in respect of Carry-over Amount
shall be applied, first, to any accrued interest payable thereon and, second, in reduction of such Carry-over Amount. For purposes of this Supplemental Indenture and this
Appendix A, any reference to "principal" or "interest" herein shall not include within the meaning of such words Carry-over Amount or any interest accrued on any such
Carry-over Amount. Such Carry-over Amount shall be separately calculated for each Auction Rate Security by the Indenture Trustee during such Interest Period in sufficient time
for the Indenture Trustee to give notice to each Noteholder of such Carry-over Amount as required in the next succeeding sentence. Not less than four days before the Payment Date
for an Interest Period with respect to which such Carry-over
Amount has been calculated by the Indenture Trustee, the Indenture Trustee shall give written notice to each Noteholder the Auction Agent and the Issuer of the Carry-over Amount applicable
to each Auction Rate Security, which written notice may accompany the payment of interest made to the Noteholder on such Payment Date. Such notice shall state, in addition to such
Carry-over Amount, that, unless and until an Auction Rate Security has been redeemed (other than by optional redemption), after which redemption all accrued Carry-over Amounts
(and all accrued interest thereon) that remain unpaid shall be canceled and no Carry-over Amount (and interest accrued thereon) shall be paid with respect to any redeemed Auction Rate
Security, (a) the Carry-over Amount (and interest accrued thereon calculated at a rate equal to One-Month LIBOR) shall be paid by the Indenture Trustee on an Auction
Rate Security on the earliest of (i) the date of defeasance of the Auction Rate Securities; or (ii) the first occurring Payment Date (or on the date of any optional redemption) if and to
the extent that (A) the Eligible Carry-over Make-Up Amount with respect to such subsequent Interest Period is greater than zero; and (B) moneys are available
pursuant to the terms of the Indenture in an amount sufficient to pay all or a portion of such Carry-over Amount (and interest accrued thereon); and (b) interest shall accrue on the
Carry-over Amount at a rate equal to One-Month LIBOR until such Carry-over Amount is paid in full or is cancelled. 

        The
Carry-over Amount (and interest accrued thereon) for Auction Rate Securities shall be paid by the Indenture Trustee on Outstanding Auction Rate Securities on the earliest
of (a) the date of defeasance of any of the Auction Rate Securities; or (b) the first occurring Payment Date if and to the extent that (i) the Eligible Carry-over
Make-Up Amount with respect to such Interest Period is greater than zero; and (ii) on such Payment Date there are sufficient moneys in the Revenue Fund to pay all interest due on
the Auction Rate Securities on such Payment Date, to redeem any Auction Rate Securities required to be redeemed on such Payment Date in accordance with the Indenture and to fund amounts required to be
added to the Reserve Fund on such Payment Date. Any Carry-over Amount (and any interest accrued thereon) on any Auction Rate Security which is due and payable on a Payment Date, which
Auction Rate Security is to be redeemed (other than by optional redemption) on said Payment Date, shall be paid to the Noteholder thereof on said Payment Date to the extent that moneys are available
therefor in accordance with the provisions of this Appendix A; provided, however, that any Carry-over Amount (and any interest accrued thereon) which is not yet due and payable on
said Payment Date shall be cancelled with respect to said Auction Rate Security that is to be redeemed (other than by optional redemption) on said Payment Date and shall not be paid on any succeeding
Payment Date. To the extent that any portion of the Carry-over Amount (and any interest accrued thereon) remains unpaid after payment of a portion thereof, such unpaid portion shall be
paid in whole or in part as required hereunder until fully paid by the Indenture Trustee on the earliest of (A) the 

A-8

 

date
of defeasance of any of the Auction Rate Securities; or (B) the next occurring Payment Date or Dates, as necessary, if and to the extent that the conditions in the second preceding
sentence are satisfied. On any Payment Date on which the Indenture Trustee pays only a portion of the Carry-over Amount (and any interest accrued thereon) on Auction Rate Securities, the
Indenture Trustee shall give written notice in the manner set forth in the immediately preceding paragraph to the Noteholder of such Auction Rate Security receiving such partial payment of the
Carry-over Amount remaining unpaid on such Auction Rate Security. 

        The
Payment Date or other date on which such Carry-over Amount (or any interest accrued thereon) for Auction Rate Securities shall be paid shall be determined by the
Indenture Trustee in accordance with the provisions of the immediately preceding paragraph, and the Indenture Trustee shall make payment of the Carry-over Amount (and any interest accrued
thereon) in the same manner as, and from the same Fund from which, it pays interest on the Auction Rate Securities on a Payment Date. Any payment of Carry-over Amounts (and interest
accrued thereon) shall reduce the amount of Eligible Carry-over Make-up Amount. 

        In
the event that the Auction Agent no longer determines, or fails to determine, when required, the Auction Note Interest Rate with respect to Auction Rate Securities, or, if for
any reason such manner of determination shall be held to be invalid or unenforceable, the Auction Note Interest Rate for the next succeeding Interest Period, which Interest Period shall be an
Auction Period, for Auction Rate Securities shall be the applicable Cap Rate as determined by the Auction Agent for such next succeeding Auction Period, and if the Auction Agent shall fail or refuse
to determine the Cap Rate, the Cap Rate shall be determined by the securities dealer appointed by the Issuer capable of making such a determination in accordance with the provisions of this
Appendix A and written notice of such determination shall be given by such securities dealer to the Indenture Trustee. 

        In
the event the Indenture Trustee may be required to make any calculation in accordance with this Section, the Indenture Trustee may hire such calculation agents, experts, consultants
or agents as it deems necessary. 

 Section 2.02    Auction Rate. 

        (a)    Determining the Auction Rate.    By purchasing Auction Rate Securities, whether in an
Auction or otherwise, each purchaser of the Auction Rate Securities, or its Broker-Dealer, must agree and shall be deemed by such purchase to have agreed (i) to participate in Auctions on the
terms described herein, (ii) to have its beneficial ownership of the Auction Rate Securities maintained at all times in Book-entry Form for the account of its Participant,
which in turn will maintain records of such beneficial ownership; and (iii) to authorize such Participant to disclose to the Auction Agent such information with respect to such beneficial
ownership as the Auction Agent may request. 

A-9

  

        So
long as the ownership of Auction Rate Securities is maintained in Book-entry Form by the Securities Depository, an Existing Owner may sell, transfer or otherwise
dispose of Auction Rate Securities only pursuant to a Bid or Sell Order placed in an Auction or otherwise sell, transfer or dispose of Auction Rate Securities through a Broker-Dealer, provided that,
in the case of all transfers other than pursuant to Auctions, such Existing Owner, its Broker-Dealer or its Participant advises the Auction Agent of such transfer. Auctions shall be conducted on each
Auction Date, if there is an Auction Agent on such Auction Date, in the following manner: 

        (i)    

        (A)  Prior
to the Submission Deadline on each Auction Date; 

        (1)   each
Existing Owner of Auction Rate Securities may submit to a Broker-Dealer by telephone or otherwise any information as to: 

        a.     the
principal amount of Outstanding Auction Rate Securities, if any, owned by such Existing Owner which such Existing Owner desires to continue to own without regard to
the Auction Note Interest Rate for the next succeeding Auction Period; 

        b.     the
principal amount of Outstanding Auction Rate Securities, if any, which such Existing Owner offers to sell if the Auction Note Interest Rate for the next
succeeding Auction Period shall be less than the rate per annum specified by such Existing Owner; and/or 

        c.     the
principal amount of Outstanding Auction Rate Securities, if any, owned by such Existing Owner which such Existing Owner offers to sell without regard to the Auction
Note Interest Rate for the next succeeding Auction Period; and 

        (2)   one
or more Broker-Dealers may contact Potential Owners to determine the principal amount of Auction Rate Securities which each Potential Owner offers to purchase, if
the Auction Note Interest Rate for the next succeeding Auction Period shall not be less than the rate per annum specified by such Potential Owner. 

        The
statement of an Existing Owner or a Potential Owner referred to in (1) or (2) of this paragraph (A) is herein referred to as an "Order," and each Existing
Owner and each Potential Owner placing an Order is herein referred to as a "Bidder"; an Order described in clause (1)a. is herein referred to as a "Hold Order"; an Order described in clauses
(1)b. and (2) is herein referred to as a "Bid"; and an Order described in clause (1)c. is herein referred to as a "Sell Order." 

        (B)  

        (1) Subject
to the provisions of Section 2.02(a)(ii) of this Appendix A, a Bid by an Existing Owner shall constitute an irrevocable offer to sell: 

        a.     the
principal amount of Outstanding Auction Rate Securities specified in such Bid if the Auction Note Interest Rate determined as provided in this
Section 2.02(a) shall be less than the rate specified therein; 

        b.     such
principal amount, or a lesser principal amount of Outstanding Auction Rate Securities to be determined as set forth in Section 2.02(a)(iv)(A)(4) of
this Appendix A, if the Auction Note Interest Rate determined as provided in this Section 2.02(a) shall be equal to the rate specified therein; or 

A-10

 

        c.     such
principal amount, or a lesser principal amount of Outstanding Auction Rate Securities to be determined as set forth in Section 2.02(a)(iv)(B)(3) of
this Appendix A, if the rate specified therein shall be higher than the applicable Maximum Rate and Sufficient Bids have not been made. 

        (2)   Subject
to the provisions of Section 2.02(a)(ii) of this Appendix a Sell Order by an Existing Owner shall constitute an irrevocable offer to sell: 

        a.     the
principal amount of Outstanding Auction Rate Securities specified in such Sell Order; or 

        b.     such
principal amount, or a lesser principal amount of Outstanding Auction Rate Securities set forth in Section 2.02(a)(iv)(B)(3) of this Appendix A,
if Sufficient Bids have not been made. 

        (3)   Subject
to the provisions of Section 2.02(a)(ii) of this Appendix A, a Bid by a Potential Owner shall constitute an irrevocable offer to purchase: 

        a.     the
principal amount of Outstanding Auction Rate Securities specified in such Bid if the Auction Note Interest Rate determined as provided in this
Section 2.02(a) shall be higher than the rate specified in such Bid; or 

        b.     such
principal amount, or a lesser principal amount of Outstanding Auction Rate Securities set forth in Section 2.02(a)(iv)(A)(5) of this Appendix A,
if the Auction Note Interest Rate determined as provided in this Section 2.02(a) shall be equal to the rate specified in such Bid. 

        (ii)   

        (A)  Each
Broker-Dealer shall submit in writing to the Auction Agent prior to the Submission Deadline on each Auction Date all Orders obtained by such Broker-Dealer and shall
specify with respect to each such Order: 

        (1)   the
name of the Bidder placing such Order; 

        (2)   the
aggregate principal amount of Auction Rate Securities that are the subject of such Order; 

        (3)   to
the extent that such Bidder is an Existing Owner: 

        a.     the
principal amount of Auction Rate Securities, if any, subject to any Hold Order placed by such Existing Owner; 

        b.     the
principal amount of Auction Rate Securities, if any, subject to any Bid placed by such Existing Owner and the rate specified in such Bid; and 

        c.     the
principal amount of Auction Rate Securities, if any, subject to any Sell Order placed by such Existing Owner; and 

        (4)   to
the extent such Bidder is a Potential Owner, the rate specified in such Potential Owner's Bid. 

        (B)  If
any rate specified in any Bid contains more than three figures to the right of the decimal point, the Auction Agent shall round such rate up to the next higher .001%. 

        (C)  If
an Order or Orders covering all Outstanding Auction Rate Securities owned by an Existing Owner is not submitted to the Auction Agent prior to the Submission Deadline,
the Auction Agent shall deem a Hold Order to have been submitted on behalf 

A-11

 

of
such Existing Owner covering the principal amount of Outstanding Auction Rate Securities owned by such Existing Owner and not subject to an Order submitted to the Auction Agent. 

        (D)  Neither
the Issuer, the Indenture Trustee nor the Auction Agent shall be responsible for any failure of a Broker-Dealer to submit an Order to the Auction Agent on behalf
of any Existing Owner or Potential Owner. 

        (E)  If
any Existing Owner submits through a Broker-Dealer to the Auction Agent one or more Orders covering in the aggregate more than the principal amount of Outstanding
Auction Rate Securities owned by such Existing Owner, such Orders shall be considered valid as follows and in the following order of priority: 

        (1)   All
Hold Orders shall be considered valid, but only up to the aggregate principal amount of Outstanding Auction Rate Securities owned by such Existing Owner, and if the
aggregate principal amount of Auction Rate Securities subject to such Hold Orders exceeds the aggregate principal amount of Auction Rate Securities owned by such Existing Owner, the aggregate
principal amount of Auction Rate Securities subject to each such Hold Order shall be reduced pro rata so that the aggregate principal amount of Auction Rate Securities subject to such Hold Order
equals the aggregate principal amount of Outstanding Auction Rate Securities owned by such Existing Owner. 

        (2)   

        a.     Any
Bid shall be considered valid up to an amount equal to the excess of the principal amount of Outstanding Auction Rate Securities owned by such Existing Owner over the
aggregate principal amount of Auction Rate Securities subject to any Hold Order referred to in clause (A) of this paragraph (ii); 

        b.     subject
to subclause (1) of this clause (E), if more than one Bid with the same rate is submitted on behalf of such Existing Owner and the aggregate
principal amount of Outstanding Auction Rate Securities subject to such Bids is greater than such excess, such Bids shall be considered valid up to an amount equal to such excess; 

        c.     subject
to subclauses (1) and (2) of this clause (E), if more than one Bid with different rates are submitted on behalf of such Existing Owner, such
Bids shall be considered valid first in the ascending order of their respective rates until the highest rate is reached at which such excess exists and then at such rate up to the amount of such
excess; and 

        d.     in
any such event, the amount of Outstanding Auction Rate Securities, if any, subject to Bids not valid under this clause (E) shall be treated as the
subject of a Bid by a Potential Owner at the rate therein specified; and 

        (3)   All
Sell Orders shall be considered valid up to an amount equal to the excess of the principal amount of Outstanding Auction Rate Securities owned by such Existing Owner
over the aggregate principal amount of Auction Rate Securities subject to Hold Orders referred to in clause (1) of this paragraph (v) and valid Bids referred to in
clause (2) of this paragraph (E). 

        (F)  If
more than one Bid for Auction Rate Securities is submitted on behalf of any Potential Owner, each Bid submitted shall be a separate Bid with the rate and principal
amount therein specified. 

A-12

 

        (G)  An
Existing Owner that offers to purchase additional Auction Rate Securities is, for purposes of such offer, treated as a Potential Owner. 

        (H)  Any
Bid or Sell Order submitted by an Existing Owner covering an aggregate principal amount of Auction Rate Securities not equal to an Authorized Denomination shall be
rejected and shall be deemed a Hold Order. Any Bid submitted by a Potential Owner covering an aggregate principal amount of Auction Rate Securities not equal to an Authorized Denomination shall be
rejected. 

        (I)   Any
Bid specifying a rate higher than the applicable Maximum Rate will (1) be treated as a Sell Order if submitted by an Existing Owner and (2) not be
accepted if submitted by a Potential Owner. 

        (J)   Any
Order submitted in an Auction by a Broker-Dealer to the Auction Agent prior to the Submission Deadline on any Auction Date shall be irrevocable. 

        (iii)  

        (A) Not
earlier than the Submission Deadline on each Auction Date, the Auction Agent shall assemble all valid Orders submitted or deemed submitted to it by the Broker-Dealers
(each such Order as submitted or deemed submitted by a Broker-Dealer being herein referred to individually as a "Submitted Hold Order," a "Submitted Bid" or a "Submitted Sell Order," as the case may
be, or as a "Submitted Order," and collectively as "Submitted Hold Orders," "Submitted Bids" or "Submitted Sell Orders," as the case may be, or as "Submitted Orders") and shall determine: 

        (1)   the
excess of the total principal amount of Outstanding Auction Rate Securities over the sum of the aggregate principal amount of Outstanding Auction Rate Securities
subject to Submitted Hold Orders (such excess being herein referred to as the "Available Auction Rate Securities"), and 

        (2)   from
the Submitted Orders whether: 

        a.     the
aggregate principal amount of Outstanding Auction Rate Securities subject to Submitted Bids by Potential Owners specifying one or more rates equal to or lower than
the applicable Maximum Rate;

exceeds or is equal to the sum of: 

        b.     the
aggregate principal amount of Outstanding Auction Rate Securities subject to Submitted Bids by Existing Owners specifying one or more rates higher than the applicable
Maximum Rate; and 

        c.     the
aggregate principal amount of Outstanding Auction Rate Securities subject to Submitted Sell Orders; 

        (in
the event such excess or such equality exists, other than because all of the Outstanding Auction Rate Securities are subject to Submitted Hold Orders, such Submitted Bids described
in subclause a. above shall be referred to collectively as "Sufficient Bids"); and 

        (3)   if
Sufficient Bids exist, the Bid Auction Rate, which shall be the lowest rate specified in such Submitted Bids such that if: 

        a.     (x) each
Submitted Bid from Existing Owners specifying such lowest rate; and (y) all other Submitted Bids from Existing Owners specifying lower rates were
rejected, thus entitling such Existing Owners to continue to own the principal amount of Auction Rate Securities subject to such Submitted Bids; and 

A-13

 

        b.     (x) each
such Submitted Bid from Potential Owners specifying such lowest rate; and (y) all other Submitted Bids from Potential Owners specifying lower rates
were accepted; 

the
result would be that such Existing Owners described in subclause a. above would continue to own an aggregate principal amount of Outstanding Auction Rate Securities which, when added to the
aggregate principal amount of Outstanding Auction Rate Securities to be purchased by such Potential Owners described in subclause b. above, would equal not less than the Available Auction Rate
Securities. 

        (B)  Promptly
after the Auction Agent has made the determinations pursuant to Section 2.02(a)(iii)(A) of this Appendix A, the Auction Agent shall advise
the Indenture Trustee, the Broker-Dealers and the Issuer of the Maximum Rate and the All Hold Rate and the components thereof on the Auction Date. The Indenture Trustee may conclusively rely on the
Auction Agent with respect to receipt or non-receipt of such rates described above without duty to know, determine or further examine. Based on such determinations, the Auction Rate for
the next succeeding Interest Period will be established as follows: 

        (1)   if
Sufficient Bids exist, that the Auction Rate for the next succeeding Interest Period shall be equal to the Bid Auction Rate so determined; 

        (2)   if
Sufficient Bids do not exist (other than because all of the Outstanding Auction Rate Securities are subject to Submitted Hold Orders), that the Auction Rate for the
next succeeding Interest Period shall be equal to the applicable Maximum Rate; or 

        (3)   if
all Outstanding Auction Rate Securities are subject to Submitted Hold Orders, that the Auction Rate for the next succeeding Interest Period shall be equal to the
applicable All Hold Rate. 

        (C)  Promptly
after the Auction Agent has determined the Auction Rate, the Auction Agent shall determine and advise the Indenture Trustee of the Auction Note Interest
Rate, which rate shall be the least of (x) the Auction Rate, (y) the Net Loan Rate and (z) the applicable Maximum Rate. 

        (iv)  Existing
Owners shall continue to own the principal amount of Auction Rate Securities that are subject to Submitted Hold Orders. If the Cap Rate is equal to or greater
than the Bid Auction Rate and if Sufficient Bids have been received by the Auction Agent, the Bid Auction Rate will be the Auction Note Interest Rate, and Submitted Bids and Submitted Sell Orders will
be accepted or rejected and the Auction Agent will take such other action as described below in subparagraph (A). 

        If
the Net Loan Rate is less than the Auction Rate, the Net Loan Rate will be the Auction Note Interest Rate unless the Auction Rate and the Net Loan Rate are both greater than
the applicable Maximum Rate, in which event the Auction Note Interest Rate shall be equal to the Maximum Rate. If the Auction Agent has not received Sufficient Bids (other than because all of the
Outstanding Auction Rate Securities are subject to Submitted Hold Orders), the Auction Note Interest Rate will be the lesser of the Net Loan Rate and the applicable Maximum Rate. In any of the
cases described above, Submitted Orders will be accepted or rejected and the Auction Agent will take such other action as described below in subparagraph (B). 

        (A)  If
Sufficient Bids have been made and the Maximum Rate is equal to or greater than the Bid Auction Rate (in which case the Auction Note Interest Rate shall be the
Bid 

A-14

 

Auction
Rate), all Submitted Sell Orders shall be accepted and, subject to the provisions of clauses (4) and (5) of this Section 2.02(a)(iv), Submitted Bids shall be accepted or
rejected as follows in the following order of priority, and all other Submitted Bids shall be rejected: 

        (1)   Existing
Owners' Submitted Bids specifying any rate that is higher than the Auction Note Interest Rate shall be accepted, thus requiring each such Existing Owner
to sell the aggregate principal amount of Auction Rate Securities subject to such Submitted Bids; 

        (2)   Existing
Owners' Submitted Bids specifying any rate that is lower than the Auction Note Interest Rate shall be rejected, thus entitling each such Existing Owner
to continue to own the aggregate principal amount of Auction Rate Securities subject to such Submitted Bids; 

        (3)   Potential
Owners' Submitted Bids specifying any rate that is lower than the Auction Note Interest Rate shall be accepted; 

        (4)   Each
Existing Owners' Submitted Bid specifying a rate that is equal to the Auction Note Interest Rate shall be rejected, thus entitling such Existing Owner to
continue to own the aggregate principal amount of Auction Rate Securities subject to such Submitted Bid, unless the aggregate principal amount of Outstanding Auction Rate Securities subject to all
such Submitted Bids shall be greater than the principal amount of Auction Rate Securities (the "remaining principal amount") equal to the excess of the Available Auction Rate Securities over the
aggregate principal amount of Auction Rate Securities subject to Submitted Bids described in clauses (2) and (3) of this Section 2.02(a)(iv)(A), in which event such Submitted Bid
of such Existing Owner shall be rejected in part, and such Existing Owner shall be entitled to continue to own the principal amount of Auction Rate Securities subject to such Submitted Bid, but only
in an amount equal to the aggregate principal amount of Auction Rate Securities obtained by multiplying the remaining principal amount by a fraction, the numerator of which shall be the principal
amount of Outstanding Auction Rate Securities owned by such Existing Owner subject to such Submitted Bid and the denominator of which shall be the sum of the principal amount of Outstanding Auction
Rate Securities subject to such Submitted Bids made by all such Existing Owners that specified a rate equal to the Auction Note Interest Rate, subject to the provisions of
Section 2.02(a)(iv)(D) of this Appendix A; and 

        (5)   Each
Potential Owner's Submitted Bid specifying a rate that is equal to the Auction Note Interest Rate shall be accepted, but only in an amount equal to the
principal amount of Auction Rate Securities obtained by multiplying the excess of the aggregate principal amount of Available Auction Rate Securities over the aggregate principal amount of Auction
Rate Securities subject to Submitted Bids described in clauses (2), (3) and (4) of this Section 2.02(a)(iv)(A) by a fraction the numerator of which shall be the aggregate
principal amount of Outstanding Auction Rate Securities subject to such Submitted Bid and the denominator of which shall be the sum of the principal amount of Outstanding Auction Rate Securities
subject to Submitted Bids made by all such Potential Owners that specified a rate equal to the Auction Note Interest Rate, subject to the provisions of Section 2.02(a)(iv)(D) of
this Appendix A. 

        (B)  If
Sufficient Bids have not been made (other than because all of the Outstanding Auction Rate Securities are subject to submitted Hold Orders), or if the Maximum Rate is
less than the Bid Auction Rate (in which case the Auction Note 

A-15

 

Interest
Rate shall be the Maximum Rate), subject to the provisions of Section 2.02(a)(iv)(D) of this Appendix A, Submitted Orders shall be accepted or rejected as follows in the
following order of priority and all other Submitted Bids shall be rejected: 

        (1)   Existing
Owners' Submitted Bids specifying any rate that is equal to or lower than the Auction Note Interest Rate shall be rejected, thus entitling such Existing
Owners to continue to own the aggregate principal amount of Auction Rate Securities subject to such Submitted Bids; 

        (2)   Potential
Owners' Submitted Bids specifying (x) any rate that is equal to or lower than the Auction Note Interest Rate shall be accepted and (y) any
rate that is higher than the Auction Note Interest Rate shall be rejected; and 

        (3)   each
Existing Owner's Submitted Bid specifying any rate that is higher than the Auction Note Interest Rate and the Submitted Sell Order of each Existing Owner
shall be accepted, thus entitling each Existing Owner that submitted any such Submitted Bid or Submitted Sell Order to sell the Auction Rate Securities subject to such Submitted Bid or Submitted Sell
Order, but in both cases only in an amount equal to the aggregate principal amount of Auction Rate Securities obtained by multiplying the aggregate principal amount of Auction Rate Securities subject
to Submitted Bids described in clause (2)(x) of this Section 2.02(a)(iv)(B) by a fraction the numerator of which shall be the aggregate principal amount of Outstanding
Auction Rate Securities owned by such Existing Owner subject to such submitted Bid or Submitted Sell Order and the denominator of which shall be the aggregate principal amount of Outstanding Auction
Rate Securities subject to all such Submitted Bids and Submitted Sell Orders. 

        (C)  If
all Auction Rate Securities are subject to Submitted Hold Orders, all Submitted Bids shall be rejected. 

        (D)  If,
as a result of the procedures described in paragraph (A) or (B) of this Section 2.02(a)(iv), any Existing Owner would be entitled or
required to sell, or any Potential Owner would be entitled or required to purchase, a principal amount of Auction Rate Securities that is not equal to an Authorized Denomination, the Auction Agent
shall, in such manner as in its sole discretion it shall determine, round up or down the principal amount of Auction Rate Securities to be purchased or sold by any Existing Owner or Potential Owner so
that the principal amount of Auction Rate Securities purchased or sold by each Existing Owner or Potential Owner shall be equal to an Authorized Denomination. 

        (E)  If,
as a result of the procedures described in paragraph (B) of this Section 2.02(a)(iv), any Potential Owner would be entitled or required to
purchase less than an Authorized Denomination of Auction Rate Securities, the Auction Agent shall, in such manner as in its sole discretion it shall determine, allocate Auction Rate Securities for
purchase among Potential Owners so that only Auction Rate Securities in Authorized Denominations are purchased by any Potential Owner, even if such allocation results in one or more of such Potential
Owners not purchasing any Auction Rate Securities. 

        (v)   Based
on the result of each Auction, the Auction Agent shall determine the aggregate principal amount of Auction Rate Securities to be purchased and the aggregate
principal amount of Auction Rate Securities to be sold by Potential Owners and Existing Owners on whose behalf each Broker-Dealer submitted Bids or Sell Orders and, with respect to each Broker-Dealer,
to the extent that such aggregate principal amount of Auction Rate 

A-16

 

Securities
to be sold differs from such aggregate principal amount of Auction Rate Securities to be purchased, determine to which other Broker-Dealer or Broker-Dealers acting for one or more
purchasers such Broker-Dealer shall deliver, or from which other Broker-Dealer or Broker-Dealers acting for one or more sellers such Broker-Dealer shall receive, as the case may be, Auction Rate
Securities. 

        (vi)  Any
calculation by the Auction Agent or the Indenture Trustee, as applicable, of the Auction Note Interest Rate, the Maximum Rate, the All Hold Rate and the
Non-Payment Rate shall, in the absence of manifest error, be binding on all other parties. In the event the Indenture Trustee may be required to make any calculation in accordance with the
provisions of this Section 2.02(a)(vi) the Indenture Trustee may hire such calculation agents, experts, consultants or agents as it deems necessary. 

        (vii) Notwithstanding
anything in this Appendix A to the contrary, (A) no Auction for the Auction Rate Securities for an Auction Period of less than
180 days will be held on any Auction Date hereunder on which there are insufficient moneys in the Revenue Fund to pay, or otherwise held by the Indenture Trustee under the Indenture and
available to pay, the principal of and interest due on the Auction Rate Securities on the Payment Date immediately following such Auction Date, and (B) no Auction will be held on any Auction
Date hereunder during the continuance of a Payment Default. The Indenture Trustee shall promptly notify the Auction Agent of any such occurrence. 

        (b)    Application of Interest Payments for the Auction Rate Securities.    

        (i)    The
Indenture Trustee shall determine not later than 2:00 p.m., eastern time, on the Business Day next succeeding Payment Date, whether a Payment Default has
occurred. If a Payment Default has occurred, the Indenture Trustee shall, not later than 2:15 p.m., eastern time, on such Business Day, send a notice thereof in substantially the form of
Exhibit C attached hereto to the Auction Agent by telecopy or similar means and, if such Payment Default is cured, the Indenture Trustee shall immediately send a notice in substantially the
form of Exhibit D attached hereto to the Auction Agent by telecopy or similar means. 

        (ii)   The
Indenture Trustee shall pay to the Auction Agent, in immediately available funds out of amounts in the Operating Fund, an amount equal to the Auction Agent Fee as
set forth in the Auction Agent Agreement. Not later than 2:00 p.m., eastern time, on each Auction Date, the Indenture Trustee shall pay to the Auction Agent, in immediately available funds out
of amounts in the Operating Fund,
an amount equal to the Broker-Dealer Fee as calculated in the Auction Agent Agreement. The Indenture Trustee shall, from time to time at the request of the Auction Agent and at the direction of an
Authorized Officer, reimburse the Auction Agent for its reasonable expenses as provided in the Auction Agent Agreement, such expenses to be paid out of amounts in the Operating Fund. 

        (c)    Calculation of Maximum Rate, All Hold Rate, Applicable LIBOR Rate, and Non-Payment
Rate.    The Auction Agent shall calculate the Maximum Rate, Applicable LIBOR Rate, and All Hold Rate, as the case may be, on each Auction Date and shall notify the
Indenture Trustee and the Broker-Dealers of the Maximum Rate, Applicable LIBOR Rate, and All Hold Rate, as the case may be, as provided in the Auction Agent Agreement; provided, that if the ownership
of the Auction Rate Securities is no longer maintained in Book-entry Form, or if a Payment Default has occurred, then the Indenture Trustee shall determine the Maximum Rate, Applicable
LIBOR Rate, All Hold Rate and Non-Payment Rate for each such Interest Period. If the ownership of the Auction Rate Securities is no longer maintained in Book-entry
Form by the Securities Depository, the Indenture Trustee shall calculate the Maximum Rate on the Business Day immediately preceding the first day of each Interest Period after the delivery of
certificates representing the Auction Rate Securities pursuant to the Indenture. If a Payment Default shall have occurred, the 

A-17

 

Indenture
Trustee shall calculate the Non-Payment Rate on the Interest Rate Determination Date for (i) each Interest Period commencing after the occurrence and during the
continuance of such Payment Default and (ii) any Interest Period commencing less than two Business Days after the cure of any Payment Default. The determination by the Indenture Trustee or the
Auction Agent, as the case may be, of the Maximum Rate, Applicable LIBOR Rate, All Hold Rate and Non-Payment Rate shall (in the absence of manifest error) be final and binding upon all
parties. If calculated or determined by the Auction Agent, the Auction Agent shall promptly advise the Indenture Trustee of the Maximum Rate, Applicable LIBOR Rate, and All Hold Rate. In the event the
Indenture Trustee may be required to make any calculation in accordance with the provisions of this Section 2.02(c), the Indenture Trustee may hire such calculation agents, experts, consultants
or agents as it deems necessary and shall be reimbursed by the Issuer for any costs or expenses associated with such hiring. 

        (d)    Notification of Rates, Amounts and Payment Dates.    

        (i)    By
12:00 p.m., eastern time, on the Business Day following each Regular Record Date, the Indenture Trustee shall determine the aggregate amounts of interest
distributable on the next succeeding Payment Date to the beneficial owners of Auction Rate Securities. 

        (ii)   At
least four days prior to any Payment Date, the Indenture Trustee shall: 

        (A)  confirm
with the Auction Agent, so long as no Payment Default has occurred and is continuing and the ownership of the Auction Rate Securities is maintained in
Book-entry Form by the
Securities Depository, (1) the date of such next Payment Date and (2) the amount payable to the Auction Agent on the Auction Date pursuant to Section 2.02(b)(ii) of this
Appendix A; 

        (B)  pursuant
to Section 2.01 of this Appendix A, advise the Registered Owners of a Class of Auction Rate Securities of any Carry-over Amount
accruing on such Auction Rate Securities; and 

        (C)  advise
the Securities Depository, so long as the ownership of the Auction Rate Securities is maintained in Book-entry Form by the Securities
Depository, upon request, of the aggregate amount of interest distributable on such next Payment Date to the beneficial owners of each Class of the Auction Rate Securities. 

        If
any day scheduled to be a Payment Date shall be changed after the Indenture Trustee shall have given the notice or confirmation referred to in clause (i) of the
preceding sentence, the Indenture Trustee shall, not later than 11:15 a.m., eastern time, on the Business Day next preceding the earlier of the new Payment Date or the old Payment Date, by such
means as the Indenture Trustee deems practicable, give notice of such change to the Auction Agent, so long as no Payment Default has occurred and is continuing and the ownership of the Auction Rate
Securities is maintained in Book-entry Form by the Securities Depository. 

A-18

  

        (e)    Auction Agent.    

        (i)    Deutsche
Bank Trust Company Americas is hereby appointed as Initial Auction Agent to serve as agent for the Issuer in connection with Auctions. The Indenture Trustee is
hereby directed to enter into the Initial Auction Agent Agreement with Deutsche Bank Trust Company Americas, as the Initial Auction Agent. Any Substitute Auction Agent shall be (A) a bank,
national banking association or trust company duly organized under the laws of the United States of America or any state or territory thereof having its principal place of business in the Borough of
Manhattan, New York, or such other location as approved by the Indenture Trustee in writing and having a combined capital stock or surplus of at least $50,000,000; or (B) a member of the
National Association of Securities Dealers, Inc., having a capitalization of at least $50,000,000, and, in either case, authorized by law to perform all the duties imposed upon it hereunder and
under the Auction Agent Agreement. The Auction Agent may at any time resign and be discharged of the duties and obligations created by this Appendix A by giving at least 90 days' notice
to the Indenture Trustee, each Broker-Dealer and the Issuer. The Auction Agent may be removed at any time by the Indenture Trustee upon the written direction of an Authorized Officer of the Issuer or
by the holders of a majority of the aggregate principal amount of the Auction Rate Securities then Outstanding, and if by such Noteholders, by an instrument signed by such Noteholders or their
attorneys and filed with the Auction Agent, the Issuer and the Indenture Trustee upon at least 90 days' written notice. Neither resignation nor removal of the Auction Agent pursuant to the
preceding two sentences shall be effective until and unless a Substitute Auction Agent has been appointed and has accepted such appointment. If required by the Issuer, a Substitute Auction Agent
Agreement shall be entered into with a Substitute Auction Agent. Notwithstanding the foregoing, the Auction Agent may terminate the Auction Agent Agreement if, within 25 days after notifying
the Indenture Trustee, each Broker-Dealer and the Issuer in writing that it has not received payment of any Auction Agent Fee due it in accordance with the terms of the Auction Agent Agreement, the
Auction Agent does not receive such payment. 

        (ii)   If
the Auction Agent shall resign or be removed or be dissolved, or if the property or affairs of the Auction Agent shall be taken under the control of any state or
federal court or administrative body because of bankruptcy or insolvency, or for any other reason, the Indenture Trustee at the direction of an Authorized Officer of the Issuer, shall use its best
efforts to appoint a Substitute Auction Agent. 

        (iii)  The
Auction Agent is acting as agent for the Issuer in connection with Auctions. In the absence of bad faith, negligent failure to act or negligence on its part, the
Auction Agent shall not be liable for any action taken, suffered or omitted or any error of judgment made by it in the performance of its duties under the Auction Agent Agreement and shall not be
liable for any error of judgment made in good faith unless the Auction Agent shall have been negligent in ascertaining (or failing to ascertain) the pertinent facts. 

        (f)    Broker-Dealer.    

        (i)    The
Auction Agent will enter into Broker-Dealer Agreements with Citigroup Global Markets, Inc. and William R. Hough & Co. as the initial Broker-Dealers. An
Authorized Officer may, from time to time, approve one or more additional persons to serve as a Broker-Dealer under the Broker-Dealer Agreements and shall be responsible for providing such
Broker-Dealer Agreements to the Indenture Trustee and the Auction Agent. 

        (ii)   Any
Broker-Dealer may be removed at any time, at the request of an Authorized Officer, but there shall, at all times, be at least one Broker-Dealer appointed and acting
as such. 

A-19

 

        (g)    Changes in Auction Period or Periods and Certain Percentages.    

        (i)    While
any of the Auction Rate Securities are Outstanding, the applicable Broker-Dealer, with the written consent of an Authorized Officer, may, from time to time, change
the length of one or more Auction Periods (an "Auction Period Adjustment"), in order to conform with then current market practice with respect to similar securities or to accommodate economic and
financial factors that may affect or be relevant to the length of the Auction Period and the interest rate borne by the Auction Rate Securities. The Broker-Dealer shall initiate the Auction Period
Adjustment by giving written notice to the Indenture Trustee, the Administrator, the Auction Agent, each Rating Agency and the Securities Depository in substantially the form of, or containing
substantially the information contained in, Exhibit E attached hereto at least 10 days prior to the Auction Date for such Auction Period. 

        (ii)   Any
such adjusted Auction Period shall not be less than seven days nor more than 270 days. Any adjusted Auction Period of more than 120 days may
not be initiated without a Rating Confirmation. 

        (iii)  An
Auction Period Adjustment shall take effect only if (A) the Indenture Trustee and the Auction Agent receive, by 11:00 a.m., eastern time, on the
Business Day before the Auction Date for the first such Auction Period, notice from the applicable Broker-Dealer in substantially the form attached as, or containing substantially the same information
contained in, Exhibit F attached hereto, authorizing the Auction Period Adjustment specified in such certificate; and (B) Sufficient Bids exist as of the Auction on the Auction Date for
such first Auction Period. If the condition referred to in clause (A) above is not met, the applicable Auction Note Interest Rate for the next Auction Period shall be determined
pursuant to the above provisions of this Section 2.02 and the Auction Period shall be the Auction Period determined without reference to the proposed change. If the condition referred to in
clause (A) above is met but the condition referred in clause (B) above is not met, the applicable Auction Note Interest Rate for the next Auction Period shall be the
applicable Maximum Rate and the Auction Period shall be the Auction Period determined without reference to the proposed change. 

        In
connection with any Auction Period Adjustment, the Auction Agent shall provide such further notice to such parties as is specified in Section 2.05(a) of the Auction Agent
Agreement. 

        (h)    Changes in the Auction Date.    The applicable Broker-Dealer, with the written consent
of an Authorized Officer and, if applicable, upon receipt of the opinion of Note Counsel as required below, may specify a different Auction Date (but in no event more than five Business Days
earlier) than the Auction Date that would otherwise be determined in accordance with the definition of "Auction Date" in Section 1.01 of this Appendix A with respect to one or more
specified Auction Periods in order to conform with then current market practice with respect to similar securities or to accommodate economic and financial factors that may affect or be relevant to
the day of the week constituting an Auction Date and the interest rate borne on the Auction Rate Securities. The applicable Broker-Dealer shall deliver a written request for consent to such change in
the length of the Auction Date to the Issuer at least 14 days prior to the effective date of such change. If the Issuer shall have delivered such written consent to the applicable
Broker-Dealer, such Broker-Dealer shall provide notice of its determination to specify an earlier Auction Date for one or more Auction Periods by means of a written notice delivered at least
10 days prior to the proposed changed Auction Date to the Indenture Trustee, the Auction Agent, the Issuer, each Rating Agency and the Securities Depository. Such notice shall be substantially
in the form of, or contain substantially the information contained in, Exhibit G attached hereto. Notwithstanding the foregoing, the applicable Broker-Dealer may, without consent from an
Authorized Officer, an opinion of Note Counsel, request for consent or notice to the Indenture Trustee, the Auction Agent, the Issuer, any Rating Agency or the Securities Depository,
(i) defer any Auction Date to 

A-20

 

the
next succeeding Business Day, if the Auction Date would, without such deferral, not be a Business Day; and (ii) in such event, shorten the next succeeding Auction period by the number
of days that the prior Auction Date was deferred. 

        In
connection with any change described in this Section 2.02(h), the Auction Agent shall provide such further notice to such parties as is specified in
Section 2.05(b) of the Auction Agent Agreement. 

        Section 2.03.    Additional Provisions Regarding the Interest Rates on the Auction Rate Securities.    The
determination of a Variable Rate by the Auction Agent or any other Person pursuant to the provisions of the applicable Section of this Article II shall be conclusive and binding on the
Noteholders of the Auction Rate Securities to which such Variable Rate applies, and the Issuer and the Indenture Trustee may rely thereon for all purposes. 

        In
no event shall the cumulative amount of interest paid or payable on the Auction Rate Securities (including interest calculated as provided herein, plus any other amounts that
constitute interest on the Auction Rate Securities under applicable law, which are contracted for, charged, reserved, taken or received pursuant to the Auction Rate Securities or related documents)
calculated from the Date of Closing of the Auction Rate Securities through any subsequent day during the term of the Auction Rate Securities or otherwise prior to payment in full of the Auction Rate
Securities exceed the amount
permitted by applicable law. If the applicable law is ever judicially interpreted so as to render usurious any amount called for under the Auction Rate Securities or related documents or otherwise
contracted for, charged, reserved, taken or received in connection with the Auction Rate Securities, or if the redemption or acceleration of the maturity of the Auction Rate Securities results in
payment to or receipt by the Noteholder or any former Noteholder of the Auction Rate Securities of any interest in excess of that permitted by applicable law, then, notwithstanding any provision of
the Auction Rate Securities or related documents to the contrary, all excess amounts theretofore paid or received with respect to the Auction Rate Securities shall be credited on the principal balance
of the Auction Rate Securities (or, if the Auction Rate Securities have been paid or would thereby be paid in full, refunded by the recipient thereof), and the provisions of the Auction Rate
Securities and related documents shall automatically and immediately be deemed reformed and the amounts thereafter collectible hereunder and thereunder reduced, without the necessity of the execution
of any new document, so as to comply with the applicable law, but so as to permit the recovery of the fullest amount otherwise called for under the Auction Rate Securities and under the related
documents. 

A-21

 
 

APPENDIX B    
    

TARGETED BALANCES FOR THE CLASS A-1L NOTES  

	Quarterly

Distribution

Date
	 	Targeted

Balance
	 	Amount

Targeted for

Redemption
	 	Quarterly

Distribution

Date
	 	Targeted

Balance
	 	Amount

Targeted for

Redemption

	11/25/2003	 	$	99,551,000	 	$	449,000	 	11/25/2006	 	$	55,150,000	 	$	4,740,000
	2/25/2004	 	 	96,736,000	 	 	2,815,000	 	2/25/2007	 	 	49,379,000	 	 	5,771,000
	5/25/2004	 	 	93,197,000	 	 	3,539,000	 	5/25/2007	 	 	43,871,000	 	 	5,508,000
	8/25/2004	 	 	89,517,000	 	 	3,680,000	 	8/25/2007	 	 	38,381,000	 	 	5,490,000
	11/25/2004	 	 	86,397,000	 	 	3,120,000	 	11/25/2007	 	 	33,006,000	 	 	5,375,000
	2/25/2005	 	 	83,524,000	 	 	2,873,000	 	2/25/2008	 	 	27,710,000	 	 	5,296,000
	5/25/2005	 	 	79,959,000	 	 	3,565,000	 	5/25/2008	 	 	21,991,000	 	 	5,719,000
	8/25/2005	 	 	76,416,000	 	 	3,543,000	 	8/25/2008	 	 	16,791,000	 	 	5,200,000
	11/25/2005	 	 	73,237,000	 	 	3,179,000	 	11/25/2008	 	 	11,484,000	 	 	5,307,000
	2/25/2006	 	 	69,767,000	 	 	3,470,000	 	2/25/2009	 	 	6,036,000	 	 	5,448,000
	5/25/2006	 	 	64,837,000	 	 	4,930,000	 	5/25/2009	 	 	497,000	 	 	5,539,000
	8/25/2006	 	 	59,890,000	 	 	4,947,000	 	8/25/2009	 	 	0	 	 	497,000

 
 

EXHIBIT A-1
  
  FORM OF SENIOR LIBOR FLOATING RATE SECURITIES    
    

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.

EXCEPT AS OTHERWISE PROVIDED IN THE INDENTURE, THIS GLOBAL NOTE MAY BE TRANSFERRED, IN WHOLE BUT NOT IN PART, ONLY TO ANOTHER NOMINEE OF THE SECURITIES DEPOSITORY (AS
DEFINED IN THE INDENTURE) OR TO A SUCCESSOR SECURITIES DEPOSITORY OR TO A NOMINEE OF A SUCCESSOR SECURITIES DEPOSITORY.

        THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF.

GMAC
EDUCATION LOAN FUNDING TRUST-I

GMAC ELF STUDENT LOAN ASSET-BACKED NOTE

SENIOR CLASS A-1L

LIBOR FLOATING RATE 

	

REGISTERED NO. A-    	
 	

 	
 	

REGISTERED $                    
	    	 	 	 	 
	 	 	 	 	 

	Maturity Date
	 	Interest Rate
	 	Original Issue Date
	 	CUSIP

	May 25, 2013	 	Variable	 	September 30, 2003	 	361851 AE 8

	PRINCIPAL SUM:	 	    
	 	AND 00/100 DOLLARS
	NOTEHOLDER: CEDE & CO.	 	 

        GMAC
EDUCATION LOAN FUNDING TRUST-I, a Delaware statutory trust organized under the laws of the State of Delaware (the "Issuer," which term includes any successor entity
under the Indenture of Trust, dated as of March 1, 2003 (as amended, the "Indenture"), among the Issuer, Zions First National Bank, as Indenture Trustee (the "Indenture Trustee," which term
includes any successor indenture trustee under the Indenture) and Zions First National Bank, as Eligible Lender Trustee, and the Series 2003-2 Supplemental Indenture of Trust dated
as of September 1, 2003 (as amended, the "Series 2003-2 Supplemental Indenture"),
between the Issuer and Indenture Trustee) for value received, hereby promises to pay to the Noteholder (stated above) or registered assigns, the Principal Sum of (stated above), but solely from the
revenues and receipts hereinafter specified and not otherwise, on the Maturity Date specified above (subject to the right of prior redemption hereinafter described), upon presentation and surrender of
this note at the Corporate Trust Office of the Indenture Trustee, as paying agent, Indenture Trustee, authenticating agent and registrar for the Notes, or a duly appointed successor paying agent, and
to pay interest in arrears on said Principal Sum, but solely from the revenues and receipts hereinafter specified and not otherwise, to the Noteholder hereof from the most recent Payment Date to which
interest has been paid hereon, until the payment of said principal sum in full. 

        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. 

 

        This
note shall bear interest at a LIBOR rate, as determined in the Series 2003-2 Supplemental Indenture. 

        The
principal of and interest on this note are payable in lawful money of the United States of America. If the specified date for any payment of principal or interest accrued to such
specified date shall be a day other than a Business Day then such payment may be made on the next succeeding Business Day, with the same force and effect as if made on the specified date for such
payment without additional interest. 

        Interest
payable on this note shall be computed on the assumption that each year contains 360 days and actual days elapsed and rounding the resultant figure to the fifth
decimal place. 

        This
note is one of a series of notes of the Issuer designated GMAC ELF Student Loan Asset-Backed Notes, Senior Class A-1L LIBOR Floating Rate, dated the Closing Date,
in the aggregate original principal amount of $100,000,000 (the "Class A-1L Notes") which have been authorized by the Issuer, and issued by the Issuer pursuant to the Indenture. The
Issuer is, simultaneously with the Class A-1L Notes, issuing $92,000,000 of its GMAC ELF Student Loan Asset-Backed Notes, Senior Class A Notes in two other classes (together
with the Class A-1L Notes, the "Class A Notes") and $8,000,000 of its GMAC ELF Student Loan Asset-Backed Notes, Subordinate Class B-2AR Auction Rate
Securities in one class (the "Class B Notes"). The proceeds of such notes have been used by the Issuer, together with other moneys
of the Issuer, for the purpose of providing funds to finance the acquisition of student loans, fund a reserve fund and to pay certain costs and expenses in connection with the issuance of such notes.
The Indenture provides for the issuance of additional notes (the "Additional Notes") which may be secured on a parity with or subordinate to the Class A Notes and the Class B Notes as
determined by the Issuer. The Issuer has previously issued $206,000,000 of its GMAC ELF Student Loan Asset-Backed Notes, Senior Class A Notes and $14,000,000 of its GMAC ELF Student Loan
Asset-Backed Notes, Subordinate Class B Notes (collectively, the "Series 2003-1 Notes"). The Series 2003-1 Notes, the Class A Notes, the
Class B Notes and any Additional Notes are collectively referred to herein as the "Notes." 

        Mandatory Redemption.    This note is subject to mandatory redemption, all as described in the
Indenture. 

        Optional Redemption or Purchase.    The Issuer may redeem or purchase or cause to be purchased all of
the Notes on any Payment Date on which the aggregate current principal balance of all the Notes shall be less than or equal to 10% of the initial aggregate principal balance of all the Notes issued
under the Indenture on the respective Closing Date, at a redemption or purchase price equal to the aggregate current principal balance of all the Notes, plus accrued interest on the Notes through the
day preceding the Payment Date on which the redemption or purchase occurs. 

        Notice of Redemption or Purchase.    Notice of the call for redemption shall be given by the Indenture
Trustee by mailing a copy of the notice at least 15 days prior to the redemption or purchase date to the Noteholders to be redeemed in whole or in part at the address of such Noteholder last
showing on the registration books. Failure to give such notice or any defect therein shall not affect the validity of any proceedings for the redemption or purchase of such Notes for which no such
failure or defect occurs. All Notes called for redemption or purchase will cease to bear interest after the specified redemption or purchase date, provided funds for their payment are on deposit at
the place of payment at the time. 

        The
Indenture provides that the Issuer may enter into a derivative product between the Issuer and a derivative provider (a "Reciprocal Payor"), as originally executed and as amended or
supplemented, or other interest rate hedge agreement between the Issuer and a Reciprocal Payor, as originally executed and as amended or supplemented. Payments due to a Reciprocal Payor from the
Issuer 

A-1-2

 

pursuant
to the applicable Derivative Product are referred to herein as "Issuer Derivative Payments," and may be secured on a parity with any series of Notes. 

        The
principal of and interest on the Class A Notes and any Additional Notes issued on a parity with the Class A Notes and any Issuer Derivative Payments secured on a parity
with the Class A Notes are payable on a superior basis to such payments on the Class B Notes and any Additional Notes issued on a parity or subordinate to the Class B Notes;
provided, however, that current principal and interest may be paid on the Class B Notes and any Additional Notes issued on a parity with the Class B Notes or
subordinate to the Class B Notes if all principal and interest payments due and owing at such time on the Class A Notes and any Additional Notes issued on a parity with the
Class A Notes and any Issuer Derivative Payments secured on a parity with the Class A Notes have been previously made or provided for as provided in the Indenture. 

        Reference
is hereby made to the Indenture, copies of which are on file in the Corporate Trust Office of the Indenture Trustee, and to all of the provisions of which any Noteholder of
this note by his acceptance hereof hereby assents, for definitions of terms; the description of and the nature and extent of the security for the Notes; the Issuer's student loan acquisition program;
the revenues and other money pledged to the payment of the principal of and interest on the Notes; the nature and extent and manner of enforcement of the pledge; the conditions upon which the
Indenture may be amended or supplemented with or without the consent of the Noteholders and any Reciprocal Payor; the rights and remedies of the Noteholder hereof with respect hereto and thereto,
including the limitations upon the right of a Noteholder hereof to institute any suit, action, or proceeding in equity or at law with respect hereto and thereto; the rights, duties, and obligations of
the Issuer and the Indenture Trustee thereunder; the terms and provisions upon which the liens, pledges, charges, trusts, and covenants made therein may be discharged at or prior to the stated
maturity or earlier redemption of this note, and this note thereafter shall no longer be secured by the Indenture or be deemed to be Outstanding, as defined in the Indenture, thereunder; and for the
other terms and provisions thereof. 

        THE
NOTES ARE LIMITED OBLIGATIONS OF THE ISSUER, PAYABLE SOLELY FROM, AND FURTHER SECURED BY, THE TRUST ESTATE, AS DEFINED IN THE INDENTURE. 

        No
recourse, either directly or indirectly, shall be had for the payment of the principal of and interest on this note or any claim based hereon or in respect hereof or of the Indenture,
against the Indenture Trustee, the Delaware Trustee, or any incorporator, director, officer, employee, or agent of the Issuer, nor against the State of Delaware, or any official thereof, but the
obligation to pay all amounts required by the Indenture securing this note and the obligation to do and perform the covenants and acts required of the Issuer therein and herein shall be and remain the
responsibility and obligation of said Issuer, limited as herein set forth. 

        Subject
to the restrictions specified in the Indenture, this note is transferable on the Note Register kept for that purpose by the Indenture Trustee, as registrar, upon surrender
of this note for transfer at the Corporate Trust Office of the Indenture Trustee, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee
duly executed by, the Noteholder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes of the same series, Stated Maturity, of authorized denominations, bearing
interest at the same rate, and for the same aggregate principal amount will be issued to the designated transferee or transferees. At the option of the Noteholder, any Note may be exchanged for
other Notes in authorized denominations upon surrender of the Note to be exchanged at the Corporate Trust Office of the Indenture Trustee. Upon any such presentation for exchange, one or more
new Notes of the same series, Stated Maturity, in authorized denominations, bearing interest at the same rate, and for the same aggregate principal amount as the Note or Notes so surrendered
will be issued to the Noteholder of the Note or Notes so surrendered; and the Note or Notes so surrendered shall thereupon be cancelled by the Indenture Trustee. Except as otherwise
permitted in the Indenture, this global note may be transferred in whole 

A-1-3

 

but
not in part only to the Securities Depository or a nominee thereof, as defined in the Indenture, or to a successor Securities Depository or its nominee. 

        The
Issuer, the Indenture Trustee, and any agent of either of them shall treat the Person in whose name this note is registered as the Noteholder hereof (a) on the record date for
purposes of receiving timely payment of interest hereon; (b) on the date of surrender of this note for purposes of receiving payment of principal hereof at its stated maturity; and
(c) for all other purposes, whether or not this note is overdue, and neither the Issuer, the Indenture Trustee, nor any such agent shall be affected by notice to the contrary. 

        To
the extent permitted by the Indenture, modifications or alterations of the Indenture and any supplemental indenture may be made with the consent of less than all of the holders of the
Notes then Outstanding or without the consent of any of such Noteholders (by reason of a change in the Act or Regulation or to cure ambiguities or conflicts), but such modification or alteration is
not permitted to affect the maturity date, Stated Maturity, amount, Payment Date, or rate of interest on any Outstanding Notes or affect the rights of the Noteholders of less than all of the Notes
Outstanding. 

        Any
capitalized term used herein and not otherwise defined herein shall have the same meaning ascribed to such term in the herein defined Indenture unless the context shall clearly
indicate otherwise. 

        It
is hereby certified and recited that all acts and things required by the laws of the State of Delaware to happen, exist, and be performed precedent to and in the issuance of this
note, and the execution of said Indenture, have happened, exist and have been performed as so required. 

A-1-4

 

        IN
WITNESS WHEREOF, the Issuer has caused this note to be executed in its name and on its behalf by the Delaware Trustee, all as of the Original Issue Date. 

	

 	
 	

 	
 	

 
	 	 	GMAC EDUCATION LOAN FUNDING TRUST-I
	

 	
 	

By:	
 	

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

 	

 	

By	

 	

    

	 	 	Name	 	    

	 	 	Title	 	    

A-1-5

  

 
 

CERTIFICATE OF AUTHENTICATION    
    

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

	

 	
 	

ZIONS FIRST NATIONAL BANK, as Indenture Trustee
	

 	
 	

By	

 	
 	

 
	 	 	 	

	

 	
 	

 	

	
 	

, Authorized
	 	 	 	Signatory	 	 
	Authentication Date:	 	 	 	 	 
	

	
 	

 	

 	
 	

 

 
 

ASSIGNMENT    
    

        FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and transfers
unto                        (Social Security or other identifying
number                        ) the
within note and all rights thereunder and hereby irrevocably appoints                        attorney to transfer the within note
on the books kept for registration thereof, with full power of substitution
in the premises. 

	Dated:	 	
	 	 	 	Signed:	 	
	 	*
	

Signature Guaranteed by:	
 	

 	
 	

 	
 	

 
	
	 	*	 	 	 	 	 	 
	*NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatever.
Such signature must be guaranteed by an "eligible guarantor institution" meeting the requirements of the Note Registrar, which requirements include membership or participation in STAMP or such other "signature guarantee program" as may be
determined by the Indenture Trustee in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.	 	 	 	 	 	 

A-1-6

 
 

EXHIBIT A-2
  
  FORM OF SENIOR AUCTION RATE SECURITIES    
    

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.

EXCEPT AS OTHERWISE PROVIDED IN THE INDENTURE, THIS GLOBAL NOTE MAY BE TRANSFERRED, IN WHOLE BUT NOT IN PART, ONLY TO ANOTHER NOMINEE OF THE SECURITIES DEPOSITORY (AS
DEFINED IN THE INDENTURE) OR TO A SUCCESSOR SECURITIES DEPOSITORY OR TO A NOMINEE OF A SUCCESSOR SECURITIES DEPOSITORY.

        THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF.

        GMAC
EDUCATION LOAN

FUNDING TRUST-I GMAC ELF STUDENT LOAN ASSET-BACKED NOTE

SENIOR CLASS A-[4AR][5AR]

AUCTION RATE SECURITIES 

	

REGISTERED NO. A-    	
 	

 	
 	

REGISTERED $                    
	    	 	 	 	 
	 	 	 	 	 

	Maturity Date
	 	Interest Rate
	 	Original Issue Date
	 	CUSIP

	September 1, 2040	 	Variable	 	September 30, 2003	 	361851

	PRINCIPAL SUM:	 	    
	 	AND 00/100 DOLLARS
	NOTEHOLDER: CEDE & CO.	 	 

        GMAC
EDUCATION LOAN FUNDING TRUST-I, a Delaware statutory trust organized under the laws of the State of Delaware (the "Issuer," which term includes any successor entity
under the Indenture of Trust, dated as of March 1, 2003 (as amended, the "Indenture"), among the Issuer, Zions First National Bank, as Indenture Trustee (the "Indenture Trustee," which term
includes any successor indenture trustee under the Indenture) and Zions First National Bank, as Eligible Lender Trustee, and the Series 2003-2 Supplemental Indenture of Trust dated
as of September 1, 2003 (as amended, the "Series 2003-2 Supplemental Indenture"),
between the Issuer and Indenture Trustee) for value received, hereby promises to pay to the Noteholder (stated above) or registered assigns, the Principal Sum of (stated above), but solely from the
revenues and receipts hereinafter specified and not otherwise, on the Maturity Date specified above (subject to the right of prior redemption hereinafter described), upon presentation and surrender of
this note at the Corporate Trust Office of the Indenture Trustee, as paying agent, Indenture Trustee, authenticating agent and registrar for the Notes, or a duly appointed successor paying agent, and
to pay interest in arrears on said Principal Sum, but solely from the revenues and receipts hereinafter specified and not otherwise, to the Noteholder hereof from the most recent Payment Date to which
interest has been paid hereon, until the payment of said principal sum in full. 

        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. 

 

        This
note shall bear interest at an Auction Rate, all as determined in Appendix A of the Series 2003-2 Supplemental Indenture. 

        The
principal of and interest on this note are payable in lawful money of the United States of America. If the specified date for any payment of principal or interest accrued to such
specified date shall be a day other than a Business Day then such payment may be made on the next succeeding Business Day, with the same force and effect as if made on the specified date for such
payment without additional interest. 

        Interest
payable on this note shall be computed on the assumption that each year contains 360 days and actual days elapsed and rounding the resultant figure to the fifth
decimal place. 

        This
note is one of a series of notes of the Issuer designated GMAC ELF Student Loan Asset-Backed Notes, Senior
Class A-[4AR][5AR] Auction Rate Securities, dated the Closing Date, in the aggregate original principal amount of
$                        (the "Class A-[4AR][5AR] Notes") which have been authorized by the Issuer, and issued by
the Issuer pursuant to the Indenture. [The Issuer is, in connection with the Class A-[4AR][5AR] Notes, issuing
$                         of its GMAC ELF Student Loan Asset-Backed Notes, Senior Class A Notes in two other
classes (together with the Class A-[4AR][5AR] Notes, the "Class A Notes") and $8,000,000 of its GMAC ELF Student Loan
Asset-Backed Notes, Subordinate Class B-2AR Auction Rate Securities in one class (the "Class B Notes"). The proceeds of such notes have been used by the Issuer, together with
other moneys of the Issuer, for the purpose of providing funds to finance the acquisition of student loans, fund a reserve fund and to pay certain costs and expenses in connection with the issuance of
such notes. The Indenture provides for the issuance of additional notes (the "Additional Notes") which may be secured on a parity with or subordinate to the Class A Notes and the Class B
Notes as determined by the Issuer. The Issuer has previously issued $206,000,000 of its GMAC ELF Student Loan Asset-Backed Notes, Senior Class A Notes and $14,000,000 of its GMAC ELF Student
Loan Asset-Backed Notes, Subordinate Class B Notes (collectively, the "Series 2003-1 Notes"). The Series 2003-1 Notes, the Class A Notes, the
Class B Notes and any Additional Notes are collectively referred to herein as the "Notes." 

        Mandatory Redemption.    This note is subject to mandatory redemption, all as described in the
Indenture. 

        Optional Redemption or Purchase.    The Issuer may redeem or purchase or cause to be purchased all of
the Notes on any Payment Date on which the aggregate current principal balance of all the Notes shall be less than or equal to 10% of the initial aggregate principal balance of all the Notes issued
under the Indenture on the respective Closing Date, at a redemption or purchase price equal to the aggregate current principal balance of all the Notes, plus accrued interest on the Notes through the
day preceding the Payment Date on which the redemption or purchase occurs. 

        Notice of Redemption or Purchase.    Notice of the call for redemption shall be given by the Indenture
Trustee by mailing a copy of the notice at least 15 days prior to the redemption or purchase date to the Noteholders to be redeemed in whole or in part at the address of such Noteholder last
showing on the registration books. Failure to give such notice or any defect therein shall not affect the validity of any proceedings for the redemption or purchase of such Notes for which no such
failure or defect occurs. All Notes called for redemption or purchase will cease to bear interest after the specified redemption or purchase date, provided funds for their payment are on deposit at
the place of payment at the time. If less than all Notes are to be redeemed or purchased, Notes shall be selected for redemption or purchase as provided in the Indenture. 

        The
Indenture provides that the Issuer may enter into a derivative product between the Issuer and a derivative provider (a "Reciprocal Payor"), as originally executed and as amended or
supplemented, or other interest rate hedge agreement between the Issuer and a Reciprocal Payor, as originally 

A-2-2

 

executed
and as amended or supplemented. Payments due to a Reciprocal Payor from the Issuer pursuant to the applicable Derivative Product are referred to herein as "Issuer Derivative Payments," and
may be secured on a parity with any series of Notes. 

        The
principal of and interest on the Class A Notes and any Additional Notes issued on a parity with the Class A Notes and any Issuer Derivative Payments secured on a parity
with the Class A Notes are payable on a superior basis to such payments on the Class B Notes and any Additional Notes issued on a parity or subordinate to the Class B Notes;
provided, however, that current principal and interest may be paid on the Class B Notes and any Additional Notes issued on a parity with the Class B Notes or subordinate to the
Class B Notes if all principal and interest payments due and owing at such time on the Class A Notes and any Additional Notes issued on a parity with the Class A Notes and any
Issuer Derivative Payments secured on a parity with the Class A Notes have been previously made or provided for as provided in the Indenture. 

        Reference
is hereby made to the Indenture, copies of which are on file in the Corporate Trust Office of the Indenture Trustee, and to all of the provisions of which any Noteholder of
this note by his acceptance hereof hereby assents, for definitions of terms; the description of and the nature and extent of the security for the Notes; the Issuer's student loan acquisition program;
the revenues and other money pledged to the payment of the principal of and interest on the Notes; the nature and extent and manner of enforcement of the pledge; the conditions upon which the
Indenture may be amended or supplemented with or without the consent of the Noteholders and any Reciprocal Payor; the rights and remedies of the Noteholder hereof with respect hereto and thereto,
including the limitations upon the right of a Noteholder hereof to institute any suit, action, or proceeding in equity or at law with respect hereto and thereto; the rights, duties, and obligations of
the Issuer and the Indenture Trustee thereunder; the terms and provisions upon which the liens, pledges, charges, trusts, and covenants made therein may be discharged at or prior to the stated
maturity or earlier redemption of this note, and this note thereafter shall no longer be secured by the Indenture or be deemed to be Outstanding, as defined in the Indenture, thereunder; and for the
other terms and provisions thereof. 

        THE
NOTES ARE LIMITED OBLIGATIONS OF THE ISSUER, PAYABLE SOLELY FROM, AND FURTHER SECURED BY, THE TRUST ESTATE, AS DEFINED IN THE INDENTURE. 

        No
recourse, either directly or indirectly, shall be had for the payment of the principal of and interest on this note or any claim based hereon or in respect hereof or of the Indenture,
against the Indenture Trustee, the Delaware Trustee, or any incorporator, director, officer, employee, or agent of the Issuer, nor against the State of Delaware, or any official thereof, but the
obligation to pay all amounts required by the Indenture securing this note and the obligation to do and perform the covenants and acts required of the Issuer therein and herein shall be and remain the
responsibility and obligation of said Issuer, limited as herein set forth. 

        Subject
to the restrictions specified in the Indenture, this note is transferable on the Note Register kept for that purpose by the Indenture Trustee, as registrar, upon surrender
of this note for transfer at the Corporate Trust Office of the Indenture Trustee, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee
duly executed by, the Noteholder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes of the same series, Stated Maturity, of authorized denominations, bearing
interest at the same rate, and for the same aggregate principal amount will be issued to the designated transferee or transferees. At the option of the Noteholder, any Note may be exchanged for
other Notes in authorized denominations upon surrender of the Note to be exchanged at the Corporate Trust Office of the Indenture Trustee. Upon any such presentation for exchange, one or more
new Notes of the same series, Stated Maturity, in authorized denominations, bearing interest at the same rate, and for the same aggregate principal amount as the Note or Notes so surrendered
will be issued to the Noteholder of the Note or Notes so surrendered; and the Note or Notes so surrendered shall thereupon be cancelled by the Indenture 

A-2-3

 

Trustee.
Except as otherwise permitted in the Indenture, this global note may be transferred in whole but not in part only to the Securities Depository or a nominee thereof, as defined in the
Indenture, or to a successor Securities Depository or its nominee. 

        The
Issuer, the Indenture Trustee, and any agent of either of them shall treat the Person in whose name this note is registered as the Noteholder hereof (a) on the record date for
purposes of receiving timely payment of interest hereon; (b) on the date of surrender of this note for purposes of receiving payment of principal hereof at its stated maturity; and
(c) for all other purposes, whether or not this note is overdue, and neither the Issuer, the Indenture Trustee, nor any such agent shall be affected by notice to the contrary. 

        To
the extent permitted by the Indenture, modifications or alterations of the Indenture and any supplemental indenture may be made with the consent of less than all of the holders of the
Notes then Outstanding or without the consent of any of such Noteholders (by reason of a change in the Act or Regulation or to cure ambiguities or conflicts), but such modification or alteration is
not permitted to affect the maturity date, Stated Maturity, amount, Payment Date, or rate of interest on any Outstanding Notes or affect the rights of the Noteholders of less than all of the Notes
Outstanding. 

        Any
capitalized term used herein and not otherwise defined herein shall have the same meaning ascribed to such term in the herein defined Indenture unless the context shall clearly
indicate otherwise. 

        It
is hereby certified and recited that all acts and things required by the laws of the State of Delaware to happen, exist, and be performed precedent to and in the issuance of this
note, and the execution of said Indenture, have happened, exist and have been performed as so required. 

A-2-4

 

        IN
WITNESS WHEREOF, the Issuer has caused this note to be executed in its name and on its behalf by the Delaware Trustee, all as of the Original Issue Date. 

	

 	
 	

 	
 	

 
	 	 	GMAC EDUCATION LOAN FUNDING TRUST-I
	

 	
 	

By:	
 	

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

 	

 	

By	

 	

    

	 	 	Name	 	    

	 	 	Title	 	    

A-2-5

  

 
 

CERTIFICATE OF AUTHENTICATION    
    

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

	

 	
 	
ZIONS FIRST NATIONAL BANK, as Indenture Trustee
	

 	
 	

By:	
 	

                                , Authorized
Signatory
	Authentication Date:

	 	 	 	 
	

	
 	

 	
 	

 

 
 

ASSIGNMENT    
    

        FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and transfers
unto                        (Social Security or other identifying
number                        ) the
within note and all rights thereunder and hereby irrevocably appoints                        attorney to transfer the within note
on the books kept for registration thereof, with full power of substitution
in the premises. 

	

Dated:	
 	

	
 	

Signed:	
 	

	
 	

*

	Signature Guaranteed by:	 	 	 	 
	

	
 	

*	
 	

 
	

*NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatever. Such signature must be
guaranteed by an "eligible guarantor institution" meeting the requirements of the Note Registrar, which requirements include membership or participation in STAMP or such other "signature guarantee program" as may be determined by the Indenture
Trustee in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.	
 	

 

A-2-6

 
 
 

EXHIBIT A-3
  FORM OF SUBORDINATE AUCTION RATE SECURITIES    
    

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.

EXCEPT AS OTHERWISE PROVIDED IN THE INDENTURE, THIS GLOBAL NOTE MAY BE TRANSFERRED, IN WHOLE BUT NOT IN PART, ONLY TO ANOTHER NOMINEE OF THE SECURITIES DEPOSITORY (AS
DEFINED IN THE INDENTURE) OR TO A SUCCESSOR SECURITIES DEPOSITORY OR TO A NOMINEE OF A SUCCESSOR SECURITIES DEPOSITORY.

        THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF.

GMAC EDUCATION LOAN FUNDING TRUST-I

GMAC ELF STUDENT LOAN ASSET-BACKED NOTE

SUBORDINATE CLASS B-2AR

AUCTION RATE SECURITIES 

	REGISTERED NO. B-	 	REGISTERED $                  

	Maturity Date
 
	 	Interest Rate
	 	Original Issue Date
	 	CUSIP

	September 1, 2040	 	Variable	 	September 30, 2003	 	361851 AH 1

PRINCIPAL
SUM:                                         
       AND 00/100 DOLLARS

NOTEHOLDER: CEDE & CO. 

        GMAC
EDUCATION LOAN FUNDING TRUST-I, a Delaware statutory trust organized under the laws of the State of Delaware (the "Issuer," which term includes any successor entity
under the Indenture of Trust, dated as of March 1, 2003 (as amended, the "Indenture"), among the Issuer, Zions First National Bank, as Indenture Trustee (the "Indenture Trustee," which term
includes any successor indenture trustee under the Indenture) and Zions First National Bank, as Eligible Lender Trustee, and the Series 2003-2 Supplemental Indenture of Trust dated
as of September 1, 2003 (as amended, the "Series 2003-2 Supplemental Indenture"), between the Issuer and Indenture Trustee) for value received, hereby promises to pay to the
Noteholder (stated above) or registered assigns, the Principal Sum of (stated above), but solely from the revenues and receipts hereinafter specified and not otherwise, on the Maturity Date specified
above (subject to the right of prior redemption hereinafter described), upon presentation and surrender of this note at the principal office of the Indenture Trustee, as paying agent, Indenture
Trustee, authenticating agent and registrar for the Notes, or a duly appointed successor paying agent, and to pay interest in arrears on said Principal Sum, but solely from the revenues and receipts
hereinafter specified and not otherwise, to the Noteholder hereof from the most recent Payment Date to which interest has been paid hereon, until the payment of said principal sum in full. 

 

        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. 

        This
note shall bear interest at an Auction Rate, all as determined in Appendix A of the Series 2003-2 Supplemental Indenture. 

        The
principal of and interest on this note are payable in lawful money of the United States of America. If the specified date for any payment of principal or interest accrued to such
specified date shall be a day other than a Business Day then such payment may be made on the next succeeding Business Day, with the same force and effect as if made on the specified date for such
payment without additional interest. 

        Interest
payable on this note shall be computed on the assumption that each year contains 360 days and actual days elapsed and rounding the resultant figure to the fifth
decimal place. 

        This
note is one of a series of notes of the Issuer designated GMAC ELF Asset-Backed Notes, Subordinate Class B-2AR Auction Rate Securities, dated the Closing Date, in
the aggregate original principal amount of $8,000,000 (the "Class B Notes") which have been authorized by the Issuer, and issued by the Issuer pursuant to the Indenture. The Issuer is, in
connection with the Class B Notes, issuing $192,000,000 of its GMAC ELF Student Loan Asset-Backed Notes, Senior Class A Notes in three classes (collectively, the "Class A Notes").
The proceeds of such notes have been used by the Issuer, together with other moneys of the Issuer, for the purpose of providing funds to finance the acquisition of student loans, fund a reserve fund
and to pay certain costs and expenses in connection with the issuance of such notes. The Indenture provides for the issuance of additional notes (the "Additional Notes") which may be secured on a
parity with or subordinate to the Class A Notes and the Class B Notes as determined by the Issuer. The Issuer has previously issued $206,000,000 of its GMAC ELF Student Loan Asset-Backed
Notes, Senior Class A Notes and $14,000,000 of its GMAC ELF Student Loan Asset-Backed Notes, Subordinate Class B Notes (collectively, the "Series 2003-1 Notes"). The
Series 2003-1 Notes, the Class A Notes, the Class B Notes and any Additional Notes are collectively referred to herein as the "Notes." 

        Mandatory Redemption.    This note is subject to mandatory redemption as described in the Indenture. 

        Optional Redemption or Purchase.    The Issuer may redeem or purchase or cause to be purchased all of
the Notes on any Payment Date on which the aggregate current principal balance of all the Notes shall be less than or equal to 10% of the initial aggregate principal balance of all the Notes issued
under the Indenture on the respective Closing Dates, at a redemption or purchase price equal to the aggregate current principal balance of all the Notes, plus accrued interest on the Notes through the
day preceding the Payment Date on which the redemption or purchase occurs. 

        Notice of Redemption or Purchase.    Notice of the call for redemption shall be given by the Indenture
Trustee by mailing a copy of the notice at least 15 days prior to the redemption or purchase date to the Noteholders to be redeemed in whole or in part at the address of such Noteholder last
showing on the registration books. Failure to give such notice or any defect therein shall not affect the validity of any proceedings for the redemption or purchase of such Notes for which no such
failure or defect occurs. All Notes called for redemption or purchase will cease to bear interest after the specified redemption or purchase date, provided funds for their payment are on deposit at
the place of payment at the time. If less than all Notes are to be redeemed or purchased, Notes shall be selected for redemption or purchase as provided in the Indenture. 

        The
Indenture provides that the Issuer may enter into a derivative product between the Issuer and a derivative provider (a "Reciprocal Payor"), as originally executed and as amended or
supplemented, or other interest rate hedge agreement between the Issuer and a Reciprocal Payor, as originally 

A-3-2

 

executed
and as amended or supplemented. Payments due to a Reciprocal Payor from the Issuer pursuant to the applicable Derivative Product are referred to herein as "Issuer Derivative Payments," and
may be secured on a parity with any series of Notes. 

        The
principal of and interest on the Class A Notes and any Additional Notes issued on a parity with the Class A Notes and any Issuer Derivative Payments secured on a parity
with the Class A Notes are payable on a superior basis to such payments on the Class B Notes and any Additional Notes issued on a parity or subordinate to the Class B Notes;
provided, however, that current principal and interest may be paid on the Class B Notes and any Additional Notes issued on a parity with the Class B Notes or subordinate to the
Class B Notes if all principal and interest payments due and owing at such time on the Class A Notes and any Additional Notes issued on a parity with the Class A Notes and any
Issuer Derivative Payments secured on a parity with the Class A Notes have been previously made or provided for as provided in the Indenture. 

        Reference
is hereby made to the Indenture, copies of which are on file in the Corporate Trust Office of the Indenture Trustee, and to all of the provisions of which any Noteholder of
this note by his acceptance hereof hereby assents, for definitions of terms; the description of and the nature and extent of the security for the Notes; the Issuer's student loan acquisition program;
the revenues and other money pledged to the payment of the principal of and interest on the Notes; the nature and extent and manner of enforcement of the pledge; the conditions upon which the
Indenture may be amended or supplemented with or without the consent of the Noteholders and any Reciprocal Payor; the rights and remedies of the Noteholder hereof with respect hereto and thereto,
including the limitations upon the right of a Noteholder hereof to institute any suit, action, or proceeding in equity or at law with respect hereto and thereto; the rights, duties, and obligations of
the Issuer and the Indenture Trustee thereunder; the terms and provisions upon which the liens, pledges, charges, trusts, and covenants made therein may be discharged at or prior to the stated
maturity or earlier redemption of this note, and this note thereafter shall no longer be secured by the Indenture or be deemed to be Outstanding, as defined in the Indenture, thereunder; and for the
other terms and provisions thereof. 

        THE
NOTES ARE LIMITED OBLIGATIONS OF THE ISSUER, PAYABLE SOLELY FROM, AND FURTHER SECURED BY, THE TRUST ESTATE, AS DEFINED IN THE INDENTURE. 

        No
recourse, either directly or indirectly, shall be had for the payment of the principal of and interest on this note or any claim based hereon or in respect hereof or of the Indenture,
against the Indenture Trustee, the Delaware Trustee, or any incorporator, director, officer, employee, or agent of the Issuer, nor against the State of Delaware, or any official thereof, but the
obligation to pay all amounts required by the Indenture securing this note and the obligation to do and perform the covenants and acts required of the Issuer therein and herein shall be and remain the
responsibility and obligation of said Issuer, limited as herein set forth. 

        Subject
to the restrictions specified in the Indenture, this note is transferable on the Note Register kept for that purpose by the Indenture Trustee, as registrar, upon surrender
of this note for transfer at the principal office of the Indenture Trustee, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly
executed by, the Noteholder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes of the same series, Stated Maturity, of authorized denominations, bearing interest at
the same rate, and for the same aggregate principal amount will be issued to the designated transferee or transferees. At the option of the Noteholder, any Note may be exchanged for other Notes
in authorized denominations upon surrender of the Note to be exchanged at the principal office of the Indenture Trustee. Upon any such presentation for exchange, one or more new Notes of the
same series, Stated Maturity, in authorized denominations, bearing interest at the same rate, and for the same aggregate principal amount as the Note or Notes so surrendered will be issued to
the Noteholder of the Note or Notes so surrendered; and the Note or Notes so surrendered shall thereupon be cancelled by the Indenture Trustee. Except as 

A-3-3

 

otherwise
permitted in the Indenture, this global note may be transferred in whole but not in part only to the Securities Depository or a nominee thereof, as defined in the Indenture, or to a
successor Securities Depository or its nominee. 

        The
Issuer, the Indenture Trustee, and any agent of either of them shall treat the Person in whose name this note is registered as the Noteholder hereof (a) on the record date for
purposes of receiving timely payment of interest hereon; (b) on the date of surrender of this note for purposes of receiving payment of principal hereof at its stated maturity; and
(c) for all other purposes, whether or not this note is overdue, and neither the Issuer, the Indenture Trustee, nor any such agent shall be affected by notice to the contrary. 

        To
the extent permitted by the Indenture, modifications or alterations of the Indenture and any supplemental indenture may be made with the consent of less than all of the holders of the
Notes then outstanding or without the consent of any of such Noteholders (by reason of a change in the Act or Regulation or to cure ambiguities or conflicts), but such modification or alteration is
not permitted to
affect the maturity date, Stated Maturity, amount, Payment Date, or rate of interest on any outstanding Notes or affect the rights of the Noteholders of less than all of the Notes outstanding. 

        Any
capitalized term used herein and not otherwise defined herein shall have the same meaning ascribed to such term in the herein defined Indenture unless the context shall clearly
indicate otherwise. 

        It
is hereby certified and recited that all acts and things required by the laws of the State of Delaware to happen, exist, and be performed precedent to and in the issuance of this
note, and the passage of said resolution and the execution of said Indenture, have happened, exist and have been performed as so required. 

        IN
WITNESS WHEREOF, the Issuer has caused this note to be executed in its name and on its behalf by the Delaware Trustee, all as of the Original Issue Date. 

	

 	
 	
GMAC EDUCATION LOAN FUNDING TRUST-I
	

 	
 	

By:	
 	

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

 	
 	

By:	
 	

	 	 	Name:	 	

	 	 	Title:	 	

A-3-4

 
 
 

CERTIFICATE OF AUTHENTICATION    
    

        This note is one of the Class B-2AR Notes designated therein and described in the within-mentioned Indenture. 

	

 	
 	
ZIONS FIRST NATIONAL BANK, as Indenture Trustee
	

 	
 	

By:	
 	

                                , Authorized
Signatory
	Authentication Date:

	 	 	 	 
	

	
 	

 	
 	

 

 
 

ASSIGNMENT    
    

        FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and transfers
unto                        (Social Security or other identifying
number                        ) the
within note and all rights thereunder and hereby irrevocably appoints                        attorney to transfer the within note
on the books kept for registration thereof, with full power of substitution
in the premises. 

	

Dated:	
 	

	
 	

Signed:	
 	

	
 	

*

	Signature Guaranteed by:	 	 	 	 
	

	
 	

*	
 	

 
	

*NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatever. Such signature must be
guaranteed by an "eligible guarantor institution" meeting the requirements of the Note Registrar, which requirements include membership or participation in STAMP or such other "signature guarantee program" as may be determined by the Indenture
Trustee in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.	
 	

 	
 	

 

A-3-5

 
 

EXHIBIT B
  
  SERIES 2003-2 CLOSING CASH FLOW PROJECTIONS    
    

 
 

EXHIBIT C
  
  NOTICE OF PAYMENT DEFAULT    
    

GMAC Education Loan Funding Trust-I

GMAC ELF Student Loan Asset-Backed Notes

Class            

Auction Rate Securities 

        NOTICE
IS HEREBY GIVEN that a Payment Default has occurred and is continuing with respect to the Auction Rate Securities identified above. The next Auction for the Auction Rate
Securities will not be held. The Auction Rate for the Auction Rate Securities for the next succeeding Interest Period shall be the Non-Payment Rate. 

	

 	
 	

 	
 	
ZIONS FIRST NATIONAL BANK, as Indenture Trustee
	

Dated:	
 	

	
 	

By:	
 	

	 	 	 	 	Name:	 	

	 	 	 	 	Title:	 	

 
 

EXHIBIT D
  
  NOTICE OF CURE OF PAYMENT DEFAULT    
    

GMAC Education Loan Funding Trust-I

GMAC ELF Student Loan Asset-Backed Notes

Class            

Auction Rate Securities 

        NOTICE
IS HEREBY GIVEN that a Payment Default with respect to the Auction Rate Securities identified above has been waived or cured. The next Payment Date
is                        
    ,            and the Auction Date
is                            ,            .

	

 	
 	

 	
 	
ZIONS FIRST NATIONAL BANK, as Indenture Trustee
	

Dated:	
 	

	
 	

By:	
 	

	 	 	 	 	Name:	 	

	 	 	 	 	Title:	 	

 
 

EXHIBIT E
  
  NOTICE OF PROPOSED CHANGE IN LENGTH
  OF ONE OR MORE AUCTION PERIODS    
    

GMAC Education Loan Funding Trust-I

GMAC ELF Student Loan Asset-Backed Notes

Class           

Auction Rate Securities 

        Notice
is hereby given that [                        ], as Broker-Dealer proposes to change the length of one or more Auction Periods
pursuant to the Indenture of Trust,
as amended (the "Indenture") as follows: 

        1.     The
change shall take effect on                            ,
            , the Interest Rate Adjustment Date for the next Auction Period (the "Effective Date").
 

        2.     The
Auction Period Adjustment in Paragraph 1 shall take place only if (a) the Indenture Trustee and the Auction Agent receive, by 11:00 a.m., eastern
time, on the Business Day before the Auction Date for the Auction Period commencing on the Effective Date, a certificate from the Issuer, as required by the Indenture authorizing the change in length
of one or more Auction Periods; and (b) Sufficient Bids exist on the Auction Date for the Auction Period commencing on the Effective Date. 

        3.     If
the condition referred to in paragraph (a) above is not met, the Auction Rate for the Auction Period commencing on the Effective Date will be determined
pursuant to the Auction Procedures and the Auction Period shall be the Auction Period determined without reference to the proposed change. If the condition referred to in
paragraph (a) is met but the condition referred to in paragraph (b) above is not met, the Auction Rate for the Auction Period commencing on the Effective Date shall be the
Maximum Rate and the Auction Period shall be the Auction Period determined without reference to the proposed change. 

        4.     It
is hereby represented, upon advice of the Auction Agent for the Class            Notes described herein, that there were Sufficient Bids for such Class
            Notes at the Auction immediately preceding the date of this Notice. 

        5.     Terms
not defined in this Notice shall have the meanings set forth in the Indenture entered into in connection with the Class             Notes. 

	

 	
 	

 	
 	
[BROKER-DEALER], as Broker-Dealer
	

Dated:	
 	

	
 	

By:	
 	

	 	 	 	 	Name:	 	

	 	 	 	 	Title:	 	

	

Approved By:	
 	

	
 	
GMAC EDUCATION LOAN FUNDING TRUST-I
	

 	
 	

 	
 	

By:	
 	

	 	 	 	 	Name:	 	

	 	 	 	 	Title:	 	

 
 

EXHIBIT F
  
  NOTICE ESTABLISHING CHANGE IN LENGTH
  OF ONE OR MORE AUCTION PERIODS    
    

GMAC Education Loan Funding Trust-I

GMAC ELF Student Loan Asset-Backed Notes

Class            

Auction Rate Securities 

        Notice
is hereby given that [                        ], as Broker-Dealer hereby establishes new lengths for one or more Auction Periods
pursuant to the Indenture of Trust,
as amended: 

        1.     The
change shall take effect on                            ,
            , the Interest Rate Adjustment Date for the next Auction Period (the "Effective Date"). 

        2.     For
the Auction Period commencing on the Effective Date, the Interest Rate Adjustment Date shall
be                            ,            , or
the next
succeeding Business Day if such date is not a Business Day. 

        3.     For
Auction Periods occurring after the Auction Period commencing on the Effective Date, the Interest Rate Adjustment Date shall be
[                        (date) and
every                        (number)
                        (day of week) thereafter]
[every                        (number)
                        (day of week) after the date set forth in
paragraph 2 above], or the next Business Day if any such day is not a Business Day; provided, however, that the length of subsequent Auction Periods shall be subject to further
change hereafter as provided in the Indenture of Trust. 

        4.     The
changes described in paragraphs 2 and 3 above shall take place only upon delivery of this Notice and the satisfaction of other conditions set forth in the Indenture
of Trust and our prior notice dated                        regarding the proposed change. 

        5.     Terms
not defined in this Notice shall have the meanings set forth in the Indenture of Trust relating to the Class             Notes. 

	
 	
 	

 	
 	
[BROKER-DEALER], as Broker-Dealer
	

Dated:	
 	

	
 	

By:	
 	

	 	 	 	 	Name:	 	

	 	 	 	 	Title:	 	

	

Approved By:	
 	

	
 	
GMAC EDUCATION LOAN FUNDING TRUST-I
	

 	
 	

 	
 	

By:	
 	

	 	 	 	 	Name:	 	

	 	 	 	 	Title:	 	

 
 

EXHIBIT G
  NOTICE OF CHANGE IN AUCTION DATE    
    

GMAC Education Loan Funding Trust-I

GMAC ELF Student Loan Asset-Backed Notes

Class            

Auction Rate Securities 

        Notice
is hereby given by [                        ], as Broker-Dealer for the Auction Rate Securities, that with respect to the Auction
Rate Securities, the Auction Date
is hereby changed as follows: 

        1.     With
respect to Class             Notes, the definition of "Auction Date" shall be deemed amended by substituting
"                        (number) Business Day" in the
second line thereof and by substituting "                        (number) Business Days" for "two Business Days" in
subsection (d) thereof. 

        2.     This
change shall take effect on                            ,
            which shall be the Auction Date for the Auction Period commencing
on                        . 

        3.     The
Auction Date for the Class             Notes shall be subject to further change hereafter as provided in the Indenture of Trust. 

        4.     Terms
not defined in this Notice shall have the meaning set forth in the Indenture of Trust, as amended, relating to the Class             Notes. 

	

 	
 	

 	
 	
[BROKER-DEALER], as Broker-Dealer
	

Dated:	
 	

	
 	

By:	
 	

	 	 	 	 	Name:	 	

	 	 	 	 	Title:	 	

QuickLinks

Exhibit 4.1

TABLE OF CONTENTS

SERIES 2003-2 SUPPLEMENTAL INDENTURE OF TRUST

ARTICLE I DEFINITIONS AND USE OF PHRASES

ARTICLE II SERIES 2003-2 NOTE DETAILS, FORMS OF SERIES 2003-2 NOTES, REDEMPTION OF SERIES 2003-2 NOTES AND USE OF PROCEEDS OF SERIES 2003-2 NOTES

ARTICLE III FUNDS AND ACCOUNTS

ARTICLE IV AMENDMENTS TO THE SERIES 2003-1 SUPPLEMENTAL INDENTURE

ARTICLE V AMENDMENTS TO THE INDENTURE

ARTICLE VI GENERAL PROVISIONS

ARTICLE VII APPLICABILITY OF INDENTURE

APPENDIX A CERTAIN TERMS AND PROVISIONS OF THE AUCTION RATE SECURITIES

ARTICLE I DEFINITIONS

ARTICLE II TERMS AND ISSUANCE

APPENDIX B

EXHIBIT A-1 FORM OF SENIOR LIBOR FLOATING RATE SECURITIES

CERTIFICATE OF AUTHENTICATION

ASSIGNMENT

EXHIBIT A-2 FORM OF SENIOR AUCTION RATE SECURITIES

CERTIFICATE OF AUTHENTICATION

ASSIGNMENT

EXHIBIT A-3 FORM OF SUBORDINATE AUCTION RATE SECURITIES

CERTIFICATE OF AUTHENTICATION

ASSIGNMENT

EXHIBIT B SERIES 2003-2 CLOSING CASH FLOW PROJECTIONS

EXHIBIT C NOTICE OF PAYMENT DEFAULT

EXHIBIT D NOTICE OF CURE OF PAYMENT DEFAULT

EXHIBIT E NOTICE OF PROPOSED CHANGE IN LENGTH OF ONE OR MORE AUCTION PERIODS

EXHIBIT F NOTICE ESTABLISHING CHANGE IN LENGTH OF ONE OR MORE AUCTION PERIODS

EXHIBIT G NOTICE OF CHANGE IN AUCTION DATE

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