Document:

exv10w32

 

EXHIBIT 10.32

EXECUTION COPY

 

NOTE PURCHASE AND SECURITY AGREEMENT

by and among

PHOENIX FUNDINGS I,

as the Trust,

SALLIE MAE, INC.,

as Administrator

THE BANK OF NEW YORK TRUST COMPANY, N.A.,

as Eligible Lender Trustee,

DEUTSCHE BANK TRUST COMPANY AMERICAS,

as Paying Agent and as Securities Intermediary,

UBS REAL ESTATE SECURITIES INC.,

as Note Purchaser,

And

UBS SECURITIES LLC,

as Administrative Agent

February 29, 2008

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	ARTICLE I
	 	 	 	 
	 
	 	 	 	 
	DEFINITIONS
	 	 	 	 
	 
	 	 	 	 
	Section 1.01. Certain Defined Terms
	 	 	1	 
	Section 1.02. Other Terms
	 	 	24	 
	Section 1.03. Computation of Time Periods
	 	 	24	 
	Section 1.04. Time References
	 	 	24	 
	 
	 	 	 	 
	ARTICLE II
	 	 	 	 
	 
	 	 	 	 
	THE FACILITY
	 	 	 	 
	 
	 	 	 	 
	Section 2.01. Issuance and Purchase of Note; Making of Advances
	 	 	24	 
	Section 2.02. Termination of Facility or Reduction of the Aggregate Note Balance
	 	 	26	 
	Section 2.03. The Accounts
	 	 	26	 
	Section 2.04. Mark to Market Valuation
	 	 	28	 
	Section 2.05. Transfers from Collection Account
	 	 	28	 
	Section 2.06. Capitalized Interest Account and Reserve Account
	 	 	30	 
	Section 2.07. Transfers from the Capitalized Interest Account and Reserve Account
	 	 	31	 
	Section 2.08. Management of Trust Accounts by Paying Agent
	 	 	32	 
	Section 2.09. Pledged Collateral, Assignment of the Transaction Documents
	 	 	33	 
	Section 2.10. Grant of a Security Interest
	 	 	34	 
	Section 2.11. Payments by the Trust
	 	 	35	 
	Section 2.12. Payment of Stamp Taxes, Etc
	 	 	35	 
	Section 2.13. Yield Protection
	 	 	35	 
	Section 2.14. Extension
	 	 	38	 
	Section 2.15. Servicer Advances
	 	 	39	 
	Section 2.16. Release of Pledged Collateral
	 	 	39	 
	Section 2.17. Effect of Release
	 	 	40	 
	Section 2.18. Taxes
	 	 	40	 

i 

 

	 	 	 	 	 
	ARTICLE III
	 	 	 	 
	 
	 	 	 	 
	THE NOTE
	 	 	 	 
	 
	 	 	 	 
	Section 3.01. Form of Note Generally
	 	 	43	 
	Section 3.02. Securities Legend
	 	 	43	 
	Section 3.03. Principal and Interest Payments
	 	 	44	 
	Section 3.04. Execution and Dating
	 	 	44	 
	Section 3.05. Registration, Registration of Transfer, Transfer Restrictions
	 	 	44	 
	Section 3.06. Mutilated, Destroyed, Lost and Stolen Notes
	 	 	45	 
	Section 3.07. Persons Deemed Owners
	 	 	46	 
	Section 3.08. Cancellation
	 	 	46	 
	 
	 	 	 	 
	ARTICLE IV
	 	 	 	 
	 
	 	 	 	 
	CONDITIONS TO NOTE PURCHASE AND ADVANCES
	 	 	 	 
	 
	 	 	 	 
	Section 4.01. Conditions Precedent to Note Purchase and Initial Advance
	 	 	46	 
	Section 4.02. Conditions Precedent to All Advances
	 	 	47	 
	 
	 	 	 	 
	ARTICLE V
	 	 	 	 
	 
	 	 	 	 
	REPRESENTATIONS AND WARRANTIES
	 	 	 	 
	 
	 	 	 	 
	Section 5.01. General Representations and Warranties of the Trust
	 	 	49	 
	Section 5.02. Representations and Warranties of the Trust Regarding the Administrative Agent’s Security Interest 
	 	 	53	 
	
Section 5.03. Particular Representations and Warranties of the Trust
	 	 	53	 
	Section 5.04. Repurchase of Student Loans; Reimbursement
	 	 	55	 
	Section 5.05. Administrator Actions Attributable to the Trust
	 	 	55	 
	 
	 	 	 	 
	ARTICLE VI
	 	 	 	 
	 
	 	 	 	 
	COVENANTS OF THE TRUST
	 	 	 	 
	 
	 	 	 	 
	Section 6.01. Preservation of Separate Existence
	 	 	55	 
	Section 6.02. Notice of Termination Event or Potential Termination Event
	 	 	56	 
	Section 6.03. Notice of Material Adverse Change
	 	 	56	 
	Section 6.04. Compliance with Laws; Preservation of Corporate Existence
	 	 	56	 

ii 

 

	 	 	 	 	 
	Section 6.05. Enforcement of Obligations
	 	 	56	 
	Section 6.06. Maintenance of Books and Records
	 	 	57	 
	Section 6.07. Fulfillment of Obligations
	 	 	58	 
	Section 6.08. Notice of Material Litigation
	 	 	58	 
	Section 6.09. Notice of Relocation
	 	 	58	 
	Section 6.10. Rescission or Modification of Trust Student Loans and Transaction Documents

	 	 	59	 
	
Section 6.11. Liens
	 	 	59	 
	Section 6.12. Sales of Assets; Consolidation/Merger
	 	 	60	 
	Section 6.13. Change in Business
	 	 	60	 
	Section 6.14. Residual Interest
	 	 	61	 
	Section 6.15. General Reporting Requirements
	 	 	61	 
	Section 6.16. Inspections
	 	 	62	 
	Section 6.17. ERISA
	 	 	63	 
	Section 6.18. Servicer
	 	 	63	 
	Section 6.19. Acquisition, Financing, Collection and Assignment of Student Loans
	 	 	63	 
	Section 6.20. Administration and Collection of Trust Student Loans
	 	 	63	 
	Section 6.21. Obligations of the Trust With Respect to Pledged Collateral
	 	 	63	 
	Section 6.22. Amendment of Organizational Documents
	 	 	63	 
	Section 6.23. No Payments on Excess Distribution Certificate
	 	 	63	 
	Section 6.24. Borrower Benefit Programs
	 	 	64	 
	Section 6.25. Anti-Terrorism Law; Anti-Money Laundering
	 	 	64	 
	Section 6.26. Embargoed Person
	 	 	64	 
	 
	 	 	 	 
	ARTICLE VII
	 	 	 	 
	 
	 	 	 	 
	TERMINATION EVENTS
	 	 	 	 
	 
	 	 	 	 
	Section 7.01. Termination Events
	 	 	65	 
	Section 7.02. Remedies
	 	 	68	 
	Section 7.03. Setoff
	 	 	69	 

iii 

 

	 	 	 	 	 
	ARTICLE VIII
	 	 	 	 
	 
	 	 	 	 
	INDEMNIFICATION
	 	 	 	 
	 
	 	 	 	 
	Section 8.01. Indemnification by the Trust
	 	 	71	 
	 
	 	 	 	 
	ARTICLE IX
	 	 	 	 
	 
	 	 	 	 
	ADMINISTRATIVE AGENT
	 	 	 	 
	 
	 	 	 	 
	Section 9.01. Authorization and Action
	 	 	71	 
	Section 9.02. Exculpation
	 	 	71	 
	Section 9.03. Administrative Agent and Affiliates
	 	 	72	 
	Section 9.04. Note Purchaser’s Credit Decision
	 	 	72	 
	Section 9.05. Certain Matters Affecting the Administrative Agent
	 	 	72	 
	Section 9.06. Administrative Agent Not Liable
	 	 	74	 
	Section 9.07. Agent May Own Notes
	 	 	74	 
	Section 9.08. Resignation or Removal of Agent
	 	 	74	 
	Section 9.09. Successor Administrative Agent
	 	 	75	 
	Section 9.10. Eligibility Requirements for Successor Agent
	 	 	76	 
	Section 9.11. Merger or Consolidation of Agent
	 	 	76	 
	Section 9.12. Indemnification of Agent
	 	 	76	 
	 
	 	 	 	 
	ARTICLE X
	 	 	 	 
	 
	 	 	 	 
	MISCELLANEOUS
	 	 	 	 
	 
	 	 	 	 
	Section 10.01. Amendments, Etc
	 	 	77	 
	Section 10.02. Notices, Etc
	 	 	77	 
	Section 10.03. No Waiver; Remedies
	 	 	77	 
	Section 10.04. Successors and Assigns; Binding Effect
	 	 	77	 
	Section 10.05. Survival
	 	 	79	 
	Section 10.06. Governing Law
	 	 	79	 
	Section 10.07. Severability
	 	 	79	 
	Section 10.08. Submission to Jurisdiction
	 	 	79	 
	Section 10.09. Waiver of Jury Trial
	 	 	80	 
	Section 10.10. Appointment of Service Agent
	 	 	80	 

iv 

 

	 	 	 	 	 
	Section 10.11. Costs and Expenses
	 	 	80	 
	Section 10.12. Bankruptcy Non-Petition and Limited Recourse
	 	 	80	 
	Section 10.13. Recourse Against Certain Parties
	 	 	81	 
	Section 10.14. Execution in Counterparts; Severability
	 	 	81	 
	Section 10.15. Confidentiality
	 	 	82	 
	Section 10.16. Section Titles
	 	 	83	 
	Section 10.17. Entire Agreement
	 	 	83	 
	Section 10.18. Eligible Lender Trustee
	 	 	83	 
	Section 10.19. USA Patriot Act Notice
	 	 	84	 
	Section 10.20. The Paying Agent
	 	 	84	 

	 	 	 
	EXHIBIT A

	 	FORM OF ADVANCE REQUEST
	EXHIBIT B

	 	LIST OF APPROVED GUARANTORS
	EXHIBIT C

	 	FORM OF MONTHLY REPORT
	EXHIBIT D

	 	FORM OF NOTICE OF RELEASE
	EXHIBIT E

	 	FORM OF PRO FORMA REPORT (SECTION 2.16(B)(IV))
	EXHIBIT F

	 	FORM OF 2.18(d) CERTIFICATE
	EXHIBIT G

	 	FORM OF FUNDING NOTE
	EXHIBIT H

	 	PARTIAL RELEASE OF COLLATERAL

v 

 

NOTE PURCHASE AND SECURITY AGREEMENT

     THIS NOTE PURCHASE AND SECURITY AGREEMENT (this “Agreement”) is made as of February 29, 2008,
among PHOENIX FUNDINGS I, a statutory trust duly organized under the laws of the State of Delaware,
as the note issuer hereunder (the “Trust”), SALLIE MAE, INC., a Delaware corporation, as
administrator (the “Administrator”), THE BANK OF NEW YORK TRUST COMPANY, N.A., a national banking
association, as the eligible lender trustee hereunder (the “Eligible Lender Trustee”), DEUTSCHE
BANK TRUST COMPANY AMERICAS, a New York banking corporation, as the paying agent hereunder (the
“Paying Agent”) and the securities intermediary hereunder (the “Securities Intermediary”), UBS REAL
ESTATE SECURITIES INC., as the purchaser of the funding note hereunder (the “Note Purchaser”) and
UBS SECURITIES LLC, as the administrative agent for the Note Purchaser (in such capacity, the
“Administrative Agent”).

PRELIMINARY STATEMENTS

     WHEREAS, the Note Purchaser is engaged in the business of acquiring interests in financial
assets from various sellers from time to time or making loans to certain entities or purchasing
notes of certain entities for the purpose of financing financial assets of such entities; and

     WHEREAS, the Trust will purchase certain Eligible FFELP Loans in accordance with the Sale
Agreement; and

     WHEREAS, the Trust desires to fund such purchases through the issuance and sale of the Note to
the Note Purchaser on the terms and conditions set forth herein;

     NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements
herein contained, the parties hereto agree as follows:

ARTICLE I

DEFINITIONS

     Section 1.01. Certain Defined Terms. Certain capitalized terms used throughout this Agreement
are defined above or in this Section.

     As used in this Agreement and its exhibits, the following terms shall have the following
meanings (such meanings to be equally applicable to both the singular and plural forms of the terms
defined).

     “Adjusted Cash Income” means, for any period, Adjusted Revenue for such period less Operating
Expenses for such period.

     “Adjusted Revenue” means, for any period, (a) the sum, without duplication, of all items which
would fairly be presented in the consolidated income statement of SLM Corporation and its
consolidated subsidiaries for such period (subject to normal year-end adjustments) prepared in

 

 

[SLM UBS Note Purchase Agreement]

accordance with GAAP as (i) “total interest income” and (ii) “total other income”, less (b)
the sum of (i) “provisions for losses”, (ii) “gains on student loan securitizations” and (iii)
“servicing and securitization revenue”, eliminating (c) “total net impact of SFAS No. 133
derivative accounting”, and including (d) “net interest income on securitized loans, after
provisions for losses”, in the case of (c) and (d) above as currently reported in SLM Corporation’s
most recent Form 10-Q or Form 10-K, as applicable, under “RESULTS OF OPERATIONS” – “Alternative
Performance Measures” or as subsequently identified in writing by SLM Corporation.

     “Administrative Agent” means UBS Securities LLC and its successors and assigns, in its
capacity as agent for the Note Purchaser as set forth in Article IX.

     “Administration Agreement” means the Administration Agreement, dated as of the Closing Date,
among the Depositor, the Trust, the Eligible Lender Trustee, the Administrator and the
Administrative Agent, as amended and supplemented pursuant to the terms thereof.

     “Administrator Fee” means, for each Settlement Period, a fee payable to the Administrator
monthly in arrears equal to $10,000.

     “Administrator” means Sallie Mae, Inc., a Delaware corporation, and its successors and
assigns, in its capacity as administrator of the Trust in accordance with the Administration
Agreement.

     “Administrator Default” has the meaning assigned to such term in Section 5.01 of the
Administration Agreement.

     “Advance” means an advance made by the Note Purchaser pursuant to Article II.

     “Advance Date” means, with respect to any Advance, the date on which such Advance is made,
which date shall be a Business Day.

     “Advance Request” means a request by the Administrator on behalf of the Trust for an Advance
to be made on a specified Advance Date as contemplated in Section 2.01(b), and including a related
Borrowing Base certification, substantially in the form of Exhibit A hereto.

     “Adverse Claim” means a lien, security interest, charge, encumbrance or other right or claim
or restriction in favor of any Person (including any UCC financing statement or similar instrument
filed against the assets of that Person) other than, with respect to the Pledged Collateral, any
lien, security interest, charge, encumbrance or other right or claim or restriction in favor of the
Administrative Agent for the benefit of the Secured Creditors.

     “Affiliate” means, when used with respect to a Person, any other Person controlling,
controlled by or under common control with such Person. A Person shall be deemed to control
another person if the controlling Person possesses, directly or indirectly, the power to direct or
cause the direction of the management and policies of the other Person, whether through the
ownership of voting securities, membership interests, by contract or otherwise.

     “Aggregate Note Balance” means, as of any date of determination, the outstanding principal
amount of the Note after giving effect to all distributions of principal and interest made on such
date of determination plus any accrued but unpaid interest on the Note.

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[SLM UBS Note Purchase Agreement]

     “Agreement” means this Note Purchase and Security Agreement, together with all exhibits and
appendices attached hereto as the same may be amended, restated, supplemented or otherwise modified
from time to time hereafter.

     “Alternate Base Rate” means, as of any date, a fluctuating rate of interest per annum (rounded
upward, if necessary, to the nearest 1/100th of 1%) equal to the greater of (a) the Prime Rate as
of such date of determination and (b) the Federal Funds Rate most recently determined by the
Administrative Agent plus 0.50% per annum.

     “Anti-Terrorism Laws” has the meaning assigned to such term in Section 5.01(u).

     “Applicable Percentage” means:

     (a) with respect to each Eligible FFELP Loan (other than as described in clause (b) below),
(i) on the Closing Date, 95% and (ii) as of any date of determination thereafter, the lesser of (x)
95% and (y) if any, the revised percentage determined by the Valuation Agent pursuant to
Section 2.04 hereof; and

     (b) with respect to each Eligible FFELP Loan that is a Defaulted Student Loan and as of any
date of determination from time to time, the lesser of (i) the percentage applicable to such
Eligible FFELP Loan if it is a Defaulted Student Loan as of such date of determination (which shall
be equal to the lesser of the guarantee percentage with respect to such loan as provided in the
Higher Education Act and the Applicable Percentage for an otherwise identical loan that is not a
Defaulted Student Loan) and (ii) if any, the revised percentage determined by the Valuation Agent
pursuant to Section 2.04 hereof.

     “Authorized Officer” means:

     (a) with respect to the Eligible Lender Trustee or the Trust, any officer of the Eligible
Lender Trustee who is authorized to act for the Eligible Lender Trustee in matters relating to the
Trust pursuant to the Transaction Documents and who is identified on the list of Authorized
Officers delivered by the Eligible Lender Trustee to the Administrative Agent on the Closing Date
(as such list may be modified or supplemented by the Eligible Lender Trustee from time to time
thereafter and delivered to the Administrative Agent);

     (b) with respect to the Administrator, any officer of the Administrator who is authorized to
act for the Administrator in matters relating to itself or to the Trust and to be acted upon by the
Administrator pursuant to the Transaction Documents and who is identified on the list of Authorized
Officers delivered by the Administrator to the Administrative Agent on the Closing Date (as such
list may be modified or supplemented by the Administrator from time to time thereafter and
delivered to the Administrative Agent);

     (c) with respect to the Depositor, any officer of the Depositor who is authorized to act for
the Depositor in matters relating to itself or to be acted upon by the Depositor pursuant to the
Transaction Documents and who is identified on the list of Authorized Officers delivered by the
Depositor to the Administrative Agent on the Closing Date (as such list may be modified or
supplemented by the Depositor from time to time thereafter and delivered to the Administrative
Agent);

3

 

[SLM UBS Note Purchase Agreement]

     (d) with respect to the Servicer, any officer of the Servicer who is authorized to act for the
Servicer in matters relating to itself or to be acted upon by the Servicer pursuant to the
Transaction Documents and who is identified on the list of Authorized Officers delivered by the
Servicer to the Administrative Agent on the Closing Date (as such list may be modified or
supplemented by the Servicer from time to time thereafter and delivered to the Administrative
Agent);

     (e) with respect to SLM Corporation, any officer of SLM Corporation who is authorized to act
for SLM Corporation in matters relating to itself or to be acted upon by SLM Corporation pursuant
to the Transaction Documents and who is identified on the list of Authorized Officers delivered by
SLM Corporation to the Administrative Agent on the Closing Date (as such list may be modified or
supplemented by SLM Corporation from time to time thereafter and delivered to the Administrative
Agent) and

     (f) with respect to the Paying Agent, any officer within its corporate trust office (or any
successor group of the Paying Agent), including any managing director, director, vice president,
assistant vice president, secretary, assistant secretary, assistant treasurer, associate, vice
president or any other officer of the Paying Agent customarily performing functions similar to
those performed by any of the above designated officers and also, with respect to a particular
matter, any other officer to whom such matter is referred because of such officer’s knowledge of
and familiarity with the particular subject.

     “Available Funds” means, with respect to a Settlement Date, the sum of the following amounts
received into the Collection Account with respect to the related Settlement Period:

     (a) all collections of principal and interest on the Trust Student Loans, including any
Guarantee Payments received on the Trust Student Loans but net of (i) any collections in
respect of principal on the Trust Student Loans applied by the Trust to repurchase guaranteed loans
from the Guarantors under the Guarantee Agreements, (ii) amounts required by the Higher Education
Act to be paid to the Department or to be repaid to borrowers (whether or not in the form of a
principal reduction of the applicable Trust Student Loan) on the Trust Student Loans for that
Settlement Period and (iii) amounts deposited into the Floor Income Rebate Account during the
related Settlement Period;

     (b) any Interest Subsidy Payments and Special Allowance Payments with respect to the Trust
Student Loans received during that Settlement Period for the Trust Student Loans;

     (c) all Liquidation Proceeds from any Trust Student Loans which became Liquidated Student
Loans during that Settlement Period in accordance with the Servicer’s customary servicing
procedures and any amounts required by law to be remitted to the borrowers on Liquidated Student
Loans, plus all Recoveries on Liquidated Student Loans which were written off in prior Settlement
Periods or during that Settlement Period;

     (d) the aggregate amounts received during that Settlement Period for those Trust Student Loans
repurchased by the Servicer or the Depositor, as applicable, pursuant to the applicable Purchase
Agreement and the Sale Agreement or purchased by the Servicer pursuant to the Servicing Agreement;

4

 

[SLM UBS Note Purchase Agreement]

     (e) the aggregate amounts, if any, received by the Trust from the applicable Seller, the
Depositor or the Servicer, as the case may be, as reimbursement of non-guaranteed interest amounts,
or lost Interest Subsidy Payments and Special Allowance Payments, on the Trust Student Loans
pursuant to the Sale Agreement or Section 3.05 of the Servicing Agreement, respectively;

     (f) amounts received by the Trust pursuant to Sections 3.01 and 3.12 of the Servicing
Agreement during that Settlement Period as to yield or principal adjustments other than deposits
into the Borrower Benefit Account;

     (g) investment earnings for that Settlement Period earned on investments in the Collection
Account, Borrower Benefit Account, Floor Income Rebate Account, Capitalized Interest Account and
Reserve Account during such Settlement Period;

     (h) if applicable, amounts transferred from the Capitalized Interest Account in excess of the
Capitalized Interest Account Specified Balance, calculated as of the end of the Settlement Period
related to that Settlement Date;

     (i) if applicable, amounts transferred from the Reserve Account in excess of the Reserve
Account Specified Balance, calculated as of the end of the Settlement Period related to that
Settlement Date;

     (j) all other Collections or other amounts deposited into the Collection Account for
application pursuant to Section 2.05 on the applicable Settlement Date;

     (k) amounts on deposit in the Floor Income Rebate Account that no longer need to be held in
connection with floor income payment obligations;

     (l) amounts transferred into the Collection Account from the Borrower Benefit Account to
offset reductions in yield on affected Trust Student Loans during the related Settlement Period;

     (m) all proceeds from any Permitted Release (to the extent such proceeds were not previously
used to pre-pay the Aggregate Note Balance pursuant to Section 2.02); and

     (n) funds advanced to the Trust under the Credit Agreement in the discretion of SLM
Corporation for the purpose of payments under Section 2.05(b)(viii) and any other amounts
specifically designated for payments under Section 2.05(b)(viii) to remedy a Borrowing Base
Deficiency pursuant to Section 2.04.

     “Benefit Plan” means any employee benefit plan as defined in Section 3(3) of ERISA in respect
of which the Trust or any ERISA Affiliate of the Trust is, or at any time during the immediately
preceding six years was, an “employer” as defined in Section 3(5) of ERISA.

     “Borrower Benefit Account” means the special account created pursuant to Section 2.03
(c).

     “Borrowing Base” means as of any date of determination, the aggregate Collateral Value of all
Eligible FFELP Loans owned by the Trust plus amounts in the Collection Account

5

 

[SLM UBS Note Purchase Agreement]

representing the collections on, or the purchase price of Eligible FFELP Loans allocable to,
the Principal Balance of such Eligible FFELP Loans determined using the most recently available
information delivered to the Administrative Agent and the Note Purchaser as of the last day of the
Settlement Period immediately preceding such Valuation Date.

     “Borrowing Base Deficiency” means as of any date of determination, that the Borrowing Base is
less than the Aggregate Note Balance.

     “Business Day” means a day of the year other than a Saturday or a Sunday on which (a) banks
are not authorized or required to close in New York, New York and (b) trust companies are not
authorized or required to close in Wilmington, Delaware; provided, however, if the
term Business Day is used in connection with the LIBOR Rate, it means any day of the year on which
(x) dealings in dollar deposits are carried on in the London interbank market and (y) banks are not
authorized or required to close in New York, New York.

     “Capitalized Interest Account” means the special account created pursuant to Section
2.06(a).

     “Capitalized Interest Account Specified Balance” means, as of any date of determination, and
giving effect to any acquisition or disposition of Student Loans by the Trust occurring on such
date, an amount equal to $12,500,000.

     “Carryover Servicing Fee” has the meaning specified in Attachment A to the Servicing
Agreement.

     “Closing Date” means February 29, 2008.

     “Code” means the Internal Revenue Code of 1986, as amended, or any successor statute and the
regulations promulgated and rulings issued thereunder.

     “Collateral Value” means, for each Eligible FFELP Loan, such Eligible FFELP Loan’s respective
Applicable Percentage multiplied by the Principal Balance of such Eligible FFELP Loan.

     “Collection Account” means the special account created pursuant to Section 2.03,
including any subaccounts thereof.

     “Collections” means (a) all amounts received with respect to principal and interest and other
proceeds, payments and reimbursements, including Guarantee Payments and Recoveries, with respect to
any Trust Student Loan and any other collection of cash with respect to such Trust Student Loan;
and (b) all other cash collections and other cash proceeds of the Pledged Collateral.

     “Consolidated Tangible Net Worth” means, as of any date of determination, the consolidated
stockholders’ equity of SLM Corporation and its consolidated subsidiaries, less their consolidated
Intangible Assets, all determined as of such date.

     “Credit Agreement” means the subordinated revolving credit agreement, dated as of the Closing
Date, between SLM Corporation and the Trust to (i) fund the difference, if any, between

6

 

[SLM UBS Note Purchase Agreement]

the amount of each related Advance and the fair market value of the Eligible FFELP Loans
purchased pursuant to the Sale Agreement on the related date of purchase and (ii) at the option of
SLM Corporation, to cure the Borrowing Base Deficiency, as such agreement may be amended, restated,
supplemented or otherwise modified from time to time.

     “Debt” means, with respect to any Person (a) indebtedness of such Person for borrowed money;
(b) obligations of such Person evidenced by bonds, debentures, notes, letters of credit, interest
rate and currency swaps or other similar instruments; (c) obligations of such Person to pay the
deferred purchase price of property or services; (d) obligations of such Person as lessee under
leases which shall have been or should be, in accordance with GAAP, recorded as capital leases; (e)
obligations secured by an Adverse Claim upon property or assets owned by such Person, even though
such Person has not assumed or become liable for the payment of such obligations; and (f)
obligations of such Person under direct or indirect guaranties in respect of, and obligations
(contingent or otherwise) to purchase or otherwise acquire, or otherwise to assure a creditor
against loss in respect of, indebtedness or obligations of other Persons of the kinds referred to
in clauses (a) through (e) above.

     “Default Rate” means, with respect to any Advance (or portion thereof) on any date of
determination, a rate per annum equal to the Lender Rate that would otherwise be in effect with
respect to such Advance as of such date of determination plus 2%.

     “Defaulted Student Loan” means any Student Loan (a) as to which any payment, or portion
thereof is more than the number of days past due from the original due date thereof that would
permit the Eligible Lender Trustee, or any other Person acting on its behalf, to submit a default
claim to the applicable Guarantor under the terms of the Higher Education Act (which number of
days, as of the Closing Date, is 270), (b) the Obligor of which is the subject of an Event of
Bankruptcy (without giving effect to any applicable cure or 60 day continuance period) or is
deceased or disabled or (c) as to which a continuing condition exists that, with notice or the
lapse of time or both, would constitute a default, breach, violation or event permitting
acceleration under the terms of such Student Loan (other than payment defaults continuing for a
period of not more than the number of days past due from the original due date thereof that would
permit the submission of a default claim to the applicable Guarantor under the terms of the Higher
Education Act).

     “Delaware Trustee” means BNYM (Delaware), a Delaware banking corporation.

     “Delaware Trustee Fees” means the fees, reasonable expenses and charges of the Delaware
Trustee, including reasonable legal fees and expenses, as agreed to in writing by the Delaware
Trustee and the Administrator.

     “Department of Education” or “Department” means the United States Department of Education, or
any other officer, board, body, commission or agency succeeding to the functions thereof under the
Higher Education Act.

     “Depositor” means Phoenix Fundings LLC, a Delaware limited liability company, in its capacity
as depositor with respect to the Trust.

     “Eligible FFELP Loan” means a Student Loan which meets the following criteria:

7

 

[SLM UBS Note Purchase Agreement]

     (a) is a Stafford Loan, an SLS Loan or a PLUS Loan, in each case, originated under the FFELP
Program prior to October 1, 2007, and the Obligor thereof is an Eligible Obligor;

     (b) a loan which was acquired by the Depositor from a Seller pursuant to the applicable
Purchase Agreement, and acquired by the Trust from the Depositor pursuant to the Sale Agreement, is
fully disbursed and is serviced by the Servicer;

     (c) is a U.S. Dollar denominated obligation payable in the United States;

     (d) at least 97% of the principal of and interest on which is guaranteed by the applicable
Guarantor and eligible for reinsurance under the Higher Education Act;

     (e) provides that periodic payments must be made in order to fully amortize the amount
financed over its term to maturity (exclusive of any deferral or forbearance periods);

     (f) bears interest at a stated rate of not less than the maximum rate permitted under the
Higher Education Act for such Student Loan (before giving effect to any borrower benefit programs);

     (g) is eligible for the payment of quarterly Special Allowance Payments at a rate established
under the formula set forth in the Higher Education Act for such Student Loan;

     (h) if not yet in repayment status, is eligible for the payment of Interest Subsidy Payments
by the Department of Education or, if not so eligible, is a Student Loan for which interest either
is billed quarterly to the Obligor or deferred until commencement of the repayment period, in which
case such accrued interest is subject to capitalization to the full extent permitted by the
applicable Guarantor;

     (i) is not a Defaulted Student Loan at the time the Advance to purchase such Student Loan is
made;

     (j) is supported by the following documentation:

     (i) loan application, and any supplement thereto;

     (ii) evidence of Guarantee;

     (iii) any other document and/or record which the Trust or the Servicer or other
agent may be required to retain pursuant to the Higher Education Act;

     (iv) if applicable, payment history (or similar documentation) including (i) an
indication of the Principal Balance and the date through which interest has been
paid, each as of the related date of determination and (ii) an accounting of the
allocation of all payments by the Obligor or on Obligor’s behalf to principal and
interest on the Student Loan;

     (v) if applicable, documentation which supports periods of current or past
deferment or past forbearance;

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[SLM UBS Note Purchase Agreement]

     (vi) if applicable, a collection history, if the Student Loan was ever in a
delinquent status, including detailed summaries of contacts and including the
addresses or telephone numbers used in contacting or attempting to contact Obligor
and any endorser and, if required by the Guarantor, copies of all letters and other
correspondence relating to due diligence processing;

     (vii) if applicable, evidence of all requests for skip-tracing assistance and
current address of Obligor, if located;

     (viii) if applicable, evidence of requests for pre-claims assistance, and
evidence that the Obligor’s school(s) have been notified; and

     (ix) if applicable, a record of any event resulting in a change to or
confirmation of any data in the Student Loan file;

     (k) was originated and has been serviced in compliance with all requirements of applicable
law, including the Higher Education Act and all origination fees authorized to be collected
pursuant to Section 438 of the Higher Education Act have been paid to the Secretary;

     (l) is evidenced by an original Student Loan Note and any addendum thereto (whether e-signed
or otherwise), or a certified copy thereof if more than one Student Loan is represented by a single
Student Loan Note and all Student Loans represented thereby are not being sold, containing terms in
accordance with those required by the FFELP Program, the applicable Guarantee Agreements and other
applicable requirements and which does not require the Obligor to consent to the transfer, sale or
assignment of the rights and duties of the related Seller or the Depositor (or the Interim Eligible
Lender Trustee on behalf of the Depositor) or the Trust (or the Eligible Lender Trustee on behalf
of the Trust) and does not contain any provision that restricts the ability of the Administrative
Agent, on behalf of the Secured Creditors, to exercise its rights under the Transaction Documents;

     (m) immediately prior to the sale thereof to the Depositor, the applicable Seller had;
immediately prior to the sale thereof by the Depositor to the Trust, the Depositor had; and
immediately following acquisition thereof on the related Advance Date, the Trust has, or will have,
good and marketable title to such Student Loan free and clear of any Adverse Claim other than as
may be granted in favor of the Administrative Agent, on behalf of the Secured Creditors;

     (n) has not been modified, extended or renegotiated in any way, except (1) as required under
the Higher Education Act or other applicable laws, rules and regulations and the applicable
Guarantee Agreement, (2) as provided for or permitted under the applicable underwriting guidelines
or Servicing Policies or (3) as provided for in the Transaction Documents;

     (o) constitutes a legal, valid and binding obligation to pay on the part of the related
Obligor enforceable in accordance with its terms and is not noted on the Servicer’s books and
records as being subject to a current bankruptcy proceeding;

     (p) constitutes an instrument, account or a general intangible as defined in the Uniform
Commercial Code as in effect in the jurisdiction that governs the perfection of the interests of
the Trust therein and the perfection of the Secured Creditor’s interest therein; and

9

 

[SLM UBS Note Purchase Agreement]

     (q) the sale or assignment of which to the Trust or the Eligible Lender Trustee on its behalf
pursuant to the Sale Agreement, and the granting of a security interest to the Administrative Agent
pursuant to this Agreement does not contravene or conflict with any applicable law, rule or
regulation, or require the consent or approval of, or notice to, any Person.

     “Eligible Institution” means (a) an institution of higher education, (b) a vocational school
or (c) any other institution which, in all of the above cases, has been approved by the Department
of Education and the applicable Guarantor.

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

     (a) direct obligations of, and obligations fully guaranteed as to timely payment by, the
United States of America, the Government National Mortgage Association, the Federal Home Loan
Mortgage Corporation, the Federal National Mortgage Association, the Student Loan Marketing
Association or any agency or instrumentality of the United States of America the obligations of
which are backed by the full faith and credit of the United States of America; provided
that obligations of, or guaranteed by, the Government National Mortgage Association, the
Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association or the Student
Loan Marketing Association shall be Eligible Investments only if, at the time of investment, they
have a rating from each of the Rating Agencies in the highest investment category granted thereby;

     (b) demand deposits, time deposits or certificates of deposit of any depository institution or
trust company incorporated under the laws of the United States of America or any State (or any
domestic branch of a foreign bank) and subject to supervision and examination by federal or state
banking or depository institution authorities (including depository receipts issued by any such
institution or trust company as custodian with respect to any obligation referred to in clause (a)
above or portion of such obligation for the benefit of the holders of such depository receipts);
provided that at the time of the investment or contractual commitment to invest
therein (which shall be deemed to be made again each time funds are reinvested following each
Settlement Date), the commercial paper or other short-term senior unsecured debt obligations (other
than such obligations the rating of which is based on the credit of a Person other than such
depository institution or trust company) thereof shall have a credit rating from each of the Rating
Agencies in the highest investment category granted thereby;

     (c) commercial paper having, at the time of the investment, a rating from each of the Rating
Agencies then rating that commercial paper in the highest investment category granted thereby;

     (d) investments in money market funds having a rating from each of the Rating Agencies in the
highest investment category granted thereby (including funds for which the Administrative Agent,
the Administrator or the Eligible Lender Trustee or any of their respective Affiliates is
investment manager or advisor);

     (e) bankers’ acceptances issued by any depository institution or trust company referred to in
clause (b) above; and

10

 

[SLM UBS Note Purchase Agreement]

     (f) repurchase obligations with respect to any security that is a direct obligation of, or
fully guaranteed by, the United States of America or any agency or instrumentality thereof the
obligations of which are backed by the full faith and credit of the United States of America, in
either case entered into with a depository institution or trust company (acting as principal)
described in clause (b) above.

     For purposes of the definition of “Eligible Investments” the phrase “highest investment
category” means (i) in the case of Fitch, “AAA” for long-term investments (or the equivalent) and
“F-1+” for short-term investments (or the equivalent), (ii) in the case of Moody’s, “Aaa” for
long-term investments and “P-1” for short-term investments, and (iii) in the case of S&P, “AAA” for
long-term investments and “A-1+” for short-term investments. A proposed investment not rated by
Fitch but rated in the highest investment category by Moody’s and S&P shall be considered to be
rated by each of the Rating Agencies in the highest investment category granted thereby.

     “Eligible Lender” means any “eligible lender,” as defined in the Higher Education Act, which
has received an eligible lender designation from the Department of Education or from a Guarantor
with respect to Student Loans.

     “Eligible Lender Trustee” means The Bank of New York Trust Company, N.A., a national banking
association, not in its individual capacity but solely as Eligible Lender Trustee under the Trust
Agreement and its successor or successors and any other corporation which may at any time be
substituted in its place pursuant to this Agreement.

     “Eligible Lender Trustee Fees” means the fees, reasonable expenses and charges of the Eligible
Lender Trustee, including reasonable legal fees and expenses, as agreed to in writing by the
Eligible Lender Trustee and the Administrator.

     “Eligible Lender Trustee Guarantee Agreement” means any guarantee or agreement issued by any
Guarantor to the Eligible Lender Trustee, and any amendment thereto entered into in accordance with
the provisions thereof and hereof.

     “Eligible Obligor” means an Obligor who is eligible under the Higher Education Act to be the
obligor of a loan for financing a program of education at an Eligible Institution, including an
Obligor who is eligible under the Higher Education Act to be an obligor of a loan made pursuant to
Section 428A, 428B and 428C of the Higher Education Act.

     “Embargoed Person” has the meaning assigned to such term in Section 6.26.

     “ERISA” means the U.S. Employee Retirement Income Security Act of 1974, as amended from time
to time, and the regulations promulgated and rulings issued thereunder.

     “ERISA Affiliate” means (a) any corporation which is a member of the same controlled group of
corporations (within the meaning of Section 414(b) of the Code) as the Trust; (b) a trade or
business (whether or not incorporated) under common control (within the meaning of Section 414(c)
of the Code) with the Trust or (c) a member of the same affiliated service group (within the
meaning of Section 414(m) of the Code) as the Trust, any corporation described in clause (a) above
or any trade or business described in clause (b) above.

11

 

[SLM UBS Note Purchase Agreement]

     “Eurodollar Reserve Percentage” means, for any day during any period, the reserve percentage
(expressed as a decimal, rounded upward to the next 1/100th of 1%) in effect on such day, whether
or not applicable to the Note Purchaser, under regulations issued from time to time by the Board of
Governors of the Federal Reserve System for determining the maximum reserve requirement (including
any emergency, supplemental or other marginal reserve requirement) with respect to Eurocurrency
funding (currently referred to as “eurocurrency liabilities”). The LIBOR Rate shall be adjusted
automatically as of the effective date of any change in the Eurodollar Reserve Percentage.

     “Event of Bankruptcy” means, with respect to a specified Person, (a) the filing of a decree or
order for relief by a court having jurisdiction in the premises in respect of such Person or any
substantial part of its property in an involuntary case under any applicable federal or state
bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver,
liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for
any substantial part of its property, or ordering the winding-up or liquidation of such Person’s
affairs, which decree or order remains unstayed and in effect for a period of 30 consecutive days;
or (b) the commencement by such Person of a voluntary case under any applicable federal or state
bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by such
Person to the entry of an order for relief in an involuntary case under any such law, or the
consent by such Person to the appointment of or taking possession by a receiver, liquidator,
assignee, custodian, trustee, sequestrator or similar official for such Person or for any
substantial part of its property, or the making by such Person of any general assignment for the
benefit of creditors, or the failure by such Person generally to pay its debts as such debts become
due, or the taking of action by such Person in furtherance of any of the foregoing.

     “Excess Distribution Certificate” has the meaning assigned to such term in the Trust
Agreement.

     “Excess Spread” means the annualized percentage, calculated on the last day of each Settlement
Period, which is a fraction, the numerator of which is the positive difference, if any, between
(x) the Expected Interest Collections for such month with respect to the Eligible FFELP Loans and
(y) the sum of (i) all fees payable to the Servicer for such month with respect to the Eligible
FFELP Loans, (ii) all other fees payable under this Agreement for such month and (iii) all Yield
payable to the Note Purchaser for such month in respect of the Note, and the denominator of which
is the weighted average outstanding Principal Balance of all Eligible FFELP Loans held by the Trust
during such month.

     “Excluded Taxes” has the meaning assigned to such term in Section 2.18(a).

     “Executive Order” has the meaning assigned to such term in Section 5.01(u).

     “Expected Interest Collections” means, for each Settlement Period, the sum of (i) the amount
of interest due or accrued with respect to the Eligible FFELP Loans and payable by the related
Obligors thereon during such period (whether or not such interest is actually paid), (ii) all
Interest Subsidy Payments and Special Allowance Payments estimated to have accrued with respect to
Eligible FFELP Loans during such period whether or not actually received and (iii) investment
earnings on the Trust Accounts for such period.

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[SLM UBS Note Purchase Agreement]

     “Fair Market Auction” means a commercially reasonable sale of Trust Student Loans pursuant to
an arms-length auction process with respect to which (a) bids have been solicited from two or more
potential bidders including at least two bidders that are not Affiliates of SLM Corporation, (b) at
least one bid is received from a bidder that is not an Affiliate of SLM Corporation and (c) if an
Affiliate of SLM Corporation submits the winning bid, such bid is in an amount reasonably equal to
the fair market value of the Trust Student Loans being sold.

     “Federal Funds Rate” means, for any day, the rate per annum (rounded upwards, if necessary, to
the nearest 1/100th of 1%) equal to the weighted average of the rates on overnight federal funds
transactions with members of the Federal Reserve System arranged by federal funds brokers on such
day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such
day; provided that if such day is not a Business Day, the Federal Funds Rate for
such day shall be such rate on such transactions on the next preceding Business Day as so published
on the next succeeding Business Day.

     “Federal Reimbursement Contracts” means any agreement between any Guarantor and the Department
of Education providing for the payment by the Department of Education of amounts authorized to be
paid pursuant to the Higher Education Act, including but not necessarily limited to reimbursement
of amounts paid or payable upon defaulted student loans Guaranteed by such Guarantor to holders of
qualifying student loans Guaranteed by any Guarantor.

     “Fee Letter” means the agreement, dated January 23, 2008, among the Note Purchaser, the
Administrative Agent and SLM Corporation.

     “FFELP Loan” means a PLUS Loan, an SLS Loan or a Stafford Loan.

     “FFELP Program” means the Federal Family Education Loan Program authorized under the Higher
Education Act, including Stafford Loans, SLS Loans and PLUS Loans.

     “Financing Costs” means an amount equal to the sum (without duplication) of (i) the accrued
Yield applicable to the Note for the preceding Settlement Period and (ii) any past due Yield
payable on the Note and increased costs of the Note Purchaser resulting from Yield Protection, if
any.

     “Fitch” means Fitch, Inc. (or its successors in interest).

     “Floor Income Rebate Account” means the special account created pursuant to Section
2.03(b).

     “GAAP” means generally accepted accounting principles as in effect from time to time in the
United States of America.

     “Governmental Authority” means any nation or government, any state or other political
subdivision thereof, any central bank (or similar monetary or regulatory authority) thereof, any
body or entity exercising executive, legislative, judicial, regulatory or administrative functions
or pertaining to government, including without limitation any court, and any Person owned or
controlled, through stock or capital ownership or otherwise, by any of the foregoing.

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[SLM UBS Note Purchase Agreement]

     “Grant” or “Granted” means to pledge, create and grant a security interest in and with regard
to property. A Grant of Trust Student Loans or other assets or of any other agreement includes all
rights, powers and options (but none of the obligations) of the granting party thereunder.

     “Guarantee” or “Guaranteed” means, with respect to a FFELP Loan, the insurance or guarantee by
the applicable Guarantor, in accordance with the terms and conditions of the Guarantee Agreement,
of some or all of the principal of and accrued interest on such FFELP Loan and the coverage of the
FFELP Loan by the Federal Reimbursement Contracts providing, among other things, for reimbursement
to the Guarantor for losses incurred by it on defaulted FFELP Loans insured or guaranteed by the
Guarantor.

     “Guarantee Agreements” means the Federal Reimbursement Contracts, the Eligible Lender Trustee
Guarantee Agreements and any other guarantee or agreement issued by a Guarantor to the Eligible
Lender Trustee, which pertain to FFELP Loans, providing for the payment by the Guarantor of amounts
authorized to be paid pursuant to the Higher Education Act to holders of qualifying FFELP Loans
guaranteed in accordance with the Higher Education Act by such Guarantor.

     “Guarantee Payment” means any payment made by a Guarantor pursuant to a Guarantee Agreement in
respect of a Trust Student Loan.

     “Guarantor” means any entity listed on Exhibit B (as amended or supplemented from time
to time) to this Agreement authorized to guarantee Student Loans under the Higher Education Act and
with which the Eligible Lender Trustee maintains in effect a Guarantee Agreement.

     “Higher Education Act” means the Higher Education Act of 1965, as amended or supplemented from
time to time, and all regulations and guidelines promulgated thereunder.

     “Intangible Assets” means the amount (to the extent reflected in determining such consolidated
stockholders’ equity) of all unamortized debt discount and expense, unamortized deferred charges
(which for purposes of this definition do not include deferred taxes or premiums paid in connection
with the purchase of student loans), goodwill, patents, trademarks, service marks, trade names,
anticipated future benefit of tax loss carry-forwards, copyrights, organization or developmental
expenses and other intangible assets.

     “Interest Coverage Ratio” means, for any four consecutive fiscal quarter period, the ratio of
Adjusted Cash Income for such period to Interest Expense for such period.

     “Interest Expense” means, for any period, the aggregate amount which would fairly be presented
in the consolidated income statement of SLM Corporation and its consolidated subsidiaries for such
period (subject to normal year-end adjustments) prepared in accordance with GAAP as “total interest
expense.”

     “Interest Period” means as to any Advance, the period commencing on the Advance Date for such
Advance, and concluding on but excluding the next succeeding Settlement Date, and each period
thereafter commencing on a Settlement Date and concluding on but excluding the next succeeding
Settlement Date; provided that:

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[SLM UBS Note Purchase Agreement]

     (a) if any Interest Period commencing before the Termination Date would otherwise end on a
date after the Termination Date, such Interest Period shall be deemed to and shall end on the
Termination Date; and

     (b) the duration of each such Interest Period that commences on or after the Termination Date,
if any, shall be of such duration as shall be selected by the Administrative Agent.

     “Interest Subsidy Payments” means the interest subsidy payments on certain Student Loans
authorized to be made by the Department of Education pursuant to Section 428 of the Higher
Education Act or similar payments authorized by federal law or regulations.

     “Interim Eligible Lender Trustee” means The Bank of New York Trust Company, N.A., a national
banking association, not in its individual capacity but solely as eligible lender trustee for the
Depositor under the Interim Trust Agreement and its successor or successors and any other
corporation which may at any time be substituted in its place.

     “Interim Trust Agreement” means the interim trust agreement, dated the date hereof, between
the Depositor and the Eligible Lender Trustee, as amended supplemented or modified from time to
time.

     “Investment Company Act” means the Investment Company Act of 1940, as amended.

     “Lender Rate” means with respect to any Advance and the Interest Period related thereto, an
interest rate per annum equal to the LIBOR Rate applicable to such Interest Period plus the Margin;
provided, however, that if the Administrative Agent determines that (x) funding
such Advance at a LIBOR Rate would violate any applicable law, rule, regulation or directive,
whether or not having the force of law or (y) adequate and reasonable means do not exist for
ascertaining the LIBOR Rate, then, in any such case, the Administrative Agent shall suspend the
availability of such LIBOR Rate and such Advance shall accrue Yield during such Interest Period at
the Alternate Base Rate.

     “LIBOR Base Rate” means, with respect to any Advance, a rate per annum equal to:

     (a) for any Interest Period commencing on a date other than a Settlement Date as contemplated
in the definition of Interest Period (i.e. that is a period of less than one month), the rate per
annum (carried out to the fifth decimal place) equal to the rate determined by the Administrative
Agent to be the offered rate that appears on the page of the Reuters Screen that displays an
average British Bankers Association Interest Settlement Rate (such page currently being LIBOR01)
for deposits in United States dollars (for delivery on the first day of such period) with a term
equivalent to such period, determined as of approximately 11:00 a.m. (London time) two Business
Days prior to the first day of such period; and

     (b) for any monthly Interest Period commencing on a Settlement Date and concluding on but
excluding the next succeeding Settlement Date (as contemplated in the definition of Interest
Period), the rate per annum (carried out to the fifth decimal place) equal to the rate determined
by the Administrative Agent to be the offered rate that appears on the page of the Reuters Screen
that displays an average British Bankers Association Interest Settlement Rate (such page currently
being LIBOR01) for deposits in United States dollars (for delivery on the

15

 

[SLM UBS Note Purchase Agreement]

first day of such period) with a term equivalent to such period, determined as of
approximately 11:00 a.m. (London time) two Business Days prior to the first day of such period;

provided, however, that if no rate appears on the Reuters Screen on any date of
determination, LIBOR Base Rate shall be determined as follows: the LIBOR Base Rate will be
determined at approximately 11:00 a.m., New York City time, on each day on the basis of (i) the
arithmetic mean of the rates at which one-month deposits, as applicable, in Dollars are offered to
prime banks in the London interbank market by four major banks in the London interbank market
selected by the Administrative Agent and in a principal amount of not less than $75,000,000 that is
representative for a single transaction in such market at such time, if at least two such
quotations are provided, or (ii) if fewer than two quotations are provided as described in the
preceding clause (i), the arithmetic mean of the rates, as requested by the Administrative Agent,
quoted by three major banks in New York City, selected by the Administrative Agent, at
approximately 11:00 a.m., New York City time, on such day, of one-month deposits in Dollars to
leading European banks and in a principal amount of not less than $75,000,000 that is
representative for a single transaction in such market at such time.

     “LIBOR Rate” means for any period, a rate per annum determined by the Administrative Agent
pursuant to the following formula:

	 	 	 
	LIBOR Rate =

	 	LIBOR Base Rate
 

1.00 — Eurodollar Reserve Percentage

     “Liquidated Student Loan” means any defaulted Trust Student Loan liquidated by the Servicer
(which shall not include any Trust Student Loan on which Guarantee Payments are received) or which
the Servicer has, after using all reasonable efforts to realize upon such Trust Student Loan,
determined to charge off in accordance with the applicable Servicing Policies.

     “Liquidation Proceeds” means, with respect to any Liquidated Student Loan which became a
Liquidated Student Loan during the current Settlement Period in accordance with the applicable
Servicing Policies, the moneys collected in respect of the liquidation thereof from whatever
source, other than Recoveries, net of the sum of any amounts expended by the Servicer in connection
with such liquidation and any amounts required by law to be remitted to the Obligor on such
Liquidated Student Loan.

     “Majority Lenders” means Note Purchasers (including assignee Note Purchasers) that hold
outstanding Advances representing more than 50% of the aggregate principal balance of Advances
outstanding.

     “Margin” has the meaning assigned to such term in the Fee Letter.

     “Material Adverse Effect” means a material adverse effect on:

     (a) with respect to the Trust, the status, existence, perfection, priority or enforceability
of the Administrative Agent’s interest in the Pledged Collateral or the ability of the Trust to
perform its obligations under this Agreement or any other Transaction Document or

16

 

[SLM UBS Note Purchase Agreement]

     (b) with respect to any other Person, the ability of the applicable Person to perform its
obligations under this Agreement or any other Transaction Document.

     “Maximum Financing Amount” means $2,000,000,000 as such amount may be adjusted from time to
time pursuant to Section 2.02.

     “Monthly Report” means a report, in substantially the form of Exhibit C hereto,
prepared by the Administrator and furnished to the Administrative Agent and the Eligible Lender
Trustee.

     “Moody’s” means Moody’s Investors Service, Inc. (or its successors in interest).

     “Multiemployer Plan” means a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA
which is or was at any time during the current year or the immediately preceding five years
contributed to by the Trust or any ERISA Affiliate on behalf of its employees.

     “Net Adjusted Revenue” means, for any period, Adjusted Revenue for such period less Interest
Expense and Operating Expenses for such period.

     “New York UCC” means the Uniform Commercial Code as enacted and in effect in the State of New
York from time to time.

     “Note” means any funding note issued by the Trust hereunder to the Note Purchaser.

     “Note Purchaser” means UBS Real Estate Securities Inc., and its successors and assigns
(including partial assignees, but subject to Section 10.04), which is the entity which
shall purchase the Note and otherwise act through the Administrative Agent.

     “Note Register” has the meaning assigned to such term in Section 3.05(a).

     “Note Registrar” has the meaning assigned to such term in Section 3.05(a).

     “Notice of Release” has the meaning assigned to such term in Section 2.16.

     “Obligations” means all present and future indebtedness and other liabilities and obligations
(howsoever created, arising or evidenced, whether direct or indirect, absolute or contingent, or
due or to become due) of the Trust to the Secured Creditors (or any of them), arising under or in
connection with this Agreement or any other Transaction Document or the transactions contemplated
hereby or thereby and shall include, without limitation, all liability for principal of and
Financing Costs on the Note, closing fees, unused line fees, audit fees, expense reimbursements,
indemnifications, and other amounts due or to become due under the Transaction Documents,
including, without limitation, interest, fees and other obligations that accrue after the
commencement of an insolvency proceeding (in each case whether or not allowed as a claim in such
insolvency proceeding).

     “Obligor” means the borrower or co-borrower or any other Person obligated to make payments
with respect to a Student Loan.

     “OFAC” has the meaning assigned to such term in Section 5.01(v).

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[SLM UBS Note Purchase Agreement]

     “Official Body” means any government or political subdivision or any agency, authority,
bureau, central bank, commission, department or instrumentality of any such government or political
subdivision, or any court, tribunal, grand jury or arbitrator, or any accounting board or authority
(whether or not a part of government) which is responsible for the establishment or interpretation
of national or international accounting principles, in each case whether foreign or domestic.

     “Operating Expenses” means, for any period, the aggregate amount which would fairly be
presented in the consolidated income statement of SLM Corporation and its consolidated subsidiaries
for such period (subject to normal year-end adjustments) prepared in accordance with GAAP as “total
operating expenses.”

     “Opinion of Counsel” means an opinion in writing of outside legal counsel, who may be counsel
or special counsel to the Trust, any Affiliate of the Trust, the Eligible Lender Trustee, the
Administrator or the Administrative Agent.

     “Other Applicable Taxes” has the meaning assigned to such term in Section 2.12.

     “Other Taxes” has the meaning assigned to such term in Section 2.18(a).

     “Patriot Act” has the meaning assigned to such term in Section 5.01(u).

     “Paying Agent” means Deutsche Bank Trust Company Americas, N.A. and its successors and
assigns.

     “Paying Agent Fees” means the fees, indemnities, reasonable expenses and charges of the Paying
Agent, including reasonable legal fees and expenses, as set forth in the fee letter between the
Trust and the Paying Agent dated as of the Closing Date.

     “Permitted Release” means a release of Pledged Collateral in connection with (a) a Take Out
Securitization; (b) a Whole Loan Sale, (c) a Fair Market Auction or (d) any concurrent
prepayment and satisfaction in full of all other Obligations and with respect to which, the
Administrative Agent has received written notice at least five Business Days in advance.

     “Permitted Seller Buy-Back” means an arms-length transfer of Pledged Collateral by the Trust
to the Depositor and subsequently by the Depositor to SLM Education Credit Finance Corporation so
long as the aggregate principal amount of Permitted Seller Buy-Backs does not exceed ten percent of
the lesser of (i) the highest Aggregate Note Balance outstanding at any time under this Agreement
and (ii) the aggregate original principal amount of all Student Loans sold by a Seller to the
Depositor.

     “Permitted SPE Transfer” means an arms-length transfer of all the Pledged Collateral by the
Trust to the Depositor and subsequently by the Depositor to another special purpose entity
established by SLM Corporation or one of its subsidiaries.

     “Person” means an individual, partnership, corporation (including a statutory trust), limited
liability company, joint stock company, trust, unincorporated association, joint venture,
government (or any agency or political subdivision thereof) or other entity.

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[SLM UBS Note Purchase Agreement]

     “Pledged Collateral” has the meaning specified in Section 2.10.

     “PLUS Loan” means a student loan originated under the authority set forth in Section 428A or B
(or a predecessor section thereto) of the Higher Education Act and shall include student loans
designated as “PLUS Loans” or “Grad PLUS Loans,” as defined under the Higher Education Act.

     “Potential Termination Event” means an event which but for the lapse of time or the giving of
notice, or both, would constitute a Termination Event.

     “Primary Servicing Fee” for any Settlement Date has the meaning specified in Attachment A to
the Servicing Agreement, and shall include any such fees from prior Settlement Dates that remain
unpaid.

     “Prime Rate” means, for any date of determination, the rate of interest (or if a range is
given, the highest rate) published in The Wall Street Journal on such date as constituting the
“prime rate” or “base rate” in such publication’s Table of Money Rates on such date or (ii) if The
Wall Street Journal is not published on such date, then in The Wall Street Journal most recently
published, such rate to change as and when such designated rate changes.

     “Principal Balance” means, with respect to any Student Loan and any specified date, the
outstanding principal amount of such Student Loan, plus unpaid interest thereon to be capitalized.

     “Purchase Agreement” means each Purchase Agreement, dated as of the Closing Date, between a
Seller, the Interim Eligible Lender Trustee, the Servicer and the Depositor under which the
applicable Seller will sell, on a true sale basis, certain Eligible FFELP Loans to the Depositor,
together with all purchase agreements, blanket endorsements and bills of sale executed pursuant
thereto.

     “Purchase Amount” has the meaning assigned to such term in Section 3.05(a) of the
Servicing Agreement.

     “Rating Agencies” means Moody’s, S&P and, if applicable, Fitch.

     “Records” means all documents, books, records, Student Loan Notes and other information
(including without limitation, computer programs, tapes, disks, punch cards, data processing
software and related property and rights) maintained with respect to Trust Student Loans or
otherwise in respect of the Pledged Collateral.

     “Recoveries” means moneys collected from whatever source with respect to any Liquidated
Student Loan which was written off in prior Settlement Periods or during the current Settlement
Period, net of the sum of any amounts expended by the Servicer for the account of any Obligor and
any amounts required by law to be remitted to any Obligor.

     “Registered Owner” means the Person in whose name a Note is registered in the Note Register.

     “Released Collateral” means any Pledged Collateral released pursuant to Section 2.16.

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[SLM UBS Note Purchase Agreement]

     “Reporting Date” means the twentieth (20th) day of each calendar month, beginning
April 20, 2008 or, if such day is not a Business Day, the following Business Day.

     “Required Legal Opinion” means an opinion of McKee Nelson LLP with respect to the true sale of
Student Loans and non-consolidation issues that describes the facts of the proposed transaction and
contains conclusions reasonably determined by the Administrative Agent to be in form and substance
similar to the conclusions contained in the legal opinions delivered to and accepted by the
Administrative Agent on the Closing Date.

     “Requirement of Law” means, as to any Person, any law, treaty, rule, order or regulation or
determination of a regulatory authority or arbitrator or a court or other Governmental Authority,
in each case applicable to or binding upon such Person or any of its property or to which such
Person or any of its property is subject.

     “Reserve Account” means the special account created pursuant to Section 2.06(b).

     “Reserve Account Specified Balance” means, on each Advance Date and for each Settlement
Period, cash or Eligible Investments in an amount equal to one-quarter of one percent (0.25%) of
the Student Loan Pool Balance on each Advance Date or as of the last day of that Settlement Period,
as applicable.

     “S&P” means Standard & Poor’s Ratings Service, a division of The McGraw-Hill Companies, Inc.
(or its successors in interest).

     “Sale Agreement” means the Sale Agreement, dated as of the Closing Date, among the Depositor,
the Trust, the Interim Eligible Lender Trustee and the Eligible Lender Trustee, under which the
Depositor will transfer certain Eligible FFELP Loans to the Trust, together with all sale
agreements, blanket endorsements and bills of sale executed pursuant thereto.

     “Schedule of Trust Student Loans” means a listing of all Trust Student Loans of the Trust
delivered to and held by the Administrative Agent (which Schedule of Trust Student Loans may be in
the form of microfiche, CD ROM, electronic or magnetic data file or other medium acceptable to the
Administrative Agent), as from time to time amended, supplemented, or modified, which Schedule of
Trust Student Loans shall be the master list of all Trust Student Loans then comprising a part of
the Pledged Collateral pursuant to this Agreement.

     “Secretary” means the United States Secretary of Education or any successor.

     “Secured Creditors” means the Administrative Agent and the Note Purchaser.

     “Securities Account” has the meaning assigned to such term in Section 2.08(g).

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

     “Securities Intermediary” means Deutsche Bank Trust Company Americas and its successors or
assigns.

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[SLM UBS Note Purchase Agreement]

     “Sellers” means initially, Mustang Funding I, LLC and Mustang Funding II, LLC and, with
respect to Trust Student Loan substitutions or additions, SLM Education Credit Finance Corporation.

     “Servicer” means Sallie Mae, Inc., a Delaware corporation, and its successors and permitted
assigns or any other third party sub-servicer approved by the Administrative Agent in its sole
discretion.

     “Servicer Advances” means any Financing Costs advanced by the Servicer pursuant to Section
2.15.

     “Servicer Buy-Out” means the right of the Servicer, as set forth in Section 3.05(h) of
the Servicing Agreement, to purchase any Trust Student Loans in an amount not to exceed 2% of the
then outstanding Aggregate Note Balance.

     “Servicer Default” means a “Servicer Default” as described in Section 5.01 of the
Servicing Agreement.

     “Servicing Agreement” means the Servicing Agreement, dated as of the Closing Date, among the
Trust, the Servicer, the Eligible Lender Trustee, the Administrator and the Administrative Agent.

     “Servicing Fees” means the Primary Servicing Fee, the Carryover Servicing Fee and any other
fees payable by the Trust to the Servicer in respect of servicing Trust Student Loans pursuant to
the provisions of the Servicing Agreement.

     “Servicing Policies” means the policies and procedures of the Servicer with respect to the
servicing of Trust Student Loans as the same may exist from time to time in accordance with Section
3.14(k) of the Servicing Agreement.

     “Settlement Date” means the 25th day of each calendar month, beginning April 25, 2008 (March
25, 2008 solely for purposes of calculating the initial LIBOR Base Rate and the initial Interest
Period), or, if such day is not a Business Day, the following Business Day; provided, that
after the occurrence and during the continuation of a Termination Event, the Administrative Agent
in its sole discretion may select any Business Day as a Settlement Date.

     “Settlement Period” means initially the period commencing on the Closing Date and ending on
March 31, 2008, and thereafter, (a) each monthly period ending on (and inclusive of) the last day
of the calendar month and (b) after the occurrence and during the continuation of a Termination
Event, such period as determined by the Administrative Agent in its sole discretion (which may be a
period as short as one Business Day).

     “SLS Loan” means a student loan originated under the authority set forth in Section 428A (or a
predecessor section thereto) of the Higher Education Act and shall include student loans designated
as “SLS Loans,” as defined under the Higher Education Act.

     “Solvent” means, at any time with respect to any Person, a condition under which:

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[SLM UBS Note Purchase Agreement]

     (a) the fair value and present fair saleable value of such Person’s total assets is, on the
date of determination, greater than such Person’s total liabilities (including contingent and
unliquidated liabilities) at such time;

     (b) the fair value and present fair saleable value of such Person’s assets is greater than the
amount that will be required to pay such Person’s probable liability on its existing debts as they
become absolute and matured (“debts,” for this purpose, includes all legal liabilities, whether
matured or unmatured, liquidated or unliquidated, absolute, fixed or contingent);

     (c) such Person is, and shall continue to be, able to pay all of its liabilities as such
liabilities mature; and

     (d) such Person does not have unreasonably small capital with which to engage in its current
and in its anticipated business.

     “Special Allowance Payments” means special allowance payments on Student Loans authorized to
be made by the Department of Education pursuant to Section 438 of the Higher Education Act, or
similar allowances authorized from time to time by federal law or regulation.

     “Stafford Loan” means a loan designated as such that is made under the Robert T. Stafford
Student Loan Program in accordance with the Higher Education Act.

     “Stated Termination Date” means February 27, 2009, or if such date is extended pursuant to
Section 2.14 hereof, the date to which so extended.

     “Student Loan” means a FFELP Loan.

     “Student Loan Notes” means the promissory note or notes of an Obligor and any amendment
thereto evidencing each Obligor’s obligation with regard to a Student Loan or the electronic
records evidencing the same.

     “Student Loan Pool Balance” means, as of any date, the aggregate outstanding Principal Balance
(as reported by the Administrator on the last Monthly Report delivered to the Administrative Agent)
of the Eligible FFELP Loans, calculated as of the end of the previous calendar month.

     “Take Out Securitization” means a sale or transfer of any portion of the Trust Student Loans
by the Trust (directly or indirectly) to a trust sponsored by an Affiliate of the Depositor as part
of a publicly or privately traded, rated or unrated student loan securitization, pass-through, pay
through, secured note or similar transaction.

     “Taxes” means all taxes, levies, imposts, duties, charges, fees, deductions, withholdings or
other charges imposed, levied, collected, withheld or assessed by any Governmental Authority.

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[SLM UBS Note Purchase Agreement]

     “Tax Return” means any return, declaration, report, claim for refund, or information return or
statement relating to Taxes, including any schedule or attachment thereto, and including any
amendment thereof.

     “Termination Date” means the earliest to occur of (a) the Stated Termination Date, (b) the
date of the declaration or automatic occurrence of the Termination Date pursuant to Article
VII and (c) any date designated as the date for terminating the entire facility pursuant to
Section 2.02.

     “Termination Event” has the meaning assigned to such term in Article VII.

     “Transaction Documents” means, collectively, this Agreement, the Valuation Agent Agreement,
the Trust Agreement, the Interim Trust Agreement, the Administration Agreement, the Servicing
Agreement, the Fee Letter, the Sale Agreement, the Purchase Agreements and all Guarantee
Agreements.

     “Treasury Regulations” means any regulations promulgated by the Internal Revenue Service
interpreting the provisions of the Code.

     “Trust” means Phoenix Fundings I, a Delaware statutory trust and its successors and assigns.

     “Trust Account” means any of the Collection Account, Reserve Account, Capitalized Interest
Account, Floor Income Rebate Account and Borrower Benefit Account.

     “Trust Agreement” means the Amended and Restated Trust Agreement, dated as of the Closing
Date, among the Depositor, the Delaware Trustee and the Eligible Lender Trustee, as amended and
supplemented pursuant to the terms thereof.

     “Trust Indemnified Amounts” has the meaning assigned to such term in Section 8.01.

     “Trust Student Loan” means any Student Loan held by the Trust.

     “UCC” means the Uniform Commercial Code as from time to time in effect in the specified
jurisdiction.

     “United States” means the United States of America.

     “Valuation Agent” means UBS Securities LLC, or any other entity appointed as Valuation Agent
by the Administrative Agent and approved by the Administrator.

     “Valuation Agent Agreement” means the Valuation Agent Agreement, dated as of the Closing Date,
among the Trust, the Administrator, the Administrative Agent and the Valuation Agent, as such
agreement may be amended or supplemented from time to time pursuant to the terms thereof.

     “Valuation Date” means the tenth day of each calendar month beginning April 10, 2008 or, if
such day is not a Business Day, the following Business Day.

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[SLM UBS Note Purchase Agreement]

     “Valuation Report” means a report furnished by the Valuation Agent to the Administrator, the
Administrative Agent and the Trust pursuant to the Valuation Agent Agreement and Section
2.04, the form of which is attached as Exhibit A to the Valuation Agent Agreement.

     “Whole Loan Sale” means a sale of Trust Student Loans to a third-party purchaser not
Affiliated with the Trust or SLM Corporation in exchange for not less than fair market value.

     “Yield” means, with respect to any Interest Period, the sum of the daily interest accrued on
the Note on each day during such period equal, for any such day, to the product of (x) the
outstanding principal amount of the Note on such day, (y) the applicable Lender Rate and (z) the
applicable computation period determined in accordance with Section 2.01(d)(iii) of this Agreement,
provided that (1) after the occurrence of a Termination Event, Yield on the Note shall
accrue at the Default Rate and (2) after any other monetary Obligation of the Trust arising under
this Agreement shall become due and payable, the Trust shall pay (to the extent permitted by law)
Yield on such amounts at a rate per annum equal to the Federal Funds Rate most recently determined
by the Administrative Agent plus 0.50% per annum.

     “Yield Protection” means amounts payable by the Trust pursuant to Section 2.13.

     Section 1.02. Other Terms. All accounting terms not specifically defined herein shall be
construed in accordance with GAAP. All terms used in Article 9 of the New York UCC and not
specifically defined herein, are used herein as defined in such Article 9. Any reference to an
agreement herein shall be deemed to include a reference to such agreement as amended, restated,
supplemented or otherwise modified from time to time.

     Section 1.03. Computation of Time Periods. Unless otherwise stated in this Agreement, in the
computation of a period of time from a specified date to a later specified date, the word “from”
means “from and including” and the words “to” and “until” each mean “to but excluding.”

     Section 1.04. Time References. All time references in this Agreement shall refer to the time
in New York, New York unless otherwise noted.

ARTICLE II

THE FACILITY

     Section 2.01. Issuance and Purchase of Note; Making of Advances.

     (a) In consideration of the agreements of the Trust and the Note Purchaser hereunder, and
subject to the terms and conditions set forth in this Agreement, the Trust agrees to sell, transfer
and deliver to the Note Purchaser, and the Note Purchaser agrees to purchase from the Trust the
Note, the outstanding amount of which shall not exceed the Maximum Financing Amount. Subject to
the satisfaction of the conditions precedent set forth in Section 4.01, the purchase price
payable for the Note shall be equal to the aggregate Collateral Value of the Eligible FFELP Loans.
The payment of such purchase price shall be made to the account specified by the Administrator on
behalf of the Trust to the Administrative Agent.

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[SLM UBS Note Purchase Agreement]

     (b) On the terms and conditions hereinafter set forth, the Note Purchaser agrees to make the
initial Advance on the Advance Date requested by the Trust in the related initial Advance Request,
which date shall occur during the 30 days following the Closing Date, and any subsequent Advances
on the related Advance Date specified in the applicable Advance Request during the 30 days
following the Closing Date (but not more than three subsequent Advances may be made). No Advances
shall be made after such 30-day period. Each Advance Request shall be delivered to the
Administrative Agent at least three Business Days prior to the intended Advance Date (provided,
that in respect of the initial Advance, such Advance Request may be delivered in such shorter
period in advance of such initial Advance Date, as the Administrator and the Administrative Agent
may mutually agree). The Note shall be denominated in and be payable in United States dollars. The
outstanding principal balance of the Note shall be paid from time to time from Available Funds
pursuant to Section 2.05(b) and shall be due and payable on the Termination Date. Yield on
the outstanding principal balance of the Note shall be due and payable on each Settlement Date.
Any amounts necessary to remedy a Borrowing Base Deficiency shall be paid on the applicable
Settlement Date as set forth in Section 2.04. All other Obligations hereunder, if not
previously paid pursuant to Section 2.05(b), shall be due and payable on the Termination
Date.

     (c) LIBOR Rate or Base Rate Determination.

     (i) The Administrative Agent shall, two Business Days before the first day of
each Interest Period during which the Note will continue to bear interest based upon
the LIBOR Rate, determine the rate of interest for the upcoming Interest Period, as
contemplated in the definition of LIBOR Base Rate. The Administrative Agent shall
thereupon promptly notify the Trust of the LIBOR Base Rate it so determines, which
will then constitute the LIBOR Rate applicable to the Note for the upcoming monthly
Interest Period.

     (ii) The Administrative Agent shall promptly send notice to the Trust and the
Administrator if the Yield for an Interest Period will be calculated based on the
Alternate Base Rate instead of the LIBOR Rate, together with an explanation as to
such determination.

     (d) Yield.

     (i) Payment. The Trust hereby promises to pay Yield on the unpaid principal
amount of each Note on each Settlement Date for the period commencing on the date of
each Advance until the date the Aggregate Note Balance is paid in full.

     (ii) Maximum Yield. No provision of this Agreement or the Note shall require
the payment or permit the collection of Yield in excess of the maximum permitted by
applicable law.

     (iii) Computation of Yield. All Yield hereunder shall be computed on the basis
of a year of 360 days, except that Yield computed by reference to the Alternate Base
Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap
year), and in each case shall be payable for the actual number of

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[SLM UBS Note Purchase Agreement]

days elapsed (including the first day but excluding the last day). The
applicable Yield shall be determined by the Administrative Agent in accordance with
the provisions of this Agreement and such determination shall be conclusive absent
manifest error

     Section 2.02. Termination of Facility or Reduction of the Aggregate Note Balance. The Trust,
acting through the Administrator, may, upon at least three Business Days’ prior written notice to
the Administrative Agent, (a) prepay the Aggregate Note Balance in its entirety or (b) repay in
part the Aggregate Note Balance, in either case, by making a payment equal to the amount of such
repayment to such account as the Administrative Agent may specify. Each partial repayment shall be
in minimum increments of $10,000,000 or any higher multiple of $1,000,000. Any repayment shall
include the payment of all accrued and outstanding Yield on such outstanding principal amount being
repaid through the date of repayment, and in the case of a repayment in full, all other accrued and
outstanding Obligations of the Trust through the date of repayment. No partial prepayment under
this Section 2.02 may be made during the 30-day period following the Closing Date. It is
understood that principal repayments made on a Settlement Date pursuant to Section 2.05 do not
constitute repayments or prepayments subject to the restrictions of this Section 2.02.

     Section 2.03. The Accounts.

     (a) Collection Account. On or prior to the date hereof, the Trust shall establish and
maintain, or cause to be established and maintained, the Collection Account. The Collection
Account shall be maintained as a segregated non-interest bearing account at the Paying Agent, and
shall be under the sole dominion and control of the Paying Agent, on behalf of the Secured
Creditors. The Collection Account shall be in the name of the Administrative Agent, on behalf of
the Secured Creditors and the Trust. Neither the Trust nor the Administrator shall have any
withdrawal rights from the Collection Account. Any Collections received by the Trust, the
Administrator, the Eligible Lender Trustee, the Sellers, the Servicer or any agent thereof, as the
case may be, are to be transmitted to the Collection Account within two Business Days after receipt
of good funds, i.e., the depositing of such funds into the applicable account the crediting of
which cannot be revoked.

     The Trust shall direct the Eligible Lender Trustee, the Servicer, the Sellers or any agent
thereof, in writing, to transmit any Collections it receives with respect to the Trust Student
Loans directly to the Paying Agent for deposit to the Collection Account within two Business Days
of receipt of good funds, i.e., the depositing of such funds into the applicable account the
crediting of which cannot be revoked. Funds on deposit in the Collection Account may be invested
from time to time in Eligible Investments at the direction of the Administrator in accordance with
Section 2.08. Upon the payment in full of all Obligations hereunder and the termination of
this Agreement, the Administrative Agent agrees to send notice to the Servicer that this Agreement
has terminated and that Collections no longer are to be forwarded to the Collection Account
pursuant to this Agreement. All investment earnings on the funds on deposit in the Collection
Account during any Settlement Period shall be applied as Available Funds for the applicable
Settlement Period in accordance with Section 2.05(b). The Paying Agent shall apply funds
on deposit in the Collection Account as described in Section 2.05. Each of the Trust and
the Administrator agree, by executing this Agreement, to hold any Collections received in trust for
the Paying Agent and to comply with the remittance procedures set forth in this Section
2.03.

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[SLM UBS Note Purchase Agreement]

Any funds remaining in the Collection Account after the payment in full of all Obligations
under the Transaction Documents shall be paid to the holder of the Excess Distribution Certificate.

     (b) Floor Income Rebate Account. On or prior to the date hereof, the Trust shall establish
and maintain, or cause to be established and maintained, the Floor Income Rebate Account. The
Floor Income Rebate Account shall be maintained as a segregated non-interest bearing account at the
Paying Agent and shall be under the sole dominion and control of the Paying Agent, on behalf of the
Secured Creditors. The Floor Income Rebate Account shall be in the name of the Administrative
Agent, on behalf of the Secured Creditors and the Trust. Neither the Trust nor the Administrator
shall have any withdrawal rights from the Floor Income Rebate Account. On or before each
Settlement Date, the Administrator will instruct the Paying Agent to transfer from the Collection
Account to the Floor Income Rebate Account the estimated monthly accrual for the related Settlement
Period of interest paid by Obligors on Trust Student Loans originated on or after April 1, 2006
that exceeds the Interest Subsidy Payments or Special Allowance Payments applicable to such Trust
Student Loans for such month. These deposited amounts will be used to offset the amount of floor
income, if any, that is expected to be netted by the Department against the Interest Subsidy
Payments and/or Special Allowance Payments otherwise due to the Trust. On each Settlement Date,
the Paying Agent shall transfer from the Floor Income Rebate Account to the Collection Account all
amounts on deposit in the Floor Income Rebate Account which relate to obligations owed to the
Department during the related Settlement Period or payments received from the Department during the
related Settlement Period, and apply such funds in accordance with Section 2.05(b). Funds
on deposit in the Floor Income Rebate Account may be invested from time to time in Eligible
Investments at the direction of the Administrator in accordance with Section 2.08. All
investment earnings on the funds on deposit in the Floor Income Rebate Account during any
Settlement Period shall be deposited into the Collection Account by the Paying Agent on or before
the second Business Day after the end of that Settlement Period and applied as Available Funds on
the Settlement Date for the related Settlement Period. Any funds remaining in the Floor Income
Rebate Account after the payment in full of all Obligations under the Transaction Documents shall
be paid to the holder of the Excess Distribution Certificate.

     (c) Borrower Benefit Account. On or prior to the date hereof, the Trust shall establish and
maintain, or cause to be established and maintained, the Borrower Benefit Account. The Borrower
Benefit Account shall be maintained as a segregated non-interest bearing account at the Paying
Agent and shall be under the sole dominion and control of the Paying Agent, on behalf of the
Secured Creditors. The Borrower Benefit Account shall be in the name of the Administrative Agent,
on behalf of the Secured Creditors and the Trust. Neither the Trust nor the Administrator shall
have any withdrawal rights from the Borrower Benefit Account. The Borrower Benefit Account will be
funded in the event certain borrower benefits that are not required under the Higher Education Act
are offered to Obligors and the result of such borrower benefits is to reduce the yield on the
related Eligible FFELP Loans, as contemplated in and consistent with the requirements of
Section 3.12 of the Servicing Agreement and Section 6.24 hereof. On or before each
Settlement Date, the Administrator will instruct the Paying Agent to transfer from the Borrower
Benefit Account to the Collection Account all amounts on deposit in the Borrower Benefit Account
which relate to the related Settlement Period and apply such funds in accordance with Section
2.05(b). Funds on deposit in the Borrower Benefit Account may be invested from time to time in
Eligible Investments at the direction of the Administrator in accordance with Section 2.08.
All investment earnings on the funds on deposit in the Borrower

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[SLM UBS Note Purchase Agreement]

Benefit Account during any Settlement Period shall be deposited into the Collection Account by
the Paying Agent on or before the second Business Day after the end of that Settlement Period and
applied as Available Funds on the Settlement Date for the related Settlement Period. Any funds
remaining in the Borrower Benefit Account after the payment in full of all Obligations under the
Transaction Documents shall be paid to the holder of the Excess Distribution Certificate.
Furthermore, upon the occurrence of the Termination Date, all amounts on deposit in the Borrower
Benefit Account shall immediately be transferred to the Collection Account and shall be part of
Available Funds on the next Settlement Date.

     Section 2.04. Mark to Market Valuation. Pursuant to the Valuation Agent Agreement, on each
Valuation Date, the Valuation Agent shall deliver to the Administrative Agent, the Trust and the
Administrator a Valuation Report setting forth the Applicable Percentages to be applied in
ascertaining Collateral Value. The Administrator’s calculations for the Monthly Report delivered
on the Reporting Date following receipt of a Valuation Report shall reflect the Valuation Report’s
Applicable Percentages in the calculation of Collateral Value, Borrowing Base and Borrowing Base
Deficiency, if any. On the next Settlement Date after the Reporting Date and its receipt of notice
of any Borrowing Base Deficiency, the Trust shall either pay down the Aggregate Note Balance or
transfer or substitute additional Eligible FFELP Loans as Pledged Collateral in an amount necessary
to fully remedy such Borrowing Base Deficiency (and any such transfer or substitution shall be
effected pursuant to an existing Purchase Agreement and the Sale Agreement, or pursuant to such
other documentation as the Administrative Agent shall approve).

     Section 2.05. Transfers from Collection Account.

     (a) On or prior to each Reporting Date, the Trust shall cause the Administrator to prepare the
Monthly Report and shall provide or cause to be provided to the Administrator all information
necessary or appropriate to accurately prepare such Monthly Report, all calculations, unless
otherwise specified, to be made as of the end of the current Settlement Period, and cause the
Administrator to forward such Monthly Report to the Paying Agent and the Administrative Agent on or
prior to the applicable Reporting Date.

     (b) The Paying Agent, on each Settlement Date, shall make the following deposits and
distributions from Available Funds in the Collection Account in the amount and in the order of
priority as set forth below (except for any amounts drawn on the Credit Agreement or otherwise
which are specifically designated for payments under clause (viii) to remedy a Borrowing Base
Deficiency) as directed by the Administrator on behalf of the Trust (or if the Administrator fails
to provide such direction, as provided by the Administrative Agent) pursuant to the Monthly Report,
on which the Paying Agent may conclusively rely:

     (i) pay to the Servicer an amount equal to its unreimbursed Servicer Advances
due and owing;

     (ii) pay to the Eligible Lender Trustee, the Delaware Trustee, the
Administrator and the Paying Agent, as appropriate and on a pro rata basis, an
amount equal to the Eligible Lender Trustee Fees, the Delaware Trustee Fees, the
Administrator Fees and the Paying Agent Fees, which are due and owing as of the
close of business on the last day of the immediately preceding calendar month;

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[SLM UBS Note Purchase Agreement]

     (iii) pay to the Servicer an amount equal to the Primary Servicing Fees which
are due and owing as of the close of business on the last day of the immediately
preceding Settlement Period;

     (iv) on a pari passu basis, (a) pay to the Administrative Agent for the benefit
of the Note Purchaser, an amount equal to the amount of Yield due on the Advances
and (b) pay to the Administrative Agent and Note Purchaser, as appropriate, an
amount equal to all other Financing Costs (other than amounts owed with respect to
Yield Protection);

     (v) following the replacement of the Servicer, pay to the replacement Servicer
the reasonable expenses and charges resulting from the transition in servicing, to
the extent such costs have not been paid by the predecessor Servicer;

     (vi) until the occurrence of a Termination Event, deposit into the Capitalized
Interest Account any amount necessary to cause the amount on deposit in the
Capitalized Interest Account to equal the Capitalized Interest Account Specified
Balance;

     (vii) until the occurrence of a Termination Event, deposit into the Reserve
Account the amount necessary to cause the amount in the Reserve Account to equal the
Reserve Account Specified Balance;

     (viii) pay to the Administrative Agent, for the benefit of the Note Purchaser,
payments to remedy the Borrowing Base Deficiency, if any, existing on such
Settlement Date;

     (ix) pay to the Administrative Agent for the benefit of the Note Purchaser
payments to be applied to any Yield Protection and other Obligations (other than the
amounts payable pursuant to the clause (x)) due and owing to the Note Purchaser
pursuant to this Agreement;

     (x) pay to the Administrative Agent for the benefit of the Note Purchaser
payments to be applied to the repayment of the outstanding principal amount of the
Note, until paid in full;

     (xi) pay to the Eligible Lender Trustee, the Administrative Agent for the
benefit of the Note Purchaser, the Valuation Agent and the Paying Agent, on a pro
rata basis if necessary, any Trust Indemnified Amounts due and owing pursuant to
this Agreement or any other Transaction Document as of such Settlement Date and not
previously paid;

     (xii) pay to SLM Corporation any indemnified amounts paid by it with respect to
the Trust pursuant to the commitment letter, dated January 23, 2008 with the
Administrative Agent;

     (xiii) pay to the Servicer an amount equal to any other obligations of the
Trust due and payable to the Servicer including Carryover Servicing Fees, if any,

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[SLM UBS Note Purchase Agreement]

which are accrued and unpaid as of the close of business on the last day of the
immediately preceding Settlement Period;

     (xiv) to SLM Corporation in repayment of accrued interest on and the unpaid
principal balance borrowed under the Credit Agreement; and

     (xv) to the holder of the Excess Distribution Certificate, any Available Funds
remaining after the payment in full of each of the foregoing items.

Notwithstanding anything else in this Agreement, the failure to make a payment (other than pursuant
to Section 2.05(b)(i), (ii), (iii), (iv) or (viii)) due to insufficiency of Available Funds
shall not constitute a failure to make a payment, transfer or deposit on the due date thereof
pursuant to Section 7.01(a) or (b).

     Section 2.06. Capitalized Interest Account and Reserve Account.

     (a) On or prior to the date hereof, the Trust shall establish and maintain, or cause to be
established and maintained, the Capitalized Interest Account. The Capitalized Interest Account
shall be maintained in a segregated non-interest bearing account at the Paying Agent and shall be
under the sole dominion and control of the Paying Agent on behalf of the Secured Creditors. The
Capitalized Interest Account shall be in the name of the Administrative Agent, on behalf of the
Secured Creditors and the Trust. Neither the Trust nor the Administrator shall have any withdrawal
rights from the Capitalized Interest Account. On each Advance Date (after giving effect to any
Trust Student Loans being purchased by the Trust on such date), the Trust shall deposit into the
Capitalized Interest Account from proceeds of each Advance the amount, if any, necessary to bring
the balance in such account up to the Capitalized Interest Account Specified Balance. Thereafter,
until the occurrence of a Termination Event, on each Settlement Date, the Administrator shall cause
to be deposited into the Capitalized Interest Account from Available Funds pursuant to Section
2.05(b)(vi) such additional amounts as are necessary to cause the amount on deposit in the
Capitalized Interest Account to be equal to the Capitalized Interest Account Specified Balance
calculated as of the last day of the related Settlement Period. Funds on deposit in the
Capitalized Interest Account may be invested from time to time in Eligible Investments in
accordance with Section 2.08. The Paying Agent shall apply funds on deposit in the
Capitalized Interest Account as described in Section 2.07(a).

     (b) On or prior to the date hereof, the Administrator shall establish and maintain, or cause
to be established and maintained, the Reserve Account by depositing into the Reserve Account cash
or Eligible Investments equal to the Reserve Account Specified Balance as of the Closing Date. The
Reserve Account shall be maintained in a segregated non-interest bearing account at the Paying
Agent, and shall be under the sole dominion and control of the Paying Agent on behalf of the
Secured Creditors. The Reserve Account shall be in the name of the Administrative Agent, on behalf
of the Secured Creditors and the Trust. Neither the Trust nor the Administrator shall have any
withdrawal rights from the Reserve Account. On each Advance Date (after giving effect to any Trust
Student Loans being purchased by the Trust on such date), the Trust shall deposit into the Reserve
Account from proceeds of each Advance the amount, if any, necessary to bring the balance in such
account up to the Reserve Account Specified Balance. Thereafter, until the occurrence of a
Termination Event, on each Settlement Date, the Administrator shall cause to be deposited into the
Reserve Account from Available Funds

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[SLM UBS Note Purchase Agreement]

pursuant to Section 2.05(b)(vii) such additional amounts as are necessary to cause the
amount on deposit in the Reserve Account to be equal to the Reserve Account Specified Balance
calculated as of the last day of the related Settlement Period. Funds on deposit in the Reserve
Account may be invested from time to time in Eligible Investments in accordance with Section
2.08. The Paying Agent shall apply funds on deposit in the Reserve Account as described in
Section 2.07(b).

     Section 2.07. Transfers from the Capitalized Interest Account and Reserve Account.

     (a) To the extent there are insufficient Available Funds in the Collection Account to pay the
amounts set forth in clauses (b)(ii) through (iv) of Section 2.05 in accordance with the
provisions of Section 2.05 on any Settlement Date (after taking into account any Servicer
Advances), the Paying Agent shall transfer to the Collection Account moneys held by the Paying
Agent in the Capitalized Interest Account, to the extent available for distribution on the
specified day, to pay the amounts set forth in clauses (b)(ii) through (iv) of Section
2.05. On each Settlement Date, after making any transfers pursuant to the preceding sentence,
the Paying Agent shall transfer to the Collection Account any funds in the Capitalized Interest
Account in excess of the Capitalized Interest Account Specified Balance. Furthermore, upon the
occurrence of the Termination Date, all amounts on deposit in the Capitalized Interest Account
shall immediately be transferred to the Collection Account and shall be part of Available Funds on
the next Settlement Date.

     (b) To the extent there are insufficient Available Funds in the Collection Account to pay the
amounts set forth in clauses (b)(ii) through (iv) of Section 2.05 in accordance with the
provisions of Section 2.05 on any Settlement Date prior to the Termination Date (after
taking into account any amounts transferred to the Collection Account pursuant to Section
2.07(a)), the Paying Agent shall transfer to the Collection Account moneys held by the Paying
Agent in the Reserve Account, to the extent available for distribution on the specified day, to pay
the amounts set forth in clauses (b)(ii) through (iv) of Section 2.05 in the priority set
forth in Section 2.05. On each Settlement Date, after making any transfers pursuant to the
preceding sentence, the Paying Agent shall transfer to the Collection Account any funds in the
Reserve Account in excess of the Reserve Account Specified Balance. Furthermore, upon the
occurrence of a Termination Date, all amounts on deposit in the Reserve Account shall immediately
be transferred to the Collection Account and shall be part of Available Funds on the next
Settlement Date.

     Section 2.08. Management of Trust Accounts by Paying Agent.

     (a) All funds held in the Collection Account, the Capitalized Interest Account, the Reserve
Account, the Floor Income Rebate Account and the Borrower Benefit Account, including investment
earnings thereon, shall be invested at the direction of the Administrator in Eligible Investments
having a maturity date not later than the day prior to the next date on which any distributions are
to be made from funds on deposit in such accounts; provided, however, that from and
after the Termination Date, the Paying Agent at the direction of the Administrative Agent shall
have the sole right to restrict the maturities of any investments held in any Trust Account, and to
direct the withdrawal of any such investments for the purposes of paying the amounts described in
Section 2.05(b), including any unpaid principal and Financing Costs on the

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[SLM UBS Note Purchase Agreement]

Note. All investment earnings (net of losses) on such Eligible Investments shall be credited
to the applicable Trust Accounts. In the event that the Administrator or the Administrative Agent,
as the case may be, shall have failed to give investment directions to the Paying Agent by 11:00
a.m. on any Business Day on which there may be uninvested cash deposited in any Trust Account, the
Paying Agent shall have no obligation to invest such funds and shall not be liable for any lost
potential investment earnings.

     (b) Deutsche Bank Trust Company Americas (“Deutsche Bank”), in its capacity as Securities
Intermediary or depositary bank with respect to each Trust Account, hereby agrees with the Trust
and the Administrative Agent that (i) each of the Trust Accounts, shall be either securities
accounts or deposit accounts maintained at the Paying Agent, (ii) each item of property (whether
investment property, financial asset, security, cash or instrument) credited to any Trust Account
shall be treated as a “financial asset” within the meaning of Section 8-102(a)(9) of the UCC to the
extent any such Trust Account is a securities account, (iii) Deutsche Bank shall treat the
Administrative Agent as entitled to exercise the rights that comprise each financial asset credited
to the Trust Accounts, (iv) Deutsche Bank shall comply with entitlement orders originated by the
Administrative Agent with respect to any of the foregoing accounts that is a securities account
and shall comply with instructions directing the disposition of funds originated by the
Administrative Agent with respect to any of the foregoing accounts that is a deposit account, in
each case without the further consent of any other person or entity, (v) except as otherwise
provided in subsection (a) of this Section, Deutsche Bank shall not agree to comply with
entitlement orders or instructions directing the disposition of funds originated by any person or
entity other than the Administrative Agent, (vi) the Trust Accounts, and all property credited to
such accounts shall not be subject to any lien, security interest, right of set-off or encumbrance
in favor of Deutsche Bank in its capacity as Securities Intermediary or depositary bank or anyone
claiming through Deutsche Bank as Securities Intermediary or depositary bank (other than the
Administrative Agent), and (vii) the agreement herein between Deutsche Bank and the Administrative
Agent shall be governed by the laws of the State of New York. Each term used in this Section
2.08(b) and in Section 2.08(c) and defined in the New York UCC shall have the meaning
set forth in the New York UCC.

     (c) No Eligible Investment held in the Trust Accounts, in the form of an instrument or
certificated security as defined in the New York UCC in the possession of the Securities
Intermediary (i) shall be subject to any other security interest or (ii) shall constitute proceeds
of any property subject to such third party’s security interest.

     (d) The Trust agrees to report as its income for financial reporting and tax purposes (to the
extent reportable) all investment earnings on amounts in the Trust Accounts.

     (e) Any investment of any funds in the Trust Accounts shall be made under the following terms
and conditions:

     (i) any such investment of funds shall be made in Eligible Investments which
Eligible Investment will mature no later than the next Settlement Date (or such
shorter periods as the Administrative Agent may direct); and

     (ii) with respect to investments credited to the Trust Accounts, the
Administrative Agent for the benefit of the Secured Creditors shall have a first

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[SLM UBS Note Purchase Agreement]

priority perfected security interest in such investment, perfected by control
to the extent permitted under Article 9 of the UCC.

     (f) The Paying Agent shall not in any way be held liable by reason of any insufficiency in the
Trust Accounts resulting from losses on investments made in accordance with the provisions of this
Agreement.

     (g) With respect to each of the Trust Accounts that is a “securities account” (each, a
“Securities Account”), the Securities Intermediary hereby confirms and agrees that:

     (i) all securities, financial assets or other property credited to the
Securities Accounts shall be registered in the name or nominee of the Securities
Intermediary by a clearing corporation or other securities intermediary and as to
which the Securities Intermediary is entitled to exercise the rights that comprise
any financial assets credited to such Securities Account, indorsed to the Securities
Intermediary in blank or credited to another Securities Account maintained in the
name of the Securities Intermediary, and in no case shall any financial asset
credited to any Securities Account be registered in the name of the Trust, payable
to the order of the Trust or specially indorsed to the Trust;

     (ii) all securities and other property delivered to the Securities Intermediary
pursuant to this Agreement shall be promptly credited to the appropriate Securities
Account;

     (iii) each Securities Account is an account to which financial assets are or
may be credited;

     (iv) except for the claims and interest of the Administrative Agent and of the
Trust in the Securities Accounts and without independent investigation of any kind,
the Securities Intermediary does not know of any claim to, or interest in, any
Securities Account or in any “financial asset” (as defined in Section 8 102(a)(9) of
the UCC) credited thereto; if any person asserts any lien, encumbrance or adverse
claim (including any writ, garnishment, judgment, warrant of attachment, execution
or similar process) against any Securities Account or in any financial asset carried
therein, the Securities Intermediary will promptly notify the Administrative Agent
and the Trust thereof upon receiving notice or other actual knowledge thereof.

     (h) Each party hereto acknowledges that the Securities Intermediary constitutes a “securities
intermediary” within the meaning of Section 8-102(a)(14) of the UCC with respect to each Securities
Account and constitutes a “bank” within the meaning of Section 9-102(a)(8) of the New York UCC with
respect to each Trust Account that is a “deposit account.”

     Section 2.09. Pledged Collateral, Assignment of the Transaction Documents. To secure the
prompt and complete payment when due of the Obligations and the performance by the Trust of all of
the covenants and obligations to be performed by it pursuant to this Agreement and each other
Transaction Document, the Trust (and the Eligible Lender Trustee, in its capacity as titleholder to
the Trust Student Loans) hereby assigns to the Administrative Agent on behalf

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[SLM UBS Note Purchase Agreement]

of the Secured Creditors (and their respective successors and assigns), and Grants to the
Administrative Agent on behalf of the Secured Creditors (and their respective successors and
assigns) a security interest, in each case, for the benefit of the Secured Creditors in accordance
with their interests, in all of the Trust’s (and the Eligible Lender Trustee’s, in its capacity as
titleholder to the Trust Student Loans) right and title to and interest in (but not the obligations
of) the Transaction Documents. The Trust confirms and agrees that the Administrative Agent shall
have, following the occurrence or declaration of a Termination Date the sole right to enforce the
Trust’s rights and remedies under the Transaction Documents for the benefit of the Secured
Creditors, but without any obligation on the part of the Administrative Agent or any other Secured
Creditor or any of their respective Affiliates, to perform any of the obligations of the Trust
under the Transaction Documents.

     Section 2.10. Grant of a Security Interest. To secure the prompt and complete payment when
due of the Obligations and the performance by the Trust of all of the covenants and obligations to
be performed by it pursuant to this Agreement and each other Transaction Document, the Trust (and
the Eligible Lender Trustee, in its capacity as titleholder to the Trust Student Loans) hereby
Grants to the Administrative Agent on behalf of the Secured Creditors (and their respective
successors and assigns), a security interest in all of the Trust’s and the Eligible Lender
Trustee’s, on behalf of the Trust, right, title and interest in:

     (a) all Trust Student Loans;

     (b) all Collections from Trust Student Loans, including all Interest Subsidy Payments, Special
Allowance Payments, borrower payments and reimbursements of principal and accrued interest on
default claims received and to be received from any Guarantor;

     (c) any other Collections, Eligible Investments, funds and accrued earnings thereon held in
the various funds and accounts created under this Agreement, including the Trust Accounts;

     (d) all rights and remedies (but none of the obligations) under each of the Transaction
Documents;

     (e) all Records relating to such Trust Student Loans and the foregoing items;

     (f) all accounts, general intangibles, payment intangibles, instruments, investment property,
documents, chattel paper, goods, moneys, letters of credit, letter of credit rights, certificates
of deposit, deposit accounts and all other property and interests in property of the Trust or the
Eligible Lender Trustee, on behalf of the Trust, whether tangible or intangible and whether now
owned or existing or hereafter arising or acquired and wheresoever located; and

     (g) all proceeds of any of the foregoing (collectively, along with the right and title to and
interest of the Trust (and the Eligible Lender Trustee, in its capacity as titleholder to the Trust
Student Loans) in the Transaction Documents pursuant to Section 2.09 and all proceeds
thereof, the “Pledged Collateral”).

The Trust and the Eligible Lender Trustee agree that this Section is intended to grant in favor of
the Administrative Agent, on behalf of the Secured Creditors, a continuing lien and security
interest in all of the Trust’s (and the Eligible Lender Trustee’s in its capacity as titleholder to
the

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[SLM UBS Note Purchase Agreement]

Trust Student Loans) personal property. Each of the Trust and the Eligible Lender Trustee
authorizes the Administrative Agent and its counsel to file Uniform Commercial Code financing
statements, in form and substance satisfactory to the Eligible Lender Trustee, describing the
collateral as all personal property of the Trust. In addition, at the request of the
Administrative Agent, the Trust shall file or cause to be filed, and authorizes the Administrative
Agent to file, UCC financing statement assignments assigning to the Administrative Agent any
financing statement showing the Trust as secured party with respect to any personal property
constituting, in the hands of the Trust or Eligible Lender Trustee, as applicable, Pledged
Collateral.

     Section 2.11. Payments by the Trust. All payments to be made by the Trust shall be made
without set-off, recoupment or counterclaim. Except as otherwise expressly provided herein, all
payments by, or on behalf of, the Trust for the account of the Note Purchaser, shall be made to the
Administrative Agent, for further credit to an account designated by the Note Purchaser in United
States dollars. Such payments (other than amounts already on deposit in the Collection Account)
shall be made in immediately available funds to the Paying Agent no later than 12:00 p.m. on the
date specified herein and the Paying Agent shall forward such amounts to the Note Purchaser no
later than 1:00 p.m. on the date specified herein. Payments shall be applied in the order of
priority specified in Section 2.05(b). Any payment which is received later than 1:00 p.m.
(other than payments from amounts already on deposit in the Collection Account) shall be deemed to
have been received on the following Business Day and any applicable interest or fee shall continue
to accrue.

     Section 2.12. Payment of Stamp Taxes, Etc. Subject to any limitations set forth in
Section 2.18, the Trust agrees to pay any present or future stamp, mortgage, value-added,
court or documentary taxes or any other excise or property taxes, charges or similar levies imposed
by any federal, state or local governmental body, agency or instrumentality (hereinafter referred
to as “Other Applicable Taxes”) relating to this Agreement, any of the other Transaction Documents
or any recordings or filings made pursuant hereto and thereto.

     Section 2.13. Yield Protection.

     (a) Illegality. Notwithstanding any other provision herein, if the adoption of or
any change in any Requirement of Law or in the interpretation or application thereof shall make it
unlawful for the Note Purchaser (including any assignee becoming an additional Note Purchaser) to
make or maintain Advances as contemplated by this Agreement based upon the LIBOR Rate
(“Eurodollar Rate Advances”), such Note Purchaser shall give notice thereof to the
Administrative Agent and the Trust describing the relevant provisions of such Requirement of Law,
following which (a) the agreement of any Note Purchaser to continue Eurodollar Rate Advances as
such shall forthwith be cancelled and (b) such Note Purchaser’s Advances then outstanding as
Eurodollar Rate Advances, if any, shall accrue Yield at the Alternate Base Rate (i) from the next
succeeding Settlement Date or (ii) on any earlier date as required by law. If any such conversion
of any Eurodollar Rate Advance occurs on a day that is not a Settlement Date, the Trust shall pay
to such Note Purchaser such amounts, if any, as may be required pursuant to Section 2.13(d)
below.

     (b) Increased Costs.

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[SLM UBS Note Purchase Agreement]

     (i) If (A) there shall be any increase in the cost to any Note Purchaser (including any
assignee becoming an additional Note Purchaser) or any of its Affiliates, assignees or
participants (and any further assignees or participants thereof) or any Person providing
such Note Purchaser with a liquidity or credit enhancement arrangement (each of the
foregoing an “Affected Party”) of agreeing to make or making, funding or maintaining
any Advance hereunder or (B) any reduction in any amount receivable in respect thereof or
otherwise under this Agreement, and such increased cost or reduced amount receivable is due
to either:

     (x) the introduction of or any change (including, without limitation,
any change by way of imposition or increase of reserve requirements) in or
in the interpretation of any law, regulation or accounting principle after
the Closing Date (other than in respect of Taxes and other amounts addressed
by Section 2.18); or

     (y) the compliance with any guideline or request from any central bank
or other Governmental Authority (whether or not having the force of law),

then the Trust shall from time to time, on the first Settlement Date occurring at least five
(5) Business Days after the Trust’s receipt of written demand by such Affected Party, pay
such Affected Party additional amounts sufficient to compensate such Affected Party for such
increased cost or reduced amount receivable.

     (ii) If any Affected Party shall have reasonably determined that (A) the applicability
of any law, rule, regulation or guideline adopted after the Closing Date, or the initial
implementation after the Closing Date of any such law, rule, regulation or guideline adopted
but not initially implemented prior to the Closing Date, pursuant to or arising out of
(1) the July 1988 paper of the Basel Committee on Banking Regulations and Supervisory
Practices entitled “International Convergence of Capital Measurement and Capital Standards,”
or (2) the proposal for New Basel Capital Accord issued by the Basel Committee on Banking
Supervision (as revised from time to time, the “New Accord”), or (B) the adoption of
any other law, rule, regulation or guideline after the Closing Date regarding capital
adequacy, or the initial implementation after the Closing Date of any such law, rule,
regulation or guideline adopted but not initially implemented prior to the Closing Date, and
in either case affecting such Affected Party (including, but not limited to, any rule to be
so adopted or so implemented with respect to recourse, residuals, liquidity commitments or
direct credit substitutes, referred to hereinafter as the “New Rules”), or (C) any
change arising in the foregoing or in the interpretation or administration of any of the
foregoing by any Governmental Authority, central bank or comparable agency charged with the
interpretation or administration thereof, or (D) compliance by such Affected Party (or any
lending office of such Affected Party), or any holding company for such Affected Party which
is subject to any of the capital requirements described above, with any request or directive
of general application issued regarding capital adequacy (whether or not having the force of
law) of any such Governmental Authority, central bank or comparable agency has or would have
the effect of reducing the rate of return on such Affected Party’s capital or on the capital
of any such holding company as a direct consequence of such Affected Party’s obligations or

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[SLM UBS Note Purchase Agreement]

holding or maintaining Advances hereunder or arising in connection herewith to a level
below that which such Affected Party or any such holding company could have achieved but for
such adoption, change or compliance (taking into consideration such Affected Party’s
policies and the policies of such holding company with respect to capital adequacy) by an
amount deemed by such Affected Party to be material, then from time to time such Affected
Party may request the Trust to pay to such Affected Party such additional amounts as will
compensate such Affected Party or any such holding company for any such reduction suffered.

     (iii) If as a result of any event or circumstance similar to those described in
Section 2.13(b)(i) or Section 2.13(b)(ii), any Affected Party is required to
compensate a bank or other financial institution providing liquidity support, credit
enhancement or other similar support to such Affected Party (whether directly or through a
participation) with respect to amounts similar to those described in
Section 2.13(b)(i) or Section 2.13(b)(ii) in connection with this Agreement
or the funding or maintenance of Advances hereunder, then within ten days after demand by
such Affected Party, the Trust shall pay to such Affected Party such additional amount or
amounts as may be necessary to reimburse such Affected Party for any amounts paid by it.
The Trust acknowledges to the Note Purchaser that such Note Purchaser is providing no
assurance that the committed liquidity support provided with respect to this Agreement will
be assigned a zero percent credit-conversion factor under risk-based capital guidelines
adopted by applicable bank regulatory authorities in response to the framework therefor
announced in July, 1988 by the Basel Committee on Banking Regulations and Supervisory
Practices or in response to the New Accord or under the New Rules. Notwithstanding the
foregoing, no amount shall be payable under this subsection (iii) except to the extent the
affected bank or other financial institution providing the aforementioned support is a party
to this Agreement as a Note Purchaser and is accordingly subject to the same provisions and
restrictions applicable herein to a Note Purchaser party hereto (including without
limitation, the provisions of Sections 2.13(b) and 2.13(e) with respect to
any claims made under this subsection (iii).

     (iv) Any failure or delay on the part of any Affected Party to demand compensation
pursuant to clause (i), (ii) or (iii) of this
Section 2.13(b) shall not constitute a waiver of such Affected Party’s right to
demand such compensation; provided, that the Trust shall not be required to
compensate an Affected Party pursuant to such clauses of this Section 2.13(b) for
any increased costs incurred or reductions suffered more than 90 days prior to the date that
such Affected Party notifies the Trust of the event or events giving rise to such increased
costs or reductions and of such Affected Party’s intention to claim compensation therefor
(except that, if such event or events have a retroactive effect, then the 90 day period
referred to above shall be extended to include the period of retroactive effect thereof);
provided further, that, in no event shall the Trust be required to
compensate an Affected Party pursuant to such clauses of this Section 2.13(b) for
any increased costs incurred or reductions suffered prior to the Closing Date.

     (c) Indemnity Regarding Breakage Costs. The Trust hereby agrees to indemnify the Note
Purchaser (including each assignee Note Purchaser, if any) and to hold the Note Purchaser harmless
from any loss (other than loss of
Yield margin) or reasonable expense which the Note Purchaser may sustain or incur as a consequence
of (i) default or rescission, as applicable, by the

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[SLM UBS Note Purchase Agreement]

Trust in making a borrowing of, conversion into
or continuation of any Advance hereunder on the date requested after the Trust has given a notice
requesting the same in accordance with the provisions of this Agreement, (ii) default by the Trust
in making any prepayment on the date requested after the Trust has given a notice thereof in
accordance with the provisions of this Agreement or (iii) the making of a prepayment of Advances on
a day which is not a Settlement Date. Such indemnification shall be in an amount equal to the
excess, if any, of (i) the amount of interest that would have accrued on the amount so prepaid, or
not so borrowed, for the period from the date of such prepayment or of such failure to borrow to
the next Settlement Date (or, in the case of a failure to borrow, such period that would have
commenced on the date of such failure) in each case at the applicable rate of interest for such
Advances provided for herein (minus the applicable margin) over (ii) the amount of interest (as
determined by the Note Purchaser) that would have accrued to such Note Purchaser on such amount by
placing such amount on deposit for a comparable period with leading banks in the interbank
eurodollar market. This covenant shall survive the termination of this Agreement and the payment
of all other amounts payable hereunder.

     (d) Notice of Amounts Payable. In the event that the Note Purchaser becomes aware that
any amounts are or will be owed to it pursuant to Section 2.13, then it shall promptly
notify the Trust thereof; provided that any failure to provide such notice shall not affect
the Trust’s obligations hereunder or under the other Transaction Documents or result in any
liability of or on the part of such Note Purchaser. The amounts set forth in such notice shall be
conclusive and binding for all purposes absent manifest error.

     (e) Mitigation of Obligations. If the Note Purchaser or any of its Affiliates
requests compensation under Section 2.13(b), or requires the Trust to pay any additional
amount to such Note Purchaser, any of its Affiliates or any Governmental Authority for the account
of such Note Purchaser or any of its Affiliates pursuant to Section 2.18, then such Note
Purchaser (an “Affected Lender”) shall use commercially reasonable efforts to designate a
different lending office for funding or booking its Advances hereunder or to assign its rights and
obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of
such Affected Lender, such designation or assignment (i) would eliminate or reduce amounts payable
pursuant to Section 2.13(b) or 2.18, as the case may be, in the future and
(ii) would not subject such Affected Lender to any unreimbursed cost or expense and would not
otherwise be disadvantageous to such Affected Lender (other than in a de minimus manner). The
Trust hereby agrees to pay all reasonable costs and expenses incurred by any Affected Lender in
connection with any such designation or assignment. A certificate setting forth such costs and
expenses submitted by such Affected Lender to the Trust shall be conclusive absent manifest error.

     (f) Any assignee or participant of the Note Purchaser (or other person claiming entitlement
through such assignee or participant) shall not be entitled to compensation or payment of
additional amounts pursuant to Section 2.13(b) or 2.18 in an amount greater than
the amount to which UBS Real Estate Securities Inc., the assignor or participant grantor would have
been entitled to receive had such assignment or participation not occurred.

     Section 2.14. Extension. The Trust, acting through the Administrator, may at any time request
that the maturity of the Note and the Stated Termination Date be extended for an additional period
of time as specified in such request. Any such request shall be in writing and delivered to the
Administrative Agent. The Note Purchaser shall not have any obligation to

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[SLM UBS Note Purchase Agreement]

agree to such extension
at any time. Any such extension shall be effective only upon the written agreement of the Trust
and the Note Purchaser. The Administrative Agent shall not be entitled to collect the Aggregate
Note Balance (except from Available Funds as set forth in Section 2.05(b)) or sell all or
any portion of the Pledged Collateral until after the occurrence of the Termination Date.

     Section 2.15. Servicer Advances. In the event that, on the Settlement Date relating to any
Settlement Period, the amount on deposit in the Collection Account which is allocable to the
payment of amounts due under Section 2.05(b)(ii), (iii) and (iv) on such Settlement Date is not
sufficient to pay such amounts, the Servicer may, to the extent permitted under the Servicing
Agreement, make an advance in an amount equal to such insufficiency, provided that
the Servicer in good faith believes that such Servicer Advance will be recoverable on a future
Settlement Date.

     Section 2.16. Release of Pledged Collateral.

     (a) The Administrative Agent hereby agrees to release its lien on Pledged Collateral
transferred from the Trust to the Depositor or the Servicer as a result of a Permitted Seller
Buy-Back, Permitted SPE Transfer, Servicer Buy-Out, substitutions, purchases or repurchases of
Trust Student Loans pursuant to the Sale Agreement, a Purchase Agreement or the Servicing
Agreement; provided, however, that with respect to any such repurchase of a Student
Loan, the Paying Agent has received cash into the Collection Account in an amount equal to the
applicable Purchase Amount; and provided further that with respect to substitutions
of Student Loans by the Servicer required or expressly permitted as a result of the applicable
Purchase Agreement and Sale Agreement or the Servicing Agreement, the Trust has received a
conveyance of substitute Eligible FFELP Loans in compliance with Section 5(b) of the Purchase
Agreement or 3.05(d) of the Servicing Agreement, as applicable, together with any supplemental
amount concurrently required to be deposited into the Collection Account pursuant to Section 5(b)
of the Purchase Agreement or 3.05(d) of the Servicing Agreement, as applicable.

     (b) In addition, the Administrative Agent hereby further agrees to release its lien on the
Pledged Collateral transferred from the Trust to the Depositor or an Affiliate as a result of a
Permitted Release. The release of the Administrative Agent’s security interest in any Released
Collateral pursuant to this Section 2.16(b) shall be subject to the following conditions
precedent (and by transferring the Pledged Collateral in connection with such Permitted Release the
Trust shall be deemed to have certified that all such conditions precedent are satisfied):

     (i) such release shall be a Permitted Release;

     (ii) before and after giving effect to such release, there shall not exist any
Termination Event or, to the best of the Trust’s or the Administrator’s knowledge, a
Potential Termination Event;

     (iii) before and after giving effect to any such release, there shall not exist
any Borrowing Base Deficiency and the outstanding Principal Balance of Eligible
FFELP Loans which bear interest at a rate determined by reference to United States
Treasury bills shall not exceed 5% of the outstanding Principal Balance of all
remaining Eligible FFELP Loans;

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     (iv) at least five Business Days prior to any such Permitted Release, the
Trust, acting through the Administrator, shall have delivered a notice in the form
and substance of Exhibit D attached hereto (a “Notice of Release”) to the
Administrative Agent, certifying that the foregoing conditions described in this
Section 2.16(b) shall have been satisfied in connection therewith, together with a
pro forma report in the form attached as Exhibit E demonstrating compliance
with the condition described in clause (iii) above;

     (v) on or prior to such Permitted Release, the Trust shall have deposited into
the Collection Account cash in an amount equal to the greater of the Purchase Amount
or the net proceeds received with respect to such Trust Student Loans (or in the
case of Take Out Securitizations the Purchase Amount); and

     (vi) such release of Trust Student Loans is effected as part of a transaction
involving a random selection by Sallie Mae, Inc. from across its aggregate pool of
serviced loans, using loan selection criteria customarily used by Sallie Mae, Inc.
in the selection of loans from its serviced pool for securitizations, whole-loan
sales or fair market auctions, as applicable.

     Section 2.17. Effect of Release. Upon the satisfaction of the conditions in Section
2.16, all right, title and interest of the Administrative Agent in, to and under the related
Released Collateral shall terminate and revert to the Trust, its successors and assigns, and the
right, title and interest of the Administrative Agent in such Released Collateral shall thereupon
cease, terminate and become void; and, upon the written request of the Trust, acting through its
Administrator, its successors or assigns, and at the cost and expense of the Trust, the
Administrative Agent, acting through the Administrator, shall deliver and, if necessary, execute
such UCC-3 financing statements and releases prepared by and submitted to the Administrative Agent
for authorization, as are necessary or reasonably requested in writing by the Trust, acting through
the Administrator, to terminate and remove of record any documents constituting public notice of
the security interest in such Released Collateral granted hereunder being released to the Trust or
its designee.

     Section 2.18. Taxes.

     (a) All payments made by the Trust under this Agreement shall be made free and clear of, and
without deduction or withholding for or on account of, any present or future Taxes now or hereafter
imposed (including by reason of change in law, interpretation or administrative practice),
excluding net income taxes and franchise taxes or branch profit taxes (imposed in lieu of net
income taxes) imposed on the Administrative Agent or the Note Purchaser as a result of a present or
former connection between the Administrative Agent or the Note Purchaser and the jurisdiction of
the Governmental Authority imposing such tax or any political subdivision or
taxing authority thereof or therein (other than any such connection arising solely from the
Administrative Agent or the Note Purchaser having executed, delivered or performed its obligations
or received a payment under, or enforced, this Agreement or any other Transaction Document)
(collectively, “Excluded Taxes”). If any Taxes other than Excluded Taxes (“Other Taxes”) are
required to be withheld from any amounts payable to the Administrative Agent or the Note Purchaser
hereunder, the amounts so payable to the Administrative Agent or the Note

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[SLM UBS Note Purchase Agreement]

Purchaser shall be
increased to the extent necessary to yield to the Administrative Agent or the Note Purchaser (after
payment of all Other Taxes) interest or any such other amounts payable hereunder at the rates or in
the amounts specified in this Agreement; provided, however, that the Trust shall
not be required to increase any such amounts payable to the Note Purchaser with respect to any
Other Taxes that are United States withholding taxes imposed on amounts payable to the Note
Purchaser at the time the Note Purchaser becomes a party to this Agreement, except to the extent
that the Note Purchaser’s assignor (if any) was entitled, at the time of the assignment, to receive
additional amounts from the Trust with respect to such Other Taxes pursuant to this paragraph.

     (b) In addition, the Trust shall pay to the relevant Governmental Authority in accordance with
applicable law all Other Taxes imposed upon the Administrative Agent or the Note Purchaser that
arise from any payment made hereunder or from the execution, delivery, or registration of or
otherwise similarly with respect to, this Agreement.

     (c) Whenever any Other Taxes are payable hereunder by the Trust, the Administrative Agent
shall promptly after becoming aware that such Other Taxes are payable, notify the Trust in writing
and within 30 days thereafter the Trust shall send to the Administrative Agent for its own account
or for the account of the Administrative Agent, or the Note Purchaser, as the case may be, a
certified copy of an original official receipt received by the Trust showing payment thereof. The
Trust further agrees to indemnify the Administrative Agent and the Note Purchaser from and against
the full amount of the Other Taxes arising out of this Agreement (whether directly or indirectly)
imposed upon or paid by the Administrative Agent or the Note Purchaser and all liabilities
(including without limitation penalties, interest, and additions to tax) with respect thereto,
regardless of whether the Other Taxes were correctly or legally asserted by the relevant
Governmental Authority; provided that the Administrative Agent or the Note Purchaser, as
the case may be, shall have provided the Trust with evidence, reasonably satisfactory to the Trust,
of payment of such Other Taxes.

     (d) If the Note Purchaser (or transferee) is not a “U.S. Person” as defined in section
7701(a)(30) of the Code (a “Non-U.S. Lender”) such Non-U.S. Lender shall deliver to the Trust and
the Administrative Agent two copies of either U.S. Internal Revenue Service form W-8BEN or form
W-8ECI, or, in the case of a Non-U.S. Lender claiming exemption from the withholding of U.S.
federal income tax under Section 871(h) or 881(c) of the Code with respect to payments of
“portfolio interest,” both a form W-8BEN and a certificate substantially in the form of Exhibit
F (a “2.18(d) Certificate”) or any subsequent versions thereof or successors thereto, in all
cases properly completed and duly executed by such Non-U.S. Lender, claiming complete exemption
from withholding of U.S. federal income tax on all payments of interest by the Trust under this
Agreement. Such forms shall be delivered by each Non-U.S. Lender at least (5) five Business Days
before the date of the initial payment to be made pursuant to this Agreement by the Trust to the
Non-U.S. Lender. In addition, each Non-U.S. Lender shall deliver such forms promptly upon the
obsolescence or invalidity of any form previously delivered by such Non-U.S. Lender. Each
Non-U.S. Lender shall promptly notify the Trust at any time it determines that it is no longer
in a position to provide any previously delivered certificate to the Trust (or any other form of
certification adopted by the U.S. taxing authorities for such purpose). Notwithstanding any other
provision in this paragraph, a Non-U.S. Lender shall not be required to deliver any subsequent form
pursuant to this paragraph that such Non-U.S. Lender is not legally able to deliver.

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[SLM UBS Note Purchase Agreement]

     (e) For any period with respect to which a Non-U.S. Lender has failed to provide the Trust or
the Administrative Agent with the appropriate form, certificate or other document described in
Section 2.18(d) (unless such failure is due to a change in treaty, law or regulation, or
any interpretation or administration thereof by any Governmental Authority, occurring after the
date on which a form, certificate or other document originally was required to be provided), the
Non-U.S. Lender shall not be entitled to indemnification of additional amounts under Section
2.18 with respect to Other Taxes by reason of such failure; provided, however,
that should the Non-U.S. Lender, if otherwise exempt from or subject to a reduced rate of
withholding tax, become subject to Other Taxes because of its failure to deliver a form required
hereunder, the Trust shall take such steps as the Non-U.S. Lender shall reasonably request to
recover such Other Taxes.

     (f) The Note Purchaser (if entitled to an exemption from or reduction of non-U.S. Other Taxes
with respect to payments under this Agreement) shall deliver to the Trust (with a copy to the
Administrative Agent), at the time or times prescribed by the applicable law or reasonably
requested by the Trust, such properly completed and executed documentation prescribed by applicable
law as will permit such payments to be made without withholding or at a reduced rate, provided that
the Note Purchaser is legally entitled to complete, execute and deliver such documentation and in
the Note Purchaser’s judgment such completion, execution or submission would not materially
prejudice the legal position of the Note Purchaser.

     (g) In cases in which the Trust makes a payment under this Agreement to a U.S. Person with
knowledge that such U.S. Person is acting as an agent for a foreign person, the Trust will not
treat such payment as being made to a U.S. Person for purposes of Treas. Reg. § 1.1441-1(b)(2)(ii)
(or a successor provision) without the express written consent of such U.S. Person.

     (h) The Note Purchaser hereby agrees that, upon the occurrence of any circumstances entitling
the Note Purchaser to indemnification or additional amounts pursuant to this Section 2.18,
the Note Purchaser shall use commercially reasonable efforts to designate a different lending
office if the making of such a change would avoid the need for, or materially reduce the amount of,
any such additional amounts that may thereafter accrue and would not, in the reasonable judgment of
the Note Purchaser, be materially disadvantageous to the Note Purchaser.

     (i) If the Note Purchaser receives a refund in respect of any Other Taxes as to which the Note
Purchaser has been indemnified by the Trust, or with respect to which the Trust has paid an
additional amount hereunder, the Note Purchaser shall within 30 days after the date of such receipt
pay over the amount of such refund (to the extent so attributable) to the Trust, net of all
reasonable out-of-pocket expenses of the Note Purchaser related to claiming such refund;
provided, however, that (i) the Note Purchaser, acting in good faith, will be the
sole judge of the amount of any such refund and of the date on which such refund is received, (ii)
the Note Purchaser, acting in good faith, shall have absolute discretion as to the order and manner
in which it employs or claims tax refunds available to it and (iii) the Trust agrees to repay the
Note
Purchaser, upon written request, the amount of such refund received by the Trust, in the event
and to the extent, the Note Purchaser is required to repay such refund to any relevant Governmental
Authority. This subsection shall not be construed to require the Note Purchaser to make available
its tax returns (or any other information relating to its taxes that it deems confidential) to the
Trust or any other Person.

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[SLM UBS Note Purchase Agreement]

     (j) Notwithstanding any other provision of this Agreement, in the event that the Note
Purchaser is party to a merger or consolidation pursuant to which the Note Purchaser no longer
exists or is not the surviving entity (but excluding any change in the ownership of the Note
Purchaser), any Taxes payable under applicable law as a result of such change shall be considered
Excluded Taxes to the extent such Taxes are in excess of the Taxes that would have been payable had
such change not occurred.

     (k) Within 30 days of the written request of the Trust therefor, the Note Purchaser shall
execute and deliver to the Trust such certificates, forms or other documents which can be furnished
consistent with the facts and which are reasonably necessary to assist the Trust in applying for
refunds of Other Taxes remitted hereunder.

     (l) The Trust and the Note Purchaser will treat the Note as debt for U.S. federal income tax
purposes.

     (m) The agreements in this Section shall survive the termination of this Agreement and the
payment of all amounts payable hereunder.

ARTICLE III

THE NOTE

     Section 3.01. Form of Note Generally.

     (a) Each Note shall be in substantially the form set forth in Exhibit G with such
appropriate insertions, omissions, substitutions and other variations as are required or permitted
by this Agreement, and may have such letters, numbers or other marks of identification and such
legends or endorsements placed thereon as may, consistently herewith, be determined by the officers
executing such Note, as evidenced by their execution of such Note. Only one Note will be issued on
the Closing Date.

     (b) Each Note shall be typewritten or printed.

     (c) Each Note shall be issuable only in registered form and with a maximum aggregate principal
amount for all Notes equal to the Maximum Financing Amount.

     Section 3.02. Securities Legend. Each Note issued hereunder will contain the following
legend:

     THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), AND HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES
AND EXCHANGE COMMISSION OR REGULATORY AUTHORITY OF ANY STATE. THIS
NOTE HAS BEEN OFFERED AND SOLD PRIVATELY. THE REGISTERED OWNER HEREOF ACKNOWLEDGES THAT THESE
SECURITIES ARE “RESTRICTED SECURITIES” THAT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT AND
AGREES FOR THE BENEFIT OF THE TRUST AND ITS AFFILIATES THAT THESE SECURITIES MAY NOT BE OFFERED,
SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (I) TO A PERSON WHOM THE TRANSFEROR REASONABLY

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[SLM UBS Note Purchase Agreement]

BELIEVES IS AN INSTITUTIONAL ACCREDITED INVESTOR TO WHOM NOTICE IS GIVEN THAT THE RESALE, PLEDGE OR
TRANSFER IS BEING MADE IN RELIANCE ON REGULATION D, AND IN ACCORDANCE WITH ANY APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION OR (II) TO A PERSON IN A
TRANSACTION THAT IS REGISTERED UNDER THE SECURITIES ACT OR THAT IS OTHERWISE EXEMPT FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS. THE
HOLDER HEREOF, BY ACQUIRING THIS NOTE, REPRESENTS AND AGREES FOR THE BENEFIT OF THE DEPOSITOR, THE
ADMINISTRATOR, THE ADMINISTRATIVE AGENT AND THE ELIGIBLE LENDER TRUSTEE THAT: IT IS AN
INSTITUTIONAL ACCREDITED INVESTOR (AS DEFINED IN RULE 501(a)(1)-(3) AND (7) OF REGULATION D UNDER
THE SECURITIES ACT) OR AN ENTITY IN WHICH ALL THE EQUITY OWNERS COME WITHIN SUCH PARAGRAPHS; ITS
ACQUISITION OF THIS NOTE IS OTHERWISE EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT AND ANY APPLICABLE STATE SECURITIES LAWS AND IT IS HOLDING THIS NOTE FOR INVESTMENT PURPOSES
AND NOT FOR DISTRIBUTION.

     Section 3.03. Principal and Interest Payments. On each Settlement Date and on each other date
interest is paid or the amount of outstanding principal of the Note is reduced, the Administrative
Agent shall make appropriate notations in its books and records of the then outstanding amount of
the Note and the amount of any principal reduction, as applicable, which records shall be
presumptively correct absent manifest error.

     Section 3.04. Execution and Dating. The Note shall be executed on behalf of the Trust by any
of the Authorized Officers of the Eligible Lender Trustee. The signature of any of these officers
on the Note may be manual or facsimile. The Note shall be dated the date of its execution.

     Section 3.05. Registration, Registration of Transfer, Transfer Restrictions.

     (a) The Trust shall cause to be kept a register (the “Note Register”) in which, subject to
such reasonable regulations as it may prescribe, the Trust shall provide for the registration of
the Note and for any transfer of the Note. The Administrative Agent, acting for this purpose as
agent of the Trust, shall serve as “Note Registrar” for the purpose of registering the Note and
transfer of the Note as herein provided.

     (b) Upon surrender for registration of transfer of the Note at the office or agency of the
Trust to be maintained as provided in Section 5.01(l), the Trust shall execute and deliver
in the name of the designated transferee or transferees, one or more new Notes of any authorized
denominations and of a like tenor and aggregate principal amount.

     (c) At the option of the Registered Owner, the Note may be exchanged for one or more Notes in
any authorized denominations, of a like aggregate principal amount, upon surrender of the Note to
be exchanged at such office or agency. Whenever any Note is so surrendered for exchange, the Trust
shall execute and deliver the Note or Notes which the Registered Owner making the exchange is
entitled to receive.

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[SLM UBS Note Purchase Agreement]

     (d) A Note issued upon any registration of transfer or exchange of a Note shall be the valid
obligation of the Trust, evidencing the same debt, and entitled to the same benefits under this
Agreement, as the Note surrendered upon such registration of transfer or exchange.

     (e) Every Note presented or surrendered for registration of transfer or for exchange shall (if
so required by the Trust or the Administrative Agent) be duly endorsed, or be accompanied by a
written instrument of transfer in form reasonably satisfactory to the Trust and the Note Registrar
duly executed by the Registered Owner thereof or his attorney duly authorized in writing with such
signature guaranteed by a commercial bank or trust company, or by a member firm of a national
securities exchange, and such other documents as the Administrative Agent may require. The Trust
shall notify the Administrative Agent, as the Note Registrar, of each transfer or exchange of
Notes.

     (f) No service charge shall be made for any registration of transfer or exchange of a Note,
but the Trust or the Administrative Agent may require payment of a sum sufficient to cover any tax
or other governmental charge that may be imposed in connection with any registration of transfer or
exchange of a Note.

     Section 3.06. Mutilated, Destroyed, Lost and Stolen Notes.

     (a) If a mutilated Note is surrendered to the Administrative Agent, the Trust shall execute
and deliver in exchange therefor a new Note of a like aggregate principal amount. If there shall
be delivered to the Trust (i) evidence to the Trust’s satisfaction of the destruction, loss or
theft of the Note and (ii) such security or indemnity as may be required by them to hold the Trust
and any of its agents, including the Administrative Agent and the Eligible Lender Trustee,
harmless, then, in the absence of notice to the Trust that such Note has been acquired by a bona
fide purchaser, the Trust shall execute and deliver, in lieu of any such destroyed, lost or stolen
Note, a new Note of the same outstanding principal amount.

     (b) In case any such mutilated, destroyed, lost or stolen Note has become or is about to
become due and payable, the Trust in its discretion may, instead of issuing a new Note, pay such
Note.

     (c) Upon the issuance of any new Note under this Section, the Trust may require the payment of
a sum sufficient to cover any tax or other governmental charge that may be imposed in relation
thereto and any other expenses (including the fees and expenses of the Note Registrar) connected
therewith.

     (d) Every new Note issued pursuant to this Section in lieu of any destroyed, lost or stolen
Note shall constitute an original additional contractual obligation of the Trust, whether or not
the destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be
entitled to all the benefits of this Agreement equally and proportionately with any and all
other Notes duly issued hereunder.

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

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[SLM UBS Note Purchase Agreement]

     Section 3.07. Persons Deemed Owners. Prior to due presentment of a Note for registration of
transfer, the Trust, the Administrative Agent and any agent of the Trust or the Administrative
Agent may treat the Person in whose name such Note is registered as the absolute owner of such Note
for the purpose of receiving payment of principal of and Financing Costs on such Note and for all
other purposes whatsoever, whether or not such Note be overdue, and none of the Trust, the
Administrative Agent or any agent of the Trust or the Administrative Agent shall be affected by
notice to the contrary.

     Section 3.08. Cancellation. Each Note surrendered for payment, prepayment in whole,
registration of transfer or exchange shall, if surrendered to any Person other than the Trust, be
delivered to the Trust and shall be promptly cancelled by the Trust. The Trust may at any time
cancel the Note previously delivered hereunder which the Trust may have acquired in any manner
whatsoever, and may cancel the Note previously executed hereunder which the Trust has not issued
and sold. No Note shall be executed and delivered in lieu of or in exchange for the Note cancelled
as provided in this Section, except as expressly permitted by this Agreement. All cancelled Notes
held by the Trust shall be held or destroyed by the Trust in accordance with its standard retention
or disposal policy as in effect at the time.

ARTICLE IV

CONDITIONS TO NOTE PURCHASE AND ADVANCES

     Section 4.01. Conditions Precedent to Note Purchase and Initial Advance. The purchase of the
Note and the initial Advance hereunder are subject to the condition precedent that the
Administrative Agent shall have received on or before the Closing Date the documents, opinions and
other items listed below, in form and substance satisfactory to it. By accepting the proceeds of
the initial Advance, the Trust shall be deemed to have certified that all such conditions precedent
(unless waived by the Administrative Agent) are satisfied on the Closing Date.

     (a) executed copies of this Agreement, the Note, the Valuation Agent Agreement, the Trust
Agreement, the Administration Agreement, the Purchase Agreements, the Sale Agreement, the Servicing
Agreement, each Eligible Lender Trustee Agreement, each Guarantee Agreement and the initial Advance
Request;

     (b) UCC-1 Financing Statements;

     (c) Officers’ Certificates of the Trust, the Eligible Lender Trustee, the Administrator, the
Servicer, each Seller and the Depositor (including, in each case certified articles of
incorporation or the equivalent, by-laws or the equivalent, board resolutions, good standing
certificates and incumbency) (on which certificates the Administrative Agent and Note Purchaser
may conclusively rely until such time as the Administrative Agent shall receive from the Trust
a revised certificate meeting the requirements of this clause);

     (d) Officers’ Certificates of the Trust certifying that each of the Guarantee Agreements that
have been provided to the Administrative Agent are true and correct copies thereof and remain in
full force and effect;

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[SLM UBS Note Purchase Agreement]

     (e) Opinions of Counsel to the Trust, the Depositor, each Seller, the Administrator, the
Servicer and the Eligible Lender Trustee;

     (f) UCC search report results dated a date reasonably near the Closing Date listing all
effective financing statements which name the Trust, any Seller, the Depositor or the Eligible
Lender Trustee (under its present name or any previous names) in any jurisdictions where filings
are to be made under paragraph 2 above (or similar filings would have been made in the past five
years);

     (g) evidence of establishment of the Trust Accounts;

     (h) forecasts of the financial performance of SLM Corporation and its subsidiaries on an
annual basis through 2012 and on a quarterly basis through 2008;

     (i) the documentation and other information with respect to the Trust that is required by
regulatory authorities under applicable “know your customer” and anti-money-laundering rules and
regulations, including, without limitation, the Patriot Act;

     (j) approval by the Administrative Agent of the composition and characteristics of the
aggregate pool of Student Loans (as identified in data previously furnished to the Administrative
Agent) expected to be acquired with the proceeds of Advances, which approval shall be evidenced by
execution of this Agreement; and

     (k) such other information, certificates, documents and actions as the Administrative Agent
may reasonably request.

The Administrative Agent shall have received payment of all fees and expenses due and payable to
the Administrative Agent on behalf of the Note Purchaser on the Closing Date (including pursuant to
the Fee Letter); provided, that payment of such expenses consisting of fees and expenses of
counsel to the Administrative Agent to the extent invoiced shall instead be a condition to the
initial Advance, if such invoice is not delivered to the Administrator on or before the Closing
Date but is delivered to the Administrator on or before the initial Advance Date.

     Section 4.02. Conditions Precedent to All Advances. Each Advance (including the initial
Advance) shall be subject to the further conditions precedent, unless waived by the Administrative
Agent, that on the date of such Advance (and the Trust, by accepting the proceeds of such Advance,
shall be deemed to have certified that all such conditions unless waived are satisfied on the date
of such Advance):

     (a) The Eligible FFELP Loans being acquired with the proceeds of such Advance are being
purchased by the Depositor from a Seller pursuant to a Purchase Agreement and are being
subsequently purchased by the Trust from the Depositor pursuant to the Sale Agreement;

     (b) On or prior to the Advance Date, the Trust shall cause to be delivered to the
Administrative Agent copies of the relevant Purchase Agreement, the Sale Agreement, a Schedule of
Trust Student Loans and copies of all schedules, financing statements and other documents required
to be delivered by the applicable Seller and Depositor as a condition of purchase thereunder.

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[SLM UBS Note Purchase Agreement]

     (c) On the Advance Date, the following statements shall be true, and the Trust by accepting
the proceeds of the Advance shall be deemed to have certified (it being understood that such
certification as to the non-existence of a Potential Termination Event as described in clause (ii)
below shall be made to the best of the Trust’s or the Administrator’s knowledge) that:

     (i) the representations and warranties contained in Article V are
correct on and as of such day as though made on and as of such date (or, to the
extent such representations and warranties speak as of a specific date, were true
and correct on and as of such date);

     (ii) no event has occurred and is continuing, or would result from the Advance,
which constitutes a Servicer Default or a Termination Event or a Potential
Termination Event;

     (iii) there has occurred no event which could reasonably be determined to have
a Material Adverse Effect with respect to the Trust;

     (iv) no law or regulation shall prohibit, and no order, judgment or decree of
any Official Body shall prohibit or enjoin, the making of the Advance in accordance
with the provisions hereof;

     (v) the amount of money necessary to equal the Reserve Account Specified
Balance has been deposited in the Reserve Account, and the amount of money necessary
to equal the Capitalized Interest Account Specified Balance has been deposited into
the Capitalized Interest Account, as the case may be, on such date (whether from the
proceeds of the Advance or otherwise);

     (vi) SLM Corporation has in place under other student loan asset-backed
financing facilities providing for advances similar to this Agreement, aggregate
commitments of not less than $30,000,000,000 (including the commitment represented
by the Maximum Facility Amount but excluding the existing asset-backed financing
facilities for the initial Sellers);

     (vii) Bank of America, N.A. has delivered a letter, substantially in the form
of Exhibit H hereto, evidencing the release of the existing lien on the
Trust Student Loans which are being acquired by the Trust with the proceeds of such
Advance upon payment of the applicable amount specified in such letter; and

     (viii) The Trust Student Loans being acquired with the proceeds of such Advance
consist of Student Loans within the aggregate portfolio previously approved by the
Administrative Agent as described in clause (j) of Section 4.01 (it being understood
that other Student Loans may be included in such funding to account for changes in
the aggregate portfolio occurring between the time that the
portfolio data was presented to the Administrative Agent for such approval and
the date of the applicable Advance).

     (d) The Servicer, as bailee for the Administrative Agent for the benefit of the Secured
Creditors, shall be in possession of the original Student Loan Notes (or certified copies thereof,

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[SLM UBS Note Purchase Agreement]

to the extent more than one loan is evidenced by such Student Loan Note), representing the Student
Loans being financed with the proceeds of the Advance;

     (e) All conditions precedent to the Trust’s acquisition of the Student Loans to be financed
with the proceeds of the Advance (other than the payment of the purchase price therefor) shall have
been satisfied;

     (f) No suit, action or other proceeding, investigation or injunction, or final judgment
relating thereto, shall be pending or threatened before any court or governmental agency, seeking
to restrain or prohibit or to obtain damages or other relief in connection with any of the
Transaction Documents or the consummation of the transactions contemplated hereby;

     (g) No statute, rule, regulation or order shall have been enacted, entered or deemed
applicable by any government or governmental or administrative agency or court that would make the
transactions contemplated by any of the Transaction Documents illegal or otherwise prevent the
consummation thereof;

     (h) After giving effect to such Advance, no Borrowing Base Deficiency shall exist and

     (i) After giving effect to such Advance, the Trust shall not own Eligible FFELP Loans which
bear interest at a rate determined by reference to United States treasury bills in an amount which
exceeds 5% of the outstanding Principal Balance of all Trust Student Loans.

ARTICLE V

REPRESENTATIONS AND WARRANTIES

     Section 5.01. General Representations and Warranties of the Trust. The Administrator (on
behalf of the Trust) represents and warrants for the benefit of the Administrative Agent and the
Secured Creditors as follows on and as of the Closing Date and on each Advance Date and each
Settlement Date (unless such representation or warranty references a specific date or time as of
which such representation or warranty is made):

     (a) The Trust is a statutory trust duly organized, validly existing and in good standing
solely under the laws of the State of Delaware and is duly qualified to do business, and is in good
standing, in every jurisdiction in which the nature of its business requires it to be so qualified.

     (b) The execution, delivery and performance by the Trust of this Agreement and all Transaction
Documents to be delivered by it in connection herewith or therewith, including the Trust’s use of
the proceeds of any Advance,

     (i) are within the Trust’s organizational powers,

     (ii) have been duly authorized by all necessary organizational action,

     (iii) do not contravene (A) the Trust’s organizational documents; (B) any law,
rule or regulation applicable to the Trust; (C) any contractual restriction

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[SLM UBS Note Purchase Agreement]

binding
on or affecting the Trust or its property; or (D) any order, writ, judgment, award,
injunction or decree binding on or affecting the Trust or its property;

     (iv) do not result in a breach of or constitute a default under any indenture,
agreement, lease or other instrument to which the Trust is a party;

     (v) do not result in or require the creation of any lien, security interest or
other charge or encumbrance upon or with respect to any of its properties (other
than in favor of the Administrative Agent, for the benefit of the Secured Creditors,
with respect to the Pledged Collateral); and

     (vi) do not require compliance with any bulk sales act or similar law.

     (c) This Agreement and the other Transaction Documents to which it is named as a party have
each been duly executed and delivered by the Eligible Lender Trustee, on behalf of the Trust. The
Note has been duly and validly authorized and when executed and paid for in accordance with the
terms of this Agreement, will be duly and validly issued and outstanding, and will be entitled to
the benefits of this Agreement.

     (d) No permit, authorization, consent, license or approval or other action by, and no notice
to or filing with, any Official Body is required for the due execution, delivery and performance by
the Trust of this Agreement or any other Transaction Document to which it is a party, except for
the filing of the UCC financing statements, except as may be required in connection with any future
transfers of the Notes.

     (e) This Agreement and each other Transaction Document to which the Trust is a party
constitute the legal, valid and binding obligations of the Trust, enforceable against the Trust in
accordance with their respective terms, subject to (i) applicable bankruptcy, insolvency,
moratorium, or other similar laws affecting the rights of creditors and (ii) general principles of
equity, whether such enforceability is considered in a proceeding in equity or at law.

     (f) On the Closing Date or any Advance Date, no Termination Event or, to the best of the
Trust’s knowledge, Potential Termination Event has occurred and is continuing.

     (g) No Monthly Report, Valuation Report (but only to the extent that information contained
therein is supplied by the Administrator on behalf of the Trust or by the Trust), information,
exhibit, financial statement, document, book, record or report furnished or to be furnished by or
on behalf of the Trust to the Administrative Agent in connection with this Agreement is or will be
incorrect in any material respect as of the date it is or shall be dated.

     (h) The Note will be characterized as debt for federal income tax and ERISA purposes as of the
Closing Date. The Trust has or has caused to be (i) timely filed all tax returns (federal, state
and local) required to be filed, (ii) paid or made adequate provision for the payment of all taxes,
assessments and other governmental charges and (iii) accounted for the purchase and pledge of the
Trust Student Loans in its books consistent with GAAP.

     (i) There is no action, suit, proceeding, inquiry or investigation at law or in equity or
before or by any court, public board or body pending or, to the knowledge of the Trust or the
Administrator, overtly threatened in writing against or affecting the Trust (x) asserting the

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invalidity of this Agreement or any other Transaction Document, (y) seeking to prevent the
consummation of any of the transactions contemplated by this Agreement and the other Transaction
Documents, or (z) wherein an unfavorable decision, ruling or finding would have a Material Adverse
Effect on the Trust or which affects, or purports to affect, the validity or enforceability against
the Trust of any Transaction Document.

     (j) The Trust is not required to register under the Investment Company Act.

     (k) The Trust is Solvent at the time of (and immediately after) any Advance and the related
purchase of Eligible FFELP Loans made by the Trust. The Trust has given reasonably equivalent
value to the Depositor in consideration for the transfer to it of the Trust Student Loans from the
Depositor and each such transfer shall not have been made for or on account of an antecedent debt
owed by the Depositor to it.

     (l) The principal place of business and chief executive office of the Trust and the office
where the Trust keeps any Records in its possession are located at the addresses of the Trust
referred to in Section 10.02 or such other location as the Trust shall have given notice of
to the Administrative Agent pursuant to this Agreement.

     (m) The Trust has no trade names, fictitious names, assumed names or “doing business as” names
or other names under which it has done or is doing business.

     (n) All representations and warranties of the Trust set forth in the Transaction Documents to
which it is a party are true and correct in all material respects as of the date made and the Trust
is hereby deemed to have made each such representation and warranty, as of the date made, to, and
for the benefit of, the Secured Creditors as if the same were set forth in full herein.

     (o) The Trust is not in violation of, or default under, any material law, rule, regulation,
order, writ, judgment, award, injunction or decree binding upon it or affecting the Trust or its
property.

     (p) The Trust has incurred no Debt and has no other obligation or liability in excess of
$250,000, other than normal trade payables, the Obligations, any outstanding Servicer Advances and
any amounts due under the Credit Agreement or any other Transaction Document.

     (q) The sale of the Note to the initial Note Purchaser pursuant to this Agreement will not
require the registration of the Note under the Securities Act.

     (r) No steps have been taken by any Person to terminate any Benefit Plan under Title IV of
ERISA the assets of which are not sufficient to satisfy all of its benefit liabilities (as
determined under Title IV of ERISA) if such insufficiency is likely to result in a Material Adverse
Effect on the Trust, no contribution failure has occurred with respect to any Benefit Plan
sufficient to give rise to a lien on the assets of the Trust under Section 302(f) or 303(k), as
applicable, of ERISA, and each Benefit Plan of the Trust has been administered in all material
respects in compliance with its terms and applicable provision of ERISA and the Code (or, to the
extent such Benefit Plan has not been administered in compliance with such terms and
provisions, such noncompliance is not likely to result in a Material Adverse Effect on the Trust).
Neither the Trust nor any ERISA Affiliates has incurred and no event has occurred that could

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[SLM UBS Note Purchase Agreement]

reasonably be enacted to cause any one of them to incur, any liability to a Multiemployer Plan in
connection with failure to pay required contributions, a complete or partial withdrawal, or the
reorganization or termination of any such Multiemployer Plan if such liability is likely to result
in a Material Adverse Effect on the Trust.

     (s) No proceeds of any Advance will be used by the Trust for any purpose that violates
applicable law, including Regulation U of the Federal Reserve Board.

     (t) The Trust is not engaged in or nor has it engaged in any course of conduct that could
subject any of its properties to any Adverse Claim, seizure or other forfeiture under any criminal
law, racketeer influenced and corrupt organizations law, civil or criminal, or other similar laws,
whether foreign or domestic.

     (u) The Trust is not in violation of any Requirement of Law relating to terrorism or money
laundering (“Anti-Terrorism Laws”), including Executive Order No. 13224 on Terrorist Financing,
effective September 24, 2001 (the “Executive Order”), and the Uniting and Strengthening America by
Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law
107-56 (“Patriot Act”).

     (v) The Trust is not any of the following:

     (i) a person that is listed in the annex to, or is otherwise subject to the
provisions of, the Executive Order;

     (ii) a person owned or controlled by, or acting for or on behalf of, any person
that is listed in the annex to, or is otherwise subject to the provisions of, the
Executive Order;

     (iii) to the best of the Trust’s or the Administrator’s knowledge, a person
with which the Note Purchaser is prohibited from dealing or otherwise engaging in
any transaction by any Anti-Terrorism Law;

     (iv) a person that commits, threatens or conspires to commit or supports
“terrorism” as defined in the Executive Order; or

     (v) a person that is named as a “specially designated national and blocked
person” on the most current list published by the U.S. Treasury Department Office of
Foreign Assets Control (“OFAC”) at its official website or any replacement website
or other replacement official publication of such list.

     (w) The Trust does not (i) conduct any business or engage in making or receiving any
contribution of funds, goods or services to or for the benefit of any person described in clause
(w), (ii) deal in, or otherwise engage in any transaction relating to, any property or interests in
property blocked pursuant to the Executive Order or (iii) engage in or conspire to engage in any
transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to
violate, any of the prohibitions set forth in any Anti-Terrorism Law.

     (x) No event has occurred which would have a Material Adverse Effect on the Trust.

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[SLM UBS Note Purchase Agreement]

     Section 5.02. Representations and Warranties of the Trust Regarding the Administrative Agent’s
Security Interest. The Administrator (on behalf of the Trust) hereby represents and warrants for
the benefit of the Administrative Agent and the Secured Creditors as follows:

     (a) This Agreement creates a valid and continuing perfected security interest (as defined in
the New York UCC) in the Pledged Collateral in favor of the Administrative Agent, which security
interest is prior to all other liens, charges, security interests, mortgages or other encumbrances,
and is enforceable as such as against creditors of and purchasers from or claiming through the
Trust or the Eligible Lender Trustee, as applicable.

     (b) The Trust, by and through the Eligible Lender Trustee as its Eligible Lender, owns and has
good and marketable title to the Trust Student Loans and other Pledged Collateral free and clear of
any Adverse Claim.

     (c) The Trust has caused the filing of all appropriate financing statements in the proper
filing office in the appropriate jurisdictions under applicable law in order to perfect the
security interest in the Pledged Collateral granted to the Administrative Agent hereunder.

     (d) All executed originals (or certified copies thereof, to the extent more than one loan is
evidenced by such Student Loan Note) of each Student Loan Note that constitute or evidence the
Trust Student Loans have been delivered to the Servicer, as bailee for the Administrative Agent for
the benefit of the Secured Creditors.

     (e) Other than the security interest granted to the Administrative Agent pursuant to this
Agreement, the Trust has not pledged, assigned, sold, granted a security interest in, or otherwise
conveyed any of the Pledged Collateral in more than a de minimis amount, which unpermitted
encumbrance has continued for two Business Days without cure. The Trust has not authorized the
filing of and is not aware of any financing statements against the Trust that include a description
of collateral covering the Pledged Collateral other than any financing statement relating to the
security interest granted to the Administrative Agent hereunder or any financing statement that has
been terminated.

     (f) The Trust is a “registered organization” (as defined in § 9-102(a)(70) of the UCC)
organized exclusively under the laws of the State of Delaware and, for purposes of Article 9 of the
UCC, the Trust is located in the State of Delaware.

     (g) The Trust’s exact legal name is the name set forth for it on the signature page hereto.

     Section 5.03. Particular Representations and Warranties of the Trust. The Administrator (on
behalf of the Trust) further represents and warrants to each of the parties hereto with respect to
each of the Trust Student Loans included in the Pledged Collateral:

     (a) Such Trust Student Loans constitute “accounts,” “promissory notes” or “payment
intangibles” within the meaning of the applicable UCC and are within the coverage of
Sections 432(m)(1)(E) and 439(d)(3) of the Higher Education Act;

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[SLM UBS Note Purchase Agreement]

     (b) Such Trust Student Loans are Eligible FFELP Loans as of the date they become Pledged
Collateral and as of any other date upon which they are declared by the Trust or the Administrator
to be Eligible FFELP Loans, and the description of such Eligible FFELP Loans set forth in the
Transaction Documents or the Schedule of Trust Student Loans, and in any other documents or written
information provided to any of the parties hereunder (other than documents or information stated to
be preliminary which have subsequently been replaced by definitive documents or information), as
applicable, is true and correct in all material respects;

     (c) The Trust is authorized to pledge such Trust Student Loans and the other Pledged
Collateral; and the purchase, assignment and transfer of such Trust Student Loans is or, in the
case of any such Trust Student Loan resold by the Trust, will be made pursuant to and consistent
with the laws and regulations under which the Trust operates, and will not violate any decree,
judgment or order of any court or agency, or conflict with or result in a breach of any of the
terms, conditions or provisions of any agreement or instrument to which the Trust is a party or by
which the Trust or its property is bound, or constitute a default (or an event which could
constitute a default with the passage of time or notice or both) thereunder;

     (d) No consents and approvals are required for the consummation of the pledge of the Pledged
Collateral hereunder to the Administrative Agent for the benefit of the Secured Creditors;

     (e) Any payments on such Trust Student Loans received by the Trust which have been allocated
to the reduction of principal and interest on such Trust Student Loans have been allocated on a
simple interest basis or otherwise as required by applicable law;

     (f) Due diligence and reasonable care have been exercised in making, administering, servicing
and collecting such Trust Student Loans and, with respect to any Trust Student Loan for which
repayment terms have been established, all disclosures of information required to be made pursuant
to the Higher Education Act or any other applicable Requirement of Law have been made;

     (g) Except for Trust Student Loans executed electronically or Trust Student Loans evidenced by
a master promissory note, there is only one original executed copy of the Student Loan Note
evidencing each such Trust Student Loan. For such Trust Student Loans that were executed
electronically, the Servicer has possession of the electronic records evidencing the Student Loan
Note. The Servicer has in its possession a copy of the endorsement and each Loan Transmittal
Summary Form identifying the Student Loan Notes that constitute or evidence the Trust Student
Loans. The Student Loan Notes that constitute or evidence such Trust Student Loans do not have any
marks or notations indicating that they are currently pledged, assigned or otherwise conveyed to
any Person other than the Administrative Agent. All financing statements filed or to be filed
against the Eligible Lender Trustee and the Trust in favor of the Administrative Agent in
connection herewith describing the Pledged Collateral contain a statement to the following effect:
“A purchase of or security interest in any collateral described in this financing statement will
violate the rights of the secured party”; and

     (h) The applicable parties shall have performed, satisfied and complied with the conditions
set forth in Section 3 of the applicable Purchase Agreement and the Sale Agreement as of the date
of the related bill of sale.

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[SLM UBS Note Purchase Agreement]

     Section 5.04. Repurchase of Student Loans; Reimbursement. The Trust shall cause the
obligations of the Depositor, the Servicer and the Sellers to purchase, repurchase, make
reimbursement or substitute Trust Student Loans to be enforced to the extent such obligations are
set forth in the applicable Purchase Agreement, the Sale Agreement and the Servicing Agreement.
The Trust shall cause any such repurchase amount or reimbursement to be remitted to the Collection
Account. Any substitute Trust Student Loan obtained by the Trust from the Depositor, the Servicer
or a Seller shall constitute Pledged Collateral hereunder.

     Section 5.05. Administrator Actions Attributable to the Trust. Any action required to be
taken by the Trust hereunder may be taken by the Administrator on behalf of the Trust, to the
extent permitted under the Administration Agreement. The Trust shall be fully responsible for each
of the representations, warranties, certifications and other statements made herein, in any other
Transaction Document, any Notice of Release or any other communication hereunder or thereunder by
the Administrator on its behalf as if such representations, warranties, certifications or
statements had been made directly by the Trust. In addition, the Trust shall be fully responsible
for all actions of the Administrator taken on its behalf under this Agreement or any other
Transaction Document as if such actions had been taken directly by the Trust. Nothing in this
Section shall limit the responsibility of the Administrator.

ARTICLE VI

COVENANTS OF THE TRUST

     From the date hereof until all of the Obligations hereunder and under the other Transaction
Documents have been satisfied in full:

     Section 6.01. Preservation of Separate Existence.

     (a) Nature of Business. The Trust will engage in no business other than (i) purchases, sales
and financings of Eligible FFELP Loans, (ii) the other transactions permitted or contemplated by
this Agreement and the other Transaction Documents and (iii) any other transactions permitted or
contemplated by its organizational documents as they exist on the Closing Date, or as amended as
such amendments may be permitted pursuant to the terms of this Agreement.

     (b) Maintenance of Separate Existence. The Trust will do all things necessary to maintain its
existence as a Delaware statutory trust separate and apart from all Affiliates of the Trust,
including complying with the provisions described in Section 9(j)(iv) of the Limited Liability
Company Agreement of the Depositor.

     (c) Transactions with Affiliates. The Trust will not enter into, or be a party to, any
transaction with any of its respective Affiliates, except (i) the transactions permitted or
contemplated by this Agreement (including the sale and purchase of Eligible FFELP Loans to or from
Affiliates) or the other Transaction Documents; and (ii) other transactions (including, without
limitation, the lease of office space or computer equipment or software by the Trust to or from an
Affiliate) (A) in the ordinary course of business, (B) pursuant to the reasonable requirements of
the Trust’s business, (C) upon fair and reasonable terms that are no less favorable to the Trust
than could be obtained in a comparable arm’s-length transaction with a

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[SLM UBS Note Purchase Agreement]

Person not an Affiliate of the Trust, and (D) not inconsistent with the factual assumptions
set forth in the opinion letter issued as of the Closing Date by McKee Nelson LLP to the
Administrative Agent and the Secured Creditors relating to the issues of substantive consolidation.

     Section 6.02. Notice of Termination Event or Potential Termination Event. As soon as possible
and in any event within three Business Days after the occurrence of each Termination Event and each
Potential Termination Event (or, to the extent the Trust or the Administrator does not have
knowledge of a Termination Event or Potential Termination Event, promptly upon obtaining such
knowledge), the Trust will provide (or shall cause the Administrator to provide) to the
Administrative Agent, the Securities Intermediary and the Paying Agent a statement setting forth
details of such Termination Event or Potential Termination Event and the action which the Trust has
taken or proposes to take with respect thereto.

     Section 6.03. Notice of Material Adverse Change. As soon as practicable and in any event
within three Business Days upon becoming aware of an event which could reasonably be expected to
have a Material Adverse Effect on the Trust, the Trust will provide to the Administrative Agent
written notice thereof.

     Section 6.04. Compliance with Laws; Preservation of Corporate Existence. The Trust will
comply in all material respects with all applicable laws, rules, regulations and orders and
preserve and maintain its legal existence, and will preserve and maintain its rights, franchises,
qualifications and privileges in all material respects.

     Section 6.05. Enforcement of Obligations.

     (a) Enforcement of Trust Student Loans. The Trust shall cause to be diligently enforced and
taken all steps, actions and proceedings reasonably necessary for the enforcement of all terms,
covenants and conditions of all Trust Student Loans and agreements in connection therewith (except
as otherwise permitted pursuant to the Transaction Documents), including the prompt payment of all
principal and interest payments and all other amounts due the Trust or the Eligible Lender Trustee,
as applicable thereunder.

     (b) Enforcement of Servicing Agreement and Administration Agreement. The Trust shall cause to
be diligently enforced and taken all reasonable steps, actions and proceedings necessary for the
enforcement of all terms, covenants and conditions of the Servicing Agreement and the
Administration Agreement, including all Interest Subsidy Payments, Special Allowance Payments and
all defaulted payments Guaranteed by any Guarantor and/or by the Department of Education which
relate to any Trust Student Loans. Except as otherwise permitted under any Transaction Document,
the Trust shall not permit the release of the obligations of the Servicer under the Servicing
Agreement or of the Administrator under the Administration Agreement and shall at all times, to the
extent permitted by law, cause to be defended, enforced, preserved and protected the rights and
privileges of the Trust, the Eligible Lender Trustee, the Administrative Agent and the Secured
Creditors under or with respect to each Servicing Agreement and the Administration Agreement. The
Trust shall not consent or agree to or permit any amendment or modification of the Servicing
Agreement or of the Administration Agreement, except (i) as required by the Higher Education Act;
(ii) solely for the purpose of extending the term thereof; or (iii) in any other manner, if such
modification,

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[SLM UBS Note Purchase Agreement]

amendment or supplement is made with the prior written consent of the Administrative Agent or
is otherwise permitted pursuant to the terms of that agreement. Upon the occurrence of a Servicer
Default and during the continuation thereof, the Trust shall replace the Servicer if instructed to
do so by the Administrative Agent. Upon the occurrence of an Administrator Default and during the
continuation thereof, the Trust shall replace the Administrator if instructed to do so by the
Administrative Agent.

     (c) Enforcement of Purchase Agreements and Sale Agreement. The Trust shall cause to be
diligently enforced and taken all reasonable steps, actions and proceedings necessary for the
enforcement of all terms, covenants and conditions of each Purchase Agreement and the Sale
Agreement. Except as otherwise permitted under any Transaction Document, the Trust shall not
permit the release of the obligations of any Seller, Sallie Mae, Inc., as Servicer, or the
Depositor under any Purchase Agreement or of the Depositor under the Sale Agreement and shall at
all times, to the extent permitted by law, cause to be defended, enforced, preserved and protected
the rights and privileges of the Trust, the Depositor, the Eligible Lender Trustee, the
Administrative Agent and the Secured Creditors under or with respect to each Purchase Agreement and
the Sale Agreement. Except as otherwise permitted under any Transaction Document, the Trust shall
not consent or agree to or permit any amendment or modification of any Purchase Agreement or the
Sale Agreement which will in any manner materially adversely affect the rights or security of the
Administrative Agent, the Eligible Lender Trustee or the Secured Creditors. To the extent such
action is required under the terms of such Purchase Agreement, upon a determination that a Trust
Student Loan sold pursuant to such Purchase Agreement was not an Eligible FFELP Loan at the point
it was represented to be as such, the Trust shall require Sallie Mae, Inc., as Servicer, to
repurchase (or substitute for) such Trust Student Loan from the Depositor pursuant to its Purchase
Agreement, and concurrently cause the Depositor to correspondingly repurchase (or substitute) such
Trust Student Loan from the Trust.

     (d) Enforcement and Amendment of Guarantee Agreements. So long as the Note is outstanding and
Trust Student Loans are guaranteed by a Guarantor, the Administrator on behalf of the Trust will
(a) from and after the date on which the Eligible Lender Trustee on its behalf shall have entered
into any Guarantee Agreement covering Trust Student Loans, cause the Eligible Lender Trustee to
maintain such Guarantee Agreement and diligently enforce the Eligible Lender Trustee’s rights
thereunder; (b) cause the Eligible Lender Trustee to enter into such other similar or supplemental
agreements as shall be required to maintain benefits for all Trust Student Loans covered thereby;
and (c) not voluntarily consent to or permit any rescission of or consent to any amendment to or
otherwise take any action under or in connection with any such Guarantee Agreement or any similar
or supplemental agreement in any manner which would materially and adversely affect the ability of
the Trust to perform its obligations under this Agreement or cause a Material Adverse Effect with
respect to the Trust without the prior written consent of the Administrative Agent.

     Section 6.06. Maintenance of Books and Records. The Trust shall maintain and implement, or
cause to be maintained and implemented administrative and operating procedures (including, without
limitation, an ability to recreate records evidencing the Pledged Collateral in the event of the
destruction of the originals thereof), and keep and maintain, or cause to be kept and maintained,
all documents, books, records and other information reasonably necessary or advisable for the
collection of all the Pledged Collateral.

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     Section 6.07. Fulfillment of Obligations. The Trust shall fulfill its obligations pursuant to
each other Transaction Document to which it is a party. The Trust shall cause each of its
Affiliates to fulfill its respective obligations pursuant to the Transaction Documents.

     Section 6.08. Notice of Material Litigation. As soon as possible and in any event within
three Business Days of the Trust’s or the Administrator’s actual knowledge thereof, the Trust will
cause the Administrative Agent to be provided with written notice of (a) any litigation,
investigation or proceeding which may exist at any time which could be reasonably likely to have a
Material Adverse Effect on the Trust; and (b) to the extent reasonably requested by the
Administrative Agent in connection with the delivery of each Monthly Report, a monthly update of
material adverse developments in previously disclosed litigation, including in each case, if known
to the Trust, any of the same against the Servicer;

     Section 6.09. Notice of Relocation. The Administrator on behalf of the Trust will cause the
Administrative Agent to be provided notice of any change in the location of the Trust’s principal
offices or any change in the location of the Trust’s books and records within thirty days before
any such change.

     Section 6.10. Rescission or Modification of Trust Student Loans and Transaction Documents.

     (a) Except as expressly permitted in the Servicing Agreement, the Trust shall not permit the
release of the obligations of any Obligor under any Trust Student Loan and shall at all times, to
the extent permitted by law, cause to be defended, enforced, preserved and protected the rights and
privileges of the Trust, the Administrative Agent and the Secured Creditors under or with respect
to each Trust Student Loan and agreement in connection therewith. The Trust shall not consent or
agree to or permit any amendment or modification of any Trust Student Loan or agreement in
connection therewith which will in any manner materially adversely affect the rights or security of
the Administrative Agent or the Secured Creditors unless such amendment or modification is (i)
provided for in the Transaction Documents, (ii) permitted under the Higher Education Act and
applicable Guarantee Agreement or (iii) provided for in the applicable Servicing Policies. Nothing
in this Agreement shall be construed to prevent the Trust, the Eligible Lender Trustee or the
Administrative Agent, as applicable, from offering any Obligor any borrower benefit to the extent
permissible by this Agreement or the Servicing Agreement or settling a default or curing a
delinquency on any Trust Student Loan on such terms as shall be permitted by law and shall be
consistent with the applicable underwriting guidelines or Servicing Policies.

     (b) Unless otherwise specified pursuant to clause (a) above or in any Transaction Document,
without the written consent of the Administrative Agent to the extent any of the following would
require the Administrative Agent to take any action or amend, modify or waive the duties or
responsibilities of the Administrative Agent hereunder, the Trust will not (nor will it permit any
of its agents to):

     (i) cancel, terminate, extend, amend, modify or waive (or consent to or approve any of
the foregoing) any provision of any Transaction Document (other than any cancellation or
termination of a Guarantee Agreement that does not apply at such time to any Trust Student
Loans or any extension, amendment, modification or waiver of

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a Guarantee Agreement that would not have a Material Adverse Effect on the Trust or
reduce any amount recoverable in respect of a Student Loan under the applicable Guarantee
Agreement); or

     (ii) take or consent to any other action that may impair the rights of any Secured
Creditor to any Pledged Collateral or modify, in a manner adverse to any Secured Creditor,
the right of such Secured Creditor to demand or receive payment under any of the Transaction
Documents (other than any action with regard to a Guarantee Agreement that does not apply at
such time to any Trust Student Loans or any extension, amendment, modification or waiver of
a Guarantee Agreement that would not have a Material Adverse Effect on the Trust or reduce
any amount recoverable in respect of a Student Loan under the applicable Guarantee
Agreement).

     Section 6.11. Liens.

     (a) Transaction Documents. The Trust (i) will cause to be taken all action necessary to
perfect, protect and more fully evidence the ownership interest of the Trust (or of the Eligible
Lender Trustee, acting on behalf of the Trust) and the first priority perfected security interest
of the Administrative Agent in favor of the Secured Creditors in the Trust Student Loans,
Collections with respect thereto and in the other Pledged Collateral and the Transaction Documents
including, without limitation, (A) filing and maintaining effective financing statements (Form
UCC-1) in all necessary or appropriate filing offices; (B) filing continuation statements,
amendments or assignments with respect thereto in such filing offices; (C) filing amendments,
releases and terminations with respect to filed financing statements, as necessary; and (D)
executing or causing to be executed such other instruments or notices as may be necessary or
appropriate; and (ii) will cause to be taken all additional actions to perfect, protect and fully
evidence the first priority security interest of the Administrative Agent, for the benefit of the
Secured Creditors, in the Trust Student Loans and other Pledged Collateral related thereto.

     (b) UCC Matters; Protection and Perfection of Pledged Collateral; Delivery of Documents.
Unless the Trust has complied with Section 6.09, the Trust will keep its principal place of
business and chief executive office, and the office where it keeps any Records in its possession,
at the address of the Trust referred to in Section 10.02 hereof. The Trust will not make
any change to its name unless prior to the effective date of any such name change or use, the Trust
delivers to the Administrative Agent such financing statements necessary, or as the Administrative
Agent may request, to reflect such name change, together with such other documents and instruments
as the Administrative Agent may request in connection therewith. The Trust will not change its
jurisdiction of formation or its corporate structure.

     The Trust agrees that from time to time, at its expense, it will promptly execute and deliver
all further instruments and documents, and take all further action necessary, or that the
Administrative Agent may reasonably request, in order to maintain the Administrative Agent’s first
priority perfected security interest in the Pledged Collateral for the benefit of the Secured
Creditors, or to enable the Administrative Agent or the Secured Creditors to exercise or enforce
any of their respective rights hereunder (provided, however, that the foregoing
sentence shall not be deemed to require the Trust or the Servicer to relocate or deliver any
Student Loan Notes to or at the direction of the Administrative Agent prior to the Termination
Date). Without limiting the generality of the foregoing, the Trust will: (a) authorize and file
such financing or continuation

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[SLM UBS Note Purchase Agreement]

statements, or amendments thereto or assignments thereof, and such other instruments or
notices, as may be necessary or appropriate (or as the Administrative Agent may request) and (b)
mark their master data processing records evidencing such Pledged Collateral with a legend or
numeric code acceptable to the Administrative Agent, evidencing that the Administrative Agent, for
the benefit of the Secured Creditors, has acquired an interest therein as provided in this
Agreement. The Trust hereby authorizes the Administrative Agent, or any Secured Creditor on behalf
of the Trust, to file one or more financing or continuation statements, and amendments thereto and
assignments thereof, relative to all or any of the Pledged Collateral now existing or hereafter
arising without the signature of the Trust where permitted by law. A carbon, photographic or other
reproduction of this Agreement or any financing statement covering the Pledged Collateral, or any
part thereof shall be sufficient as a financing statement. If the Trust fails to perform any of
its agreements or obligations under this Section, the Administrative Agent or any Secured Creditor
may (but shall not be required to) itself perform, or cause performance of, such agreement or
obligation, and the expenses of the Administrative Agent or such Secured Creditor incurred in
connection therewith shall be payable by the Trust upon the Administrative Agent’s or such Secured
Creditor’s demand therefor.

     For purposes of enabling the Administrative Agent or any such Secured Creditor to exercise
their respective rights described in the preceding sentence and elsewhere in this Agreement, the
Trust and the Eligible Lender Trustee hereby authorize, and irrevocably grant a power of attorney,
exercisable only after the occurrence and during the continuation of a Termination Event, to the
Administrative Agent and its respective successors and assigns to take any and all steps in the
Trust’s and the Eligible Lender Trustee’s name and on behalf of the Trust and/or the Eligible
Lender Trustee necessary or desirable, in the determination of the Administrative Agent, as the
case may be, to collect all amounts due under any and all Trust Student Loans and other Pledged
Collateral, including, without limitation, endorsing the Trust’s and/or the Eligible Lender
Trustee’s name on checks and other instruments representing Collections and enforcing such Trust
Student Loans and other Pledged Collateral.

     Section 6.12. Sales of Assets; Consolidation/Merger.

     (a) Sales, Liens, Etc. Except as otherwise provided herein or in any other Transaction
Document, the Trust will not (nor will it permit the Eligible Lender Trustee to) sell, assign (by
operation of law or otherwise) or otherwise dispose of, or create or suffer to exist any Adverse
Claim upon or with respect to, any Pledged Collateral.

     (b) Merger, Etc. Except as permitted under this Agreement, the Trust will not merge or
consolidate with any other entity, or convey, transfer, lease or otherwise dispose of (whether in
one transaction or in a series of transactions), all or substantially all of its assets (whether
now owned or hereafter acquired), or acquire all or substantially all of the assets or capital
stock or other ownership interest of any Person, other than, with respect to asset dispositions, in
connection herewith. The Trust shall not form or create any subsidiary without the consent of the
Administrative Agent.

     Section 6.13. Change in Business. The Trust will not make any change in the character of its
business, which change could reasonably be expected to impair the collectibility of any Pledged
Collateral or otherwise materially adversely affect the interests or remedies of the

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Administrative Agent or the Note Purchaser under this Agreement or any other Transaction
Document.

     Section 6.14. Residual Interest. The Trust will not issue an Excess Distribution Certificate
(other than a replacement Excess Distribution Certificate) to any Person other than the Depositor;
provided, however, that the Excess Distribution Certificate may be transferred to
and owned by any Affiliate of SLM Corporation in which case the Administrator shall deliver to the
Administrative Agent a Required Legal Opinion in respect of such action.

     Section 6.15. General Reporting Requirements. The Trust shall provide to the Administrative
Agent (and, as applicable, will cause the Servicer to provide) the following:

     (a) as soon as available and in any event within 120 days after the end of each fiscal year of
the Trust and the Servicer, an annual statement of compliance with the Transaction Documents and
applicable law together with an agreed upon procedures letter delivered by the independent public
accountant with respect to the Transaction Documents, all in form acceptable to the Administrative
Agent;

     (b) as soon as available and in any event within 90 days after the end of each fiscal year of
SLM Corporation, a copy of the balance sheet of SLM Corporation and the related statements of
income, stockholders’ equity and cash flows for such year, each prepared in accordance with GAAP
consistently applied and duly certified by nationally recognized independent certified public
accountants selected by SLM Corporation, together with a certificate of an officer certifying that
such financial statements fairly present in all material respects the financial condition of SLM
Corporation;

     (c) as soon as available and in any event within 60 days after the end of each fiscal quarter
of SLM Corporation, a copy of an unaudited balance sheet of SLM Corporation and the related
statements of income, stockholders’ equity and cash flows for such fiscal quarter, each prepared in
accordance with GAAP consistently applied, together with a certificate of an officer certifying
that such financial statements fairly present in all material respects the financial condition of
SLM Corporation;

     (d) promptly following the Administrative Agent’s request therefor, copies of all financial
statements, settlement statements, portfolio and other material reports, notices, disclosures,
certificates and other written material delivered or made available to the Trust by any Person
pursuant to the terms of any Transaction Document;

     (e) promptly following the Administrative Agent’s request therefor, such other information
respecting the Trust Student Loans and the other Pledged Collateral or the conditions or
operations, financial or otherwise, of the Trust as the Administrative Agent may from time to time
reasonably request;

     (f) with respect to each Guarantor, promptly after receipt thereof as made available to the
Trust after request therefor, copies of any audited financial statements of such Guarantor
certified by an independent certified public accounting firm;

     (g) with respect to the Servicer and promptly after receipt thereof after a good faith effort
to obtain such material is made by the Trust, (i) on an annual basis within 30 days after

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receipt thereof, copies of SAS 70 reports for the Servicer, or, if not available, the annual
compliance audit for the Servicer required by Section 428(b)(1)(4) of the Higher Education Act and
(ii) to the extent not included in the financial information provided pursuant to clause (i) above
and to the extent available, the Servicer’s net dollar loss for the year due to servicing errors;

     (h) promptly following the Administrative Agent’s request therefor, a Schedule of Trust
Student Loans;

     (i) promptly after the filing or receiving thereof, copies of all reports and notices with
respect to any Reportable Event defined in Title IV of ERISA, with respect to the termination of
any Benefit Plan subject to Title IV of ERISA which the Trust or any of its ERISA Affiliates files
under ERISA with the Internal Revenue Service, the Pension Benefit Guaranty Corporation or the U.S.
Department of Labor or which the Trust or any of its ERISA Affiliates receives from the Pension
Benefit Guaranty Corporation or with respect to any event concerning a Multiemployer Plan but in
each case only if such Reportable Event or termination is likely to result in the occurrence of a
Material Adverse Effect on the Trust;

     (j) promptly after the occurrence thereof, written notice of changes in the Higher Education
Act or any other law of the United States that could reasonably have a probability of having a
Material Adverse Effect on the Trust or could materially and adversely affect (i) the ability of
the Servicer to perform its obligations under the Servicing Agreement or (ii) the collectibility or
enforceability of a material amount of the Trust Student Loans, or any Guarantee Agreement or
Federal Reimbursement Contract with respect to a material amount of Trust Student Loans;

     (k) promptly, notice of any change in the accountants of the Trust or SLM Corporation; and

     (l) promptly, after the occurrence thereof or if sooner upon any executive officer of the
Administrator having direct or primary responsibility for ABS trust administration obtaining
knowledge of any pending change, notice of any change in the accounting policy of the Trust or SLM
Corporation to the extent such change could reasonably be seen to have a material and adverse
impact on the transactions contemplated herein.

     Section 6.16. Inspections. The Trust shall (and shall cause the Servicer, to the extent the
Servicer conducts primary servicing or origination duties with respect to the Trust Student Loans),
upon reasonable notice and from time to time during regular business hours, once per calendar year
(or, after the occurrence and during the continuance of a Termination Event, as frequently as
requested by the Administrative Agent) as requested in advance by the Administrative Agent, permit
the Administrative Agent, or its agents or representatives, (i) to examine and make copies of and
take abstracts from all books, records and documents (including computer tapes and disks) relating
to the Pledged Collateral and (ii) to visit the offices and properties of the Trust (or the
Servicer) for the purpose of examining such materials described in clause (i) above, and to discuss
matters relating to the Pledged Collateral or the Trust’s (or the Servicer’s) performance hereunder
and under the other Transaction Documents with any of the officers, directors, employees or
independent public accountants of the Trust or the Servicer having knowledge of such matters in
each case at the expense of the Trust.

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     Section 6.17. ERISA. The Trust will not adopt, maintain, contribute to or incur by any of its
own actions or assume any legal obligation with respect to any Benefit Plan or Multiemployer Plan.

     Section 6.18. Servicer. Except as permitted by the Servicing Agreement, the Trust will not
permit any Person other than the Servicer to collect, service or administer the Trust Student
Loans.

     Section 6.19. Acquisition, Financing, Collection and Assignment of Student Loans. The Trust
shall acquire or obtain financing hereunder only for Eligible FFELP Loans (or beneficial interests
therein) with proceeds of the Advances and shall cause to be collected all principal and interest
payments on all the Trust Student Loans and all sums to which the Trust or Administrative Agent is
entitled pursuant to the Sale Agreement, and all Interest Subsidy Payments, Special Allowance
Payments and all defaulted payments Guaranteed by any Guarantor which relate to such Trust Student
Loans as more fully set forth in the Servicing Agreement. The Trust will assign or direct the
assignment of such Trust Student Loans for payment of guarantee benefits as required by applicable
law and regulations. The Trust will comply in all material respects with any Guarantor’s rules and
regulations which apply to such Trust Student Loans.

     Section 6.20. Administration and Collection of Trust Student Loans. All Trust Student Loans
shall be administered and collected either by the Trust or by the Servicer on behalf of the Trust
in a competent, diligent and orderly fashion and in accordance in all material respects with all
applicable requirements of the Higher Education Act, the Department of Education, this Agreement,
the Federal Reinsurance Agreements, the Eligible Lender Trustee Guarantee Agreements and any other
guarantee agreement issued by any Guarantor to the Eligible Lender Trustee or the Trust.

     Section 6.21. Obligations of the Trust With Respect to Pledged Collateral. The Trust will (a)
at its expense, regardless of any exercise by any Secured Creditor of its rights hereunder, timely
and fully perform and comply with all provisions, covenants and other promises required to be
observed by it under the Transaction Documents included in the Pledged Collateral to the same
extent as if Pledged Collateral had not been pledged hereunder; and (b) pay when due any taxes,
including without limitation, sales and excise taxes, payable in connection with the Pledged
Collateral. In no event shall any Secured Creditor have any obligation or liability with respect
to any Trust Student Loans or other instrument document or agreement included in the Pledged
Collateral, nor shall any of them be obligated to perform any of the obligations of the Trust or
any of its Affiliates thereunder.

     Section 6.22. Amendment of Organizational Documents. The Trust shall cause the Administrative
Agent to be notified in writing of any proposed amendments to the Trust’s organizational documents.
No such amendment shall become effective unless and until the Administrative Agent has consented
in writing thereto, which consent shall not be unreasonably withheld or delayed.

     Section 6.23. No Payments on Excess Distribution Certificate. Except as expressly permitted
by Section 2.05(b) of this Agreement, the Trust shall not make any payments or

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distributions with respect to the Excess Distribution Certificate without the prior written
consent of the Administrative Agent.

     Section 6.24. Borrower Benefit Programs. The Trust will cause the Servicer to maintain any
rate reduction programs or other borrower benefit programs in effect at the time the Trust
purchased such Trust Student Loan. The Trust will not permit the Servicer to apply any rate
reduction programs with respect to the Trust Student Loans unless (i) such borrower benefit program
is required under the Higher Education Act, (ii) the Servicer, the Depositor or the applicable
Seller has deposited funds into the Borrower Benefit Account in an amount sufficient to offset any
effective yield reductions in accordance with Section 3.12 of the Servicing Agreement (which amount
shall be approved by the Administrative Agent in its sole discretion) or (iii) the Administrative
Agent has consented to the Trust’s participation in any new borrower benefit program or other rate
reduction program.

     Section 6.25. Anti-Terrorism Law; Anti-Money Laundering. The Trust shall not:

     (a) Anti-Terrorism Law. Directly or indirectly, (i) knowingly conduct any business or engage
in making or receiving any contribution of funds, goods or services to or for the benefit of any
person described in Section 5.01(w), (ii) knowingly deal in, or otherwise engage in any
transaction relating to, any property or interests in property blocked pursuant to the Executive
Order or any other Anti-Terrorism Law, or (iii) knowingly engage in or conspire to engage in any
transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to
violate, any of the prohibitions set forth in any Anti-Terrorism Law (and the Trust shall deliver
to the Note Purchaser any certification or other evidence requested from time to time by the Note
Purchaser in its reasonable discretion, confirming their compliance with this Section
6.25).

     (b) Money Laundering. Cause or permit any of the funds that are used to repay the Advances to
be derived from any unlawful activity with the result that the making of the Advances would be in
violation of any Requirement of Law.

     Section 6.26. Embargoed Person. The Trust shall not cause or permit (a) any of the funds or
properties that are used to repay the Advances to constitute property of, or be beneficially owned
directly or indirectly by, any person subject to sanctions or trade restrictions under United
States law (an “Embargoed Person”) that is identified on (1) the “List of Specially Designated
Nationals and Blocked Persons” maintained by OFAC and/or on any other similar list maintained by
OFAC pursuant to any authorizing statute including, but not limited to, the International Emergency
Economic Powers Act, 50 U.S.C. §§ 1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et
seq., and any Executive Order or Requirement of Law promulgated thereunder, with the result that
such investment (whether directly or indirectly) is prohibited by a Requirement of Law, or the
Advances made by the Note Purchaser would be in violation of a Requirement of Law, or (2) the
Executive Order, any related enabling legislation or any other similar Executive Orders or (b) any
Embargoed Person to have any direct or indirect interest of any nature whatsoever in the Trust,
with the result that such investment (whether directly or indirectly) is prohibited by a
Requirement of Law or the Advances are in violation of a Requirement of Law.

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ARTICLE VII

TERMINATION EVENTS

     Section 7.01. Termination Events.

     Each of the following events (each a “Termination Event”) shall be a Termination Event under
this Agreement:

     (a) The outstanding Advances, including accrued but unpaid interest thereon and other
Obligations of the Trust, are not paid in full on the Stated Termination Date, or any Borrowing
Base Deficiency is not remedied by the next Settlement Date following the determination that such
Borrowing Base Deficiency exists, or there shall occur a failure to pay accrued and unpaid Yield in
full as of any Settlement Date from Available Funds (including amounts withdrawn from the Reserve
Account or the Capitalized Interest Account for such purpose) or otherwise; or

     (b) The Trust (other than as covered in (a) above), any Seller, the Depositor, the Servicer,
the Administrator or the Eligible Lender Trustee shall fail to make any payment, transfer or
deposit (unless waived by the payee or other party entitled to exercise such waiver) within two
Business Days of the due date thereof (or, if the obligation in question arises under another
Transaction Document, within the applicable cure period, if any, provided for such obligation in
such Transaction Document) with respect to any of its obligations under this Agreement or any of
the other Transaction Documents; provided, however, that the failure by the Trust
to make a payment in full of an amount under Section 2.05(b)(v), (vi), (vii) or (ix) through
(xv) solely due to insufficient Available Funds on a Settlement Date shall not in and of itself
constitute a Termination Event (other than with respect to amounts due and owing on the Stated
Termination Date); or

     (c) Any representation, warranty, certification or statement made or deemed to be made by the
Trust, the Eligible Lender Trustee, any Seller, the Depositor or Sallie Mae, Inc. (as party to any
Purchase Agreement) under or in connection with this Agreement or any other Transaction Document,
or other information, report or document delivered pursuant hereto or thereto shall prove to have
been incorrect in any material respect when made, deemed made or delivered (except for
representations and warranties concerning Eligible FFELP Loans with respect to which the applicable
Seller, Sallie Mae, Inc. (as party to any Purchase Agreement) the Depositor or the Servicer has
repurchased or substituted for the related Student Loans or with respect to which the permitted
period of time within which such Student Loans may be repurchased has not yet expired);
provided, however, that such 30 day cure period shall not apply to breaches of
representations or warranties under Section 5.01(b), (c), (d), (e), (f), (j), (m), (n), (p), (q),
(s), (t), (v), (w) or (x), Section 5.02(e), (f) or (g) or Section 5.03(a) or (b); or

     (d) The Trust, the Eligible Lender Trustee, any Seller, the Depositor or the Sallie Mae, Inc.
(as party to any Purchase Agreement) shall default in any material respect in the performance or
observance of any term, covenant or undertaking to be performed or observed herein or in any other
Transaction Document on its part (and not separately addressed under subsection (a), (b), (c) or
(d) above) and any such failure shall remain unremedied (if such default can be remedied) for 30
days after the earlier of written notice thereof (or, if the

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obligation in question arises under another Transaction Document, within the cure period, if
any, provided in such Transaction Document) shall have been received by the Trust or the Trust or
the Administrator has actual knowledge thereof; provided, however, (i) such 30 day
cure period shall not apply to defaults under Sections 6.01, 6.03, 6.11, 6.12, 6.13, 6.15(i), (j)
or (l) and 6.16 (ii) a five day cure period shall apply to defaults under Section 6.15 (other than
clause (i) thereof) and (iii) if a default under Section 6.02 and 6.08 has occurred which could
reasonably be expected to have a Material Adverse Effect on the Trust or the Pledged Collateral, a
five day cure period shall apply, otherwise the 30 day cure period shall apply; or

     (e) An Event of Bankruptcy shall have occurred with respect to the Trust, the Eligible Lender
Trustee, the Depositor, any Seller, the Administrator, SLM Corporation or the Servicer; or

     (f) Either (i) a Servicer Default (other than in respect of matters covered by subsection (b)
above, and other than an Event of Bankruptcy) shall have occurred, and the event or circumstance
causing the existence of such Servicer Default has not been remedied within ten Business Days of
such event or circumstance first constituting a Servicer Default or waived by the party entitled to
exercise such waiver (but with such ten Business Day remedial period hereunder being exercisable
only once by the Servicer for the benefit of the Trust, after which the existence of a further
Servicer Default shall, without any additional remedial period (unless waived), also constitute a
Termination Event hereunder), or (ii) the Servicing Agreement shall not be in full force and
effect for any reason for a period of 30 days; or

     (g) If required, the Trust fails to make a necessary deposit into the Capitalized Interest
Account or the Reserve Account such that they are not funded to their respective required amounts,
and such deficiency shall remain uncured for two Business Days following the most recent Settlement
Date, subject to the proviso in clause (b) above; or

     (h) The Excess Spread for any Settlement Period shall be less than 0.25%; or

     (i) Any Seller (other than SLM Education Credit Finance Corporation) or the Depositor shall
default with respect to any outstanding financing arrangement (other than in connection with this
Agreement) representing outstanding indebtedness in excess of $10,000,000, or the Servicer, the
Administrator, SLM Education Credit Finance Corporation or SLM Corporation shall default with
respect to any outstanding financing arrangement (other than in connection with this Agreement)
representing outstanding indebtedness in excess of $50,000,000, and in any such case, the result of
such default is to cause the acceleration of such indebtedness by the holders thereof or other
parties entitled to direct such remedy; or

     (j) The occurrence of (i) any settlement or the filing of any judgment or adverse ruling
against the Trust, any Seller (other than SLM Education Credit Finance Corporation) or the
Depositor in excess of $10,000,000 on an individual basis or otherwise that could reasonably be
expected to have, individually or in the aggregate, a Material Adverse Effect on the Trust, such
Seller or the Depositor, and such judgment or order shall continue unsatisfied or unstayed for a
period in excess of 30 days, or (ii) any settlement or the filing of any judgment or adverse ruling
against the Servicer, the Administrator, SLM Education Credit Finance Corporation or SLM
Corporation in excess of $50,000,000 on an individual basis or otherwise that could reasonably be
expected to have, individually or in the aggregate, a Material Adverse Effect on

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the Servicer or SLM Corporation, and such judgment or order shall continue unsatisfied or
unstayed for a period in excess of 30 days; or

     (k) Any material adverse development in any federal or state litigation, investigation or
proceeding against the Trust, any Seller, the Servicer, the Administrator or SLM Corporation shall
occur that could reasonably be expected to have a Material Adverse Effect on such Person and is not
resolved for a period of 30 days after notice to the applicable party; or

     (l) The Trust, any Seller, the Depositor, the Servicer or SLM Corporation undergoes a direct
change of control that was not consented to by the Administrative Agent; provided, that a
change of control of any such entity that is a direct or indirect wholly-owned subsidiary of SLM
Corporation shall not require such consent if, after giving effect to such change, (i) such entity
remains a direct or indirect wholly-owned subsidiary of SLM Corporation, and (ii) such change does
not result in any factual assumptions underlying legal opinions given on the Closing Date which
address bankruptcy substantive consolidation and/or the sale of the Student Loans on a true sale
basis, to be violated in any manner deemed material by the Administrative Agent; or

     (m) The Administrative Agent, for the benefit of the Secured Creditors, shall, for any reason,
cease to have a valid and perfected first priority security interest in any material portion of the
Pledged Collateral or the Trust shall, for any reason, cease to have a valid and perfected first
priority ownership interest in any material portion of the Trust Student Loans and Collections with
respect thereto in each case for a period of two Business Days following the Administrator
acquiring such knowledge or its receipt of such notice; or

     (n) (i) The Internal Revenue Service shall file notice of a lien involving a sum in excess of
$50,000,000 pursuant to Section 6321 or 6323 of the Internal Revenue Code with regard to any assets
of the Trust and such lien shall not have been released within three Business Days or (ii) any
Person shall institute steps to terminate any Benefit Plan if the assets of such Benefit Plan are
insufficient to satisfy all of its benefit liabilities in excess of $50,000,000 (as determined
under Title IV of ERISA), or a contribution failure in excess of $50,000,000 occurs with respect to
any Benefit Plan, and in either case which is sufficient to give rise to a lien under Section
302(f) or 303(k), as applicable, of ERISA or the Pension Benefit Guaranty Corporation shall, or
shall indicate its intention to, file notice of a lien pursuant to Section 4068 of ERISA each with
regard to any of the assets of the Trust and any such lien shall not have been released within
three Business Days; or

     (o) Any material provision of this Agreement or any other Transaction Document (other than a
Guarantee Agreement that does not apply at such time to any Trust Student Loans) to which the
Trust, the Administrator, any Seller, the Depositor or the Servicer is a party shall cease to be in
full force and effect and such event shall continue for five days after written notice thereof
shall have been received by the Trust or the Trust or the Administrator has actual knowledge; or

     (p) Any amendment to the Higher Education Act or any other federal law becomes effective that
materially adversely affects the ownership or security interests of the Administrative Agent or the
Note Purchaser in the Pledged Collateral; or

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     (q) The occurrence of any material adverse development including legislative changes that
could be expected to cause a 0.10% or more yield level decline in the Student Loans owned by the
Trust (provided, that such event may be remedied by an adjustment relevant to clauses (a)(ii) or
(b)(ii) of the definition of Applicable Percentage pursuant to the Valuation Agreement within 30
days of effectiveness of such development); or

     (r) The Depositor shall fail to maintain its status as a limited purpose bankruptcy remote
limited liability company or the Trust shall fail to maintain its status as a single purpose
bankruptcy remote Delaware statutory trust; or

     (s) The Consolidated Tangible Net Worth of SLM Corporation shall be less than $1,380,000,000
as of the end of a calendar month; or

     (t) At the last day of each fiscal quarter of SLM Corporation, either (i) the Interest
Coverage Ratio shall be less than 1.15:1.00 or (ii) the Net Adjusted Revenue shall be less than
$400,000,000, in each case for the period of four consecutive fiscal quarters then ended; or

     (u) Any subsidiary of SLM Corporation (other than a banking subsidiary) shall have incurred,
assumed or suffered to exist any Debt except (i) Debt existing on the date hereof (or the
refinancing thereof), (ii) Debt owing to SLM Corporation or a wholly-owned subsidiary, (iii) Debt
secured by liens, (iv) permitted non-recourse Debt and (e) Debt (other than Debt permitted pursuant
to clauses (i), (ii), (iii) and (iv) above) not exceeding in aggregate principal amount at any time
outstanding for all subsidiaries an amount equal to 20% of consolidated net worth at such time; or

     (v) The Trust becomes required to register under the Investment Company Act and such
requirement is not lifted or removed for a period of 30 days after the Trust or the Administrator
receives notice or has knowledge of such requirement; or

     (w) Other than as to the subject matter covered in clauses (x) and (y) below, an Administrator
Default shall have occurred which could reasonably be expected to have a Material Adverse Effect on
the Trust or the Pledged Collateral; or

     (x) The Administrator shall fail to timely comply with any obligation in the Administration
Agreement to deliver the Monthly Report substantially in the form and manner required in order to
permit and direct the Paying Agent to make the required distributions and allocations of Available
Funds contemplated in Section 2.05 and any such failure shall continue for a period of five
Business Days following the due date for such delivery under the Administration Agreement; or

     (y) The Administrator shall fail to deliver the information required under Section 3.03 of the
Valuation Agent Agreement and any such failure shall continue for a period of two Business Days
following the due date for such delivery under the Valuation Agent Agreement and shall further
continue for a period of one Business Day after notice from the Administrative Agent (but with such
one Business Day remedial period after notice hereunder being exercisable only twice by the
Administrator).

     Section 7.02. Remedies.

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     (a) After the occurrence of a Termination Event, the Administrative Agent may, by notice to
the Trust, declare that a Termination Date shall have occurred (except that, in the case of any
event described in Section 7.01(e) above, the Termination Date shall be deemed to have
occurred automatically).

     (b) Upon the occurrence of the Termination Date and prior to any sale of the Collateral
pursuant to Section 7.02(c) below, the Depositor shall have the right to exercise a call
(“Depositor Call Right”) and purchase the Outstanding Note from the Note Purchaser for a price
equal to the Obligations.

     (c) Upon the declaration of the Termination Date or the automatic occurrence thereof, all of
the Obligations due and owing to the Note Purchaser shall become immediately due and payable. Upon
any such declaration or automatic occurrence, the Administrative Agent (for the benefit of the
Secured Creditors) shall have, in addition to all other rights and remedies under this Agreement or
otherwise, all other rights and remedies provided to a secured party under the UCC of the
applicable jurisdiction and other applicable laws, which rights shall be cumulative. The rights
and remedies of a secured party which may be exercised by the Administrative Agent pursuant to this
Article shall include, without limitation, the right, without notice except as specified below, to
solicit and accept bids for and sell the Pledged Collateral in one or more parcels at a public or
private sale, at any exchange, broker’s board or at any of the Administrative Agent’s offices or
elsewhere, for cash, and upon such other terms as the Administrative Agent may deem commercially
reasonable. Any sale or transfer by the Administrative Agent of Trust Student Loans shall only be
made to an Eligible Lender (it being understood for the avoidance of doubt, that such sale or
transfer may be made to a beneficial owner holding through an eligible lender trustee). The Trust
agrees that, to the extent notice of sale shall be required by law, ten Business Days’ notice to
the Trust and the Administrator of the time and place of any public sale or the time after which
any private sale is to be made shall constitute reasonable notification and that it shall be
commercially reasonable for the Administrative Agent to sell the Pledged Collateral on an “as is”
basis, without representation or warranty of any kind. The proceeds of any such sale shall be
deposited into the Collection Account and shall be distributed pursuant to Section 2.05(b).
The Administrative Agent shall not be obligated to make any sale of Pledged Collateral regardless
of notice of sale having been given and may adjourn any public or private sale from time to time by
announcement at the time and place fixed therefor, and such sale may, without further notice, be
made at the time and place to which it was so adjourned.

     Section 7.03. Setoff. Each of the Administrative Agent and the Secured Creditors is hereby
authorized (in addition to any other rights it may have) at any time after the occurrence of the
Termination Date due to the occurrence of a Termination Event to set off, appropriate and apply
(without presentment, demand, protest or other notice which are hereby expressly waived) any
deposits and any other indebtedness held or owing by the Administrative Agent or such Secured
Creditor to, or for the account of, the Trust against the amount of the outstanding Note owing by
the Trust to such Person or to the Administrative Agent on behalf of such Person (even if
contingent or unmatured).

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ARTICLE VIII

INDEMNIFICATION

     Section 8.01. Indemnification by the Trust.

     (a) Without limiting any other rights which any such Person may have hereunder or under
applicable law, the Trust hereby agrees to indemnify the Paying Agent, the Securities Intermediary,
the Administrative Agent, the Note Purchaser (including assignee Note Purchasers), and each of
their respective Affiliates, and each of their respective successors, transferees, participants and
assigns (and successors, transferees, participants and assigns thereof) and all officers,
directors, shareholders, controlling Persons, employees and agents of any of the foregoing (each of
the foregoing Persons being individually called an “Indemnified Party”), forthwith on demand, from
and against any and all damages, losses, claims, liabilities and related costs and expenses,
including reasonable attorneys’ fees and disbursements (all of the foregoing being collectively
called “ Trust Indemnified Amounts”) awarded against or incurred by any of them arising out of or
relating to any Transaction Document or the transactions contemplated thereby or the use of
proceeds therefrom by the Trust, including (without limitation) in respect of the funding of any
Advance or in respect of any Pledged Collateral, excluding, however, (x) any
indemnified amounts to the extent determined by a final non-appealable decision of a court of
competent jurisdiction to have resulted from gross negligence or willful misconduct on the part of
any Indemnified Party and (y) any Taxes, loss of Tax benefits, or costs incurred in contesting any
Taxes or loss of Tax benefits (the related indemnities for which are set out solely in Section
2.18 of this Agreement). Without limiting the foregoing, but subject to the exclusions
described in clauses (x) and (y) above, the Trust agrees to indemnify each Indemnified Party for
Indemnified Amounts arising out of or relating to:

     (i) the grant of a security interest to the Administrative Agent (for the
benefit of the Secured Parties);

     (ii) the breach of any representation or warranty made by the Trust, the
Administrator or the Servicer (or any of their respective officers) under or in
connection with this Agreement or the other Transaction Documents, any Monthly
Report, officer’s certificate or any other information, report or certificate
delivered by the Trust or the Administrator or the Servicer pursuant hereto or
thereto, which shall have been false or incorrect in any material respect when made
or deemed made;

     (iii) the failure by the Trust, the Administrator or the Servicer to comply in
any material respect with any applicable law, rule or regulation with respect to any
Student Loan, or the nonconformity of any Student Loan with any such applicable law,
rule or regulation;

     (iv) the failure to vest and maintain vested in the Administrative Agent, for
the benefit of the Secured Parties, a first-priority security interest in all the
Pledged Collateral, free and clear of any Adverse Claim;

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     (v) the failure to file, or any delay in filing, financing statements or other
similar instruments or documents under the UCC of any applicable jurisdiction or
other applicable laws with respect to any Pledged Collateral;

     (vi) any dispute, claim, offset or defense (other than discharge in bankruptcy)
of an Obligor to the payment of any Student Loan (including, without limitation, a
defense based on such Student Loan not being a legal, valid and binding obligation
of such Obligor enforceable against it in accordance with its terms);

     (vii) the commingling of any proceeds of Pledged Collateral at any time with
other funds;

     (viii) any investigation, litigation or proceeding related to this Agreement or
the use of proceeds of Advances or the ownership of any Pledged Collateral;

     (ix) any failure of the Trust, the Administrator, the Servicer, the Depositor
or any Seller to comply with its covenants contained in this Agreement or any other
Transaction Document, as applicable; or

     (x) any claim brought by any Person other than an Indemnified Party arising
from any activity by the Trust, the Administrator, the Servicer, any Seller, the
Depositor or any Affiliate of any of them in servicing, administering or collecting
any Student Loan.

     (b) Any amounts subject to the indemnification provisions of this Section 8.01 shall be paid
by the Trust to the related Indemnified Party on or before the 30th day following the date of
demand therefor accompanied by reasonable supporting documentation with respect to such amount.

ARTICLE IX

ADMINISTRATIVE AGENT

     Section 9.01. Authorization and Action. The Note Purchaser hereby appoints UBS Securities LLC
as agent for purposes of the Transaction Documents and authorizes UBS Securities LLC, in such
capacity, to take such action on its behalf under each Transaction Document and to exercise such
powers, hereunder and thereunder as are delegated to the Administrative Agent by the terms hereof
and thereof, together with such powers as are reasonably incidental thereto.

     Section 9.02. Exculpation. Neither the Administrative Agent (acting in such capacity under
the Transaction Documents) nor any of its directors, officers, agents or employees shall be liable
to the Note Purchaser (including any assignee Note Purchaser) for any action taken or omitted to be
taken by it or them under or in connection with the Transaction Documents, except for its or their
own gross negligence or willful misconduct. Without limiting the generality of the foregoing, the
Administrative Agent:

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     (a) may consult with legal counsel (including counsel for the Trust and the Servicer),
independent certified public accountants and other experts selected by it and shall not be liable
for any action taken or omitted to be taken in good faith by it in accordance with the advice of
such counsel, accountants or experts;

     (b) makes no warranty or representation to the Note Purchaser, and shall not be responsible to
the Note Purchaser (including any assignee Note Purchaser), for any statements, warranties or
representations made by the Trust or the Servicer, in or in connection with any Transaction
Document;

     (c) shall not have any duty to ascertain or to inquire as to the performance or observance of
any of the terms, covenants or conditions of any Transaction Document on the part of the Servicer,
the Trust or any Seller or any of their respective Affiliates or to inspect the property (including
the books and records) of them or any of their respective Affiliates;

     (d) shall not be responsible to the Note Purchaser (including any assignee Note Purchaser) for
the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this
Agreement, any Note, any other Transaction Document or any other instrument or document provided
for herein or delivered or to be delivered hereunder or in connection herewith; and

     (e) shall incur no liability under or in respect of any Transaction Document by acting upon
any notice (including notice by telephone), consent, certificate or other instrument or writing
(which may be by facsimile or other electronic transmission) believed by it to be genuine and
signed or sent by the proper party or parties.

     Section 9.03. Administrative Agent and Affiliates. The Administrative Agent, including, but
not limited to, UBS Securities LLC and any of its Affiliates may generally engage in any kind of
business with the Trust, the Servicer, any Obligor, any of their respective Affiliates and any
Person who may do business with or own securities of any of them or any of their respective
Affiliates, all as if the Administrative Agent were not the Administrative Agent hereunder and
without any duty to account therefor to the Note Purchaser (including any assignee Note Purchaser).

     Section 9.04. Note Purchaser’s Credit Decision. The Note Purchaser (including any assignee
Note Purchaser) acknowledges that it has, independently and without reliance upon the
Administrative Agent, any of its Affiliates or any other Note Purchaser and based on such documents
and information as it has deemed appropriate, made its own evaluation and decision to enter into
this Agreement. Such Note Purchaser also acknowledges that it will, independently and without
reliance upon the Administrative Agent, any of its Affiliates or any other Note Purchaser and based
on such documents and information as it shall deem appropriate at the time, continue to make its
own decisions in taking or not taking action under this Agreement.

     Section 9.05. Certain Matters Affecting the Administrative Agent.

     (a) The Administrative Agent may rely and shall be protected in acting or refraining from
acting upon any resolution, officer’s certificate, certificate of auditors or any other
certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal,
bond

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or other paper or document believed by it to be genuine and to have been signed or presented
by the proper party or parties.

     (b) The Administrative Agent may consult with counsel, and any Opinion of Counsel shall be
full and complete authorization and protection in respect of any action taken or suffered or
omitted by the Administrative Agent under this Agreement in good faith and in accordance with such
Opinion of Counsel.

     (c) Notwithstanding anything to the contrary, the Administrative Agent shall be under no
obligation to exercise any of the rights or powers vested in it by this Agreement, or to institute,
conduct or defend any litigation under this Agreement or in relation to this Agreement, at the
request, order or direction of any Note Purchaser pursuant to the provisions of this Agreement
unless such Note Purchaser shall have furnished to the Administrative Agent security or indemnity
satisfactory to the Administrative Agent against the costs, expenses and liabilities that may be
incurred therein or thereby.

     (d) The Administrative Agent shall not be bound to make any investigation into the facts of
matters stated in any resolution, certificate, statement, instrument opinion, report, notice,
request, consent, order, approval, bond or other paper or documents, unless requested in writing to
do so by the Note Purchaser; provided, however, that if the payment within a reasonable time to the
Administrative Agent of the costs, expenses or liabilities likely to be incurred by it in the
making of such investigation is, in the opinion of the Administrative Agent, not reasonably assured
to the Administrative Agent by the security afforded to it by the terms of this Agreement, the
Administrative Agent may require indemnity satisfactory to it against such cost, expense or
liability as a condition to so proceeding; the reasonable expense of every such examination shall
be paid by the Person making such request or, if paid by the Administrative Agent, shall be
reimbursed by the Person making such request upon demand.

     (e) The Administrative Agent may execute any of the trusts or powers under this Agreement or
any other Transaction Document or perform any duties under this Agreement or any other Transaction
Document either directly or by or through agents or attorneys or custodians. The Administrative
Agent shall not be responsible to any Note Purchaser for any misconduct or negligence on the part
of any agent or attorney appointed with due care by the Administrative Agent. The Administrative
Agent shall not be responsible for any misconduct or negligence attributable to the acts or
omissions of the Servicer or the Administrator.

     (f) The Administrative Agent may rely, as to factual matters relating to any of the Servicer
or Administrator, on an officer’s certificate of the Servicer or Administrator.

     (g) The Administrative Agent shall not be required to take any action or refrain from taking
any action under this Agreement, or any Transaction Document referred to herein, nor shall any
provision of this Agreement or any such Transaction Document be deemed to impose a duty on the
Administrative Agent to take action, if the Administrative Agent shall have been advised by counsel
that such action is contrary to the terms of this Agreement or any Transaction Document or is
contrary to law.

     (h) The Trust, the Servicer and the Administrator hereby (i) acknowledge that the Note
Purchaser (including any assignee Note Purchaser) has the right, in certain instances, to

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require the Administrative Agent to take or refrain from taking certain actions under the
terms of this Agreement and the other Transaction Documents and (ii) agree that the Administrative
Agent has no liability to the Trust, the Servicer or the Administrator, with respect to taking or
refraining from taking any such actions at the request of any Note Purchaser, it being understood
that the foregoing provision does not relieve the Administrative Agent from any express obligations
the Administrative Agent undertakes under this Agreement in its capacity as Administrative Agent.

     (i) When this Agreement or any other Transaction Document provides that a right, consent,
approval or duty is expressly stated to be exercisable or performable by the Administrative Agent,
the parties hereto understand and agree that the Administrative Agent is entitled to exercise its
rights under such provision without the consent of the Note Purchaser (including any assignee Note
Purchaser).

     Section 9.06. Administrative Agent Not Liable. The Administrative Agent makes no
representations as to the validity or sufficiency of this Agreement, any Note or any other
Transaction Document. The Administrative Agent shall at no time have any responsibility or
liability for or with respect to the legality, validity or enforceability of any security interest
in any Pledged Collateral, or the perfection and priority of such a security interest or the
maintenance of any such perfection and priority or its ability to generate the payments to be
distributed to a Note Purchaser under this Agreement, including, without limitation, the existence,
condition, location and ownership of any property; the performance or enforcement of any Student
Loan; the compliance by the Trust, the Servicer, the Administrator, or any Seller with any covenant
or the breach by any of them of any warranty or representation made under this Agreement or any
other Transaction Document or in any related document and the accuracy of any such warranty or
representation prior to the Administrative Agent’s receipt of notice or other discovery of any
noncompliance therewith or any breach thereof, any investment of monies by or at the direction of
the Trust, the Administrator or the Servicer, or any loss resulting therefrom (it being understood,
however, that the Administrative Agent shall remain otherwise responsible for any Pledged
Collateral that it may hold directly); the acts or omissions of the Trust, the Administrator, the
Servicer or any Obligor, any action of the Servicer or Administrator taken in the name of the Trust
or the Administrative Agent, and/or Note Purchasers which are authorized to provide such
instruction in accordance with this Agreement or any of the other Transaction Documents; provided,
however, that the foregoing shall not relieve the Administrative Agent of its obligations to
perform its duties under this Agreement. The Administrative Agent shall not be accountable for the
use or application by the Trust of any proceeds of the Advances, or for the use or application of
any funds paid to the Servicer or Administrator in respect of the Student Loans or any other
Pledged Collateral.

     Section 9.07. Agent May Own Notes. The Administrative Agent in its individual or any other
capacity may become the owner or pledgee of the Note with the same rights as it would have if it
were not the Administrative Agent and may deal with the Administrator and the Servicer and their
Affiliates in banking transactions with the same rights as it would have if it were not the
Administrative Agent.

     Section 9.08. Resignation or Removal of Agent.

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     (a) Subject to the provisions of subsection (c) of this Section 9.08, any Person acting as
Administrative Agent may at any time resign as Administrative Agent under this Agreement and the
other Transaction Documents by giving 30 days’ prior written notice thereof to the Trust, the
Administrator and the Servicer. Upon receiving such notice of resignation, the Majority Lenders
shall promptly appoint a successor Administrative Agent (with the approval of the Trust and the
Administrator, which approval shall not be unreasonably withheld or delayed) by written instrument,
in duplicate, one copy of which instrument shall be delivered to the resigning Administrative Agent
and the other copy of which instrument shall be delivered to the successor Administrative Agent.
If no successor Administrative Agent shall have been so appointed and have accepted appointment
within 30 days after the giving of such notice of resignation, the resigning Administrative Agent
may petition any court of competent jurisdiction for the appointment of a successor Administrative
Agent. The Trust shall reimburse the resigning Administrative Agent pursuant to Section 2.05(b)
for all expenses that shall have been incurred by such resigning Administrative Agent in accordance
with this Agreement and the other Transaction Documents prior to the effective date of resignation
of such resigning Administrative Agent (excluding expenses in connection with such resignation).

     (b) If at any time the Administrative Agent shall be legally unable to act, or shall be
adjudged a bankrupt or insolvent or a receiver of the Administrative Agent or of its property shall
be appointed or any public officer shall take charge or control of the Administrative Agent or of
its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the
Note Purchasers shall remove the Administrative Agent. If the Administrative Agent shall have been
removed under the authority of the immediately preceding sentence, the Majority Lenders (with
approval of the Trust and the Administrator, not to be unreasonably withheld or delayed) shall
promptly appoint a successor Administrative Agent by written instrument, in duplicate, one copy of
which instrument shall be delivered to the Administrative Agent so removed and the other copy of
which instrument shall be delivered to the successor Administrative Agent. The Trust shall
reimburse the removed Administrative Agent pursuant to Section 2.05(b) for all expenses which shall
have been incurred by such removed Administrative Agent in accordance with this Agreement and the
other Transaction Documents prior to the effective date of removal of such removed Administrative
Agent.

     (c) Any resignation or removal of the Administrative Agent and appointment of a successor
Administrative Agent pursuant to any of the provisions of this Section 9.08 shall not become
effective until acceptance of appointment by the successor agent as provided in Section 9.09.

     Section 9.09. Successor Administrative Agent. Any successor Administrative Agent appointed as
provided in this Article IX shall execute, acknowledge and deliver to the Trust and the
Administrator and to its predecessor Administrative Agent an instrument accepting such appointment
under this Agreement, and thereupon the resignation or removal of the predecessor Administrative
Agent shall become effective and such successor Administrative Agent, without any further act, deed
or conveyance (except as provided below), shall become fully vested with all the rights, power,
duties and obligations of its predecessor under this Agreement, with like effect as if originally
named as Administrative Agent; but, on request of the Trust or the Administrator, or the successor
Administrative Agent, such predecessor Administrative Agent shall, upon payment of its expenses
then unpaid, execute and deliver an instrument transferring to such successor Administrative Agent
all of the rights, powers and trusts of the Administrative

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Agent so ceasing to act, and shall duly assign, transfer and deliver to such successor
Administrative Agent all property and money held by such Administrative Agent so ceasing to act
hereunder. Upon request of any such successor Administrative Agent, the Trust shall execute any
and all instruments for more fully and certainly vesting in and confirming to such successor
Administrative Agent all such rights, powers and trusts. The predecessor Administrative Agent
shall deliver to the successor Administrative Agent all documents and statements held by it under
this Agreement or any Transaction Document; and the predecessor Administrative Agent and the other
parties to the Transaction Documents shall amend any Transaction Document to make the successor
Administrative Agent the successor to the predecessor Administrative Agent thereunder; and the
Administrator and the predecessor Administrative Agent shall execute and deliver such instruments
and do such other things as may reasonably be required for fully and certainly vesting and
confirming in the successor Administrative Agent all such rights, powers, duties and obligations.
No successor Administrative Agent shall accept its appointment as provided in this Section 9.09
unless at the time of such acceptance such successor Administrative Agent shall be eligible under
the provisions of Section 9.10.

     Section 9.10. Eligibility Requirements for Successor Agent. Any successor Administrative
Agent under this Agreement shall be a corporation duly organized and validly existing under the
laws of its jurisdiction of incorporation authorized under such laws to exercise corporate trust
powers, having a combined capital and surplus of at least $500,000,000 and subject to supervision
or examination by federal or state authority. If such corporation publishes reports of condition
at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining
authority, then for the purpose of this Section 9.10, the combined capital and surplus of such
corporation shall be deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published. In case at any time any successor Administrative Agent shall
cease to be eligible in accordance with the provisions of this Section 9.10, such successor
Administrative Agent shall resign immediately in the manner and with the effect specified in
Section 9.08.

     Section 9.11. Merger or Consolidation of Agent. Any corporation into which the Administrative
Agent may be merged or with which it may be consolidated, or any corporation resulting from any
merger or consolidation to which the Administrative Agent shall be a party, or any corporation
succeeding to the corporate trust business of the Administrative Agent, shall be the successor of
the Administrative Agent under this Agreement, provided such corporation shall be eligible under
the provisions of Section 9.10, without the execution or filing of any instrument or any further
act on the part of any of the parties to this Agreement, anything in this Agreement to the contrary
notwithstanding.

     Section 9.12. Indemnification of Agent. Each Note Purchaser agrees to indemnify the
Administrative Agent (to the extent not reimbursed by the Trust), ratably according to the Note
Purchaser’s pro rata share of outstanding Advances, from and against any and all liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements of any kind or nature whatsoever which may be imposed on, incurred by, or asserted
against the Administrative Agent in any way relating to or arising out of this Agreement or any
other Transaction Document or any action taken or omitted by the Administrative Agent under this
Agreement or any other Transaction Document; provided, however, that no Note Purchaser shall be
liable for any portion of such liabilities, obligations, losses, damages,

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penalties, actions, judgments, suits, costs, expenses or disbursements resulting from the
Administrative Agent’s gross negligence or willful misconduct.

ARTICLE X

MISCELLANEOUS

     Section 10.01. Amendments, Etc. Unless otherwise specified herein, no amendment to or waiver
of any provision of this Agreement nor consent to any departure by Trust or any other Person
therefrom shall in any event be effective unless the same shall be in writing and signed by the
Trust, the Eligible Lender Trustee, the Administrative Agent, the Note Purchaser and, if such
amendment or waiver affects the rights or obligations thereof, the Paying Agent or the Securities
Intermediary, and then such waiver or consent shall be effective only in the specific instance and
for the specific purpose for which given. To the extent the consent of any of the parties hereto
(other than the Trust) is required under any of the Transaction Documents, the determination as to
whether to grant or withhold such consent shall be made by such party in its sole discretion
without any implied duty toward any other Person, except as otherwise expressly provided herein or
therein.

     Section 10.02. Notices, Etc. All notices and other communications provided for hereunder
shall, unless otherwise stated herein, be in writing (including communication by facsimile copy or
other electronic means) and mailed, delivered by nationally recognized overnight courier service,
transmitted or delivered by hand, as to each party hereto, at its address set forth on the
signature pages hereto or at such other address as shall be designated by such party in a written
notice to the other parties hereto. Each such notice, request or other communication shall be
effective (i) if given by facsimile, when such facsimile is transmitted to the specified facsimile
number and an appropriate confirmation is received, (ii) if given by email, when sent to the
specified email address and an appropriate confirmation is received, (iii) if given by mail, five
days after being deposited in the United States mails, first class postage prepaid (except that
notices and communications pursuant to Article II shall not be effective until received),
(iv) if given by recognized courier guaranteeing overnight delivery, the Business Day following
such day after such communication is delivered to such courier or (v) if given by any other means,
when delivered at the address (electronic or otherwise) specified in this Section.

     Section 10.03. No Waiver; Remedies. No failure on the part of the Eligible Lender Trustee,
the Administrative Agent or the Secured Creditors to exercise, and no delay in exercising, any
right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any
right hereunder preclude any other or further exercise thereof or the exercise of any other right.
The remedies herein provided are cumulative and not exclusive of any remedies provided by law.

     Section 10.04. Successors and Assigns; Binding Effect.

     (a) This Agreement shall be binding on the parties hereto and their respective successors and
permitted assigns; provided, however, that neither the Trust nor the Administrator
may assign any of its rights or delegate any of its duties hereunder or under any of the other
Transaction Documents to which it is a party without the prior written consent of the
Administrative Agent. Except as provided in clause (b) below and except as provided in Article

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III, no provision of this Agreement shall in any manner restrict the ability of the Note
Purchaser to assign, participate, grant security interests in, or otherwise transfer any portion of
the Note.

     (b) The Note Purchaser, through the Administrative Agent, shall have the right (but not the
obligation) at any time to assign, transfer or syndicate or to grant participation interests in all
or any part of the Note, the Advances, the Pledged Collateral and its other rights and obligations
hereunder to one or more institutions consented to by the Administrator on behalf of the Trust,
such consent not to be unreasonably withheld or delayed (it being understood that the existence of
a contractual restriction not permitting such assignments entered into by an Affiliate of SLM
Corporation with another lender or prospective lender or financing provider shall, in and of
itself, constitute reasonable grounds for the withholding or delaying of consent to the Note
Purchaser’s proposed assignment or participation); provided, however, that the Note
Purchaser shall have the right to so assign, transfer or syndicate and to so participate in its
sole discretion and not subject to the aforementioned restrictions on the earliest to occur of (a)
the 180th day following the last occurring closing in respect of the other financing
facilities of SLM Corporation or its Affiliates referred to in Section 4.02(c)(vi) above,
(b) the 180th day following February 29, 2008 or (c) the date that a successful
syndication (as described below) shall have occurred in respect of such other financing facilities.
The Administrative Agent shall use its best efforts to execute any assignment or participation
with minimal or no cost to the Trust. The Trust agrees, if requested by the Administrative Agent
in connection with an assignment of the Note in compliance with this Section 10.04(b), to execute
or cause the execution of one or more Notes in exchange for the existing Note, reflecting the
outstanding principal amount of the Advances being assigned and retained, and to cause the holders
thereof to be appropriately registered on the note register of the Trust. In the event of such
assignment and issuance of Notes, any references to “the Note” in this Agreement shall be deemed to
refer to all such Notes and holders thereof, except where the context shall otherwise require. It
is further understood that the Note Purchaser shall retain its obligations under the Transaction
Documents notwithstanding any aforementioned participation. As used above, “successful
syndication” means that there shall have occurred assignments and assumptions of the commitments of
the initial lenders/financing providers under the above-referenced other financing facilities, to
an extent at least meeting the applicable target hold levels for such syndication as in effect on
the Closing Date. The Administrator shall notify the Administrative Agent promptly upon completion
of a successful syndication.

     (c) In addition, any Note Purchaser or any of its Affiliates may pledge or assign any of its
rights under this Agreement and under the Transaction Documents to any Federal Reserve Bank within
the United States, without notice to or consent of the Trust or any other Note Purchaser;
provided that no such pledge or grant of a security interest shall release a Note Purchaser
from any of its obligations under this Agreement, or substitute any such pledgee or grantee for
such Note Purchaser as a party to this Agreement.

     (d) The assignor and the assignee involved in an assignment referred to in this Section
10.04 shall execute and deliver to the Administrative Agent an Assignment and Assumption, duly
executed by each such party, and the assigning Note Purchaser shall promptly execute and deliver
all further instruments and documents, and take all further action, that the assignee may
reasonably request, in order to perfect, protect or more fully evidence the assignee’s right, title
and interest in, and to enable the assignee to exercise or enforce any rights hereunder or under
any applicable Note. The Administrative Agent shall promptly deliver to the

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Trust a copy of each Assignment and Assumption that it receives pursuant to the terms of this
Section 10.04.

     (e) The respective assignee receiving such assignment shall have all of the rights of a Note
Purchaser hereunder and all references to the Note Purchaser herein, except where the context may
otherwise require, shall be deemed to apply to such assignee as an assignee Note Purchaser
hereunder.

     (f) Each Note Purchaser authorizes the Administrative Agent to, and the Administrative Agent
agrees that it shall, endorse any applicable Note to reflect any assignments made pursuant to this
Section 10.04 or otherwise (but failure to endorse such Note shall not affect the right of any Note
Purchaser hereunder).

     Section 10.05. Survival. The rights and remedies with respect to any breach of a
representation and warranty made by or on behalf of the Trust pursuant to Article V and the
indemnification and payment provisions of Articles VIII and IX and Sections
2.13, 2.18, 10.06, 10.08, 10.09, 10.11,
10.12, 10.13 and 10.15 shall be continuing and shall survive the
termination of this Agreement and, with respect to the Administrative Agent’s and the Eligible
Lender Trustee’s rights under Articles VIII, IX and X, the removal or
resignation of the Administrative Agent or the Eligible Lender Trustee.

     Section 10.06. Governing Law. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAWS OF THE STATE OF NEW
YORK WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF (OTHER THAN SECTIONS 5-1401 AND
5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

     Section 10.07. Severability. In case any provision in or obligation under this Agreement
shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and
enforceability of the remaining provisions or obligations, or of such provision or obligation in
any other jurisdiction, shall not in any way be affected or impaired thereby.

     Section 10.08. Submission to Jurisdiction. EACH OF THE PARTIES HERETO HEREBY SUBMITS TO THE
NONEXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK
AND OF ANY NEW YORK STATE COURT SITTING IN THE CITY OF NEW YORK FOR PURPOSES OF ALL LEGAL
PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES,
TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO
THE LAYING OF THE VENUE OF ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT AND ANY CLAIM THAT ANY SUCH
PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. NOTHING IN THIS
SECTION 10.08 SHALL AFFECT THE RIGHT OF THE ADMINISTRATIVE AGENT OR THE NOTE PURCHASER TO BRING ANY
ACTION OR PROCEEDING AGAINST THE TRUST OR THE ADMINISTRATOR OR

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ANY OF THEIR RESPECTIVE PROPERTY IN THE COURTS OF OTHER JURISDICTIONS.

     Section 10.09. Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY WAIVES ANY RIGHT TO
HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE,
AMONG ANY OF THEM ARISING OUT OF, CONNECTED WITH, RELATING TO OR INCIDENTAL TO THE RELATIONSHIP
BETWEEN THEM IN CONNECTION WITH THIS AGREEMENT OR THE OTHER TRANSACTION DOCUMENTS.

     Section 10.10. Appointment of Service Agent. The Trust and the Administrator each hereby
appoint CT Corporation located at 111 Eighth Avenue, New York, New York 10011 as the authorized
agent upon whom process may be served in any action arising out of or based upon this Agreement,
the other Transaction Documents to which such Person is a party or the transactions contemplated
hereby or thereby that may be instituted in the United States District Court for the Southern
District of New York and of any New York State court sitting in The City of New York by the
Administrative Agent or the Note Purchaser or any successor or assignee of any of them.

     Section 10.11. Costs and Expenses. The Trust agrees to pay, on or before the 30th
day following the date of demand all reasonable and customary costs, fees and expenses of the
Eligible Lender Trustee, the Paying Agent, the Securities Intermediary, the Administrative Agent
and the Note Purchaser incurred in connection with the due diligence, negotiation, preparation,
execution, delivery, renewal or any amendment or modification of, or any waiver or consent issued
in connection with, this Agreement or any other Transaction Document, including, without
limitation, the reasonable fees and out-of-pocket expenses of counsel for the Eligible Lender
Trustee, the Paying Agent, the Securities Intermediary, the Administrative Agent or the Note
Purchaser with respect thereto and all costs, fees and expenses, if any (including reasonable
counsel fees and expenses), incurred by the Eligible Lender Trustee, the Paying Agent, the
Securities Intermediary, the Administrative Agent or the Note Purchaser in connection with the
enforcement of this Agreement and the other Transaction Documents. Notwithstanding the foregoing,
the Administrative Agent and the Note Purchaser agree that the Trust shall only be required to pay
amounts for legal fees and expenses of a single law firm engaged by the Administrative Agent on
behalf of the Administrative Agent and the Secured Creditors, unless otherwise agreed to by the
Trust in its sole discretion. SLM Education Credit Finance Corporation agrees to pay such required
payments on behalf of the Trust on the Closing Date to the extent such expenses are properly
invoiced prior to the Closing Date.

     Section 10.12. Bankruptcy Non-Petition and Limited Recourse. Notwithstanding any other
provision of this Agreement, each party hereto (other than the Trust) covenants and agrees that it
shall not, prior to the date which is one year and one day (or, if longer, any applicable
preference period plus one day) after payment in full of the Notes, institute against, or join any
other Person in instituting against, the Trust, any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceeding, or any similar proceeding under any federal or state
bankruptcy or similar law; provided that nothing in this provision shall preclude or be
deemed to stop any party hereto (a) from taking any action prior to the expiration of the
aforementioned one year and one day period in (i) any case or proceeding voluntarily filed or
commenced by the Trust or (ii) any involuntary insolvency proceeding filed or commenced against the
Trust by a

80

 

[SLM UBS Note Purchase Agreement]

Person other than any other party hereto or (b) from commencing against the Trust or the
Pledged Collateral any legal action which is not a bankruptcy, reorganization, arrangement,
insolvency or a liquidation proceeding. The obligations of the Trust under this Agreement are
limited recourse obligations payable solely from Pledged Collateral and, following realization of
the Pledged Collateral and its application in accordance with the terms hereof, any outstanding
obligations of the Trust hereunder shall be extinguished and shall not thereafter revive. In
addition, no recourse shall be had for any amounts payable or any other obligations arising under
this Agreement against any officer, member, director, employee, partner or security holder of the
Trust or any of its successors or assigns. The provisions of this Section shall survive the
termination of this Agreement.

     Section 10.13. Recourse Against Certain Parties. No recourse under or with respect to any
obligation, covenant or agreement (including, without limitation, the payment of any fees or any
other obligations) of the Eligible Lender Trustee, the Administrative Agent or the Note Purchaser
as contained in this Agreement or any other agreement, instrument or document entered into by it
pursuant hereto or in connection herewith shall be had against any administrator of the Eligible
Lender Trustee, the Administrative Agent or the Note Purchaser or any incorporator, Affiliate,
stockholder, officer, employee or director of the Eligible Lender Trustee, the Administrative Agent
or the Note Purchaser or of any such administrator, as such, by the enforcement of any assessment
or by any legal or equitable proceeding, by virtue of any statute or otherwise; it being expressly
agreed and understood that the agreements of the Eligible Lender Trustee, the Administrative Agent
and the Note Purchaser contained in this Agreement and all of the other agreements, instruments and
documents entered into by the Eligible Lender Trustee, the Administrative Agent or the Note
Purchaser pursuant hereto or in connection herewith are, in each case, solely the corporate
obligations of the Eligible Lender Trustee, the Administrative Agent or the Note Purchaser, as
applicable. No personal liability whatsoever shall attach to or be incurred by any administrator
of the Eligible Lender Trustee, the Administrative Agent or the Note Purchaser or any incorporator,
stockholder, Affiliate, officer, employee or director of the Eligible Lender Trustee, the
Administrative Agent or the Note Purchaser of any such administrator, as such, or any other them,
under or by reason of any of the obligations, covenants or agreements of the Eligible Lender
Trustee, the Administrative Agent or the Note Purchaser contained in this Agreement or in any other
such instruments, documents or agreements, or which are implied therefrom, and that any and all
personal liability of every such administrator of the Eligible Lender Trustee, the Administrative
Agent or the Note Purchaser and each incorporator, stockholder, Affiliate, officer, employee or
director of the Eligible Lender Trustee, the Administrative Agent or the Note Purchaser or of any
such administrator, or any of them, for breaches by the Eligible Lender Trustee, the Administrative
Agent or the Note Purchaser of any such obligations, covenants or agreements, which liability may
arise either at common law or at equity, by statute or constitution, or otherwise, is hereby
expressly waived as a condition of and in consideration for the execution of this Agreement. The
provisions of this Section shall survive the termination of this Agreement and, with respect to the
rights of the Eligible Lender Trustee or the Administrative Agent, the resignation or removal of
the Eligible Lender Trustee or the Administrative Agent.

     Section 10.14. Execution in Counterparts; Severability. This Agreement may be executed in any
number of counterparts and by different parties hereto in separate counterparts, each of which when
so executed shall be deemed to be an original and all of which when taken together shall constitute
one and the same agreement. Delivery by facsimile or electronic mail of

81

 

[SLM UBS Note Purchase Agreement]

an executed signature page of this Agreement or any other Transaction Document shall be
effective as delivery of an executed counterpart hereof.

     Section 10.15. Confidentiality.

     (a) Each of the Administrative Agent and the Note Purchaser agrees to keep confidential and
not disclose any non-public information or documents related to the Trust or any Affiliate of the
Trust delivered or provided to such Person in connection with this Agreement, any other Transaction
Document or the transactions contemplated hereby or thereby and which are clearly identified in
writing by the Trust or such Affiliate as being confidential; provided, however,
that each of the foregoing may disclose such information

     (i) to the extent required or deemed necessary and/or advisable by such
Person’s counsel in any judicial, regulatory, arbitration or governmental proceeding
or under any law, regulation, order, subpoena or decree or pursuant to the request
or directive of any Governmental Authority;

     (ii) to its Affiliates, and its or their officers, directors, employees,
accountants, auditors and outside counsel, in each case, provided they are informed
of the confidentiality thereof and agree to maintain such confidentiality;

     (iii) in connection with the enforcement hereof or of any of the other
Transaction Documents;

     (iv) to any Rating Agency rating the securities of SLM Corporation;

     (v) to such other Persons as may be approved by the Trust; and

     (vi) in connection with any assignment, transfer, syndication or grant of
participation interests in all or any part of the Note, the Advances, the Pledged
Collateral and their other rights and obligations hereunder as contemplated by
Section 10.04(b); provided, that the Person to whom the Note
Purchaser or Administrative Agent proposes to disclose any such non-public
information or documents shall have entered into a confidentiality agreement with
SLM Corporation in a form acceptable to SLM Corporation for such express purpose (it
being understood that a confidentiality agreement substantially similar to the
confidentiality agreement entered into by the Administrative Agent and SLM
Corporation shall constitute a form acceptable to SLM Corporation); provided
further, that any financial projections requested by any such Person in
connection with this subparagraph (vi) shall be delivered exclusively by SLM
Corporation as provided in Section 2.08 of the Administration Agreement.

Notwithstanding the foregoing, the foregoing obligations shall not apply to any such information,
documents or portions thereof that (i) were of public knowledge or literature generally available
to the public at the time of such disclosure; or (ii) have become part of the public domain by
publication or otherwise, other than as a result of the failure of such party or any of its
respective employees, directors, officers, advisors, accountants, auditors, or legal counsel to
preserve the confidentiality thereof.

82

 

[SLM UBS Note Purchase Agreement]

     (b) Each of the Trust, the Servicer and the Administrator hereby agrees that it will not
disclose the contents of this Agreement or any other Transaction Document or any other proprietary
or confidential information of or with respect to the Note Purchaser or the Administrative Agent to
any other Person except (i) its auditors and attorneys, employees or financial advisors (other than
any commercial bank) and any nationally recognized statistical rating organization, provided such
auditors, attorneys, employees, financial advisors or rating agencies are informed of the highly
confidential nature of such information, (ii) as otherwise required by applicable law or order of a
court of competent jurisdiction or (iii) the existence of this facility and any material
limitations on funding, to other providers of student loan asset-backed financing facilities to SLM
Corporation and in accordance with a press release issued by SLM Corporation a copy of which is
forwarded to the Administrative Agent.

     (c) Notwithstanding any other provision herein to the contrary, each of the parties hereto
(and each employee, representative or other agent of each such party) may disclose to any and all
persons, without limitation of any kind, any information with respect to the United States federal,
state and local “tax treatment” and “tax structure” (in each case, within the meaning of Treasury
Regulation Section 1.6011-4) of the transactions contemplated by the Transaction Documents and all
materials of any kind (including opinions or other tax analyses) that are provided to such party or
its representatives relating to such tax treatment and tax structure; provided, that no
person may disclose the name of or identifying information with respect to any party identified in
the Transaction Documents or any pricing terms or other nonpublic business or financial information
that is unrelated to the United States federal, state and local tax treatment of the transaction
and is not relevant to understanding the United States federal, state and local tax treatment of
the transaction, without the prior consent of the Trust; provided further, that
with respect to any document or similar item that in either case contains information concerning
the tax treatment or tax structure of the transaction as well as other information, this sentence
shall only apply to such portions of the document or similar item that relate to the United States
federal, state and local tax treatment or tax structure of the transactions contemplated hereby.

     Section 10.16. Section Titles. The section titles contained in this Agreement shall be
without substantive meaning or content of any kind whatsoever and are not a part of the agreement
between the parties.

     Section 10.17. Entire Agreement. This Agreement, including all Exhibits, Schedules and
Appendices and other documents attached hereto or incorporated by reference herein, together with
the other Transaction Documents constitutes the entire agreement of the parties with respect to the
subject matter hereof and supersedes all other negotiations, understandings and representations,
oral or written, with respect to the subject matter hereof (it being understood for the avoidance
of doubt, that the obligations of SLM Corporation under the commitment letter delivered
concurrently with the Fee Letter survive to the extent of and as limited by their express terms).

     Section 10.18. Eligible Lender Trustee. The parties hereto agree that the Eligible Lender
Trustee shall be afforded all of the rights, immunities and privileges afforded to the Eligible
Lender Trustee under the Trust Agreement in connection with its execution of this Agreement. It is
expressly understood and agreed by the parties hereto that (a) this Agreement is executed and
delivered by The Bank of New York Trust Company, N.A., not individually or

83

 

[SLM UBS Note Purchase Agreement]

personally but solely as Eligible Lender Trustee of the Trust, 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 Trust is made and
intended not as personal representations, undertakings and agreements by The Bank of New York Trust
Company, N.A. but is made and intended for the purpose for binding only the Trust and (c) under no
circumstances shall The Bank of New York Trust Company, N.A. be personally liable for the payment
of any indebtedness or expenses of the Trust or be liable for the performance, breach or failure of
any obligation, representation, warranty or covenant made or undertaken by the Trust under this
Agreement.

     Section 10.19. USA Patriot Act Notice. The Administrative Agent and the Note Purchaser hereby
notifies the Trust, the Administrator and each Seller that pursuant to the requirements of the
Patriot Act, such Person is required to obtain, verify, and record information that identifies the
Trust, the Administrator and each Seller, which information includes the name and address of such
parties and other information that will allow such Person to identify the Trust, the Administrator
and each Seller in accordance with the Patriot Act.

     Section 10.20. The Paying Agent.

     (a) The Paying Agent undertakes to perform such duties and only such duties as are
specifically set forth in this Agreement and no implied covenants or obligations shall be read into
this Agreement against the Paying Agent. In the absence of bad faith on its part, the Paying Agent
may conclusively rely, as to the truth of the statements and the correctness of the opinions
expressed therein, upon certificates or opinions furnished to the Paying Agent and conforming to
the requirements of this Agreement; provided, however, that the Paying Agent shall
examine the certificates and opinions to determine whether or not they conform to the requirements
of this Agreements.

     (b) The Paying Agent shall not be liable for any error of judgment made in good faith by an
Authorized Officer of the Paying Agent, except for its own gross negligence, willful misconduct or
bad faith.

     (c) Before the Paying Agent acts or refrains from acting, it may require and shall be entitled
to receive written directions or an officer’s certificate of the Administrator. The Paying Agent
shall not be liable for any action it takes or omits to take in good faith in reliance on such
directions or officer’s certificate.

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

     (e) The Paying Agent shall not be liable with respect to any action it takes or omits to take
in good faith in accordance with a direction received by it pursuant to Section 2.08.

     (f) The Paying Agent shall not be liable for interest on any money received by it.

     (g) Money held in trust by the Paying Agent need not be segregated from other funds except to
the extent required by law or the terms of this Agreement.

84

 

[SLM UBS Note Purchase Agreement]

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

     (i) The Paying Agent shall have no obligation to administer, service or collect the Trust
Student Loans or to maintain, monitor or otherwise supervise the administration, servicing or
collection of the Trust Student Loans.

     (j) In the event that the Paying Agent is the Securities Intermediary, the rights and
protections afforded to the Paying Agent pursuant to this Agreement shall also be afforded to the
Paying Agent in its capacity as Securities Intermediary.

     (k) Every provision of this Agreement relating to the conduct or affecting the liability of or
affording protection to the Paying Agent shall be subject to the provisions of this Section.

     (l) The Paying Agent may rely on any document believed by it to be genuine and to have been
signed or presented by the proper Person. The Paying Agent shall have no duty to inquire into the
authority of the Person signing such document.

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

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

     (o) The Paying Agent shall not be responsible for and makes no representation as to the
validity or adequacy of this Agreement, it shall not be accountable for the Trust‘s use of the
proceeds from the Note, and it shall not be responsible for any statement in this Agreement or in
any document issued in connection with the sale of the Note.

     (p) No resignation or removal of the Paying Agent and no appointment of a successor Paying
Agent shall become effective until the acceptance of appointment by the successor Paying Agent
pursuant to this Section. The Paying Agent may resign at any time by so notifying the
Administrative Agent and the Administrator.

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

     (ii) A successor Paying Agent shall deliver a written acceptance of its
appointment to the retiring Paying Agent and to the Administrator. Thereupon the
resignation or removal of the retiring Paying Agent shall become effective,

85

 

[SLM UBS Note Purchase Agreement]

and the successor Paying Agent shall have all the rights, powers and duties of
the Paying Agent under this Agreement. The retiring Paying Agent shall promptly
transfer all property held by it as Paying Agent to the successor Paying Agent.

     (iii) If a successor Paying Agent does not take office within 60 days after the
retiring Paying Agent resigns or is removed, the retiring Paying Agent, or the
Administrator may petition any court of competent jurisdiction for the appointment
of a successor Paying Agent.

     (iv) Notwithstanding the replacement of the Paying Agent pursuant to this
Section, the Trust’s obligations under Section 2.05(b) and 8.01 shall continue for
the benefit of the retiring Paying Agent.

     (q) If the Paying Agent consolidates with, merges or converts into, or transfers all or
substantially all of its corporate trust business or assets to, another corporation or banking
association, the resulting, surviving or transferee corporation without any further act shall be
the successor Paying Agent.

86

 

[SLM UBS Note Purchase Agreement]

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

	 	 	 	 	 
	 	THE TRUST:

PHOENIX FUNDINGS I

 	 
	 	By:  	THE BANK OF NEW YORK TRUST COMPANY, N.A., not in its individual capacity but solely in its capacity as Eligible Lender Trustee under the Amended and Restated Trust Agreement dated as of February 29, 2008 by and among the Depositor, the Delaware Trustee and the Eligible Lender Trustee
 	 
	 	 	 	 
	 	 	 
	 	By:  	/s/ Michael G. Ruppel
 	 
	 	 	Name:  	Michael G. Ruppel 	 
	 	 	Title:  	Vice President 	 
	 

Address for Notices:

12061 Bluemont Way

V3419

Reston, VA 20190

Attn: General Counsel

THE ELIGIBLE LENDER TRUSTEE:

	 	 	 	 	 
	 	THE BANK OF NEW YORK TRUST COMPANY, N.A., not in its individual capacity but solely in its capacity as Eligible Lender Trustee under the Amended and Restated Trust Agreement dated as of February 29, 2008 by and among the Depositor, the Delaware Trustee and the Eligible Lender Trustee 

 	 
	 	By:  	/s/ Michael G. Ruppel
 	 
	 	 	Name:  	Michael G. Ruppel 	 
	 	 	Title:  	Vice President 	 
	 

Address for Notices:

10160 Centurion Parkway

Jacksonville, FL 32256

Attn: Michael Ruppel

87

 

[SLM UBS Note Purchase Agreement]

	 	 	 	 	 
	 	THE ADMINISTRATOR:

SALLIE MAE, INC.

 	 
	 	By:  	/s/ Mark W. Daly
 	 
	 	 	Name:  	Mark W. Daly 	 
	 	 	Title:  	Senior Vice President 	 
	 

Address for Notices:

12061 Bluemont Way

Reston, VA 20190

Attn: Kristy Reineke, Managing Director

Tel: 703-984-6320

kristy.r.reineke@salliemae.com

 

 

[SLM UBS Note Purchase Agreement]

	 	 	 	 	 
	 	THE PAYING AGENT:

DEUTSCHE BANK TRUST COMPANY AMERICAS

 	 
	 	By:  	/s/ Eileen Hughes
 	 
	 	 	Name:  	Eileen Hughes 	 
	 	 	Title:  	Vice President 	 
	 
	 	 	 
	 	By:  	/s/ Michele H.Y. Voon
 	 
	 	 	Name:  	Michele H.Y. Voon 	 
	 	 	Title:  	Attorney-in-fact 	 
	 

Address for Notices:

60 Wall Street, 26th Floor

New York, NY 10005

Attn: Structured Finance Services/Trust &

Securities Services

With a copy to

25 Deforest Avenue, 2nd Floor

MS-SUM0l-0105

Summit, NJ 07901

Attn: Structured Finance Services/Trust &

Securities Services

 

 

[SLM UBS Note Purchase Agreement]

	 	 	 	 	 
	 	THE SECURITIES INTERMEDIARY:

DEUTSCHE BANK TRUST COMPANY AMERICAS

 	 
	 	By:  	/s/ Eileen Hughes
 	 
	 	 	Name:  	Eileen Hughes 	 
	 	 	Title:  	Vice President 	 
	 
	 	 	 
	 	By:  	/s/ Michele H.Y. Voon
 	 
	 	 	Name:  	Michele H.Y. Voon 	 
	 	 	Title:  	Attorney-in-fact 	 
	 

Address for Notices:

60 Wall Street, 26th Floor

New York, NY 10005

Attn: Structured Finance Services/Trust &

Securities Services

With a copy to

25 Deforest Avenue, 2nd Floor

MS-Sumol-0/05

Summit, NJ 07901

Attn: Structured Finance Services/Trust &

Securities Services

 

 

[SLM UBS Note Purchase Agreement]

	 	 	 	 	 
	 	THE NOTE PURCHASER:

UBS REAL ESTATE SECURITIES INC.

 	 
	 	By:  	/s/ Shahid Quraishi
 	 
	 	 	Name:  	Shahid Quraishi 	 
	 	 	Title:  	Managing Director 	 
	 
	 	 	 
	 	By:  	/s/ Prakash B. Wadhwani
 	 
	 	 	Name:  	Prakash B. Wadhwani 	 
	 	 	Title:  	Executive Director 	 
	 

Address for Notices:

1285 Avenue of the Americas

New York, NY 10019

Attn: Prakash B. Wadhwani

Tel.: (212) 713-3983

Facsimile: (212) 713-7999

E-mail: prakash.wadhwani@ubs.com

with a copy to:

1285 Avenue of the Americas, 11th Floor

New York, NY 10019

Attn: Melissa Brown

Tel.: (212) 713-1366

Facsimile: (212) 713-1153

E-mail: melissa.brown@ubs.com

 

 

[SLM UBS Note Purchase Agreement]

	 	 	 	 	 
	 	UBS SECURITIES LLC, as Administrative Agent

 	 
	 	By:  	/s/ Prakash B. Wadhwani
 	 
	 	 	Name:  	Prakash B. Wadhwani 	 
	 	 	Title:  	Executive Director 	 
	 
	 	 	 
	 	By:  	/s/ Fahd Basir
 	 
	 	 	Name:  	Fahd Basir 	 
	 	 	Title:  	Associate Director 	 
	 

UBS Securities LLC

1285 Avenue of the Americas, 11th Floor

New York, NY 10019

Attn: Prakash B. Wadhwani

Tel.: (212) 713-3983

Facsimile: (212) 713-7999

E-mail: prakash.wadhwani@ubs.com

with a copy to:

1285 Avenue of the Americas, 11th Floor

New York, NY 10019

Attn: Melissa Brown

Tel.: (212) 713-1366

Facsimile: (212) 713-1153

E-mail: melissa.brown@ubs.com

 

 

[SLM UBS Note Purchase Agreement]

Acknowledged and Agreed

with respect to the last sentence of Section 10.11

	 	 	 	 	 
	SLM EDUCATION CREDIT FINANCE CORPORATION

 	 
	By:  	/s/ Mark L. Heleen
 	 
	 	Name:  	Mark L. Heleen 	 
	 	Title:  	Vice Presidentexv10w33

 

EXHIBIT 10.33

EXECUTION COPY

 

NOTE PURCHASE AND SECURITY AGREEMENT

by and among

RENDEZVOUS FUNDING I,

as the Trust,

THE CONDUIT LENDERS PARTY HERETO,

as Conduit Lenders,

CERTAIN FINANCIAL INSTITUTIONS PARTIES HERETO,

as Alternate Lenders,

CERTAIN FINANCIAL INSTITUTIONS PARTIES HERETO,

as LIBOR Lenders,

CERTAIN FINANCIAL INSTITUTIONS PARTIES HERETO,

as Managing Agents,

BANK OF AMERICA, N.A.,

as Administrative Agent,

JPMORGAN CHASE BANK, N.A.,

as Syndication Agent,

BANC OF AMERICA SECURITIES LLC and

J.P. MORGAN SECURITIES INC.,

as Lead Arrangers,

BARCLAYS BANK PLC,

THE ROYAL BANK OF SCOTLAND PLC, and

DEUTSCHE BANK SECURITIES INC.,

as Co-Lead Arrangers,

CREDIT SUISSE, NEW YORK BRANCH,

as Arranger,

THE BANK OF NEW YORK TRUST COMPANY, N.A.,

as Eligible Lender Trustee,

and

SALLIE MAE, INC.,

as Administrator

February 29, 2008

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	ARTICLE I

	 
	 	 	 	 
	DEFINITIONS

	 
	 	 	 	 
	Section 1.01. Certain Defined Terms
	 	 	2	 
	Section 1.02. Other Terms
	 	 	42	 
	Section 1.03. Computation of Time Periods
	 	 	43	 
	Section 1.04. Calculation of Yield Rate and Certain Fees
	 	 	43	 
	Section 1.05. Time References
	 	 	43	 
	 
	 	 	 	 
	ARTICLE II

	 
	 	 	 	 
	THE FACILITY

	 
	 	 	 	 
	Section 2.01. Issuance and Purchase of Notes; Making of Advances
	 	 	43	 
	Section 2.02. The Initial Advance and Subsequent Advances
	 	 	45	 
	Section 2.03. Reduction, Termination or Increase of the Maximum Financing Amount and
Prepayment of the Notes
	 	 	47	 
	Section 2.04. The Accounts
	 	 	49	 
	Section 2.05. Transfers from Collection Account
	 	 	50	 
	Section 2.06. Capitalized Interest Account and Reserve Account
	 	 	54	 
	Section 2.07. Transfers from the Capitalized Interest Account and Reserve Account
	 	 	55	 
	Section 2.08. Management of Trust Accounts
	 	 	56	 
	Section 2.09. [RESERVED]
	 	 	58	 
	Section 2.10. Grant of a Security Interest
	 	 	58	 
	Section 2.11. Evidence of Debt
	 	 	59	 
	Section 2.12. Payments by the Trust
	 	 	60	 
	Section 2.13. Payment of Stamp Taxes, Etc.
	 	 	60	 
	Section 2.14. Sharing of Payments, Etc.
	 	 	60	 
	Section 2.15. Yield Protection
	 	 	61	 
	Section 2.16. Extension of Scheduled Maturity Date
	 	 	62	 
	Section 2.17. Servicer Advances
	 	 	63	 
	Section 2.18. Release and Transfer of Pledged Collateral
	 	 	63	 
	Section 2.19. Effect of Release
	 	 	65	 
	Section 2.20. Taxes
	 	 	65	 

i 

 

Rendezvous Note Purchase and Security Agreement

	 	 	 	 	 
	Section 2.21. Replacement or Repayment of Facility Group
	 	 	69	 
	Section 2.22. Notice of Amendments to Program Support Agreements
	 	 	70	 
	Section 2.23. Lender Holding Account
	 	 	71	 
	Section 2.24. Deliveries by Administrative Agent
	 	 	72	 
	Section 2.25. Mark-to-Market Valuation
	 	 	72	 
	Section 2.26. Inability to Determine Rates
	 	 	74	 
	Section 2.27. Calculation of Monthly Yield
	 	 	74	 
	 
	 	 	 	 
	ARTICLE III

	 
	 	 	 	 
	THE NOTES

	 
	 	 	 	 
	Section 3.01. Form of Notes Generally
	 	 	75	 
	Section 3.02. Securities Legend
	 	 	75	 
	Section 3.03. Priority
	 	 	76	 
	Section 3.04. Execution and Dating
	 	 	76	 
	Section 3.05. Registration, Registration of Transfer and Exchange, Transfer Restrictions
	 	 	76	 
	Section 3.06. Mutilated, Destroyed, Lost and Stolen Notes
	 	 	77	 
	Section 3.07. Persons Deemed Owners
	 	 	78	 
	Section 3.08. Cancellation
	 	 	78	 
	Section 3.09. CUSIP/DTC Listing
	 	 	78	 
	Section 3.10. Legal Final Maturity Date
	 	 	78	 
	 
	 	 	 	 
	ARTICLE IV

	 
	 	 	 	 
	CONDITIONS TO CLOSING DATE AND ADVANCES

	 
	 	 	 	 
	Section 4.01. Conditions Precedent to Closing Date
	 	 	79	 
	Section 4.02. Conditions Precedent to Advances
	 	 	81	 
	Section 4.03. Condition Subsequent to Advances (other than the Initial Advance)
	 	 	86	 
	Section 4.04. Conditions Precedent to Addition of New Seller
	 	 	86	 
	 
	 	 	 	 
	ARTICLE V

	 
	 	 	 	 
	REPRESENTATIONS AND WARRANTIES

	 
	 	 	 	 
	Section 5.01. General Representations and Warranties of the Trust
	 	 	87	 
	Section 5.02. Representations and Warranties of the Trust Regarding the
Administrative Agent’s Security Interest
	 	 	91	 

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Rendezvous Note Purchase and Security Agreement

	 	 	 	 	 
	Section 5.03. Particular Representations and Warranties of the Trust
	 	 	92	 
	Section 5.04. Repurchase of Student Loans; Reimbursement
	 	 	93	 
	Section 5.05. Administrator Actions Attributable to the Trust
	 	 	93	 
	 
	 	 	 	 
	ARTICLE VI

	 
	 	 	 	 
	COVENANTS OF THE TRUST

	 
	 	 	 	 
	Section 6.01. Preservation of Separate Existence
	 	 	 	 
	Section 6.02. Notice of Termination Event, Potential Termination Event or Amortization Event
	 	 	94	 
	Section 6.03. Notice of Material Adverse Change
	 	 	94	 
	Section 6.04. Compliance with Laws; Preservation of Corporate Existence; Code of Conduct
	 	 	94	 
	Section 6.05. Enforcement of Obligations
	 	 	95	 
	Section 6.06. Maintenance of Books and Records
	 	 	96	 
	Section 6.07. Fulfillment of Obligations
	 	 	96	 
	Section 6.08. Notice of Material Litigation
	 	 	96	 
	Section 6.09. Notice of Relocation
	 	 	96	 
	Section 6.10. Rescission or Modification of Trust Student Loans and Transaction Documents.
	 	 	96	 
	Section 6.11. Liens
	 	 	97	 
	Section 6.12. Sales of Assets; Consolidation/Merger
	 	 	99	 
	Section 6.13. Change in Business
	 	 	99	 
	Section 6.14. Residual Interest
	 	 	99	 
	Section 6.15. General Reporting Requirements
	 	 	99	 
	Section 6.16. Inspections
	 	 	101	 
	Section 6.17. ERISA
	 	 	101	 
	Section 6.18. Servicers
	 	 	102	 
	Section 6.19. Acquisition, Financing, Collection and Assignment of Student Loans
	 	 	102	 
	Section 6.20. Administration and Collection of Trust Student Loans
	 	 	102	 
	Section 6.21. Obligations of the Trust With Respect to Pledged Collateral
	 	 	102	 
	Section 6.22. Asset Coverage Requirement
	 	 	102	 
	Section 6.23. Amendment of Organizational Documents
	 	 	102	 
	Section 6.24. Amendment of Underwriting Guidelines or Servicing Policies
	 	 	102	 
	Section 6.25. No Payments on Excess Distribution Certificate
	 	 	103	 

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Rendezvous Note Purchase and Security Agreement

	 	 	 	 	 
	Section 6.26. Borrower Benefit Programs
	 	 	103	 
	Section 6.27. Required Ratings
	 	 	103	 
	Section 6.28. Competing Financing Transactions
	 	 	103	 
	Section 6.29. Initial Advances
	 	 	104	 
	Section 6.30. Initial Pool
	 	 	104	 
	Section 6.31. Swap Transaction
	 	 	104	 
	 
	 	 	 	 
	ARTICLE VII

	 
	 	 	 	 
	AMORTIZATION EVENTS AND TERMINATION EVENTS

	 
	 	 	 	 
	Section 7.01. Amortization Events
	 	 	105	 
	Section 7.02. Termination Events
	 	 	106	 
	Section 7.03. Remedies
	 	 	109	 
	Section 7.04. Setoff
	 	 	110	 
	 
	 	 	 	 
	ARTICLE VIII

	 
	 	 	 	 
	INDEMNIFICATION

	 
	 	 	 	 
	Section 8.01. Indemnification by the Trust
	 	 	110	 
	Section 8.02. Indemnification by SLM Corporation
	 	 	111	 
	 
	 	 	 	 
	ARTICLE IX

	 
	 	 	 	 
	ADMINISTRATIVE AGENT, SYNDICATION AGENT AND MANAGING AGENTS

	 
	 	 	 	 
	Section 9.01. Authorization and Action of Administrative Agent and Syndication Agent
	 	 	111	 
	Section 9.02. Authorization and Action of Managing Agents
	 	 	112	 
	Section 9.03. Agency Termination
	 	 	113	 
	Section 9.04. Administrative Agent’s, Syndication Agent’s and Managing
Agent’s Reliance, Etc
	 	 	113	 
	Section 9.05. Administrative Agent, Syndication Agent, Managing Agents and Affiliates
	 	 	114	 
	Section 9.06. Decision to Purchase Notes and Make Advances
	 	 	114	 
	Section 9.07. Successor Administrative Agent or Syndication Agent
	 	 	115	 
	Section 9.08. Successor Managing Agents
	 	 	116	 
	Section 9.09. Reimbursement
	 	 	116	 
	Section 9.10. Notice of Amortization Events, Termination Events,
Potential Amortization Events, Potential Termination                   Events or Servicer Defaults
	 	 	117	 

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Rendezvous Note Purchase and Security Agreement

	 	 	 	 	 
	ARTICLE X

	 
	 	 	 	 
	MISCELLANEOUS

	 
	 	 	 	 
	Section 10.01. Amendments, Etc
	 	 	117	 
	Section 10.02. Notices; Non-Public Information, Etc
	 	 	119	 
	Section 10.03. No Waiver; Remedies; Limitation of Liability
	 	 	121	 
	Section 10.04. Successors and Assigns; Binding Effect
	 	 	121	 
	Section 10.05. Survival
	 	 	127	 
	Section 10.06. Governing Law
	 	 	128	 
	Section 10.07. Submission to Jurisdiction; Waiver of Jury Trial;
Appointment of Service Agent
	 	 	128	 
	Section 10.08. Costs and Expenses
	 	 	129	 
	Section 10.09. Bankruptcy Non-Petition and Limited Recourse
	 	 	129	 
	Section 10.10. Recourse Against Certain Parties
	 	 	130	 
	Section 10.11. Execution in Counterparts; Severability
	 	 	130	 
	Section 10.12. Confidentiality
	 	 	131	 
	Section 10.13. Section Titles
	 	 	132	 
	Section 10.14. Entire Agreement
	 	 	132	 
	Section 10.15. No Petition
	 	 	132	 
	Section 10.16. Excess Funds
	 	 	133	 
	Section 10.17. Eligible Lender Trustee
	 	 	133	 
	Section 10.18. USA PATRIOT Act Notice
	 	 	133	 

v 

 

	 	 	 
	EXHIBIT A

	 	COMMITMENTS
	EXHIBIT B

	 	RESERVED
	EXHIBIT C

	 	INELIGIBLE INSTITUTIONS
	EXHIBIT D

	 	FORM OF MONTHLY REPORT
	EXHIBIT E

	 	FORM OF ADVANCE REQUEST
	EXHIBIT F

	 	FORM OF MONTHLY ADMINISTRATIVE AGENT’S REPORT
	EXHIBIT G

	 	FORM OF NOTICE OF RELEASE
	EXHIBIT H

	 	FORM OF PRO FORMA REPORT (SECTION 2.18(b)(ii))
	EXHIBIT I

	 	FORM OF RELEASE RECONCILIATION STATEMENT
	EXHIBIT J

	 	FORM OF 2.20(d) CERTIFICATE
	EXHIBIT K

	 	FORM OF VARIABLE FUNDING NOTE
	EXHIBIT L

	 	RESERVED
	EXHIBIT M

	 	FORM OF ADVANCE RECONCILIATION STATEMENT
	EXHIBIT N

	 	NOTICE ADDRESSES

 

 

NOTE PURCHASE AND SECURITY AGREEMENT

THIS NOTE PURCHASE AND SECURITY AGREEMENT (this “Agreement”) is made as of February 29, 2008, among
RENDEZVOUS FUNDING I, a statutory trust duly organized under the laws of the State of Delaware, as
the trust hereunder (the “Trust”), SALLIE MAE, INC., a Delaware corporation, as administrator (the
“Administrator”), THE BANK OF NEW YORK TRUST COMPANY, N.A., a national banking association, as the
eligible lender trustee hereunder (the “Eligible Lender Trustee”), J.P. MORGAN SECURITIES INC. and
BANC OF AMERICA SECURITIES LLC, as lead arrangers (the “Lead Arrangers”), BARCLAYS BANK PLC, THE
ROYAL BANK OF SCOTLAND PLC and DEUTSCHE BANK SECURITIES INC., as co-lead arrangers (the “Co-Lead
Arrangers”), CREDIT SUISSE, NEW YORK BRANCH, as arranger (the “Arranger”), the CONDUIT LENDERS (as
hereinafter defined) from time to time parties hereto, the ALTERNATE LENDERS (as hereinafter
defined) from time to time parties hereto, the LIBOR LENDERS (as hereinafter defined) from time to
time parties hereto, JPMORGAN CHASE BANK, N.A., a national banking association, BANK OF AMERICA,
N.A., a national banking association, BARCLAYS BANK PLC, a public limited company organized under
the laws of England and Wales, THE ROYAL BANK OF SCOTLAND PLC, a bank organized under the laws of
Scotland, DEUTSCHE BANK AG, NEW YORK BRANCH, a German banking corporation acting through its New
York Branch, and CREDIT SUISSE, NEW YORK BRANCH, the New York branch of a Swiss banking
corporation, each as agent on behalf of its related LIBOR Lender or its related Conduit Lenders,
Alternate Lenders and Program Support Providers (as hereinafter defined) (and together with any
other similar financial institutions which become parties hereto, collectively, the “Managing
Agents”), JPMORGAN CHASE BANK, N.A., as syndication agent hereunder (in such capacity, the
“Syndication Agent”), and BANK OF AMERICA, N.A., as the administrative agent for the Conduit
Lenders, Alternate Lenders, LIBOR Lenders and Managing Agents (in such capacity, the
“Administrative Agent”).

PRELIMINARY STATEMENTS

     WHEREAS, the Conduit Lenders are special purpose entities engaged in the business of issuing
promissory notes and obtaining funding (directly or indirectly) in the commercial paper market and
purchasing notes of certain entities for the purpose of financing financial assets of such
entities; and

     WHEREAS, the LIBOR Lenders are financial institutions engaged in the business of purchasing
notes of certain entities for the purpose of financing financial assets of such entities; and

     WHEREAS, the Depositor will purchase certain Eligible Private Credit Loans in accordance with
the Purchase Agreements; and

     WHEREAS, the Trust will purchase certain Eligible Private Credit Loans in accordance with the
Sale Agreement; and

 

 

Rendezvous Note Purchase and Security Agreement

WHEREAS, the Eligible Lender Trustee will maintain legal title of the Trust Student Loans on
behalf of the Trust in accordance with the terms of the Trust Agreement; and

     WHEREAS, the Trust desires to fund such purchases through the issuance of variable funding
notes (the “Notes”) and the sale of such Notes to the Managing Agents for the benefit of the
Conduit Lenders, the LIBOR Lenders and the Alternate Lenders, as applicable, on the terms and
conditions set forth herein; and

     WHEREAS, the Conduit Lenders may, from time to time, assign all or a part of such Notes or
assign interests therein or commitments to purchase or fund such Notes to the Alternate Lenders or
to certain Program Support Providers (as hereinafter defined) pursuant to the terms of the Program
Support Agreements (as hereinafter defined); and

     WHEREAS, each of the Managing Agents is willing to act as the agent on behalf of its related
LIBOR Lender or on behalf of each of its related Conduit Lenders, Alternate Lenders and Program
Support Providers, as applicable, pursuant to this Agreement and the corresponding Program Support
Agreements.

     NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements
herein contained, the parties hereto agree as follows:

ARTICLE I

DEFINITIONS

     Section 1.01. Certain Defined Terms. Certain capitalized terms used throughout this Agreement
are defined above or in this Section.

     As used in this Agreement and its exhibits, the following terms shall have the following
meanings (such meanings to be equally applicable to both the singular and plural forms of the terms
defined unless otherwise noted).

     “Additional Student Loan” means any Student Loan that becomes a Trust Student Loan after the
Closing Date.

     “Adjusted Cash Income” means, for any period, Adjusted Revenue for such period less Operating
Expenses for such period.

     “Adjusted Pool Balance” means, as of any date:

     (a) (i) the aggregate of the Principal Balance of each Eligible Private Credit Loan acquired
by the Trust on or prior to the Valuation Date set forth in the most recent Valuation Report
multiplied by the Applicable Percentage for such Eligible Private Credit Loan, determined by
reference to the most recent Valuation Report, plus (ii) the Collateral Value of each Eligible
Private Credit Loan acquired by the Trust since the Valuation Date set forth in the most recent
Valuation Report, minus (iii) the aggregate of the Principal Balance of each Eligible Private
Credit Loan that was subject to a release pursuant to Section 2.18 since the
Valuation

2

 

Rendezvous Note Purchase and Security Agreement

Date set forth in the most recent Valuation Report, multiplied by the Applicable Percentage
for such Eligible Private Credit Loan, minus

     (b) the Excess Concentration Amount multiplied by the weighted average Applicable Percentage
for all Eligible Private Credit Loans.

     “Adjusted Revenue” means, for any period, (a) the sum, without duplication, of all items which
would fairly be presented in the consolidated income statement of SLM Corporation and its
consolidated subsidiaries for such period (subject to normal year-end adjustments) prepared in
accordance with GAAP as (i) “total interest income” and (ii) “total other income,” less (b) the sum
of (i) “provisions for losses,” (ii) “gains on student loan securitizations” and (iii) “servicing
and securitization revenue,” eliminating (c) “total net impact of SFAS No. 133 derivative
accounting,” and including (d) “net interest income on securitized loans, after provisions for
losses,” in the case of (c) and (d) above as currently reported in SLM Corporation’s most recent
Form 10-Q or Form 10-K, as applicable, under “RESULTS OF OPERATIONS” – “Alternative Performance
Measures” or as subsequently identified in writing by SLM Corporation.

     “Administrative Agent” means Bank of America, N.A., a national banking association, and its
successors and assigns, in its capacity as agent of the Conduit Lenders, the Managing Agents, the
LIBOR Lenders and the Alternate Lenders hereunder.

     “Administrative Agent Fees” means the fees, reasonable expenses and charges of the
Administrative Agent, including reasonable legal fees and expenses, as set forth in the
Administrative Agent and Syndication Agent Fee Letter.

     “Administrative Agent and Syndication Agent Fee Letter” means the Administrative Agent and
Syndication Agent Fee Letter, dated as of the Closing Date, among the Trust, the Administrative
Agent and the Syndication Agent.

     “Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the
Administrative Agent.

     “Administration Account” means the special account created pursuant to Section
2.04(b).

     “Administration Agreement” means the Administration Agreement, dated as of the Closing Date,
among the Depositor, the Trust, the Eligible Lender Trustee, the Master Servicer, the Administrator
and the Administrative Agent.

     “Administrator Fee” means, for each calendar month, a fee payable to the Administrator monthly
in arrears equal to $10,000.

     “Administrator” means Sallie Mae, Inc., a Delaware corporation, and its successors and
assigns, in its capacity as administrator of the Trust in accordance with the Administration
Agreement.

     “Administrator Default” has the meaning assigned to such term in Section 5.01
of the Administration Agreement.

3

 

Rendezvous Note Purchase and Security Agreement

     “Advance” means an advance, including a Purchase Price Advance, an Excess Collateral Advance
or a Capitalized Interest Advance, made by the Lenders pursuant to Article II.

     “Advance Date” means, with respect to any Advance, the date on which such Advance is made.

     “Advance Reconciliation Statement” has the meaning assigned to such term in Section
4.03.

     “Advance Request” has the meaning assigned to such term in Section 2.02(b).

     “Adverse Claim” means a lien, security interest, charge, encumbrance or other right or claim
or restriction in favor of any Person (including any UCC financing statement or similar instrument
filed against the assets of that Person) other than, with respect to the Pledged Collateral, any
lien, security interest, charge, encumbrance or other right or claim or restriction in favor of the
Administrative Agent, for the benefit of the Secured Creditors.

     “Affected Party” means the Administrative Agent, the Syndication Agent, each Co-Valuation
Agent, each LIBOR Lender, each Conduit Lender, each Managing Agent, each Alternate Lender, each
Program Support Provider and any permitted assignee or participant of any LIBOR Lender, any Conduit
Lender, any Alternate Lender or any Program Support Provider.

     “Affiliate” means, when used with respect to a Person, any other Person controlling,
controlled by or under common control with such Person. A Person shall be deemed to control
another person if the controlling Person possesses, directly or indirectly, the power to direct or
cause the direction of the management and policies of the other Person, whether through the
ownership of voting securities, membership interests, by contract or otherwise.

     “Agent Parties” has the meaning assigned to such term in Section 10.02(c).

     “Aggregate Note Balance” means, as of any date of determination, the aggregate principal
amount of all Notes Outstanding, after giving effect to (i) all distributions applied to principal
on the Notes on such date of determination and (ii) any Advances made on such date of
determination.

     “Agreement” means this Note Purchase and Security Agreement, together with all exhibits and
appendices attached hereto as the same may be amended, restated, supplemented or otherwise modified
from time to time hereafter.

     “Alternate Lender” means any financial institution identified as an Alternate Lender on
Exhibit A attached hereto as such Exhibit may be amended, restated or otherwise
revised from time to time, and any successors or assigns (subject to Section
10.04).

     “Amortization Event” has the meaning assigned to such term in Section 7.01.

     “Amortization Period” means the period commencing on the occurrence of an Amortization Event
and ending on the earliest of (a) the date the Notes and all other Obligations

4

 

Rendezvous Note Purchase and Security Agreement

are paid in full, (b) 90 days from the occurrence of such Amortization Event and (c) the
occurrence of a Termination Event.

     “Amortization Period Rate” means, (a) during the first 30 days following the commencement of
the Amortization Period, the Base Rate plus 1.00% per annum, (b) during the second 30 days
following the commencement of the Amortization Period, the Base Rate plus 1.50% per annum and (c)
thereafter, until the Termination Date, the Base Rate plus 2.00% per annum.

     “Applicable Margin” means, with respect to any Advance and any Lender, the Applicable Margin
as set forth in the Lenders Fee Letter.

     “Applicable Percentage” has the meaning set forth in the Side Letter.

     “Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an
Affiliate of a Lender or (c) an entity or an Affiliate of any entity that administers or manages a
Lender.

     “Arranger” means Credit Suisse, New York Branch.

     “Arrangers” means collectively, the Lead Arrangers, the Co-Lead Arrangers and the Arranger.

     “Asset Coverage Ratio” means, on the last day of each calendar month, and as of any other date
of determination, the ratio (expressed as a percentage) of (a) the sum of (i) the Adjusted Pool
Balance as of such date plus (ii) (without duplication) any accrued and unpaid interest thereon as
of such date plus (iii) funds (including Eligible Investments) on deposit in the Collection
Account, the Administration Account, the Capitalized Interest Account and the Reserve Account, if
any, as of such date, to (b) the Reported Liabilities as of such date and rounding to the nearest
second decimal place.

     “Assignee Group” means two or more assignees that meet the requirements to be an assignee
under Section 10.04(b) and that are Affiliates of one another or two or more
Approved Funds managed by the same investment advisor.

     “Assignment Amount” means, with respect to an Alternate Lender at the time of any assignment
pursuant to Section 10.04(g), an amount equal to the lesser of (a) such Alternate
Lender’s pro rata share of the aggregate principal amount of the Notes requested by the related
Conduit Lender to be assigned at such time plus any accrued and unpaid interest owed thereon at the
applicable CP Rate and (b) such Alternate Lender’s unused Assignment Commitment (minus the
unrecovered principal amount of such Alternate Lender’s investments pursuant to the Program Support
Agreement to which it is a party).

     “Assignment Commitment” means, with respect to an Alternate Lender, such Alternate Lender’s
Commitment multiplied by 1.02.

     “Authorized Officer” means:

5

 

Rendezvous Note Purchase and Security Agreement

     (a) with respect to the Trust, any officer of the Eligible Lender Trustee who is authorized to
act for the Eligible Lender Trustee in matters relating to the Trust pursuant to the Transaction
Documents and who is identified on the list of Authorized Officers delivered by the Eligible Lender
Trustee to the Administrative Agent on the Closing Date (as such list may be modified or
supplemented by the Eligible Lender Trustee from time to time thereafter and delivered to the
Administrative Agent);

     (b) with respect to the Administrator, any officer of the Administrator who is authorized to
act for the Administrator in matters relating to itself or to the Trust and to be acted upon by the
Administrator pursuant to the Transaction Documents and who is identified on the list of Authorized
Officers delivered by the Administrator to the Administrative Agent on the Closing Date (as such
list may be modified or supplemented by the Administrator from time to time thereafter and
delivered to the Administrative Agent);

     (c) with respect to the Depositor, any officer of the Depositor who is authorized to act for
the Depositor in matters relating to itself or to be acted upon by the Depositor pursuant to the
Transaction Documents and who is identified on the list of Authorized Officers delivered by the
Depositor to the Administrative Agent on the Closing Date (as such list may be modified or
supplemented by the Depositor from time to time thereafter and delivered to the Administrative
Agent);

     (d) with respect to the Master Servicer, any officer of the Master Servicer who is authorized
to act for the Master Servicer in matters relating to itself or to be acted upon by the Master
Servicer pursuant to the Transaction Documents and who is identified on the list of Authorized
Officers delivered by the Master Servicer to the Administrative Agent on the Closing Date (as such
list may be modified or supplemented by the Master Servicer from time to time thereafter and
delivered to the Administrative Agent);

     (e) with respect to the Eligible Lender Trustee, any officer of the Eligible Lender Trustee
who is authorized to act for the Eligible Lender Trustee in matters relating to itself or to be
acted upon by the Eligible Lender Trustee pursuant to the Transaction Documents and who is
identified on the list of Authorized Officers delivered by the Eligible Lender Trustee to the
Administrative Agent on the Closing Date (as such list may be modified or supplemented by the
Eligible Lender Trustee from time to time thereafter and delivered to the Administrative Agent);

     (f) with respect to SLM Corporation, chief executive officer, chief financial officer,
president, any vice president, treasurer or other senior officer of SLM Corporation who is
authorized to act for SLM Corporation in matters relating to itself or to be acted upon by SLM
Corporation pursuant to the Transaction Documents and who is identified on the list of Authorized
Officers delivered by SLM Corporation to the Administrative Agent on the Closing Date (as such list
may be modified or supplemented by SLM Corporation from time to time thereafter and delivered to
the Administrative Agent); and

     (g) with respect to the Administrative Agent, any officer of the Administrative Agent who is
authorized to act for the Administrative Agent in matters relating to itself or to be acted upon by
the Administrative Agent pursuant to the Transaction Documents and who is identified on the list of
Authorized Officers delivered by the Administrative Agent to the Administrator and

6

 

Rendezvous Note Purchase and Security Agreement

the Eligible Lender Trustee on the Closing Date (as such list may be modified or supplemented
by the Administrative Agent from time to time thereafter and delivered to the Administrator and the
Eligible Lender Trustee).

     “Available Funds” means, with respect to a Settlement Date, the sum of the following amounts
received into the Collection Account with respect to the related Settlement Period:

     (a) all collections of principal, interest and other fees and amounts on the Trust Student
Loans;

     (b) all Liquidation Proceeds from any Trust Student Loans which became Liquidated Student
Loans during that Settlement Period in accordance with the Servicer’s applicable Servicing
Policies, plus all Recoveries on Liquidated Student Loans which were written off in prior
Settlement Periods or during that Settlement Period;

     (c) the aggregate amounts received during that Settlement Period for those Trust Student Loans
(i) repurchased by the applicable Seller or the Depositor, as applicable, (ii) purchased by the
Servicer or its assignee or (iii) sold pursuant to Section 3.11 of the Servicing
Agreement;

     (d) amounts received by the Trust pursuant to Sections 3.01 and 3.12
of the Servicing Agreement during that Settlement Period as to yield or principal adjustments other
than deposits into the Borrower Benefit Account;

     (e) investment earnings for that Settlement Period earned on investments in the Trust Accounts
during such Settlement Period;

     (f) [reserved];

     (g) amounts, if any, transferred into the Collection Account from the Capitalized Interest
Account in excess of the Required Capitalized Interest Account Balance, calculated as of the end of
the Settlement Period related to that Settlement Date;

     (h) amounts, if any, transferred into the Collection Account from the Reserve Account in
excess of the Reserve Account Specified Balance, calculated as of the end of the Settlement Period
related to that Settlement Date;

     (i) amounts, if any, transferred into the Collection Account from the Borrower Benefit Account
to offset reductions in yield on affected Trust Student Loans during the related Settlement Period;

     (k) amounts, if any, received by the Trust from SLM Corporation under the Revolving Credit
Agreement and which have been deposited into the Collection Account;

     (l) all proceeds from any Permitted Release (to the extent such proceeds were not previously
used to prepay the Aggregate Note Balance or used to purchase new Eligible Private Credit Loans);

7

 

Rendezvous Note Purchase and Security Agreement

     (m) amounts received, if any, in respect of insurance proceeds; and

     (n) all other Collections or other amounts deposited into the Collection Account for
application pursuant to Section 2.05(b) on the applicable Settlement Date;

     provided, that if on any Settlement Date, there would not be sufficient funds, after
application of Available Funds, as defined above, and application of amounts available from the
Capitalized Interest Account and the Reserve Account, in that order, to pay any of the items
specified in clauses (i) through (v) of Section 2.05(b), then Available Funds for
that Settlement Date will include, in addition to the Available Funds as defined above, amounts on
deposit in the Collection Account, or amounts held by the Administrative Agent for deposit into the
Collection Account which would have constituted Available Funds for the Settlement Date immediately
succeeding that Settlement Date, up to the amount necessary to pay such items, and the Available
Funds for the immediately succeeding Settlement Date will be adjusted accordingly.

     “Average Student Loans in Repayment Outstanding” means, with respect to any portfolio of
Student Loans, the average daily Principal Balance of the portion of such Student Loans that are in
repayment status (including Student Loans in forbearance and extended forbearance status) over the
related reporting period.

     “Bankruptcy Code” means Title 11 of the United States Code (11 U.S.C. Section 101 et seq.), as
amended from time to time, and any successor statute.

     “Base Rate” means, for any day, a rate per annum determined by the Administrative Agent equal
to the higher of (a) the Prime Rate for such day and (b) the sum of 0.50% plus the Federal Funds
Rate for such day.

     “Base Rate Advance” means an Advance funded with reference to the Base Rate.

     “Benefit Plan” means any employee benefit plan as defined in Section 3(3) of ERISA in respect
of which the Trust or any ERISA Affiliate is, or at any time during the immediately preceding six
years was, an “employer” as defined in Section 3(5) of ERISA.

     “Borrower Benefit Account” means the special account created pursuant to Section
2.04(c).

     “Business Day” means a day of the year other than a Saturday or a Sunday or other day on which
(a) banks are not authorized or required to close in Charlotte, North Carolina or New York, New
York and (b) trust companies are not authorized or required to close in Wilmington, Delaware;
provided, however, if the term “Business Day” is used in connection with the LIBOR
Rate, it means any day on which (x) dealings in dollar deposits are carried on in the London
interbank market and (y) banks are not authorized or required to close in New York, New York.

     “Capitalized Interest Account” means the special account created pursuant to Section
2.06(a).

     “Capitalized Interest Account Funding Event” means (i) an event which occurs as of any date on
which an Advance has been requested and after giving effect to such Advance, the

8

 

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Aggregate Note Balance plus the Capitalized Interest Account Specified Balance exceeds the
Maximum Financing Amount, (ii) the third Business Day preceding the Scheduled Maturity Date, or
(iii) the last day of the Revolving Period under clause (ii) or (iii) of the definition of
Revolving Period.

     “Capitalized Interest Account Specified Balance” means, at any time, the sum, for each
Eligible Private Credit Loan that is a Trust Student Loan, of the percentage specified for such
Eligible Private Credit Loan, as set forth in Schedule 1 to the Side Letter, multiplied by the
Principal Balance thereof on the date the Trust acquired such Eligible Private Credit Loan.

     “Capitalized Interest Advance” means an Advance made upon a Capitalized Interest Account
Funding Event or as provided in Section 2.21(b), the proceeds of which are to be
deposited into the Capitalized Interest Account.

     “Capitalized Interest Step-Down Amount” means, (i) on the Settlement Date immediately
following the first anniversary of the end of the Revolving Period provided that at least 45% of
the Trust Student Loans by aggregate principal balance are loans in repayment that are not more
than 30 days past due as of the end of the most recent Settlement Period, the amount, if any, by
which the funds on deposit in the Capitalized Interest Account exceed the product of (x) 5.50% and
(y) the sum of the aggregate balance of the Trust Student Loans and the amount on deposit in the
Capitalized Interest Account as of the related Settlement Date;

     (ii) on the Settlement Date immediately following the second annual anniversary of the end of
the Revolving Period, provided that at least 60% of the Trust Student Loans by aggregate principal
balance are loans in repayment that are not more than 30 days past due as of the end of the most
recent Settlement Period, the amount, if any, by which the funds on deposit in the Capitalized
Interest Account exceed the product of (x) 3.50% and (y) the sum of the aggregate balance of the
Trust Student Loans and the amount on deposit in the Capitalized Interest Account as of the related
Settlement Date; and

     (iii) on the Settlement Date immediately following the third anniversary of the end of the
Revolving Period, provided that at least 80% of the Trust Student Loans by aggregate principal
balance are loans in repayment that are not more than 30 days past due as of the end of the most
recent Settlement Period the amount, if any, by which the funds on deposit in the Capitalized
Interest Account exceed the product of (x) 1.50% and (y) the sum of the aggregate balance of the
Trust Student Loans and the amount on deposit in the Capitalized Interest Account as of the related
Settlement Date.

     “Carryover Servicing Fee” has the meaning specified in Attachment A to the Servicing
Agreement.

     “Change of Control” means (i) a merger or consolidation of the Trust, the Administrator, any
Seller, the Depositor or the Master Servicer, as applicable, into another Person (other than an
Affiliate of SLM Corporation), (ii) any merger or consolidation to which the Trust, the
Administrator, any Seller, the Depositor or the Master Servicer, as applicable, shall be a party
resulting in the creation of another Person (other than an Affiliate of SLM Corporation), (iii) any
Person (other than an Affiliate of SLM Corporation) succeeding to the

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properties and assets of the Trust, the Administrator, any Seller, the Depositor or the Master
Servicer, as applicable, substantially as a whole or (iv) an event or series of events by which any
Person (other than an Affiliate of SLM Corporation) acquires the right to vote more than 50% of the
common stock or other voting interest of the Trust, the Administrator, any Seller, the Depositor or
the Master Servicer, as applicable.

     “Closing Date” means February 29, 2008.

     “Co-Lead Arrangers” means Barclays Bank PLC, The Royal Bank Of Scotland PLC and Deutsche Bank
Securities Inc.

     “Co-Valuation Agents” means J.P. Morgan Securities Inc., Banc of America Securities LLC and
Deutsche Bank Securities Inc., or any other entity appointed as a successor Co-Valuation Agent
pursuant to the Valuation Agent Agreement.

     “Co-Valuation Agents Fees” means the fees and charges, if any, of the Co-Valuation Agents,
including reasonable legal fees and expenses, payable to the Co-Valuation Agents pursuant to the
Valuation Agent Fee Letter.

     “Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor
statute and the regulations promulgated and rulings issued thereunder.

     “Collateral Value” means, with respect to each pool of Eligible Private Credit Loans to be
added to the Trust Student Loans in connection with a particular Purchase Price Advance, an amount
equal to the product of the weighted average percentage referred to in clause (a)(i) of the
definition of Applicable Percentage for such pool and the aggregate Principal Balance of such pool;
provided, however, that if the Applicable Percentage set forth in the most recent
Valuation Report is the percentage referred to in clause (a)(ii) or (a)(iii) of the definition of
Applicable Percentage, then in calculating each of the percentages used in determining the weighted
average percentage referred to in clause (a)(i) of the definition of Applicable Percentage for such
pool, each such percentage shall be multiplied by a fraction the numerator of which is the lower of
the percentages calculated pursuant to clause (a)(ii) and (a)(iii) of the definition of Applicable
Percentage in the most recent Valuation Report and the denominator of which is the weighted average
percentage calculated pursuant to clause (a)(i) of the definition of Applicable Percentage in the
most recent Valuation Report.

     “Collection Account” means the special account created pursuant to Section
2.04(a).

     “Collections” means (a) all amounts received with respect to principal and interest and other
proceeds, payments and reimbursements, including Recoveries, with respect to any Trust Student Loan
and any other collection of cash with respect to such Trust Student Loan and (b) all other cash
collections and other cash proceeds of the Pledged Collateral (including, without limitation, in
each of clauses (a) and (b) above, each of the items enumerated in the definition of Available
Funds with respect to any Settlement Period).

     “Commitment” means (i) with respect to a Lender, the obligation, if any, of such Lender to
fund Advances pursuant to this Agreement in the amount stated to be such Lender’s “Commitment” on
Exhibit A attached hereto, as such Exhibit may be amended, restated or

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otherwise revised from time to time and (ii) with respect to a Facility Group, the aggregate
Commitment of the Lenders within such Facility Group, in each case as such Commitment may be
reduced or increased pursuant to Section 2.03.

     “Committed Conduit Lender” means any Conduit Lender that has a Commitment and any of its
successors or assigns (subject to Section 10.04).

     “Competing Financing Transaction” has the meaning assigned to such term in Section
6.28.

     “Conduit Assignee” means any special purpose entity that finances its activities directly or
indirectly through asset backed commercial paper and is administered by a Managing Agent or any
Affiliate of a Managing Agent and designated by such Managing Agent from time to time to accept an
assignment from such Managing Agent’s related Conduit Lender of outstanding Advances;
provided, however, that with respect to any Conduit Lender with a Commitment
hereunder, such Conduit Assignee must be an assignee with respect to such Commitment.

     “Conduit Lender” means any special purpose entity identified as a Conduit Lender on
Exhibit A attached hereto, as such Exhibit may be amended, restated or otherwise
revised from time to time, and any successors or assigns (subject to Section
10.04).

     “Consolidated Tangible Net Worth” means, as of any date of determination, the consolidated
stockholders’ equity of SLM Corporation and its consolidated subsidiaries, determined in accordance
with GAAP, less their consolidated Intangible Assets, all determined as of such date.

     “Consolidation Loan” means a loan made to a borrower which loan consolidates such borrower’s
Student Loans.

     “Consumer Credit Laws” means all applicable federal, state and local statutes, regulations and
other laws relating to consumer credit, usury, education lending, loan brokers, fair credit
billing, fair credit reporting, fair debt collection practices, privacy, disclosure, unfair or
deceptive trade practices, marketing practices or consumer protection, including (without
limitation) the Equal Credit Opportunity Act, the Fair Credit Reporting Act, the Fair Debt
Collection Practices Act, the Gramm-Leach-Bliley Act, the Truth in Lending Act, the Federal Trade
Commission Act, and any regulations under such statutes.

     “CP” means the commercial paper notes issued from time to time by means of which a Conduit
Lender (directly or indirectly) obtains financing.

     “CP Advance” means an Advance made through the issuance of CP.

     “CP Rate” means, for any Settlement Period, for any Conduit Lender, for the portion of the
Aggregate Note Balance funded by such Conduit Lender directly or indirectly with CP, the rate
equivalent to the weighted average cost (as determined by the applicable Managing Agent and which
shall include Dealer Fees, incremental carrying costs incurred with respect to CP maturing on dates
other than those on which corresponding funds are received by the Conduit Lender, other borrowings
by the Conduit Lender to fund any Advances hereunder or its related

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commercial paper issuer if the Conduit Lender does not itself issue commercial paper (other
than under any Program Support Agreement), actual costs of swapping foreign currencies into dollars
to the extent the CP is issued in a market outside the U.S. and any other costs associated with the
issuance of CP) of or related to the issuance of CP that are allocated, in whole or in part, by the
Conduit Lender or the applicable Managing Agent to fund or maintain such portion of the Aggregate
Note Balance (and which may be also allocated in part to the funding of other assets of the Conduit
Lender); provided, however, that if the rate (or rates) is a discount rate, then the rate (or if
more than one rate, the weighted average of the rates) shall be the rate resulting from converting
such discount rate (or rates) to an interest -bearing equivalent rate per annum.

     “Cutoff Date” means the Initial Cutoff Date or any Subsequent Cutoff Date, as applicable.

     “Dealer Fees” means a commercial paper dealer fee, payable to each Conduit Lender, of not
greater than five basis points per annum on the amount of CP Advances made by such Conduit Lender.

     “Debt” means, with respect to any Person, (a) indebtedness of such Person for borrowed money;
(b) obligations of such Person evidenced by bonds, debentures, notes, letters of credit, interest
rate and currency swaps or other similar instruments; (c) obligations of such Person to pay the
deferred purchase price of property or services; (d) obligations of such Person as lessee under
leases which shall have been or should be, in accordance with GAAP, recorded as capital leases; (e)
obligations secured by an Adverse Claim upon property or assets owned by such Person, even though
such Person has not assumed or become liable for the payment of such obligations; (f) obligations
of such Person under direct or indirect guaranties in respect of, and obligations (contingent or
otherwise) to purchase or otherwise acquire, or otherwise to assure a creditor against loss in
respect of, indebtedness or obligations of other Persons of the kinds referred to in clauses (a)
through (e) above; (g) all obligations of such Person upon which interest charges are customarily
paid; (h) all obligations of such Person under conditional sale or other title retention agreements
relating to property acquired by such Person; (i) all obligations, contingent or otherwise, of such
Person in respect of bankers’ acceptances or as an account party in respect of letters of credit
and letters of guaranty; (j) all obligations of any other entity (including any partnership in
which such Person is a general partner) to the extent such Person is liable therefor as a result of
such Person’s ownership interest in or other relationship with such entity, except to the extent
the terms of such obligations provide that such Person is not liable therefor; and (k) any other
liabilities of such Person which would be treated as indebtedness in accordance with GAAP.

     “Defaulted Student Loan” means any Student Loan (a) as to which any payment, or portion
thereof is more than 90 days past due from the original due date thereof, (b) the Obligor of which
is the subject of an Event of Bankruptcy (without giving effect to any applicable cure or
continuance period) or is deceased or disabled, or (c) as to which a continuing condition exists
that, with notice or the lapse of time or both, would constitute a default, breach, violation or
event permitting acceleration under the terms of such Student Loan.

     “Defaulting Lender” has the meaning assigned to such term in Section 2.01(d).

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     “Delaware Trustee” means BNYM (Delaware), a Delaware banking corporation.

     “Delinquent Student Loan” means any Student Loan, which is not a Defaulted Student Loan, as to
which any payment, or portion thereof, is 60 days or more past due from the original due date
thereof.

     “Departing Facility Group” means a Facility Group whose Commitment the Trust has determined to
assign or terminate in accordance with Section 2.21(a).

     “Department of Education” or “Department” means the United States Department of Education, or
any other officer, board, body, commission or agency succeeding to the functions thereof under the
Higher Education Act.

     “Depositor” means Rendezvous Funding LLC, a Delaware limited liability company, in its
capacity as depositor with respect to the Trust.

     “Depositor Interim Trust Agreement” means the interim trust agreement, dated the date hereof,
between the Depositor and the Interim Eligible Lender Trustee.

     “Direct-To-Consumer Loans” means a Student Loan marketed directly to the Obligor (including,
but not limited to, Tuition Answer Loans) that is not disbursed directly to any school;
provided, however, that a Consolidation Loan shall not be deemed to be a
Direct-To-Consumer Loan.

     “Eligible Institution” means (a) an institution of higher education or (b) a vocational
school.

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

     (a) direct obligations of, and obligations fully guaranteed as to timely payment by,
the United States of America, the Government National Mortgage Association, the Federal Home
Loan Mortgage Corporation or the Federal National Mortgage Association or any agency or
instrumentality of the United States of America, the obligations of which are backed by the
full faith and credit of the United States of America; provided, that obligations
of, or guaranteed by, the Government National Mortgage Association, the Federal Home Loan
Mortgage Corporation or the Federal National Mortgage Association shall be Eligible
Investments only if, at the time of investment, they have a rating from each of the Rating
Agencies in the highest investment category granted thereby;

     (b) demand deposits, time deposits or certificates of deposit of any depository
institution or trust company incorporated under the laws of the United States of America or
any State (or any domestic branch of a foreign bank) and subject to supervision and
examination by federal or state banking or depository institution authorities (including
depository receipts issued by any such institution or trust company as custodian with
respect to any obligation referred to in clause (a) above or portion of such obligation for
the benefit of the holders of such depository receipts); provided, that at the time
of the

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investment or contractual commitment to invest therein (which shall be deemed to be
made again each time funds are reinvested following each Settlement Date), the commercial
paper or other short-term senior unsecured debt obligations (other than such obligations the
rating of which is based on the credit of a Person other than such depository institution or
trust company) thereof shall have a credit rating from each of the Rating Agencies in the
highest investment category granted thereby;

     (c) non-extendible commercial paper having, at the time of the investment, a rating
from each of the Rating Agencies then rating that commercial paper in the highest investment
category granted thereby;

     (d) investments in money market funds having a rating from each of the Rating Agencies
in the highest investment category granted thereby (including funds for which the
Administrative Agent, the Syndication Agent, or the Eligible Lender Trustee or any of their
respective Affiliates is investment manager or advisor);

     (e) bankers’ acceptances issued by any depository institution or trust company referred
to in clause (b) above; and

     (f) repurchase obligations with respect to any security that is a direct obligation of,
or fully guaranteed by, the United States of America or any agency or instrumentality
thereof, the obligations of which are backed by the full faith and credit of the United
States of America, in each case entered into with a depository institution or trust company
(acting as principal) described in clause (b) above.

     For purposes of the definition of “Eligible Investments,” the phrase “highest investment
category” means (i) in the case of Fitch, “AAA” for long-term investments (or the equivalent) and
“F-1+” for short-term investments (or the equivalent), (ii) in the case of Moody’s, “Aaa” for
long-term investments and “P-1” for short-term investments, and (iii) in the case of S&P, “AAA” for
long-term investments and “A-1+” for short-term investments. A proposed investment not rated by
Fitch but rated in the highest investment category by Moody’s and S&P shall be considered to be
rated by each of the Rating Agencies in the highest investment category granted thereby. In the
event the rating(s) of an Eligible Investment falls below the applicable rating(s) set forth
herein, the Administrative Agent shall promptly (but in no event longer than 60 days from the time
of such downgrade) replace such investment, at no cost to the Trust, with an Eligible Investment
which has the required ratings; provided, that if each of the Rating Agencies has approved
an Eligible Investment with other terms relating to a downgrade (including, but not limited to
collateralization of the Eligible Investment or furnishing a guaranty or insurance), such other
terms shall prevail.

     “Eligible Lender” means any “eligible lender,” as defined in the Higher Education Act, which
has received an eligible lender designation from the Department of Education.

     “Eligible Lender Trustee” means The Bank of New York Trust Company, N.A., a national banking
association, not in its individual capacity but solely as Eligible Lender Trustee under the Trust
Agreement and its successor or successors and any other corporation which may at any time be
substituted in its place pursuant to the terms of the Trust Agreement.

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     “Eligible Lender Trustee Fees” means the fees, reasonable expenses and charges of the Eligible
Lender Trustee, including reasonable legal fees and expenses, as agreed to in writing by the
Eligible Lender Trustee and the Administrator.

     “Eligible Private Credit Loan” means a Student Loan which meets the following criteria as of
any date of determination:

     (a) such Student Loan is an unsecured loan originated under one of the Seller’s private credit
education loan programs for which an Applicable Percentage greater than zero is set forth in
Schedule 1 to the Side Letter or otherwise established pursuant to an agreement in writing among
the Trust, each of the Managing Agents and the Administrative Agent;

     (b) such Student Loan is fully disbursed;

     (c) such Student Loan has not been owned by the Trust for more than 364 days in total;

     (d) such Student Loan is a U.S. Dollar denominated obligation payable in the United States;

     (e) such Student Loan provides for periodic payments which fully amortize the amount financed
over its term to maturity (exclusive of any deferral or forbearance periods);

     (f) such Student Loan is being serviced by a Servicer under a Servicing Agreement and if such
Student Loan is serviced by a Subservicer, the related Obligor has been directed to make all
payments into a Permitted Lockbox;

     (g) such Student Loan bears interest at a stated rate of not more than the maximum rate
permitted under applicable law (before giving effect to any borrower benefit programs);

     (h) such Student Loan is supported by the following documentation:

     (i) loan application, and any supplement thereto;

     (ii) original promissory note and any addendum thereto or the electronic records
therefor;

     (iii) any other document and/or record which the Trust or the related Servicer or other
agent may be required to retain pursuant to the program under which the Student Loan was
originated;

     (iv) if applicable, payment history (or similar documentation) including (A) an
indication of the Principal Balance and the date through which interest has been paid, each
as of the related date of determination and (B) an accounting of the allocation of all
payments by the Obligor or on Obligor’s behalf to principal and interest on the Student
Loan;

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     (v) if applicable, documentation which supports periods of current or past deferment or
past forbearance;

     (vi) if applicable, a collection history, if the Student Loan was ever in a delinquent
status, including detailed summaries of contacts and including the addresses or telephone
numbers used in contacting or attempting to contact the related Obligor and any endorser;

     (vii) if applicable, evidence of all requests for skip-tracing assistance and current
address of the related Obligor, if located; and

     (viii) if applicable, a record of any event resulting in a change to or confirmation of
any data in the Student Loan file;

     (i) such Student Loan was originated and has been serviced in compliance with all requirements
of applicable law including, without limitation, all Consumer Credit Laws;

     (j) such Student Loan is evidenced by a single original Student Loan Note and any addendum
thereto containing terms in accordance with those required by the applicable loan program and other
applicable requirements and which does not require the Obligor to consent to the transfer, sale or
assignment of the rights and duties of the related Seller or the Depositor (or the Interim Eligible
Lender Trustee on behalf of the Depositor) or the Trust (or the Eligible Lender Trustee on behalf
of the Trust) and does not contain any provision that restricts the ability of the Administrative
Agent, on behalf of the Secured Creditors, to exercise its rights under the Transaction Documents;;

     (k) such Student Loan is neither a Defaulted Student Loan nor a Delinquent Student Loan;

     (l) in each case, (i) immediately prior to the sale thereof to the Depositor, the applicable
Seller had and (ii) immediately following the acquisition thereof on the related Advance Date, the
Trust has good and marketable title to such Student Loan free and clear of any Adverse Claim or
other encumbrance, lien or security interest, or any other prior commitment, other than as may be
granted in favor of the Administrative Agent, on behalf of the Secured Creditors;

     (m) such Student Loan has not been modified, extended or renegotiated in any way, except (i)
as required under applicable laws, rules and regulations, (ii) as provided for or permitted under
the Underwriting Guidelines or Servicing Policies, if such modification, extension or renegotiation
does not materially adversely affect the value or collectability thereof or (iii) as provided for
in the Transaction Documents;

     (n) such Student Loan constitutes a legal, valid and binding obligation to pay on the part of
the related Obligor enforceable in accordance with its terms and is not noted on the appropriate
Servicer’s books and records as being subject to a current bankruptcy proceeding;

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     (o) such Student Loan constitutes an instrument, an account or a general intangible as defined
in the UCC in the jurisdiction that governs the perfection of the interests of the Trust therein
and the perfection of the Secured Creditors’ interest therein;

     (p) the sale or assignment of such Student Loan to the Depositor or an interim eligible lender
trustee on its behalf pursuant to a Purchase Agreement, the sale or assignment of which to the
Trust or the Eligible Lender Trustee on its behalf pursuant to the Sale Agreement, and the granting
of a security interest therein to the Administrative Agent pursuant to this Agreement does not
contravene or conflict with any applicable law, rule or regulation, or require the consent or
approval of, or notice to, any Person;

     (q) such Student Loan has been duly made and serviced in all material respects in accordance
with the guidelines of the Student Loan program under which it has been made and with all
applicable Underwriting Guidelines and Servicing Policies;

     (r) the Obligor of such Student Loan, other than a Medical Loan, has a FICO score at the date
of origination of 640 or higher or, if the related student attends a for-profit school, 670 or
higher;

     (s) the file for such Student Loan lists a school attended by the Obligor (which is not one of
the institutions listed on Exhibit C);

     (t) such Student Loan was not originated to finance attendance at one of the institutions
listed on Exhibit C;

     (u) the purchase price paid for such Student Loan at the time of purchase by the Trust (i) did
not exceed the Applicable Percentage (in effect at the time of purchase) multiplied by the
Principal Balance thereof, plus amounts, if any, drawn under the Revolving Credit Agreement; and
(ii) was reasonably equal to its fair market value at the time of purchase;

     (v) the purchase of such Student Loan will not result in (i) an Amortization Event, (ii) a
Termination Event or (iii) an increase in any Excess Concentration Amount that would result in the
Asset Coverage Ratio being less than 100%;

     (w) such Student Loan was originated in the ordinary course of business and advanced for
educational purposes directly to the related Obligor or the applicable school for the benefit of
the related Obligor;

     (x) such Student Loan is being serviced by an entity duly authorized, qualified (and, if
required, licensed) to service such Student Loan in the applicable jurisdiction;

     (y) such Student Loan was acquired by the Depositor pursuant to a Purchase Agreement and sold
to the Trust pursuant to the Sale Agreement and was not previously owned by the Trust and
subsequently re-acquired;

     (z) if such Student Loan was originated pursuant to an agreement not in effect, or not
substantially in the form of an agreement which is in effect, on the Closing Date, such agreement
has been approved by the Required Managing Agents;

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     (aa) such Student Loan has not been satisfied, subordinated, or rescinded; and

     (bb) such Student Loan’s original term to maturity did not exceed 40 years.

     “Eligible Swap Counterparty” means a Person whose ratings, at the time it becomes a Swap
Counterparty, satisfy the requirements of both Moody’s and S&P for a swap counterparty in a
securitization transaction in which the securities are rated “AAA” and “Aaa,” respectively.

     “ERISA” means the U.S. Employee Retirement Income Security Act of 1974, as amended from time
to time, or any successor statute and the regulations promulgated and rulings issued thereunder.

     “ERISA Affiliate” means (a) any corporation which is a member of the same controlled group of
corporations (within the meaning of Section 414(b) of the Code) as the Trust, (b) a trade or
business (whether or not incorporated) under common control (within the meaning of Section 414(c)
of the Code) with the Trust, or (c) a member of the same affiliated service group (within the
meaning of Section 414(m) of the Code) as the Trust, any corporation described in clause (a) above
or any trade or business described in clause (b) above or other Person which is required to be
aggregated with the Trust pursuant to regulations promulgated under Section 414(o) of the Code.

     “Estimated Interest Adjustment” means, for each Settlement Date with respect to any Facility
Group, the variation, if any, between (x) the Yield paid on the preceding Settlement Date to such
Facility Group and (y) the Yield that accrued on the portion of the Aggregate Note Balance
allocable to such Facility Group during the Interest Accrual Period then ending on such preceding
Settlement Date. The amount by which clause (y) exceeds clause (x) shall be a positive Estimated
Interest Adjustment and the amount by which clause (x) exceeds clause (y) shall be a negative
Estimated Interest Adjustment.

     “Eurodollar Reserve Percentage” means, for any day during any period, the reserve percentage
(expressed as a decimal, rounded upward to the next 1/100th of 1%) in effect on such day, whether
or not applicable to any Lender, under regulations issued from time to time by the Board of
Governors of the Federal Reserve System for determining the maximum reserve requirement (including
any emergency, special, supplemental or other marginal reserve requirement) with respect to
eurocurrency funding (currently referred to as “eurocurrency liabilities”). The LIBOR Rate shall
be adjusted automatically as of the effective date of any change in the Eurodollar Reserve
Percentage.

     “Event of Bankruptcy” means, with respect to a specified Person, (a) the filing of a decree or
order for relief by a court having jurisdiction in the premises in respect of such Person or any
substantial part of its property in an involuntary case under any applicable federal or state
bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver,
liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for
any substantial part of its property, or ordering the winding-up or liquidation of such Person’s
affairs, which decree or order remains unstayed and in effect for a period of 30 consecutive days;
or (b) the commencement by such Person of a voluntary case under any applicable federal or state
bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by such

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Person to the entry of an order for relief in an involuntary case under any such law, or the
consent by such Person to the appointment of or taking possession by a receiver, liquidator,
assignee, custodian, trustee, sequestrator or similar official for such Person or for any
substantial part of its property, or the making by such Person of any general assignment for the
benefit of creditors, or the failure by such Person generally to pay its debts as such debts become
due, or the taking of action by such Person in furtherance of any of the foregoing.

     “Excess Collateral Advance” means an Advance made to the Trust after the Transition Period,
that is not a Purchase Price Advance or a Capitalized Interest Advance and is made to provide
additional Available Funds; provided, however, that the amount of any such Advance
shall not exceed the amount by which (a) the Adjusted Pool Balance plus the sum of the amounts on
deposit in the Trust Accounts (other than the Borrower Benefit Account) exceeds (b) the Reported
Liabilities.

     “Excess Concentration Amount” has the meaning set forth in the Side Letter.

     “Excess Distribution Certificate” has the meaning assigned to such term in the Trust
Agreement.

     “Excess Spread” means the annualized percentage, calculated on the last day of each calendar
month, which is a fraction, the numerator of which is the positive difference, if any, between (x)
the Expected Interest Collections for such month with respect to the Eligible Private Credit Loans
and (y) the sum of (i) the Primary Servicing Fee payable to the Master Servicer for such month,
(ii) all other fees payable under this Agreement for such month (other than the Non-Use Fee) and
(iii) all Yield payable to the Lenders for such month in respect of the Notes, and the denominator
of which is the weighted average Principal Balance of all Eligible Private Credit Loans held by the
Trust during such month.

     “Excess Spread Test” means the three-month average Excess Spread is greater than 2.00%.

     “Excess Yield Rate” means, with respect to any Advance and any Yield Period, the amount by
which the applicable Yield Rate for such Advance exceeds the sum of (a) the CP Rate or the LIBOR
Rate (whichever is applicable to such Advance) plus the Used Fee that would be applicable if such
Advance were a CP Advance.

     “Excluded Taxes” has the meaning assigned to such term in Section 2.20(a).

     “Exiting Facility Group” means any Departing Facility Group, Non-Renewing Facility Group or
Withdrawing Facility Group, as applicable.

     “Exiting Facility Group Amortization Period” means the period beginning on (a) with respect to
any Departing Facility Group, the Settlement Date following the date on which the Managing Agent
for such Facility Group and the Administrative Agent receive written notice from the Administrator
of its termination in accordance with Section 2.21(a), (b) with respect to any
Non-Renewing Facility Group, the then current Scheduled Maturity Date for such Non-Renewing
Facility Group and (c) with respect to any Withdrawing Facility Group the Settlement Date following
the date the Managing Agent for such Facility Group and the Administrator

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mutually agree by joint written notice to the Administrative Agent; and in each case ending on
the earliest to occur of (i) the occurrence of an Amortization Event or a Termination Event, (ii)
90 days after the start of the period described in clause (a), (b) or (c) above and (iii) the date
the Aggregate Note Balance of the Notes held by the Exiting Facility Group have been repaid in
full.

     “Expected Interest Collections” means, for any calendar month, the sum of (i) the amount of
interest due or accrued with respect to the Eligible Private Credit Loans and payable by the
related Obligors thereon during such calendar month (whether or not such interest is actually paid)
and (ii) investment earnings on the Trust Accounts for such calendar month.

     “Facility Group” means a Managing Agent and its related Conduit Lenders, Alternate Lenders,
LIBOR Lenders and Program Support Providers, as applicable.

     “Fair Market Auction” means a commercially reasonable sale of Trust Student Loans pursuant to
an arms-length auction process with respect to which (a) bids have been solicited from two or more
potential bidders including at least two bidders that are not Affiliates of SLM Corporation, (b) at
least one bid is received from a bidder that is not an Affiliate of SLM Corporation and (c) if an
Affiliate of SLM Corporation submits the winning bid, such bid is in an amount reasonably equal to
the fair market value of the Trust Student Loans being sold.

     “Federal Funds Rate” means, for any day, the rate per annum (rounded upwards, if necessary, to
the nearest 1/100th of 1%) equal to the weighted average of the rates on overnight federal funds
transactions with members of the Federal Reserve System arranged by federal funds brokers on such
day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such
day; provided, that (a) if such day is not a Business Day, the Federal Funds Rate for such
day shall be such rate on such transactions on the next preceding Business Day as so published on
the next succeeding Business Day, and (b) if no such rate is so published on such next succeeding
Business Day, the Federal Funds Rate for such day shall be the average rate (adjusted, if
necessary, to the nearest 1/100 of 1%) charged to the Administrative Agent on such day on such
transactions as determined by it.

     “Fee Letters” means the Administrative Agent and Syndication Agent Fee Letter, each Lenders
Fee Letter and the Valuation Agent Fee Letter.

     “FFELP Loan Facilities” means the FFELP student loan conduit securitization facilities
established pursuant to (i) that certain Note Purchase and Security Agreement, dated as of the
Closing Date, among Town Hall Funding I, the arrangers party thereto, the conduit lenders party
thereto, the alternate lenders party thereto, the LIBOR lenders party thereto, Bank of America,
N.A., as administrative agent, the managing agents party thereto, The Bank of New York Trust
Company, N.A., as eligible lender trustee, JPMorgan Chase Bank, N.A., as syndication agent, and
Sallie Mae, Inc., as administrator, (ii) that certain Note Purchase and Security Agreement, dated
as of the Closing Date, among Town Center Funding I, the arrangers party thereto, the conduit
lenders party thereto, the alternate lenders party thereto, the LIBOR lenders party thereto, Bank
of America, N.A., as administrative agent, the managing agents party thereto, The Bank of New York
Trust Company, N.A., as eligible lender trustee, JPMorgan Chase Bank, N.A., as syndication agent,
and Sallie Mae, Inc., as administrator; and (iii) that certain Note Purchase and Security
Agreement, dated as of the Closing Date, among Bluemont Funding I, the

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arrangers party thereto, the conduit lenders party thereto, the alternate lenders party
thereto, the LIBOR lenders party thereto, Bank of America, N.A., as administrative agent, the
managing agents party thereto, The Bank of New York Trust Company, N.A., as eligible lender
trustee, JPMorgan Chase Bank, N.A., as syndication agent, and Sallie Mae, Inc., as administrator.

     “FFELP Program” means the Federal Family Education Loan Program authorized under the Higher
Education Act.

     “Financing Costs” means an amount equal to the sum (without duplication) of (i) the accrued
Yield applicable to the Notes for the preceding Yield Period and the applicable portion of the
Non-Use Fee; (ii) any past due Yield payable on the Notes; (iii) interest on any related loans or
other disbursements payable by the Lenders as a result of unreimbursed draws on or under a Program
Support Agreement supporting the purchase of the Notes; and (iv) increased costs of the Affected
Parties resulting from Yield Protection, if any.

     “Fitch” means Fitch, Inc. (or its successors in interest).

     “Fund” means any Person (other than a natural person) that is (or will be) engaged in making,
purchasing, holding, or otherwise investing in commercial loans and similar extensions of credit in
the ordinary course of its activities.

     “GAAP” means generally accepted accounting principles as in effect from time to time in the
United States of America that are applicable to the circumstances as of the date of determination
and applied on a consistent basis.

     “GLB Regulations” means the Joint Banking Agencies’ Privacy of Consumer Financial Information,
Final Rule (12 CFR Parts 40, 216, 332 and 573) or the Federal Trade Commission’s Privacy of
Consumer Financial Information, Final Rule (16 CFR Part 313), as applicable, implementing Title V
of the Gramm-Leach-Bliley Act, Public Law 106-102, as amended.

     “Governmental Authority” means any nation or government, any state or other political
subdivision thereof, any central bank (or similar monetary or regulatory authority) thereof, any
body or entity exercising executive, legislative, judicial, regulatory or administrative functions
or pertaining to government, including without limitation any court, and any Person owned or
controlled, through stock or capital ownership or otherwise, by any of the foregoing.

     “Grant” or “Granted” means to pledge, create and grant a security interest in and with regard
to property. A Grant of Trust Student Loans, other assets or of any other agreement includes all
rights, powers and options (but none of the obligations) of the granting party thereunder.

     “Guaranty and Pledge Agreement” means the Guaranty and Pledge Agreement, dated as of the
Closing Date between the Depositor and the Administrative Agent.

     “Higher Education Act” means the Higher Education Act of 1965, as amended or supplemented from
time to time, and all regulations and guidelines promulgated thereunder.

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     “Holding Account Lender” means (i) any Non-Rated Lender and (ii) any other Lender that has
elected at its option to make a Lender Holding Deposit.

     “Indemnified Party” has the meaning assigned to such term in Section 8.01(a).

     “Indemnity Agreement” means the Indemnity Agreement entered into by SLM Corporation, the Trust
and the Administrative Agent dated as of the Closing Date.

     “Initial Cutoff Date” means the date set forth as such in the initial Advance Request.

     “Initial Pool” means that pool of Eligible Private Credit Loans as of the Initial Cutoff Date
identified by the Administrator to the Administrative Agent and the Managing Agents which are party
to this Agreement as of the Closing Date, which pool is substantially similar in all material
respects to that pool delivered to the Rating Agencies in connection with obtaining the Required
Ratings as of the Closing Date.

     “Intangible Assets” means the amount (to the extent reflected in determining such consolidated
stockholders’ equity) of all unamortized debt discount and expense, unamortized deferred charges
(which for purposes of this definition do not include deferred taxes or premiums paid in connection
with the purchase of student loans), goodwill, patents, trademarks, service marks, trade names,
anticipated future benefit of tax loss carry-forwards, copyrights, organization or developmental
expenses and other intangible assets.

     “Interest Accrual Period” means, each period from a Settlement Date until the immediately
succeeding Settlement Date, provided that the initial Interest Accrual Period shall be the period
from the Closing Date until the first Settlement Date.

     “Interest Coverage Ratio” means, for any four consecutive fiscal quarter period, the ratio of
Adjusted Cash Income for such period to Interest Expense for such period.

     “Interest Expense” means, for any period, the aggregate amount which would fairly be presented
in the consolidated income statement of SLM Corporation and its consolidated subsidiaries for such
period (subject to normal year-end adjustments) prepared in accordance with GAAP as “total interest
expense.”

     “Interim Eligible Lender Trustee” means The Bank of New York Trust Company, N.A., a national
banking association, not in its individual capacity but solely as eligible lender trustee for the
Depositor under the Depositor Interim Trust Agreement or for VG Funding, LLC or VL Funding LLC
under the Seller Interim Trust Agreements, as applicable, and its successor or successors and any
other corporation which may at any time be substituted in its place.

     “Interim Trust Agreements” means collectively, the Seller Interim Trust Agreements and the
Depositor Interim Trust Agreement.

     “Investment Deficit” has the meaning assigned to such term in Section 2.01(d).

     “Investment Company Act” means the Investment Company Act of 1940, as amended.

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     “Lead Arrangers” means Banc of America Securities LLC and J.P. Morgan Securities Inc.

     “Legal Final Maturity Date” means the date occurring on the 40th anniversary of the
termination of the Revolving Period.

     “Lender Guarantor” means any Person which has provided in favor of the Administrative Agent an
irrevocable guaranty or provided an irrevocable letter of credit, to secure the obligations of a
Non-Rated Lender to fund a Capitalized Interest Advance.

     “Lender Holding Account” has the meaning assigned to such term in Section
2.23.

     “Lender Holding Deposit” has the meaning assigned to such term in Section
2.23.

     “Lenders” means, collectively, the Conduit Lenders, the Alternate Lenders and the LIBOR
Lenders.

     “Lenders Fee Letter” means the Fee Letter, dated as of Closing Date, among the Trust and the
Managing Agents and certain other financial institutions party thereto.

     “Liabilities” means the sum of the Trust’s obligations with respect to (a) the Aggregate Note
Balance, (b) all accrued and unpaid Financing Costs applicable thereto to the extent not included
in the Aggregate Note Balance, (c) any accrued and unpaid fees, including Servicing Fees, Eligible
Lender Trustee Fees and any other fees or payment obligations (other than borrower benefits to the
extent the associated reduction in yield has been prefunded in the Borrower Benefit Account)
payable by the Trust pursuant to the Transaction Documents, (d) any outstanding Servicer Advances,
(e) amounts due and unpaid under the Revolving Credit Agreement and (f) any other accrued and
unpaid Obligations.

     “LIBOR Advance” means an Advance funded with reference to the LIBOR Rate.

     “LIBOR Base Rate” means:

     (i) for any Tranche Period for any Alternate Lender or Conduit Lender:

     (a) the rate per annum (carried out to the fifth decimal place) equal to the rate
determined by the applicable Managing Agent to be the offered rate that appears on the page
of the Reuters Screen that displays an average British Bankers Association Interest
Settlement Rate (such page currently being LIBOR01) for deposits in United States dollars
(for delivery on the first day of such period) with a term equivalent to such period,
determined as of approximately 11:00 a.m. (London time) two Business Days prior to the first
day of such period;

     (b) in the event the rate referenced in the preceding subsection (a) does not appear on
such page or service or such page or service shall cease to be available, the rate per annum
(carried to the fifth decimal place) equal to the rate determined by the applicable Managing
Agent to be the offered rate on such other page or other service that displays an average
British Bankers Association Interest Settlement Rate for deposits in

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United States dollars (for delivery on the first day of such period) with a term
equivalent to such period, determined as of approximately 11:00 a.m. (London time) two
Business Days prior to the first day of such period; or

     (c) in the event the rates referenced in the preceding subsections (a) and (b) are not
available, the rate per annum determined by the applicable Managing Agent as the rate of
interest at which Dollar deposits (for delivery on the first day of such period) in same day
funds in the approximate amount of the applicable investment to be funded by reference to
the LIBOR Rate and with a term equivalent to such period would be offered by its London
Branch to major banks in the London interbank eurodollar market at their request at
approximately 11:00 a.m. (London time) two Business Days prior to the first day of such
period; and

     (ii) for any day during an Interest Accrual Period for any LIBOR Lender:

     (a) the rate per annum (carried out to the fifth decimal place) equal to the rate
determined by the Administrative Agent to be the offered rate that appears on the page of
the Reuters Screen on such day that displays an average British Bankers Association Interest
Settlement Rate (such page currently being LIBOR01) for deposits in United States dollars
(for delivery on a date two Business Days later) with a term equivalent to one month;

     (b) in the event the rate referenced in the preceding subsection (a) does not appear on
such page or service or such page or service shall cease to be available, the rate per annum
(carried to the fifth decimal place) equal to the rate determined by the Administrative
Agent to be the offered rate on such day on such other page or other service that displays
an average British Bankers Association Interest Settlement Rate for deposits in United
States dollars (for delivery on a date two Business Days later) with a term equivalent to
one month; or

     (c) in the event the rates referenced in the preceding subsections (a) and (b) are not
available, the rate per annum determined by the Administrative Agent on such day as the rate
of interest at which Dollar deposits (for delivery on a date two Business days later than
such day) in same day funds in the approximate amount of the applicable investment to be
funded by reference to the LIBOR Rate and with a term equivalent to one month would be
offered by its London Branch to major banks in the London interbank eurodollar market at
their request.

     “LIBOR-Based Loans” means any Trust Student Loans which are floating rate loans and bear
interest by reference to LIBOR.

     “LIBOR Lender” means any Person identified as a LIBOR Lender on Exhibit A
attached hereto, as such Exhibit may be amended, restated or otherwise revised from time to time,
and any successors or assigns (subject to Section 10.04).

     “LIBOR Rate” for any Tranche Period (when used with respect to any Alternate Lender) or for
any day during an Interest Accrual Period (when used with respect to any LIBOR Lender),

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means a rate per annum determined by the Administrative Agent pursuant to the following
formula:

	 	 	 	 	 	 	 
	LIBOR Rate

	 	=
	 	LIBOR Base Rate
 

1.00 - Eurodollar Reserve Percentage
	 	 

     “Liquidated Student Loan” means any defaulted Trust Student Loan liquidated by the Servicer or
which the Servicer has, after using all reasonable efforts to realize upon such Trust Student Loan,
determined to charge off in accordance with the applicable Servicing Policies.

     “Liquidation Proceeds” means, with respect to any Liquidated Student Loan which became a
Liquidated Student Loan during the current Settlement Period in accordance with the applicable
Servicing Policies, the moneys collected in respect of the liquidation thereof from whatever
source, other than Recoveries, net of the sum of any amounts expended by the Servicer in connection
with such liquidation and any amounts required by law to be remitted to the Obligor on such
Liquidated Student Loan.

     “Lockbox Bank” means a bank that maintains a lockbox into which a Subservicer, or the Obligors
of the Trust Student Loans serviced by such Subservicer, deposit Collections.

     “Lockbox Bank Fees” means fees, reasonable expenses and charges of a Lockbox Bank as may be
agreed to in writing by the Administrator and the Lockbox Bank.

     “Managed Private Credit Loan Default Ratio” means, as of any date of determination, the ratio,
equal to the average, for each of the previous 12 months, of the following ratio (calculated on an
annualized basis): (a) the monthly “Gross Private Credit Student Loan Charge-Offs” for the types of
Student Loans in SLM Corporation’s managed loan portfolio (without reference to whether they are
financed on- or off-balance sheet and which satisfy the criterion in clause (a) of the definition
of Eligible Private Credit Loan), divided by (b) the Average Student Loans in Repayment Outstanding
of the same types of loans in SLM Corporation’s managed loan portfolio (without regard to whether
they are financed on- or off-balance sheet), each as reported by the Administrator and calculated
in a consistent manner with the methodologies used by SLM Corporation for calculating “Gross
Managed Private Credit Student Loan Charge-Offs” and “Average Managed Private Credit
Student Loans Outstanding” for purposes of its quarterly and annual financial statements.

     “Managing Agent” means each of the agents identified as a Managing Agent on Exhibit
A attached hereto as such Exhibit may be amended, restated or otherwise revised from time
to time, acting on behalf of its related LIBOR Lenders and its related Conduit Lenders, Alternate
Lenders and Program Support Providers under this Agreement, as applicable, and any of its
successors or assigns (subject to Section 10.04).

     “Master Servicer” means Sallie Mae, Inc., a Delaware corporation, and its successors and
permitted assigns.

     “Material Adverse Effect” means a material adverse effect on:

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     (a) with respect to the Trust, the status, existence, perfection, priority or
enforceability of the Administrative Agent’s interest in the Pledged Collateral or the
ability of the Trust to perform its obligations under this Agreement or any other
Transaction Document or the ability to collect on a material portion of the Pledged
Collateral; or

     (b) with respect to any other Person, the ability of the applicable Person to perform
its obligations under this Agreement or any other Transaction Document.

     “Material Subservicer” means any Subservicer responsible for servicing more than 15% of the
Trust Student Loans by aggregate Principal Balance.

     “Maximum Advance Amount” means, for any Advance Date:

     (a) with respect to a Purchase Price Advance, an amount equal to the lesser of (i) the Maximum
Financing Amount minus the sum of (A) the Capitalized Interest Account Specified Balance and (B)
the Aggregate Note Balance and (ii) the aggregate Collateral Value of the Eligible Private Credit
Loans being acquired;

     (b) with respect to an Excess Collateral Advance, an amount equal to the Maximum Financing
Amount minus the sum of (A) the Capitalized Interest Account Specified Balance and (B) the
Aggregate Note Balance (after giving effect to any Purchase Price Advance to be made on such
Advance Date); and

     (c) with respect to a Capitalized Interest Advance, an amount equal to the lesser of (i) the
Maximum Financing Amount minus the Aggregate Note Balance and (ii) the amount necessary to cause
the amount on deposit in the Capitalized Interest Account to equal the Required Capitalized
Interest Account Balance.

     “Maximum Financing Amount” means, at any time, $5,850,000,000, as such amount may be adjusted
from time to time pursuant to Sections 2.03 and 2.21.

     “Medical Loan” means a loan made under SLM Corporation’s medical loan program.

     “Minimum Asset Coverage Requirement” means an Asset Coverage Ratio of greater than or equal to
100%.

     “MNPI” has the meaning assigned to such term in Section 10.02(b).

     “Monthly Administrative Agent’s Report” means the report to be delivered by the Administrative
Agent pursuant to Section 2.05(a).

     “Monthly Report” means a report, in substantially the form of Exhibit D
hereto, prepared by the Administrator and furnished to the Administrative Agent.

     “Moody’s” means Moody’s Investors Service, Inc. (or its successors in interest).

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     “Multiemployer Plan” means a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA
which is or was at any time during the current year or the immediately preceding six years
contributed to by the Trust or any ERISA Affiliate.

     “Mustang Funding I Facility” means the financing facility established pursuant to that certain
Participation Purchase and Security Agreement, dated as of April 30, 2007, among Mustang Funding I,
LLC, the conduit purchasers party thereto, the alternate purchasers party thereto, Bank of America,
N.A., as administrative agent, the managing agents party thereto, Chase Bank USA, National
Association, as eligible lender trustee and Sallie Mae, Inc., as administrator.

     “Mustang Funding II Facility” means the financing facility established pursuant to that
certain Participation Purchase and Security Agreement, dated as of April 30, 2007, among Mustang
Funding II, LLC, the conduit purchasers party thereto, the alternate purchasers party thereto, Bank
of America, N.A., as administrative agent, the managing agents party thereto, Chase Bank USA,
National Association, as eligible lender trustee and Sallie Mae, Inc., as administrator.

     “Net Adjusted Revenue” means, for any period, Adjusted Revenue for such period less Interest
Expense and Operating Expenses for such period.

     “New York UCC” means the New York Uniform Commercial Code as in effect from time to time.

     “Non-Defaulting Lender” has the meaning assigned to such term in Section
2.01(d).

     “Non-Rated Lender” means any Alternate Lender, LIBOR Lender or Committed Conduit Lender which
does not satisfy any of the following: (i) has a short-term unsecured indebtedness rating of at
least “A-1” by S&P and “P-1” by Moody’s, (ii) has a Lender Guarantor which has a short-term
unsecured indebtedness rating of at least “A-1” by S&P and “P-1” by Moody’s or (iii) has a
Qualified Program Support Provider.

     “Non-Renewing Facility Group” means a LIBOR Lender or a Conduit Lender and its related
Alternate Lenders and Program Support Providers which have determined not to extend the Scheduled
Maturity Date in accordance with Section 2.16.

     “Non-U.S. Lender” has the meaning assigned to such term in Section 2.20(d).

     “Non-Use Fee” means, with respect to each Facility Group, a non-use fee, payable monthly by
the Trust to the Managing Agent for such Facility Group (or, if applicable, to the Lenders within
such Facility Group) as set forth in the Lenders Fee Letter.

     “Note” means the Note issued by the Trust hereunder to a Registered Owner.

     “Note Account” has the meaning specified in Section 2.11.

     “Note Purchase” means the purchase of Notes under this Agreement.

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     “Note Purchasers” means the Lenders and, if applicable, their respective Program Support
Providers, and their respective successors and assigns (subject to Section 10.04).
Each Facility Group shall purchase its Notes and otherwise act through its Managing Agent.

     “Note Register” has the meaning assigned to such term in Section 3.05(a).

     “Note Registrar” has the meaning assigned to such term in Section 3.05(a).

     “Notice of Release” has the meaning assigned to such term in Section 2.18.

     “Obligations” means all present and future indebtedness and other liabilities and obligations
(howsoever created, arising or evidenced, whether direct or indirect, absolute or contingent, or
due or to become due) of the Trust to the Secured Creditors, arising under or in connection with
this Agreement or any other Transaction Document or the transactions contemplated hereby or thereby
and shall include, without limitation, all liability for principal of and Financing Costs on the
Notes, closing fees, unused line fees, audit fees, Administrative Agent Fees, Syndication Agent
Fees, Co-Valuation Agent Fees, expense reimbursements, indemnifications, and other amounts due or
to become due under the Transaction Documents, including, without limitation, interest, fees and
other obligations that accrue after the commencement of an insolvency proceeding (in each case
whether or not allowed as a claim in such insolvency proceeding).

     “Obligor” means the borrower or co-borrower or any other Person obligated to make payments
with respect to a Student Loan.

     “Officer’s Certificate” means a certificate signed and delivered by an Authorized Officer.

     “Official Body” means any government or political subdivision or any agency, authority,
bureau, central bank, commission, department or instrumentality of any such government or political
subdivision, or any court, tribunal, grand jury or arbitrator, or any accounting board or authority
(whether or not a part of government) which is responsible for the establishment or interpretation
of national or international accounting principles, in each case whether foreign or domestic.

     “Operating Expenses” means, for any period, the aggregate amount which would fairly be
presented in the consolidated income statement of SLM Corporation and its consolidated subsidiaries
for such period (subject to normal year-end adjustments) prepared in accordance with GAAP as “total
operating expenses.”

     “Opinion of Counsel” means an opinion in writing of outside legal counsel, who may be counsel
or special counsel to the Trust, any Affiliate of the Trust, the Eligible Lender Trustee, the
Administrator, the Administrative Agent, the Syndication Agent, any Managing Agent or any Lender.

     “Other Applicable Taxes” has the meaning assigned to such term in Section
2.13.

     “Other Taxes” has the meaning assigned to such term in Section 2.20(a).

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     “Outstanding” means, when used with respect to Notes, as of the date of determination, all
Notes theretofore authenticated and delivered under this Agreement except,

     (a) Notes theretofore cancelled by the Note Registrar or delivered to the Note
Registrar for cancellation; and

     (b) Notes for whose payment or repayment money in the necessary amount and currency and
in immediately available funds has been theretofore deposited with the Administrative Agent
for the Registered Owners of such Notes; and

     (c) Notes which have been exchanged for other Notes, or in lieu of which other Notes
have been delivered, pursuant to this Agreement.

     “Participant” has the meaning assigned to such term in Section 10.04(m).

     “Patriot Act” has the meaning assigned to such term in Section 10.18 hereof.

     “PBGC” means the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of
Title IV of ERISA (or any successor).

     “Permitted Lockbox” means a lockbox arrangement between a Subservicer and a Lockbox Bank
approved by the Administrative Agent, with respect to which Collections from Obligors whose Student
Loans are serviced by such Subservicer are sent to the related lockboxes and are forwarded by the
applicable Lockbox Bank to the Collection Account within two Business Days after receipt of good
funds.

     “Permitted Release” means a release of Pledged Collateral in connection with (a) a Take Out
Securitization, (b) a Whole Loan Sale, (c) a Fair Market Auction, (d) a Permitted SPE Transfer, (e)
a Permitted Seller Buy-Back, (f) a Servicer Buy-Out or (g) any other transfer of Pledged Collateral
with respect to which the Administrative Agent has received a Required Legal Opinion.

     “Permitted Seller Buy-Back” means an arms-length transfer of Pledged Collateral by the Trust
to the Depositor and subsequently by the Depositor to the applicable Seller, so long as the
aggregate principal amount of such Permitted Seller Buy-Backs does not exceed ten percent of the
lesser of (i) the highest Aggregate Note Balance outstanding at any time under this Agreement and
(ii) the aggregate original principal amount of all Student Loans sold, directly or indirectly, to
the Trust by SLM Education Credit Finance Corporation, including any Student Loans deemed to have
been sold by SLM Education Credit Finance Corporation, in its capacity as the assignee of the
Student Loan Marketing Association.

     “Permitted SPE Transfer” means an arms-length transfer of Pledged Collateral by the Trust to
the Depositor and subsequently by the Depositor to another special purpose entity established by
SLM Corporation.

     “Person” means an individual, partnership, corporation (including a statutory trust), limited
liability company, joint stock company, trust, unincorporated association, joint venture,
government (or any agency or political subdivision thereof) or other entity.

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     “Phoenix Fundings Facility” means the financing facility for student loans established
pursuant to that certain Note Purchase and Security Agreement, dated as of February 29, 2008, among
Phoenix Fundings I, UBS Securities LLC, as administrative agent, The Bank of New York Trust
Company, N.A., as eligible lender trustee, Deutsche Bank Trust Company Americas, as paying agent,
Sallie Mae, Inc., as administrator and UBS Real Estate Securities Inc., as note purchaser.

     “Platform” has the meaning assigned to such term in Section 10.02(b).

     “Pledged Collateral” has the meaning specified in Section 2.10.

     “Portfolio Private Credit Loan Default Ratio” means, as of any date of determination, the
ratio, expressed as a percentage, measured on an annualized basis, equal to the average of each of
the previous twelve months (or such lesser number of months that shall have elapsed since the
Closing Date) of the following ratio: (a) the monthly “Gross Charge-Offs” for Trust Student Loans,
divided by (b) the Average Student Loans in Repayment Outstanding for Trust Student Loans, each as
reported by the Administrator and calculated in a consistent manner with the methodologies used by
the SLM Corporation for calculating “Gross Managed Private Credit Student Loan Charge-Offs”
and “Average Managed Private Credit Student Loans Outstanding” for purposes of its
quarterly and annual financial statements.

     “Potential Amortization Event” means an event which but for the lapse of time or the giving of
notice, or both, would constitute an Amortization Event.

     “Potential Termination Event” means an event which but for the lapse of time or the giving of
notice, or both, would constitute a Termination Event.

     “Power of Attorney” means that certain Power of Attorney of the Trust dated as of the Closing
Date, appointing Bank of America, N.A., as Administrative Agent, as the Trust’s attorney-in-fact.

     “Primary Servicing Fee” for any Settlement Date has the meaning specified in Attachment A to
the Servicing Agreement, and shall include any such fees from prior Settlement Dates that remain
unpaid.

     “Prime Rate” means, for any day, a fluctuating rate per annum equal to the rate of interest in
effect for such day as publicly announced from time to time by the Administrative Agent as its
“prime rate.” The “prime rate” is a rate set by the Administrative Agent based upon various
factors including the Administrative Agent’s costs and desired return, general economic conditions
and other factors, and is used as a reference point for pricing some loans, which may be priced at,
above, or below such announced rate. Any change in the prime rate announced by the Administrative
Agent shall take effect at the opening of business on the day specified in the public announcement
of such change.

     “Prime-Based Loans” shall mean any Trust Student Loans which are floating rate loans and bear
interest by reference to the prime rate.

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     “Principal Balance” means, with respect to any Student Loan and any specified date, the
outstanding principal amount of such Student Loan, plus accrued and unpaid interest thereon to be
capitalized.

     “Principal Distribution Amount” means, with respect to any Settlement Date, (i) during the
Revolving Period, the excess, if any, of (a) the Aggregate Note Balance as of the end of the
related Settlement Period over (b) the Adjusted Pool Balance as of the end of the related
Settlement Period, and (ii) (a) during the Amortization Period or (b) following the occurrence of a
Termination Event, the Aggregate Note Balance.

     “Private Credit Forbearance Ratio” means, as of any date of determination, the ratio,
expressed as a percentage, equal to the average, for each of the three immediately preceding
calendar months (or such lesser number of months that shall have elapsed since the Closing Date),
of the aggregate Principal Balance of Trust Student Loans that are in forbearance and extended
forbearance status, divided by the Average Student Loans in Repayment Outstanding for the Trust
Student Loans.

     “Private Credit Loan Facility” means the financing facility for private credit student loans
established pursuant to this Agreement.

     “Pro Rata Share” means (a) with respect to any particular Facility Group, a fraction
(expressed as a percentage) the numerator of which is the aggregate Commitment of such Facility
Group and the denominator of which is the Maximum Financing Amount; (b) with respect to any Lender
within a Facility Group, the percentage of such Facility Group’s Pro Rata Share allocated to such
Lender by its Managing Agent; and (c) with respect to any repayment of Notes with respect to any
Lender, a fraction (expressed as a percentage) the numerator of which is the Aggregate Note Balance
attributable to such Lender, and the denominator of which is the Aggregate Note Balance;
provided, that for so long as any Lender is a Defaulting Lender, its Pro Rata Share under
this clause (c) shall be deemed to be zero.

     “Program Support Agreement” means, with respect to any Conduit Lender, any liquidity agreement
or any other agreement entered into by any Program Support Provider providing for the issuance of
one or more letters of credit for the account of such Conduit Lender (or any related commercial
paper issuer that finances such Conduit Lender), the issuance of one or more surety bonds for which
such Conduit Lender or such related issuer is obligated to reimburse the applicable Program Support
Provider for any drawings thereunder, the sale by the Conduit Lender or such related issuer to any
Program Support Provider of any interest in a Note (or portions thereof or participations therein)
and/or the making of loans and/or other extensions of liquidity or credit to the Conduit Lender or
such related issuer in connection with its commercial paper program, together with any letter of
credit, surety bond or other instrument issued thereunder.

     “Program Support Provider” means and includes any Person now or hereafter extending liquidity
or credit or having a commitment to extend liquidity or credit to or for the account of, or to make
purchases from, a Conduit Lender (or any related commercial paper issuer that finances such Conduit
Lender) in support of commercial paper issued, directly or indirectly, by such Conduit Lender in
order to fund Advances made by such Conduit Lender hereunder or

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issuing a letter of credit, surety bond or other instrument to support any obligations arising
under or in connection with such Conduit Lender’s or such related issuer’s commercial paper
program, but only to the extent that such letter of credit, surety bond, or other instrument
supported either CP issued to make Advances and purchase the Notes hereunder or was dedicated to
that Program Support Provider’s support of the Conduit Lender as a whole rather than one particular
issuer (other than the Trust) within such Conduit Lender’s commercial paper program.

     “Program Support Termination Event” means the earliest to occur of the following: (a) any
Program Support Provider related to a Conduit Lender has its rating lowered below “A-1” by S&P,
“P-1” by Moody’s or “F1” by Fitch (if rated by Fitch), unless a replacement Program Support
Provider having ratings of at least “A-1” by S&P, “P-1” by Moody’s and “F1” by Fitch (if rated by
Fitch) is substituted within 30 days of such downgrade or alternative arrangements are then in
place that are sufficient to continue to enable such Rating Agency to rate the affected CP at least
“A-1” by S&P, “P-1” by Moody’s and “F1” by Fitch (if rated by Fitch); (b) any Program Support
Provider shall fail to honor any of its payment obligations under its Program Support Agreement
unless alternative arrangements are then in place that are sufficient to continue to enable such
Rating Agency to rate the affected CP at least “A-1” by S&P, “P-1” by Moody’s and “F1” by Fitch
(if rated by Fitch); (c) a Program Support Agreement shall cease for any reason to be in full force
and effect or be declared null and void; or (d) the final maturity date of such Program Support
Agreement (unless such final maturity date is extended pursuant to the Program Support Agreement).

     “Proprietary Institution” means a for-profit vocational school.

     “Proprietary Loan” means a loan made to or for the benefit of a student attending a
Proprietary Institution; provided, however, that if a Student Loan that was
initially a Proprietary Loan is consolidated, that Student Loan shall no longer be a Proprietary
Loan.

     “Public Lender” has the meaning assigned to such term in Section 10.02(b).

     “Purchase Agreement” means each Purchase Agreement, dated as of the Closing Date, between a
Seller, the Interim Eligible Lender Trustee, if applicable, Sallie Mae, Inc., as master servicer,
and the Depositor under which such Seller will sell, on a true sale basis, certain Eligible Private
Credit Loans to the Depositor, together with all purchase agreements, blanket endorsements and
bills of sale executed pursuant thereto.

     “Purchase Price Advance” means an Advance made to fund the purchase by the Trust of Eligible
Private Credit Loans.

     “Qualified Institution” means the Administrative Agent or, with the written consent of the
Administrative Agent and the Trust (or the Administrator on behalf of the Trust), any bank or trust
company which has (a) a long-term unsecured debt rating of at least “A2” by Moody’s and at least
“A” by S&P and (b) a short-term rating of at least “P-1” by Moody’s and at least “A-1” by S&P.

     “Qualified Program Support Provider” mean, with respect to a Committed Conduit Lender, any
Program Support Provider to such Conduit Lender which has a Program Support

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Agreement in a form acceptable to the Rating Agencies and has a short-term unsecured
indebtedness rating of at least “A-1” by S&P and “P-1” by Moody’s.

     “Rating Agencies” means Moody’s, S&P and, if applicable, Fitch.

     “Rating Agency Condition” means, with respect to a particular amendment to or change in the
Transaction Documents, that each Rating Agency rating the CP of any Conduit Lender shall, if
required pursuant to such Conduit Lender’s program documents or by the related Managing Agent, have
provided a statement in writing that such amendment or change will not result in a withdrawal or
reduction of the ratings of such CP and that each Rating Agency rating the Notes shall have
provided a statement in writing that such amendment or change will not result in a withdrawal or
reduction of the ratings of such Notes.

     “Records” means all documents, books, records, Student Loan Notes and other information
(including without limitation, computer programs, tapes, disks, punch cards, data processing
software and related property and rights) maintained with respect to Trust Student Loans or
otherwise in respect of the Pledged Collateral.

     “Recoveries” means moneys collected from whatever source with respect to any Liquidated
Student Loan which was written off in prior Settlement Periods or during the current Settlement
Period, net of the sum of any amounts expended by the Servicer with respect to such Student Loan
for the account of any Obligor and any amounts required by law to be remitted to any Obligor.

     “Register” means that register maintained by the Administrative Agent, pursuant to
Section 10.04(j), on which it will record the Lenders’ rights hereunder, and each
assignment and acceptance and participation.

     “Registered Owner” means the Person in whose name a Note is registered in the Note Register.
The Managing Agents shall be the initial Registered Owners.

     “Regulatory Change” means, relative to any Affected Party:

     (a) after the date of this Agreement, any change in or the adoption or implementation
of, any new (or any new interpretation or administration of any existing):

     (i) United States federal or state law or foreign law applicable to such
Affected Party;

     (ii) regulation, interpretation, directive, requirement, guideline or request
(whether or not having the force of law) applicable to such Affected Party of (A)
any court or Governmental Authority charged with the interpretation or
administration of any law referred to in clause (a)(i) above or (B) any fiscal,
monetary or other authority having jurisdiction over such Affected Party; or

     (iii) generally accepted accounting principles or regulatory accounting
principles applicable to such Affected Party and affecting the application to such

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Affected Party of any law, regulation, interpretation, directive, requirement,
guideline or request referred to in clause (a)(i) or (a)(ii) above; or

     (b) any change after the date of this Agreement in the application to such Affected
Party (or any implementation by such Affected Party) of any existing law, regulation,
interpretation, directive, requirement, guideline or request referred to in clause (a)(i),
(a)(ii) or (a)(iii) above.

     “Related Parties” means, with respect to any Person, such Person’s Affiliates and the
partners, directors, officers, employees, agents and advisors of such Person and of such Person’s
Affiliates.

     “Release Reconciliation Statement” has the meaning assigned to such term in Section
2.18.

     “Released Collateral” means any Pledged Collateral released pursuant to Section
2.18.

     “Reportable Event” means any of the events set forth in Section 4043(c) of ERISA.

     “Reported Liabilities” means, as of any date, the Liabilities of the Trust (less amounts then
outstanding under the Revolving Credit Agreement) reported to the Trust (or to the Administrator on
behalf of the Trust) as set forth in the most recent Monthly Report and as adjusted for any
Advances made since the date of such Monthly Report or with respect to which the Trust (or the
Administrator on behalf of the Trust) has actual knowledge.

     “Reporting Date” means the twenty-second (22nd) day of each calendar month,
beginning April 22, 2008 or, if such day is not a Business Day, the immediately preceding Business
Day.

     “Requested Advance Amount” means the amount of the Advance that is requested by the Trust.

     “Required Capitalized Interest Account Balance” means (a) (i) at any time that no Capitalized
Interest Account Funding Event has occurred and is continuing, $0, (ii) after the occurrence and
during the continuation of a Capitalized Interest Account Funding Event, the Capitalized Interest
Account Specified Balance, and (iii) at any time a Non-Renewing Facility Group is required make a
Capitalized Interest Advance pursuant to Section 2.21(b), the amount of such
Capitalized Interest Advance less (b) any Capitalized Interest Step-Down Amount.

     “Required Holding Deposit Amount” has the meaning assigned to such term in Section
2.23.

     “Required Legal Opinion” means an opinion of McKee Nelson LLP, or such other outside counsel
to the Trust reasonably acceptable to the Administrative Agent, with respect to the true sale of
Trust Student Loans and non-consolidation issues that describes the facts of the proposed
transaction and contains conclusions reasonably determined by the Administrative Agent to be in
form and substance similar to the conclusions contained in the legal opinions previously delivered
to and accepted by the Administrative Agent on the Closing Date.

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     “Required Managing Agents” means, at any time, not less than four Managing Agents representing
Facility Groups then holding at least 66-2/3% of the Aggregate Note Balance; provided, that
if there are no outstanding Advances, then “Required Managing Agents” means at such time Managing
Agents representing Facility Groups then holding at least 66-2/3% of the Commitments.

     “Required Ratings” means, with respect to the Notes, “Aaa” by Moody’s and “AAA” by S&P.

     “Reserve Account” means the special account created pursuant to Section
2.06(b).

     “Reserve Account Specified Balance” means (a) on the Closing Date and for each Settlement
Period, cash or Eligible Investments in an amount equal to one-half of one percent (0.50%) of the
Student Loan Pool Balance as of the Initial Cutoff Date, or as of the last day of that Settlement
Period, as applicable, and (b) for each Advance Date, the sum of (i) the Reserve Account Specified
Balance as of the last day of the most recent Settlement Period plus (ii) one-half of one percent
(0.50%) of the Principal Balance of the Additional Student Loans purchased by the Trust since the
last day of the most recent Settlement Period (including Additional Student Loans being purchased
by the Trust with the Advance to be made on such Advance Date); provided, however,
that the Reserve Account Specified Balance shall be not less than $1,000,000.

     “Reset Date” means with respect to any LIBOR Advance made by an Alternate Lender or a Conduit
Lender, the last Business Day of the related Tranche Period.

     “Revolving Credit Agreement” means the subordinated revolving credit agreement, dated the
Closing Date, between the Trust and SLM Corporation to (i) fund the difference, if any, between the
amount of each related Advance and the fair market value of the Eligible Private Credit Loans
purchased pursuant to the Sale Agreement on the related date of purchase and (ii) at the option of
SLM Corporation, to cure any breach of the Minimum Asset Coverage Requirement caused by an
adjustment of the Applicable Percentage, as such agreement may be amended, restated, or otherwise
modified from time to time.

     “Revolving Period” means the period commencing on the Closing Date and terminating on the
earliest of (i) the Scheduled Maturity Date, (ii) the first day of the Amortization Period and
(iii) the Termination Date.

     “S&P” means Standard & Poor’s Ratings Service, a division of The McGraw-Hill Companies, Inc.
(or its successors in interest).

     “Sale Agreement” means the Sale Agreement, dated as of the Closing Date, among the Depositor,
the Trust, the Interim Eligible Lender Trustee and the Eligible Lender Trustee, under which the
Depositor will transfer certain Eligible Private Credit Loans to the Trust, together with all sale
agreements, blanket endorsements and bills of sale executed pursuant thereto.

     “Schedule of Trust Student Loans” means a listing of all Trust Student Loans delivered to and
held by the Administrative Agent (which Schedule of Trust Student Loans may be in the form of
microfiche, CD-ROM, electronic or magnetic data file or other medium acceptable to the

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Administrative Agent), as from time to time amended, supplemented, or modified, which Schedule
of Trust Student Loans shall be the master list of all Trust Student Loans then comprising a part
of the Pledged Collateral pursuant to this Agreement.

     “Scheduled Maturity Date” means February 27, 2009, or if such date is extended pursuant to
Section 2.16, the date to which so extended.

     “Secured Creditors” means the Administrative Agent, the Syndication Agent, each Conduit
Lender, LIBOR Lender, Alternate Lender, Managing Agent, Co-Valuation Agent and Program Support
Provider, and any assignee or participant of any Lender or any Program Support Provider pursuant to
the terms hereof.

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

     “Securities Intermediary” means Bank of America, N.A. and its successors or assigns.

     “Seller Interim Trust Agreements” means (i) the interim trust agreement, dated the date
hereof, between the Interim Eligible Lender Trustee and VG Funding, LLC and (ii) the interim trust
agreement, dated the date hereof, between the Interim Eligible Lender Trustee and VL Funding LLC.

     “Sellers” means one or more of SLM Education Credit Finance Corporation, VG Funding, LLC, VL
Funding LLC, Mustang Funding I, LLC and Mustang Funding II, LLC, and such other subsidiaries of SLM
Corporation as may be agreed upon by the Required Managing Agents and with respect to which the
requirements of Section 4.04 have been satisfied; provided,
however, that if a proposed seller is a special purpose subsidiary of SLM Corporation for
which the Master Servicer is responsible for any repurchase obligations, only the consent of the
Administrative Agent shall be required.

     “Servicer” means the Master Servicer or a Subservicer.

     “Servicer Advances” means any Financing Costs advanced by the Master Servicer pursuant to
Section 2.17.

     “Servicer Buy-Out” means the right of the Master Servicer, as set forth in Section
3.05(g) of the Servicing Agreement, to purchase any Trust Student Loans (when added to the
aggregate Principal Balance of all Trust Student Loans previously purchased pursuant to a Servicer
Buy-Out) in an amount not to exceed 2%, in the aggregate, of the Aggregate Note Balance then
Outstanding.

     “Servicer Default” means a “Servicer Default” as defined in Section 5.01 of
the Servicing Agreement.

     “Servicing Agreement” means, individually or collectively, (a) the Servicing Agreement, dated
as of the Closing Date, among the Trust, the Master Servicer, the Eligible Lender Trustee, the
Administrator and the Administrative Agent, (b) any other servicing agreement among the Trust, the
Master Servicer and any Subservicer under which the respective Subservicer agrees to administer
and collect the Trust Student Loans but the Master Servicer remains responsible to the

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Trust for the performance of such duties, which is consented to by the Administrative Agent,
which consent is not to be unreasonably withheld or delayed, and (c) any other subservicing
agreement among the Trust, the Master Servicer and a Subservicer, consented to by each Managing
Agent, under which such Subservicer agrees to administer and collect certain Trust Student Loans,
but with respect to which the Master Servicer is not liable for such Trust Student Loans.

     “Servicing Fees” means the Primary Servicing Fee, the Carryover Servicing Fee and any other
fees payable by the Trust to the Master Servicer or the Subservicers in respect of servicing Trust
Student Loans pursuant to the provisions of any Servicing Agreement.

     “Servicing Policies” means the policies and procedures of the Master Servicer or any
Subservicer, as applicable, with respect to the servicing of Student Loans.

     “Settlement Date” means the 25th day of each calendar month, beginning April 25, 2008 or, if
such day is not a Business Day, the following Business Day.

     “Settlement Period” means (i) initially the period commencing on the Closing Date and ending
on March 31, 2008, and (ii) thereafter, (a) during the Revolving Period and the Amortization
Period, each monthly period ending on (and inclusive of) the last day of the calendar month and (b)
after the occurrence and during the continuation of a Termination Event, such period as determined
by the Administrative Agent in its sole discretion (which may be a period as short as one Business
Day).

     “Side Letter” means the Side Letter, dated as of the Closing Date, among the Trust, the
Administrator, the Administrative Agent, the Managing Agents, the Eligible Lender Trustee and
certain other financial institutions party thereto.

     “SLM Corporation” means SLM Corporation, a Delaware corporation, and its successors and
assigns.

     “SLM Indemnified Amounts” has the meaning assigned to such term in Section
8.02.

     “Solvent” means, at any time with respect to any Person, a condition under which:

     (a) the fair value and present fair saleable value of such Person’s total assets is, on
the date of determination, greater than such Person’s total liabilities (including
contingent and unliquidated liabilities) at such time;

     (b) the fair value and present fair saleable value of such Person’s assets is greater
than the amount that will be required to pay such Person’s probable liability on its
existing debts as they become absolute and matured (“debts,” for this purpose, includes all
legal liabilities, whether matured or unmatured, liquidated or unliquidated, absolute, fixed
or contingent);

     (c) such Person is, and shall continue to be, able to pay all of its liabilities as
such liabilities mature; and

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     (d) such Person does not have unreasonably small capital with which to engage in its
current and in its anticipated business.

     “Step-Up Fees” means, with respect to any Facility Group’s Notes and any Yield Period, the
applicable Excess Yield Rate multiplied by the average outstanding principal amount of such
Facility Group’s Note during such Yield Period.

     “Student Loan” means an education loan made to a student or parents of a student that is not
guaranteed or reinsured under the FFELP Program or any other federal student loan program.

     “Student Loan Notes” means the promissory note or notes of an Obligor and any amendment
thereto evidencing such Obligor’s obligation with regard to a Student Loan or the electronic
records evidencing the same.

     “Student Loan Pool Balance” means, (i) as of the Initial Cutoff Date, the aggregate Principal
Balance of the Trust Student Loans as reported by the Administrator for such date; and (ii) as of
any other date of determination, (x) the aggregate Principal Balance (as reported by the
Administrator on the last Monthly Report delivered to the Administrative Agent) of the Trust
Student Loans, calculated as of the end of the previous calendar month, plus (y) the aggregate
Principal Balance of the Trust Student Loans acquired since the end of the previous calendar month
as of their respective Cutoff Dates, minus (z) the aggregate Principal Balance of the Trust Student
Loans disposed of by the Trust since the end of the previous calendar month as of their date of
disposition.

     “Subsequent Cutoff Date” means, with respect to any Trust Student Loan, the “Purchase Date”
for such Trust Student Loan as such term is defined in the Sale Agreement.

     “Subservicer” means any subservicer appointed by the Master Servicer pursuant to the Servicing
Agreement of the Master Servicer.

     “Swap Agreement” means any ISDA Master Agreement, the related schedule and any related
confirmations among the Trust and a Swap Counterparty, the terms of which will have been consented
to by all the Managing Agents and with respect to which the Rating Agency Condition shall have been
satisfied.

     “Swap Counterparty” means an Eligible Swap Counterparty.

     “Syndication Agent” means JPMorgan Chase Bank, N.A.

     “Syndication Agent Fees” means, the fees, reasonable expenses and charges, if any, of the
Syndication Agent, payable pursuant to the Administrative Agent and Syndication Agent Fee Letter.

     “Syndication Period” has the meaning assigned to such term in the Syndication Procedures
Letter.

     “Syndication Procedures Letter” has the meaning assigned to such term in Section
10.04(l).

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     “Take Out Securitization” means a sale or transfer of any portion of the Trust Student Loans
by the Trust (directly or indirectly) to a trust sponsored by an Affiliate of the Depositor as part
of a publicly or privately traded, rated or unrated student loan securitization, pass-through, pay
through, secured note or similar transaction.

     “Termination Date” means the earliest to occur of (a) any date designated as the date for
terminating the entire Maximum Financing Amount pursuant to Section 2.03, (b) the
last day of the Amortization Period and (c) the date of the declaration or automatic occurrence of
the Termination Date pursuant to Article VII.

     “Termination Event” has the meaning assigned to such term in Article VII.

     “Tranche Period” with respect to LIBOR Advances made by an Alternate Lender or a Conduit
Lender, means a period commencing on the date such LIBOR Advance is disbursed or on a Reset Date
and ending on the date one day, one week, one month, two months or three months thereafter, as
selected by the Trust on its Advance Request; provided, that (i) any Tranche Period that
would otherwise end on a day that is not a Business Day shall be extended to the next succeeding
Business Day unless such Business Day falls in another calendar month, in which case such Tranche
Period shall end on the next preceding Business Day; (ii) any Tranche Period that begins on the
last Business Day of a calendar month (or on a day for which there is no numerically corresponding
day in the calendar month at the end of such Tranche Period) shall end on the last Business Day of
the calendar month at the end of such Tranche Period; and (iii) in no event shall any Tranche
Period end after the then current Scheduled Maturity Date.

     “Transaction Documents” means, collectively, this Agreement, the Trust Agreement, the
Administration Agreement, the Servicing Agreement, each Purchase Agreement, the Sale Agreement, the
Interim Trust Agreements, the Valuation Agent Agreement, the Guaranty and Pledge Agreement, the
Indemnity Agreement, the Revolving Credit Agreement, the Syndication Procedures Letter, the Power
of Attorney, the Fee Letters, the Side Letter and all other instruments, fee letters, documents and
agreements executed in connection with any of the foregoing.

     “Transaction Parties” means, collectively, the Trust, the Depositor, the Master Servicer, each
Seller and SLM Corporation.

     “Transition Period” means the period beginning on the day of the initial Advance and ending on
the earlier of (i) the date on which all of the Eligible Private Credit Loans in the Initial Pool
are purchased by the Trust and (ii) 15 Business Days after the date of the initial Advance.

     “Treasury Regulations” means any regulations promulgated by the Internal Revenue Service
interpreting the provisions of the Code.

     “Trust” means Rendezvous Funding I, a Delaware statutory trust, and its successors and
assigns.

     “Trust Accounts” means the Administration Account, Collection Account, Capitalized Interest
Account, Reserve Account and Borrower Benefit Account.

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     “Trust Agreement” means the Amended and Restated Trust Agreement, dated as of the Closing
Date, among the Depositor, the Delaware Trustee and the Eligible Lender Trustee.

     “Trust Indemnified Amounts” has the meaning assigned to such term in Section
8.01.

     “Trust Materials” has the meaning assigned to such term in Section 10.02(b).

     “Trust Student Loan” means any Student Loan held by the Trust.

     “Tuition Answer Loan” means a Student Loan originated pursuant to the program of the same name
of SLM Corporation and its Affiliates.

     “UCC” means the Uniform Commercial Code as from time to time in effect in the specified
jurisdiction.

     “Underwriting Guidelines” means the policies and procedures of SLM Corporation and its
Affiliates with respect to the origination of loans under their private credit education loan
programs related to the Trust Student Loans.

     “United States” means the United States of America.

     “Used Fee” means, with respect to any Lender, the used fee as set forth in the Lenders Fee
Letter.

     “Valuation Agent Agreement” means the Valuation Agent Agreement, dated as of the Closing Date,
among the Trust, the Administrator, the Administrative Agent, and the Co-Valuation Agents.

     “Valuation Agent Fee Letter” means the Valuation Agent Fee Letter, dated as of the Closing
Date, among the Trust and the Co-Valuation Agents, setting forth the Co-Valuation Agent Fees.

     “Valuation Date” has the meaning assigned to such term in the Valuation Agent Agreement.

     “Valuation Report” means a report furnished by the Administrative Agent pursuant to
Section 2.25(a).

     “VG Funding Facility” means the financing facility established pursuant to that certain
Amended and Restated Note Purchase and Security Agreement, dated as of May 4, 2005, among VG
Funding I, the conduit lenders party thereto, the alternate lenders party thereto, Bank of America,
N.A., as administrative agent, the managing agents party thereto, Chase Bank USA, National
Association, as eligible lender trustee and Sallie Mae, Inc., as administrator.

     “Weighted Average FICO Score” means (a) the sum, for all Trust Student Loans that are Eligible
Private Credit Loans, of the product of (i) the Principal Balance of each such Eligible Private
Credit Loan (excluding any Medical Loans the Obligors of which do not have a recorded FICO score)
and (ii) the FICO score of the Obligor of such Eligible Private Credit Loan, divided

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by (b) the aggregate Principal Balance of all Trust Student Loans that are Eligible Private
Credit Loans (excluding any Medical Loans the Obligors of which do not have a recorded FICO score).

     “Weighted Average Remaining Term in School” means, as of any date of determination, (a) the
sum, for all Eligible Private Credit Loans that are in “in-school” status, of the products of (i)
the Principal Balance of each such Eligible Private Credit Loan, as of such date, and (ii) the
number of months remaining in school shown on the Servicer’s record, as of such date, for the
student with respect to such Eligible Private Credit Loan, divided by (b) the aggregate Principal
Balance of all Eligible Private Credit Loans that are in “in-school” status, as of such date.

     “Weighted Average Remaining Term to Maturity” means (a) the sum, for all Trust Student Loans
that are Eligible Private Credit Loans, of the product of (i) the Principal Balance of each such
Eligible Private Credit Loan and (ii) the remaining term to maturity for such Eligible Private
Credit Loan, divided by (b) the aggregate Principal Balance of all Trust Student Loans that are
Eligible Private Credit Loans.

     “Whole Loan Sale” means a sale of all or a part of the Trust Student Loans to a third-party
purchaser in exchange for not less than fair market value.

     “Withdrawing Facility Group” means a LIBOR Lender or a Conduit Lender and its related
Alternate Lenders and Program Support Providers which have determined to terminate their Commitment
prior to the end of the Revolving Period in order to participate in one or more different financing
facilities sponsored by SLM Corporation or an Affiliate of SLM Corporation.

     “Yield” means, for each Facility Group’s Notes and any Yield Period, the applicable Yield Rate
multiplied by the average outstanding principal amount of such Facility Group’s Notes during such
Yield Period, plus or minus the Estimated Interest Adjustment if and as applicable minus any
Step-Up Fees.

     “Yield Period” means, for a CP Advance or a Base Rate Advance, each Settlement Period and for
a LIBOR Advance, each Interest Accrual Period.

     “Yield Protection” means any Note Purchaser’s reasonable increased costs for taxes, reserves,
special deposits, insurance assessments, breakage costs, changes in regulatory capital requirements
(or similar requirement against assets of, deposits with or for the account of, or credit extended
or participated in by, such Lender) and certain reasonable expenses imposed on such Lender.

     “Yield Rate” means with respect to any Yield Period:

     (a) other than during the Amortization Period or on and after the occurrence of a Termination
Event:

     (i) if a Conduit Lender funds (directly or indirectly) its portion of the Aggregate
Note Balance with CP, the CP Rate plus the applicable Used Fee;

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     (ii) if an Alternate Lender or a Conduit Lender (if funding its investment other than
with CP) funds its portion of the Aggregate Note Balance, the applicable LIBOR Rate (or if
LIBOR Rate is not available, the applicable Base Rate) plus the Applicable Margin; or

     (iii) if a LIBOR Lender funds its portion of the Aggregate Note Balance, the applicable
LIBOR Rate (or if LIBOR Rate is not available, the applicable Base Rate) plus the Applicable
Margin; or

     (b) during the Amortization Period, the applicable Amortization Period Rate; and

     (c) on and after the occurrence of a Termination Event, the Base Rate plus 2.00% per annum.

     Section 1.02. Other Terms.

     (a) All accounting terms not specifically defined herein shall be construed in
accordance with GAAP. All terms used in Article 9 of the UCC in the State of New York and
not specifically defined herein, are used herein as defined in such Article 9. Any reference
to an agreement herein shall be deemed to include a reference to such agreement as amended,
supplemented or otherwise modified from time to time.

     (b) The definitions of terms herein shall apply equally to the singular and plural forms
of the terms defined. Whenever the context may require, any pronoun shall include the
corresponding masculine, feminine and neuter forms. The words “include,” “includes” and
“including” shall be deemed to be followed by the phrase “without limitation.” The word
“will” shall be construed to have the same meaning and effect as the word “shall.”

     (c) Unless the context requires otherwise, (i) any definition of or reference to any
agreement, instrument or other document shall be construed as referring to such agreement,
instrument or other document as from time to time amended, supplemented or otherwise modified
(subject to any restrictions on such amendments, supplements or modifications set forth
herein or in any other Transaction Document), (ii) any reference herein to any Person shall
be construed to include such Person’s successors and assigns, (iii) the words “herein,”
“hereof” and “hereunder,” and words of similar import when used in any Transaction Document,
shall be construed to refer to such Transaction Document in its entirety and not to any
particular provision thereof, (iv) all references in any Transaction Document to Articles,
Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and
Exhibits and Schedules to, the Transaction Document in which such references appear, (v) any
reference to any law shall include all statutory and regulatory provisions consolidating,
amending, replacing or interpreting such law and any reference to any law or regulation
shall, unless otherwise specified, refer to such law or regulation as amended, modified or
supplemented from time to time, and (vi) the words “asset” and “property” shall be construed
to have the same meaning and effect and to refer to any and all tangible and intangible
assets and properties.

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     Section 1.03. Computation of Time Periods. Unless otherwise stated in this Agreement,
in the computation of a period of time from a specified date to a later specified date, the word
“from” means “from and including” and the words “to” and “until” each mean “to but excluding.”

     Section 1.04. Calculation of Yield Rate and Certain Fees. The Yield Rate on the Notes and all
fees payable to the Lenders, the Note Purchasers or the Registered Owners pursuant to this
Agreement are calculated based on the actual number of days divided by 360. Interest shall accrue
on the Notes from and including the day on which the related Advance is made, and shall not accrue
on the Notes or any portion thereof, for the day on which the Notes or such portion is paid. Each
determination by the Administrative Agent (or, with respect to the calculation of any CP Rate,
LIBOR Base Rate or LIBOR Rate, the applicable Managing Agent), of an interest rate or fee hereunder
shall be conclusive and binding for all purposes, absent manifest error.

     Section 1.05. Time References. All time references in this Agreement shall refer to the time
in New York, New York unless otherwise noted.

ARTICLE II

THE FACILITY

     Section 2.01. Issuance and Purchase of Notes; Making of Advances.

     (a) In consideration of the agreements of the Note Purchasers hereunder, and subject to
the terms and conditions set forth in this Agreement, (y) the Trust agrees to sell, transfer
and deliver to each Managing Agent, on behalf of its related Note Purchasers, and (z) each
Managing Agent on behalf of its related Note Purchasers agrees to purchase from the Trust, on
the Closing Date, a Note, the outstanding principal amount of which shall not exceed the
applicable Pro Rata Share of such Facility Group multiplied by the Maximum Financing Amount.
Subject to the satisfaction of the conditions precedent set forth in Section
4.01, the purchase price payable on the Closing Date for the Note for each Facility
Group shall be equal to such Facility Group’s Pro Rata Share of the Aggregate Note Balance as
of the Closing Date. The payment of such purchase price shall be subject to the same
requirements applicable to an Advance under Section 2.01(b). Each Note shall
be issued in the name of a Registered Owner.

     (b) On the terms and conditions hereinafter set forth, each Alternate Lender, LIBOR
Lender and Committed Conduit Lender agrees to make Advances, and each other Conduit Lender
may, in its sole discretion, make Advances to the Trust from time to time up to an aggregate
principal amount outstanding at any one time not to exceed the Maximum Financing Amount in
effect at the time of such Advance; provided, that: (i) the aggregate Advances made on any
date must be in a principal amount equal to $50,000,000 or integral multiples of $500,000 in
excess thereof (other than (x) Capitalized Interest Advances and (y) Excess Collateral
Advances made on a Settlement Date the proceeds of which are used to pay Financing Costs
owing under clauses (ii) through (v) of Section 2.05(b), in each case as to
which such minimum is not applicable) and (ii) the Requested

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Advance Amount on any Advance Date for the Advance shall not, in the aggregate, exceed
the Maximum Advance Amount. Within the limits set forth in this Section and the other terms
and conditions of this Agreement, during the Revolving Period, the Trust, acting through the
Administrator, may request Advances, repay Advances and reborrow Advances under this Section;
provided, however, that after the end of the Revolving Period, Capitalized
Interest Advances will continue to be made in accordance with Section
4.02(c). In addition, the Administrative Agent may also request Capitalized Interest
Advances after the occurrence of a Capitalized Interest Account Funding Event. All Notes
issued hereunder shall be denominated in and be payable in United States dollars. Yield on
each CP Advance, each Base Rate Advance and each LIBOR Advance shall be due and payable on
each Settlement Date. The Aggregate Note Balance and all other Obligations hereunder, if not
previously paid pursuant to Section 2.05(b), shall be due and payable on the
Termination Date.

     (c) Each Lender’s obligations under this Section are several and the failure of any
Lender to make available its Pro Rata Share of any Requested Advance Amount on an Advance
Date shall not relieve any other Note Purchaser of its obligations hereunder or, except as
provided in paragraph (d) below, obligate any other Note Purchaser to honor the obligations
of any Defaulting Lenders (as defined below). Advances shall be allocated among the Facility
Groups in accordance with their respective Pro Rata Shares and shall be further allocated to
each Lender within a Facility Group as designated by the applicable Managing Agent.
Notwithstanding anything contained in this Agreement to the contrary, (i) no Conduit Lender
shall fund any portion of any Advance which would cause the aggregate principal amount of its
Advances to exceed the Commitments of its related Alternate Lenders; (ii) no Alternate
Lender, LIBOR Lender or Committed Conduit Lender shall be obligated to fund any portion of
any Advance which would cause the aggregate principal amount of its Advances to exceed its
Commitment; and (iii) no Facility Group shall be obligated to fund any portion of any Advance
which would cause the aggregate principal amount of its Advances to exceed its total
Commitment. The Commitment of each Lender as of the Closing Date is set forth on
Exhibit A.

     (d) If by 2:00 p.m. on an Advance Date, whether or not the Administrative Agent has
advanced the applicable Requested Advance Amount, one or more Alternate Lenders, LIBOR
Lenders or Committed Conduit Lenders fails to make its Pro Rata Share of any Advance required
to be made by such Lender (each, a “Defaulting Lender”) available to the Administrative Agent
pursuant to this Agreement (the aggregate amount not so made available to the Administrative
Agent being herein called the “Investment Deficit”), then the Administrative Agent shall, by
no later than 5:00 p.m. on the applicable Advance Date instruct each Alternate Lender, LIBOR
Lender and Committed Conduit Lender which is not a Defaulting Lender (each, a “Non-Defaulting
Lender”) to pay, by no later than noon on the next Business Day in immediately available
funds, to the account designated by the Administrative Agent, an amount equal to the lesser
of (i) such Non-Defaulting Lender’s proportionate share (based upon the relative Commitments
of the Non-Defaulting Lenders) of the Investment Deficit and (ii) its unused Commitment. A
Defaulting Lender shall forthwith, upon demand, pay to the Administrative Agent for the
ratable benefit of the Non-Defaulting Lenders all amounts paid by each Non-Defaulting Lender
on behalf of such Defaulting Lender.

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     Section 2.02. The Initial Advance and Subsequent Advances.

     (a) Any Advance made by the Lenders during the Revolving Period will be made on any
Business Day at the request of the Trust, acting through the Administrator, subject to and in
accordance with the terms and conditions of Section 2.01 and this Section.

     (b) Subject to the satisfaction of the conditions precedent set forth in this Agreement,
the Trust, acting through the Administrator, may request an Advance hereunder by giving
written notice substantially in the form of Exhibit E (each, an “Advance
Request”) to the Administrative Agent not later than 11:00 a.m. on the second Business Day
prior to the proposed Advance Date, which the Administrative Agent shall promptly forward to
the Managing Agents not later than 1:00 p.m. on such date. Each such Advance Request shall
specify:

     (i) the Requested Advance Amount, which shall be equal to or greater than
$50,000,000 in the aggregate with respect to all Facility Groups, except as
otherwise permitted under Section 2.01(b);

     (ii) the proposed Advance Date;

     (iii) if such Advance is a Purchase Price Advance, the aggregate Collateral
Value of the Eligible Private Credit Loans to be acquired; and

     (iv) the Asset Coverage Ratio after giving effect to such Advance;
provided, however, that this condition precedent shall not be
applicable during the Transition Period so long as no Excess Concentration Amount
exists with respect to the Initial Pool as of the Initial Cutoff Date.

     In addition, each Advance Request (other than an Advance Request made during the
Transition Period to the extent that there is no Excess Concentration Amount with respect to
the Initial Pool) shall include a pro forma calculation and certification establishing (x)
with respect to a Purchase Price Advance or an Excess Collateral Advance, that the Minimum
Asset Coverage Requirement will be satisfied after giving effect to such Advance and (y) with
respect to a Capitalized Interest Advance, the Maximum Advance Amount for such Capitalized
Interest Advance and that the proceeds thereof will be deposited into the Capitalized
Interest Account.

     No later than 2:00 p.m. on the Advance Date, each Conduit Lender (other than a Committed
Conduit Lender) may, in its sole discretion, and each Committed Conduit Lender and LIBOR
Lender shall, upon satisfaction of the applicable conditions set forth in this Agreement,
make available to the Trust in same day funds, its respective Pro Rata Share of the Requested
Advance Amount by payment to the Administration Account; provided, that Capitalized Interest
Advances made by a Non-Renewing Facility Group may be made on a non-pro rata basis as
contemplated in Section 2.21(b). If a Conduit Lender (other than a Committed Conduit Lender)
elects not to fund its respective Pro Rata Share of the Requested Advance Amount, such
Conduit Lender’s related Alternate Lenders shall, upon satisfaction of the applicable
conditions set forth in this Agreement,

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make available to the Trust in same day funds, their respective Pro Rata Shares of the
Requested Advance Amount by payment to the Administration Account and the related Managing
Agent shall, no later than 2:00 p.m. on such Advance Date and on each Reset Date, notify the
Administrator and the Administrative Agent of the actual Yield Rate applicable to such LIBOR
Advance, and the related Tranche Period. Each Advance made by a Conduit Lender shall be a CP
Advance unless the applicable Managing Agent otherwise provides notice as provided in the
immediately succeeding sentence. To the extent any Conduit Lender is unable or declines to
fund a requested Advance by issuing CP or if any Conduit Lender’s Alternate Lenders fund any
requested Advance in its place, the applicable Conduit Lender’s Managing Agent shall promptly
advise the Administrative Agent and the Administrator, on behalf of the Trust.

     (c) Prior to the commencement of the Amortization Period or the occurrence of a
Termination Event, the Administrator, on behalf of the Trust, may request that the
Administrative Agent pay any amounts on deposit in the Administration Account as a prepayment
on any principal of, and Financing Costs due or accrued on, the Notes in whole or in part on
any Business Day by giving written notice two Business Days prior to such date to the
Administrative Agent and each Managing Agent indicating the amount of such prepayment and the
Business Day on which such prepayment shall be made. The Trust shall pay the applicable
Managing Agent for the account of the applicable Lenders in its Facility Group, on demand,
such amount or amounts as shall compensate such Lenders for any loss (including loss of
profit), cost or expense incurred by such Lenders and including any claims arising under any
Program Support Agreement (as reasonably determined by the applicable Managing Agent) and
hold such Lenders harmless from any such loss, cost or expenses, incurred by them as a result
of payments with respect to the Notes in connection with a prepayment under this
Section 2.02(c), a request by the Trust pursuant to Section
2.21, a Permitted Release under Section 2.18 or otherwise, whether
voluntary, mandatory, automatic by reason of acceleration or otherwise, such compensation to
be (i) limited to an amount equal to any loss or expense suffered by the Lenders during the
period from the date of receipt of such repayment to (but excluding) the maturity of the
related CP (in the case of a CP Advance by a match-funded Conduit Lender), the maturity of
sufficient pool-funded CP (in the case of a CP Advance by a pool-funded Conduit Lender) or
the maturity of the related Tranche Period (in the case of a LIBOR Advance by an Alternate
Lender or a Conduit Lender), (ii) net of the income, if any, received by the recipient of
such reductions from investing the proceeds of such reductions and (iii) inclusive of any
loss or expense arising from the liquidation or re-employment of funds obtained by it to
maintain such Advance or from fees payable to terminate the deposits from which such funds
were obtained; provided, however, that the Trust shall not be obligated to pay such breakage
amounts for a period in excess of 60 days under clause (i) above if aggregate discretionary
prepayments by the Trust do not exceed 20% of the Aggregate Note Balance per month;
provided further, that no such breakage amounts shall be payable by the Trust
with respect to the regular distribution of Available Funds (other than proceeds of Permitted
Releases) on any Settlement Date pursuant to the priority of payments set forth in
Section 2.05(b). The determination by the applicable Managing Agent of the
amount of any such loss or expense shall be set forth in a written notice to the
Administrator (with a copy to the Administrative Agent), on behalf of the

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Trust, including a statement as to such loss or expense (including calculation thereof
in reasonable detail), and shall be conclusive, absent manifest error.

     (d) Each Advance Request shall be irrevocable and binding on the Trust, and the Trust
shall indemnify each Lender against any loss or expense incurred by such Lender, either
directly or indirectly (including, in the case of a Conduit Lender, through the applicable
Program Support Agreement) as a result of any failure by the Trust to complete such Advance,
including any loss or expense incurred by such Lender or such Lender’s Managing Agent, either
directly or indirectly (including, in the case of a Conduit Lender, pursuant to the
applicable Program Support Agreement) by reason of the liquidation or reemployment of funds
acquired by such Lender (or the applicable Program Support Provider(s)) (including funds
obtained by issuing CP or promissory notes or obtaining deposits or loans from third parties)
in order to fund such Advance. Any such amounts shall constitute Yield Protection hereunder.

     (e) Prefunding of Advances. In order to allow the Lenders to raise funds at times and
in amounts that are more advantageous to the Lenders than might otherwise be possible, the
Trust may, after consultation with the Administrative Agent and in connection with a proposed
purchase or series of purchases of Trust Student Loans, request that all or a portion of the
related Purchase Price Advance be funded prior to the actual acquisition of the related Trust
Student Loans. Each such prefunding shall constitute a separate Purchase Price Advance for
purposes of Section 4.02(b)(xx) and (xxi) and shall otherwise be
subject to all applicable conditions precedent, measured as of the date such loans are
actually purchased, for Purchase Price Advances set forth in Article IV. The proceeds of any
such prefunded advance shall be deposited into the Administration Account (or such subaccount
thereof as the Administrative Agent may establish for purposes of convenience) and shall not
be released to the Trust until the date of purchase of the related Trust Student Loans. So
long as the conditions precedent to a new Advance would be satisfied as if the Lenders were
making a new Advance, the Trust may draw against such prefunding amount on any Business Day
in order to consummate the related purchase of Trust Student Loans on such date. Upon the
occurrence of a Termination Event, the Administrative Agent may direct that any such amounts
on deposit in the Administration Account or subaccount, as applicable, be transferred to the
Collection Account to be distributed in accordance with Section 2.05 and used
to reduce the Aggregate Note Balance

     Section 2.03. Reduction, Termination or Increase of the Maximum Financing Amount and
Prepayment of the Notes.

     (a) The Trust, acting through the Administrator, may, upon at least five Business Days’
written notice to the Administrative Agent, (i) terminate the entire facility or (ii) reduce
in part the portion of the Maximum Financing Amount that exceeds the sum of the Capitalized
Interest Account Specified Balance and the Aggregate Note Balance. Any partial reduction in
the Maximum Financing Amount shall be in an amount equal to or greater than $100,000,000 or
any integral multiple of $10,000,000 in excess thereof. If such reduction is not in
connection with an Exiting Facility Group, any such reduction in the Maximum Financing Amount
shall be allocated among the Facility Groups in

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accordance with their Pro Rata Shares, except as otherwise provided under the
Syndication Procedures Letter, and shall be allocated within each Facility Group as
designated by the applicable Managing Agent. If such reduction is in connection with an
Exiting Facility Group, such reduction shall be allocated first to the Commitment of the
Exiting Facility Group and then any balance allocated among the remaining Facility Groups as
set forth in the preceding sentence. The Trust shall pay, in immediately available funds,
all outstanding principal and Financing Costs on the Notes owned by any Lender, together with
any other Obligations owed to such Lender, upon the termination of its Commitment pursuant to
this Section 2.03(a).

     (b) During any Exiting Group Amortization Period, if there are not sufficient proceeds
from Permitted Releases, the Administrative Agent may, in accordance with the procedures set
forth in Section 7.03(b), sell or otherwise dispose of a portion of the
Pledged Collateral in an amount sufficient to pay the Aggregate Note Balance of the
Outstanding Notes owned by each Exiting Facility Group. Amounts received from any such sale
or disposition of Pledged Collateral shall be deposited into the Administration Account and,
provided no Amortization Event or Termination Event has occurred and is continuing, and the
Minimum Asset Coverage Requirement has been satisfied, such amounts shall be distributed to
the Exiting Facility Groups, on any Business Day which is not a Settlement Date in accordance
with the priority of payments described in Section 2.05(b)(viii). Amounts
received from the sale of Pledged Collateral in excess of the amount required to repay in
full the Aggregate Note Balance of, and accrued Yield on, the Outstanding Notes owned by the
Exiting Facility Groups which are deposited in the Collection Account shall be treated as
Available Funds; provided, that any Yield Protection associated with any such prepayment
shall be paid to the Administrative Agent for the benefit of the applicable Lender on the
next Settlement Date (to the extent of Available Funds) in accordance with the priority of
payments described in Section 2.05(b). All reductions to principal owed to an
Exiting Facility Group in connection with any such disposition, together with any reductions
to principal received by such Exiting Facility Group pursuant to clauses (viii) and (xiii) of
Section 2.05(b) shall constitute a permanent reduction in the Commitment of
such Exiting Facility Group and the Lenders part of such Exiting Facility Group and their Pro
Rata Shares shall be calculated accordingly.

     (c) Subject to the terms and conditions herein provided, the parties agree that,
concurrently with any assignment of the Notes or addition of additional Facility Groups
hereunder during the Syndication Period, the Maximum Financing Amount shall automatically
increase by the dollar amount of the Commitments assumed by any assignee Lender under
Section 10.04 until such time as the aggregate Commitments of all the Lenders
is equal to $6,000,000,000. Any such increase is subject to the condition that no
Termination Event or Amortization Event shall have occurred and be continuing immediately
before or after giving effect to such increase in the Commitments and in no event shall any
Lender’s Commitment be increased without the prior written consent of such Lender. In
connection with each such increase, the Pro Rata Shares of the Facility Groups and the
Lenders will be recalculated accordingly. Once the aggregate Commitments are equal to
$6,000,000,000, the Maximum Financing Amount shall not thereafter be increased except by
amendment in accordance with Section 10.01 and any future assignments of
Commitments will reduce the Commitments of the applicable

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Lenders in accordance with Section 10.04 and, if applicable, the terms
of the Syndication Procedures Letter.

     Section 2.04. The Accounts.

     (a) Collection Account. On or prior to the date hereof, the Trust shall establish and
maintain, or cause to be established and maintained, the Collection Account. The Collection
Account shall be maintained as a segregated account at the Administrative Agent, and shall be
under the sole dominion and control of the Administrative Agent, on behalf of the Secured
Creditors. The Collection Account shall be in the name of the Trust for the benefit of the
Administrative Agent, on behalf of the Secured Creditors. Neither the Trust nor the
Administrator shall have any withdrawal rights from the Collection Account. Any Collections
received by the Trust, the Administrator, the Eligible Lender Trustee, the Sellers, the
Depositor, the Servicers, or any agent thereof, as the case may be, are to be transmitted to
the Collection Account as soon as practicable, but in any event, within two Business Days of
receipt of good funds. The Trust shall direct the Eligible Lender Trustee, each Servicer,
each Seller, the Depositor and each agent of any of the foregoing, in writing, to transmit
any Collections it receives with respect to the Trust Student Loans directly to the
Administrative Agent for deposit to the Collection Account within two Business Days of
receipt of good funds. Funds on deposit in the Collection Account may be invested from time
to time in Eligible Investments at the direction of the Administrator in accordance with
Section 2.08. Upon the payment in full of all Obligations hereunder and the
termination of this Agreement, the Administrative Agent agrees to send notice to the Master
Servicer that this Agreement has terminated and that Collections no longer are to be
forwarded to the Collection Account pursuant to this Agreement. All investment earnings on
the funds on deposit in the Collection Account during any Settlement Period shall be applied
as Available Funds for the applicable Settlement Period. The Administrative Agent shall
apply funds on deposit in the Collection Account as described in Section
2.05. Each of the Trust and the Administrator agree, by executing this Agreement, to
hold any Collections received in trust for the Administrative Agent and to comply with the
remittance procedures set forth in this Section 2.04.

     (b) Administration Account. On or prior to the date hereof, the Trust shall establish
and maintain, or cause to be established and maintained, the Administration Account. The
Administration Account shall be maintained as a segregated account at the Administrative
Agent, and shall be under the sole dominion and control of the Administrative Agent, on
behalf of the Secured Creditors. The Administration Account shall be in the name of the
Trust for the benefit of the Administrative Agent, on behalf of the Secured Creditors. Prior
to the commencement of the Amortization Period or the occurrence of a Termination Event,
funds in the Administration Account shall be applied to the following (in the order such
events occur for so long as funds are available in the Administration Account): (i) to make
payments to any Exiting Facility Group pursuant to Section 2.03(b); (ii) to
finance the purchase of Eligible Private Credit Loans pursuant to Section
2.05(c); (iii) if necessary, to be deposited into the Collection Account on each
Settlement Date to cover any shortfall in amounts on deposit in the Collection Account as
Available Funds to pay amounts described in clauses (i) through (ix) of Section
2.05(b);

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(iv) to be released to the Trust to the extent permitted under Section
2.25(d); (v) to be withdrawn for deposit to the extent permitted under
Section 4.03; and (vi) if so requested by the Administrator on behalf of the
Trust, to be disbursed on any Business Day as a prepayment of principal of the Outstanding
Notes pursuant to Section 2.02(c). During the Amortization Period and on and
after the Termination Date, funds in the Administration Account shall be released to the
Administrative Agent for the account of the applicable Note Purchasers to reduce the
Aggregate Note Balance of the Outstanding Notes and to pay accrued Yield thereon. Funds on
deposit in the Administration Account may be invested from time to time in Eligible
Investments in accordance with Section 2.08 hereof. All investment earnings
on the funds on deposit in the Administration Account during any Settlement Period shall be
deposited into the Collection Account by the Administrative Agent on or before the second
Business Day after the end of that Settlement Period and applied as Available Funds on the
Settlement Date for that Settlement Period. Except for the right of the Administrator to
withdraw funds as expressly set forth in this Agreement, neither the Trust nor the
Administrator shall have any withdrawal rights from the Administration Account. Any funds
remaining in the Administration Account after the payment in full of all Obligations under
the Transaction Documents shall be paid to the holder of the Excess Distribution Certificate.

     (c) Borrower Benefit Account. On or prior to the date hereof, the Trust shall establish
and maintain, or cause to be established and maintained, the Borrower Benefit Account. The
Borrower Benefit Account shall be maintained as a segregated account at the Administrative
Agent, and shall be under the sole dominion and control of the Administrative Agent, on
behalf of the Secured Creditors. The Borrower Benefit Account shall be in the name of the
Trust for the benefit of the Administrative Agent, on behalf of the Secured Creditors.
Neither the Trust nor the Administrator shall have any withdrawal rights from the Borrower
Benefit Account. In the event that new borrower benefits, which are not required under any
applicable laws, rules or regulations, are offered to Obligors, the result of which is to
reduce the yield on the related Eligible Private Credit Loans, the Borrower Benefit Account
will be funded in accordance with Section 6.26 hereof. On or before each
Settlement Date, the Administrator will instruct the Administrative Agent to transfer from
the Borrower Benefit Account to the Collection Account all amounts on deposit in the Borrower
Benefit Account which relate to the related Settlement Period and apply such funds in
accordance with Section 2.05(b). Funds on deposit in the Borrower Benefit
Account may be invested from time to time in Eligible Investments in accordance with
Section 2.08. All investment earnings on the funds on deposit in the
Borrower Benefit Account during any Settlement Period shall be deposited into the Collection
Account by the Administrative Agent on or before the second Business Day after the end of
that Settlement Period and applied as Available Funds on the Settlement Date for the related
Settlement Period. Any funds remaining in the Borrower Benefit Account after the payment in
full of all Obligations under the Transaction Documents shall be paid to the holder of the
Excess Distribution Certificate.

     Section 2.05. Transfers from Collection Account.

     (a) On or prior to each Reporting Date, the Trust shall cause the Administrator to
prepare the Monthly Report and shall provide or cause to be provided to

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the Administrator all information necessary or appropriate to accurately prepare such
Monthly Report, all calculations, unless otherwise specified, to be made as of the end of the
related Settlement Period, and cause the Administrator to forward such Monthly Report to the
Administrative Agent and each Rating Agency. The Administrative Agent shall promptly forward
the Monthly Report to each Managing Agent. The Administrative Agent shall provide to the
Trust and the Administrator the Monthly Administrative Agent’s Report in the form attached as
Exhibit F hereto no later than five Business Days prior to each Reporting
Date.

     (b) The Administrative Agent, on each Settlement Date, shall make the following deposits
and distributions from Available Funds in the Collection Account in the amount and in the
order of priority set forth below as directed by the Administrator on behalf of the Trust (or
if the Administrator fails to provide such direction, as provided by the Administrative
Agent) pursuant to the Monthly Report, on which the Administrative Agent may conclusively
rely, on such Settlement Date (or as otherwise provided in Article VII), in
the following priority:

     (i) pay to the Master Servicer an amount equal to its unreimbursed Servicer
Advances due and owing;

     (ii) pay to the Lockbox Banks, the Eligible Lender Trustee and the
Administrator, as appropriate and on a pro rata basis, (A) an amount equal to the
Lockbox Bank Fees, the Eligible Lender Trustee Fees and the Administrator Fees,
which are due and owing as of the close of business on the last day of the
immediately preceding calendar month, and (B) the reasonable out-of-pocket costs and
expenses of such Persons not to exceed in the aggregate $100,000 per annum;

     (iii) pay to the Master Servicer, for the benefit of the Master Servicer and
any Subservicers, an amount equal to the Primary Servicing Fees which are due and
owing as of the close of business on the last day of the immediately preceding
Settlement Period;

     (iv) [reserved];

     (v) on a pro rata basis, based on the amounts owed, (A) pay to the
Administrative Agent, for the benefit of the Note Purchasers (excluding Notes held
by any Defaulting Lenders), Yield on the Notes (excluding, for the avoidance of
doubt, any Step-Up Fees), for the previous Yield Period) and (B) pay to the
Administrative Agent and each Managing Agent as Registered Owner of its Note, as
appropriate, an amount equal to all other Financing Costs related to the Notes
(other than amounts owed with respect to Step-Up Fees or with respect to Financing
Costs of a type described in clause (iii) or (iv) of the definition thereof);

     (vi) during the Revolving Period: first, pay to the Capitalized Interest
Account, any amount required to cause the amount on deposit in the Capitalized
Interest Account to equal the Required Capitalized Interest Account Balance and

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second, to the Reserve Account, any amount required to cause the amount on
deposit in the Reserve Account to equal the Reserve Account Specified Balance;

     (vii) following the replacement of the Master Servicer, pay to the replacement
Master Servicer the reasonable expenses and charges resulting from the transition in
servicing, to the extent such costs have not been paid by the predecessor Master
Servicer; provided, that amounts paid under this clause (vii) shall not
exceed $300,000;

     (viii) provided no Amortization Event or Termination Event has occurred and the
Minimum Asset Coverage Requirement is satisfied before and after giving effect to
such payment, pay to the Administrative Agent for the benefit of each Exiting
Facility Group its ratable share of the Principal Distribution Amount with respect
to its Note until the Note of each Exiting Facility Group has been paid in full;

     (ix) pay to the Administrative Agent for the benefit of the Note Purchasers,
the Principal Distribution Amount (to the extent not distributed pursuant to clause
(viii) above) in accordance with their Pro Rata Shares;

     (x) first, pay to the replacement Master Servicer any amounts described in
clause (vii) above which were not previously paid due to the limitation specified in
the proviso to such clause (vii) and second, pay to the Administrative Agent, for
the benefit of the Note Purchasers (excluding Notes held by Defaulting Lenders), on
a pro rata basis if necessary, any Step-Up Fees and any Yield Protection due and
owing pursuant to this Agreement as of the close of business on the last day of the
immediately preceding Settlement Period;

     (xi) pay to the Eligible Lender Trustee, the Administrative Agent, the
Syndication Agent, the Co-Valuation Agents, the Conduit Lenders, the LIBOR Lenders,
the Managing Agents, the Alternate Lenders, the Program Support Providers and any
Affected Party, on a pro rata basis if necessary, any amounts due and owing and not
previously paid pursuant to clause (ii) above and any Trust Indemnified Amounts due
and owing pursuant to this Agreement or any other Transaction Document as of such
Settlement Date;

     (xii) pay to the Administrative Agent (i) for the benefit of the Defaulting
Lenders any Yield, Step-Up Fees, principal or Yield Protection due and owing and not
paid above and (ii) for the benefit of all the Note Purchasers, the Administrative
Agent, the Managing Agents and the Program Support Providers, an amount equal to any
other Obligations (other than principal, Yield or Step-Up Fees of any Notes) which
are accrued and owing as of the close of business on the last day of the immediately
preceding Settlement Period;

     (xiii) pay to the Administrative Agent for the benefit of each Exiting Facility
Group, to the extent not paid in clause (viii) or (ix) above, pro rata, an

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amount up to its remaining Outstanding Notes, until the Note of each Exiting
Facility Group has been paid in full;

     (xiv) pay to the Administrator, reimbursements of any out-of-pocket costs and
expenses relating to the administration of the Trust or paid on behalf of the Trust,
including fees paid to the Rating Agencies on behalf of the Trust, to the extent not
previously paid;

     (xv) pro rata, pay to SLM Corporation in repayment of any SLM Indemnified
Amounts paid by it pursuant to Section 8.02(b) and pay to the
Administrator in repayment of any amounts paid by it pursuant to Section
10.08;

     (xvi) pay to the Master Servicer, for the benefit of the Master Servicer and
any Subservicers, an amount equal to any other amounts due and payable to them
including Carryover Servicing Fees, if any, which are accrued and unpaid as of the
close of business on the last day of the immediately preceding Settlement Period;

     (xvii) prior to the commencement of the Amortization Period or the occurrence
of a Termination Event, pay to the Administrative Agent for deposit into the
Administration Account to fund new purchases of Eligible Private Credit Loans;

     (xviii) prior to the commencement of the Amortization Period, solely to the
extent requested by the Administrator as a prepayment of the Notes in an amount up
to the Aggregate Note Balance, on a pro rata basis, pay to the Administrative Agent
for the account of the applicable Note Purchasers with respect to their Notes in
accordance with their Pro Rata Shares until paid in full;

     (xix) [reserved];

     (xx) pay to SLM Corporation in repayment of accrued interest on and the unpaid
principal balance borrowed under the Revolving Credit Agreement;

     (xxi) if the Administrative Agent has received written notice that any amounts
are owed to a former Facility Group under the Guaranty and Pledge Agreement, to pay
to the Managing Agent for such former Facility Group any remaining funds up to the
amounts then owed under the Guaranty and Pledge Agreement; and

     (xxii) if so requested by the Administrator (and so long as (A) no Amortization
Event or Termination Event has occurred and is continuing and no Potential
Termination Event described in Section 7.02(f) or (g) has
occurred and is continuing and (B) there is no unresolved dispute as described in
Section 2.25(e) as to the Applicable Percentage to be applied with
respect to such Settlement Period, to pay to the holder of the Excess Distribution
Certificate, any Available Funds remaining after the payment in full of each of the
foregoing items.

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     (c) Any funds deposited into the Administration Account for the purpose of purchasing or
financing Eligible Private Credit Loans or prepayment of the Notes shall be disbursed
pursuant to a written direction of the Administrator, on behalf of the Trust, or to the
Administrative Agent, as applicable.

     (d) [Reserved].

     (e) [Reserved].

     (f) [Reserved].

     (g) [Reserved].

     (h) In the event that there are insufficient Available Funds to pay the amounts set
forth in clauses (ii) through (v) of Section 2.05(b) due and payable on such
date and if no Servicer Advance has been made and no funds withdrawn from the Reserve Account
or the Capitalized Interest Account to pay such amounts, and an Excess Collateral Advance
could be made in accordance with the terms hereof, then the Trust shall request an Excess
Collateral Advance in the amount necessary to pay such amounts.

     Section 2.06. Capitalized Interest Account and Reserve Account.

     (a) On or prior to the date hereof, the Trust shall establish and maintain, or cause to
be established and maintained, the Capitalized Interest Account. The Capitalized Interest
Account shall be maintained as a segregated account at the Administrative Agent, and shall be
under the sole dominion and control of the Administrative Agent, on behalf of the Secured
Creditors. The Capitalized Interest Account shall be in the name of the Trust for the
benefit of the Administrative Agent, on behalf of the Secured Creditors. Neither the Trust
nor the Administrator shall have any withdrawal rights from the Capitalized Interest Account.
If at any time a Capitalized Interest Account Funding Event occurs, the Trust shall request
a Capitalized Interest Advance in an amount equal to the applicable Maximum Advance Amount
for such Advance and deposit the proceeds thereof into the Capitalized Interest Account. In
the event that a Capitalized Interest Account Funding Event occurs solely with respect to one
or more Non-Renewing Facility Groups, such Advance shall be requested solely from such
Non-Renewing Facility Groups. Thereafter, until the commencement of the Amortization Period
or the occurrence of a Termination Event, on each Settlement Date, the Administrator shall
cause to be deposited into the Capitalized Interest Account from Available Funds pursuant to
Section 2.05(b)(vii) such additional amounts as are necessary to cause the
amount on deposit in the Capitalized Interest Account to be equal to the Required Capitalized
Interest Account Balance calculated as of the last day of the related Settlement Period.
Funds on deposit in the Capitalized Interest Account may be invested from time to time in
Eligible Investments in accordance with Section 2.08. The Administrative
Agent shall apply funds on deposit in the Capitalized Interest Account as described in
Section 2.07(a).

     (b) On or prior to the date hereof, the Administrator shall establish and maintain, or
cause to be established and maintained, the Reserve Account by depositing into the Reserve
Account cash or Eligible Investments equal to the Reserve Account

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Specified Balance as of the date of the initial Advance hereunder. The Reserve Account
shall be maintained as a segregated account at the Administrative Agent, and shall be under
the sole dominion and control of the Administrative Agent, on behalf of the Secured
Creditors. The Reserve Account shall be in the name of the Trust for the benefit of the
Administrative Agent, on behalf of the Secured Creditors. Neither the Trust nor the
Administrator shall have any withdrawal rights from the Reserve Account. On each Advance
Date, the Trust shall deposit into the Reserve Account from proceeds of each Advance the
amount, if any, necessary to bring the balance in such account up to the Reserve Account
Specified Balance. Thereafter, until the commencement of the Amortization Period or the
occurrence of a Termination Event, on each Settlement Date, the Administrator shall cause to
be deposited into the Reserve Account from Available Funds pursuant to Section
2.05(b)(vii) such additional amounts as are necessary to cause the amount on deposit
in the Reserve Account to be equal to the Reserve Account Specified Balance calculated as of
the last day of the related Settlement Period. Funds on deposit in the Reserve Account may
be invested from time to time in Eligible Investments in accordance with Section
2.08. The Administrative Agent shall apply funds on deposit in the Reserve Account
as described in Section 2.07(b).

     Section 2.07. Transfers from the Capitalized Interest Account and Reserve Account.

     (a) To the extent there are insufficient Available Funds in the Collection Account to
pay the amounts set forth in clauses (ii) through (v) of Section 2.05(b) in
accordance with the provisions of Section 2.05 on any Settlement Date, the
Administrative Agent shall transfer to the Collection Account moneys held by the
Administrative Agent in the Capitalized Interest Account, to the extent available for
distribution on the specified day, to pay the amounts set forth in clauses (ii) through (v)
of Section 2.05(b) in the priority set forth in Section 2.05.

     (b) To the extent there are insufficient Available Funds in the Collection Account to
pay the amounts set forth in clauses (ii) through (v) of Section 2.05(b) in
accordance with the provisions of Section 2.05 on any Settlement Date (after
taking into account any amounts transferred to the Collection Account pursuant to
Section 2.07(a)), the Administrative Agent shall transfer to the Collection
Account moneys held by the Administrative Agent in the Reserve Account, to the extent
available for distribution on the specified day, to pay the amounts set forth in clauses (ii)
through (v) of Section 2.05(b) in the priority set forth in Section
2.05; provided, that upon the commencement of the Amortization Period or on
the occurrence of a Termination Event, all amounts on deposit in the Reserve Account shall
immediately be transferred to the Collection Account and shall be part of Available Funds on
the next Settlement Date.

     (c) To the extent, as of the end of any Settlement Period, there are on deposit in the
Reserve Account funds in excess of the Reserve Account Specified Balance calculated as of the
end of such Settlement Period (giving effect to any purchase of additional Trust Student
Loans between the end of such Settlement Period and the related Settlement Date) or there are
on deposit in the Capitalized Interest Account funds in excess of the Required Capitalized
Interest Account Balance calculated as of the end of such

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Settlement Period, then the Administrative Agent shall withdraw such excess from the
relevant account and deposit it into the Collection Account to be used as Available Funds on
the related Settlement Date. In addition, (i) if a Capitalized Interest Account Funding
Event has occurred solely because of the expiration of the Revolving Period pursuant to
clause (ii) of the definition thereof and the Revolving Period is subsequently reinstated,
then the Administrative Agent shall withdraw all funds from the Capitalized Interest Account
on such date and apply such amounts to repay the Notes on a pro rata basis and (ii) the
Administrative Agent shall withdraw and apply funds from the Capitalized Interest Account as
and when required in accordance with Section 2.21(b).

     Section 2.08. Management of Trust Accounts.

     (a) All funds held in the Trust Accounts, including investment earnings thereon, shall
be invested at the direction of the Administrator in Eligible Investments having a maturity
date not later than the next date on which any distributions are to be made from funds on
deposit in such Trust Accounts; provided, however, that from and after the
Termination Date, the Administrative Agent shall have the sole right to restrict the
maturities of any investments held in the Trust Accounts and to direct the withdrawal of any
such investments for the purposes of paying the amounts described in Section
2.05(b), including, without limitation, any unpaid principal and Financing Costs on
the Notes. All investment earnings (net of losses) on such Eligible Investments shall be
credited to the applicable Trust Accounts. In the event that the Administrator shall have
failed to give investment directions to the Administrative Agent by 11:00 a.m. on any
Business Day on which there may be uninvested cash deposited in any Trust Account, the
Administrative Agent shall have no obligation to invest such funds and shall not be liable
for any lost potential investment earnings.

     (b) Bank of America, N.A. (“Bank of America”), in its capacity as Securities
Intermediary or depositary bank with respect to each Trust Account, hereby agrees with the
Trust and the Administrative Agent that (i) each of the Trust Accounts shall be either
securities accounts or deposit accounts maintained at Bank of America; provided,
however, that if, at any time, the rating assigned to Bank of America is downgraded
below “A-1” by S&P, the Administrative Agent shall, in cooperation with the Administrator,
promptly (but in no event longer that 60 days from the time of such downgrade), at no cost
to the Trust, transfer each of the Trust Accounts to another financial institution which has
either a long-term senior unsecured debt rating of “A+” or better or a short-term senior
unsecured debt or certificate of deposit rating of “A-1” or better by S&P, (ii) each item of
property (whether investment property, financial asset, security, cash or instrument)
credited to any Trust Account shall be treated as a “financial asset” within the meaning of
Section 8-102(a)(9) of the UCC to the extent any such Trust Account is a securities account,
(iii) Bank of America shall treat the Administrative Agent as entitled to exercise the
rights that comprise each financial asset credited to the Trust Accounts, (iv) Bank of
America shall comply with entitlement orders originated by the Administrative Agent with
respect to any of the foregoing accounts that is a securities account and shall comply with
instructions directing the disposition of funds originated by the Administrative Agent with
respect to any of the foregoing accounts that is a deposit account, in each case without the
further consent of any other person or

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entity, (v) except as otherwise provided in subsection (a) of this Section, Bank of
America shall not agree to comply with entitlement orders or instructions directing the
disposition of funds originated by any person or entity other than the Administrative Agent,
(vi) the Trust Accounts, and all property credited to such accounts shall not be subject to
any lien, security interest, right of set-off or encumbrance in favor of Bank of America in
its capacity as Securities Intermediary or depositary bank or anyone claiming through Bank
of America as Securities Intermediary or depositary bank (other than the Administrative
Agent), and (vii) the agreement herein between Bank of America and the Administrative Agent
shall be governed by the laws of the State of New York and the jurisdiction of Bank of
America, in its capacity as Securities Intermediary or depositary bank with respect to each
Trust Account, shall be the State of New York for purposes of the UCC. Each term used in
this Section 2.08(b) and in Section 2.08(c) and defined in
the New York UCC shall have the meaning set forth in the New York UCC.

     (c) No Eligible Investment held in the Trust Accounts in the form of an instrument or
certificated security as defined in the New York UCC in the possession of the Securities
Intermediary (i) shall be subject to any other security interest or (ii) shall constitute
proceeds of any property subject to such third party’s security interest.

     (d) The Trust agrees to report as its income for financial reporting and tax purposes
(to the extent reportable) all investment earnings on amounts in the Trust Accounts.

     (e) Any investment of any funds in the Trust Accounts shall be made under the following terms
and conditions:

     (i) any such investment of funds shall be made in Eligible Investments which
will mature no later than the next Settlement Date (or such shorter periods as the
Administrative Agent may direct); and

     (ii) with respect to each of the investments credited to any of the Trust
Accounts, the Administrative Agent for the benefit of the Secured Creditors shall
have a first priority perfected security interest in such investment, perfected by
control to the extent permitted under Article 9 of the UCC.

     (f) The Administrative Agent shall not in any way be held liable by reason of any
insufficiency in the Trust Accounts resulting from losses on investments made in accordance
with the provisions of this Agreement (but the institution serving as Administrative Agent
shall at all times remain liable for its own debt obligations, if any, constituting part of
such investments).

     (g) With respect to each of the Trust Accounts that is a “securities account” (each, a
“Securities Account”), the Securities Intermediary hereby confirms and agrees that:

     (i) all securities, financial assets or other property credited to the
Securities Accounts shall be registered in the name of the Securities Intermediary
by a clearing corporation or other securities intermediary and as to which the

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Securities Intermediary is entitled to exercise the rights that comprise any
financial assets credited to such Securities Account, indorsed to the Securities
Intermediary in blank or credited to another Securities Account maintained in the
name of the Securities Intermediary, and in no case shall any financial asset
credited to any Securities Account be registered in the name of the Trust, payable
to the order of the Trust or specially indorsed to the Trust;

     (ii) all securities and other property delivered to the Securities Intermediary
pursuant to this Agreement shall be promptly credited to the appropriate Securities
Account;

     (iii) each Securities Account is an account to which financial assets are or
may be credited;

     (iv) except for the claims and interest of the Administrative Agent and of the
Trust in the Securities Accounts and without independent investigation of any kind,
the Securities Intermediary does not know of any claim to, or interest in, any
Securities Account or in any “financial asset” (as defined in Section 8-102(a)(9) of
the UCC) credited thereto; if any person asserts any lien, encumbrance or adverse
claim (including any writ, garnishment, judgment, warrant of attachment, execution
or similar process) against any Securities Account or in any financial asset carried
therein, the Securities Intermediary will promptly notify the Administrative Agent
and the Trust thereof upon receiving notice or other actual knowledge thereof.

     (h) Each party hereto acknowledges that the Securities Intermediary constitutes a
“securities intermediary” within the meaning of Section 8-102(a)(14) of the UCC with respect
to each Securities Account and constitutes a “bank” within the meaning of Section
9-102(a)(8) of the New York UCC with respect to each Trust Account that is a “deposit
account.”

     Section 2.09. [RESERVED]

     Section 2.10. Grant of a Security Interest. To secure the prompt and complete payment when
due of the Obligations and the performance by the Trust of all of the covenants and obligations to
be performed by it pursuant to this Agreement and each other Transaction Document, the Trust (and
the Eligible Lender Trustee, in its capacity as titleholder to the Trust Student Loans) hereby (i)
assigns to the Administrative Agent, and grants to the Administrative Agent a security interest in,
all of its right, title and interest in (but none of its obligations under), each of the
Transaction Documents, including all rights and remedies thereunder (excluding any rights and
remedies of the Trust under the Revolving Credit Agreement); and (ii) hereby further Grants to the
Administrative Agent on behalf of the Secured Creditors (and their respective successors and
assigns), a security interest in all of the Trust’s and the Eligible Lender Trustee’s, on behalf of
the Trust, right, title and interest in the following property, whether now owned or existing or
hereafter arising or acquired and wheresoever located:

     (a) all Trust Student Loans;

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     (b) all Collections from Trust Student Loans, including payments from Obligors;

     (c) all Eligible Investments, funds and accrued earnings thereon held in the Trust
Accounts;

     (d) all Records relating to any of the foregoing items;

     (e) all supporting obligations, liens securing any of the foregoing, money and claims
and other rights under insurance policies relating to any of the foregoing;

     (f) all accounts, general intangibles, payment intangibles, instruments, investment
property, documents, chattel paper, goods, moneys, letters of credit, letter of credit
rights, certificates of deposit, deposit accounts and all other property and interests in
property of the Trust or the Eligible Lender Trustee, on behalf of the Trust, whether
tangible or intangible; and

     (g) all proceeds of any of the foregoing (collectively, along with the right and title
to and interest of the Trust (and the Eligible Lender Trustee, in its capacity as titleholder
to the Trust Student Loans) in the Transaction Documents pursuant to Section 2.09 and
all proceeds thereof, the “Pledged Collateral”).

The Trust and the Eligible Lender Trustee agree that the foregoing sentence is intended to grant in
favor of the Administrative Agent, on behalf of the Secured Creditors, a first priority continuing
lien and security interest in all of the Trust’s (and the Eligible Lender Trustee’s in its capacity
as titleholder to the Trust Student Loans) personal property. Each of the Trust and the Eligible
Lender Trustee authorizes the Administrative Agent and its counsel to file UCC financing statements
in form and substance satisfactory to the Eligible Lender Trustee, describing the collateral as all
personal property of the Trust. In addition, at the request of the Administrative Agent, the Trust
shall file or cause to be filed, and authorizes the Administrative Agent to file, UCC financing
statement assignments assigning to the Administrative Agent any financing statement showing the
Trust as secured party with respect to the Pledged Collateral. The Trust further confirms and
agrees that the Administrative Agent shall have, following the occurrence or declaration of the
Termination Date, the sole right to enforce the Trust’s rights and remedies under the Transaction
Documents with respect to the Pledged Collateral for the benefit of the Secured Creditors, but
without any obligation on the part of the Administrative Agent or any other Secured Creditor or any
of their respective Affiliates, to perform any of the obligations of the Trust under the
Transaction Documents.

     Section 2.11. Evidence of Debt. Each Managing Agent shall maintain a Note Account (the “Note
Account”) on its books in which shall be recorded (a) all Advances owed to each related Lender in
its related Facility Group by the Trust pursuant to this Agreement, (b) the Aggregate Note Balance
of the Note held by or on behalf of its related Facility Group, (c) all payments of principal and
Financing Costs made by the Trust on such Note, and (d) all appropriate debits and credits with
respect to its related Facility Group as provided in this Agreement including, without limitation,
all fees, charges, expenses and interest. All entries in each Managing Agent’s Note Account shall
be made in accordance with such Managing Agent’s

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customary accounting practices as in effect from time to time. The entries in the Note
Account shall be conclusive and binding for all purposes, absent manifest error. Any failure to so
record or any errors in doing so shall not, however, limit or otherwise affect the obligation of
the Trust to pay any amount owing with respect to the Notes or any of the other Obligations.

     Section 2.12. Payments by the Trust. All payments to be made by the Trust shall be made
without set-off, recoupment or counterclaim. Except as otherwise expressly provided herein, all
payments by, or on behalf of, the Trust for the account of a Conduit Lender, a LIBOR Lender, an
Alternate Lender or a Program Support Provider, as the case may be, shall be made to the
Administrative Agent, for further credit to an account designated by such Conduit Lender, LIBOR
Lender, Alternate Lender or Program Support Provider or its related Managing Agent, in United
States dollars. Such payments (other than amounts already on deposit in the Collection Account)
shall be made in immediately available funds to the Administrative Agent no later than 12:00 noon
on the date specified herein and the Administrative Agent shall forward such amounts to such
Conduit Lender, LIBOR Lender, Alternate Lender or Program Support Provider no later than 1:00 p.m.
on the date specified herein. Payments shall be applied in the order of priority specified in
Section 2.05(b). Any payment which is received later than 1:00 p.m. (other than
payments from amounts already on deposit in the Collection Account) shall be deemed to have been
received on the following Business Day and any applicable interest or fee shall continue to accrue.

     Section 2.13. Payment of Stamp Taxes, Etc. Subject to any limitations set forth in
Section 2.20, the Trust agrees to pay any present or future stamp, mortgage,
value-added, court or documentary taxes or any other excise or property taxes, charges or similar
levies imposed by any federal, state or local governmental body, agency or instrumentality
(hereinafter referred to as “Other Applicable Taxes”) relating to this Agreement, any of the other
Transaction Documents or any recordings or filings made pursuant hereto and thereto.

     Section 2.14. Sharing of Payments, Etc. If, other than as expressly provided elsewhere
herein, any Note Purchaser shall obtain on account of the Notes owned by it any payment (whether
voluntary, involuntary, through the exercise of any right of set-off, or otherwise) in excess of
its Pro Rata Share (or other share contemplated hereunder), such Note Purchaser shall immediately
(a) notify the Administrative Agent of such fact and (b) purchase from the other Note Purchasers
such participations made by them as shall be necessary to cause such purchasing Note Purchaser to
share the excess payment pro rata (based on the Pro Rata Share of each Note Purchaser) with each of
them; provided, however, that if all or any portion of such excess payment is thereafter recovered
from the purchasing Note Purchaser, such purchase shall to that extent be rescinded and each other
Note Purchaser shall repay to the purchasing Note Purchaser the purchase price paid therefor,
together with an amount equal to such paying Note Purchaser’s ratable share (according to the
proportion of (i) the amount of such paying Note Purchaser’s required repayment to (ii) the total
amount so recovered from the purchasing Note Purchaser) of any interest or other amount paid or
payable by the purchasing Note Purchaser in respect of the total amount so recovered. The Trust
agrees that any Note Purchaser so purchasing a participation from another Note Purchaser may, to
the fullest extent permitted by law, exercise all its rights of payment (including the right of
set-off) with respect to such participation as fully as if such Note Purchaser was the direct
creditor of the Trust in the amount of such participation. The Administrative Agent will keep
records (which shall be conclusive

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and binding in the absence of manifest error) of participations purchased under this Section
and will in each case notify each Managing Agent following any such purchases or repayments.

     Section 2.15. Yield Protection.

     (a) If any Regulatory Change (including a change to Regulation D under the Securities
Act):

     (i) shall impose, modify or deem applicable any reserve (including, without
limitation, any reserve imposed by the Federal Reserve Board), special deposit,
insurance assessment, or similar requirement against assets of any Affected Party,
deposits or obligations with or for the account of any Affected Party or with or for
the account of any Affiliate (or entity deemed by the Federal Reserve Board to be an
affiliate) of an Affected Party, or credit extended to or participated in by any
Affected Party;

     (ii) shall change the amount of capital maintained or required or requested or
directed to be maintained by any Affected Party;

     (iii) shall impose any other condition, cost or expense affecting this
Agreement or any portion of the Obligations owed or funded in whole or in part by
any Affected Party, or its obligations or rights, if any, to pay any portion of its
unused Commitment or to provide funding therefor (other than any condition or
expense resulting from the gross negligence or willful misconduct of such Affected
Party);

     (iv) shall change the rate for, or the manner in which the Federal Deposit
Insurance Corporation (or any successor thereto) assesses deposit insurance premiums
or similar charges; or

     (v) subject any Affected Party to any tax of any kind whatsoever with respect
to this Agreement, any Obligations or any LIBOR Advance made by it, or change the
basis of taxation of payments to such Affected Party in respect thereof (except for
Indemnified Taxes or Other Taxes covered by Section 2.20 and the
imposition of, or any change in the rate of, any Excluded Tax payable by such
Affected Party,

and the result of any of the foregoing is or would be:

     (A) to increase the cost to or to impose a cost in any material amount
on an Affected Party funding or making or maintaining any portion of the
Obligations, or any purchases, reinvestments or loans or other extensions of
credit under the Program Support Agreement or any Transaction Document or
any commitment of such Affected Party with respect to the foregoing;

     (B) to reduce the amount of any sum received or receivable by an
Affected Party under this Agreement, or under any Program Support

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Agreement or any Transaction Document with respect thereto; or

     (C) in the sole determination of such Affected Party, to reduce the
rate of return on the capital of an Affected Party as a consequence of its
obligations hereunder or under any Program Support Agreement or arising in
connection herewith to a level below that which the Affected Party could
otherwise have achieved;

then on or before the 30th day following the date of demand by such Affected
Party (which demand shall be accompanied by a statement setting forth in reasonable detail
the basis of such demand), the Trust shall pay directly to such Affected Party such
additional amount or amounts as will compensate such Affected Party for such additional or
increased cost or such reduction; provided, that such additional amount or amounts shall not
be payable with respect to any period in excess of 90 days prior to the date of demand by
the Affected Party unless (1) the effect of the Regulatory Change is retroactive by its
terms to a period prior to the date of the Regulatory Change, in which case any additional
amount or amounts shall be payable for the retroactive period but only if the Affected Party
provides its written demand not later than 90 days after the Regulatory Change; or (2) the
Affected Party reasonably and in good faith did not believe the Regulatory Change resulted
in such an additional or increased cost or such a reduction during such prior period. Each
Affected Party agrees that the Trust shall not be asked to pay amounts which the Affected
Party’s similarly situated customers are not being requested to pay.

     (b) Each Affected Party will promptly notify the Administrator and the Administrative
Agent of any event of which it has actual knowledge which will entitle such Affected Party to
any compensation pursuant to this Section; provided, however, no failure or delay in giving
such notification shall adversely affect the rights of any Affected Party to such
compensation.

     (c) In determining any amount provided for or referred to in this Section, an Affected
Party may use any reasonable averaging or attribution methods that it (in its sole discretion
exercised in good faith) shall deem applicable and which it applies on a consistent basis.
Any Affected Party when making a claim under this Section shall submit to the Administrator
and the Administrative Agent a statement as to such increased cost or reduced return
(including calculation thereof in reasonable detail), which statement shall, in the absence
of manifest error, be conclusive and binding upon the Trust and the Administrative Agent.

     Section 2.16. Extension of Scheduled Maturity Date. Provided that no Amortization Event or
Termination Event shall have occurred and be continuing, the Trust, acting through the
Administrator, may, at any time during the period which is no more than 90 days or less than 45
days immediately preceding the Scheduled Maturity Date (as such date may have been previously
extended pursuant to this Section 2.16), request that the then applicable Scheduled
Maturity Date be extended for an additional period of up to 364 days. Any such request shall be in
writing and delivered to each Managing Agent and the Administrative Agent. None of the Lenders,
Managing Agents or Facility Groups shall have any obligation to extend the Scheduled Maturity Date
at any time. Any such extension of the Scheduled Maturity Date

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with respect to a Lender shall be effective only upon the written agreement of the Trust, the
Managing Agent for such Lender’s Facility Group, such Lender and, if applicable, the related
Conduit Lender. Each Managing Agent will (on behalf of its related Note Purchasers) respond to any
such request by providing a response to the Trust and the Administrative Agent within the later of
(i) 30 days of its receipt of such request and (ii) 30 days prior to the then-effective Scheduled
Maturity Date; provided, however, that if any Facility Group determines that it
will not renew its Commitment prior to the response date set forth above, the related Managing
Agent shall notify the Administrator as soon as practicable after such determination has been made.
Any failure by a Managing Agent to respond by the later of the dates set forth in clause (i) and
(ii) of the preceding sentence shall be deemed to be a rejection of the requested extension by such
Managing Agent and the related Lenders in its Facility Group. If one or more Managing Agents (but
less than all) does not extend the Scheduled Maturity Date, the provisions of Section
2.21(b) shall apply with respect to its Facility Group and the Scheduled Maturity Date
shall be extended with respect to the remaining Facility Groups.

     Section 2.17. Servicer Advances. In the event that, on the Settlement Date relating to any
Settlement Period, the amount on deposit in the Collection Account which is allocable to the
payment of amounts described in Sections 2.05(b)(ii) through (v) due and
payable on such Settlement Date is not sufficient to pay such amounts, the Master Servicer may, if
permitted pursuant to its Servicing Agreement, make an advance in an amount equal to such
insufficiency to the extent it believes such Servicer Advance will be recoverable.

     Section 2.18. Release and Transfer of Pledged Collateral.

     (a) The Administrative Agent hereby agrees to release its lien on that portion of the
Pledged Collateral transferred from the Trust to the Depositor or the Servicer as a result of
purchases or repurchases (including substitutions) of Trust Student Loans pursuant to the
Sale Agreement, any Purchase Agreement or any Servicing Agreement; provided,
however, that with respect to a repurchase of a Student Loan pursuant to the Sale
Agreement or a Purchase Agreement that is not a Permitted Release covered by clause (b)
below, it shall be a condition to such release that the Administrative Agent shall have
received cash into the Administration Account in an amount equal to the sum of (i) the
product of the Applicable Percentage (determined as if each Student Loan were an Eligible
Private Credit Loan) multiplied by the Principal Balance of such Student Loan and (ii) any
amount previously drawn under the Revolving Credit Agreement to purchase such Student Loan
(as reduced by any payments of principal received on such Student Loan, proportionately,
based on the portion of the purchase price of such Student Loan financed under the Revolving
Credit Agreement) or, in the case of any substitution, the Trust shall have received new
Eligible Private Credit Loans with a Principal Balance equal to or greater than the Principal
Balance of the Student Loans being released and the tests set forth in Section
2.18(b)(ii)(B) and (iii) shall be satisfied; and provided
further, that with respect to purchases of Student Loans by a Servicer required or
expressly permitted as a result of the related Servicing Agreement that is not a Permitted
Release covered by clause (b) below, the Administrative Agent has received cash into the
Administration Account in an amount equal to that set forth in Section
3.05(a) of the Servicing Agreement or, in the case of any substitution, the Trust
shall have received new Eligible Private Credit Loans with a Principal Balance equal to or
greater than the Principal Balance of the Student

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Loans being released and the tests set forth in Section 2.18(b)(ii)(B)
and (iii) shall be satisfied.

     (b) In addition, the Administrative Agent hereby further agrees to release its lien on
that portion of the Pledged Collateral transferred from the Trust to the Depositor or an
Affiliate thereof in connection with a Permitted Release. The release of the Administrative
Agent’s security interest in any Released Collateral pursuant to this Section
2.18(b) shall be subject to the following conditions precedent unless the Required
Managing Agents (or following a Termination Event or Amortization Event or with respect to a
failure to satisfy condition (ii)(B) below, all of the Managing Agents) have waived such
condition (and by transferring the Pledged Collateral the Trust shall be deemed to have
certified that all such conditions precedent are satisfied):

     (i) such release shall be a Permitted Release,

     (ii) before and after giving effect to such release and to any simultaneous
acquisition of Trust Student Loans at such time,

     (A) there shall not exist any Amortization Event, Servicer Default,
Termination Event or Potential Termination Event; and

     (B) the Minimum Asset Coverage Requirement is met; and

     (iii) after giving effect to such release and to any simultaneous acquisition
of Trust Student Loans at such time,

     (A) the Weighted Average FICO Score will not be below 690;

     (B) the Weighted Average Remaining Term in School of all Trust Student
Loans that are Eligible Private Credit Loans shall not be more than 24
months; provided, that this condition need not be satisfied if the
Rating Agency Condition has been satisfied with respect to such release; and

     (C) if more than $1,000,000,000 of the Principal Balance of the Trust
Student Loans shall have been subject to releases pursuant to this
Section 2.18 since the Closing Date or, if later, since the
last date on which the Rating Agencies have issued a confirmation letter
affirming the Required Ratings, the Rating Agency Condition shall have been
satisfied.

     (iv) three Business Days prior to any such release that is a Take Out
Securitization, a Fair Market Auction, Whole Loan Sale, a Permitted Seller Buy-Back
or a Servicer Buy-Out, the Trust, acting through the Administrator, shall have
delivered a notice describing the Trust Student Loans proposed to be released
substantially in the form and substance of Exhibit G attached hereto
(a "Notice of Release") to the Administrative Agent, certifying that the foregoing
conditions described in clauses (ii) and (iii) above shall have been satisfied in
connection therewith, together with a pro forma report in the form attached as

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Exhibit H demonstrating compliance with the condition described
in clauses (ii) and (iii) above, and

     (v) on or prior to such Permitted Release, the Trust shall have deposited into
the Administration Account cash in an amount equal to the sum of (A) the product of
the Applicable Percentage (determined as if each Student Loan were an Eligible
Private Credit Loan) multiplied by the Principal Balance of such Student Loan and
(B) any amount previously drawn under the Revolving Credit Agreement to purchase
such Student Loan (as reduced by any payments of principal received on such Student
Loan, proportionately, based on the portion of the purchase price of such Student
Loan financed under the Revolving Credit Agreement).

     (c) Within five Business Days after each release of collateral hereunder in connection
with a Take Out Securitization, the Trust, acting through the Administrator, shall deliver to
the Administrative Agent a reconciliation statement (the
“Release Reconciliation Statement”)
which shall include an updated calculation, based on actual figures, in the form attached as
Exhibit I, confirming that the Minimum Asset Coverage Requirement was
satisfied before and after giving effect to the related release. If the Release
Reconciliation Statement shows that the value of the released Trust Student Loans was greater
than the value provided on the Notice of Release, then the Trust shall deposit such
difference into the Administration Account.

     Section 2.19. Effect of Release. Upon the satisfaction of the conditions in Section
2.18, all right, title and interest of the Administrative Agent in, to and under such
Released Collateral shall terminate and revert to the Trust, its successors and assigns, and the
right, title and interest of the Administrative Agent in such Released Collateral shall thereupon
cease, terminate and become void; and, upon the written request of the Trust, acting through its
Administrator, its successors or assigns, and at the cost and expense of the Trust, the
Administrative Agent, acting through the Administrator, shall deliver and, if necessary, execute
such UCC-3 financing statements and releases prepared by and submitted to the Administrative Agent
for authorization as are necessary or reasonably requested in writing by the Trust, acting through
the Administrator, to terminate and remove of record any documents constituting public notice of
the security interest in such Released Collateral granted hereunder being released.

     Section 2.20. Taxes.

     (a) All payments made by the Trust under this Agreement shall be made free and clear of,
and without deduction or withholding for or on account of, any present or future income,
stamp or other taxes, levies, imposts, duties, charges, fees, deductions or withholdings, now
or hereafter imposed, levied, collected, withheld or assessed by any Governmental Authority,
excluding any U.S. federal taxes (other than federal withholding taxes on interest), net
income taxes and franchise taxes or branch profit taxes (imposed in lieu of net income taxes)
imposed on the Administrative Agent, any Managing Agent, any Lender or any Program Support
Provider as a result of a present or former connection between the Administrative Agent, the
Syndication Agent, each Co-Valuation Agent, any Managing Agent, such Lender or any Program
Support Provider and the jurisdiction of the

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Governmental Authority imposing such tax or any political subdivision or taxing
authority thereof or therein (other than any such connection arising solely from the
Administrative Agent, any Managing Agent, such Lender or any Program Support Provider having
executed, delivered or performed its obligations or received a payment under, or enforced,
this Agreement or any other Transaction Document) (collectively, the “Excluded Taxes”). If
any non-Excluded Taxes, levies, imposts, duties, charges, fees of any kind, deductions,
withholdings or assessments (including, but not limited to any current or future stamp as
documentary taxes or any other excise or property taxes, charges or similar levies, but
excluding Excluded Taxes) (“Other Taxes”) are required to be withheld from any amounts
payable to the Administrative Agent, the Syndication Agent, each Co-Valuation Agent, any
Managing Agent, any Lender or any Program Support Provider hereunder, the amounts so payable
to the Administrative Agent, any Managing Agent, such Lender or any Program Support Provider
shall be increased to the extent necessary to yield to the Administrative Agent, the
Syndication Agent, each Co-Valuation Agent, any Managing Agent, such Lender or any Program
Support Provider (after payment of all Other Taxes) interest or any such other amounts
payable hereunder at the rates or in the amounts specified in this Agreement;
provided, however, that the Trust shall not be required to increase any such
amounts payable to any Lender with respect to (i) any Other Taxes that are United States
withholding taxes imposed on amounts payable to such Lender at the time such Lender becomes a
party to this Agreement, except to the extent that such Lender’s assignor (if any) was
entitled, at the time of the assignment, to receive additional amounts from the Trust with
respect to such Other Taxes pursuant to this paragraph or (ii) Other Taxes to the extent the
Administrative Agent, Managing Agent or Lender will receive a refund or realize the benefit
of a credit or reduction in taxes or amount owed to any taxing jurisdiction. To be entitled
to receive additional amounts for Other Taxes, the Administrative Agent, Managing Agent or
Lender must certify to the Trust that, based upon advice from one of its inside or outside
tax advisors, such Administrative Agent, Managing Agent or Lender does not reasonably expect
to receive a refund or realize the benefit of a credit or reduction in taxes or amount owed
to any taxing jurisdiction as a result of such Other Taxes.

     (b) In addition, the Trust shall pay to the relevant Governmental Authority in
accordance with applicable law all Other Taxes imposed upon the Administrative Agent, any
Managing Agent, such Lender or any Program Support Provider that arise from any payment made
hereunder or from the execution, delivery, or registration of or otherwise similarly with
respect to, this Agreement.

     (c) Whenever any Other Taxes are payable by the Trust, the Administrative Agent or the
applicable Managing Agent shall promptly notify the Trust in writing and as soon as
practicable, but no later than 30 days thereafter the Trust shall send to the Administrative
Agent for its own account or for the account of the Syndication Agent, any Co-Valuation
Agent, any Managing Agent, any Program Support Provider or relevant Lender, as the case may
be, a certified copy of an original official receipt received by the Trust showing payment
thereof. The Trust agrees to indemnify the Administrative Agent, any Managing Agent, any
Program Support Provider and each Lender within 10 days after demand therefor from and
against the full amount of the Other Taxes arising out of this Agreement (whether directly or
indirectly) imposed upon or paid by the Administrative

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Agent, any Managing Agent, any Program Support Provider or such Lender and any liability
(including penalties, interest, and expenses arising with respect thereto), regardless of
whether such Other Taxes were correctly or legally asserted by the relevant Governmental
Authority; provided, that such Lender shall have provided the Trust with evidence, setting
forth in reasonable detail, of payment of such Other Taxes, and the certification required in
clause (a) above.

     (d) Each Lender (or transferee) that is not a "U.S. Person” as defined in section
7701(a)(30) of the Code (a “Non-U.S. Lender”) shall deliver to the Trust and the
Administrative Agent and its Managing Agent two copies of either U.S. Internal Revenue
Service form W-8BEN or form W-8ECI, or, in the case of a Non-U.S. Lender claiming exemption
from the withholding of U.S. federal income tax under Section 871(h) or 881(c) of the Code
with respect to payments of “portfolio interest,” both a form W-8BEN and a certificate
substantially in the form of Exhibit J (a “2.20(d) Certificate”) or any
subsequent versions thereof or successors thereto, in all cases properly completed and duly
executed by such Non-U.S. Lender, claiming complete exemption from withholding of U.S.
federal income tax on all payments by the Trust under this Agreement. Such forms shall be
delivered by each Non-U.S. Lender at least five Business Days before the date of the initial
payment to be made pursuant to this Agreement by the Trust to such Lender. In addition, each
Non-U.S. Lender shall deliver such forms promptly upon the obsolescence or invalidity of any
form previously delivered by such Non-U.S. Lender. Each Non-U.S. Lender shall promptly
notify the Trust at any time it determines that it is no longer in a position to provide any
previously delivered certificate to the Trust (or any other form of certification adopted by
the U.S. taxing authorities for such purpose). Notwithstanding any other provision in this
paragraph, a Non-U.S. Lender shall not be required to deliver any subsequent form pursuant to
this paragraph that such Non-U.S. Lender is not legally able to deliver.

     (e) For any period with respect to which a Lender has failed to provide the Trust, the
Administrative Agent or its Managing Agent with the appropriate form, certificate or other
document described in Section 2.20(d) (unless such failure is due to a change
in treaty, law or regulation, or any interpretation or administration thereof by any
Governmental Authority, occurring after the date on which a form, certificate or other
document originally was required to be provided), such Lender shall not be entitled to
indemnification of additional amounts under Section 2.20 with respect to
Other Taxes by reason of such failure; provided, however, that should a
Lender, which is otherwise exempt from or subject to a reduced rate of withholding tax,
become subject to Other Taxes because of its failure to deliver a form required hereunder,
the Trust shall take such steps as such Lender shall reasonably request to recover such Other
Taxes.

     (f) A Lender which is entitled to an exemption from or reduction of non-U.S. withholding
tax under the law of the jurisdiction in which the Trust is located, or any treaty to which
such jurisdiction is a party, with respect to payments under this Agreement shall deliver to
the Trust (with a copy to the Administrative Agent), at the time or times prescribed by the
applicable law or reasonably requested by the Trust, such properly completed and executed
documentation prescribed by applicable law as will permit such payments to be made without
withholding or at a reduced rate; provided, that such Lender

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is legally entitled to complete, execute and deliver such documentation and in such
Lender’s judgment such completion, execution or submission would not materially prejudice the
legal position of such Lender.

     (g) In cases in which the Trust makes a payment under this Agreement to a U.S. Person
with knowledge that such U.S. Person is acting as an agent for a foreign person, the Trust
will not treat such payment as being made to a U.S. Person for purposes of Treas. Reg. §
1.1441-1(b)(2)(ii) (or a successor provision) without the express written consent of such
U.S. Person.

     (h) Each Lender hereby agrees that, upon the occurrence of any circumstances entitling
such Lender to indemnification or additional amounts pursuant to this Section 2.20, such
Lender shall use reasonable efforts to designate a different lending office if the making of
such a change would avoid the need for, or materially reduce the amount of, any such
additional amounts that may thereafter accrue and would not, in the reasonable judgment of
such Lender, be materially disadvantageous to such Lender.

     (i) If a Lender receives a refund or realizes the benefit of a credit or reduction in
respect of any Other Taxes as to which the Lender has been indemnified by the Trust, or with
respect to which the Trust has paid an additional amount hereunder, the Lender shall, within
30 days after the date of such receipt or realization, pay over the amount of such refund or
credit (to the extent so attributable, but only to the extent of indemnity payments made, or
additional amounts paid, by the Trust under this Section with respect to the taxes or Other
Taxes giving rise to such refund or credit) to the Trust, net of all out-of-pocket expenses
of such Lender related to claiming such refund or credit, and without interest (other than
any interest paid by the relevant Governmental Authority with respect to such refund or
credit); provided, however, that (i) the Lender, acting in good faith, will be the sole judge
of the amount of any such refund, credit or reduction and of the date on which such refund,
credit or reduction is received, (ii) the Lender, acting in good faith, shall have absolute
discretion as to the order and manner in which it employs or claims tax refunds, credits,
reductions and allowances available to it and (iii) the Trust agrees to repay the Lender,
upon written request from the Lender, as the case may be, the amount of such refund, credit
or reduction received by the Trust, plus any penalties, interest or other charges imposed by
the relevant Governmental Authority, in the event and to the extent, the Lender is required
to repay such refund, credit or reduction to any relevant Governmental Authority.

     (j) Notwithstanding any other provision of this Agreement, in the event that a Lender is
party to a merger or consolidation pursuant to which such Lender no longer exists or is not
the surviving entity (but excluding any change in the ownership of such Lender), any taxes
payable under applicable law as a result of such change shall be considered Excluded Taxes to
the extent such taxes are in excess of the taxes that would have been payable had such change
not occurred.

     (k) Within 30 days of the written request of the Trust therefor, the applicable Lender
shall execute and deliver to the Trust such certificates, forms or other documents which can
be furnished consistent with the facts and which are reasonably necessary to

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assist the Trust in applying for refunds of taxes remitted hereunder; provided that
nothing in this Section 2.20 shall be construed to require any Lender to make
available its tax returns (or any other information relating to its taxes that it deems
confidential) to the Trust or any other Person.

     (l) The Trust and each Lender will treat the Notes as debt for U.S. federal income tax
purposes.

     (m) The agreements in this Section shall survive the termination of this Agreement and
the payment of all amounts payable hereunder.

     Section 2.21. Replacement or Repayment of Facility Group.

     (a) Departing Facility Group. In the event that (i) the Trust is required to pay
amounts under Section 2.15, 2.20 or 10.08 or Article
VIII of this Agreement that are particular to an individual Lender, a Program Support
Provider or its Managing Agent, (ii) the Administrator reasonably determines that, as a
result of a Conduit Lender issuing CP outside the United States commercial paper market, the
funding costs for such Conduit Lender are materially higher than for other Lenders or (iii) a
Program Support Termination Event occurs with respect to a Program Support Provider, then the
Trust may require, at its sole expense and effort, upon notice to such Lender or Program
Support Provider or to the applicable Managing Agent, that the Managing Agent for such Lender
or Program Support Provider assign, without recourse, to one or more financial institutions
designated by the Administrator, on behalf of the Trust, all of the rights and obligations
hereunder of all, or with the consent of the related Managing Agent, the applicable, Lenders
or Program Support Providers within such Facility Group in accordance with Section
10.04; provided, that in the case of any such assignment resulting from a
claim for compensation under Section 2.15 or payments required to be made
pursuant to Section 2.20, such assignment will result in a reduction in such
compensation or payments thereafter.

     A Managing Agent shall not be required to make any such assignment or delegation if,
prior thereto, as a result of a waiver by the affected Lender, Program Support Provider, or
Managing Agent or otherwise, the circumstances entitling the Trust to require such assignment
and delegation cease to apply. Each member of the Departing Facility Group shall cooperate
fully with the Trust in effecting any such assignment. If the Trust is unable to effect such
an assignment, the Trust may terminate the Commitment of the Departing Facility Group. Upon
receipt by the Departing Facility Group of a notice of termination hereunder, the obligation
of the Departing Facility Group to make additional Advances shall cease and the Exiting
Facility Group Amortization Period for such Departing Facility Group shall begin.

     (b) Non-Renewing Facility Group. In the event that one or more Managing Agents (but
less than all) gives notice that its Facility Group will not extend the Scheduled Maturity
Date pursuant to Section 2.16, then the Trust, acting through the
Administrator, may request that the Managing Agent for such Facility Group arrange for an
assignment to one or more entities and financial institutions designated by the
Administrator, acting on behalf of the Trust, of all of the rights and obligations hereunder
of such Non-Renewing

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Facility Group. If the Managing Agent does not comply with such request within ten
Business Days of such request, then the Administrator, on behalf of the Trust, may arrange
for an assignment to one or more existing Facility Groups or replacement Facility Groups of
all of the rights and obligations hereunder of the Non-Renewing Facility Group in accordance
with Section 10.04. Each member of the Non-Renewing Facility Group shall
cooperate fully with the Administrator in effecting any such assignment. If the
Administrator is unable to arrange such an assignment within an additional 15 Business Days,
then the Commitment of the Non-Renewing Facility Group to make new Advances hereunder shall
terminate on the relevant Scheduled Maturity Date; provided, that the Non-Renewing
Facility Group shall make a Capitalized Interest Advance in an amount equal to the lesser of
(i) its Pro Rata Share of the Capitalized Interest Account Specified Balance and (ii) such
Non-Renewing Facility Group’s unused Commitment on the Business Day prior to its Scheduled
Maturity Date for deposit into the Capitalized Interest Account; provided
further, that the Non-Renewing Facility Group will continue to make Advances in an
amount not to exceed the amount of such Non-Renewing Facility Group’s unused Commitment until
its Scheduled Maturity Date. The Exiting Facility Group Amortization Period for the
Non-Renewing Facility Group shall begin on its Scheduled Maturity Date. So long as the
Exiting Facility Group Amortization Period for such Non-Renewing Facility Group has not
terminated pursuant to clause (i) or (ii) of the definition thereof, at such time as all
other Advances made by such Non-Renewing Facility Group have been paid in full, the aggregate
amount of all Capitalized Interest Advances made by the Non-Renewing Facility Group shall be
repaid to such Non-Renewing Facility Group to reduce its portion of the Aggregate Note
Balance to zero.

     (c) Withdrawing Facility Group. In the event a Managing Agent gives notice to the
Administrator of the desire of its Facility Group to terminate its Commitment prior to the
end of the Revolving Period in order to participate in one or more different financing
facilities sponsored by SLM Corporation or an Affiliate of SLM Corporation, including any
determination to participate in a Competing Financing Transaction as described in
Section 6.28(y), such Withdrawing Facility Group may, with the prior written
consent of the Administrator, terminate its Commitment upon a mutually agreeable date. The
Exiting Facility Group Amortization Period with respect to a Withdrawing Facility Group shall
begin on such mutually agreeable termination date.

     (d) Termination of the Exiting Facility Group Amortization Period. The Exiting Facility
Group Amortization Period with respect to any Exiting Facility Group shall terminate upon the
occurrence of an Amortization Event or Termination Event. After the occurrence of either
such event, the Exiting Facility Group shall be entitled to payment with respect to the
Aggregate Note Balance pro rata with other Note Purchasers in accordance with Section
2.05(b) or Section 7.03 as applicable.

     Section 2.22. Notice of Amendments to Program Support Agreements. Each Managing Agent shall
provide the Trust and the Administrator with written notice of any amendment to the Program Support
Agreements executed in connection with this Agreement if such amendment is reasonably expected by
such Managing Agent to result in any material increase in costs or expenses for the Trust or
otherwise materially impact the Trust.

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     Section 2.23. Lender Holding Account.

     (a) Each Non-Rated Lender must, at the time such Lender becomes a party hereto (or, if a
Lender hereunder subsequently becomes a Non-Rated Lender, within ten Business Days of the
time it becomes a Non-Rated Lender), and any other Lender may, in its sole discretion at any
time, make an advance (such advance, the “Lender Holding Deposit”) to the Administrative
Agent in an amount equal to its Pro Rata Share of the Capitalized Interest Account Specified
Balance (such amount, the “Required Holding Deposit Amount”). Upon receipt of any such
Lender Holding Deposit, the Administrative Agent shall deposit such funds into a trust
account maintained at a Qualified Institution (each such account, a “Lender Holding
Account"), in the name of such Holding Account Lender and referencing the name of the Trust.
The Lender Holding Account shall be maintained as a segregated account at the Administrative
Agent, and shall be under the sole dominion and control of the Administrative Agent, on
behalf of the applicable Holding Account Lender and the Trust. The Lender Holding Account
shall not be deemed to be a Trust Account for purposes of this Agreement, but shall be deemed
to be property of the Holding Account Lender held for the benefit of the Trust as described
herein, and neither the Administrator nor the Trust shall have any rights to withdraw funds
from such Lender Holding Account or any interest in or rights to the earnings thereon.
Thereafter, until the release and termination of such Lender Holding Account under clause (b)
below, any Capitalized Interest Advance to be made by such Holding Account Lender shall be
made by withdrawing funds from such Lender Holding Account. Each of the applicable Holding
Account Lender and the Trust hereby grants to the Administrative Agent full power and
authority, on behalf of the Trust and the applicable Holding Account Lender, to withdraw
funds from the applicable Lender Holding Account in order to honor such Holding Account
Lender’s obligations to fund any Capitalized Interest Advance.

     (b) Each Lender Holding Account with respect to any Holding Account Lender, once
established, shall continue to be maintained until the earliest of (i) the assignment by such
Lender of all of its rights pursuant to Section 10.04 hereof, (ii) such
Lender receiving a short-term unsecured indebtedness rating of at least A-1 by S&P and P-1 by
Moody’s, (iii) such Lender obtaining a guarantee or letter of credit that causes it to cease
to be a Holding Account Lender, (iv) the funding of a Capitalized Interest Advance through a
withdrawal of funds from such Lender Holding Account that satisfies in full such Holding
Account Lender’s obligation to fund further Capitalized Interest Advances and (v) the payment
in full of the Aggregate Note Balance and the termination of the Commitments hereunder. Upon
any of the events described in clauses (i) through (v) of the immediately preceding sentence,
the Administrative Agent, at the times and in the manner requested by the Holding Account
Lender, shall sell, liquidate or otherwise transfer the investments on deposit in the
applicable Lender Holding Account to such accounts as the Holding Account Lender may request,
and release to the Holding Account Lender any remaining funds on deposit in such Lender
Holding Account. If, due to a reduction in or partial assignment of Commitments of the
Holding Account Lender, the amounts on deposit in its Lender Holding Account exceed the
applicable Required Holding Deposit Amount, the Administrative Agent shall, at the request of
such Holding Account Lender, release such excess to such Holding Account Lender.

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     (c) From and after the establishment of a Lender Holding Account until one of the events
described in clauses (i) through (v) of the first sentence of Section
2.23(b), the Administrative Agent shall continue to maintain such Lender Holding
Account and shall, at the direction of the applicable Holding Account Lender, from time to
time invest and reinvest the funds on deposit in such Lender Holding Account in Eligible
Investments having a maturity not greater than those permitted for funds in the Trust
Accounts under Section 2.08(a). The funding of a Lender Holding Deposit
shall not be considered an Advance or part of the Aggregate Note Balance for any purpose
under this Agreement, including for purposes of calculating any Yield or Non-Use Fees owed to
the Lenders hereunder. The Administrative Agent shall remit or cause to be remitted to the
Managing Agent for each relevant Holding Account Lender, on each Settlement Date or on such
other dates on which the Administrative Agent and such Managing Agent mutually agree, all
realized investment earnings earned or received in connection with the investment of such
funds on deposit in the Lender Holding Account of such Holding Account Lender so long as the
release of such earnings would not cause the amount on deposit in the Lender Holding Account
to be less than the Required Holding Deposit Amount. Notwithstanding anything contained
herein to the contrary, neither the Administrative Agent nor the Trust shall have any
liability for any loss arising from any investment or reinvestment made by it in accordance
with, and pursuant to, the provisions hereof.

     Section 2.24. Deliveries by Administrative Agent. The Administrative Agent agrees that it
will forward to the Managing Agents each of the following, promptly after receipt thereof: (a) the
annual Administrator’s statement delivered to the Administrative Agent pursuant to Section
3.02(a) of the Administration Agreement and (b) any notice of a change in the location of
the records of a Servicer delivered to the Administrative Agent pursuant to Section
2.03 of the Servicing Agreement.

     Section 2.25. Mark-to-Market Valuation.

     (a) In accordance with the Valuation Agent Agreement, the Administrator shall provide to
the Co-Valuation Agents and, upon request, to each Managing Agent, no later than (i) the
fifth calendar day of each month, a collateral tape reflecting the portfolio of Trust Student
Loans as of the end of the immediately preceding calendar month and (ii) if required under
the Valuation Agent Agreement, the fifth calendar day after each Valuation Date, a collateral
tape reflecting the portfolio of Trust Student Loans as of such Valuation Date (provided that
portfolio information from subservicers may not be available). Pursuant to the Valuation
Agent Agreement, on or before the fifth Business Day after receipt of such collateral tape,
each Co-Valuation Agent will deliver to the Administrative Agent two mark-to-market
valuations of the Trust Student Loans based on such collateral tape. The Administrative
Agent shall deliver to the Administrator, each Managing Agent and the Co-Valuation Agents on
or before the Business Day following receipt of the mark-to-market valuations from the
Co-Valuation Agents, a Valuation Report setting forth (i) the mark-to-market valuations
submitted by the Co-Valuation Agents and (ii) the resulting Applicable Percentage determined
in accordance with the Valuation Agent Agreement. The Managing Agents may request, within
reason, that such mark-to-market valuations occur more frequently in accordance with and
subject to the terms of the Valuation Agent Agreement.

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     (b) If any Managing Agent disagrees at any time with the mark-to-market valuation stated
in the Valuation Report by more than 0.25% (e.g., such Managing Agent believes that a
different percentage, which is at least 0.25% less than the mark-to-market valuation set
forth in such Valuation Report, should be used to reflect the market value of the Trust
Student Loans), such Managing Agent shall submit a notice of such dispute in writing together
with such Managing Agent’s own good faith valuation to each Co-Valuation Agent, the
Administrative Agent and the Administrator within two Business Days after receipt of the
related Valuation Report. In such event, the Co-Valuation Agents shall be required to
negotiate with such Managing Agent in good faith to determine an agreed upon mark-to-market
valuation within three Business Days after receipt of such notice. If the Co-Valuation
Agents do not reach an agreement with the Managing Agent within such three Business Day
period, the mark-to-market valuation to be used for determining the new Applicable Percentage
shall be the average of the mark-to-market valuations submitted by the Co-Valuation Agents
and such Managing Agent.

     (c) If the Administrator disagrees at any time with the mark-to-market valuation stated
in the Valuation Report by more than 0.25% (e.g., the Administrator believes that a different
percentage, which is at least 0.25% greater than the mark-to-market valuation set forth in
such Valuation Report, should be used to reflect the market value of the Trust Student
Loans), the Administrator shall submit a notice of such dispute in writing to the
Administrative Agent and each Co-Valuation Agent within two Business Days after receipt of
the related Valuation Report. The Co-Valuation Agents shall be required to negotiate with
the Administrator in good faith to determine an agreed upon mark-to-market valuation within
three Business Days after receipt of such notice. At the end of such period, each
Co-Valuation Agent shall resubmit its good faith valuation (adjusted, to the extent
applicable, following such negotiation) to the Administrative Agent and the mark-to-market
valuation to be used for determining the new Applicable Percentage shall be the average of
the mark-to-market valuations submitted by the Co-Valuation Agents.

     (d) During the pendency of any dispute described in clause (b) or (c) above, the
Applicable Percentage to be applied shall be the disputed Applicable Percentage set forth in
the Valuation Report; provided, however, that to the extent the Administrator
has disputed the Applicable Percentage, the Administrator, on behalf of the Trust, shall
cause to be transferred into the Administration Account amounts required to cure any breach
of the Minimum Asset Coverage Requirement based on the disputed Applicable Percentage, which
amounts shall be maintained therein until such dispute is resolved, at which time the
Administrator, on behalf of the Trust, may, if the dispute is resolved at a higher valuation,
withdraw the portion of such payment that is no longer required to satisfy the Minimum Asset
Coverage Requirement and release such amount to the Trust. To the extent an Applicable
Percentage changes due to either a mark-to-market valuation or as a result of the process
required to obtain a periodic ratings confirmation letter, all new Eligible Private Credit
Loans shall thereafter be sold to the Trust using such revised Applicable Percentages, and
with respect to all Eligible Private Credit Loans then owned by the Trust, the Administrator,
on behalf of the Trust, shall cure any Minimum Asset Coverage Requirement deficiency by
causing cash to be contributed, or by causing Eligible Private

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Credit Loans to be transferred, to the Trust by the Business Day following the date of
adjustment of the Applicable Percentage.

     (e) No amounts shall be paid to the holder of the Excess Distribution Certificate
pursuant to Section 2.05(b)(xxi) until any dispute as to the Applicable
Percentage is resolved and, if applicable, any additional amounts required to be deposited
into the Administration Account to satisfy the Minimum Asset Coverage Requirement shall have
been deposited therein.

     (f) In connection with any Permitted Release under Section 2.18 involving a
release of Trust Student Loans with an aggregate Principal Balance of more than $500,000,000,
the Trust, acting through the Administrator, shall deliver to each Co-Valuation Agent, within
five Business Days of request therefor, at the Administrator’s option, either (i) summary
statistics of the Pledged Collateral being released, together with a copy of a collateral
tape describing the released assets, to the extent such a tape has been prepared and
delivered to any third parties in connection with such release, or (ii) an updated collateral
tape reflecting the portfolio of Trust Student Loans after giving effect to such release.
The Trust, acting through the Administrator, shall also use commercially reasonable efforts
to provide, with reasonable promptness, such other information as may be reasonably requested
by any Managing Agent in connection with such release.

     (g) The parties agree that, for purposes of this Agreement and the Valuation Agent
Agreement, delivery of any collateral tape shall be effective if (i) the same is posted
through the Administrator’s customary file transfer protocols as in effect on the Closing
Date (as such protocols may be modified in a manner mutually acceptable to the Administrator
and the Co-Valuation Agents), and (ii) notice of such posting is given to the applicable
recipient in accordance with Section 10.02.

     Section 2.26. Inability to Determine Rates. If the Required Managing Agents determine, for
any reason in connection with any request for a LIBOR Advance, that (a) dollar deposits are not
being offered to banks in the London interbank eurodollar market for the applicable amount and
Tranche Period of such LIBOR Advance, (b) adequate and reasonable means do not exist for
determining the LIBOR Base Rate for any requested Tranche Period with respect to a proposed LIBOR
Advance, or (c) the LIBOR Base Rate for any requested Tranche Period with respect to a proposed
LIBOR Advance does not adequately and fairly reflect the cost to such Lenders of funding such
Advance, the Administrative Agent will promptly so notify the Trust and each Lender. Thereafter,
the obligation of the Lenders to make or maintain a LIBOR Advance shall be suspended until the
Administrative Agent (upon the instruction of the Required Managing Agents) revokes such notice.
Upon receipt of such notice, the Trust may revoke any pending request for a LIBOR Advance, or
failing that, will be deemed to have converted such request into a request for Base Rate Advances
in the amount specified therein.

     Section 2.27. Calculation of Monthly Yield. On or before the fifth calendar day after the
last day of any Settlement Period, each Managing Agent shall notify the Administrator and the
Administrative Agent of the Yield payable to its Facility Group on the succeeding Settlement Date
together with, (i) if interest for any portion of any Note for any portion of such Settlement
Period is determined by reference to the CP Rate, the applicable CP Rate for such

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Settlement Period for the applicable Conduit Lender; (ii) if interest for any portion of any
Note for any portion of such Settlement Period is determined by reference to the LIBOR Rate, such
Managing Agent’s calculation of the applicable LIBOR Rate for such Settlement Period (which rate
may be based on such Managing Agent’s good faith estimates of the LIBOR Rates to be in effect
during the remainder of such Interest Accrual Period) and (iii) any Estimated Interest Adjustments
owing in respect of the previous Settlement Date.

ARTICLE III

THE NOTES

     Section 3.01. Form of Notes Generally.

     (a) The Notes shall be in substantially the form set forth in Exhibit K,
with such appropriate insertions, omissions, substitutions and other variations as are
required or permitted by this Agreement, and may have such letters, numbers or other marks of
identification and such legends or endorsements placed thereon as may, consistently herewith,
be determined by the officers executing such Notes, as evidenced by their execution of the
Notes.

     (b) The Notes shall be typewritten or printed.

     (c) The Notes shall be issuable only in registered form and with a maximum aggregate
principal amount that, when aggregated with the maximum aggregate principal amounts of each
other Outstanding Note, will equal the Maximum Financing Amount. One Note in an amount equal
to the applicable Pro Rata Share of the Maximum Financing Amount of each Facility Group shall
be registered in the name of the Managing Agent for such Facility Group.

     (d) All Notes shall be substantially identical except as to maximum denomination and
except as may otherwise be provided in or pursuant to this Section.

     Section 3.02. Securities Legend. Each Note issued hereunder will contain the following
legend:

     THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND HAS NOT BEEN APPROVED OR DISAPPROVED BY
THE SECURITIES AND EXCHANGE COMMISSION OR REGULATORY AUTHORITY OF ANY STATE. THIS NOTE HAS
BEEN OFFERED AND SOLD PRIVATELY. THE REGISTERED OWNER HEREOF ACKNOWLEDGES THAT THESE
SECURITIES ARE “RESTRICTED SECURITIES” THAT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT AND AGREES FOR THE BENEFIT OF THE TRUST AND ITS AFFILIATES THAT THESE SECURITIES MAY NOT
BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (I) TO A PERSON WHOM THE
TRANSFEROR REASONABLY BELIEVES IS AN INSTITUTIONAL ACCREDITED INVESTOR TO WHOM NOTICE IS
GIVEN THAT THE RESALE, PLEDGE OR TRANSFER IS BEING MADE IN RELIANCE ON

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REGULATION D, AND IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE
UNITED STATES OR OTHER JURISDICTION OR (II) TO A PERSON IN A TRANSACTION THAT IS REGISTERED
UNDER THE SECURITIES ACT OR THAT IS OTHERWISE EXEMPT FROM THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS. THE HOLDER HEREOF, BY
ACQUIRING THIS NOTE, REPRESENTS AND AGREES FOR THE BENEFIT OF THE DEPOSITOR, THE
ADMINISTRATOR, THE ADMINISTRATIVE AGENT AND THE ELIGIBLE LENDER TRUSTEE THAT: IT IS AN
INSTITUTIONAL ACCREDITED INVESTOR (AS DEFINED IN RULE 501(a)(1)-(3) AND (7) OF REGULATION D
UNDER THE SECURITIES ACT) OR AN ENTITY IN WHICH ALL THE EQUITY OWNERS COME WITHIN SUCH
PARAGRAPHS; ITS ACQUISITION OF THIS NOTE IS OTHERWISE EXEMPT FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS AND IT IS
HOLDING THIS NOTE FOR INVESTMENT PURPOSES AND NOT FOR DISTRIBUTION.

     Section 3.03. Priority. Except as permitted by Section 2.05(b),
Section 2.21 or Section 7.03(b), all Notes issued under this
Agreement shall be in all respects equally and ratably entitled to the benefits hereof and secured
by the Pledged Collateral without preference, priority or distinction on account of the actual time
or times of authentication and delivery, all in accordance with the terms and provisions of this
Agreement. Except as provided in Section 2.05(b), payments of Financing Costs on
the Notes shall be made pro rata among all Outstanding Notes based on the amount of Financing Costs
owed on such Notes, without preference or priority of any kind. Except as provided in
Sections 2.05(b) and 2.21, payments of principal on the Notes shall be made
pro rata among all Outstanding Notes, without preference or priority of any kind.

     Section 3.04. Execution and Dating. The Notes shall be executed on behalf of the Trust by any
of the Authorized Officers of the Eligible Lender Trustee. The signature of any of these officers
on the Notes may be manual or facsimile. Each Note shall be dated the date of its execution.

     Section 3.05. Registration, Registration of Transfer and Exchange, Transfer Restrictions.

     (a) The Trust shall cause to be kept a register (the “Note Register”) in which, subject
to such reasonable regulations as it may prescribe, the Trust shall provide for the
registration of the Notes and for transfers of the Notes. The Administrative Agent, acting
solely for this purpose as agent for the Trust, shall serve as “Note Registrar” for the
purpose of registering the Notes and transfers of the Notes as herein provided.

     (b) Upon surrender for registration of transfer of any Note at the address of the Trust
referred to in Exhibit N, the Trust shall execute and deliver in the name of
the designated transferee or transferees, one or more new Notes of any authorized
denominations and of a like tenor and aggregate principal amount.

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     (c) At the option of the Registered Owner, Notes may be exchanged for other Notes of the
same series and of like tenor in a maximum principal amount consistent with Section
3.01(c), upon surrender of the Notes to be exchanged at such office or agency. Whenever
any Notes are so surrendered for exchange, the Trust shall execute and deliver the Notes,
which the Registered Owner making the exchange is entitled to receive.

     (d) All Notes issued upon any registration of transfer or exchange of Notes shall be the
valid obligations of the Trust, evidencing the same debt, and entitled to the same benefits
under this Agreement, as the Notes surrendered upon such registration of transfer or
exchange.

     (e) Every Note presented or surrendered for registration of transfer or for exchange
shall (if so required by the Trust or the Administrative Agent) be duly endorsed, or be
accompanied by a written instrument of transfer in form satisfactory to the Trust and the
Note Registrar duly executed, by the Registered Owner thereof or his attorney duly authorized
in writing with such signature guaranteed by a commercial bank or trust company, or by a
member firm of a national securities exchange, and such other documents as the Administrative
Agent may require. The Trust shall notify the Administrative Agent, as the Note Registrar,
of each transfer or exchange of Notes.

     (f) No service charge shall be made for any registration of transfer or exchange of
Notes, but the Trust or the Administrative Agent may require payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in connection with any
registration of transfer or exchange of Notes.

     Section 3.06. Mutilated, Destroyed, Lost and Stolen Notes.

     (a) If any mutilated Note is surrendered to the Administrative Agent, the Trust shall
execute and deliver in exchange therefor a new Note of the same series and of like tenor and
maximum principal amount and bearing a number not contemporaneously outstanding. If there
shall be delivered to the Trust (i) evidence to the Trust’s satisfaction of the destruction,
loss or theft of any Note and (ii) such security or indemnity as may be required by them to
hold the Trust and any of its agents, including the Administrative Agent and the Eligible
Lender Trustee, harmless, then, in the absence of notice to the Trust that such Note has been
acquired by a bona fide purchaser, the Trust shall execute and deliver, in lieu of any such
destroyed, lost or stolen Note, a new Note of the same series and of like tenor and principal
amount and maximum principal amount and bearing a number not contemporaneously outstanding.

     (b) In case any such mutilated, destroyed, lost or stolen Note has become or is about to
become due and payable, the Trust in its discretion may, instead of issuing a new Note, pay
such Note.

     (c) Upon the issuance of any new Note under this Section, the Trust may require the
payment of a sum sufficient to cover any tax or other governmental charge that may be imposed
in relation thereto and any other expenses (including the fees and expenses of the Note
Registrar) connected therewith.

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     (d) Every new Note issued pursuant to this Section in lieu of any destroyed, lost or
stolen Note shall constitute an original additional contractual obligation of the Trust,
whether or not the destroyed, lost or stolen Note shall be at any time enforceable by anyone,
and shall be entitled to all the benefits of this Agreement equally and proportionately with
any and all other Notes duly issued hereunder.

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

     Section 3.07. Persons Deemed Owners. Prior to due presentment of a Note for registration of
transfer, the Trust, the Administrative Agent and any agent of the Trust or the Administrative
Agent may treat the Person in whose name such Note is registered as the absolute owner of such Note
for the purpose of receiving payment of principal of and Financing Costs on such Note and for all
other purposes whatsoever, whether or not such Note be overdue, and none of the Trust, the
Administrative Agent or any agent of the Trust or the Administrative Agent shall be affected by
notice to the contrary.

     Section 3.08. Cancellation. Subject to Section 3.05(b), all Notes surrendered
for payment, prepayment in whole, registration of transfer or exchange shall, if surrendered to any
Person other than the Trust, be delivered to the Trust and shall be promptly cancelled by the
Trust. The Trust may at any time cancel any Notes previously delivered hereunder which the Trust
may have acquired in any manner whatsoever, and may cancel any Notes previously executed hereunder
which the Trust has not issued and sold. No Notes shall be executed and delivered in lieu of or in
exchange for any Notes cancelled as provided in this Section, except as expressly permitted by this
Agreement. All cancelled Notes held by the Trust shall be held or destroyed by the Trust in
accordance with its standard retention or disposal policy as in effect at the time.

     Section 3.09. CUSIP/DTC Listing. Each of the Administrator, SLM Corporation and the Trust
hereby covenants and agrees, at the request of any Lender, to take any actions reasonably requested
by any such requesting Lender in order to obtain a CUSIP number for such Lender’s Notes or to list
such Lender’s Notes on The Depository Trust Company (“DTC”); provided, however, that the Trust
shall not be required to pay amounts under Section 2.15, 2.20 or
10.08 as a result of such action. The requesting Lender agrees to pay all costs and
expenses (other than legal expenses) associated with obtaining any such CUSIP number or making such
listing on DTC, and the Administrator agrees to pay all costs and expenses associated with any
amendments to be made to this Agreement as determined to be reasonably necessary to accomplish the
foregoing; provided further, that the parties hereto agree that no amendment fee in
connection therewith will apply.

     Section 3.10. Legal Final Maturity Date. The Notes shall be due and payable in full on the
Legal Final Maturity Date.

ARTICLE IV

CONDITIONS TO CLOSING DATE AND ADVANCES

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     Section 4.01. Conditions Precedent to Closing Date. The purchase of the Notes on the Closing
Date are subject to the condition precedents, unless waived by the Required Managing Agents (and
the Trust, by executing this Agreement, shall be deemed to have certified that all such conditions
precedent unless waived are satisfied on the Closing Date), that:

     (a) the Administrative Agent shall have received on or before the Closing Date the following
documents and opinions, in form and substance satisfactory to each Managing Agent:

     (i) executed copies of the Transaction Documents and each Note,

     (ii) UCC-1 Financing Statements;

     (iii) Officer’s Certificates of the Trust, the Eligible Lender Trustee, the
Administrator, the Master Servicer, SLM Corporation, each Seller and the Depositor
certifying, in each case the articles of incorporation or equivalent organization document,
certificate of formation, by-laws or the equivalent, board resolutions, good standing
certificates and the incumbency and specimen signature of each officer authorized to execute
the Transaction Documents (on which certificates the Administrative Agent, Managing Agents
and Note Purchasers may conclusively rely until such time as the Administrative Agent and
the Managing Agents shall receive from the applicable Person a revised certificate meeting
the requirements of this clause);

     (iv) Opinions of Counsel to the Trust, the Depositor, each Seller, the Administrator,
the Master Servicer, SLM Corporation, and the Eligible Lender Trustee in form and substance
acceptable to the Administrative Agent; with respect to, among other things: (A) the due
organization, good standing and power and authority of each of the Transaction Parties; (B)
the due authorization, execution and delivery of each of the Transaction Documents by the
Transaction Parties party thereto; (C) the enforceability of each of the transaction
documents against each of the Transaction Parties party thereto; (D) that all governmental
consents or filings required under New York or federal law or applicable corporate law in
connection with the execution, delivery and performance of the Transaction Documents have
been made; (E) the absence of conflicts with organizational documents, laws, regulations,
court orders or contracts arising from the execution, delivery and performance by the
Transaction Parties of the Transaction Documents; (F) the exemption from registration of the
Notes under the Securities Act; (G) the exemption of the Trust and the Depositor from
registration under the Investment Company Act; (H) the validity and perfection of the
security interests created under the Transaction Documents; (I) that each transfer of assets
under the Purchase Agreements constitutes a “true sale” in the event of the bankruptcy of
the applicable Seller; (J) the priority of any security interests created under the
Transaction Documents; (K) the non-consolidation of the assets and liabilities of the
Depositor and the Trust with the Sellers, Sallie Mae, Inc. and SLM Corporation in the event
of the bankruptcy of any such entity; and (L) the treatment of the Notes as debt for federal
income tax purposes and the classification of the Trust not as an association or otherwise
taxable as a corporation for federal income tax purposes;

     (v) a schedule of all Trust Student Loans as of the Closing Date;

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     (vi) UCC search report results dated a date reasonably near the Closing Date listing
all effective financing statements which name the Trust, any Seller, the Depositor or the
Eligible Lender Trustee (under its present name or any previous names) in any jurisdictions
where filings are to be made under clause (ii) above (or similar filings would have been
made in the past five years);

     (vii) financing statement terminations on Form UCC-3, if necessary, to release any
liens;

     (viii) evidence of establishment of the Trust Accounts;

     (ix) evidence of any required certification from S&P and Moody’s with respect to
pre-review Conduit Lenders;

     (x) such powers of attorney as the Administrative Agent or any Managing Agent shall
reasonably request to enable the Administrative Agent to collect all amounts due under any
and all of the Pledged Collateral;

     (xi) a list of any pre-approved Lockbox Bank arrangements and copies of all related
documentation; and

     (xii) a letter from Moody’s stating that the Notes have received a long-term definitive
rating of “Aaa”, subject to customary surveillance procedures;

     (b) all fees due and payable to the Arrangers, the Co-Valuation Agents, the Lenders, the
Managing Agents, the Administrative Agent, the Syndication Agent and the Eligible Lender Trustee on
the Closing Date shall have been paid;

     (c) a review of the portfolio and servicing operations has been conducted by Protiviti Inc.
based on procedures agreed upon among the Managing Agents, the Administrative Agent, the
Administrator and the Master Servicer;

     (d) the Managing Agents shall have completed satisfactory due diligence on the status of SLM
Corporation’s current class action litigation and legal compliance issues;

     (e) the FFELP Loan Facilities shall have closed contemporaneously;

     (f) the senior unsecured debt rating of SLM Corporation shall not have been downgraded by
Moody’s or S&P below investment grade;

     (g) there shall not have occurred since December 31, 2007, any event which could reasonably be
expected to have a material adverse effect on the business, assets or condition of SLM Corporation
and its Affiliates taken as a whole, other than as disclosed to each of the Administrative Agent,
the Lead Arrangers, the Managing Agents and the Lenders prior to January 25, 2008;

     (h) there are no Competing Financing Transactions outstanding or being offered, placed or
arranged, other than the other FFELP Loan Facilities, the Private Credit Loan Facility,

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the VG Funding Facility, the Mustang Funding I Facility, the Mustang Funding II Facility and
the Phoenix Fundings Facility;

     (i) the Administrator shall have delivered to the Administrative Agent evidence of (i)
notification to the administrative agents under the VG Funding Facility, the Mustang Funding I
Facility and the Mustang Funding II Facility that no further advances shall be made thereunder
after the Closing Date; (ii) an irrevocable written request from or on behalf of VG Funding I to
terminate the VG Funding Facility in full on the date of the initial Advance; (iii) written
agreement from VG Funding I and Sallie Mae, Inc., in its capacity as administrator under the VG
Funding Facility to waive any waiting period or extension period during which the lenders under the
VG Funding Facility are stayed from exercising remedies; (iv) an irrevocable written request from
or on behalf of each of Mustang Funding I, LLC and Mustang Funding II, LLC providing for the
termination of the Mustang Funding I Facility and the Mustang Funding II Facility, on or prior to
the 15th Business Day after the date the initial Advance has been made under this Agreement and (v)
written agreement from Mustang Funding I, LLC, Mustang Funding II, LLC, and Sallie Mae, Inc., in
its capacity as administrator under the Mustang Funding I Facility and Mustang Funding II Facility
to waive any waiting period or extension period during which the lenders under the Mustang Funding
I Facility and Mustang Funding II Facility are stayed from exercising remedies;

     (j) the aggregate amount of (i) Commitments under this Agreement, (ii) commitments under the
FFELP Loan Facilities, (iii) commitments under any Competing Financing Transactions with a
commitment maturity of not less than 364 days, and (iv) funds received from any term
securitizations or whole loan sales consummated after January 25, 2008, the proceeds of which have
been or will be used to repay outstanding amounts under the VG Funding Facility, the Mustang
Funding I Facility or the Mustang Funding II Facility and which financings of the type described in
this clause (iv) are in excess of any financings projected by SLM Corporation on or prior to
January 25, 2008 and which do not involve a material portion of the unencumbered assets of SLM
Corporation or its Affiliates, equals or exceeds $30,000,000,000; and

     (k) such other information, certificates, documents and actions as the Required Managing
Agents and the Administrative Agent may reasonably request has been received or performed.

     Section 4.02. Conditions Precedent to Advances.

     (a) Conditions Precedent to the Initial Advance. The initial Advance hereunder shall be
subject to the condition precedents, unless waived by each of the Managing Agents, that on or prior
to the date of such Advance (and the Trust, by accepting the proceeds of such initial Advance,
shall be deemed to have certified that all such conditions unless waived are satisfied on the date
of such Advance):

     (i) (A) from and after the Closing Date, no additional advances shall have been made
under the VG Funding Facility and (B) after giving effect to the initial Advance, the VG
Funding Facility shall have been repaid in full and terminated; and

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     (ii) the aggregate amount of (A) Commitments under this Agreement (including for this
purpose executed letters from additional lenders committing to become a new Facility Group
under this Agreement), (B) commitments under the FFELP Loan Facilities, (C) commitments
under any Competing Financing Transactions with a commitment maturity of not less than 364
days, and (D) funds received from any term securitizations or whole loan sales consummated
after January 25, 2008, the proceeds of which have been used to repay outstanding amounts
under the VG Funding Facility, the Mustang Funding I Facility or the Mustang Funding II
Facility and which financings of the type described in this clause (D) are in excess of any
financings projected by SLM Corporation on or prior to January 25, 2008 and which do not
involve a material portion of the unencumbered assets of SLM Corporation or its Affiliates,
equals or exceeds $35,000,000,000. The parties hereby agree that the condition set forth in
this clause (ii) has been satisfied on the Closing Date and therefore do not need be
retested on the date of the initial Advance.

     (b) Conditions Precedent to All Advances. Each Advance (including the initial Advance but
excluding any Capitalized Interest Advances) shall be subject to the further conditions precedent,
unless waived by the Required Managing Agents (or, in the case of clauses (iv)(B)(1), (iv)(B)(2),
(iv)(B)(4), (iv)(C), (iv)(D), (iv)(F), (v), (x), (xi), (xiii), (xiv) and (xvii) below, waived by
all of the Managing Agents), that on the date of such Advance (and the Trust, by accepting the
proceeds of such Advance, shall be deemed to have certified that all such conditions unless waived
are satisfied on the date of such Advance):

     (i) with respect to any Purchase Price Advance, the Eligible Private Credit Loans are
being (A) purchased by the Depositor from a Seller pursuant to a Purchase Agreement and (B)
subsequently purchased by the Trust from the Depositor pursuant to the Sale Agreement;

     (ii) with respect to any Purchase Price Advance, on or prior to the Advance Date, the
Trust shall cause to be delivered to the Administrative Agent copies of the relevant
Purchase Agreement (except to the extent previously delivered), Sale Agreement (except to
the extent previously delivered), bills of sale and blanket endorsements, together with a
Schedule of Trust Student Loans, and copies of all schedules, financing statements and other
documents required to be delivered by the applicable Seller and the Depositor as a condition
of purchase thereunder;

     (iii) with respect to any Advance, on or prior to the Advance Date, the Trust shall
cause to be delivered to the Administrative Agent an Advance Request at the time required in
Section 2.02(b);

     (iv) on the Advance Date, the following statements shall be true, and the Trust by
accepting the amount of such Advance shall be deemed to have certified that:

     (A) the representations and warranties contained in Article V
are correct on and as of such day as though made on and as of such date, both before
and after giving effect to such Advance (or, to the extent such representations and

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warranties speak as of a specific date, were true and correct on and as of such
date);

     (B) no event has occurred and is continuing, or would result from such Advance,
which constitutes (1) a Termination Event, (2) a Servicer Default, (3) a Potential
Termination Event, or (4) an Amortization Event;

     (C) the Requested Advance Amount for the Advance does not, in the aggregate,
exceed the Maximum Advance Amount;

     (D) there has occurred no event which could reasonably be determined to have a
Material Adverse Effect with respect to the Trust;

     (E) no law or regulation shall prohibit, and no order, judgment or decree of
any Official Body shall prohibit or enjoin, the making of such Advances in
accordance with the provisions hereof;

     (F) the amount of money equal to any shortfall in the Reserve Account Specified
Balance on such date is deposited into the Reserve Account on such date from the
proceeds of such Advance; and

     (G) all covenants and agreements contained in the Transaction Documents,
including the delivery of all reports required to be delivered thereunder, shall
have been complied with by the Trust, subject to any applicable grace periods or
waivers granted;

     (v) the Termination Date shall not have been declared;

     (vi) with respect to any Purchase Price Advance, the related Servicer, as bailee for
the Administrative Agent for the benefit of the Secured Creditors, shall be in possession of
the original Student Loan Notes or certified copies thereof, to the extent more than one
loan is evidenced by such Student Loan Note, representing the Student Loans being financed
with the proceeds of such Advance;

     (vii) with respect to any Purchase Price Advance, all conditions precedent to the
Trust’s acquisition of the Student Loans to be financed with the proceeds of such Advance
(other than the payment of the purchase price therefor) shall have been satisfied;

     (viii) no suit, action or other proceeding, investigation or injunction, or final
judgment relating thereto, shall be pending or threatened before any court or governmental
agency, seeking to restrain or prohibit or to obtain damages or other relief in connection
with any of the Transaction Documents or the consummation of the transactions contemplated
hereby;

     (ix) no statute, rule, regulation or order shall have been enacted, entered or deemed
applicable by any government or governmental or administrative agency or court that would
make the transactions contemplated by any of the Transaction Documents illegal or otherwise
prevent the consummation thereof;

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     (x) after giving effect to such Advance, the Asset Coverage Ratio shall be greater than
or equal to the Minimum Asset Coverage Requirement; provided, however, that
this condition precedent shall not be applicable during the Transition Period so long as no
Excess Concentration Amount exists with respect to the Initial Pool as of the Initial Cutoff
Date;

     (xi) the ratings for the Notes shall not have been reduced below the applicable
Required Ratings on such Advance Date;

     (xii) the amount of such Advance, together with any amounts drawn under the Revolving
Credit Agreement in connection with the purchase of the related Student Loans, shall, in the
aggregate, be reasonably equal to the fair market value of such Student Loans;

     (xiii) the Managed Private Credit Loan Default Ratio shall not exceed 3.25% ;
provided, however, that this condition precedent shall not apply during the
Transition Period if the Initial Pool shall satisfy such condition;

     (xiv) the purchase of the related Eligible Private Credit Loans will not cause the
Weighted Average FICO Score to be below 690; provided, however, that this
condition precedent shall not apply during the Transition Period if the Initial Pool
satisfies such condition;

     (xv) with respect to any Purchase Price Advance and each category of Student Loans
referenced in Schedule 1 to the Side Letter and being acquired by the Trust in connection
therewith, (a) the weighted average interest rate payable by the Obligors for each such
category of Eligible Private Credit Loans that are floating rate loans being acquired on
such date shall not be less than the prime rate as of such date plus the weighted average
margin over the prime rate (assuming, in the case of LIBOR-Based Loans, that LIBOR equals
the prime rate minus 2.15%) set forth in Schedule 1 to the Side Letter with respect to such
category, (b) the Weighted Average Remaining Term to Maturity for each such category of
Student Loans being acquired on such date shall not be less than the minimum term set forth
in Schedule 1 to the Side Letter with respect to such category; and (c) the Weighted Average
Remaining Term in School for each such category of Student Loans being acquired on such date
shall not be more than 24 months;

     (xvi) from and after the date the aggregate Principal Balance of Trust Student Loans in
repayment exceeds $50,000,000, the Portfolio Private Credit Loan Default Ratio shall not
exceed, and as of the last Business Day of each of the two immediately preceding calendar
months has not exceeded, 3.0%;

     (xvii) the Private Credit Forbearance Ratio does not exceed, and as of the last
Business Day of each of the two immediately preceding calendar months has not exceeded,
27.0%;

     (xviii) [reserved];

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     (xix) after the Transition Period, after giving effect to the acquisition by the Trust
of additional Eligible Private Credit Loans with the proceeds of such Advance, (A) the
percentage of all Direct-To-Consumer Loans purchased with such Advance the Obligors of which
had original FICO scores below 670 shall not exceed 10% of all Direct-To-Consumer Loans
purchased with the proceeds of such Advance; (B) the Weighted Average FICO Score of the
Direct-To-Consumer Loans which have co-signers purchased with the proceeds of such Advance
shall not be below 715; and (C) the Weighted Average FICO Score of the Direct-To-Consumer
Loans which do not have co-signers purchased with the proceeds of such Advance shall not be
below 685;

     (xx) the Requested Advance Amount for such Advance Date, together with the aggregate
amount of all advances to be made under the FFELP Loan Facilities on such Advance Date,
shall not exceed (x) $2,000,000,000 if such Advance Date is on or prior to the end of the
Transition Period and (y) $1,500,000,000 on any date thereafter (it being understood that
Advances made with proceeds of any prefunding arrangements agreed to by the Managing Agents
(including amounts allocated to the Lenders that are also Lenders in the Mustang I Facility
and the Mustang II Facility) shall not be counted towards such numbers in clauses (x) and
(y)); and

     (xxi) the sum of (A) the Requested Advance Amount on such Advance Date, (B) the
aggregate amount of all advances to be made under the FFELP Loan Facilities on such Advance
Date, (C) the amount of all Advances already made during such calendar week and (D) the
aggregate amount of all advances already made under the FFELP Loan Facilities during such
calendar week, shall not exceed (x) $10,000,000,000 if such Advance Date is on or prior to
the end of the Transition Period and (y) $5,000,000,000 on any date thereafter (it being
understood that Advances made with proceeds of any prefunding arrangements agreed to by the
Managing Agents (including amounts allocated to the Lenders that are also Lenders in the
Mustang I Facility and the Mustang II Facility) shall not be counted towards such numbers in
clauses (x) and (y));

provided, however, that the consent of each Managing Agent shall be required to
waive the conditions precedent set forth in subclauses (xiii) and (xvii) if, after giving effect to
the acquisition by the Trust of additional Eligible Private Credit Loans with such Advance, the
limitations set forth in such subclauses are exceeded by 5% or more or, in the case of subclause
(xiv), if the Weighted Average FICO Score would be below 680.

     (c) Conditions Precedent to Capitalized Interest Advances. Each Capitalized Interest Advance
shall be subject to the following conditions precedent, unless waived by each of the Managing
Agents, that on the date of such Advance (and the Trust, by accepting the proceeds of such Advance,
shall be deemed to have certified that all such conditions unless waived are satisfied on the date
of such Advance):

     (i) the Trust shall cause to be delivered to the Administrative Agent an Advance
Request (and, if the Trust fails to deliver such Advance Request, the Administrative Agent
shall prepare and deliver to the Managing Agents on the Trust’s behalf) at the time required
in Section 2.02(b); and

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     (ii) on the Advance Date, the following statements shall be true, and the Trust by
accepting the amount of such Advance shall be deemed to have certified that:

     (A) the Requested Advance Amount for the Capitalized Interest Advance does not,
in the aggregate, exceed the Maximum Advance Amount;

     (B) no law or regulation shall prohibit, and no order, judgment or decree of
any Official Body shall prohibit or enjoin, the making of such Advances in
accordance with the provisions hereof;

     (C) no Event of Bankruptcy shall have occurred with respect to the Trust; and

     (D) the Scheduled Maturity Date shall not have occurred.

     Section 4.03. Condition Subsequent to Advances (other than the Initial Advance). Within five
Business Days after each Advance other than the initial Advance, the Trust shall cause to be
delivered to the Administrative Agent a reconciliation statement (the "Advance Reconciliation
Statement") which shall include an updated calculation, based on actual figures, and certification
in the form attached as Exhibit M confirming that the Minimum Asset Coverage
Requirement was satisfied after giving effect to the related Advance. The foregoing
notwithstanding, so long as the Trust has not acquired any Student Loans other than those in the
Initial Pool, the Trust shall not be required to deliver any Reconciliation Statements or to comply
with the next sentence until the end of the Transition Period. If the Advance Reconciliation
Statement shows that the actual value of the Trust Student Loans was less than the value provided
on the pro forma certification or that the Minimum Asset Coverage Requirement was not satisfied as
of the Advance Date, then the Trust shall deposit into the Administration Account an amount for
each Trust Student Loan equal to the product of (a) the Applicable Percentage for such Trust
Student Loan multiplied by (b) such difference in value. If the Advance Reconciliation Statement
shows that the value of the Trust Student Loans was greater than the value provided on the pro
forma certification, then the Administrative Agent shall release funds to the Depositor in an
amount, for each Trust Student Loan, equal to the product of (x) the Applicable Percentage for such
Trust Student Loan multiplied by (y) such difference in value from the following accounts in order
and to the extent available: first, from the Administration Account and second, from the Collection
Account. Before funds from the Collection Account may be used for this purpose, the Administrator
must determine that the amounts on deposit in the Collection Account as of the date of payment
after any withdrawal for this purpose are sufficient to pay items (i) through (v) in
Section 2.05(b) of this Agreement due and payable on the next Settlement Date.

     Section 4.04. Conditions Precedent to Addition of New Seller. The addition of any new Seller
to a Purchase Agreement shall be subject to the prior written consent of the Administrative Agent
and the further conditions precedent that (a) at least five Business Days prior to the first
transfer of Eligible Private Credit Loans from such Seller, the Trust or the Administrator shall
have delivered copies of the following documents to the Administrative Agent and the Managing
Agents in form acceptable to the Administrative Agent and the Required Managing Agents and (b) at
least three Business Days prior to the first transfer of

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Eligible Private Credit Loans from such Seller, the Administrative Agent shall have delivered
notice of the proposed addition of such new Seller to the Rating Agencies:

     (i) Executed agreements adding the Seller (and, if applicable, the eligible lender
trustee for such Seller) to the Purchase Agreement;

     (ii) If applicable, an executed trust agreement with respect to the Seller and the
Seller’s “Eligible Lender Trustee” (as defined in such trust agreement), to the extent the
Seller will be transferring Student Loans with respect to which legal title is held by such
trustee;

     (iii) UCC, tax lien, pending suit and judgment searches against the Seller in the
appropriate jurisdictions;

     (iv) A good standing certificate and organizational documents certified by the
Secretary of State of such Seller’s jurisdiction of organization, together with an officer’s
certificate with respect to such Seller’s organizational documents and incumbency of
officers in the form prepared for the initial Sellers;

     (v) Evidence of filing of UCC financing statements reflecting the Seller and, to the
extent applicable, its eligible lender trustee, in the form prepared for the initial Sellers
in the appropriate jurisdiction; and

     (vi) To the extent not already covered by a legal opinion of outside legal counsel
given to the Administrative Agent, a legal opinion in form reasonably acceptable to the
Administrative Agent with respect to true sale, non-consolidation, enforceability and
security interest issues.

ARTICLE V

REPRESENTATIONS AND WARRANTIES

     Section 5.01. General Representations and Warranties of the Trust. The Administrator (on
behalf of the Trust) represents and warrants for the benefit of the Secured Creditors as follows on
the Closing Date, on the date of each Advance and on each Reporting Date:

     (a) The Trust is a statutory trust duly organized, validly existing and in good standing
solely under the laws of the State of Delaware and is duly qualified to do business, and is
in good standing, in every jurisdiction in which the nature of its business requires it to be
so qualified.

     (b) The execution, delivery and performance by the Trust of this Agreement and all
Transaction Documents to be delivered by it in connection herewith or therewith, including
the Trust’s use of the proceeds of Advances,

     (i) are within the Trust’s organizational powers,

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     (ii) have been duly authorized by all necessary organizational action,

     (iii) do not contravene (A) the Trust’s organizational documents; (B) any law,
rule or regulation applicable to the Trust; (C) any contractual restriction binding
on or affecting the Trust or its property; or (D) any order, writ, judgment, award,
injunction or decree binding on or affecting the Trust or its property,

     (iv) do not result in a breach of or constitute a default under any indenture,
agreement, lease or other instrument to which the Trust is a party,

     (v) do not result in or require the creation of any lien, security interest or
other charge or encumbrance upon or with respect to any of its properties (other
than in favor of the Administrative Agent, for the benefit of the Secured Creditors,
with respect to the Pledged Collateral), and

     (vi) no transaction contemplated hereby or by the other Transaction Documents
to which it is a party requires compliance with any bulk sales act or similar law.

     (c) This Agreement and the other Transaction Documents to which it is named as a party
have each been duly executed and delivered by the Eligible Lender Trustee, on behalf of the
Trust. The Notes have been duly and validly authorized and, when executed and paid for in
accordance with the terms of this Agreement, will be duly and validly issued and Outstanding,
and will be entitled to the benefits of this Agreement.

     (d) No permit, authorization, consent, license or approval or other action by, and no
notice to or filing with, any Official Body is required for the due execution, delivery and
performance by the Trust of this Agreement or any other Transaction Document to which it is a
party, except for the filing of UCC financing statements which shall have been filed on or
prior to the date of the initial Advance and except as may be required under non-U.S. law in
connection with any future transfer of the Notes.

     (e) This Agreement and each other Transaction Document to which the Trust is a party
constitute the legal, valid and binding obligations of the Trust, enforceable against the
Trust in accordance with their respective terms, subject to (i) applicable bankruptcy,
insolvency, moratorium, or other similar laws affecting the rights of creditors and (ii)
general principles of equity, whether such enforceability is considered in a proceeding in
equity or at law.

     (f) No Amortization Event, Termination Event, Servicer Default, or, to the best of the
Trust’s knowledge, Potential Termination Event has occurred and is continuing.

     (g) No Monthly Report, Valuation Report (but only to the extent that information
contained therein is supplied by the Administrator on behalf of the Trust or by the Trust),
information, exhibit, financial statement, document, book, record or report furnished or to
be furnished by or on behalf of the Trust to the Affected Parties in connection with this
Agreement is or will be incorrect in any material respect as of the date it is or shall be
dated.

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     (h) The Notes will be characterized as debt for federal income tax purposes. The Trust
has or has caused to be (i) timely filed all tax returns (federal, state and local) required
to be filed, (ii) paid or made adequate provision for the payment of all taxes, assessments
and other governmental charges and (iii) accounted for the sale and pledge of the Trust
Student Loans in its books consistent with GAAP.

     (i) There is no action, suit, proceeding, inquiry or investigation at law or in equity
or before or by any court, public board or body pending or, to the knowledge of the Trust,
overtly threatened in writing against or affecting the Trust (x) asserting the invalidity of
this Agreement or any other Transaction Document, (y) seeking to prevent the consummation of
any of the transactions contemplated by this Agreement and the other Transaction Documents,
or (z) wherein an unfavorable decision, ruling or finding would have a Material Adverse
Effect on the Trust or which affects, or purports to affect, the validity or enforceability
against the Trust of any Transaction Document.

     (j) The Trust is not required to register as an “investment company” or a company
controlled by an “investment company” under the Investment Company Act.

     (k) The Trust is Solvent at the time of (and immediately after) each Advance and each
purchase of Eligible Private Credit Loans made by the Trust. The Trust has given reasonably
equivalent value to the Depositor in consideration for the transfer to it of the Trust
Student Loans from the Depositor and each such transfer shall not have been made for or on
account of an antecedent debt owed by the Depositor to it. No Event of Bankruptcy has
occurred with respect to the Trust.

     (l) The principal place of business and chief executive office of the Trust and the
office where the Trust keeps any Records in its possession are located at the addresses of
the Trust referred to in Section 10.02 or such other location as the Trust
shall have given notice of to the Administrative Agent pursuant to this Agreement.

     (m) The Trust has no trade names, fictitious names, assumed names or "doing business as”
names or other names under which it has done or is doing business.

     (n) All representations and warranties of the Trust set forth in the Transaction
Documents to which it is a party are true and correct in all material respects as of the date
made the Trust is hereby deemed to have made each such representation and warranty, as of the
date made, to, and for the benefit of, the Secured Creditors as if the same were set forth in
full herein.

     (o) The Trust is not in violation of, or default under, any material law, rule,
regulation, order, writ, judgment, award, injunction or decree binding upon it or affecting
the Trust or its property or any indenture, agreement, lease or instrument.

     (p) The Trust has incurred no Debt and has no other obligation or liability, other than
normal trade payables and the Liabilities.

     (q) The sale of the Notes to the initial Note Purchasers pursuant to this Agreement will
not require the registration of the Notes under the Securities Act.

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     (r) (i) No Reportable Event has occurred during the six year period prior to the date on
which this representation is made or deemed made with respect to any Benefit Plan; (ii) no
steps have been taken by any Person to terminate any Benefit Plan subject to Title IV of
ERISA; (iii) no contribution failure or other event has occurred with respect to any Benefit
Plan which is sufficient to give rise to a lien on the assets of the Trust or any ERISA
Affiliate in favor of the PBGC, during such six-year period; (iv) each Benefit Plan has been
administered in all material respects in compliance with its terms and the applicable
provisions of ERISA and the Code; (v) neither the Trust nor any ERISA Affiliate maintains or
contributes to any employee welfare benefit plan within the meaning of Section 3(1) of ERISA
which provides benefits to employees after termination of employment and which is unfunded by
a material amount, except as specifically required by the continuation requirements of Part 6
of Title I of ERISA; (vi) the present value of all accrued benefits under each Benefit Plan
subject to Title IV of ERISA (based on those assumptions used to fund such Benefit Plans) did
not, as of the last valuation date prior to the date on which this representation is made or
deemed made, exceed the value of the assets of such Benefit Plan allocable to such accrued
benefits; (vii) neither the Trust nor any ERISA Affiliate has had a complete or partial
withdrawal from any Multiemployer Plan and neither the Trust nor any ERISA Affiliate would
become subject to any liability under ERISA if the Trust or any such ERISA Affiliate were to
withdraw completely from all Multiemployer Plans as of the valuation date most closely
preceding the date on which this representation is made or deemed made; and (viii) no such
Multiemployer Plan is insolvent within the meaning of Section 4245 of ERISA or in
reorganization within the meaning of Section 4241 of ERISA; provided that this subsection (r)
shall not apply to events which could not reasonably be expected to have a Material Adverse
Effect on the Trust or on SLM Corporation.

     (s) No proceeds of any Advances will be used by the Trust for any purpose that violates
applicable law, including Regulation U of the Federal Reserve Board. The Trust does not own
any “margin stock” within the meaning of Regulation T, U and X of the Federal Reserve Board.

     (t) Each Student Loan to be financed with the proceeds of any Advance constitutes an
Eligible Private Credit Loan as of the date of such Advance and is purchased, or was
previously purchased by the Trust, from the Depositor pursuant to the Sale Agreement. Each
Trust Student Loan represented as an Eligible Private Credit Loan in a Monthly Report, in
fact satisfied as of the last day of the related Settlement Period the definition of
“Eligible Private Credit Loan.” Each Trust Student Loan represented to be an Eligible
Private Credit Loan on any other date or included in the calculation of Asset Coverage Ratio
on any other date in fact satisfied as of such date the definition of “Eligible Private
Credit Loan.”

     (u) Since the date of its formation, no event has occurred which has had a Material
Adverse Effect on the Trust.

     (v) Since the Closing Date, there have been no material changes to the Underwriting
Guidelines or Servicing Policies except as permitted under Section 6.24.

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     (w) The information provided to the Administrative Agent and the Managing Agents with
respect to the Trust Student Loans is accurate in all material respects.

     (x) Each payment of interest on and principal of the Notes will have been (i) in payment
of a debt incurred in the ordinary course of business or financial affairs on the part of the
Trust and (ii) made in the ordinary course of business or financial affairs of the Trust.

     (y) Each Trust Student Loan was originated and has been serviced in compliance with all
requirements of applicable law including, without limitation, Consumer Credit Laws.

     Section 5.02. Representations and Warranties of the Trust Regarding the Administrative Agent’s
Security Interest. The Administrator (on behalf of the Trust) hereby represents and warrants for
the benefit of the Secured Creditors as follows:

     (a) This Agreement creates a valid and continuing security interest (as defined in the
New York UCC) in the Pledged Collateral in favor of the Administrative Agent, which security
interest is both perfected and prior to all other liens, charges, security interests,
mortgages or other encumbrances, and is enforceable as such as against creditors of and
purchasers from the Trust.

     (b) The Trust, by and through the Eligible Lender Trustee as its Eligible Lender, owns
and has good and marketable title to the Trust Student Loans and other Pledged Collateral
free and clear of any Adverse Claim.

     (c) The Trust has caused the filing of all appropriate financing statements in the
proper filing office in the appropriate jurisdictions under applicable law in order to
perfect the security interest in the Pledged Collateral granted to the Administrative Agent
hereunder.

     (d) All executed originals (or certified copies thereof to the extent more than one loan
is evidenced by such Student Loan Note) of each Student Loan Note that constitute or evidence
the Trust Student Loans have been delivered to the applicable Servicer, as bailee for the
Administrative Agent for the benefit of the Secured Creditors.

     (e) Other than the security interest granted to the Administrative Agent pursuant to
this Agreement, the Trust has not pledged, assigned, sold, granted a security interest in, or
otherwise conveyed any of the Pledged Collateral. The Trust has not authorized the filing of
and is not aware of any financing statements against the Trust that include a description of
collateral covering the Pledged Collateral other than any financing statement relating to the
security interest granted to the Administrative Agent hereunder or any financing statement
that has been terminated. There are no judgments or tax lien filings against the Trust.

     (f) The Trust is a “registered organization” (as defined in § 9-102(a)(70) of the UCC)
organized exclusively under the laws of the State of Delaware and, for purposes of Article 9
of the UCC, the Trust is located in the State of Delaware.

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     (g) The Trust’s exact legal name is the name set forth for it on the signature page
hereto.

     Section 5.03. Particular Representations and Warranties of the Trust. The Administrator (on
behalf of the Trust) further represents and warrants to each of the parties hereto with respect to
each of the Trust Student Loans included in the Pledged Collateral:

     (a) Such Trust Student Loans constitute “accounts,” “promissory notes” or “payment
intangibles” within the meaning of the applicable UCC and are within the coverage of Sections
432(m)(1)(E) and 439(d)(3) of the Higher Education Act;

     (b) Such Trust Student Loans are Eligible Private Credit Loans as of the date they
become Pledged Collateral and as of any other date upon which they are declared by the Trust
or the Administrator to be Eligible Private Credit Loans and the description of such Eligible
Private Credit Loans set forth in the Transaction Documents or the Schedule of Trust Student
Loans and in any other documents or written information provided to any of the parties
hereunder (other than documents or information stated to be preliminary which have
subsequently been replaced by definitive documents or information), as applicable, is true
and correct in all material respects;

     (c) The Trust is authorized to pledge such Trust Student Loans and the other Pledged
Collateral; and the sale, assignment and transfer of such Trust Student Loans has been made
pursuant to and consistent with the laws and regulations under which the Trust operates, and
will not violate any decree, judgment or order of any court or agency, or conflict with or
result in a breach of any of the terms, conditions or provisions of any agreement or
instrument to which the Trust is a party or by which the Trust or its property is bound, or
constitute a default (or an event which could constitute a default with the passage of time
or notice or both) thereunder;

     (d) No consents or approvals are required for the consummation of the pledge of the
Pledged Collateral hereunder to the Administrative Agent for the benefit of the Secured
Creditors;

     (e) Any payments on such Trust Student Loans received by the Trust which have been
allocated to the reduction of principal and interest on such Trust Student Loans have been
allocated on a simple interest basis or as otherwise required by applicable law;

     (f) Due diligence and reasonable care have been exercised in making, administering,
servicing and collecting the Trust Student Loans and, with respect to any Trust Student Loan
for which repayment terms have been established, all disclosures of information required to
be made pursuant to the Higher Education Act have been made;

     (g) There is only one original executed copy of the Student Loan Note evidencing each
such Trust Student Loan. For such Trust Student Loans that were executed electronically, the
Master Servicer has possession of the electronic records evidencing the Student Loan Note.
Each applicable Servicer has in its possession a copy of the endorsement and each Loan
Transmittal Summary Form identifying the Student Loan Notes that constitute or evidence the
Trust Student Loans. The Student Loan Notes

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that constitute or evidence the Trust Student Loans do not have any marks or notations
indicating that they are currently pledged, assigned or otherwise conveyed to any Person
other than the Administrative Agent. All financing statements filed or to be filed against
the Eligible Lender Trustee and the Trust in favor of the Administrative Agent in connection
herewith describing the Pledged Collateral contain a statement to the following effect: “A
purchase of or security interest in any collateral described in this financing statement will
violate the rights of the Secured Party”; and

     (h) The applicable parties shall have performed, satisfied and complied with the
conditions set forth in Section 3 of the Purchase Agreement and the Sale Agreement as of the
date of the related bill of sale.

     Section 5.04. Repurchase of Student Loans; Reimbursement. The Trust shall cause the
obligations of the Depositor, the Master Servicer and the Sellers to purchase, repurchase, make
reimbursement or substitute Trust Student Loans to be enforced to the extent such obligations are
set forth in the Sale Agreement, the applicable Purchase Agreement and the Servicing Agreement.
The Trust shall cause any such repurchase amount or reimbursement to be remitted to the Collection
Account. Any substitute Trust Student Loan obtained by the Trust from the Depositor, any Servicer
or Seller shall constitute Pledged Collateral hereunder.

     Section 5.05. Administrator Actions Attributable to the Trust. Any action required to be
taken by the Trust hereunder may be taken by the Administrator on behalf of the Trust, to the
extent permitted under the Administration Agreement. The Trust shall be fully responsible for each
of the representations, warranties, certifications and other statements made herein, in any other
Transaction Document, any Advance Request, any Notice of Release or any other communication
hereunder or thereunder by the Administrator on its behalf as if such representations, warranties,
certifications or statements had been made directly by the Trust. In addition, the Trust shall be
fully responsible for all actions of the Administrator taken on its behalf under this Agreement or
any other Transaction Document as if such actions had been taken directly by the Trust. Nothing in
this Section shall limit the responsibility of the Administrator , or relieve the Administrator
from any liability for exceeding its authority under the Administration Agreement.

ARTICLE VI

COVENANTS OF THE TRUST

From the date hereof until all of the Obligations hereunder and under the other Transaction
Documents have been satisfied in full:

     Section 6.01. Preservation of Separate Existence.

     (a) Nature of Business. The Trust will engage in no business other than (i) purchases,
sales and financings of Trust Student Loans, (ii) the other transactions permitted or
contemplated by this Agreement and the other Transaction Documents, and (iii) any other
transactions permitted or contemplated by its organizational documents as they exist on the
Closing Date, or as amended as such amendments may be permitted

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pursuant to the terms of this Agreement. The Trust will incur no other Debt except as
expressly contemplated by the Transaction Documents.

     (b) Maintenance of Separate Existence. The Trust will do all things necessary to
maintain its existence as a Delaware statutory trust separate and apart from all Affiliates
of the Trust, including complying with the provisions described in Section 9j(iv) of the
Limited Liability Company Agreement of the Depositor.

     (c) Transactions with Affiliates. The Trust will not enter into, or be a party to, any
transaction with any of its respective Affiliates, except (i) the transactions permitted or
contemplated by this Agreement (including the sale and purchase of Eligible Private Credit
Loans to or from Affiliates) or the other Transaction Documents; and (ii) other transactions
(including, without limitation, the lease of office space or computer equipment or software
by the Trust to or from an Affiliate) (A) in the ordinary course of business, (B) pursuant to
the reasonable requirements of the Trust’s business, (C) upon fair and reasonable terms that
are no less favorable to the Trust than could be obtained in a comparable arm’s-length
transaction with a Person not an Affiliate of the Trust, and (D) not inconsistent with the
factual assumptions set forth in the opinion letter issued as of the Closing Date by McKee
Nelson LLP to the Secured Creditors relating to the issues of substantive consolidation.

     Section 6.02. Notice of Termination Event, Potential Termination Event or Amortization Event.
As soon as possible and in any event within three Business Days after the occurrence of each
Termination Event, each Potential Termination Event, each Amortization Event and each Potential
Amortization Event (or, to the extent the Trust does not have knowledge of a Termination Event,
Potential Termination Event, Amortization Event or Potential Amortization Event, promptly upon
obtaining such knowledge), the Trust will provide (or shall cause the Administrator to provide) to
the Administrative Agent a statement setting forth details of such Termination Event, Potential
Termination Event, Amortization Event or Potential Amortization Event and the action which the
Trust has taken or proposes to take with respect thereto. The Administrative Agent shall promptly
forward such notice to the Managing Agents. The Administrative Agent shall promptly provide
written notice of any Termination Event, Potential Termination Event, Amortization Event or
Potential Amortization Event of which it has knowledge to the applicable Rating Agencies.

     Section 6.03. Notice of Material Adverse Change. As soon as possible and in any event within
three Business Days after becoming aware of an event which could reasonably be expected to have a
Material Adverse Effect on the Trust, the Trust will provide to the Administrative Agent written
notice thereof. The Administrative Agent shall promptly forward such notice to the Managing
Agents.

     Section 6.04. Compliance with Laws; Preservation of Corporate Existence; Code of Conduct.

     (a) The Trust will comply in all material respects with all applicable laws, rules,
regulations and orders and preserve and maintain its legal existence, and will

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preserve and maintain its rights, franchises, qualifications and privileges in all
material respects.

     (b) Sallie Mae, Inc. agrees to comply in all material respects with the Student Loan
Code of Conduct that it entered into with the New York Attorney General on April 11, 2007 and
agrees to comply in all material respects with any other similar codes of conduct that it may
expressly agree to after the date hereof.

     Section 6.05. Enforcement of Obligations.

     (a) Enforcement of Trust Student Loans. The Trust shall cause to be diligently enforced
and taken all steps, actions and proceedings reasonably necessary for the enforcement of all
terms, covenants and conditions of all Trust Student Loans and agreements in connection
therewith (except as otherwise permitted pursuant to the Transaction Documents), including
the prompt payment of all principal and interest payments and all other amounts due the Trust
or the Eligible Lender Trustee, as applicable thereunder.

     (b) Enforcement of Servicing Agreements and Administration Agreement. The Trust shall
cause to be diligently enforced and taken all reasonable steps, actions and proceedings
necessary for the enforcement of all terms, covenants and conditions of all Servicing
Agreements and the Administration Agreement which relate to any Trust Student Loans. Except
as otherwise permitted under any Transaction Document, the Trust shall not permit the release
of the obligations of any Servicer under any Servicing Agreement or of the Administrator
under the Administration Agreement and shall at all times, to the extent permitted by law,
cause to be defended, enforced, preserved and protected the rights and privileges of the
Trust, the Eligible Lender Trustee and the Secured Creditors under or with respect to each
Servicing Agreement and the Administration Agreement. The Trust shall not consent or agree
to or permit any amendment or modification of any Servicing Agreement or of the
Administration Agreement, except (i) as required by applicable law; (ii) solely for the
purpose of extending the term thereof; or (iii) in any other manner, if such modification,
amendment or supplement is made pursuant to the terms of that agreement. Upon the occurrence
of a Servicer Default and during the continuation thereof, the Trust shall replace the
Servicer subject to such Servicer Default if instructed to do so by the Administrative Agent.
Upon the occurrence of an Administrator Default and during the continuation thereof, the
Trust shall replace the Administrator if instructed to do so by the Administrative Agent.

     (c) Enforcement of Purchase Agreements and Sale Agreement. The Trust shall cause to be
diligently enforced and taken all reasonable steps, actions and proceedings necessary for the
enforcement of all terms, covenants and conditions of each Purchase Agreement and the Sale
Agreement. Except as otherwise permitted under any Transaction Document, the Trust shall not
permit the release of the obligations of any Seller under any Purchase Agreement or of the
Depositor under the Sale Agreement and shall at all times, to the extent permitted by law,
cause to be defended, enforced, preserved and protected the rights and privileges of the
Trust, the Depositor, the Eligible Lender Trustee and the Secured Creditors under or with
respect to each Purchase Agreement and

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the Sale Agreement. Except as otherwise permitted under any Transaction Document, the
Trust shall not consent or agree to or permit any amendment or modification of any Purchase
Agreement or the Sale Agreement which will in any manner materially adversely affect the
rights or security of the Administrative Agent, the Eligible Lender Trustee or the Secured
Creditors. To the extent such action is required under the terms of the Sale Agreement, upon
a determination that a Trust Student Loan sold pursuant to a Purchase Agreement was not an
Eligible Private Credit Loan at the time it was represented to be as such, the Trust shall
require the Depositor to repurchase such Trust Student Loan from the Trust pursuant to the
Sale Agreement.

     Section 6.06. Maintenance of Books and Records. The Administrator on behalf of the Trust
shall maintain and implement or cause to be maintained and implemented administrative and operating
procedures (including, without limitation, an ability to recreate records evidencing the Pledged
Collateral in the event of the destruction of the originals thereof), and keep and maintain, or
cause to be kept and maintained, all documents, books, records and other information reasonably
necessary or advisable for the collection of all the Pledged Collateral.

     Section 6.07. Fulfillment of Obligations. The Trust shall fulfill its obligations pursuant to
the Transaction Documents. The Trust shall cause each of its Affiliates to fulfill its respective
obligations pursuant to the Transaction Documents.

     Section 6.08. Notice of Material Litigation. As soon as possible and in any event within
three Business Days of the Trust’s actual knowledge thereof, the Trust shall cause the
Administrative Agent to be provided with written notice of (a) any litigation, investigation or
proceeding which may exist at any time which could be reasonably likely to have a Material Adverse
Effect on the Trust; and (b) to the extent reasonably requested by the Administrative Agent in
connection with the delivery of each Monthly Report, a monthly update of material adverse
developments in previously disclosed litigation, including in each case, if known to the Trust,
including any of the same against a Servicer.

     Section 6.09. Notice of Relocation. The Administrator on behalf of the Trust shall cause the
Administrative Agent to be provided notice of any change in the location of the Trust’s principal
offices or any change in the location of the Trust’s books and records within thirty days before
any such change.

     Section 6.10. Rescission or Modification of Trust Student Loans and Transaction Documents.

     (a) Except as expressly permitted in the Servicing Agreement, the Trust shall not permit
the release of the obligations of any Obligor under any Trust Student Loan and shall at all
times, to the extent permitted by law, cause to be defended, enforced, preserved and
protected the rights and privileges of the Trust and the Secured Creditors under or with
respect to each Trust Student Loan and each agreement in connection therewith. The Trust
shall not consent or agree to or permit any modification, extension or renegotiation in any
way of any Trust Student Loan or agreement in connection therewith unless such modification,
extension or renegotiation is (i) required under applicable laws, rules or

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regulations, (ii) provided for in the applicable Underwriting Guidelines or Servicing
Policies, if such modification, extension or renegotiation does not materially adversely
affect the value or collectability thereof or (iii) expressly provided for or permitted in
the Transaction Documents. Nothing in this Agreement shall be construed to prevent the
Trust, the Eligible Lender Trustee or the Administrative Agent, as applicable, from offering
any Obligor any borrower benefit to the extent permissible by this Agreement or the Servicing
Agreement or settling a default or curing a delinquency on any Trust Student Loan on such
terms as shall be permitted by law and shall be consistent with the applicable Underwriting
Guidelines or Servicing Policies.

     (b) Unless otherwise specified pursuant to clause (a) above or in any Transaction
Document, without the written consent of the Required Managing Agents (and the written
consent of the Administrative Agent or the Syndication Agent to the extent any of the
following would require the Administrative Agent or the Syndication Agent to take any action
or amend, modify or waive the duties or responsibilities of the Administrative Agent or the
Syndication Agent hereunder), the Trust will not (nor will it permit any of its agents to):

     (i) cancel, terminate, extend, amend, modify or waive (or consent to or approve
any of the foregoing) any provision of any Transaction Document; or

     (ii) take or consent to any other action that may impair the rights of any
Secured Creditor to any Pledged Collateral or modify, in a manner adverse to any
Secured Creditor, the right of such Secured Creditor to demand or receive payment
under any of the Transaction Documents.

     Section 6.11. Liens.

     (a) Transaction Documents. The Trust (i) will cause to be taken all action necessary to
perfect, protect and more fully evidence the ownership interest of the Trust (or of the
Eligible Lender Trustee, acting on behalf of the Trust) and the first priority perfected
security interest of the Administrative Agent in favor of the Secured Creditors in the Trust
Student Loans, Collections with respect thereto and in the other Pledged Collateral and the
Transaction Documents including, without limitation, (A) filing and maintaining effective
financing statements (Form UCC-1) in all necessary or appropriate filing offices; (B) filing
continuation statements, amendments or assignments with respect thereto in such filing
offices; (C) filing amendments, releases and terminations with respect to filed financing
statements, as necessary; and (D) executing or causing to be executed such other instruments
or notices as may be necessary or appropriate; and (ii) will cause to be taken all additional
actions to perfect, protect and fully evidence the first priority security interest of the
Administrative Agent, for the benefit of the Secured Creditors, in the Trust Student Loans
and other Pledged Collateral related thereto reasonably requested by the Administrative
Agent.

     (b) UCC Matters; Protection and Perfection of Pledged Collateral; Delivery of Documents.
Unless the Trust has complied with Section 6.09, the Trust will keep its principal
place of business and chief executive office, and the office where it keeps any

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Records in its possession, at the address of the Trust referred to in Exhibit
N. The Trust will not make any change to its name unless prior to the effective date
of any such name change or use, the Trust delivers to the Administrative Agent such financing
statements necessary, or as the Administrative Agent may request, to reflect such name
change, together with such other documents and instruments as the Administrative Agent may
request in connection therewith. The Trust will not change its jurisdiction of formation or
its corporate structure.

     The Trust agrees that from time to time, at its expense, it will promptly execute and
deliver all further instruments and documents, and take all further action necessary, or that
the Administrative Agent may reasonably request, in order to maintain the Administrative
Agent’s first priority perfected security interest in the Pledged Collateral for the benefit
of the Secured Creditors, or to enable the Administrative Agent or the Secured Creditors to
exercise or enforce any of their respective rights hereunder (provided,
however, that the foregoing sentence shall not be deemed to require the Trust or the
Master Servicer to relocate or deliver any Student Loan Notes to or at the direction of the
Administrative Agent prior to the Termination Date). Without limiting the generality of the
foregoing, the Trust will: (i) authorize and file such financing or continuation statements,
or amendments thereto or assignments thereof, and such other instruments or notices, as may
be necessary or appropriate (or as the Administrative Agent may request); and (ii) mark their
master data processing records evidencing such Pledged Collateral with a legend or numeric
code acceptable to the Administrative Agent, evidencing that the Administrative Agent, for
the benefit of the Secured Creditors, has acquired an interest therein as provided in this
Agreement. The Trust hereby authorizes the Administrative Agent, or any Secured Creditor on
behalf of the Trust, to file one or more financing or continuation statements, and amendments
thereto and assignments thereof, relative to all or any of the Pledged Collateral now
existing or hereafter arising without the signature of the Trust where permitted by law. A
carbon, photographic or other reproduction of this Agreement or any financing statement
covering the Pledged Collateral, or any part thereof, shall be sufficient as a financing
statement. If the Trust fails to perform any of its agreements or obligations under this
Section, the Administrative Agent or any Secured Creditor may (but shall not be required to)
itself perform, or cause performance of, such agreement or obligation, and the expenses of
the Administrative Agent or such Secured Creditor incurred in connection therewith shall be
payable by the Trust upon the Administrative Agent’s or such Secured Creditor’s demand
therefor.

     For purposes of enabling the Administrative Agent or any such Secured Creditor to
exercise their respective rights described in the preceding sentence and elsewhere in this
Agreement, the Trust and the Eligible Lender Trustee hereby authorize, and irrevocably grant
a Power of Attorney, exercisable only after the occurrence and during the continuation of a
Termination Event, to the Administrative Agent and its respective successors and assigns to
take any and all steps in the Trust’s and the Eligible Lender Trustee’s name and on behalf of
the Trust and/or the Eligible Lender Trustee necessary or desirable, in the determination of
the Administrative Agent, as the case may be, to collect all amounts due under any and all
Trust Student Loans and other Pledged Collateral, including, without limitation, (i)
endorsing the promissory notes to the Administrative Agent or its designee, such that the
Administrative Agent or such designee becomes the

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holder of the promissory notes and has the rights and powers of a holder under applicable
law, (ii) endorsing the Trust’s and/or the Eligible Lender Trustee’s name on checks and other
instruments representing Collections and (iii) enforcing such Trust Student Loans and other
Pledged Collateral.

     Section 6.12. Sales of Assets; Consolidation/Merger.

     (a) Sales, Liens, Etc. Except as otherwise provided herein or in any other Transaction
Document, the Trust will not (nor will it permit the Eligible Lender Trustee to) sell, assign
(by operation of law or otherwise) or otherwise dispose of, or create or suffer to exist any
Adverse Claim upon or with respect to, any Pledged Collateral.

     (b) Merger, Etc. The Trust will not merge or consolidate with any other entity. The
Trust will not convey, transfer, lease or otherwise dispose of (whether in one transaction or
in a series of transactions), all or substantially all of its assets (whether now owned or
hereafter acquired), or acquire all or substantially all of the assets or capital stock or
other ownership interest of any Person, other than with respect to asset acquisitions or
dispositions permitted under the Transaction Documents. The Trust shall not form or create
any subsidiary without the consent of each Managing Agent.

     Section 6.13. Change in Business. The Trust will not make any change in the character of its
business, which change could reasonably be expected to impair the collectability of any Pledged
Collateral or otherwise materially adversely affect the interests or remedies of the Administrative
Agent or the Note Purchasers under this Agreement or any other Transaction Document.

     Section 6.14. Residual Interest. The Trust will not issue any Excess Distribution
Certificates (other than replacement Excess Distribution Certificates) to any Person other than the
Depositor; provided, however, that the Excess Distribution Certificate may be transferred to and
owned by an Affiliate of the Depositor and the Depositor or such Affiliate may pledge the Excess
Distribution Certificate to the Administrative Agent for the benefit of the Secured Creditors to
secure the obligations under the Transaction Documents.

     Section 6.15. General Reporting Requirements. The Trust shall provide to the Administrative
Agent (and, as applicable, will cause the Master Servicer to provide) the following:

     (a) as soon as available and in any event within 120 days after the end of each fiscal
year of the Trust, the Depositor and the Master Servicer, an annual statement of compliance
with the Transaction Documents and applicable law together with an agreed upon procedures
letter delivered by an independent public accountant with respect to the Transaction
Documents, all in form acceptable to the Administrative Agent;

     (b) as soon as available and in any event within 90 days after the end of each fiscal
year of SLM Corporation, a copy of the balance sheet of SLM Corporation and its consolidated
subsidiaries and the related statements of income, stockholders’ equity and cash flows for
such year, each prepared in accordance with GAAP consistently applied and duly certified by
nationally recognized independent certified public accountants selected

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by SLM Corporation, together with a certificate of an officer certifying that such
financial statements fairly present in all material respects the financial condition of SLM
Corporation and its consolidated subsidiaries;

     (c) as soon as available and in any event within 60 days after the end of each fiscal
quarter of SLM Corporation, a copy of an unaudited balance sheet of SLM Corporation and its
consolidated subsidiaries and the related statements of income, stockholders’ equity and cash
flows for such fiscal quarter, each prepared in accordance with GAAP consistently applied,
together with a certificate of an officer certifying that such financial statements fairly
present in all material respects the financial condition of SLM Corporation and its
consolidated subsidiaries;

     (d) promptly following the Administrative Agent’s or any Managing Agent’s request
therefor, copies of all financial statements, settlement statements, portfolio and other
material reports, notices, disclosures, certificates and other written material delivered or
made available to the Trust by any Person pursuant to the terms of any Transaction Document;

     (e) promptly following the Administrative Agent’s or any Managing Agent’s request
therefor, such other information respecting the Trust Student Loans and the other Pledged
Collateral or the conditions or operations, financial or otherwise, of the Trust as the
Administrative Agent or any Managing Agent may from time to time reasonably request;

     (f) with respect to each Servicer, and promptly after receipt thereof after a good faith
effort to obtain such material is made by the Trust, (i) copies of any annual audited
financial statements of such Servicer other than the Master Servicer for so long as the
Master Servicer is a consolidated subsidiary of SLM Corporation, to the extent available,
certified by an independent certified public accounting firm, (ii) with respect to the Trust
Student Loans, on an annual basis within 30 days after receipt thereof, copies of SAS 70
reports for such Servicer and (iii) to the extent not included in the financial information
provided pursuant to clauses (i) and (ii) above and to the extent available, such Servicer’s
net dollar loss for the year due to servicing errors;

     (g) promptly following the Administrative Agent’s or any Managing Agent’s request
therefor, a Schedule of Trust Student Loans;

     (h) promptly and in any event within 45 days after the filing or receiving thereof,
copies of all reports and notices with respect to (A) any “Reportable Event,” relating to a
Benefit Plan (B) the institution of proceedings or the taking of any other action regarding
the termination of, withdrawal from, reorganization within the meaning of Section 4241 of
ERISA or insolvency within the meaning of Section 4245 of ERISA, any Benefit Plan subject to
Title IV of ERISA which the Trust or any of its ERISA Affiliates files under ERISA with the
Internal Revenue Service, the PBGC or the U.S. Department of Labor or which the Trust or any
of its ERISA Affiliates receives from the PBGC, (C) a failure to make any required
contribution to a Benefit Plan or (D) the creation of any lien

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against the assets of the Trust or an ERISA Affiliate in favor of the PBGC or a Benefit
Plan under ERISA;

     (i) promptly after the occurrence thereof, written notice of changes in the Higher
Education Act or any other law of the United States that could reasonably have a probability
of having a Material Adverse Effect on the Trust or could materially and adversely affect (i)
the ability of a Servicer to perform its obligations under its Servicing Agreement, (ii) the
ability of a Subservicer to perform its obligations under its Servicing Agreement, or (iii)
the collectability or enforceability of a material amount of the Trust Student Loans;

     (j) promptly, notice of any change in the accountants of the Trust or SLM Corporation;

     (k) promptly, after the occurrence thereof or if sooner upon any executive officer of
the Administrator having direct or primary responsibility for ABS trust administration
obtaining knowledge of any pending change, notice of any change in the accounting policy of
the Trust or SLM Corporation to the extent such change could reasonably be seen to have a
material and adverse impact on the transactions contemplated herein; and

     (l) promptly after the occurrence thereof, written notice of any material reduction in
the minimum required FICO scores for non-U.S. Obligors in the Underwriting Guidelines.

     Section 6.16. Inspections. The Administrative Agent and the Managing Agents may, upon
reasonable notice and from time to time during regular business hours, once per calendar year (or,
after the occurrence and during the continuation of an Amortization Event or a Termination Event,
as frequently as requested by the Administrative Agent on behalf of any Managing Agent) (i) examine
and make copies of and take abstracts from all books, records and documents (including computer
tapes and disks) relating to the Pledged Collateral and (ii) visit the offices and properties of
the Trust (or the Master Servicer or Subservicer, as applicable) for the purpose of examining such
materials described in clause (i) above, and to discuss matters relating to the Pledged Collateral
or the Trust’s (or the Master Servicer’s or Subservicer’s) performance hereunder and under the
other Transaction Documents with any of the officers, directors, employees or independent public
accountants of the Trust (to the extent available), the Master Servicer or Subservicer having
knowledge of such matters. Any reasonable expenses related to such inspections shall be
reimbursable directly by the Master Servicer. In addition, from time to time during the year, the
Administrative Agent and the Managing Agents may, at their own expense, conduct any other
inspections as they may deem necessary or appropriate, provided such inspections occur upon
reasonable notice and during regular business hours.

     Section 6.17. ERISA. The Trust will not adopt, maintain, contribute to or incur by any of its
own actions or assume any legal obligation with respect to any Benefit Plan or Multiemployer Plan.

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     Section 6.18. Servicers. Except as permitted by any Servicing Agreement, the Trust will not
permit any Person other than the Master Servicer or a Subservicer to collect, service or administer
the Trust Student Loans. The Trust will promptly provide, or cause to be provided, to the Rating
Agencies notice of any resignation, replacement, merger or consolidation of the Servicer and of any
amendments or other modifications made to the Servicing Agreement.

     Section 6.19. Acquisition, Financing, Collection and Assignment of Student Loans. The Trust
shall acquire or finance only Eligible Private Credit Loans with proceeds of the Advances and shall
cause to be collected all principal and interest payments on all the Trust Student Loans and all
sums to which the Trust or Administrative Agent is entitled pursuant to the Sale Agreement, which
relate to such Trust Student Loans as more fully set forth in the Servicing Agreement.

     Section 6.20. Administration and Collection of Trust Student Loans. All Trust Student Loans
shall be administered and collected either by the Trust or by the Master Servicer or a Subservicer
on behalf of the Trust in accordance in all material respects with the Servicing Agreements.

     Section 6.21. Obligations of the Trust With Respect to Pledged Collateral. The Trust will (a)
at its expense, regardless of any exercise by any Secured Creditor of its rights hereunder, timely
and fully perform and comply with all provisions, covenants and other promises required to be
observed by it under the Transaction Documents included in the Pledged Collateral to the same
extent as if the Pledged Collateral had not been pledged hereunder; and (b) pay when due any taxes,
including without limitation, sales and excise taxes, payable in connection with the Pledged
Collateral. In no event shall any Secured Creditor have any obligation or liability with respect
to any Trust Student Loans or other instrument document or agreement included in the Pledged
Collateral, nor shall any of them be obligated to perform any of the obligations of the Trust or
any of its Affiliates thereunder. The Trust will timely and fully comply in all respects with each
Transaction Document to which it is a party.

     Section 6.22. Asset Coverage Requirement. The Trust shall maintain at all times, to the best
of its actual knowledge, the Minimum Asset Coverage Requirement.

     Section 6.23. Amendment of Organizational Documents. The Trust shall cause the Administrative
Agent to be notified in writing of any proposed amendments to the Trust’s organizational documents.
No such amendment shall become effective unless and until the Required Managing Agents have
consented in writing thereto, which consent shall not be unreasonably withheld or delayed.

     Section 6.24. Amendment of Underwriting Guidelines or Servicing Policies. Promptly after the
occurrence thereof, the Trust shall cause the Administrative Agent to be notified of any material
changes to the Underwriting Guidelines or Servicing Policies. The Trust shall not permit or
implement any change in the Underwriting Guidelines or Servicing Policies applicable to any Trust
Student Loan which would materially and adversely affect the collectability of any Trust Student
Loan, the performance of the portfolio of Trust Student Loans or the Administrative Agent’s
security interest in such Trust Student Loans without the prior written consent of the Required
Managing Agents, and unless such changes are made with

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respect to all Eligible Private Credit Loans serviced by the Servicer for its own portfolio
and for securitization trusts sponsored by SLM Corporation. The Trust shall not permit or
implement any material changes to the forbearance, deferment or principal forgiveness policies in
the Underwriting Guidelines with respect to the Trust Student Loans without prior written notice to
each Managing Agent.

     Section 6.25. No Payments on Excess Distribution Certificate. Except as expressly permitted
by Section 2.05(b) of this Agreement, the Trust shall not make any payments or
distributions with respect to the Excess Distribution Certificate without the prior written consent
of the Required Managing Agents.

     Section 6.26. Borrower Benefit Programs. The Trust shall cause the Servicer to maintain any
rate reduction programs or other borrower benefit programs in effect at the time the Trust
purchased such Trust Student Loan. The Trust shall not permit any Servicer to apply any rate
reduction programs with respect to the Trust Student Loans unless (i) such borrower benefit
programs are in effect as of the Closing Date, (ii) the Master Servicer, the Depositor or the
applicable Seller has deposited funds into the Borrower Benefit Account in an amount sufficient to
offset any effective yield reductions in accordance with Section 3.12 of the
Servicing Agreement and the Rating Agency Condition has been satisfied with respect to such program
or (iii) the Administrative Agent has consented to the Trust’s participation in that borrower
benefit program or other rate reduction program and the Rating Agency Condition has been satisfied
with respect to such program.

     Section 6.27. Required Ratings. Within 60 days following the Closing Date, with the
cooperation of the Lead Arrangers, the Trust shall obtain a rating letter from S&P stating that the
Notes have received a long-term definitive rating of “AAA”, subject to customary surveillance
procedures. Required Ratings for the Notes and deliver it to the Administrative Agent. The Lead
Arrangers are expected to assist the Trust in securing the Required Ratings, which effort may
include preparing statistical and other reports required by the Rating Agencies, participating in
teleconferences and/or meetings as needed and otherwise providing information to the Rating
Agencies to the extent requested as a condition to obtaining the Required Ratings. Without
limiting the foregoing, at any time following an amendment to the Bankruptcy Code affecting the
non-dischargeability of Trust Student Loans, any Managing Agent may request an immediate
reconfirmation of the ratings of the Notes. The cost of obtaining each ratings confirmation letter
shall be paid by the Administrator.

     Section 6.28. Competing Financing Transactions. During the Syndication Period, SLM
Corporation hereby agrees that neither it nor any of its Affiliates will negotiate or solicit
offers, bids or engagements, or otherwise seek to obtain commitments, or to assign, participate or
transfer any interest in the commitments, advances, notes, collateral or any other right or
interest in respect of, the Private Credit Loan Facility or any Competing Financing Transactions,
except in cooperation and consultation with the Arrangers. If SLM Corporation or any of its
Affiliates enters into, or commits to enter into any financing transaction on or before the end of
the Syndication Period, and such financing transaction is a (i) conduit securitization of student
loans, (ii) student loan warehouse financing transaction, or (iii) secured financing with a
commitment maturity of 364 days or less that is secured by student loans that would otherwise have
been Eligible Private Credit Loans (any of (i), (ii) or (iii) being a “Competing Financing

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Transaction”), which the Required Managing Agents reasonably determine contains terms or
conditions (including pricing) which are materially more favorable than substantially analogous
terms set forth herein, then upon reasonable written notice by the Administrative Agent to the
Administrator, (x) the Administrative Agent on behalf of the Note Purchasers, may elect to amend
this Agreement in accordance with Section 10.01 to the extent required to conform
its terms to the substantially analogous terms set forth in the transaction documents related to
such Competing Financing Transaction, or (y) to the extent such participation is feasible under the
terms of such Competing Financing Transaction, the Note Purchasers shall be permitted to
participate in such Competing Financing Transaction. In the event a Lender determines to
participate in a Competing Financing Transaction and to terminate its Commitment under this
Agreement, such Lender’s Facility Group shall be treated as a Withdrawing Facility Group and shall
terminate its Commitment hereunder in accordance with Section 2.21(c) to the extent
it participates in such Competing Financing Transaction. In addition, if, at any time while the
Notes are Outstanding, SLM Corporation or any of its Affiliates enters into, or commits to enter
into, any financing transaction (whether or not such financing transaction is a Competing Financing
Transaction), which contains financial covenants substantially similar or in addition to those set
forth in Section 7.02(o), 7.02(p) or 7.02(q) herein, the
Administrator must, prior to the time SLM Corporation or any of its Affiliates enters into such
transaction, certify to the Administrative Agent and the Managing Agents a true and correct copy of
all financial covenants contained in any such financing transaction. If, in the reasonable
determination of the Required Managing Agents, such financial covenants are materially more
favorable to the lenders under such financing transaction than the corresponding covenants set
forth herein, then, at the request of the Administrative Agent, this Agreement shall be amended in
accordance with Section 10.01 to conform to the more restrictive (or more
expansive, as applicable) financial covenants set forth in the related transaction documents.

     Section 6.29. Initial Advances. After or concurrently with the termination and payment of all
outstanding amounts under the VG Funding Facility and until the termination and payment in full of
the Mustang Funding I Facility and Mustang Funding II Facility, the Trust will, subject to
limitations on the ability of the Conduit Lenders to raise CP, request the Lenders to make Purchase
Price Advances to acquire Student Loans from, and repay outstanding amounts (and permanently reduce
commitments to the extent of such repayment) under, the Mustang Funding I Facility and Mustang
Funding II Facility, in an aggregate minimum amount of not less than $2,250,000,000 per calendar
week (or, if greater, 25% of all Advances made under this Agreement and the FFELP Loan Facilities
in such week or, if less, the amounts necessary to acquire the entire Initial Pool) until the end
of the Transition Period and will not use any proceeds from any Advance for any other purpose until
such facilities are paid in full.

     Section 6.30. Initial Pool. Until such time as it has acquired each Eligible Private Credit
Loan in the Initial Pool, the Trust shall not acquire any other Student Loan.

     Section 6.31. Swap Transaction. After the Closing Date, the Trust may enter into a Swap
Agreement with an Eligible Swap Counterparty only upon (i) the written consent of each Managing
Agent and (ii) satisfaction of the Rating Agency Condition.

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ARTICLE VII

AMORTIZATION EVENTS AND TERMINATION EVENTS

     Section 7.01. Amortization Events.

     Each of the following events (each, an "Amortization Event") shall be an Amortization Event
under this Agreement:

     (a) the Aggregate Note Balance and all other Obligations due under the Transaction Documents
are not repaid in full on the Scheduled Maturity Date (as such date may be extended from time to
time); or

     (b) any settlement or one or more judgments or orders for the payment of money or adverse
rulings shall be rendered against any Seller, the Depositor, the Administrator or the Master
Servicer in excess of $50,000,000 on an individual basis or on an aggregate basis that relates to
the student loan origination or servicing practices of such Person and such settlement, judgment or
ruling shall remain unsatisfied or unstayed for a period in excess of 30 days; or

     (c) the filing of any judgment or adverse ruling against any Seller, the Depositor, the Master
Servicer, the Administrator or SLM Corporation that could reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect on such Person and such judgment or
ruling shall remain unsatisfied or unstayed for a period in excess of 30 days; or

     (d) any material adverse development in any federal or state litigation, investigation or
proceeding against the Trust, the Depositor, the Administrator, any Seller, the Master Servicer or
SLM Corporation shall occur that could reasonably be expected to have a Material Adverse Effect on
such Person or on the Pledged Collateral which continues for 30 days after the earlier to occur of
knowledge thereof or written notice thereof shall have been received by the Trust; or

     (e) the filing of any actions or proceedings against the Trust, the Depositor, the
Administrator, any Seller, the Master Servicer or SLM Corporation that involves the Transaction
Documents or any material portion of the Pledged Collateral as to which the Administrative Agent
reasonably believes there is likely to result a materially adverse determination which remains
unsettled, unsatisfied or unstayed for a period in excess of 30 days; or

     (f) (i) the Internal Revenue Service shall file notice of a lien involving a sum in excess of
$50,000,000 pursuant to Section 6323 of the Code with regard to any assets of the Trust and such
lien shall not have been released within two Business Days, (ii) any Person shall institute steps
to terminate any Benefit Plan if the assets of such Benefit Plan are insufficient to satisfy all of
its benefit liabilities in excess of $50,000,000 (as determined under Title IV of ERISA), or a
contribution failure in excess of $50,000,000 occurs with respect to any Benefit Plan, which is
sufficient to give rise to a lien under Section 302(f) or 303(k), as applicable, of ERISA or where
the PBGC shall, or shall indicate its intention to, file notice of a lien pursuant to Section 4068
of ERISA with regard to any of the assets of the Trust and in each case such lien shall not have
been released within two Business Days, or (iii) any Person shall engage in any “prohibited
transaction” (as defined in Section 406 of ERISA or Section 4975 of the Code) involving a Benefit
Plan; or any Reportable Event shall occur with respect to, or proceedings

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shall commence to have a trustee appointed, or a trustee shall be appointed, to administer or
to terminate, a Benefit Plan subject to Title IV of ERISA, which Reportable Event is likely to
result in termination of such Benefit Plan; or the Trust or any ERISA Affiliate is likely to incur
any liability in connection with the withdrawal from, or the insolvency within the meaning of
Section 4245 of ERISA or reorganization within the meaning of Section 4241 of ERISA of, a
Multiemployer Plan; provided, that an event described in this subsection (f) shall not be
an Amortization Event unless such event could reasonably be expected to have a Material Adverse
Effect on the Trust or on SLM Corporation; or

     (g) any material provision of this Agreement or any other Transaction Document to which the
Trust, the Administrator, any Seller, the Depositor or the Master Servicer is a party shall cease
to be in full force and effect for a period of 30 days subject to any other applicable cure period
under this Agreement or any other Transaction Documents; or

     (h) any amendment to applicable law that becomes effective that materially adversely affects
the interests of the Administrative Agent or the Note Purchasers in the Pledged Collateral; or

     (i) the failure to obtain from S&P within 60 days of the Closing Date its explicit and
published Required Ratings for the Notes; provided, that this Amortization Event shall terminate
and the Revolving Period shall be reinstated if such Required Ratings are subsequently obtained
prior to the occurrence of the Termination Date; or

     (j) the Managed Private Credit Loan Default Ratio exceeds 3.50%.

     Section 7.02. Termination Events.

     Each of the following events (each, a “Termination Event”) shall be a Termination Event under
this Agreement:

     (a) (i) the Trust shall fail to pay the Aggregate Note Balance or any other Obligations in
full on the last day of the Amortization Period, (ii) the Trust shall fail to make any payment
under Sections 2.05(b)(i) through 2.05(b)(v) within five Business Days of
the due date thereof, or (iii) the Trust, the Depositor, the Master Servicer, any Material
Subservicer or the Eligible Lender Trustee shall fail to make any other payment, transfer or
deposit (unless waived by the payee or in the case of a failure to make a payment by a Material
Subservicer, such failure was cured by the Master Servicer within the permissible grace period) on
the date first required of such party under the Transaction Documents and such failure shall remain
uncured following the expiration of any applicable payment or grace period provided for in the
Transaction Documents (including the Amortization Period, if applicable); provided,
however, that failure by the Trust to make a required payment on a Settlement Date under
Sections 2.05(b)(vi) through (xxi) solely due to insufficient Available
Funds on such Settlement Date shall not by itself constitute a Termination Event (other than with
respect to all amounts due and owing on the Termination Date or as expressly specified below); or

     (b) any material representation, warranty, certification or statement made or deemed to be
made by the Trust, the Administrator, the Eligible Lender Trustee, any Seller, the Depositor, the
Master Servicer or any Material Subservicer (to the extent such entity remains a

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Subservicer after the 30-day cure period noted below) under or in connection with this
Agreement or any other Transaction Document, or other information, report or document delivered
pursuant hereto or thereto shall prove to have been incorrect in any material respect when made,
deemed made or delivered (except for representations and warranties concerning Eligible Private
Credit Loans with respect to which the applicable Seller, the Depositor or the Servicer has
repurchased the related Student Loans) and shall remain unremedied (if such default can be
remedied) for the greater of (i) 30 days or (ii) the time period expressly provided for the cure of
such representation or warranty in the related Transaction Document, in each case after written
notice thereof shall have been received by the Trust; or

     (c) the Trust, the Administrator, the Eligible Lender Trustee, any Seller, the Depositor, the
Master Servicer or any Material Subservicer shall materially default in the performance or
observance of any term, covenant or undertaking to be performed or observed herein or in any other
Transaction Document on its part and any such failure shall remain unremedied (if such default can
be remedied) for 30 days after the earlier of actual knowledge by an Authorized Officer of the
Trust, the Administrator or the Master Servicer and written notice thereof shall have been received
by the Trust (or, if the obligation in question arises under another Transaction Document, within
the cure period, if any, provided in such Transaction Document); provided, however,
such 30-day cure period shall not apply to defaults under Section 6.01,
6.11, 6.12, 6.25, 6.29 or 6.30; or

     (d) a Servicer Default shall have occurred with respect to the Master Servicer or the
Servicing Agreement of the Master Servicer shall not be in full force and effect for any reason and
the Master Servicer shall not have been replaced within 30 days after notification from the
Administrative Agent; or

     (e) an Event of Bankruptcy shall have occurred with respect to the Trust, the Eligible Lender
Trustee, the Depositor, any Seller, the Administrator, the Master Servicer, SLM Corporation or any
Material Subservicer (to the extent such entity remains a Subservicer after the 30-day period
provided in the definition of an Event of Bankruptcy); or

     (f) [reserved]; or

     (g) the Trust shall fail to deposit, (i) for two consecutive Settlement Periods, into the
Reserve Account, such additional amounts, if any, as are necessary to cause the amount on deposit
in the Reserve Account to be at least equal to the Reserve Account Specified Balance or (ii) into
the Borrower Benefit Account, any amount required to be deposited therein under the Transaction
Documents on or prior to the first Settlement Date for such deposit as described in the Transaction
Documents; or

     (h) the filing of any judgment or adverse ruling against the Trust that could reasonably be
expected to have a Material Adverse Effect on the Trust and such judgment or ruling shall continue
unsatisfied or unstayed for a period in excess of 30 days; or

     (i) the Administrative Agent, for the benefit of the Secured Creditors, shall, for any reason,
cease to have a valid and perfected first priority security interest in the Pledged Collateral, or
the Trust shall, for any reason, cease to have a valid and perfected first priority

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ownership interest in any of the Pledged Collateral, in each case for a period of two Business
Days following the date the Administrator acquired such knowledge or its receipt of such notice; or

     (j) a Change of Control has occurred with respect to the Trust, the Administrator, any Seller,
the Depositor or the Master Servicer; or

     (k) the Depositor shall fail to maintain its status as a limited purpose bankruptcy remote
limited liability company or the Trust shall fail to maintain its status as a single purpose
bankruptcy remote Delaware statutory trust; or

     (l) the Excess Spread Test is not satisfied; or

     (m) the Trust shall be required to register as an “investment company” or a company controlled
by an “investment company” under the Investment Company Act; or

     (n) any Seller, the Depositor, the Master Servicer, any Material Subservicer (to the extent
such Material Subservicer has not been removed as a Subservicer prior to the expiration of any
related cure period), the Administrator or any Affiliate thereof (other than the Trust) shall
default with respect to any outstanding financing arrangement (other than in connection with this
Agreement and the Transaction Documents) representing indebtedness in excess of $50,000,000 and the
result of such default is to cause the acceleration of such indebtedness; or

     (o) the Asset Coverage Ratio shall be less than the Minimum Asset Coverage Requirement and
such deficiency shall not have been cured within one Business Day; or

     (p) the Portfolio Private Credit Default Ratio exceeds 3.50%; or

     (q) the Private Credit Forbearance Ratio exceeds 32.00%; or

     (r) the Consolidated Tangible Net Worth of SLM Corporation shall be less than $1,380,000,000;
or

     (s) at the last day of each fiscal quarter of SLM Corporation, either (i) the Interest
Coverage Ratio shall be less than 1.15:1.00 or (ii) the Net Adjusted Revenue shall be less than
$400,000,000, in each case for the period of four consecutive fiscal quarters then ended; or

     (t) the Trust shall fail to pay to any Exiting Facility Group its Pro Rata Share of the
Aggregate Note Balance within 90 days of the commencement of the Exiting Facility Group
Amortization Period with respect to such Exiting Facility Group; or

     (u) any Rating Agency shall withdraw or downgrade its rating of the Notes below the Required
Ratings; or

     (v) any failure by the Trust to pay amounts required to be paid under Section
2.15, 8.01 or 10.08 on or before the 30th day following the
date of demand for payment thereof; or

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     (w) the failure to pay in full all amounts outstanding under the Mustang Funding I Facility
and Mustang Funding II Facility and to terminate each such facility on or prior to the
15th Business Day after the date the initial Advance has been made under this Agreement.

     Section 7.03. Remedies.

     (a) Amortization Event. After the occurrence of an Amortization Event, the
Yield Rate shall be increased to the Amortization Period Rate until the expiration of the
Amortization Period and any increase in amounts owed shall be payable as Step-Up Fees subject
to the priority of payments set forth in Section 2.05(b). In addition,
following the occurrence of an Amortization Event, no further Advances (other than
Capitalized Interest Advances) shall be made and all amounts on deposit in the Reserve
Account will be transferred to the Collection Account and will become part of Available Funds
on the next Settlement Date. During the Amortization Period, the Administrative Agent or any
party acting on its behalf shall not have the right to seize or sell the Pledged Collateral.
Upon the expiration of the Amortization Period, the Administrative Agent may, by notice to
the Trust, declare that the Termination Date has occurred and may sell the Pledged Collateral
to the extent required in order to repay in full all outstanding Advances and all other
amounts due and owing under this Agreement and the other Transaction Documents in accordance
with the procedures set forth in subsection (b) below.

     (b) Termination Event. After the occurrence of a Termination Event, the Yield
Rate shall be increased as set forth in clause (c) of the definition thereof and any increase
in amounts owed shall be payable as Step-Up Fees subject to the priority of payments set
forth in Section 2.05(b). In addition, after the occurrence of a Termination
Event, the Administrative Agent may, and shall, at the direction of the Required Managing
Agents, by notice to the Trust, declare that a Termination Date shall have occurred (except
that, in the case of any event described in Section 7.02(e) above, the
Termination Date shall be deemed to have occurred automatically). Upon the declaration of
the Termination Date or the automatic occurrence thereof, no further Advances will be made
and all of the Obligations due and owing to the Affected Party shall become immediately due
and payable. Upon any such declaration or automatic occurrence, the Administrative Agent
(for the benefit of the Secured Creditors) shall have, in addition to all other rights and
remedies under this Agreement or otherwise, all other rights and remedies provided to a
secured party under the UCC of the applicable jurisdiction and other applicable laws, which
rights shall be cumulative. The rights and remedies of a secured party which may be
exercised by the Administrative Agent pursuant to this Article shall include, without
limitation, the right, without notice except as specified below, to solicit and accept bids
for and sell the Pledged Collateral or any part thereof in one or more parcels at a public or
private sale, at any exchange, broker’s board or at any of the Administrative Agent’s offices
or elsewhere, for cash, on credit or for future delivery, and upon such other terms as the
Administrative Agent may deem commercially reasonable, including selling Trust Student Loans
on a servicing released basis; provided, that the Administrative Agent may not,
without the prior written consent of the Required Managing Agents, sell the entire corpus of
the Trust Student Loans unless the net proceeds of such sale will be sufficient to pay in
full all interest and principal owing on the Notes. The Trust agrees that, to the extent
notice of sale shall be required by law, ten Business Days’ notice to the Trust and

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the Administrator of the time and place of any public sale or the time after which any
private sale is to be made shall constitute reasonable notification and that it shall be
commercially reasonable for the Administrative Agent to sell the Pledged Collateral on an “as
is” basis, without representation or warranty of any kind. The proceeds of any such sale
shall be deposited into the Collection Account and shall be distributed pursuant to
Section 2.05(b). The Administrative Agent shall not be obligated to make any
sale of Pledged Collateral regardless of notice of sale having been given and may adjourn any
public or private sale from time to time by announcement at the time and place fixed
therefor, and such sale may, without further notice, be made at the time and place to which
it was so adjourned.

     Section 7.04. Setoff. Each of the Secured Creditors and the Administrative Agent on behalf of
all the Secured Creditors is hereby authorized (in addition to any other rights it may have) at any
time after the occurrence of the Termination Date due to the occurrence of a Termination Event or
during the continuation of a Potential Termination Event to set off, appropriate and apply (without
presentment, demand, protest or other notice which are hereby expressly waived) any deposits and
any other indebtedness held or owing by such Secured Creditor or all the Secured Creditors, as
applicable, to, or for the account of, the Trust against the amount of the Outstanding Notes owing
by the Trust to such Secured Creditor or to the Administrative Agent on behalf of such Secured
Creditor (even if contingent or unmatured).

ARTICLE VIII

INDEMNIFICATION

     Section 8.01. Indemnification by the Trust.

     (a) Without limiting any other rights which the Affected Parties or any of their
respective Affiliates may have hereunder or under applicable law, the Trust hereby agrees to
indemnify the Affected Parties and each of their respective members, investors, officers,
directors, employees, agents, advisors, attorneys-in-fact and Affiliates (each, an
“Indemnified Party”) from and against any and all damages, losses, claims, liabilities and
related costs and expenses, including reasonable attorneys’ fees and disbursements (except as
may be expressly limited by Section 10.08 ) awarded against or incurred by
any of the Indemnified Parties arising out of or as a result of the purchase of any Notes,
the funding of Advances, this Agreement, the other Transaction Documents or the Pledged
Collateral; excluding, however (i) any indemnified amounts to the extent
determined by a court of competent jurisdiction to have resulted from the gross negligence or
willful misconduct of the Indemnified Party seeking indemnification and (ii) any recourse for
Defaulted Student Loans or Delinquent Student Loans or losses attributable to changes in the
market value of the Trust Student Loans because of changes in market interest rates or in
rate of prepayment (the foregoing, being collectively referred to as “Trust Indemnified
Amounts”).

     (b) Any amounts subject to the indemnification provisions of this Section
8.01 shall be paid by the Trust, to the extent not already paid by the Seller, the
Depositor or the Servicer under any other Transaction Documents, to the related Indemnified
Party on or

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before the 30th day following the date of demand therefor accompanied by reasonable
supporting documentation with respect to such amounts.

     Section 8.02. Indemnification by SLM Corporation.

     (a) Without limiting any other rights that any such Person may have hereunder or under
applicable law (including, without limitation, the right to recover damages for breach of
contract), SLM Corporation hereby agrees to indemnify each Indemnified Party, from and
against any and all damages, losses, claims, liabilities and related costs and expenses,
including attorneys’ fees and disbursements awarded against or incurred by any of them
arising out of or relating to (i) the Transaction Documents, the transactions contemplated
under the Transaction Documents or the Trust Student Loans, or (ii) use of proceeds
hereunder, including indemnified amounts arising out of or relating to any Regulatory Change
after the date of this Agreement that results in any Other Tax, all interest and penalties
thereon or with respect thereto, and all out-of-pocket costs and expenses, including the
reasonable fees and expenses of counsel in defending against the same, which may arise by
reason of the purchases hereunder, or any security interest in the Trust Student Loans or any
item of the Trust Student Loans; excluding, however, (A) indemnified amounts
to the extent determined by a court of competent jurisdiction to have resulted from gross
negligence or willful misconduct on the part of such Indemnified Party, (B) any amounts
payable as indemnification by the Trust for which the Indemnified Party has a claim against
the Depositor, a Seller or the Master Servicer under the indemnification provisions in the
Sale Agreement, any Purchase Agreement or the Servicing Agreement, unless such claim has not
been paid within the applicable timeframe provided therein, (C) recourse for Defaulted
Student Loans or Delinquent Student Loans or losses attributable to changes in the market
value of the Trust Student Loans because of changes in market interest rates or in rate of
prepayment, or (D) indemnified amounts to the extent that such indemnified amounts exceed in
the aggregate the lesser of (1) 5% of the highest Aggregate Note Balance at any time during
the immediately preceding 12-month period, and (2) $100,000,000 (the foregoing being
collectively referred to as “SLM Indemnified Amounts”).

     (b) Any Trust Indemnified Amounts which are also SLM Indemnified Amounts and are not
paid by the Trust on or before the 30th day following the date of demand pursuant
to Section 8.01, shall be paid by SLM Corporation to the related Indemnified
Party within five Business Days following demand therefor accompanied by reasonable
supporting documentation with respect to such amounts.

ARTICLE IX

ADMINISTRATIVE AGENT, SYNDICATION AGENT AND MANAGING AGENTS

     Section 9.01. Authorization and Action of Administrative Agent and Syndication Agent.

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     (a) The Conduit Lenders, the LIBOR Lenders, the Managing Agents and the Alternate
Lenders hereby accept the appointment of and authorize the Administrative Agent and the
Syndication Agent to take such action as agent on their behalf and to exercise such powers as
are delegated to the Administrative Agent and the Syndication Agent by the terms hereof,
together with such powers as are reasonably incidental thereto. Each of the Administrative
Agent and the Syndication Agent reserves the right, in its sole discretion, to take any
actions and exercise any rights or remedies under this Agreement and any related agreements
and documents. Notwithstanding any provision to the contrary contained elsewhere in this
Agreement or in any other Transaction Document, the Administrative Agent and the Syndication
Agent shall not have any duties or responsibilities, except those expressly set forth in this
Agreement, nor shall the Administrative Agent or the Syndication Agent have or be deemed to
have any fiduciary relationship with any Lender or Managing Agent, and no implied covenants,
functions, responsibilities, duties, obligations or liabilities shall be read into this
Agreement or any other Transaction Document or otherwise exist against the Administrative
Agent and the Syndication Agent. Without limiting the generality of the foregoing sentence,
the use of the terms “Administrative Agent” and “Syndication Agent” in this Agreement with
reference to the Administrative Agent and the Syndication Agent, respectively, are not
intended to connote any fiduciary or other implied (or express) obligations arising under
agency doctrine of any applicable law. Instead, such terms are used merely as a matter of
market custom, and is intended to create or reflect only an administrative relationship
between independent contracting parties.

     (b) Each of the Administrative Agent and the Syndication Agent may execute any of its
duties under this Agreement or any other Transaction Document by or through agents, employees
or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters
pertaining to such duties. Each of the Administrative Agent and the Syndication Agent shall
not be responsible for the negligence or misconduct of any agent or attorney-in-fact that it
selects with reasonable care. The Administrative Agent agrees to give the Managing Agents
notice of each notice and determination and a copy of each certificate and report (if such
notice, report, determination, or certificate is not given by the applicable Person to such
Managing Agent) given to it by the Trust, the Administrator, any Seller, the Master
Depositor, the Depositor, any Servicer, any Co-Valuation Agent or the Eligible Lender Trustee
pursuant to the terms of the Transaction Documents within five Business Days of receipt
thereof. Except for actions which each of the Administrative Agent and the Syndication Agent
is expressly required to take pursuant to this Agreement, neither the Administrative Agent
nor the Syndication Agent shall be required to take any action which exposes the
Administrative Agent or the Syndication Agent to personal liability or which is contrary to
applicable law unless the Administrative Agent or the Syndication Agent shall receive further
assurances to its satisfaction from the Managing Agents that it will be indemnified against
any and all liability and expense which may be incurred in taking or continuing to take such
action.

     (c) The Syndication Agent shall provide prompt notice to the Administrator of a
successful syndication as described under the Syndication Procedures Letter.

     Section 9.02. Authorization and Action of Managing Agents.

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     (a) Each Lender hereby accepts the appointment of and authorize its related Managing
Agent to take such action as agent on its behalf and to exercise such powers as are delegated
to such Managing Agent by the terms hereof, together with such powers as are reasonably
incidental thereto. Each Managing Agent reserves the right, in its sole discretion, to take
any actions and exercise any rights or remedies under this Agreement and any related
agreements and documents. Notwithstanding any provision to the contrary contained elsewhere
in this Agreement or in any other Transaction Document, no Managing Agent shall have any
duties or responsibilities, except those expressly set forth in this Agreement, nor shall any
Managing Agent have or be deemed to have any fiduciary relationship with any Lender, and no
implied covenants, functions, responsibilities, duties, obligations or liabilities shall be
read into this Agreement or any other Transaction Document or otherwise exist against any
Managing Agent. Without limiting the generality of the foregoing sentence, the use of the
term “Managing Agent” in this Agreement with reference to any Managing Agent is not intended
to connote any fiduciary or other implied (or express) obligations arising under agency
doctrine of any applicable law. Instead, such term is used merely as a matter of market
custom, and is intended to create or reflect only an administrative relationship between
independent contracting parties.

     (b) Each Managing Agent may execute any of its duties under this Agreement or any other
Transaction Document by or through agents, employees or attorneys-in-fact and shall be
entitled to advice of counsel concerning all matters pertaining to such duties. No Managing
Agent shall be responsible for the negligence or misconduct of any agent or attorney-in-fact
that it selects with reasonable care. Each Managing Agent agrees to give to its related
Lenders prompt notice of each notice and determination and a copy of each certificate and
report (if such notice, report, determination, or certificate is not given by the applicable
Person to such Lender) given to it by the Administrative Agent, the Syndication Agent, the
Trust, the Administrator, any Seller, the Depositor, any Servicer, any Co-Valuation Agent or
the Eligible Lender Trustee pursuant to the terms of this Agreement. Except for actions
which each Managing Agent is expressly required to take pursuant to this Agreement, such
Managing Agent shall not be required to take any action which exposes such Managing Agent to
personal liability or which is contrary to applicable law unless such Managing Agent shall
receive further assurances to its satisfaction from its related Lenders that it will be
indemnified against any and all liability and expense which may be incurred in taking or
continuing to take such action.

     Section 9.03. Agency Termination. The appointment and authority of the Administrative Agent,
the Syndication Agent and the Managing Agents hereunder shall terminate upon the payment by the
Trust of all Obligations hereunder unless sooner terminated pursuant to Sections
9.07 and 9.08, as applicable.

     Section 9.04. Administrative Agent’s, Syndication Agent’s and Managing Agent’s Reliance, Etc.
None of the Administrative Agent, the Syndication Agent, any Managing Agent or any of their
respective directors, officers, agents or employees shall be liable for any action taken or omitted
to be taken by it as Administrative Agent, the Syndication Agent, or Managing Agent, as applicable,
under or in connection with this Agreement or any related agreement or document, except for its own
gross negligence or willful misconduct. Without limiting the foregoing, each of the Administrative
Agent, the Syndication Agent and each Managing Agent:

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     (a) may consult with legal counsel (including counsel for the Trust or any Affiliate of
the Trust), independent public accountants and other experts selected by it and shall not be
liable for any action taken or omitted to be taken in good faith by it in accordance with
the advice of such counsel, accountants or experts;

     (b) makes no warranty or representation to any Lender, any Managing Agent or any
Program Support Provider and shall not be responsible to any Lender, any Managing Agent or
any Program Support Provider for any statements, warranties or representations made by the
Trust, the Administrator, SLM Corporation, the Eligible Lender Trustee, any Seller, the
Depositor, any Servicer or any Co-Valuation Agent in connection with this Agreement or any
other Transaction Document;

     (c) shall not have any duty to ascertain or to inquire as to the performance or
observance of any of the terms, covenants or conditions of this Agreement or any other
Transaction Document on the part of the Trust, the Administrator, SLM Corporation, the
Eligible Lender Trustee, any Servicer, any Seller, the Depositor or any Co-Valuation Agent
or to inspect the property (including the books and records) of the Trust, the
Administrator, SLM Corporation, the Eligible Lender Trustee, any Servicer, any Seller, the
Depositor or any Co-Valuation Agent;

     (d) shall not be responsible to any Lender, any Managing Agent, or any Program Support
Provider, as the case may be, for the due execution, legality, validity, enforceability,
genuineness, sufficiency or value of this Agreement, any Transaction Document or any other
instrument or document furnished pursuant hereto; and

     (e) shall incur no liability under or in respect of this Agreement by acting upon any
notice (including notice by telephone), consent, certificate or other instrument or writing
(which may be by facsimile or other electronic means) believed by it in good faith to be
genuine and signed or sent by the proper party or parties.

     Section 9.05. Administrative Agent, Syndication Agent, Managing Agents and Affiliates. The
Administrative Agent, the Syndication Agent, the Managing Agents and their Affiliates may generally
engage in any kind of business with the Trust, the Administrator, SLM Corporation, the Eligible
Lender Trustee, any Servicer, any Guarantor, any Seller, the Depositor, any of their respective
Affiliates and any Person who may do business with or own securities of the Trust, the
Administrator, SLM Corporation, the Eligible Lender Trustee, any Servicer, any Guarantor, any
Seller, the Depositor, or any of their respective Affiliates, all as if such entities were not the
Administrative Agent, the Syndication Agent or a Managing Agent and without any duty to account
therefor to any Lender, any Managing Agent or any Program Support Provider.

     Section 9.06. Decision to Purchase Notes and Make Advances. The Lenders acknowledge that each
has, independently and without reliance upon the Administrative Agent or any Managing Agent, and
based on such documents and information as it has deemed appropriate, made its own evaluation and
decision to enter into this Agreement and to make Advances hereunder. The Lenders also acknowledge
that each will, independently and without reliance upon the Administrative Agent, any Managing
Agent or any of their Affiliates, and based on such documents and information as it shall deem
appropriate at the time, continue to

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make its own decisions in taking or not taking action under this Agreement or any related
agreement, instrument or other document. Furthermore, each of the Lenders and Managing Agents
acknowledges and agrees that although it may have received modeling and other structural
information (including cash flow analysis) from the Administrative Agent or a Managing Agent,
neither the Administrative Agent nor any Managing Agent assumes any responsibility for the accuracy
or completeness of such information and such information is not intended to be relied upon as a
prediction of performance or for any other reason.

     Section 9.07. Successor Administrative Agent or Syndication Agent.

     (a) The Administrative Agent or the Syndication Agent may resign at any time by giving
five days’ written notice thereof to the Syndication Agent or the Administrative Agent, as
applicable, each Conduit Lender, each Managing Agent, each LIBOR Lender, each Alternate
Lender, the Trust, the Administrator and the Eligible Lender Trustee. Upon any such
resignation, the Conduit Lenders, the Managing Agents, the LIBOR Lenders and the Alternate
Lenders shall have the right to appoint a successor Administrative Agent or Syndication Agent
approved by the Administrator (which approval will not be unreasonably withheld or delayed
and will not be required after the occurrence and during the continuation of a Termination
Event). If no successor Administrative Agent or Syndication Agent shall have been so
appointed and shall have accepted such appointment within sixty days after the retiring
Administrative Agent’s or Syndication Agent’s giving of notice of resignation, then the
retiring Administrative Agent or Syndication Agent may, on behalf of the Conduit Lenders, the
Managing Agents, the LIBOR Lenders and the Alternate Lenders, appoint a successor
Administrative Agent or Syndication Agent. If the successor Administrative Agent or
Syndication Agent is not an Affiliate of the resigning Administrative Agent or Syndication
Agent, a LIBOR Lender or an Alternate Lender, such successor Administrative Agent or
Syndication Agent shall be subject to the Administrator’s prior written approval (which
approval will not be unreasonably withheld or delayed). Upon the acceptance of any
appointment as Administrative Agent or Syndication Agent hereunder by a successor
Administrative Agent or Syndication Agent, such successor Administrative Agent or Syndication
Agent shall thereupon succeed to and become vested with all of the rights, powers, privileges
and duties of the retiring Administrative Agent or Syndication Agent, and the retiring
Administrative Agent or Syndication Agent shall be discharged from its duties and obligations
under this Agreement. After any retiring Administrative Agent’s or Syndication Agent’s
resignation hereunder as Administrative Agent or Syndication Agent, the provisions of this
Article shall inure to its benefit as to any actions taken or omitted to be taken by it while
it was an Administrative Agent or Syndication Agent under this Agreement.

     (b) The “Administrative Agent” and “Syndication Agent” shall include any successors to
the Administrative Agent or Syndication Agent as a result of a merger, consolidation,
combination, conversion, reorganization or any other transaction (or series of related
transactions) in which shares of the Administrative Agent’s or the Syndication Agent’s
capital stock are sold or exchanged for or converted or otherwise changed into other stock or
securities, cash and/or any other property, or the sale, lease, assignment, transfer or other
conveyance of a majority of the assets of the Administrative Agent or the

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Syndication Agent in any transaction (or series of related transactions).
Notwithstanding anything to the contrary in this Agreement, no consent of the Lenders, the
Managing Agents or the Trust shall be required in connection with the succession of the
Administrative Agent or the Syndication Agent as a result of any of the foregoing
transactions.

     Section 9.08. Successor Managing Agents. Any Managing Agent may resign at any time by giving
five days’ written notice thereof to its related Lenders, the Trust, the Administrator, the
Administrative Agent and the Eligible Lender Trustee. Upon any such resignation, the applicable
Lenders shall have the right to appoint a successor Managing Agent approved by the Administrator
(which approval will not be unreasonably withheld or delayed and will not be required after the
occurrence and during the continuation of a Termination Event). If no successor Managing Agent
shall have been so appointed and shall have accepted such appointment, within sixty days after the
retiring Managing Agent’s giving of notice of resignation, then the retiring Managing Agent may, on
behalf of its related Lenders, appoint a successor Managing Agent. If the successor Managing Agent
is not an Affiliate of the resigning Managing Agent, such successor Managing Agent shall be subject
to the Administrator’s prior written approval (which approval will not be unreasonably withheld or
delayed and will not be required after the occurrence and during the continuation of a Termination
Event). Upon the acceptance of any appointment as a Managing Agent hereunder by a successor
Managing Agent, such successor Managing Agent shall thereupon succeed to and become vested with all
of the rights, powers, privileges and duties of the retiring Managing Agent, and the retiring
Managing Agent shall be discharged from its duties and obligations under this Agreement. After any
retiring Managing Agent’s resignation hereunder as a Managing Agent, the provisions of this Article
shall inure to its benefit as to any actions taken or omitted to be taken by it while it was a
Managing Agent under this Agreement.

     Section 9.09. Reimbursement. Each Managing Agent, Alternate Lender, LIBOR Lender and
Committed Conduit Lender agrees to reimburse and indemnify the Administrative Agent, the
Syndication Agent and its officers, directors, employees, representatives, counsel and agents (to
the extent the Administrative Agent or the Syndication Agent is not paid or reimbursed by the
Trust, the Administrator, SLM Corporation, the Master Servicer, the Sellers or the Depositor),
ratably according to the amounts owed to each such Person hereunder, from and against such Lender’s
ratable share of any and all liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may be
imposed on, incurred by, or asserted against the Administrative Agent or the Syndication Agent in
any way relating to or arising out of this Agreement or any other Transaction Document or any
action taken or omitted by the Administrative Agent or the Syndication Agent under this Agreement
or any Transaction Document; provided, that no Lender shall be liable for any portion of
such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements resulting from the Administrative Agent’s or the Syndication Agent’s
gross negligence or willful misconduct. Without limitation of the foregoing, each Alternate
Lender, LIBOR Lender and Committed Conduit Lender agrees to reimburse the Administrative Agent and
the Syndication Agent promptly upon demand for its ratable share of any out-of-pocket expenses
(including counsel fees) incurred by the Administrative Agent and the Syndication Agent in
connection with the due diligence, negotiation, preparation, execution, delivery, administration,
modification, amendment or

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enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice
in respect of rights or responsibilities under, this Agreement or any other Transaction Document
and in connection with the initial syndication of the Commitments as described in the Syndication
Procedures Letter, in each case to the extent that the Administrative Agent or the Syndication
Agent is not reimbursed for such expenses by the Trust, the Administrator, SLM Corporation, the
Master Servicer, the Sellers, the Master Depositor or the Depositor.

     Section 9.10. Notice of Amortization Events, Termination Events, Potential Amortization
Events, Potential Termination Events or Servicer Defaults. Neither the Administrative Agent nor
the Syndication Agent shall be deemed to have knowledge or notice of the occurrence of an
Amortization Event, a Termination Event, a Potential Amortization Event, a Potential Termination
Event or a Servicer Default, unless the Administrative Agent or the Syndication Agent has received
written notice from a Note Purchaser, a Managing Agent or the Trust referring to this Agreement,
describing such Amortization Event, Termination Event, Potential Amortization Event, Potential
Termination Event or Servicer Default and stating that such notice is a “Notice of Termination
Event or Potential Termination Event,” “Notice of Amortization Event or Potential Amortization
Event” or “Notice of Servicer Default,” as applicable. The Administrative Agent or the Syndication
Agent will notify the Managing Agents of its receipt of any such notice.

ARTICLE X

MISCELLANEOUS

     Section 10.01. Amendments, Etc.

     (a) Unless otherwise specified herein, no amendment to or waiver of any provision of
this Agreement or the Side Letter nor consent to any departure by the Trust or any other
Person therefrom shall in any event be effective unless the same shall be in writing and
signed by the Trust, the Eligible Lender Trustee and the Required Managing Agents and the
Rating Agency Condition has been satisfied; provided, however, that (u) SLM
Education Credit Finance Corporation agrees that it shall notify the Administrative Agent in
writing of any proposed amendments or other modifications to the organizational documents of
any Seller or the Depositor and will not effect any such amendment or other modification
without the prior written consent of the Required Managing Agents, not to be unreasonably
withheld; (v) any waiver of the Termination Event set forth in Section
7.02(r) shall also require the consent of the applicable Exiting Facility Group; (w)
each of the Trust, the Eligible Lender Trustee, SLM Corporation and SLM Education Credit
Finance Corporation agrees that it will execute any amendment to this Agreement or any other
Transaction Document (the form and substance of which shall be reasonably acceptable to the
Eligible Lender Trustee) requested by the Lead Arrangers to effect changes expressly
permitted under the Commitment Fee Letter dated as of January 25, 2008 among certain of the
Alternate Lenders and their Affiliates and SLM Corporation; (x) no such amendment, waiver or
consent shall, without the consent of the Administrative Agent or the Syndication Agent,
require the Administrative Agent or the Syndication Agent, as applicable, to take any action
or amend, modify or waive the duties, responsibilities or rights of the Administrative Agent
or the Syndication Agent, as

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applicable, hereunder or under any other Transaction Document; (y) the consent of the
applicable Alternate Lender, LIBOR Lender or Committed Conduit Lender, shall be required to
increase the amount of its Commitment or extend the Scheduled Maturity Date; and (z) no such
amendment, waiver or consent shall, without the consent of each affected Managing Agent
(unless such amendment, waiver or consent is (A) necessary to correct a mistake or cure any
ambiguity or (B) made solely to satisfy the Rating Agency Condition, in each case as
reasonably determined by the Required Managing Agents):

     (i) amend Section 7.01, Section 7.02 or
Article VIII or the definitions of Adjusted Pool Balance,
Amortization Period, Applicable Percentage (including as set forth in the Side
Letter), Asset Coverage Ratio, Defaulted Student Loan, Eligible Private Credit Loan,
Excess Concentration Amount (including as set forth in the Side Letter), Excess
Spread, Excess Spread Test, Managed Private Credit Loan Default Ratio, Maximum
Advance Amount, Minimum Asset Coverage Ratio, Portfolio Private Credit Loan Default
Ratio, Private Credit Forbearance Ratio or Required Managing Agents or any other
provision hereof specifying the percentage of Managing Agents required to waive,
amend or modify any rights hereunder or make any determination or grant any consent
hereunder contained in this Agreement or modify the then existing Excess
Concentration Amount;

     (ii) amend, modify or waive any provision of this Agreement in any way which
would (A) reduce the amount of principal or Financing Costs payable on account of
any Note or delay any scheduled date for payment thereof, (B) reduce fees payable by
the Trust to the Administrative Agent, the Managing Agents or the Lenders or delay
the dates on which such fees are payable or (C) modify any provisions relating to
the Asset Coverage Ratio or any required reserves so as to reduce such reserves;

     (iii) agree to the payment of a different rate of interest on the Notes
pursuant to this Agreement;

     (iv) waive the Termination Events set forth in Section 7.02(e)
(with respect to the Trust, the Administrator, the Master Servicer or SLM
Corporation), Section 7.02(j), Section 7.02(o),
Section 7.02(p), Section 7.02(q), Section
7.02(u) or Section 7.02(w);

     (v) amend this Section 10.01 in any way other than expanding
the list of amendments, waivers or consents that require the consent of each
Managing Agent;

     (vi) release all or substantially all of the Pledged Collateral except as
expressly permitted by this Agreement;

     (vii) amend Section 2.14 in a manner that would alter the pro
rata sharing of payments required thereby;

     (viii) amend or waive the provisions of Section 6.27; or

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     (ix) amend, modify or waive any provision of the Side Letter.

     (b) Any such amendment, waiver or consent shall be effective only in the specific
instance and for the specific purpose for which given. To the extent the consent of any of
the parties hereto (other than the Trust) is required under any of the Transaction Documents,
the determination as to whether to grant or withhold such consent shall be made by such party
in its sole discretion without any implied duty toward any other Person, except as otherwise
expressly provided herein or therein. The parties acknowledge that, before entering into
such an amendment or granting such a waiver or consent, Lenders may be entitled to receive an
amount as may be mutually agreed upon between the Trust and the Managing Agents and, in
addition, may be required to obtain the approval of some or all of the Program Support
Providers. If any Conduit Lender is required pursuant to its program documents to provide
notice of an amendment to the Transaction Documents to any Rating Agency rating the CP of
such Conduit Lender, such Conduit Lender’s related Managing Agent shall provide such Rating
Agency with notice of such amendment to the Transaction Documents.

     (c) The Administrative Agent covenants and agrees not to consent to any amendment or
waiver to the Administration Agent or the Servicing Agreement without receiving the consent
of the Required Managing Agents (or, in the case of any amendment to Section
5.01 of the Servicing Agreement in clause (a) of the definition of Servicing
Agreement, all of the Managing Agents).

     (d) [Reserved].

     Section 10.02. Notices; Non-Public Information, Etc.

     (a) Notices. All notices and other communications provided for hereunder shall, unless
otherwise stated herein, be in writing (including communication by facsimile copy or other
electronic means) and mailed, delivered by nationally recognized overnight courier service,
transmitted or delivered by hand, as to each party hereto, at its address set forth on
Exhibit N hereto or at such other address as shall be designated by such
party in a written notice to the other parties hereto. Each such notice, request or other
communication shall be effective (i) if given by facsimile, when such facsimile is
transmitted to the specified facsimile number and an appropriate confirmation is received,
(ii) if given by e-mail, when sent to the specified e-mail address and an appropriate
confirmation is received, (iii) if given by mail, five days after being deposited in the
United States mails, first class postage prepaid (except that notices and communications
pursuant to Article II shall not be effective until received), (iv) if given
by nationally recognized courier guaranteeing overnight delivery, the Business Day following
such day after such communication is delivered to such courier or (v) if given by any other
means, when delivered at the address (electronic or otherwise) specified in this Section.
Notwithstanding the foregoing, with respect to any Transaction Document, any recipient may
designate what it deems to be appropriate confirmation and that notification by e-mail to it
shall not be effective without such confirmation. 

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     (b) MNPI. The Trust hereby acknowledges that (i) the Administrative Agent and/or the
Syndication Agent will make available to the Lenders materials and/or information provided by
or on behalf of the Trust hereunder (collectively, “Trust Materials”) by posting the Trust
Materials on IntraLinks or another similar electronic system (the “Platform”) and (ii)
certain of the Lenders may be “public-side” Lenders (each, a “Public Lender”) which may have
personnel who do not wish to receive material non-public information (within the meaning of
the United States federal securities laws) with respect to the Trust or its Affiliates, or
the respective securities of any of the foregoing (“MNPI”), and who may be engaged in
investment and other market-related activities with respect to the Trust’s or its Affiliate’s
securities or debt. The Trust hereby agrees that (w) all Trust Materials that are to be made
available to Public Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a
minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page
thereof; (x) by marking Trust Materials “PUBLIC,” the Trust shall be deemed to have
authorized the Administrative Agent, the Syndication Agent and the Lenders to treat such
Trust Materials as not containing any MNPI with respect to the Trust, its Affiliates or their
respective securities for purposes of United States federal and state securities laws
(provided, however, that to the extent such Trust Materials constitute confidential
information, they shall be treated as set forth in Section 10.12); (y) all Trust Materials
marked “PUBLIC” are permitted to be made available through a portion of the Platform
designated “Public Investor;” and (z) the Administrative Agent and the Syndication Agent
shall be entitled to treat any Trust Materials that are not marked “PUBLIC” as being suitable
only for posting on a portion of the Platform not designated “Public Investor.”

     (c) The Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT
PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE TRUST MATERIALS
OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS
FROM THE TRUST MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING
ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD
PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN
CONNECTION WITH THE TRUST MATERIALS OR THE PLATFORM. In no event shall any of the
Administrative Agent, the Syndication Agent or any of its Related Parties (collectively, the
“Agent Parties”) have any liability to the Trust, any Lender or any other Person for losses,
claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise)
arising out of the Trust’s, the Administrative Agent’s or the Syndication Agent’s
transmission of Trust Materials through the Internet, except to the extent that such losses,
claims, damages, liabilities or expenses are determined by a court of competent jurisdiction
by a final and nonappealable judgment to have resulted from the gross negligence or willful
misconduct of such Agent Party.

     (d) Private Side Information. Each Public Lender agrees to cause at least one
individual at or on behalf of such Public Lender at all times to have selected the “Private
Side Information” or similar designation on the content declaration screen of the Platform in
order to enable such Public Lender or its delegate, in accordance with such Public

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Lender’s compliance procedures and applicable law, including United States federal and
state securities laws, to make reference to Trust Materials that are not made available
through the “Public Side Information” portion of the Platform and that may contain MNPI with
respect to the Trust or its securities for purposes of United States federal or state
securities laws.

     Section 10.03. No Waiver; Remedies; Limitation of Liability. No failure or delay by any party
hereto in exercising any right hereunder shall operate as a waiver thereof; nor shall any single or
partial exercise of any right hereunder preclude any other or further exercise thereof or the
exercise of any other right. The remedies herein provided are cumulative and not exclusive of any
remedies provided by law. No claim may be made by any Transaction Party or any other Person
against any Lender, Managing Agent, the Administrative Agent, the Syndication Agent or any of their
Related Parties for any indirect, special, incidental, consequential or punitive damages (as
opposed to direct or actual damages) in respect of any claim for breach of contract or any other
theory of liability arising out of or related to the transactions contemplated by this Agreement or
any act, omission or event occurring in connection therewith; and each party hereto hereby waives,
releases and agrees not to sue upon any claim for any such damages, whether or not accrued and
whether or not known or suspected to exist in its favor. No claim may be made by any Lender,
Managing Agent, the Administrative Agent, the Syndication Agent or any other Person against any
Transaction Party or any of their Related Parties for any indirect, special, incidental,
consequential or punitive damages (as opposed to direct or actual damages) in respect of any claim
for breach of contract or any other theory of liability arising out of or related to the
transactions contemplated by this Agreement or any act, omission or event occurring in connection
therewith; and each party hereto hereby waives, releases and agrees not to sue upon any claim for
any such damages, whether or not accrued and whether or not known or suspected to exist in its
favor.

     Section 10.04. Successors and Assigns; Binding Effect.

     (a) This Agreement shall be binding on the parties hereto and their respective
successors and permitted assigns; provided, however, that neither the Trust
nor the Administrator may assign or otherwise transfer any of its rights or obligations or
delegate any of its duties hereunder or under any of the other Transaction Documents to which
it is a party without the prior written consent of the Administrative Agent. Except as
provided in clauses (b), (d), (f) and (g) below and except as provided in Article
III, no provision of this Agreement shall in any manner restrict the ability of any
Lender to assign, participate, grant security interests in, or otherwise transfer any portion
of its Note.

     (b) Committed Lenders. Any Alternate Lender, LIBOR Lender or Committed Conduit Lender
may assign all or any portion of its Commitment and its interest in its Facility Group’s
Notes, the Pledged Collateral and its other rights and obligations hereunder to any Person
with the prior written approval of the Administrator and the Administrative Agent (which
approvals shall not be unreasonably withheld or delayed and shall not be required after the
occurrence and during the continuation of a Termination Event) and the approval of the
Managing Agent of such Lender’s Facility Group; provided, however, such
consent of the Administrator or the Administrative Agent shall not be required in the case of
an assignment to a Lender, an Affiliate of an existing

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Lender or any Approved Fund or in the case of a Committed Conduit Lender, to a
commercial paper conduit managed by an Affiliate of an existing Lender or Managing Agent;
provided further, that (x) in the case of an assignment of the entire
remaining amount of the assigning Lender’s Commitment and interest in its Facility Group’s
Notes at the time owing to it or in the case of any assignment to a Lender, an Affiliate of a
Lender or an Approved Fund, no minimum amount need be assigned; and (y) in any case not
described in clause (x) of this proviso, the aggregate minimum amount of the Commitment or
interest in a Facility Group’s Notes to be assigned determined as of the date of the
assignment and assumption agreement shall not be less than $10,000,000, unless each of the
Administrative Agent and, so long as no Amortization Event or Termination Event has occurred
and is continuing, the Administrator otherwise consents (each such consent not to be
unreasonably withheld or delayed); provided, however, that concurrent
assignments to members of an Assignee Group and concurrent assignment from members of an
Assignee Group to a single assignee (or to an assignee and members of its Assignee Group)
will be treated as a single assignment for purposes of determining whether such minimum
amount has been met.

     In connection with any such assignment, the assignor shall deliver to the assignee(s) an
assignment and assumption agreement, duly executed, assigning to such assignee a pro rata
interest in such assignor’s Commitment and other obligations hereunder and in its interest in
its Facility Group’s Notes and the Pledged Collateral and other rights hereunder, and such
assignor shall promptly execute and deliver all further instruments and documents, and take
all further action, that the assignee may reasonably request, in order to protect, or more
fully evidence the assignee’s right, title and interest in and to such interest and to enable
the Administrative Agent, on behalf of such assignee, to exercise or enforce any rights
hereunder and under the other Transaction Documents to which such assignor is or, immediately
prior to such assignment, was a party. Upon any such assignment, (i) the assignee shall have
all of the rights and obligations of the assignor hereunder and under the other Transaction
Documents to which such assignor is or, immediately prior to such assignment, was a party
with respect to such assignor’s Commitment and interest in its Facility Group’s Notes and the
Pledged Collateral for all purposes of this Agreement and under the other Transaction
Documents to which such assignor is or, immediately prior to such assignment, was a party and
(ii) except as otherwise contemplated in Section 2.03(c) for assignments
during the Syndication Period, the assignor shall have no further obligations with respect to
the portion of its Commitment which has been assigned and shall relinquish its rights with
respect to the portion of its interest in its Facility Group’s Notes and Pledged Collateral
which has been assigned for all purposes of this Agreement and under the other Transaction
Documents to which such assignor is or, immediately prior to such assignment, was a party.
No such assignment shall be effective until a fully executed copy of the related assignment
and assumption agreement has been delivered to the Administrative Agent, the applicable
Managing Agent and the Administrator, together with an assignment processing and recordation
fee in the amount of $3,500.00 (which fee includes all costs and expenses of the
Administrative Agent, assignor and assignee for which the Trust is responsible in connection
with such assignment); provided, however, that the Administrative Agent may,
in its sole discretion elect to waive such processing recordation fee in the case of any
assignment.

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     (c) The assignee, if it is not a Lender, shall deliver to the Administrative Agent an
Administrative Questionnaire. No such assignment shall be made to the Trust or any of the
Trust’s Affiliates, except as otherwise explicitly permitted by this Agreement.

     (d) Conduit Lenders. Without limiting the foregoing, each Conduit Lender may, from
time to time, with prior or concurrent notice to the Trust, the Administrator, the Managing
Agent for such Conduit Lender’s Facility Group, and the Administrative Agent, in one
transaction or a series of transactions, assign all or a portion of its interest in its
Facility Group’s Notes and its rights and obligations under this Agreement and any other
Transaction Documents to which it is a party to a Conduit Assignee. Upon and to the extent
of such assignment by a Conduit Lender to a Conduit Assignee:

     (i) such Conduit Assignee shall be the owner of the assigned portion of the
related Facility Group’s Notes and the right to make Advances;

     (ii) unless otherwise provided for in an agreement among the Conduit Assignee,
the Administrative Agent and the Trust, the Managing Agent for the Conduit Lender
assignor will act as the Managing Agent for such Conduit Assignee, with all
corresponding rights and powers, express or implied, granted to the Managing Agent
hereunder or under the other Transaction Documents;

     (iii) such Conduit Assignee (and any related commercial paper issuer, if such
Conduit Assignee does not itself issue commercial paper) and their respective
Program Support Providers and other Related Parties shall have the benefit of all
the rights and protections provided to the Conduit Lender and its Program Support
Provider(s) herein and in the other Transaction Documents (including any limitation
on recourse against such Conduit Assignee or Related Parties, any agreement not to
file or join in the filing of a petition to commence an insolvency proceeding
against such Conduit Assignee, and the right to assign to another Conduit Assignee
as provided in this paragraph);

     (iv) such Conduit Assignee shall assume all (or the assigned or assumed
portion) of the Conduit Lender’s obligations, if any, hereunder or any other
Transaction Document, and the Conduit Lender shall be released from such
obligations, in each case to the extent of such assignment, and the obligations of
the Conduit Lender and such Conduit Assignee shall be several and not joint;

     (v) all distributions in respect of the Notes shall be made to the applicable
agent or Managing Agent, as applicable, on behalf of the Conduit Lender and such
Conduit Assignee on a pro rata basis according to their respective interests;

     (vi) the defined terms and other terms and provisions of this Agreement and the
other Transaction Documents shall be interpreted in accordance with the foregoing;
and

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     (vii) if requested by the Administrative Agent or the Managing Agent with
respect to the Conduit Assignee, the parties will execute and deliver such further
agreements and documents and take such other actions as the Administrative Agent or
such Managing Agent may reasonably request to evidence and give effect to the
foregoing.

     No assignment by a Conduit Lender to a Conduit Assignee of all or any portion of its
interest in its Facility Group’s Notes shall in any way diminish its related Alternate
Lenders’ obligation under this Agreement to fund any Advances not previously funded by the
Conduit Lender or such Conduit Assignee.

     (e) In the event that a Conduit Lender makes an assignment to a Conduit Assignee in
accordance with clause (d) above, the Alternate Lenders in such Conduit Lender’s Facility
Group:

     (i) if requested by the related Managing Agent, shall terminate their
participation in the applicable Program Support Agreement related to the assigning
Conduit Lender to the extent of such assignment;

     (ii) if requested by the related Managing Agent, shall execute (either directly
or through a participation agreement, as determined by such Managing Agent) the
program support agreement related to such Conduit Assignee, to the extent of such
assignment, the terms of which shall be substantially similar to those of the
participation or other agreement entered into by such Alternate Lender with respect
to the applicable Program Support Agreement (or which shall be otherwise reasonably
satisfactory to the related Managing Agent and the Alternate Lenders);

     (iii) if requested by the Conduit Assignee, shall enter into such agreements as
requested by the Conduit Assignee pursuant to which they shall be obligated to
provide funding to the Conduit Assignee on substantially the same terms and
conditions as is provided for in this Agreement in respect of the Conduit Lender (or
which agreements shall be otherwise reasonably satisfactory to the Conduit Assignee
and the Alternate Lenders); and

     (iv) shall take such actions as the Administrative Agent shall reasonably
request in connection therewith.

     (f) Notwithstanding the foregoing, each of the Administrator and the Trust hereby
agrees and consents to the assignment by any Conduit Lender from time to time of all or any
part of its rights under, interest in and title to the Advances, the Pledged Collateral,
this Agreement, and the other Transaction Documents to any Program Support Provider.

     (g) If its related Managing Agent so elects, a Conduit Lender shall assign (and each of
the Administrator and the Trust consents to such assignment), effective on the Assignment
Date referred to below, all or such portions as may be elected by the Conduit Lender of its
interest in its Facility Group’s Note, at such time to its related Alternate

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Lender(s); provided, however, that no such assignment shall take place
pursuant to this paragraph at a time when an Event of Bankruptcy with respect to such
Conduit Lender exists. No further documentation or action on the part of the Conduit Lender
shall be required to exercise the rights set forth in the immediately preceding sentence,
other than the giving of notice by its related Managing Agent on behalf of the Conduit
Lender referred to above and the delivery by such related Managing Agent of a copy of such
notice to each related Alternate Lender (the date of the receipt by the applicable Managing
Agent of any such notice being the “Assignment Date”). Each related Alternate Lender hereby
agrees, unconditionally and irrevocably and under all circumstances, without setoff,
counterclaim or defense of any kind, to pay the full amount of its Assignment Amount on such
Assignment Date to its related Conduit Lender or Conduit Lenders in immediately available
funds to an account designated by the related Managing Agent. Upon payment of its
Assignment Amount, each such Alternate Lender shall acquire an interest in such Facility
Group’s Notes equal to that transferred by the Conduit Lender. In the event that the
aggregate of the Assignment Amounts paid by any Facility Group’s Alternate Lenders pursuant
to this paragraph on any Assignment Date occurring is less than the principal balance of the
Notes of the applicable Conduit Lender on such Assignment Date, then to the extent payments
are therefore received by the applicable Managing Agent hereunder in respect of such Notes
in excess of the aggregate of the unrecovered Assignment Amounts funded by the related
Alternate Lenders, such excess shall be remitted by the applicable Managing Agent to the
applicable Conduit Lenders.

     (h) By executing and delivering an assignment and assumption agreement, the assignor
and assignee thereunder confirm to and agree with each other and the other parties hereto as
follows:

     (i) other than as provided in such assignment and assumption agreement, the
assignor makes no representation or warranty and assumes no responsibility with
respect to any statements, warranties or representations made in or in connection
with this Agreement, the other Transaction Documents or any other instrument or
document furnished pursuant hereto or thereto or the execution, legality, validity,
enforceability, genuineness, sufficiency or value or this Agreement, the other
Transaction Documents or any such other instrument or document;

     (ii) the assignor makes no representation or warranty and assumes no
responsibility with respect to the financial condition of the Administrator, SLM
Corporation, the Trust or any Affiliate thereof or the performance or observance by
the Administrator, SLM Corporation, the Trust or any Affiliate thereof of any of
their respective obligations under this Agreement or the other Transaction Documents
or any other instrument or document furnished pursuant hereto;

     (iii) such assignee confirms that it has received a copy of this Agreement and
each other Transaction Document and such other instruments, documents and
information as it has deemed appropriate to make its own credit

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analysis and decision to enter into such assignment and assumption agreement
and to purchase such interest;

     (iv) such assignee will, independently and without reliance upon the
Administrative Agent, any Managing Agent, any other Lender, or any of their
respective Affiliates, or the assignor and based on such agreements, documents and
information as it shall deem appropriate at the time, continue to make its own
credit decisions in taking or not taking action under this Agreement and the other
Transaction Documents;

     (v) such assignee appoints and authorizes the Administrative Agent and its
applicable Managing Agent to take such action as agent on its behalf and to exercise
such powers under this Agreement, the other Transaction Documents and any other
instrument or document furnished pursuant hereto or thereto as are delegated to the
Administrative Agent or its applicable Managing Agent by the terms hereof or
thereof, together with such powers as are reasonably incidental thereto and to
enforce its respective rights and interests in and under this Agreement, the other
Transaction Documents and the Pledged Collateral;

     (vi) such assignee agrees that it will perform in accordance with their terms
all of the obligations which by the terms of this Agreement and the other
Transaction Documents are required to be performed by it as the assignee of the
assignor; and

     (vii) such assignee agrees that it will not institute against the Conduit
Lenders any proceeding of the type referred to in Section 10.15
prior to the date which is one year and one day (or, if longer, any applicable
preference period plus one day) after the payment in full of all CP issued by the
Conduit Lender (or any related commercial paper issuer, if the Conduit Lender does
not itself issue CP).

     (i) From and after the effective date specified in each assignment and acceptance, (i)
the assignee thereunder shall be a party hereto and, to the extent of the interest assigned
by such assignment and acceptance, have the rights and obligations of the assigning Lender
under this Agreement, (ii) the assigning Lender shall, to the extent of the interest so
assigned, be relieved from its obligations hereunder and (iii) in the case of an assignment
of all of a Lender’s rights and obligations hereunder, such Lender shall cease to be a party
hereto provided that such Lender shall continue to be entitled to the benefits of
Sections 2.02(c), 2.15, 2.20 and 10.08 and Article
VIII, in each case solely with respect to facts and circumstances occurring prior to
the effective date of such assignment.

     (j) The Administrative Agent shall, acting solely for this purpose as an agent of the
Trust, maintain a register (the “Register”) on which it will record the Lenders’ rights
hereunder, and each assignment and acceptance and participation. The Register shall include
the names and addresses of the Lenders (including all assignees, successors and
participants). Failure to make any such recordation, or any error in such recordation, shall
not affect the Lenders’ obligations in respect of such rights. If a Lender assigns or sells
a

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participation in its rights hereunder, it shall provide the Trust and the Administrative
Agent with the information described in this paragraph and permit the Trust to review such
information as reasonably needed for the Trust and the Administrative Agent to comply with
its obligations under this Agreement or to maintain the Obligations at all times in
“registered form” within the meaning of Sections 163(f), 871(h)(2) and 881(c)(2) of the Code
and any related regulations. The entries in the Register shall be conclusive, and the Trust,
the Administrative Agent and the Lenders may treat each Person whose name is recorded in the
Register pursuant to the terms hereof as a Lender hereunder for all purposes of this
Agreement, notwithstanding notice to the contrary. The Register shall be available for
inspection by the Trust and any Lender, at any reasonable time and from time to time upon
reasonable prior notice.

     (k) Each Lender may at any time pledge or Grant a security interest in all or any
portion of its rights under this Agreement (including, without limitation, rights to payment
of principal and Yield) to secure its obligations, including without limitation any pledge,
grant, or assignment to secure obligations to a Federal Reserve Bank, without notice to or
consent of SLM Corporation, the Administrator, the Trust or the Administrative Agent;
provided, that no such pledge or Grant of a security interest shall release a Lender
from any of its obligations under this Agreement, or substitute any such pledgee or grantee
for such Lender as a party to this Agreement.

     (l) Each initial Alternate Lender, LIBOR Lender and Committed Conduit Lender hereto
agrees that notwithstanding anything to the contrary set forth herein, each such party may,
in accordance with the terms of that certain side letter dated the date hereof (the
“Syndication Procedures Letter”), assign a portion of its Commitment hereunder in accordance
with the provisions of the Syndication Procedures Letter.

     (m) Any Lender may, at any time after the termination of the Syndication Period and
subject to any restrictions set forth therein, without the consent of, or notice to, the
Trust or the Administrative Agent, sell participations to any Person (other than a natural
person or the Trust or any of the Trust’s Affiliates) (each, a “Participant”) in all or a
portion of such Lender’s rights and/or obligations under this Agreement (including all or a
portion of its Commitment and/or its interest in its Facility Group’s Notes owing to it);
provided, that (i) such Lender’s obligations under this Agreement shall remain
unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for
the performance of such obligations; (iii) the Trust and the Administrative Agent shall
continue to deal solely and directly with such Lender in connection with such Lender’s rights
and obligations under this Agreement; and (iv) such Lender shall obtain from the Participant,
on behalf of the Administrator, a confidentiality agreement consistent with the restrictions
set forth in Section 10.12 or a written agreement to comply with the provisions of
Section 10.12.

     Section 10.05. Survival. The rights and remedies with respect to any breach of a
representation and warranty made by or on behalf of the Trust pursuant to Article V
and the indemnification and payment provisions of Articles VIII and IX and
Sections 2.14, 2.15, 2.20, 10.06, 10.07,
10.08, 10.09, 10.10, 10.12, 10.14, 10.15,
10.16 and 10.17 shall be continuing and shall survive the termination of this
Agreement and, with respect to the Administrative Agent’s,

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the Syndication Agent’s, each Managing Agent’s and the Eligible Lender Trustee’s rights under
Articles VIII, IX and X, the removal or resignation of the
Administrative Agent, the Syndication Agent, such Managing Agent or the Eligible Lender Trustee.

     Section 10.06. Governing Law. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAWS OF THE STATE OF NEW
YORK WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF (OTHER THAN SECTIONS 5-1401 AND
5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

     Section 10.07. Submission to Jurisdiction; Waiver of Jury Trial; Appointment of Service Agent.

     (a) EACH OF THE PARTIES HERETO HEREBY SUBMITS TO THE NONEXCLUSIVE JURISDICTION OF THE
UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND OF ANY NEW YORK STATE
COURT SITTING IN THE CITY OF NEW YORK FOR PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR
RELATING TO THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY OR THEREBY. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT IT MAY EFFECTIVELY DO SO, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE
LAYING OF THE VENUE OF ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT AND ANY CLAIM THAT ANY
SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. NOTHING
IN THIS SECTION 10.07 SHALL AFFECT THE RIGHT OF THE ADMINISTRATIVE AGENT, THE
SYNDICATION AGENT, THE MANAGING AGENTS OR THE NOTE PURCHASERS TO BRING ANY ACTION OR
PROCEEDING AGAINST THE TRUST OR THE ADMINISTRATOR OR ANY OF THEIR RESPECTIVE PROPERTY IN THE
COURTS OF OTHER JURISDICTIONS.

     (b) EACH OF THE PARTIES HERETO HEREBY WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN
RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AMONG ANY OF THEM
ARISING OUT OF, CONNECTED WITH, RELATING TO OR INCIDENTAL TO THE RELATIONSHIP BETWEEN THEM IN
CONNECTION WITH THIS AGREEMENT OR THE OTHER TRANSACTION DOCUMENTS.

     (c) The Trust and the Administrator each hereby appoint CT Corporation located at 111
Eighth Avenue, New York, New York 10011 as the authorized agent upon whom process may be
served in any action arising out of or based upon this Agreement, the other Transaction
Documents to which such Person is a party or the transactions contemplated hereby or thereby
that may be instituted in the United States District Court for the Southern District of New
York and of any New York State court sitting in The City

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of New York by the Administrative Agent or the Note Purchasers or any successor or
assignee of any of them.

     Section 10.08. Costs and Expenses. The Trust agrees to pay, on or before the 30th day
following the date of demand, all reasonable and customary costs, fees and expenses of the Eligible
Lender Trustee, the Administrative Agent, the Syndication Agent, the Lead Arrangers, the Managing
Agents, the Lenders or the Program Support Providers incurred in connection with the due diligence,
negotiation, preparation, execution, delivery, renewal or any amendment or modification of, or any
waiver or consent issued in connection with, this Agreement, any Program Support Agreement or any
other Transaction Document, including, without limitation, the reasonable fees and out-of-pocket
expenses of counsel for the Eligible Lender Trustee, the Administrative Agent, the Syndication
Agent, the Lead Arrangers, the Managing Agents, the Lenders or the Program Support Providers with
respect thereto and all costs, fees and expenses, if any (including the applicable Rating Agency
fees and reasonable auditors’ and counsel fees and expenses), incurred by the Eligible Lender
Trustee, the Administrative Agent, the Syndication Agent, the Lead Arrangers, the Managing Agents,
the Lenders or the Program Support Providers in connection with the enforcement of this Agreement
and the other Transaction Documents. Notwithstanding the foregoing, each of the Managing Agents,
the Lenders and the Program Support Providers agrees that the Trust shall only be required to pay
amounts for legal fees and expenses of not more than two law firms engaged by the Administrative
Agent or the Syndication Agent, as applicable, on behalf of the Secured Creditors, unless otherwise
agreed to by the Trust in its sole discretion. Each of SLM Education Credit Finance Corporation
and the Administrator agrees to pay such required payments on behalf of the Trust on the Closing
Date to the extent such expenses are properly invoiced prior to the Closing Date.

     Section 10.09. Bankruptcy Non-Petition and Limited Recourse. Notwithstanding any other
provision of this Agreement, each party hereto (other than the Trust) covenants and agrees that it
shall not, prior to the date which is one year and one day (or, if longer, any applicable
preference period plus one day) after payment in full of the Notes, institute against, or join any
other Person in instituting against, the Trust, any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceeding, or any similar proceeding under any federal or state
bankruptcy or similar law; provided, that nothing in this provision shall preclude or be
deemed to stop any party hereto (a) from taking any action prior to the expiration of the
aforementioned one year and one day period in (i) any case or proceeding voluntarily filed or
commenced by the Trust or (ii) any involuntary insolvency proceeding filed or commenced against the
Trust by any Person other than a party hereto or (b) from commencing against the Trust or the
Pledged Collateral any legal action which is not a bankruptcy, reorganization, arrangement,
insolvency or a liquidation proceeding. The obligations of the Trust under this Agreement are
limited recourse obligations payable solely from the Pledged Collateral and, following realization
of the Pledged Collateral and its application in accordance with the terms hereof, any outstanding
obligations of the Trust hereunder shall be extinguished and shall not thereafter revive. In
addition, no recourse shall be had for any amounts payable or any other obligations arising under
this Agreement against any officer, member, director, employee, partner or security holder of the
Trust or any of its successors or assigns. The provisions of this Section shall survive the
termination of this Agreement.

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Rendezvous Note Purchase and Security Agreement

     Section 10.10. Recourse Against Certain Parties. No recourse under or with respect to any
obligation, covenant or agreement (including, without limitation, the payment of any fees or any
other obligations) of the Eligible Lender Trustee, the Administrative Agent, the Syndication Agent,
the Managing Agents, the Lenders or the Program Support Providers as contained in this Agreement or
any other agreement, instrument or document entered into by it pursuant hereto or in connection
herewith shall be had against any administrator of the Eligible Lender Trustee, the Administrative
Agent, the Syndication Agent, the Managing Agents, the Lenders or the Program Support Providers or
any incorporator, Affiliate, stockholder, officer, employee or director of the Eligible Lender
Trustee, the Administrative Agent, the Syndication Agent, the Managing Agents, the Lenders or the
Program Support Providers or of any such administrator, as such, by the enforcement of any
assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise; it being
expressly agreed and understood that the agreements of the Eligible Lender Trustee, the
Administrative Agent, the Syndication Agent, the Managing Agents, the Lenders and the Program
Support Providers contained in this Agreement and all of the other agreements, instruments and
documents entered into by the Eligible Lender Trustee, the Administrative Agent, the Syndication
Agent, the Managing Agents, the Lenders or the Program Support Providers pursuant hereto or in
connection herewith are, in each case, solely the corporate obligations of the Eligible Lender
Trustee, the Administrative Agent, the Syndication Agent, the Managing Agents, the Lenders or the
Program Support Providers, as applicable. No personal liability whatsoever shall attach to or be
incurred by any administrator of the Eligible Lender Trustee, the Administrative Agent, the
Syndication Agent, the Managing Agents, the Lenders or the Program Support Providers or any
incorporator, stockholder, Affiliate, officer, employee or director thereof or any such
administrator, as such, or any of them, under or by reason of any of the obligations, covenants or
agreements of the Eligible Lender Trustee, the Administrative Agent, the Syndication Agent, the
Managing Agents, the Lenders or the Program Support Providers contained in this Agreement or in any
other such instruments, documents or agreements, or which are implied therefrom, and any and all
personal liability of every such administrator and each incorporator, stockholder, Affiliate,
officer, employee or director of the Eligible Lender Trustee, the Administrative Agent, the
Syndication Agent, the Managing Agents, the Lenders or the Program Support Providers or of any such
administrator, or any of them, for breaches by the Eligible Lender Trustee, the Administrative
Agent, the Syndication Agent, the Managing Agents, the Lenders or the Program Support Providers of
any such obligations, covenants or agreements, which liability may arise either at common law or at
equity, by statute or constitution, or otherwise, is hereby expressly waived as a condition of and
in consideration for the execution of this Agreement. The provisions of this Section shall survive
the termination of this Agreement and, with respect to the rights of the Eligible Lender Trustee,
the Administrative Agent, the Syndication Agent or the Managing Agents, the resignation or removal
of the Eligible Lender Trustee, the Administrative Agent, the Syndication Agent or the Managing
Agents.

     Section 10.11. Execution in Counterparts; Severability. This Agreement may be executed in any
number of counterparts and by different parties hereto in separate counterparts, each of which when
so executed shall be deemed to be an original and all of which when taken together shall constitute
one and the same agreement. Delivery by facsimile or electronic mail of an executed signature page
of this Agreement or any other Transaction Document shall be effective as delivery of an executed
counterpart hereof. In case any provision in or obligation under this Agreement shall be invalid,
illegal or unenforceable in any jurisdiction, the validity,

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legality and enforceability of the remaining provisions or obligations, or of such provision
or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.

     Section 10.12. Confidentiality.

     (a) Each of the Administrative Agent, the Syndication Agent, the Managing Agents and the
Lenders agrees to keep confidential and not disclose any non-public information or documents
related to the Trust or any Affiliate of the Trust delivered or provided to such Person in
connection with this Agreement, any other Transaction Document or the transactions
contemplated hereby or thereby and which are clearly identified in writing by the Trust or
such Affiliate as being confidential; provided, however, that each of the
foregoing may disclose such information:

     (i) to the extent required or deemed necessary and/or advisable by such
Person’s counsel in any judicial, regulatory, arbitration or governmental proceeding
or under any law, regulation, order, subpoena or decree;

     (ii) to its officers, directors, employees, accountants, auditors and outside
counsel, in each case, provided they are informed of the confidentiality thereof and
agree to maintain such confidentiality;

     (iii) to any Program Support Provider, any potential Program Support Provider,
or any assignee or participant or potential assignee or participant of any Program
Support Provider, provided they are informed of the confidentiality thereof and
agree to maintain such confidentiality;

     (iv) to any assignee, participant or potential assignee or participant of or
with any of the foregoing;

     (v) in connection with the enforcement hereof or of any of the other
Transaction Documents or any Program Support Agreement;

     (vi) to any Rating Agency rating the Notes, the CP of the Conduit Lenders or
rating SLM Corporation; and

     (vii) to such other Persons as may be approved by the Trust.

     Notwithstanding the foregoing, the foregoing obligations shall not apply to any such
information, documents or portions thereof that (x) were of public knowledge or literature
generally available to the public at the time of such disclosure; or (y) have become part of
the public domain by publication or otherwise, other than as a result of the failure of such
party or any of its respective employees, directors, officers, advisors, accountants,
auditors, or legal counsel to preserve the confidentiality thereof.

     (b) Each of the Trust and the Administrator hereby agrees that it will not disclose the
contents of this Agreement or any other Transaction Document or any other proprietary or
confidential information of or with respect to any Note Purchaser, any Managing Agent, the
Administrative Agent, the Syndication Agent or any Program

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Support Provider to any other Person except (i) its auditors and attorneys, employees or
financial advisors (other than any commercial bank) and any nationally recognized statistical
rating organization, provided such auditors, attorneys, employees, financial advisors or
rating agencies are informed of the highly confidential nature of such information or (ii) as
otherwise required by applicable law or order of a court of competent jurisdiction.

     (c) Notwithstanding any other provision herein to the contrary, each of the parties
hereto (and each employee, representative or other agent of each such party) may disclose to
any and all persons, without limitation of any kind, any information with respect to the
United States federal, state and local “tax treatment” and “tax structure” (in each case,
within the meaning of Treasury Regulation Section 1.6011-4) of the transactions contemplated
by the Transaction Documents and all materials of any kind (including opinions or other tax
analyses) that are provided to such party or its representatives relating to such tax
treatment and tax structure; provided, that no person may disclose the name of or identifying
information with respect to any party identified in the Transaction Documents or any pricing
terms or other nonpublic business or financial information that is unrelated to the United
States federal, state and local tax treatment of the transaction and is not relevant to
understanding the United States federal, state and local tax treatment of the transaction,
without complying with the provisions of Section 10.12(a); provided
further, that with respect to any document or similar item that in either case
contains information concerning the tax treatment or tax structure of the transaction as well
as other information, this sentence shall only apply to such portions of the document or
similar item that relate to the United States federal, state and local tax treatment or tax
structure of the transactions contemplated hereby.

     Section 10.13. Section Titles. The section titles contained in this Agreement shall be
without substantive meaning or content of any kind whatsoever and are not a part of the agreement
between the parties.

     Section 10.14. Entire Agreement. This Agreement, including all Exhibits, Schedules and
Appendices and other documents attached hereto or incorporated by reference herein, together with
the other Transaction Documents constitutes the entire agreement of the parties with respect to the
subject matter hereof and supersedes all other negotiations, understandings and representations,
oral or written, with respect to the subject matter hereof.

     Section 10.15. No Petition. Each of the Trust, the Administrator, the Eligible Lender
Trustee, the Administrative Agent, the Syndication Agent and the Managing Agents hereby covenants
and agrees with respect to each Conduit Lender that, prior to the date which is one year and one
day (or, if longer, any applicable preference period plus one day) after the payment in full of all
outstanding indebtedness of such Conduit Lender (or its related commercial paper issuer), it will
not institute against or join any other person or entity in instituting against such Conduit Lender
any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other similar
proceeding under the laws of the United States or any state of the United States. The foregoing
shall not limit the rights of the Trust, the Administrator, the Eligible Lender Trustee, the
Administrative Agent, the Syndication Agent or the Managing Agents to file any claim in, or
otherwise take any action with respect to, any insolvency

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proceeding instituted against any Conduit Lender by a Person other than the Trust, the
Administrator, the Eligible Lender Trustee, the Administrative Agent, the Syndication Agent or the
Managing Agents, as applicable. The provisions of this Section shall survive the termination of
this Agreement.

     Section 10.16. Excess Funds. Notwithstanding any provisions contained in this Agreement to
the contrary, no Conduit Lender shall, nor shall be obligated to, pay any amount pursuant to this
Agreement unless (i) such Conduit Lender has received funds which may be used to make such payment
and which funds are not required to repay its CP when due and (ii) after giving effect to such
payment, either (x) such Conduit Lender could issue CP to refinance all of its outstanding CP
(assuming such outstanding CP matured at such time) in accordance with the program documents
governing such Conduit Lender’s securitization program or (y) all of such Conduit Lender’s CP are
paid in full. Any amount which a Conduit Lender does not pay pursuant to the operation of the
preceding sentence shall not constitute a claim (as defined in §101 of the Bankruptcy Code) against
or corporate obligation of such Conduit Lender for any such insufficiency unless and until such
Conduit Lender satisfies the provisions of clauses (i) and (ii) above.

     Section 10.17. Eligible Lender Trustee.

     (a) The parties hereto agree that the Eligible Lender Trustee shall be afforded all of
the rights, immunities and privileges afforded to the Eligible Lender Trustee under the Trust
Agreement in connection with its execution of this Agreement.

     (b) Notwithstanding the foregoing, none of the Secured Parties shall have recourse to
the assets of the Eligible Lender Trustee in its individual capacity in respect of the
obligations of the Trust. The parties hereto acknowledge and agree that The Bank of New
York Trust Company N.A. and any successor eligible lender trustee is entering into this
Agreement solely in its capacity as Eligible Lender Trustee, and not in its individual
capacity, and in no case shall The Bank of New York Trust Company N.A. (or any person acting
as successor eligible lender trustee) be personally liable for or on account of any of the
statements, representations, warranties, covenants or obligations stated to be those of the
Trust, all such liability, if any, being expressly waived by the parties hereto, any person
claiming by, through, or under any such party.

     Section 10.18. USA PATRIOT Act Notice. Each Lender that is subject to the Patriot Act (as
hereinafter defined) and the Administrative Agent (for itself and not on behalf of any Lender)
hereby notifies the Trust that pursuant to the requirements of the USA PATRIOT Act (Title III of
Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”), it is required to obtain,
verify and record information that identifies the Trust, which information includes the name and
address of the Trust and other information that will allow such Lender or the Administrative Agent,
as applicable, to identify the Trust in accordance with the Patriot Act.

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

	 	 	 	 	 	 	 
	 	 	THE TRUST:	 	 
	 
	 	 	 	 	 	 
	 	 	RENDEZVOUS FUNDING I	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	THE BANK OF NEW YORK TRUST COMPANY,

N.A., not in its individual capacity but
solely in its capacity as Eligible Lender
Trustee under the Amended and Restated
Trust Agreement dated as of the Closing
Date by and among the Depositor, the
Delaware Trustee and the Eligible Lender
Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Michael G. Ruppel
 

Name: Michael G. Ruppel
	 	 
	 

	 	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	THE ELIGIBLE LENDER TRUSTEE:	 	 
	 
	 	 	 	 	 	 
	 	 	THE BANK OF NEW YORK TRUST COMPANY, N.A.,
not in its individual capacity but solely
in its capacity as Eligible Lender Trustee
under the Amended and Restated Trust
Agreement dated as of the Closing Date by
and among the Depositor, the Delaware
Trustee and the Eligible Lender Trustee
	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Michael G. Ruppel
 

Name: Michael G. Ruppel
	 	 
	 

	 	 	 	Title: Vice President	 	 

134

 

	 	 	 	 	 
	 	THE ADMINISTRATOR:

SALLIE MAE, INC.

 	 
	 	By:  	/s/ Mark W. Daly
 	 
	 	 	Name:  	Mark W. Daly 	 
	 	 	Title:  	Senior Vice President 	 
	 

135

 

	 	 	 	 	 	 	 
	 	 	THE ADMINISTRATIVE AGENT:	 	 
	 
	 	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Maureen L. Macan
 

Name: Maureen L. Macan
	 	 
	 

	 	 	 	Title: Managing Director	 	 
	 
	 	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A., as securities

intermediary and depositary bank with respect to
the Trust Accounts	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Maureen L. Macan
 

Name: Maureen L. Macan
	 	 
	 

	 	 	 	Title: Managing Director	 	 
	 
	 	 	 	 	 	 
	 	 	LEAD ARRANGER:	 	 
	 
	 	 	 	 	 	 
	 	 	BANC OF AMERICA SECURITIES LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Maureen L. Macan
 

Name: Maureen L. Macan
	 	 
	 

	 	 	 	Title: Managing Director	 	 

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[Rendezvous Note Purchase and Security Agreement]

	 	 	 	 	 	 	 
	 	 	BANK OF AMERICA FACILITY GROUP:	 	 
	 
	 	 	 	 	 	 
	 	 	CONDUIT LENDERS:	 	 
	 
	 	 	 	 	 	 
	 	 	KITTY HAWK FUNDING COMPANY LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Philip A. Martone
 

Name: Philip A. Martone
	 	 
	 

	 	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	YC SUSI TRUST	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	BANK OF AMERICA, NATIONAL
ASSOCIATION, as Administrative Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Maureen L. Macan
 

Name: Maureen L. Macan
	 	 
	 

	 	 	 	Title: Managing Director	 	 
	 
	 	 	 	 	 	 
	 	 	MANAGING AGENT:	 	 
	 
	 	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Maureen L. Macan
 

Name: Maureen L. Macan
	 	 
	 

	 	 	 	Title: Managing Director	 	 
	 
	 	 	 	 	 	 
	 	 	ALTERNATE LENDER:	 	 
	 
	 	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Maureen L. Macan
 

Name: Maureen L. Macan
	 	 
	 

	 	 	 	Title: Managing Director	 	 

137

 

	 	 	 	 	 	 	 
	 	 	THE SYNDICATION AGENT:	 	 
	 
	 	 	 	 	 	 
	 	 	JPMORGAN CHASE BANK, N.A.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ George S. Wilkins
 

Name: George S. Wilkins
	 	 
	 

	 	 	 	Title: Executive Director	 	 
	 
	 	 	 	 	 	 
	 	 	LEAD ARRANGER:	 	 
	 
	 	 	 	 	 	 
	 	 	J.P. MORGAN SECURITIES INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ George S. Wilkins
 

Name: George S. Wilkins
	 	 
	 

	 	 	 	Title: Executive Director	 	 

 

 

	 	 	 	 	 	 	 
	 	 	JPMORGAN FACILITY GROUP:	 	 
	 
	 	 	 	 	 	 
	 	 	CONDUIT LENDERS:	 	 
	 
	 	 	 	 	 	 
	 	 	CHARIOT FUNDING LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	JPMORGAN CHASE BANK, N.A., its	 	 
	 

	 	attorney-in-fact	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ George S. Wilkins
 

Name: George S. Wilkins
	 	 
	 

	 	 	 	Title: Executive Director	 	 
	 
	 	 	 	 	 	 
	 	 	FALCON ASSET SECURITIZATION COMPANY LLC	 	 
	 
	 	 	 	 	 	 
	 	 	By: JPMORGAN CHASE BANK, N.A., its

attorney-in-fact	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ George S. Wilkins
 

Name: George S. Wilkins
	 	 
	 

	 	 	 	Title: Executive Director	 	 
	 
	 	 	 	 	 	 
	 	 	JS SILOED TRUST	 	 
	 
	 	 	 	 	 	 
	 	 	By: JPMORGAN CHASE BANK, N.A., its

Administrative Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ George S. Wilkins
 

Name: George S. Wilkins
	 	 
	 

	 	 	 	Title: Executive Director	 	 
	 
	 	 	 	 	 	 
	 	 	PARK AVENUE RECEIVABLES COMPANY, LLC	 	 
	 
	 	 	 	 	 	 
	 	 	By: JPMORGAN CHASE BANK, N.A., its

attorney-in-fact	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ George S. Wilkins
 

Name: George S. Wilkins
	 	 
	 

	 	 	 	Title: Executive Director	 	 

 

 

	 	 	 	 	 	 	 
	 	 	MANAGING AGENT:	 	 
	 
	 	 	 	 	 	 
	 	 	JPMORGAN CHASE BANK, N.A.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ George S. Wilkins
 

Name: George S. Wilkins
	 	 
	 

	 	 	 	Title: Executive Director	 	 
	 
	 	 	 	 	 	 
	 	 	ALTERNATE LENDER:	 	 
	 
	 	 	 	 	 	 
	 	 	JPMORGAN CHASE BANK, N.A.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ George S. Wilkins
 

Name: George S. Wilkins
	 	 
	 

	 	 	 	Title: Executive Director	 	 

 

 

	 	 	 	 	 	 	 
	 	 	CO-LEAD ARRANGER:

BARCLAYS BANK PLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Jeffrey Goldberg
 

Name: Jeffrey Goldberg
	 	 
	 

	 	 	 	Title: Associate Director	 	 

	 	 	 	 	 	 	 
	 	 	BARCLAYS FACILITY GROUP:

COMMITTED CONDUIT LENDER:

SHEFFIELD RECEIVABLES CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	BARCLAYS BANK PLC, as attorney-in-fact	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Janette Lieu
 

Name: Janette Lieu
	 	 
	 

	 	 	 	Title: Director	 	 
	 
	 	 	 	 	 	 
	 	 	MANAGING AGENT:

BARCLAYS BANK PLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Jeffrey Goldberg
 

Name: Jeffrey Goldberg
	 	 
	 

	 	 	 	Title: Associate Director	 	 

 

 

	 	 	 	 	 	 	 
	 	 	CO-LEAD ARRANGER:

THE ROYAL BANK OF SCOTLAND PLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ David Viney
 

Name: David Viney
	 	 
	 

	 	 	 	Title: Managing Director	 	 
	 
	 	 	 	 	 	 
	 	 	RBS GREENWICH FACILITY GROUP:

CONDUIT LENDER:

THAMES ASSET GLOBAL SECURITIZATION NO. 1, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ R. Douglas Donaldson
 

Name: R. Douglas Donaldson
	 	 
	 

	 	 	 	Title: Treasurer	 	 
	 
	 	 	 	 	 	 
	 	 	MANAGING AGENT:

THE ROYAL BANK OF SCOTLAND PLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ David Viney
 

Name: David Viney
	 	 
	 

	 	 	 	Title: Managing Director	 	 

	 	 	 	 	 	 	 
	 	 	ALTERNATE LENDER:

THE ROYAL BANK OF SCOTLAND PLC,

NEW YORK BRANCH	 	 
	 
	 	 	 	 	 	 
	 	 	By: GREENWICH CAPITAL MARKETS, INC.,

       as agent	 	 
	 
	 

	 	By:
	 	/s/ Fergus Small
 

Name: Fergus Small
	 	 
	 

	 	 	 	Title: Senior Vice President	 	 

 

 

	 	 	 	 	 	 	 
	 	 	CO-LEAD ARRANGER:

DEUTSCHE BANK SECURITIES INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Sumeet Wadhera
 

Name: Sumeet Wadhera
	 	 
	 

	 	 	 	Title: Director	 	 
	 
	 

	 	By:
	 	/s/ Peter Kim
 

Name: Peter Kim
	 	 
	 

	 	 	 	Title: Vice President	 	 

 

 

	 	 	 	 	 	 	 
	 	 	DEUTSCHE BANK FACILITY GROUP:

CONDUIT LENDER:

GEMINI SECURITIZATION CORP., LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ R. Douglas Donaldson
 

Name: R. Douglas Donaldson
	 	 
	 

	 	 	 	Title: Treasurer	 	 
	 
	 	 	 	 	 	 
	 	 	MANAGING AGENT:

DEUTSCHE BANK AG, NEW YORK BRANCH	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Sumeet Wadhera
 

Name: Sumeet Wadhera
	 	 
	 

	 	 	 	Title: Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Peter Kim
 

Name: Peter Kim
	 	 
	 

	 	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	ALTERNATE LENDER:

DEUTSCHE BANK AG, NEW YORK BRANCH	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Sumeet Wadhera
 

Name: Sumeet Wadhera
	 	 
	 

	 	 	 	Title: Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Peter Kim
 

Name: Peter Kim
	 	 
	 

	 	 	 	Title: Vice President	 	 

 

 

	 	 	 	 	 	 	 
	 	 	ARRANGER:

CREDIT SUISSE, NEW YORK BRANCH	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Josh Borg
 

Name: Josh Borg
	 	 
	 

	 	 	 	Title: Director	 	 
	 
	 

	 	By:
	 	/s/ Mark Golombeck
 

Name: Mark Golombeck
	 	 
	 

	 	 	 	Title: Director	 	 
	 
	 	 	 	 	 	 
	 	 	CREDIT SUISSE FACILITY GROUP:

CONDUIT LENDER:

ALPINE SECURITIZATION CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Mark Lengel
 

Name: Mark Lengel
	 	 
	 

	 	 	 	Title: Attorney-In-Fact	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Alex Smith
 

Name: Alex Smith
	 	 
	 

	 	 	 	Title: Attorney-In-Fact	 	 
	 
	 	 	 	 	 	 
	 	 	MANAGING AGENT:

CREDIT SUISSE, NEW YORK BRANCH	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Josh Borg
 

Name: Josh Borg
	 	 
	 

	 	 	 	Title: Director	 	 
	 
	 

	 	By:
	 	/s/ Mark Golombeck
 

Name: Mark Golombeck
	 	 
	 

	 	 	 	Title: Director	 	 

 

 

[Rendezvous Note Purchase and Security Agreement]

	 	 	 	 	 	 	 
	 	 	ALTERNATE LENDER:

CREDIT SUISSE, NEW YORK BRANCH	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Josh Borg
 

Name: Josh Borg
	 	 
	 

	 	 	 	Title: Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Mark Golombeck
 

Name: Mark Golombeck
	 	 
	 

	 	 	 	Title: Director	 	 

2

 

	 	 	 	 	 
	Agreed and acknowledged

with respect to Section 3.09, the first sentence of Section 6.28, Section
8.02 and Section 10.01(a):
	 
	 	 	 	 
	SLM CORPORATION	 	 
	 
	 	 	 	 
	By:

	 	/s/ J. Lance Franke
 

Name: J. Lance Franke
	 	 
	 

	 	Title: Executive Vice President	 	 

	 	 	 	 	 
	Agreed and acknowledged

with respect to Section 10.01(a) and the last sentence of Section 10.08:
	 
	 	 	 	 
	SLM EDUCATION CREDIT FINANCE CORPORATION
	 
	 	 	 	 
	By:

	 	/s/ Mark L. Heleen
 

Name: Mark L. Heleen
	 	 
	 

	 	Title: Senior Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00141-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00141-of-00352.parquet"}]]