Document:

Eligible Lender Trust Agreement

 Exhibit 10.4 
  

 ELIGIBLE LENDER TRUST AGREEMENT 
 between 
 GOAL CAPITAL FUNDING TRUST 2007-1 
 and 
 THE BANK OF NEW YORK TRUST COMPANY,
N.A., 
 As Eligible Lender Trustee 
 Dated as of June 7, 2007 
  

 TABLE OF CONTENTS 
  

					
	  	  	Page
	ARTICLE I DEFINITIONS AND INTENT OF THE PARTIES HERETO	  	2
			
	        Section 1.01.	  	Definitions	  	2
	        Section 1.02.	  	Intent of the Parties Hereto	  	3
		
	ARTICLE II ACQUISITION OF ELIGIBLE LOANS	  	4
			
	        Section 2.01.	  	Acquisition	  	4
	        Section 2.02.	  	Revocation and Termination	  	4
		
	ARTICLE III COVENANTS	  	4
			
	        Section 3.01.	  	Administration	  	4
	        Section 3.02.	  	Enforcement of the Trustee Guarantee Agreements	  	5
	        Section 3.03.	  	Assignment of Eligible Loans; Collection of Payments With Respect to Eligible Loans	  	5
	        Section 3.04.	  	Enforcement of Financed Eligible Loans	  	5
	        Section 3.05.	  	Enforcement of Servicing Agreements	  	5
	        Section 3.06.	  	Authority of Eligible Lender Trustee	  	5
	        Section 3.07.	  	Power of Attorney to Issuer	  	5
		
	ARTICLE IV CONCERNING THE ELIGIBLE LENDER TRUSTEE	  	6
			
	        Section 4.01.	  	Acceptance of the Trusts	  	6
	        Section 4.02.	  	Recitals of Others	  	6
	        Section 4.03.	  	Taxes	  	6
	        Section 4.04.	  	Eligible Lender Trustee May Act Through Agents	  	7
	        Section 4.05.	  	Indemnification of Eligible Lender Trustee	  	7
	        Section 4.06.	  	Eligible Lender Trustee’s Right to Reliance	  	7
	        Section 4.07.	  	Compensation of Eligible Lender Trustee	  	8
	        Section 4.08.	  	Eligible Lender Trustee Eligibility	  	8
	        Section 4.09.	  	Resignation of Eligible Lender Trustee	  	8
	        Section 4.10.	  	Removal of Eligible Lender Trustee	  	9
	        Section 4.11.	  	Successor Eligible Lender Trustee	  	9
	        Section 4.12.	  	Limitation with Respect to Examination of Reports	  	10
	        Section 4.13.	  	Additional Covenants of Eligible Lender Trustee	  	10
	        Section 4.14.	  	Authority of Eligible Lender Trustee	  	10
	        Section 4.15.	  	Sale of Eligible Loans	  	11
	        Section 4.16.	  	Use of Trustee Eligible Lender Number	  	11
		
	ARTICLE V MISCELLANEOUS	  	11
			
	        Section 5.01.	  	Eligible Lender Trust Agreement Binding upon Successors or Assigns of Eligible Lender Trustee and Issuer	  	11
	        Section 5.02.	  	Effect of Legal Holidays	  	11
	        Section 5.03.	  	Partial Invalidity	  	11
	        Section 5.04.	  	Notices	  	11
	        Section 5.05.	  	Law and Place of Enforcement of Eligible Lender Trust Agreement; Construction	  	12

  

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 TABLE OF CONTENTS 
  

					
	 	    	 	  	Page
	        Section 5.06.	    	Effect of Article and Section Headings and Table of Contents	  	12
	        Section 5.07.	    	Amendments	  	12
	        Section 5.08.	    	Limitation of Liability	  	12
	        Section 5.09.	    	Entire Agreement	  	12
	        Section 5.10.	    	Counterparts	  	13

 Annex A 
  

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 ELIGIBLE LENDER TRUST AGREEMENT 
 ELIGIBLE LENDER TRUST AGREEMENT dated as of June 7, 2007 (this “Eligible Lender Trust Agreement”) entered into between GOAL
CAPITAL FUNDING TRUST 2007-1, a Delaware statutory trust (the “Issuer”), and THE BANK OF NEW YORK TRUST COMPANY, N.A., a national banking association organized and existing under the laws of the United States of America, as
eligible lender trustee (the “Eligible Lender Trustee”): 
 W I T N E S S E T H: 
 WHEREAS, the Issuer is conducting and administering a program of acquiring student loans incurred under the Higher Education Act, under which it issues
notes or other obligations to finance the purchase of such Eligible Loans; and 
 WHEREAS, certain contracts and agreements have been and
will be entered into with the Secretary of Education and the Guaranty Agencies to provide an insurance or guarantee program for student loans incurred under the Higher Education Act; and 
 WHEREAS, the Guaranty Agencies have entered into agreements with the Secretary of Education for the payment by the Secretary of Education of amounts
authorized to be paid pursuant to the Higher Education Act, including reimbursement of certain amounts to be paid upon certain defaulted student loans guaranteed by such Guaranty Agencies and interest subsidy payments to holders of loans guaranteed
by such Guaranty Agencies; and 
 WHEREAS, upon the execution and delivery of this Eligible Lender Trust Agreement, the Eligible Lender
Trustee will become the legal owner, and the Issuer shall be the beneficial owner, of various Financed Eligible Loans, and the Issuer will finance the acquisition of additional Eligible Loans which will become Financed Eligible Loans for which the
Eligible Lender Trustee shall be the legal owner and the Issuer shall be the beneficial owner, all of which Financed Eligible Loans are or will be held under the Indenture; and 
 WHEREAS, the Eligible Lender Trustee, as trustee for this trust of which the Issuer is the sole beneficiary, shall be legal owner of the Financed
Eligible Loans and is an “eligible lender” under the Higher Education Act, and the Issuer shall be the beneficial owner of such Financed Eligible Loans; 
 NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS: 
 That the Issuer and the Eligible Lender Trustee in
consideration of the premises and of other good and lawful consideration, the receipt of which is hereby acknowledged, and the performance and observance of all of the covenants and conditions herein contained, have executed and delivered this
Eligible Lender Trust Agreement, and by these presents the Issuer does hereby assign, transfer, set over and confirm unto the Eligible Lender Trustee, its successor or successors and its or their assigns, for the benefit of the Issuer, the Trust
Estate, as defined in the Indenture: 

 ARTICLE I 
 DEFINITIONS AND INTENT OF THE PARTIES HERETO 
 Section 1.01. Definitions. Unless
the context shall clearly indicate some other meaning or may otherwise require, the terms defined in this Section shall, for all purposes of this Eligible Lender Trust Agreement and of any agreement or other instrument amendatory hereof or
supplemental hereto, have the meanings herein specified or have the meanings assigned to them in the Indenture: 
 “Eligible
Lender” means any “eligible lender,” as defined in the Higher Education Act, and which has received an eligible lender designation from the Secretary of Education or from the Guaranty Agency with respect to Eligible Loans.

 “Express Duties” means all duties of the Eligible Lender Trustee set forth herein, including, but not limited to,
instructions of the Issuer set forth in Issuer Requests, Issuer Orders, Issuer Certificates and Issuer Consents. 
 “Federal
Contracts” means, collectively, any agreement between any Guaranty Agency and the Secretary of Education providing for the payment by the Secretary 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 Financed Eligible Loans and other student loans guaranteed by any Guaranty Agency and federal interest subsidy payments and Special Allowance Payments,
if applicable, to holders of qualifying student loans guaranteed by any Guaranty Agency. 
 “Fiscal Year” means the fiscal
year of the Issuer which presently begins January 1 of each year and ends December 31 of the following year. 
 “Higher
Education Act” means Title IV, Parts B, F and G of the Higher Education Act of 1965, as amended or supplemented from time to time, and all regulations and guidelines promulgated thereunder. 
 “Indenture” means the Indenture of Trust, dated as of the date hereof, among the Issuer, the Indenture Trustee and the Eligible Lender
Trustee, as it may be supplemented or amended. 
 “Indenture Trustee” means The Bank of New York Trust Company, N.A., in its
capacity as trustee under the Indenture, and its successors and assigns. 
 “Interest Benefit Payments” means interest
payments on Eligible Loans received pursuant to the Higher Education Act and an agreement with the federal government, or any similar payments. 
 “Issuer Representative” means those individuals authorized to act for the Administrator, as set forth in a list of Authorized Officers delivered by the Administrator to the Indenture Trustee, as such list may be amended
from time to time by the Administrator. 
  

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 “Issuer Request,” “Issuer Order,” “Issuer Certificate”
and “Issuer Consent” mean, respectively, a written request, order, certificate or consent signed in the name of the Issuer by an Issuer Representative and delivered to the Eligible Lender Trustee by overnight or same-day mail or
courier, facsimile, telex, telegram or other electronic means or by hand delivery. 
 “Person” means any individual,
corporation, partnership, joint venture, association, joint stock corporation, trust, unincorporated organization or government or any agency or political subdivision thereof. 
 “Program” means the Issuer’s program for the purchase of Eligible Loans, as the same may be modified from time to time. 

“Secretary of Education” means the Commissioner of Education and the Secretary of the United States Department of Education (who
succeeded to the functions of the Commissioner of Education pursuant to the Department of Education Organization Act), or any successor to the functions thereof under the Higher Education Act. 
 “Securitization Cooperation Annex” means the “Securitization Cooperation Annex” attached hereto as Annex A. 
 “Servicer” shall have the meaning assigned to such term in the Indenture. 
 “Servicing Agreement” shall have the meaning assigned to such term in the Indenture. 
 “Special Allowance Payments” shall have the meaning assigned to such term in the Indenture. 
 “State” means the State of New York. 
 “Trustee Guarantee Agreement” means the Eligible Lender Trustee’s Guarantee Agreement with each Guaranty Agency with respect to the Financed Eligible Loans. 
 Section 1.02. Intent of the Parties Hereto. This Eligible Lender Trust Agreement and all documents, agreements, understandings and
arrangements relating to this Eligible Lender Trust Agreement which are executed by the Eligible Lender Trustee have been executed by the Eligible Lender Trustee solely for the purpose of having the legal title to the Financed Eligible Loans held by
an “eligible lender” under the Higher Education Act, and the Issuer hereby agrees that the Eligible Lender Trustee shall be accorded appropriate protection for its limited role herein pursuant to the indemnity herein and that the Eligible
Lender Trustee (its officers, directors, employees and agents) shall not have any liability thereunder or hereunder except as expressly set forth herein, including, without limitation, liability which may be incurred as a result of actions or
inactions of the Issuer and any Servicer, subject to the terms of applicable laws, rules and regulations. The Issuer agrees that it will not seek recourse or commence any action against the Eligible Lender Trustee (or its officers, directors,
employees or agents) or any of their personal assets for the performance or payment of any obligation thereunder or hereunder; provided that the Eligible Lender Trustee shall be liable for its negligence and willful misconduct in the performance of
its Express Duties hereunder. The parties hereto intend that this Eligible Lender Trust Agreement is for their benefit only and not for the benefit of any third 

  

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party, except that the Issuer shall assign its interest in this Eligible Lender Trust Agreement to the Indenture Trustee pursuant to the Indenture. The
parties hereto agree that each and every provision of this Eligible Lender Trust Agreement is subject to this paragraph. 
 ARTICLE II

 ACQUISITION OF ELIGIBLE LOANS 
 Section 2.01. Acquisition. The Eligible Lender Trustee shall, from time to time, acquire Eligible Loans upon receipt of an Issuer Request with funds provided to the Eligible Lender Trustee pursuant
to the Indenture. Such Issuer Request shall contain a certification that the loans to be acquired are Eligible Loans under the Indenture from which such funds are obtained, shall identify such loans, and shall be in the form attached as Exhibit A to
the Indenture. The Eligible Lender Trustee will hold legal title to such Financed Eligible Loans in trust hereunder for the sole benefit of the Issuer, but such interest of the Issuer (and the Eligible Lender Trustee’s legal interest therein)
have and will be assigned to the Indenture Trustee under the Indenture. The Issuer shall direct the Eligible Lender Trustee to acquire only Eligible Loans that are Guaranteed by a Guaranty Agency with respect to which the Eligible Lender Trustee has
entered into a Trustee Guarantee Agreement. The Eligible Lender Trustee shall, to the extent it has such knowledge within its corporate trust department, notify the Issuer with respect to rejections and repurchases of such Financed Eligible Loans.

 Section 2.02. Revocation and Termination. Subject to Section 4.10 hereof, the Issuer may, by Issuer Order
delivered to the Eligible Lender Trustee, revoke this Eligible Lender Trust Agreement in whole or in part. Upon receipt of such Issuer Order, the Eligible Lender Trustee shall transfer to the order of the Issuer all amounts held hereunder, and the
trust created hereby shall thereupon terminate (except that the obligations of the Issuer under Section 4.05 hereof shall survive such termination). 
 ARTICLE III 
 COVENANTS 
 Section 3.01. Administration. The Issuer shall cause the Trust Estate to be administered so as to allow the Eligible Lender Trustee to
obtain the benefits of the Trustee Guarantee Agreements and Federal Contracts and the right to receive Interest Benefit Payments and Special Allowance Payments with respect to Financed Eligible Loans. The Eligible Lender Trustee shall have no
liability for actions taken at the direction of the Issuer. The Eligible Lender Trustee shall have no liability for any action or inaction hereunder, except for its negligence or willful misconduct in the performance of its Express Duties hereunder.
The Eligible Lender Trustee shall not be responsible for any action or inaction of the Issuer or any Servicer under this Eligible Lender Trust Agreement. Except as specifically set forth herein, the Eligible Lender Trustee shall have no obligation
to administer, service or collect the Financed Eligible Loans or to maintain or monitor the administration, servicing or collection of the Financed Eligible Loans. 
  

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 Section 3.02. Enforcement of the Trustee Guarantee Agreements. The Issuer will be
responsible for dealing with the Guaranty Agencies with respect to the rights, benefits and obligations under Trustee Guarantee Agreements as they relate to Financed Eligible Loans. 
 Section 3.03. Assignment of Eligible Loans; Collection of Payments With Respect to Eligible Loans. The Issuer shall diligently or
cause a Servicer to diligently make every effort to make claim for and to collect all principal and interest payments on all the Financed Eligible Loans, all grants, subsidies, donations, insurance payments, Interest Benefit Payments and Special
Allowance Payments relating to Financed Eligible Loans and all Guarantee payments on defaulted Financed Eligible Loans as required under the Indenture with respect to Financed Eligible Loans. The Issuer shall cause the Servicer to assign such
Financed Eligible Loans for payment of Guarantee benefits at the earliest practicable date permitted under applicable law and regulations. The Issuer will comply with all statutes, rules and regulations which apply to its Program and to the Financed
Eligible Loans. 
 The Issuer shall take all reasonable actions within its power to cause the Secretary of Education to make all Interest
Benefit Payments and Special Allowance Payments with respect to the Financed Eligible Loans, all payments to be made with respect to the Financed Eligible Loans by the obligors thereof and all payments to be made under Guarantees of Financed
Eligible Loans. 
 Section 3.04. Enforcement of Financed Eligible Loans. The Issuer shall cause to be diligently enforced,
and shall cause to be taken all reasonable steps, actions and proceedings necessary or appropriate for the enforcement of all terms, covenants and conditions of all Financed Eligible Loans and agreements in connection therewith, including the prompt
payment of all principal and interest payments and all other amounts due thereunder, as provided in the Indenture. 
 Section 3.05. Enforcement of Servicing Agreements. The Issuer shall cause to be diligently enforced, and shall cause to be taken all reasonable steps, actions and proceedings necessary or appropriate for the enforcement
of all terms, covenants and conditions of all Servicing Agreements, including the prompt payment of all principal and interest payments and all other amounts due thereunder, including all grants, subsidies, donations, insurance payments, Interest
Benefit Payments and Special Allowance Payments on Financed Eligible Loans, and all Guarantee payments on defaulted Financed Eligible Loans, as provided in the Indenture. 
 Section 3.06. Authority of Eligible Lender Trustee. Notwithstanding anything herein, the Eligible Lender Trustee has any and all power, right and authority, where permitted by law and regulation, to
realize on any Guarantee of the Financed Eligible Loans under the Trustee Guarantee Agreement. 
 Section 3.07. Power of
Attorney to Issuer. The Eligible Lender Trustee hereby does make, constitute and appoint the Issuer as its true and lawful agent and attorney for it and in its name, place and stead, from time to time, at all times until this Eligible Lender
Trust Agreement is terminated, to exercise and enforce the rights of the Eligible Lender Trustee to make claim for and collect all payments due on Financed Eligible Loans pursuant to Section 3.03 hereof 

  

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(provided that such payments in respect of collections, go to the Indenture Trustee) and the Issuer does hereby accept such appointment to exercise and
enforce such rights. 
 ARTICLE IV 
 CONCERNING THE ELIGIBLE LENDER TRUSTEE 
 Section 4.01. Acceptance of the Trusts. The Issuer hereby
appoints the Eligible Lender Trustee to act as its “eligible lender trustee” to hold legal title to the Financed Eligible Loans pursuant to the Higher Education Act, the Indenture and this Eligible Lender Trust Agreement. The Eligible
Lender Trustee shall hold legal title to the Financed Eligible Loans, for the benefit of the Issuer, subject to the pledge of the Indenture, pursuant to the Higher Education Act, the Indenture and this Eligible Lender Trust Agreement. The Eligible
Lender Trustee hereby accepts the trusts granted to it by this Eligible Lender Trust Agreement and agrees to perform said trusts, but only upon and subject to the following express terms and conditions: 
 (a) The Eligible Lender Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Eligible
Lender Trust Agreement, and no implied covenants or obligations shall be read into this Eligible Lender Trust Agreement against the Eligible Lender Trustee. 
 (b) In the absence of bad faith on its part, the Eligible Lender Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions furnished to the Eligible Lender Trustee and conforming to the requirements of this Eligible Lender Trust Agreement; but in the case of any such certificates or opinions
which by any provisions hereof are specifically required to be furnished to the Eligible Lender Trustee, the Eligible Lender Trustee shall be under a duty to examine the same to determine whether or not they conform as to form with the requirements
of this Eligible Lender Trust Agreement and whether or not they contain the statements required under this Eligible Lender Trust Agreement. 
 (c) The Eligible Lender Trustee, in exercising the rights and powers vested in it by this Eligible Lender Trust Agreement, shall use the same degree of care and skill in their exercise as a prudent man would exercise
or use under the circumstances in the conduct of his own affairs. 
 Section 4.02. Recitals of Others. The recitals,
statements, and representations of the Issuer set forth herein shall be taken as the statements of the Issuer, and the Eligible Lender Trustee assumes no responsibility for the correctness of the same or for inquiring with respect thereto. The
Eligible Lender Trustee makes no representations as to the title of the Issuer in Financed Eligible Loans, and the Eligible Lender Trustee shall incur no responsibility in respect of such matters. 
 Section 4.03. Taxes. The Eligible Lender Trustee shall not be liable for failure of the Issuer to pay any tax or taxes in respect of
any property, or any part thereof, or the income therefrom or otherwise, nor shall the Eligible Lender Trustee be under any duty in respect of any tax which may be assessed against it in respect of such property or the Financed Eligible Loans.

  

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 Section 4.04. Eligible Lender Trustee May Act Through Agents. The Eligible Lender
Trustee may execute any of the trusts or powers hereof and perform any duty hereunder, either itself or by or through its attorneys, agents, or employees, and it shall not be answerable or accountable for any default, neglect, or misconduct of any
such attorneys, agents, or employees, if reasonable care has been exercised in the appointment, supervision, and monitoring of the work performed. 
 Section 4.05. Indemnification of Eligible Lender Trustee. The Issuer agrees to indemnify the Eligible Lender Trustee for, and to hold it harmless against, any loss, liability, or expenses incurred without negligence or
bad faith on its part, arising out of or in connection with the acceptance or administration of this Eligible Lender Trust Agreement (including without limitation any such losses, liability or expenses arising from a breach of a lender
representation, warranty or covenant in any Servicing Agreement or Trustee Guarantee Agreement), including the costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers
or duties hereunder. 
 Such indemnification by the Issuer shall survive the termination of this Eligible Lender Trust Agreement and/or the
resignation or removal of the Eligible Lender Trustee and shall include, without limitation, any loss, liability, expense or advance incurred or made by the Eligible Lender Trustee as a result of the acts or omissions of the Issuer or any servicer
in the origination or servicing of any of the Eligible Loans. 
 Section 4.06. Eligible Lender Trustee’s Right to
Reliance. The Eligible Lender Trustee shall be protected in acting upon any notice, resolution, request, consent, order, certificate, report, appraisal, opinion, or other paper or document believed by it to be genuine and to have been signed or
presented by the proper party or parties. The Eligible Lender Trustee may, whenever it determines in good faith that it must seek further determination or interpretation of any matters hereunder, consult with experts and with counsel (who may be
counsel for the Issuer, the Indenture Trustee or the Eligible Lender Trustee), and the opinion of such counsel shall be full and complete authorization and protection in respect of any action taken or suffered, and in respect of any determination
made by it hereunder in good faith and in accordance with the opinion of such counsel. 
 Whenever in the administration hereof the Eligible
Lender Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering, or omitting any action hereunder, the Eligible Lender Trustee (unless other evidence be herein specifically prescribed) may, in the absence of
bad faith on its part, rely upon a certificate signed by an Issuer Representative; provided, however, that the Eligible Lender Trustee may not delay any action required hereunder because the Eligible Lender Trustee has failed to receive such
certificate. 
 The Eligible Lender Trustee shall not be liable for any action taken, suffered, or omitted by it in good faith and believed
by it to be authorized or within the discretion or rights or powers conferred upon it hereby; provided, however, that the Eligible Lender Trustee shall be liable for its negligence or willful misconduct in taking such action. 
 The Eligible Lender Trustee is authorized to sell, assign, transfer, convey or repurchase Eligible Loans in accordance with this Eligible Lender Trust
Agreement and the Indenture, 

  

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provided that no such Eligible Loan may be sold, assigned, transferred, or conveyed to any Person who is not an “eligible lender” under the Higher
Education Act. The Eligible Lender Trustee is further authorized to enter into agreements with other Persons, in its capacity as Eligible Lender Trustee, in order to carry out or implement the terms and provisions of this Eligible Lender Trust
Agreement. 
 Section 4.07. Compensation of Eligible Lender Trustee. The Issuer shall pay to the Eligible Lender Trustee
from time to time reasonable compensation for all services, reasonable expenses (including Counsel fees), charges and other disbursements incurred in and about the administration and execution of this Eligible Lender Trust Agreement. The Eligible
Lender Trustee may not change the amount of its annual compensation with respect to this Eligible Lender Trust Agreement without giving the Issuer at least 90 days’ written notice prior to the beginning of a Fiscal Year. 
 Section 4.08. Eligible Lender Trustee Eligibility. 
 (a) There shall at all times be an Eligible Lender Trustee hereunder which shall be a corporation or national bank association organized
and doing business under the laws of the United States of America or of any state thereof, authorized under such laws to exercise corporate trust powers and shall be an Eligible Lender under the Higher Education Act and the regulations of any
Guaranty Agency and acceptable to the Issuer. 
 (b) The Eligible Lender Trustee, by the execution hereof, covenants,
represents and agrees that: 
 (1) it is an Eligible Lender as defined in the Higher Education Act and has an Eligible Lender
designation that applies to the Financed Eligible Loans and that it will remain an Eligible Lender; 
 (2) it shall use
eligible lender number 834226, which shall be the Eligible Lender Trustee’s eligible lender number for Financed Eligible Loans which it owns as legal owner for the Issuer as beneficial owner hereunder; and 
 (3) it shall be responsible for the preservation of the supporting documents submitted to and received by it relating to Financed Eligible
Loans, if any; provided, however, that the separate Servicer of the Financed Eligible Loans shall be responsible for such preservation of the Financed Eligible Loans and supporting documents in accordance with any custodial arrangement to the extent
and during the period that the Servicer holds such documents. 
 (c) The parties hereto recognize that the Eligible Lender
Trustee has contractual obligations with the Guaranty Agencies which must be maintained and preserved in order for the Eligible Lender Trustee to remain as Eligible Lender Trustee, and the Eligible Lender Trustee agrees to maintain the same.

 Section 4.09. Resignation of Eligible Lender Trustee. The Eligible Lender Trustee and any successor to the Eligible
Lender Trustee may resign and be discharged from the trust created by this Eligible Lender Trust Agreement by giving to the Issuer notice in writing which 

  

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notice shall specify the date on which such resignation is to take effect; provided, however, that such resignation shall only take effect on the day
specified in such notice if a successor Eligible Lender Trustee shall have been appointed pursuant to Section 4.11 hereof (and is qualified to be the Eligible Lender Trustee under the requirements of Section 4.11 hereof). If no successor
Eligible Lender Trustee has been appointed by the date specified or within a period of 90 days from the receipt of the notice by the Issuer, the Eligible Lender Trustee may (a) appoint a temporary successor Eligible Lender Trustee having the
qualifications provided in Section 4.11 hereof or (b) request a court of competent jurisdiction to (i) require the Issuer to appoint a successor, as provided in Section 4.11 hereof, within three days of the receipt of citation or
notice by the court, or (ii) appoint an Eligible Lender Trustee having the qualifications provided in Section 4.11 hereof. In no event may the resignation of the Eligible Lender Trustee be effective until a qualified successor Eligible
Lender Trustee shall have been selected and appointed. In the event a temporary successor Eligible Lender Trustee is appointed pursuant to clause (a) above, the Issuer may remove such temporary successor Eligible Lender Trustee and appoint a
successor thereto pursuant to Section 4.11 hereof. 
 Section 4.10. Removal of Eligible Lender Trustee. The Eligible
Lender Trustee or any successor Eligible Lender Trustee may be removed at any time by the Issuer upon payment to the Eligible Lender Trustee so removed of all money then due to it hereunder and appointment of a successor thereto by the Issuer and
acceptance thereof by said successor. In the event an Eligible Lender Trustee (or successor Eligible Lender Trustee) is removed such removal shall not become effective until the Issuer shall have appointed a successor and the successor Eligible
Lender Trustee has accepted appointment as such. 
 Section 4.11. Successor Eligible Lender Trustee. 
 (a) Any bank, corporation or other entity into which the Eligible Lender Trustee may be merged or converted or with which it may be
consolidated, and any bank, corporation or other entity resulting from any merger, conversion or consolidation to which the Eligible Lender Trustee shall be a party, shall be the Eligible Lender Trustee under this Eligible Lender Trust Agreement
without any further act, provided the resulting bank, corporation or other entity at all times meets the qualifications set forth herein. 
 (b) In case at any time the Eligible Lender Trustee or any successor Eligible Lender Trustee shall resign, be dissolved, or otherwise shall be disqualified to act or be incapable of acting, or in case control of the
Eligible Lender Trustee or of any successor Eligible Lender Trustee or of its officers shall be taken over by any public officer or officers, a successor Eligible Lender Trustee may be appointed by the Issuer by an instrument in writing. 

(c) Every successor Eligible Lender Trustee shall be a bank or trust company in good standing, organized and doing business under the
laws of the United States or of a state therein, which has a reported capital and surplus of not less than $20,000,000, be authorized under the law to exercise corporate trust powers, be subject to supervision or examination by a federal or state
agency, and be an Eligible Lender. 
  

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 Section 4.12. Limitation with Respect to Examination of Reports. Except as expressly
provided in this Eligible Lender Trust Agreement, the Eligible Lender Trustee shall be under no duty to examine any report or statement or other document required or permitted to be filed with it by the Issuer. 
 Section 4.13. Additional Covenants of Eligible Lender Trustee. The Eligible Lender Trustee, by the execution hereof, covenants,
represents and agrees that: 
 (a) this Eligible Lender Trust Agreement and all documents, agreements, understandings and
arrangements relating to this Eligible Lender Trust Agreement which are executed by the Eligible Lender Trustee have been executed by the Eligible Lender Trustee solely for the purpose of having the legal title to the Financed Eligible Loans held by
an “eligible lender” under the Higher Education Act, and the Issuer hereby agrees that the Eligible Lender Trustee shall be accorded the protection set forth in Section 4.05 hereof for its limited role herein pursuant to the indemnity
herein and that the Eligible Lender Trustee (its officers, directors, employees and agents) shall not have any liability thereunder or hereunder except as expressly set forth herein, including, without limitation, liability which may be incurred as
a result of actions or inactions of the Issuer or the Servicer of the Financed Eligible Loans, subject to the terms of applicable laws, rules and regulations; 
 (b) it will comply with the Higher Education Act and the regulations promulgated thereunder and will, upon written notice from the Issuer,
the Secretary of Education, or a Guaranty Agency, use its reasonable efforts to cause this Eligible Lender Trust Agreement to be amended if the Higher Education Act or regulations promulgated thereunder are hereafter amended so as to be contrary to
the terms of this Eligible Lender Trust Agreement; 
 (c) it will, from and after it shall have either entered into, or
succeeded to the rights and interests of any Eligible Lender under any Guarantee Agreement covering Financed Eligible Loans, maintain the same and diligently enforce its rights thereunder, and not consent to or permit any rescission of or consent to
any amendment thereto or otherwise take any action under or in connection therewith which in any manner would adversely affect the rights of the Issuer or the parties secured by the Indenture; 
 (d) it will comply with each covenant, agreement or undertaking set forth in the Securitization Cooperation Annex; and 
 (e) notwithstanding any other provision of this Eligible Lender Trust Agreement or other documents pertaining to the Notes or the Financed
Eligible Loans, nothing herein or therein shall be construed to limit the responsibility of the Eligible Lender Trustee to the Secretary of Education or a Guaranty Agency as required under, or to comply with its obligations under, the Higher
Education Act and the regulations promulgated thereunder. 
 Section 4.14. Authority of Eligible Lender Trustee.
Notwithstanding anything herein, the Eligible Lender Trustee has any and all power, right and authority, where permitted by law 

  

 10 

 
and regulation, to realize on any Guarantee Agreement with respect to any Financed Eligible Loan. 
 Section 4.15. Sale of Eligible Loans. At the written direction of the Issuer (so long as the Issuer certifies no Event of Default
exists under the Indenture), or if an Event of Default exists under the Indenture as directed by the Indenture Trustee, the Eligible Lender Trustee shall sell Financed Eligible Loans to designated purchasers. The Issuer covenants that in the event
it intends to direct the sale of Financed Eligible Loans, it shall give written notice thereof to the Eligible Lender Trustee not later than five Business Days prior to the proposed sale. The Financed Eligible Loans shall not be sold to any Person
unless such Person is an Eligible Lender. 
 Section 4.16. Use of Trustee Eligible Lender Number. The Eligible Lender
Trustee covenants and agrees if it holds any other Eligible Loans under the federal eligible lender number under which it holds any Financed Eligible Loans, the Eligible Lender Trustee shall segregate such Eligible Loans and separately account for
such Eligible Loans to the Issuer. 
 ARTICLE V 
 MISCELLANEOUS 
 Section 5.01. Eligible Lender Trust Agreement Binding upon Successors
or Assigns of Eligible Lender Trustee and Issuer. All the terms, provisions, conditions, covenants, warranties and agreements contained in this Eligible Lender Trust Agreement shall be binding upon the successors and assigns of the Issuer and
the Eligible Lender Trustee, and shall inure to the benefit of the Eligible Lender Trustee and its successor and assigns and the Issuer, its successors or substitutes in trust and assigns. The Eligible Lender Trustee acknowledges that the Issuer may
assign its beneficial rights hereunder in Financed Eligible Loans and payments related thereto to the Indenture Trustee without the consent of the Eligible Lender Trustee. 
 Section 5.02. Effect of Legal Holidays. Whenever this Eligible Lender Trust Agreement requires any action to be taken on a day which
is not a Business Day, such action shall be taken on the next succeeding Business Day with the same force and effect as if taken on such day. 
 Section 5.03. Partial Invalidity. If any one or more of the covenants or agreements or portion thereof provided in this Eligible Lender Trust Agreement on the part of the Issuer or the Eligible Lender Trustee to be
performed should be determined by a court of competent jurisdiction to be contrary to law, then such covenant or covenants, or such agreement or agreements, or such portions thereof, shall be deemed severable from the remaining covenants and
agreements provided in this Eligible Lender Trust Agreement and the invalidity thereof shall in no way affect the validity of the other provisions of this Eligible Lender Trust Agreement hereunder and under any applicable provisions of law.

 Section 5.04. Notices. Except as otherwise expressly provided herein, all notices and other communications provided for
hereunder shall be in writing (including facsimile communication and other electronic communication capable of producing a written record) and mailed or delivered or sent by facsimile or other electronic communication, if to the Eligible 

  

 11 

 
Lender Trustee, at the corporate trust office of the Eligible Lender Trustee in Jacksonville, Florida which at the date of this Eligible Lender Trust
Agreement is located at 10161 Centurion Parkway, 3rd Floor, Jacksonville, Florida 32256, Attention: Corporate Trust
Department (telephone (904) 998-4738, facsimile (904) 645-1931, email nturner@bankofny.com), or at such other address as may have been filed in writing by the Eligible Lender Trustee; if to the Issuer, to c/o Goal Financial, LLC, 9477
Waples Street, Suite 100, San Diego, California 92121, Attention: Seamus Garland (telephone (858) 320-6790; facsimile (858) 452-6648, email sgarland@goalfinancial.net), or to the Issuer at such other address as may have been filed in
writing by the Issuer. All such notices and communications shall be effective (a) if given by facsimile, when transmitted, (b) if given by mail, when deposited in the mail addressed as aforesaid, and (c) if given by other means, when
delivered at the address specified as aforesaid. Any notice required to be given in writing shall be deemed to be in writing if given by telex, facsimile or other method which produces a written record. 
 Section 5.05. Law and Place of Enforcement of Eligible Lender Trust Agreement; Construction. This Eligible Lender Trust Agreement
shall be construed and interpreted in accordance with the laws of the State of New York. 
 Section 5.06. Effect of Article
and Section Headings and Table of Contents. The heading or titles of the several Articles and Sections hereof, and any table of contents appended hereto, shall be solely for convenience of reference and shall not affect the meaning or
construction, interpretation or effect of this Eligible Lender Trust Agreement. 
 Section 5.07. Amendments. The Issuer
and the Eligible Lender Trustee, from time to time, may amend this Eligible Lender Trust Agreement subject to any provisions to the contrary herein. 
 Section 5.08. Limitation of Liability. It is expressly understood and agreed by the parties hereto that (a) this Eligible Lender Trust Agreement is executed and delivered by the Wilmington
Trust Company, not individually or personally but solely as Delaware Trustee of the Issuer, in the exercise of the powers and authority conferred and vested in it; (b) each of the representations, undertakings and agreement herein made on the
part of the Issuer is made and intended not as personal representations, undertakings and agreements by Wilmington Trust Company but is made and intended for the purpose of binding only the Issuer; (c) nothing herein contained shall be
construed as creating any liability on Wilmington Trust Company, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any
Person claiming by, through or under the parties hereto; and (d) under no circumstances shall Wilmington Trust Company be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of
any obligations, representation, warranty or covenant made or undertaken by the Issuer under this Eligible Lender Trust Agreement. 
 Section 5.09. Entire Agreement. This Eligible Lender Trust Agreement embodies and constitutes the entire understanding between the parties with respect to the transactions contemplated by this Agreement, and all prior or
contemporaneous agreements, understandings, representations and statements between the parties, written or oral, are merged into and superseded by this Agreement. 
  

 12 

 Section 5.10. Counterparts. This Eligible Lender Trust Agreement may be simultaneously
executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. 
  

 13 

 IN WITNESS WHEREOF, GOAL CAPITAL FUNDING TRUST 2007-1 has caused this Eligible Lender Trust Agreement to
be signed in its name and on its behalf by the Delaware Trustee and THE BANK OF NEW YORK TRUST COMPANY, N.A., to evidence its acceptance of the trusts hereby created, and has caused this Eligible Lender Trust Agreement to be signed in its name and
on its behalf by one of its officers thereunto duly authorized. 
  

			
	GOAL CAPITAL FUNDING TRUST 2007-1
		
	By:	 	 Wilmington Trust Company,
 not in its individual
capacity but solely as Delaware Trustee

		
	By:	 	 /s/ J. Christopher Murphy

	Name:	 	J. Christopher Murphy
	Title:	 	Financial Services Officer

  

 S-1 

			
	 THE BANK OF NEW YORK TRUST COMPANY, N.A.,
 as Eligible Lender Trustee

		
	 By:
	 	 /s/ Nathan E. Turner

	 Name:
	 	 Nathan E. Turner

	 Title:
	 	 Assistant Treasurer

  

 S-2 

 ANNEX A 
 SECURITIZATION COOPERATION ANNEX 
 This Annex forms a part of the Eligible Lender Trust Agreement dated as of
June 7, 2007 (the “Eligible Lender Trust Agreement”) between Goal Capital Funding Trust 2007-1 (the “Issuer”) and The Bank of New York Trust Company, N.A. (“BNYTC”), as trustee and as eligible
Lender trustee (referred to herein in both such capacities as the “Trustee”). Capitalized terms used but not defined in this Annex A shall have the meanings assigned to them in Exhibit A hereto and, if not defined therein, in the
Eligible Lender Trust Agreement. 
 1. Trustee Duties. 
 (a) For as long as the Issuer is subject to Exchange Act reporting requirements, the Trustee shall notify the Issuer within three
(3) Business Days of the related Distribution Date (i) of any legal proceedings pending against the Trustee of the type described in Item 1117 (§ 229.1117) of Regulation AB and (ii) if the Trustee shall become (but only to
the extent not previously disclosed) at any time an affiliate (as contemplated in Item 1119 of Regulation AB) of any of the parties listed on Exhibit C to this Annex, together with a description thereof. 
 (b) Each of the parties to the Eligible Lender Trust Agreement acknowledges and agrees that the purpose of this Annex is to facilitate
compliance by Goal and the Trustee with the provisions of Regulation AB, as such may be amended or clarified from time to time. Therefore, each of the parties agrees that (a) the obligations of the parties hereunder shall be interpreted in such
a manner as to accomplish compliance with Regulation AB, (b) the parties’ obligations hereunder will be supplemented and modified as necessary to be consistent with any such amendments, interpretive advice or guidance from the Commission,
convention or consensus among active participants in the asset-backed securities markets, or otherwise in respect of the requirements of Regulation AB and (c) the parties shall comply with reasonable requests made by Goal or the Trustee for
delivery of additional or different information, to the extent such information is available or reasonably attainable, as Goal or the Trustee may determine in good faith is necessary to comply with the provisions of Regulation AB. 
 2. Indemnification. 
 (a) The
Trustee agrees to indemnify and hold harmless the Issuer and its officers, directors, shareholders, employees, agents and each Person, if any, who controls the Issuer within the meaning of either Section 15 of the Securities Act or
Section 20 of the Exchange Act from and against, any and all claims, losses, liabilities, damages or expenses of any nature resulting solely from or directly related to (i) any untrue statement of a material fact contained in the Trustee
Information or (ii) any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances in which they were made, not misleading, in each
case to the extent, but only to the extent, that such untrue statement, alleged untrue statement, omission or alleged omission was contained in or omitted from the information furnished in writing to Goal by the Trustee specifically for use in any
of the Securitization Documents which shall be limited to the Trustee Information. 
  

 Annex A-1 

 (b) The Issuer agrees to indemnify and hold harmless BNYTC and its officers, directors,
shareholders, employees, agents and each Person, if any, who controls BNYTC within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act from and against, any and all claims, losses, liabilities, damages
or expenses (including reasonable fees and expenses of attorneys) of any nature resulting from or directly related to (i) any untrue statement of a material fact contained in any of the Securitization Documents, or (ii) any omission or
alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances in which they were made, not misleading, to the extent that such untrue statement or
alleged untrue statement or omission or alleged omission relates to information set forth in the Goal Information. 
 (c) In
no event will BNYTC be liable for special, indirect or consequential damages relating to this Annex. 
 3. This Annex shall survive any
termination of the Eligible Lender Trust Agreement or the resignation or removal of the Trustee with respect to any liability or obligation of the Trustee arising prior to such termination, resignation or removal; it being understood that the
Trustee shall be required to provide any information reasonably requested by Goal pursuant to this Annex relating to any period during which BNYTC was acting as Trustee, regardless of whether BNYTC shall be acting as Trustee at the time of such
request. 
  

 Annex A-2 

 Exhibit A 
 DEFINITIONS 
 As used in this Annex, the following terms shall have the following meanings: 
 “Commission” means, collectively, the Securities and Exchange Commission and any successor agency. 
 “Eligible Lender Trust Agreement” is defined in the preamble to this Annex. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 “Goal” means,
collectively, the Issuer, Goal Capital Funding, LLC and Goal Financial, LLC, a California limited liability company. 
 “Goal Information”
means all information in any Securitization Document, or any amendment or supplement thereto, other than the Trustee Information. 
 “Governing
Jurisdiction” means the governing law under the Eligible Lender Trust Agreement. 
 “Issuer” is defined in the preamble to this
Annex. 
 “Regulation AB” shall mean Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R.
§§229.1100-229.1123 and subject to such clarification and interpretation as have been provided by the Commission in the adopting release (Asset-Backed Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531 (January
7, 2005)) or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time. 
 “Securities Act”
means the Securities Act of 1933, as amended. 
 “Securitization” means any (i) financing transaction or securities offering that is
payable from or secured, directly or indirectly, by all or a portion of the Eligible Loans, (ii) sale or other transfer of all or a portion of the Eligible Loans or (iii) other securitization, secured loan, financing or similar transaction
involving all or a portion of the Eligible Loans. 
 “Securitization Document” means any transaction document or any prospectus, offering
document, term sheet, computational material or other information filed with the Securities and Exchange Commission or delivered to any rating agency, trustee, investor or other participant in connection with or during the term of a Securitization,
including (without limitation) any reports under the Exchange Act. 
 “Trustee Information” means any information in any Securitization
Document describing or relating to the Trustee, including, but not limited to Exhibit B of this Annex or information delivered by the Trustee to Goal pursuant to this Annex. 
  

 Annex A-3 

 Exhibit B 
 The eligible lender trustee is The Bank of New York Trust Company, N.A., a national banking association organized under the laws of the United States. It maintains a corporate trust office at 10161 Centurion Parkway, Jacksonville, Florida
32256. The Bank of New York Trust Company, N.A. has been, and currently is, serving as eligible lender trustee for numerous securitization transactions and programs involving pools of student loan receivables. 
  

 Annex A-4 

 Exhibit C 
 Affiliates: 
 ACS Education Services, Inc. 
 Great Lakes Educational Loan Services, Inc. 
 Wilmington Trust Company 
 Goal Financial, LLC 
 Goal Capital Funding,
LLC 
 Goal Capital Funding Trust 2007-1 
 Higher Education Funding I, LLC 
 Higher Education Funding II, LLC 
 Higher Education Funding III, LLC 
 Massachusetts Higher Education Assistance Corporation d/b/a 
 American Student Assistance 
 Education Credit Management Corporation 
 Great Lakes Higher Education Guaranty Corporation 
  

 Annex A-5Student Loan Servicing Agreement

 Exhibit 10.5 
 GREAT LAKES EDUCATIONAL LOAN SERVICES, INC. 
 Student Loan Servicing Agreement 
 This agreement (this “Agreement”) is made as of June 7, 2007 (the “Closing Date”) between GREAT LAKES EDUCATIONAL LOAN SERVICES, INC.
(“Great Lakes”) and GOAL CAPITAL FUNDING TRUST 2007-1, a Delaware statutory trust (the “Lender”) for which Wilmington Trust Company serves as Delaware trustee, as beneficial owner of loans legal title to which will be held by The
Bank of New York Trust Company, N.A., as eligible lender trustee (the “Eligible Lender Trustee”), Lender #834226, and which is an eligible institution engaged in providing loans (“Loans”) to students and parents under Title IV,
Part B, of the Higher Education Act of 1965, as amended (the “Act”). 
 WITNESSETH: 
 Whereas, Great Lakes has established a program for servicing Loans under the Act; and 
 Whereas, the Lender desires that Great Lakes service Loans that are purchased by the Lender and that are covered by the Act, according to the terms and conditions set forth herein. 
 Now, therefore, in consideration of the promises and the terms and conditions set forth herein, the Lender agrees as follows: 
 1. Loans To Be Serviced. Great Lakes and the Lender agree that Great Lakes shall service all Loans covered by the Act that are made or purchased by the Lender,
that are guaranteed by Great Lakes Higher Education Guaranty Corporation (“GLHEGC” or the “Guarantor”) and that are submitted to Great Lakes by the Lender and accepted by Great Lakes for servicing. 
 2. Great Lakes’ Duties as Servicer. 
 (a) Great
Lakes, as servicer of the Loans, shall perform all of the Lender’s obligations as holder of the Loans as required by the Act and all regulations issued by the U.S. Department of Education (the “Department”) or by the Guarantor to
implement the Act. Great Lakes shall have full power to sign and act on the Lender’s behalf as the Lender’s agent in all transactions with borrowers serviced hereunder. The Lender does hereby authorize, constitute and appoint Great Lakes
on its behalf and as its attorney-in-fact to endorse those promissory notes for which a claim has been filed with the Guarantor. Great Lakes will carry out its responsibilities hereunder in a diligent and lawful manner. 
 (b) Within a reasonable period after delivery of the loan files to Great Lakes, Great Lakes shall (i) establish and maintain records received by
Great Lakes with respect to each Loan, including reproductions of the authoritative copy of the electronic record of each original promissory note that is signed using any electronic loan application process other than Great Lakes’ electronic
loan application process, (ii) maintain possession of original promissory notes, 

 
loan application and other required supplements or the authoritative copy of the electronic record of each such original promissory note that is signed using
Great Lakes’ electronic loan application process or other document that it receives from the Lender, stored in a fire-rated, secure facility, (iii) otherwise commence servicing the Loans relating to such loan documents, and
(iv) reproduce the promissory notes, loan applications, and other required supplements or images of the same and cause such reproductions to be stored at a suitable facility. 
 (c) Great Lakes shall complete all forms and reports required by the Department and by GLHEGC. 
 (d) Great Lakes shall prepare a “Lender’s Interest and Special Allowance Request and Report-LaRS” to be used in billing the Department for
interest and the special allowance for all eligible Loans on a quarterly basis. Great Lakes agrees to submit the electronic report to the Department within 30 days following the last day of each calendar quarter (March
31, June 30, September 30, December 31). 
 Great Lakes shall accrue and capitalize interest on those Loans not
eligible for interest subsidy. 
 (e) Great Lakes shall verify the current status of all borrowers not less often than annually through
direct contact with each borrower to ensure correct account information. Great Lakes shall also seek to verify the borrower’s status by direct or indirect contact with educational institutions. 
 (f) Great Lakes shall respond to all borrower inquiries in a prompt, courteous and thorough manner. 
 (g) When a Loan becomes due for repayment, Great Lakes shall prepare a payment schedule and disclosure statement and mail it to the borrower for
signature(s). Prior to the first payment due date, repayment coupons will be prepared and sent to the borrower. 
 (h) Great Lakes shall
collect when and as due and remit to the Lender all principal, interest, charges and fees (including late fees) owed by borrowers. Great Lakes shall post to each borrower’s account all payments of principal, interest and other charges. Cash
receipts shall be remitted to the Lender daily via an ACH transfer initiated by Great Lakes the day after collection. In the event that Great Lakes services Loans that secure more than one series or class of bonds or other indebtedness of the
Lender, Great Lakes will report all payment allocations separately by financing. 
 (i) Great Lakes shall prepare a reconciliation with
respect to each concentration, collection or other bank account in which moneys are collected for remittance to the Lender no more than 30 days after receipt by Great Lakes of a bank statement relating to such account. 
 (j) Great Lakes shall provide reports via email to the Lender and the Eligible Lender Trustee of all monetary transactions, as well as periodic summary
and account information as required in the “Lender Service Manual,” including such items as: 
 (1) Detailed
periodic reports to support all cash transactions processed; 
  

 2 

 (2) Monthly portfolio summary reports and supporting data listings; 
 (3) A monthly listing of delinquent accounts; and 
 (4) A quarterly report of billings to the Department for interest and special allowances. 
 (k) Great Lakes shall automatically credit the Lender’s account whenever a borrower overpays an account by less than $5.00, and the Lender, at its
discretion, can reimburse the borrower. When the overpayment is more than $5.00, Great Lakes shall remit the overpayment directly to the borrower. When a borrower’s balance owing is less than $10.00, Great Lakes may, at its discretion, write
off the balance. 
 (l) Great Lakes shall handle all required borrower contact functions and shall meet all servicing “due
diligence” requirements, as that term is used under the Act and implementing regulations. Such functions include, for example, skip tracing, contacting delinquent borrowers, handling borrower requests for extensions or deferments, and preparing
and processing claims, including death, disability, default, closed school, false certification and bankruptcy claims. 
 (m) Great Lakes
agrees to prepare and submit all papers and documents necessary to strictly follow reimbursement procedures specified in “Common Manual: Unified Student Loan Policy” upon default of borrower and further agrees to promptly remit proceeds to
the Lender upon receipt from the Guarantor. 
 (n) Great Lakes agrees, with respect to records in electronic form or with electronic
signatures relating to the Pledged Education Loans (as defined below), to comply with all regulations, standards and other requirements of the Department relating to the validity and enforceability of documents evidencing the Pledged Education
Loans, including without limitation the U.S. Department of Education Standards for Electronic Signatures in Electronic Student Loan Transactions, as revised or supplemented from time to time. 
 3. Lender’s Responsibilities. The Lender agrees to promptly notify Great Lakes of any transactions involving the Lender and the borrower and/or changes in
status or demographic data on any of its accounts if received from sources other than Great Lakes. The Lender specifically agrees to promptly notify Great Lakes of any bankruptcy action taken with respect to any Loan. 
 4. Fees. The Lender agrees to pay Great Lakes the fees established by Great Lakes from time to time for services rendered pursuant to this Agreement. The current
fee schedule is attached to this Agreement as Schedule A. Increases or decreases in such schedule may be made from time to time; provided, however, that the Lender shall be given 60 days’ written notice prior to the effective date of any change
in the fee schedule. Such effective date shall be the beginning of a calendar quarter (April 1, July 1, October 1, January 1). Statements for services rendered will be provided on a monthly basis and are payable upon
receipt. 
 5. Liability. Great Lakes shall exercise care and due diligence in performing the services required by this Agreement. To the extent that
Great Lakes is required to appear in, or is made a defendant in, any legal action or other proceeding commenced by a party other than the Lender with respect to any matter arising hereunder, the Lender shall indemnify and hold Great Lakes 

  

 3 

 
harmless from all loss, liability and expense (including reasonable attorneys’ fees), except for any loss, liability or expense arising out of or
relating to Great Lakes’ acts or omissions with regard to the performance of services hereunder. Subject to Section 13 below, Great Lakes shall indemnify and hold the Lender harmless from all loss, liability and expense (including
reasonable attorneys’ fees) arising out of or relating to Great Lakes’ acts or omissions with regard to the performance of services hereunder including those services regarding the non-dislcosure of information provided for in
Section 6 below; provided, however, that Great Lakes shall not be liable in the performance of such services except for its negligence or misconduct; and, provided further, that in no event shall Great Lakes be responsible or liable for
any consequential damages with respect to any matter whatsoever arising out of this Agreement. 
 Great Lakes shall provide the Lender prompt
notice of the receipt of any civil or criminal complaint, legal action, arbitration or claim, oral or written, whether from a governmental authority or a private claimant, relating or with respect to any Loan serviced by Great Lakes pursuant to this
Agreement. 
 Either party shall have the right to mitigate its liability under this Agreement by taking such actions as may be appropriate,
including, but not limited to, reperformance. 
 If, within a twelve (12)-month period beginning on the date a claim is denied or would have
been denied if filed timely, or a cure should be initiated pursuant to the terms of this Agreement, Great Lakes is unable to cure a Loan or to demonstrate that none of the stated reasons for claim denial is attributable to Great Lakes, Great Lakes
will purchase the subrogated rights to collect on such Loan from the Lender. Upon payment by Great Lakes of the sum of the unpaid principal amount plus interest and special allowance foregone by the Lender at the applicable rate at the time of
purchase, the Loan shall be considered a “Subrogated Loan” and shall no longer be considered a “Loan” as defined in this Agreement. 
 For any Subrogated Loan for which insurance is reinstated in accordance with the Guarantor’s policies, the Lender will pay Great Lakes an amount equal to the principal balance of the Subrogated Loan, including
any unreinsured interest that may have been capitalized, insured accrued interest and special allowance collectible. After such payment, the subrogation right purchased by Great Lakes is void and such Loan shall be deemed a Loan subject to this
Agreement and will no longer be a Subrogated Loan. 
 Except as to Loans originated by Great Lakes, Great Lakes does not assume, and
acceptance for servicing shall not result in, any responsibility for the correctness or completeness of loan-related papers transmitted to Great Lakes as a part of or in conjunction with the commitment of any Loans to Great Lakes for servicing, and
Great Lakes shall not be responsible for any procedural errors or omissions (including due diligence violations) that may have occurred prior to initiation of servicing of a Loan hereunder by Great Lakes. 
 6. Non-disclosure of Information. 
 (a) Great Lakes
and each affiliate of Great Lakes shall comply with all applicable federal and state laws, rules and regulations, including without limitation Part 313 of Title 16 of the Code of Federal Regulations (the “GLB Regulations”), relating to the
reuse, redisclosure, 

  

 4 

 
handling, processing, security, safeguards and protection of information and data of and relating to consumers and customers of the Lender and affiliates of
the Lender, including without limitation “non-public personal information”, as defined in Section 313.3 of the GLB Regulations (“Private Customer Information”), and shall not sell, share or otherwise disclose to any other
person or entity or use any such information or data for any purpose except as necessary to provide the services contemplated by this agreement. Great Lakes shall maintain and furnish to the Lender a privacy policy in compliance with applicable
laws, including the GLB Regulations, and shall comply in all respects with such policies and procedures. 
 (b) Great Lakes and each
affiliate of Great Lakes shall comply with all applicable laws, rules and regulations, including without limitation Part 314 of Title 16 of the Code of Federal Regulations (the “Customer Information Regulations”), relating to
“customer information” (as defined in Section 314.2 of the Customer Information Regulations, “Customer Information”), and implement and maintain an appropriate security program and appropriate safeguards with respect to
Customer Information as reasonably requested by the Lender. In addition, Great Lakes shall notify the Lender immediately in the event of any suspected or actual security breach (e.g., physical trespass on a secure facility, computing systems
intrusion or hacking, loss or theft of a laptop or desktop computer, loss or theft of printed materials) that is likely to result or reasonably believed to result in unauthorized access to any Private Customer Information relating to a consumer or
customer of the Lender or an affiliate of the Lender (a “Security Breach”) immediately following such time as Great Lakes becomes aware of such Security Breach. In the event of any such Security Breach, Great Lakes and the Lender shall
cooperate with each other to investigate and remedy the Security Breach according to Great Lakes’ privacy policy and related Great Lakes’ policies and procedures. In addition, the Lender may, in its discretion, determine to disclose such
Security Breach to third parties to comply with regulatory standards. 
 (c) Great Lakes and the Lender shall retain all information obtained
or created in the course of performance hereunder as is required by any applicable laws. 
 (d) Great Lakes and the Lender (each, a
“Party”) agree that all information concerning the other Party and such Party’s business operations, plans, proposals and practices that is provided by such Party or obtained in connection with the performance of this Agreement and
not previously known by or publicly available to the receiving Party, whether or not conceived of or prepared by a Party, whether or not reduced to writing, and whether or not in human readable or machine readable form (including any information
concerning a Party’s date processing concepts, techniques, or procedures, software in various stages of development, discoveries, ideas, inventions operations, data, designs, drawings, diagrams, specifications, documentation, research,
know-how, compilations of information, records, costs, purchasing data, financial data, accounting, marketing and development plans, proposals, market research, marketing techniques and plans or requests for proposals for future services, sales
pricing, profits, business plans or procedures, either Party’s data, employee information and other information not generally known to non-Party personnel, collectively, the “Confidential Information”), shall be deemed confidential
and proprietary information of the Party providing it and shall not be used or disclosed to any other person or entity by the Party receiving it, except to such receiving Party’s own (and its affiliates’ own) employees, agents attorneys,
accountants, and contractors as needed for such Party’s performance of this Agreement. Each Party shall take 

  

 5 

 
all reasonable precautions, including such measures as it takes to safeguard its own confidential information, to protect the confidentiality of all
Confidential Information of the other Party and to protect against unauthorized access to or use of such Confidential Information, including the proper disposal of such information. For avoidance of doubt, Confidential Information shall not include
any information which (i) was already known to receiving Party prior to the time of disclosure by the disclosing Party, (ii) is available or becomes generally available to the public other that through a breach of this Agreement by the
receiving Party, (iii) is acquired or received rightfully and without confidentiality limitation by the receiving Party, (iv) is independently developed by the receiving Party without breach of this Agreement, or (v) the disclosure of
which is required by law or governmental order. 
 All rights, obligations and duties of Great Lakes and the Lender under this Section 6 shall survive
the termination of this Agreement. 
 7. Examination of Records. The Lender or its designated representative may at any time during Great Lakes’
regular business hours, at the sole expense of the Lender, examine and audit the records and processes of Great Lakes relating to the Lender’s Loans. Great Lakes shall make any relevant books and records available for audit and inspection by
any governmental agency having regulatory authority over the Lender or any affiliate of the Lender. 
 All rights, obligations and duties of Great Lakes and
the Lender under this Section 7 shall terminate one year after the termination of this Agreement. 
 8. Termination. 
 (a) This Agreement shall remain in full force and effect until terminated or modified as provided herein. This Agreement may be terminated only at the end
of a calendar quarter (March 31, June 30, September 30, December 31), and only if written notice is given (i) by the Lender to Great Lakes at least 30 days prior to the end of a calendar quarter or (ii) by
Great Lakes to the Lender at least 180 days prior to the end of a calendar quarter. 
 (b) In the event that this Agreement is terminated as
provided in subsection (a) above, Great Lakes shall continue its full servicing until the date of termination and shall provide to the Lender a full set of periodic reports, adjusted through the date of termination. Great Lakes shall
retain all notes, records and papers, as well as a copy of all computer-stored data relating to the Lender’s accounts as required by the Act. Great Lakes shall make available to the Lender on demand copies of all computer records relating to
the Lender’s accounts. Such copies of the computer records will be provided and updated at the times desired by the Lender in order to facilitate a transfer to another servicing agent. The Lender agrees to pay Great Lakes the servicing removal
fee identified on Schedule A. Upon the Lender’s request, Great Lakes may agree to provide servicing removal services beyond those identified in this Section. Such agreement between Great Lakes and the Lender shall include sufficient additional
charges to cover Great Lakes’ costs. Great Lakes agrees that the Lender shall be entitled to injunctive relief to enforce the provisions of this subsection. 
 (c) The Lender shall be liable for all charges incurred for services performed pursuant to this Agreement up to the termination date. 
  

 6 

 (d) Great Lakes shall continue to be liable for all acts or failures to act that occur prior to
termination (or the following loan transactions: sale or transfer to another lender, servicing transfer to the Lender or another servicer, purchase by the Guarantor or payment in full), but shall not be liable for post-termination activities, except
that Great Lakes shall be obligated to remit to the Lender any collections received by Great Lakes subsequent to termination and to provide the reports and records herein required. 
 9. Amendments. Except as provided in Section 4, this Agreement may be amended by Great Lakes at any time upon 30 days’ written notice to the Lender, provided that the provisions of this
Agreement shall at all times be consistent with the Act and applicable regulations. In the event of any such modification by Great Lakes, the Lender has 30 days in which to accept or reject the modification by notice in writing. In the event of
rejection of a proposed modification, either party may exercise its right to terminate as provided in Section 8. In the event of termination for such reason, such modification shall not apply to the Lender. 
 10. Governing Law. This Agreement shall be interpreted under the laws of the State of Wisconsin. 
 11. No Implied Waiver. Any waiver or modification, expressed or implied, by Great Lakes or by the Lender of any breach of this Agreement shall not be construed to be a waiver of any such breach or any
acquiescence thereto; nor shall any delay or omission by Great Lakes or by the Lender to exercise any right arising from any such breach affect or impair the respective party’s right to such breach or any future breach. 
 12. Arbitration. In the event that the parties hereto shall fail to agree regarding any provision of this Agreement, such disputes shall be resolved by
arbitration procedures established by the American Arbitration Association by a panel of three neutral arbitrators who shall render a written opinion explaining the reasons for their award. The decision of any arbitrator under this paragraph shall
be final and binding upon the parties. 
 13. Limitation of Liability. Great Lakes and the Lender recognize that Great Lakes’ lender servicing
programs are separate and distinct from GLHEGC’s guarantee program and Great Lakes Higher Education Corporation’s (“GLHEC”) outreach and access mission. The Lender specifically agrees to look only to Great Lakes, in its
capacity as a servicing agent, to satisfy any claims under this Agreement relating to its functions as servicing agent. The Lender specifically waives any claim under this Agreement against GLHEGC’s Guarantee Fund (as defined in 34 CFR
§ 682.410(a)(1)) and GLHEGC’s Federal Reserve Fund and Administrative Operating Fund and all other escrows required under the Act and any claim hereunder against GLHEC. 
 14. Assignment. The Lender may assign this Agreement to any affiliate and Great Lakes may assign this Agreement to any affiliate to which its FFELP lender servicing program is transferred in whole or
substantial part. Except as provided herein, this Agreement may not be assigned without the prior consent of the non-assigning party, which shall not be unreasonably withheld. 
 Notwithstanding the foregoing, this Agreement has been made and entered into not only for the benefit of Great Lakes and the Lender but also for the benefit of the Trustee (as defined in 

  

 7 

 
Section 15 below) in connection with the financing of Loans; the Lender shall have the right to assign this Agreement to the Trustee, and, upon
assignment, its provisions may be enforced not only by the parties to this Agreement but by the Trustee; the foregoing creates a permissive right on behalf of the Trustee, but if the Trustee takes an assignment of this Agreement, then the Trustee,
to the extent of the trust corpus, shall fulfill the payment obligations of the Lender to Great Lakes as servicer under this Agreement, but the Trustee’s obligations shall be solely on behalf of and shall be limited to the trust corpus and the
Trustee shall have no personal liability for such obligations. Upon such an assignment, this Agreement shall inure to the benefit of the Trustee and its successors and assigns. Without limiting the generality of the foregoing, all representations,
covenants and agreements in this Agreement that expressly confer rights upon the Lender or the Eligible Lender Trustee shall be for the benefit of, and run directly to, the Trustee and the Trustee shall be entitled to rely on and enforce such
representations, covenants and agreements to the same extent as if it were a party hereto. 
 15. Compliance with Lender Bond Documents. In the event
that any Loans that the Lender delivers to Great Lakes for servicing hereunder constitute “Financed Eligible Loans” under the Indenture of Trust dated as of the Closing Date (the “Indenture”) among the Lender, the Eligible Lender
Trustee and The Bank of New York, as indenture trustee (the “Trustee”), are pledged in connection with, or constitute collateral under any similar indenture or loan agreement pledging or granting to any entity a security interest therein
(all such Loans or other loans pledged to or held by a trustee or other entity are hereafter referred to as the “Pledged Education Loans”), Great Lakes agrees as follows: 
 (a) At the request of the Trustee or other pledgee of such Pledged Education Loans, Great Lakes will enter into a custodian agreement or other similar
document, in form and substance reasonably acceptable to Great Lakes, the Lender and the Trustee or other pledgee, for the purpose of establishing a bailment with respect to any Pledged Education Loans pledged to the Trustee or other pledgee.

 (b) Great Lakes shall hold all Pledged Education Loans and related documentation as bailee for and on behalf of the Trustee (or such other
pledgee as may be applicable) for the Trustee’s intended purpose of perfecting the security or other interests of the Trustee or other pledgee therein. 
 (c) All sums received by Great Lakes with respect to Pledged Education Loans shall be held on behalf of the Trustee or other applicable pledgee, including, but not limited to, all payments of principal and interest
and insurance or guarantee payments. All such funds shall be held in a segregated account (which may, however, contain funds belonging to other Great Lakes servicing customers, including Great Lakes affiliates) and shall not be commingled with any
of Great Lakes’ other funds and shall be accounted for such that all such funds are identified separately from all other payments received by Great Lakes in respect of the servicing of loans. Any such amounts, if received by Great Lakes, shall
be remitted only to the Trustee or other pledgee, and not to the Lender, unless otherwise directed by the Trustee or other applicable pledgee. 
 (d) If any Education Loans are Pledged Education Loans, all periodic reports required to be furnished pursuant to this Agreement shall be furnished to the Trustee. 
  

 8 

 (e) With respect to the servicing of any Pledged Education Loans on behalf of or for the benefit of the
Trustee or any other applicable pledgee, no amendment, modification or addition to this Agreement shall be effective with respect to the Trustee or such other applicable pledgee without its written approval or consent or the direction of Trustee.

 (f) Great Lakes waives any lien that it might have pursuant to statute or otherwise available at law or in equity on any and all notes
evidencing Pledged Education Loans held by it on behalf of the Trustee and on any and all related documentation, including all moneys and proceeds derived therefrom or relating thereto. Notwithstanding the foregoing, if Great Lakes incurs cost or
expense (i) due to an “unreasonable act” of the Guarantor resulting in the Guarantor’s refusal to pay a claim or (ii) due to the Lender failing to make payments to the U.S. Secretary of Education (the “Secretary”)
required by law or regulation, Great Lakes may offset such cost or expense against moneys derived from Pledged Education Loans serviced by Great Lakes and held by the Lender on behalf of the Trustee. In addition, Great Lakes may offset against such
derived moneys in the event fees due it are not paid in accordance with this Agreement. 
 (g) Great Lakes shall administer and collect all
Pledged Education Loans in a competent, diligent and orderly fashion and in accordance with all requirements of the Act, the Secretary and this Agreement. 
 If there is an Event of Default under the Indenture and the Trustee forecloses on its security interest on the Pledged Education Loans, then the Trustee shall assume all duties and obligations of the Lender hereunder.

 16. Limited Role of the Delaware Trustee. It is expressly understood and agreed by the parties hereto that (a) this Agreement is executed and
delivered by Wilmington Trust Company, not individually or personally, but solely as trustee of the Issuer in the exercise of the powers and authority conferred and vested in it, (b) each of the representations, undertakings and agreements
herein made on the part of the Issuer is made and intended not as personal representations, undertakings and agreements by Wilmington Trust Company but is made and intended for the purpose of binding only the Issuer, (c) nothing herein
contained shall be construed as creating any liability on Wilmington Trust Company, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties
hereto and by any Person claiming by, through or under the parties hereto and (d) under no circumstances shall Wilmington Trust Company be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the
breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Agreement. 
 17. Incorporation of
Exhibits. This Agreement incorporates any exhibit, appendix and annex attached hereto, each of which is an integral part of this Agreement. 
 18.
Notices. All notices, requests, demands or other instruments that may or are required to be given by any party to any other party shall be in writing (including electronic transmission capable of producing a written record) and shall be
deemed to have been properly given when served personally on an officer of the entity to which such notice is to be given, or upon 

  

 9 

 
expiration of a period of 48 hours from and after the postmark thereof when mailed, postage prepaid, by registered or certified mail, requesting return
receipt, addressed as follows: 
 If intended for Great Lakes Educational Loan Services, Inc.: 
 Chief Servicing Officer 
 Great Lakes
Educational Loan Services, Inc. 
 2401 International Lane 
 P. O. Box 7858 
 Madison, WI 53707 
 Email: mnoack@glhec.org 
 Fax:
(608) 246-1404 
 If intended for the Lender: 
 Goal Capital Funding Trust 2007-1 
 c/o Goal Financial, LLC 
 Attn: Mr. Seamus Garland 
 9477 Waples
Street, Suite 100 
 San Diego, California 92121 
 Email: sgarland@goalfinancial.net 
 With copies to: 
 The Bank of New York Trust Company, N.A. 
 Attn: Corporate Trust Manager 
 10161 Centurion Parkway, 2nd Floor 
 Jacksonville, Florida 32256 
 Email: nturner@bankofny.com 
 Fax: (904) 645-1931 
  

 10 

 In Witness Whereof, the parties hereto have executed this Agreement as of the date and year first
above written. 
  

			
	GREAT LAKES EDUCATIONAL LOAN SERVICES, INC.
		
	By:	 	 /s/ Michael J. Noack

	Name:	 	Michael J. Noack
	Title:	 	Chief Servicing Officer

  

 S-1 

			
	GOAL CAPITAL FUNDING TRUST 2007-1
		
	By:	 	 Wilmington Trust Company,
 not in its individual
capacity but solely as Delaware Trustee

					
			
		 	By:	 	 /s/ J. Christopher Murphy

		 	Name:	 	J. Christopher Murphy
		 	Title:	 	Financial Services Officer

  

 S-2 

 GREAT LAKES EDUCATIONAL LOAN SERVICES, INC. 
 STUDENT LOAN SERVICING AGREEMENT 
 GOAL CAPITAL FUNDING TRUST 2007-1, AS BENEFICIAL OWNER OF LOANS 
 THE LEGAL TITLE TO WHICH WILL BE HELD BY THE BANK OF NEW
YORK, 
 AS ELIGIBLE LENDER TRUSTEE 
 SCHEDULE A – FEES 
 The Lender agrees to pay the following fees to Great Lakes upon receipt of a monthly
statement for services rendered pursuant to this Agreement: 
 Monthly Service Fees: 
 $1.25 per borrower per month during interim (in-school) period 
 $3.05 per borrower per month during grace period 
 $3.25 per borrower per month during first 12 months of
repayment servicing 
 $2.88 per borrower per month during the remainder of the repayment period 
 Servicing Removal Fee: 
 $14.00 per account, plus
actual cost of additional services requested to remove an active account from the servicing system 
 Late Charge Assessment Fee: 
 Great Lakes shall receive 25% of the late fee revenue collected from delinquent borrowers  
 Monthly Extract Fee: 
 $100.00 per month 

Exceptional Servicer Default Fee: 
 Five tenths of
one percent (0.50%) of the amount of default payments posted during the month. 
 Consolidation loans will be charged the standard repayment servicing fees.

 The total monthly amount due will be the actual fees calculated as described above or $75, whichever is greater. All references to borrower for fee
calculations equal unique combinations of borrower/federal lender number or assigned lender number/loan program (Stafford, PLUS, Consolidation Loans). 

 Great Lakes may agree to provide the Lender with services beyond those normally included in the servicing program. Such
agreement between Great Lakes and the Lender shall include sufficient additional charges to cover Great Lakes’ costs. 
 Increases or decreases to this
fee schedule may be made from time to time as provided in Section 5 of this Agreement. 
  

 2

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