Document:

exv4w1

 

Exhibit 4.1

 

 

AMENDED AND RESTATED

TRUST AGREEMENT

among

SLM FUNDING LLC,

as Depositor

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

not in its individual capacity but solely,

as Trustee,

THE BANK OF NEW YORK (DELAWARE),

not in its individual capacity but solely

as Delaware Trustee

and

THE BANK OF NEW YORK

not in its individual capacity but solely as the Indenture Trustee,

acting as the Excess Distribution Certificate Paying Agent

Dated as of March 29, 2007

 

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	ARTICLE I

	 
	 	 	 	 	 	 
	DEFINITIONS AND USAGE

	 
	 	 	 	 	 	 
	Section 1.01.
	 	Definitions and Usage	 	 	1	 
	 
	 	 	 	 	 	 
	ARTICLE II

	 
	 	 	 	 	 	 
	ORGANIZATION

	 
	 	 	 	 	 	 
	Section 2.01.
	 	Creation of Trust; Name	 	 	2	 
	Section 2.02.
	 	Office	 	 	2	 
	Section 2.03.
	 	Purposes and Powers	 	 	2	 
	Section 2.3A
	 	Covenants of the Trust	 	 	3	 
	Section 2.04.
	 	Appointment of Trustee and Delaware Trustee	 	 	3	 
	Section 2.05.
	 	Initial Capital Contribution of Trust Estate	 	 	3	 
	Section 2.06.
	 	Declaration of Trust	 	 	4	 
	Section 2.07.
	 	Liability of the Holders of Excess Distribution Certificate	 	 	4	 
	Section 2.08.
	 	Title to Trust Property	 	 	4	 
	Section 2.09.
	 	Representations, Warranties, and Covenants of the Depositor	 	 	4	 
	 
	 	 	 	 	 	 
	ARTICLE III

	 
	 	 	 	 	 	 
	BENEFICIAL OWNERSHIP AND EXCESS DISTRIBUTION CERTIFICATE

	 
	 	 	 	 	 	 
	Section 3.01.
	 	Initial Beneficial Ownership	 	 	5	 
	Section 3.02.
	 	Corporate Trust Office	 	 	5	 
	Section 3.03.
	 	The Excess Distribution Certificate	 	 	6	 
	 
	 	 	 	 	 	 
	ARTICLE IV

	 
	 	 	 	 	 	 
	ACTIONS BY TRUSTEE

	 
	 	 	 	 	 	 
	Section 4.01.
	 	Prior Notice to the Holder of the Excess Distribution Certificate With Respect to Certain	 	 	 	 
	 
	 	Matters	 	 	11	 
	Section 4.02.
	 	Action with Respect to Sale of the Trust Student Loans	 	 	11	 
	Section 4.03.
	 	Action with Respect to Bankruptcy	 	 	11	 
	Section 4.04.
	 	Restrictions	 	 	11	 

 

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	ARTICLE V

	 
	 	 	 	 	 	 
	APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

	 
	Section 5.01.
	 	Application of Trust Funds	 	 	12	 
	Section 5.02.
	 	Method of Payment	 	 	12	 
	Section 5.03.
	 	No Segregation of Moneys; No Interest	 	 	12	 
	Section 5.04.
	 	Reports to the Holder of the Excess Distribution Certificate, the Internal Revenue Service	 	 	 	 
	 
	 	and Others	 	 	12	 
	Section 5.05.
	 	Signature on Returns	 	 	13	 
	 
	 	 	 	 	 	 
	ARTICLE VI

	 
	 	 	 	 	 	 
	AUTHORITY AND DUTIES OF TRUSTEE 

	 
	 	 	 	 	 	 
	Section 6.01.
	 	General Authority	 	 	13	 
	Section 6.02.
	 	General Duties	 	 	13	 
	Section 6.03.
	 	Action Upon Instruction	 	 	13	 
	Section 6.04.
	 	No Duties Except as Specified in this Agreement or in Instructions	 	 	14	 
	Section 6.05.
	 	No Action Except under Specified Documents or Instructions	 	 	15	 
	Section 6.06.
	 	Restrictions	 	 	15	 
	 
	 	 	 	 	 	 
	ARTICLE VII

	 
	 	 	 	 	 	 
	CONCERNING THE TRUSTEE 

	 
	 	 	 	 	 	 
	Section 7.01.
	 	Acceptance of Trusts and Duties	 	 	15	 
	Section 7.02.
	 	Reserved	 	 	16	 
	Section 7.03.
	 	Representations and Warranties of the Trustee and the Delaware Trustee	 	 	16	 
	Section 7.04.
	 	Reliance; Advice of Counsel	 	 	17	 
	Section 7.05.
	 	Not Acting in Individual Capacity	 	 	18	 
	Section 7.06.
	 	Trustee and Delaware Trustee Not Liable for Excess Distribution Certificate or Trust Student	 	 	 	 
	 
	 	Loans	 	 	18	 
	Section 7.07.
	 	Trustee or Delaware Trustee May Own Notes	 	 	18	 
	Section 7.08.
	 	Duties of the Delaware Trustee	 	 	19	 
	 
	 	 	 	 	 	 
	ARTICLE VIII

	 
	 	 	 	 	 	 
	COMPENSATION AND INDEMNITY OF THE TRUSTEES

	 
	 	 	 	 	 	 
	Section 8.01.
	 	Trustee’s and Delaware Trustee’s Fees and Expenses	 	 	19	 
	Section 8.02.
	 	Payments to the Trustee and to the Delaware Trustee	 	 	19	 
	Section 8.03.
	 	Indemnity	 	 	19	 

ii 

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	ARTICLE IX

	 
	 	 	 	 	 	 
	TERMINATION OF TRUST AGREEMENT

	 
	 	 	 	 	 	 
	Section 9.01.
	 	Termination of Trust Agreement	 	 	20	 
	 
	 	 	 	 	 	 
	ARTICLE X

	 
	 	 	 	 	 	 
	SUCCESSOR TRUSTEES AND DELAWARE TRUSTEES AND ADDITIONAL TRUSTEES AND DELAWARE TRUSTEES

	 
	 	 	 	 	 	 
	Section 10.01.
	 	Eligibility Requirements for Trustee and Delaware Trustee	 	 	21	 
	Section 10.02.
	 	Resignation or Removal of Trustee	 	 	21	 
	Section 10.03.
	 	Successor Trustee or Delaware Trustee	 	 	22	 
	Section 10.04.
	 	Merger or Consolidation of Trustee or Delaware Trustee	 	 	22	 
	Section 10.05.
	 	Appointment of Co-Trustee or Separate Trustee	 	 	23	 
	 
	 	 	 	 	 	 
	ARTICLE XI

	 
	 	 	 	 	 	 
	MISCELLANEOUS

	 
	 	 	 	 	 	 
	Section 11.01.
	 	Supplements and Amendments	 	 	24	 
	Section 11.02.
	 	No Legal Title to Trust Estate in Holder of the Excess Distribution Certificate	 	 	25	 
	Section 11.03.
	 	Limitations on Rights of Others	 	 	25	 
	Section 11.04.
	 	Notices	 	 	25	 
	Section 11.05.
	 	Severability	 	 	26	 
	Section 11.06.
	 	Separate Counterparts	 	 	26	 
	Section 11.07.
	 	Successors and Assigns	 	 	26	 
	Section 11.08.
	 	No Petition	 	 	26	 
	Section 11.09.
	 	No Recourse	 	 	27	 
	Section 11.10.
	 	Headings	 	 	27	 
	Section 11.11.
	 	Governing Law	 	 	27	 
	Section 11.12.
	 	Waiver of Jury Trial	 	 	27	 
	 
	 	 	 	 	 	 
	ARTICLE XII

	 
	 	 	 	 	 	 
	COMPLIANCE WITH REGULATION AB

	 
	 	 	 	 	 	 
	SECTION 12.01.
	 	Intent of the Parties; Reasonableness	 	 	27	 
	 
	Exhibit A
	 	Form of Excess Distribution Certificate	 	 	 	 
	Exhibit B
	 	Form of Certificate of Trust	 	 	 	 
	Exhibit C
	 	Form of Transferor Letter	 	 	 	 
	Exhibit D-1
	 	Form of Transferee Letter (Non-Rule 144A)	 	 	 	 
	Exhibit D-2
	 	Form of Transferee Letter (Rule 144A)	 	 	 	 

iii 

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	Annex 1
	 	Qualified Institutional Buyer Status under SEC Rule 144A (Non-Registered Investment Companies)	 	 	 	 
	Annex 2
	 	Qualified Institutional Buyer Status under SEC Rule 144A (Registered Investment Companies)	 	 	 	 

iv 

 

TRUST AGREEMENT

     This AMENDED AND RESTATED TRUST AGREEMENT, dated as of March 29, 2007 (the “Agreement”), is
among SLM FUNDING LLC, a Delaware limited liability company, as depositor (the “Depositor”), THE
BANK OF NEW YORK TRUST COMPANY, N.A., a national banking association, not in its individual
capacity but solely as successor trustee (the “Trustee”), THE BANK OF NEW YORK (DELAWARE), not in
its individual capacity but solely as Delaware Trustee (the “Delaware Trustee”), and THE BANK OF
NEW YORK, a New York banking corporation, not in its individual capacity but solely as the
Indenture Trustee, acting as the Excess Distribution Certificate Paying Agent (the “Indenture
Trustee”).

WITNESSETH:

     WHEREAS, the Depositor, the Delaware Trustee and Chase Bank USA, National Association are
parties to the trust agreement dated as of January 2, 2007 (the “Short-Form Trust Agreement”)
pursuant to which a trust known as “SLM Student Loan Trust 2007-A”(the “Trust”) was established on
January 2, 2007;

     WHEREAS, the Depositor, the Trustee, the Delaware Trustee and Chase Bank USA, National
Association are parties to the Agreement of Resignation, Appointment and Acceptance dated as of
March 16, 2007 pursuant to which the Trustee succeeded Chase Bank USA, National Association as
trustee for the Trust under the Short-Form Trust Agreement; and

     WHEREAS, the Depositor, the Indenture Trustee, the Delaware Trustee and the Trustee desire to
amend and restate the Short-Form Trust Agreement upon the terms and conditions set forth herein as
follows.

     NOW, THEREFORE, the Depositor, the Trustee, the Delaware Trustee and the Indenture Trustee
hereby agree as follows:

ARTICLE I

DEFINITIONS AND USAGE

     Section 1.01. Definitions and Usage. Except as otherwise specified herein or as the
context may otherwise require, capitalized terms used but not otherwise defined herein are defined
in Appendix A-1 and A-2 to the Indenture dated as of March 29, 2007, among the Trustee on behalf of
the Trust, the Trust and the Indenture Trustee, as may be amended or supplemented from time to
time, which also contains rules as to usage that shall be applicable herein.

 

 

ARTICLE II

ORGANIZATION

     Section 2.01. Creation of Trust; Name. There is hereby created a Trust which shall be
located in the State of Delaware, and which shall be known as “SLM Private Credit Student Loan
Trust 2007-A”, in which name the Trustee may conduct the functions of the Trust, make and execute
contracts and other instruments on behalf of the Trust and sue and be sued. The Trust shall
constitute a statutory trust within the meaning of Section 3801(a) of the Delaware Statutory Trust
Act for which the Trustee has filed or caused to be filed a certificate of trust with the Secretary
of State of the State of Delaware pursuant to Section 3810(a) of the Delaware Statutory Trust Act.
The Trust is, under all circumstances, a grantor trust.

     Section 2.02. Office. The Delaware office of the Trust shall be in care of the
Delaware Trustee at its Corporate Trust Office referred to in Section 3.02 or at such other address
in Delaware as the Delaware Trustee may designate by written notice to the Depositor. The general
administrative office of the Trust shall be in care of the Trustee at its Corporate Trust Office
referred to in Section 3.02 or at such other address as the Trustee may designate by written notice
to the Depositor.

     Section 2.03. Purposes and Powers. The purpose of the Trust is to engage in the
following activities:

     (i) to issue the Notes pursuant to the Indenture and the Excess Distribution
Certificate pursuant to this Agreement and to sell the Notes in one or more transactions;

     (ii) with the proceeds of the sale of the Notes, to fund the Reserve Account and the
Cash Capitalization Account pursuant to Section 2.08 of the Administration Agreement, to
make the Collection Account Initial Deposit and to purchase the Trust Student Loans pursuant
to the Depositor Sale Agreement;

     (iii) to Grant the Trust Estate to the Indenture Trustee pursuant to the Indenture, and
to hold, manage and distribute to the holder of the Excess Distribution Certificate pursuant
to the terms of this Agreement any portion of the Trust Estate released from the Lien of,
and remitted to the Trust pursuant to, the Indenture;

     (iv) to enter into and perform its obligations under the Basic Documents to which it is
to be a party, including, but not limited to, any payments that may be owed by the Trust
under the Swap Agreement;

     (v) to engage in those activities, including entering into agreements, that are
necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or
connected therewith; and

     (vi) subject to compliance with the Basic Documents, to engage in such other activities
as may be required in connection with conservation of the Trust Estate and the making of
distributions to the Noteholders and the others specified in Sections 2.07 and 2.08 of the
Administration Agreement.

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The Trust shall not engage in any activity other than in connection with the foregoing or other
than as required or authorized by the terms of this Agreement or the other Basic Documents. The
Trust is not intended to be a “business trust” for purposes of the Bankruptcy Code.

     Section 2.03A. Covenants of the Trust. The Trust covenants and agrees to the
following:

     (a) To maintain books and records separate from any other person or entity;

     (b) To maintain its accounts separate from those of any other person or entity, except
as permitted by the Trust Agreement or any other Basic Document;

     (c) Not to commingle assets with those of any other entity, except as permitted by the
Trust Agreement or any other Basic Document;

     (d) To conduct its own functions in its own name;

     (e) To maintain separate financial statements or records;

     (f) To pay its own liabilities out of its own funds, except as permitted by the Trust
Agreement or any other Basic Document;

     (g) To maintain an arm’s-length relationship with its affiliates;

     (h) To pay the salaries of its own employees and maintain a sufficient number of
employees or adequate service providers in light of its contemplated business operations;

     (i) To allocate fairly and reasonably any overhead for shared office space;

     (j) To hold itself out as a separate entity; and

     (k) To correct any known misunderstanding regarding its separate identity.

     Section 2.04. Appointment of Trustee and Delaware Trustee. The Depositor hereby
appoints the Trustee as trustee of the Trust, effective as of the date hereof, to have all the
rights, powers and duties set forth herein. The Depositor hereby appoints the Delaware Trustee
as trustee of the Trust, effective as of the date hereof, for the sole purpose of satisfying
Section 3807(a) of the Delaware Statutory Trust Act, and the Delaware Trustee hereby accepts such
appointment.

     Section 2.05. Initial Capital Contribution of Trust Estate. The Depositor hereby
sells, assigns, transfers, conveys and sets over to the Trustee, as of the date hereof, the sum of
$100.00. The Trustee hereby acknowledges receipt in trust from the Depositor, as of the date
hereof, of the foregoing contribution, which shall constitute the initial trust estate and shall be
deposited in the Collection Account. The Depositor shall pay the organizational expenses of the

3

 

Trust as they may arise or shall, upon the request of the Trustee, promptly reimburse the
Trustee for any such expenses paid by the Trustee.

     Section 2.06. Declaration of Trust. The Trustee hereby declares that it will hold the
Trust Estate in trust upon and subject to the conditions set forth herein for the use and benefit
of the holder of the Excess Distribution Certificate, subject to the obligations of the Trust under
the other Basic Documents. It is the intention of the parties hereto that the Trust constitute a
statutory trust under Delaware law and that this Agreement constitute the governing instrument of
such trust. Effective as of the date hereof, the Trustee and the Delaware Trustee, as applicable,
shall have all rights, powers and duties set forth herein and in the Delaware Statutory Trust Act
with respect to accomplishing the purposes of the Trust.

     Section 2.07. Liability of the Holders of Excess Distribution Certificate.

     (a) Notwithstanding the provisions of Section 3803 of the Delaware Statutory Trust Act, the
Depositor shall be liable directly to and shall indemnify the injured party for all losses, claims,
damages, liabilities and expenses of the Trust (including Expenses, to the extent that the assets
of the Trust that would remain if all of the Notes were paid in full would not be sufficient to pay
any such liabilities, or if such liabilities in fact are not paid out of the Trust Estate) to the
extent that the Depositor would be liable if the Trust were a partnership under the Delaware
Revised Uniform Limited Partnership Act in which the Depositor were a general partner;
provided, however, that the Depositor shall not be liable for any losses incurred
by a beneficial owner of a Note in its capacity as a holder of limited recourse debt or to any
holder of the Excess Distribution Certificate. In addition, any third party creditors of the Trust
(other than in connection with the obligations to Noteholders excepted above) shall be third party
beneficiaries of this paragraph.

     (b) No holder of the Excess Distribution Certificate (in such capacity) shall have any
personal liability for any liability or obligation of the Trust.

     Section 2.08. Title to Trust Property. Legal title to all of the Trust Estate shall
be vested at all times in the Trust as a separate legal entity except where applicable law in any
jurisdiction requires title to any part of the Trust Estate to be vested in a trustee or trustees,
in which case title shall be deemed to be vested in the Trustee, a co-trustee and/or a separate
trustee, as the case may be provided that legal title to the Trust Student Loans shall be vested at
all times in the Trustee on behalf of the Trust.

     Section 2.09. Representations, Warranties, and Covenants of the Depositor. The
Depositor hereby represents, warrants and covenants to the Trustee, the Indenture Trustee and the
Delaware Trustee as follows:

     (a) The Depositor is duly organized and validly existing as a Delaware limited liability
company in good standing under the laws of the State of Delaware, with power and authority to own
its properties and to conduct its business as such properties are currently owned and such business
is presently conducted.

     (b) The Depositor has the power and authority to execute and deliver this Agreement and to
carry out its terms; the Depositor has the power and authority to sell and assign the property to

4

 

be sold and assigned to and deposited with the Trust or Trustee and the Depositor has duly
authorized such sale and assignment and deposit to the Trust or Trustee by all necessary action;
and the execution, delivery and performance of this Agreement has been duly authorized by the
Depositor by all necessary action.

     (c) This Agreement constitutes a legal, valid and binding obligation of the Depositor
enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency,
reorganization and similar laws relating to creditors’ rights generally and subject to general
principles of equity.

     (d) The consummation of the transactions contemplated by this Agreement and the fulfillment of
the terms hereof do not conflict with, result in any breach of any of the terms and provisions of,
or constitute (with or without notice or lapse of time or both) a default under, the Certificate of
Formation or Operating Agreement of the Depositor, or any indenture, agreement or other instrument
to which the Depositor is a party or by which it is bound; nor result in the creation or imposition
of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement or
other instrument (other than pursuant to the Basic Documents); nor violate any law or, to the
Depositor’s knowledge, any order, rule or regulation applicable to the Depositor of any court or of
any Federal or state regulatory body, administrative agency or other governmental instrumentality
having jurisdiction over the Depositor or its properties.

     (e) The Depositor agrees, for the benefit of the Noteholders and the Excess Distribution
Certificateholder, that it will comply with each of the requirements set forth in its Certificate
of Formation or Operating Agreement.

     (f) The Depositor is authorized and directed to execute on behalf of the Trust, and, after
execution, to deliver to the Administrator for filing with the Commission, all documents and forms
required to be filed in accordance with applicable law or the rules and regulations prescribed by
the Commission.

ARTICLE III

BENEFICIAL OWNERSHIP AND

EXCESS DISTRIBUTION CERTIFICATE

     Section 3.01. Initial Beneficial Ownership. Upon the formation of the Trust by the
contribution by the Depositor pursuant to Section 2.05 and until the issuance of the Excess
Distribution Certificate, the Depositor shall be the sole beneficial owner of the Trust.

     Section 3.02. Corporate Trust Office. The Trustee initially designates 2 N. LaSalle
Street, Chicago, Illinois 60602, Attention: Structured Finance, as its principal Corporate Trust
Office, at which it shall act as trustee of the Trust. The Delaware Trustee initially designates
100 White Clay Center, Route 273, Newark, Delaware 19711 as its principal Corporate Trust Office,
at which it shall act as Delaware Trustee of the Trust. The Excess Distribution Certificate

5

 

Registrar’s New York office and its authenticating agent’s office are located at 101 Barclay
Street, New York, New York 10286, Attention: Corporate Trust Administration.

     Section 3.03. The Excess Distribution Certificate.

     (a) General. The Excess Distribution Certificate shall be issued in one or more
registered, definitive, physical certificates substantially in the form of Exhibit A hereto, in
minimum percentage interests of at least 10% and integral multiples of 10% in excess thereof. The
Excess Distribution Certificate shall receive payments as provided in Section 2.07(c)(xvii) and
Section 2.08 of the Administration Agreement. The Excess Distribution Certificate shall be
executed on behalf of the Trust by manual or facsimile signature of an authorized officer of the
Trustee. An Excess Distribution Certificate bearing the manual or facsimile signatures of
individuals who were, at the time when such signatures were affixed, authorized to sign on behalf
of the Trust, shall be valid and binding obligations of the Trust, notwithstanding that such
individuals or any of them shall have ceased to be so authorized prior to the authentication and
delivery of such Excess Distribution Certificate or did not hold such offices at the date of
authentication and delivery of such Excess Distribution Certificate.

     (b) Authentication. Concurrently with the sale of the Trust Student Loans to the
Trust pursuant to the Depositor Sale Agreement, the Trustee shall cause the Excess Distribution
Certificate to be executed on behalf of the Trust, authenticated and delivered to or upon the
written order of the Depositor, signed by its chairman of the board, its president or any vice
president, without further action by the Depositor. For all purposes hereunder, the Depositor
shall be the Excess Distribution Certificateholder. No Excess Distribution Certificate shall
entitle its holder to any benefit under this Agreement, or shall be valid for any purpose, unless
there shall appear on such Excess Distribution Certificate a certificate of authentication
substantially in the form set forth in Exhibit A, executed by the Trustee or The Bank of New York,
as the Trustee’s authenticating agent, by manual signature; such authentication shall constitute
conclusive evidence that such Excess Distribution Certificate shall have been duly authenticated
and delivered hereunder. The Excess Distribution Certificate shall be dated the date of its
authentication. No further Excess Distribution Certificates shall be issued except pursuant to
clause (c) or (d) below.

     (c) Registration of Transfer and Exchange. The Excess Distribution Certificate
Registrar shall keep or cause to be kept, at the office or agency maintained pursuant to clause (f)
below, an Excess Distribution Certificate Register in which, subject to such reasonable regulations
as it may prescribe, the Trustee shall provide for the registration of the Excess Distribution
Certificate and of transfers and exchanges of the Excess Distribution Certificate as herein
provided. The Bank of New York shall be the initial Excess Distribution Certificate Registrar.

     Upon surrender for registration of transfer of the Excess Distribution Certificate at the
office or agency maintained pursuant to clause (f) below, the Trustee shall execute, authenticate
and deliver (or shall cause The Bank of New York as its authenticating agent to authenticate and
deliver), in the name of the designated transferee, a new Excess Distribution Certificate dated the
date of authentication by the Trustee or any authenticating agent. At the option of the holder of
the Excess Distribution Certificate, the Excess Distribution Certificate may be exchanged for

6

 

another Excess Distribution Certificate upon surrender of the Excess Distribution Certificate
to be exchanged at the office or agency maintained pursuant to clause (f) below.

     An Excess Distribution Certificate presented or surrendered for registration of transfer or
exchange shall be accompanied by a written instrument of transfer in form satisfactory to the
Excess Distribution Certificate Registrar duly executed by the holder thereof or his attorney duly
authorized in writing, with such signature (other than for transfers or exchanges to or among any
Affiliate of the Depositor) guaranteed by a member firm of the New York Stock Exchange or a
commercial bank or trust company. An Excess Distribution Certificate surrendered for registration
of transfer or exchange shall be cancelled and subsequently disposed of by the Excess Distribution
Certificate Registrar in accordance with its customary practice.

     No service charge shall be made for any registration of transfer or exchange of the Excess
Distribution Certificate, but the Excess Distribution Certificate Registrar may require payment of
a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any
transfer or exchange of the Excess Distribution Certificate.

     The preceding provisions of this Section notwithstanding, the Trustee shall not be required to
make and the Excess Distribution Certificate Registrar need not register transfers or exchanges of
the Excess Distribution Certificate for a period of 15 days preceding any Distribution Date with
respect to the Excess Distribution Certificate.

     The Excess Distribution Certificate (including any beneficial interest therein) may not be
acquired by or for the account of (i) any Benefit Plan subject to Title I of ERISA and/or Section
4975 of the Code, if such acquisition, or the management or servicing of the Trust or its assets,
would cause a non-exempt prohibited transaction in violation of Section 406 of ERISA and/or Section
4975 of the Code, (ii) any Benefit Plan subject to a substantially similar federal, state, local or
foreign law, if such acquisition would cause a non-exempt violation of such substantially similar
law, (iii) any person who is not a United States person within the meaning of Section 7701(a)(30)
of the Code, or (iv) any “pass-thru entity” referred to in Section 1(h)(10)(D), (E) or (F) of the
Code, the income of which pass-thru entity is includible directly or indirectly through one or more
other such pass-thru entities by any person referred to in clause (iii) above. By accepting and
holding the Excess Distribution Certificate, the holder hereof shall be deemed to have represented
and warranted that it is not acquiring the Excess Distribution Certificate by or for the account of
any entity in violation of the above restrictions, and to have agreed that if such restrictions are
violated, the holder will promptly dispose of the Excess Distribution Certificate.

     (d) Mutilated, Destroyed, Lost or Stolen Excess Distribution Certificate. If (i) the
mutilated Excess Distribution Certificate shall be surrendered to the Excess Distribution
Certificate Registrar, or if the Excess Distribution Certificate Registrar shall receive evidence
to its satisfaction of the destruction, loss or theft of the Excess Distribution Certificate, and
(ii) there shall be delivered to the Excess Distribution Certificate Registrar and the Trustee such
security or indemnity as may be required by them to save each of them and the Trust harmless, then
in the absence of notice that such Excess Distribution Certificate shall have been acquired by a
bona fide purchaser, the Trustee on behalf of the Trust shall execute and the Trustee shall
authenticate and deliver (or shall cause the Bank of New York, as its authenticating agent to
authenticate and deliver), in exchange for or in lieu of any such mutilated, destroyed, lost or
stolen Excess Distribution Certificate, a new Excess Distribution Certificate of like tenor. In

7

 

connection with the issuance of any new Excess Distribution Certificate under this Section,
the Excess Distribution Certificate Registrar may require the payment of a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection therewith. Any duplicate
Excess Distribution Certificate issued pursuant to this paragraph shall constitute conclusive
evidence of ownership in the Trust, as if originally issued, whether or not the lost, stolen or
destroyed Excess Distribution Certificate shall be found at any time.

     (e) Persons Deemed Owners. Prior to due presentation of the Excess Distribution
Certificate for registration of transfer, the Trustee and the Excess Distribution Certificate
Registrar and any agent of either of them may treat the Person in whose name the Excess
Distribution Certificate shall be registered in the Excess Distribution Certificate Register as the
owner of such Excess Distribution Certificate for the purpose of receiving distributions thereon
and for all other purposes whatsoever, and neither the Trustee, the Excess Distribution Certificate
Registrar nor any agent thereof shall be bound by any notice to the contrary.

     (f) Maintenance of Office or Agency. The Trustee shall maintain in the City of
Chicago, Illinois, an office or offices or agency or agencies where the Excess Distribution
Certificate may be surrendered for registration of transfer or exchange and where notices and
demands to or upon the Trustee in respect of the Excess Distribution Certificate may be served.

     (g) Appointment of Excess Distribution Certificate Paying Agent. The Excess
Distribution Certificate Paying Agent shall make distributions to the Excess Distribution
Certificateholder from the amounts received from the Indenture Trustee pursuant to Section
2.07(c)(xv) and Section 2.08 of the Administration Agreement and shall report the amounts of such
distributions to the Indenture Trustee (if the Excess Distribution Certificate Paying Agent is not
the Indenture Trustee). Any Excess Distribution Certificate Paying Agent shall have the revocable
power to receive such funds from the Indenture Trustee for the purpose of making the distributions
referred to above. The Trustee may revoke such power and remove the Excess Distribution
Certificate Paying Agent if the Trustee determines in its sole discretion that the Excess
Distribution Certificate Paying Agent shall have failed to perform its obligations under this
Agreement in any material respect. The Excess Distribution Certificate Paying Agent shall
initially be the Indenture Trustee, and any co-paying agent chosen by the Trustee and consented to
by the Administrator (which consent shall not be unreasonably withheld). The Indenture Trustee
shall be permitted to resign as Excess Distribution Certificate Paying Agent upon 30 days’ written
notice to the Trustee. In the event that the Indenture Trustee shall no longer be the Excess
Distribution Certificate Paying Agent, the Trustee shall appoint a successor to act as Excess
Distribution Certificate Paying Agent (which shall be a bank or trust company). The Trustee shall
cause such successor Excess Distribution Certificate Paying Agent or any additional Excess
Distribution Certificate Paying Agent appointed by the Trustee to execute and deliver to the
Trustee an instrument in which such successor Excess Distribution Certificate Paying Agent or
additional Excess Distribution Certificate Paying Agent shall agree with the Trustee that as Excess
Distribution Certificate Paying Agent, such successor Excess Distribution Certificate Paying Agent
or additional Excess Distribution Certificate Paying Agent will hold all sums, if any, held by it
for payment to the holder of the Excess Distribution Certificate in trust for the benefit of such
holder until such sums shall be paid to such holder. The Excess Distribution Certificate Paying
Agent shall return all unclaimed funds to the Trustee and upon removal of an Excess Distribution
Certificate Paying Agent such Excess Distribution Certificate

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Paying Agent shall also return all funds in its possession to the Trustee. The provisions of
Sections 7.01, 7.03 (except with respect to Section 7.03(a), the Indenture Trustee shall represent
and warrant that it is a New York banking corporation instead of a national banking association),
7.04, 7.05, 8.01 and 8.03 shall apply to the Indenture Trustee also in its role as Excess
Distribution Certificate Paying Agent, for so long as the Indenture Trustee shall act as Excess
Distribution Certificate Paying Agent and, to the extent applicable, to any other paying agent
appointed hereunder. Any reference in this Agreement to the Excess Distribution Certificate Paying
Agent shall include any co-paying agent unless the context requires otherwise.

     (h) Restrictions on Transfer of the Excess Distribution Certificate. (i) The Excess
Distribution Certificate may be transferred to the Depositor or to any Affiliate of the Depositor,
without any requirement to provide any officer’s certificates or legal opinions that would
otherwise be required if such proposed transfer was being made to a Person who is not an Affiliate
of the Depositor.

     (ii) Except as provided above, the Excess Distribution Certificate shall not be sold,
pledged, transferred or assigned except as provided below:

          A. The Excess Distribution Certificate has not been registered or qualified under the
Securities Act of 1933, as amended (the “Securities Act”) or any state securities law. No
transfer, sale, pledge or other disposition of the Excess Distribution Certificate or any
interest therein shall be made unless such transfer is made pursuant to an effective
registration statement under the Securities Act and effective registration or qualification
under applicable state securities laws, or is made in a transaction which does not require
such registration or qualification. In the event that a transfer is to be made without
registration or qualification, the Trustee shall require, in order to assure compliance with
such laws, that the prospective transferor and transferee each certify to the Trustee, the
Excess Distribution Certificate Registrar, the Administrator, and, if it is not the proposed
transferor, the Depositor, in writing, the facts surrounding the transfer. Such
certifications shall be substantially in the forms of Exhibits C and D-1 or D-2 hereto,
respectively. In the event that such a transfer is to be made within two years from the
date of the initial issuance of the Excess Distribution Certificate pursuant hereto (other
than a transfer as to which the proposed transferee has provided a certificate in the form
of Exhibit D-2), the Trustee in its sole discretion, may require that there shall also be
delivered to the Trustee, the Excess Distribution Certificate Registrar, the Administrator,
and, if it is not the proposed transferor, the Depositor, at the expense of the transferor,
an opinion of counsel that such transfer may be made pursuant to an exemption from the
Securities Act and such state securities laws. Any such opinion of counsel shall not be an
expense of the Trustee, the Excess Distribution Certificate Registrar, the Administrator,
and, if it is not the proposed transferor, the Depositor. None of the Depositor, the
Administrator, the Excess Distribution Certificate Registrar, or the Trustee is obligated to
register or qualify the Excess Distribution Certificate under the Securities Act or any
other securities law or to take any action not otherwise required under this Agreement to
permit the transfer of the Excess Distribution Certificate without registration or
qualification. Any such holder of the Excess Distribution Certificate desiring to effect
such transfer shall, and does hereby agree to, indemnify the Trustee, the Excess
Distribution Certificate Registrar, the Administrator, and, if it is not the proposed

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transferor, the Depositor, against any liability that may result if the transfer is not
so exempt or is made in accordance with such applicable federal and state laws.

          B. No transfer of the Excess Distribution Certificate will be registered by the Trustee
or the Excess Distribution Certificate Registrar unless the Trustee, the Excess Distribution
Certificate Registrar, the Administrator, and, if it is not the proposed transferor, the
Depositor receives a representation from the proposed transferee of the Excess Distribution
Certificate, substantially in the form of Exhibit D-1 or D-2, as the case may be, that such
transferee is not acquiring the Excess Distribution Certificate directly or indirectly for,
on behalf of or with the assets of a Plan. If any proposed transferee shall become a holder
of the Excess Distribution Certificate in violation of these provisions, then the last
preceding permitted transferee shall be restored, to the extent permitted by law, to all
rights as holder of the Excess Distribution Certificate, retroactive to the date of
registration of such transfer of the Excess Distribution Certificate. Neither the Trustee
nor the Excess Distribution Certificate Registrar shall have any liability to any person for
any registration or transfer of the Excess Distribution Certificate that is not permitted or
for making any payments due on the Excess Distribution Certificate to the holder or taking
any action with respect to such holder under this Agreement. Any proposed transferee who
becomes a holder of the Excess Distribution Certificate shall agree to indemnify the
Trustee, the Excess Distribution Certificate Registrar, a Swap Counterparty, the
Administrator, and, if it is not the proposed transferor, the Depositor, against any loss,
damage or penalty incurred as a result of the transfer of the Excess Distribution
Certificate to such proposed transferee in violation of such restrictions.

          C. The prospective transferee shall be aware that the Excess Distribution Certificate
shall bear legends referring to the restrictions contained in sub-clauses (A) and (B) above
and by its acceptance of the Excess Distribution Certificate agrees to abide by such
restrictions.

          D. The prospective transferee shall deliver an opinion of counsel addressed to the
Trustee, a Swap Counterparty, the Administrator, and, if it is not the proposed transferor,
the Depositor, to the effect that, (1) as a matter of federal income tax law, such
prospective transferee is permitted to accept the transfer of the Excess Distribution
Certificate, (2) such transfer or pledge would not jeopardize the tax treatment of the
Trust, (3) such transfer or pledge would not subject the Trust to any entity-level tax, (4)
such transfer or pledge would not jeopardize the status of the Notes as debt for all
purposes, and (5) such pledge or transfer would not cause the Trust to be treated, for
federal income tax purposes, as an association or a publicly traded partnership taxable as a
corporation.

          E. No pledge or transfer of the Excess Distribution Certificate shall be effective
unless such purchase or transfer is to a single beneficial owner who shall be the registered
holder of the Excess Distribution Certificate.

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ARTICLE IV

ACTIONS BY TRUSTEE

     Section 4.01. Prior Notice to the Holder of the Excess Distribution Certificate With
Respect to Certain Matters. With respect to the following matters, the Trustee shall not take
action unless at least 30 days before the taking of such action, the Trustee shall have notified
the holder of the Excess Distribution Certificate and each of the Rating Agencies in writing of the
proposed action and the holder shall not have notified the Trustee in writing prior to the 30th
calendar day after such notice is given that it has withheld consent or provided alternative
direction:

     (a) the initiation of any material claim or lawsuit by the Trust (except claims or lawsuits
brought in connection with the collection of the Trust Student Loans) and the compromise of any
material action, claim or lawsuit brought by or against the Trust (except with respect to the
aforementioned claims or lawsuits for collection of Trust Student Loans);

     (b) the amendment of the Indenture by a supplemental indenture in circumstances where the
consent of any class of Noteholders is required;

     (c) the amendment of the Indenture by a supplemental indenture in circumstances where the
consent of any class of Noteholder is not required and such amendment materially adversely affects
the interest of the holder of the Excess Distribution Certificate; or

     (d) the amendment of a Swap Agreement in circumstances where the consent of any class of
Noteholders is required or in circumstances where the consent of Noteholders is not required but
where such amendment materially adversely affects the interest of the holder of the Excess
Distribution Certificate.

     Section 4.02. Action with Respect to Sale of the Trust Student Loans. The Trustee
shall not have the power, except upon the written direction of the Depositor and except as
expressly provided in the Basic Documents, to sell the Trust Student Loans after the payment in
full of the Notes.

     Section 4.03. Action with Respect to Bankruptcy. The Trustee shall not have the power
to commence a voluntary proceeding in bankruptcy relating to the Trust without the prior approval
of the Depositor and the delivery to the Trustee by the Depositor of a certificate certifying that
the Depositor reasonably believes that the Trust is insolvent.

     Section 4.04. Restrictions. Neither the Depositor nor the holder of the Excess
Distribution Certificate shall direct the Trustee to take or refrain from taking any action if such
action or inaction would be contrary to any obligation of the Trust or the Trustee under this
Agreement or any of the other Basic Documents or would be contrary to Section 2.03 nor shall the
Trustee be permitted to follow any such direction, if given.

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ARTICLE V

APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

     Section 5.01. Application of Trust Funds.

     (a) On each Distribution Date, the Trustee shall distribute to the holder of the Excess
Distribution Certificate any amounts payable in respect of the Excess Distribution Certificate in
accordance with the Administration Agreement.

     (b) In the event that any withholding tax is imposed on the Trust’s payment to the holder of
the Excess Distribution Certificate, such tax shall reduce the amount otherwise distributable on
the Excess Distribution Certificate.

     Section 5.02. Method of Payment. Distributions required to be made to the holder of
the Excess Distribution Certificate on any Distribution Date shall be made to the holder of record
on the preceding Record Date either by wire transfer, in immediately available funds, to the
account of such holder at a bank or other entity having appropriate facilities therefor, if such
holder shall have provided to the Excess Distribution Certificate Registrar appropriate written
instructions signed by two authorized officers, if any, at least five Business Days prior to such
Distribution Date, or, if not, by check mailed to such holder at the address of such holder
appearing in the Excess Distribution Certificate Register.

     Section 5.03. No Segregation of Moneys; No Interest. Subject to Section 5.01, moneys
received by the Trustee hereunder need not be segregated in any manner except to the extent
required by law or the Administration Agreement and may be deposited under such general conditions
as may be prescribed by law, and the Trustee shall not be liable for any interest thereon.

     Section 5.04. Reports to the Holder of the Excess Distribution Certificate, the Internal
Revenue Service and Others. The Trustee shall provide (or cause to be provided) any reports or
other information required to be provided to the holder of the Excess Distribution Certificate
pursuant to the Code, the regulations promulgated thereunder or other applicable law. In addition,
the Trustee shall provide (or cause to be provided) any information concerning the Excess
Distribution Certificate to the Internal Revenue Service or other taxing authority as required
under the Code, the regulations promulgated thereunder or other applicable law. The Trustee shall
be entitled to hire an independent accounting firm to perform the functions described in this
Section 5.04, the reasonable fees and expenses of which shall be paid by the Depositor.

12

 

     Section 5.05. Signature on Returns. The Trustee shall sign on behalf of the Trust the
tax returns of the Trust, unless applicable law requires a holder of the Excess Distribution
Certificate to sign such documents, in which case such documents shall be signed by the Depositor
or the then holder of the Excess Distribution Certificate.

ARTICLE VI

AUTHORITY AND DUTIES OF TRUSTEE

     Section 6.01. General Authority. The Trustee is authorized and directed to execute
and deliver the Basic Documents to which the Trust is to be a party and each certificate or other
document attached as an exhibit to or contemplated by the Basic Documents to which the Trust is to
be a party, in each case, in such form as the Depositor shall approve as evidenced conclusively by
the Trustee’s execution thereof, and, on behalf of the Trust, to direct the Indenture Trustee to
authenticate and deliver Notes in the aggregate principal amount of $2,239,306,000. In addition to
the foregoing, the Trustee is also authorized and directed on behalf of the Trust to (i) acquire
and hold legal title to the Trust Student Loans from the Depositor and (ii) to take all actions
required of the Trust pursuant to the Basic Documents. The Trustee is further authorized from time
to time to take such action as the Administrator directs or instructs with respect to the Basic
Documents and is directed to take such action to the extent that the Administrator is expressly
required pursuant to the Basic Documents to cause the Trustee to act.

     Section 6.02. General Duties. It shall be the duty of the Trustee to discharge (or
cause to be discharged) all its responsibilities pursuant to the terms of this Agreement, the other
Basic Documents to which the Trust is a party and to administer the Trust in the interest of the
Noteholders and the holder of the Excess Distribution Certificate subject to and in accordance with
the provisions of this Agreement and the other Basic Documents. Without limiting the foregoing,
the Trustee shall on behalf of the Trust file and prove any claim or claims that may exist on
behalf of the Trust against the Depositor in connection with any claims paying procedure as part of
an insolvency or a receivership proceeding involving the Depositor. Notwithstanding the foregoing,
the Trustee shall be deemed to have discharged its duties and responsibilities hereunder and under
the other Basic Documents to the extent the Administrator has agreed in the Administration
Agreement to perform and act or to discharge any duty of the Trustee hereunder or under any other
Basic Document, and the Trustee shall not be held liable for the default or failure of the
Administrator to carry out its obligations under the Administration Agreement. Except as expressly
provided in the Basic Documents, the Trustee 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.

     Section 6.03. Action Upon Instruction.

     (a) Reserved.

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     (b) The Trustee shall not be required to take any action hereunder or under any other Basic
Document if the Trustee shall have reasonably determined, or shall have been advised by counsel,
that such action is likely to result in liability on the part of the Trustee or is contrary to the
terms hereof, any other Basic Document or is otherwise contrary to law.

     (c) Whenever the Trustee is unable to determine the appropriate course of action between
alternative courses and actions permitted or required by the terms of this Agreement or under any
other Basic Document, the Trustee shall promptly give notice (in such form as shall be appropriate
under the circumstances) to the Depositor requiring instruction as to the course of action to be
adopted, and to the extent the Trustee acts in good faith in accordance with any written
instruction of the Depositor received, the Trustee shall not be liable on account of such action to
any Person. If the Trustee shall not have received appropriate instruction within 10 days of such
notice (or within such shorter period of time as reasonably may be specified in such notice or may
be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from
taking such action, not inconsistent with this Agreement, the other Basic Documents, as it shall
deem to be in the best interests of the Depositor, and shall have no liability to any Person for
such action or inaction.

     (d) In the event that the Trustee is unsure as to the application of any provision of this
Agreement, any other Basic Document or any such provision is ambiguous as to its application, or
is, or appears to be, in conflict with any other applicable provision, or in the event that this
Agreement permits any determination by the Trustee or is silent or is incomplete as to the course
of action that the Trustee is required to take with respect to a particular set of facts, the
Trustee may give notice (in such form as shall be appropriate under the circumstances) to the
Depositor requesting instruction and, to the extent that the Trustee acts or refrains from acting
in good faith in accordance with any such instruction received, the Trustee shall not be liable, on
account of such action or inaction, to any Person. If the Trustee shall not have received
appropriate instruction within 10 days of such notice (or within such shorter period of time as
reasonably may be specified in such notice or may be necessary under the circumstances) it may, but
shall be under no duty to, take or refrain from taking such action, not inconsistent with this
Agreement or the other Basic Documents, as it shall deem to be in the best interest of the holder
of the Excess Distribution Certificate, and shall have no liability to any Person for such action
or inaction.

     Section 6.04. No Duties Except as Specified in this Agreement or in Instructions. The
Trustee shall not have any duty or obligation to manage, make any payment with respect to,
register, record, sell, service, dispose of or otherwise deal with the Trust Estate, or to
otherwise take or refrain from taking any action under, or in connection with, any document
contemplated hereby to which the Trustee is a party, except as expressly provided by the terms of
this Agreement or in any document or written instruction received by the Trustee pursuant to
Section 6.03; and no implied duties or obligations shall be read into this Agreement or any other
Basic Document against the Trustee. The Trustee shall have no responsibility for filing any
financing or continuation statement in any public office at any time or to otherwise perfect or
maintain the perfection of any security interest or lien granted to it hereunder or to prepare or
file any Commission filing for the Trust or to record this Agreement or any other Basic Document.
The Trustee nevertheless agrees that it will, at its own cost and expense, promptly take all action
as may be necessary to discharge any Liens on any part of the Trust Estate that result from actions

14

 

by, or claims against, The Bank of New York Trust Company, N.A. in its individual capacity or
as the Trustee that are not related to the ownership or the administration of the Trust Estate.

     Section 6.05. No Action Except under Specified Documents or Instructions. The Trustee
shall not otherwise deal with any part of the Trust Estate except (i) in accordance with the powers
granted to and the authority conferred upon the Trustee pursuant to this Agreement, (ii) in
accordance with the other Basic Documents to which it is a party and (iii) in accordance with any
document or instruction delivered to the Trustee pursuant to Section 6.03.

     Section 6.06. Restrictions. The Trustee shall not take any action (a) that is
inconsistent with the purposes of the Trust set forth in Section 2.03 or (b) that, to the actual
knowledge of the Trustee, would result in the Trust’s becoming taxable as a corporation for Federal
income tax purposes. Neither the Depositor nor the holder of the Excess Distribution Certificate
shall direct the Trustee to take action that would violate the provisions of this Section.

ARTICLE VII

CONCERNING THE TRUSTEE

     Section 7.01. Acceptance of Trusts and Duties. Each of the Trustee and the Delaware
Trustee accepts the trusts hereby created and each of them agrees to perform its duties hereunder
with respect to such trusts but only upon the terms of this Agreement. The Trustee also agrees to
disburse all moneys actually received by it constituting part of the Trust Estate upon the terms of
this Agreement and the other Basic Documents. Neither the Trustee nor the DelawareTrustee shall
be answerable or accountable hereunder or under any other Basic Document under any circumstances,
except (i) for its own willful misconduct or negligence or (ii) in the case of the inaccuracy of
any representation or warranty contained in Section 7.03 expressly made by the Trustee or the
Delaware Trustee. In particular, but not by way of limitation (and subject to the exceptions set
forth in the preceding sentence):

     (a) neither the Trustee nor the Delaware Trustee shall be liable for any error of judgment
made by a responsible officer of the Trustee or the Delaware Trustee;

     (b) neither the Trustee nor the Delaware Trustee shall be liable with respect to any action
taken or omitted to be taken by it in accordance with the direction or instructions of the
Administrator, the Depositor or the holder of the Excess Distribution Certificate;

     (c) no provision of this Agreement or any other Basic Document shall require the Trustee or
the Delaware Trustee to expend or risk funds or otherwise incur any financial liability in the
performance of any of its rights or powers hereunder or under any other Basic Document, if the
Trustee or the Delaware Trustee shall have reasonable grounds for believing that repayment of such
funds or adequate indemnity against such risk or liability is not reasonably assured or provided to
it;

15

 

     (d) under no circumstances shall the Trustee or the Delaware Trustee be liable for
indebtedness evidenced by or arising under any of the Basic Documents, including the principal of
and interest on the Notes;

     (e) neither the Trustee nor the Delaware Trustee shall be responsible for or in respect of the
validity or sufficiency of this Agreement or for the due execution hereof by the Depositor or for
the form, character, genuineness, sufficiency, value or validity of any of the Trust Estate or for
or in respect of the validity or sufficiency of the Basic Documents, other than (in the case of the
Trustee) the certificate of authentication on the Excess Distribution Certificate, and neither the
Trustee nor the Delaware Trustee shall in any event assume or incur any liability, duty, or
obligation to any Noteholder or the holder of the Excess Distribution Certificate, other than as
expressly provided for herein and in the other Basic Documents;

     (f) neither the Trustee nor the Delaware Trustee shall be liable for the action or inaction,
default or misconduct of the Administrator, the Depositor, the Indenture Trustee, the Servicer or a
Swap Counterparty under any of the other Basic Documents or otherwise, and neither the Trustee nor
the Delaware Trustee shall have any obligation or liability to perform the obligations of the Trust
under this Agreement or the other Basic Documents that are required to be performed by the
Administrator under the Administration Agreement, the Indenture Trustee under the Indenture, the
Servicer under the Servicing Agreement or the Swap Counterparty under the Swap Agreement; and

     (g) neither the Trustee nor the Delaware Trustee shall be under any 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 otherwise or in relation to this Agreement, any other Basic
Document, at the request, order or direction of the Depositor or holder of the Excess Distribution
Certificate, unless the Depositor or such holder has offered to the Trustee or the Delaware
Trustee, as the case may be, security or indemnity satisfactory to it against the costs, expenses
and liabilities that may be incurred by the Trustee or the Delaware Trustee, as the case may be,
therein or thereby. The right of the Trustee or the Delaware Trustee to perform any discretionary
act enumerated in this Agreement or in any other Basic Document shall not be construed as a duty,
and neither the Trustee nor the Delaware Trustee shall be answerable for other than its negligence
or willful misconduct in the performance of any such act.

     Section 7.02. Reserved.

     Section 7.03. Representations and Warranties of the Trustee and the Delaware Trustee.
(1) The Trustee hereby represents and warrants to the Depositor, for the benefit of the Noteholders
and the holder of the Excess Distribution Certificate, that:

     (a) It is a national banking association duly organized and validly existing in good standing
under the laws of the United States and maintains an office located within the State of Illinois.
It has all requisite banking power and authority to execute, deliver and perform its obligations
under this Agreement.

16

 

     (b) It has taken all action necessary to authorize the execution and delivery by it of this
Agreement, and this Agreement will be executed and delivered by one of its officers who is duly
authorized to execute and deliver this Agreement on its behalf.

     (c) Neither the execution nor the delivery by it of this Agreement, nor the consummation by it
of the transactions contemplated hereby nor compliance by it with any of the terms or provisions
hereof will contravene any Federal or Illinois state law, governmental rule or regulation governing
the banking or trust powers of the Trustee or any judgment or order binding on it, or constitute
any default under its charter documents or by-laws or any indenture, mortgage, contract, agreement
or instrument to which it is a party or by which any of its properties may be bound.

     (2) The Delaware Trustee hereby represents and warrants to the Depositor, for the benefit of
the Noteholders, and the Excess Distribution Certificateholder, that:

     (a) It is duly organized and validly existing in good standing under the laws of its governing
jurisdiction and has an office located within the State of Delaware. It has all requisite corporate
power and authority to execute, deliver and perform its obligations under this Agreement.

     (b) It has taken all corporate action necessary to authorize the execution and delivery by it
of this Agreement, and this Agreement will be executed and delivered by one of its officers who is
duly authorized to execute and deliver this Agreement on its behalf.

     (c) Neither the execution nor the delivery by it of this Agreement, nor the consummation by it
of the transactions contemplated hereby nor compliance by it with any of the terms or provisions
hereof will contravene any Federal or Delaware state law, governmental rule or regulation governing
the banking or trust powers of the Delaware Trustee or any judgment or order binding on it, or
constitute any default under its charter documents or by-laws or any indenture, mortgage, contract,
agreement or instrument to which it is a party or by which any of its properties may be bound.

     Section 7.04. Reliance; Advice of Counsel.

     (a) The Trustee and the Delaware Trustee shall incur no liability to anyone in acting upon
any signature, instrument, direction, notice, resolution, request, consent, order, certificate,
report, opinion, bond or other document or paper believed by it to be genuine and believed by it to
be signed by the proper party or parties. The Trustee and the Delaware Trustee may accept a
certified copy of a resolution of the board of directors or other governing body of any corporate
party as conclusive evidence that such resolution has been duly adopted by such body and that the
same is in full force and effect. As to any fact or matter the method of the determination of
which is not specifically prescribed herein, the Trustee and the Delaware Trustee may for all
purposes hereof rely on a certificate, signed by the president or any vice president or by the
treasurer or other authorized officers of the relevant party, as to such fact or matter and such
certificate shall constitute full protection to the Trustee or the Delaware Trustee, as the case
may be, for any action taken or omitted to be taken by it in good faith in reliance thereon.

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     (b) In the exercise or administration of the trusts hereunder and in the performance of its
duties and obligations under this Agreement or the other Basic Documents, the Trustee and the
Delaware Trustee (i) may act directly or through its agents or attorneys pursuant to agreements
entered into with any of them and the Trustee and the Delaware Trustee shall not be liable for the
conduct or misconduct of such agents or attorneys if such agents or attorneys shall have been
selected by the Trustee or the Delaware Trustee, as the case may be, with reasonable care, and (ii)
may consult with counsel and accountants to be selected with reasonable care and employed by it.
Neither the Trustee nor the Delaware Trustee shall be liable for anything done, suffered or omitted
in good faith by it in accordance with the written opinion or advice of any such counsel or
accountants and not contrary to this Agreement or any other Basic Document.

     Section 7.05. Not Acting in Individual Capacity. Except as provided in this Article
VII, in accepting the trusts hereby created each of The Bank of New York Trust Company, N.A. and
The Bank of New York (Delaware), acting solely as Trustee and Delaware Trustee, respectively,
hereunder and not in its individual capacity and all Persons having any claim against the Trustee
or the Delaware Trustee by reason of the transactions contemplated by this Agreement or any other
Basic Document shall look only to the Trust Estate for payment or satisfaction thereof.

     Section 7.06. Trustee and Delaware Trustee Not Liable for Excess Distribution Certificate
or Trust Student Loans. The recitals contained herein and in the Excess Distribution
Certificate (other than the signature of and authentication by the Trustee on the Excess
Distribution Certificate) shall be taken as the statements of the Depositor and the Trustee and the
Delaware Trustee assume no responsibility for the correctness thereof. The Trustee and the
Delaware Trustee make no representations as to the validity or sufficiency of this Agreement, the
Excess Distribution Certificate, or any other Basic Document (other than the signature of and
authentication by the Trustee on the Excess Distribution Certificate), or the Notes, or of any
Trust Student Loan or related documents. Neither the Trustee nor the Delaware Trustee shall at any
time have any responsibility for or with respect to the legality, validity and enforceability of
any Trust Student Loan, or for or with respect to the sufficiency of the Trust Estate or its
ability to generate the payments to be distributed to the holders of the Excess Distribution
Certificates under this Agreement or the Noteholders under the Indenture, including the existence
and contents of any computer or other record of any Trust Student Loan; the validity of the
assignment of any Trust Student Loan to the Trustee on behalf of the Trust; the completeness of any
Trust Student Loan; the performance or enforcement (except as expressly set forth in any Basic
Document) of any Trust Student Loan; the compliance by the Depositor or the Servicer with any
warranty or representation made under any Basic Document or in any related document or the accuracy
of any such warranty or representation or any action or inaction of the Administrator, the
Indenture Trustee or the Servicer or any subservicer taken in the name of the Trustee or the
Delaware Trustee.

     Section 7.07. Trustee or Delaware Trustee May Own Notes. Either the Trustee or the
Delaware Trustee, individually or in any other capacity, may become the owner or pledgee of Notes
and may deal with the Depositor, the Administrator, the Indenture Trustee, the Servicer or a Swap
Counterparty in banking transactions with the same rights as if it were owner of the Notes and not
acting as Trustee or the Delaware Trustee, as the case may be.

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     Section 7.08. Duties of the Delaware Trustee. The Delaware Trustee is appointed to
serve as the trustee of the Trust in the State of Delaware for the sole purpose of satisfying the
requirement of Section 3807(a) of the Delaware Statutory Trust Act that the Trust have at least one
trustee with a principal place of business in Delaware. It is understood and agreed by the parties
hereto that the Delaware Trustee shall have none of the duties or liabilities of the Trustee. The
duties of the Delaware Trustee shall be limited to (a) accepting legal process served on the Trust
in the State of Delaware and (b) the execution of any certificates required to be filed with the
Secretary of State of the State of Delaware which the Delaware Trustee is required to execute under
Section 3811 of the Delaware Statutory Trust Act. To the extent that, at law or in equity, the
Delaware Trustee has duties (including fiduciary duties) and liabilities relating thereto with
respect to the Trust, the beneficial owners thereof or any other person, it is hereby understood
and agreed by the other parties hereto that such duties and liabilities will replace the duties and
liabilities of the Delaware Trustee expressly set forth in this Section 7.08. The Delaware Trustee
shall have all the rights, privileges and immunities of the Trustee. In addition to the foregoing,
the Delaware Trustee also hereby agrees to execute and deliver all amendments or supplements to
this Agreement, delivered to it for execution pursuant to Section 11.01, if such amendment or
supplement does not materially or adversely affect the rights or duties of the Delaware Trustee.

ARTICLE VIII

COMPENSATION AND INDEMNITY OF THE TRUSTEES

     Section 8.01. Trustee’s and Delaware Trustee’s Fees and Expenses. The Trustee and the
Delaware Trustee shall receive as compensation for its services hereunder such fees, if any, as
have been separately agreed upon before the date hereof between the Depositor and the Trustee and
the Delaware Trustee, respectively, and the Trustee and the Delaware Trustee, respectively shall be
entitled to be reimbursed by the Depositor, to the extent provided in such separate agreement, for
their other reasonable expenses (including the reasonable fees and expenses of counsel and
independent accountants) hereunder.

     Section 8.02. Payments to the Trustee and to the Delaware Trustee. Any amounts paid
to the Trustee or to the Delaware Trustee pursuant to Section 8.01 hereof or pursuant to Section
9.01 of the Depositor Sale Agreement, Section 4.02 of the Administration Agreement or Section 4.02
of the Servicing Agreement shall be deemed not to be a part of the Trust Estate immediately after
such payment.

     Section 8.03. Indemnity. The Depositor shall cause the Administrator to indemnify
each of the Trustee and the Delaware Trustee in its individual capacity and any of its officer,
directors, employees and agents as and to the extent provided for in Section 4.02 of the
Administration Agreement.

19

 

ARTICLE IX

TERMINATION OF TRUST AGREEMENT

     Section 9.01. Termination of Trust Agreement.

     (a) This Agreement (other than Article VIII) and the Trust shall terminate and be of no
further force or effect upon the final distribution by the Trustee of all moneys or other property
or proceeds of the Trust Estate in accordance with the terms of the Indenture, the Administration
Agreement and Article V hereof and (2) the filing of the certificate of cancellation by the Trustee
pursuant to Section 9.01(b) below of this Agreement. The bankruptcy, liquidation, dissolution,
death or incapacity of any holder of an Excess Distribution Certificate, shall not (x) operate to
terminate this Agreement or the Trust, nor (y) entitle such holder’s legal representatives or heirs
to claim an accounting or to take any action or proceeding in any court for a partition or winding
up of all or any part of the Trust or Trust Estate nor (z) otherwise affect the rights, obligations
and liabilities of the parties hereto.

     (b) Except as provided in Section 9.01(a), none of the Depositor, any Noteholder or any holder
of an Excess Distribution Certificate shall be entitled to revoke or terminate the Trust.

     (c) Upon final distribution of any funds remaining in the Trust, the Trustee shall file a
certificate of cancellation of the Trust’s certificate of trust pursuant to Section 3810(c) of the
Delaware Statutory Trust Act and giving notice thereof to the Delaware Trustee.

20

 

ARTICLE X

SUCCESSOR TRUSTEES AND DELAWARE TRUSTEES AND

ADDITIONAL TRUSTEES AND DELAWARE TRUSTEES

     Section 10.01. Eligibility Requirements for Trustee and Delaware Trustee. The Trustee
shall at all times (i) be authorized to exercise statutory trust powers, (ii) have a combined
capital and surplus of at least $50,000,000 and subject to supervision or examination by Federal or
state authorities and (iii) have (or have a parent which has) a rating in respect of its long-term
senior unsecured debt of at least BBB- (or the equivalent) by each of the Rating Agencies (or
which, if the long-term senior unsecured debt of such entity is not rated by any Rating Agency,
shall have provided to the Indenture Trustee written confirmation from such Rating Agency that the
appointment of such entity to serve as Trustee will not result in and of itself in a reduction or
withdrawal of the then current rating of any of the Notes). If the Trustee shall publish 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, the combined capital and surplus of
the Trustee shall be deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published. The Delaware Trustee shall at all times (i) be an entity having
its principal place of business in the State of Delaware and otherwise complying with Section 3807
of the Delaware Statutory Trust Act, and (ii) be a corporation satisfying the provisions of
Section 3807(a) of the Delaware Statutory Trust Act. In case at any time the Trustee or the
Delaware Trustee, as the case may be, shall cease to be eligible in accordance with the provisions
of this Section, the Trustee or the Delaware Trustee, as the case may be, shall resign immediately
in the manner and with the effect specified in Section 10.02.

     Section 10.02. Resignation or Removal of Trustee. The Trustee or the Delaware
Trustee, as the case may be, may at any time resign and be discharged from the trusts hereby
created by giving written notice thereof to the Administrator. Upon receiving such notice of
resignation, the Administrator shall promptly appoint a successor Trustee or Delaware Trustee, as
the case may be, meeting the eligibility requirements of Section 10.01 by written instrument, in
duplicate, one copy of which instrument shall be delivered to the resigning Trustee or Delaware
Trustee and one copy to the successor Trustee or Delaware Trustee. If no successor Trustee or
Delaware Trustee, as the case may be, shall have been so appointed and have accepted appointment
within 30 days after the giving of such notice of resignation, the resigning Trustee or Delaware
Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee
or Delaware Trustee, as applicable; provided, however, that such right to appoint
or to petition for the appointment of any such successor shall in no event relieve the resigning
Trustee or Delaware Trustee from any obligations otherwise imposed on it under the Basic Documents
until such successor has in fact assumed such appointment.

     If at any time the Trustee or the Delaware Trustee, as the case may be, shall cease to be or
shall be likely to cease to be eligible in accordance with the provisions of Section 10.01 and
shall fail to resign after written request therefor by the Administrator, or if at any time an
Insolvency Event with respect to the Trustee or the Delaware Trustee, as the case may be, shall
have occurred and be continuing, then the Administrator may remove the Trustee or the Delaware
Trustee, as applicable. If the Administrator shall remove the Trustee or the Delaware Trustee, as
the case may be, under the authority of the immediately preceding sentence, the

21

 

Administrator shall promptly appoint a successor Trustee or the Delaware Trustee, as
applicable, by written instrument, in duplicate, one copy of which instrument shall be delivered to
the outgoing Trustee or the Delaware Trustee, as applicable, so removed and one copy to the
successor Trustee or the Delaware Trustee, as applicable, and payment of all fees owed to the
outgoing Trustee or Delaware Trustee, as applicable.

     Any resignation or removal of the Trustee or the Delaware Trustee, as applicable, and
appointment of a successor Trustee or Delaware Trustee, as applicable, pursuant to any of the
provisions of this Section shall not become effective until acceptance of appointment by the
successor Trustee or Delaware Trustee, as applicable, pursuant to Section 10.03, payment of all
fees and expenses owed to the outgoing Trustee or Delaware Trustee, as applicable, and the filing
of a certificate of amendment to the Trust’s certificate of trust pursuant to Section 3810(b) of
the Delaware Statutory Trust Act. The Administrator shall provide notice of such resignation or
removal of the Trustee or the Delaware Trustee, as applicable, and to each of the Rating Agencies.

     Section 10.03. Successor Trustee or Delaware Trustee. Any successor Trustee or
Delaware Trustee, as applicable, appointed pursuant to Section 10.02 shall execute, acknowledge and
deliver to the Administrator and to its predecessor Trustee or Delaware Trustee, as applicable, an
instrument accepting such appointment under this Agreement, and thereupon the resignation or
removal of the predecessor Trustee or Delaware Trustee, as applicable, shall become effective and
such successor Trustee or Delaware Trustee, as applicable, without any further act, deed or
conveyance, shall become fully vested with all the rights, powers, duties and obligations of its
predecessor under this Agreement, with like effect as if originally named as Trustee or Delaware
Trustee, as applicable. The predecessor Trustee shall upon payment of its fees and expenses
deliver to the successor Trustee or Delaware Trustee, as applicable, all documents, statements,
moneys and properties held by it under this Agreement; and the Administrator and the predecessor
Trustee or Delaware Trustee, as applicable, 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 Trustee or Delaware Trustee, as applicable, all such rights, powers, duties and
obligations.

     No successor Trustee or Delaware Trustee, as applicable, shall accept such appointment as
provided in this Section unless at the time of such acceptance such successor Trustee or Delaware
Trustee, as applicable, shall be eligible pursuant to Section 10.01.

     Upon acceptance of appointment by a successor Trustee or Delaware Trustee, as applicable,
pursuant to this Section, the Administrator shall mail notice of the successor of such Trustee or
Delaware Trustee, as applicable, to the holder of the Excess Distribution Certificate, the
Indenture Trustee, the Noteholders, the Rating Agencies and a Swap Counterparty. If the
Administrator shall fail to mail such notice within 10 days after acceptance of appointment by the
successor Trustee or Delaware Trustee, as applicable, the successor Trustee or Delaware Trustee, as
applicable, shall cause such notice to be mailed at the expense of the Administrator.

     Section 10.04. Merger or Consolidation of Trustee or Delaware Trustee. Any
corporation into which the Trustee or Delaware Trustee, as applicable, may be merged or converted
or with which it may be consolidated, or any corporation resulting from any merger,

22

 

conversion or consolidation to which the Trustee or Delaware Trustee, as applicable, shall be
a party, or any corporation succeeding to all or substantially all the corporate trust business of
the Trustee or Delaware Trustee, as applicable, shall, without the execution or filing of any
instrument or any further act on the part of any of the parties hereto, anything herein to the
contrary notwithstanding, be the successor of the Trustee or Delaware Trustee, as applicable,
hereunder; provided, that such corporation shall be eligible pursuant to Section 10.01; and
provided, further, that the Trustee and Delaware Trustee shall mail notice of such
merger or consolidation to the Rating Agencies not less than 15 days prior to the effective date
thereof and shall file an amendment to the Certificate of Trust as required under the Delaware
Statutory Trust Act.

     Section 10.05. Appointment of Co-Trustee or Separate Trustee. Notwithstanding any
other provisions of this Agreement, at any time, for the purpose of meeting any legal requirements
of any jurisdiction in which any part of the Trust may at the time be located, the Administrator
and the Trustee acting jointly shall have the power and shall execute and deliver all instruments
to appoint one or more Persons approved by the Trustee, meeting the eligibility requirements of
clauses (i) through (iii) of Section 10.01, to act as co-trustee, jointly with the Trustee, or
separate trustee or separate trustees, of all or any part of the Trust Estate, and to vest in such
Person, in such capacity, such title to the Trust Estate, or any part thereof, and, subject to the
other provisions of this Section, such powers, duties, obligations, rights and trusts as the
Administrator and the Trustee may consider necessary or desirable. If the Administrator shall not
have joined in such appointment within 15 days after the receipt by it of a request so to do, the
Trustee alone shall have the power to make such appointment. No co-trustee or separate trustee
under this Agreement shall be required to meet the terms of eligibility as a successor trustee
pursuant to clauses (iv), (v) and (vi) of Section 10.01 and no notice of the appointment of any
co-trustee or separate trustee shall be required pursuant to Section 10.03.

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

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

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

     (iii) the Administrator and the Trustee acting jointly may at any time accept the
resignation of or remove any separate trustee or co-trustee.

23

 

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

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

ARTICLE XI

MISCELLANEOUS

     Section 11.01. Supplements and Amendments. This Agreement may be amended by the
Depositor, the Trustee, the Delaware Trustee and the Indenture Trustee with respect to Sections
3.03(c) and 3.03(g) of this Agreement, with prior written notice to the Rating Agencies, without
the consent of any of the Noteholders or a Swap Counterparty, to cure any ambiguity, to correct or
supplement any provisions in this Agreement or for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions in this Agreement or modifying in any
manner the rights of the Noteholders or a Swap Counterparty; provided, however,
that such action shall not, as evidenced by an Opinion of Counsel, adversely affect in any material
respect the interests of any Noteholder or a Swap Counterparty.

     This Agreement may also be amended from time to time by the Depositor, the Trustee and the
Delaware Trustee, with prior written notice to the Rating Agencies, with the consent of Noteholders
evidencing not less than a majority of the Outstanding Amount of the Notes, for the purpose of
adding any provisions to or changing in any manner or eliminating any of the provisions of this
Agreement or modifying in any manner the rights of the Noteholders; provided,
however, that no such amendment shall (a) increase or reduce in any manner the amount of,
or accelerate or delay the timing of, collections of payments on Trust Student Loans or
distributions that shall be required to be made for the benefit of the Noteholders or (b) reduce
the aforesaid percentage of the Outstanding Amount of the Notes required to consent to any such
amendment, without the consent of all the outstanding Noteholders.

     This Agreement may also be amended from time to time by the Depositor and the Trustee, with
prior written notice to the Rating Agencies, with the consent of a Swap Counterparty for the
purpose of adding any provisions to, changing in any manner, or

24

 

eliminating any of the provisions of this Agreement or modifying in any manner the rights of a
Swap Counterparty, if in the Opinion of Counsel such amendment materially adversely affects the
interests of a Swap Counterparty.

     Promptly after the execution of any such amendment or consent, the Trustee shall furnish
written notification of the substance of such amendment or consent to the holder of the Excess
Distribution Certificate, the Indenture Trustee, a Swap Counterparty and each of the Rating
Agencies.

     It shall not be necessary for the consent of the Noteholders, the Indenture Trustee, or a Swap
Counterparty pursuant to this Section to approve the particular form of any proposed amendment or
consent, but it shall be sufficient if such consent shall approve the substance thereof. The
manner of obtaining such consents (and any other consents of provided for in this Agreement or in
any other Basic Document) and of evidencing the authorization of the execution thereof shall be
subject to such reasonable requirements as the Trustee may prescribe.

     Prior to the execution of any amendment to this Agreement, the Trustee and the Delaware
Trustee shall be entitled to receive and rely upon an Opinion of Counsel stating that the execution
of such amendment is authorized or permitted by this Agreement and an Officer’s Certificate from
the Depositor that all conditions precedent to the execution of such amendment have been met or
otherwise satisfied. The Trustee or the Delaware Trustee may, but shall not be obligated to, enter
into any such amendment which affects the Trustee’s or Delaware Trustee’s own rights, duties or
immunities under this Agreement or otherwise.

     Section 11.02. No Legal Title to Trust Estate in Holder of the Excess Distribution
Certificate. The holder of the Excess Distribution Certificate shall not have legal title to
any part of the Trust Estate. The holder of the Excess Distribution Certificate shall be entitled
to receive distributions with respect to its undivided beneficial ownership interest therein only
in accordance with Section 3.03 of this Agreement. No transfer, by operation of law or otherwise,
of any right, title, or interest of the holder of the Excess Distribution Certificate to and in its
beneficial ownership interest in the Trust Estate shall operate to terminate this Agreement or the
trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal title
to any part of the Trust Estate.

     Section 11.03. Limitations on Rights of Others. Except for Section 2.07, the
provisions of this Agreement are solely for the benefit of the Trustee, the Delaware Trustee, the
Depositor, the holder of the Excess Distribution Certificate, the Administrator and, to the extent
expressly provided herein, the Indenture Trustee, the Noteholders and a Swap Counterparty, and
nothing in this Agreement (other than Section 2.07), whether express or implied, shall be construed
to give to any other Person any legal or equitable right, remedy or claim in the Trust Estate or
under or in respect of this Agreement or any covenants, conditions or provisions contained herein.

     Section 11.04. Notices. Unless otherwise expressly specified or permitted by the
terms hereof, all notices shall be in writing and shall be deemed given upon receipt by the
intended recipient or three Business Days after mailing if mailed by certified mail, postage
prepaid (except that notice to the Trustee shall be deemed given only upon actual receipt by the

25

 

Trustee), if to the Trustee, addressed to its Corporate Trust Office; if to the Depositor,
addressed to SLM Funding LLC, 20 Hemingway Drive, East Providence, Rhode Island 02915, if to the
Delaware Trustee, addressed to its Delaware principal office located at 100 White Clay Center,
Route 273, Newark, Delaware 19711, Attention: Kristine Gullo, Vice President, if to the Indenture
Trustee, address to The Bank of New York, 101 Barclay Street, 8 West, New York, New York 10286, or,
as to each party, at such other address as shall be designated by such party in a written notice to
each other party.

     Section 11.05. Severability. Any provision of this Agreement that is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

     Section 11.06. Separate Counterparts. This Agreement may be executed by the parties
hereto in separate counterparts, each of which when so executed and delivered shall be an original,
but all such counterparts shall together constitute but one and the same instrument.

     Section 11.07. Successors and Assigns. All covenants and agreements contained herein
shall be binding upon to the benefit of, the Depositor and its successors, the Trustee and its
successors, the Delaware Trustee and its successors, each holder of the Excess Distribution
Certificate and its successors and permitted assigns, all as herein provided. Any request, notice,
direction, consent, waiver or other instrument or action by a Noteholder or the holder of an Excess
Distribution Certificate shall bind the successors and assigns of such holder.

     Section 11.08. No Petition.

     (a) Neither the Depositor, nor any other Excess Distribution Certificateholder (as evidenced
by acceptance of its Excess Distribution Certificate) will institute against the Trust, at any
time, any bankruptcy proceedings under any United States Federal or state bankruptcy or similar law
in connection with any obligations relating to the Excess Distribution Certificate, the Notes, this
Agreement or any of the other Basic Documents. The foregoing shall not limit the rights of the
Depositor, nor any Excess Distribution Certificateholder to file any claim in, or otherwise take
any action with respect to, any insolvency proceeding that was instituted against the Trust by a
Person other than the Depositor or such other Excess Distribution Certificateholder.

     (b) The Trustee (not in its individual capacity but solely as Trustee), by entering into this
Agreement, the Delaware Trustee (not in its individual capacity but solely as Delaware Trustee), by
entering into this Agreement, the Excess Distribution Certificateholder by accepting the Excess
Distribution Certificate, and the Indenture Trustee and each Noteholder by accepting the benefits
of this Agreement, hereby covenant and agree that they will not at any time institute against the
Depositor or the Trust, or join in any institution against the Depositor or the Trust of, any
bankruptcy, reorganization, arrangement, insolvency, receivership or liquidation proceedings, or
other proceedings under any United States Federal or state bankruptcy or similar law in connection
with any obligations relating to the Notes, this Agreement or any of the other Basic Documents.
The foregoing shall not limit the rights of the Trustee or the Indenture Trustee

26

 

to file any claim in, or otherwise take any action with respect to, any insolvency proceeding
that was instituted against the Issuer by a Person other than the Trustee or the Indenture Trustee.

     Section 11.09. No Recourse. The Excess Distribution Certificateholder by accepting
the Excess Distribution Certificate acknowledges that such holder’s certificate represents
beneficial interests in the Trust only and do not represent interests in or obligations of the
Depositor, the Servicer, the Administrator, the Trustee, the Indenture Trustee, a Swap Counterparty
or any Affiliate thereof or any officer, director or employee of any thereof and no recourse may be
had against such parties or their assets, except as may be expressly set forth or contemplated in
this Agreement, the Excess Distribution Certificate or the other Basic Documents.

     Section 11.10. Headings. The headings of the various Articles and Sections herein are
for convenience of reference only and shall not define or limit any of the terms or provisions
hereof.

     Section 11.11. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW
PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED
IN ACCORDANCE WITH SUCH LAWS.

     Section 11.12. WAIVER OF JURY TRIAL. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL
BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE NOTES OR THE
TRANSACTION CONTEMPLATED HEREBY.

ARTICLE XII

COMPLIANCE WITH REGULATION AB

     SECTION 12.01. Intent of the Parties; Reasonableness. The Depositor, the Trustee, the
Delaware Trustee and the Indenture Trustee acknowledge and agree that the purpose of Article XII of
this Agreement is to facilitate compliance by the Depositor and the Issuer with the provisions of
Regulation AB and related rules and regulations of the Commission.

     Neither the Depositor, the Trustee, the Delaware Trustee, nor the Indenture Trustee shall
exercise its right to request delivery of information or other performance under these provisions
other than in good faith, or for purposes other than compliance with the Securities Act, the
Exchange Act and the rules and regulations of the Commission thereunder (or the provision in a
private offering of disclosure comparable to that required under the Securities Act). The
Indenture Trustee acknowledges that interpretations of the requirements of Regulation AB may change
over time, whether due to interpretive guidance provided by the Commission or its staff, consensus
among participants in the asset-backed securities markets, advice of counsel, or otherwise, and
agrees to comply with requests made by the Depositor in good faith for delivery

27

 

of information under these provisions on the basis of evolving interpretations of Regulation
AB. In connection therewith, the Indenture Trustee, the Delaware Trustee and the Trustee shall
cooperate fully with the Depositor to deliver to the Depositor (including any of its assignees or
designees), any and all statements, reports, certifications, records, attestations, and any other
information necessary in the good faith determination of the Depositor, to permit the Depositor to
comply with the provisions of Regulation AB, together with such disclosures relating to the
Trustee, the Delaware Trustee, Indenture Trustee or the servicing of the Trust Student Loans,
reasonably believed by the Depositor to be necessary in order to effect such compliance.

28

 

     IN WITNESS WHEREOF, the parties hereto have caused this Amended and Restated Trust Agreement
to be duly executed by their respective officers hereunto duly authorized, as of the day and year
first above written.

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

not in its individual capacity but solely as

Trustee

 	 
	 	By:  	/S/  MARICELA MARQUEZ
 	 
	 	 	Name:  	Maricela Marquez 	 
	 	 	Title:  	Assistant Vice President 	 
	 
	 	SLM FUNDING LLC,

as Depositor

 	 
	 	By:  	/S/  J. LANCE FRANKE
 	 
	 	 	Name:  	J. Lance Franke 	 
	 	 	Title:  	Vice President 	 

29

 

	 	 	 	 	 

Acknowledged and agreed as to

Section 3.03(c) and Section 3.03(g)

of this Amended and Restated Trust Agreement:

	 	 	 	 	 
	 	THE BANK OF NEW YORK,

not in its individual capacity but solely

as the Indenture Trustee, acting as the Excess

Distribution Certificate Paying Agent

 	 
	 	By:  	/S/  SCOTT J. TEPPER
 	 
	 	 	Name:  	Scott J. Tepper 	 
	 	 	Title:  	Vice President 	 
	 
	 	THE BANK OF NEW YORK (DELAWARE),

not in its individual capacity but solely as

Delaware Trustee

 	 
	 	By:  	/S/  KRISTINE K. GULLO
 	 
	 	 	Name:  	Kristine K. Gullo 	 
	 	 	Title:  	Vice President 	 
	 

30

 

EXHIBIT A

TO THE TRUST AGREEMENT

[FORM OF EXCESS DISTRIBUTION CERTIFICATE]

SEE REVERSE FOR CERTAIN DEFINITIONS

[PLEASE SEE ATTACHED]

Exhibit A-1

 

 

EXHIBIT B

FORM OF

CERTIFICATE OF TRUST

OF

SLM PRIVATE CREDIT STUDENT LOAN

TRUST 2007-A

          This Certificate of Trust of SLM PRIVATE CREDIT STUDENT LOAN TRUST 2007-A (the “Trust”) is
being duly executed and filed on behalf of the Trust by the undersigned, as trustee, to form a
statutory trust under the Delaware Statutory Trust Act (12 Del. C. § 3801 et seq.) (the
“Act”).

          1. Name. The name of the statutory trust formed by this Certificate of Trust is SLM
PRIVATE CREDIT STUDENT LOAN TRUST 2007-A.

          2. Delaware Trustee. The name and business address of the trustee of the Trust in the State
of Delaware are [                     ,                      .] Attn: [            ]

          3. Effective Date. This Certificate of Trust shall be effective upon filing.

IN WITNESS WHEREOF, the undersigned has duly executed this Certificate of Trust in accordance
with Section 3811(a)(1) of the Act.

	 	 	 	 	 	 	 
	 	 	[                      ], not in its	 	 
	 	 	individual capacity but solely as Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 

Exhibit  B-1 

 

EXHIBIT C

[FORM OF TRANSFEROR LETTER]

[Date]

Sallie Mae, Inc.

as Administrator

12061 Bluemont Way

Reston, Virginia 20190

The Bank of New York Trust Company, N.A.

as Trustee

2 N. LaSalle Street

Chicago, Illinois 60602

The Bank of New York,

as Excess Distribution Certificate Registrar

101 Barclay Street, 8 West

New York, New York 10286

Attention: Corporate Trust Administration

The Bank of New York (Delaware),

as Delaware Trustee

100 White Clay Center

Route 273

Newark, Delaware 19711

			
	Re:	 	SLM Private Credit Student Loan Trust 2007-A,

Excess Distribution Certificate (the “Certificate”)

Ladies and Gentlemen:

     In connection with our disposition of the above Certificate, we certify that (a) we understand
that the Certificate has not been registered under the Securities Act of 1933, as amended (the
“Securities Act”), and is being disposed by us in a transaction that is exempt from the
registration requirements of the Securities Act, and (b) we have not offered or sold the
Certificate to, or solicited offers to buy the Certificate from, any person, or otherwise
approached or negotiated with any person with respect thereto, in a manner that would be deemed, or
taken any other action would result in, a violation of Section 5 of the Securities Act.

	 	 	 
	Very truly yours,
	 	 
	 
	 	 
	 

[Print Name of Transferor]

	 	 

Exhibit C-1

 

 

	 	 	 	 	 
	By:

	 	 	 	 
	 

	 	 	 	 
	 

	 	Authorized Officer	 	 

Exhibit C-2

 

 

EXHIBIT D-1

[FORM OF TRANSFEREE LETTER (NON-RULE 144A)]

[Date]

Sallie Mae, Inc.

as Administrator

12061 Bluemont Way

Reston, Virginia 20190

The Bank of New York Trust Company, N.A.

as Trustee

2 N. LaSalle Street

Chicago, Illinois 60602

The Bank of New York,

as Excess Distribution Certificate Registrar

101 Barclay Street 8 West

New York, New York 10286

Attention: Corporate Trust Administration

The Bank of New York (Delaware),

as Delaware Trustee

100 White Clay Center

Route 273

Newark, Delaware 19711

			
	Re:	 	SLM Private Credit Student Loan Trust 2007-A,

Excess Distribution Certificate (the “Certificate”)

Ladies and Gentlemen:

     In connection with our acquisition of the above Certificate, we certify that (a) we understand
that the Certificate is not being registered under the Securities Act of 1933, as amended (the
“Securities Act”), or any state securities laws and is being transferred to us in a transaction
that is exempt from the registration requirements of the Securities Act and any such laws, (b) we
are an institutional “accredited investor,” as defined in Rule 501 (a) (1), (2), (3) or (7) of
Regulation D under the Securities Act or an entity in which all of the equity owners come within
such paragraphs, and have such knowledge and experience in financial and business matters that we
are capable of evaluating the merits and risks of investments in the Certificate, (c) we have had
the opportunity to ask questions of and receive answers from the Depositor concerning the purchase
of the Certificate and all matters relating thereto or any additional information deemed necessary
to our decision to purchase the Certificate, (d) we are not acquiring the Certificate for, by or
for the account of (i) any Benefit Plan subject to Title I of ERISA and/or Section 4975 of the
Code, if such acquisition, or the management or servicing of

Exhibit D-1-1 

 

the Trust or its assets, would cause a non-exempt prohibited transaction in violation of
Section 406 of ERISA and/or Section 4975 of the Code, (ii) any Benefit Plan subject to a
substantially similar federal, state, local or foreign law, if such acquisition would cause a
non-exempt violation of such substantially similar law, (iii) any person who is not a United States
person within the meaning of Section 7701(a)(30) of the Code, or (iv) any “pass-thru entity”
referred to in Section 1(h)(10)(D), (E) or (F) of the Code, the income of which pass-thru entity is
includible directly or indirectly through one or more other such pass-thru entities by any person
referred to in clause (iii) above, (e) we are acquiring the Certificate for investment for our own
account and not with a view to any distribution of the Certificate (but without prejudice to our
right at all times to sell or otherwise dispose of the Certificate in accordance with clause (g)
below), (f) we have not offered or sold the Certificate to, or solicited offers to buy the
Certificate from, any person, or otherwise approached or negotiated with any person with respect
thereto, or taken any other action which would result in a violation of Section 5 of the Securities
Act, and (g) we will not sell, transfer or otherwise dispose of the Certificate unless (1) such
sale, transfer or other disposition is made pursuant to an effective registration statement under
the Securities Act or is exempt from such registration requirements, and if requested, we will at
our expense provide an opinion of counsel satisfactory to the addressees of this Letter that such
sale, transfer or other disposition may be made pursuant to an exemption from the Securities Act,
(2) the purchaser or transferee of such Certificate has executed and delivered to you a certificate
to substantially the same effect as this certificate and (3) the purchaser or transferee has
otherwise complied with any conditions for transfer set forth in the Trust Agreement relating to
the Certificate.

     Except as otherwise specified herein or as the context may otherwise require, capitalized
terms used but not otherwise defined herein are defined in Appendix A-1 and A-2 to the Indenture
dated as of March 29, 2007, among The Bank of New York Trust Company, N.A., not in its individual
capacity, but solely as the Trustee on behalf of the Trust, the Trust and The Bank of New York, not
in its individual capacity, but solely as the Indenture Trustee, as may be amended or supplemented
from time to time.

	 	 	 	 	 	 	 
	 	 	Very truly yours,	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	[Print Name of Transferee]	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Authorized Officer	 	 

Exhibit D-1-2 

 

EXHIBIT D-2

[FORM OF TRANSFEREE LETTER (RULE 144A)]

[Date]

Sallie Mae, Inc.

as Administrator

12061 Bluemont Way

Reston, Virginia 20190

The Bank of New York Trust Company, N.A.

as Trustee

2 N. LaSalle Street

Chicago, Illinois 60602

The Bank of New York,

as Excess Distribution Certificate Registrar

101 Barclay Street 8 West

New York, New York 10286

Attention: Corporate Trust Administration

The Bank of New York (Delaware),

as Delaware Trustee

100 White Clay Center

Route 273

Newark, Delaware 19711

			
	Re:	 	SLM Private Credit Student Loan Trust 2007-A,

Excess Distribution Certificate (the “Certificate”)

     Ladies and Gentlemen:

     In connection with our acquisition of the above Certificate, we certify that (a) we understand
that the Certificate is not being registered under the Securities Act of 1933, as amended (the
“Securities Act”), or any state securities laws and are being transferred to us in a transaction
that is exempt from the registration requirements of the Securities Act and any such laws, (b) we
have such knowledge and experience in financial and business matters that we are capable of
evaluating the merits and risks of investments in the Certificate, (c) we have had the opportunity
to ask questions of and receive answers from the Depositor concerning the purchase of the
Certificate and all matters relating thereto or any additional information deemed necessary to our
decision to purchase the Certificate, (d) we are not acquiring the Certificate by or for the
account of (i) any Benefit Plan subject to Title I of ERISA and/or Section 4975 of the Code, if
such acquisition, or the management or servicing of the Trust or its assets, would cause a
non-exempt prohibited transaction in violation of Section 406 of ERISA and/or Section 4975 of the
Code, (ii) any Benefit Plan subject to a substantially similar federal, state, local or foreign
law, if

Exhibit D-2-1 

 

such acquisition would cause a non-exempt violation of such substantially similar law, (iii)
any person who is not a United States person within the meaning of Section 7701(a)(30) of the Code,
or (iv) any “pass-thru entity” referred to in Section 1(h)(10)(D), (E) or (F) of the Code, the
income of which pass-thru entity is includible directly or indirectly through one or more other
such pass-thru entities by any person referred to in clause (iii) above, (e) we have not, nor has
anyone acting on our behalf offered, transferred, pledged, sold or otherwise disposed of the
Certificate, any interest in the Certificate or any other similar security to, or solicited any
offer to buy or accept a transfer, pledge or other disposition of the Certificate, any interest in
the Certificate or any other similar security from, or otherwise approached or negotiated with
respect to the Certificate, any interest in the Certificate or any other similar security with, any
person in any manner, or made any general solicitation by means of general advertising or in any
other manner, or taken any other action, that would constitute a distribution of the Certificate
under the Securities Act or that would render the disposition of the Certificate a violation of
Section 5 of the Securities Act or require registration pursuant thereto, nor will act, nor has
authorized or will authorize any person to act, in such manner with respect to the Certificate, (f)
we are a “qualified institutional buyer” as that term is defined in Rule 144A under the Securities
Act (“Rule 144A”) and have completed either of the forms of certification to that effect attached
hereto as Annex 1 or Annex 2. We are aware that the sale to us is being made in reliance on Rule
144A. We are acquiring the Certificate for our own account or for resale pursuant to Rule 144A and
further understand that the Certificate may be resold, pledged or transferred only (1) to a person
reasonably believed to be a qualified institutional buyer that purchases for its own account or for
the account of a qualified institutional buyer to whom notice is given that the resale, pledge or
transfer is being made in reliance on Rule 144A, or (ii) pursuant to another exemption from
registration under the Securities Act.

     Except as otherwise specified herein or as the context may otherwise require, capitalized
terms used but not otherwise defined herein are defined in Appendix A-1 and A-2 to the Indenture
dated as of March 29, 2007, among The Bank of New York Trust Company, N.A., not in its individual
capacity, but solely as the Trustee on behalf of the Trust, the Trust and The Bank of New York, not
in its individual capacity, but solely as the Indenture Trustee, as may be amended or supplemented
from time to time.

	 	 	 	 	 	 	 
	 	 	Very truly yours,	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	[Print Name of Transferee]	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Authorized Officer	 	 

Exhibit D-2-2 

 

ANNEX 1

QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

[For Transferees Other Than Registered Investment Companies]

     The undersigned (the “Buyer”) hereby certifies as follows to the parties listed in the Rule
144A Transferee Letter to which this certification relates with respect to the Certificate
described therein:

	 	1.	 	As indicated below, the undersigned is the President, Chief Financial Officer,
Senior Vice President or other executive officer of the Buyer.
	 
	 	2.	 	In connection with purchases by the Buyer, the Buyer is a “qualified
institutional buyer” as that term is defined in Rule 144A under the Securities Act of
1933, as amended (“Rule 144A”) because (i) the Buyer owned and/or invested on a
discretionary basis $                    1 in securities (except for the excluded
securities referred to below) as of the end of the Buyer’s most recent fiscal year
(such amount being calculated in accordance with Rule 144A) and (ii) the Buyer
satisfies the criteria in the category marked below.

	 	— 	 	 Corporation, etc. The Buyer is a corporation (other
than a bank, savings and loan association or similar institution),
Massachusetts or similar business trust, partnership, or charitable
organization described in Section 501 (c) (3) of the Internal Revenue Code of
1986, as amended.
	 
	 	— 	 	 Bank. The Buyer (a) is a national bank or banking
institution organized under the laws of any State, territory or the District of
Columbia, the business of which is substantially confined to banking and is
supervised by the State or territorial banking commission or similar official
or is a foreign bank or equivalent institution, and (b) has an audited net
worth of at least $25,000,000 as demonstrated in its latest annual financial
statements, a copy of which is attached hereto.
	 
	 	— 	 	 Savings and Loan. The Buyer (a) is a savings and loan
association, building and loan association, cooperative bank, homestead
association or similar institution, which is supervised and examined by a State
or Federal authority having supervision over any such institutions or is a
foreign savings and loan association or equivalent institution and (b) has an
audited net worth of at least $25,000,000 as demonstrated in its latest annual
financial statements, a copy of which is attached hereto.

 

			
	1	 	Buyer must own and/or invest on a
discretionary basis at least $100,000,000 in securities unless Buyer is a
dealer, and, in that case, Buyer must own and/or invest on a discretionary
basis at least $10,000,000 in securities.

Annex 1-1 

 

	 	— 	 	Broker-dealer. The Buyer is a dealer registered
pursuant to Section 15 of the Securities Exchange Act of 1934.
	 
	 	— 	 	Insurance Company. The Buyer is an insurance company
whose primary and predominant business activity is the writing of insurance or
the reinsuring of risks underwritten by insurance companies and which is
subject to supervision by the insurance commissioner or a similar official or
agency of a State, territory or the District of Columbia.
	 
	 	— 	 	State or Local Plan. The Buyer is a plan established
and maintained by a State, its political subdivisions, or any agency or
instrumentality of the State or its political subdivisions, for the benefit of
its employees.
	 
	 	— 	 	ERISA Plan. The Buyer is an employee benefit plan
within the meaning of Title I of the Employee Retirement Income Security Act of
1974.
	 
	 	— 	 	Investment Advisor. The Buyer is an investment advisor
registered under the Investment Advisors Act of 1940.
	 
	 	— 	 	Small Business Investment Company. The Buyer is a
small business investment company licensed by the U.S. Small Business
Administration under Section 301(c) or (d) of the Small Business Investment Act
of 1958.
	 
	 	— 	 	Business Development Company. The Buyer is a business
development company as defined in Section 202(a)(22) of the Investment Advisors
Act of 1940.
	 
	 	— 	 	Qualified Institutional Buyers. The Buyer owned and/or
invested on a discretionary basis less than $100,000,000, but it is an entity
in which all of the equity owners are qualified institutional buyers.

	 	3.	 	The term “securities” as used herein does not include (i)
securities of issuers that are affiliated with the Buyer, (ii) securities that are part
of an unsold allotment to or subscription by the Buyer, if the Buyer is a dealer, (iii)
securities issued or guaranteed by the U.S. or any instrumentality thereof, (iv) bank
deposit notes and certificates of deposit, (v) loan participations, (vi) repurchase
agreements, (vii) securities owned but subject to a repurchase agreement and (viii)
currency, interest rate and commodity swaps.
	 
	 	4.	 	For purposes of determining the aggregate amount of securities owned and/or
invested on a discretionary basis by the Buyer, the Buyer used the cost of such
securities to the Buyer and did not include any of the securities referred to in the
preceding paragraph, except (i) where the Buyer reports its securities holdings in its
financial statements on the basis of their market value, and (ii) no current
information with respect to the cost of those securities has been published. If clause
(ii) in the preceding sentence applies, the securities may be valued at market.
Further, in determining such aggregate amount, the Buyer may have included securities
owned by subsidiaries of the Buyer, but only if such

Annex 1-2 

 

	 	 	 	subsidiaries are consolidated with the Buyer in its financial statements prepared in
accordance with generally accepted accounting principles and if the investments of
such subsidiaries are managed under the Buyer’s direction. However, such securities
were not included if the Buyer is a majority-owned, consolidated subsidiary of
another enterprise and the Buyer is not itself a reporting company under the
Securities Exchange Act of 1934, as amended.
	 
	 	5.	 	The Buyer acknowledges that it is familiar with Rule 144A and understands that
the seller to it and other parties related to the Certificate are relying and will
continue to rely on the statements made herein because one or more sales to the Buyer
may be in reliance on Rule 144A.
	 
	 	6.	 	Until the date of purchase of the Rule 144A Securities, the Buyer will notify
each of the parties to which this certification is made of any changes in the
information and conclusions herein. Until such notice is given, the Buyer’s purchase
of the Certificate will constitute a reaffirmation of this certification as of the date
of such purchase. In addition, if the Buyer is a bank or savings and loan is provided
above, the Buyer agrees that it will furnish to such parties updated annual financial
statements promptly after they become available.

	 	 	 	 	 
	 	 	 
	[Print Name of Transferee]	 	 
	 
	 	 	 	 
	By:

	 	 	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	Date:                    	 	 

Annex 1-3 

 

ANNEX 2

QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

[For Transferees That are Registered Investment Companies]

     The undersigned (the “Buyer”) hereby certifies as follows to the parties listed in the Rule
144A Transferee Letter to which this certification relates with respect to the Certificate
described therein:

	 	1.	 	As indicated below, the undersigned is the President, Chief Financial Officer
or Senior Vice President of the Buyer or, if the Buyer is a “qualified institutional
buyer” as that term is defined in Rule 144A under the Securities Act of 1933, as
amended (“Rule 144A”) because Buyer is part of a Family of Investment Companies (as
defined below), is such an officer of the Adviser.
	 
	 	2.	 	In connection with purchases by Buyer, the Buyer is a “qualified institutional
buyer” as defined in SEC Rule 144A because (i) the Buyer is an investment company
registered under the Investment Company Act of 1940, as amended and (ii) as marked
below, the Buyer alone, or the Buyer’s Family of Investment Companies, owned at least
$100,000,000 in securities (other than the excluded securities referred to below) as of
the end of the Buyer’s most recent fiscal year. For purposes of determining the amount
of securities owned by the Buyer or the Buyer’s Family of Investment Companies, the
cost of such securities was used, except (i) where the Buyer or the Buyer’s Family of
Investment Companies reports its securities holdings in its financial statements on the
basis of their market value, and (ii) no current information with respect to the cost
of those securities has been published. If clause (ii) in the preceding sentence
applies, the securities may be valued at market.

	 	— 	 	The Buyer owned $                     in securities (other than the
excluded securities referred to below) as of the end of the Buyer’s most recent
fiscal year (such amount being calculated in accordance with Rule 144A).
	 
	 	— 	 	The Buyer is part of a Family of Investment Companies which
owned in the aggregate $                     in securities (other than the excluded
securities referred to below) as of the end of the Buyer’s most recent fiscal
year (such amount being calculated in accordance with Rule 144A).

	 	3.	 	The term “Family of Investment Companies” as used herein means two or
more registered investment companies (or series thereof) that have the same investment
adviser or investment advisers that are affiliated (by virtue of being majority owned
subsidiaries of the same parent or because one investment adviser is a majority owned
subsidiary of the other).

Annex 2-1 

 

	 	4.	 	The term “securities” as used herein does not include (i) securities of
issuers that are affiliated with the Buyer or are part of the Buyer’s Family of
Investment Companies, (ii) securities issued or guaranteed by the U.S. or any
instrumentality thereof, (iii) bank deposit notes and certificates of deposit, (iv)
loan participations, (v) repurchase agreements, (vi) securities owned but subject to a
repurchase agreement and (vii) currency, interest rate and commodity swaps.
	 
	 	5.	 	The Buyer is familiar with Rule 144A and understands that the parties listed in
the Rule 144A Transferee Letter to which this certification relates are relying and
will continue to rely on the statements made herein because one or more sales to the
Buyer will be in reliance on Rule 144A. In addition, the Buyer will only purchase for
the Buyer’s own account.
	 
	 	6.	 	Until the date of purchase of the Certificate, the undersigned will notify the
parties listed in the Rule 144A Transferee Letter to which this certification relates
of any changes in the information and conclusions herein. Until such notice is given,
the Buyer’s purchase of the Certificate will constitute a reaffirmation of this
certification by the undersigned as of the date of such purchase.

	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Print Name of Buyer or Adviser	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	[IF AN ADVISER:]	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Print Name of Buyer	 	 
	 
	 	 	 	 	 	 
	 	 	Date:                    	 	 

Annex 2-2exv4w2

 

Exhibit 4.2

 

 

INTERIM TRUST AGREEMENT

between

SLM FUNDING LLC,

as the Depositor

and

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

not in its individual capacity but solely

as the Interim Trustee

Dated as of March 29, 2007

 

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	ARTICLE I Definitions and Usage
	 	 	1	 
	 
	 	 	 	 
	ARTICLE II Appointment of Interim Trustee
	 	 	1	 
	SECTION 2.1 Appointment of Interim Trustee
	 	 	1	 
	SECTION 2.2 Declaration of Trust
	 	 	2	 
	SECTION 2.3 Title to Interim Trust Loans
	 	 	2	 
	 
	 	 	 	 
	ARTICLE III Representations and Warranties of the Depositor
	 	 	2	 
	 
	 	 	 	 
	ARTICLE IV Authority and Duties of Interim Trustee
	 	 	3	 
	SECTION 4.1 General Authority
	 	 	3	 
	SECTION 4.2 General Duties
	 	 	3	 
	SECTION 4.3 No Duties Except as Specified in this Agreement
	 	 	3	 
	SECTION 4.4 No Action Except Under Specified Documents
	 	 	3	 
	SECTION 4.5 Restrictions
	 	 	3	 
	 
	 	 	 	 
	ARTICLE V Concerning the Interim Trustee
	 	 	3	 
	SECTION 5.1 Acceptance of Trust and Duties
	 	 	3	 
	SECTION 5.2 Representations and Warranties
	 	 	4	 
	SECTION 5.3 Not Acting in Individual Capacity
	 	 	4	 
	SECTION 5.4 Interim Trustee Not Liable for the Interim Trust Loans
	 	 	5	 
	 
	 	 	 	 
	ARTICLE VI Compensation of Interim Trustee
	 	 	5	 
	 
	 	 	 	 
	ARTICLE VII Termination of Interim Trust Agreement
	 	 	5	 
	 
	 	 	 	 
	ARTICLE VIII Successor Interim Trustees
	 	 	5	 
	SECTION 8.1 Eligibility Requirements for Interim Trustee
	 	 	5	 
	SECTION 8.2 Resignation or Removal of Interim Trustee
	 	 	6	 
	SECTION 8.3 Successor Interim Trustee
	 	 	6	 
	SECTION 8.4 Merger or Consolidation of Interim Trustee
	 	 	7	 
	 
	 	 	 	 
	ARTICLE IX Miscellaneous
	 	 	7	 
	SECTION 9.1 Supplements and Amendments
	 	 	7	 
	SECTION 9.2 Notices
	 	 	8	 
	SECTION 9.3 Severability
	 	 	8	 
	SECTION 9.4 Separate Counterparts
	 	 	8	 
	SECTION 9.5 Successors and Assigns
	 	 	8	 
	SECTION 9.6 Headings
	 	 	8	 
	SECTION 9.7 Governing Law
	 	 	8	 

i 

 

INTERIM TRUST AGREEMENT

     INTERIM TRUST AGREEMENT (the “Agreement”), dated as of March 29, 2007, between SLM FUNDING
LLC, a Delaware limited liability company (the “Depositor”), and THE BANK OF NEW YORK TRUST
COMPANY, N.A., a national banking association, not in its individual capacity but solely as Interim
Trustee (the “Interim Trustee”).

     WHEREAS, the Depositor is a limited liability company established for the purpose of
purchasing Student Loans from SLM Education Credit Finance Corporation (“SLM ECFC”) and, among
others, VG Funding, LLC (“VG Funding,” and together with SLM ECFC, the “Sellers”) for immediate
resale to special purpose trusts established for the purpose of financing the purchase of such
Student Loans;

     WHEREAS, on the Closing Date, the Depositor will enter into a separate Purchase Agreement with
each of the Sellers, and a Sale Agreement with SLM Private Credit Student Loan Trust 2007-A for the
purpose of effecting the purchase and resale of the Interim Trust Loans (the “Sale Agreements”);
and

     WHEREAS, pursuant to the terms of the Sale Agreement, the Depositor may be required, under
certain circumstances, to repurchase some of the Interim Trust Loans;

     NOW, THEREFORE, the Depositor and the Interim Trustee hereby agree as follows:

ARTICLE I

Definitions and Usage

          Except as otherwise specified herein or as the context may otherwise require, capitalized
terms used but not otherwise defined herein are defined in Appendix A-1 and A-2 to the Indenture,
dated as of March 29, 2007, among the Trustee on behalf of the Trust, the Trust and the Indenture
Trustee, as may be amended or supplemented from time to time.

ARTICLE II

Appointment of Interim Trustee

     SECTION 2.1 Appointment of Interim Trustee. The Depositor hereby appoints the Interim Trustee, effective as of the date hereof, as
trustee, to have all the rights, powers and duties set forth herein, including, without limitation:

	 	a.	 	to hold legal title to the Interim Trust Loans on behalf and for the benefit of
the Depositor;

1

 

	 	b.	 	to enter into and perform its obligations as the Interim Trustee under this
Agreement, and the Sale Agreements ; and
	 
	 	c.	 	to engage in those activities, including entering into agreements, that are
necessary, suitable or convenient to accomplish the foregoing or are incidental thereto
or connected therewith.

     SECTION 2.2 Declaration of Trust. The Interim Trustee hereby declares that it will hold the Interim Trust Loans in trust upon
and subject to the conditions set forth herein for the use and benefit of the Depositor, subject to
the obligations of the Interim Trustee under the Sale Agreements. Effective as of the date hereof,
the Interim Trustee shall have all rights, powers and duties set forth herein with respect to
accomplishing the purposes of this Agreement.

     SECTION 2.3 Title to Interim Trust Loans. Legal title to all of the Interim Trust Loans shall be vested at all times in the Interim
Trustee on behalf of and for the benefit of the Depositor.

ARTICLE III

Representations and Warranties of the Depositor

          The Depositor hereby represents and warrants to the Interim Trustee that:

	 	1.	 	It is duly organized and validly existing as a Delaware limited liability
company in good standing under the laws of the State of Delaware, with power and
authority to own its properties and to conduct its business as such properties are
currently owned and such business is presently conducted.
	 
	 	2.	 	It has all necessary power and authority to execute and deliver this Agreement
and to carry out its terms; and the execution, delivery and performance of this
Agreement has been duly authorized by all necessary action.
	 
	 	3.	 	This Agreement constitutes a legal, valid and binding obligation of the
Depositor enforceable in accordance with its terms, subject to applicable bankruptcy,
insolvency, reorganization and similar laws relating to creditors’ rights generally and
subject to general principles of equity.
	 
	 	4.	 	The consummation of the transactions contemplated by this Agreement and the
fulfillment of the terms hereof do not conflict with, result in any breach of any of
the terms and provisions of, or constitute (with or without notice or lapse of time or
both) a default under, the certificate of formation or limited liability company
operating agreement, in effect as of the date hereof, of the Depositor, or any
indenture, agreement or other instrument to which the Depositor is a party or by
which it is bound; nor result in the creation or imposition of any Lien upon any of
its properties pursuant to the terms of any such indenture, agreement or other

2

 

	 	 	 	instrument (other than as contemplated by the Basic Documents); nor violate any law
or any order, rule or regulation applicable to the Depositor of any court or of any
Federal or state regulatory body, administrative agency or other governmental
instrumentality having jurisdiction over the Depositor or its properties.

ARTICLE IV

Authority and Duties of Interim Trustee

     SECTION 4.1 General Authority. The Interim Trustee is authorized and directed to execute and deliver the Sale Agreements
and this Agreement and each certificate or other document attached as an exhibit to or contemplated
by such agreements, in each case, in such form as the Depositor shall approve as evidenced
conclusively by the Interim Trustee’s execution thereof. The Interim Trustee is also authorized
and directed on behalf and for the benefit of the Depositor to acquire and hold legal title to the
Interim Trust Loans and to take all actions required of the Interim Trustee pursuant to the Sale
Agreements and this Agreement.

     SECTION 4.2 General Duties. It shall be the duty of the Interim Trustee to discharge (or cause to be discharged) all
its responsibilities as the Interim Trustee pursuant to the terms of the Sale Agreements and this
Agreement.

     SECTION 4.3 No Duties Except as Specified in this Agreement. The Interim Trustee shall not have any duty or obligation to manage, make any payment with
respect to, register, record, sell, service, dispose of or otherwise deal with the Interim Trust
Loans, or to otherwise take or refrain from taking any action under, or in connection with, any
document contemplated hereby to which the Interim Trustee is a party, except as expressly provided
by the terms of the Sale Agreements or this Agreement; and no implied duties or obligations shall
be read into this Agreement or the Sale Agreements against the Interim Trustee.

     SECTION 4.4 No Action Except Under Specified Documents. The Interim Trustee shall not otherwise deal with the Interim Trust Loans except in
accordance with the powers granted to and the authority conferred upon the Interim Trustee pursuant
to this Agreement and the Sale Agreements.

     SECTION 4.5 Restrictions. The Interim Trustee shall not take any action that is inconsistent with the purposes of the
Trust set forth in the Basic Documents.

ARTICLE V

Concerning the Interim Trustee

     SECTION 5.1 Acceptance of Trust and Duties. The Interim Trustee accepts the trust hereby created and agrees to perform its duties
hereunder with respect to such trust but only upon the terms of this Agreement. The Interim
Trustee shall not be answerable or accountable

3

 

hereunder or under the Sale Agreements under any
circumstances, except (i) for its own willful misconduct or negligence or (ii) in the case of the
inaccuracy of any representation or warranty contained in Section 5.2 below expressly made by the
Interim Trustee. In particular, but not by way of limitation (and subject to the exceptions set
forth in the preceding sentence):

	 	1.	 	The Interim Trustee shall not be liable for any error of judgment made by a
responsible officer of the Interim Trustee.
	 
	 	2.	 	No provision of this Agreement or the Sale Agreements shall require the Interim
Trustee to expend or risk its own funds or otherwise incur any financial liability in
the performance of any of its rights or powers hereunder or under the Sale Agreements,
if the Interim Trustee shall have reasonable grounds for believing that repayment of
such funds or adequate indemnity against such risk or liability is not reasonably
assured or provided to it.
	 
	 	3.	 	The Interim Trustee shall not be responsible for or in respect of the validity
or sufficiency of this Agreement or for the due execution hereof by the Depositor or
for the form, character, genuineness, sufficiency, value or validity of any of the
Interim Trust Loans or for or in respect of the validity or sufficiency of the Sale
Agreements.

     SECTION 5.2 Representations and Warranties. The Interim Trustee hereby represents and warrants to the Depositor that:

	 	1.	 	It is duly organized and validly existing in good standing under the laws of
its governing jurisdiction and has an office located within the State of Illinois, at
which it will act as trustee for the Trust. It has all requisite power and authority to
execute, deliver and perform its obligations under the Sale Agreements and this
Agreement.
	 
	 	2.	 	It has taken all action necessary to authorize the execution and delivery by it
of the Sale Agreements and this Agreement, and the Sale Agreements and this
Agreement have been executed and delivered by one of its officers who is duly
authorized to execute and deliver the same on its behalf.
	 
	 	3.	 	Neither the execution nor the delivery by it of the Sale Agreements or this
Agreement, nor the consummation by it of the transactions contemplated thereby or
hereby nor compliance by it with any of the terms or provisions thereof or hereof will
contravene any Federal or Delaware state law, governmental rule or regulation governing
the banking or trust powers of the Interim Trustee or any judgment or order binding on
it, or constitute any default under its charter documents or by-laws or any indenture,
mortgage, contract, agreement or instrument to which it is a party or by which any of
its properties may be bound.

4

 

     SECTION 5.3 Not Acting in Individual Capacity. Except as provided in this Article V, in accepting the trust hereby created, The Bank of
New York Trust Company, N.A. acts solely as Interim Trustee hereunder and not in its individual
capacity.

     SECTION 5.4 Interim Trustee Not Liable for the Interim Trust Loans. The Interim Trustee makes no representations as to the validity or sufficiency of this
Agreement or the Sale Agreements, or of any Interim Trust Loan or related documents. The Interim
Trustee shall at no time have any responsibility for or with respect to the sufficiency of the
Interim Trust Loans; the validity or completeness of the assignment to the Interim Trustee of legal
title to any Interim Trust Loan on behalf and for the benefit of the Depositor; the performance or
enforcement (except as expressly set forth in the Sale Agreements) of any Interim Trust Loan; the
compliance by the Depositor or the Servicer with any warranty or representation made under any
Basic Document or in any related document or the accuracy of any such warranty or representation or
any action or inaction of the Administrator, the Indenture Trustee or the Servicer or any
subservicer taken in the name of the Interim Trustee.

ARTICLE VI

Compensation of Interim Trustee

     The Interim Trustee shall receive as compensation for its services hereunder such fees as have
been separately agreed upon before the date hereof between the Depositor and the Interim Trustee,
and the Interim Trustee shall be entitled to be reimbursed by the Depositor, to the extent provided
in such separate agreement, for its other reasonable expenses hereunder.

ARTICLE VII

Termination of Interim Trust Agreement

     This Agreement (other than Article VI) and the trust created hereby shall terminate and be of
no further force or effect upon the earlier of (i) the termination of the Trust pursuant to Section
9.1 of the Trust Agreement and (ii) the expiration of 21 years from the death of the last survivor
of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court of
St. James’s, living on the date hereof.

ARTICLE VIII

Successor Interim Trustees

     SECTION 8.1 Eligibility Requirements for Interim Trustee. The Interim Trustee shall at all times be a corporation or banking association being
authorized to exercise corporate trust powers and hold legal title to the Interim Trust Loans. In
case at any time the Interim Trustee shall cease to be eligible in accordance with the provisions
of this Section, the Interim Trustee shall resign immediately in the manner and with the effect
specified in Section 8.2.

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     SECTION 8.2 Resignation or Removal of Interim Trustee. The Interim Trustee may at any time resign and be discharged from the trust hereby created
by giving written notice thereof to the Depositor. Upon receiving such notice of resignation, the
Depositor shall promptly appoint a successor Interim Trustee meeting the eligibility requirements
of Section 8.1 by written instrument, in duplicate, one copy of which instrument shall be delivered
to the resigning Interim Trustee and one copy to the successor Interim Trustee. If no successor
Interim Trustee shall have been so appointed and have accepted appointment within 30 days after the
giving of such notice of resignation, the resigning Interim Trustee may petition any court of
competent jurisdiction for the appointment of a successor Interim Trustee; provided,
however, that such right to appoint or to petition for the appointment of any such
successor shall in no event relieve the resigning Interim Trustee from any obligations otherwise
imposed on it under this Agreement or the Sale Agreements until such successor has in fact assumed
such appointment.

     If at any time the Interim Trustee shall cease to be or shall be likely to cease to be
eligible in accordance with the provisions of Section 8.1 and shall fail to resign after written
request therefor by the Depositor, then the Depositor may remove the Interim Trustee. If the
Depositor shall remove the Interim Trustee under the authority of the immediately preceding
sentence, the Depositor shall promptly appoint a successor Interim Trustee by written instrument,
in duplicate, one copy of which instrument shall be delivered to the outgoing Interim Trustee so
removed and one copy to the successor Interim Trustee together with payment of all fees owed to the
outgoing Interim Trustee.

     Any resignation or removal of the Interim Trustee and appointment of a successor Interim
Trustee pursuant to any of the provisions of this Section shall not become effective until
acceptance of appointment by the successor Interim Trustee pursuant to Section 8.3 and payment of
all fees and expenses owed to the outgoing Interim Trustee.

     SECTION 8.3 Successor Interim Trustee. Any successor Interim Trustee appointed pursuant to Section 8.2 shall execute, acknowledge
and deliver to the Depositor and to its predecessor Interim Trustee an instrument accepting such
appointment under this Agreement, and thereupon the resignation or removal of the predecessor
Interim Trustee shall become effective and such successor Interim Trustee, without any further act,
deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations
of its predecessor under this Agreement, with like effect as if originally named as Interim
Trustee. The predecessor Interim Trustee shall upon payment of its fees and expenses deliver to
the successor Interim Trustee all documents, statements, moneys and properties held by it under
this Agreement and shall assign, if permissible, to the successor Interim Trustee any lender
identification number obtained from the Department of Education with respect to the Interim Trust
Loans; and the Depositor and the predecessor Interim Trustee 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 Interim Trustee all such rights, powers, duties and obligations.

     No successor Interim Trustee shall accept such appointment as provided in this Section unless
at the time of such acceptance such successor Interim Trustee shall be eligible pursuant to Section
8.1.

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     SECTION 8.4 Merger or Consolidation of Interim Trustee. Any corporation into which the Interim Trustee may be merged or converted or with which it
may be consolidated, or any corporation or banking association resulting from any merger,
conversion or consolidation to which the Interim Trustee shall be a party, or any corporation
succeeding to all or substantially all the corporate trust business of the Interim Trustee, shall,
without the execution or filing of any instrument or any further act on the part of any of the
parties hereto, anything herein to the contrary notwithstanding, be the successor of the Interim
Trustee hereunder; provided that such corporation or banking association shall be eligible
pursuant to Section 8.1.

ARTICLE IX

Miscellaneous

     SECTION
9.1 Supplements and Amendments. This Agreement may be amended by the Depositor and the Interim Trustee, with prior written
notice to the Rating Agencies, without the consent of any of the Noteholders or any
Excess Distribution Certificateholder, to cure any ambiguity, to correct or supplement any
provisions in this Agreement or for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions in this Agreement; provided, however,
that such action shall not, as evidenced by an Opinion of Counsel, adversely affect in any material
respect the interests of any Noteholder or any Excess Distribution Certificateholder.

     This Agreement may also be amended from time to time by the Depositor and the Interim Trustee,
with prior written notice to the Rating Agencies and with the consent of the Noteholders evidencing
not less than a majority of the Outstanding Amount of the Notes, for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of this Agreement;
provided, however, that no such amendment shall reduce the aforesaid percentage of
the Outstanding Amount of the Notes required to consent to any such amendment, without the consent
of all the outstanding Noteholders.

     Promptly after the execution of any such amendment or consent, the Interim Trustee shall
furnish written notification of the substance of such amendment or consent to the Indenture Trustee
and each of the Rating Agencies.

     It shall not be necessary for the consent of the Noteholders pursuant to this Section to
approve the particular form of any proposed amendment or consent, but it shall be sufficient if
such consent shall approve the substance thereof. The manner of obtaining such consents and of
evidencing the authorization of the execution thereof shall be subject to such reasonable
requirements as the Interim Trustee may prescribe.

     Prior to the execution of any amendment to this Agreement, the Interim Trustee shall be
entitled to receive and rely upon an Opinion of Counsel stating that the execution of such
amendment is authorized or permitted by this Agreement. The Interim Trustee may, but shall

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not be
obligated to, enter into any such amendment which affects the Interim Trustee’s own rights, duties
or immunities under this Agreement or otherwise.

     SECTION 9.2 Notices. Unless otherwise expressly specified or permitted by the terms hereof, all notices shall be
in writing and shall be deemed given upon receipt by the intended recipient or three Business Days
after mailing if mailed by certified mail, postage prepaid (except that notice to the Interim
Trustee shall be deemed given only upon actual receipt by the Interim Trustee), if to the Interim
Trustee, addressed to its Corporate Trust Office; if to the Depositor, addressed to SLM Funding
LLC, 12061 Bluemont Way, V3419, Reston, Virginia 20190, or, as to each party, at such other address
as shall be designated by such party in a written notice to each other party.

     SECTION 9.3 Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such
provision in any other jurisdiction.

     SECTION 9.4 Separate Counterparts. This Agreement may be executed by the parties hereto in separate counterparts, each of
which when so executed and delivered shall be an original, but all such counterparts shall together
constitute but one and the same instrument.

     SECTION 9.5 Successors and Assigns. All covenants and agreements contained herein shall be binding upon and to the benefit of,
the Depositor and its successors and the Interim Trustee and its successors, all as herein
provided.

     SECTION 9.6 Headings. The headings of the various Articles and Sections herein are for convenience of reference
only and shall not define or limit any of the terms or provisions hereof.

     SECTION 9.7 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State
of Delaware, without reference to its conflict of law provisions, and the obligations, rights and
remedies of the parties hereunder shall be determined in accordance with such laws.

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     IN WITNESS WHEREOF, the parties hereto have caused this Interim Trust Agreement to be duly
executed by their respective officers hereunto duly authorized, as of the day and year first above
written.

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

not in its individual capacity but solely

as the Interim Trustee

 	 
	 	By:  	/S/  MARICELA MARQUEZ
 	 
	 	 	Name:  	Maricela Marquez 	 
	 	 	Title:  	Assistant Vice President 	 
	 
	 	SLM FUNDING LLC,

as the Depositor

 	 
	 	By:  	/S/  J. LANCE FRANKE
 	 
	 	 	Name:  	J. Lance Franke 	 
	 	 	Title:  	Vice President 	 
	 

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