Document:

EXECUTION
      COPY

     

     

    ADMINISTRATION
      AGREEMENT

     

    This
      ADMINISTRATION AGREEMENT dated as of July 1, 2008 (as amended from time to
      time,
      the “Agreement”),
      among
      MRU STUDENT LOAN TRUST 2008-A, a Delaware statutory trust (the “Issuer”),
      WILMINGTON TRUST COMPANY, a Delaware banking corporation, not in its individual
      capacity but solely as Owner Trustee (the “Owner
      Trustee”),
      THE
      BANK
      OF NEW YORK MELLON TRUST COMPANY, NATIONAL ASSOCIATION,
      a
      national banking association, in its capacity as trustee under the Indenture
      (hereinafter defined) (the “Indenture
      Trustee”)
      and as
      back-up administrator hereunder (the “Back-up Administrator”), MRU ABS II LLC, a
      Delaware limited liability company (the “Depositor”)
      and
      MRU HOLDINGS, INC., a Delaware corporation (the “Administrator”).

     

    WHEREAS,
      the Issuer is issuing its (a) Student Loan Asset Backed Notes (the “Notes”)
      pursuant to the Indenture dated as of July 1, 2008 (the “Indenture”),
      between the Issuer and the Indenture Trustee, and (b) its trust certificates
      (the “Trust
      Certificates”)
      pursuant to the Amended and Restated Trust Agreement dated as of July 1, 2008
      (the “Trust
      Agreement”)
      between the Owner Trustee and the Depositor.

     

    Capitalized
      terms used and not otherwise defined herein shall have the meanings assigned
      to
      such terms in the Trust Agreement or the Indenture (the Trust Agreement and
      the
      Indenture are referred to collectively herein as the “Basic
      Documents”);

     

    WHEREAS,
      pursuant to the Basic Documents, the Issuer, the Owner Trustee and the Depositor
      are required to perform certain duties in connection with (a) the Financed
      Student Loans and other collateral pledged pursuant to the Indenture (the
“Collateral”),
      (b)
      the Notes and (c) the Trust Certificates;

     

    WHEREAS,
      the Issuer, the Owner Trustee and the Depositor desire to have the Administrator
      perform certain of the duties of the Issuer and the Owner Trustee referred
      to in
      the Basic Documents and any other documents signed by the Owner Trustee on
      behalf of the Issuer (collectively, the “Trust
      Related Agreements”)
      and to
      provide such additional services consistent with the terms of this Agreement
      and
      the Trust Related Agreements as the Issuer, the Owner Trustee and the Depositor
      may from time to time request; and

     

    WHEREAS,
      the Administrator has the capacity to provide the services required hereby
      and
      is willing to perform such services for the Issuer, the Owner Trustee and the
      Depositor on the terms set forth herein.

     

    NOW,
      THEREFORE, in consideration of the mutual covenants contained herein, and other
      good and valuable consideration, the receipt and adequacy of which are hereby
      acknowledged, the parties agree as follows:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    1.  Duties
      of the Administrator.

     

    (a)  Duties
      with respect to the Trust Related Agreements.

     

    (i)  The
      Administrator agrees to perform all its duties as Administrator and the duties
      of the Issuer under the Trust Related Agreements. In addition, the Administrator
      shall consult with the Owner Trustee regarding the duties of the Issuer under
      the Trust Related Agreements. The Administrator shall monitor the performance
      of
      the Issuer and shall advise the Owner Trustee when action is necessary to comply
      with the Issuer’s duties under the Trust Related Agreements. The Administrator
      shall prepare for execution by the Issuer, or shall cause the preparation by
      other appropriate persons or entities of, all such documents, reports, filings,
      instruments, certificates and opinions that it shall be the duty of the Issuer
      to prepare, file or deliver pursuant to the Trust Related Agreements. In
      furtherance of the foregoing, the Administrator shall take all appropriate
      action that is the duty of the Issuer to take pursuant to the Trust Related
      Agreements including, without limitation, such of the foregoing as are required
      with respect to the following matters under the Indenture:

     

    (A)  Directing
      the Indenture Trustee, by Issuer Order, to deposit moneys with Paying Agents,
      if
      any, other than the Indenture Trustee;

     

    (B)  Preparing
      and delivering notice to the Noteholders of any removal of the Indenture Trustee
      and the appointment of a successor Indenture Trustee;

     

    (C)  Preparing
      an Issuer Order and Officer’s Certificate and obtaining an Opinion of Counsel,
      if necessary, for any release of property of the Indenture Trust
      Estate;

     

    (D)  Preparing
      Issuer Requests and obtaining Opinions of Counsel with respect to the execution
      of amendments to the Indenture and the Trust Agreement and mailing notices
      to
      the Noteholders with respect to such amendments;

     

    (E)  Paying
      all expenses in connection with the issuance of the Notes; and

     

    (F)  Providing
      instructions to the Indenture Trustee as required by Sections 8.02, 8.06 and
      8.08 of the Indenture.

     

    (ii)  MRU
      Holdings, Inc., as the initial Administrator, will:

     

    (A)  Indemnify
      the Indenture Trustee in its individual capacity and any of its officers,
      directors, employees, affiliates and agents against any and all losses, claims,
      actions, suits, damages, liabilities, costs, penalties, taxes (excluding taxes
      payable by it on any compensation received by it for its services as Indenture
      Trustee) or expenses (including attorneys’ fees and expenses) arising out of or
      in connection with (a) actions taken by it pursuant to instructions given by
      the
      Administrator pursuant to this Agreement; or (b) any action, or failure to
      act,
      by the Administrator in the performance of the Administrator’s duties hereunder.
      Neither the Issuer nor the Administrator need to reimburse any expense or
      indemnify against any loss, liability or expense incurred by the Indenture
      Trustee through the Indenture Trustee’s own willful misconduct, gross negligence
      or bad faith. Indemnification under this Section shall survive the resignation
      or removal of the Administrator or Indenture Trustee, as applicable, or the
      termination of this Agreement.

     

    
      
        
        

      

      
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    (B)  Indemnify
      the Issuer and the Owner Trustee and their respective agents for, and hold
      them
      harmless against, any losses, liability or expense, including reasonable
      attorneys fees’ and expenses, incurred in the absence of willful misconduct,
      negligence or bad faith on the part of the Issuer and the Owner Trustee and
      their respective agents, arising out of the willful misconduct, negligence
      or
      bad faith of the Administrator in the performance of the Administrator’s duties
      contemplated by this Agreement; provided, however, that the Administrator shall
      not be required to indemnify the Issuer or the Owner Trustee pursuant to this
      Section 1(a)(ii)(B) so long as the Administrator has acted pursuant to the
      instructions of the Issuer, the Depositor, the Indenture Trustee or the Owner
      Trustee in accordance with Sections 1(c) or 1(d) of this Agreement;
      and

     

    (C)  Pay
      to
      the Owner Trustee its fees and expenses as are set forth in Section 8.01 of
      the
      Trust Agreement.

     

    (b)  [Intentionally
      Omitted]

     

    (c)  Additional
      Duties.

     

    (i)  In
      addition to the duties of the Administrator set forth above, the Administrator
      shall perform, or cause to be performed, its duties and obligations and the
      duties and obligations of the Owner Trustee on behalf of the Issuer under the
      Indenture and the Trust Agreement including, without limitation, those duties
      and obligations set forth on Schedule
      A
      hereto.
      In furtherance thereof, the Issuer shall execute and deliver to the
      Administrator and to each successor Administrator appointed pursuant to the
      terms hereof, one or more powers of attorney substantially in the form of
Exhibit
      A
      hereto,
      appointing the Administrator as the attorney-in-fact of the Issuer, for the
      purpose of executing on behalf of the Issuer all such documents, reports,
      filings, instruments, certificates and opinions as are required to be executed
      by the Issuer pursuant to such agreements. Subject to Section 5 of this
      Agreement, and in accordance with the directions of the Issuer, the Depositor
      or
      the Owner Trustee, the Administrator shall administer, perform or supervise
      the
      performance of such other activities in connection with the Collateral
      (including the Trust Related Agreements) as are not covered by any of the
      foregoing provisions and as are expressly requested by the Issuer, the
      Depositor, the Indenture Trustee or the Owner Trustee, in writing, and are
      reasonably within the capability of the Administrator. The Administrator agrees
      to perform such obligations and deliver such notices as are specified as to
      be
      performed or delivered by the Administrator under the Indenture and the Trust
      Agreement.

     

    (ii)  In
      carrying out the foregoing duties or any of its other obligations under this
      Agreement, the Administrator may enter into transactions or otherwise deal
      with
      any of its Affiliates; provided, however, that the terms of any such
      transactions or dealings shall be in accordance with any directions received
      from the Issuer, the Indenture Trustee, or the Owner Trustee, and shall be,
      in
      the Administrator’s reasonable opinion, no less favorable to the Issuer than
      would be available from unaffiliated parties.

     

    
      
        
        

      

      
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    (iii)  In
      carrying out any of its obligations under this Agreement, the Administrator
      may
      act either directly or through agents, attorneys, accountants, independent
      contractors and auditors and may enter into agreements with any of
      them.

     

    (iv)  In
      carrying out its duties under this Agreement with respect to delinquent or
      defaulted Student Loans, the Administrator may retain and employ agents to
      collect on such Student Loans and to commence any actions or proceedings the
      agents deem necessary in connection with such collection efforts on such Student
      Loans.

     

    (d)  Non-Ministerial
      Matters.

     

    (i)  With
      respect to matters that in the reasonable judgment of the Administrator are
      non-ministerial, the Administrator shall not be under any obligation to take
      any
      action, and in any event shall not take any action unless the Administrator
      shall have received instructions from the Owner Trustee or the
      Certificateholders, in accordance with the Trust Agreement. For the purpose
      of
      the preceding sentence, “non-ministerial matters” shall include, without
      limitation:

     

    (A)  The
      amendment of or any supplement to the Trust Related Agreements;

     

    (B)  The
      initiation of any claim or lawsuit by the Issuer and the compromise of any
      action, claim or lawsuit brought by or against the Issuer, except for claims
      or
      lawsuits initiated in the ordinary course of business by the Issuer or their
      respective agents or nominees for the collection of the Student Loans owned
      by
      the Issuer;

     

    (C)  The
      appointment of successor administrators and successor indenture trustees
      pursuant to the Indenture, or the consent to the assignment by the Administrator
      or Indenture Trustee of its obligations under the Indenture; and

     

    (D)  The
      removal of the Indenture Trustee.

     

    (ii)  Notwithstanding
      anything to the contrary in this Agreement, the Administrator shall not be
      obligated to, and shall not (A) make any payments to the Noteholders under
      the
      Trust Related Agreements, (B) sell the Collateral pursuant to the Indenture
      or
      (C) take any action that the Issuer directs the Administrator not to take on
      its
      behalf.

     

    2.  Records.
      The
      Administrator shall maintain appropriate books of account and records, relating
      to services performed hereunder, which books of account and records shall be
      accessible for inspection by the Issuer, the Indenture Trustee, the Noteholders
      and the Certificateholders at any time upon prior written notice and during
      normal business hours. The Administrator shall maintain or cause to be
      maintained the books of the Trust on a fiscal year basis using the accrual
      method of accounting, in accordance with generally accepted accounting
      principals, and shall comply with the other requirements set forth in Section
      5.04 of the Trust Agreement. 

     

    3.  Compensation.
      Each
      month during the term of this Agreement, commencing in July 2008, the
      Administrator, as compensation for the performance of its obligations hereunder
      and as reimbursement for its expenses related thereto, shall be entitled to
      a
      fee (the “Administration
      Fee”)
      equal
      to 1/12 of 0.05% of the aggregate principal balance of the Financed Student
      Loans as of the first day of such month. On each Distribution Date, all
      Administration Fees allocated and unpaid to the Administrator as of such
      Distribution Date shall be payable to the Administrator in accordance with
      Section 8.02(f) of the Indenture.

     

    
      
        
        

      

      
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    The
      payment of the foregoing fees and expenses shall be solely an obligation of
      the
      Issuer.

     

    4.  Additional
      Information to be Furnished.
      The
      Administrator shall furnish to the Indenture Trustee, the Issuer, the
      Noteholders and the Certificateholders from time to time such additional
      information regarding the Collateral as the Indenture Trustee, the Issuer,
      the
      Noteholders and the Certificateholders shall reasonably request.

     

    5.  Independence
      of the Administrator.
      For all
      purposes of this Agreement, the Administrator shall be an independent contractor
      and shall not be subject to the supervision of the Issuer or the Owner Trustee
      with respect to the manner in which it accomplishes the performance of its
      obligations hereunder. Unless expressly authorized by the Issuer or the Owner
      Trustee, the Administrator shall have no authority to act for or represent
      the
      Issuer or the Owner Trustee, respectively, in any way and shall not otherwise
      be
      deemed an agent of the Issuer or the Owner Trustee.

     

    6.  No
      Joint Venture.
      Nothing
      contained in this Agreement (i) shall constitute the Administrator and any
      of
      the Issuer, the Owner Trustee or any Certificateholder as members of any
      partnership, joint venture, association, syndicate, unincorporated business
      or
      other separate entity, (ii) shall be construed to impose any liability as such
      on any of them, or (iii) shall be deemed to confer on any of them any express,
      implied or apparent authority to incur any obligation or liability on behalf
      of
      the others.

     

    7.  Other
      Activities of the Administrator.
      Nothing
      herein shall prevent the Administrator or its Affiliates from engaging in other
      businesses or, in its or their sole discretion, from acting in a similar
      capacity as an administrator for any other person or entity even though such
      person or entity may engage in business activities similar to those of the
      Issuer, the Owner Trustee or the Indenture Trustee.

     

    8.  Term
      of Agreement; Resignation and Removal of Administrator.

     

    (a)  This
      Agreement shall continue in force until the dissolution of the Issuer, upon
      which event this Agreement shall automatically terminate.

     

    (b)  Subject
      to Section 8(e) of this Agreement, the Administrator may, with the written
      consent of the Indenture Trustee (to be given or withheld in its sole
      discretion), resign its duties hereunder by providing the Issuer, the
      Noteholders, the Indenture Trustee and the Back-up Administrator with at least
      60 days’ prior written notice.

     

    (c)  Subject
      to Section 8(e) of this Agreement, the Indenture Trustee, at the direction
      of
      certain Noteholders as required by the Indenture, may remove the Administrator
      without cause by providing the Administrator and the Back-up Administrator
      with
      at least 60 days’ prior written notice.

     

    
      
        
        

      

      
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    (d)  Subject
      to Section 8(e) of this Agreement, at the option of the Indenture Trustee,
      at
      the direction of certain Noteholders as required by the Indenture, the
      Administrator may be removed immediately upon written notice of termination
      from
      the Issuer to the Administrator if any of the following events shall
      occur:

     

    (i)  The
      Administrator shall default in the performance of any of its duties under this
      Agreement and, after notice of such default, shall not cure such default within
      ten days (or, if such default cannot be cured in such time, the Administrator
      shall not give within ten days such assurance of cure as shall be reasonably
      satisfactory to the Issuer);

     

    (ii)  A
      court
      having jurisdiction in the premises shall enter a decree or order for relief,
      and such decree or order shall not have been vacated within 60 days, with
      respect to any involuntary case commenced against the Administrator under any
      applicable bankruptcy, insolvency or other similar law now or hereafter in
      effect or shall appoint a receiver, liquidator, assignee, custodian, trustee,
      sequestrator or similar official for the Administrator or any substantial part
      of its property or order the winding-up or liquidation of its affairs;
      or

     

    (iii)  The
      Administrator shall commence a voluntary case under any applicable bankruptcy,
      insolvency or other similar law now or hereafter in effect, shall consent to
      the
      entry of an order for relief in an involuntary case under any such law, or
      shall
      consent to the appointment of a receiver, liquidator, assignee, trustee,
      custodian, sequestrator or similar official for it or any substantial part
      of
      its property, shall consent to the taking of possession by any such official
      of
      any substantial part of its property, shall make any general assignment for
      the
      benefit of its creditors or shall fail generally to pay its debts as they become
      due.

     

    The
      Administrator agrees that if any of the events specified in clauses (ii) or
      (iii) of this Section shall occur, it shall give written notice thereof to
      the
      Owner Trustee, the Noteholders, the Indenture Trustee and the Back-up
      Administrator within two Business Days after the happening of such
      event.

     

    (e)  No
      resignation or removal of the Administrator pursuant to this Section shall
      be
      effective until (i) a successor Administrator shall have been appointed by
      the
      Issuer (with the consent of the Owner Trustee pursuant to Section 12 of this
      Agreement) and (ii) such successor Administrator shall have agreed in writing
      to
      be bound by the terms of this Agreement in the same manner as the Administrator
      is bound hereunder. Notwithstanding the foregoing, if no successor Administrator
      shall have been appointed and agreed in writing to be bound by the terms of
      this
      Agreement within two Business Days of the occurrence of any event described
      in
      Section 8(d)(ii) or (iii) of this Agreement, then the Back-up Administrator
      shall automatically succeed to the rights and obligations of the Administrator
      under this Agreement, and shall execute an amendment to this Agreement whereby
      the Back-up Administrator agrees to be bound by the terms and conditions of
      this
      Agreement; provided, however, that the Back-up Administrator, as successor
      Administrator, shall have no obligations under Sections 1(a)(i)(E) or 1(a)(ii)
      of this Agreement.

     

    (f)  The
      appointment of any successor Administrator, other than the Back-up
      Administrator, shall be effective only after the Rating Agency, after having
      been given 10 days’ prior notice of such proposed appointment, shall have
      declared in writing that such appointment will not result in a reduction or
      withdrawal of the then-current rating of the Notes.

     

    
      
        
        

      

      
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    9.  Action
      upon Termination, Resignation or Removal.
      Promptly upon the effective date of termination of this Agreement pursuant
      to
      Section 8(a) of this Agreement or the resignation or removal of the
      Administrator pursuant to Section 8(b) or (c) of this Agreement, the
      Administrator shall be entitled to be paid all fees and reimbursable expenses
      accruing to it to the date of such termination, resignation or removal. The
      Administrator shall forthwith upon such termination pursuant to Section 8(a)
      of
      this Agreement deliver to the Issuer as appropriate, all property and documents
      of or relating to the Collateral then in the custody of the Administrator.
      In
      the event of the resignation or removal of the Administrator pursuant to Section
      8(b) or (c) of this Agreement, the Administrator shall cooperate with the Issuer
      and take all reasonable steps, at the sole cost and expense of the Issuer,
      requested to assist the Issuer in making an orderly transfer of the duties
      of
      the Administrator.

     

    10.  Notices.
      Any
      notice, report or other communication given hereunder shall be in writing and
      addressed as follows:

     

    (a)  If
      to the
      Issuer, to:

     

    MRU
      Student Loan Trust 2008-A

    c/o
      Wilmington Trust Company, as Owner Trustee

    1100
      North Market Street

    Wilmington,
      DE 19890

    Attention:
      Corporate Trust Administration - MRU Student Loan Trust 2008-A

    Telephone:
      (302) 636-6104

    Facsimile:
      (302) 636-4148

    

    (b)  If
      to the
      Administrator, to:

     

    MRU
      Holdings, Inc.

    590
      Madison Avenue, 13th Floor

    New
      York,
      New York 10022

    Attention:
      Capital Markets

    Telephone:
      (212) 398-1780

    Facsimile:
      (212)
      444-7530 

    

    (c)  If
      to the
      Indenture Trustee or the Back-up Administrator, to:

     

    The
      Bank
      of New York Mellon Trust Company, National Association

    2
      N.
      LaSalle Street, Suite 1020

    Chicago,
      Illinois 60602

    Attention:
      Structured Finance 

    Telephone:
      (312) 827-8500

    Facsimile:
      (312) 827-8562

    

    
      
        
        

      

      
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    (d)  If
      to the
      Owner Trustee, to:

     

    Wilmington
      Trust Company

    1100
      North Market Street

    Wilmington,
      DE 19890

    Attention:
      Corporate Trust Administration - MRU Student Loan Trust 2008-A 

    Telephone:
      (302) 636-6104

    Facsimile:
      (302) 636-4148

    

    (e)  If
      to the
      Depositor, to:

     

    MRU
      ABS
      II LLC

    c/o
      MRU
      Holdings, Inc.

    590
      Madison Avenue, 13th Floor, Suite 200

    New
      York,
      New York 10022

    Attention:
      Capital Markets

    Telephone:
      (646) 467-9261

    Facsimile:
      (206)
      202-1015

    

    or
      to
      such other address as any party shall have provided to the other parties in
      writing. Any notice required to be in writing hereunder shall be deemed given
      if
      such notice is mailed by certified mail, postage prepaid, or hand-delivered
      to
      the address of such party as provided above.

     

    11.  Amendments.

     

    (a)  This
      Agreement may be amended from time to time by the parties hereto as specified
      in
      this Section, provided that any amendment must be accompanied by the written
      consent of the Indenture Trustee, the Owner Trustee, a majority of the
      outstanding principal amount of the Interested Noteholders, the Back-up
      Administrator and the Certificateholders and an Opinion of Counsel to the
      Indenture Trustee and the Owner Trustee to the effect that such amendment
      complies with the provisions of this Section.

     

    (b)  If
      the
      purpose of the amendment (as detailed therein) is to correct any mistake,
      eliminate any inconsistency, cure any ambiguity or deal with any matter not
      covered (i.e., to give effect to the intent of the parties and, if applicable,
      to the expectations of the Noteholders and Certificateholders), it shall not
      be
      necessary to obtain the consent of the Noteholders or Certificateholders, but
      the Indenture Trustee shall be furnished with a letter from the Rating Agency
      that the amendment will not result in the downgrading or withdrawal of the
      then-current rating assigned to any Note.

     

    (c)  If
      the
      purpose of the amendment is to prevent the imposition of any federal or state
      taxes at any time that any Note is outstanding (i.e., technical in nature),
      it
      shall not be necessary to obtain the consent of any Noteholder or
      Certificateholder, but the Indenture Trustee, the Owner Trustee and the
      Administrative shall be furnished with an Opinion of Counsel from counsel to
      the
      Issuer that such amendment is necessary or helpful to prevent the imposition
      of
      such taxes and is not materially adverse to the Noteholders.

     

    
      
        
        

      

      
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    (d)  If
      the
      purpose of the amendment is to add or eliminate or change any provision of
      the
      Agreement other than as contemplated in (b) and (c) above, the amendment shall
      require the consent of the Rating Agency and certain Noteholders to the extent
      required by the Indenture; provided, however, that no such amendment shall
      reduce in any manner the amount of, or delay the timing of, payments received
      that are required to be distributed on the Notes without the consent of all
      Noteholders as required by the Indenture.

     

    (e)  It
      shall
      not be necessary to obtain the consent of the Rating Agency to approve the
      particular form of any proposed amendment, but it shall be sufficient if such
      consent approves the substance thereof.

     

    12.  Successors
      and Assigns.
      This
      Agreement may not be assigned by the Administrator unless such assignment is
      previously consented to in writing by the Issuer, the Owner Trustee, certain
      Noteholders as required by the Indenture, the Back-up Administrator, and the
      Indenture Trustee and unless the Rating Agency, after having been given 10
      days’
prior notice of such assignment, shall have declared in writing that such
      assignment will not result in a reduction or withdrawal of the then-current
      rating of the Notes or Certificates. An assignment with such consent and
      satisfaction, if accepted by the assignee, shall bind the assignee hereunder
      in
      the same manner as the Administrator is bound hereunder. Notwithstanding the
      foregoing, this Agreement may be assigned by the Administrator, without the
      consent of the Indenture Trustee, the Issuer, the Depositor or the Owner
      Trustee, to a corporation or other organization that is a successor (by merger,
      consolidation or purchase of assets) to the Administrator; provided that such
      successor organization executes and delivers to the Issuer, the Owner Trustee,
      the Indenture Trustee and the Back-up Administrator an agreement in which such
      corporation or other organization agrees to be bound hereunder in the same
      manner as the Administrator is bound hereunder. Subject to the foregoing, this
      Agreement shall bind any such permitted successors or assigns of the parties
      hereto.

     

    13.  Governing
      Law.
      This
      Agreement shall be governed by, and construed in accordance with, the laws
      of
      the State of New York, without giving effect to conflicts of laws provisions
      thereof (other than Section 5-1401 of the New York General Obligations
      Law).

     

    14.  Headings.
      The
      section headings hereof have been inserted for convenience of reference only
      and
      shall not be construed to affect the meaning, construction or effect of this
      Agreement.

     

    15.  Counterparts.
      This
      Agreement may be executed in counterparts, each of which when so executed shall
      together constitute but one and the same agreement.

     

    16.  Severability.
      Any
      provision of this Agreement that is prohibited or unenforceable in any
      jurisdiction shall 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.

     

    
      
        
        

      

      
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    17.  Limitation
      of Liability of Owner Trustee.
      Notwithstanding anything contained herein to the contrary, this instrument
      has
      been executed by Wilmington Trust Company, not in its individual capacity but
      solely in its capacity as Owner Trustee of the Issuer, and in no event shall
      Wilmington Trust Company in its individual capacity or any beneficial owner
      of
      the Issuer have any liability for the representations, warranties, covenants,
      agreements or other obligations of the Issuer hereunder, as to all of which
      recourse shall be had solely to the assets of the Issuer. For all purposes
      of
      this Agreement, in the performance of any duties or obligations of the Issuer
      hereunder, the Owner Trustee shall be subject to, and entitled to the benefits
      of, the terms and provisions of Articles VI, VII and VIII of the Trust
      Agreement.

     

    18.  Third
      Party Beneficiary.
      The
      parties hereto acknowledge that the Noteholders and Certificateholders are
      express third party beneficiaries hereof and are entitled to enforce their
      respective rights hereunder as if actually parties hereto.

     

    19.  No
      Petition.
      The
      parties hereto will not at any time institute against the Issuer any bankruptcy
      proceeding under any United States federal or state bankruptcy or similar law
      in
      connection with any obligations of the Issuer under any Basic Document;
      provided, however, in no event shall this provision prohibit the Indenture
      Trustee from filing a claim in any such proceeding or otherwise participate
      in
      any such proceeding.

     

    20.  Waiver
      of Jury Trial.
      THE
      PARTIES HERETO IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
      LAW, ANY AND ALL RIGHT TO TRIAL BY JURY (BUT NO OTHER JUDICIAL REMEDIES) IN
      ANY
      LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT.

     

    21.  Rights,
      Privileges and Immunities. Each
      of
      the parties hereto acknowledge and agree that the rights, privileges and
      immunities given to the Indenture Trustee in the Indenture are expressly
      provided to The Bank of New York Mellon Trust Company, National Association
      in
      its capacity as Back-up Administrator and as successor Administrator under
      this
      Agreement.

     

    22.  Removal
      of Back-up Administrator.
      The
      Administrator may terminate this Agreement with respect to the role of the
      Back-up Administrator, provided the Back-up Administrator has not at such time
      been acting as Administrator and provided that the Rating Agency Conditions
      is
      satisfied, whereupon the Back-up Administrator will be removed hereunder with
      no
      replacement and there shall be no further requirement for the role of Back-up
      Administrator to be filled.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties have caused this Agreement to be duly executed
      and
      delivered as of the day and year first above written.

     

    

    
      	 	
              MRU
                STUDENT LOAN TRUST 2008-A

            
	 	 
	 	
              By: Wilmington
                Trust Company, not in its individual 

                     
                capacity but solely as Owner Trustee

            
	 	 
	 	
              By:  /s/
                Eric E. Overcash

            
	 	
              Name:
                Eric E. Overcash

            
	 	
              Title:
                Assistant Vice President

            
	 	 
	 	 
	 	
              WILMINGTON
                TRUST COMPANY, 

            
	 	
              not
                in its individual capacity but solely as 

            
	 	
              Owner
                Trustee

            
	 	 
	 	
              By:  /s/
                Eric E. Overcash

            
	 	
              Name:
                Eric E. Overcash

            
	 	
              Title:
                Assistant Vice President

            
	 	 
	 	 
	 	
              THE
                BANK OF NEW YORK MELLON TRUST 

              COMPANY,
                NATIONAL ASSOCIATION,

            
	 	
              as
                Indenture Trustee and Back-up Administrator

            
	 	 
	 	
              By:  /s/
                John W. Krenkel, Jr.

            
	 	
              Name:
                John W. Krenkel, Jr.

            
	 	
              Title:
                Assistant Treasurer

            
	 	 
	 	 
	 	
              MRU
                HOLDINGS, INC.

            
	 	 
	 	
              By:  /s/
                Jonathan A. Coblentz

            
	 	
              Name:
                Jonathan A. Coblentz

            
	 	
              Title:
                CFO & Treasurer

            
	 	 
	 	 
	 	
              MRU
                ABS II LLC

            
	 	 
	 	 
	 	
              By: 
                /s/ Jonathan A. Coblentz

            
	 	
              Name:
                Jonathan A. Coblentz

            
	 	
              Title:
                Treasurer

            
	 	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

     

    POWER
      OF
      ATTORNEY

     

    

    
      	
              STATE
                OF DELAWARE 

            	
              )

            
	 	
              )

            
	
              COUNTY
                OF NEW CASTLE 

            	
              )

            
	 	 

    

    

    KNOW
      ALL
      MEN BY THESE PRESENTS, that MRU Student Loan Trust 2008-A (the “Issuer”),
      does
      hereby make, constitute and appoint MRU Holdings, Inc. as administrator under
      the Administration Agreement dated as of July 1, 2008 (the “Administration
      Agreement”),
      among
      the Issuer, Wilmington Trust Company, as Owner Trustee, The Bank of New York
      Mellon Trust Company, National Association, as Indenture Trustee and Back-up
      Administrator, MRU ABS II LLC, and MRU Holdings, Inc., as Administrator, as
      the
      same may be amended from time to time, as well as its agents and attorneys,
      as
      Attorney-in-Fact to execute on behalf of the Issuer all such documents, reports,
      filings, instruments, certificates and opinions as it shall be the duty of
      the
      Issuer to prepare, file or deliver pursuant to the Trust Related Agreements,
      including, without limitation, to appear for and represent the Issuer in
      connection with the preparation, filing and audit of federal, state and local
      tax returns pertaining to the Issuer, and with full power to perform any and
      all
      acts associated with such returns and audits that the Issuer could perform,
      including without limitation, the right to distribute and receive confidential
      information, defend and assert positions in response to audits, initiate and
      defend litigation, and to execute waivers of restrictions on assessments of
      deficiencies, consents to the extension of any statutory or regulatory time
      limit, and settlements.

     

    All
      powers of attorney for these purposes heretofore filed or executed by the Issuer
      are hereby revoked.

     

    Capitalized
      terms that are used and not otherwise defined herein shall have the meanings
      ascribed thereto in the Administration Agreement.

     

    EXECUTED
      as of July 10, 2008.

     

    
      	 	
              MRU
                STUDENT LOAN TRUST 2008-A

            
	 	 
	 	
              By: WILMINGTON
                TRUST COMPANY, not in 

                     
                its individual capacity but solely as Owner Trustee

            
	 	 
	 	
              By:
                ________________________

            
	 	
              Name:
                

            
	 	
              Title:
                

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      A

     

    Duties
      of
      the Issuer or Owner Trustee

     

    Performed
      by the Administrator under the Trust Agreement

     

    
      	
              (A)

            	
              Filing
                tax returns, reports and forms under Section
                5.04.

            

    

     

    
      	
              (B)

            	
              Furnishing
                documents to the Certificateholders under Section
                7.02.

            

    

     

    
      	
              (C)

            	
              Filing
                a Certificate of Termination of the Trust upon termination pursuant
                to
                Section 9.01.

            

    

     

    
      	
              (D)

            	
              Appointing
                separate trustees under Section
                10.05.

            

    

     

    
      	
              (E)

            	
              Obtaining
                execution by the Certificateholders of any amendment to the Trust
                Agreement thereunder.

            

    

     

    Duties
      of
      the Administrator under the Indenture

     

    Providing
      the statements to Noteholders required under Section 8.09.

     

    Providing,
      signing and filing such reports as required by any federal and state securities
      laws.

     

    Providing
      instructions to the Indenture Trustee as required under Sections 8.02, 8.06
      and
      8.08.Execution
      Copy

    

 

    MRU
      Holdings, Inc.

    

    

    and

    

    

    MRU
      ABS
      II LLC

    
 

     

    
 

    TRANSFER
      AND CONTRIBUTION AGREEMENT

    
 

    

    

    Dated
      as
      of July 10, 2008

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    TABLE
      OF CONTENTS

     

     

     

    
      	 	 	
              Page

            
	 	 	 	 
	
              1.

            	
              DEFINITIONS

            	
              1

            	 
	
              2.

            	
              CONTRIBUTION
                OF STUDENT LOANS

            	
              1

            	 
	
              3.

            	
              OWNERSHIP
                OF CONTRIBUTED STUDENT LOANS; INTENDED CHARACTERIZATION; GRANT OF
                SECURITY
                INTEREST

            	
              2

            	 
	
              4.

            	
              GENERAL
                REPRESENTATIONS AND WARRANTIES OF TRANSFEROR

            	
              2

            	 
	
              5.

            	
              ADDITIONAL
                REPRESENTATIONS AND WARRANTIES OF TRANSFEROR

            	
              3

            	 
	
              6.

            	
              REPRESENTATIONS
                AND WARRANTIES OF MRU ABS

            	
              6

            	 
	
              7.

            	
              SOLE
                REMEDY

            	
              7

            	 
	
              8.

            	
              INDEMNIFICATION

            	
              8

            	 
	
              9.

            	
              ASSIGNMENT

            	
              8

            	 
	
              10.

            	
              THIRD
                PARTY BENEFICIARIES

            	
              8

            	 
	
              11.

            	
              NOTICES

            	
              8

            	 
	
              12.

            	
              NON
                PETITION.

            	
              9

            	 
	
              13.

            	
              GOVERNING
                LAW

            	
              9

            	 
	
              14.

            	
              MANNER
                OF PAYMENTS

            	
              9

            	 
	
              15.

            	
              ENTIRE
                AGREEMENT

            	
              9

            	 
	
              16.

            	
              AMENDMENT
                AND WAIVER

            	
              9

            	 
	
              17.

            	
              SEVERABILITY

            	
              9

            	 
	
              18.

            	
              HEADINGS

            	
              9

            	 
	
              19.

            	
              COUNTERPARTS

            	
              9

            	 

    

     

     

    
      
         

      

      
        -
          i -

        
          

        

      

      
         

      

    

     

    THIS
      TRANSFER AND CONTRIBUTION AGREEMENT (this “Agreement”), dated as of July 10,
      2008, is made by and between MRU Holdings, Inc., a Delaware corporation having
      its principal location at 590 Madison Avenue,13th Floor New York, New York
      10022
      (“Transferor”), and MRU ABS II LLC, a Delaware limited liability company, having
      its principal location at 590 Madison Avenue, 13th Floor, Suite 200, New York,
      New York 10022 (“MRU ABS”).

     

    WHEREAS,
      Transferor has agreed to transfer and convey to MRU ABS, and MRU ABS has agreed
      to accept from Transferor, on any Transfer Date, certain Student Loans on the
      terms set forth herein. The term “Transfer Date”, for purposes of this
      Agreement, refers to the Closing Date and each subsequent date no later than
      September 30, 2008 selected by the Transferor.

     

    NOW,
      THEREFORE, in consideration of the foregoing and the terms, conditions and
      mutual covenants and agreements herein contained, and for good and valuable
      consideration, the receipt and sufficiency of which are hereby acknowledged,
      Transferor and MRU ABS agree as follows:

     

    1. Definitions.
      The
      terms used in this Agreement shall be defined as set forth herein
      and on Schedule
      1
      hereto.
      Capitalized terms which are not defined herein shall have the meaning set forth
      in that certain Indenture,
      dated
      as of July 1, 2008 (the “Indenture”), by and between MRU Student Loan Trust
      2008-A, as issuer (the “Issuer”), and The Bank of New York Mellon Trust Company,
      National Association, as indenture trustee (the “Indenture Trustee”).

     

    2. Contribution
      of Student Loans.

     

    
      	 	
              (a)

            	
              Subject
                to the terms and conditions of this Agreement, on each Transfer Date
                Transferor agrees to contribute to the capital of, and transfer,
                assign,
                and otherwise convey to, MRU ABS, without recourse (except to the
                extent
                specifically provided herein), and MRU ABS hereby agrees to accept
                and
                acquire, all right, title and interest of Transferor in and to the
                Student
                Loans identified on Schedule
                2
                to
                this Agreement (the “Contributed Student Loans”). For each Transfer Date,
                the Transferor shall prepare a revised Schedule
                2
                showing the additional Contributed Student Loans to be transferred
                to MRU
                ABS on such Transfer Date, and thereafter until further revised pursuant
                to this Section
                2(a)
                such revised Schedule
                2
                shall be in effect.

            

    

     

    
      	 	
              (b)

            	
              Transferor
                agrees to cause to be delivered to MRU ABS or MRU ABS’s designated
                custodian at MRU ABS’s cost, the Student Loan Files of all Contributed
                Student Loans. 

            

    

     

    
      	 	
              (c)

            	
              Transferor
                shall file any necessary Uniform Commercial Code financing statements,
                and
                cause to be filed such continuation statements, all in such manner
                and in
                such places as may be required by law fully to preserve, maintain
                and
                protect the interest of MRU ABS in the Contributed
                Student Loans
                and the proceeds thereof. Transferor shall deliver (or cause to be
                delivered) to MRU ABS file-stamped copies of, or filing receipts
                for, any
                document filed as provided above, as soon as available following
                such
                filing.

            

    

     

    
      
         

      

      
        -
          1 -

        
          

        

      

      
         

      

    

     

    
      	 	
              (d)

            	
              Transferor
                hereby assigns to MRU ABS with respect to each Contributed Student
                Loan
                conveyed to MRU ABS pursuant to this Agreement, all of Transferor’s rights
                to any refunds, credits or adjustments and the interest accruing
                on each
                such Contributed Student Loan.

            

    

     

    3. (a) Ownership
      of Contributed Student Loans.
      On and
      after each Transfer Date, MRU ABS shall be the sole owner for all purposes
      (e.g.,
      tax,
      accounting and legal) of the Contributed Student Loans contributed by Transferor
      on such date and shall be entitled to all of the rights, privileges, and
      remedies applicable to said ownership interest. Transferor agrees to make
      entries on its books and records to clearly indicate the contribution of such
      Contributed Student Loans as of each Transfer Date. Transferor does not assume
      and shall not have any liability to MRU ABS for the repayment of any such
      Contributed Student Loans; provided that the Transferor shall promptly forward
      any payments on any such Contributed Student Loans that it receives to a bank
      account designated for this purpose by MRU ABS. Transferor shall forward such
      payments on any Contributed Student Loans via wire transfer. Transferor hereby
      agrees and acknowledges that any such payments on any such Contributed Student
      Loans so received by Transferor shall be held in trust for MRU ABS.

     

    (b) Intended
      Characterization; Grant of Security Interest.
      It
      is the
      intention of the parties hereto that each transfer of Contributed Student Loans
      to be made pursuant to the terms hereof shall constitute an absolute transfer
      with the effect described in Section
      3(a)
      by the
      Transferor to MRU ABS and not a loan secured by the Contributed Student Loans.
      In the event, however, that a court of competent jurisdiction were to hold
      that
      any such transfer constitutes a loan and not an absolute transfer, it is the
      intention of the parties hereto that the Transferor shall be deemed to have
      granted to MRU ABS as of the date hereof a first priority perfected security
      interest in all of the Transferor’s right, title and interest in, to and under
      the Contributed Student Loans and that with respect to such transfer, this
      Agreement shall constitute a security agreement under applicable
      law.

     

    4. General
      Representations and Warranties of Transferor.
      Transferor hereby represents and warrants as of each Transfer Date
      that:

     

    
      	 	
              (a)

            	
              Transferor
                is a Delaware corporation, duly organized, validly existing and in
                good
                standing under the laws of Delaware and has full corporate power
                and
                authority to execute, deliver, and perform its obligations under
                this
                Agreement; the execution, delivery and performance of this Agreement
                and
                the transfer of the Contributed Student Loans on the related Transfer
                Date
                have been and will continue to be duly authorized and are not and
                will not
                be in conflict with and do not violate the terms of the charter or
                bylaws
                of Transferor and will not result in a breach of or constitute a
                default
                under, or require any consent under, any indenture, loan or agreement
                to
                which Transferor is a party.

            

    

     

    
      	 	
              (b)

            	
              All
                approvals, authorizations, licenses, registrations, consents, and
                other
                actions by, notices to, and filings with, any Person that may be
                required
                in connection with the execution, delivery, and performance of this
                Agreement by Transferor, have been
                obtained.

            

    

     

    
      
         

      

      
        -
          2 -

        
          

        

      

      
         

      

    

     

    
      	 	
              (c)

            	
              This
                Agreement constitutes a legal, valid, and binding obligation of
                Transferor, enforceable against Transferor in accordance with its
                terms,
                except (i) as such enforceability may be limited by applicable bankruptcy,
                insolvency, reorganization, moratorium, receivership, conservatorship
                or
                other similar laws now or hereafter in effect, and (ii) as such
                enforceability may be limited by general principles of equity (whether
                considered in a suit at law or in
                equity).

            

    

     

    
      	 	
              (d)

            	
              There
                are no proceedings or investigations pending or, to the best knowledge
                of
                Transferor, threatened against Transferor (i) asserting the invalidity
                of
                this Agreement, (ii) seeking to prevent the consummation by Transferor
                of
                any of the transactions contemplated by this Agreement, (iii) seeking
                any
                determination or ruling that, in the reasonable judgment of Transferor,
                would materially and adversely affect the validity or enforceability
                of
                this Agreement.

            

    

     

    
      	 	
              (e)

            	
              Both
                before and after giving effect to the transfer (pursuant to Section
                2) of
                Contributed Student Loans on such Transfer Date, Transferor is not
                insolvent or undercapitalized and the Transferor is not undertaking
                such
                transfer with the intent to incur debts beyond its ability to pay
                as such
                debts mature nor with the intent to hinder, delay or defraud any
                present
                or future creditor.

            

    

     

    
      	 	
              (f)

            	
              The
                execution, delivery and performance of this Agreement by Transferor
                comply
                with all Applicable Law.

            

    

     

    The
      representations and warranties set forth in this Section
      4
      shall
      survive the contribution and transfer of the Contributed Student Loans to MRU
      ABS pursuant to this Agreement.

     

    5. Additional
      Representations and Warranties of Transferor.
      Transferor hereby represents and warrants that, as of the relevant Transfer
      Date:

     

    
      	 	
              (a)

            	
              Each
                Contributed Student Loan transferred to MRU ABS on such Transfer
                Date was
                originated by an Originating Lender, and this Agreement constitutes
                a
                valid transfer, assignment, set-over and conveyance to MRU ABS of
                all of
                Transferor’s right, title, and interest in and to such Contributed Student
                Loan.

            

    

     

    
      	 	
              (b)

            	
              Transferor
                shall maintain its records in a manner to clearly and unambiguously
                reflect the ownership of MRU ABS in each of the Contributed Student
                Loans
                transferred hereunder on such Transfer
                Date.

            

    

     

    
      	 	
              (c)

            	
              With
                respect to each Contributed Student Loan transferred hereunder on
                such
                Transfer Date: (i) Transferor has done nothing that would alter the
                terms
                and conditions or the amount of such Contributed Student Loan; and
                (ii)
                there is no restriction on Transferor’s authority to assign such
                Contributed Student Loan on such Transfer
                Date.

            

    

     

    
      	 	
              (d)

            	
              For
                each Contributed
                Student Loan transferred pursuant to this Agreement on such Transfer
                Date:
                

            

    

     

    
      
         

      

      
        -
          3 -

        
          

        

      

      
         

      

    

    (1) each
      such
      Contributed Student Loan is fully enforceable;

     

    (2) the
      amount of the unpaid principal balance of each Contributed Student Loan is
      due
      and owing, and no counterclaim, offset, defense or right to rescission exists
      with respect to any such Contributed Student Loan which can be asserted and
      maintained or which, with notice, lapse of time, or the occurrence or failure
      to
      occur of any act or event, could be asserted and maintained by the Borrower
      against the owner of the Contributed Student Loan;

     

    (3) each
      such
      Contributed Student Loan (A) was originated in the United States of America,
      its
      territories, its possessions or other areas subject to its jurisdiction by
      an
      Originating Lender in the ordinary course of its business to an eligible
      Borrower under applicable law and (B) provides or, when the payment schedule
      with respect thereto is determined, will provide for payments on a periodic
      basis that fully amortize the principal amount of such Contributed Student
      Loan
      by its maturity, as such maturity may be modified in accordance with any
      applicable deferral or forbearance periods granted in accordance with applicable
      laws and restrictions;

     

    (4) each
      Contributed Student Loan is denominated and payable only in U.S.
      Dollars;

     

    (5) each
      Borrower is a U.S. citizen or has a valid social security number or has a
      co-borrower who is a U.S. citizen or permanent resident;

     

    (6) each
      Contributed Student Loan was made in compliance with all applicable state and
      federal laws, rules and regulations, including, without limitation, all
      applicable nondiscrimination, truth-in-lending, consumer credit and usury
      laws;

     

    (7) each
      Contributed Student Loan is evidenced by an executed promissory note, which
      note
      is a valid and binding obligation of the Borrower, enforceable by or on behalf
      of the holder thereof in accordance with its terms, subject to bankruptcy,
      insolvency and other laws relating to or affecting creditors’
rights;

     

    (8) no
      fraud,
      error, omission, misrepresentation, negligence or similar occurrence with
      respect to a Contributed Student Loan has taken place on the part of any Person,
      including, without limitation, the Borrower, unless Transferor demonstrates
      that
      such fraud, error, omission, misrepresentation, negligence or similar occurrence
      will not affect the collectibility of such Contributed Student
      Loan;

     

    (9) the
      origination, servicing and collection practices used by the applicable
      Originating Lender, each servicer of the Contributed
      Student
      Loan and the Borrower with respect to the Contributed
      Student
      Loan have been in all material respects in compliance with Accepted Servicing
      Practices, applicable laws and regulations, and have been in all material
      respects legal and proper;

     

    
      
         

      

      
        -
          4 -

        
          

        

      

      
         

      

    

    (10) the
      proceeds of the Contributed Student Loan have been disbursed except for future
      advances required thereunder, if any;

     

    (11) all
      costs, fees and expenses incurred in making or closing the Contributed Student
      Loan are paid, and the Borrower is not entitled to any refund, rebate or
      reduction of any amounts paid or due under the Student Loan Note;

     

    (12) nothing
      exists that would prohibit the sale of the Contributed Student Loan by
      Transferor to a willing purchaser;

     

    (13) there
      is
      only one original executed copy of the promissory note evidencing each
      Contributed Student Loan;

     

    (14) no
      Contributed Student Loan has a Borrower which is noted in the related records
      of
      the Servicer as being currently involved in a bankruptcy proceeding, deceased
      or
      permanently disabled;

     

    (15) each
      Contributed Student Loan is accruing interest (whether or not such interest
      is
      being paid currently by applicable Borrower or is being capitalized), except
      as
      otherwise expressly permitted by the Indenture;

     

    (16) no
      Contributed Student Loan is subject to an interest cap other than as may be
      required under New York laws;

     

    (17) each
      Borrower is attending or did attend an Eligible Educational
      Institution;

     

    (18) (i)
      each
      Contributed Student Loan originated prior to April 1, 2008 has a FICO score
      of
      not less than (A) 645 for a sole-borrower loan or (B) 620 for a co-borrower
      loan, and (ii) each Contributed Student Loan originated on or after April 1,
      2008 has a FICO score of not less than 660;

     

    (19) immediately
      prior to its transfer pursuant to this Agreement, each Contributed
      Student
      Loan was the subject of the Servicing Agreement; MRU Funding SPV Inc. is not
      in
      default in any material respect in the performance of any covenants and
      agreements made in the Servicing Agreement and all amounts due and payable
      to
      the servicer under the Servicing Agreement have been paid in full;

     

    (20) as
      of the
      related date of origination, no Contributed Student Loan was a Delinquent
      Student Loan or a Defaulted Student Loan and as of the respective Transfer
      Date,
      no Contributed Student Loan has a payment that is 60 days or more past
      due;

     

    (21) as
      of the
      related date of origination, each Borrower was eligible for a Student Loan
      under
      the Credit Policy and has executed a Loan Agreement; 

     

    
      
         

      

      
        -
          5 -

        
          

        

      

      
         

      

    

    (22) each
      Contributed Student Loan was originated in conformity with the “loan acceptance
      criteria” (including, without limitation, any general policies, eligible
      borrower criteria, creditworthiness criteria and “good credit” criteria) and the
“loan program terms” (including, without limitation, the loan amount, the
      interest rate) or any similar criteria or terms, however so designated, as
      described in the offering memorandum for the Notes, dated July 7, 2008;

     

    (23) Transferor
      was the legal and beneficial owner of all right, title and interest in and
      to
      each Contributed Student Loan transferred on such Transfer Date, and each such
      Contributed Student Loan was free and clear of all liens, pledges or
      encumbrances whatsoever immediately prior to the transfer of such Contributed
      Student Loan to MRU ABS pursuant hereto; 

     

    (24) All
      loan
      documentation required pursuant to the Custodial Agreement to be delivered
      to
      the Custodian prior to the acquisition of such Contributed Student Loan by
      MRU
      ABS shall be so delivered; and

     

    (25) the
      servicing guidelines that form part of the Issuer Servicing Agreement comply
      with all federal and state laws applicable to the activities of the Servicer
      to
      be performed under the Issuer Servicing Agreement (and the servicing guidelines
      thereto) and will continue to do so as long as any Contributed Student Loan
      is
      outstanding.

     

    
      	 	
              (e)

            	
              At
                the end of
                the Acquisition Period the
                Contributed Student Loans acquired during the Acquisition Period
                shall
                meet the following criteria (percentages
                are based on the aggregate principal balance of the Contributed Student
                Loans acquired during the Acquisition Period (including accrued interest
                thereon to the extent such interest will be capitalized upon commencement
                of repayment or during deferment or forbearance)): 

            

    

     

    (1) the
      percentage of non-cosigned Contributed Student Loans shall not exceed
      35%;

     

    (2) the
      weighted average FICO score shall not be less than 710;

     

    (3) the
      weighted average margin of the Contributed Student Loans that are in repayment
      or in-school shall not be less than 6.5%; 

     

    (4) no
      such
      Contributed Student Loan shall be a proprietary school student loan;

     

    (5) the
      percentage of Contributed Student Loans with no more than 12 months to scheduled
      repayment shall not be less than 17%; and

     

    (6) the
      percentage of Contributed Student Loans with no more than 24 months to scheduled
      repayment shall not be less than 37%.

     

    
      
         

      

      
        -
          6 -

        
          

        

      

      
         

      

    

    The
      representations and warranties set forth in this Section
      5
      shall
      survive the transfer and contribution of the Contributed Student Loans to MRU
      ABS pursuant to this Agreement. 

     

    The
      Transferor hereby consents to the assignment by the Depositor to the Issuer
      of
      all of the Depositor’s rights and remedies under this Agreement pursuant to the
      terms of the Deposit Agreement and to the further assignment of such rights
      and
      remedies by the Issuer to the Indenture Trustee pursuant to the terms of the
      Indenture. The Transferor acknowledges that the rights and remedies of the
      Depositor hereunder may be enforced directly against the Transferor by the
      Issuer or Indenture Trustee. The Indenture Trustee is an intended third-party
      beneficiary of the obligations of MRU ABS under this Agreement. 

     

    6. Representations
      and Warranties of MRU ABS.
      MRU ABS
      hereby represents and warrants to Transferor, as of each Transfer Date
      that:

     

    
      	 	
              (a)

            	
              MRU
                ABS is a Delaware limited liability company, duly organized and validly
                existing in good standing under the laws of Delaware, and has full
                power
                and authority to execute, deliver and perform its obligations under
                this
                Agreement; the execution, delivery, and performance of this Agreement
                have
                been duly authorized, and are not and will not be in conflict with
                and do
                not violate the terms of the limited liability company agreement
                of MRU
                ABS, and will not result in a breach of or constitute a default under
                or
                require any consent under any indenture, loan, or agreement to which
                MRU
                ABS is a party;

            

    

     

    
      	 	
              (b)

            	
              All
                approvals, authorizations, licenses, registrations, consents, and
                other
                actions by, notices to, and filings with any Person required to be
                obtained for the execution, delivery, and performance of this Agreement
                by
                MRU ABS, have been obtained;

            

    

     

    
      	 	
              (c)

            	
              This
                Agreement constitutes a legal, valid, and binding obligation of MRU
                ABS,
                enforceable against MRU ABS in accordance with its terms, except
                (i) as
                such enforceability may be limited by applicable bankruptcy, insolvency,
                reorganization, moratorium, receivership, conservatorship or other
                similar
                laws now or hereafter in effect, including the rights and obligations
                or
                receivers and conservators under federal law which may affect the
                enforcement of creditors’ rights in general, and (ii) as such
                enforceability may be limited by general principles of equity (whether
                considered in a suit at law or in
                equity);

            

    

     

    
      	 	
              (d)

            	
              There
                are no proceedings or investigations pending or, to the best knowledge
                of
                MRU ABS threatened against MRU ABS (i) asserting the invalidity of
                this
                Agreement, (ii) seeking to prevent the consummation by MRU ABS of
                any of
                the transactions contemplated by this Agreement, (iii) seeking any
                determination or ruling that, in the reasonable judgment of MRU ABS,
                would
                materially and adversely affect the performance by MRU ABS of its
                obligations under this Agreement, or (iv) seeking any determination
                or
                ruling that would materially and adversely affect the validity or
                enforceability of this Agreement;

            

    

     

    
      
         

      

      
        -
          7 -

        
          

        

      

      
         

      

    

     

    
      	 	
              (e)

            	
              Both
                before and after giving effect to the transfer (pursuant to Section
                2) of
                Contributed Student Loans on such Transfer Date, MRU ABS is not insolvent
                or undercapitalized and MRU ABS is not undertaking such transfer
                with the
                intent to incur debts beyond its ability to pay as such debts mature
                nor
                with the intent to hinder, delay or defraud any present or future
                creditor; and

            

    

     

    
      	 	
              (f)

            	
              The
                execution, delivery and performance of this Agreement by MRU ABS
                comply
                with Applicable Laws.

            

    

     

    The
      representations and warranties set forth in this Section
      6
      shall
      survive the contribution, transfer and assignment of the Contributed Student
      Loans to MRU ABS pursuant to this Agreement. 

     

    7. Sole
      Remedy.
      Upon
      the receipt of notice of a breach of any of the representations and warranties
      in Sections
      5(e)
      or
(f)
      of this
      Agreement which materially and adversely affects the value of a Contributed
      Student Loan or the interests of MRU ABS or any subsequent assignee of MRU
      ABS,
      Transferor shall, within 60 days of such notice, cure in all material respects
      the circumstances or condition which caused such representation or warranty
      to
      be incorrect or shall purchase such Contributed Student Loan by directly
      depositing into the Collection Account an amount equal to the Purchase Amount
      for such Contributed Student Loan. It
      is
      understood and agreed that the obligation of Transferor set forth in this
Section
      7
      shall
      constitute the sole remedy available to MRU ABS with respect to the related
      breach of representation or warranty, and is not intended to and shall not
      constitute a guaranty of the collectibility or payment of any receivables
      related to any Contributed Student Loan which is not collected, not paid or
      is
      uncollectible on account of the insolvency, bankruptcy or financial inability
      to
      pay of the related Borrower.

     

    8. Indemnification.
      Transferor agrees to indemnify and hold harmless MRU ABS and its officers,
      directors, employees, representatives, shareholders, agents and attorneys of
      such entities from and against any and all claims, actions, liability,
      judgments, damages, costs and expenses, including reasonable attorneys’ fees,
      that may arise from (i) negligence, willful misconduct or breach of any of
      Transferor’s obligations or undertakings under this Agreement by Transferor or
      its agents or representatives, or (ii) a violation by Transferor or its agents
      or representatives of any New York or federal banking law specifically
      applicable to Transferor’s participation in a Program. The terms of this
Section
      8
      shall
      survive the expiration or earlier termination of this Agreement.

     

    9. Assignment.
      This
      Agreement and the rights and obligations created under it shall be binding
      upon
      and inure solely to the benefit of the parties hereto and their respective
      successors, and permitted assigns. Neither party hereto shall be entitled to
      assign or transfer any interest under this Agreement without the prior written
      consent of the other party hereto. No assignment under this section shall
      relieve a party hereto of its obligations under this Agreement occurring prior
      to such transfer.

     

    10. Third
      Party Beneficiaries.
      Nothing
      contained herein shall be construed as creating a third-party beneficiary
      relationship between either party hereto and any other Person.

     

    
      
         

      

      
        -
          8 -

        
          

        

      

      
         

      

    

    11. Notices.
      All
      notices and other communications that are required or may be given in connection
      with this Agreement shall be in writing and shall be deemed received (i) on
      the
      day delivered, if delivered by hand; (ii) on the day transmitted, if transmitted
      by facsimile or e-mail with receipt confirmed; or (iii) three (3) Business
      Days
      after the date of mailing to the other party hereto, if mailed first-class
      postage prepaid, at the following address, or such other address as either
      party
      hereto shall specify in a notice to the other:

     

    
      	
            	To
              Transferor:	
              MRU
                Holdings, Inc.

            

    

    590
      Madison Avenue, 13th Floor 

    New
      York,
      NY 10022 

    Attn:
      Capital Markets

    E-mail
      Address: JCoblentz@mruholdings.com

    Telephone:
      (212) 398-1780

    Facsimile:
      (212) 754-1048

     

    
      	
            	To
              MRU ABS:	
              MRU
                ABS II LLC

            

    

    590
      Madison Avenue

    13th
      Floor, Suite 200

    New
      York,
      NY 10022 

    Attn:
      Capital Markets

    E-mail
      Address: JCoblentz@mruholdings.com

    Telephone:
      (646) 467-9261

    Facsimile:
      (212) 754-1048

     

    12. Non
      Petition. Transferor
      hereby agrees that it will not institute suit against MRU ABS, or join any other
      Person in instituting against MRU ABS, any bankruptcy, reorganization,
      arrangement, insolvency or liquidation proceedings, or any other proceedings
      under any federal or state bankruptcy or similar law.

     

    13. Governing
      Law.
      Except
      as preempted or controlled by federal law, this Agreement shall be interpreted
      and construed in accordance with the laws of the State of New York, without
      giving effect to the rules, policies, or principles thereof with respect to
      conflicts of laws.

     

    14. Manner
      of Payments.
      Unless
      the manner of payment is expressly provided herein, all payments under this
      Agreement shall be made by wire transfer to the bank accounts designated by
      the
      respective parties. 

     

    15. Entire
      Agreement.
      This
      Agreement, including exhibits, constitute the entire agreement between the
      Parties with respect to the subject matter thereof, and supersede any prior
      or
      contemporaneous negotiations or oral or written agreements with regard to the
      same subject matter.

     

    16. Amendment
      and Waiver.
      This
      Agreement may be amended only by a written instrument signed by each of the
      parties hereto. The failure of a party hereto to require the performance of
      any
      term of this Agreement or the waiver by a party hereto of any default under
      this
      Agreement shall not prevent a subsequent enforcement of such term and shall
      not
      be deemed a waiver of any subsequent breach. All waivers must be in writing
      and
      signed by the party against whom the waiver is to be enforced.

     

    
      
         

      

      
        -
          9 -

        
          

        

      

      
         

      

    

    17. Severability.
      Any
      provision of this Agreement which is deemed invalid, illegal or unenforceable
      in
      any jurisdiction, shall, as to that jurisdiction, be ineffective to the extent
      of such invalidity, illegality or unenforceability, without affecting in any
      way
      the remaining portions hereof in such jurisdiction or rendering such provision
      or any other provision of this Agreement invalid, illegal, or unenforceable
      in
      any other jurisdiction.

     

    18. Headings.
      Captions and headings in this Agreement are for convenience only and are not
      to
      be deemed part of this Agreement.

     

    19. Counterparts.
      This
      Agreement may be executed and delivered by the parties hereto in any number
      of
      counterparts, and by different parties on separate counterparts, each of which
      counterpart shall be deemed to be an original and all of which counterparts,
      taken together, shall constitute but one and the same instrument.

     

    [SIGNATURES
      TO FOLLOW]

     

    
      
         

      

      
        -
          10 -

        
          

        

      

      
         

      

    

     

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

     

    
      	 	 	 
	 	MRU
              Holdings,
              Inc.
	 	 
	 	 
	 	
              /s/
                Jonathan A. Coblentz

            
	 	
              By:

            	
              Jonathan
                A. Coblentz

            
	 	
              Title:

            	
              CFO
                & Treasurer

            
	 	 	 
	 	 	 
	 	 	 
	
               

            	 	 
	 	
              MRU
                ABS II LLC

            
	 	 
	 	 	 
	 	
              /s/
                Jonathan A. Coblentz

            
	 	
              By:

            	
              Jonathan
                A. Coblentz

            
	 	
              Title:

            	
              Treasurer

            

    

    

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    Schedule
      1

     

    Definitions

     

    
      	
              (a)

            	
              “Accepted
                Servicing Practices” has the meaning as set forth in the Master Loan
                Agreement.

            

    

     

    
      	
              (b)

            	
              “Applicable
                Law” means all federal, state and local laws, statutes, regulations and
                orders applicable to a party to this Agreement or relating or affecting
                any aspect of a Program, and all requirements of any Regulatory Authority
                having jurisdiction over a party to this Agreement, as any such laws,
                statutes, regulations, orders and requirements may be amended and
                in
                effect from time to time during the term of this
                Agreement.

            

    

     

    
      	
              (c)

            	
              “Borrower”
                means a Person to whom an Originating Lender has made a Student Loan
                and/or who is liable, jointly or severally, for amounts owing with
                respect
                to such Student Loan.

            

    

     

    
      	
              (d)
                

            	
              “Credit
                Policy” has the meaning as set forth in the Master Loan
                Agreement.

            

    

     

    
      	
              (e)

            	
              “Defaulted
                Student Loan” has the meaning as set forth in the Master Loan
                Agreement

            

    

     

    
      	
              (f)

            	
              “Delinquent
                Student Loan” has the meaning as set forth in the Master Loan
                Agreement

            

    

     

    
      	
              (g)

            	
              “Eligible
                Educational Institution” has the meaning as set forth in the Master Loan
                Agreement

            

    

     

    
      	
              (h)

            	
              [intentionally
                omitted]

            

    

     

    
      	
              (i)

            	
              “Issuer
                Servicing Agreement” means that Private Loan Servicing Agreement dated as
                of July 10, 2008 between the Issuer and the Pennsylvania Higher Education
                Assistance Agency. 

            

    

     

    
      	
              (j)

            	
              “Loan
                Agreement” means the document containing the terms and conditions of a
                Student Loan including all disclosures required by Applicable Law.
                

            

    

     

    
      	
              (k)

            	
              “Loan
                Program Agreement” means that Loan Program Agreement dated as of January
                10, 2006 between MRU Originations, Inc. and Doral Bank
                FSB.

            

    

     

    
      	
              (l)

            	
              “Master
                Loan Agreement” means that certain Amended and Restated Master Loan
                Agreement, dated as of February 1, 2007, between MRU Funding SPV
                Inc. and
                Merrill Lynch Bank USA.

            

    

     

    
      	
              (m)

            	
              “Originating
                Lender” means each of Doral Bank FSB and
                WebBank.

            

    

     

    
      	
              (n)

            	
              “Program”
                means the consumer student loan program to be offered pursuant to
                the Loan
                Program Agreement.

            

    

     

    
      	
              (o)

            	
              “Regulatory
                Authority” means any federal, state or local regulatory agency or other
                governmental agency or authority having jurisdiction over a
                party.

            

    

     

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    
      	
              (p)

            	
              “Servicing
                Agreement” has the meaning as set forth in the Master Loan
                Agreement.

            

    

     

    
      	
              (q)

            	
              “Student
                Loan Note” means a promissory note evidencing the related Student
                Loan.

            

    

     

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    Schedule
      2

     

    Contributed
      Student Loans

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