Document:

EX-4.5

 Exhibit 4.5 
  

 
  

THIRD SUPPLEMENTAL INDENTURE 
 between 

USA EDUCATION, INC. 
 and 

THE CHASE MANHATTAN BANK 
 Dated
as of June 15, 2001 
 $380,000,000 

SENIOR NOTES DUE JUNE 16, 2004 
  

 
  

 THIRD SUPPLEMENTAL INDENTURE, dated as of June 15, 2001 (this “Supplemental
Indenture”), between USA Education, Inc., a Delaware corporation (the “Company”), and The Chase Manhattan Bank, as trustee (the “Trustee”) under the Indenture, dated as of October 1, 2000, between the Company and the
Trustee (the “Base Indenture” and, together with this Supplemental Indenture, the “Indenture”). 
 WHEREAS, the Company
executed and delivered the Base Indenture to the Trustee to provide for the future issuance of debentures, notes or other evidences of indebtedness of the Company to be issued from time to time in one or more series as might be determined by the
Company under the Indenture, in an unlimited aggregate principal amount which may be authenticated and delivered as provided in the Base Indenture; 

WHEREAS, pursuant to the terms of the Base Indenture, the Company desires to provide for the establishment of a series of senior unsecured and
unsubordinated notes to be known as its Senior Notes due June 16, 2004, the form and substance of such Notes, and the terms, provisions and conditions thereof, to be set forth as provided in the Base Indenture and this Supplemental Indenture;

 WHEREAS, the Company has requested that the Trustee execute and deliver this Supplemental Indenture; all requirements necessary to make
this Supplemental Indenture a valid instrument in accordance with its terms, and to make the Notes, when executed by the Company and authenticated and delivered by the Trustee, the valid obligations of the Company, have been performed; and the
execution and delivery of this Supplemental Indenture has been duly authorized in all respects. 
 NOW THEREFORE, in consideration for the
purchase and acceptance of the Notes by the Holders thereof, and for the purpose of setting forth, as provided in the Base Indenture, the form and substance of the Notes and the terms, provisions and conditions thereof, the Company covenants and
agrees with the Trustee as follows: 
 ARTICLE 1 

DEFINITIONS 
 1.1 Definition of
Terms. Capitalized terms used and not otherwise defined in this Supplemental Indenture (including the form of Global Note attached as Exhibit A to this Supplemental Indenture, the terms of which are a part of this Supplemental Indenture) have the
meanings assigned to them below: 
 “Base Indenture” is defined in the introductory paragraph. 

“Business Day” is defined in the Global Note. 

“Company” is defined in the introductory paragraph. 

“Company Order” is defined in the Base Indenture. 

“Depositary” is defined in the Base Indenture. 

“Eligible Instruments” is defined in the Base Indenture. 

“Global Note” is defined in Section 2.3. 

“Global Security” is defined in the Base Indenture. 

“Holder” is defined in the Base Indenture. 

 “Indenture” is defined in the introductory paragraph. 

“Interest Accrual Period” is defined in the Global Note. 

“Interest Payment Date” is defined in the Global Note. 

“LIBOR Business Day” is defined in the Global Note. 

“LIBOR Determination Date” is defined in the Global Note. 

“Notes” is defined in Section 2.1. 

“Maturity Date” is defined in the Global Note. 

“Paying Agent” is defined in the Base Indenture. 

“Person” is defined in the Base Indenture. 

“Registered Security” is defined in the Base Indenture. 

“Registrar” is defined in the Base Indenture. 

“Regular Record Date” is defined in the Global Note. 

“Supplemental Indenture” is defined in the introductory paragraph. 

“Three-month LIBOR” is defined in the Global Note. 

“Trustee” is defined in the introductory paragraph. 

1.2 Other Rules of Construction. For all purposes of this Supplemental Indenture, except as otherwise expressly provided or unless the context
otherwise requires: 
 (a) capitalized terms used and not defined in this Supplemental Indenture have the meanings assigned to them in the
Base Indenture; 
 (b) capitalized terms defined in the Global Note have the meanings assigned to them in the Global Note; 

(c) all terms used in this Supplemental Indenture which are defined in the Trust Indenture Act, whether directly or by reference therein, have
the meanings assigned to them in the Trust Indenture Act; 
 (d) “or” is not exclusive; 

(e) words in the singular include the plural, and words in the plural include the singular; 

(f) a reference to a Section or Article is to a Section or Article of this Supplemental Indenture; 

(g) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Supplemental
Indenture as a whole and not to any particular Article, Section or other subdivision; and 
 (h) headings are for convenience of reference
only and do not affect interpretation. 
 ARTICLE 2 

TERMS AND CONDITIONS OF THE NOTES 

2.1 Title of Securities. The title of the Securities is “Senior Notes due June 16, 2004” (the “Notes”). 

 2.2 Aggregate Principal Amount of Notes. The aggregate principal amount of Notes that may be
authenticated and delivered is $380,000,000. The Company is entitled under Section 2.02(b) of the Base Indenture to reopen the Series of Notes by offering additional Securities of such Series. Upon receipt of a Company Order for the
authentication and delivery of the Notes and satisfaction of the requirements of Section 2.03 of the Base Indenture, the Trustee shall authenticate Notes for original issuance in an aggregate principal amount of $380,000,000. 

2.3 Form of Notes. The Notes and the Trustee’s Certificate of Authentication to be endorsed on the Notes are to be substantially in the
form attached as Exhibit A to this Supplemental Indenture (the “Global Note”). 
 2.4 Maturity Date. The entire outstanding
principal of the Notes shall be payable on the Maturity Date set forth on the face of the Global Note to Holders as of the Regular Record Date immediately preceding the Maturity Date. 

2.5 Interest. The rate of interest on the Notes for each Interest Accrual Period shall be Three-month LIBOR, plus the Spread set forth on the
face of the Global Note, determined by the Trustee as set forth in the Global Note. Interest shall accrue from the Original Issue Date set forth on the face of the Global Note. Interest is payable on each Interest Payment Date to Holders as of each
Regular Record Date, determined as set forth in the Global Note. Interest shall be computed on the basis of a 360-day year and the actual number of days elapsed in the applicable Interest Accrual Period. Upon each determination of Three-month LIBOR,
the Trustee shall forthwith notify the Company of such determination. The Trustee may appoint an agent to determine Three-month LIBOR. 

2.6 Record Date. Payments of interest and principal shall be made to Holders on each Regular Record Date, determined as set forth in the
Global Note. 
 2.7 Paying Agent. The Trustee shall be the Registrar and the Paying Agent with respect to the Notes. Payments in respect of
the Notes represented by Global Securities (including principal and interest) shall be made in immediately available funds as provided in the Global Note. 

2.8 Registered Securities. The Notes shall be issuable only as Registered Securities (without coupons) and as permanent Global Securities. The
Notes shall not be issuable in definitive form (other than in the name of the Depositary’s nominee) except under the circumstances described in Section 2.15 of the Base Indenture. The Trustee shall act as transfer agent for the Notes. 

2.9 Depositary. The Depositary for Notes in global form shall be The Depository Trust Company. Beneficial interests in such Notes shall be
held through the Depositary. 
 2.10 Denomination. The Notes shall be issued in denominations of $1,000 and any integral multiple thereof.
The Notes may be transferred or exchanged only in minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof; and any attempted transfer, sale or other disposition of Notes in a denomination of less than $1,000 shall be
deemed to be void and of no legal effect whatsoever. 
 2.11 Currency. Payments of the principal and interest on the Notes shall be made in
U.S. Dollars, and the Notes shall be denominated in U.S. Dollars. 
 2.12 Redemption. The Company shall have no option to redeem the Notes
prior to their maturity, nor shall they be repayable before the Maturity Date at the option of any Holder. 
 2.13 Sinking Fund. The Notes
shall not have the benefit of any sinking fund. 

 2.14 Conversion. The Notes shall not be convertible or exchangeable into any other class or
series of securities. 
 2.15 Defeasance. The Company shall not be entitled to defease payments under the Notes. 

2.16 Priority. The Notes are senior unsecured obligations of the Company and rank equally in right of payment with any other senior unsecured
and unsubordinated indebtedness that the Company may issue from time to time. The Notes will rank senior to any subordinated indebtedness that the Company may issue from time to time. 

ARTICLE 3 
 TRUSTEE PAYMENTS 

3.1. Establishment of Account; Investments. The Company hereby directs and authorizes the Trustee to establish and maintain a debt service
account to be entitled the “USA Education, Inc. 2001-B Debt Service Account.” All or a portion of amounts paid to the Trustee by the Company pursuant to Section 2.05 of the Base Indenture shall be deposited in the USA Education, Inc.
2001-B Debt Service Account established for such purpose and shall be invested and reinvested by the Trustee pursuant to written directions from the Company, which direction may be in the form of a standing direction. Such investments may be in one
or more Eligible Instruments or Eligible Investments (defined below). Notwithstanding the foregoing, no investment of any such amount may mature later than the business day preceding the applicable payment date (or, in the case of an investment in
an obligation of the Trustee, no later than the applicable payment date) and no such investment shall be sold prior to its maturity date. On each payment date the Trustee shall withdraw any net reinvestment income and return such amount to the
Company. The Trustee shall have no obligation to invest and reinvest any cash held in the USA Education Inc. 2001-B Debt Service Account in the absence of timely and specific written investment direction from the Company. In no event shall the
Trustee be liable for the selection of investments or for investment losses incurred thereon. The Trustee shall have no liability in respect of losses incurred as a result of the liquidation of any investment prior to its stated maturity or the
failure of the Company to provide timely written investment direction. 
 “Eligible Investments” means book-entry securities,
negotiable instruments or securities represented by instruments in bearer or registered form, with respect to which the Trustee has taken delivery, which evidence: (a) direct obligations of, and obligations fully guaranteed as to the full and
timely payment by, the United States of America; (b) demand deposits, time deposits or certificates of deposit of any depository institution or trust company incorporated under the laws of the United States of America or any State thereof and
subject to supervision and examination by Federal or State banking or depository institution authorities, provided that at the time of the investment or contractual commitment to invest therein, the commercial paper or other short-term unsecured
debt obligations (other than such obligations the rating of which is based on the credit of a Person other than such depository institution or trust company) thereof shall be rated “A-1+” by Standard & Poor’s Credit Market
Services (“S&P”) and “P-1” by Moody’s Investors Service, Inc. (“Moody’s”); (c) commercial paper that, at the time of the investment or contractual commitment to invest therein, is rated
“A-1” by S&P and “P-1” by Moody’s; (d) bankers’ acceptances issued by any depository institution or trust company referred to in (b) above; (e) repurchase obligations with respect to any security
pursuant to a written agreement that is a direct obligation of, or fully guaranteed as to the full and timely payment by, the United States of America or any agency or instrumentality thereof, the obligations of which are backed by the full faith
and credit of the United States of America, in either case entered into with (i) a depository institution or trust company the deposits of which are insured by the Federal Deposit Insurance Corporation and whose commercial paper or other
short-term unsecured debt obligations are rated 

 “A-1+” by S&P and “Aaa” by Moody’s; and (f) money market mutual funds
registered under the Investment Company Act having a rating, at the time of such investment from each of S&P and Moody’s in the highest investment category granted thereby. Any Eligible Investments may be purchased by or through the Trustee
or any of its Affiliates and shall include such securities issued by the Trustee or its Affiliates. 
 ARTICLE 4 

MISCELLANEOUS 
 4.1 Terms. The
foregoing form and terms of the Notes have been established in conformity with the provisions of the Base Indenture. 
 4.2 Ratification of
Base Indenture; Supplemental Indenture Controls. The Base Indenture, as supplemented by this Supplemental Indenture, is in all respects ratified and confirmed, and this Supplemental Indenture shall be deemed part of the Base Indenture in the manner
and to the extent herein and therein provided. The provisions of this Supplemental Indenture (including the Global Note) shall supersede the provisions of the Base Indenture to the extent the Base Indenture is inconsistent herewith. 

4.3 Trustee Not Responsible for Recitals. The recitals in this Supplemental Indenture are made by the Company and not by the Trustee, and the
Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture. 

4.4 Governing Law. THIS SUPPLEMENTAL INDENTURE AND EACH NOTE SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE INTERNAL LAWS OF THE STATE OF NEW
YORK, AND FOR ALL PURPOSES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF SAID STATE, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THEREOF. 

4.5 Separability. In case any one or more of the provisions contained in this Supplemental Indenture or in the Notes shall for any reason be
held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Supplemental Indenture or of the Notes, but this Supplemental Indenture and the Notes shall be
construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein. 
 4.6 Counterparts. This
Supplemental Indenture may be executed in any number of counterparts each of which shall be an original; but such counterparts shall together constitute but one and the same instrument. 

[remainder of page left blank intentionally] 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed as of the day and year set forth above. 
  

			
	Very truly yours,
	
	USA EDUCATION, INC.
		
	By:	 	 /s/ John F. Remondi

	Name:	 	John F. Remondi
	Title:	 	 Executive Vice President
 and Chief Financial
Officer

	
	THE CHASE MANHATTAN BANK, not in its individual capacity, but solely as Trustee
		
	By:	 	 /s/ Craig M. Kantor

	Name:	 	Craig M. Kantor
	Title:	 	Vice President

 EXHIBIT A 

[FORM OF GLOBAL NOTE]EX-4.6

 Exhibit 4.6 
  

 
  

FOURTH SUPPLEMENTAL INDENTURE 

between 
 SLM CORPORATION 

and 
 DEUTSCHE BANK TRUST COMPANY
AMERICAS 
 Dated as of January 16, 2003 

Up to $2,000,000,000 
 EdNotes SM 
  
  

 

 FOURTH SUPPLEMENTAL INDENTURE, dated as of January 16, 2003 (this “Supplemental
Indenture”), between SLM Corporation, a Delaware corporation (the “Company”), and Deutsche Bank Trust Company Americas, as trustee (the “EdNotes Trustee”) for the EdNotes (defined below) under the
Indenture, dated as of October 1, 2000 (the “Base Indenture”, and, together with this Supplemental Indenture, each as amended or supplemented, collectively the “Indenture”), between the Company (formerly known
as USA Education, Inc.) and JPMorgan Chase Bank (formerly known as The Chase Manhattan Bank; the “Original Trustee”), and as consented to by the Original Trustee. 

RECITALS 
 WHEREAS, the Company
executed and delivered the Base Indenture to the Original Trustee to provide for the future issuance of debentures, notes or other evidences of indebtedness of the Company to be issued from time to time in one or more series as might be determined
by the Company under the Indenture, in an unlimited aggregate principal amount which may be authenticated and delivered as provided in the Base Indenture; 

WHEREAS, pursuant to the terms of the Base Indenture, the Company desires to provide for the establishment of a series of senior unsecured and
unsubordinated notes to be known as the Medium Term Notes of the Company, Series B, due nine months or longer from the date of issue, otherwise known as EdNotes SM (the
“EdNotes”); and the form and substance of the EdNotes and the terms, provisions and conditions of the EdNotes are to be set forth in an officers’ certificate under Section 2.02 of the Base Indenture; 

WHEREAS, the Company has filed with the Securities and Exchange Commission a Prospectus and a Prospectus Supplement, each dated
January 16, 2003 (collectively, the “Prospectus”), to Registration Statement (File No. 333-90316) pursuant to Rule 424(b) of the General Rules and Regulations under the Securities Act with respect to an offering of up to
$2,000,000,000 of the EdNotes; and 
 WHEREAS, the Company is appointing Deutsche Bank Trust Company Americas as trustee for the EdNotes,
and Deutsche Bank Trust Company Americas is entering into this Supplemental Indenture in order to accept such appointment, and the Original Trustee is consenting to the terms of this Supplemental Indenture; and 

WHEREAS, all requirements necessary to make this Supplemental Indenture a valid instrument in accordance with its terms have been performed,
and the execution and delivery of this Supplemental Indenture have been duly authorized in all respects. 

 NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which hereby
is acknowledged, the parties covenant and agree as follows: 
 ARTICLE 1 

DEFINITIONS 
 1.1
Definition of Terms. Capitalized terms used and not otherwise defined in this Supplemental Indenture have the meanings ascribed to them below: 

“Base Indenture” is defined in the introductory paragraph. 

“Company” is defined in the introductory paragraph. 

“EdNotes” is defined in the recitals. 

“EdNotes Trustee” is defined in the introductory paragraph. 

“Holder” is defined in the Base Indenture. 

“Indenture” is defined in the introductory paragraph. 

“Original Trustee” is defined in the introductory paragraph. 

“Prospectus” is defined in the recitals. 

“Series A Notes” are the Medium Term Notes, Series A, of the Company. 

“Series of Securities” is defined in the Base Indenture. 

“Supplemental Indenture” is defined in the introductory paragraph. 

“Trustee” is defined in the Base Indenture. 

“Trust Indenture Act” is the Trust Indenture Act of 1939, as amended. 

1.2 Other Rules of Construction. For all purposes of this Supplemental Indenture, except as otherwise expressly provided or unless the
context otherwise requires: 
 (a) capitalized terms used and not defined in this Supplemental Indenture have the meanings assigned to them
in the Base Indenture; 
 (b) all terms used in this Supplemental Indenture which are defined in the Trust Indenture Act, whether directly
or by reference therein, have the meanings assigned to them in the Trust Indenture Act; 
 (c) “or” is not exclusive; 

(d) words in the singular include the plural, and words in the plural include the singular; 

(e) a reference to a Section or Article is to a Section or Article of this Supplemental Indenture; 

  
 -2- 

 (f) the words “herein,” “hereof” and “hereunder” and other words of
similar import refer to this Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision; and 
 (g)
headings are for convenience of reference only and do not affect interpretation. 
 ARTICLE 2 

APPOINTMENT OF EDNOTES TRUSTEE 

2.1 Appointment and Acceptance of EdNotes Trustee. The Company hereby appoints the EdNotes Trustee as trustee under the Indenture with
respect to the EdNotes Series of Securities and vests in the EdNotes Trustee all the rights, powers, trusts and duties of “Trustee” under the Indenture in respect of the EdNotes Series of Securities. The EdNotes Trustee accepts such
appointment, it being acknowledged and agreed that the EdNotes Trustee shall have no rights, powers, trusts nor duties of Trustee under the Indenture with respect to any Series of Securities other than the EdNotes. 

2.2 Rights and Powers of the Original Trustee. All rights, powers, trusts and duties of the Original Trustee with respect to the Series
A Notes shall continue to be vested in the Original Trustee. 
 2.3 No Co-Trustee Relationship. Nothing in the Base Indenture or this
Supplemental Indenture shall constitute the Original Trustee and the EdNotes Trustee as co-trustees of the same trust, and each such Trustee shall be trustee of a trust hereunder separate and apart from any trust or trusts hereunder administered by
any other such Trustee. 
 2.4 No Joint Liability. Neither the Original Trustee nor the EdNotes Trustee shall be personally liable by
reason of any act or omission of the other in connection with their respective responsibilities under the Indenture. 
 ARTICLE 3 

APPOINTMENT OF REGISTRAR AND PAYING AGENT 

3.1 Appointment of Registrar and Paying Agent. Pursuant to Section 2.04 of the Base Indenture, the Company hereby appoints the
EdNotes Trustee as the Registrar and Paying Agent for the EdNotes, unless a pricing supplement to the Prospectus setting forth the terms of an issuance of EdNotes states otherwise. 

  
 -3- 

 ARTICLE 4 

MISCELLANEOUS 
 4.1
Notices. 
 (a) Any notice or communication by the Company or the EdNotes Trustee is duly given if in writing and delivered in person,
sent by facsimile or mailed by certified mail: 
 if to the Company to: 

SLM Corporation 
 11600 Sallie
Mae Drive 
 Reston, Virginia 20193 

Attention: Executive Vice President and Chief Executive Officer 

Facsimile No.: 703-810-7689 
 if
to the EdNotes Trustee to: 
 Deutsche Bank Trust Company Americas 

280 Park Avenue 
 New York, New
York 10017 
 Attention: Corporate Trust and Agency Services 

Facsimile No.: 212-454-2223 
 (b)
The Company or the EdNotes Trustee by notice to the others may designate additional or different addresses for subsequent notices or communications. 

4.2 Ratification of Base Indenture; Supplemental Indenture Controls. The Base Indenture, as supplemented by this Supplemental
Indenture, is in all respects ratified and confirmed, and this Supplemental Indenture shall be deemed part of the Base Indenture in the manner and to the extent provided in the Base Indenture and this Supplemental Indenture. The provisions of this
Supplemental Indenture shall supersede the provisions of the Base Indenture in the event and to the extent the Base Indenture is inconsistent with this Supplemental Indenture. 

4.3 Trustee Not Responsible for Recitals. The recitals in this Supplemental Indenture are made by the Company, and no Trustee assumes
any responsibility for their correctness. Neither the Original Trustee nor the EdNotes Trustee makes any representation as to the validity or sufficiency of this Supplemental Indenture. 

  
 -4- 

 4.4 Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE DEEMED TO BE A CONTRACT MADE UNDER
THE INTERNAL LAWS OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THEREOF. 

4.5 Separability. In case any one or more of the provisions contained in this Supplemental Indenture shall for any reason be held to be
invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Supplemental Indenture, but this Supplemental Indenture shall be construed as if such invalid or illegal
or unenforceable provision had never been contained herein or therein. 
 4.6 Counterparts. This Supplemental Indenture may be
executed in any number of counterparts each of which shall be an original; but such counterparts shall together constitute but one and the same instrument. 

[remainder of page left blank intentionally] 

  
 -5- 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed as of the day and year set forth above. 
  

			
	SLM CORPORATION
		
	By:	 	 /s/ JOHN F. REMONDI

	Name:	 	John F. Remondi
	Title:	 	Executive Vice President and Chief Financial Officer
	
	DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity, but solely as the EdNotes Trustee
		
	By:	 	 /s/ HOWARD TOPS

	Name:	 	 Howard Tops

	Title:	 	 Managing Director

	
	ACCEPTED AND AGREED:
	
	JPMORGAN CHASE BANK, not in its individual capacity, but solely as the Original Trustee
		
	By:	 	 /s/ PATRICIA M.T. RUSSO

	Name:	 	 Patricia M.T. Russo

	Title:	 	 Vice President

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