Document:

Form of senior debt security -- medium-term note

 Exhibit 4.01 
 LEHMAN BROTHERS HOLDINGS INC. 
 Buffered Semi-Annual Review Notes Linked to the Financial Select Sector SPDR® Fund Due April 20, 2009 
  

			
	Number R-1	 	$4,385,000
	ISIN US5252M0FB87	 	CUSIP 5252M0FB8

 See Reverse for Certain Definitions 
 THIS SECURITY (THIS “SECURITY”) IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN
THE NAME OF A DEPOSITORY OR A NOMINEE THEREOF. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN CERTIFICATED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A
NOMINEE OF THE DEPOSITORY TO SUCH DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TO LEHMAN BROTHERS HOLDINGS INC. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 LEHMAN BROTHERS
HOLDINGS INC., a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company”), for value received, hereby promises to pay to CEDE & CO. or registered assigns, at the
office or agency of the Company in the Borough of Manhattan, The City of New York, on the Maturity Date, in such coin or currency of the United States of America at the time of payment shall be legal tender for the payment of public and private
debts, for each $1,000 principal amount of the Securities represented hereby, an amount equal to the Payment at Maturity or amount due upon an Automatic Call, if applicable. THE SECURITIES REPRESENTED HEREBY SHALL NOT BEAR ANY INTEREST. 

Any amount payable hereon on the Maturity Date or upon an Automatic Call, if applicable, will be paid only upon presentation and surrender of this
Security. 
 REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS SECURITY SET FORTH ON THE REVERSE HEREOF WHICH FURTHER PROVISIONS
SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE. 

 This Security shall not be valid or become obligatory for any purpose until the certificate of
authentication hereon shall have been signed by the Trustee under the Indenture referred to on the reverse hereof. 
 “Standard & Poor’s®”, “S&P®” and “S&P 500®” are trademarks of The McGraw-Hill Companies, Inc. and are expected to be licensed for use by the Company. The Company is expected to enter into a non-exclusive license agreement with Standard &
Poor’s (“S&P”), a division of The McGraw Hill Companies, Inc. for use of “Standard & Poor’s Depositary Receipts®”, “SPDR®”, “Select Sector SPDR”, “Select Sector SPDRs” and Select Sector Standard & Poor’s Depositary Receipts”, which are also trademarks of The McGraw-Hill
Companies, Inc. The stocks included in each Select Sector Index (upon which Select Sector SPDRs are based) are selected by Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as the “Index Compilation Agent”) in
consultation with S&P from the universe of companies represented by the Standard & Poor’s 500 Composite Stock Index (“S&P 500® Index”). The composition and
weighting of the stocks included in each Select Sector Index can be expected to differ from the composition and weighting of stocks included in any similar S&P 500® sector index that is
published and disseminated by S&P. The Securities, which are linked to the performance of the Financial Select Sector SPDR® Fund, are not sponsored, endorsed, sold or promoted by
S&P, and S&P makes no representation regarding the advisability of investing in the Securities. S&P has no obligation or liability in connection with the operation, marketing, trading or sale of the Securities. 
  

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 IN WITNESS WHEREOF, Lehman Brothers Holdings Inc. has caused this instrument to be signed by its
Chairman of the Board, its President, its Vice Chairman, its Chief Financial Officer, one of its Vice Presidents or its Treasurer, by manual or facsimile signature under its corporate seal, attested by its Secretary or one of its Assistant
Secretaries by manual or facsimile signature. 
  

							
	Dated: April 17, 2008	 	LEHMAN BROTHERS HOLDINGS INC.	 	
				
	[SEAL]	 	By:	 	  
	 	
		 		 	Vice President	 	
				
		 	Attest:	 	  
	 	
		 		 	Assistant Secretary	 	

  
 TRUSTEE’S CERTIFICATE OF
AUTHENTICATION 
 This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 
  

			
	 CITIBANK, N.A.
 as
Trustee

		
	By:	 	  

		 	    Authorized Officer

  

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 Reverse of Security 
 This Security is one of a duly authorized series of Securities of the Company designated as Buffered Semi-Annual Review Notes Linked to the Financial Select Sector SPDR® Fund Due April 20, 2009 (herein called the “Securities”). The Company may, without the consent of the holders of the Securities, create and issue additional securities ranking equally with the
Securities and otherwise similar in all respects so that such additional securities shall be consolidated and form a single series with the Securities; provided that no additional securities can be issued if an Event of Default has occurred with
respect to the Securities. This series of Securities is one of an indefinite number of series of debt securities of the Company, issued and to be issued under an indenture, dated as of September 1, 1987, as amended (herein called the
“Indenture”), duly executed and delivered by the Company and Citibank, N.A., as trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all
indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities. 
 The Payment at Maturity or amount due upon an Automatic Call, if applicable, shall, at the request of the Trustee, be determined by the Calculation
Agent pursuant to the Calculation Agency Agreement. The Trustee shall fully rely on the determination by the Calculation Agent of the Payment at Maturity or amount due upon an Automatic Call, if applicable, and shall have no duty to make any such
determination. At or prior to 11:00 a.m. on the Business Day preceding the Maturity Date or applicable Redemption Date, the Calculation Agent will provide written notice to the Trustee at its New York office, on which notice the Trustee may
conclusively rely, of the Payment at Maturity or amount due upon an Automatic Call, if applicable. 
 All calculations with respect to the
Initial Share Price, any Share Price of one share of the Index Fund, the Share Adjustment Factor, the Final Share Price or the Share Return will be rounded to the nearest one hundred-thousandth, with five one-millionths rounded upward (e.g.,
..876545 would be rounded to .87655); all dollar amounts related to determination of the payment per $1,000 principal amount Security on the Maturity Date or Redemption Date, if any, will be rounded to the nearest ten-thousandth, with five one
hundred-thousandths rounded upward (e.g., .76545 would be rounded up to .7655); and all dollar amounts paid on the aggregate principal amount of Securities per Holder will be rounded to the nearest cent, with one-half cent rounded upward.

 This Security is not subject to any sinking fund. 
 If an Event of Default with respect to the Securities shall occur and be continuing, the amounts payable on all of the Securities may be declared due and payable in the manner and with the effect provided in the
Indenture. The amount payable to the Holder hereof upon any acceleration permitted under the Indenture will be equal to the Payment at Maturity calculated as though the Maturity Date were instead the date of acceleration and the third Business Day
immediately preceding the date of acceleration were instead the Final Review Date. If the maturity of the Securities is accelerated because of an Event of Default, the Company shall, or shall cause the Calculation Agent to, provide written notice to
the Trustee at its New York office, on which notice the 

 
Trustee may conclusively rely, and to The Depository Trust Company of the cash amount due with respect to the Securities as promptly as possible and in no
event later than two Business Days after the date of acceleration. 
 The Indenture contains provisions permitting the Company and the
Trustee, with the consent of the holders of not less than 66 2/3% in aggregate principal amount of the Outstanding Securities (as
defined in the Indenture) of each series affected by a proposed supplemental indenture (each series voting as a class), evidenced as provided in the Indenture, to execute such supplemental indenture for the purpose of adding any provisions to, or
changing in any manner or eliminating any of the provisions of the Indenture or of any supplemental indenture or modifying in any manner the rights of the holders of the Securities of all such series; provided, however, that no such
supplemental indenture shall, among other things, (i) change the fixed maturity of any Security, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest thereon, if any, or reduce any premium payable
on redemption, or make the principal thereof, or premium, if any, or interest thereon, if any, payable in any coin or currency other than that hereinabove provided, without the consent of the holder of each Outstanding Security so affected, or
(ii) change the place of payment on any Security, or impair the right to institute suit for payment on any Security, or reduce the aforesaid percentage of Securities, the holders of which are required to consent to any such supplemental
indenture, without the consent of the holder of each Outstanding Security so affected. It is also provided in the Indenture that, prior to any declaration accelerating the maturity of any series of Securities, the holders of a majority in aggregate
principal amount of the Securities of such series Outstanding may on behalf of the holders of all the Securities of such series waive any past default or Event of Default under the Indenture with respect to such series and its consequences, except a
default in the payment of interest, if any, or the principal of, or premium, if any, on any of the Securities of such series, or in the payment of any sinking fund installment or analogous obligation with respect to Securities of such series. Any
such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future holders and owners of this Security and any Securities which may be issued in exchange or substitution hereof, irrespective of
whether or not any notation thereof is made upon this Security or such other Securities. 
 No reference herein to the Indenture and
no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the Payment at Maturity or amount due upon an Automatic Call, if applicable, with respect to this
Security. 
 The Securities are issuable in denominations of $1,000 and any whole multiples thereof. 
 The Company, the Trustee, and any agent of the Company or of the Trustee may deem and treat the registered holder (the “Holder”) hereof
as the absolute owner of this Security (whether or not this Security shall be overdue and notwithstanding any notation of ownership or other writing hereon), for the purpose of receiving payment hereof, or on account hereof, and for all other
purposes and neither the Company nor the Trustee nor any agent of the Company or of the Trustee shall be affected by any notice to the contrary. All such payments made to or upon the order of such registered holder shall, to the extent of the sum or
sums paid, effectually satisfy and discharge liability for moneys payable on this Security. 
  

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 No recourse for the payment of the principal of, or premium, if any, on, this Security, or for any claim
based hereon or otherwise in respect hereof, and no recourse under or upon any obligation, covenant or agreement of the Company in the Indenture or any indenture supplemental thereto or in any Security, or because of the creation of any indebtedness
represented thereby, shall be had against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or of any successor corporation, either directly or through the Company or any successor corporation,
whether by virtue of any constitution, statute or rule of law or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issue hereof, expressly waived
and released. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is
registrable in the Security Register, upon surrender of this Security for registration of transfer at the Corporate Trust Office or agency in a Place of Payment for this Security, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Securities of this series or of like tenor and of authorized
denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The Company
intends to treat, and by purchasing this Security, the Holder agrees to treat, for all tax purposes, this Security as a cash-settled financial contract, rather than as a debt instrument. 
 THE INDENTURE AND THIS SECURITY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 Definitions 
 Set forth below are definitions of the
terms used in this Security. 
 “AMEX” shall mean the American Stock Exchange. 
 An “Automatic Call” occurs if the Share Price on any Review Date is above or equal to the Call Price. Upon the occurrence of an
Automatic Call, the Securities will be automatically called for a cash payment, per $1,000 principal amount Security, that will equal $1,000 plus the applicable Call Premium. 
 If the Securities are subject to an Automatic Call, the Holders will receive a cash payment of $1,000 plus the applicable Call Premium on the Redemption
Date. 
 “Business Day”, notwithstanding any provision in the Indenture, shall mean any day that is not a Saturday or
Sunday and that is not a day on which banking institutions in the City of New York are authorized or obligated by law to close. 
 “Buffer Amount” shall equal 15%. 
  

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 “Calculation Agency Agreement” shall mean the Calculation Agency Agreement, dated as of
December 21, 2006 between the Company and the Calculation Agent, as amended from time to time, or any successor calculation agency agreement. 
 “Calculation Agent” shall mean the person that has entered into an agreement with the Company providing for, among other things, the determination of the Payment at Maturity, which term shall, unless the context otherwise
requires, include its successors and assigns. The initial Calculation Agent shall be Lehman Brothers Inc. 
 “Call Price”
shall equal 95% of the Initial Share Price. The Call Price was initially $23.31 on the Pricing Date. 
 “Call Premium”, as
calculated by the Calculation Agent, per $1,000 principal amount Security paid upon an Automatic Call shall equal: 
 (1) If called on the
First Review Date, 12.20% × $1,000; and 
 (2) If called on the Final Review Date, the greater of: 
 i. 24.40% × $1,000, and 
 ii. $1,000
× Share Return. 
 “Closing Price” of one share of the Index Fund (or any Successor Index Fund) or one unit of any
other security for which a Share Price must be determined on any Trading Day means: 
  

	 	•	 	 if the Index Fund (or any such Successor Index Fund or such other security) is listed or admitted to trading on a national securities exchange, the last reported
sale price, regular way, of the principal trading session on such day on the principal United States securities exchange registered under the Exchange Act on which the Index Fund (or any such Successor Index Fund or such other security) is listed or
admitted to trading; 

  

	 	•	 	 if the Index Fund (or any such Successor Index Fund or such other security) is listed or admitted to trading on any national securities exchange but the last
reported sale price is not available pursuant to the preceding bullet point, the last reported sale price of the principal trading session on the over-the-counter market as reported on the OTC Bulletin Board operated by the Financial Industry
Regulatory Authority, Inc. on such day; 

  

	 	•	 	 if the Index Fund (or any such Successor Index Fund or such other security) is not listed or admitted to trading on any national securities exchange but is included
in the OTC Bulletin Board, the last reported sale price of the principal trading session on the OTC Bulletin Board on such day; 

  

	 	•	 	 if the Index Fund (or any such Successor Index Fund) is de-listed, liquidated or otherwise terminated, the Share Price calculated pursuant to the alternative
methods of calculation of the Share Price described below under “Alternative Calculation of Share Price”; or 

  

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	 	•	 	 if, because of a Market Disruption Event or otherwise, the last reported sale price for the Index Fund (or any such Successor Index Fund or such other security) is
not available pursuant to the preceding bullet points, the 

 Calculation Agent’s good faith estimate of the price of
a share of the Index Fund (or any such Successor Index Fund or such other security) as of the close of trading on such Trading Day, in its sole discretion, 
 in each case subject to the provisions of “Alternative Calculation of Share Price” below. 
 “Company”
shall have the meaning set forth on the face of this Security. 
 “Exchange Act” shall mean the Security Exchange Act of
1934, as amended. 
 “Final Review Date” shall mean April 15, 2009, subject to postponement as set forth under the
definition of “Review Date”. 
 “First Review Date” shall mean October 14, 2008, subject to postponement as
set forth under the definition of “Review Date”. 
 “Final Share Price” shall equal the Share Price on the Final
Review Date. 
 “Holder” shall have the meaning set forth on the reverse of this Security. 
 “Indenture” shall have the meaning set forth on the reverse of this Security. 
 “Index Fund” shall mean the Financial Select Sector SPDR® Fund, as
maintained and managed by SSgA Funds Management, Inc. 
 “Initial Share Price” shall equal $24.54, divided by the Share
Adjustment Factor. 
 “Market Disruption Event”, with respect to the Index Fund (or any Successor Index Fund or other
security for which a Share Price must be determined) shall mean any of the following events has occurred on any day as determined by the Calculation Agent: 
 (1) a suspension, absence or material limitation of trading of the shares of the Index Fund (or such Successor Index Fund or such other security) on the primary market for such shares (or such Successor Index Fund or
such other security) at any time during the one hour period preceding the close of the principal trading session in such market; or 
 (2) a
breakdown or failure in the price and trade reporting systems of the primary market for the shares of the Index Fund (or such Successor Index Fund or such other security) as a result of which the reported trading prices for such shares (or such
Successor Index Fund or such other security) during the last one hour preceding the close of the principal trading session in such market are materially inaccurate; or 
 (3) a suspension, absence or material limitation of trading on the primary market for trading in futures or options contracts related to the shares of the Index Fund (or such Successor Index Fund or such other
security), if available, during the last one hour period preceding the close of the principal trading session in the applicable market; or 
  

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 (4) a suspension, absence or material limitation of trading of stocks then constituting 20% or more of
the level of the Underlying Index (or the underlying index related to the Successor Index Fund) on the Relevant Exchanges for such stocks at any time during the one hour period preceding the close of the principal trading session on such Relevant
Exchange; or 
 (5) a breakdown or failure in the price and trade reporting systems of the primary market of any Relevant Exchange as a
result of which the reported trading prices for stocks then constituting 20% or more of the level of the Underlying Index (or the underlying index related to the Successor Index Fund) at any time during the one hour period preceding the close of the
principal trading session on such Relevant Exchange are materially inaccurate; or 
 (6) a suspension, absence or material limitation of
trading on any major securities exchange for trading in futures or options contracts related to the Underlying Index (or the underlying index related to the Successor Index Fund) or shares of the Index Fund (or such Successor Index Fund or such
other security) at any time during the one hour period preceding the close of the principal trading session on such exchange; or 
 (7) a
decision to permanently discontinue trading in the relevant futures or options contracts; 
 in each case, as determined by the Calculation Agent in its sole
discretion. 
 For the purpose of determining whether a Market Disruption Event exists at any time, if trading in a security included in the
Underlying Index (or the underlying index related to the Successor Index Fund) is materially suspended or materially limited at that time, then the relevant percentage contribution of that security to the level of the Underlying Index (or the
underlying index related to the Successor Index Fund) shall be based on a comparison of: 
  

	 	•	 	 the portion of the level of the Underlying Index (or the underlying index related to the Successor Index Fund) attributable to that security relative to

  

	 	•	 	 the overall level of the Underlying Index (or the underlying index related to the Successor Index Fund), 

 in each case immediately before that suspension or limitation. 
 For purposes of determining whether a Market Disruption Event has occurred: 
 (1) a limitation on the hours or number of days of
trading will not constitute a Market Disruption Event if it results from an announced change in the regular business hours of the Relevant Exchange or market; 
 (2) limitations pursuant to the rules of any Relevant Exchange similar to NYSE Rule 80B (or any applicable rule or regulation enacted or promulgated by any other self-regulatory organization or any government agency
of scope similar to NYSE Rule 80B as determined by the Calculation Agent in its sole discretion) on trading during significant market fluctuations will constitute a suspension, absence or material limitation of trading; 
  

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 (3) a suspension of trading in futures or options contracts on the Underlying Index (or the underlying
index related to the Successor Index Fund) or shares of the Index Fund (or such Successor Index Fund or such other security) by the primary securities market trading in such contracts by reason of: 
  

	 	•	 	 a price change exceeding limits set by such exchange or market, 

  

	 	•	 	 an imbalance of orders relating to such contracts, or 

  

	 	•	 	 a disparity in bid and ask quotes relating to such contracts 

 will, in each such case, constitute a suspension, absence or material limitation of trading in futures or options contracts related to the Underlying Index (or the underlying index related to the Successor Index Fund) or the shares of the
Index Fund (or such Successor Index Fund or such other security); and 
 (4) a “suspension, absence or material limitation of
trading” on any Relevant Exchange or on the primary market on which futures or options contracts related to the Underlying Index (or the underlying index related to the Successor Index Fund) or the shares of the Index Fund (or such Successor
Index Fund or such other security) are traded will not include any time when such market is itself closed for trading under ordinary circumstances. 
 “Maturity Date” shall mean April 20, 2009, unless that day is not a Business Day, in which case the amount equal to the Payment at Maturity will be made on the next succeeding Business Day
following April 20, 2009; provided, however, that if due to a non-Trading Day or a Market Disruption Event, the Final Review Date is postponed so that it falls fewer than three Business Days prior to the scheduled Maturity Date, the
Maturity Date will be the third Business Day following the Final Review Date, as postponed. 
 “NYSE” shall mean The New
York Stock Exchange, Inc. 
 “OTC Bulletin Board” means the OTC Bulletin Board Service operated by Financial Industry
Regulatory Authority. 
 “Payment at Maturity”, as calculated by the Calculation Agent, if the Securities are not called
pursuant to an Automatic Call, for each, per $1,000 principal amount Security shall equal: 
  

	 	(1)	If the Share Return is negative and its absolute value is less than or equal to the Buffer Amount: $1,000; or 

  

	 	(2)	If the Share Return is negative and its absolute value is greater than the Buffer Amount; $1,000 + [$1,000 × (Share Return + Buffer Amount)]. 

 “Place of Payment” shall mean the place or places where the Payment at Maturity or amount due upon an Automatic Call, if applicable, on
the Securities is payable. 
 “Pricing Date” shall mean April 14, 2008. 
  

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 “Redemption Date” shall mean, with respect to the First Review Date, the third Business
Day after the applicable Review Date, and with respect to the Final Review Date, the Maturity Date. 
 “Relevant Exchange”
shall mean the primary exchange, quotation system (which includes bulletin board services) or other market of trading for the shares of the Index Fund (or any Successor Index Fund) or any security (or any combination thereof) then included in the
Underlying Index (or any underlying index related to the Successor Index Fund). 
 “Review Date” shall mean either the
First Review Date or the Final Review Date. 
 If a Review Date is not a Trading Day or if there is a Market Disruption Event on such day,
the applicable Review Date will be the immediately succeeding Trading Day during which no Market Disruption Event shall have occurred or is continuing; provided, however, that the Final Share Price will not be determined on a date later than
the eighth scheduled Trading Day after the scheduled Final Review Date; and if such day is not a Trading Day, or there is a Market Disruption Event on such date, the Final Share Price shall be deemed to be the Share Price per share of the Index Fund
last in effect prior to the commencement of the Market Disruption Event (or prior to the non-Trading Day) times the Share Adjustment Factor. 
 “Securities” shall have the meaning set forth on the reverse of this Security. 
 “Share Adjustment
Factor” shall initially equal 1.0, subject to adjustment as described under “Anti-Dilution Adjustments” below. 
 “Share Price” shall mean the Closing Price per share of the Index Fund. 
 “Share Return”, as
calculated by the Calculation Agent, is calculated as follows: 
 Final Share Price – Initial Share Price 
 Initial Share Price 
 “Successor
Index Fund” shall have the meaning specified under “Alternative Calculation of Share Price”. 
 “Trading
Day” shall mean a day, as determined by the Calculation Agent, on which trading is generally conducted on the NYSE, the American Stock Exchange, the Nasdaq Global Select Market, the Nasdaq Global Market, the Chicago Mercantile Inc., the
Chicago Board Options Exchange, Incorporated and the over-the-counter market for equity securities in the United States. 
  

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 “Trustee” shall have the meaning set forth on the reverse of this Security. 

“Underlying Index” shall mean the index underlying the Index Fund. 
 All terms used but not defined in this Security are used herein as defined in the Calculation Agency Agreement or the Indenture. 
 Calculation Agent 
 The Calculation Agent will
determine, among other things, the Final Share Price, the Share Return, the Share Price, as applicable, of one share of the Index Fund with respect to each Trading Day for the purposes of determining the Share Adjustment Factor and anti-dilution
adjustments, if any, the payment upon Automatic Call and the Payment at Maturity. The Calculation Agent will also be responsible for determining, among other things, whether a Market Disruption Event has occurred, which exchange traded fund will be
substituted for the Index Fund (or Successor Index Fund, if applicable) if the Index Fund (or Successor Index Fund, if applicable) is de-listed, liquidated or otherwise terminated, whether the Underlying Index (or the underlying index related to a
Successor Index Fund) has been changed in a material respect, and whether the Index Fund (or Successor Index Fund, if applicable) has been modified so that the Index Fund (or Successor Index Fund, if applicable) does not, in the opinion of the
Calculation Agent, fairly represent the price of the Index Fund (or Successor Index Fund, if applicable) had those modifications not been made. All calculations, determinations and adjustments made by the Calculation Agent will be at the sole
discretion of the Calculation Agent and will, in the absence of manifest error, be conclusive for all purposes and binding on Holders and on the Company. The Company may appoint a different Calculation Agent from time to time after the date of the
original issue of the Securities without the Holders’ consent and without notifying Holders. 
 Anti-Dilution Adjustments 
 Share Splits and Reverse Share Splits 
 If the shares of the Index Fund are subject to a share split or reverse share split, then once such split has become effective, the Share Adjustment Factor will be adjusted so that the new Share Adjustment Factor shall equal the product of:

  

	 	•	 	 the prior Share Adjustment Factor, and 

  

	 	•	 	 the number of shares which a holder of one share of the Index Fund before the effective date of the share split or reverse share split would have owned or been
entitled to receive immediate following the applicable effective date. 

  

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 Share Dividends or Distributions 
 If the Index Fund is subject to a (i) share dividend, i.e., an issuance of additional shares of the Index Fund that is given ratably to all
or substantially all holders of shares of the Index Fund or (ii) distribution of shares of the Index Fund as a result of the triggering of any provision of the corporate charter of the Index Fund, then, once the dividend or distribution has
become effective and the shares of the Index Fund are trading ex-dividend, the Share Adjustment Factor will be adjusted so that the new Share Adjustment Factor shall equal the prior Share Adjustment Factor plus the product of: 
  

	 	•	 	 the prior Share Adjustment Factor, and 

  

	 	•	 	 the number of additional shares issued in the share dividend or distribution with respect to one share of the Index Fund. 

 Non-cash Distributions 
 If the
Index Fund distributes shares of capital stock, evidences of indebtedness or other assets or property of the Index Fund to all or substantially all holders of shares of the Index Fund (other than (i) share dividends or distributions referred to
under “—Share Dividends or Distributions” above and (ii) cash dividends referred under “—Cash Dividends or Distributions” below), then, once the distribution has become effective and the shares of the Index Fund
are trading ex-dividend, the Share Adjustment Factor will be adjusted so that the new Share Adjustment Factor shall equal the product of: 
  

	 	•	 	 the prior Share Adjustment Factor, and 

  

	 	•	 	 a fraction, the numerator of which is the Current Market Price of one share of the Index Fund and the denominator of which is the amount by which such Current
Market Price exceeds the Fair Market Value of such distribution. 

 The “Current Market Price” of the Index Fund
means the arithmetic average of the Share Prices of one share of the Index Fund for the ten Trading Days prior to the Trading Day immediately preceding the ex-dividend date of the distribution requiring an adjustment to the Share Adjustment Factor.

 The “ex-dividend date” shall mean the first Trading Day on which transactions in the shares of the Index Fund trade on the
Relevant Exchange without the right to receive that dividend or distribution. 
 The “Fair Market Value” of any such distribution
means the value of such distribution on the ex-dividend date for such distribution, as determined by the Calculation Agent. If such distribution consists of property traded on the ex-dividend date on a U.S. national securities exchange, the Fair
Market Value will equal the closing price of such distributed property on such ex-dividend date. 
  

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 Cash Dividends or Distributions 
 If the issuer of any shares of the Index Fund pays dividends or makes other distributions consisting exclusively of cash to all or substantially all
holders of shares of the Index Fund during any fiscal quarter during the term of the Securities, in an aggregate amount that, together with other such dividends or distributions made during such quarterly fiscal period, exceeds the Dividend
Threshold, then, once the dividend or distribution has become effective and the shares of the Index Fund are trading ex-dividend, the Share Adjustment Factor will be adjusted so that the new Share Adjustment Factor shall equal the product of:

  

	 	•	 	 the prior Share Adjustment Factor, and 

  

	 	•	 	 a fraction, the numerator of which is the Current Market Price of one share of the Index Fund and the denominator of which is the amount by which such Current
Market Price exceeds the amount in cash per share the Index Fund distributes to holders of shares of the Index Fund in excess of the Dividend Threshold. 

 “Dividend Threshold” shall mean the amount of any cash dividend or cash distribution distributed per share of the Index Fund that exceeds the
immediately preceding cash dividend or other cash distribution, if any, per share of the Index Fund by more than 10% of the Share Price of the Index Fund on the Trading Day immediately preceding the ex-dividend date. 
 The Calculation Agent will provide information as to any adjustments to the Share Adjustment Factor upon written request by any Holder. 
 Alternative Calculation of Share Price 
 If the
Index Fund (or a Successor Index Fund (as defined herein) is de-listed from the AMEX (or any other Relevant Exchange), liquidated or otherwise terminated, the Calculation Agent will substitute an exchange traded fund that the Calculation Agent
determines, in its sole discretion, is comparable to the discontinued Index Fund (or such successor index fund) (such index fund being referred to herein as a “Successor Index Fund”). If the Index Fund (or a Successor Index Fund) is
de-listed, liquidated or otherwise terminated and the Calculation Agent determines that no Successor Index Fund is available, then the Calculation Agent will, in its sole discretion, calculate the appropriate Share Price of the shares of the Index
Fund (or a Successor Index Fund) by a computation methodology that the Calculation Agent determines will as closely as reasonably possible replicate the Index Fund (or a Successor Index Fund). If a Successor Index Fund is selected or the Calculation
Agent calculates a Share Price by a computation methodology that the Calculation Agent determines will as closely as reasonably possible replicate the Index Fund (or a Successor Index Fund), that Successor Index Fund or Share Price, as applicable,
will be substituted for the Index Fund (or such Successor Index Fund) for all purposes of the Securities. 
  

 11 

 If at any time: 
  

	 	•	 	 the Underlying Index (or the underlying index related to a Successor Index Fund) is changed in a material respect, or 

  

	 	•	 	 the Index Fund (or a Successor Index Fund) in any other way is modified so that it does not, in the opinion of the Calculation Agent, fairly represent the Share
Price of the shares of the Index Fund (or such Successor Index Fund) had those changes or modifications not been made, 

 then, from and
after that time, the Calculation Agent will make those calculations and adjustments as, in the good faith judgment of the Calculation Agent, may be necessary in order to arrive at a Share Price of an exchange traded fund comparable to the Index Fund
(or such Successor Index Fund) as if those changes or modifications had not been made, and calculate the Share Price with reference to the shares of the Index Fund (or such Successor Index Fund), as adjusted. The Calculation Agent also may determine
that no adjustment is required by the modification of the method of calculation. 
 The Calculation Agent will provide information as to the
method of calculating the Share Price of the shares of the Index Fund (or such Successor Index Fund) upon written request by any Holder. 
  

 12 

 The following abbreviations, when used in the inscription on the face of the within Security, shall be
construed as though they were written out in full according to applicable laws or regulations: 
  

							
	TEN COM -	    	as tenants in common	    	UNIF GIFT MIN ACT - _________ Custodian _________
		    		    	                          (Cust)             
     (Minor)

	TEN ENT -	    	as tenants by the entireties	    	under Uniform Gifts to Minors
	JT TEN -	    	as joint tenants with right of	    	Act	  	  

		    	Survivorship and not as tenants in common	    		  	(State)

 Additional abbreviations may also be used though not in the above list. 
                                       
                   
 FOR VALUE RECEIVED, the
undersigned hereby sells, assigns and transfers unto 
 PLEASE INSERT SOCIAL SECURITY OR OTHER 
 IDENTIFYING NUMBER OF ASSIGNEE 
  

			
	 	 	
	 	 	
	 	 	

  

	
	
	 

 (Name and Address of Assignee, including zip code, must be printed or typewritten.) 
  

	
	 

 the within Security, and all rights thereunder, hereby irrevocably constituting and appointing 
  

	
	 

 to transfer the said Security on the books of the Company, with full power of substitution in the premises.

 Dated: 
 __________________________________________ 
 NOTICE: The signature to this assignment must correspond with the name as it appears
upon the face of the within Security in every particular, without alteration or enlargement or any change whatever. 
 Signature(s) Guaranteed: 

____________________________ 
 THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN
ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED MEDALLION SIGNATURE GUARANTEE PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15. 
  

 13Exhibit 4.1

 Exhibit 4.1 
  
  
 AMENDED AND RESTATED TRUST AGREEMENT 
 among 
 SLM FUNDING LLC, 
 as Depositor 
 THE BANK OF NEW YORK TRUST
COMPANY, N.A., 
 not in its individual capacity but solely 
 as Eligible Lender Trustee, 
 BNYM (DELAWARE), 
 formerly known as The Bank of New York (Delaware), 
 not in its individual capacity but
solely 
 as Delaware Trustee 
 and

 DEUTSCHE BANK TRUST COMPANY AMERICAS, 
 not in its individual capacity but solely 
 as Indenture Trustee 
 SLM Student Loan Trust 2008-4 
 Dated as of April 17, 2008 
  
  
  

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page
	ARTICLE I	  	
			
	 SECTION 1.1
	 	Definitions and Usage	  	1
		
	ARTICLE II ORGANIZATION	  	
			
	 SECTION 2.1
	 	Creation of Trust; Name	  	1
	 SECTION 2.2
	 	Office	  	1
	 SECTION 2.3
	 	Purposes and Powers	  	2
	 SECTION 2.3A
	 	Covenants of the Trust	  	3
	 SECTION 2.4
	 	Appointment of Eligible Lender Trustee and Delaware Trustee	  	3
	 SECTION 2.5
	 	Initial Capital Contribution of Trust Estate	  	3
	 SECTION 2.6
	 	Declaration of Trust	  	4
	 SECTION 2.7
	 	Liability of the Holder of the Excess Distribution Certificate	  	4
	 SECTION 2.8
	 	Title to Trust Property	  	4
	 SECTION 2.9
	 	Representations, Warranties and Covenants of the Depositor	  	4
	 SECTION 2.10
	 	Intentionally Omitted	  	5
	 SECTION 2.11
	 	Authorization of Depositor	  	5
		
	 ARTICLE III BENEFICIAL OWNERSHIP AND EXCESS DISTRIBUTION
 CERTIFICATE
	  	
			
	 SECTION 3.1
	 	Initial Beneficial Ownership	  	5
	 SECTION 3.2
	 	Corporate Trust Office	  	5
	 SECTION 3.3
	 	The Excess Distribution Certificate	  	5
		
	ARTICLE IV ACTIONS BY ELIGIBLE LENDER TRUSTEE	  	
			
	 SECTION 4.1
	 	Prior Notice to the Holder of the Excess Distribution Certificate With Respect to Certain Matters	  	11
	 SECTION 4.2
	 	Action with Respect to Sale of the Trust Student Loans	  	11
	 SECTION 4.3
	 	Action with Respect to Bankruptcy	  	11
	 SECTION 4.4
	 	Restrictions	  	11
		
	ARTICLE V APPLICATION OF TRUST FUNDS; CERTAIN DUTIES	  	
			
	 SECTION 5.1
	 	Application of Trust Funds	  	12
	 SECTION 5.2
	 	Method of Payment	  	12
	 SECTION 5.3
	 	No Segregation of Moneys; No Interest	  	12
	 SECTION 5.4
	 	Reports to the Holder of the Excess Distribution Certificate, the Internal Revenue Service and Others	  	12

  

 -i- 

					
	ARTICLE VI AUTHORITY AND DUTIES OF ELIGIBLE LENDER TRUSTEE	  	
			
	 SECTION 6.1
	 	General Authority	  	12
	 SECTION 6.2
	 	General Duties	  	13
	 SECTION 6.3
	 	Action upon Instruction	  	13
	 SECTION 6.4
	 	No Duties Except as Specified in this Agreement or in Instructions	  	14
	 SECTION 6.5
	 	No Action Except Under Specified Documents or Instructions	  	15
	 SECTION 6.6
	 	Restrictions	  	15
		
	 ARTICLE VII CONCERNING THE ELIGIBLE LENDER TRUSTEE AND THE
 DELAWARE TRUSTEE
	  	
			
	 SECTION 7.1
	 	Acceptance of Trusts and Duties	  	15
	 SECTION 7.2
	 	Intentionally Omitted	  	16
	 SECTION 7.3
	 	Representations and Warranties of the Eligible Lender Trustee and the Delaware Trustee	  	17
	 SECTION 7.4
	 	Reliance; Advice of Counsel	  	18
	 SECTION 7.5
	 	Not Acting in Individual Capacity	  	18
	 SECTION 7.6
	 	Eligible Lender Trustee and the Delaware Trustee Not Liable for Excess Distribution Certificate or Trust Student Loans	  	18
	 SECTION 7.7
	 	Eligible Lender Trustee or Delaware Trustee May Own Notes	  	19
	 SECTION 7.8
	 	Duties of the Delaware Trustee	  	19
		
	ARTICLE VIII COMPENSATION AND INDEMNITY OF THE TRUSTEES	  	
			
	 SECTION 8.1
	 	Eligible Lender Trustee’s Fees and Delaware Trustee’s Expenses	  	20
	 SECTION 8.2
	 	Payments to the Eligible Lender Trustee and to the Delaware Trustee	  	20
	 SECTION 8.3
	 	Indemnity	  	20
		
	ARTICLE IX TERMINATION OF TRUST AGREEMENT	  	
			
	 SECTION 9.1
	 	Termination of Trust Agreement	  	20
		
	 ARTICLE X SUCCESSOR ELIGIBLE LENDER TRUSTEES AND DELAWARE
 TRUSTEES AND ADDITIONAL ELIGIBLE LENDER TRUSTEES AND DELAWARE
 TRUSTEES
	  	
			
	 SECTION 10.1
	 	Eligibility Requirements for Eligible Lender Trustee and Delaware Trustee	  	21
	 SECTION 10.2
	 	Resignation or Removal of Eligible Lender Trustee	  	21
	 SECTION 10.3
	 	Successor Eligible Lender Trustee or Delaware Trustee	  	22
	 SECTION 10.4
	 	Merger or Consolidation of Eligible Lender Trustee or Delaware Trustee	  	23
	 SECTION 10.5
	 	Appointment of Co-Eligible Lender Trustee or Separate Eligible Lender Trustee	  	23

  

 -ii- 

					
	ARTICLE XI MISCELLANEOUS	  	
			
	 SECTION 11.1
	 	Supplements and Amendments	  	24
	 SECTION 11.2
	 	No Legal Title to Trust Estate in Holder of the Excess Distribution Certificate	  	25
	 SECTION 11.3
	 	Limitations on Rights of Others	  	26
	 SECTION 11.4
	 	Notices	  	26
	 SECTION 11.5
	 	Severability	  	26
	 SECTION 11.6
	 	Separate Counterparts	  	26
	 SECTION 11.7
	 	Successors and Assigns	  	26
	 SECTION 11.8
	 	No Petition	  	27
	 SECTION 11.9
	 	No Recourse	  	27
	 SECTION 11.10
	 	Headings	  	27
	 SECTION 11.11
	 	Governing Law	  	27
		
	ARTICLE XII COMPLIANCE WITH REGULATION AB	  	
			
	 SECTION 12.1
	 	Intent of the Parties; Reasonableness	  	28

  

			
	Exhibit A	  	Form of Excess Distribution Certificate
	Exhibit B	  	Form of Certificate of Trust
	Exhibit C	  	Form of Transferor Letter
	Exhibit D-1	  	Form of Transferee Letter (Non-Rule 144A)
	Exhibit D-2	  	Form of Transferee Letter (Rule 144A)

  

 -iii- 

 AMENDED AND RESTATED TRUST AGREEMENT dated as of April 17, 2008, among SLM FUNDING LLC, a Delaware
limited liability company, as the Depositor, THE BANK OF NEW YORK TRUST COMPANY, N.A., a national banking association, not in its individual capacity but solely as the Eligible Lender Trustee, BNYM (DELAWARE), formerly known as The Bank of New York
(Delaware), a Delaware banking corporation, not in its individual capacity but solely as the Delaware Trustee, and DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation, not in its individual capacity but solely as the Indenture
Trustee, acting as the Excess Distribution Certificate Paying Agent hereunder. 
 WITNESSETH: 
 The Depositor, the Eligible Lender Trustee and the Delaware Trustee are parties to the trust agreement dated as of March 25, 2008 (the
“Short-Form Trust Agreement”) pursuant to which a trust known as “SLM Student Loan Trust 2008-4” was established on March 25, 2008. 
 The Depositor, the Indenture Trustee, the Eligible Lender Trustee and the Delaware Trustee desire to amend and restate the Short-Form Trust Agreement upon the terms and conditions set forth herein as follows:

 ARTICLE I 
 SECTION
1.1 Definitions and Usage. Except as otherwise specified herein or as the context may otherwise require, capitalized terms used but not otherwise defined herein are defined in Appendix A to the Indenture dated as of April 17, 2008
among the Issuer, the Indenture Trustee and the Eligible Lender Trustee, which also contains rules as to usage that shall be applicable herein. 
 ARTICLE II 
 Organization 
 SECTION 2.1 Creation of Trust; Name. There is hereby created a Trust which shall be located in the State of Delaware, and which shall be known as “SLM Student Loan Trust 2008-4”, in which name
the Eligible Lender Trustee may conduct the functions of the Trust, make and execute contracts and other instruments on behalf of the Trust and sue and be sued. The Trust shall constitute a statutory trust within the meaning of Section 3801(a)
of the Delaware Statutory Trust Act for which the Eligible Lender Trustee has filed or has caused to be filed a certificate of trust with the Secretary of State of the State of Delaware pursuant to Section 3810(a) of the Delaware Statutory
Trust Act. 
 SECTION 2.2 Office. The Delaware office of the Trust shall be in care of the Delaware Trustee at its Corporate
Trust Office referred to in Section 3.2 or at such other address in Delaware as the Delaware Trustee may designate by written notice to the Depositor. The general administrative office of the Trust shall be in care of the Eligible Lender
Trustee at its Corporate Trust Office referred to in Section 3.2 or at such other address as the Eligible Lender Trustee may designate by written notice to the Depositor. 

 SECTION 2.3 Purposes and Powers. The purpose of the Trust is to engage in the following
activities: 
 (i) to issue the Notes pursuant to the Indenture and the Excess Distribution Certificate pursuant to this
Agreement and to sell the Notes in one or more transactions; 
 (ii) with the proceeds received from the Depositor’s sale
of the Notes, (A) to fund the Reserve Account pursuant to Section 2.9 of the Administration Agreement, (B) to fund the Capitalized Interest Account pursuant to Section 2.10(a) of the Administration Agreement, to fund the
Supplemental Purchase Account pursuant to Section 2.10(d) of the Administration Agreement, to fund the Borrower Benefit Account, if any, pursuant to Section 2.10(f) of the Administration Agreement and to fund the Floor Income Rebate
Account, if any, pursuant to Section 2.10(g) of the Administration Agreement, (C) to make the Collection Account Initial Deposit pursuant to Section 2.10(c) of the Administration Agreement and (D) to purchase (x) the Initial
Trust Student Loans on the Closing Date and (y) any Additional Trust Student Loans during the Supplemental Purchase Period; 
 (iii) to Grant the Trust Estate to the Indenture Trustee pursuant to the Indenture, and to hold, manage and distribute to the Excess Distribution Certificateholder pursuant to the terms of this Agreement any portion of the Trust Estate
released from the Lien of, and remitted to the Trust pursuant to, the Indenture; 
 (iv) to enter into and perform its
obligations under the Basic Documents (including any agreements representing Eligible Repurchase Obligations) to which it is to be a party; 
 (v) to engage in those activities, including entering into agreements, that are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith; 
 (vi) subject to compliance with the Basic Documents, to engage in such other activities as may be required in connection with conservation
of the Trust Estate and the making of distributions to the Noteholders and the others specified in Sections 2.7 and 2.8 of the Administration Agreement; and 
 (vii) if so directed by the Administrator, and subject to the Rating Agency Condition, to enter into one or more interest rate cap
agreements with one or more cap counterparties to hedge some or all of the interest rate risk of the Notes. 
 The Trust shall not engage in any activity
other than in connection with the foregoing or other than as required or authorized by the terms of this Agreement or the other Basic Documents. The Trust is not intended to be a “business trust” for purposes of the United States
Bankruptcy Code. 
  

 -2- 

 SECTION 2.3A Covenants of the Trust. The Trust covenants and agrees to the following:

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

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

 (d) To conduct its own functions in its own name; 
 (e) To maintain separate financial statements or records; 
 (f) To pay its own liabilities out of its own
funds, except as permitted by the Trust Agreement or any other Basic Document; 
 (g) To maintain an arm’s-length relationship with its
Affiliates; 
 (h) To pay the salaries of its own employees and maintain a sufficient number of employees or adequate service providers in
light of its contemplated business operations; 
 (i) To allocate fairly and reasonably any overhead for shared office space; 
 (j) To hold itself out as a separate entity; and 
 (k) To correct any known misunderstanding regarding its separate identity. 
 SECTION 2.4 Appointment of Eligible Lender
Trustee and Delaware Trustee. The Depositor hereby appoints the Eligible Lender Trustee as trustee of the Trust, effective as of the date hereof, to have all the rights, powers and duties set forth herein and the Eligible Lender Trustee accepts
such appointment. The Depositor hereby appoints the Delaware Trustee as trustee of the Trust, effective as of the date hereof, for the sole purpose of satisfying Section 3807(a) of the Delaware Statutory Trust Act, and the Delaware Trustee
hereby accepts such appointment. 
 SECTION 2.5 Initial Capital Contribution of Trust Estate. The Depositor hereby sells,
assigns, transfers, conveys and sets over to the Eligible Lender Trustee, as of the date hereof, the sum of $100.00. The Eligible Lender Trustee hereby acknowledges receipt in trust from the Depositor, as of the date hereof, of the foregoing
contribution, which shall constitute the initial Trust Estate and shall be deposited in the Collection Account. The Depositor shall pay the organizational expenses of the Trust as they may arise or shall, upon the request of the Eligible Lender
Trustee, promptly reimburse the Eligible Lender Trustee for any such expenses paid by the Eligible Lender Trustee. 
  

 -3- 

 SECTION 2.6 Declaration of Trust. The Eligible Lender Trustee hereby declares that it will
hold the Trust Estate in trust upon and subject to the conditions set forth herein for the use and benefit of the Excess Distribution Certificateholder, subject to the obligations of the Trust under the other Basic Documents. It is the intention of
the parties hereto that the Trust constitute a statutory trust under Delaware law and that this Agreement constitute the governing instrument of such trust. Effective as of the date hereof, the Eligible Lender Trustee and the Delaware Trustee, as
applicable, shall have all rights, powers and duties set forth herein and in the Delaware Statutory Trust Act with respect to accomplishing the purposes of the Trust. 
 SECTION 2.7 Liability of the Excess Distribution Certificateholder. No Excess Distribution Certificateholder (in such capacity) shall have any personal liability for any liability or obligation of the
Trust. 
 SECTION 2.8 Title to Trust Property. Legal title to all of the Trust Estate shall be vested at all times in the Trust
as a separate legal entity except where applicable law in any jurisdiction requires title to any part of the Trust Estate to be vested in a trustee or trustees, in which case title shall be deemed to be vested in the Eligible Lender Trustee, a
co-trustee and/or a separate trustee, as the case may be; provided that legal title to the Trust Student Loans shall be vested at all times in the Eligible Lender Trustee on behalf of the Trust. 
 SECTION 2.9 Representations, Warranties and Covenants of the Depositor. The Depositor hereby represents, warrants and covenants to the
Eligible Lender Trustee, the Indenture Trustee and the Delaware Trustee as follows: 
 (a) The Depositor is duly organized and validly
existing as a Delaware limited liability company in good standing under the laws of the State of Delaware, with power and authority to own its properties and to conduct its business as such properties are currently owned and such business is
presently conducted. 
 (b) The Depositor has the power and authority to execute and deliver this Agreement and to carry out its terms; the
Depositor has the power and authority to sell and assign the property to be sold and assigned to and deposited with the Trust (or with the Eligible Lender Trustee on behalf of the Trust) and the Depositor has duly authorized such sale and assignment
and deposit to the Trust (or to the Eligible Lender Trustee on behalf of the Trust) by all necessary action; and the execution, delivery and performance of this Agreement has been duly authorized by the Depositor by all necessary action. 

(c) This Agreement constitutes a legal, valid and binding obligation of the Depositor enforceable in accordance with its terms, subject to applicable
bankruptcy, insolvency, reorganization and similar laws relating to creditors’ rights generally and subject to general principles of equity. 
 (d) The consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof do not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse
of time or both) a default under, the Certificate of Formation or Operating Agreement of the Depositor, or any indenture, agreement or other instrument to which the Depositor is a party or by which it is bound; nor result in the 

  

 -4- 

 
creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement or other instrument (other than pursuant
to the Basic Documents); nor violate any law or, to the Depositor’s knowledge, any order, rule or regulation applicable to the Depositor of any court or of any Federal or state regulatory body, administrative agency or other governmental
instrumentality having jurisdiction over the Depositor or its properties. 
 (e) The Depositor agrees for the benefit of the Noteholders and
the Excess Distribution Certificateholder that it will comply with each of the requirements set forth in the Certificate of Formation and its Operating Agreement. 
 SECTION 2.10 [Reserved]. 
 SECTION 2.11 Authorization of the Depositor. The
Depositor is authorized and directed to execute on behalf of the Issuer, and, after execution, to deliver to the Administrator for filing with the Commission, all documents and forms required to be filed in accordance with applicable law or the
rules and regulations prescribed by the Commission. 
 ARTICLE III 
 Beneficial Ownership and 
 Excess Distribution Certificate 
 SECTION 3.1 Initial Beneficial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5
and until the issuance of the Excess Distribution Certificate, the Depositor shall be the sole beneficial owner of the Trust. 
 SECTION
3.2 Corporate Trust Office. The Eligible Lender Trustee initially designates 10161 Centurion Parkway, Jacksonville, Florida 32256, as its principal Corporate Trust Office, at which it shall act as trustee of the Trust. The Delaware
Trustee initially designates White Clay Center, Route 273, Newark, Delaware 19711 as its principal Corporate Trust Office, at which it shall act as trustee of the Trust. The Excess Distribution Certificate Registrar’s New York office and its
authenticating agent’s office are located at: 
 Deutsche Bank Trust Company Americas 
 60 Wall Street, 26th Floor 
 Mailstop NYC60-2606 
 New York, New York 10005 
 Attn: Trust & Securities Services/Structured Finance Services 
 Telephone:
(908) 608-3089 
 Facsimile: (212) 553-2461 
 SECTION 3.3 The Excess Distribution Certificate. 
 (a) General. The Excess Distribution Certificate shall be issued in one or more registered, definitive physical certificates substantially in the form of Exhibit A hereto, in minimum percentage interests of at
least 10% and integral multiples of 10% in excess thereof. The Excess Distribution Certificate shall receive payments as provided in Sections 2.8(j) and 2.9(f), as applicable, of the Administration Agreement. The Excess Distribution Certificate
shall 

  

 -5- 

 
be executed on behalf of the Trust by manual or facsimile signature of an Authorized Officer of the Eligible Lender Trustee. An Excess Distribution
Certificate bearing the manual or facsimile signatures of individuals who were, at the time when such signatures were affixed, authorized to sign on behalf of the Trust, shall be valid and binding obligations of the Trust, notwithstanding that such
individuals or any of them shall have ceased to be so authorized prior to the authentication and delivery of such Excess Distribution Certificate or did not hold such offices at the date of authentication and delivery of such Excess Distribution
Certificate. 
 (b) Authentication. Concurrently with the sale of the Trust Student Loans to the Trust pursuant to the Sale Agreement,
the Eligible Lender Trustee shall cause the Excess Distribution Certificate to be executed on behalf of the Trust, authenticated and delivered to or upon the written order of the Depositor, signed by its president or any vice president, without
further action by the Depositor. For all purposes hereunder, the Depositor shall be the Excess Distribution Certificateholder. No Excess Distribution Certificate shall entitle its holder to any benefit under this Agreement, or shall be valid for any
purpose, unless there shall appear on such Excess Distribution Certificate a certificate of authentication substantially in the form set forth in Exhibit A, executed by the Eligible Lender Trustee by manual signature; such authentication shall
constitute conclusive evidence that such Excess Distribution Certificate shall have been duly authenticated and delivered hereunder. The Excess Distribution Certificate shall be dated the date of its authentication. No further Excess Distribution
Certificates shall be issued except pursuant to paragraph (c) or (d) below. 
 (c) Registration of Transfer and Exchange.
The Excess Distribution Certificate Registrar shall keep or cause to be kept, at the office or agency maintained pursuant to paragraph (f) below, the Excess Distribution Certificate Register in which, subject to such reasonable regulations as
it may prescribe, the Eligible Lender Trustee shall provide for the registration of the Excess Distribution Certificate and of transfers and exchanges of the Excess Distribution Certificate as herein provided. Deutsche Bank Trust Company Americas
shall be the initial Excess Distribution Certificate Registrar. 
 Upon surrender for registration of transfer of the Excess Distribution
Certificate at the office or agency maintained pursuant to paragraph (f) below, the Eligible Lender Trustee shall execute, authenticate and deliver, in the name of the designated transferee, a new Excess Distribution Certificate dated the date
of authentication by the Eligible Lender Trustee. At the option of the Excess Distribution Certificateholder, the Excess Distribution Certificate may be exchanged for another Excess Distribution Certificate upon surrender of the Excess Distribution
Certificate to be exchanged at the office or agency maintained pursuant to paragraph (f) below. 
 An Excess Distribution Certificate
presented or surrendered for registration of transfer or exchange shall be accompanied by a written instrument of transfer in form satisfactory to the Eligible Lender Trustee and the Excess Distribution Certificate Registrar duly executed by the
holder thereof or his attorney duly authorized in writing, with such signature (other than for transfers or exchanges to or among any Affiliates of the Depositor) guaranteed by a member firm of the New York Stock Exchange or a commercial bank or
trust company. An Excess Distribution Certificate surrendered for registration of transfer or exchange shall be cancelled and subsequently disposed of by the Excess Distribution Certificate Registrar in accordance with its customary practice.

  

 -6- 

 No service charge shall be made for any registration of transfer or exchange of the Excess Distribution
Certificate, but the Eligible Lender Trustee or the Excess Distribution Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of the
Excess Distribution Certificate. 
 The preceding provisions of this Section notwithstanding, the Eligible Lender Trustee shall not be
required to make and the Excess Distribution Certificate Registrar need not register transfers or exchanges of the Excess Distribution Certificate for a period of 15 days preceding any Quarterly Distribution Date with respect to the Excess
Distribution Certificate. 
 The Excess Distribution Certificate (including any beneficial interest therein) may not be acquired by or for
the account of (i) any Benefit Plan subject to Title I of ERISA and/or Section 4975 of the Code, if such acquisition, or the management or servicing of the Trust or its assets, would cause a non-exempt prohibited transaction in violation
of Section 406 of ERISA and/or Section 4975 of the Code, (ii) any Benefit Plan subject to a substantially similar federal, state, local or foreign law, if such acquisition would cause a non-exempt violation of such substantially
similar law, (iii) any person who is not a United States person within the meaning of Section 7701(a)(30) of the Code, or (iv) any “pass-thru entity” referred to in Section 1(h)(10)(D), (E) or (F) of the Code,
the income of which pass-thru entity is includible directly or indirectly through one or more other such pass-thru entities by any person referred to in clause (iii) above. By accepting and holding the Excess Distribution Certificate, the
holder hereof shall be deemed to have represented and warranted that it is not acquiring the Excess Distribution Certificate by or for the account of any entity in violation of the above restrictions, and to have agreed that if such restrictions are
violated, the holder will promptly dispose of the Excess Distribution Certificate. 
 (d) Mutilated, Destroyed, Lost or Stolen Excess
Distribution Certificate. If (1) a mutilated Excess Distribution Certificate shall be surrendered to the Excess Distribution Certificate Registrar, or if the Excess Distribution Certificate Registrar shall receive evidence to its
satisfaction of the destruction, loss or theft of the Excess Distribution Certificate, and (2) there shall be delivered to the Excess Distribution Certificate Registrar and the Eligible Lender Trustee such security or indemnity as may be
required by them to save each of them and the Trust harmless, then in the absence of notice that such Excess Distribution Certificate shall have been acquired by a bona fide purchaser, the Eligible Lender Trustee, on behalf of the Trust, shall
execute and the Eligible Lender Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Excess Distribution Certificate, a new Excess Distribution Certificate of like tenor. In connection
with the issuance of any new Excess Distribution Certificate under this Section, the Eligible Lender Trustee and the Excess Distribution Certificate Registrar may require the payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection therewith. Any duplicate Excess Distribution Certificate issued pursuant to this paragraph shall constitute conclusive evidence of ownership in the Trust, as if originally issued, whether or not the lost, stolen or
destroyed Excess Distribution Certificate shall be found at any time. 
  

 -7- 

 (e) Persons Deemed Owners. Prior to due presentation of the Excess Distribution Certificate for
registration of transfer, the Eligible Lender Trustee and the Excess Distribution Certificate Registrar and any agent of either of them may treat the Person in whose name the Excess Distribution Certificate shall be registered in the Excess
Distribution Certificate Register as the owner of such Excess Distribution Certificate for the purpose of receiving distributions thereon and for all other purposes whatsoever, and neither the Eligible Lender Trustee, the Excess Distribution
Certificate Registrar nor any agent thereof shall be bound by any notice to the contrary. 
 (f) Maintenance of Office or Agency. The
Excess Distribution Certificate Registrar shall maintain in the Borough of Manhattan, The City of New York, an office or offices or agency or agencies where the Excess Distribution Certificate may be surrendered for registration of transfer or
exchange and where notices and demands to or upon the Excess Distribution Certificate Registrar in respect of the Excess Distribution Certificate may be served. 
 (g) Appointment of Excess Distribution Certificate Paying Agent. The Excess Distribution Certificate Paying Agent shall make distributions to the Excess Distribution Certificateholder from the amounts received
from the Indenture Trustee pursuant to Sections 2.8(j) and 2.9(f) of the Administration Agreement and shall report the amounts of such distributions to the Indenture Trustee (if the Excess Distribution Certificate Paying Agent is not the
Indenture Trustee). Any Excess Distribution Certificate Paying Agent shall have the revocable power to receive such funds from the Indenture Trustee for the purpose of making the distributions referred to above. The Eligible Lender Trustee may
revoke such power and remove the Excess Distribution Certificate Paying Agent if the Eligible Lender Trustee determines in its sole discretion that the Excess Distribution Certificate Paying Agent shall have failed to perform its obligations under
this Agreement in any material respect. The Excess Distribution Certificate Paying Agent shall initially be the Indenture Trustee, and any co-paying agent chosen by the Eligible Lender Trustee and consented to by the Administrator (which consent
shall not be unreasonably withheld). The Indenture Trustee shall be permitted to resign as Excess Distribution Certificate Paying Agent upon 30 days’ written notice to the Eligible Lender Trustee. In the event that the Indenture Trustee shall
no longer be the Excess Distribution Certificate Paying Agent, the Eligible Lender Trustee (at the written direction of the Administrator) shall appoint a successor to act as Excess Distribution Certificate Paying Agent (which shall be a bank or
trust company). The Eligible Lender Trustee shall cause such successor Excess Distribution Certificate Paying Agent or any additional Excess Distribution Certificate Paying Agent appointed by the Eligible Lender Trustee to execute and deliver to the
Eligible Lender Trustee an instrument in which such successor Excess Distribution Certificate Paying Agent or additional Excess Distribution Certificate Paying Agent shall agree with the Eligible Lender Trustee that as Excess Distribution
Certificate Paying Agent, such successor Excess Distribution Certificate Paying Agent or additional Excess Distribution Certificate Paying Agent will hold all sums, if any, held by it for payment to the Excess Distribution Certificateholder in trust
for the benefit of such holder until such sums shall be paid to such holder. The Excess Distribution Certificate Paying Agent shall return all unclaimed funds to the Eligible Lender Trustee and upon removal of an Excess Distribution Certificate
Paying Agent such Excess Distribution Certificate Paying Agent shall also return all funds in its possession to the Eligible Lender Trustee. The provisions of Articles VII and VIII of the Indenture shall apply to the Indenture Trustee also in its
role as Excess Distribution Certificate Paying Agent, for so 

  

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long as the Indenture Trustee shall act as Excess Distribution Certificate Paying Agent and, to the extent applicable, to any other paying agent appointed
hereunder. Any reference in this Agreement to the Excess Distribution Certificate Paying Agent shall include any co-paying agent unless the context requires otherwise. 
 (h) Restrictions on Transfer of the Excess Distribution Certificate. 
 (i) The Excess
Distribution Certificate may be transferred to any Affiliate of the Depositor, without any requirement to provide any officer’s certificates or legal opinions that would otherwise be required if such proposed transfer was being made to a Person
who is not an Affiliate of the Depositor. 
 (ii) Except as provided above, the Excess Distribution Certificate shall not be
sold, pledged, transferred or assigned except as provided below: 
 (A) The Excess Distribution Certificate has not been
registered or qualified under the Securities Act of 1933, as amended (the “Securities Act”) or any state securities law. No transfer, sale, pledge or other disposition of the Excess Distribution Certificate or any interest therein shall be
made unless such transfer is made pursuant to an effective registration statement under the Securities Act and effective registration or qualification under applicable state securities laws, or is made in a transaction which does not require such
registration or qualification. In the event that a transfer is to be made without registration or qualification, the Eligible Lender Trustee shall require, in order to assure compliance with such laws, that the prospective transferor and transferee
each certify to the Eligible Lender Trustee, the Excess Distribution Certificate Registrar, the Administrator, and, if it is not the proposed transferor, the Depositor, in writing, the facts surrounding the transfer. Such certifications shall be
substantially in the forms of Exhibit C hereto and Exhibit D-1 or D-2 hereto, as applicable. In the event that such a transfer is to be made within two years from the date of the initial issuance of the Excess Distribution Certificate pursuant
hereto (other than a transfer as to which the proposed transferee has provided a certificate in the form of Exhibit D-2), the Eligible Lender Trustee in its sole discretion, may require that there shall also be delivered to the Eligible Lender
Trustee, the Excess Distribution Certificate Registrar, the Administrator, or, if it is not the proposed transferor, the Depositor, at the expense of the transferor, an opinion of counsel that such transfer may be made pursuant to an exemption from
the Securities Act and such state securities laws. Any such opinion of counsel shall not be an expense of the Eligible Lender Trustee, the Excess Distribution Certificate Registrar, the Administrator, and, if it is not the proposed transferor, the
Depositor. None of the Depositor, the Administrator or the Eligible Lender Trustee is obligated to register or qualify the Excess Distribution Certificate under the Securities Act or any other securities law or to take any action not otherwise
required under this Agreement to permit the transfer of the Excess Distribution Certificate without registration or qualification. Any such Excess Distribution Certificateholder desiring to effect such transfer shall, and does hereby agree to,
indemnify the Eligible Lender Trustee, the Excess Distribution Certificate Registrar, the Administrator, and, if it is not the proposed transferor, the Depositor, against any liability that may result if the transfer is not so exempt or is made in
accordance with such applicable federal and state laws. 
  

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 (B) No transfer of the Excess Distribution Certificate will be registered by the Eligible
Lender Trustee or the Excess Distribution Certificate Registrar unless the Eligible Lender Trustee, the Excess Distribution Certificate Registrar, the Administrator, and, if it is not the proposed transferor, the Depositor receives a representation
from the proposed transferee of the Excess Distribution Certificate, substantially in the form of Exhibit D-1 or D-2, as the case may be, that such transferee is not acquiring the Excess Distribution Certificate by or for the account of any entity
in violation of the restrictions set forth in the final paragraph of Section 3.3(c) above. If any proposed transferee shall become an Excess Distribution Certificateholder in violation of these provisions, then the last preceding permitted
transferee shall be restored, to the extent permitted by law, to all rights as Excess Distribution Certificateholder, retroactive to the date of registration of such transfer of the Excess Distribution Certificate. Neither the Eligible Lender
Trustee nor the Excess Distribution Certificate Registrar shall have any liability to any person for any registration or transfer of the Excess Distribution Certificate that is not permitted or for making any payments due on the Excess Distribution
Certificate to the holder thereof or for taking any action with respect to such holder under this Agreement. Any proposed transferee who becomes an Excess Distribution Certificateholder shall agree to indemnify the Eligible Lender Trustee, the
Excess Distribution Certificate Registrar, the Administrator, and, if it is not the proposed transferor, the Depositor, against any loss, damage or penalty incurred as a result of the transfer of the Excess Distribution Certificate to such proposed
transferee in violation of such restrictions. 
 (C) The prospective transferee shall be aware that the Excess Distribution
Certificate shall bear legends referring to the restrictions contained in sub-clauses (A) and (B) above and by its acceptance of an Excess Distribution Certificate agrees to abide by such restrictions. 
 (D) The prospective transferee shall deliver an opinion of counsel addressed to the Eligible Lender Trustee, the Administrator, and, if it
is not the proposed transferor, the Depositor, to the effect that, (1) as a matter of federal income tax law, such prospective transferee is permitted to accept the transfer of the Excess Distribution Certificate, (2) such transfer or
pledge would not jeopardize the tax treatment of the Trust, (3) such transfer or pledge would not subject the Trust to any entity-level tax, (4) such transfer or pledge would not jeopardize the status of the Notes as debt for all purposes,
and (5) such pledge or transfer would not cause the Trust to be treated, for federal income tax purposes, as an association or a publicly traded partnership taxable as a corporation. 
 (E) No pledge or transfer of the Excess Distribution Certificate shall be effective unless such purchase or transfer is to a single
beneficial owner. 
 (iii) Any Excess Distribution Certificateholder, as evidenced by its agreement to accept the rights
conferred under the Excess Distribution Certificate, is hereby deemed to accept all obligations of the Depositor under this Agreement. 
  

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 ARTICLE IV 
 Actions by Eligible Lender Trustee 
 SECTION 4.1 Prior Notice to the Excess Distribution
Certificateholder With Respect to Certain Matters. With respect to the following matters, the Eligible Lender Trustee shall not take action unless at least 30 days before the taking of such action, the Eligible Lender Trustee shall have notified
the Excess Distribution Certificateholder and each of the Rating Agencies in writing of the proposed action and the Excess Distribution Certificateholder shall not have notified the Eligible Lender Trustee in writing prior to the 30th calendar day
after such notice is given that it has withheld consent or provided alternative direction: 
  

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

  

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

  

	 	(c)	the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any class of Noteholders is not required and such amendment materially adversely
affects the interests of the Excess Distribution Certificateholder. 

 SECTION 4.2 Action with Respect to Sale of the
Trust Student Loans. The Eligible Lender Trustee shall not have the power, except upon the written direction of the Excess Distribution Certificateholder and except as expressly provided in the Basic Documents, to sell the Trust Student Loans
after the payment in full of the Notes. 
 SECTION 4.3 Action with Respect to Bankruptcy. The Eligible Lender Trustee shall not
have the power to commence a voluntary proceeding in bankruptcy relating to the Trust without the prior approval of the Excess Distribution Certificateholder and the delivery to the Eligible Lender Trustee by the Excess Distribution
Certificateholder of a certificate certifying that the Excess Distribution Certificateholder reasonably believes that the Trust is insolvent; provided however, nothing herein shall be deemed to prohibit the Eligible Lender Trustee from filing a
claim in, or otherwise participating in, any bankruptcy proceeding filed against the Trust. 
 SECTION 4.4 Restrictions.
Neither the Depositor nor the Excess Distribution Certificateholder shall direct the Eligible Lender Trustee to take or refrain from taking any action if such action or inaction would be contrary to any obligation of the Trust or the Eligible Lender
Trustee under this Agreement or any of the other Basic Documents or would be contrary to Section 2.3 nor shall the Eligible Lender Trustee be permitted to follow any such direction, if given. 
  

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 ARTICLE V 
 Application of Trust Funds; Certain Duties 
 SECTION 5.1 Application of Trust Funds.

 (a) On each Quarterly Distribution Date, the Excess Distribution Certificate Paying Agent shall distribute to the Excess Distribution
Certificateholder any amounts payable in respect of the Excess Distribution Certificate in accordance with the Administration Agreement. 
 (b) In the event that any withholding tax is imposed on the Trust’s payment to the Excess Distribution Certificateholder, such tax shall reduce the amount otherwise distributable on the Excess Distribution Certificate. 
 SECTION 5.2 Method of Payment. Distributions required to be made to the Excess Distribution Certificateholder on any Quarterly Distribution
Date shall be made to the holder of record on the preceding Record Date either by wire transfer, in immediately available funds, to the account of such holder at a bank or other entity having appropriate facilities therefor, if such holder shall
have provided to the Excess Distribution Certificate Registrar appropriate written instructions signed by two authorized officers, if any, at least five Business Days prior to such Quarterly Distribution Date, or, if not, by check mailed to such
holder at the address of such holder appearing in the Excess Distribution Certificate Register. 
 SECTION 5.3 No Segregation of
Moneys; No Interest. Subject to Section 5.1, moneys received by the Eligible Lender Trustee hereunder need not be segregated in any manner except to the extent required by law or the Administration Agreement and may be deposited under such
general conditions as may be prescribed by law, and the Eligible Lender Trustee shall not be liable for any interest thereon. 
 SECTION
5.4 Reports to the Excess Distribution Certificateholder, the Internal Revenue Service and Others. The Eligible Lender Trustee shall provide (or cause to be provided) any reports or other information required to be provided to the Excess
Distribution Certificateholder pursuant to the Code, the regulations promulgated thereunder or other applicable law. In addition, the Eligible Lender Trustee shall provide (or cause to be provided) any information concerning the Excess Distribution
Certificate to the Internal Revenue Service or other taxing authority as required under the Code, the regulations promulgated thereunder or other applicable law. The Eligible Lender Trustee shall be entitled to hire an independent accounting firm to
perform the functions described in this Section 5.4, the reasonable fees and expenses of which shall be paid by the Depositor. 
 ARTICLE VI 
 Authority and Duties of Eligible Lender Trustee 
 SECTION 6.1 General Authority. The Eligible Lender Trustee is authorized and directed to execute and deliver the Basic Documents to which
the Trust is to be a party and each certificate or other document attached as an exhibit to or contemplated by the Basic Documents to which the Trust is to be a party, in each case, in such form as the Depositor shall approve as 

  

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evidenced conclusively by the Eligible Lender Trustee’s execution thereof, and, on behalf of the Trust, to direct the Indenture Trustee to authenticate
and deliver Notes in the aggregate principal amount of $998,985,000. The Eligible Lender Trustee is also authorized and directed on behalf of the Trust (i) to acquire and hold legal title to the Trust Student Loans from the Depositor and
(ii) to take all actions required pursuant to Section 2.4 of the Administration Agreement and otherwise follow the written direction of and cooperate with the Servicer in submitting, pursuing and collecting any claims to and with the
Department with respect to any Interest Subsidy Payments and Special Allowance Payments relating to the Trust Student Loans. 
 In addition
to the foregoing, the Eligible Lender Trustee is authorized to take all actions required of the Trust pursuant to the Basic Documents. The Eligible Lender Trustee is further authorized from time to time to take such action as the Administrator
directs or instructs, in writing, with respect to the Basic Documents and is directed to take such action to the extent that the Administrator is expressly required pursuant to the Basic Documents to cause the Eligible Lender Trustee to act.

 SECTION 6.2 General Duties. It shall be the duty of the Eligible Lender Trustee to discharge (or cause to be discharged) all
of its responsibilities pursuant to the terms of this Agreement and the other Basic Documents to which the Trust is a party and to administer the Trust in the interest of the Noteholders and the Excess Distribution Certificateholder subject to and
in accordance with the provisions of this Agreement and the other Basic Documents. Without limiting the foregoing, the Eligible Lender Trustee shall on behalf of the Trust file and prove any claim or claims that may exist on behalf of the Trust
against the Depositor in connection with any claims paying procedure as part of an insolvency or a receivership proceeding involving the Depositor. Notwithstanding the foregoing, the Eligible Lender Trustee shall be deemed to have discharged its
duties and responsibilities hereunder and under the other Basic Documents to the extent the Administrator has agreed in the Administration Agreement to perform and act or to discharge any duty of the Eligible Lender Trustee hereunder or under any
other Basic Document, and the Eligible Lender Trustee shall not be held liable for the default or failure of the Administrator to carry out its obligations under the Administration Agreement. Except as expressly provided in the Basic Documents, the
Eligible Lender Trustee shall have no obligation to administer, service or collect the Trust Student Loans or to maintain, monitor or otherwise supervise the administration, servicing or collection of the Trust Student Loans. 
 SECTION 6.3 Action upon Instruction. 
 (a) [Reserved]. 
 (b) The Eligible Lender Trustee shall not be required to take any action hereunder or under any other Basic
Document if the Eligible Lender Trustee shall have reasonably determined, or shall have been advised by counsel, that such action is likely to result in liability on the part of the Eligible Lender Trustee or is contrary to the terms hereof, any
other Basic Document or is otherwise contrary to law. 
 (c) Whenever the Eligible Lender Trustee is unable to determine the appropriate
course of action between alternative courses and actions permitted or required by the terms of this Agreement or under any other Basic Document, the Eligible Lender Trustee shall promptly give 

  

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notice (in such form as shall be appropriate under the circumstances) to the Depositor requiring instruction as to the course of action to be adopted, and to
the extent the Eligible Lender Trustee acts in good faith in accordance with any written instruction of the Depositor received, the Eligible Lender Trustee shall not be liable on account of such action to any Person. If the Eligible Lender Trustee
shall not have received appropriate instruction within 10 days of such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary under the circumstances) it may, but shall be under no duty to,
take or refrain from taking such action, not inconsistent with this Agreement, the other Basic Documents, as it shall deem to be in the best interests of the Excess Distribution Certificateholder, and shall have no liability to any Person for such
action or inaction. 
 (d) In the event that the Eligible Lender Trustee is unsure as to the application of any provision of this Agreement,
any other Basic Document or any such provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or in the event that this Agreement permits any determination by the Eligible Lender Trustee
or is silent or is incomplete as to the course of action that the Eligible Lender Trustee is required to take with respect to a particular set of facts, the Eligible Lender Trustee may give notice (in such form as shall be appropriate under the
circumstances) to the Depositor requesting written instruction and, to the extent that the Eligible Lender Trustee acts or refrains from acting in good faith in accordance with any such written instruction received, the Eligible Lender Trustee shall
not be liable, on account of such action or inaction, to any Person. If the Eligible Lender Trustee shall not have received appropriate instruction within 10 days of such notice (or within such shorter period of time as reasonably may be specified
in such notice or may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action, not inconsistent with this Agreement or the other Basic Documents, as it shall deem to be in the best
interest of the Excess Distribution Certificateholder, and shall have no liability to any Person for such action or inaction. 
 SECTION
6.4 No Duties Except as Specified in this Agreement or in Instructions. The Eligible Lender Trustee shall not have any duty or obligation to manage, make any payment with respect to, register, record, sell, service, dispose of or
otherwise deal with the Trust Estate, or to otherwise take or refrain from taking any action under, or in connection with, any document contemplated hereby to which the Eligible Lender Trustee is a party, except as expressly provided by the terms of
this Agreement or in any document or written instruction received by the Eligible Lender Trustee pursuant to Section 6.3; and no implied duties or obligations shall be read into this Agreement or any other Basic Document against the Eligible
Lender Trustee. The Eligible Lender Trustee shall have no responsibility for filing any financing or continuation statement in any public office at any time or to otherwise perfect or maintain the perfection of any security interest or lien granted
to it hereunder or to prepare or file any Commission filing for the Trust or to record this Agreement or any other Basic Document. The Eligible Lender Trustee nevertheless agrees that it will, at its own cost and expense, promptly take all action as
may be necessary to discharge any Liens on any part of the Trust Estate that result from actions by, or claims against, The Bank of New York Trust Company, N.A., in its individual capacity or as the Eligible Lender Trustee that are not related to
the ownership or the administration of the Trust Estate. 
  

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 SECTION 6.5 No Action Except under Specified Documents or Instructions. The Eligible Lender
Trustee shall not otherwise deal with any part of the Trust Estate except (i) in accordance with the powers granted to and the authority conferred upon the Eligible Lender Trustee pursuant to this Agreement, (ii) in accordance with the
other Basic Documents to which it is a party and (iii) in accordance with any document or instruction delivered to the Eligible Lender Trustee pursuant to Section 6.3. 
 SECTION 6.6 Restrictions. The Eligible Lender Trustee shall not take any action (a) that is inconsistent with the purposes of the
Trust set forth in Section 2.3 or (b) that, to the actual knowledge of the Eligible Lender Trustee, would result in the Trust’s becoming taxable as a corporation for Federal income tax purposes. Neither the Depositor nor the Excess
Distribution Certificateholder shall direct the Eligible Lender Trustee to take action that would violate the provisions of this Section. 
 ARTICLE VII 
 Concerning the Eligible Lender Trustee and the Delaware Trustee 
 SECTION 7.1 Acceptance of Trusts and Duties. Each of the Eligible Lender Trustee and the Delaware Trustee accepts the trusts hereby created
and each of them agrees to perform its duties hereunder with respect to such trusts but only upon the terms of this Agreement. The Eligible Lender Trustee also agrees to disburse all moneys actually received by it constituting part of the Trust
Estate upon the terms of this Agreement and the other Basic Documents. Neither the Eligible Lender Trustee nor the Delaware Trustee shall be answerable or accountable hereunder or under any other Basic Document under any circumstances, except
(i) for its own willful misconduct or negligence or (ii) in the case of the inaccuracy of any representation or warranty contained in Section 7.3 expressly made by the Eligible Lender Trustee or the Delaware Trustee. In particular,
but not by way of limitation (and subject to the exceptions set forth in the preceding sentence): 
 (a) neither the Eligible Lender Trustee
nor the Delaware Trustee shall be liable for any error of judgment made by an Authorized Officer of the Eligible Lender Trustee or the Delaware Trustee; 
 (b) neither the Eligible Lender Trustee nor the Delaware Trustee shall be liable with respect to any action taken or omitted to be taken by it in accordance with the direction or instructions of the Administrator, the
Depositor or the Excess Distribution Certificateholder; 
 (c) no provision of this Agreement or any other Basic Document shall require the
Eligible Lender Trustee or the Delaware Trustee to expend or risk funds or otherwise incur any financial liability in the performance of any of its rights or powers hereunder or under any other Basic Document, if the Eligible Lender Trustee or the
Delaware Trustee shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it; 
  

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 (d) under no circumstances shall the Eligible Lender Trustee or the Delaware Trustee be liable for
indebtedness evidenced by or arising under any of the Basic Documents, including the principal of and interest on the Notes; 
 (e) neither
the Eligible Lender Trustee nor the Delaware Trustee shall be responsible for or in respect of the validity or sufficiency of this Agreement or for the due execution hereof by the Depositor or for the form, character, genuineness, sufficiency, value
or validity of any of the Trust Estate or for or in respect of the validity or sufficiency of the Basic Documents, other than (in the case of the Eligible Lender Trustee) the certificate of authentication on the Excess Distribution Certificate, and
neither the Eligible Lender Trustee nor the Delaware Trustee shall in any event assume or incur any liability, duty, or obligation to any Noteholder or the Excess Distribution Certificateholder, other than as expressly provided for herein and in the
other Basic Documents; 
 (f) neither the Eligible Lender Trustee nor the Delaware Trustee shall be liable for the action or inaction,
default or misconduct of the Administrator, the Depositor, the Indenture Trustee, the Servicer under any of the other Basic Documents or otherwise, and neither the Eligible Lender Trustee nor the Delaware Trustee shall have any obligation or
liability to perform the obligations of the Trust under this Agreement or the other Basic Documents that are required to be performed by the Administrator under the Administration Agreement, the Indenture Trustee under the Indenture or the Servicer
under the Servicing Agreement; 
 (g) neither the Eligible Lender Trustee nor the Delaware Trustee shall be under any obligation to exercise
any of the rights or powers vested in it by this Agreement, or to institute, conduct or defend any litigation under this Agreement or otherwise or in relation to this Agreement, any other Basic Document, at the request, order or direction of the
Depositor or the Excess Distribution Certificateholder, unless the Depositor or such holder has offered to the Eligible Lender Trustee or the Delaware Trustee, as the case may be, security or indemnity satisfactory to it against the costs, expenses
and liabilities that may be incurred by the Eligible Lender Trustee or the Delaware Trustee, as the case may be, therein or thereby. The right of the Eligible Lender Trustee or the Delaware Trustee to perform any discretionary act enumerated in this
Agreement or in any other Basic Document shall not be construed as a duty, and neither the Eligible Lender Trustee nor the Delaware Trustee shall be answerable for other than its negligence or willful misconduct in the performance of any such act;
and 
 (h) in no event shall the Eligible Lender Trustee or the Delaware Trustee be responsible or liable for any failure or delay in the
performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts
of God; it being understood that the Eligible Lender Trustee or the Delaware Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the
circumstances. 
 SECTION 7.2 [Reserved]. 
  

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 SECTION 7.3 Representations and Warranties of the Eligible Lender Trustee and the Delaware
Trustee. (1) The Eligible Lender Trustee hereby represents and warrants to the Depositor, for the benefit of the Noteholders and the Excess Distribution Certificateholder, that: 
 (a) It is duly organized and validly existing in good standing under the laws of its governing jurisdiction and has an office located within the State of
Florida. It has all requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement. 
 (b) It
has taken all corporate action necessary to authorize the execution and delivery by it of this Agreement, and this Agreement will be executed and delivered by one of its officers who is duly authorized to execute and deliver this Agreement on its
behalf. 
 (c) Neither the execution nor the delivery by it of this Agreement, nor the consummation by it of the transactions contemplated
hereby nor compliance by it with any of the terms or provisions hereof will contravene any Federal or Delaware state law, governmental rule or regulation governing the banking or trust powers of the Eligible Lender Trustee or any judgment or order
binding on it, or constitute any default under its charter documents or by-laws or any indenture, mortgage, contract, agreement or instrument to which it is a party or by which any of its properties may be bound. 
 (d) It is and will maintain its status as an “eligible lender” (as such term is defined in Section 435(d) of the Higher Education Act) for
purposes of holding legal title to the Trust Student Loans as contemplated by this Agreement and the other Basic Documents, it has a lender identification number with respect to the Trust Student Loans from the Department and has and will maintain
in effect a Guarantee Agreement with each of the Guarantors with respect to the Trust Student Loans. 
 (2) The Delaware Trustee hereby
represents and warrants to the Depositor, for the benefit of the Noteholders, and the Excess Distribution Certificateholder, that: 
 (a) It
is duly organized and validly existing in good standing under the laws of its governing jurisdiction and has an office located within the State of Delaware. It has all requisite corporate power and authority to execute, deliver and perform its
obligations under this Agreement. 
 (b) It has taken all corporate action necessary to authorize the execution and delivery by it of this
Agreement, and this Agreement will be executed and delivered by one of its officers who is duly authorized to execute and deliver this Agreement on its behalf. 
 (c) Neither the execution nor the delivery by it of this Agreement, nor the consummation by it of the transactions contemplated hereby nor compliance by it with any of the terms or provisions hereof will contravene
any Federal or Delaware state law, governmental rule or regulation governing the banking or trust powers of the Delaware Trustee or any judgment or order binding on it, or constitute any default under its charter documents or by-laws or any
indenture, mortgage, contract, agreement or instrument to which it is a party or by which any of its properties may be bound. 
  

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 SECTION 7.4 Reliance; Advice of Counsel. 
 (a) The Eligible Lender Trustee and the Delaware Trustee shall incur no liability to anyone in acting upon any signature, instrument, direction, notice,
resolution, request, consent, order, certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties. The Eligible Lender Trustee and the Delaware Trustee may
accept a certified copy of a resolution of the board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any
fact or matter the method of the determination of which is not specifically prescribed herein, the Eligible Lender Trustee and the Delaware Trustee may for all purposes hereof rely on a certificate, signed by the president or any vice president or
by the treasurer or other authorized officers of the relevant party, as to such fact or matter and such certificate shall constitute full protection to the Eligible Lender Trustee or the Delaware Trustee, as the case may be, for any action taken or
omitted to be taken by it in good faith in reliance thereon. 
 (b) In the exercise or administration of the trusts hereunder and in the
performance of its duties and obligations under this Agreement or the other Basic Documents, the Eligible Lender Trustee and the Delaware Trustee (i) may act directly or through its agents or attorneys pursuant to agreements entered into with
any of them, and the Eligible Lender Trustee and the Delaware Trustee shall not be liable for the conduct or misconduct of such agents or attorneys if such agents or attorneys shall have been selected by the Eligible Lender Trustee or the Delaware
Trustee, as the case may be, with reasonable care, and (ii) may consult with counsel and accountants to be selected with reasonable care and employed by it. Neither the Eligible Lender Trustee nor the Delaware Trustee shall be liable for
anything done, suffered or omitted in good faith by it in accordance with the written opinion or advice of any such counsel or accountants and not contrary to this Agreement or any other Basic Document. 
 SECTION 7.5 Not Acting in Individual Capacity. Except as provided in this Article VII, in accepting the trusts hereby created each of The
Bank of New York Trust Company, N.A. and BNYM (Delaware), formerly known as The Bank of New York (Delaware), are acting solely as Eligible Lender Trustee and Delaware Trustee, respectively, hereunder and not in its individual capacity and all
Persons having any claim against the Eligible Lender Trustee or the Delaware Trustee by reason of the transactions contemplated by this Agreement or any other Basic Document shall look only to the Trust Estate for payment or satisfaction thereof.

 SECTION 7.6 Eligible Lender Trustee and Delaware Trustee Not Liable for Excess Distribution Certificate or Trust Student
Loans. The recitals contained herein and in the Excess Distribution Certificate (other than the signature of and authentication by the Eligible Lender Trustee on the Excess Distribution Certificate) shall be taken as the statements of the
Depositor, and the Eligible Lender Trustee and the Delaware Trustee assume no responsibility for the correctness thereof. The Eligible Lender Trustee and the Delaware Trustee make no representations as to the validity or sufficiency of this
Agreement, the Excess Distribution Certificate, or any other Basic Document (other than the signature of and authentication by the Eligible Lender Trustee on the Excess Distribution Certificate), or the Notes, or of any Trust Student Loan or related
documents. Neither the Eligible Lender Trustee nor the Delaware Trustee shall at any time have any responsibility or liability (except for willfully or negligently 

  

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terminating or allowing to be terminated any of the Guarantee Agreements, in a case where the Eligible Lender Trustee or the Delaware Trustee, as the case
may be, knows of any facts or circumstances which will or could reasonably be expected to result in any such termination) for or with respect to the legality, validity, enforceability and eligibility for Guarantee Payments, federal reinsurance,
Interest Subsidy Payments or Special Allowance Payments, as applicable, in respect of any Trust Student Loan, or for or with respect to the sufficiency of the Trust Estate or its ability to generate the payments to be distributed to the Excess
Distribution Certificateholder under this Agreement or the Noteholders, under the Indenture, including the existence and contents of any computer or other record of any Trust Student Loan; the validity of the assignment of any Trust Student Loan to
the Eligible Lender Trustee on behalf of the Trust; the completeness of any Trust Student Loan; the performance or enforcement (except as expressly set forth in any Basic Document) of any Trust Student Loan; the compliance by the Depositor or the
Servicer with any warranty or representation made under any Basic Document or in any related document or the accuracy of any such warranty or representation or any action or inaction of the Administrator, the Indenture Trustee or the Servicer or any
subservicer taken in the name of the Eligible Lender Trustee or the Delaware Trustee. 
 SECTION 7.7 Eligible Lender Trustee or
Delaware Trustee May Own Notes. Both the Eligible Lender Trustee and the Delaware Trustee, individually or in any other capacity, may become the owner or pledgee of Notes and may deal with the Depositor, the Excess Distribution
Certificateholder, the Administrator, the Indenture Trustee or the Servicer in banking transactions with the same rights as it would have if it were not Eligible Lender Trustee or the Delaware Trustee, as the case may be. 
 SECTION 7.8 Duties of the Delaware Trustee. The Delaware Trustee is appointed to serve as the trustee of the Trust in the State of Delaware
for the sole purpose of satisfying the requirement of Section 3807(a) of the Delaware Act that the Trust have at least one trustee with a principal place of business in Delaware. It is understood and agreed by the parties hereto that the
Delaware Trustee shall have none of the duties or liabilities of the Eligible Lender Trustee. The duties of the Delaware Trustee shall be limited to (a) accepting legal process served on the Trust in the State of Delaware and (b) the
execution of any certificates required to be filed with the Secretary of State of the State of Delaware which the Delaware Trustee is required to execute under Section 3811 of the Delaware Act. To the extent that, at law or in equity, the
Delaware Trustee has duties (including fiduciary duties) and liabilities relating thereto with respect to the Trust, the beneficial owners thereof or any other person, it is hereby understood and agreed by the other parties hereto that such duties
and liabilities will replace the duties and liabilities of the Delaware Trustee expressly set forth in this Section 7.8. The Delaware Trustee shall have all the rights, privileges and immunities of the Eligible Lender Trustee. In addition to
the foregoing, the Delaware Trustee also hereby agrees to execute and deliver all amendments or supplements to this Agreement, delivered to it for execution pursuant to Section 11.1, if such amendment or supplement does not materially or
adversely affect the rights or duties of the Delaware Trustee. 
  

 -19- 

 ARTICLE VIII 
 Compensation and Indemnity of the Trustees 
 SECTION 8.1 Eligible Lender Trustee’s and
Delaware Trustee’s Fees and Expenses. The Eligible Lender Trustee and the Delaware Trustee shall receive as compensation for its services hereunder such fees, if any, as have been separately agreed upon before the date hereof between the
Depositor and the Eligible Lender Trustee and the Delaware Trustee, respectively, and the Eligible Lender Trustee and the Delaware Trustee, respectively, shall be entitled to be reimbursed by the Administrator, to the extent provided in such
separate agreement, for their other reasonable expenses (including the reasonable fees and expenses of counsel and independent accountants) hereunder. 
 SECTION 8.2 Payments to the Eligible Lender Trustee and to the Delaware Trustee. Any amounts paid to the Eligible Lender Trustee or to the Delaware Trustee pursuant to Section 8.1 hereof or pursuant
to Section 9 of the Sale Agreement, Section 4.2 of the Administration Agreement or Section 4.2 of the Servicing Agreement shall be deemed not to be a part of the Trust Estate immediately after such payment. 
 SECTION 8.3 Indemnity. The Depositor shall cause the Administrator to indemnify each of the Eligible Lender Trustee and the Delaware
Trustee in its individual capacity and any of its officer, directors, employees and agents as and to the extent provided for in Section 4.2 of the Administration Agreement. 
 ARTICLE IX 
 Termination of Trust Agreement 
 SECTION 9.1 Termination of Trust Agreement. 
 (a) This Agreement (other than Article VIII) and the Trust shall terminate and be of no further force or effect upon (1) the final distribution by the Excess Distribution Certificate Paying Agent of all moneys or
other property or proceeds of the Trust Estate in accordance with the terms of the Indenture, the Administration Agreement and Article V hereof and (2) the filing of the certificate of cancellation by the Eligible Lender Trustee pursuant to
Section 9.1(c) below. The bankruptcy, liquidation, dissolution, death or incapacity of the Excess Distribution Certificateholder shall not (x) operate to terminate this Agreement or the Trust, nor (y) entitle such holder’s legal
representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Trust or Trust Estate nor (z) otherwise affect the rights, obligations and liabilities of
the parties hereto. 
 (b) Except as provided in Section 9.1(a), none of the Depositor, any Noteholder or the Excess Distribution
Certificateholder shall be entitled to revoke or terminate the Trust. 
 (c) Upon final distribution of any funds remaining in the Trust, the
Eligible Lender Trustee shall file a certificate of cancellation (to be prepared by the Administrator) of the Trust’s certificate of trust pursuant to Section 3810(c) of the Delaware Statutory Trust Act and giving notice thereof to the
Delaware Trustee. 
  

 -20- 

 ARTICLE X 
 Successor Eligible Lender Trustees and Delaware Trustees and 
 Additional Eligible Lender Trustees
and Delaware Trustees 
 SECTION 10.1 Eligibility Requirements for Eligible Lender Trustee and Delaware Trustee. The
Eligible Lender Trustee shall at all times be a corporation or association (i) qualifying as an “eligible lender” as such term is defined in Section 435(d) of the Higher Education Act for purposes of holding legal title to the
Trust Student Loans on behalf of the Trust, with a valid lender identification number with respect to the Trust Student Loans from the Department; (ii) being authorized to exercise corporate trust powers and hold legal title to the Trust
Student Loans; (iii) having in effect Guarantee Agreements with each of the Guarantors as may be directed, in writing, by the Depositor; (iv) having a combined capital and surplus of at least $50,000,000 and being subject to supervision or
examination by Federal or state authorities; (v) having its place of business in the State of Florida; and (vi) having (or having a parent which has) a rating in respect of its long-term senior unsecured debt of at least “BBB-”
(or the equivalent) by each of the Rating Agencies (or which, if the long-term senior unsecured debt of such corporation or association is not rated by any Rating Agency, shall have provided to the Indenture Trustee written confirmation from such
Rating Agency that the appointment of such corporation or association to serve as Eligible Lender Trustee will not result in and of itself in a reduction or withdrawal of the then current rating of any of the Notes). If the Eligible Lender Trustee
shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of the Eligible Lender Trustee
shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. The Delaware Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Delaware
Statutory Trust Act. In case at any time the Eligible Lender Trustee or the Delaware Trustee, as the case may be, shall cease to be eligible in accordance with the provisions of this Section, the Eligible Lender Trustee or the Delaware Trustee, as
the case may be, shall resign immediately in the manner and with the effect specified in Section 10.2. 
 SECTION 10.2
Resignation or Removal of Eligible Lender Trustee or the Delaware Trustee. The Eligible Lender Trustee or the Delaware Trustee, as the case may be, may at any time resign and be discharged from the trusts hereby created by giving written
notice thereof to the Administrator. Upon receiving such notice of resignation, the Administrator shall promptly appoint a successor Eligible Lender Trustee or Delaware Trustee, as applicable, meeting the eligibility requirements of
Section 10.1 by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Eligible Lender Trustee or Delaware Trustee and one copy to the successor Eligible Lender Trustee or Delaware Trustee. If no
successor Eligible Lender Trustee or Delaware Trustee, as the case may be, shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Eligible Lender Trustee or Delaware
Trustee may petition any court of competent jurisdiction for the appointment of a successor Eligible Lender Trustee or Delaware Trustee, as applicable; provided, however, that such right to appoint or to petition for the appointment of
any such successor shall in no event relieve the resigning Eligible Lender Trustee or Delaware Trustee from any obligations otherwise imposed on it under the Basic Documents until such successor has in fact assumed such appointment. 
  

 -21- 

 If at any time the Eligible Lender Trustee or the Delaware Trustee, as the case may be, shall cease to be
or shall be likely to cease to be eligible in accordance with the provisions of Section 10.1 and shall fail to resign after written request therefor by the Administrator, or if at any time an Insolvency Event with respect to the Eligible Lender
Trustee or the Delaware Trustee, as the case may be, shall have occurred and be continuing, then the Administrator may remove the Eligible Lender Trustee or the Delaware Trustee, as applicable. If the Administrator shall remove the Eligible Lender
Trustee or the Delaware Trustee, as the case may be, under the authority of the immediately preceding sentence, the Administrator shall promptly appoint a successor Eligible Lender Trustee or the Delaware Trustee, as applicable, by written
instrument, in duplicate, one copy of which instrument shall be delivered to the outgoing Eligible Lender Trustee or the Delaware Trustee, as applicable, so removed and one copy to the successor Eligible Lender Trustee or the Delaware Trustee, as
applicable, and payment of all fees owed to the outgoing Eligible Lender Trustee or Delaware Trustee, as applicable. 
 Any resignation or
removal of the Eligible Lender Trustee or the Delaware Trustee, as applicable, and appointment of a successor Eligible Lender Trustee or Delaware Trustee, as applicable, pursuant to any of the provisions of this Section shall not become effective
until acceptance of appointment by the successor Eligible Lender Trustee or Delaware Trustee, as applicable, pursuant to Section 10.3, payment of all fees and expenses owed to the outgoing Eligible Lender Trustee or Delaware Trustee, as
applicable, and the filing of a certificate of amendment to the Trust’s certificate of trust pursuant to Section 3810(b) of the Delaware Statutory Trust Act. The Administrator shall provide notice of such resignation or removal of the
Eligible Lender Trustee or the Delaware Trustee, as applicable, and to each of the Rating Agencies. 
 SECTION 10.3 Successor
Eligible Lender Trustee or Delaware Trustee. Any successor Eligible Lender Trustee or Delaware Trustee, as applicable, appointed pursuant to Section 10.2 shall execute, acknowledge and deliver to the Administrator and to its predecessor
Eligible Lender Trustee or Delaware Trustee, as applicable, an instrument accepting such appointment under this Agreement, and thereupon the resignation or removal of the predecessor Eligible Lender Trustee or Delaware Trustee, as applicable, shall
become effective and such successor Eligible Lender Trustee or Delaware Trustee, as applicable, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under this
Agreement, with like effect as if originally named as Eligible Lender Trustee or Delaware Trustee, as applicable. The predecessor Eligible Lender Trustee or Delaware Trustee, as applicable, shall upon payment of its fees and expenses deliver to the
successor Eligible Lender Trustee or Delaware Trustee, as applicable, all documents, statements, moneys and properties held by it under this Agreement and shall assign, if permissible and to the extent that such number is used by the Eligible Lender
Trustee solely with respect to the Trust, to the successor Eligible Lender Trustee or Delaware Trustee, as applicable, the lender identification number obtained from the Department on behalf of the Trust; and the Administrator and the predecessor
Eligible Lender Trustee or Delaware Trustee, as applicable, shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor Eligible Lender Trustee or
Delaware Trustee, as applicable, all such rights, powers, duties and obligations. 
  

 -22- 

 No successor Eligible Lender Trustee or Delaware Trustee, as applicable, shall accept such appointment as
provided in this Section unless at the time of such acceptance such successor Eligible Lender Trustee or Delaware Trustee, as applicable, shall be eligible pursuant to Section 10.1. 
 Upon acceptance of appointment by a successor Eligible Lender Trustee or Delaware Trustee, as applicable, pursuant to this Section, the Administrator
shall mail notice of the successor of such Eligible Lender Trustee or Delaware Trustee, as applicable, to the Excess Distribution Certificateholder, the Indenture Trustee, the Noteholders and the Rating Agencies. If the Administrator shall fail to
mail such notice within 10 days after acceptance of appointment by the successor Eligible Lender Trustee or Delaware Trustee, as applicable, the successor Eligible Lender Trustee or Delaware Trustee, as applicable, shall cause such notice to be
mailed at the expense of the Administrator. 
 SECTION 10.4 Merger or Consolidation of Eligible Lender Trustee or Delaware
Trustee. Any corporation or association into which the Eligible Lender Trustee or Delaware Trustee, as applicable, may be merged or converted or with which it may be consolidated, or any corporation or association resulting from any merger,
conversion or consolidation to which the Eligible Lender Trustee or Delaware Trustee, as applicable, shall be a party, or any corporation or association succeeding to all or substantially all the corporate trust business of the Eligible Lender
Trustee or Delaware Trustee, as applicable, shall, without the execution or filing of any instrument or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding, be the successor of the Eligible
Lender Trustee or Delaware Trustee, as applicable, hereunder; provided that such corporation or association shall be eligible pursuant to Section 10.1; and provided further that the Eligible Lender Trustee or Delaware
Trustee, as applicable, shall mail notice of such merger or consolidation to the Rating Agencies not less than 15 days prior to the effective date thereof and the Delaware Trustee shall file an amendment to the Certificate of Trust as required under
the Delaware Statutory Trust Act. 
 SECTION 10.5 Appointment of Co-Eligible Lender Trustee or Separate Eligible Lender
Trustee. Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Trust may at the time be located, the Administrator and the Eligible
Lender Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by the Eligible Lender Trustee, meeting the eligibility requirements of clauses (i) through (iii) of
Section 10.1, to act as co-trustee, jointly with the Eligible Lender Trustee, or separate trustee or separate trustees, of all or any part of the Trust Estate, and to vest in such Person, in such capacity, such title to the Trust Estate, or any
part thereof, and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Administrator and the Eligible Lender Trustee may consider necessary or desirable. If the Administrator shall not have
joined in such appointment within 15 days after the receipt by it of a request so to do, the Eligible Lender Trustee alone shall have the power to make such appointment. No co-trustee or separate trustee under this Agreement shall be required to
meet the terms of eligibility as a successor trustee pursuant to clauses (iv), (v) and (vi) of Section 10.1 and no notice of the appointment of any co-trustee or separate trustee shall be required pursuant to Section 10.3.

  

 -23- 

 Each separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject
to the following provisions and conditions: 
 (i) all rights, powers, duties, and obligations conferred or imposed upon the
Eligible Lender Trustee shall be conferred upon and exercised or performed by the Eligible Lender Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act
separately without the Eligible Lender Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed, the Eligible Lender Trustee shall be incompetent or unqualified
to perform such act or acts, in which event such rights, powers, duties, and obligations (including the holding of title to the Trust or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee
or co-trustee, solely at the written direction of the Eligible Lender Trustee; 
 (ii) no trustee under this Agreement shall
be personally liable by reason of any act or omission of any other trustee under this Agreement; and 
 (iii) the
Administrator and the Eligible Lender Trustee acting jointly may at any time accept the resignation of or remove any separate trustee or co-trustee. 
 Any notice, request or other writing given to the Eligible Lender Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every
instrument appointing any separate trustee or co-trustee shall refer to this Agreement and the conditions of this Article. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or
property specified in its instrument of appointment, either jointly with the Eligible Lender Trustee or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including every provision of this Agreement
relating to the conduct of, affecting the liability of, or affording protection to, the Eligible Lender Trustee. Each such instrument shall be filed with the Eligible Lender Trustee and a copy thereof given to the Administrator. 
 Any separate trustee or co-trustee may at any time appoint the Eligible Lender Trustee as its agent or attorney-in-fact with full power and authority, to
the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all its estates,
properties, rights, remedies and trusts shall vest in and be exercised by the Eligible Lender Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. 
 ARTICLE XI 
 Miscellaneous 
 SECTION 11.1 Supplements and Amendments. This Agreement may be amended by the Eligible Lender Trustee, the Delaware Trustee and the
Indenture Trustee, with prior written notice to the Rating Agencies, without the consent of any of the Noteholders, to cure any 

  

 -24- 

 
ambiguity, to correct or supplement any provisions in this Agreement or for the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions in this Agreement or modifying in any manner the rights of the Noteholders; provided, however, that such action shall not, as evidenced by an Opinion of Counsel, adversely affect in any material respect the
interests of any Noteholder. 
 This Agreement may also be amended from time to time by the Eligible Lender Trustee, the Delaware Trustee and
the Indenture Trustee, with prior written notice to the Rating Agencies, with the consent of (i) the Class A Noteholders evidencing not less than a majority of the Outstanding Amount of the Class A Notes and (ii) the Class B
Noteholders evidencing not less than a majority of the Class B Notes, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or modifying in any manner the rights of the
Class A Noteholders or Class B Noteholders, as the case may be; provided, however, that no such amendment shall (a) increase or reduce in any manner the amount of, or accelerate or delay the timing of, collections of payments
on Trust Student Loans or distributions that shall be required to be made for the benefit of the Noteholders or (b) reduce the aforesaid percentage of the Outstanding Amount of any class of Notes required to consent to any such amendment,
without the consent of all the outstanding Noteholders of such class. 
 Promptly after the execution of any such amendment or consent, the
Eligible Lender Trustee shall furnish written notification of the substance of such amendment or consent to the Excess Distribution Certificateholder, the Indenture Trustee and each of the Rating Agencies. 
 It shall not be necessary for the consent of the Noteholders or the Indenture Trustee pursuant to this Section to approve the particular form of any
proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents (and any other consents of provided for in this Agreement or in any other Basic Document) and of
evidencing the authorization of the execution thereof shall be subject to such reasonable requirements as the Eligible Lender Trustee may prescribe. 
 Prior to the execution of any amendment to this Agreement, the Eligible Lender Trustee and the Delaware Trustee shall be entitled to receive and rely upon an Opinion of Counsel stating that the execution of such
amendment is authorized or permitted by this Agreement and an Officer’s Certificate from the Depositor stating that all conditions precedent to the execution of such amendment have been met or otherwise satisfied. The Eligible Lender Trustee or
the Delaware Trustee may, but shall not be obligated to, enter into any such amendment which affects the Eligible Lender Trustee’s or Delaware Trustee’s own rights, duties or immunities under this Agreement or otherwise. 
 SECTION 11.2 No Legal Title to Trust Estate in Excess Distribution Certificateholder. The Excess Distribution Certificateholder shall not
have legal title to any part of the Trust Estate. The Excess Distribution Certificateholder shall be entitled to receive distributions with respect to its undivided beneficial ownership interest therein only in accordance with Section 3.3 of
this Agreement. No transfer, by operation of law or otherwise, of any right, title, or interest of the Excess Distribution Certificateholder to and in its beneficial ownership interest in the Trust Estate shall operate to terminate this Agreement or
the trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any part of the Trust Estate. 
  

 -25- 

 SECTION 11.3 Limitations on Rights of Others. The provisions of this Agreement are solely
for the benefit of the Eligible Lender Trustee, the Delaware Trustee, the Depositor, the Excess Distribution Certificateholder, the Administrator and, to the extent expressly provided herein, the Indenture Trustee and the Noteholders, and nothing in
this Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Trust Estate or under this Agreement or any covenants, conditions or provisions contained herein.

 SECTION 11.4 Notices. Unless otherwise expressly specified or permitted by the terms hereof, all notices shall be in writing
and shall be deemed given upon receipt by the intended recipient or three Business Days after mailing if mailed by certified mail, postage prepaid (except that notice to the Eligible Lender Trustee shall be deemed given only upon actual receipt by
the Eligible Lender Trustee), 
 (a) if to the Eligible Lender Trustee, addressed to
its Corporate Trust Office with copies to Deutsche Bank Trust Company Americas, 60 Wall Street, 26th Floor, Mailstop NYC60-2606, New York, New York
10005, Attention: Trust & Securities Services/Structured Finance Services; 
 (b) if to the Delaware Trustee, addressed to its
Delaware principal office located at White Clay Center, Route 273, Newark, Delaware 19711, Attention: Kristine Gullo, Vice President; 
 (c)
if to the Depositor, addressed to SLM Funding LLC, 12061 Bluemont Way, V3419, Reston, Virginia 20190; or 
 (d) as to each party, at such
other address as shall be designated by such party in a written notice to each other party. 
 SECTION 11.5 Severability. Any
provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 SECTION 11.6 Separate Counterparts. This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together
constitute but one and the same instrument. 
 SECTION 11.7 Successors and Assigns. All covenants and agreements contained
herein shall be binding upon and inure to the benefit of, the Depositor and its successors, the Eligible Lender Trustee and its successors, the Delaware Trustee and its successors, each Excess Distribution Certificateholder and its successors and
permitted assigns, all as herein provided. Any request, notice, direction, consent, waiver or other instrument or action by a Noteholder or the Excess Distribution Certificateholder shall bind the successors and assigns of such holder. 

 

 -26- 

 SECTION 11.8 No Petition. 
 (a) Neither the Depositor, nor any other Excess Distribution Certificateholder (as evidenced by acceptance of its Excess Distribution Certificate) will
institute against the Trust, at any time, any bankruptcy proceedings under any United States Federal or state bankruptcy or similar law in connection with any obligations relating to the Excess Distribution Certificate, the Notes, this Agreement or
any of the other Basic Documents. The foregoing shall not limit the rights of the Depositor, nor any Excess Distribution Certificateholder to file any claim in, or otherwise take any action with respect to, any insolvency proceeding that was
instituted against the Trust by a Person other than the Depositor or such other Excess Distribution Certificateholder. 
 (b) The Eligible
Lender Trustee (not in its individual capacity but solely as Eligible Lender Trustee), by entering into this Agreement, the Delaware Trustee (not in its individual capacity but solely as Delaware Trustee), by entering into this Agreement, the Excess
Distribution Certificateholder by accepting the Excess Distribution Certificate, and the Indenture Trustee and each Noteholder by accepting the benefits of this Agreement, hereby covenant and agree that they will not at any time institute against
the Depositor or the Trust, or join in any institution against the Depositor or the Trust of, any bankruptcy, reorganization, arrangement, insolvency, receivership or liquidation proceedings, or other proceedings under any United States Federal or
state bankruptcy or similar law in connection with any obligations relating to the Notes, this Agreement or any of the other Basic Documents. The foregoing shall not limit the rights of the Eligible Lender Trustee to file any claim in, or otherwise
take any action with respect to, any insolvency proceeding that was instituted against the Issuer by a Person other than the Eligible Lender Trustee. 
 SECTION 11.9 No Recourse. Each Excess Distribution Certificateholder by accepting its Excess Distribution Certificate acknowledges that such holder’s certificate represents beneficial interests in
the Trust only and do not represent interests in or obligations of the Depositor, the Servicer, the Administrator, the Eligible Lender Trustee, the Indenture Trustee or any Affiliate thereof or any officer, director or employee of any thereof and no
recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Excess Distribution Certificate or the other Basic Documents. 
 SECTION 11.10 Headings. The headings of the various Articles and Sections herein are for convenience of reference only and shall not define
or limit any of the terms or provisions hereof. 
 SECTION 11.11 Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

 

 -27- 

 SECTION 11.12 Waiver of Jury Trial. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 
 ARTICLE XII 
 Compliance with
Regulation AB 
 SECTION 12.1 Intent of the Parties; Reasonableness. The Depositor, the Eligible Lender Trustee, the
Delaware Trustee and the Indenture Trustee acknowledge and agree that the purpose of Article XII of this Agreement is to facilitate compliance by the Depositor and the Issuer with the provisions of Regulation AB and related rules and regulations of
the Commission. 
 Neither the Depositor, the Eligible Lender Trustee, the Delaware Trustee, nor the Indenture Trustee shall exercise its
right to request delivery of information or other performance under these provisions other than in good faith, or for purposes other than compliance with the Securities Act, the Exchange Act and the rules and regulations of the Commission thereunder
(or the provision in a private offering of disclosure comparable to that required under the Securities Act). The Indenture Trustee acknowledges that interpretations of the requirements of Regulation AB may change over time, whether due to
interpretive guidance provided by the Commission or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees to comply with requests made by the Depositor in good faith for delivery
of information under these provisions on the basis of evolving interpretations of Regulation AB. In connection therewith, the Indenture Trustee, the Eligible Lender Trustee and the Delaware Trustee shall cooperate fully with the Depositor to deliver
to the Depositor (including any of its assignees or designees), any and all statements, reports, certifications, records, attestations, and any other information necessary in the good faith determination of the Depositor, to permit the Depositor to
comply with the provisions of Regulation AB, together with such disclosures relating to the Eligible Lender Trustee, the Delaware Trustee, Indenture Trustee or the servicing of the Trust Student Loans, reasonably believed by the Depositor to be
necessary in order to effect such compliance. 
  

 -28- 

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

			
	THE BANK OF NEW YORK TRUST COMPANY,
N.A., not in its individual capacity but solely as
	Eligible Lender Trustee
		
	By:	 	 /S/ MICHAEL G. RUPPEL

	Name:	 	Michael G. Ruppel
	Title:	 	Vice President
	
	 SLM FUNDING LLC,
 as the
Depositor

		
	By:	 	 /S/ MARK L. HELEEN

	Name:	 	Mark L. Heleen
	Title:	 	Vice President

  

 -29- 

			
	 BNYM (DELAWARE), formerly known as
 The Bank
of New York (Delaware),
 not in its individual capacity but solely as
 Delaware Trustee

		
	By:	 	 /S/ KRISTINE K. GULLO

	Name:	 	Kristine K. Gullo
	Title:	 	Vice President

  

 -30- 

			
	 Acknowledged and agreed as to
 Section
3.3(c) and Section 3.3(g)
 of this Amended and Restated Trust Agreement

	
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,
 not in its individual capacity but solely
 as the initial Excess Distribution
 Certificate Paying Agent and Excess Distribution Certificate Registrar

		
	By:	 	 /S/ MICHELE H.Y. VOON

	Name:	 	Michele H.Y. Voon
	Title:	 	Attorney-in-fact
		
	By:	 	 /S/ DORIT RITTER-HADDAD

	Name:	 	Dorit Ritter-Haddad
	Title:	 	Attorney-in-fact

  

 -31- 

 EXHIBIT A 
 TO THE TRUST AGREEMENT 
 [PLEASE SEE ATTACHED] 
  

 A-1 

 EXHIBIT B 
 FORM OF 
 CERTIFICATE OF TRUST 
 OF 
 SLM STUDENT LOAN 
 TRUST 2008-4 
 This Certificate of
Trust of SLM STUDENT LOAN TRUST 2008-4 (the “Trust”) is being duly executed and filed on behalf of the Trust by the undersigned, as trustee, to form a statutory trust under the Delaware Statutory Trust Act (12 Del. C. § 3801 et
seq.) (the “Act”). 
 1. Name. The name of the statutory trust formed by this Certificate of Trust is SLM STUDENT LOAN
TRUST 2008-4. 
 2. Delaware Trustee. The name and business address of the Delaware Trustee of the Trust in the State of Delaware are
BNYM (Delaware), White Clay Center, Route 273, Newark, Delaware 19711, Attn: [            ]. 
 3. Effective Date. This Certificate of Trust shall be effective upon filing. 
  

 B-1 

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

			
	 BNYM (DELAWARE), formerly known as
 The Bank
of New York (Delaware),
 not in its individual capacity
 but
solely as Delaware Trustee

		
	By:	 	  

	Name:	 	
	Title:	 	

  

 B-2 

 EXHIBIT C 
 [FORM OF TRANSFEROR LETTER] 
 [Date] 
 Sallie Mae, Inc., 
 as Administrator 
 12061 Bluemont Way 
 Reston, Virginia 20190 
 Deutsche
Bank Trust Company Americas, 
 as Excess Distribution Certificate Registrar 
 60 Wall Street, 26th Floor 
 Mailstop NYC60-2606 
 New York, New York 10005

 Attention: Trust & Securities Services/Structured Finance Services 
 The Bank of New York Trust Company, N.A., 
 as Eligible Lender Trustee 
 10161 Centurion Parkway 
 Jacksonville, Florida 32256 
 BNYM (Delaware), 
 as Delaware Trustee 
 White Clay Center 
 Route 273 
 Newark, Delaware 19711 
  

	Re:	SLM Student Loan Trust 2008-4, 

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

 C-1 

			
	  

	[Print Name of Transferor]
		
	By:	 	  

		 	Authorized Officer

  

 C-2 

 EXHIBIT D-1 
 [FORM OF TRANSFEREE LETTER (NON-RULE 144A)] 
 [Date] 
 Sallie Mae, Inc. 
 as Administrator 
 12061 Bluemont Way 
 Reston, Virginia 20190 
 Deutsche
Bank Trust Company Americas, 
 as Excess Distribution Certificate Registrar 
 60 Wall Street, 26th Floor 
 Mailstop NYC60-2606 
 New York, New York 10005

 Attention: Trust & Securities Services/Structured Finance Services 
 The Bank of New York Trust Company, N.A., 
 as Eligible Lender Trustee 
 10161 Centurion Parkway 
 Jacksonville, Florida 32256 
 BNYM (Delaware), 
 as Delaware Trustee 
 White Clay Center 
 Route 273 
 Newark, Delaware 19711 
  

	Re:	SLM Student Loan Trust 2008-4, 

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

  

 D-1-1 

 
acquiring the Certificate for, by or for the account of (i) any Benefit Plan subject to Title I of ERISA and/or Section 4975 of the Code, if such
acquisition, or the management or servicing of the Trust or its assets, would cause a non-exempt prohibited transaction in violation of Section 406 of ERISA and/or Section 4975 of the Code, (ii) any Benefit Plan subject to a
substantially similar federal, state, local or foreign law, if such acquisition would cause a non-exempt violation of such substantially similar law, (iii) any person who is not a United States person within the meaning of
Section 7701(a)(30) of the Code, or (iv) any “pass-thru entity” referred to in Section 1(h)(10)(D), (E) or (F) of the Code, the income of which pass-thru entity is includible directly or indirectly through one or
more other such pass-thru entities by any person referred to in clause (iii) above, (e) we are acquiring the Certificate for investment for our own account and not with a view to any distribution of the Certificate (but without prejudice
to our right at all times to sell or otherwise dispose of the Certificate in accordance with clause (g) below), (f) we have not offered or sold the Certificate to, or solicited offers to buy the Certificate from, any person, or otherwise
approached or negotiated with any person with respect thereto, or taken any other action which would result in a violation of Section 5 of the Securities Act, and (g) we will not sell, transfer or otherwise dispose of the Certificate
unless (1) such sale, transfer or other disposition is made pursuant to an effective registration statement under the Securities Act or is exempt from such registration requirements, and if requested, we will at our expense provide an opinion
of counsel satisfactory to the addressees of this Letter that such sale, transfer or other disposition may be made pursuant to an exemption from the Securities Act, (2) the purchaser or transferee of such Certificate has executed and delivered
to you a certificate to substantially the same effect as this certificate and (3) the purchaser or transferee has otherwise complied with any conditions for transfer set forth in the Trust Agreement relating to the Certificate. 
 Except as otherwise specified herein or as the context may otherwise require, capitalized terms used but not otherwise defined herein are defined in
Appendix A to the Indenture dated as of April 17, 2008, among The Bank of New York Trust Company, N.A., not in its individual capacity, but solely as the Eligible Lender Trustee on behalf of the Trust, the Trust and Deutsche Bank Trust Company
Americas, not in its individual capacity, but solely as the Indenture Trustee, as may be amended or supplemented from time to time. 
  

			
	Very truly yours,
	  

	[Print Name of Transferee]
		
	By:	 	  

		 	Authorized Officer

  

 D-1-2 

 EXHIBIT D-2 
 [FORM OF TRANSFEREE LETTER (RULE 144A)] 
 [Date] 
 Sallie Mae, Inc. 
 as Administrator 
 12061 Bluemont Way 
 Reston, Virginia 20190 
 Deutsche
Bank Trust Company Americas, 
 as Excess Distribution Certificate Registrar 
 60 Wall Street, 26th Floor 
 Mailstop NYC60-2606 
 New York, New York 10005

 Attention: Trust & Securities Services/Structured Finance Services 
 The Bank of New York Trust Company, N.A., 
 as Eligible Lender Trustee 
 10161 Centurion Parkway 
 Jacksonville, Florida 32256 
 BNYM (Delaware), 
 as Delaware Trustee 
 White Clay Center 
 Route 273 
 Newark, Delaware 19711 
  

	Re:	SLM Student Loan Trust 2008-4, 

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

  

 D-2-1 

 
exempt prohibited transaction in violation of Section 406 of ERISA and/or Section 4975 of the Code, (ii) any Benefit Plan subject to a
substantially similar federal, state, local or foreign law, if such acquisition would cause a non-exempt violation of such substantially similar law, (iii) any person who is not a United States person within the meaning of
Section 7701(a)(30) of the Code, or (iv) any “pass-thru entity” referred to in Section 1(h)(10)(D), (E) or (F) of the Code, the income of which pass-thru entity is includible directly or indirectly through one or
more other such pass-thru entities by any person referred to in clause (iii) above, (e) we have not, nor has anyone acting on our behalf offered, transferred, pledged, sold or otherwise disposed of the Certificate, any interest in the
Certificate or any other similar security to, or solicited any offer to buy or accept a transfer, pledge or other disposition of the Certificate, any interest in the Certificate or any other similar security from, or otherwise approached or
negotiated with respect to the Certificate, any interest in the Certificate or any other similar security with, any person in any manner, or made any general solicitation by means of general advertising or in any other manner, or taken any other
action, that would constitute a distribution of the Certificate under the Securities Act or that would render the disposition of the Certificate a violation of Section 5 of the Securities Act or require registration pursuant thereto, nor will
act, nor has authorized or will authorize any person to act, in such manner with respect to the Certificate, (f) we are a “qualified institutional buyer” as that term is defined in Rule 144A under the Securities Act (“Rule
144A”) and have completed either of the forms of certification to that effect attached hereto as Annex 1 or Annex 2. We are aware that the sale to us is being made in reliance on Rule 144A. We are acquiring the Certificate for our own account
or for resale pursuant to Rule 144A and further understand that the Certificate may be resold, pledged or transferred only (1) to a person reasonably believed to be a qualified institutional buyer that purchases for its own account or for the
account of a qualified institutional buyer to whom notice is given that the resale, pledge or transfer is being made in reliance on Rule 144A, or (ii) pursuant to another exemption from registration under the Securities Act. 
 Except as otherwise specified herein or as the context may otherwise require, capitalized terms used but not otherwise defined herein are defined in
Appendix A to the Indenture dated as of April 17, 2008, among The Bank of New York Trust Company, N.A., not in its individual capacity, but solely as the Eligible Lender Trustee on behalf of the Trust, the Trust and Deutsche Bank Trust Company
Americas, not in its individual capacity, but solely as the Indenture Trustee, as may be amended or supplemented from time to time. 
  

			
	Very truly yours,
	  

	[Print Name of Transferee]
		
	By:	 	  

		 	Authorized Officer

  

 D-2-2 

 ANNEX 1 
 QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A 
 [For Transferees Other Than Registered
Investment Companies] 
 The undersigned (the “Buyer”) hereby certifies as follows to the parties listed in the Rule 144A
Transferee Letter to which this certification relates with respect to the Certificate described therein: 
  

	 	1.	As indicated below, the undersigned is the President, Chief Financial Officer, Senior Vice President or other executive officer of the Buyer. 

  

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

  

	 	—	Corporation, etc. The Buyer is a corporation (other than a bank, savings and loan association or similar institution), Massachusetts or similar business trust, partnership,
or charitable organization described in Section 501 (c) (3) of the Internal Revenue Code of 1986, as amended. 

  

	 	—	Bank. The Buyer (a) is a national bank or banking institution organized under the laws of any State, territory or the District of Columbia, the business of which is
substantially confined to banking and is supervised by the State or territorial banking commission or similar official or is a foreign bank or equivalent institution, and (b) has an audited net worth of at least $25,000,000 as demonstrated in
its latest annual financial statements, a copy of which is attached hereto. 

  

	 	—	Savings and Loan. The Buyer (a) is a savings and loan association, building and loan association, cooperative bank, homestead association or similar institution, which
is supervised and examined by a State or Federal authority having supervision over any such institutions or is a foreign savings and loan association or equivalent institution and (b) has an audited net worth of at least $25,000,000 as
demonstrated in its latest annual financial statements, a copy of which is attached hereto. 

  

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

  

 Annex 1-1 

	 	—	Broker-dealer. The Buyer is a dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934. 

  

	 	—	Insurance Company. The Buyer is an insurance company whose primary and predominant business activity is the writing of insurance or the reinsuring of risks underwritten by
insurance companies and which is subject to supervision by the insurance commissioner or a similar official or agency of a State, territory or the District of Columbia. 

  

	 	—	State or Local Plan. The Buyer is a plan established and maintained by a State, its political subdivisions, or any agency or instrumentality of the State or its political
subdivisions, for the benefit of its employees. 

  

	 	—	ERISA Plan. The Buyer is an employee benefit plan within the meaning of Title I of the Employee Retirement Income Security Act of 1974. 

  

	 	—	Investment Advisor. The Buyer is an investment advisor registered under the Investment Advisors Act of 1940. 

  

	 	—	Small Business Investment Company. The Buyer is a small business investment company licensed by the U.S. Small Business Administration under Section 301(c) or
(d) of the Small Business Investment Act of 1958. 

  

	 	—	Business Development Company. The Buyer is a business development company as defined in Section 202(a)(22) of the Investment Advisors Act of 1940.

  

	 	—	Qualified Institutional Buyers. The Buyer owned and/or invested on a discretionary basis less than $100,000,000, but it is an entity in which all of the equity owners are
qualified institutional buyers. 

  

	 	3.	The term “securities” as used herein does not include (i) securities of issuers that are affiliated with the Buyer, (ii) securities that are part
of an unsold allotment to or subscription by the Buyer, if the Buyer is a dealer, (iii) securities issued or guaranteed by the U.S. or any instrumentality thereof, (iv) bank deposit notes and certificates of deposit, (v) loan
participations, (vi) repurchase agreements, (vii) securities owned but subject to a repurchase agreement and (viii) currency, interest rate and commodity swaps. 

  

	 	4.	 For purposes of determining the aggregate amount of securities owned and/or invested on a discretionary basis by the Buyer, the Buyer used the cost of such
securities to the Buyer and did not include any of the securities referred to in the preceding paragraph, except (i) where the Buyer reports its securities holdings in its financial statements on the basis of their market value, and
(ii) no current information with respect to the cost of those securities has been published. If clause (ii) in the preceding sentence applies, the securities may be valued at market. Further, in determining such aggregate amount, the Buyer
may have 

  

 Annex 1-2 

	 	 
included securities owned by subsidiaries of the Buyer, but only if such subsidiaries are consolidated with the Buyer in its financial statements prepared in
accordance with generally accepted accounting principles and if the investments of such subsidiaries are managed under the Buyer’s direction. However, such securities were not included if the Buyer is a majority-owned, consolidated subsidiary
of another enterprise and the Buyer is not itself a reporting company under the Securities Exchange Act of 1934, as amended. 

  

	 	5.	The Buyer acknowledges that it is familiar with Rule 144A and understands that the seller to it and other parties related to the Certificate are relying and will continue to rely on
the statements made herein because one or more sales to the Buyer may be in reliance on Rule 144A. 

  

	 	6.	Until the date of purchase of the Rule 144A Securities, the Buyer will notify each of the parties to which this certification is made of any changes in the information and
conclusions herein. Until such notice is given, the Buyer’s purchase of the Certificate will constitute a reaffirmation of this certification as of the date of such purchase. In addition, if the Buyer is a bank or savings and loan is provided
above, the Buyer agrees that it will furnish to such parties updated annual financial statements promptly after they become available. 

  

			
	  

	[Print Name of Transferee]
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	Date:	 	  

  

 Annex 1-3 

 ANNEX 2 
 QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A 
 [For Transferees That are Registered
Investment Companies] 
 The undersigned (the “Buyer”) hereby certifies as follows to the parties listed in the Rule 144A
Transferee Letter to which this certification relates with respect to the Certificate described therein: 
  

	 	1.	As indicated below, the undersigned is the President, Chief Financial Officer or Senior Vice President of the Buyer or, if the Buyer is a “qualified institutional buyer”
as that term is defined in Rule 144A under the Securities Act of 1933, as amended (“Rule 144A”) because Buyer is part of a Family of Investment Companies (as defined below), is such an officer of the Adviser. 

  

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

  

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

  

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

  

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

  

 Annex 2-1 

	 	4.	The term “securities” as used herein does not include (i) securities of issuers that are affiliated with the Buyer or are part of the Buyer’s Family of
Investment Companies, (ii) securities issued or guaranteed by the U.S. or any instrumentality thereof, (iii) bank deposit notes and certificates of deposit, (iv) loan participations, (v) repurchase agreements,
(vi) securities owned but subject to a repurchase agreement and (vii) currency, interest rate and commodity swaps. 

  

	 	5.	The Buyer is familiar with Rule 144A and understands that the parties listed in the Rule 144A Transferee Letter to which this certification relates are relying and will continue to
rely on the statements made herein because one or more sales to the Buyer will be in reliance on Rule 144A. In addition, the Buyer will only purchase for the Buyer’s own account. 

  

	 	6.	Until the date of purchase of the Certificate, the undersigned will notify the parties listed in the Rule 144A Transferee Letter to which this certification relates of any changes
in the information and conclusions herein. Until such notice is given, the Buyer’s purchase of the Certificate will constitute a reaffirmation of this certification by the undersigned as of the date of such purchase. 

 

			
	  

	Print Name of Buyer or Adviser
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	[IF AN ADVISER:]
	  

	Print Name of Buyer
		
	Date:	 	  

  

 Annex 2-2

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