Document:

EX-4.4

INTERIM TRUST AGREEMENT

between

TOWN CENTER FUNDING LLC

and

THE BANK OF NEW YORK MELLON TRUST COMPANY, NATIONAL ASSOCIATION,

not in its individual capacity but solely

as Eligible Lender Trustee for the benefit of Town Center Funding LLC

Dated as of April 15, 2010

TABLE OF CONTENTS

Page

	 	 	 
	ARTICLE I Definitions and Usage

	 	

	ARTICLE II Appointment of Town Center Funding Eligible Lender Trustee

	SECTION 2.1.

SECTION 2.2.

SECTION 2.3.

	 	Appointment of Town Center Funding Eligible Lender Trustee

Declaration of Trust

Title to Interim Trust Loans

	 	 	 
	ARTICLE III Representations and Warranties of Town Center Funding

	ARTICLE IV Authority and Duties of Town Center Funding Eligible Lender Trustee

	SECTION 4.1.

SECTION 4.2.

SECTION 4.3.

SECTION 4.4.

SECTION 4.5.

	 	General Authority

General Duties

No Duties Except as Specified in this Agreement

No Action Except Under Specified Documents

Restrictions

	 	 	 
	ARTICLE V Concerning the Town Center Funding Eligible Lender Trustee

	SECTION 5.1.

SECTION 5.2.

SECTION 5.3.

	 	Acceptance of Trust and Duties

Representations and Warranties

Not Acting in Individual Capacity

	 	 	 	SECTION 5.4. Town Center Funding Eligible Lender Trustee Not Liable for the Interim
Trust Loans	 

	 	 	ARTICLE VI Compensation and Indemnity of Town Center Funding Eligible Lender Trustee

	 	 	ARTICLE VII Termination of Interim Trust Agreement

	 	 	ARTICLE VIII Successor Town Center Funding Eligible Lender Trustees

	 	 	 	SECTION 8.1. Eligibility Requirements for Town Center Funding Eligible Lender Trustee	 

	 	 	 	SECTION 8.2. Resignation or Removal of Town Center Funding Eligible Lender Trustee	 

	 	 	 	SECTION 8.3. Successor Town Center Funding Eligible Lender Trustee	 

	 	 	 	SECTION 8.4. Merger or Consolidation of Town Center Funding Eligible Lender Trustee	 

	 	 	 
	ARTICLE IX Miscellaneous

	SECTION 9.1.

SECTION 9.2.

SECTION 9.3.

SECTION 9.4.

SECTION 9.5.

SECTION 9.6.

SECTION 9.7.

SECTION 9.8.

SECTION 9.9.

	 	Supplements and Amendments

Notices

Severability

Separate Counterparts

Successors and Assigns

Headings

Governing Law

Force Majeure

Waiver of Jury Trial

INTERIM TRUST AGREEMENT

INTERIM TRUST AGREEMENT (the “Agreement”), dated as of April 15, 2010, between TOWN CENTER
FUNDING LLC (“Town Center Funding”) as the Purchaser and subsequent Seller of certain Loans, and
THE BANK OF NEW YORK MELLON TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association,
not in its individual capacity but solely as Eligible Lender Trustee (the “Town Center Funding
Eligible Lender Trustee”).

WHEREAS, Town Center Funding is a limited liability company established for the purpose of
purchasing Loans from subsidiaries or affiliates of SLM Corporation and selling Loans to, among
others, SLM Funding LLC (the “Depositor”) for resale to special purpose trusts established for the
purpose of financing the purchase of such Loans;

WHEREAS, on the Closing Date, Town Center Funding has acquired certain Loans from subsidiaries
or affiliates of SLM Corporation, and will subsequently enter into a Purchase Agreement with the
Depositor, for the purpose of effecting the sale of such Loans to the Depositor;

WHEREAS, during the Supplemental Purchase Period, Town Center Funding may acquire Additional
Trust Student Loans from subsidiaries or affiliates of SLM Corporation and subsequently enter into
one or more Additional Purchase Agreements with the Depositor, for the purpose of effecting the
sale of such Additional Trust Student Loans (collectively, the applicable Initial Trust Student
Loans and the applicable Additional Trust Student Loans are referred to herein as the “Interim
Trust Loans”);

WHEREAS, pursuant to the terms of the Purchase Agreement with the Depositor, Town Center
Funding may be required, under certain circumstances, to repurchase some of the Interim Trust
Loans; and

WHEREAS, the Eligible Lender Trustee is an “eligible lender” within the meaning of Section
435(d) of the Higher Education Act and is willing to hold legal title to the Interim Trust Loans on
behalf and for the benefit of Town Center Funding.

NOW, THEREFORE, Town Center Funding and the Town Center Funding Eligible Lender Trustee hereby
agree as follows:

ARTICLE I

Definitions and Usage

Except as otherwise specified herein or as the context may otherwise require, capitalized
terms used but not otherwise defined herein are defined in Appendix A to the Indenture, dated as of
April 15, 2010 (the “Indenture”), among SLM Student Loan Trust 2010-1 (the “Trust”), The Bank of
New York Mellon Trust Company, National Association, not in its individual capacity but solely as
eligible lender trustee (the “Eligible Lender Trustee”) on behalf of the Trust, and Deutsche Bank
Trust Company Americas, not in its individual capacity but solely as indenture trustee (the
“Indenture Trustee”), as may be amended or supplemented from time to time, which also contains
rules as to usage that shall be applicable herein.

ARTICLE II

Appointment of Town Center Funding Eligible Lender Trustee

SECTION 2.1. Appointment of Town Center Funding Eligible Lender Trustee. Town Center
Funding hereby appoints the Town Center Funding Eligible Lender Trustee, effective as of the date
hereof, as trustee, to have all the rights, powers and duties set forth herein, including, without
limitation:

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

	 	b.	 	to enter into and perform its obligations as the Town Center
Funding Eligible Lender Trustee under this Agreement and the Town Center
Funding Purchase Agreement (including any Additional Purchase Agreements
entered into during the Supplemental Purchase Period); and

	 	c.	 	to engage in those activities, including entering into
agreements, that are necessary, suitable or convenient to accomplish the
foregoing or are incidental thereto or connected therewith.

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

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

ARTICLE III

Representations and Warranties of Town Center Funding

Town Center Funding hereby represents and warrants to the Town Center Funding Eligible Lender
Trustee that:

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

	 	2.	 	It has all necessary power and authority to execute and deliver this Agreement
and to carry out its terms; and the execution, delivery and performance of this
Agreement has been duly authorized by Town Center Funding by all necessary action.

	 	3.	 	This Agreement constitutes a legal, valid and binding obligation of Town Center
Funding enforceable in accordance with its terms, subject to applicable bankruptcy,
insolvency, reorganization and similar laws relating to creditors’ rights generally and
subject to general principles of equity.

	 	4.	 	The consummation of the transactions contemplated by this Agreement and the
fulfillment of the terms hereof do not conflict with, result in any breach of any of
the terms and provisions of, or constitute (with or without notice or lapse of time or
both) a default under, the certificate of formation or limited liability company
operating agreement, in effect as of the date hereof, of Town Center Funding, or any
indenture, agreement or other instrument to which Town Center Funding is a party or by
which it is bound; nor result in the creation or imposition of any Lien upon any of its
properties pursuant to the terms of any such indenture, agreement or other instrument
(other than as contemplated by the Basic Documents); nor violate any law or any order,
rule or regulation applicable to Town Center Funding of any court or of any Federal or
state regulatory body, administrative agency or other governmental instrumentality
having jurisdiction over Town Center Funding or its properties.

ARTICLE IV

Authority and Duties of Town Center Funding Eligible Lender Trustee

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

SECTION 4.2. General Duties. It shall be the duty of the Town Center Funding Eligible
Lender Trustee to discharge (or cause to be discharged) all its responsibilities as the Town Center
Funding Eligible Lender Trustee pursuant to the terms of the Town Center Funding Purchase Agreement
and this Agreement.

SECTION 4.3. No Duties Except as Specified in this Agreement. The Town Center Funding
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 Interim Trust
Loans, or to otherwise take or refrain from taking any action under, or in connection with, any
document contemplated hereby to which the Town Center Funding Eligible Lender Trustee is a party,
except as expressly provided by the terms of the Town Center Funding Purchase Agreement or this
Agreement; and no implied duties or obligations shall be read into this Agreement or the Town
Center Funding Purchase Agreement against the Town Center Funding Eligible Lender Trustee.

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

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

ARTICLE V

Concerning the Town Center Funding Eligible Lender Trustee

SECTION 5.1. Acceptance of Trust and Duties. The Town Center Funding Eligible Lender
Trustee accepts the trust hereby created and agrees to perform its duties hereunder with respect to
such trust but only upon the terms of this Agreement. The Town Center Funding Eligible Lender
Trustee shall not be answerable or accountable hereunder or under the Town Center Funding Purchase
Agreement under any circumstances, except (i) for its own willful misconduct or negligence or (ii)
in the case of the inaccuracy of any representation or warranty contained in Section 5.2 below
expressly made by the Town Center Funding Eligible Lender Trustee. In particular, but not by way
of limitation (and subject to the exceptions set forth in the preceding sentence):

	 	1.	 	The Town Center Funding Eligible Lender Trustee shall not be liable for any
error of judgment made by a responsible officer of the Town Center Funding Eligible
Lender Trustee.

	 	2.	 	No provision of this Agreement or the Town Center Funding Purchase Agreement
shall require the Town Center Funding Eligible Lender 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 the Town Center Funding Purchase Agreement, if the Town
Center Funding Eligible Lender Trustee shall have reasonable grounds for believing that
repayment of such funds or adequate indemnity against such risk or liability is not
reasonably assured or provided to it.

	 	3.	 	The Town Center Funding Eligible Lender Trustee shall not be responsible for or
in respect of the validity or sufficiency of this Agreement or for the due execution
hereof by Town Center Funding or for the form, character, genuineness, sufficiency,
value or validity of any of the Interim Trust Loans or for or in respect of the
validity or sufficiency of the Town Center Funding Purchase Agreement.

	 	4.	 	In no event shall the Town Center Funding Interim Eligible Lender Trustee be
responsible or liable for special, indirect, or consequential loss or damage of any
kind whatsoever irrespective of whether the Town Center Funding Interim Eligible Lender
Trustee has been advised of the likelihood of such loss or damage and regardless of the
form of action.

SECTION 5.2. Representations and Warranties. The Town Center Funding Eligible Lender
Trustee hereby represents and warrants to Town Center Funding that:

	 	1.	 	It is duly organized and validly existing in good standing under the laws of
its governing jurisdiction and has an office located within the State of Florida, at
which it will act as trustee for the Trust. It has all requisite power and authority to
execute, deliver and perform its obligations under the Town Center Funding Purchase
Agreement and this Agreement.

	 	2.	 	It has taken all action necessary to authorize the execution and delivery by it
of the Town Center Funding Purchase Agreement and this Agreement, and the Town Center
Funding Purchase Agreement and this Agreement have been executed and delivered by one
of its officers who is duly authorized to execute and deliver the same on its behalf.

	 	3.	 	Neither the execution nor the delivery by it of the Town Center Funding
Purchase Agreement or this Agreement, nor the consummation by it of the transactions
contemplated thereby or hereby nor compliance by it with any of the terms or provisions
thereof or hereof will contravene any Federal or Delaware state law, governmental rule
or regulation governing the banking or trust powers of the Town Center Funding 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.

	 	4.	 	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 Interim Trust Loans as contemplated by this Agreement and the Town Center
Funding Purchase Agreement.

SECTION 5.3. Not Acting in Individual Capacity. Except as provided in this Article V,
in accepting the trust hereby created, The Bank of New York Mellon Trust Company, National
Association acts solely as Town Center Funding Eligible Lender Trustee hereunder and not in its
individual capacity.

SECTION 5.4. Town Center Funding Eligible Lender Trustee Not Liable for the Interim Trust
Loans. The Town Center Funding Eligible Lender Trustee makes no representations as to the
validity or sufficiency of this Agreement or the Town Center Funding Purchase Agreement, or of any
Interim Trust Loan or related documents. The Town Center Funding Eligible Lender Trustee shall at
no time have any responsibility for or with respect to the sufficiency of the Interim Trust Loans;
the validity or completeness of the assignment to the Town Center Funding Eligible Lender Trustee
of legal title to any Interim Trust Loan on behalf and for the benefit of Town Center Funding; the
performance or enforcement (except as expressly set forth in the Town Center Funding Purchase
Agreement) of any Interim Trust Loan; the compliance by Town Center Funding 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 Town Center Funding
Eligible Lender Trustee.

ARTICLE VI

Compensation and Indemnity of Town Center Funding Eligible Lender Trustee

(a) The Town Center Funding Eligible Lender Trustee shall receive as compensation for its
services hereunder such fees as have been separately agreed upon before the date hereof between
Town Center Funding and the Town Center Funding Eligible Lender Trustee, and the Town Center
Funding Eligible Lender Trustee shall be entitled to be reimbursed by Town Center Funding, to the
extent provided in such separate agreement, for its other reasonable expenses hereunder.

(b) The Depositor shall cause the Administrator to indemnify the Interim Eligible Lender
Trustee in its individual capacity and any of its officers, directors, employees and agents as and
to the extent provided for in Section 4.2 of the Administration Agreement.

ARTICLE VII

Termination of Interim Trust Agreement

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

ARTICLE VIII

Successor Town Center Funding Eligible Lender Trustees

SECTION 8.1. Eligibility Requirements for Town Center Funding Eligible Lender Trustee.
The Town Center Funding Eligible Lender Trustee shall at all times be a corporation or banking
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 Interim Trust Loans on behalf and
for the benefit of Town Center Funding, with a valid lender identification number with respect to
the Interim Trust Loans from the Department; and (ii) being authorized to exercise corporate trust
powers and hold legal title to the Interim Trust Loans. In case at any time the Town Center
Funding Eligible Lender Trustee shall cease to be eligible in accordance with the provisions of
this Section, the Town Center Funding Eligible Lender Trustee shall resign immediately in the
manner and with the effect specified in Section 8.2.

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

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

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

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

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

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

ARTICLE IX

Miscellaneous

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

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

Promptly after the execution of any such amendment or consent, the Town Center Funding
Eligible Lender Trustee shall furnish written notification of the substance of such amendment or
consent to the Indenture Trustee and each of the Rating Agencies then rating the Notes.

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

Prior to the execution of any amendment to this Agreement, the Town Center Funding Eligible
Lender Trustee shall be entitled to receive and rely upon an Opinion of Counsel stating that the
execution of such amendment is authorized or permitted by this Agreement. The Town Center Funding
Eligible Lender Trustee may, but shall not be obligated to, enter into any such amendment which
affects the Town Center Funding Eligible Lender Trustee’s own rights, duties or immunities under
this Agreement or otherwise.

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

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

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

SECTION 9.5. Successors and Assigns. All covenants and agreements contained herein
shall be binding upon and to the benefit of, Town Center Funding and its successors and the Town
Center Funding Eligible Lender Trustee and its successors, all as herein provided.

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

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

SECTION 9.8. Force Majeure. In no event shall the Town Center Funding Eligible Lender
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 Town Center Funding Eligible
Lender Trustee shall use reasonable efforts which are consistent with accepted practices in the
banking industry to resume performance of its obligations as soon as practicable under the
circumstances.

SECTION 9.9. 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
TRANSACTIONS CONTEMPLATED HEREBY.

1

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

THE BANK OF NEW YORK MELLON TRUST COMPANY, NATIONAL
ASSOCIATION, not in its individual capacity but
solely

as Eligible Lender Trustee for the

benefit of Town Center Funding LLC

By: /S/ ERIC LINDAHL

Name: Eric Lindahl

Title: Vice President

TOWN CENTER FUNDING LLC,

in its capacity as Purchaser and Seller

By: /S/ MARK D. REIN

Name: Mark D. Rein

Title: Vice President

2EX-4.5

INTERIM TRUST AGREEMENT

between

TOWN HALL FUNDING LLC

and

THE BANK OF NEW YORK MELLON TRUST COMPANY, NATIONAL ASSOCIATION,

not in its individual capacity but solely

as Eligible Lender Trustee for the benefit of Town Hall Funding LLC

Dated as of April 15, 2010

TABLE OF CONTENTS

Page

	 	 	 
	ARTICLE IDefinitions and Usage

	 	

	ARTICLE IIAppointment of Town Hall Funding Eligible Lender Trustee

	SECTION 2.1

SECTION 2.2

SECTION 2.3

	 	Appointment of Town Hall Funding Eligible Lender Trustee

Declaration of Trust

Title to Interim Trust Loans
	ARTICLE IIIRepresentations and Warranties of Town Hall Funding

	ARTICLE IVAuthority and Duties of Town Hall Funding Eligible Lender Trustee

	SECTION 4.1

SECTION 4.2

SECTION 4.3

SECTION 4.4

SECTION 4.5

	 	General Authority

General Duties

No Duties Except as Specified in this Agreement

No Action Except Under Specified Documents

Restrictions
	ARTICLE VConcerning the Town Hall Funding Eligible Lender Trustee

	SECTION 5.1

SECTION 5.2

SECTION 5.3

	 	Acceptance of Trust and Duties

Representations and Warranties

Not Acting in Individual Capacity

	 	 	 	SECTION 5.4 Town Hall Funding Eligible Lender Trustee Not Liable for the Interim Trust
Loans	 

	 	 	 
	ARTICLE VICompensation and Indemnity of Town Hall Funding Eligible Lender Trustee

	ARTICLE VIITermination of Interim Trust Agreement

	ARTICLE VIIISuccessor Town Hall Funding Eligible Lender Trustees

	SECTION 8.1

SECTION 8.2

SECTION 8.3

SECTION 8.4

ARTICLE IXMiscellaneous

SECTION 9.1

SECTION 9.2

SECTION 9.3

SECTION 9.4

SECTION 9.5

SECTION 9.6

SECTION 9.7

SECTION 9.8

SECTION 9.9

	 	Eligibility Requirements for Town Hall Funding Eligible Lender Trustee

Resignation or Removal of Town Hall Funding Eligible Lender Trustee

Successor Town Hall Funding Eligible Lender Trustee

Merger or Consolidation of Town Hall Funding Eligible Lender Trustee

Supplements and Amendments

Notices

Severability

Separate Counterparts

Successors and Assigns

Headings

Governing Law

Force Majeure

Waiver of Jury Trial

INTERIM TRUST AGREEMENT

INTERIM TRUST AGREEMENT (the “Agreement”), dated as of April 15, 2010, between TOWN HALL
FUNDING LLC (“Town Hall Funding”) as the Purchaser and subsequent Seller of certain Loans, and THE
BANK OF NEW YORK MELLON TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association, not in
its individual capacity but solely as Eligible Lender Trustee (the “Town Hall Funding Eligible
Lender Trustee”).

WHEREAS, Town Hall Funding is a limited liability company established for the purpose of
purchasing Loans from subsidiaries or affiliates of SLM Corporation and selling Loans to, among
others, SLM Funding LLC (the “Depositor”) for resale to special purpose trusts established for the
purpose of financing the purchase of such Loans;

WHEREAS, on the Closing Date, Town Hall Funding has acquired certain Loans from subsidiaries
or affiliates of SLM Corporation, and will subsequently enter into a Purchase Agreement with the
Depositor, for the purpose of effecting the sale of such Loans to the Depositor;

WHEREAS, during the Supplemental Purchase Period, Town Hall Funding may acquire Additional
Trust Student Loans from subsidiaries or affiliates of SLM Corporation and subsequently enter into
one or more Additional Purchase Agreements with the Depositor, for the purpose of effecting the
sale of such Additional Trust Student Loans (collectively, the applicable Initial Trust Student
Loans and the applicable Additional Trust Student Loans are referred to herein as the “Interim
Trust Loans”);

WHEREAS, pursuant to the terms of the Purchase Agreement with the Depositor, Town Hall Funding
may be required, under certain circumstances, to repurchase some of the Interim Trust Loans; and

WHEREAS, the Eligible Lender Trustee is an “eligible lender” within the meaning of Section
435(d) of the Higher Education Act and is willing to hold legal title to the Interim Trust Loans on
behalf and for the benefit of Town Hall Funding.

NOW, THEREFORE, Town Hall Funding and the Town Hall Funding Eligible Lender Trustee hereby
agree as follows:

ARTICLE I

Definitions and Usage

Except as otherwise specified herein or as the context may otherwise require, capitalized
terms used but not otherwise defined herein are defined in Appendix A to the Indenture, dated as of
April 15, 2010 (the “Indenture”), among SLM Student Loan Trust 2010-1 (the “Trust”), The Bank of
New York Mellon Trust Company, National Association, not in its individual capacity but solely as
eligible lender trustee (the “Eligible Lender Trustee”) on behalf of the Trust, and Deutsche Bank
Trust Company Americas, not in its individual capacity but solely as indenture trustee (the
“Indenture Trustee”), as may be amended or supplemented from time to time, which also contains
rules as to usage that shall be applicable herein.

ARTICLE II

Appointment of Town Hall Funding Eligible Lender Trustee

SECTION 2.1 Appointment of Town Hall Funding Eligible Lender Trustee. Town Hall
Funding hereby appoints the Town Hall Funding Eligible Lender Trustee, effective as of the date
hereof, as trustee, to have all the rights, powers and duties set forth herein, including, without
limitation:

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

	 	b.	 	to enter into and perform its obligations as the Town Hall Funding Eligible
Lender Trustee under this Agreement and the Town Hall Funding Purchase Agreement
(including any Additional Purchase Agreements entered into during the Supplemental
Purchase Period); and

	 	c.	 	to engage in those activities, including entering into agreements, that are
necessary, suitable or convenient to accomplish the foregoing or are incidental thereto
or connected therewith.

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

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

ARTICLE III

Representations and Warranties of Town Hall Funding

Town Hall Funding hereby represents and warrants to the Town Hall Funding Eligible Lender
Trustee that:

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

	 	2.	 	It has all necessary power and authority to execute and deliver this Agreement
and to carry out its terms; and the execution, delivery and performance of this
Agreement has been duly authorized by Town Hall Funding by all necessary action.

	 	3.	 	This Agreement constitutes a legal, valid and binding obligation of Town Hall
Funding enforceable in accordance with its terms, subject to applicable bankruptcy,
insolvency, reorganization and similar laws relating to creditors’ rights generally and
subject to general principles of equity.

	 	4.	 	The consummation of the transactions contemplated by this Agreement and the
fulfillment of the terms hereof do not conflict with, result in any breach of any of
the terms and provisions of, or constitute (with or without notice or lapse of time or
both) a default under, the certificate of formation or limited liability company
operating agreement, in effect as of the date hereof, of Town Hall Funding, or any
indenture, agreement or other instrument to which Town Hall Funding is a party or by
which it is bound; nor result in the creation or imposition of any Lien upon any of its
properties pursuant to the terms of any such indenture, agreement or other instrument
(other than as contemplated by the Basic Documents); nor violate any law or any order,
rule or regulation applicable to Town Hall Funding of any court or of any Federal or
state regulatory body, administrative agency or other governmental instrumentality
having jurisdiction over Town Hall Funding or its properties.

ARTICLE IV

Authority and Duties of Town Hall Funding Eligible Lender Trustee

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

SECTION 4.2 General Duties. It shall be the duty of the Town Hall Funding Eligible
Lender Trustee to discharge (or cause to be discharged) all its responsibilities as the Town Hall
Funding Eligible Lender Trustee pursuant to the terms of the Town Hall Funding Purchase Agreement
and this Agreement.

SECTION 4.3 No Duties Except as Specified in this Agreement. The Town Hall Funding
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 Interim Trust
Loans, or to otherwise take or refrain from taking any action under, or in connection with, any
document contemplated hereby to which the Town Hall Funding Eligible Lender Trustee is a party,
except as expressly provided by the terms of the Town Hall Funding Purchase Agreement or this
Agreement; and no implied duties or obligations shall be read into this Agreement or the Town Hall
Funding Purchase Agreement against the Town Hall Funding Eligible Lender Trustee.

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

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

ARTICLE V

Concerning the Town Hall Funding Eligible Lender Trustee

SECTION 5.1 Acceptance of Trust and Duties. The Town Hall Funding Eligible Lender
Trustee accepts the trust hereby created and agrees to perform its duties hereunder with respect to
such trust but only upon the terms of this Agreement. The Town Hall Funding Eligible Lender
Trustee shall not be answerable or accountable hereunder or under the Town Hall Funding Purchase
Agreement under any circumstances, except (i) for its own willful misconduct or negligence or (ii)
in the case of the inaccuracy of any representation or warranty contained in Section 5.2 below
expressly made by the Town Hall Funding Eligible Lender Trustee. In particular, but not by way of
limitation (and subject to the exceptions set forth in the preceding sentence):

	 	1.	 	The Town Hall Funding Eligible Lender Trustee shall not be liable for any error
of judgment made by a responsible officer of the Town Hall Funding Eligible Lender
Trustee.

	 	2.	 	No provision of this Agreement or the Town Hall Funding Purchase Agreement
shall require the Town Hall Funding Eligible Lender 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 the Town Hall Funding Purchase Agreement, if the Town Hall
Funding Eligible Lender Trustee shall have reasonable grounds for believing that
repayment of such funds or adequate indemnity against such risk or liability is not
reasonably assured or provided to it.

	 	3.	 	The Town Hall Funding Eligible Lender Trustee shall not be responsible for or
in respect of the validity or sufficiency of this Agreement or for the due execution
hereof by Town Hall Funding or for the form, character, genuineness, sufficiency, value
or validity of any of the Interim Trust Loans or for or in respect of the validity or
sufficiency of the Town Hall Funding Purchase Agreement.

	 	4.	 	In no event shall the Town Hall Funding Interim Eligible Lender Trustee be
responsible or liable for special, indirect, or consequential loss or damage of any
kind whatsoever irrespective of whether the Town Hall Funding Interim Eligible Lender
Trustee has been advised of the likelihood of such loss or damage and regardless of the
form of action.

SECTION 5.2 Representations and Warranties. The Town Hall Funding Eligible Lender
Trustee hereby represents and warrants to Town Hall Funding that:

	 	1.	 	It is duly organized and validly existing in good standing under the laws of
its governing jurisdiction and has an office located within the State of Florida, at
which it will act as trustee for the Trust. It has all requisite power and authority to
execute, deliver and perform its obligations under the Town Hall Funding Purchase
Agreement and this Agreement.

	 	2.	 	It has taken all action necessary to authorize the execution and delivery by it
of the Town Hall Funding Purchase Agreement and this Agreement, and the Town Hall
Funding Purchase Agreement and this Agreement have been executed and delivered by one
of its officers who is duly authorized to execute and deliver the same on its behalf.

	 	3.	 	Neither the execution nor the delivery by it of the Town Hall Funding Purchase
Agreement or this Agreement, nor the consummation by it of the transactions
contemplated thereby or hereby nor compliance by it with any of the terms or provisions
thereof or hereof will contravene any Federal or Delaware state law, governmental rule
or regulation governing the banking or trust powers of the Town Hall Funding 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.

	 	4.	 	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 Interim Trust Loans as contemplated by this Agreement and the Town Hall
Funding Purchase Agreement.

SECTION 5.3 Not Acting in Individual Capacity. Except as provided in this Article V,
in accepting the trust hereby created, The Bank of New York Mellon Trust Company, National
Association acts solely as Town Hall Funding Eligible Lender Trustee hereunder and not in its
individual capacity.

SECTION 5.4 Town Hall Funding Eligible Lender Trustee Not Liable for the Interim Trust
Loans. The Town Hall Funding Eligible Lender Trustee makes no representations as to the
validity or sufficiency of this Agreement or the Town Hall Funding Purchase Agreement, or of any
Interim Trust Loan or related documents. The Town Hall Funding Eligible Lender Trustee shall at no
time have any responsibility for or with respect to the sufficiency of the Interim Trust Loans; the
validity or completeness of the assignment to the Town Hall Funding Eligible Lender Trustee of
legal title to any Interim Trust Loan on behalf and for the benefit of Town Hall Funding; the
performance or enforcement (except as expressly set forth in the Town Hall Funding Purchase
Agreement) of any Interim Trust Loan; the compliance by Town Hall Funding 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 Town Hall Funding
Eligible Lender Trustee.

ARTICLE VI

Compensation and Indemnity of Town Hall Funding Eligible Lender Trustee

(a) The Town Hall Funding Eligible Lender Trustee shall receive as compensation for its
services hereunder such fees as have been separately agreed upon before the date hereof between
Town Hall Funding and the Town Hall Funding Eligible Lender Trustee, and the Town Hall Funding
Eligible Lender Trustee shall be entitled to be reimbursed by Town Hall Funding, to the extent
provided in such separate agreement, for its other reasonable expenses hereunder.

(b) The Depositor shall cause the Administrator to indemnify the Interim Eligible Lender
Trustee in its individual capacity and any of its officers, directors, employees and agents as and
to the extent provided for in Section 4.2 of the Administration Agreement.

ARTICLE VII

Termination of Interim Trust Agreement

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

ARTICLE VIII

Successor Town Hall Funding Eligible Lender Trustees

SECTION 8.1 Eligibility Requirements for Town Hall Funding Eligible Lender Trustee.
The Town Hall Funding Eligible Lender Trustee shall at all times be a corporation or banking
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 Interim Trust Loans on behalf and
for the benefit of Town Hall Funding, with a valid lender identification number with respect to the
Interim Trust Loans from the Department; and (ii) being authorized to exercise corporate trust
powers and hold legal title to the Interim Trust Loans. In case at any time the Town Hall Funding
Eligible Lender Trustee shall cease to be eligible in accordance with the provisions of this
Section, the Town Hall Funding Eligible Lender Trustee shall resign immediately in the manner and
with the effect specified in Section 8.2.

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

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

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

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

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

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

ARTICLE IX

Miscellaneous

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

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

Promptly after the execution of any such amendment or consent, the Town Hall Funding Eligible
Lender Trustee shall furnish written notification of the substance of such amendment or consent to
the Indenture Trustee and each of the Rating Agencies then rating the Notes.

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

Prior to the execution of any amendment to this Agreement, the Town Hall Funding Eligible
Lender Trustee shall be entitled to receive and rely upon an Opinion of Counsel stating that the
execution of such amendment is authorized or permitted by this Agreement. The Town Hall Funding
Eligible Lender Trustee may, but shall not be obligated to, enter into any such amendment which
affects the Town Hall Funding Eligible Lender Trustee’s own rights, duties or immunities under this
Agreement or otherwise.

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

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

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

SECTION 9.5 Successors and Assigns. All covenants and agreements contained herein
shall be binding upon and to the benefit of, Town Hall Funding and its successors and the Town Hall
Funding Eligible Lender Trustee and its successors, all as herein provided.

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

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

SECTION 9.8 Force Majeure. In no event shall the Town Hall Funding Eligible Lender
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 Town Hall Funding Eligible Lender
Trustee shall use reasonable efforts which are consistent with accepted practices in the banking
industry to resume performance of its obligations as soon as practicable under the circumstances.

SECTION 9.9 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
TRANSACTIONS CONTEMPLATED HEREBY.

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

THE BANK OF NEW YORK MELLON TRUST COMPANY, NATIONAL
ASSOCIATION,

not in its individual capacity but solely

as Eligible Lender Trustee for the

benefit of Town Hall Funding LLC

By: /S/ ERIC LINDAHL

Name: Eric Lindahl

Title: Vice President

TOWN HALL FUNDING LLC,

in its capacity as Purchaser and Seller

By: /S/ MARK D. REIN

Name: Mark D. Rein

Title: Vice President

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