Document:

<PAGE>

                                                                    EXHIBIT 4(d)

                GUARANTEED MINIMUM WITHDRAWAL BENEFIT ENDORSEMENT

Notwithstanding any provision in the Contract or Certificate ("Contract") to the
contrary, this Endorsement becomes a part of the Contract to which it is
attached. Should any provision in this Endorsement conflict with the Contract,
the provisions of this Endorsement will prevail.

Subject to the terms and conditions set forth herein, this optional Endorsement
provides a Guaranteed Minimum Withdrawal Benefit that guarantees an amount
available for Withdrawal as of the Benefit Availability Date not to exceed a
maximum annual dollar amount to be distributed over a specified number of years,
even if the Contract Value has been reduced to zero due to unfavorable
investment performance ("GMWB"). This GMWB may be purchased [on the date the
Contract is issued], provided that all Owner(s) are age [80] or younger on the
date of election of the GMWB. In addition, as disclosed when you elected this
benefit, the investment options available under your Contract are limited [to
specific variable portfolios/subaccounts available under the Contract]].

EFFECTIVE DATE: [DATE]

BENEFIT AVAILABILITY DATE: [DATE]

                                   DEFINITIONS

Terms not defined in this Endorsement shall have the same meaning given to them
in the Contract.

BENEFIT AVAILABILITY DATE

The date shown above which is the earliest date on which You can begin to take
Withdrawals pursuant to the terms of this Endorsement.

BENEFIT YEAR

Each consecutive one year period beginning on the Benefit Availability Date.

EFFECTIVE DATE

The date shown above when this Endorsement becomes effective. If this
Endorsement is elected at Contract issue, the Effective Date is the date Your
Contract is issued. [If this Endorsement is elected after Your Contract has been
issued, the Effective Date is the [Contract Anniversary following] Your
election.]

ELIGIBLE PURCHASE PAYMENTS

The Purchase Payments or portion thereof that are used in the calculation of the
Withdrawal Benefit Base ("WBB").

MAXIMUM ANNUAL WITHDRAWAL AMOUNT ("MAWA")

The maximum amount available for withdrawal, each Benefit Year, under the GMWB.

MINIMUM WITHDRAWAL PERIOD ("MWP")

The minimum period of time after the Benefit Availability Date over which You
may take Your remaining Withdrawals under the GMWB.

SPOUSAL BENEFICIARY

Your spouse, if designated as Your primary Beneficiary on the date of Your
death, who elects to continue the Contract as the new Owner or Participant
("Owner") upon Your death.

STEPPED-UP BENEFIT BASE ("SBB")

A component of the calculation of the GMWB, which is used to determine the total
amount of the guaranteed Withdrawals under the GMWB and the minimum time period
over which You may take Withdrawals under the GMWB.

STEP-UP

A percentage of the Withdrawal Benefit Base ("WBB"), which when added to the WBB
results in the SBB.

WITHDRAWAL

The amount of any full or partial surrender of Contract Value and any fees or
charges attributable to the surrendered amount.

                                       1

<PAGE>

WITHDRAWAL BENEFIT BASE ("WBB")

A component of the calculation of the GMWB, which is used to determine the
amount of guaranteed Withdrawals and the initial maximum amount available for
withdrawal annually, under the GMWB.

WITHDRAWAL PERIOD

The period of time during which You are taking withdrawals under the GMWB, which
begins on the Benefit Availability Date and ends upon the earlier of a
termination of the Endorsement or when the SBB is reduced to zero. This period
may not be shorter than the MWP but may be longer than the MWP.

                GUARANTEED MINIMUM WITHDRAWAL BENEFIT PROVISIONS

This Endorsement provides a GMWB subject to the terms and conditions described
herein.

GMWB CHARGE

The charge deducted from the portion of Your Contract Value allocated to the
Variable Portfolio(s) ("Subaccount(s)") on a quarterly basis beginning one
quarter following the Effective Date and ending upon the earliest of (a) a
termination of the Endorsement; or, (b) reduction of the SBB to zero; or (c) the
time at which the Contract Value is reduced to zero. The full quarterly charge
will also be deducted upon full surrender or annuitization of Your Contract.

The amount of the charge will equal:

<TABLE>
<CAPTION>
              TIME PERIOD                            ANNUALIZED GMWB CHARGE                      AS A PERCENTAGE OF
------------------------------------------           ----------------------                      ------------------
<S>                                                  <C>                                         <C>
[Prior to the Benefit Availability Date]                    [0.65%]                                     WBB

[During the Withdrawal Period [Years 0-7]]                  [0.65%]                                     WBB

[During the Withdrawal Period [Years 8+]]                   [0.45%]                                     WBB
</TABLE>

The GMWB Charge is calculated as [one-fourth] of the annualized GMWB Charge, and
is deducted quarterly as a percentage of the WBB, as described above.

CALCULATION OF THE COMPONENTS OF THE GMWB

The GMWB is not available for withdrawal until the Benefit Availability Date and
must be withdrawn at least over the MWP. If You need to take Withdrawals or are
required to take minimum required distributions ("MRD") under the IRC from this
Contract, prior to the Benefit Availability Date, You should know that
Withdrawals taken before the Benefit Availability Date will result in a Step-Up
amount of 0% and will negatively impact the value of the GMWB. The amount of
Withdrawals and time period over which You can take Withdrawals under the GMWB
may change over time as a result of withdrawal activity within the Contract.
Withdrawals made pursuant to this Endorsement are treated like any other
Withdrawal under the Contract for purposes of calculating Contract Value,
Withdrawal Charges, and any other benefits under the Contract. Withdrawals in
excess of the Penalty Free Withdrawal amount will be assessed a Withdrawal
Charge, if applicable.

To determine the GMWB, We calculate each of the following components: WBB, SBB,
MAWA and MWP. The calculations for each component are detailed below.

WITHDRAWAL BENEFIT BASE ("WBB")

The initial WBB is equal to (a) if the GMWB is elected on the Contract Date, or
(b) if the GMWB is elected after the Contract Date, minus (c) where:

     (a)  is the Eligible Purchase Payments received on the Effective Date and
          any subsequent Eligible Purchase Payments multiplied by the percentage
          as specified in the table below; and

     (b)  is the Contract Value on the Effective Date and any subsequent
          Eligible Purchase Payments multiplied by the percentage as specified
          in the table below; and

     (c)  is a proportionate adjustment for each partial Withdrawal taken
          subsequent to the Effective Date but prior to the Benefit Availability
          Date. A proportionate adjustment is an amount equal to the WBB
          immediately prior to a Withdrawal multiplied by the percentage by
          which the Contract Value is reduced at the time of that Withdrawal.

                                       2

<PAGE>

The table below identifies the Eligible Purchase Payments used to calculate the
initial WBB, as determined by the time elapsed between the Effective Date and
the day on which [Gross] Purchase Payments are received by Us and deposited into
Your Contract. Payment Enhancements, if applicable, are not considered Purchase
Payments and therefore are not included in the Eligible Premiums.

<TABLE>
<CAPTION>
TIME ELAPSED SINCE EFFECTIVE DATE                   PERCENTAGE INCLUDED IN THE WBB CALCULATION
---------------------------------                   ------------------------------------------
<S>                                                 <C>
           [0-90 Days                                                 100%
        91 Days to 1 Year                                               0%
        More than 1 Year                                                0%]
</TABLE>

The amount of the WBB will change over time due to withdrawal activity within
the Contract. Withdrawals in excess of MAWA may reduce the WBB by more than the
amount of the Withdrawal. See IMPACT OF WITHDRAWALS below. The WBB is not used
in the calculation of Contract Value or any other benefits under this Contract.
We reserve the right to limit the WBB to a maximum of $1,000,000.

STEPPED-UP BENEFIT BASE ("SBB")

The Step-Up amount is added to the WBB to arrive at the SBB, which is used to
determine the maximum amount available for Withdrawal under the GMWB and the
minimum time period over which You may take Withdrawals under the GMWB. The
Step-Up amount is [20%] of the WBB on the Benefit Availability Date so long as
no Withdrawals are taken prior to the Benefit Availability Date. If Withdrawals
are taken prior to the Benefit Availability Date, the Step-Up amount is 0% of
the WBB as of the Benefit Availability Date. The Step-Up amount is only
available to You by taking Withdrawals under the GMWB.

The amount of the SBB will change over time due to withdrawal activity within
the Contract. Withdrawals in excess of MAWA may reduce the SBB by more than the
amount of the Withdrawal. See IMPACT OF WITHDRAWALS below. The SBB is not used
in the calculation of Contract Value or any other benefits under this Contract.

MAXIMUM ANNUAL WITHDRAWAL AMOUNT ("MAWA")

The MAWA is an amount calculated as a percentage of the WBB. The applicable
percentage for the initial MAWA will equal:

<TABLE>
<CAPTION>
TIME ELAPSED SINCE THE EFFECTIVE DATE                    PERCENTAGE                         MAWA AS A PERCENTAGE OF
-------------------------------------                    ----------                         -----------------------
<S>                                                      <C>                                <C>
              [0-3 years]                                    [0%]*                                    [WBB]

               [3+ years]                                   [10%]                                     [WBB]

             [0-30 years]                                    [0%]                                     [WBB]
</TABLE>

* There is a [3] year waiting period prior to the Benefit Availability Date.

If You are taking minimum required distributions ("MRD") from the Contract, the
MAWA is the greater of the MAWA as described above or the annual MRD amount.

The MAWA can be withdrawn periodically throughout each Benefit Year during the
Withdrawal Period. If You do not withdraw the entire MAWA in a Benefit Year, the
amount not withdrawn will extend Your MWP, but cannot be used to increase future
MAWA. Withdrawals in excess of the MAWA in any Benefit Year will reduce Your
future MAWA. See IMPACT OF WITHDRAWALS section below.

MINIMUM WITHDRAWAL PERIOD ("MWP")

The MWP is the minimum period of time after the Benefit Availability Date over
which You may take Your remaining Withdrawals under the GMWB. The initial MWP
equals the SBB divided by the initial MAWA.

We calculate a new MWP after each Withdrawal during the Withdrawal Period.
Withdrawals in excess of the MAWA will reduce the MWP. See IMPACT OF WITHDRAWALS
section below.

                                       3

<PAGE>

IMPACT OF WITHDRAWALS

Withdrawals under this Endorsement reduce the Contract Value and the amount
available for Withdrawal under the GMWB. Withdrawals equal to or less than the
MAWA generally reduce these values by the amount of the Withdrawal. Withdrawals
in excess of the MAWA may reduce these values based on the relative size of the
Withdrawal in relation to the Contract Value at the time of the Withdrawal. This
means that when investment performance is down, Withdrawals greater than the
MAWA will result in a greater reduction of these values. We further explain this
impact and the effect on each component of the GMWB through the mathematical
calculations below:

WITHDRAWALS IMPACT CONTRACT VALUE AND THE COMPONENTS OF THE GMWB CALCULATION AS
FOLLOWS:

     1.   CONTRACT VALUE: Any Withdrawal reduces the Contract Value by the
          amount of the Withdrawal.

     2.   WBB: Withdrawals prior to the Benefit Availability Date reduce the WBB
          proportionately in an amount equal to the WBB immediately prior to a
          Withdrawal multiplied by the percentage by which the Contract Value is
          reduced at the time of that Withdrawal.

          Withdrawals during the Withdrawal Period will not reduce the WBB until
          the sum of Withdrawals exceeds the Step-Up amount. Any Withdrawal or
          portion thereof that causes total Withdrawals during the Withdrawal
          Period to exceed the Step-Up amount, but does not cause total
          Withdrawals in that Benefit Year to exceed the MAWA, will reduce the
          WBB by the amount of the Withdrawal. Any such Withdrawal that causes
          total Withdrawals in that Benefit Year to exceed the MAWA reduces the
          WBB to the lesser of (a) or (b), where:

               a.   is the WBB immediately prior to the Withdrawal minus the
                    amount of the Withdrawal, or;

               b.   is the WBB immediately prior to the Withdrawal minus the
                    amount of the Withdrawal that is equal to the current MAWA,
                    and further reduced proportionately by the same amount by
                    which the Contract Value is reduced by the amount which
                    causes total Withdrawals in that Benefit Year to exceed the
                    MAWA.

     3.   SBB: Since Withdrawals prior to the Benefit Availability Date reduce
          the WBB proportionately, the SBB will likewise be reduced
          proportionately during that period of time and further eliminate any
          Step-Up amount.

          During the Withdrawal Period, any Withdrawal in a Benefit Year which
          does not cause total Withdrawals in that Benefit Year to exceed the
          MAWA reduces the SBB by the amount of the Withdrawal. During the
          Withdrawal Period, any Withdrawal in a Benefit Year which causes total
          Withdrawals in that Benefit Year to exceed the MAWA, reduces the SBB
          to the lesser of (a) or (b) where:

               a.   is the SBB immediately prior to the Withdrawal minus the
                    amount of the Withdrawal, or;

               b.   is the SBB immediately prior to the Withdrawal minus the
                    portion of any Withdrawal which does not cause total
                    Withdrawals in that Benefit Year to exceed the current MAWA
                    and further reduced proportionately by the same amount by
                    which the Contract Value is reduced by the amount which
                    causes total Withdrawals in that Benefit Year to exceed the
                    MAWA.

     4.   MWP: After each Withdrawal a new MWP is calculated. For Withdrawals in
          a Benefit Year that are less than or equal to MAWA, the new MWP equals
          the SBB after the Withdrawal divided by the current MAWA.

          After any Withdrawal that causes the sum of Withdrawals in a Benefit
          Year to exceed the MAWA, the new MWP equals the MWP calculated at the
          end of the prior Benefit Year reduced by one year.

     5.   MAWA: If the sum of Withdrawals in a Benefit Year does not exceed the
          MAWA for that Benefit Year, the MAWA does not change for the next
          Benefit Year. If total Withdrawals in a Benefit Year exceed the MAWA,
          the MAWA will be recalculated at the start of the next Benefit Year.

          The new MAWA will equal the SBB on that Benefit Year anniversary
          divided by the MWP on that Benefit Year Anniversary. The new MAWA may
          be lower than Your previously calculated MAWA.

IF YOUR CONTRACT VALUE IS REDUCED TO ZERO

                                       4

<PAGE>

If Your Contract Value is reduced to zero and the SBB has not been reduced to
zero, subsequent Purchase Payments will no longer be accepted and a Death
Benefit will not be payable upon the death of the Owner. You can receive the
remaining value of the GMWB under one of the following options:

     a.   A lump sum equal to the discounted present value of any remaining
          guaranteed payments under the GMWB; or,

     b.   Periodic payments during each Benefit Year that in total are equal to
          the MAWA until the SBB has been reduced to zero. If You do not select
          a specific frequency for these payments, We will pay the current MAWA
          in quarterly payments; or,

     c.   Any payment option that is mutually agreeable.

TERMINATION OF THE GMWB

Once elected the GMWB Endorsement and its corresponding charge cannot be
terminated by the Owner. The Endorsement and the related charge will terminate
automatically if:

     1.   The SBB has been reduced to zero; or,

     2.   A Spousal Beneficiary elects to continue the Contract without this
          Endorsement; or,

     3.   A Death Benefit is paid (as described under the [Death Provisions or
          Death Benefit] section of Your Contract); or,

     4.   The Contract is fully withdrawn or surrendered; or,

     5.   The Contract is annuitized.

We reserve the right to terminate the GMWB Endorsement if Withdrawals in excess
of MAWA in any Benefit Year reduce the SBB by 50% or more.

SPOUSAL CONTINUATION

Upon election to continue the Contract and this Endorsement, Your Spousal
Beneficiary will be subject to the terms and conditions described herein with
respect to the GMWB. The Effective Date and Benefit Availability Date will not
change as a result of Spousal Continuation. A Continuation Contribution paid
under the Spousal Continuation provision of this Contract is not considered an
Eligible Purchase Payment for purposes of this Endorsement.

Signed for the Company to be effective on the Effective Date.

FIRST SUNAMERICA LIFE INSURANCE COMPANY

/s/ Christine A. Nixon                     /s/ Jana W. Greer
-------------------------------            -------------------------------
     Christine A. Nixon                         Jana W. Greer
         Secretary                                President

                                       5exv4w1

 

EXHIBIT 4.1

 

 

INDENTURE

among

SLM PRIVATE CREDIT STUDENT LOAN TRUST 200  -  ,

as Issuer,

CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION,

not in its individual capacity but

solely as Eligible Lender Trustee

and

JPMORGAN CHASE BANK,

not in its individual capacity but

solely as Indenture Trustee

Dated as of                     , 200  

 

 

 

 

II

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 
	 	ARTICLE I	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	Definitions and Usage	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 1.1
	 	Definitions and Usage 	 	 	3	 
	SECTION 1.2
	 	Incorporation by Reference of Trust Indenture Act 	 	 	3	 
	 
	 	 	 	 	 	 
	 
	 	ARTICLE II	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	The Notes	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 2.1
	 	Form 	 	 	4	 
	SECTION 2.2
	 	Execution, Authentication and Delivery 	 	 	4	 
	SECTION 2.3
	 	Temporary Notes 	 	 	5	 
	SECTION 2.4
	 	Registration; Registration of Transfer and Exchange 	 	 	5	 
	SECTION 2.5
	 	Mutilated, Destroyed, Lost or Stolen Notes 	 	 	7	 
	SECTION 2.6
	 	Persons Deemed Owner 	 	 	8	 
	SECTION 2.7
	 	Payment of Principal and Interest; Note Interest Shortfall 	 	 	8	 
	SECTION 2.8
	 	Cancellation 	 	 	9	 
	SECTION 2.9
	 	Release of Collateral 	 	 	10	 
	SECTION 2.10
	 	Book-Entry Notes 	 	 	10	 
	SECTION 2.11
	 	Notices to Clearing Agency 	 	 	11	 
	SECTION 2.12
	 	Definitive Notes 	 	 	11	 
	 
	 	 	 	 	 	 
	 
	 	ARTICLE III	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	Covenants	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 3.1
	 	Payment to Noteholders 	 	 	12	 
	SECTION 3.2
	 	Maintenance of Office or Agency 	 	 	12	 
	SECTION 3.3
	 	Money for Payments To Be Held in Trust 	 	 	13	 

 

 

III

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	SECTION 3.4
	 	Existence 	 	 	15	 
	SECTION 3.5
	 	Protection of Indenture Trust Estate 	 	 	15	 
	SECTION 3.6
	 	Opinions as to Indenture Trust Estate 	 	 	15	 
	SECTION 3.7
	 	Performance of Obligations; Servicing of Trust Student Loans 	 	 	16	 
	SECTION 3.8
	 	Negative Covenants 	 	 	19	 
	SECTION 3.9
	 	Annual Statement as to Compliance 	 	 	20	 
	SECTION 3.10
	 	Issuer May Consolidate, etc., Only on Certain Terms 	 	 	21	 
	SECTION 3.11
	 	Successor or Transferee 	 	 	23	 
	SECTION 3.12
	 	No Other Business 	 	 	23	 
	SECTION 3.13
	 	No Borrowing 	 	 	23	 
	SECTION 3.14
	 	Obligations of Servicer and Administrator 	 	 	23	 
	SECTION 3.15
	 	Guarantees, Loans, Advances and Other Liabilities 	 	 	24	 
	SECTION 3.16
	 	Capital Expenditures 	 	 	24	 
	SECTION 3.17
	 	Restricted Payments 	 	 	24	 
	SECTION 3.18
	 	Notice of Events of Default 	 	 	24	 
	SECTION 3.19
	 	Further Instruments and Acts 	 	 	25	 
	 
	 	 	 	 	 	 
	 
	 	ARTICLE IV	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	Satisfaction and Discharge	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 4.1
	 	Satisfaction and Discharge of Indenture 	 	 	25	 
	SECTION 4.2
	 	Application of Trust Money 	 	 	26	 
	SECTION 4.3
	 	Repayment of Moneys Held by Paying Agent 	 	 	27	 
	SECTION 4.4
	 	Auction of Trust Student Loans 	 	 	27	 
	 
	 	 	 	 	 	 
	 
	 	ARTICLE IV	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	Remedies	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 5.1
	 	Events of Default 	 	 	28	 
	SECTION 5.2
	 	Acceleration of Maturity; Rescission and Annulment 	 	 	29	 
	SECTION 5.3
	 	Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 	 	 	30	 
	SECTION 5.4
	 	Remedies; Priorities 	 	 	33	 

 

 

IV

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	SECTION 5.5
	 	Optional Preservation of the Trust Student Loans 	 	 	35	 
	SECTION 5.6
	 	Limitation of Suits 	 	 	36	 
	SECTION 5.7
	 	Unconditional Rights of Noteholders To Receive Principal and Interest 	 	 	36	 
	SECTION 5.8
	 	Restoration of Rights and Remedies 	 	 	37	 
	SECTION 5.9
	 	Rights and Remedies Cumulative 	 	 	37	 
	SECTION 5.10
	 	Delay or Omission Not a Waiver 	 	 	37	 
	SECTION 5.11
	 	Control by Noteholders 	 	 	37	 
	SECTION 5.12
	 	Waiver of Past Defaults 	 	 	38	 
	SECTION 5.13
	 	Undertaking for Costs 	 	 	39	 
	SECTION 5.14
	 	Waiver of Stay or Extension Laws 	 	 	39	 
	SECTION 5.15
	 	Action on Notes 	 	 	39	 
	SECTION 5.16
	 	Performance and Enforcement of Certain Obligations 	 	 	40	 
	 
	 	 	 	 	 	 
	 
	 	ARTICLE VI	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	The Indenture Trustee	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 6.1
	 	Duties of Indenture Trustee 	 	 	41	 
	SECTION 6.2
	 	Rights of Indenture Trustee 	 	 	42	 
	SECTION 6.3
	 	Individual Rights of Indenture Trustee 	 	 	43	 
	SECTION 6.4
	 	Indenture Trustee's Disclaimer 	 	 	43	 
	SECTION 6.5
	 	Notice of Defaults; Depositor Insolvency 	 	 	44	 
	SECTION 6.6
	 	Reports by Indenture Trustee to Noteholders 	 	 	44	 
	SECTION 6.7
	 	Compensation and Indemnity 	 	 	45	 
	SECTION 6.8
	 	Replacement of Indenture Trustee 	 	 	45	 
	SECTION 6.9
	 	Successor Indenture Trustee by Merger 	 	 	47	 
	SECTION 6.10
	 	Appointment of Co-Trustee or Separate Trustee 	 	 	47	 
	SECTION 6.11
	 	Eligibility; Disqualification 	 	 	49	 
	SECTION 6.12
	 	Preferential Collection of Claims Against Issuer 	 	 	49	 
	 
	 	 	 	 	 	 
	 
	 	ARTICLE VII	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	Noteholders’ Lists and Reports	 	 	 	 

 

 

V

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	SECTION 7.1
	 	Issuer To Furnish Indenture Trustee Names and Addresses of Noteholders 	 	 	49	 
	SECTION 7.2
	 	Preservation of Information; Communications to Noteholders 	 	 	50	 
	SECTION 7.3
	 	Reports by Issuer 	 	 	50	 
	 
	 	 	 	 	 	 
	 
	 	ARTICLE VIII	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	Accounts, Disbursements and Releases	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 8.1
	 	Collection of Money 	 	 	52	 
	SECTION 8.2
	 	Trust Accounts 	 	 	52	 
	SECTION 8.3
	 	General Provisions Regarding Accounts 	 	 	53	 
	SECTION 8.4
	 	Release of Indenture Trust Estate 	 	 	54	 
	SECTION 8.5
	 	Opinion of Counsel 	 	 	55	 
	 
	 	 	 	 	 	 
	 
	 	ARTICLE IX	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	Supplemental Indentures	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 9.1
	 	Supplemental Indentures Without Consent of Noteholders 	 	 	55	 
	SECTION 9.2
	 	Supplemental Indentures with Consent of Noteholders 	 	 	57	 
	SECTION 9.3
	 	Execution of Supplemental Indentures 	 	 	59	 
	SECTION 9.4
	 	Effect of Supplemental Indenture 	 	 	59	 
	SECTION 9.5
	 	Conformity with Trust Indenture Act 	 	 	59	 
	SECTION 9.6
	 	Reference in Notes to Supplemental Indentures 	 	 	59	 
	 
	 	 	 	 	 	 
	 
	 	ARTICLE X	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	Redemption of Notes	 	 	 	 
	SECTION 10.1
	 	Redemption 	 	 	60	 
	SECTION 10.2
	 	Form of Redemption Notice 	 	 	60	 
	SECTION 10.3
	 	Notes Payable on Redemption Date 	 	 	61	 

 

 

VI

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 
	 	ARTICLE XI	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	Miscellaneous	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 11.1
	 	Compliance Certificates and Opinions, etc 	 	 	61	 
	SECTION 11.2
	 	Form of Documents Delivered to Indenture Trustee 	 	 	63	 
	SECTION 11.3
	 	Acts  of  Noteholders 	 	 	64	 
	SECTION 11.4
	 	Notices, etc., to Indenture Trustee, Issuer and Rating Agencies 	 	 	65	 
	SECTION 11.5
	 	Notices to Noteholders; Waiver 	 	 	66	 
	SECTION 11.6
	 	Alternate Payment and Notice Provisions 	 	 	67	 
	SECTION 11.7
	 	Conflict with Trust Indenture Act 	 	 	67	 
	SECTION 11.8
	 	Effect of Headings and Table of Contents 	 	 	67	 
	SECTION 11.9
	 	Successors and Assigns 	 	 	67	 
	SECTION 11.10
	 	Separability 	 	 	68	 
	SECTION 11.11
	 	Benefits of Indenture 	 	 	68	 
	SECTION 11.12
	 	Legal Holidays 	 	 	68	 
	SECTION 11.13
	 	Governing Law 	 	 	68	 
	SECTION 11.14
	 	Counterparts 	 	 	68	 
	SECTION 11.15
	 	Recording of Indenture 	 	 	68	 
	SECTION 11.16
	 	Trust Obligations 	 	 	69	 
	SECTION 11.17
	 	No Petition 	 	 	69	 
	SECTION 11.18
	 	Inspection 	 	 	69	 

 

 

VII

APPENDICES, SCHEDULES AND EXHIBITS

	 	 	 
	APPENDIX A

	 	Definitions and Usage
	 
	 	 
	SCHEDULE A

	 	Schedule of Trust Student Loans
	SCHEDULE B

	 	Location of Trust Student Loan Files
	 
	 	 
	EXHIBIT A

	 	Forms of Notes
	EXHIBIT B

	 	Form of Note Depository Agreement

 

 

1

     INDENTURE dated as of                     ,     200  , among SLM
PRIVATE CREDIT STUDENT LOAN TRUST 200  -  , a Delaware business trust (the
“Issuer”), CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION, a Delaware banking corporation, not in
its individual capacity but solely as trustee on behalf of the Issuer (the “Eligible Lender
Trustee”), and JPMORGAN CHASE BANK, a New York banking corporation, as trustee and not in its
individual capacity (the “Indenture Trustee”).

     Each party agrees as follows for the benefit of the other party and for the equal and ratable
benefit of the holders of the Issuer’s Floating Rate Student Loan-Backed Notes (the “Notes”):

GRANTING CLAUSE

     The Issuer and, with respect to the Trust Student Loans, the Eligible Lender Trustee hereby Grant
to the Indenture Trustee, as trustee for the benefit of the Noteholders, effective as of the
Closing Date all of their right, title and interest in and to the following:

     (a) the Trust Student Loans, and all obligations of the Obligors thereunder including all moneys
accrued and paid thereunder on or after the Cutoff Date and all guaranties and other rights
relating to the Trust Student Loans;

     (b) the Servicing Agreement, including the right of the Issuer to cause the Servicer to purchase
Trust Student Loans from the Issuer under circumstances described therein;

     (c) the Sale Agreement, including the right of the Issuer to cause SLM Education Credit Funding LLC
(the “Depositor”) or the Servicer to repurchase Trust Student Loans from the Issuer under
circumstances described therein and including the rights of the Depositor under the Purchase
Agreement;

 

 

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     (d) the Purchase Agreement, to the extent that the rights of the Depositor thereunder have been
assigned to the Issuer pursuant to the Sale Agreement, including the right of the Depositor to
cause the SLM Education Credit Management Corporation or the Servicer to repurchase Trust Student
Loans from the Depositor under circumstances described therein;

     (e) the Administration Agreement;

     (f) the Swap Agreements, if any;

     (g) each Guarantee Agreement, or Surety Bond, including the right of the Issuer to cause the
related Guarantor or Insurer to make payments in respect of the Trust Student Loans;

     (h) the Trust Accounts and all funds on deposit from time to time in the Trust Accounts, including
the Reserve Account Initial Deposit, the Capitalized Interest Account Initial Deposit, and any
other deposits into the Trusts Accounts to be made on the Closing Date and all investments and
proceeds thereof (including all income thereon); and

     (i) all present and future claims, demands, causes and choices in action in respect of any or all
of the foregoing and all payments on or under and all proceeds of every kind and nature whatsoever
in respect of any or all of the foregoing, including all proceeds of the conversion, voluntary or
involuntary, into cash or other liquid property, all cash proceeds, accounts, accounts receivable,
notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds,
condemnation awards, rights to payment of any and every kind and other forms of obligations and
receivables, instruments and other property which at any time constitute all or part of or are
included in the proceeds of any of the foregoing (collectively, the “Collateral”).

     The foregoing Grant is made in trust to secure the payment of principal of and interest on, and any
other amounts owing in respect of, the Notes, equally and ratably without prejudice, priority or
distinction, and to secure compliance with the provisions of this Indenture, all as provided in
this Indenture.

 

 

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     The Indenture Trustee, as Indenture Trustee on behalf of the Noteholders, acknowledges such Grant,
accepts the trusts under this Indenture in accordance with the provisions of this Indenture and
agrees to perform its duties required in this Indenture to the best of its ability to the end that
the interests of the Noteholders may be adequately and effectively protected.

 

 

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ARTICLE I

Definitions and Usage

     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 hereto, which also contains rules as to usage that shall be applicable herein.

     SECTION 1.2 Incorporation by Reference of Trust Indenture Act. Whenever this Indenture refers to a
provision of the TIA, the provision is incorporated by reference in and made a part of this
Indenture. The following TIA terms used in this Indenture have the following meanings:

     “Commission” means the Securities and Exchange Commission.

     “indenture securities” means the Notes.

     “indenture security holder” means a Noteholder.

     “indenture to be qualified” means this Indenture.

     “indenture trustee” or “institutional trustee” means the Indenture Trustee.

     “obligor” on the indenture securities means the Issuer and any other obligor on the indenture
securities.

     All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to
another statute or defined by Commission rule have the meaning assigned to them by such
definitions.

 

 

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Article II

The Notes

     SECTION 2.1 Form. The Notes, together with the Indenture Trustee’s certificate of authentication,
shall be in substantially the forms set forth in Exhibit A, with such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by this Indenture and
may have such letters, numbers or other marks of identification and such legends or endorsements
placed thereon as may, consistently herewith, be determined by the officers executing the Notes, as
evidenced by their execution of the Notes. Any portion of the text of any Note may be set forth on
the reverse thereof, with an appropriate reference thereto on the face of the Note.

     The Definitive Notes shall be typewritten, printed, lithographed or engraved or produced by any
combination of these methods (with or without steel engraved borders), all as determined by the
officers executing such Notes, as evidenced by their execution of such Notes.

     Each Note shall be dated the date of its authentication. The terms of the Notes set forth in
Exhibit A are part of the terms of this Indenture.

     SECTION 2.2 Execution, Authentication and Delivery. The Notes shall be executed on behalf of the
Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes
may be manual or facsimile.

     Notes bearing the manual or facsimile signature of individuals who were at any time Authorized
Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them
have ceased to hold such offices prior to the authentication and delivery of such Notes or did not
hold such offices at the date of such Notes.

     The Indenture Trustee shall upon Issuer Order authenticate and deliver Notes for original issue in
an aggregate principal amount of $_________. The aggregate principal amount of Notes outstanding at any
time may not exceed such amount except as provided in Section 2.5.

 

 

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     Each Note shall be dated the date of its authentication. The Class A Notes shall be issuable as
registered Class A Notes in the minimum denomination of $1,000 and in integral multiples of $1,000
in excess thereof. The Class B Notes shall be issuable as registered Class B Notes in the minimum
denomination of $100,000 and in integral multiples of $1,000 in excess thereof.

     No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any
purpose, unless there appears on such Note a certificate of authentication substantially in the
form provided for herein executed by the Indenture Trustee by the manual signature of one of its
authorized signatories, and such certificate upon any Note shall be conclusive evidence, and the
only evidence, that such Note has been duly authenticated and delivered hereunder.

     SECTION 2.3 Temporary Notes. Pending the preparation of Definitive Notes, the Issuer may execute,
and upon receipt of an Issuer Order the Indenture Trustee shall authenticate and deliver, temporary
Notes which are printed, lithographed, typewritten, mimeographed or otherwise produced, of the
tenor of the Definitive Notes in lieu of which they are issued and with such variations not
inconsistent with the terms of this Indenture determined to be appropriate by the Responsible
Officer of the Issuer executing the temporary Notes, as evidenced by his or her execution of such
temporary Notes.

     If temporary Notes are issued, the Issuer will cause Definitive Notes to be prepared without
unreasonable delay. After the preparation of Definitive Notes, the temporary Notes shall be
exchangeable for Definitive Notes upon surrender of the temporary Notes at the office or agency of
the Issuer to be maintained as provided in Section 3.2, without charge to the Noteholder. Upon
surrender for cancellation of any one or more temporary Notes, the Issuer shall execute and the
Indenture Trustee shall authenticate and deliver in exchange therefor a like principal amount of
Definitive Notes of authorized denominations. Until so exchanged, the temporary Notes shall in all
respects be entitled to the same benefits under this Indenture as Definitive Notes.

 

 

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     SECTION 2.4 Registration; Registration of Transfer and Exchange. The Issuer shall cause to be kept
a register (the “Note Register”) in which, subject to such reasonable regulations as it may
prescribe, the Issuer shall provide for the registration of Notes and the registration of transfers
of Notes. The Indenture Trustee shall be “Note Registrar” for the purpose of registering Notes and
transfers of Notes as herein provided. Upon any resignation of any Note Registrar, the Issuer shall
promptly appoint a successor or, if it elects not to make such an appointment, assume the duties of
Note Registrar.

     If a Person other than the Indenture Trustee is appointed by the Issuer as Note Registrar, the
Issuer shall give the Indenture Trustee prompt written notice of the appointment of such Note
Registrar and of the location, and any change in the location, of the Note Register, and the
Indenture Trustee shall have the right to inspect the Note Register at all reasonable times and to
obtain copies thereof, and the Indenture Trustee shall have the right to rely upon a certificate
executed on behalf of the Note Registrar by an Executive Officer thereof as to the names and
addresses of the Noteholders and the principal amounts and number of such Notes.

     Upon surrender for registration of transfer of any Note at the office or agency of the Issuer to be
maintained as provided in Section 3.2, if the requirements of Section 8-401(1) of the UCC are met,
the Issuer shall execute, and the Indenture Trustee shall authenticate and the Noteholder shall
obtain from the Indenture Trustee, in the name of the designated transferee or transferees, one or
more new Notes in any authorized denominations and a like aggregate principal amount.

     At the option of the Noteholder, Notes may be exchanged for other Notes in any authorized
denominations and a like aggregate principal amount, upon surrender of the Notes to be exchanged at
such office or agency. Whenever any Notes are so surrendered for exchange, the Issuer shall
execute, and the Indenture Trustee shall authenticate and the Noteholder shall obtain from the
Indenture Trustee, the Notes which the Noteholder making the exchange is entitled to receive.

     All Notes issued upon any registration of transfer or exchange of Notes shall be the valid
obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this
Indenture, as the Notes surrendered upon such registration of transfer or exchange.

 

 

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     Every Note presented or surrendered for registration of transfer or exchange shall be duly endorsed
by, or be accompanied by a written instrument of transfer in form satisfactory to the Indenture
Trustee duly executed by the Noteholder thereof or such Noteholder’s attorney duly authorized in
writing, with such signature guaranteed by an “eligible guarantor institution” meeting the
requirements of the Note Registrar, which requirements include membership or participation in
Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature guarantee program”
as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in
accordance with the Exchange Act.

     No service charge shall be made to a Noteholder for any registration of transfer or exchange of
Notes, but the Indenture Trustee may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any registration of transfer or exchange
of Notes, other than exchanges pursuant to Section 2.3 or 9.6 not involving any transfer.

     The preceding provisions of this Section notwithstanding, the Issuer shall not be required to make
and the Note Registrar need not register transfers or exchanges of Notes selected for redemption or
of any Note for a period of 15 days preceding the due date for any payment with respect to the
Note.

 

 

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     SECTION 2.5 Mutilated, Destroyed, Lost or Stolen Notes. If (i) any mutilated Note is surrendered to
the Indenture Trustee, or the Indenture Trustee receives evidence to its satisfaction of the
destruction, loss or theft of any Note, and (ii) there is delivered to the Issuer and the Indenture
Trustee such security or indemnity as may be required by each of them to hold the Issuer and the
Indenture Trustee harmless, then, in the absence of notice to the Issuer, the Note Registrar or the
Indenture Trustee that such Note has been acquired by a bona fide purchaser, and provided that the
requirements of Section 8-405 of the UCC are met, the Issuer shall execute and upon its request the
Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated,
destroyed, lost or stolen Note, a replacement Note; provided, however, that if any such destroyed,
lost or stolen Note, but not a mutilated Note, shall have become or within 15 days shall be due and
payable, or shall have been called for redemption, instead of issuing a replacement Note, the
Issuer may pay such destroyed, lost or stolen Note when so due or payable or upon the Redemption
Date without surrender thereof. If, after the delivery of such replacement Note or payment of a
destroyed, lost or stolen Note pursuant to the proviso to the preceding sentence, a bona fide
purchaser of the original Note in lieu of which such replacement Note was issued presents for
payment such original Note, the Issuer and the Indenture Trustee shall be entitled to recover such
replacement Note (or such payment) from the Person to whom it was delivered or any Person taking
such replacement Note from such Person to whom such replacement Note was delivered or any assignee
of such Person, except a bona fide purchaser, and shall be entitled to recover upon the security or
indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the
Issuer or the Indenture Trustee in connection therewith.

     Upon the issuance of any replacement Note under this Section, the Issuer may require the payment by
the Noteholder thereof of a sum sufficient to cover any tax or other governmental charge that may
be imposed in relation thereto and any other reasonable expenses (including the fees and expenses
of the Indenture Trustee) connected therewith.

 

 

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     Every replacement Note issued pursuant to this Section in replacement of any mutilated, destroyed,
lost or stolen Note shall constitute an original additional contractual obligation of the Issuer,
whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable by
anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately
with any and all other Notes duly issued hereunder.

     The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other
rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or
stolen Notes.

     SECTION 2.6 Persons Deemed Owner. Prior to due presentment for registration of transfer of any
Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may
treat the Person in whose name any Note is registered (as of the day of determination) as the owner
of such Note for the purpose of receiving payments of principal of, interest, if any, on such Note
and for all other purposes whatsoever, whether or not such Note be overdue, and neither the Issuer,
the Indenture Trustee nor any agent of the Issuer or the Indenture Trustee shall be affected by
notice to the contrary.

     SECTION 2.7 Payment of Principal and Interest; Note Interest Shortfall. (a) The Notes shall accrue
interest as provided in the forms of Notes set forth in Exhibit A, and such interest shall be
payable on each Distribution Date as specified therein, subject to Section 3.1. Any installment of
interest or principal, if any, payable on any Note which is punctually paid or duly provided for by
the Issuer on the applicable Distribution Date shall be paid to the Person in whose name such Note
(or one or more Predecessor Notes) is registered on the Record Date by check mailed first-class,
postage prepaid to such Person’s address as it appears on the Note Register on such Record Date,
except that, unless Definitive Notes have been issued pursuant to Section 2.12, with respect to
Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially,
such nominee to be Cede & Co.), payment shall be made by wire transfer in immediately available
funds to the account designated by such nominee and except for the final installment of principal
payable with respect to such Note on a Distribution Date or on the Note Final Maturity Date for
such Note which shall be payable as provided below. The funds represented by any such checks
returned undelivered shall be held in accordance with Section 3.3.

 

 

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     (b) The principal of each Note shall be payable in installments on each Distribution Date as
provided in the forms of Note set forth in Exhibit A. Notwithstanding the foregoing, the entire
unpaid principal amount of each class of the Notes shall be due and payable, if not previously
paid, on the Note Final Maturity Date for such class of Notes and on the date on which an Event of
Default shall have occurred and be continuing if the Indenture Trustee or the Noteholders of the
Notes representing not less than a majority of the Outstanding Amount of the Notes have declared
the Notes to be immediately due and payable in the manner provided in Section 5.2. All principal
payments on the Notes shall be made pro rata to the Noteholders entitled thereto, subject, however,
to the last paragraph of Section      of the Administration Agreement. The Indenture Trustee shall
notify the Person in whose name a Note is registered at the close of business on the Record Date
preceding the Distribution Date on which the Issuer expects that the final installment of principal
of and interest on such Note will be paid. Such notice shall be mailed or transmitted by facsimile
prior to such final Distribution Date and shall specify that such final installment will be payable
only upon presentation and surrender of such Note and shall specify the place where such Note may
be presented and surrendered for payment of such Installment. Notices in connection with
redemptions of Notes shall be mailed to Noteholders as provided in Section 10.2.

     (c) If the Issuer defaults in a payment of interest on the Notes, the Issuer shall pay the
resulting Note Interest Shortfall on the following Distribution Date as provided in the
Administration Agreement.

     SECTION 2.8 Cancellation. All Notes surrendered for payment, registration of transfer, exchange or
redemption shall, if surrendered to any Person other than the Indenture Trustee, be delivered to
the Indenture Trustee and shall be promptly cancelled by the Indenture Trustee. The Issuer may at
any time deliver to the Indenture Trustee for cancellation any Notes previously authenticated and
delivered hereunder which the Issuer may have acquired in any manner whatsoever and all Notes so
delivered shall be promptly cancelled by the Indenture Trustee. No Notes shall be authenticated in
lieu of or in exchange for any Notes cancelled as provided in this Section, except as expressly
permitted by this Indenture. All canceled Notes may be held or disposed of by the Indenture Trustee
in accordance with its standard retention or disposal policy as in effect at the time, unless the
Issuer shall direct by an Issuer Order that they be returned to it and so long as such Issuer Order
is timely and the Notes have not been previously disposed of by the Indenture Trustee.

 

 

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     SECTION 2.9 Release of Collateral. Subject to Section 11.1 and the terms of the Basic Documents,
the Indenture Trustee shall release property from the lien of this Indenture only upon receipt of
an Issuer Request accompanied by an Officers’ Certificate of the Issuer, an Opinion of Counsel and
Independent Certificates in accordance with TIA ss.ss. 314(c) and 314(d)(1) or an Opinion of
Counsel in lieu of such Independent Certificates to the effect that the TIA does not require any
such Independent Certificates.

     SECTION 2.10 Book-Entry Notes. The Notes, upon original issuance, will be issued in the form of
typewritten Notes representing the Book-Entry Notes, to be delivered to The Depository Trust
Company, the initial Clearing Agency, by, or on behalf of, the Issuer. Such Notes shall initially
be registered on the Note Register in the name of Cede & Co., the nominee of the initial Clearing
Agency, and no Note Owner shall receive a Definitive Note (as defined below) representing such Note
Owner’s interest in such Note, except as provided in
Section 2.12. Unless and until definitive, fully registered Notes (the “Definitive Notes”) have
been issued to Note Owners pursuant to Section 2.12:

     (i) the provisions of this Section shall be in full force and effect;

     (ii) the Note Registrar and the Indenture Trustee, and their respective directors, officers,
employees and agents, may deal with the Clearing Agency for all purposes (including the payment of
principal of and interest and other amounts on the Notes) as the authorized representative of the
Note Owners;

     (iii) to the extent that the provisions of this Section conflict with any other provisions of this
Indenture, the provisions of this Section shall
control;

     (iv) the rights of Note Owners shall be exercised only through the Clearing Agency and shall be
limited to those established by law and agreements between such Note Owners and the Clearing Agency
and/or the Clearing Agency Participants pursuant to the Note Depository Agreement; and unless and
until Definitive Notes are issued pursuant to Section 2.12, the initial Clearing Agency will make
book-entry transfers among the Clearing Agency Participants and receive and transmit payments of
principal of and interest and other amounts on the Notes to such Clearing Agency Participants; and

 

 

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     (v) whenever this Indenture requires or permits actions to be taken based upon instructions or
directions of Noteholders of Notes evidencing a specified percentage of the Outstanding Amount of
the Notes, the Clearing Agency shall be deemed to represent such percentage only to the extent that
it has received instructions to such effect from Note Owners and/or Clearing Agency Participants
owning or representing, respectively, such required percentage of the beneficial interest in the
Notes and has delivered such instructions to the Indenture Trustee.

     SECTION 2.11 Notices to Clearing Agency. Whenever a notice or other communication to the
Noteholders is required under this Indenture, unless and until Definitive Notes shall have been
issued to Note Owners pursuant to Section 2.12, the Indenture Trustee shall give all such notices
and communication specified herein to be given to Noteholders to the Clearing Agency.

     SECTION 2.12 Definitive Notes. If (i) the Administrator advises the Indenture Trustee in writing
that the Clearing Agency is no longer willing or able to discharge its responsibilities with
respect to the Notes, and the Administrator is unable to locate a successor, (ii) the Administrator
at its option advises the Indenture Trustee in writing that it elects to terminate the book-entry
system through the Clearing Agency or (iii) after the occurrence of an Event of Default, a Servicer
Default or an Administrator Default, Note Owners representing beneficial interests aggregating at
least a majority of the Outstanding Amount of the Notes advise the Clearing Agency (which shall
then notify the Indenture Trustee) in writing that the continuation of a book-entry system through
the Clearing Agency is no longer in the best interests of the Note Owners, then the Indenture
Trustee shall cause the Clearing Agency to notify all Note Owners, through the Clearing Agency, of
the occurrence of any such event and of the availability of Definitive Notes to Note Owners
requesting the same. Upon surrender to the Indenture Trustee of the typewritten Notes representing
the Book-Entry Notes by the Clearing Agency, accompanied by registration instructions, the Issuer
shall execute and the Indenture Trustee shall authenticate the Definitive Notes in accordance with
the instructions of the Clearing Agency. None of the Issuer, the Note Registrar or the Indenture
Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely
on, and shall be protected in relying on, such instructions. Upon the issuance of Definitive Notes,
the Indenture Trustee shall recognize the holders of the Definitive Notes as Noteholders.

 

 

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ARTICLE III

Covenants

     SECTION 3.1 Payment to Noteholders. The Issuer shall duly and punctually pay the principal and
interest, if any, with respect to the Notes in accordance with the terms of the Notes and this
Indenture. Without limiting the foregoing, subject to Section 8.2(c), the Issuer shall cause to be
distributed to Noteholders in accordance with the Administration Agreement that portion of the
amounts on deposit in the Trust Accounts on a Distribution Date (other than any Eligible
Investments deposited therein that will mature on the Business Day preceding a subsequent
Distribution Date) which the Noteholders are entitled to receive pursuant to the Administration
Agreement. Amounts properly withheld under the Code by any Person from a payment to any Noteholder
of interest and/or principal shall be considered as having been paid by the Issuer to such
Noteholder for all purposes of this Indenture.

     SECTION 3.2 Maintenance of Office or Agency. The Issuer shall maintain in the Borough of Manhattan,
The City of New York, an office or agency where Notes may be surrendered for registration of
transfer or exchange, and where notices and demands to or upon the Issuer in respect of the Notes
and this Indenture may be served. The Issuer hereby initially appoints the Indenture Trustee to
serve as its agent for the foregoing purposes. The Issuer shall give prompt written notice to the
Indenture Trustee of the location, and of any change in the location, of any such office or agency.
If at any time the Issuer shall fail to maintain any such office or agency or shall fail to furnish
the Indenture Trustee with the address thereof, such surrenders, notices and demands may be made or
served at the Corporate Trust Office, and the Issuer hereby appoints the Indenture Trustee as its
agent to receive all such surrenders, notices and demands.

     SECTION 3.3 Money for Payments To Be Held in Trust. As provided in Section 8.2(a) and (b), all
payments of amounts due and payable with respect to any Notes that are to be made from amounts
distributed from the Collection Account or any other Trust Account pursuant to Section 8.2(c) shall
be made on behalf of the Issuer by the Indenture Trustee or by another Paying Agent, and no amounts
so distributed from the Collection Account for payments of Notes shall be paid over to the Issuer
except as provided in this Section.

 

 

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     On or before the Business Day next preceding each Distribution Date and Redemption Date, the Issuer
shall distribute or cause to be distributed to the Indenture Trustee (or any other Paying Agent) an
aggregate sum sufficient to pay the amounts then becoming due under the Notes, such
sum to be held in trust for the benefit of the Persons entitled thereto and (unless the Paying
Agent is the Indenture Trustee) shall promptly notify the Indenture Trustee of its action or
failure so to act.

     The Issuer shall cause each Paying Agent other than the Indenture Trustee to execute and deliver to
the Indenture Trustee an instrument in which such Paying Agent shall agree with the Indenture
Trustee (and if the Indenture Trustee acts as Paying Agent, it hereby so agrees), subject to the
provisions of this Section, that such Paying Agent will:

     (i) hold all sums held by it for the payment of amounts due with respect to the Notes in trust for
the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or
otherwise disposed of as herein provided and pay such sums to such Persons as herein provided;

     (ii) give the Indenture Trustee notice of any default by the Issuer of which it has actual
knowledge (or any other obligor upon the Notes) in the making of any payment required to be made
with respect to the Notes;

     (iii) at any time during the continuance of any such default, upon the written request of the
Indenture Trustee, forthwith pay to the Indenture Trustee all sums so held in trust by such Paying
Agent;

     (iv) immediately resign as a Paying Agent and forthwith pay to the Indenture Trustee all sums held
by it in trust for the payment of Notes if at any time it ceases to meet the standards required to
be met by a Paying Agent at the time of its appointment; and

     (v) comply with all requirements of the Code with respect to the withholding from any payments made
by it on any Notes of any applicable withholding taxes imposed thereon and with respect to any
applicable reporting requirements in connection therewith.

 

 

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     The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this
Indenture or for any other purpose, by Issuer Order direct any Paying Agent to pay to the Indenture
Trustee all sums held in trust by such Paying Agent, such sums to be held by the Indenture Trustee
upon the same trusts as those upon which the sums were held by such Paying Agent; and upon such
payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be released from all
further liability with respect to such money.

     Subject to applicable laws with respect to escheat of funds, any money held by the Indenture
Trustee or any Paying Agent in trust for the payment of any amount due with respect to any Note and
remaining unclaimed for two years after such amount has become due and payable shall be discharged
from such trust and be paid to the Issuer on Issuer Request or if the Issuer has been terminated to
Depositor; and the Noteholder thereof shall thereafter, as an unsecured general creditor, look only
to the Issuer for payment thereof (but only to the extent of the amounts so paid to the Issuer),
and all liability of the Indenture Trustee or such Paying Agent with respect to such trust money
shall thereupon cease; provided, however, that the Indenture Trustee or such Paying Agent, before
being required to make any such repayment, shall at the expense and direction of the Issuer cause
to be published once, in a newspaper published in the English language, customarily published on
each Business Day and of general circulation in The City of New York, notice that such money
remains unclaimed and that, after a date specified therein, which shall not be less than 30 days
from the date of such publication, any unclaimed balance of such money then remaining will be
repaid to the Issuer. The Indenture Trustee shall also adopt and employ, at the expense of the
Issuer, any other reasonable means of notification of such repayment (including mailing notice of
such repayment to Noteholders whose Notes have been called but have not been surrendered for
redemption or whose right to or interest in moneys due and payable but not claimed is determinable
from the records of the Indenture Trustee or of any Paying Agent, at the last address of record for
each such Noteholder).

 

 

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     SECTION 3.4 Existence. The Issuer shall keep in full effect its existence, rights and franchises as
a business trust under the laws of the State of Delaware (unless it becomes, or any successor
Issuer hereunder is or becomes, organized under the laws of any other State or of the United States
of America, in which case the Issuer shall keep in full effect its existence, rights and franchises
under the laws of such other jurisdiction) and shall obtain and preserve its qualification to do
business in each jurisdiction in which such qualification is or shall be necessary to protect the
validity and enforceability of this Indenture, the Notes, the Collateral and each other instrument
or agreement included in the Indenture Trust Estate.

     SECTION 3.5 Protection of Indenture Trust Estate. The Issuer will from time to time execute and
deliver all such supplements and amendments hereto and all such financing statements, continuation
statements, will take such other action necessary or advisable to:

     (i) maintain or preserve the lien and security interest (and the priority thereof) of this
Indenture or carry out more effectively the purposes hereof;

     (ii) perfect, publish notice of or protect the validity of any grant made or to be made by this
Indenture;

     (iii) enforce any of the Collateral; or

     (iv) preserve and defend title to the Indenture Trust Estate and the rights of the Indenture
Trustee and the Noteholders in such Indenture Trust Estate against the claims of all persons and
parties.

     The Issuer hereby designates the Indenture Trustee its agent and attorney-in-fact to execute any
financing statement, continuation statement or other instrument required to be executed pursuant to
this Section.

 

 

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     SECTION 3.6 Opinions as to Indenture Trust Estate. (a) On the Closing Date, the Issuer shall
furnish to the Indenture Trustee an Opinion of Counsel either stating that, in the opinion of such
counsel, such action has been taken with respect to the recording and filing of this Indenture as
is necessary to perfect and make effective the lien and security interest of this Indenture and
reciting the details of such action, or stating that, in the opinion of such counsel, no such
action is necessary to make such lien and security interest effective.

     (b) On or before December 31 in each calendar year, beginning in 200___, the Issuer shall furnish to
the Indenture Trustee an Opinion of Counsel either stating that, in the opinion of such counsel,
such action has been taken with respect to the recording, filing, re-recording and refiling of this
Indenture and any indentures supplemental hereto as is necessary to maintain the lien and security
interest created by this Indenture and relating the details of such action or stating that in the
opinion of such counsel no such action is necessary to maintain such lien and security interest.
Such Opinion of Counsel shall also describe the recording, filing, recording and refiling of this
Indenture and any indentures supplemental hereto that will, in the opinion of such counsel, be
required to maintain the lien and security interest of this Indenture until December 31 in the
following calendar year.

     SECTION 3.7 Performance of Obligations; Servicing of Trust Student Loans.
(a) The Issuer will not take any action and will use its best efforts not to permit any action to
be taken by others that would release any Person from any of such Person’s material covenants or
obligations under any instrument or agreement included in the Indenture Trust Estate or that would
result in the amendment, hypothecation, subordination, termination or discharge of, or impair the
validity or effectiveness of, any such instrument or agreement, except as expressly provided in
this Indenture, any other Basic Document or such other instrument or agreement.

 

 

19

     (b) The Issuer may contract with other Persons to assist it in performing its duties under this
Indenture, and any performance of such duties by a Person identified to the Indenture Trustee in an
Officers’ Certificate of the Issuer shall be deemed to be action taken by the Issuer; provided,
however, the Issuer shall not be liable for any acts of Persons with whom the Issuer has contracted
with reasonable care. Initially, the Issuer has contracted with the Servicer and the Administrator
to assist the Issuer in performing its duties under this Indenture. The Issuer shall give written
notice to the Indenture Trustee and each Rating Agency of any such contract with any other Person.

     (c) The Issuer shall punctually perform and observe all of its obligations and agreements contained
in this Indenture, the other Basic Documents and the instruments and agreements included in the
Indenture Trust Estate, including filing or causing to be filed all UCC financing statements and
continuation statements prepared by the Issuer and required to be filed by the terms of this
Indenture and the Administration Agreement in accordance with and within the time periods provided
for herein and therein. Except as otherwise expressly provided therein, the Issuer shall not waive,
amend, modify, supplement or terminate any Basic Document or any provision thereof without the
consent of the Indenture Trustee or the Noteholders of at least a majority of the Outstanding
Amount of the Notes. The Issuer shall give written notice to each Rating Agency of any such waiver,
amendment, modification, supplement or termination.

     (d) If a Responsible Officer of the Issuer shall have knowledge of the occurrence of a Servicer
Default or an Administrator Default under the Servicing Agreement or the Administration Agreement,
respectively, the Issuer shall promptly notify the Indenture Trustee and the Rating Agencies
thereof, and shall specify in such notice the action, if any, the Issuer is taking with respect to
such default. If a Servicer Default shall arise from the failure of the Servicer to perform any of
its duties or obligations under the Servicing Agreement, or an Administrator Default shall arise
from the failure of the Administrator to perform any of its duties or obligations under the
Administration Agreement, as the case may be, with respect to the Trust Student Loans, the Issuer
shall take all reasonable steps available to it to enforce its rights under the Basic Documents in
respect of such failure.

 

 

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     (e) As promptly as possible after the giving of notice of termination to the Servicer of the
Servicer’s rights and powers, pursuant to Section 5.1 of the Servicing Agreement, or to the
Administrator of the Administrator’s rights and powers, pursuant to Section 5.1 of the
Administration Agreement, the Issuer shall appoint a successor servicer (the “Successor Servicer”)
or a successor administrator (the “Successor Administrator”), respectively, and such Successor
Servicer or Successor Administrator, as the case may be, shall accept its appointment by a written
assumption in a form acceptable to the Indenture Trustee. In the event that a Successor Servicer or
Successor Administrator has not been appointed and accepted its appointment at the time when the
Servicer or Administrator, as the case may be, ceases to act as Servicer or Administrator,
respectively, the Indenture Trustee without further action shall automatically be appointed the
Successor Servicer or Successor Administrator, as the case may be. The Indenture Trustee may resign
as the Servicer or the Administrator by giving written notice of resignation to the Issuer and in
such event will be released from such duties and obligations, such release not to be effective
until the date a new servicer or a new administrator enters into an agreement with the Issuer as
provided below; provided, however, that nothing herein shall require or permit the Indenture
Trustee to act as Servicer, or otherwise service the Trust Student Loans, in violation of the
Higher Education Act. Upon delivery of any such notice to the Issuer, the Issuer shall obtain a new
servicer as the Successor Servicer under the Servicing Agreement or a new administrator as the
Successor Administrator under the Administration Agreement, as the case may be. Any Successor
Servicer or

Successor Administrator, other than the Indenture Trustee, shall (i) be an established institution
(A) that satisfies any requirements of the Higher Education Act applicable to servicers and (B)
whose regular business includes the servicing or administration of student loans and
(ii) enter into a servicing agreement or an administration agreement, respectively, with the Issuer
having substantially the same provisions as the provisions of the Servicing Agreement and the
Administration Agreement, as applicable. If within 30 days after the delivery of the notice
referred to above, the Issuer shall not have obtained such a new servicer or new administrator, as
the case may be, the Indenture Trustee may appoint, or may petition a court of competent
jurisdiction to appoint, a Successor Servicer or Successor Administrator; provided, however, that
such right to appoint or to petition for the appointment of any such successor shall in no event
relieve the Indenture Trustee from any obligations otherwise imposed on it under the Basic
Documents until such successor has in fact assumed such appointment. In connection with any such
appointment, the Indenture Trustee may make such arrangements for the compensation of such
successor as it and such successor shall agree, subject to the limitations set forth below and in
the Servicing

 

 

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Agreement or Administration Agreement, as applicable, and in accordance with
Section 5.2 of the Servicing Agreement and Section 5.2 of the Administration Agreement, the Issuer
shall enter into an agreement with such successor for the servicing or administration of the Trust
Student Loans (such agreement to be in form and substance satisfactory to the Indenture Trustee).
If the Indenture Trustee shall succeed as provided herein to the Servicer’s duties as Servicer with
respect to the Trust Student Loans, or the Administrator’s duties with respect to the Issuer and
the Trust Student Loans, as the case may be, it shall do so in its individual capacity and not in
its capacity as Indenture Trustee and, accordingly, the provisions of Article VI hereof shall be
inapplicable to the Indenture Trustee in its duties as the successor to the Servicer or the
Administrator, as the case may be, and the servicing or administration of the Trust Student Loans.
In case the Indenture Trustee shall become successor to the Servicer or the Administrator, the
Indenture Trustee shall be entitled to appoint as Servicer or as Administrator, as the case may be,
any one of its Affiliates, provided that such appointment shall not affect or alter in any way the
liability of the Indenture Trustee as Successor Servicer or Successor Administrator, respectively,
in accordance with the terms hereof.

     (f) Upon any termination of the Servicer’s rights and powers pursuant to the Servicing Agreement,
or any termination of the Administrator’s rights and powers pursuant to the Administration
Agreement, as the case may be, the Issuer shall promptly notify the Indenture Trustee and each
Rating Agency. As soon as a Successor Servicer or a Successor Administrator is appointed, the
Issuer shall notify the Indenture Trustee and each Rating Agency of such appointment, specifying in
such notice the name and address of such Successor Servicer or such Successor Administrator.

 

 

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     (g) Without derogating from the absolute nature of the assignment granted to the Indenture Trustee
under this Indenture or the rights of the Indenture Trustee hereunder, the Issuer agrees that it
will not, without the prior written consent of the Indenture Trustee or the Noteholders of at least
a majority in Outstanding Amount of the Notes, amend, modify, waive, supplement, terminate or
surrender, or agree to any amendment, modification, supplement, termination, waiver or surrender
of, the terms of any Collateral or the Basic Documents, except to the extent otherwise provided in
the Basic Documents, or waive timely performance or observance by the Servicer, the Administrator,
the Depositor, the SLM Education Credit Management Corporation, the Issuer or the Eligible Lender
Trustee under the Basic Documents; provided, however, that no such amendment shall (i) increase or
reduce in any manner the amount of, or accelerate or delay the timing of, distributions that are
required to be made for the benefit of the Noteholders, or (ii) reduce the aforesaid percentage of
the Notes which are required to consent to any such amendment, without the consent of the
Noteholders of all the Outstanding Notes. If any such amendment, modification, supplement or waiver
shall be so consented to by the Indenture Trustee or such Noteholders, the Issuer shall give
written notice thereof to each Rating Agency and agrees, promptly following a request by the
Indenture Trustee to do so, to execute and deliver, in its own name and at its own expense, such
agreements, instruments, consents and other documents as the Indenture Trustee may deem necessary
or appropriate in the circumstances.

     SECTION 3.8 Negative Covenants. So long as any Notes are Outstanding, the Issuer shall not:

     (i) except as expressly permitted by this Indenture or any other Basic Document, sell, transfer,
exchange or otherwise dispose of any of the properties or assets of the Issuer, including those
included in the Indenture Trust Estate, unless directed to do so by the Indenture Trustee;

     (ii) claim any credit on, or make any deduction from the principal or interest payable in respect
of, the Notes (other than amounts properly withheld from such payments under the Code or applicable
state law) or assert any claim against any present or former Noteholder by reason of the payment of
the taxes levied or assessed upon any part of the Indenture Trust Estate;

 

 

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     (iii) (A) permit the validity or effectiveness of this Indenture to be impaired, or permit the lien
of this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit
any Person to be released from any covenants or obligations with respect to the Notes under this
Indenture except as may be expressly permitted hereby, (B) permit any lien, charge, excise, claim,
security interest, mortgage or other encumbrance (other than the lien of this Indenture) to be
created on or extend to or otherwise arise upon or burden the Indenture Trust Estate or any part
thereof or any interest therein or the proceeds thereof (other than tax liens and other liens that
arise by operation of law, and other than as expressly permitted by the Basic Documents) or (C)
permit the lien of this Indenture not to constitute a valid first priority (other than with respect
to any such tax or other lien) security interest in the Indenture Trust Estate; or

     (iv) enter into any amendment to a Swap Agreement requested by a Swap Counterparty to cure any
ambiguity in, or to correct or supplement any provision of a Swap Agreement, except where the
Issuer has received the consent of the Indenture Trustee so long as the Issuer has determined, and
the Indenture Trustee has agreed in writing at the written direction of the Issuer, that the
amendment will not materially adversely affect the interests of the Noteholders and provided that
the Indenture Trustee has provided reasonable notice to the Rating Agencies of such amendment.

     SECTION 3.9 Annual Statement as to Compliance. The Issuer will deliver to the Indenture Trustee and
each Rating Agency, within 120 days after the end of each fiscal year of the Issuer (commencing
with the fiscal year 200     ), an Officers’ Certificate of the Issuer stating that:

     (i) a review of the activities of the Issuer during such year and of performance under this
Indenture has been made under such Authorized Officers’ supervision; and

     (ii) to the best of such Authorized Officers’ knowledge, based on such review, the Issuer has
complied with all conditions and covenants under this Indenture throughout such year, or, if there
has been a default in the compliance of any such condition or covenant, specifying each such
default known to such Authorized Officers and the nature and status thereof.

 

 

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     SECTION 3.10 Issuer May Consolidate, etc., Only on Certain Terms.

     (a) The Issuer shall not consolidate or merge with or into any other Person, unless:

     (i) the Person (if other than the Issuer) formed by or surviving such consolidation or merger shall
be a Person organized and existing under the laws of the United States of America or any State and
shall expressly assume, by an indenture supplemental hereto, executed and delivered to the
Indenture Trustee, in form satisfactory to the Indenture Trustee, the due and punctual payment of
the principal of, and interest, if any, on all Notes and the performance or observance of every
agreement and covenant of this Indenture on the part of the Issuer to be performed or observed, all
as provided herein;

     (ii) immediately after giving effect to such transaction, no Default shall have occurred and be
continuing;

     (iii) the Rating Agency Condition shall have been satisfied with respect to such transaction;

     (iv) the Issuer shall have received an Opinion of Counsel (and shall have delivered copies thereof
to the Indenture Trustee) to the effect that such transaction will not have any material adverse
Federal or Delaware state tax consequence to the Issuer, any Noteholder or any Certificateholder;

     (v) any action as is necessary to maintain the lien and security interest created by this Indenture
shall have been taken; and

     (vi) the Issuer shall have delivered to the Indenture Trustee an Officers’ Certificate of the
Issuer and an Opinion of Counsel each stating that such consolidation or merger and such
supplemental indenture comply with this Article III and that all conditions precedent herein
provided for relating to such transaction have been complied with (including any filing required by
the Exchange Act).

     (b) The Issuer shall not convey or transfer all or substantially all its properties or assets,
including those included in the Indenture Trust Estate, to any Person, unless:

 

 

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     (i) the Person that acquires by conveyance or transfer the properties and assets of the Issuer the
conveyance or transfer of which is hereby restricted shall (A) be a United States citizen or a
Person organized and existing under the laws of the United States of America or any State, (B)
expressly assume, by an indenture supplemental hereto, executed and delivered to the Indenture
Trustee, in form satisfactory to the Indenture Trustee, the due and punctual payment of the
principal of, and interest, if any, on all Notes and the performance or observance of every
agreement and covenant of this Indenture on the part of the Issuer to be performed or observed, all
as provided herein, (C) expressly agree by means of such supplemental indenture that all right,
title and interest so conveyed or transferred shall be subject and subordinate to the rights of
Noteholders, (D) unless otherwise provided in such supplemental indenture, expressly agree to
indemnify, defend and hold harmless the Issuer against and from any loss, liability or expense
arising under or related to this Indenture and the Notes and (E) expressly agree by means of such
supplemental indenture that such Person (or if a group of Persons, then one specified Person) shall
make all filings with the Commission (and any other appropriate Person) required by the Exchange
Act in connection with the Notes;

     (ii) immediately after giving effect to such transaction, no Default shall have occurred and be
continuing;

     (iii) the Rating Agency Condition shall have been satisfied with respect to such transaction;

     (iv) the Issuer shall have received an Opinion of Counsel (and shall have delivered copies thereof
to the Indenture Trustee) to the effect that

such transaction will not have any material adverse Federal or Delaware state tax consequence to
the Issuer, any Noteholder or any Certificateholder;

     (v) any action as is necessary to maintain the lien and security interest created by this Indenture
shall have been taken; and

 

 

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     (vi) the Issuer shall have delivered to the Indenture Trustee an Officers’ Certificate of the
Issuer and an Opinion of Counsel each stating that such conveyance or transfer and such
supplemental indenture comply with this Article III and that all conditions precedent herein
provided for relating to such transaction have been complied with (including any filing required by
the Exchange Act).

     SECTION 3.11 Successor or Transferee. (a) Upon any consolidation or merger of the Issuer in
accordance with Section 3.10(a), the Person formed by or surviving such consolidation or merger (if
other than the Issuer) shall succeed to, and be substituted for, and may exercise every right and
power of, the Issuer under this Indenture with the same effect as if such Person had been named as
the Issuer herein.

     (b) Upon a conveyance or transfer of all the assets and properties of the Issuer pursuant to
Section 3.10(b), SLM Private Credit Student Loan Trust
200    -    will be released from every covenant and agreement of this Indenture to be observed or
performed on the part of the Issuer with respect to the Notes immediately upon the delivery by the
Issuer of written notice to the Indenture Trustee stating that SLM Private Credit Student Loan
Trust 200    -    is to be so released.

     SECTION 3.12 No Other Business. The Issuer shall not engage in any business other than financing,
purchasing, owning, selling and managing the Trust Student Loans in the manner contemplated by this
Indenture and the other Basic Documents and activities incidental thereto.

     SECTION 3.13 No Borrowing. The Issuer shall not issue, incur, assume, guarantee or otherwise become
liable, directly or indirectly, for any indebtedness except for the Notes.

     SECTION 3.14 Obligations of Servicer and Administrator. The Issuer shall cause the Servicer to
comply with Sections 3.1, 3.2 and 3.3 of the Administration Agreement and Section 3.7 of the
Servicing Agreement and the Administrator to comply with Sections 2.9, 3.1, 3.2 and 3.3 of the
Administration Agreement.

 

 

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     SECTION 3.15 Guarantees, Loans, Advances and Other Liabilities. Except as contemplated by this
Indenture and the other Basic Documents, the Issuer shall not make any loan or advance or credit
to, or guarantee (directly or indirectly or by an instrument having the effect of assuring
another’s payment or performance on any obligation or capability of so doing or otherwise), endorse
or otherwise become contingently liable, directly or indirectly, in connection with the
obligations, stocks or dividends of, or own, purchase, repurchase or acquire (or agree contingently
to do so) any stock, obligations, assets or securities of, or any other interest in, or make any
capital contribution to, any other Person.

     SECTION 3.16 Capital Expenditures. The Issuer shall not make any expenditure (by long-term or
operating lease or otherwise) for capital assets (either realty or personalty).

     SECTION 3.17 Restricted Payments. The Issuer shall not, directly or indirectly, (i) pay any
dividend or make any distribution (by reduction of capital or otherwise), whether in cash,
property, securities or a combination thereof, to the Eligible Lender Trustee or any owner of a
beneficial interest in the Issuer or otherwise with respect to any ownership or equity interest or
security in or of the Issuer or to the Servicer or the Administrator, (ii) redeem, purchase, retire
or otherwise acquire for value any such ownership or equity interest or security or (iii) set aside
or otherwise segregate any amounts for any such purpose; provided, however, that the Issuer may
make, or cause to be made, distributions to the Servicer, the Eligible Lender Trustee, the
Indenture Trustee, the Noteholders, the Certificateholders, the Administrator and the Depositor as
contemplated by, and to the extent funds are available for such purpose under, this Indenture and
the other Basic Documents. The Issuer will not, directly or indirectly, make payments to or
distributions from the Collection Account except in accordance with this Indenture and the other
Basic Documents.

 

 

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     SECTION 3.18 Notice of Events of Default. The Issuer shall give the Indenture Trustee and the
Rating Agencies prompt written notice of each Event of Default hereunder and each default on the
part of the Depositor of its obligations under the Sale Agreement, the SLM Education Credit
Management Corporation of its obligations under the Purchase Agreement, the Servicer of its
obligations under the Servicing Agreement, or the Administrator of its obligations under the
Administration Agreement. In addition, the Issuer shall deliver to the Indenture Trustee and each
Rating Agency, within five days after the occurrence thereof, written notice in the form of an
Officers’ Certificate of the Issuer of any event which with the giving of notice and the lapse of
time would become an Event of Default under Section 5.1(iii), its status and what action the Issuer
is taking or proposes to take with respect thereto.

     SECTION 3.19 Further Instruments and Acts. Upon request of the Indenture Trustee, the Issuer will
execute and deliver such further instruments and do such further acts as may be reasonably
necessary or proper to carry out more effectively the purpose of this Indenture.

ARTICLE IV

Satisfaction and Discharge

     SECTION 4.1 Satisfaction and Discharge of Indenture. This Indenture shall cease to be of further
effect with respect to the Notes except as to (i) rights of registration of transfer and exchange,
(ii) substitution of mutilated, destroyed, lost or stolen Notes, (iii) rights of Noteholders to
receive payments of principal thereof and interest thereon, (iv) Sections 3.3, 3.4, 3.5, 3.8, 3.10,
3.12 and 3.13, (v) the rights, obligations and immunities of the Indenture Trustee hereunder
(including, without limitation, the rights of the Indenture Trustee under Section 6.7 and the
obligations of the Indenture Trustee under
Section 4.2) and (vi) the rights of Noteholders as beneficiaries hereof with respect to the
property so deposited with the Indenture Trustee payable to all or any of them, and the Indenture
Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments
acknowledging satisfaction and discharge of this Indenture with respect to the Notes, when:

     (a) either

 

 

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     (1) all Notes theretofore authenticated and delivered (other than (i) Notes that have been
destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.5 and (ii)
Notes for whose payment money has theretofore been deposited in trust or segregated and held in
trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust, as provided
in Section 3.3) have been delivered to the Indenture Trustee for cancellation; or

     (2) all Notes not theretofore delivered to the Indenture Trustee for cancellation

     (i) have become due and payable,

     (ii) will become due and payable at their respective Note Final Maturity Date, within one year, or

     (iii) are to be called for redemption within one year under arrangements satisfactory to the
Indenture Trustee for the giving of notice of redemption by the Indenture Trustee in the name, and
at the expense, of the Issuer, and the Issuer, in the case of (i), (ii) or (iii) above, has
irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee cash or
direct obligations of or obligations guaranteed by the United States of America (which will mature
prior to the date such amounts are payable), in trust for such purpose, in an amount sufficient to
pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Indenture
Trustee for cancellation when due to the Note Final Maturity Date;

     (b) the Issuer has paid or caused to be paid all other sums payable hereunder by the Issuer; and

     (c) the Issuer has delivered to the Indenture Trustee an Officers’ Certificate of the Issuer, an
Opinion of Counsel and (if required by the TIA or the Indenture Trustee) an Independent Certificate
from a firm of certified public accountants, each meeting the applicable requirements of Section
11.1(a) and, subject to Section 11.2, each stating that all conditions precedent herein provided
for relating to the satisfaction and discharge of this Indenture have been complied with.

 

 

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     SECTION 4.2 Application of Trust Money. All moneys deposited with the Indenture Trustee pursuant to
Section 4.1 hereof shall be held in trust and applied by it, in accordance with the provisions of
the Notes and this Indenture, to the payment, either directly or through any Paying Agent, as the
Indenture Trustee may determine, to the Noteholders of the particular Notes for the payment or
redemption of which such moneys have been deposited with the Indenture Trustee, of all sums due and
to become due thereon for principal and interest; but such moneys need not be segregated from other
funds except to the extent required herein or in the Administration Agreement or required by law.

     SECTION 4.3 Repayment of Moneys Held by Paying Agent. In connection with the satisfaction and
discharge of this Indenture with respect to the Notes, all moneys then held by any Paying Agent
other than the Indenture Trustee under the provisions of this Indenture with respect to such Notes
shall, upon demand of the Issuer, be paid to the Indenture Trustee to be held and applied according
to
Section 3.3 and thereupon such Paying Agent shall be released from all further liability with
respect to such moneys.

 

 

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     SECTION 4.4 Auction of Trust Student Loans. Any Trust Student Loans remaining in the Trust as of
the end of the Collection Period immediately preceding the earliest Distribution Date on which the
Pool Balance is equal to 10% or less of the initial Pool Balance three business days prior to such
Distribution Date (the “Trust Auction Date”) shall be offered for sale by the Indenture Trustee
unless the Depositor has exercised its option to purchase the Trust Estate as described in Section
6.1A of the Administration Agreement with respect to such Distribution Date. The Depositor will be
deemed to have waived such option if it fails to notify the Eligible Lender Trustee and the
Indenture Trustee of its exercise thereof in writing prior to the Indenture Trustee’s acceptance of
a bid to purchase such Trust Student Loans; provided,
however, that there shall be no such offer for sale if the Indenture Trustee fails to provide
notice to the Depositor in accordance with this Section 4.4. The Indenture Trustee shall provide
written notice to the Depositor of any such offer for sale at least 5 business days in advance of
the Trust Auction Date. The Indenture Trustee shall permit the Depositor or any of its Affiliates
to offer bids only if the Pool Balance as of the applicable Trust Auction Date is equal to 10% or
less of the Initial Pool Balance and such bid does not exceed the fair market value of the Trust
Student Loans as of the Trust Auction Date. If at least two bids are received, the Indenture
Trustee shall solicit and resolicit new bids from all participating bidders until only one bid
remains or the remaining bidders decline to resubmit bids. The Indenture Trustee shall accept the
highest of such remaining bids if it is equal to or in excess of both the Minimum Purchase Amount
and the fair market value of such Trust Student Loans as of the end of the Collection Period
immediately preceding the Trust Auction Date. If at least two bids are not received or the highest
bid after the resolicitation process is completed is not equal to or in excess of the higher of the
Minimum Purchase Amount and the fair market value of the Trust Student Loans, the Indenture Trustee
shall not consummate such sale. The Indenture Trustee may consult, and, at the direction of the
Depositor, shall consult, with a financial advisor, including an underwriter of the Notes or the
Administrator, to determine if the fair market value of the Trust Student Loans has been offered.
The proceeds of any such sale will be applied in the order of priority set forth in Section 5.4
(b). If the sale is not consummated in accordance with the foregoing, the Indenture Trustee may,
but shall not be under any obligation to, solicit bids for sale of the Trust Student Loans with
respect to future Distribution Dates upon terms similar to those described above, including the
Depositor’s waiver of its option to purchase the Trust Estate in accordance with
Section 6.1A of the Administration Agreement with respect to each such future Distribution Date.

 

 

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ARTICLE V

Remedies

     SECTION 5.1 Events of Default. “Event of Default,” wherever used herein, means any one of the
following events (whatever the reason for such Event of Default and whether it shall be voluntary
or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of
any court or any order, rule or regulation of any administrative or governmental body):

     (i) default in the payment of any interest on any Note when the same becomes due and payable, and
such default shall continue for a period of five days; or

     (ii) default in the payment of the principal of any Note when the same becomes due and payable on
the related Note Final Maturity Date; or

     (iii) default in the observance or performance of any covenant or agreement of the Issuer made in
this Indenture (other than a covenant or agreement, a default in the observance or performance of
which is elsewhere in this Section specifically dealt with), or any representation or warranty of
the Issuer made in this Indenture or in any certificate or other writing having been incorrect in
any material respect as of the time when made, such default or breach having a material adverse
effect on the holders of the Notes, and such default or breach shall continue or not be cured, or
the circumstance or condition in respect of which such misrepresentation or warranty was incorrect
shall not have been eliminated or otherwise cured, for a period of 30 days after there shall have
been given, by registered or certified mail, to the Issuer by the Indenture Trustee or to the
Issuer and the Indenture Trustee by the Noteholders of at least 25% of the Outstanding Amount of
the Notes, a written notice specifying such default or incorrect representation or warranty and
requiring it to be remedied and stating that such notice is a notice of Default hereunder; or

 

 

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     (iv) the filing of a decree or order for relief by a court having jurisdiction in the premises in
respect of the Issuer or any substantial part of the Indenture Trust Estate in an involuntary case
under any applicable Federal or state bankruptcy, insolvency or other similar law now or hereafter
in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or
similar official of the Issuer or for any substantial part of the Indenture Trust Estate, or
ordering the winding-up or liquidation of the Issuer’s affairs, and such decree or order shall
remain unstayed and in effect for a period of 60 consecutive days; or

     (v) the commencement by the Issuer of a voluntary case under any applicable Federal or state
bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by the
Issuer to the entry of an order for relief in an involuntary case under any such law, or the
consent by the Issuer to the appointment or taking possession by a receiver, liquidator, assignee,
custodian, trustee, sequestrator or similar official of the Issuer or for any substantial part of
the Indenture Trust Estate, or the making by the Issuer of any general assignment for the benefit
of creditors, or the failure by the Issuer generally to pay its debts as such debts become due, or
the taking of action by the Issuer in furtherance of any of the foregoing.

     SECTION 5.2 Acceleration of Maturity; Rescission and Annulment. If an Event of Default should occur
and be continuing, then and in every such case the Indenture Trustee or the Noteholders of Notes
representing not less than a majority of the Outstanding Amount of the Notes may declare all the
Notes to be immediately due and payable, by a notice in writing to the Issuer (and to the Indenture
Trustee if given by Noteholders), and upon any such declaration the unpaid principal amount of such
Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall
become immediately due and payable, subject, however, to the last paragraph of Section 2.7C of the
Administration Agreement and to Section 5.4 of this Indenture.

     At any time after such declaration of acceleration of maturity has been made and before a judgment
or decree for payment of the money due has been obtained by the Indenture Trustee as hereinafter in
this Article V provided, the Noteholders of Notes representing a majority of the Outstanding Amount
of the Notes, by written notice to the Issuer and the Indenture Trustee, may rescind and annul such
declaration and its consequences if:

 

 

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     (i) the Issuer has paid or deposited with the Indenture Trustee a sum sufficient to pay:

     (a) all payments of principal of and interest on all Notes and all other amounts that would then be
due hereunder or upon such Notes if the Event of Default giving rise to such acceleration had not
occurred; and

     (b) all sums paid or advanced by the Indenture Trustee hereunder and the reasonable compensation,
expenses, disbursements and advances of the Indenture Trustee and its agents and counsel; and

     (ii) all Events of Default, other than the nonpayment of the principal of the Notes that has become
due solely by such acceleration, have been cured or waived as provided in Section 5.12.

     No such rescission shall affect any subsequent default or impair any right consequent thereto.

     SECTION 5.3 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee. The Issuer
covenants that if (i) default is made in the payment of any interest on any Note when the same
becomes due and payable, and such default continues for a period of five days, or (ii) default is
made in the payment of the principal of any Note when the same becomes due and payable at the
related Note Final Maturity Date, the Issuer shall, upon demand of the Indenture Trustee, pay to
it, for the benefit of the Noteholders, the whole amount then due and payable on such Notes for
principal and interest, with interest upon the overdue principal, and, to the extent payment at
such rate of interest shall be legally enforceable, upon overdue installments of interest, at the
rate specified in Section 2.7 and in addition thereto such further amount as shall be sufficient to
cover the costs and expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Indenture Trustee and its agents and counsel.

 

 

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     (a) In case the Issuer shall fail forthwith to pay such amounts upon such demand, the Indenture
Trustee, in its own name and as trustee of an express trust, may institute a Proceeding for the
collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or final
decree, and may enforce the same against the Issuer or other obligor upon such Notes and collect in
the manner provided by law out of the property of the Issuer or other obligor upon such Notes,
wherever situated, the moneys adjudged or decreed to be payable.

     (b) If an Event of Default occurs and is continuing, the Indenture Trustee may, as more
particularly provided in Section 5.4, in its discretion, proceed to protect and enforce its rights
and the rights of the Noteholders, by such appropriate Proceedings as the Indenture Trustee shall
deem most effective to protect and enforce any such rights, whether for the specific enforcement of
any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein,
or to enforce any other proper remedy or legal or equitable right vested in the Indenture Trustee
by this Indenture or by law.

     (c) In case there shall be pending, relative to the Issuer or any other obligor upon the Notes or
any Person having or claiming an ownership interest in the Indenture Trust Estate, Proceedings
under Title 11 of the United States Code or any other applicable Federal or state bankruptcy,
insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy or
reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken
possession of the Issuer or its property or such other obligor or Person, or in case of any other,
comparable judicial Proceedings relative to the Issuer or other obligor upon the Notes, or to the
creditors or property of the Issuer or such other obligor, the Indenture Trustee, irrespective of
whether the principal of any Notes shall then be due and payable, as therein expressed or by
declaration or otherwise and irrespective of whether the Indenture Trustee shall have made any
demand pursuant to the provisions of this Section, shall be entitled and empowered, by intervention
in such proceedings or otherwise:

 

 

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     (i) to file and prove a claim or claims for the whole amount of principal and interest owing and
unpaid in respect of the Notes and to file such other papers or documents as may be necessary or
advisable in order to have the claims of the Indenture Trustee (including any claim for reasonable
compensation to the Indenture Trustee and each predecessor Indenture Trustee, and their respective
agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and
all advances made, by the Indenture Trustee and each predecessor Indenture Trustee, except as a
result of negligence or bad faith) and of the Noteholders allowed in such Proceedings;

     (ii) unless prohibited by applicable law and regulations, to vote on behalf of the Noteholders in
any election of a trustee, a standby trustee or Person performing similar functions in any such
Proceedings;

     (iii) to collect and receive any moneys or other property payable or deliverable on any such claims
and to distribute all amounts received with respect to the claims of the Noteholders and of the
Indenture Trustee on their behalf; and

     (iv) to file such proofs of claim and other papers or documents as may be necessary or advisable in
order to have the claims of the Indenture Trustee or the Noteholders allowed in any judicial
proceedings relative to the Issuer, its creditors and its property;

     and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding
is hereby authorized by each of such Noteholders to make payments to the Indenture Trustee, and, in
the event that the Indenture Trustee shall consent to the making of payments directly to such
Noteholders, to pay to the Indenture Trustee such amounts as shall be sufficient to cover
reasonable compensation to the Indenture Trustee, each predecessor Indenture Trustee and their
respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all
advances made, by the Indenture Trustee and each predecessor Indenture Trustee except as a result
of negligence or bad faith.

 

 

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     (d) Nothing herein contained shall be deemed to authorize the Indenture Trustee to authorize or
consent to or vote for or accept or adopt on behalf of any Noteholder any plan of reorganization,
arrangement, adjustment or composition affecting the Notes or the rights of any Noteholder thereof
or to authorize the Indenture Trustee to vote in respect of the claim of any Noteholder in any such
proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar
Person.

     (e) All rights of action and of asserting claims under this Indenture, or under any of the Notes,
may be enforced by the Indenture Trustee without the possession of any of the Notes or the
production thereof in any trial or other Proceedings relative thereto, and any such action or
Proceedings instituted by the Indenture Trustee shall be brought in its own name as trustee of an
express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements
and compensation of the Indenture Trustee, each predecessor Indenture Trustee and their respective
agents and attorneys, shall be for the ratable benefit of the Noteholders.

     (f) In any Proceedings brought by the Indenture Trustee (and also any Proceedings involving the
interpretation of any provision of this Indenture to which the Indenture Trustee shall be a party),
the Indenture Trustee shall be held to represent all the Noteholders, and it shall not be necessary
to make any Noteholder a party to any such Proceedings.

     SECTION 5.4 Remedies; Priorities. If an Event of Default shall have occurred and be continuing, the
Indenture Trustee may do one or more of the following (subject to Section 5.5):

     (a) (i) institute Proceedings in its own name and as trustee of an express trust for the collection
of all amounts then payable on the Notes or under this Indenture with respect thereto, whether by
declaration or otherwise, enforce any judgment obtained, and collect from the Issuer and any other
obligor upon such Notes moneys adjudged due;

     (ii) institute Proceedings from time to time for the complete or partial foreclosure of this
Indenture, with respect to the Indenture Trust Estate;

 

 

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     (iii) exercise any remedies of a secured party under the UCC with respect to the Trust Estate and
take any other appropriate action to protect and enforce the rights and remedies of the Indenture
Trustee and the Noteholders;

     (iv) sell the Indenture Trust Estate or any portion thereof or rights or interest therein, at one
or more public or private sales called and conducted in any manner permitted by law; and/or

     (v) elect to have the Eligible Lender Trustee maintain ownership of the Trust Student Loans and
continue to apply collections with respect to the Trust Student Loans as if there had been no
declaration of acceleration.

 

 

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provided, however, that the Indenture Trustee may not sell or otherwise liquidate the Indenture
Trust Estate following an Event of Default, other than an Event of Default described in Section
5.1(i) or (ii), unless (A) the Noteholders of 100% of the Outstanding Amount of the Notes consent
thereto, (B) the proceeds of such sale or liquidation distributable to the Noteholders are
sufficient to discharge in full all amounts then due and unpaid upon such Notes for principal and
interest or (C) the Indenture Trustee determines that the Indenture Trust Estate will not continue
to provide sufficient funds for the payment of principal of and interest on the Notes as they would
have become due if the Notes had not been declared due and payable, and the Indenture Trustee
obtains the consent of Noteholders of 66-2/3% of the Outstanding Amount of the Notes; provided,
further, that the Indenture Trustee may not sell or otherwise liquidate the Indenture Trust Estate
following an Event of Default, other than an Event of Default described in Section 5.1(i) or (ii)
unless (D) the proceeds of such sale or liquidation distributable to the Certificateholders plus
the proceeds of the sale or liquidation of the Trust Estate distributable to the Certificateholders
are sufficient to pay to the Certificateholders the outstanding principal thereon or (E) after
receipt of notice from the Eligible Lender Trustee that the proceeds of such sale or liquidation
distributable to the Certificateholders plus the proceeds of the sale or liquidation of the Trust
Estate distributable to the Certificateholders would not be sufficient to pay to the
Certificateholders the outstanding principal, the Certificateholders of at least a majority of the
principal amount of the Certificates consent thereto. In determining such sufficiency or
insufficiency with respect to clauses (B), (C), (D) and (E), the Indenture Trustee may, but need
not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of
national reputation as to the feasibility of such proposed action and as to the sufficiency of the
Indenture Trust Estate and/or Trust Estate, as

applicable, for such purpose.

     (b) If the Indenture Trustee collects any money or property pursuant to this Article V, it shall
pay out the money or property in the following order:

     FIRST: to the Indenture Trustee for amounts due under Section 6.7;

 

 

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     SECOND: to the Servicer for due and unpaid Primary Servicing Fees;

     THIRD: to the Student Loan Rate Swap Counterparties, in proportion to their respective entitlements
under the applicable Swap Agreements without preference or priority, for any due and unpaid Swap
Fees;

     FOURTH: to the Class A Noteholders for amounts due and unpaid on the Class A Notes for interest,
ratably, without preference or priority of any kind, according to the amounts due and payable on
the Class A Notes for such interest;

     FIFTH: to Class A Noteholders for amounts due and unpaid on the Class A Notes for principal,
ratably, without preference or priority of any kind, according to the amounts due and payable on
the Notes for principal;

     SIXTH: to the Class B Noteholders for amounts due and unpaid on the Class B Notes for interest,

     SEVENTH: to the Class B Noteholders for amounts due and unpaid on the Class B Notes for principal,
ratably without preference or priority of any kind, according to the amounts due and payable on the
Class B Notes for principal;

     EIGHTH:
to the Issuer for distribution to the Certificatehodlers in respect of any unpaid
Certificate Balance

     NINTH: to the Student Loan Rate Swap Counterparties, in proportion to the respective entitlements
under the applicable Swap Agreements without preference or priority, for any due and unpaid
Floating Rate Payments (as defined in the Swap Agreements);

     TENTH: to the Servicer, for any unpaid Carryover Servicing Fees;

and

     ELEVENTH: to the Issuer, for distribution in accordance with the terms of the Administration
Agreement and the Trust Agreement.

 

 

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     The Indenture Trustee may fix a record date and payment date for any payment to Noteholders
pursuant to this Section. At least 15 days before such record date, the Indenture Trustee shall
mail to each Noteholder and the Issuer a notice that states the record date, the payment date and
the amount to be paid.

     SECTION 5.5 Optional Preservation of the Trust Student Loans. If the Notes have been declared to be
due and payable under Section 5.2 following an Event of Default and such declaration and its
consequences have not been rescinded and annulled, the Indenture Trustee may, but need not, elect
to maintain possession of the Indenture Trust Estate. It is the desire of the parties hereto and
the Noteholders that there be at all times sufficient funds for the payment of principal of and
interest on the Notes, and the Indenture Trustee shall take such desire into account when
determining whether or not to maintain possession of the Indenture Trust Estate. In determining
whether to maintain possession of the Indenture Trust Estate, the Indenture Trustee may, but need
not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of
national reputation as to the feasibility of such proposed action and as to the sufficiency of the
Indenture Trust Estate for such purpose.

     SECTION 5.6 Limitation of Suits. No Noteholder shall have any right to institute any Proceeding,
judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or
trustee, or for any other remedy hereunder, unless:

     (i) such Noteholder has previously given written notice to the Indenture Trustee of a continuing
Event of Default;

     (ii) the Noteholders of not less than 25% of the Outstanding Amount of the Notes have made written
request to the Indenture Trustee to institute such Proceeding in respect of such Event of Default
in its own name as Indenture Trustee hereunder;

     (iii) such Noteholder or Noteholders have offered to the Indenture Trustee reasonable indemnity
against the costs, expenses and liabilities to be incurred in complying with such request;

     (iv) the Indenture Trustee for 60 days after its receipt of such notice, request and offer of
indemnity has failed to institute such Proceeding; and

 

 

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     (v) no direction inconsistent with such written request has been given to the Indenture Trustee
during such 60-day period by the Noteholders of a majority of the Outstanding Amount of the Notes;

it being understood and intended that no one or more Noteholders shall have any right in any manner
whatever by virtue of, or by availing of, any provision of this indenture to affect, disturb or
prejudice the rights of any other Noteholders or to obtain or to seek to obtain priority or
preference over any other Noteholders or to enforce any right under this Indenture, except in the
manner herein provided.

     In the event the Indenture Trustee shall receive conflicting or inconsistent requests and indemnity
from two or more groups of Noteholders, each representing less than a majority of the Outstanding
Amount of the Notes, the Indenture Trustee in its sole discretion may determine what action, if
any, shall be taken, notwithstanding any other provisions of this Indenture.

     SECTION 5.7 Unconditional Rights of Noteholders To Receive Principal and Interest. Notwithstanding
any other provisions in this Indenture, any Noteholder shall have the right, which is absolute and
unconditional, to receive payment of the principal of and interest on such Note on or after the
respective due dates thereof expressed in such Note or in this Indenture (or, in the case of
redemption, on or after the Redemption Date) and to institute suit for the enforcement of any such
payment, and such right shall not be impaired without the consent of such Noteholder.

     SECTION 5.8 Restoration of Rights and Remedies. If the Indenture Trustee or any Noteholder has
instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding
has been discontinued or abandoned for any reason or has been determined adversely to the Indenture
Trustee or to such Noteholder, then and in every such case the Issuer, the Indenture Trustee and
the Noteholders shall, subject to any determination in such Proceeding, be restored severally and
respectively to their former positions hereunder, and thereafter all rights and remedies of the
Indenture Trustee and the Noteholders shall continue as though no such Proceeding had been
instituted.

 

 

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     SECTION 5.9 Rights and Remedies Cumulative. No right or remedy herein conferred upon or reserved to
the Indenture Trustee or to the Noteholders is intended to be exclusive of any other right or
remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter existing at law or in
equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise,
shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

     SECTION 5.10 Delay or Omission Not a Waiver. No delay or omission of the Indenture Trustee or any
Noteholder to exercise any right or remedy accruing upon any Default shall impair any such right or
remedy or constitute a waiver of any such Default or an acquiescence therein. Every right and
remedy given by this Article V or by law to the Indenture Trustee or to the Noteholders may be
exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or
by the Noteholders, as the case may be.

     SECTION 5.11 Control by Noteholders. The Noteholders of a majority of the Outstanding Amount of the
Notes shall have the right to direct the time, method and place of conducting any Proceeding for
any remedy available to the Indenture Trustee with respect to the Notes or exercising any trust or
power conferred on the Indenture Trustee; provided that

     (i) such direction shall not be in conflict with any rule of law or with this Indenture;

     (ii) subject to the express terms of Section 5.4, any direction to the Indenture Trustee to sell or
liquidate the Indenture Trust Estate shall be by the Noteholders of not less than 100% of the
Outstanding Amount of the Notes;

     (iii) if the conditions set forth in Section 5.5 have been satisfied and the Indenture Trustee
elects to retain the Indenture Trust Estate pursuant to such Section, then any direction to the
Indenture Trustee by Noteholders of less than 100% of the Outstanding Amount of the Notes to sell
or liquidate the Indenture Trust Estate shall be of no force and effect; and

 

 

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     (iv) the Indenture Trustee may take any other action deemed proper by the Indenture Trustee that is
not inconsistent with such direction;

provided, however, that, subject to Section 6.1, the Indenture Trustee need not take any action
that it determines might involve it in liability or might materially adversely affect the rights of
any Noteholders not consenting to such action.

     SECTION 5.12 Waiver of Past Defaults. Prior to the time a judgment or decree for payment of money
due has been obtained as described in Section 5.2, the Noteholders of not less than a majority of
the Outstanding Amount of the Notes may waive any past Default and its consequences except a
Default (a) in payment when due of principal of or interest on any of the Notes or (b) in respect
of a covenant or provision hereof which cannot be modified or amended without the consent of each
Noteholder. In the case of any such waiver, the Issuer, the Indenture Trustee and the Noteholders
shall be restored to their former positions and rights hereunder, respectively; but no such waiver
shall extend to any subsequent or other Default or impair any right consequent thereto.

     Upon any such waiver, such Default shall cease to exist and be deemed to have been cured and not to
have occurred for every purpose of this Indenture; but no such waiver shall extend to any
subsequent or other Default or impair any right consequent thereto.

 

 

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     SECTION 5.13 Undertaking for Costs. All parties to this Indenture agree, and each Noteholder by
such Noteholder’s acceptance of any Note shall be deemed to have agreed, that any court may in its
discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or
in any suit against the Indenture Trustee for any action taken, suffered or omitted by it as
Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs
of such suit, and that such court may in its discretion assess reasonable costs, including
reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the
merits and good faith of the claims or defenses made by such party litigant; but the provisions of
this Section shall not apply to (a) any suit instituted by the Indenture Trustee, (b) any suit
instituted by any Noteholder, or group of Noteholders, in each case holding in the aggregate more
than 10% of the Outstanding Amount of the Notes or (c) any suit instituted by any Noteholder for
the enforcement of the payment of principal of or interest on any Note on or after the respective
due dates expressed in such Note and in this Indenture (or, in the case of redemption, on or after
the Redemption Date).

     SECTION 5.14 Waiver of Stay or Extension Laws. The Issuer covenants (to the extent that it may
lawfully do so) that it will not at any time insist upon, or plead or in any manner whatsoever,
claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at
any time hereafter in force, that may affect the covenants or the performance of this Indenture;
and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or
advantage of any such law, and covenants that it will not hinder, delay or impede the execution of
any power herein granted to the Indenture Trustee, but will suffer and permit the execution of
every such power as though no such law had been enacted.

     SECTION 5.15 Action on Notes. The Indenture Trustee’s right to seek and recover judgment on the
Notes or under this Indenture shall not be affected by the seeking, obtaining or application of any
other relief under or with respect to this Indenture. Neither the lien of this Indenture nor any
rights or remedies of the Indenture Trustee or the Noteholders shall be impaired by the recovery of
any judgment by the Indenture Trustee against the Issuer or by the levy of any execution under such
judgment upon any portion of the Indenture Trust Estate or upon any of the assets of the Issuer.
Any money or property collected by the Indenture Trustee shall be applied in accordance with
Section 5.4(b).

 

 

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     SECTION 5.16 Performance and Enforcement of Certain Obligations.

     (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator’s
expense, the Issuer shall take all such lawful action as the Indenture Trustee may request to
compel or secure the performance and observance by the Depositor, the SLM Education Credit
Management Corporation, the Administrator and the Servicer, as applicable, of each of their
obligations to the Issuer, whether directly or by assignment, under or in connection with the Sale
Agreement, the Purchase Agreement, the Administration Agreement and the Servicing Agreement,
respectively, in accordance with the terms thereof, and to exercise any and all rights, remedies,
powers and privileges lawfully available to the Issuer under or in connection with the Sale
Agreement, the Purchase Agreement, the Administration Agreement and the Servicing Agreement, as the
case may be, to the extent and in the manner directed by the Indenture Trustee, including the
transmission of notices of default on the part of the Depositor, the SLM Education Credit
Management Corporation, the Administrator or the Servicer thereunder and the institution of legal
or administrative actions or proceedings to compel or secure performance by the Depositor, the SLM
Education Credit Management Corporation, the Administrator or the Servicer of each of their
obligations under the Sale Agreement, the Purchase Agreement, the Administration Agreement and the
Servicing Agreement, respectively.

     (b) If an Event of Default has occurred and is continuing, the Indenture Trustee may, and at the
written direction of the Noteholders of 66-2/3% of the Outstanding Amount of the Notes shall,
exercise all rights, remedies, powers, privileges and claims of the Issuer against the Depositor,
the SLM Education Credit Management Corporation, the Administrator or the Servicer under or in
connection with the Sale Agreement, the Purchase Agreement, the Administration Agreement and the
Servicing Agreement, respectively, including the right or power to take any action to compel or
secure performance or observance by the Depositor, the SLM Education Credit Management Corporation,
the Administrator or the Servicer of each of their obligations to the Issuer thereunder, whether
directly or by assignment, and to give any consent, request, notice, direction, approval, extension
or waiver under the Sale Agreement, the Purchase Agreement, the Administration Agreement and the
Servicing Agreement, respectively, and any right of the Issuer to take such action shall be
suspended.

 

 

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ARTICLE VI

The Indenture Trustee

     SECTION 6.1 Duties of Indenture Trustee.

     (a) If an Event of Default has occurred and is continuing, the Indenture Trustee shall exercise the
rights and powers vested in it by this Indenture and use the same degree of care and skill in their
exercise as a prudent person would exercise or use under the circumstances in the

conduct such person’s own affairs.

     (b) Except during the continuance of an Event of Default:

     (i) the Indenture Trustee undertakes to perform such duties and only such duties as are
specifically set forth in this Indenture and no implied covenants or obligations shall be read into
this Indenture against the Indenture Trustee; and

     (ii) in the absence of bad faith on its part, the Indenture Trustee may conclusively rely, as to
the truth of the statements and the correctness of the opinions expressed therein, upon
certificates or opinions furnished to the Indenture Trustee and conforming to the requirements of
this Indenture; provided, however, that the Indenture Trustee shall examine the certificates and
opinions to determine whether or not they conform to the requirements of this Indenture.

     (c) The Indenture Trustee may not be relieved from liability for its own negligent action, its own
negligent failure to act or its own willful misconduct, except that:

     (i) this paragraph does not limit the effect of paragraph (b) of this Section;

     (ii) the Indenture Trustee shall not be liable for any error of judgment made in good faith by a
Responsible Officer unless it is proved that the Indenture Trustee was negligent in ascertaining
the pertinent facts; and

 

 

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     (iii) the Indenture Trustee shall not be liable with respect to any action it takes or omits to
take in good faith in accordance with a direction received by it pursuant to Section 5.11.

     (d) The Indenture Trustee shall not be liable for interest on any money received by it except as
the Indenture Trustee may agree in writing with the Issuer.

     (e) Money held in trust by the Indenture Trustee need not be segregated from other funds except to
the extent required by law or the terms of this Indenture or the other Basic Documents.

     (f) No provision of this Indenture shall require the Indenture Trustee to expend or risk its own
funds or otherwise incur financial liability in the performance of any of its duties hereunder or
in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that
repayments of such funds or adequate indemnity satisfactory to it against any loss, liability or
expense is not reasonably assured to it.

     (g) Except as expressly provided in the Basic Documents, the Indenture 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.

     (h) In the event that the Indenture Trustee is the Paying Agent or the Note Registrar, the rights
and protections afforded to the Indenture Trustee pursuant to this Indenture shall also be afforded
to the Indenture Trustee in its capacity as Paying Agent or Note Registrar.

     (i) Every provision of this Indenture relating to the conduct or affecting the liability of or
affording protection to the Indenture Trustee shall be subject to the provisions of this Section
and to the provisions of the TIA.

     SECTION 6.2 Rights of Indenture Trustee. (a) The Indenture Trustee may rely on any document
believed by it to be genuine and to have been signed or presented by the proper Person. The
Indenture Trustee need not investigate any fact or matter stated in such document.

 

 

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     (b) Before the Indenture Trustee acts or refrains from acting, it may require and shall be entitled
to receive an Officers’ Certificate of the Issuer and/or an Opinion of Counsel. The Indenture
Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on
such Officers’ Certificate or Opinion of Counsel.

     (c) The Indenture Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents or attorneys or a custodian or nominee, and the
Indenture Trustee shall not be responsible for any misconduct or negligence on the part of, or for
the supervision of, any such agent, attorney, custodian or nominee appointed with due care by it
hereunder.

     (d) The Indenture Trustee shall not be liable for any action it takes or omits to take in good
faith which it believes to be authorized or within its rights or powers; provided, however, that
the Indenture Trustee’s conduct does not constitute willful misconduct, negligence or bad faith.

     (e) The Indenture Trustee may consult with counsel, and the advice or opinion of counsel with
respect to legal matters relating to this Indenture and the Notes shall be full and complete
authorization and protection from liability in respect to any action taken, omitted or suffered by
it hereunder in good faith and in accordance with the advice or opinion of such counsel.

     SECTION 6.3 Individual Rights of Indenture Trustee. The Indenture Trustee in its individual or any
other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer or
its Affiliates with the same rights it would have if it were not Indenture Trustee. Any Paying
Agent, Note Registrar, co-registrar or co-paying agent may do the same with like rights. However,
the Indenture Trustee must comply with Sections 6.11 and 6.12.

     SECTION 6.4 Indenture Trustee’s Disclaimer. The Indenture Trustee shall not be responsible for and
makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not
be accountable for the Issuer’s use of the proceeds from the Notes, and it shall not be responsible
for any statement of the Issuer in the Indenture or in any document issued in connection with the
sale of the Notes or in the Notes other than the Indenture Trustee’s certificate of authentication.

 

 

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     SECTION 6.5 Notice of Defaults; Depositor Insolvency. (a) If a Default occurs and is continuing and
if it is either actually known or written notice of the existence thereof has been delivered to a
Responsible Officer of the Indenture Trustee, the Indenture Trustee shall mail notice of the
Default to each Noteholder within 90 days and to each Rating Agency as soon as practicable within
30 days after it occurs. Except in the case of a Default in payment of principal of or interest on
any Note (including payments pursuant to the mandatory redemption provisions of such Note), the
Indenture Trustee may withhold the notice if and so long as a committee of its Responsible Officers
in good faith determines that withholding the notice is in the interests of Noteholders. Except as
provided in the first sentence of this Section 6.5(a), in no event shall the Indenture Trustee be
deemed to have knowledge of a Default or an Event of Default.

     (b) If the Indenture Trustee receives notice from the Eligible Lender Trustee of the occurrence of
an Insolvency Event with respect to the Depositor pursuant to Section 9.2 of the Trust Agreement,
the Indenture Trustee shall give prompt written notice to the Noteholders of the occurrence of such
event and of the effect of such event under such Section 9.2. Upon termination of the Trust
pursuant to such Section 9.2, the Indenture Trustee shall, if so directed by the Eligible Lender
Trustee, sell the Trust Estate (other than the Trust Accounts) in a commercially reasonable manner
and on commercially reasonable terms. The proceeds of any such sale shall be treated as collections
under the Administration Agreement.

     SECTION 6.6 Reports by Indenture Trustee to Noteholders. The Indenture Trustee shall deliver to
each Noteholder (and to each Person who was a Noteholder at any time during the applicable calendar
year) such information as may be required to enable such holder to prepare its Federal and state
income tax returns. Within 60 days after each December 31 beginning with the December 31 following
the date of this Indenture, the Indenture Trustee shall mail to each Noteholder a brief report as
of such December 31 that complies with TIA ss. 313(a) if required by said section. The Indenture
Trustee shall also comply with TIA ss. 313(b). A copy of each such report required pursuant to TIA
ss. 313(a) or (b) shall, at the time of such transaction to Noteholders, be filed by the Indenture
Trustee with the Commission and with each securities exchange, if any, upon which the Notes are
listed, provided that the Issuer has previously notified the Indenture Trustee of such listing.

 

 

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     SECTION 6.7 Compensation and Indemnity. The Issuer shall cause the Depositor to pay to the
Indenture Trustee reasonable compensation for its services in accordance with a separate agreement
between the Depositor and the Indenture Trustee and shall cause the Depositor to reimburse the
Indenture Trustee for all reasonable out-of-pocket expenses incurred or made by it as provided in
such separate agreement. The Indenture Trustee’s compensation shall not be limited by any law on
compensation of a trustee of an express trust. The Issuer shall cause the Administrator to
indemnify the Indenture Trustee and its directors, officers, employees and agents against any and
all loss, liability or expense (including attorneys’ fees) incurred by it in connection with the
administration of this trust and the performance of its duties hereunder and under the other Basic
Documents. The Indenture Trustee shall notify the Issuer and the Administrator promptly of any
claim for which it may seek indemnity. Failure by the Indenture Trustee to so notify the Issuer and
the Administrator shall not relieve the Issuer or the Administrator of its obligations hereunder
and under the other Basic Documents. The Issuer shall cause the Administrator to defend the claim
and the Administrator shall not be liable for the legal fees and expenses of the Indenture Trustee
after it has assumed such defense; provided, however, that, in the event that there may be a
conflict between the positions of the Indenture Trustee and the Administrator in conducting the
defense of such claim, the Indenture Trustee shall be entitled to separate counsel acceptable to it
in its sole discretion the reasonable fees and expenses of which shall be paid by the Administrator
on behalf of the Issuer. Neither the Issuer nor the Administrator need reimburse any expense or
indemnify against any loss, liability or expense incurred by the Indenture Trustee through the
Indenture Trustee’s own willful misconduct, negligence or bad faith.

     The Issuer’s payment obligations to the Indenture Trustee pursuant to this
Section shall survive the discharge of this Indenture. When the Indenture Trustee incurs expenses
after the occurrence of a Default specified in Section 5.1(iv) or (v) with respect to the Issuer,
the expenses are intended to constitute expenses of administration under Title 11 of the United
States Code or any other applicable Federal or state bankruptcy, insolvency or similar law.

 

 

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     SECTION 6.8 Replacement of Indenture Trustee. No resignation or removal of the Indenture Trustee
and no appointment of a successor Indenture Trustee shall become effective until the acceptance of
appointment by the successor Indenture Trustee pursuant to this Section 6.8. The Indenture Trustee
may resign at any time by so notifying the Issuer. The Noteholders of a majority in Outstanding
Amount of the Notes may remove the Indenture Trustee by so notifying the Indenture Trustee and may appoint a successor
Indenture Trustee. The Issuer shall remove the Indenture Trustee if:

     (i) the Indenture Trustee fails to comply with Section 6.11;

     (ii) an Insolvency Event occurs with respect to the Indenture Trustee;

     (iii) a receiver or other public officer takes charge of the Indenture Trustee or its property; or

     (iv) the Indenture Trustee otherwise becomes incapable of acting.

     If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of Indenture
Trustee for any reason (the Indenture Trustee in such event being referred to herein as the
retiring Indenture Trustee), the Issuer shall promptly appoint a successor Indenture Trustee.

     A successor Indenture Trustee shall deliver a written acceptance of its appointment to the retiring
Indenture Trustee and to the Issuer. Thereupon the resignation or removal of the retiring Indenture
Trustee shall become effective, and the successor Indenture Trustee shall have all the rights,
powers and duties of the Indenture Trustee under this Indenture. The successor Indenture Trustee
shall mail a notice of its succession to Noteholders. The retiring Indenture Trustee shall promptly
transfer all property held by it as Indenture Trustee to the successor Indenture Trustee.

     If a successor Indenture Trustee does not take office within 60 days after the retiring Indenture
Trustee resigns or is removed, the retiring Indenture Trustee, the Issuer or the Noteholders of a
majority in Outstanding Amount of the Notes may petition any court of competent jurisdiction for
the appointment of a successor Indenture Trustee. The successor Indenture Trustee shall give notice
of its appointment as successor Indenture Trustee to the Rating Agencies.

 

 

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     If the Indenture Trustee fails to comply with Section 6.11, any Noteholder may petition any court
of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a
successor Indenture Trustee.

     Notwithstanding the replacement of the Indenture Trustee pursuant to this Section, the Issuer’s and
the Administrator’s obligations under Section 6.7 shall continue for the benefit of the retiring
Indenture Trustee.

     SECTION 6.9 Successor Indenture Trustee by Merger. If the Indenture Trustee consolidates with,
merges or converts into, or transfers all or substantially all its corporate trust business or
assets to, another corporation or banking association, the resulting, surviving or transferee
corporation without any further act shall be the successor Indenture Trustee, provided that such
corporation or banking association shall be otherwise qualified and eligible under Section 6.11.
The Indenture Trustee shall provide the Rating Agencies prior written notice of any such
transaction.

     In case at the time such successor or successors by merger, conversion or consolidation to the
Indenture Trustee shall succeed to the trusts created by this Indenture any of the Notes shall have
been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the
certificate of authentication of any predecessor trustee, and deliver such Notes so authenticated;
and in case at that time any of the Notes shall not have been authenticated, any successor to the
Indenture Trustee may authenticate such Notes either in the name of any predecessor hereunder or in
the name of the successor to the Indenture Trustee; and in all such cases such certificates shall
have the full force which it is anywhere in the Notes or in this Indenture provided that the
certificate of the Indenture Trustee shall have.

 

 

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     SECTION 6.10 Appointment of Co-Trustee or Separate Trustee. (a) Notwithstanding any other
provisions of this Indenture, at any time, for the purpose of meeting any legal requirement of any
jurisdiction in which any part of the Indenture Trust Estate may at the time be located, the
Indenture Trustee shall have the power and may execute and deliver all instruments to appoint one
or more Persons to act as a co-trustee or co-trustees, or separate trustee or separate trustees, of
all or any part of the Indenture Trust Estate, and to vest in such Person or Persons, in such
capacity and for the benefit of the Noteholders, such title to the Indenture Trust Estate, or any
part hereof, and, subject to the other provisions of this Section, such powers, duties,
obligations, rights and trusts as the Indenture Trustee may consider necessary or desirable. No
such appointment shall relieve the Indenture Trustee of its obligations hereunder. No co-trustee or
separate trustee hereunder shall be required to meet the terms of eligibility as a successor
trustee under Section 6.11 and no notice to Noteholders of the appointment of any co-trustee or
separate trustee shall be required under Section 6.8 hereof.

     (b) Every 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 Indenture Trustee
shall be conferred or imposed upon and exercised or performed by the Indenture 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 Indenture 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 Indenture 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 Indenture Trust Estate or any portion thereof in
any such jurisdiction) shall be exercised and performed singly by such separate trustee or
co-trustee, but solely at the direction of the Indenture Trustee;

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

     (iii) the Indenture Trustee may at any time accept the resignation of or remove any separate
trustee or co-trustee.

 

 

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     (c) Any notice, request or other writing given to the Indenture 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
Indenture and the conditions of this Article VI. 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 Indenture Trustee or separately, as may be
provided therein, subject to all the provisions of this Indenture, specifically including every
provision of this Indenture relating to the conduct of, affecting the liability of, or affording
protection to, the Indenture Trustee. Every such instrument shall be filed with the Indenture
Trustee.

     (d) Any separate trustee or co-trustee may at any time constitute the Indenture Trustee, 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 Indenture 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 Indenture Trustee, to
the extent permitted by law, without the appointment of a new or successor trustee.

     SECTION 6.11 Eligibility; Disqualification. The Indenture Trustee shall at all times satisfy the
requirements of TIA ss. 310(a) and the requirements of an “eligible lender” under 20 USC
ss.1085(d). The Indenture Trustee shall have a combined capital and surplus of at least $50,000,000
as set forth in its most recent published annual report of condition and it shall have a long-term
senior unsecured debt rating of not less than investment grade by each of the Rating Agencies. The
Indenture Trustee shall comply with TIA ss. 310(b), including the optional provision permitted by
the second sentence of TIA ss. 310(b)(9); provided, however, that there shall be excluded from the
operation of TIA ss. 310(b)(1) any indenture or indentures under which other securities of the
Issuer are outstanding if the requirements for such exclusion set forth in TIA ss. 310(b)(1) are
met.

     SECTION 6.12 Preferential Collection of Claims Against Issuer. The Indenture Trustee shall comply
with TIA ss. 311(a), excluding any creditor relationship listed in TIA ss. 311(b). An Indenture
Trustee who has resigned or been removed shall be subject to TIA ss. 311(a) to the extent
indicated.

 

 

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ARTICLE VII

Noteholders’ Lists and Reports

     SECTION 7.1 Issuer To Furnish Indenture Trustee Names and Addresses of Noteholders. The Issuer will
furnish or cause to be furnished to the Indenture Trustee (a) not more than five days after the
earlier of (i) each Record Date and (ii) three months after the last Record Date, a list, in such
form as the Indenture Trustee may reasonably require, of the names and addresses of the Noteholders
as of such Record Date, (b) at such other times as the Indenture Trustee may request in writing,
within 30 days after receipt by the Issuer of any such request, a list of similar form and content
as of a date not more than 10 days prior to the time such list is furnished; provided, however,
that so long as the Indenture Trustee is the Note Registrar, no such list shall be required to be
furnished.

     SECTION 7.2 Preservation of Information; Communications to Noteholders. The Indenture Trustee shall
preserve, in as current a form as is reasonably practicable, the names and addresses of the
Noteholders contained in the most recent list furnished to the Indenture Trustee as provided in
Section 7.1 and the names and addresses of Noteholders received by the Indenture Trustee in its
capacity as Note Registrar. The Indenture Trustee may destroy any list furnished to it as provided
in such Section 7.1 upon receipt of a new list so furnished.

     (a) Noteholders may communicate pursuant to TIA ss. 312(b) with other Noteholders with respect to
their rights under this Indenture or under the Notes. Upon receipt by the Indenture Trustee of any
request by three or more Noteholders or by one or more holders of Notes evidencing not less than
25% of the Outstanding Amount of the Notes to receive a copy of the current list of Noteholders
(whether or not made pursuant to TIA ss. 312(b)), the Indenture Trustee shall promptly notify the
Administrator thereof by providing to the Administrator a copy of such request and a copy of the
list of Noteholders produced in response thereto.

     (b) The Issuer, the Indenture Trustee and the Note Registrar shall have the protection of TIA
ss.312(c).

 

 

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     (c) On each Distribution Date, the Indenture Trustee shall provide to each Noteholder of record as
of the related Record Date the information
provided by the Administrator to the Indenture Trustee on the related Determination Date pursuant
to Section 2.9 of the Administration Agreement.

     (d) The Indenture Trustee shall furnish to the Noteholders promptly upon receipt of a written
request therefor, duplicates or copies of all reports, notices, requests, demands, certificates,
financial statements and any other instruments furnished to the Indenture Trustee under the Basic
Documents. The Indenture Trustee shall furnish to the Noteholders promptly upon receipt thereof
from the Eligible Lender Trustee notice of any amendment of the Administration Agreement pursuant
to Section 8.5 of the Administration Agreement.

     SECTION 7.3 Reports by Issuer. (a) The Issuer shall:

     (i) file with the Indenture Trustee, within 15 days after the Issuer is required to file the same
with the Commission, copies of the annual reports and of the information, documents and other
reports (or copies of such portions of any of the foregoing as the Commission may from time to time
by rules and regulations prescribe) which the Issuer may be required to file with the Commission
pursuant to Section 13 or 15(d) of the Exchange Act;

     (ii) file with the Indenture Trustee and the Commission in accordance with rules and regulations
prescribed from time to time by the Commission such additional information, documents and reports
with respect to compliance by the Issuer with the conditions and covenants of this Indenture as may
be required from time to time by such rules and regulations; and

     (iii) supply to the Indenture Trustee (and the Indenture Trustee shall transmit by mail to all
Noteholders described in TIA ss. 313(c)) such summaries of any information, documents and reports
required to be filed by the Issuer pursuant to clauses (i) and (ii) of this Section 7.3(a) as may
be required by rules and regulations prescribed from time to time by the Commission.

     (b) Unless the Issuer otherwise determines, the fiscal year of the Issuer shall end on December 31
of each year.

 

 

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ARTICLE VIII

Accounts, Disbursements and Releases

     SECTION 8.1 Collection of Money. Except as otherwise expressly provided herein, the Indenture
Trustee may demand payment or delivery of, and shall receive and collect, directly and without
intervention or assistance of any fiscal agent or other intermediary, all money and other property
payable to or receivable by the Indenture Trustee pursuant to this Indenture. The Indenture Trustee
shall apply all such money received by it on behalf of Noteholders pursuant to the Administration
Agreement as provided in this Indenture. Except as otherwise expressly provided in this Indenture,
if any default occurs in the making of any payment or performance under any agreement or instrument
that is part of the Indenture Trust Estate, the Indenture Trustee may take such action as may be
appropriate to enforce such payment or performance, including the institution and prosecution of
appropriate Proceedings. Any such action shall be without prejudice to any right to claim a Default
under this Indenture and any right to proceed thereafter as provided in Article V.

     SECTION 8.2 Trust Accounts. (a) On or prior to the Closing Date, the Issuer shall cause the
Administrator to establish and maintain, in the name of the Indenture Trustee, for the benefit of
the Noteholders and the Certificateholders, the Trust Accounts as provided in Section 2.3 of the
Administration Agreement.

     (b) On or before the Business Day preceding each Distribution Date, all Available Funds with
respect to the preceding Collection Period will be deposited in the Collection Account as provided
in Section 2.4 of the Administration Agreement. On or before each Distribution Date, the
Noteholders’ Distribution Amount with respect to the preceding Collection Period will be
distributed from the Collection Account and any other Trust Account to the Indenture Trustee (or
any other Paying Agent) on behalf of the Noteholders as provided in Sections 2.7, 2.8.___and
2.8.___of the Administration Agreement.

 

 

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     (c) On each Distribution Date and Redemption Date, the Indenture Trustee (or any other Paying
Agent) shall distribute all amounts received by it on behalf of Noteholders pursuant to paragraph
(b) above to Noteholders in respect of the Notes to the extent of amounts payable on the Notes for
principal and interest in the following amounts and in the following order of priority (except as
otherwise provided in Section 5.2 or Section 5.4(b)):

     (i) the Class A Noteholders’ Interest Distribution Amount, to the Class A Noteholders in an amount
equal to the accrued and unpaid interest on the Notes at the respective Class A Note Rates;
provided that if there are not sufficient funds received to pay the entire amount of accrued and
unpaid interest then due on the Class A Notes at the respective Class A Note Rates, the amounts so
received shall be applied to the payment of such interest on the Class A Notes on a pro rata basis;

     (ii) the Class B Noteholders’ Interest Distribution Amount, to the Class B Noteholders in an amount
equal to the accrued and unpaid interest on the Notes at the Class B Note Rate; provided that if
there are not sufficient funds received to pay the entire amount of accrued and unpaid
interest then due on the Class B Notes at the Class B Note Rate, the amounts so received shall be
applied to the payment of such interest on the Class B Notes on a pro rata basis;

     (iii) the Noteholders’ Principal Distribution Amount, to the Noteholders of the Class A-1 Notes
until the Outstanding Amount of the Class A-1 Notes is reduced to zero; provided, that if there are
not sufficient funds received to pay the Outstanding Amount of the Class A-1 Notes, the amounts so
received shall be applied to the payment of principal on the Class A-1 Notes on a pro rata basis;
and

     (iv) the Noteholders’ Principal Distribution Amount, to the Noteholders of the Class A-2 Notes
until the Outstanding Amount of the Class A-2 Notes is reduced to zero; provided, that if there are
not sufficient funds received to pay the Outstanding Amount of the Class A-2 Notes, the amounts so
received shall be applied to the payment of principal on the Class A-2 Notes on a pro rata basis;
and

 

 

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     (v) the Noteholders’ Principal Distribution Amount, to the Noteholders of the Class B Notes until
the Outstanding Amount of the Class B Notes is reduced to zero; provided, that if there are not
sufficient funds received to pay the Outstanding Amount of the Class B Notes, the amounts so
received shall be applied to the payment of principal on the Class B Notes on a pro rata basis

     SECTION 8.3 General Provisions Regarding Accounts. (a) So long as no Default shall have occurred
and be continuing, all or a portion of the funds in the Trust Accounts shall be invested in
Eligible Investments and reinvested by the Indenture Trustee upon Issuer Order, subject to the
provisions of Section 2.3B of the Administration Agreement. All income or other gain from
investments of moneys deposited in the Trust Accounts (except for the Capitalized Interest Account)
shall be deposited by the Indenture Trustee in the Collection Account, and any loss resulting from
such investments shall be charged to such Trust Account. All income or other gain from investments
of moneys deposited in the Capitalized Interest Account shall be deposited by the Indenture Trustee
in the Capitalized Interest Account, and any loss resulting from such investments shall be charged
to the Capitalized Interest Account. The Issuer will not direct the Indenture Trustee to make any
investment of any funds or to sell any investment held in any of the Trust Accounts unless the
security interest granted and perfected in such account will continue to be perfected in such
investment or the proceeds of such sale, in either case without any further action by any Person,
and, in connection with any direction to the Indenture Trustee to make any such investment or sale,
if requested by the Indenture Trustee, the Issuer shall deliver to the Indenture Trustee an Opinion
of Counsel, acceptable to the Indenture Trustee, to such effect.

     (b) Subject to Section 6.1(c), the Indenture Trustee shall not in any way be held liable for the
selection of Eligible Investments or by reason of any insufficiency in any of the Trust Accounts
resulting from any loss on any Eligible Investment included therein except for losses attributable
to the Indenture Trustee’s failure to make payments on such Eligible Investments issued by the
Indenture Trustee, in its commercial capacity as principal obligor and not as trustee, in
accordance with their terms.

 

 

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     (c) If (i) the Issuer shall have failed to give investment directions for any funds on deposit in
the Trust Accounts to the Indenture Trustee by 10:00 a.m. Eastern Time (or such other time as may be agreed by the Issuer and Indenture Trustee) on any
Business Day; or (ii) a Default shall have occurred and be continuing with respect to the Notes but
the Notes shall not have been declared due and payable pursuant to Section 5.2, or, if such Notes
shall have been declared due and payable following an Event of Default, amounts collected or
receivable from the Indenture Trust Estate are being applied in accordance with Section 5.5 as if
there had not been such a declaration; then the Indenture Trustee shall invest and reinvest funds
in the Trust Accounts in the Eligible Investments described in clause (d) of the definition
thereof.

     SECTION 8.4 Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses
pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this
Indenture shall, execute instruments to release property from the lien of this Indenture, or convey
the Indenture Trustee’s interest in the same, in a manner and under circumstances that are not
inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by
the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture
Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the
application of any moneys.

     (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due
the Indenture Trustee pursuant to Section 6.7 have been paid, release any remaining portion of the
Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the
Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The
Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section
8.4(b) only upon receipt of an Issuer Request accompanied by an Officers’ Certificate of the
Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance
with TIA ss.ss. 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1.

 

 

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     (c) Each Noteholder, by the acceptance of a Note, acknowledges that from time to time the Indenture
Trustee shall release the lien of this Indenture on any Trust Student Loan to be sold to (i) the
Depositor in accordance with Section 6 of the Sale Agreement, (ii) to the Servicer in accordance with Section 3.5 of the
Servicing Agreement and (iii) to another eligible lender holding one or more Serial Loans with
respect to such Trust Student Loan, in accordance with
Section 3.11E of the Servicing Agreement, and each Noteholder, by the acceptance of a Note,
consents to any such release.

     SECTION 8.5 Opinion of Counsel. The Indenture Trustee shall receive at least seven days’ notice
when requested by the Issuer to take any action pursuant to Section 8.4(a), accompanied by copies
of any instruments involved, and the Indenture Trustee shall also require, except in connection
with any action contemplated by Section 8.4(c), as a condition to such action, an Opinion of
Counsel, in form and substance satisfactory to the Indenture Trustee, stating the legal effect of
any such action, outlining the steps required to complete the same, and concluding that all
conditions precedent to the taking of such action have been complied with and such action will not
materially and adversely impair the security for the Notes or the rights of the Noteholders in
contravention of the provisions of this Indenture; provided, however, that such Opinion of Counsel
shall not be required to express an opinion as to the fair value of the Indenture Trust Estate.
Counsel rendering any such opinion may rely, without independent investigation, on the accuracy and
validity of any certificate or other instrument delivered to the Indenture Trustee in connection
with any such action.

ARTICLE IX

Supplemental Indentures

     SECTION 9.1 Supplemental Indentures Without Consent of Noteholders. Without the consent of any
Noteholders but with prior notice to the Rating Agencies, the Issuer and the Indenture Trustee,
when authorized by an Issuer Order, at any time and from time to time, may enter into one or more
indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as
in force at the date of the execution thereof), in form satisfactory to the Indenture Trustee, for
any of the following purposes:

 

 

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     (i) to correct or amplify the description of any property at any time subject to the lien of this
Indenture, or better to assure, convey and confirm unto the Indenture Trustee any property subject
or required to be subjected to the lien of this Indenture, or to subject to the lien of this
Indenture additional property;

     (ii) to evidence the succession, in compliance with the applicable provisions hereof, of another
person to the Issuer, and the assumption by any such successor of the covenants of the Issuer
herein and in the Notes contained;

     (iii) to add to the covenants of the Issuer, for the benefit of the Noteholders, or to surrender
any right or power herein conferred upon the Issuer;

     (iv) to convey, transfer, assign, mortgage or pledge any property to the Indenture Trustee;

     (v) to cure any ambiguity, to correct or supplement any provision herein or in any supplemental
indenture which may be inconsistent with any other provision herein or in any supplemental
indenture or to make any other provisions with respect to matters or questions arising under this
Indenture or in any supplemental indenture; provided that such action shall not materially
adversely affect the interests of the Noteholders;

     (vi) to evidence and provide for the acceptance of the appointment hereunder by a successor trustee
with respect to the Notes and to add to or change any of the provisions of this Indenture as shall
be necessary to facilitate the administration of the trusts hereunder by more than one trustee,
pursuant to the requirements of Article VI; or

     (vii) to modify, eliminate or add to the provisions of this Indenture to such extent as shall be
necessary to effect the qualification of this Indenture under the TIA or under any similar Federal
statute hereafter enacted and to add to this Indenture such other provisions as may be expressly
required by the TIA.

     The Indenture Trustee is hereby authorized to join in the execution of any such supplemental
indenture and to make any further appropriate agreements and stipulations that may be therein
contained.

 

 

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     (b) The Issuer and the Indenture Trustee, when authorized by an Issuer Order, may, also without the
consent of any of the Noteholders but with prior notice to the Rating Agencies, enter into an
indenture or indentures supplemental hereto for the purpose of adding any provisions to, or
changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in
any manner the rights of the Noteholders under this Indenture; 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.

     SECTION 9.2 Supplemental Indentures with Consent of Noteholders. The Issuer and the Indenture
Trustee, when authorized by an Issuer Order, also may, with prior notice to the Rating Agencies and
with the consent of the Noteholders of not less than a majority of the Outstanding Amount of the
Notes, by Act of such Noteholders delivered to the Issuer and the Indenture Trustee, enter into an
indenture or indentures supplemental hereto for the purpose of adding any provisions to, or
changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in
any manner the rights of the Noteholders under this Indenture; provided, however, that no such
supplemental indenture shall, without the consent of the Noteholder of each Outstanding Note
affected thereby:

     (i) change the date of payment of any installment of principal of or interest on any Note, or
reduce the principal amount thereof, the interest rate thereon or the Redemption Price with respect
thereto, change the provisions of this Indenture relating to the application of collections on, or
the proceeds of the sale of, the Indenture Trust Estate to payment of principal of or interest on
the Notes, or change any place of payment where, or the coin or currency in which, any Note or the
interest thereon is payable, or impair the right to institute suit for the enforcement of the
provisions of this Indenture requiring the application of funds available therefor, as provided in
Article V, to the payment of any such amount due on the Notes on or after the respective due dates
thereof (or, in the case of redemption, on or after the Redemption Date);

     (ii) reduce the percentage of the Outstanding Amount of the Notes, the consent of the Noteholders
of which is required for any such supplemental indenture, or the consent of the Noteholders of
which is required for any waiver of compliance with certain provisions of this Indenture or certain
defaults hereunder and their consequences provided for in this Indenture;

 

 

65

     (iii) modify or alter the provisions of the proviso to the definition of the term “Outstanding”;

     (iv) reduce the percentage of the Outstanding Amount of the Notes required to direct the Indenture
Trustee to direct the Issuer to sell or liquidate the Indenture Trust Estate pursuant to Section
5.4;

     (v) modify any provision of this Section except to increase any percentage specified herein or to
provide that certain additional provisions of this Indenture or the other Basic Documents cannot be
modified or waived without the consent of the Noteholder of each Outstanding Note affected thereby;

     (vi) modify any of the provisions of this Indenture in such manner as to affect the calculation of
the amount of any payment of interest or principal due on any Note on any Distribution Date
(including the calculation of any of the individual components of such calculation) or to affect
the rights of the Noteholders to the benefit of any provisions for the mandatory redemption of the
Notes contained herein; or

     (vii) permit the creation of any lien ranking prior to or on a parity with the lien of this
Indenture with respect to any part of the Indenture Trust Estate or, except as otherwise permitted
or contemplated herein, terminate the lien of this Indenture on any property at any time subject
hereto or deprive any Noteholder of any Note of the security provided by the lien of this
Indenture.

     It shall not be necessary for any Act of Noteholders under this Section to approve the particular
form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve
the substance thereof.

     Promptly after the execution by the Issuer and the Indenture Trustee of any supplemental indenture
pursuant to this Section, the Indenture Trustee shall mail to the Noteholders of the Notes to which
such amendment or supplemental indenture relates a notice setting forth in general terms the
substance of such supplemental indenture. Any failure of the Indenture Trustee to mail such notice,
or any defect therein, shall not, however, in any way impair or affect the validity of any such
supplemental indenture.

 

 

66

     SECTION 9.3 Execution of Supplemental Indentures. In executing, or permitting the additional trusts
created by, any supplemental indenture permitted by this Article IX or the modifications thereby of
the trusts created by this Indenture, the Indenture Trustee shall be entitled to receive, and
subject to Sections 6.1 and 6.2, shall be fully protected in relying upon, an Opinion of Counsel
stating that the execution of such supplemental indenture is authorized or permitted by this
Indenture. The Indenture Trustee may, but shall not be obligated to, enter into any such
supplemental indenture that affects the Indenture Trustee’s own rights, duties, liabilities or
immunities under this Indenture or otherwise.

     SECTION 9.4 Effect of Supplemental Indenture. Upon the execution of any supplemental indenture
pursuant to the provisions hereof, this Indenture shall be and be deemed to be modified and amended
in accordance therewith with respect to the Notes affected thereby, and the respective rights,
limitations of rights, obligations, duties, liabilities and immunities under this Indenture of the
Indenture Trustee, the Issuer and the Noteholders shall thereafter be determined, exercised and
enforced hereunder subject in all respects to such modifications and amendments, and all the terms
and conditions of any such supplemental indenture shall be and be deemed to be part of the terms
and conditions of this Indenture for any and all purposes.

     SECTION 9.5 Conformity with Trust Indenture Act. Every amendment of this Indenture and every
supplemental indenture executed pursuant to this Article IX shall conform to the requirements of
the Trust Indenture Act as then in effect so long as this Indenture shall then be qualified under
the Trust Indenture Act.

     SECTION 9.6 Reference in Notes to Supplemental Indentures. Notes authenticated and delivered after
the execution of any supplemental indenture pursuant to this Article IX may, and if required by the
Indenture Trustee shall, bear a notation in form approved by the Indenture Trustee as to any matter
provided for in such supplemental indenture. If the Issuer or the Indenture Trustee shall so
determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the
Issuer, to any such supplemental indenture may be prepared and executed by the Issuer and
authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes.

 

 

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ARTICLE X

Redemption of Notes

     SECTION 10.1 Redemption. The Indenture Trustee shall, upon receipt of written notice from the
Eligible Lender Trustee or the Depositor pursuant to
Section 9.2 of the Trust Agreement of an Insolvency Event with respect to the Depositor, give
prompt written notice to the Noteholders of the occurrence of such event. In the event that the
assets of the Trust are sold pursuant to
Section 9.2 of the Trust Agreement, that portion of the amounts on deposit in the Trust Accounts to
be distributed to the Noteholders shall be paid to the Noteholders up to the Outstanding Amount of
the Notes and all accrued and unpaid interest thereon (but only to the extent provided by Sections
2.7(d) and 8.2(c)). If amounts are to be paid to Noteholders pursuant to this Section 10.1, the
notice of such event from the Indenture Trustee to the Noteholders shall include notice of the
redemption of Notes by application of such amounts on the next Distribution Date which is not
sooner than 15 days after the date of such notice (the “Redemption Date”), whereupon all such
amounts shall be payable on the Redemption Date.

     SECTION 10.2 Form of Redemption Notice. Notice of redemption under Section 10.1 shall be given by
the Indenture Trustee by first-class mail, postage prepaid, or by facsimile, mailed or transmitted
on or prior to the applicable Redemption Date to each Noteholder, as of the close of business on
the Record Date preceding the applicable Redemption Date, at such Noteholder’s address or facsimile
number appearing in the Note Register.

          All notices of redemption shall state:

          (i) the Redemption Date;

          (ii) the Redemption Price; and

          (iii) the place were such Notes are to be surrendered for payment of the Redemption Price (which
shall be the office or agency of the Issuer to be maintained as provided in Section 3.2).

 

 

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     Notice of redemption of the Notes shall be given by the Indenture Trustee in the name and at the
expense of the Issuer. Failure to give notice of redemption, or any defect therein, to any
Noteholder of any Note shall not impair or affect the validity of the redemption of any other Note.

     SECTION 10.3 Notes Payable on Redemption Date. The Notes or portions thereof to be redeemed shall
on the Redemption Date become due and payable at the Redemption Price and (unless the Issuer shall
default in the payment of the Redemption Price) no interest shall accrue on the Redemption Price
for any period after the date to which accrued interest is calculated for purposes of calculating
the Redemption Price.

ARTICLE XI

Miscellaneous

     SECTION 11.1 Compliance Certificates and Opinions, etc. Upon any application or request by the
Issuer to the Indenture Trustee to take any action under any provision of this Indenture, the
Issuer shall furnish to the Indenture Trustee and the Rating Agencies (i) an Officers’ Certificate
of the Issuer stating that all conditions precedent, if any, provided for in this Indenture
relating to the proposed action have been complied with, (ii) an Opinion of Counsel stating that in
the opinion of such counsel all such conditions precedent, if any, have been complied with and
(iii) (if required by the TIA) an Independent Certificate from a firm of certified public
accountants meeting the applicable requirements of this Section, except that, in the case of any
such application or request as to which the furnishing of such documents is specifically required
by any provision of this Indenture, no additional certificate or opinion need be furnished.

     Every certificate or opinion with respect to compliance with a condition or covenant provided for
in this indenture shall include:

     (i) a statement that each signatory of such certificate or opinion has read or has caused to be
read such covenant or condition and the definitions herein relating thereto;

 

 

 69

     (ii) a brief statement as to the nature and scope of the examination or investigation upon which
the statements or opinions contained in such certificate or opinion are based;

     (iii) a statement that, in the opinion of each such signatory, such signatory has made such
examination or investigation as is necessary to enable such signatory to express an informed
opinion as to whether or not such covenant or condition has been complied with; and

     (iv) a statement as to whether, in the opinion of each such signatory, such condition or covenant
has been complied with.

     (b) (i) Prior to the deposit of any Collateral or other property or securities with the Indenture
Trustee that is to be made the basis for the release of any property or securities subject to the
lien of this Indenture, the Issuer shall, in addition to any obligation imposed in Section 11.1(a)
or elsewhere in this Indenture, furnish to the Indenture Trustee and the Rating Agencies an
Officers’ Certificate of the Issuer certifying or stating the opinion of each person signing such
certificate as to the fair value (within 90 days of such deposit) to the Issuer of the Collateral
or other property or securities to be so deposited.

     (ii) Whenever the Issuer is required to furnish to the Indenture Trustee and the Rating Agencies an
Officers’ Certificate of the Issuer certifying or stating the opinion of any signer thereof as to
the matters described in clause (i) above, the Issuer shall also deliver to the Indenture Trustee an Independent Certificate as to
the same matters, if the fair value to the Issuer of the securities to be so deposited and of all
other such securities made the basis of any such withdrawal or release since the commencement of
the then-current fiscal year of the Issuer, as set forth in the certificates delivered pursuant to
clause (i) above and this clause (ii), is 10% or more of the Outstanding Amount of the Notes, but
such a certificate need not be furnished with respect to any securities so deposited, if the fair
value thereof to the Issuer as set forth in the related Officers’ Certificate is less than $25,000
or less than one percent of the Outstanding Amount of the Notes.

 

 

70

     (iii) Other than any property released as contemplated by clause (v) below, whenever any property
or securities are to be released from the lien of this Indenture, the Issuer shall also furnish to
the Indenture Trustee an Officers’ Certificate of the Issuer certifying or stating the opinion of
each person signing such certificate as to the fair value (within 90 days of such release) of the
property or securities proposed to be released and stating that in the opinion of such person the
proposed release will not impair the security under this Indenture in contravention of the
provisions hereof.

     (iv) Whenever the Issuer is required to furnish to the Indenture Trustee an Officers’ Certificate
of the Issuer certifying or stating the opinion of any signer thereof as to the matters described
in clause (iii) above, the Issuer shall also furnish to the Indenture Trustee an Independent
Certificate as to the same matters if the fair value of the property or securities and of all other
property, other than property as contemplated by clause (v) below, or securities released from the
lien of this Indenture since the commencement of the then-current calendar year, as set forth in
the certificates required by clause (iii) above and this clause (iv), equals 10% or more of the Outstanding Amount of the Notes, but
such certificate need not be furnished in the case of any release of property or securities if the
fair value thereof as set forth in the related Officers’ Certificate is less than $25,000 or less
than one percent of the then Outstanding Amount of the Notes.

     (v) Notwithstanding Section 2.9 or any other provision of this Section, the Issuer may, without
compliance with the requirements of the other provisions of this Section, (A) collect, liquidate,
sell or otherwise dispose of Trust Student Loans as and to the extent permitted or required by the
Basic Documents, (B) make cash payments out of the Trust Accounts as and to the extent permitted or
required by the Basic Documents and (C) convey to the Depositor, the Servicer or another eligible
lender those specified Trust Student Loans as and to the extent permitted or required by and in
accordance with Section 8.4(c) hereof and
Section 6 of the Sale Agreement, Section 3.5 of the Servicing Agreement or
Section 3.11E of the Servicing Agreement, respectively, so long as the Issuer shall deliver to the
Indenture Trustee every six months, commencing _______25, 200___, an Officers’ Certificate of the Issuer
stating that all the dispositions of Collateral described in clauses (A), (B) or (C) above that
occurred during the immediately preceding six calendar months were in the ordinary course of the
Issuer’s business and that the proceeds thereof were applied in accordance with the Basic
Documents.

 

71

     SECTION 11.2 Form of Documents Delivered to Indenture Trustee. In any case where several matters
are required to be certified by, or covered by an opinion of, any specified Person, it is not
necessary that all such matters be certified by, or covered by the opinion of, only one such
Person, or that they be so certified or covered by only one document, but one such Person may
certify or give an opinion with respect to some matters, and one or more other such Persons as to
other matters, and any such Person may certify or give an opinion as to such matters in one or
several documents.

     Any certificate or opinion of an Authorized Officer of the Issuer may be based, insofar as it
relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless
such officer knows, or in the exercise of reasonable care should know, that the certificate or
opinion or representations with respect to the matters upon which his certificate or opinion is
based are erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be
based, insofar as it relates to factual matters, upon a certificate or opinion of, or
representations by, an officer or officers of the Servicer, the Depositor, the Issuer or the
Administrator, stating that the information with respect to such factual matters is in the
possession of the Servicer, the Depositor, the Issuer or the Administrator, unless such counsel
knows, or in the exercise of reasonable care should know, that the certificate or opinion or
representations with respect to such matters are erroneous.

     Where any Person is required to make, give or execute two or more applications, requests, consents,
certificates, statements, opinions or other instruments under this indenture, they may, but need
not, be consolidated and form one instrument.

     Whenever in this Indenture, in connection with any application or certificate or report to the
Indenture Trustee, it is provided that the Issuer shall deliver any document as a condition of the
granting of such application, or as evidence of the Issuer’s compliance with any term hereof, it is
intended that the truth and accuracy, at the time of the granting of such application or at the
effective date of such certificate or report (as the case may be), of the facts and opinions stated
in such document shall in such case be conditions precedent to the right of the Issuer to have such
application granted or to the sufficiency of such certificate or report. The foregoing shall not,
however, be construed to affect the Indenture Trustee’s right to rely upon the truth and accuracy
of any statement or opinion contained in any such document as provided in Article VI.

 

72

     SECTION 11.3 Acts of Noteholders. (a) Any request, demand, authorization, direction, notice,
consent, waiver or other action provided by this Indenture to be given or taken by Noteholders may
be embodied in and evidenced by one or more instruments of substantially similar tenor signed by
such Noteholders in person or by agents duly appointed in writing; and except as herein otherwise
expressly provided such action shall become effective when such instrument or instruments are
delivered to the Indenture Trustee, and, where it is hereby expressly required, to the Issuer. Such
instrument or instruments (and the action embodied therein and evidenced thereby) are herein
sometimes referred to as the “Act” of the Noteholders signing such instrument or instruments. Proof
of execution of any such instrument or of a writing appointing any such agent shall be sufficient
for any purpose of this Indenture and (subject to Section 6.1) conclusive in favor of the Indenture
Trustee and the Issuer, if made in the manner provided in this Section.

     (b) The fact and date of the execution by any person of any such instrument or writing may be
proved in any manner that the Indenture Trustee deems sufficient.

     (c) The ownership of Notes shall be proved by the Note Register.

     (d) Any request, demand, authorization, direction, notice, consent, waiver or other action by the
Noteholder of any Notes shall bind the Noteholder of every Note issued upon registration of
transfer thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted
or suffered to be done by the Indenture Trustee or the Issuer in reliance thereon, whether or not
notation of such action is made upon such Note.

     SECTION 11.4 Notices, etc., to Indenture Trustee, Issuer and Rating Agencies. Any request, demand,
authorization, direction, notice, consent, waiver or Act of Noteholders or other documents provided
or permitted by this Indenture shall be in writing and if such request, demand, authorization,
direction, notice, consent, waiver or Act of Noteholders is to be made upon, given or furnished to
or filed with:

     (a) The Indenture Trustee by any Noteholder, the Servicer, the Administrator or by the Issuer shall
be sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with
the Indenture Trustee at its Corporate Trust Office, or

 

73

     (b) The Issuer by the Indenture Trustee or by any Noteholder shall be sufficient for every purpose
hereunder if in writing and mailed, first-class, postage prepaid, to the Issuer addressed to: SLM
Private Credit Student Loan Trust 200    -   , in care of Chase Manhattan Bank USA, National
Association, Christiana Center/OPS4, 500 Stanton Christiana Road, Newark, Delaware 19713,
Attention: Corporate Trust Department; with copies to JPMorgan Chase Bank, 450 West 33rd Street
15th Fl., New York, New York 10001, Attention: Structured Finance Services; the Issuer, c/o 11600
Sallie Mae Drive, Reston, VA 20193, Attention: Director, Corporate Finance Operations, or any other
address previously furnished in writing to the Indenture Trustee by the Issuer or the
Administrator. The Issuer shall promptly transmit any notice received by it from the Noteholders to
the Indenture Trustee.

     Notices required to be given to the Rating Agencies by the Issuer, the Indenture Trustee or the
Eligible Lender Trustee shall be in writing, personally delivered or mailed by certified mail,
return receipt requested, to (i) in the case of Moody’s, at the following address: Moody’s, ABS
Monitoring Department, 99 Church Street, New York, New York 10007, (ii) in the case of Standard &
Poor’s, at the following address: Standard & Poor’s, 55 Water Street, New York, New York
10041-0003, Attention: Asset Backed Surveillance Department, 32nd Floor, and (iii) in the case of
Fitch, at the following address: One State Street Plaza, New York, New York 10004, Attention
Municipal Structured Finance Group; or as to each of the foregoing, at such other address as shall
be designated by written notice to the other parties.

     SECTION 11.5 Notices to Noteholders; Waiver. Where this Indenture provides for notice to
Noteholders of any event, such notice shall be sufficiently given (unless otherwise herein
expressly provided) if in writing and mailed, first-class, postage prepaid to each Noteholder
affected by such event, at his address as it appears on the Note Register, not later than the
latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In
any case where notice to Noteholders is given by mail, neither the failure to mail such notice nor
any defect in any notice so mailed to any particular Noteholder shall affect the sufficiency of
such notice with respect to other Noteholders, and any notice that is mailed in the manner herein
provided shall conclusively be presumed to have been duly given.

 

 74

     Where this Indenture provides for notice in any manner, such notice may be waived in writing by any
Person entitled to receive such notice, either before or after the event, and such waiver shall be
the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture
Trustee but such filing shall not be a condition precedent to the validity of any action taken in
reliance upon such a waiver.

     In case, by reason of the suspension of regular mail service as a result of a strike, work stoppage
or similar activity, it shall be impractical to mail notice of any event to Noteholders when such
notice is required to be given pursuant to any provision of this Indenture, then any manner of
giving such notice as shall be satisfactory to the Indenture Trustee shall be deemed to be a
sufficient giving of such notice.

     Where this Indenture provides for notice to the Rating Agencies, failure to give such notice shall
not affect any other rights or obligations created hereunder, and shall not under any circumstance
constitute a Default.

     SECTION 11.6 Alternate Payment and Notice Provisions. Notwithstanding any provision of this
Indenture or any of the Notes to the contrary, the Issuer may enter into any agreement with any
Noteholder providing for a method of payment, or notice by the Indenture Trustee or any Paying
Agent to such Noteholder, that is different from the methods provided for in this Indenture for
such payments or notices. The Issuer will furnish to the Indenture Trustee a copy of each such
agreement and the Indenture Trustee will cause payments to be made and notices to be given in
accordance with such agreements.

     SECTION 11.7 Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or
conflicts with another provision hereof that is required to be included in this Indenture by any of
the provisions of the Trust Indenture Act, such required provision shall control.

     The provisions of TIA ss.ss. 310 through 317 that impose duties on any Person (including the
provisions automatically deemed included herein unless expressly excluded by this Indenture) are a
part of and govern this Indenture, whether or not physically contained herein.

 

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     SECTION 11.8 Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the
construction hereof.

     SECTION 11.9 Successors and Assigns. All covenants and agreements in this Indenture and the Notes
by the Issuer shall bind its successor and assigns, whether so expressed or not. All agreements of
the Indenture Trustee in this Indenture shall bind the successors, co-trustees and agents
(excluding any legal representatives or accountants) of the Indenture Trustee.

     SECTION 11.10 Separability. In case any provision in this Indenture or in the Notes shall be
invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

     SECTION 11.11 Benefits of Indenture. Nothing in this Indenture or in the Notes, express or implied,
shall give to any Person, other than the parties hereto and their successors hereunder, and the
Noteholders, and any other party secured hereunder, and any other Person with an ownership interest
in any part of the Indenture Trust Estate, any benefit or any legal or equitable right, remedy or
claim under this Indenture.

     SECTION 11.12 Legal Holidays. In any case where the date on which any payment is due shall not be a
Business Day, then (notwithstanding any other provision of the Notes or this Indenture) payment
need not be made on such date, but may be made on the next succeeding Business Day with the same
force and effect as if made on the date on which nominally due, and no interest shall accrue for
the period from and after any such nominal date.

     SECTION 11.13 Governing Law. This Indenture shall be construed in accordance with the laws of the
State of New York, without reference to its conflict of law provisions (other than ss.5-1401 of the
New York General Obligations Law), and the obligations, rights and remedies of the parties
hereunder shall be determined in accordance with such laws.

 

76

     SECTION 11.14 Counterparts. This Indenture may be executed in any number of counterparts, each of
which so executed shall be deemed to be an original, but all such counterparts shall together
constitute but one and the same instrument.

     SECTION 11.15 Recording of Indenture. If this Indenture is subject to recording in any appropriate
public recording offices, such recording is to be effected by the Issuer and at its expense
accompanied by an Opinion of Counsel (which may be counsel to the Indenture Trustee or any other
counsel reasonably acceptable to the Indenture Trustee) to the effect that such recording is
necessary either for the protection of the Noteholders or any other Person secured hereunder or for
the enforcement of any right or remedy granted to the Indenture Trustee under this Indenture.

     SECTION 11.16 Trust Obligations. No recourse may be taken, directly or indirectly, with respect to
the obligations of the Issuer, the Depositor, the Administrator, the Servicer, the Eligible Lender
Trustee or the Indenture Trustee on the Notes or under this Indenture or any certificate or other
writing delivered in connection herewith or therewith, against (i) the Indenture Trustee or the
Eligible Lender Trustee in its individual capacity, (ii) any owner of a beneficial interest in the
Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the
Indenture Trustee or the Eligible Lender Trustee in its individual capacity, any holder or owner of
a beneficial interest in the Issuer, the Eligible Lender Trustee or the Indenture Trustee or of any
successor or assign thereof in its individual capacity, except as any such Person may have
expressly agreed (it being understood that the Indenture Trustee and the Eligible Lender Trustee
have no such obligations in their individual capacity) and except that any such partner, owner or
beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid
consideration for stock, unpaid capital contribution or failure to pay any installment or call
owing to such entity. For all purposes of this Indenture, in the performance of any duties or
obligations of the Issuer hereunder, the Eligible Lender Trustee shall be subject to, and entitled
to the benefits of, the terms and provisions of Article VI, VII and VIII of the Trust Agreement.

 

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     SECTION 11.17 No Petition. The Indenture Trustee, by entering into this Indenture, and each
Noteholder, by accepting a Note, hereby covenant and agree that they shall not at any time
institute against the Depositor or the Issuer, or join in any institution against the Depositor or
the Issuer 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 Indenture or any of the other
Basic Documents. The foregoing shall not limit the rights of the Indenture Trustee to file any
claim in, or otherwise take any action with respect to, any insolvency proceeding that was
instituted against the Issuer by any Person other than the Indenture Trustee.

     SECTION 11.18 Inspection. The Issuer agrees that, on reasonable prior notice, it shall permit any
representative of the Indenture Trustee, during the Issuer’s normal business hours, to examine all
the books of account, records, reports, and other papers of the Issuer, to make copies and extracts
therefrom, to cause such books to be audited by Independent certified public accountants, and to
discuss the Issuer’s affairs, finances and accounts with the Issuer’s officers, employees, and
Independent certified public accountants, all at such reasonable times and as often as may be
reasonably requested. The Indenture Trustee shall and shall cause its representatives to hold in
confidence all such information obtained from such examination or inspection except to the extent
disclosure may be required by law (and all reasonable applications for confidential treatment are
unavailing) and except to the extent that the Indenture Trustee may reasonably determine that such
disclosure is consistent with its obligations hereunder.

 

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     IN WITNESS WHEREOF, the Issuer and the Indenture Trustee have caused this Indenture to be duly
executed by their respective officers, thereunto duly authorized and duly attested, all as of the
day and year first above written.

	 	 	 
	 

	 	SLM PRIVATE CREDIT STUDENT LOAN
	

	 	TRUST 200  -  ,
	 
	 	 
	

	 	By: CHASE MANHATTAN BANK USA, NATIONAL
	

	 	ASSOCIATION, not in its individual capacity but solely as Eligible Lender Trustee,

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	CHASE MANHATTAN BANK USA, NATIONAL

ASSOCIATION, not in its individual capacity but solely as

Eligible Lender Trustee,

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, not in its individual capacity but
solely as Indenture Trustee,
 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

79

APPENDIX A

TO THE INDENTURE

Definitions and Usage

 

80

SCHEDULE A

TO THE INDENTURE

Schedule of Trust Student Loans

[See Schedule A to the Bill of Sale

(Attachment B to the Sale Agreement)]

 

81

SCHEDULE B

TO THE INDENTURE

Location of Trust Student Loan Files

[See Attachment B to the Servicing Agreement]

 

82

EXHIBIT A-1

TO THE INDENTURE

[FORM OF CLASS A-1T NOTE]

SEE REVERSE FOR CERTAIN DEFINITIONS

     Unless this Note is presented by an authorized representative of The Depository Trust Company, a
New York corporation (“DTC”), to the Issuer (as defined below) or its agent for registration of
transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in
such other name as is requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized representative of DTC), 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.

     THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE
OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE
HEREOF. THIS NOTE IS NOT GUARANTEED OR INSURED BY ANY GOVERNMENTAL AGENCY.

					
	NUMBER

R-1
	 	 
	 	[Note Face Amount]

CUSIP NO.  [CUSIP #]

 

83

SLM PRIVATE CREDIT STUDENT LOAN TRUST [Trust Name]

FLOATING RATE CLASS A-1T STUDENT LOAN-BACKED NOTES

     SLM Private Credit Student Loan Trust [Trust Name], a business trust organized and existing under
the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby
promises to pay to CEDE & CO., or registered assigns, the principal sum of [Note Face Amount]
DOLLARS payable on each Distribution Date in an amount equal to the result obtained by multiplying
(i) a fraction the numerator of which is [Note Face Amount] and the denominator of which is [Total
Class A-1T Note Amount] by (ii) the aggregate amount, if any, payable to Class A-1 Noteholders on
such Distribution Date in respect of principal of the Notes pursuant to Section 3.1 of the
Indenture dated as of [Indenture Date], among the Issuer, Chase Manhattan Bank USA, National
Association, a Delaware banking corporation, as Eligible Lender Trustee on behalf of the Issuer,
and JPMorgan Chase Bank, a New York banking corporation, as Indenture Trustee (the “Indenture
Trustee”) (capitalized terms used but not defined herein being defined in Appendix A to the
Indenture, which also contains rules as to usage that shall be applicable herein); provided,
however, that the entire unpaid principal amount of this Note shall be due and payable on the
[Final Class A-1 Distribution Date] (the “Class A-1 Maturity Date”).

     The Issuer shall pay interest on this Note at the rate per annum equal to the Class A-1T Rate (as
defined on the reverse hereof), on each Distribution Date until the principal of this Note is paid
or made available for payment, on the principal amount of this Note outstanding on the preceding
Distribution Date (after giving effect to all payments of principal made on the preceding
Distribution Date), subject to certain limitations contained in Section 3.1 of the Indenture.
Interest on this Note shall accrue from and including the preceding Distribution Date (or, in the
case of the first Accrual Period, the Closing Date) to but excluding the following Distribution
Date (each an “Accrual Period”). Interest shall be calculated on the basis of the actual number of
days elapsed in each Accrual Period divided by 360. Such principal of and interest on this Note
shall be paid in the manner specified on the reverse hereof.

 

84

     The principal of and interest on this Note are payable in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private
debts. All payments made by the Issuer with respect to this Note shall be applied first to interest
due and payable on this Note as provided above and then to the unpaid principal of this Note.

     Reference is made to the further provisions of this Note set forth on the reverse hereof, which
shall have the same effect as though fully set forth on the face of this Note.

     Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose
name appears below by manual signature, this Note shall not be entitled to any benefit under the
Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

 

 85

     IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed, manually or in
facsimile, as of the date set forth below.

	 	 	 
	 

	 	SLM PRIVATE CREDIT STUDENT LOAN TRUST [Trust Name]

	 	 	 	 	 
	 

	 	By
	 	CHASE MANHATTAN BANK USA, NATIONAL
ASSOCIATION, not in its individual

capacity but solely as Eligible Lender

Trustee under the Trust Agreement,

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 

Date: [Closing Date]

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     This is one of the Notes designated above and referred to in the within-mentioned Indenture.

	 	 	 
	 

	 	JPMORGAN CHASE BANK, not in its individual capacity but solely as Indenture Trustee,

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 

Date: [Closing Date]

 

86

[REVERSE OF NOTE]

     This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Floating Rate
Class A-1T Student Loan-Backed Notes (the “Class A-1T Notes”), which, together with the Issuer’s
Floating Rate Class A-1L Student Loan Backed Notes (the “Class A-1L Notes” and, with the Class A-1T
Notes, the “Class A-1 Notes”), Floating Rate Class A-2 Student Loan-Backed Notes (the “Class A-2
Notes”) and Floating Rate Class B Student Loan-Backed Notes (the “Class B Notes” and, together with
the Class A-1 Notes and Class A-2 Notes, the “Notes”), are issued under and secured by the
Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for
a statement of the respective rights and obligations thereunder of the Issuer, the Indenture
Trustee and the Noteholders. The Notes are subject to all terms of the Indenture.

     The Class A-1 Notes are and will be equally and ratably secured by the Collateral pledged as
security therefor as provided in the Indenture. The Class A-1 Notes are prior in order of principal
payment to the Class A-2 and Class B Notes and senior to the Class B Notes as and to the extent
provided in the Indenture.

     Principal of the Class A-1 Notes shall be payable on each Distribution Date in an amount described
on the face hereof. “Distribution Date” means the
___th day of each            
         ,                     ,                      or                     , or, if any such date is
not a Business Day, the next succeeding Business Day, commencing
[initial Distribution Date].

     As described on the face hereof, the entire unpaid principal amount of this Note shall be due and
payable on the Class A-1 Maturity Date. Notwithstanding the foregoing, the entire unpaid principal
amount of the Notes shall be due and payable on the date on which (i) an Event of Default shall
have occurred and be continuing and (ii) the Indenture Trustee or the Noteholders representing not
less than a majority of the Outstanding Amount of the Notes shall have declared the Notes to be
immediately due and payable in the manner provided in Section 5.2 of the Indenture. All principal
payments on the Class A-1 Notes shall be made pro rata to the Noteholders entitled thereto.

 

 87

     Interest on the Class A-1 Notes shall be payable on each Distribution Date on the principal amount
outstanding of the Class A-1 Notes until the principal amount thereof is paid in full, at a rate
per annum equal to the Class A-1T Rate. The “Class A-1T Rate” for each Accrual Period shall be
equal to T-Bill Rate plus [specified percentage points]%.

     Payments of interest on this Note on each Distribution Date, together with the installment of
principal, if any, to the extent not in full payment of this Note, shall be made by check mailed to
the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor
Notes) on the Note Register on the Record Date, except that with respect to Notes registered on the
Record Date in the name of the nominee of the Clearing Agency, unless Definitive Notes have been
issued (initially, such nominee to be Cede & Co.), payments shall be made by wire transfer in
immediately available funds to the account designated by such nominee. Such checks shall be mailed
to the Person entitled thereto at the address of such Person as it appears on the Note Register as
of the applicable Record Date without requiring that this Note be submitted for notation of
payment, and the mailing of such check shall constitute payment of the amount thereof regardless of
whether such check is returned undelivered. Any reduction in the principal amount of this Note (or
any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be
binding upon all future Noteholders of this Note and of any Note issued upon the registration of
transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are
expected to be available, as provided in the Indenture, for payment in full of the then remaining
unpaid principal amount of this Note on a Distribution Date, then the Indenture Trustee, in the
name of and on behalf of the Issuer, shall notify the Person who was the Noteholder hereof as of
the preceding Record Date by notice mailed no later than five days prior to such Distribution Date
and the amount then due and payable shall be payable only upon presentation and surrender of this
Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture Trustee’s
agent appointed for such purposes located in the Borough of Manhattan, The City of New York.

     The Issuer shall pay interest on overdue installments of interest on this Note at the Class A-1T
Rate to the extent lawful.

 

88

     As provided in the Indenture and subject to certain limitations set forth therein, the transfer of
this Note may be registered on the Note Register upon surrender of this Note for registration of
transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed
by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture
Trustee duly executed by, the Noteholder hereof or his attorney duly authorized in writing, with
such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the
Note Registrar, which requirements include membership or participation in Securities Transfer
Agent’s Medallion Program (“STAMP”) or such other “signature guarantee program” as may be
determined by the Note Registrar in addition to, or in substitution for, STAMP (all in accordance
with the Exchange Act), and such other documents as the Indenture Trustee may require, and
thereupon one or more new Notes of authorized denominations and in the same aggregate principal
amount shall be issued to the designated transferee or transferees. No service charge will be
charged for any registration of transfer or exchange of this Note, but the transferor may be
required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed
in connection with any such registration of transfer or exchange.

     Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a
beneficial interest in the Note, covenants and agrees that no recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer or the Indenture Trustee on the Notes or
under the Indenture or any certificate or other writing delivered in connection therewith, against
(i) the Indenture Trustee or the Eligible Lender Trustee in its individual capacity,
(ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary,
agent, officer, director or employee of the Indenture Trustee or the Eligible Lender Trustee in its
individual capacity, any holder or owner of a beneficial interest in the Issuer, the Eligible
Lender Trustee or the Indenture Trustee or of any successor or assign thereof in its individual
capacity, except as any such Person may have expressly agreed (it being understood that the
Indenture Trustee and the Eligible Lender Trustee have no such obligations in their individual
capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the
extent provided by applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity.

 

89

     Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a
beneficial interest in a Note, covenants and agrees that by accepting the benefits of the Indenture
such Noteholder or Note Owner will not at any time institute against the Depositor or the Issuer,
or join in any institution against the Depositor or the Issuer 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, the Indenture or the other Basic Documents.

     Prior to the due presentment for registration of transfer of this Note, the Issuer, the Indenture
Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name
this Note (as of the day of determination or as of such other date as may be specified in the
Indenture) is registered as the owner hereof for all purposes whether or not this Note be overdue,
and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the
contrary.

     The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Issuer and the rights of the Noteholders under
the Indenture at any time by the Issuer with the consent of the Noteholders representing a
majority of the Outstanding Amount of all Notes at the time outstanding. The Indenture also
contains provisions permitting the Noteholders representing specified percentages of the
Outstanding Amount of the Notes, on behalf of all the Noteholders, to waive compliance by the
Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and
their consequences. Any such consent or waiver by the holder of this Note (or any one of more
Predecessor Notes) shall be conclusive and binding upon such holder and upon all future holders of
this Note and of any Note issued upon registration of transfer hereof or in exchange hereof or in
lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture
also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the
Indenture without the consent of holders of the Notes issued thereunder.

     The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture.

 

90

     The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate,
subject to the rights of the Indenture Trustee and the Noteholders under the Indenture.

     The Notes are issuable only in registered form in denominations as provided in the Indenture,
subject to certain limitations therein set forth.

     This Note shall be construed in accordance with the laws of the State of New York, without
reference to its conflict of law provisions, and the obligations, rights and remedies of the
parties hereunder and thereunder shall be determined in accordance with such laws.

     No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter
or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal
of and interest on this Note at the times, place, and rate, and in the coin or currency, herein
prescribed.

     Anything herein to the contrary notwithstanding, except as expressly provided in the Basic
Documents, neither JPMorgan Chase Bank in its individual capacity, Chase Manhattan Bank USA,
National Association in its individual capacity, any owner of a beneficial interest in the Issuer,
nor any of their respective partners, beneficiaries, agents, officers, directors, employees or
successors or assigns shall be personally liable for, nor shall recourse be had to any of them for,
the payment of principal of or interest on, or performance of, or omission to perform, any of the
covenants, obligations or indemnifications contained in this Note or the Indenture; it being
expressly understood that said covenants, obligations and indemnifications have been made by the
Eligible Lender Trustee for the sole purposes of binding the interests of the Eligible Lender
Trustee in the assets of the Issuer. The Noteholder of this Note by the acceptance hereof agrees
that, except as expressly provided in the Basic Documents, in the case of an Event of Default under
the Indenture, the Noteholder shall have no claim against any of the foregoing for any deficiency,
loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent
recourse to, and enforcement against, the assets of the Issuer for any and all liabilities,
obligations and undertakings contained in the Indenture or in this Note.

 

91

ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

     FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

(name and address of assignee)

     the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
attorney, to transfer said Note on the books kept for registration thereof, with full power of
substitution in the premises.

	 	 	 	 	 
	Dated:___________

	 	
	 	 

	 	 	 	 	 
	 

	 	
	 	*/
	 

	 	 
	

	 	Signature Guaranteed:	 	 
	 

	 	
	 	*/
	 

	 	 

	 	 	*/ NOTICE: The signature to this assignment must correspond with the name of the registered owner
as it appears on the face of the within Note in every particular, without alteration, enlargement
or any change whatever. Such signature must be guaranteed by an “eligible guarantor institution”
meeting the requirements of the Note Registrar, which requirements include membership or
participation in STAMP or such other “signature guarantee program” as may be determined by the Note
Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities
Exchange Act of 1934, as amended.

 

 

 92

EXHIBIT A-2

TO THE INDENTURE

[FORM OF CLASS A-1L NOTE]

SEE REVERSE FOR CERTAIN DEFINITIONS

     Unless this Note is presented by an authorized representative of The Depository Trust Company, a
New York corporation (“DTC”), to the Issuer (as defined below) or its agent for registration of
transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in
such other name as is requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized representative of DTC), 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.

     THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE
OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE
HEREOF. THIS NOTE IS NOT GUARANTEED OR INSURED BY ANY GOVERNMENTAL AGENCY.

	 	 	 
	NUMBER

	 	[Note Face Amount]
	R-1

	 	CUSIP NO. [CUSIP #]

 

 

 93

SLM PRIVATE CREDIT STUDENT LOAN TRUST [Trust Name]

FLOATING RATE CLASS A-1L STUDENT LOAN-BACKED NOTES

     SLM Private Credit Student Loan Trust [Trust Name], a business trust organized and existing under
the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby
promises to pay to CEDE & CO., or registered assigns, the principal sum of [Note Face Amount]
DOLLARS payable on each Distribution Date in an amount equal to the result obtained by multiplying
(i) a fraction the numerator of which is [Note Face Amount] and the denominator of which is [Total
Class A-1L Note Amount] by (ii) the aggregate amount, if any, payable to Class A-1 Noteholders on
such Distribution Date in respect of principal of the Notes pursuant to Section 3.1 of the
Indenture dated as of [Indenture Date], among the Issuer, Chase Manhattan Bank USA, National
Association, a Delaware banking corporation, as Eligible Lender Trustee on behalf of the Issuer,
and JPMorgan Chase Bank, a New York banking corporation, as Indenture Trustee (the “Indenture
Trustee”) (capitalized terms used but not defined herein being defined in Appendix A to the
Indenture, which also contains rules as to usage that shall be applicable herein); provided,
however, that the entire unpaid principal amount of this Note shall be due and payable on the
[Final Class A-1 Distribution Date] (the “Class A-1 Maturity Date”).

     The Issuer shall pay interest on this Note at the rate per annum equal to the Class A-1L Rate (as
defined on the reverse hereof), on each Distribution Date until the principal of this Note is paid
or made available for payment, on the principal amount of this Note outstanding on the preceding
Distribution Date
(after giving effect to all payments of principal made on the preceding
Distribution Date), subject to certain limitations contained in Section 3.1 of the Indenture.
Interest on this Note shall accrue from and including the preceding Distribution Date (or, in the
case of the first Accrual Period, the Closing Date) to but excluding the following Distribution
Date (each an “Accrual Period”). Interest shall be calculated on the basis of the actual number of
days elapsed in each Accrual Period divided by 360. Such principal of and interest on this Note
shall be paid in the manner specified on the reverse hereof.

 

 

 94

     The principal of and interest on this Note are payable in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private
debts. All payments made by the Issuer with respect to this Note shall be applied first to interest
due and payable on this Note as provided above and then to the unpaid principal of this Note.

     Reference is made to the further provisions of this Note set forth on the reverse hereof, which
shall have the same effect as though fully set forth on the face of this Note.

     Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose
name appears below by manual signature, this Note shall not be entitled to any benefit under the
Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

 

 

 95

     IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed, manually or in
facsimile, as of the date set forth below.

	 	 	 	 	 	 	 
	 	 	SLM PRIVATE CREDIT STUDENT LOAN

TRUST [Trust Name]
	 
	 	 	 	 	 	 
	 	 	By	 	CHASE MANHATTAN BANK USA, NATIONAL

ASSOCIATION, not in its individual

capacity but solely as Eligible

Lender Trustee under the Trust

Agreement,
	 
	 	 	 	 	 	 
	

	 	 	 	By:	 	 
	

	 	 	 	 	 	 
	

	 	 	 	 	 	Authorized Signatory

Date: [Closing Date]

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     This is one of the Notes designated above and referred to in the within-mentioned Indenture.

	 	 	 	 	 
	 	 	JPMORGAN CHASE BANK, not in its

individual capacity but solely

as Indenture Trustee,
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	 	 	Authorized Signatory

Date: [Closing Date]

 

 

 96

[REVERSE OF NOTE]

     This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Floating Rate
Class A-1L Student Loan-Backed Notes (the “Class A-1L Notes”), which, together with the Issuer’s
Floating Rate Class A-1T Student Loan Backed Notes (the “Class A-1T Notes”, and together with the
Class A-1L Notes, the “Class A-1 Notes”), Floating Rate Class A-2 Student Loan-Backed Notes (the
“Class A-2 Notes”) and Floating Rate Class B Student Loan-Backed Notes (the “Class B Notes” and,
together with the Class A-1 Notes and Class A-2 Notes, the “Notes”), are issued under and secured
by the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby
made for a statement of the respective rights and obligations thereunder of the Issuer, the
Indenture Trustee and the Noteholders. The Notes are subject to all terms of the Indenture.

     The Class A-1 Notes are and will be equally and ratably secured by the Collateral pledged as
security therefor as provided in the Indenture. The Class A-1 Notes are prior in order of principal
payment to the Class A-2 and Class B Notes and senior to the Class B Notes as and to the extent
provided in the Indenture.

     Principal of the Class A-1 Notes shall be payable on each Distribution Date in an amount described
non the face hereof. “Distribution Date” means the th day of each                     ,                     ,                      or
                    or, if any such date is not
a Business Day, the next succeeding Business Day, commencing

[initial Distribution Date].

     As described on the face hereof, the entire unpaid principal amount of this Note shall be due and
payable on the Class A-1 Maturity Date. Notwithstanding the foregoing, the entire unpaid principal
amount of the Notes shall be due and payable on the date on which (i) an Event of Default shall
have occurred and be continuing and (ii) the Indenture Trustee or the Noteholders representing not
less than a majority of the Outstanding Amount of the Notes shall have declared the Notes to be
immediately due and payable in the manner provided in Section 5.2 of the Indenture. All principal
payments on the Class A-1 Notes shall be made pro rata to the Noteholders entitled thereto.

 

 

 97

     Interest on the Class A-1 Notes shall be payable on each Distribution Date on the principal amount
outstanding of the Class A-1 Notes until the principal amount thereof is paid in full, at a rate
per annum equal to the Class A-1L Rate. The “Class A-1L Rate” for each Accrual Period shall be
equal to Three-Month [or such other designated maturity or formula, as necessary, for the initial
Accrual Period] LIBOR as determined on the second business day before the beginning of that Accrual
Period plus [specified percentage points]%.

     Payments of interest on this Note on each Distribution Date, together with the installment of
principal, if any, to the extent not in full payment of this Note, shall be made by check mailed to
the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor
Notes) on the Note Register on the Record Date, except that with respect to Notes registered on the
Record Date in the name of the nominee of the Clearing Agency, unless Definitive Notes have been
issued (initially, such nominee to be Cede & Co.), payments shall be made by wire transfer in
immediately available funds to the account designated by such nominee. Such checks shall be mailed
to the Person entitled thereto at the address of such Person as it appears on the Note Register as
of the applicable Record Date without requiring that this Note be submitted for notation of
payment, and the mailing of such check shall constitute payment of the amount thereof regardless of
whether such check is returned undelivered. Any reduction in the principal amount of this Note (or
any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be
binding upon all future Noteholders of this Note and of any Note issued upon the registration of
transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are
expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a
Distribution Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, shall
notify the Person who was the Noteholder hereof as of the preceding Record Date by notice mailed no
later than five days prior to such Distribution Date and the amount then due and payable shall be
payable only upon presentation and surrender of this Note at the Indenture Trustee’s Corporate
Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located
in the Borough of Manhattan, The City of New York.

     The Issuer shall pay interest on overdue installments of interest on this Note at the Class A-1L
Rate to the extent lawful.

 

 

 98

     As provided in the Indenture and subject to certain limitations set forth therein, the transfer of
this Note may be registered on the Note Register upon surrender of this Note for registration of
transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed
by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture
Trustee duly executed by, the Noteholder hereof or his attorney duly authorized in writing, with
such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the
Note Registrar, which requirements include membership or participation in Securities Transfer
Agent’s Medallion Program (“STAMP”) or such other “signature guarantee program” as may be
determined by the Note Registrar in addition to, or in substitution for, STAMP (all in accordance
with the Exchange Act), and such other documents as the Indenture Trustee may require, and
thereupon one or more new Notes of authorized denominations and in the same aggregate principal
amount shall be issued to the designated transferee or transferees. No service charge will be
charged for any registration of transfer or exchange of this Note, but the transferor may be
required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed
in connection with any such registration of transfer or exchange.

     Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a
beneficial interest in the Note, covenants and agrees that no recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer or the Indenture Trustee on the Notes or
under the Indenture or any certificate or other writing delivered in connection therewith, against
(i) the Indenture Trustee or the Eligible Lender Trustee in its individual capacity,
(ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary,
agent, officer, director or employee of the Indenture Trustee or the Eligible Lender Trustee in its
individual capacity, any holder or owner of a beneficial interest in the Issuer, the Eligible
Lender Trustee or the Indenture Trustee or of any successor or assign thereof in its individual
capacity, except as any such Person may have expressly agreed (it being understood that the
Indenture Trustee and the Eligible Lender Trustee have no such obligations in their individual
capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the
extent provided by applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity.

 

 

 99

     Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a
beneficial interest in a Note, covenants and agrees that by accepting the benefits of the Indenture
such Noteholder or Note Owner will not at any time institute against the Depositor or the Issuer,
or join in any institution against the Depositor or the Issuer 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, the Indenture or the other Basic Documents.

     Prior to the due presentment for registration of transfer of this Note, the Issuer, the Indenture
Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name
this Note (as of the day of determination or as of such other date as may be specified in the
Indenture) is registered as the owner hereof for all purposes whether or not this Note be overdue,
and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the
contrary.

     The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Issuer and the rights of the Noteholders under
the Indenture at any time by the Issuer with the consent of the Noteholders representing a majority
of the Outstanding Amount of all Notes at the time outstanding. The Indenture also contains
provisions permitting the Noteholders representing specified percentages of the Outstanding Amount
of the Notes, on behalf of all the Noteholders, to waive compliance by the Issuer with certain
provisions of the Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the holder of this Note (or any one of more Predecessor Notes) shall
be conclusive and binding upon such holder and upon all future holders of this Note and of any Note
issued upon registration of transfer hereof or in exchange hereof or in lieu hereof whether or not
notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture
Trustee to amend or waive certain terms and conditions set forth in the Indenture without the
consent of holders of the Notes issued thereunder.

     The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture.

 

 

 100

     The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate,
subject to the rights of the Indenture Trustee and the Noteholders under the Indenture.

     The Notes are issuable only in registered form in denominations as provided in the Indenture,
subject to certain limitations therein set forth.

     This Note shall be construed in accordance with the laws of the State of New York, without
reference to its conflict of law provisions, and the obligations, rights and remedies of the
parties hereunder and thereunder shall be determined in accordance with such laws.

     No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter
or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal
of and interest on this Note at the times, place, and rate, and in the coin or currency, herein
prescribed.

     Anything herein to the contrary notwithstanding, except as expressly provided in the Basic
Documents, neither JPMorgan Chase Bank in its individual capacity, Chase Manhattan Bank USA,
National Association in its individual capacity, any owner of a beneficial interest in the Issuer,
nor any of their respective partners, beneficiaries, agents, officers, directors, employees or
successors or assigns shall be personally liable for, nor shall recourse be had to any of them for,
the payment of principal of or interest on, or performance of, or omission to perform, any of the
covenants, obligations or indemnifications contained in this Note or the Indenture; it being
expressly understood that said covenants, obligations and indemnifications have been made by the
Eligible Lender Trustee for the sole purposes of binding the interests of the Eligible Lender
Trustee in the assets of the Issuer. The Noteholder of this Note by the acceptance hereof agrees
that, except as expressly provided in the Basic Documents, in the case of an Event of Default under
the Indenture, the Noteholder shall have no claim against any of the foregoing for any deficiency,
loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent
recourse to, and enforcement against, the assets of the Issuer for any and all liabilities,
obligations and undertakings contained in the Indenture or in this Note.

 

 

 101

ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

     FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

     

(name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
attorney, to transfer said Note on the books kept for registration thereof, with full power of
substitution in the premises.

Dated:                                                             

	 	 	 
	

	 	*/
	

	 	 
	

	 	Signature Guaranteed:
	 
	 	 
	

	 	*/
	

	 	 

	*/ NOTICE: The signature to this assignment must correspond with the name of the registered owner
as it appears on the face of the within Note in every particular, without alteration, enlargement
or any change whatever. Such signature must be guaranteed by an “eligible guarantor institution”
meeting the requirements of the Note Registrar, which requirements include membership or
participation in STAMP or such other “signature guarantee program” as may be determined by the Note
Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities
Exchange Act of 1934, as amended.

 

 

 102

EXHIBIT A-3

TO THE INDENTURE

[FORM OF CLASS A-2 NOTE]

SEE REVERSE FOR CERTAIN DEFINITIONS

     Unless this Note is presented by an authorized representative of The Depository Trust Company, a
New York corporation (“DTC”), to the Issuer (as defined below) or its agent for registration of
transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in
such other name as is requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized representative of DTC), 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.

     THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE
OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE
HEREOF. THIS NOTE IS NOT GUARANTEED OR INSURED BY ANY GOVERNMENTAL AGENCY.

	 	 	 
	NUMBER

	 	[Note Face Amount]
	R-1

	 	CUSIP NO. [CUSIP #]

 

 

 103

SLM PRIVATE CREDIT STUDENT LOAN TRUST [Trust Name]

FLOATING RATE CLASS A-2 STUDENT LOAN-BACKED NOTES

     SLM Private Credit Student Loan Trust [Trust Name], a business trust organized and existing under
the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby
promises to pay to CEDE & CO., or registered assigns, the principal sum of [Note Face Amount]
DOLLARS payable on each Distribution Date in an amount equal to the result obtained by multiplying
(i) a fraction the numerator of which is [Note Face Amount] and the denominator of which is $[Total
Class A-2 Note Amount] by (ii) the aggregate amount, if any, payable to Class A-2 Noteholders on
such Distribution Date in respect of principal of the Notes pursuant to Section 3.1 of the
Indenture dated as of [Indenture Date], among the Issuer, Chase Manhattan Bank USA, National
Association, a Delaware banking corporation, as Eligible Lender Trustee on behalf of the Issuer,
and JPMorgan Chase Bank, a New York banking corporation, as Indenture Trustee (the “Indenture
Trustee”) (capitalized terms used but not defined herein being defined in Appendix A to the
Indenture, which also contains rules as to usage that shall be applicable herein); provided,
however, that the entire unpaid principal amount of this Note shall be due and payable on the
[Final Class A-2 Distribution Date] (the “Class A-2 Maturity Date”).

     The Issuer shall pay interest on this Note at the rate per annum equal to the Class A-2 Rate (as
defined on the reverse hereof), on each Distribution Date until the principal of this Note is paid
or made available for payment, on the principal amount of this Note outstanding on the preceding
Distribution Date (after giving effect to all payments of principal made on the preceding
Distribution Date), subject to certain limitations contained in Section 3.1 of the Indenture.
Interest on this Note shall accrue from and including the preceding Distribution Date (or, in the
case of the first Accrual Period, the Closing Date) to but excluding the following Distribution
Date (each an “Accrual Period”). Interest shall be calculated on the basis of the actual number of
days elapsed in each Accrual Period divided by 360. Such principal of and interest on this Note
shall be paid in the manner specified on the reverse hereof.

 

 

 104

     The principal of and interest on this Note are payable in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private
debts. All payments made by the Issuer with respect to this Note shall be applied first to interest
due and payable on this Note as provided above and then to the unpaid principal of this Note.

     Reference is made to the further provisions of this Note set forth on the reverse hereof, which
shall have the same effect as though fully set forth on the face of this Note.

     Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose
name appears below by manual signature, this Note shall not be entitled to any benefit under the
Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

 

 

 105

     IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed, manually or in
facsimile, as of the date set forth below.

	 	 	 	 	 	 	 
	 	 	SLM PRIVATE CREDIT STUDENT LOAN

TRUST [Trust Name]
	 
	 	 	 	 	 	 
	 	 	By	 	CHASE MANHATTAN BANK USA, NATIONAL

ASSOCIATION, not in its individual

capacity but solely as Eligible

Lender Trustee under the Trust

Agreement,
	 
	 	 	 	 	 	 
	

	 	 	 	By:	 	 
	

	 	 	 	 	 	 
	

	 	 	 	 	 	Authorized Signatory

Date: [Closing Date]

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     This is one of the Notes designated above and referred to in the within-mentioned Indenture.

	 	 	 	 	 
	 	 	JPMORGAN CHASE BANK, not in its

individual capacity but solely

as Indenture Trustee,
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	 	 	Authorized Signatory

Date: [Closing Date]

 

 

 106

[REVERSE OF NOTE]

     This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Floating Rate
Class A-2 Student Loan-Backed Notes (the “Class A-2 Notes”), which, together with the Issuer’s
Floating Rate Class A-1 Student Loan-Backed Notes (the “Class A-1 Notes”) and the Issuer’s Floating
Rate Class B Student Loan-Backed Notes (the “Class B Notes” and, together with the Class A-1 Notes
and the Class A-2 Notes, the “Notes”) are issued under and secured by the Indenture, to which
Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the
Noteholders. The Notes are subject to all terms of the Indenture.

     The Class A-2 Notes are and will be equally and ratably secured by the Collateral pledged as
security therefor as provided in the Indenture. The Class A-1 Notes are prior in order of principal
payment to the Class A-2 Notes, and the Class A-2 Notes are senior to the Class B Notes, as and to
the extent provided in the Indenture.

     Principal of the Class A-2 Notes shall be payable on each Distribution Date in an amount described
on the face hereof. “Distribution Date” means the th day of each                     ,                     ,                     or                     or, if any such date is not
a Business Day, the next succeeding Business Day, commencing [initial Distribution Date].

     As described on the face hereof, the entire unpaid principal amount of this Note shall be due and
payable on the Class A-2 Maturity Date. Notwithstanding the foregoing, the entire unpaid principal
amount of the Notes shall be due and payable on the date on which (i) an Event of Default shall
have occurred and be continuing and (ii) the Indenture Trustee or the Noteholders representing not
less than a majority of the Outstanding Amount of the Notes shall have declared the Notes to be
immediately due and payable in the manner provided in Section 5.2 of the Indenture. All principal
payments on the Class A-2 Notes shall be made pro rata to the Noteholders entitled thereto.

 

 

 107

     Interest on the Class A-2 Notes shall be payable on each Distribution Date on the principal amount
outstanding of the Class A-2 Notes until the principal amount thereof is paid in full, at a rate
per annum equal to the Class A-2 Rate. The “Class A-2 Rate” for each Accrual Period shall be equal
to Three-Month [or such other designated maturity or formula, as necessary, for the initial Accrual
Period] LIBOR as determined on the second business day before the beginning of that Accrual Period
plus [specified percentage points]%.

     Payments of interest on this Note on each Distribution Date, together with the installment of
principal, if any, to the extent not in full payment of this Note, shall be made by check mailed to
the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor
Notes) on the Note Register on the Record Date, except that with respect to Notes registered on the
Record Date in the name of the nominee of the Clearing Agency, unless Definitive Notes have been
issued (initially, such nominee to be Cede & Co.), payments shall be made by wire transfer in
immediately available funds to the account designated by such nominee. Such checks shall be mailed
to the Person entitled thereto at the address of such Person as it appears on the Note Register as
of the applicable Record Date without requiring that this Note be submitted for notation of
payment, and the mailing of such check shall constitute payment of the amount thereof regardless of
whether such check is returned undelivered. Any reduction in the principal amount of this Note (or
any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be
binding upon all future Noteholders of this Note and of any Note issued upon the registration of
transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are
expected to be available, as provided in the Indenture, for payment in full of the then remaining
unpaid principal amount of this Note on a Distribution Date, then the Indenture Trustee, in the
name of and on behalf of the Issuer, shall notify the Person who was the Noteholder hereof as of
the preceding Record Date by notice mailed no later than five days prior to such Distribution Date
and the amount then due and payable shall be payable only upon presentation and surrender of this
Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture Trustee’s
agent appointed for such purposes located in the Borough of Manhattan, The City of New York.

     The Issuer shall pay interest on overdue installments of interest on this Note at the Class A-2
Rate to the extent lawful.

 

 

 108

     As provided in the Indenture and subject to certain limitations set forth therein, the transfer of
this Note may be registered on the Note Register upon surrender of this Note for registration of
transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed
by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture
Trustee duly executed by, the Noteholder hereof or his attorney duly authorized in writing, with
such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the
Note Registrar, which requirements include membership or participation in Securities Transfer
Agent’s Medallion Program (“STAMP”) or such other “signature guarantee program” as may be
determined by the Note Registrar in addition to, or in substitution for, STAMP (all in accordance
with the Exchange Act), and such other documents as the Indenture Trustee may require, and
thereupon one or more new Notes of authorized denominations and in the same aggregate principal
amount shall be issued to the designated transferee or transferees. No service
charge will be charged for any registration of transfer or exchange of this Note, but the
transferor may be required to pay a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection with any such registration of transfer or exchange.

     Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a
beneficial interest in the Note, covenants and agrees that no recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer or the Indenture Trustee on the Notes or
under the Indenture or any certificate or other writing delivered in connection therewith, against
(i) the Indenture Trustee or the Eligible Lender Trustee in its individual capacity,
(ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary,
agent, officer, director or employee of the Indenture Trustee or the Eligible Lender Trustee in its
individual capacity, any holder or owner of a beneficial interest in the Issuer, the Eligible
Lender Trustee or the Indenture Trustee or of any successor or assign thereof in its individual
capacity, except as any such Person may have expressly agreed (it being understood that the
Indenture Trustee and the Eligible Lender Trustee have no such obligations in their individual
capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the
extent provided by applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity.

 

 

 109

     Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a
beneficial interest in a Note, covenants and agrees that by accepting the benefits of the Indenture
such Noteholder or Note Owner will not at any time institute against the Depositor or the Issuer,
or join in any institution against the Depositor or the Issuer 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, the Indenture or the other Basic Documents.

     Prior to the due presentment for registration of transfer of this Note, the Issuer, the Indenture
Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name
this Note (as of the day of determination or as of such other date as may be specified in the
Indenture) is registered as the owner hereof for all purposes whether or not this Note be overdue,
and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the
contrary.

     The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Issuer and the rights of the Noteholders under
the Indenture at any time by the Issuer with the consent of the Noteholders representing a majority
of the Outstanding Amount of all Notes at the time outstanding. The Indenture also contains
provisions permitting the Noteholders representing specified percentages of the Outstanding Amount
of the Notes, on behalf of all the Noteholders, to waive compliance by the Issuer with certain
provisions of the Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the holder of this Note (or any one of more Predecessor Notes) shall
be conclusive and binding upon such holder and upon all future holders of this Note and of any Note
issued upon registration of transfer hereof or in exchange hereof or in lieu hereof whether or not
notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture
Trustee to amend or waive certain terms and conditions set forth in the Indenture without the
consent of holders of the Notes issued thereunder.

     The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture.

 

 

 110

     The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate,
subject to the rights of the Indenture Trustee and the Noteholders under the Indenture.

     The Notes are issuable only in registered form in denominations as provided in the Indenture,
subject to certain limitations therein set forth.

     This Note shall be construed in accordance with the laws of the State of New York, without
reference to its conflict of law provisions, and the obligations, rights and remedies of the
parties hereunder and thereunder shall be determined in accordance with such laws.

     No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter
or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal
of and interest on this Note at the times, place, and rate, and in the coin or currency, herein
prescribed.

     Anything herein to the contrary notwithstanding, except as expressly provided in the Basic
Documents, neither JPMorgan Chase Bank in its individual capacity, Chase Manhattan Bank USA,
National Association in its individual capacity, any owner of a beneficial interest in the Issuer,
nor any of their respective partners, beneficiaries, agents, officers, directors, employees or
successors or assigns shall be personally liable for, nor shall recourse be had to any of them for,
the payment of principal of or interest on, or performance of, or omission to perform, any of the
covenants, obligations or indemnifications contained in this Note or the Indenture; it being
expressly understood that said covenants, obligations and indemnifications have been made by the
Eligible Lender Trustee for the sole purposes of binding the interests of the Eligible Lender
Trustee in the assets of the Issuer. The Noteholder of this Note by the acceptance hereof agrees
that, except as expressly provided in the Basic Documents, in the case of an Event of Default under
the Indenture, the Noteholder shall have no claim against any of the foregoing for any deficiency,
loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent
recourse to, and enforcement against, the assets of the Issuer for any and all liabilities,
obligations and undertakings contained in the Indenture or in this Note.

 

 

 111

ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

     FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

     

(name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
attorney, to transfer said Note on the books kept for registration thereof, with full power of
substitution in the premises.

Dated:                                                             

	 	 	 
	

	 	*/
	

	 	 
	

	 	Signature Guaranteed:
	 
	 	 
	

	 	*/
	

	 	 

	*/ NOTICE: The signature to this assignment must correspond with the name of the registered owner
as it appears on the face of the within Note in every particular, without alteration, enlargement
or any change whatever. Such signature must be guaranteed by an “eligible guarantor institution”
meeting the requirements of the Note Registrar, which requirements include membership or
participation in STAMP or such other “signature guarantee program” as may be determined by the Note
Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities
Exchange Act of 1934, as amended.

 

 

 112

EXHIBIT A-4

TO THE INDENTURE

[FORM OF CLASS B NOTE]

SEE REVERSE FOR CERTAIN DEFINITIONS

     Unless this Note is presented by an authorized representative of The Depository Trust Company, a
New York corporation (“DTC”), to the Issuer (as defined below) or its agent for registration of
transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in
such other name as is requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized representative of DTC), 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.

     THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE
OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE
HEREOF. THIS NOTE IS NOT GUARANTEED OR INSURED BY ANY GOVERNMENTAL AGENCY.

	 	 	 
	NUMBER

	 	[Note Face Amount]
	R-1

	 	CUSIP NO. [CUSIP #]

 

 

 113

SLM PRIVATE CREDIT STUDENT LOAN TRUST [Trust Name]

FLOATING RATE CLASS B STUDENT LOAN-BACKED NOTES

     SLM Private Credit Student Loan Trust [Trust Name], a business trust organized and existing under
the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby
promises to pay to CEDE & CO., or registered assigns, the principal sum of [Note Face Amount]
DOLLARS payable on each Distribution Date in an amount equal to the result obtained by multiplying
(i) a fraction the numerator of which is [Note Face Amount] and the denominator of which is $[Total
Class B Note Amount] by (ii) the aggregate amount, if any, payable to Class B Noteholders on such
Distribution Date in respect of principal of the Notes pursuant to Section 3.1 of the Indenture
dated as of [Indenture Date], among the Issuer, Chase Manhattan Bank USA, National Association, a
Delaware banking corporation, as Eligible Lender Trustee on behalf of the Issuer, and JPMorgan
Chase Bank, a New York banking corporation, as Indenture Trustee (the “Indenture Trustee”)
(capitalized terms used but not defined herein being defined in Appendix A to the Indenture, which
also contains rules as to usage that shall be applicable herein); provided, however, that the
entire unpaid principal amount of this Note shall be due and payable on the
[Final Class B Distribution Date] (the “Class B Maturity Date”).

     The Issuer shall pay interest on this Note at the rate per annum equal to the Class B Rate (as
defined on the reverse hereof), on each Distribution Date until the principal of this Note is paid
or made available for payment, on the principal amount of this Note outstanding on the preceding
Distribution Date (after giving effect to all payments of principal made on the preceding
Distribution Date), subject to certain limitations contained in Section 3.1 of the Indenture.
Interest on this Note shall accrue from and including the preceding Distribution Date (or, in the
case of the first Accrual Period, the Closing Date) to but excluding the following Distribution
Date (each an “Accrual Period”). Interest shall be calculated on the basis of the actual number of
days elapsed in each Accrual Period divided by 360. Such principal of and interest on this Note
shall be paid in the manner specified on the reverse hereof.

 

 

 114

     The principal of and interest on this Note are payable in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private
debts. All payments made by the Issuer with respect to this Note shall be applied first to interest
due and payable on this Note as provided above and then to the unpaid principal of this Note.

     Reference is made to the further provisions of this Note set forth on the reverse hereof, which
shall have the same effect as though fully set forth on the face of this Note.

     Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose
name appears below by manual signature, this Note shall not be entitled to any benefit under the
Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

 

 

 115

     IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed, manually or in
facsimile, as of the date set forth below.

	 	 	 	 	 	 	 
	 	 	SLM PRIVATE CREDIT STUDENT LOAN

TRUST [Trust Name]
	 
	 	 	 	 	 	 
	 	 	By	 	CHASE MANHATTAN BANK USA, NATIONAL

ASSOCIATION, not in its individual

capacity but solely as Eligible

Lender Trustee under the Trust

Agreement,
	 
	 	 	 	 	 	 
	

	 	 	 	By:	 	 
	

	 	 	 	 	 	 
	

	 	 	 	 	 	Authorized Signatory

Date: [Closing Date]

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     This is one of the Notes designated above and referred to in the within-mentioned Indenture.

	 	 	 	 	 
	 	 	JPMORGAN CHASE BANK, not in its

individual capacity but solely

as Indenture Trustee,
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	 	 	Authorized Signatory

Date: [Closing Date]

 

 

 116

[REVERSE OF NOTE]

     This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Floating Rate
Class B Student Loan-Backed Notes (the “Class B Notes”), which, together with the Issuer’s Floating
Rate Class A-1 Student Loan-Backed Notes (the “Class A-1 Notes”) and the Issuer’s Floating Rate
Class A-2 Student Loan-Backed Notes (the “Class A-2 Notes” and, together with the Class A-1 Notes
and the Class B Notes, the “Notes”) are issued under and secured by the Indenture, to which
Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the
Noteholders. The Notes are subject to all terms of the Indenture.

     The Class B Notes are and will be equally and ratably secured by the Collateral pledged as security
therefor as provided in the Indenture. The Class A-1 and Class A-2 Notes are prior in order of
principal payment, and are senior, to the Class B Notes as and to the extent provided in the
Indenture.

     Principal of the Class B Notes shall be payable on each Distribution Date in an amount described on
the face hereof. “Distribution Date” means the th day of each                     ,                     ,                     or                     or, if any such date is not a
Business Day, the next succeeding Business Day, commencing [initial Distribution Date].

     As described on the face hereof, the entire unpaid principal amount of this Note shall be due and
payable on the Class B Maturity Date. Notwithstanding the foregoing, the entire unpaid principal
amount of the Notes shall be due and payable on the date on which (i) an Event of Default shall
have occurred and be continuing and (ii) the Indenture Trustee or the Noteholders representing not
less than a majority of the Outstanding Amount of the Notes shall have declared the Notes to be
immediately due and payable in the manner provided in Section 5.2 of the Indenture. All principal
payments on the Class B Notes shall be made pro rata to the Noteholders entitled thereto.

 

 

 117

     Interest on the Class B Notes shall be payable on each Distribution Date on the principal amount
outstanding of the Class B Notes until the principal amount thereof is paid in full, at a rate per
annum equal to the Class B Rate. The “Class B Rate” for each Accrual Period shall be equal to
Three-Month [or such other designated maturity or formula, as necessary, for the initial Accrual
Period] LIBOR as determined on the second business day before the beginning of that Accrual Period
plus [specified percentage points]%.

     Payments of interest on this Note on each Distribution Date, together with the installment of
principal, if any, to the extent not in full payment of this Note, shall be made by check mailed to
the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor
Notes) on the Note Register on the Record Date, except that with respect to Notes registered on the
Record Date in the name of the nominee of the Clearing Agency, unless Definitive Notes have been
issued (initially, such nominee to be Cede & Co.), payments shall be made by wire transfer in
immediately available funds to the account designated by such nominee. Such checks shall be mailed
to the Person entitled thereto at the address of such Person as it appears on the Note Register as
of the applicable Record Date without requiring that this Note be submitted for notation of
payment, and the mailing of such check shall constitute payment of the amount thereof regardless of
whether such check is returned undelivered. Any reduction in the principal amount of this Note (or
any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be
binding upon all future Noteholders of this Note and of any Note issued upon the registration of
transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are
expected to be available, as provided in the Indenture, for payment in full of the then remaining
unpaid principal amount of this Note on a Distribution Date, then the Indenture Trustee, in the
name of and on behalf of the Issuer, shall notify the Person who was the Noteholder hereof as of
the preceding Record Date by notice mailed no later than five days prior to such Distribution Date
and the amount then due and payable shall be payable only upon presentation and surrender of this
Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture Trustee’s
agent appointed for such purposes located in the Borough of Manhattan, The City of New York.

     The Issuer shall pay interest on overdue installments of interest on this Note at the Class B Rate
to the extent lawful.

 

 

 118

     As provided in the Indenture and subject to certain limitations set forth therein, the transfer of
this Note may be registered on the Note Register upon surrender of this Note for registration of
transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed
by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture
Trustee duly executed by, the Noteholder hereof or his attorney duly authorized in writing, with
such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the
Note Registrar, which requirements include membership or participation in Securities Transfer
Agent’s Medallion Program (“STAMP”) or such other “signature guarantee program” as may be
determined by the Note Registrar in addition to, or in substitution for, STAMP (all in accordance
with the Exchange Act), and such other documents as the Indenture Trustee may require, and
thereupon one or more new Notes of authorized denominations and in the same aggregate principal
amount shall be issued to the designated transferee or transferees. No service charge will be
charged for any registration of transfer or exchange of this Note, but the transferor may be
required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed
in connection with any such registration of transfer or exchange.

     Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a
beneficial interest in the Note, covenants and agrees that no recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer or the Indenture Trustee on the Notes or
under the Indenture or any certificate or other writing delivered in connection therewith, against
(i) the Indenture Trustee or the Eligible Lender Trustee in its individual capacity,
(ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary,
agent, officer, director or employee of the Indenture Trustee or the Eligible Lender Trustee in its
individual capacity, any holder or owner of a beneficial interest in the Issuer, the Eligible
Lender Trustee or the Indenture Trustee or of any successor or assign thereof in its individual
capacity, except as any such Person may have expressly agreed (it being understood that the
Indenture Trustee and the Eligible Lender Trustee have no such obligations in their individual
capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the
extent provided by applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity.

 

 

 119

     Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a
beneficial interest in a Note, covenants and agrees that by accepting the benefits of the Indenture
such Noteholder or Note Owner will not at any time institute against the Depositor or the Issuer,
or join in any institution against the Depositor or the Issuer 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, the Indenture or the other
Basic Documents.

     Prior to the due presentment for registration of transfer of this Note, the Issuer, the Indenture
Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name
this Note (as of the day of determination or as of such other date as may be specified in the
Indenture) is registered as the owner hereof for all purposes whether or not this Note be overdue,
and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the
contrary.

     The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Issuer and the rights of the Noteholders under
the Indenture at any time by the Issuer with the consent of the Noteholders representing a majority
of the Outstanding Amount of all Notes at the time outstanding. The Indenture also contains
provisions permitting the Noteholders representing specified percentages of the Outstanding Amount
of the Notes, on behalf of all the Noteholders, to waive compliance by the Issuer with certain
provisions of the Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the holder of this Note (or any one of more Predecessor Notes) shall
be conclusive and binding upon such holder and upon all future holders of this Note and of any Note
issued upon registration of transfer hereof or in exchange hereof or in lieu hereof whether or not
notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture
Trustee to amend or waive certain terms and conditions set forth in the Indenture without the
consent of holders of the Notes issued thereunder.

     The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture.

 

 

 120

     The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate,
subject to the rights of the Indenture Trustee and the Noteholders under the Indenture.

     The Notes are issuable only in registered form in denominations as provided in the Indenture,
subject to certain limitations therein set forth.

     This Note shall be construed in accordance with the laws of the State of New York, without
reference to its conflict of law provisions, and the obligations, rights and remedies of the
parties hereunder and thereunder shall be determined in accordance with such laws.

     No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter
or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal
of and interest on this Note at the times, place, and rate, and in the coin or currency, herein
prescribed.

     Anything herein to the contrary notwithstanding, except as expressly provided in the Basic
Documents, neither JPMorgan Chase Bank in its individual capacity, Chase Manhattan Bank USA,
National Association in its individual capacity, any owner of a beneficial interest in the Issuer,
nor any of their respective partners, beneficiaries, agents, officers, directors, employees or
successors or assigns shall be personally liable for, nor shall recourse be had to any of them for,
the payment of principal of or interest on, or performance of, or omission to perform, any of the
covenants, obligations or indemnifications contained in this Note or the Indenture; it being
expressly understood that said covenants, obligations and indemnifications have been made by the
Eligible Lender Trustee for the sole purposes of binding the interests of the Eligible Lender
Trustee in the assets of the Issuer. The Noteholder of this Note by the acceptance hereof agrees
that, except as expressly provided in the Basic Documents, in the case of an Event of Default under
the Indenture, the Noteholder shall have no claim against any of the foregoing for any deficiency,
loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent
recourse to, and enforcement against, the assets of the Issuer for any and all liabilities,
obligations and undertakings contained in the Indenture or in this Note.

 

 

ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

     FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

     

(name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
attorney, to transfer said Note on the books kept for registration thereof, with full power of
substitution in the premises.

Dated:                                                             

	 	 	 
	

	 	*/
	

	 	 
	

	 	Signature Guaranteed:
	 
	 	 
	

	 	*/
	

	 	 

	*/ NOTICE: The signature to this assignment must correspond with the name of the registered owner
as it appears on the face of the within
Note in every particular, without alteration, enlargement or any change whatever. Such signature
must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note
Registrar, which requirements include membership or participation in STAMP or such other “signature
guarantee program” as may be determined by the Note Registrar in addition to, or in substitution
for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

 

 

EXHIBIT B

TO THE INDENTURE

     Note Depository Agreement

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