Document:

Administration Agreement

 Exhibit 10.4 
  
 ADMINISTRATION AGREEMENT 
  
 among 
  
 GOAL CAPITAL FUNDING TRUST 
  
 as Issuer 
  
 WILMINGTON TRUST
COMPANY, 
  
 as Delaware Trustee, 
  
 [                                ], 
  
 as Indenture Trustee, 
  
 [                                ], 
  
 as Eligible Lender Trustee, 
  
 and 
  
 GOAL FINANCIAL, LLC, 
  
 as Issuer Administrator 
  
 Dated as of [                    ], 2005

 THIS ADMINISTRATION AGREEMENT dated as of
[                    ], 2005 (as amended from time to time, this “Administration Agreement”), among GOAL CAPITAL FUNDING
TRUST, a Delaware statutory trust (the “Issuer”), WILMINGTON TRUST COMPANY, a Delaware banking corporation, not in its individual capacity but solely as Delaware trustee (the “Delaware Trustee”),
[                    ], a New York banking corporation, not in its individual capacity but solely as indenture trustee (the “Indenture
Trustee”), [                    ], as eligible lender trustee (the “Eligible Lender Trustee”) and GOAL FINANCIAL, LLC, a
California limited liability company (the “Issuer Administrator”). 
  
 W I T N E S S E T H : 
  
 WHEREAS, the Issuer may issue from time to time its (a) Student Loan Asset-Backed Notes (the “Notes”) pursuant to the Indenture of Trust, dated as of
[                    ], 2005, among the Issuer, the Eligible Lender Trustee and the Indenture Trustee (together with any Supplemental
Indentures and any amendments thereto made in accordance with their respective terms, the “Indenture”); and (b) its Trust Certificates pursuant to the Trust Agreement, dated as of
[                    ], 2005 (as the same may be amended from time to time, the “Trust Agreement”), between the Delaware
Trustee and Goal Capital Funding, LLC, as depositor (together with its successors in interest, the “Owner”); and 
  
 WHEREAS, pursuant to an Eligible Lender Trust Agreement, dated as of
[                    ], 2005 (as the same may be amended from time to time, the “Eligible Lender Trust Agreement”), between
the Issuer and the Eligible Lender Trustee, the Eligible Lender Trustee shall hold legal title to Student Loans acquired by the Issuer as beneficial owner; and 
  

WHEREAS, pursuant to the Indenture, the Issuer and the Eligible Lender Trustee are assigning their respective interests in the Financed Eligible Loans
and other collateral (the “Collateral”) to the Indenture Trustee; and 
  
 WHEREAS, the Issuer desires to have the Issuer Administrator perform certain of the duties of the Issuer referred to in the Indenture, the Trust Agreement and the Eligible Lender Trust Agreement (collectively, the
“Basic Documents”) and any other documents signed by the Delaware Trustee or the Eligible Lender Trustee on behalf of the Issuer (collectively, the “Trust Related Agreements”) or required by the Higher Education Act with respect
to the Student Loans and to provide such additional services consistent with the terms of this Administration Agreement and the Trust Related Agreements as the Issuer and the Delaware Trustee may from time to time request; and 
  
 WHEREAS, the Issuer Administrator has the capacity to provide the services
required hereby and is willing to perform such services for Issuer on the terms set forth herein; 
  
 NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

  
 Capitalized terms used and not otherwise defined herein shall
have the meanings assigned to such terms in the Basic Documents. 

 Section 1. Duties of the Issuer Administrator. 
  
 (a) Duties with Respect to the Trust Related Agreements. 

 
 (i) The Issuer Administrator agrees to perform all its
duties under this Administration Agreement and the Trust Related Agreements. In addition, the Issuer Administrator shall consult with the Delaware Trustee regarding the duties of the Issuer and the Delaware Trustee under the Trust Related
Agreements. The Issuer Administrator shall monitor the performance of the Issuer and shall advise the Eligible Lender Trustee and the Delaware Trustee when action is necessary to comply with the Issuer’s duties under the Trust Related
Agreements. The Issuer Administrator shall prepare for execution by the Issuer, or shall cause the preparation by other appropriate persons or entities of, all such documents, reports, filings, instruments, certificates and opinions that it shall be
the duty of the Issuer to prepare, file or deliver pursuant to the Trust Related Agreements. In furtherance of the foregoing, the Issuer Administrator shall take all appropriate action that is the duty of the Issuer to take pursuant to the Trust
Related Agreements, including, without limitation, such of the foregoing as are required with respect to the following matters under the Trust Related Agreements: 
  
 (A) directing the Indenture Trustee by Issuer Order to deposit moneys with Paying Agents, if any, other than
the Indenture Trustee; 
  
 (B) preparing and
delivering notice to the Holders of the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee; 
  
 (C) preparing an Issuer Order and obtaining an opinion of counsel, if necessary, for the release of property of the Trust Estate;

  
 (D) preparing Issuer Certificates and
obtaining opinions of counsel with respect to the execution of amendments to the Trust Related Agreements and the delivering to the Holders, the Rating Agencies and any other parties to whom notice is required to be sent notices with respect to such
amendments; 
  
 (E) paying all expenses in
connection with the issuance of the Notes; 
  
 (F) prepaying (from the Trust Estate) or accelerating the Notes and the related notice to the Indenture Trustee; 
  
 (G) taking all actions on behalf of the Issuer necessary under any Guarantee Agreement; 
  
 (H) responding to inquiries and requests made by borrowers,
educational institutions, Guarantee Agencies, the Indenture Trustee and other parties with respect to the Financed Eligible Loans and to requests by independent auditors for information concerning the Issuer’s financial affairs; 
  
 (I) maintaining financial records concerning the Financed
Eligible Loans and, if furnished adequate information with respect to financial affairs not related to the Financed Eligible Loans, preparing and maintaining a general ledger and financial statements for the Issuer; 
  

					
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 (J) providing instructions to the Issuer and the Eligible Lender Trustee with respect to
the administration of the Financed Eligible Loans; 
  
 (K) furnishing to the Issuer, the Indenture Trustee or the Eligible Lender Trustee copies of reports received with respect to the Financed Eligible Loans, and preparing a Monthly Servicing Report and such additional reports with respect to
the Financed Eligible Loans, as the Issuer or the Eligible Lender Trustee may reasonably request from time to time; 
  
 (L) preparing, or causing to be prepared, and furnishing to the Issuer annual operating budgets, quarterly statistical reports and cash
flow projections as required under the Indenture; 
  
 (M) performing such other services with respect to administration of the Financed Eligible Loans as the Issuer or the Eligible Lender Trustee may reasonably request; 
  
 (N) completing and filing all tax returns and tax filings as required pursuant to Section 2.03 of the Trust
Agreement; 
  
 (O) informing the Delaware Trustee
if any withholding is required pursuant to Section 5.01 of the Trust Agreement; 
  
 (P) handling all accounting matters pursuant to Section 5.04 of the Trust Agreement; 
  
 (Q) preparing all reports required by the Higher Education
Act in connection with Financed Student Loans; 
  
 (R) executing any Trust Related Agreements on behalf of the Issuer; and 
  
 (S) calculating the Net Reject Rate and making related calculations required by Section 26 of the First Supplemental Indenture dated as of
[                    ], 2005 (the “First Supplemental Indenture”). 
  
 (b) Duties with Respect to Servicing and Guarantees. 
  
 (i) The Issuer Administrator shall consolidate, prepare and report all pertinent information to the
Department of Education on the “Lender Reporting System Report” (or such successor report as may be applicable). 
  

					
	 	 	3	 	A/R ADMINISTRATION AGREEMENT

 (c) Additional Duties. 
  
 (i) In addition to the duties of the Issuer Administrator set forth above, the Issuer Administrator shall
perform, or cause to be performed, its duties and obligations and the duties and obligations of the Delaware Trustee on behalf of the Issuer under the Trust Agreement. 
  
 (ii) In furtherance of the foregoing, the Issuer shall execute and deliver to the Issuer Administrator one
or more powers of attorney substantially in the form of Exhibit A hereto, appointing the Issuer Administrator the attorney-in-fact of the Issuer for the purpose set forth therein. Subject to Section 5 hereof, and in accordance with the directions of
the Issuer, or the Delaware Trustee, the Issuer Administrator shall administer, perform or supervise the performance of such other activities in connection with the Trust Estate (including the Trust Related Agreements) as are not covered by any of
the foregoing provisions and as are expressly requested by the Issuer or the Delaware Trustee. The Issuer Administrator agrees to perform such obligations and deliver such notices as are specified to be performed or delivered by the Issuer
Administrator under the Trust Related Agreements. 
  
 (iii) In carrying out the foregoing duties or any of its other obligations under this Agreement, the Issuer Administrator may enter into transactions or otherwise deal with any of its affiliates; provided, however, that the terms of any
such transactions or dealings shall be in accordance with any directions received from the Issuer or the Delaware Trustee and shall be, in the Issuer Administrator’s opinion, no less favorable to the Issuer or the Delaware Trustee than would be
available from unaffiliated parties. 
  
 (iv) In
carrying out any of its obligations under this Agreement, the Issuer Administrator may act either directly or through agents, attorneys, accountants, independent contractors and auditors and enter into agreements with any of them. 
  
 (d) Non-Ministerial Matters. 
  
 (i) With respect to matters that in the reasonable judgment
of the Issuer Administrator are non-ministerial, the Issuer Administrator shall not be under any obligation to take any action, and in any event shall not take any action, unless the Issuer Administrator shall have received instructions from the
Delaware Trustee or the Owner. For the purpose of the preceding sentence, “non-ministerial matters” shall include, without limitation: 
  
 (A) the amendment of or any supplement to the Trust Related Agreements; 
  
 (B) the initiation of any action, claim or lawsuit by the Issuer and the compromise of any action, claim or
lawsuit brought by or against the Issuer, except for actions, claims or lawsuits initiated in the ordinary course of business by the Issuer or its agents or nominees for the collection of amounts owed in respect of Financed Eligible Loans;

  

					
	 	 	4	 	A/R ADMINISTRATION AGREEMENT

 (C) the appointment of successor Indenture Trustees pursuant to the Indenture, or the
consent to the assignment by the Indenture Trustee of its obligations under the Indenture; 
  
 (D) the removal of the Indenture Trustee; and 
  
 (E) the amendment, change or modification of this Agreement or any Trust Related Agreement, except for amendments, changes or
modifications that do not either (1) reduce in any manner the amount of, or delay the timing of, or collections of payments with respect to the Financed Eligible Loans or (2) materially reduce the underwriting standards with respect to the Financed
Eligible Loans. 
  
 (ii) Notwithstanding anything
to the contrary in this Administration Agreement, the Issuer Administrator shall not be obligated to, and shall not (A) make any payments to the Holders under the Trust Related Agreements, (B) sell the Trust Estate pursuant to the Indenture or (C)
take any action that the Issuer or the Delaware Trustee directs the Issuer Administrator not to take on its behalf. 
  
 (iii) The foregoing Non-Ministerial Matters shall only be performed by the Issuer Administrator with prior Rating Agency Confirmation.

  
 (e) Additional Duties. The Issuer Administrator shall perform
the following additional duties: 
  
 (i)
supervising the closing of the sale of any series of Notes including the payment of the costs of issuance for any series of Notes; 
  
 (ii) selecting and assigning Servicers and Guarantors and negotiating and/or renegotiating contracts, terms and/or pricing with Servicers
and/or Guarantors; and 
  
 (iii) selecting and
assigning, and negotiating and renegotiating for the services of professional personnel such as, without limitation, accountants, investment bankers, attorneys and Rating Agencies. 
  
 (f) Indemnification. 
  
 The Issuer Administrator will: 
  
 (i) indemnify the Indenture Trustee, the Eligible Lender Trustee and their respective agents for, and hold them harmless against, any
losses, liability, claim, action, suit, cost or expense, of any kind or nature whatsoever, including reasonable attorney’s fees and expenses, incurred without negligence, misconduct or bad faith on their part, arising out of the misconduct,
negligence or bad faith or other act of the Issuer Administrator in the performance of the Issuer Administrator’s duties contemplated by this Agreement; and 
  

					
	 	 	5	 	A/R ADMINISTRATION AGREEMENT

 (ii) indemnify the Issuer and the Delaware Trustee and their respective agents for, and
hold them harmless against, any losses, liability, claim, action, suit, cost or expense, of any kind or nature whatsoever, including reasonable attorney’s fees and expenses, incurred without negligence, misconduct or bad faith on their part,
arising out of the misconduct, negligence or bad faith or other act of the Issuer Administrator in the performance of the Issuer Administrator’s duties contemplated by this Agreement; provided, however, that the Issuer Administrator shall not
be required to indemnify the Indenture Trustee, the Issuer or the Delaware Trustee pursuant to Section 1(f)(i) or (ii) hereof so long as the Issuer Administrator has acted pursuant to the instructions of the Delaware Trustee or the Owner in
accordance with subsection (d) hereof. 
  
 (g) In the event that
the Issuer Administrator determines that it would be beneficial to the Issuer for a party other than the Issuer Administrator to perform any of the duties under this Section 1, it will notify the Issuer and, subject to first obtaining Rating Agency
Confirmation, the parties to this Agreement may either amend this Agreement or delegate those duties to another party. However, until such Rating Agency Confirmation is obtained, no such amendment or delegation shall be effective. Notwithstanding
the foregoing, the parties hereto agree and acknowledge that (i) the Issuer Administrator is entering into that certain Verification Agent Agreement of even date herewith with Lord Securities Corporation, and (ii) the Rating Agency Confirmation
shall not be required to be satisfied in connection therewith. 
  
 (h) In furtherance of subparagraphs (a), (b), (c) and (d), the Issuer Administrator’s duties shall include: 
  

	 	1.	Compliance For Student Loans: 

  

	 	(i)	Track on an ongoing basis the aggregate Principal Balance of all Student Loans being acquired which are not Consolidation Loans and verify that the aggregate Principal Balance of
all Student Loans which are not Consolidation Loans does not exceed the limit set forth in the applicable Supplemental Indenture; 

  

	 	(ii)	Verify, based upon information periodically provided by Servicers, that the Student Loans being acquired with “graduated repayment characteristics” (bearing interest only
for the first one-third of the payment term) does not exceed the limit as set forth in the applicable Supplemental Indenture; 

  

	 	(iii)	Track on an ongoing basis the aggregate Principal Balance of all Consolidation Loans being acquired which have an interest rate of 5.0% or higher and verify that the Premium,
Origination Fees and Borrower Benefits being paid for those Consolidation Loans do not exceed the limits set forth in the applicable Supplemental Indenture and track on an ongoing basis the aggregate Principal Balance of all Consolidation Loans
being acquired which have an interest rate of less than five percent (5%) and verify that the Premium and Origination Fees being paid for those Consolidation Loans do not exceed the limits set forth in the applicable Supplemental Indenture;

  

					
	 	 	6	 	A/R ADMINISTRATION AGREEMENT

	 	(iv)	Track on an ongoing basis and verify that not more than three percent (3%) of the Financed Student Loans purchased which are Consolidation Loans have original principal balances at
the time of purchase of less than fifteen thousand dollars ($15,000); provided, however, that any Consolidation Loan which was purchased with an original principal balance of less than fifteen thousand dollars ($15,000) at the time of purchase, but
for which a subsequent Add-On Loan has been made and the principal balance of the Add-On Loan, when added to the original principal balance of such Consolidation Loan at the time of purchase, shall cause the original principal balance of such
Consolidation Loan to exceed fifteen thousand dollars ($15,000), shall be excluded from the computation of the three percent (3%) limitation. 

  

	 	(v)	Track on an ongoing basis the aggregate Principal Balance of all Student Loans which a “borrower benefit” is being offered to verify that the percentage of Student Loans
offering a “borrower benefit” does not exceed the allowable limit as set forth in a Supplemental Indenture; and 

  

	 	(vi)	Track on an ongoing basis the aggregate Principal Balance of all Consolidation Loans being acquired which have an interest rate of five percent (5%) or greater to verify that the
aggregate Principal Balance of those Consolidation Loans does not exceed the limit as set forth in a Supplemental Indenture. 

  

	 	2.	Review, verify and compare “Loan Origination Disbursements Made Reports” received from Great Lakes Higher Education Corporation and/or ACS Education Loan Services, Inc.
(or any other Servicer, if Rating Agency Confirmation is first received) with the “Loan Transfer Document” received from Goal Capital Funding, LLC (the “Depositor”) and, if all documents are in order, execute the “Loan
Transfer Document”, issue and sign an “Eligible Loan Acquisition Certificate” and instruct the Eligible Lender Trustee, via facsimile, to transfer the principal and Premium of the acquired Student Loans to the Depositor.

  

	 	3.	Distribution Date Process: 

  

	 	(i)	Prepare, sign and deliver to the Trustee the “Consolidation Loan Rebate Fee Report” and execute an Issuer Order for the payment of the fee due the Department of Education;

  

	 	(ii)	On each Monthly Calculation Date, recalculate and verify the amount deposited by the Trustee into the Interest Account for the payment of interest (discount) on all Notes due for
payment during the next month; 

  

					
	 	 	7	 	A/R ADMINISTRATION AGREEMENT

	 	(iii)	On each Monthly Calculation Date, recalculate and verify the amount deposited by the Trustee into the Administration Fund for the payment of the Broker-Dealer and Auction Agent Fees
for the next month; 

  

	 	(iv)	On each Monthly Calculation Date, calculate and verify the amount deposited by the Trustee into the Administration Fund for the payment of Servicing Fees for the next month; and

  

	 	(v)	Execute individual Issuer Orders for the payment of all Fees listed above except for the amount transferred into the Interest Account. 

  

	 	4.	Reserve Fund Compliance: 

  

	 	(i)	Monitor the Specified Reserve Account Balance and determine whether on each Monthly Calculation Date the Specified Reserve Account Balance requirement is met, which is currently the
following: 

  

	 	(a)	three-quarters of one percent (0.75%) of the aggregate principal amount of the Notes then outstanding; or 

  

	 	(b)	such other amount specified in a Supplemental Indenture; provided, however, that in no event should the amount be less than two million dollars ($2,000,000).

  

	 	(ii)	If necessary, replenish the Reserve Fund with any amounts required from the Collection Account. 

  

	 	(iii)	On the 20th day of each month, provide the Trustee with a report identifying the Principal Balance of all Financed Eligible Loans which are more than 270 days delinquent and the
claims on which have not been paid by a Guarantee Agency of the Secretary of Education (whether or not such claims are pending). 

  

	 	5.	Limits on Fees: 

  

	 	(i)	Verify that the Fees paid do not exceed or are in compliance with the following: 

  

	 	(a)	The annual fees of the Trustee, Delaware Trustee, the Eligible Lender Trustee and the Market Agent authorized by each applicable Supplemental Indenture then in effect;

  

	 	(b)	The Broker-Dealer Fee payable is at the Broker-Dealer Fee Rate authorized by each applicable Supplemental Indenture then in effect; 

  

					
	 	 	8	 	A/R ADMINISTRATION AGREEMENT

	 	(c)	The Auction Agent fee payable is at the Auction Agent Fee Rate authorized by each applicable Supplemental Indenture then in effect; 

  

	 	(d)	There will be no other additional payments on the above Note Fees unless prior Rating Agency Confirmation is obtained; 

  

	 	(e)	The Administration Fees do not exceed the amounts contemplated by the definition of Administration Fee in the applicable Supplemental Indenture; 

  

	 	(f)	Servicing fees do not exceed the amounts established in the Servicing Agreements; and 

  

	 	(g)	The aggregate amount of Servicing Fees, Administration Fees and Note Fees paid from the Administration Fund does not exceed the amount as provided for by the Supplemental Indentures
then in effect. 

  

	 	(ii)	Verify that all Issuer Orders directing the payment of Fees from the Administration Fund have attached to it the appropriate invoice from the payee. 

  

	 	6.	Compliance on Sale of Loans: Verify that the Issuer complies with the loan sale provisions as set forth in the Indenture or a Supplemental Indenture which currently are as follows:

  

	 	(i)	Except as set forth in a Supplemental Indenture or with Rating Agency Confirmation, the Issuer may direct the sale of Student Loans in the Acquisition Fund only in the following
circumstances: 

  

	 	(a)	To the Depositor or other seller if such party is required to repurchase such Student Loan pursuant to a Student Loan Purchase Agreement; 

  

	 	(b)	In order to avoid an Event of Default; 

  

	 	(c)	To a Guarantee Agency; and 

  

	 	(d)	If all of the Student Loans are sold at a price sufficient to defease all obligations outstanding under the Indenture. 

  

	 	(ii)	Prior to any such sale the Trustee shall have received an Issuer Certificate certifying that such sale will not materially adversely affect the Issuer’s ability to pay Debt
Service on the Outstanding Notes and Outstanding Other Obligations, Carry-Over Amounts (including accrued interest thereon) with respect to the Outstanding Notes, Servicing Fees, Administration Fees or Note Fees, or other obligations with respect to
the Notes; and 

  

					
	 	 	9	 	A/R ADMINISTRATION AGREEMENT

	 	(iii)	All funds received from such loan sale must be deposited in the Collection Fund. 

  

	 	7.	Verify the Applicable Interest Rate: 

  

	 	(i)	Verify the Applicable Interest Rate for each period which during each interest period following the Initial Interest Period will be determined in accordance with the Auction
Procedures but which shall not exceed the Maximum Rate. 

  

	 	(ii)	Determine the Maximum Rate as set forth in a Supplemental Indenture, which on any date of determination is currently the interest rate per annum equal to the least of: (a) the
Maximum Auction Rate, (b) the Maximum Interest Rate and (c) during the occurrence of a Net Loan Rate Restriction Period, the Net Loan Rate, in each case rounded to the nearest one thousandth (0.001) of 1%. 

  

	 	(iii)	Determine the Maximum Auction Rate as set forth in any applicable Supplemental Indenture. 

  

	 	(iv)	Verify the Maximum Interest Rate as set forth in a Supplemental Indenture, which with respect to the Series 2005-X Notes is currently the lesser of (a) 17% per annum (or such higher
rate as the Issuer may establish with a Rating Agency Confirmation) or (b) the highest rate the Issuer may legally pay, from time to time, as interest on the Notes. 

  

	 	(v)	Determination of Net Loan Rate Trigger Date event as set forth in any applicable Supplemental Indenture. 

  

	 	8.	Surplus Fund: Verify that before any amounts from the Surplus Fund are released to the Issuer in accordance with the terms of the Indenture and a Supplemental Indenture, that the
Asset Release Requirement is met. Any Issuer Order requesting such release shall identify the Senior Asset Percentage and the Subordinate Asset percentage used in making the calculation of the Asset Release Requirement and provide the Trustee with
the calculation of the Aggregate value of the assets held under the Indenture, the principal amount of all Notes Outstanding, the accrued interest on Outstanding Senior Notes, the accrued Issuer Swap Payments with respect to Senior Swap Agreements,
the accrued fees with respect to Senior Credit Enhancement Facilities, the accrued interest on all Outstanding Subordinate Notes, the accrued Issuer Swap Payments (other than with respect to Junior Subordinate Swap Agreements), the accrued fees with
respect to Credit Enhancement Facilities (other than Junior Subordinate Credit Enhancement Facilities) and the Asset Release Requirement. 

  

					
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	 	9.	Redemption: Verify the Mandatory Redemption of the Notes pursuant to the terms of the Indenture and applicable Supplemental Indenture, which is currently as follows:

  

	 	(i)	On any Interest Payment Date following the end of an Acquisition Period, on a first in-first out basis from the remaining amount in the Acquisition Fund. 

 

	 	(ii)	On any Interest Payment Date following the end of each Revolving Period, from revenues deposited in the Retirement Account. 

  

	 	(iii)	Verify before any Subordinate Note is Redeemed, while Senior Notes remain outstanding, that the Senior Asset Requirement is met. 

  

	 	10.	Verification that each investment of moneys within any Fund constitutes a Permitted Investment. 

  

	 	11.	Preparation of Moody’s Investors Services Monthly Monitoring Report (attached as Exhibit B) and delivery of the Report to Moody’s and the Issuer. 

 

	 	12.	Maintenance and record keeping of the Trust’s General Ledger and other relevant records and preparation of monthly unaudited financial statements. 

  

	 	13.	Providing for and assisting in the completion of the audit of the financial statements of the Issuer. 

  

	 	14.	Administration and maintenance of the reports of servicers and others used in connection with the administration of, “borrower benefits” programs and verification that
such “borrower benefits” programs are in compliance with the Indenture and the Supplemental Indentures. 

  

	 	15.	All other activities required or expected from the Issuer Administrator for the smooth operation of the business. 

  
 Section 2. Records. The Issuer Administrator shall maintain
appropriate books of account and records relating to services performed hereunder, which books of account and records shall be accessible for inspection by the Issuer, the Indenture Trustee, the Holders, the Eligible Lender Trustee, the Delaware
Trustee and the Owner at any time during normal business hours. 
  
 Section 3. Compensation. As compensation for the performance of the Issuer Administrator’s obligations under this Agreement and as reimbursement for its expenses related thereto, the Issuer Administrator shall be entitled to a
fee as set forth in the engagement letter dated [                    ], 2005 between the Issuer and the Issuer Administrator (the
“Engagement Letter”). The payment of the foregoing fee shall be solely an obligation of the Issuer to be paid solely out of the Trust Estate. The compensation set forth in the Engagement Letter cannot be changed without Rating Agency
Confirmation. 
  

					
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 Section 4. Additional Information to be Furnished. The Issuer Administrator, within 120 days of
the date of this Agreement, shall furnish to the Issuer and the Indenture Trustee a manual setting forth the policies and procedures the Issuer Administrator will follow with respect to the discharge of its duties set forth in Section 1 of this
Administration Agreement. The Issuer Administrator shall update the manual once each calendar quarter thereafter. In addition, the Issuer Administrator shall furnish to the Issuer and the Indenture Trustee from time to time such additional
information regarding the Trust Estate as the Issuer or the Indenture Trustee shall reasonably request. 
  
 Section 5. Independence of the Issuer Administrator. For all purposes of this Administration Agreement, the Issuer Administrator shall be an
independent contractor and shall not be subject to the supervision of the Issuer, the Eligible Lender Trustee or the Delaware Trustee with respect to the manner in which it accomplishes the performance of its obligations hereunder. Unless expressly
authorized by the Issuer, the Eligible Lender Trustee or the Delaware Trustee or unless otherwise provided in this Agreement, the Issuer Administrator shall have no authority to act for or represent the Issuer, the Eligible Lender Trustee or the
Delaware Trustee in any way and shall not otherwise be deemed an agent of the Issuer, the Eligible Lender Trustee or the Delaware Trustee. 
  
 Section 6. No Joint Venture. Nothing contained in this Agreement: (a) shall constitute the Issuer Administrator and any of the Issuer, the Eligible
Lender Trustee, the Delaware Trustee or the Owner as members of any partnership, joint venture, association, syndicate, unincorporated business or other separate entity; (b) shall be construed to impose any liability as such on any of them; or (c)
shall be deemed to confer on any of them any express, implied or apparent authority to incur any obligation or liability on behalf of the others. 
  
 Section 7. Other Activities of the Issuer Administrator. Nothing herein shall prevent the Issuer Administrator or its affiliates from engaging in
other businesses or, in its or their sole discretion, from acting in a similar capacity as an administrator for any other person or entity even though such person or entity may engage in business activities similar to those of the Issuer, the
Eligible Lender Trustee, the Delaware Trustee or the Indenture Trustee. 
  
 Section 8. Term of Agreement; Resignation and Removal of Issuer Administrator. Unless sooner terminated in accordance with the provisions of this Section, this Agreement shall remain in full force and effect until the dissolution of
the Issuer, in which event this Agreement shall automatically terminate. The Issuer Administrator may resign its duties hereunder by providing the Issuer and the Rating Agencies with at least one hundred eighty (180) days’ (or such shorter
period of time as to which a Rating Agency Confirmation has been obtained) prior written notice. The Issuer Administrator may be removed immediately upon written notice of termination from the Issuer or the Indenture Trustee to the Issuer
Administrator and the Rating Agencies if any of the following events shall occur: 
  
 (a) the Issuer Administrator shall default in the performance of any of its duties under this Agreement and, after notice of such default,
shall not cure such default within ten days (or, if such default cannot be cured in such time, shall not give within ten days such assurance of cure as shall be reasonably satisfactory to the Issuer); 
  

					
	 	 	12	 	A/R ADMINISTRATION AGREEMENT

 (b) a court having jurisdiction in the premises shall enter a decree or order for relief,
and such decree or order shall not have been vacated within sixty (60) days, in respect of the Issuer Administrator in any involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect or appoint a
receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for the Issuer Administrator or any substantial part of its property or order the winding-up or liquidation of its affairs; or 
  
 (c) the Issuer Administrator shall commence a voluntary case
under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, shall consent to the entry of an order for relief in an involuntary case under any such law, or shall consent to the appointment of a receiver, liquidator,
assignee, trustee, custodian, sequestrator or similar official for the Issuer Administrator or any substantial part of its property, shall consent to the taking of possession by any such official of any substantial part of its property, shall make
any general assignment for the benefit of creditors or shall fail generally to pay its debts as they become due. 
  
 The Issuer Administrator agrees that if any of the events specified in clause (a), (b) or (c) of this Section shall occur, it shall give written notice
thereof to the Issuer, the Indenture Trustee and to the Rating Agencies within seven days after the happening of such event. The Issuer Administrator agrees that it will not commence or consent to the events specified in clause (c) without the prior
written consent of the Issuer. 
  
 No resignation or removal of
the Issuer Administrator pursuant to this Section shall be effective until (i) a successor Issuer Administrator shall have been appointed by the Issuer (with the consent of the Delaware Trustee and the Eligible Lender Trustee); (ii) such successor
Issuer Administrator shall have a net worth of at least five million dollars ($5,000,000) and shall have agreed in writing to be bound by the terms of this Agreement in the same manner as the Issuer Administrator is bound hereunder; and (iii) a
Rating Agency Confirmation is first obtained with respect to such resignation or removal. 
  
 The appointment of any successor Issuer Administrator shall be effective only if a Rating Agency Confirmation shall have been obtained with respect to such appointment. 
  
 Section 9. Action Upon Termination, Resignation or Removal. Promptly
upon the effective date of termination of this Agreement pursuant to Section 8 hereof or the resignation or removal of the Issuer Administrator pursuant to Section 8 hereof, respectively, the Issuer Administrator shall be entitled to be paid all
fees and reimbursable expenses accruing to it to the date of such termination, resignation or removal. The Issuer Administrator shall forthwith upon such termination deliver to the Issuer all property and documents of or relating to the Trust Estate
then in the custody of the Issuer Administrator. In the event of the resignation or removal of the Issuer Administrator, the Issuer Administrator shall cooperate with the successor Issuer Administrator and take all reasonable steps requested to
assist the Issuer in making an orderly transfer of the duties of the Issuer Administrator. 
  
 Section 10. Notices. Any notice, report or other communication given hereunder shall be in writing and addressed as follows: 
  

					
	 	 	13	 	A/R ADMINISTRATION AGREEMENT

			
	 If to the Issuer Administrator, to:

		
	 	  	 Goal Financial, LLC
 9477 Waples Street, Suite 100
 San Diego, California 92121
 Attention: Ryan Katz

	
	 If to the Rating Agencies:

		
	 	  	 Moody’s Investors Service
 99 Church Street
 New York, New York 10007
 Attention: Sharon Asch

		
	 	  	 Standard & Poor’s Ratings Services
 55 Water Street
 New York, New York 10041

	
	 If to the Issuer, to:

		
	 	  	 Goal Capital Funding Trust
 c/o Wilmington Trust Company
 Rodney Square North
 1100 North Market Street
 Wilmington, Delaware 19890
 Attention: Corporate Trust Administration

	
	 If to the Indenture Trustee or the Eligible Lender Trustee, to:

		
	 	  	 [                                      
  ]
 [                                      
  ]
 [                                      
  ]

	
	 If to the Delaware Trustee, to:

		
	 	  	 Wilmington Trust Company Rodney Square North
 1100 North Market Street
 Wilmington, Delaware 19890
 Attention: Corporate Trust
Administration

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

  

					
	 	 	14	 	A/R ADMINISTRATION AGREEMENT

 Section 11. Amendments. This Agreement may be amended from time to time by written instrument
signed by the parties hereto so long as a Rating Agency Confirmation has been obtained with respect to such amendment. 
  
 Section 12. Successors and Assigns. This Agreement may not be assigned by the Issuer Administrator unless such assignment is previously consented
to in writing by the Issuer, the Delaware Trustee, the Holders, the Eligible Lender Trustee and the Indenture Trustee, and unless (i) each Rating Agency shall have been given sixty (60) days’ prior notice of such assignment and (ii) a Rating
Agency Confirmation has been obtained with respect to such assignment. An assignment with such consent and satisfaction, if accepted by the assignee, shall bind the assignee hereunder in the same manner as the Issuer is bound hereunder.
Notwithstanding the foregoing, this Agreement may be assigned by the Issuer Administrator without the consent of the Issuer, the Eligible Lender Trustee or the Delaware Trustee to a corporation or other organization that is a successor (by merger,
consolidation or purchase of assets) to the Issuer Administrator; provided that such successor organization executes and delivers to the Issuer, the Eligible Lender Trustee, the Delaware Trustee and the Issuer Administrator an agreement in which
such corporation or other organization agrees to be bound hereunder by the terms of the assignment in the same manner as the Issuer Administrator is bound hereunder, and (i) each Rating Agency shall have been given sixty (60) days’ prior notice
of such assignment and (ii) a Rating Agency Confirmation shall have been obtained with respect to, such assignment. Subject to the foregoing, this Agreement shall bind any such permitted successors or assigns of the parties hereto. 
  
 Section 13. Governing Law. THIS ADMINISTRATION AGREEMENT SHALL BE
CONSTRUED BY AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW BUT OTHERWISE WITHOUT GIVING EFFECT TO THE PRINCIPLES OF CONFLICTS OF LAW, AND THE RIGHTS,
OBLIGATIONS AND REMEDIES OF THE PARTIES HERETO SHALL BE DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
  
 Section 14. Consent to Jurisdiction. ANY LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS ADMINISTRATION AGREEMENT OR ANY
TRANSACTION CONTEMPLATED HEREBY MAY BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE COUNTY OF NEW YORK, STATE OF NEW YORK AND EACH PARTY HERETO HEREBY WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH
SUIT, ACTION OR PROCEEDING, AND, SOLELY FOR THE PURPOSES OF THIS ADMINISTRATION AGREEMENT, EACH PARTY HERETO HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUCH SUIT, ACTION OR PROCEEDING. 
  
 Section 15. Headings. The section headings hereof have been inserted
for convenience of reference only and shall not be construed to affect the meaning, construction or effect of this Agreement. 
  

					
	 	 	15	 	A/R ADMINISTRATION AGREEMENT

 Section 16. Counterparts. This Agreement may be executed in counterparts, each of which when so
executed shall together constitute but one and the same agreement. 
  
 Section 17. Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining
provisions hereof and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
  
 Section 18. Indemnity. 
  
 (a) The Issuer and the Indenture Trustee, but only to the extent of the assets in the Trust Estate and without personal recourse to them, agrees that it
shall pay and shall protect, indemnify and save harmless the Issuer Administrator and the Issuer Administrator’s directors, officers, employees, agents and servants, and all Persons controlling, controlled by or under common control or
otherwise affiliated with the Issuer Administrator (each of the foregoing an “Indemnified Person”) from and against any and all losses, liabilities (including liabilities for penalties), actions, suits, judgments, demands, damages, costs
and expenses (including, without limitation, fees and expenses of counsel) of any nature (including, without limitation, under any federal, state or foreign securities laws, rules or regulations) arising from or relating to this Agreement and the
transactions contemplated hereby or by any of the agreements, instruments or documents to which the Issuer Administrator may be a party, whether now existing or hereinafter arising (all of the foregoing being collectively referred to as
“Indemnified Amounts”); excluding, however, Indemnified Amounts resulting from the negligence or misconduct of the Issuer Administrator in performing its obligations under this Agreement. If any action, suit or proceeding arising from any
of the foregoing is brought against any Indemnified Person, the Issuer and the Indenture Trustee, but only to the extent of the assets of the Indenture Trust available therefor and without personal recourse, will resist and defend such action, suit
or proceeding or cause the same to be resisted and defended by its counsel (which counsel shall be reasonably satisfactory to the affected Indemnified Person or Persons) and shall pay all costs of defense as incurred unless it is finally determined
by a court of competent jurisdiction that such Indemnified Person is not entitled to indemnification hereunder. 
  
 (b) The Issuer Administrator agrees that it shall pay and shall protect, indemnify and save harmless the Issuer, Delaware Trustee, Indenture Trustee and
Eligible Lender Trustee and their directors, officers, employees, agents and servants, and all Persons controlling, controlled by or under common control or otherwise affiliated with them (each of the foregoing an “Indemnified Person”)
from and against any and all losses, liabilities (including liabilities for penalties), actions, suits, judgments, demands, damages, costs and expenses (including, without limitation, fees and expenses of counsel) of any nature (including, without
limitation, under any federal, state or foreign securities laws, rules or regulations) arising from or relating to this Agreement and the transactions contemplated hereby or by any of the agreements, instruments or documents to which the Issuer
Administrator may be a party, whether now existing or hereinafter arising (all of the foregoing being collectively referred to as “Indemnified Amounts”); excluding, however, Indemnified Amounts resulting from the negligence or misconduct
of the Indemnified Persons in performing their obligations under this Agreement. If any action, suit or proceeding arising from any of the foregoing is brought against any Indemnified Person, the Issuer will resist 

  

					
	 	 	16	 	A/R ADMINISTRATION AGREEMENT

 
and defend such action, suit or proceeding or cause the same to be resisted and defended by its counsel (which counsel shall be reasonably satisfactory to
the affected Indemnified Person or Persons) and shall pay all costs of defense as incurred unless it is finally determined by a court of competent jurisdiction that such Indemnified Person is not entitled to indemnification hereunder. 
  
 (c) This Section 18 shall survive the termination of this Agreement.

  
 Section 19. Limitation of Liability of Eligible Lender
Trustee and Delaware Trustee. Notwithstanding anything contained herein to the contrary, this instrument has been executed by each of Wilmington Trust Company and The Bank of New York, not in its individual capacity but solely in its capacity as
Delaware Trustee or Eligible Lender Trustee, as applicable, and in no event shall Wilmington Trust Company or The Bank of New York in its individual capacity or any beneficial owner of the Issuer have any liability for the representations,
warranties, covenants, agreements or other obligations of the Issuer hereunder, as to all of which recourse shall be had solely to the assets of the Issuer. 
  
 Section 20. Third-Party Beneficiary. The parties agree and acknowledge that the Eligible Lender Trustee and the Delaware Trustee are third-party
beneficiaries of this Agreement. 
  
 Section 21. No
Petition. The parties hereto will not at any time institute against the Issuer any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any United States federal or state bankruptcy or similar law in connection
with any obligations of the Issuer under any Basic Document as such term is defined in the Indenture. The obligations of this Section 21 shall survive termination of this Agreement. 
  
  

					
	 	 	17	 	A/R ADMINISTRATION AGREEMENT

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

			
	GOAL CAPITAL FUNDING TRUST
	By:	 	 WILMINGTON TRUST COMPANY,
 not in its individual
capacity but solely as
 Delaware Trustee

		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

					
	 	 	S-1	 	A/R ADMINISTRATION AGREEMENT

			
	 WILMINGTON TRUST COMPANY, not in its individual
 capacity but solely as Delaware Trustee

		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
  

					
	 	 	S-2	 	A/R ADMINISTRATION AGREEMENT

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

		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
  

					
	 	 	S-3	 	A/R ADMINISTRATION AGREEMENT

			
	 [                                ], as Indenture
Trustee

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  
  

					
	 	 	S-4	 	A/R ADMINISTRATION AGREEMENT

			
	GOAL FINANCIAL, LLC
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

					
	 	 	S-5	 	A/R ADMINISTRATION AGREEMENT

 EXHIBIT A 
  
 POWER OF ATTORNEY 
  

			
	STATE OF DELAWARE	 	            )
	 	 	            )
	COUNTY OF NEW CASTLE	 	            )

  
 KNOW ALL MEN BY THESE
PRESENTS, that Goal Capital Funding Trust (the “Issuer”), in connection with the Amended and Restated Administration Agreement, dated as of
[                    ], 2005 (as the same may be amended from time to time, the “Agreement”), among the Issuer, Indenture Trustee,
Delaware Trustee, Indenture Trustee and Issuer, as Issuer, does hereby make, constitute and appoint Goal Financial, LLC, and its agents and attorneys, as Attorney-in-Fact to execute on behalf of the Issuer all such documents, reports, filings,
instruments, certificates and opinions as it shall be the duty of the Issuer to prepare, file or deliver pursuant to the Trust Related Agreements, including, without limitation, to appear for and represent the Issuer in connection with the
preparation, filing and audit of federal, state and local tax returns pertaining to the Issuer, and with full power to perform any and all acts associated with such returns and audits that the Issuer could perform, including without limitation, the
right to distribute and receive confidential information, defend and assert positions in response to audits, initiate and defend litigation, and to execute waivers of restrictions on assessments of deficiencies, consents to the extension of any
statutory or regulatory time limit, and settlements. 
  
 All
powers of attorney for this purpose heretofore filed or executed by the Issuer are hereby revoked. 
  
 Capitalized terms that are used and not otherwise defined herein shall have the meanings ascribed thereto in the Agreement. 
  
 EXECUTED as of this
[                    ] of
[                    ], 2005. 
  

					
	 GOAL CAPITAL FUNDING TRUST

			
	 	 	By:	 	WILMINGTON TRUST COMPANY,
	 	 	 	 	not in its individual capacity
	 	 	 	 	but solely as Delaware Trustee
			
	 	 	 	 	    By:
	 	 	 	 	    Name:
	 	 	 	 	    Title:

  
  

					
	 	 	 	 	A/R ADMINISTRATION AGREEMENT

 EXHIBIT B 
  
 MONTHLY MONITORING REPORT 
  
 [See Section 1(h)(11)] 
  
 [Provided separately] 
  

					
	 	 	 	 	A/R ADMINISTRATION AGREEMENTEligible Lender Trust Agreement

 Exhibit 10.10 
  

  
 ELIGIBLE LENDER TRUST AGREEMENT 
  
 between

  
 GOAL CAPITAL FUNDING, LLC 
  
 and 
  
 [                    ] 
  
 as Eligible Lender Trustee 
  
 Dated as of [    ], 2005 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	 ARTICLE I     DEFINITIONS AND INTENT OF THE PARTIES HERETO
	  	1
	 Section 1.01.
	  	 Definitions
	  	1
	 Section 1.02.
	  	 Intent of the Parties Hereto
	  	4
		
	 ARTICLE II     ACQUISITION OF ELIGIBLE LOANS
	  	5
	 Section 2.01.
	  	 Acquisition
	  	5
	 Section 2.02.
	  	 Revocation and Termination
	  	5
		
	 ARTICLE III     COVENANTS
	  	5
	 Section 3.01.
	  	 Administration
	  	5
	 Section 3.02.
	  	 Enforcement of the Trustee Guarantee Agreements
	  	5
	 Section 3.03.
	  	 Assignment of Eligible Loans; Collection of Payments With Respect to Eligible Loans
	  	5
	 Section 3.04.
	  	 Enforcement of Financed Eligible Loans
	  	6
	 Section 3.05.
	  	 Enforcement of Servicing Agreements
	  	6
	 Section 3.06.
	  	 Authority of Eligible Lender Trustee
	  	6
	 Section 3.07.
	  	 Power of Attorney to Depositor
	  	6
		
	 ARTICLE IV     CONCERNING THE ELIGIBLE LENDER TRUSTEE
	  	6
	 Section 4.01.
	  	 Acceptance of the Trusts
	  	6
	 Section 4.02.
	  	 Recitals of Others
	  	7
	 Section 4.03.
	  	 Taxes
	  	7
	 Section 4.04.
	  	 Eligible Lender Trustee May Act Through Agents
	  	7
	 Section 4.05.
	  	 Indemnification of Eligible Lender Trustee
	  	8
	 Section 4.06.
	  	 Eligible Lender Trustee’s Right to Reliance
	  	8
	 Section 4.07.
	  	 Compensation of Eligible Lender Trustee
	  	9
	 Section 4.08.
	  	 Eligible Lender Trustee Eligibility
	  	9
	 Section 4.09.
	  	 Resignation of Eligible Lender Trustee
	  	9
	 Section 4.10.
	  	 Removal of Eligible Lender Trustee
	  	10
	 Section 4.11.
	  	 Successor Eligible Lender Trustee
	  	10
	 Section 4.12.
	  	 Limitation with Respect to Examination of Reports
	  	10
	 Section 4.13.
	  	 Additional Covenants of Eligible Lender Trustee
	  	11

  

 -i- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page

	 Section 4.14.
	  	 Authority of Eligible Lender Trustee
	  	11
		
	 ARTICLE V     MISCELLANEOUS
	  	12
	 Section 5.01.
	  	 Eligible Lender Trust Agreement Binding upon Successors or Assigns of Eligible Lender Trustee and Depositor
	  	12
	 Section 5.02.
	  	 Effect of Legal Holidays
	  	12
	 Section 5.03.
	  	 Partial Invalidity
	  	12
	 Section 5.04.
	  	 Notices
	  	12
	 Section 5.05.
	  	 Law and Place of Enforcement of Eligible Lender Trust Agreement; Construction
	  	12
	 Section 5.06.
	  	 Consent to Jurisdiction
	  	13
	 Section 5.07.
	  	 Effect of Article and Section Headings and Table of Contents
	  	13
	 Section 5.08.
	  	 Amendments
	  	13

  

 -ii- 

 ELIGIBLE LENDER TRUST AGREEMENT 
  
 THIS ELIGIBLE LENDER TRUST AGREEMENT, dated as of [    ], 2005 (this “Eligible
Lender Trust Agreement”), is entered into between GOAL CAPITAL FUNDING, LLC, a Delaware limited liability company (the “Depositor”), and
[                ], a national banking association organized and existing under the laws of the United States of America, as eligible lender trustee (the
“Eligible Lender Trustee”): 
  
 W I T N E S S E T H:

  
 WHEREAS, the Depositor is conducting and administering a
program of acquiring student loans incurred under the Higher Education Act (the “Program”); and 
  
 WHEREAS, certain contracts and agreements have been and will be entered into with the Secretary of Education and the Guarantee Agencies to provide an
insurance or guarantee program for student loans incurred under the Higher Education Act; and 
  
 WHEREAS, the Guarantee Agencies have entered into agreements with the Secretary of Education for the payment by the Secretary of Education of amounts authorized to be paid pursuant to the Higher Education Act,
including reimbursement of certain amounts to be paid upon certain defaulted student loans guaranteed by such Guarantee Agencies and interest subsidy payments to holders of loans guaranteed by such Guarantee Agencies; and 
  
 WHEREAS, upon the execution and delivery of this Eligible Lender Trust
Agreement, the Eligible Lender Trustee will become the legal owner, and the Depositor shall be the beneficial owner, of various Financed Eligible Loans, and the Depositor will finance the acquisition of additional Eligible Loans which will become
Financed Eligible Loans for which the Eligible Lender Trustee shall be the legal owner and the Depositor shall be the beneficial owner, all of which Financed Eligible Loans are anticipated to be sold to certain business and statutory trusts
established, or to be established, by the Depositor or by an affiliate of the Depositor; and 
  
 WHEREAS, the Eligible Lender Trustee shall be legal owner of the Financed Eligible Loans and is an “eligible lender” under the Higher Education Act, and the Depositor shall be the beneficial owner of such
Financed Eligible Loans; 
  
 NOW, THEREFORE, THE PARTIES AGREE AS
FOLLOWS: 
  
 ARTICLE I 
  
 DEFINITIONS AND INTENT OF THE PARTIES HERETO 
  
 Section 1.01. Definitions 
  
 “Consolidation Loan” means a Student Loan originated
pursuant to Section 428C of the Higher Education Act. 
  

 1 

 “Counsel” means a person, or firm of which such a person is a member, authorized in any
state or the District of Columbia to practice law. 
  
 “Depositor Representative” means those individuals authorized to act for Goal Financial, LLC, the manager of the Depositor as set forth in a list of Authorized Officers delivered by Goal Financial, LLC to the Eligible
Lender Trustee, as such list may be amended from time to time by Goal Financial, LLC. 
  
 “Depositor Request,” “Depositor Order,” “Depositor Certificate” and “Depositor Consent” mean, respectively, a written request, order, certificate or
consent signed in the name of the Depositor by a Depositor Representative and delivered to the Eligible Lender Trustee by overnight or same-day mail or courier, facsimile, telex, telegram or other electronic means or by hand delivery. 
  
 “Eligible Lender” means any “eligible lender,” as
defined in the Higher Education Act, and which has received an eligible lender designation from the Secretary of Education or from the Guarantee Agency with respect to Eligible Loans. 
  
 “Eligible Loan” means a Student Loan which: (i) has been or will be made to a borrower for post-secondary
education; (ii) is Guaranteed; and (iii) is an “eligible loan” as defined in Section 438 of the Higher Education Act for purposes of receiving Special Allowance Payments. 
  
 “Express Duties” means all duties of the Eligible Lender Trustee set forth herein, including, but not
limited to, instructions of the Depositor set forth in Depositor Requests, Depositor Orders, Depositor Certificates and Depositor Consents. 
  
 “Federal Contracts” means, collectively, any agreement between any Guarantee Agency and the Secretary of Education providing for the
payment by the Secretary of Education of amounts authorized to be paid pursuant to the Higher Education Act, including but not necessarily limited to reimbursement of amounts paid or payable upon defaulted Financed Eligible Loans and other student
loans guaranteed by any Guarantee Agency and federal interest subsidy payments and Special Allowance Payments, if applicable, to holders of qualifying student loans guaranteed by any Guarantee Agency. 
  
 “Financed” means a Student Loan acquired by the Depositor or
the Eligible Lender Trustee on behalf of the Depositor. 
  
 “Fiscal Year” means the fiscal year of the Depositor which presently begins January 1 of each year and ends December 31 of the following year. 
  
 “Guarantee” or “Guaranteed” means with respect to a Student Loan, the insurance or
guarantee by a Guarantee Agency, to the extent provided in the Higher Education Act, of the principal of and accrued interest on such Student Loan, and the coverage of such Student Loan by one or more Federal Contracts providing, among other things,
for reimbursement to the Guarantee Agency for losses incurred by it on defaulted Financed Student Loans insured or guaranteed by the Guarantee Agency to the extent provided in the Higher Education Act. 
  

 2 

 “Guarantee Agency” means any state agency or private nonprofit institution or
organization which has Federal Contracts in place and has entered into a Guarantee Agreement with the Eligible Lender Trustee, and any such guarantor’s successors and assigns. 
  
 “Guarantee Agreement” means the blanket guarantee and other guarantee agreements issued by or from any
Guarantee Agency to the Eligible Lender Trustee for the purpose of Guaranteeing Student Loans to be Financed by the Depositor, and any amendment of any of the foregoing entered into in accordance with the provisions thereof. 
  
 “Higher Education Act” means Title IV, Parts B, F and G of
the Higher Education Act of 1965, as amended or supplemented from time to time, and all regulations and guidelines promulgated thereunder. 
  
 “Interest Benefit Payments” means interest payments on Eligible Loans received pursuant to the Higher Education Act and an agreement with
the federal government, or any similar payments. 
  
 “Lender” means any party from which the Depositor (or the Eligible Lender Trustee on behalf of the Depositor) acquires Financed Student Loans, which, in the case of Student Loans, must be an “eligible lender” (as
defined in the Higher Education Act). 
  
 “Person” means any individual, corporation, partnership, joint venture, association, joint stock corporation, trust, unincorporated organization or government or any agency or political subdivision thereof. 
  
 “Program” means shall mean the Depositor’s program for
the purchase of Eligible Loans, as the same may be modified from time to time. 
  
 “Secretary of Education” means the Commissioner of Education and the Secretary of the United States Department of Education (who succeeded to the functions of the Commissioner of Education pursuant to
the Department of Education Organization Act), or any successor to the functions thereof under the Higher Education Act. 
  
 “Servicer” shall mean Great Lakes Educational Loan Services, Inc., as a servicer of the Financed Student Loans, ACS Education Services,
Inc., as a servicer of the Financed Student Loans, and any other loan servicer which has entered into a Servicing Agreement with the Depositor, and any successors and assigns. 
  
 “Servicing Agreement” shall mean the Federal Family Education Loan Program Consolidation Loan Servicing
Agreement dated as of [    ] 2005, between the Depositor and Great Lakes Educational Loan Services, Inc., the Student Loan Servicing Agreement, dated as of [    ], 2005, between the Depositor and
ACS Education Services, Inc. and any other servicing agreement entered into between the Depositor and a Servicer, each as amended and supplemented. 
  

 3 

 “Special Allowance Payments” means special allowance payments authorized to be made by
the Secretary of Education by Section 438 of the Higher Education Act, or similar allowances authorized from time to time by federal law or regulation. 
  
 “State” means the State of New York. 
  
 “Student Loan” means a loan to a borrower for or in connection with post-secondary education, bar preparation expenses or medical
residency expenses made pursuant to the Higher Education Act. 
  
 “Trustee Guarantee Agreement” means the Eligible Lender Trustee’s Guarantee Agreement with each Guarantee Agency with respect to the Financed Eligible Loans. 
  
 Section 1.02. Intent of the Parties Hereto. This Eligible Lender Trust
Agreement and all documents, agreements, understandings and arrangements relating to this Eligible Lender Trust Agreement which are executed by the Eligible Lender Trustee have been executed by the Eligible Lender Trustee solely for the purpose of
having the legal title to the Financed Eligible Loans held by an “eligible lender” under the Higher Education Act, and the Depositor hereby agrees that the Eligible Lender Trustee shall be accorded appropriate protection for its limited
role herein pursuant to the indemnity herein and that the Eligible Lender Trustee (its officers, directors, employees and agents) shall not have any liability thereunder or hereunder except as expressly set forth herein, including, without
limitation, liability which may be incurred as a result of actions or inactions of the Depositor and any Servicer, subject to the terms of applicable laws, rules and regulations. The Depositor agrees that it will not seek recourse or commence any
action against the Eligible Lender Trustee (or its officers, directors, employees or agents) or any of their personal assets for the performance or payment of any obligation thereunder or hereunder; provided that the Eligible Lender Trustee shall be
liable for its negligence and willful misconduct in the performance of its Express Duties hereunder. The parties hereto intend that this Eligible Lender Trust Agreement is for their benefit only and not for the benefit of any third party. The
parties hereto agree that each and every provision of this Eligible Lender Trust Agreement is subject to this paragraph. 
  

 4 

 ARTICLE II 
  

ACQUISITION OF ELIGIBLE LOANS 
  
 Section 2.01. Acquisition. The Eligible Lender Trustee shall, from time to time, acquire Eligible Loans upon receipt of a Depositor Request with
funds provided to the Eligible Lender Trustee. The Eligible Lender Trustee will hold legal title to such Financed Eligible Loans in trust hereunder for the sole benefit of the Depositor. The Depositor shall direct the Eligible Lender Trustee to
acquire only Eligible Loans that are Guaranteed by a Guarantee Agency with respect to which the Eligible Lender Trustee has entered into a Trustee Guarantee Agreement. The Eligible Lender Trustee shall, to the extent it has such knowledge within its
corporate trust department, notify the Depositor with respect to rejections and repurchases of such Financed Eligible Loans. 
  
 Section 2.02. Revocation and Termination. Subject to Section 4.10 hereof, the Depositor may, by Depositor Order delivered to the Eligible Lender
Trustee, revoke this Eligible Lender Trust Agreement in whole or in part. Upon receipt of such Depositor Order, the Eligible Lender Trustee shall transfer to the order of the Depositor all amounts held hereunder, and the trust created hereby shall
thereupon terminate (except that the obligations of the Depositor under Section 4.05 hereof shall survive such termination). 
  
 ARTICLE III 
  
 COVENANTS 
  
 Section 3.01. Administration. The Depositor shall cause the Financed Eligible Loans to be administered so as to allow the Eligible Lender Trustee to obtain the benefits of the Trustee Guarantee Agreements and Federal Contracts and
the right to receive Interest Benefit Payments and Special Allowance Payments with respect to Financed Eligible Loans. The Eligible Lender Trustee shall have no liability for actions taken at the direction of the Depositor. The Eligible Lender
Trustee shall have no liability for any action or inaction hereunder, except for its negligence or willful misconduct in the performance of its Express Duties hereunder. The Eligible Lender Trustee shall not be responsible for any action or inaction
of the Depositor or any Servicer under this Eligible Lender Trust Agreement. Except as specifically set forth herein, the Eligible Lender Trustee shall have no obligation to administer, service or collect the Financed Eligible Loans or to maintain
or monitor the administration, servicing or collection of the Financed Eligible Loans. 
  
 Section 3.02. Enforcement of the Trustee Guarantee Agreements. The Depositor will be responsible for dealing with the Guarantee Agencies with respect to the rights, benefits and obligations under Trustee
Guarantee Agreements as they relate to Financed Eligible Loans. 
  
 Section 3.03. Assignment of Eligible Loans; Collection of Payments With Respect to Eligible Loans. The Depositor shall diligently or cause a Servicer to diligently make every effort to make claim for and to collect all principal and
interest payments on all the Financed Eligible Loans, all grants, subsidies, donations, insurance payments, Interest Benefit Payments and Special Allowance Payments relating to Financed Eligible Loans and all Guarantee 

  

 5 

 
payments on defaulted Financed Eligible Loans with respect to Financed Eligible Loans. The Depositor shall cause the Servicer to assign such Financed
Eligible Loans for payment of Guarantee benefits at the earliest practicable date permitted under applicable law and regulations. The Depositor will comply with all statutes, rules and regulations which apply to its Program and to the Financed
Eligible Loans. 
  
 The Depositor shall take all reasonable
actions within its power to cause the Secretary of Education to make all Interest Benefit Payments and Special Allowance Payments with respect to the Financed Eligible Loans, all payments to be made with respect to the Financed Eligible Loans by the
obligors thereof and all payments to be made under Guarantees of Financed Eligible Loans. 
  
 Section 3.04. Enforcement of Financed Eligible Loans. The Depositor shall cause to be diligently enforced, and shall cause to be taken all reasonable steps, actions and proceedings necessary or appropriate for
the enforcement of all terms, covenants and conditions of all Financed Eligible Loans and agreements in connection therewith, including the prompt payment of all principal and interest payments and all other amounts due thereunder. 
  
 Section 3.05. Enforcement of Servicing Agreements. The Depositor shall
cause to be diligently enforced, and shall cause to be taken all reasonable steps, actions and proceedings necessary or appropriate for the enforcement of all terms, covenants and conditions of all Servicing Agreements, including the prompt payment
of all principal and interest payments and all other amounts due thereunder, including all grants, subsidies, donations, insurance payments, Interest Benefit Payments and Special Allowance Payments on Financed Eligible Loans, and all Guarantee
payments on defaulted Financed Eligible Loans. 
  
 Section
3.06. Authority of Eligible Lender Trustee. Notwithstanding anything herein, the Eligible Lender Trustee has any and all power, right and authority, where permitted by law and regulation, to realize on any Guarantee of the Financed Eligible
Loans under the Trustee Guarantee Agreement. 
  
 Section 3.07.
Power of Attorney to Depositor. The Eligible Lender Trustee hereby does make, constitute and appoint the Depositor as its true and lawful agent and attorney for it and in its name, place and stead, from time to time, at all times until this
Eligible Lender Trust Agreement is terminated, to exercise and enforce the rights of the Eligible Lender Trustee to make claim for and collect all payments due on Financed Eligible Loans pursuant to Section 3.03 hereof and the Depositor does hereby
accept such appointment to exercise and enforce such rights. 
  
 ARTICLE IV 
  
 CONCERNING THE ELIGIBLE LENDER
TRUSTEE 
  
 Section 4.01. Acceptance of the Trusts. The
Depositor hereby appoints the Eligible Lender Trustee to act as its “eligible lender trustee” to hold legal title to the Financed Eligible Loans pursuant to the Higher Education Act and this Eligible Lender Trust Agreement. The 

  

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Eligible Lender Trustee shall hold legal title to the Financed Eligible Loans, for the benefit of the Depositor pursuant to the Higher Education Act and this
Eligible Lender Trust Agreement. The Eligible Lender Trustee hereby accepts the trusts granted to it by this Eligible Lender Trust Agreement and agrees to perform said trusts, but only upon and subject to the following express terms and conditions:

  
 (a) The Eligible Lender Trustee undertakes to
perform such duties and only such duties as are specifically set forth in this Eligible Lender Trust Agreement, and no implied covenants or obligations shall be read into this Eligible Lender Trust Agreement against the Eligible Lender Trustee.

  
 (b) In the absence of bad faith on its part,
the Eligible Lender 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 Eligible Lender Trustee and conforming to the requirements of
this Eligible Lender Trust Agreement; but in the case of any such certificates or opinions which by any provisions hereof are specifically required to be furnished to the Eligible Lender Trustee, the Eligible Lender Trustee shall be under a duty to
examine the same to determine whether or not they conform as to form with the requirements of this Eligible Lender Trust Agreement and whether or not they contain the statements required under this Eligible Lender Trust Agreement. 
  
 (c) The Eligible Lender Trustee, in exercising the rights
and powers vested in it by this Eligible Lender Trust Agreement, shall use the same degree of care and skill in their exercise as a prudent man would exercise or use under the circumstances in the conduct of his own affairs. 
  
 Section 4.02. Recitals of Others. The recitals, statements, and
representations of the Depositor set forth herein shall be taken as the statements of the Depositor, and the Eligible Lender Trustee assumes no responsibility for the correctness of the same or for inquiring with respect thereto. The Eligible Lender
Trustee makes no representations as to the title of the Depositor in Financed Eligible Loans, and the Eligible Lender Trustee shall incur no responsibility in respect of such matters. 
  
 Section 4.03. Taxes. The Eligible Lender Trustee shall not be liable for failure of the Depositor to pay any
tax or taxes in respect of any property, or any part thereof, or the income therefrom or otherwise, nor shall the Eligible Lender Trustee be under any duty in respect of any tax which may be assessed against it in respect of such property or the
Financed Eligible Loans. 
  
 Section 4.04. Eligible
Lender Trustee May Act Through Agents. The Eligible Lender Trustee may execute any of the trusts or powers hereof and perform any duty hereunder, either itself or by or through its attorneys, agents, or employees, and it shall not be answerable
or accountable for any default, neglect, or misconduct of any such attorneys, agents, or employees, if reasonable care has been exercised in the appointment, supervision, and monitoring of the work performed. 
  

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 Section 4.05. Indemnification of Eligible Lender Trustee. The Depositor agrees to indemnify
the Eligible Lender Trustee for, and to hold it harmless against, any loss, liability, or expenses incurred without negligence or bad faith on its part, arising out of or in connection with the acceptance or administration of this Eligible Lender
Trust Agreement (including without limitation any such losses, liability or expenses arising from a breach of a Lender representation, warranty or covenant in any Servicing Agreement or Trustee Guarantee Agreement), including the costs and expenses
of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. 
  
 Such indemnification by the Depositor shall survive the termination of this Eligible Lender Trust Agreement and/or the resignation or removal of the
Eligible Lender Trustee and shall include, without limitation, any loss, liability, expense or advance incurred or made by the Eligible Lender Trustee as a result of the acts or omissions of the Depositor or any servicer in the servicing of any of
the Eligible Loans. 
  
 Section 4.06. Eligible Lender
Trustee’s Right to Reliance. The Eligible Lender Trustee shall be protected in acting upon any notice, resolution, request, consent, order, certificate, report, appraisal, opinion, or other paper or document believed by it to be genuine and
to have been signed or presented by the proper party or parties. The Eligible Lender Trustee may, whenever it determines in good faith that it must seek further determination or interpretation of any matters hereunder, consult with experts and with
counsel (who may be counsel for the Depositor or the Eligible Lender Trustee), and the opinion of such counsel shall be full and complete authorization and protection in respect of any action taken or suffered, and in respect of any determination
made by it hereunder in good faith and in accordance with the opinion of such counsel. 
  
 Whenever in the administration hereof the Eligible Lender Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering, or omitting any action hereunder, the Eligible Lender
Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon a certificate signed by a Depositor Representative; provided, however, that the Eligible Lender Trustee may not delay any
action required hereunder because the Eligible Lender Trustee has failed to receive such certificate. 
  
 The Eligible Lender Trustee shall not be liable for any action taken, suffered, or omitted by it in good faith and believed by it to be authorized or
within the discretion or rights or powers conferred upon it hereby; provided, however, that the Eligible Lender Trustee shall be liable for its negligence or willful misconduct in taking such action. 
  
 The Eligible Lender Trustee is authorized to sell, assign, transfer, convey
or repurchase Eligible Loans in accordance with this Eligible Lender Trust Agreement, provided that no such Eligible Loan may be sold, assigned, transferred, or conveyed to any Person who is not an “eligible lender” under the Higher
Education Act. The Eligible Lender Trustee is further authorized to enter into agreements with other Persons, in its capacity as Eligible Lender Trustee, in order to carry out or implement the terms and provisions of this Eligible Lender Trust
Agreement. 
  

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 Section 4.07. Compensation of Eligible Lender Trustee. The Depositor shall pay to the
Eligible Lender Trustee from time to time reasonable compensation for all services, reasonable expenses (including Counsel fees), charges and other disbursements incurred in and about the administration and execution of this Eligible Lender Trust
Agreement. The Eligible Lender Trustee may not change the amount of its annual compensation with respect to this Eligible Lender Trust Agreement without giving the Depositor at least 90 days’ written notice prior to the beginning of a Fiscal
Year. 
  
 Section 4.08. Eligible Lender Trustee Eligibility.

  
 (a) There shall at all times be an
Eligible Lender Trustee hereunder which shall be a corporation or national bank association organized and doing business under the laws of the United States of America or of any state thereof, authorized under such laws to exercise corporate trust
powers and shall be an Eligible Lender under the Higher Education Act and the regulations of any Guarantee Agency and acceptable to the Depositor. 
  
 (b) The Eligible Lender Trustee, by the execution hereof, covenants, represents and agrees that: 
  
 (1) it is an Eligible Lender as defined in the Higher
Education Act and has received an Eligible Lender designation and that it will remain an Eligible Lender; 
  
 (2) it shall use eligible lender number [            ], which shall be
the Eligible Lender Trustee’s eligible lender number for Financed Eligible Loans which it owns as legal owner for the Depositor as beneficial owner hereunder; and 
  
 (3) it shall be responsible for the preservation of the supporting documents submitted to and received by it
relating to Financed Eligible Loans, if any; provided, however, that the separate Servicer of the Financed Eligible Loans shall be responsible for such preservation of the Financed Eligible Loans and supporting documents in accordance with the
Custodian Agreements to the extent and during the period that the Servicer holds such documents. 
  
 (c) the parties hereto recognize that the Eligible Lender Trustee has contractual obligations with the Guarantee Agency which must be
maintained and preserved in order for the Eligible Lender Trustee to remain as Eligible Lender Trustee, and the Eligible Lender Trustee agrees to maintain the same. 
  
 Section 4.09. Resignation of Eligible Lender Trustee. The Eligible Lender Trustee and any successor to the Eligible
Lender Trustee may resign and be discharged from the trust created by this Eligible Lender Trust Agreement by giving to the Depositor notice in writing which notice shall specify the date on which such resignation is to take effect; provided,
however, that such resignation shall only take effect on the day specified in such notice if a successor Eligible Lender Trustee shall have been appointed pursuant to Section 4.11 hereof (and 

  

 9 

 
is qualified to be the Eligible Lender Trustee under the requirements of Section 4.11 hereof). If no successor Eligible Lender Trustee has been appointed by
the date specified or within a period of 90 days from the receipt of the notice by the Depositor, the Eligible Lender Trustee may (a) appoint a temporary successor Eligible Lender Trustee having the qualifications provided in Section 4.11 hereof or
(b) request a court of competent jurisdiction to (i) require the Depositor to appoint a successor, as provided in Section 4.11 hereof, within three days of the receipt of citation or notice by the court, or (ii) appoint an Eligible Lender Trustee
having the qualifications provided in Section 4.11 hereof. In no event may the resignation of the Eligible Lender Trustee be effective until a qualified successor Eligible Lender Trustee shall have been selected and appointed. In the event a
temporary successor Eligible Lender Trustee is appointed pursuant to clause (a) above, the Depositor may remove such temporary successor Eligible Lender Trustee and appoint a successor thereto pursuant to Section 4.11 hereof. 
  
 Section 4.10. Removal of Eligible Lender Trustee. The Eligible Lender
Trustee or any successor Eligible Lender Trustee may be removed at any time by the Depositor upon payment to the Eligible Lender Trustee so removed of all money then due to it hereunder and appointment of a successor thereto by the Depositor and
acceptance thereof by said successor. In the event an Eligible Lender Trustee (or successor Eligible Lender Trustee) is removed such removal shall not become effective until the Depositor shall have appointed a successor and the successor Eligible
Lender Trustee has accepted appointment as such. 
  
 Section
4.11. Successor Eligible Lender Trustee. 
  
 (a) Any bank, corporation or other entity into which the Eligible Lender Trustee may be merged or converted or with which it may be consolidated, and any bank, corporation or other entity resulting from any merger, conversion or
consolidation to which the Eligible Lender Trustee shall be a party, shall be the Eligible Lender Trustee under this Eligible Lender Trust Agreement without any further act, provided the resulting bank, corporation or other entity at all times meets
the qualifications set forth herein. 
  
 (b) In
case at any time the Eligible Lender Trustee or any successor Eligible Lender Trustee shall resign, be dissolved, or otherwise shall be disqualified to act or be incapable of acting, or in case control of the Eligible Lender Trustee or of any
successor Eligible Lender Trustee or of its officers shall be taken over by any public officer or officers, a successor Eligible Lender Trustee may be appointed by the Depositor by an instrument in writing. 
  
 (c) Every successor Eligible Lender Trustee shall be a bank
or trust company in good standing, organized and doing business under the laws of the United States or of a state therein, which has a reported capital and surplus of not less than $20,000,000, be authorized under the law to exercise corporate trust
powers, be subject to supervision or examination by a federal or state agency, and be an Eligible Lender. 
  
 Section 4.12. Limitation with Respect to Examination of Reports. Except as expressly provided in this Eligible Lender Trust Agreement, the Eligible
Lender Trustee shall be under no duty to examine any report or statement or other document required or permitted to be filed with it by the Depositor. 
  

 10 

 Section 4.13. Additional Covenants of Eligible Lender Trustee. The Eligible Lender Trustee, by the
execution hereof, covenants, represents and agrees that: 
  
 (a) this Eligible Lender Trust Agreement and all documents, agreements, understandings and arrangements relating to this Eligible Lender Trust Agreement which are executed by the Eligible Lender Trustee have been
executed by the Eligible Lender Trustee solely for the purpose of having the legal title to the Financed Eligible Loans held by an “eligible lender” under the Higher Education Act, and the Depositor hereby agrees that the Eligible Lender
Trustee shall be accorded the protection set forth in Section 4.05 hereof for its limited role herein pursuant to the indemnity herein and that the Eligible Lender Trustee (its officers, directors, employees and agents) shall not have any liability
thereunder or hereunder except as expressly set forth herein, including, without limitation, liability which may be incurred as a result of actions or inactions of the Depositor or the Servicer of the Financed Eligible Loans, subject to the terms of
applicable laws, rules and regulations; 
  
 (b)
it will comply with the Higher Education Act and the regulations promulgated thereunder and will, upon written notice from the Depositor, the Secretary of Education, or the Guarantee Agency, use its reasonable efforts to cause this Eligible Lender
Trust Agreement to be amended if the Higher Education Act or regulations promulgated thereunder are hereafter amended so as to be contrary to the terms of this Eligible Lender Trust Agreement; 
  
 (c) it will, from and after it shall have either entered
into, or succeeded to the rights and interests of any Eligible Lender under any Guarantee Agreement covering Financed Eligible Loans, maintain the same and diligently enforce its rights thereunder, and not consent to or permit any rescission of or
consent to any amendment thereto or otherwise take any action under or in connection therewith which in any manner would adversely affect the rights of the Depositor; and 
  
 (d) notwithstanding any other provision of this Eligible Lender Trust Agreement or other documents
pertaining to the Notes or the Financed Eligible Loans, nothing herein or therein shall be construed to limit the responsibility of the Eligible Lender Trustee to the Secretary of Education or a Guarantee Agency as required under, or to comply with
its obligations under, the Higher Education Act and the regulations promulgated thereunder. 
  
 Section 4.14. Authority of Eligible Lender Trustee. Notwithstanding anything herein, the Eligible Lender Trustee has any and all power, right and authority, where permitted by law and regulation, to realize on
any Guarantee Agreement with respect to any Financed Eligible Loan. 
  

 11 

 ARTICLE V 
  

MISCELLANEOUS 
  
 Section 5.01. Eligible Lender Trust Agreement Binding upon Successors or Assigns of Eligible Lender Trustee and Depositor. All the terms,
provisions, conditions, covenants, warranties and agreements contained in this Eligible Lender Trust Agreement shall be binding upon the successors and assigns of the Depositor and the Eligible Lender Trustee, and shall inure to the benefit of the
Eligible Lender Trustee and its successor and assigns and the Depositor, its successors or substitutes in trust and assigns. 
  
 Section 5.02. Effect of Legal Holidays. Whenever this Eligible Lender Trust Agreement requires any action to be taken on a day which is not a
Business Day, such action shall be taken on the next succeeding Business Day with the same force and effect as if taken on such day. 
  
 Section 5.03. Partial Invalidity. If any one or more of the covenants or agreements or portion thereof provided in this Eligible Lender Trust
Agreement on the part of the Depositor or the Eligible Lender Trustee to be performed should be determined by a court of competent jurisdiction to be contrary to law, then such covenant or covenants, or such agreement or agreements, or such portions
thereof, shall be deemed severable from the remaining covenants and agreements provided in this Eligible Lender Trust Agreement and the invalidity thereof shall in no way affect the validity of the other provisions of this Eligible Lender Trust
Agreement hereunder and under any applicable provisions of law. 
  
 Section 5.04. Notices. Except as otherwise expressly provided herein, all notices and other communications provided for hereunder shall be in writing (including facsimile communication) and mailed or delivered or sent by facsimile,
if to the Eligible Lender Trustee, at the corporate trust office of the Eligible Lender Trustee in [            ] which at the date of this Eligible Lender Trust Agreement is located
at [            ], or at such other address as may have been filed in writing by the Eligible Lender Trustee; if to the Depositor, to c/o Goal Financial, LLC, 9477 Waples Street,
Suite 100, San Diego, California 92121, Attention: Ryan Katz (facsimile (858) 909-0284), or to the Depositor at such other address as may have been filed in writing by the Depositor. All such notices and communications shall be effective (a) if
given by facsimile, when transmitted, (b) if given by mail, when deposited in the mail addressed as aforesaid, and (c) if given by other means, when delivered at the address specified as aforesaid. Any notice required to be given in writing shall be
deemed to be in writing if given by telex, facsimile or other method which produces a written record. 
  
 Section 5.05. Law and Place of Enforcement of Eligible Lender Trust Agreement; Construction. THIS ELIGIBLE LENDER TRUST AGREEMENT SHALL BE
CONSTRUED BY AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW BUT OTHERWISE WITHOUT GIVING EFFECT TO THE PRINCIPLES OF CONFLICTS OF LAW, AND THE RIGHTS,
OBLIGATIONS AND REMEDIES OF THE PARTIES HERETO SHALL BE DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
  

 12 

 Section 5.06. Consent to Jurisdiction. ANY LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT OF OR
RELATING TO THIS ELIGIBLE LENDER TRUST AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY MAY BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE COUNTY OF NEW YORK, STATE OF NEW YORK AND EACH PARTY HERETO HEREBY WAIVES ANY OBJECTION WHICH IT MAY NOW
OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND, SOLELY FOR THE PURPOSES OF THIS ELIGIBLE LENDER TRUST AGREEMENT, EACH PARTY HERETO HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUCH
SUIT, ACTION OR PROCEEDING. 
  
 Section 5.07. Effect of Article
and Section Headings and Table of Contents. The heading or titles of the several Articles and Sections hereof, and any table of contents appended hereto, shall be solely for convenience of reference and shall not affect the meaning or
construction, interpretation or effect of this Eligible Lender Trust Agreement. 
  
 Section 5.08. Amendments. The Depositor and the Eligible Lender Trustee, from time to time, may amend this Eligible Lender Trust Agreement subject to any provisions to the contrary herein. 
  

 13 

 IN WITNESS WHEREOF, GOAL CAPITAL FUNDING, LLC has caused this Eligible Lender Trust Agreement to be signed in its
name and on its behalf to evidence its acceptance of the trusts hereby created, and [                    ] has caused this Eligible
Lender Trust Agreement to be signed in its name and on its behalf by one of its officers thereunto duly authorized. 
  

			
	GOAL CAPITAL FUNDING, LLC
		
	 By:
	 	GOAL FINANCIAL, LLC, as Manager
		
	 By
	 	 
	 Name
	 	 
	 Title
	 	 

  

 14 

			
	 [                    ], as Eligible Lender Trustee

		
	 By
	 	 
	 Name
	 	 
	 Title
	 	 

  

 15

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