Document:

EX-4.9

 Exhibit 4.9 
  

 
  

SUPPLEMENTAL INDENTURE 
 between

 SLM CORPORATION 
 JPMORGAN
CHASE BANK, NATIONAL ASSOCIATION 
 THE BANK OF NEW YORK 

Dated as of October 11, 2006 
  

 
  

 FIRST SUPPLEMENTAL INDENTURE, dated as of October 11, 2006 (the “Supplemental
Indenture”), between SLM Corporation, a Delaware corporation (the “Company”), and JPMorgan Chase Bank, National Association, as trustee (the “Trustee”) under the Indenture, dated as of October 1, 2000
between the Company and the Trustee (the “Base Indenture” and, together with this Supplemental Indenture, the “Indenture”). 

WHEREAS, pursuant to the terms of the Base Indenture, the Trustee has transferred all or part of its corporate trust business to the Bank of
New York; 
 WHEREAS, The Bank of New York does not currently have an effective section 305(b)(2) filing on SLM Corporations shelf
registration statement; 
 WHEREAS, the Company has requested that the Trustee execute and deliver this Supplemental Indenture. 

NOW THEREFORE, the Company agrees with the Trustee as follows: 

1. For all purposes of this Supplemental Indenture, except as otherwise expressly provided or unless the context otherwise requires: 

(a) capitalized terms used and not defined in this Supplemental Indenture have the meanings assigned to them in the Base Indenture; 

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

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

(e) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Supplemental
Indenture as a whole and not to any particular Article, Section or other subdivision. 
 2. Section 7.09 of the Base Indenture is
replaced in its entirety by: 
 “Section 7.09. Successor Trustee, Agents by Merger, etc. 

 If the Trustee or any Agent consolidates with, merges or converts into, or transfers all or
substantially all of its corporate trust business assets to, another corporation, the successor corporation, without any further act, shall be the successor Trustee or Agent, as the case may be, provided, however, such successor
corporation shall only become the successor Trustee or Agent upon the effectiveness of the qualification of such successor Trustee or Agent under the Trust Indenture Act of 1939.” 

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

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

[remainder of page left blank intentionally] 

  
 -2- 

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

			
	SLM CORPORATION
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, not in its individual capacity, but solely as Trustee
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	THE BANK OF NEW YORK, not in its individual capacity, but solely as proposed successor Trustee
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 -3-EX-4.10

 Exhibit 4.10 

SIXTH SUPPLEMENTAL INDENTURE 

among 
 SLM CORPORATION

 and 
 THE BANK
OF NEW YORK MELLON, 
 AS TRUSTEE 

Dated as of October 15, 2008 

SIXTH SUPPLEMENTAL INDENTURE (the “Supplemental Indenture”), dated as of October 15, 2008, between SLM Corporation, a
Delaware corporation (the “Company”) and The Bank of New York Mellon, as trustee (the “Trustee”) under the Indenture, dated as of October 1, 2000 (as amended through the date hereof, the
“Indenture”). Unless otherwise specified, capitalized terms used in this Supplemental Indenture have the meaning assigned to them in the Indenture. 

WHEREAS, the Company issued its 8.450% Fixed Rate Medium Term Notes, Series A due June 15, 2018 (the “Notes”), on June 18,
2008; 
 WHEREAS, the terms of such Notes are set forth in Exhibit B to the Officers’ Certificate, dated June 18, 2008, delivered to
the Trustee pursuant to Sections 2.02(a) and (c) of the Indenture (the “Officers’ Certificate”); 
 WHEREAS, certain
holders of the Notes have requested that the Company authorize and approve certain amendments (set forth in Sections 1 and 2 below, the “Proposed Amendments”) to the terms of the Notes for the benefit of all the holders of the Notes
(the “Holders”); 
 WHEREAS, the Company has agreed to authorize, approve, and adopt the Proposed Amendments;

WHEREAS, Section 9.01 of the Indenture provides that the Company and the Trustee may enter into one or more supplemental indentures without
the consent of any Holder to make any change that does not adversely affect the rights of any Holder in any material respect;
 WHEREAS, the
proposed amendments will not adversely affect the rights of any Holder in any material respect, since the effect of the proposed amendments is to (i) extend the period during which a Change of Control can be triggered by the Notes ceasing to have an
Investment Grade Rating from at least two of the three Rating Agencies, and (ii) provide that the Company will not amend certain provisions of the Notes without written consent of the Holders of a majority in Principal amount of the Notes; and

WHEREAS, the execution and delivery of this instrument have been duly authorized and all conditions and requirements necessary to make this
instrument a valid and binding agreement have been duly performed and complied with;
 NOW, THEREFORE, for and in consideration of the
premises and other good and valuable consideration, receipt and sufficiency of which are hereby acknowledged, it is mutually covenanted and agreed, for the equal proportionate benefit of all Holders of the Notes, as follows:

1. AMENDMENT TO THE DEFINITION OF “BELOW INVESTMENT GRADE RATING EVENT” 

The definition of “Below Investment Grade Rating Event” as set forth in Exhibit B to the Officers’ Certificate is hereby deleted
and replaced in its entirety as follows: 
 ““Below Investment Grade Rating Event” means the Notes cease to have an
Investment Grade Rating from at least two 

 
of the three Rating Agencies on any date during the period (the “Trigger Period”) commencing 60 days prior to the first public announcement by the Company of any Change of Control (or
pending Change of Control) and ending 60 days following the consummation of such Change of Control; provided, however, that if (i) during such Trigger Period one or more Rating Agencies has publicly announced that it is considering the possible
downgrade of the Notes, and (ii) a downgrade by each of the Rating Agencies that has made such an announcement would result in a Below Investment Grade Rating Event, then such Trigger Period shall be extended for such time as the rating of the Notes
by any such Rating Agency remains under publicly announced consideration for possible downgrade to a rating below an Investment Grade Rating and a downgrade by such Rating Agency to a rating below an Investment Grade Rating could cause a Below
Investment Grade Rating Event.” 
 2. ADDITION OF A NEW COVENANT OF THE COMPANY FOR THE BENEFIT OF THE HOLDERS

The following covenant is hereby added as the final paragraph of the terms of the Notes set forth in Exhibit B to the Officers’
Certificate: 
 “The Company hereby agrees that it will not execute any supplemental indenture that would make any change in the terms
and conditions of the Notes described under the heading “Repurchase Upon a Change of Control Triggering Event” set forth in the Officers’ Certificate of the Company, dated as of June 18, 2008, establishing the terms of the 8.45% Fixed
Rate Medium Term Notes, Series A due June 15, 2018 (the “8.45% Notes”) that would adversely affect the rights of any Holder of the 8.45% Notes without the written consent of the Holders of a majority in Principal amount of the outstanding
8.45% Notes.” 
 3. All provisions of this Supplemental Indenture shall be deemed to be incorporated in, and made a part of, the
Indenture; and the Indenture, as amended and supplemented by this Supplemental Indenture, shall be read, taken and construed as one and the same instrument and all provisions in the Indenture and the Notes shall remain in full force and effect.

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

5. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental
Indenture or for or in respect of the recitals contained herein, all of which are made solely by the Company.
 6. In case any one or more
of the provisions contained in this Supplemental Indenture or in the Notes shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of
this Supplemental Indenture or of the Notes, but this Supplemental Indenture and the Notes shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein.

7. This Supplemental Indenture shall become effective as of the date hereof and may be executed in any number of counterparts each of which
shall be an original; but such counterparts shall together constitute but one and the same instrument.
 IN WITNESS WHEREOF, the parties
have caused this Supplemental Indenture to be duly executed as of the date first written above.
  

			
	SLM CORPORATION
		
	By:	 	 /s/ JOHN F. REMONDI

	Name:	 	John F. Remondi
	Title:	 	Vice Chairman and Chief Financial Officer
	
	THE BANK OF NEW YORK MELLON, not in its individual capacity, but solely as Trustee
		
	By:	 	 /s/ LARRY O’BRIEN

	Name:	 	Larry O’Brien
	Title:	 	Vice President

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