Document:

Exhibit 4.1

 

 

AMENDED AND RESTATED TRUST AGREEMENT

 

 

among

 

 

SLM FUNDING LLC,

as Depositor

 

 

CHASE MANHATTAN BANK USA, NATIONAL
ASSOCIATION,

not in its individual capacity but solely

as Eligible Lender Trustee

 

 

and

 

 

DEUTSCHE BANK TRUST COMPANY AMERICAS,

not in its individual capacity but solely

as Indenture Trustee

 

 

Dated as of August 25, 2004

 

 

 

TABLE OF
CONTENTS

 

	
  ARTICLE I

  
	 
	
   

  	
   

  	 

	 
	
  SECTION 1.1  Definitions and Usage

  	
   

  	 

	 
	
   

  	
   

  	 

	 
	
  ARTICLE II ORGANIZATION

  	 

	 
	
   

  	
   

  	 

	 
	
  SECTION 2.1  Creation of Trust; Name

  	
   

  	 

	 
	
  SECTION 2.2  Office

  	
   

  	 

	 
	
  SECTION 2.3  Purposes and Powers

  	
   

  	 

	 
	
  SECTION 2.4  Appointment of Eligible Lender Trustee

  	
   

  	 

	 
	
  SECTION 2.5  Initial Capital Contribution of Trust
  Estate

  	
   

  	 

	 
	
  SECTION 2.6  Declaration of Trust

  	
   

  	 

	 
	
  SECTION 2.7  Liability of the Excess Distribution
  Certificateholder

  	
   

  	 

	 
	
  SECTION 2.8  Title to Trust Property

  	
   

  	 

	 
	
  SECTION 2.9  Representations, Warranties and Covenants
  of the Depositor

  	
   

  	 

	 
	
  SECTION 2.10  Intentionally Omitted

  	
   

  	 

	 
	
  SECTION 2.11  Authorization of Depositor

  	
   

  	 

	 
	
   

  	
   

  	 

	 
	
  ARTICLE III BENEFICIAL OWNERSHIP AND EXCESS
  DISTRIBUTION CERTIFICATE

  	 

	 
	
   

  	
   

  	 

	 
	
  SECTION 3.1  Initial Beneficial Ownership

  	
   

  	 

	 
	
  SECTION 3.2  Corporate Trust Office

  	
   

  	 

	 
	
  SECTION 3.3  The Excess Distribution Certificate

  	
   

  	 

	 
	
   

  	
   

  	 

	 
	
  ARTICLE IV ACTIONS BY ELIGIBLE LENDER
  TRUSTEE

  	 

	 
	
   

  	
   

  	 

	 
	
  SECTION 4.1  Prior Notice to the Excess Distribution
  Certificateholder With Respect to Certain Matters

  	
   

  	 

	 
	
  SECTION 4.2  Action with Respect to Sale of the Trust
  Student Loans

  	
   

  	 

	 
	
  SECTION 4.3  Action with Respect to Bankruptcy

  	
   

  	 

	 
	
  SECTION 4.4  Restrictions

  	
   

  	 

	 
	
   

  	
   

  	 

	 
	
  ARTICLE V APPLICATION OF TRUST FUNDS; CERTAIN
  DUTIES

  	 

	 
	
   

  	
   

  	 

	 
	
  SECTION 5.1  Application of Trust Funds

  	
   

  	 

	 
	
  SECTION 5.2  Method of Payment

  	
   

  	 

	 
	
  SECTION 5.3  No Segregation of Moneys; No Interest

  	
   

  	 

	 
	
  SECTION 5.4  Reports to the Excess Distribution
  Certificateholder, the Internal Revenue Service and Others

  	
   

  	 

	 
	
  SECTION 5.5  Intentionally Omitted

  	
   

  	 

	 
	
  SECTION 5.6  Intentionally Omitted

  	
   

  	 

				

 

i

 

	
  ARTICLE VI AUTHORITY AND DUTIES OF ELIGIBLE
  LENDER TRUSTEE

  
	 
	
   

  	
   

  	 

	 
	
  SECTION 6.1  General Authority

  	
   

  	 

	 
	
  SECTION 6.2  General Duties

  	
   

  	 

	 
	
  SECTION 6.3  Action upon Instruction

  	
   

  	 

	 
	
  SECTION 6.4  No Duties Except as Specified in this
  Agreement or in Instructions

  	
   

  	 

	 
	
  SECTION 6.5  No Action Except Under Specified Documents
  or Instructions

  	
   

  	 

	 
	
  SECTION 6.6  Restrictions

  	
   

  	 

	 
	
   

  	
   

  	 

	 
	
  ARTICLE VII CONCERNING THE ELIGIBLE LENDER
  TRUSTEE

  	 

	 
	
   

  	
   

  	 

	 
	
  SECTION 7.1  Acceptance of Trusts and Duties

  	
   

  	 

	 
	
  SECTION 7.2  Intentionally Omitted

  	
   

  	 

	 
	
  SECTION 7.3  Representations and Warranties

  	
   

  	 

	 
	
  SECTION 7.4  Reliance; Advice of Counsel

  	
   

  	 

	 
	
  SECTION 7.5  Not Acting in Individual Capacity

  	
   

  	 

	 
	
  SECTION 7.6  Eligible Lender Trustee Not Liable for
  Excess Distribution Certificate or Trust Student Loans

  	
   

  	 

	 
	
  SECTION 7.7  Eligible Lender Trustee May Own Notes

  	
   

  	 

	 
	
   

  	
   

  	 

	 
	
  ARTICLE VIII COMPENSATION AND INDEMNITY OF
  ELIGIBLE LENDER TRUSTEE

  	 

	 
	
   

  	
   

  	 

	 
	
  SECTION 8.1  Eligible Lender Trustee’s Fees and
  Expenses

  	
   

  	 

	 
	
  SECTION 8.2  Payments to the Eligible Lender Trustee

  	
   

  	 

	 
	
  SECTION 8.3  Indemnity

  	
   

  	 

	 
	
   

  	
   

  	 

	 
	
  ARTICLE IX TERMINATION OF TRUST AGREEMENT

  	 

	 
	
   

  	
   

  	 

	 
	
  SECTION 9.1  Termination of Trust Agreement

  	
   

  	 

	 
	
   

  	
   

  	 

	 
	
  ARTICLE X SUCCESSOR ELIGIBLE LENDER TRUSTEES
  AND ADDITIONAL ELIGIBLE LENDER TRUSTEES

  	 

	 
	
   

  	
   

  	 

	 
	
  SECTION 10.1  Eligibility Requirements for Eligible
  Lender Trustee

  	
   

  	 

	 
	
  SECTION 10.2  Resignation or Removal of Eligible Lender
  Trustee

  	
   

  	 

	 
	
  SECTION 10.3  Successor Eligible Lender Trustee

  	
   

  	 

	 
	
  SECTION 10.4  Merger or Consolidation of Eligible Lender
  Trustee

  	
   

  	 

	 
	
  SECTION 10.5  Appointment of Co-Eligible Lender Trustee
  or Separate Eligible Lender Trustee

  	
   

  	 

	 
	
   

  	
   

  	 

	 
	
  ARTICLE XI MISCELLANEOUS

  	 

	 
	
   

  	
   

  	 

	 
	
  SECTION 11.1  Supplements and Amendments

  	
   

  	 

	 
	
  SECTION 11.2  No Legal Title to Trust Estate in Excess
  Distribution Certificateholder

  	
   

  	 

				

 

ii

 

	
  SECTION 11.3  Limitations on Rights of Others

  	
   

  
	
  SECTION 11.4  Notices

  	
   

  
	
  SECTION 11.5  Severability

  	
   

  
	
  SECTION 11.6  Separate Counterparts

  	
   

  
	
  SECTION 11.7  Successors and Assigns

  	
   

  
	
  SECTION 11.8  No Petition

  	
   

  
	
  SECTION 11.9  No Recourse

  	
   

  
	
  SECTION 11.10  Headings

  	
   

  
	
  SECTION 11.11  Governing Law

  	
   

  
	
   

  	
   

  
	
  Exhibit A

  	
  Form of Excess Distribution
  Certificate

  	
   

  
	
  Exhibit B

  	
  Form of Certificate of Trust

  	
   

  
	
  Exhibit C

  	
  Form of Transferor Letter

  	
   

  
	
  Exhibit D-1

  	
  Form of Transferee Letter
  (Non-Rule 144A)

  	
   

  
	
  Exhibit D-2

  	
  Form of Transferee Letter
  (Rule 144A)

  	
   

  
	
   

  	
   

  	
   

  
	
  Appendix A

  	
  Definitions and Usage

  	
   

  

 

iii

 

AMENDED AND RESTATED TRUST AGREEMENT dated as of
August 25, 2004, among SLM FUNDING LLC, a Delaware limited liability company,
as the Depositor, CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION, a national
banking association, not in its individual capacity but solely as the Eligible
Lender Trustee, and DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking
corporation, not in its individual capacity but solely as the Indenture
Trustee, acting as the Excess Distribution Certificate Paying Agent hereunder.

 

WITNESSETH:

 

The Depositor and the Eligible Lender Trustee are
parties to the trust agreement dated as of August 11, 2004 (the “Short-Form
Trust Agreement”) pursuant to which a trust known as “SLM Student Loan Trust
2004-8” was established;

 

The Depositor, the Indenture Trustee and the
Eligible Lender Trustee desire to amend and restate the Short-Form Trust
Agreement upon the terms and conditions set forth herein as follows:

 

ARTICLE I

 

SECTION 1.1                                             Definitions and Usage.  Except
as otherwise specified herein or as the context may otherwise require,
capitalized terms used but not otherwise defined herein are defined in Appendix
A hereto, which also contains rules as to usage that shall be applicable
herein.

 

ARTICLE II

 

Organization

 

SECTION 2.1                                             Creation of Trust; Name. 
There is hereby created a Trust which shall be known as “SLM Student
Loan Trust 2004-8”, in which name the Eligible Lender Trustee may conduct the
business of the Trust, make and execute contracts and other instruments on
behalf of the Trust and sue and be sued. 
The Trust shall constitute a statutory trust within the meaning of
Section 3801(a) of the Delaware Statutory Trust Act for which the Eligible
Lender Trustee has filed a certificate of trust with the Secretary of State of
the State of Delaware pursuant to Section 3810(a) of the Delaware Statutory
Trust Act.

 

SECTION 2.2                                             Office.  The office of the Trust shall
be in care of the Eligible Lender Trustee at its Corporate Trust Office or at
such other address as the Eligible Lender Trustee may designate by written
notice to the Depositor.

 

SECTION 2.3                                             Purposes and Powers.  The
purpose of the Trust is to engage in the following activities:

 

(i)                                     to issue the Notes pursuant to the Indenture
and the Excess Distribution Certificate pursuant to this Agreement and to sell
the Notes in one or more transactions;

 

 

(ii)                                  with the proceeds of the sale of the Notes,
to fund the Reserve Account pursuant to Section 2.9 of the Administration
Agreement, to fund the Capitalized Interest Account pursuant to Section 2.10(a)
of the Administration Agreement, to make the Collection Account Initial
Deposit, to purchase the Trust Student Loans pursuant to the Sale Agreement,
and to make the upfront payment pursuant to the Interest Rate Cap Agreement;

 

(iii)                               to Grant the Trust Estate to the Indenture
Trustee pursuant to the Indenture, and to hold, manage and distribute to the
Excess Distribution Certificateholder pursuant to the terms of this Agreement
any portion of the Trust Estate released from the Lien of, and remitted to the
Trust pursuant to, the Indenture;

 

(iv)                              to enter into and perform its obligations
under the Basic Documents (including any agreements representing Eligible
Repurchase Obligations) to which it is to be a party, including, but not
limited to, making the required payments set forth under the Swap Agreements;

 

(v)                                 to engage in those activities, including
entering into agreements, that are necessary, suitable or convenient to
accomplish the foregoing or are incidental thereto or connected therewith; and

 

(vi)                              subject to compliance with the Basic
Documents, to engage in such other activities as may be required in connection
with conservation of the Trust Estate and the making of distributions to the
Noteholders and the others specified in Sections 2.7 and 2.8  of
the Administration Agreement.

 

The
Trust shall not engage in any activity other than in connection with the
foregoing or other than as required or authorized by the terms of this
Agreement or the other Basic Documents.

 

SECTION 2.4                                             Appointment of Eligible Lender Trustee.  The
Depositor hereby appoints the Eligible Lender Trustee as trustee of the Trust,
effective as of the date hereof, to have all the rights, powers and duties set
forth herein.

 

SECTION 2.5                                             Initial Capital Contribution of Trust Estate. The Depositor hereby sells, assigns,
transfers, conveys and sets over to the Eligible Lender Trustee, as of the date
hereof, the sum of $100.00. The Eligible Lender Trustee hereby acknowledges
receipt in trust from the Depositor, as of the date hereof, of the foregoing
contribution, which shall constitute the Initial Trust Estate and shall be
deposited in the Collection Account. 
The Depositor shall pay the organizational expenses of the Trust as they
may arise or shall, upon the request of the Eligible Lender Trustee, promptly
reimburse the Eligible Lender Trustee for any such expenses paid by the
Eligible Lender Trustee.

 

SECTION 2.6                                             Declaration of Trust.  The
Eligible Lender Trustee hereby declares that it will hold the Trust Estate in
trust upon and subject to the conditions set forth herein for the use and
benefit of the Excess Distribution Certificateholder, subject to the
obligations of the Trust under the other Basic Documents.  It is the intention of the parties hereto
that the Trust constitute a statutory trust under Delaware law and that this
Agreement constitute the governing

 

2

 

instrument
of such trust. Effective as of the date hereof, the Eligible Lender Trustee
shall have all rights, powers and duties set forth herein with respect to
accomplishing the purposes of the Trust.

 

SECTION 2.7                                             Liability of the Excess Distribution
Certificateholder.  No Excess Distribution Certificateholder (in
such capacity) shall have any personal liability for any liability or
obligation of the Trust.

 

SECTION 2.8                                             Title to Trust Property. 
Legal title to all of the Trust Estate shall be vested at all times in
the Trust as a separate legal entity except where applicable law in any
jurisdiction requires title to any part of the Trust Estate to be vested in a
trustee or trustees, in which case title shall be deemed to be vested in the
Eligible Lender Trustee, a co-trustee and/or a separate trustee, as the case
may be; provided that legal title to the Trust Student Loans shall be
vested at all times in the Eligible Lender Trustee on behalf of the Trust.

 

SECTION 2.9                                             Representations, Warranties and Covenants of
the Depositor.  The Depositor hereby represents, warrants
and covenants to the Eligible Lender Trustee as follows:

 

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

 

(b)                                 The Depositor has the power and authority to
execute and deliver this Agreement and to carry out its terms; the Depositor
has full power and authority to sell and assign the property to be sold and
assigned to and deposited with the Trust (or with the Eligible Lender Trustee
on behalf of the Trust) and the Depositor has duly authorized such sale and
assignment and deposit to the Trust (or to the Eligible Lender Trustee on
behalf of the Trust) by all necessary action; and the execution, delivery and
performance of this Agreement has been duly authorized by the Depositor by all
necessary action.

 

(c)                                  This Agreement constitutes a legal, valid and
binding obligation of the Depositor enforceable in accordance with its terms,
subject to applicable bankruptcy, insolvency, reorganization and similar laws
relating to creditors’ rights generally and subject to general principles of
equity.

 

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

 

3

 

(e)                                  The Depositor agrees for the benefit of the
Noteholders and the Excess Distribution Certificateholder that it will comply
with each of the requirements set forth in the Certificate of Formation and its
operating agreement.

 

SECTION
2.10                                      Intentionally Omitted. 

 

SECTION
2.11                                      Authorization of the Depositor.  The
Depositor is authorized and directed to execute on behalf of the Issuer, and,
after execution, to deliver to the Administrator for filing with the
Commission, all documents and forms required to be filed in accordance with
applicable law or the rules and regulations prescribed by the Commission.

 

ARTICLE III

 

Beneficial Ownership and

Excess Distribution Certificate

 

SECTION 3.1                                             Initial Beneficial Ownership. 
Upon the formation of the Trust by the contribution by the Depositor
pursuant to Section 2.5 and until the issuance of the Excess Distribution
Certificate, the Depositor shall be the sole beneficial owner of the Trust.

 

SECTION 3.2                                             Corporate Trust Office. The Eligible Lender Trustee initially
designates Christiana Center/OPS4, 500 Stanton Christiana Road, Newark,
Delaware 19713, as its principal Corporate Trust Office, at which it shall act
as Trustee of the Trust.  The Excess
Distribution Certificate Registrar’s New York office and its authenticating
agent’s office are located at:

 

Deutsche Bank Trust Company Americas

60 Wall Street, 26th Floor

Mailstop NYC60-2606

New York, New York 10005

Attn:  Trust & Securities
Services/Structured Finance Services

Telephone:  (212) 250-8454

Facsimile:  (212) 797 -8606

 

SECTION 3.3                                             The Excess Distribution Certificate.

 

(a)                                  General.  The Excess Distribution
Certificate shall be issued in one or more registered, definitive physical
certificates substantially in the form of Exhibit A hereto, in minimum
percentage interests of at least 10% and integral multiples of 10% in excess
thereof.  The Excess Distribution
Certificate shall receive payments as provided in Sections 2.8(p) and 2.9(f),
as applicable, of the Administration Agreement.  The Excess Distribution Certificate shall be executed on behalf
of the Trust by manual or facsimile signature of an authorized officer of the
Eligible Lender Trustee.  An Excess
Distribution Certificate bearing the manual or facsimile signatures of
individuals who were, at the time when such signatures were affixed, authorized
to sign on behalf of the Trust, shall be valid and binding obligations of the
Trust, notwithstanding that such individuals or any of them shall have ceased
to be so authorized prior to the authentication and delivery of such Excess
Distribution Certificate or did not hold such offices at the date of
authentication and delivery of such Excess Distribution Certificate.

 

4

 

(b)                                 Authentication. 
Concurrently with the sale of the Trust Student Loans to the Trust
pursuant to the Sale Agreement, the Eligible Lender Trustee shall cause the
Excess Distribution Certificate to be executed on behalf of the Trust,
authenticated and delivered to or upon the written order of the Depositor,
signed by its president or any vice president, without further action by the
Depositor.  For all purposes hereunder,
the Depositor shall be the Excess Distribution Certificateholder.  No Excess Distribution Certificate shall entitle
its holder to any benefit under this Agreement, or shall be valid for any
purpose, unless there shall appear on such Excess Distribution Certificate a
certificate of authentication substantially in the form set forth in Exhibit A,
executed by the Eligible Lender Trustee or JPMorgan Chase Bank, as the Eligible
Lender Trustee’s authenticating agent, by manual signature; such authentication
shall constitute conclusive evidence that such Excess Distribution Certificate
shall have been duly authenticated and delivered hereunder.  The Excess Distribution Certificate shall be
dated the date of its authentication. 
No further Excess Distribution Certificates shall be issued except
pursuant to paragraph (c) or (d) below.

 

(c)                                  Registration of Transfer and Exchange.  The
Excess Distribution Certificate Registrar shall keep or cause to be kept, at
the office or agency maintained pursuant to paragraph (f) below, the Excess
Distribution Certificate Register in which, subject to such reasonable
regulations as it may prescribe, the Eligible Lender Trustee shall provide for
the registration of the Excess Distribution Certificate and of transfers and
exchanges of the Excess Distribution Certificate as herein provided. Deutsche
Bank Trust Company Americas shall be the initial Excess Distribution
Certificate Registrar.

 

Upon surrender for registration of transfer of the
Excess Distribution Certificate at the office or agency maintained pursuant to
paragraph (f) below, the Eligible Lender Trustee shall execute, authenticate
and deliver (or shall cause JPMorgan Chase Bank as its authenticating agent to authenticate
and deliver), in the name of the designated transferee, a new Excess
Distribution Certificate dated the date of authentication by the Eligible
Lender Trustee or any authenticating agent. 
At the option of the Excess Distribution Certificateholder, the Excess
Distribution Certificate may be exchanged for another Excess Distribution
Certificate upon surrender of the Excess Distribution Certificate to be
exchanged at the office or agency maintained pursuant to paragraph (f) below.

 

An Excess Distribution Certificate presented or
surrendered for registration of transfer or exchange shall be accompanied by a
written instrument of transfer in form satisfactory to the Eligible Lender
Trustee and the Excess Distribution Certificate Registrar duly executed by the
holder thereof or his attorney duly authorized in writing, with such signature
(other than for transfers or exchanges to or among any Affiliates of the
Depositor) guaranteed by a member firm of the New York Stock Exchange or a
commercial bank or trust company.  An
Excess Distribution Certificate surrendered for registration of transfer or
exchange shall be cancelled and subsequently disposed of by the Eligible Lender
Trustee in accordance with its customary practice.

 

No service charge shall be made for any registration
of transfer or exchange of the Excess Distribution Certificate, but the
Eligible Lender Trustee or the Excess Distribution Certificate Registrar may
require payment of a sum sufficient to cover any tax or governmental charge
that

 

5

 

may
be imposed in connection with any transfer or exchange of the Excess
Distribution Certificate.

 

The preceding provisions of this Section
notwithstanding, the Eligible Lender Trustee shall not be required to make and
the Excess Distribution Certificate Registrar need not register transfers or
exchanges of the Excess Distribution Certificate for a period of 15 days
preceding any Distribution Date with respect to the Excess Distribution
Certificate.

 

The Excess Distribution Certificate (including any
beneficial interest therein) may not be acquired by or for the account of (i)
any Benefit Plan subject to Title I of ERISA and/or Section 4975 of the Code,
if such acquisition, or the management or servicing of the Trust or its assets,
would cause a non-exempt prohibited transaction in violation of Section 406 of
ERISA and/or Section 4975 of the Code, (ii) any Benefit Plan subject to a
substantially similar federal, state, local or foreign law, if such acquisition
would cause a non-exempt violation of such substantially similar law, (iii) any
person who is not a United States person within the meaning of Section
7701(a)(30) of the Code, or (iv) any “pass-thru entity” referred to in Section
1(h)(10)(D), (E) or (F) of the Code, the income of which pass-thru entity is
includible by any person referred to in clause (iii) above.  By accepting and holding the Excess
Distribution Certificate, the holder hereof shall be deemed to have represented
and warranted that it is not acquiring the Excess Distribution Certificate by
or for the account of any entity in violation of the above restrictions, and to
have agreed that if such restrictions are violated, the holder will promptly
dispose of the Excess Distribution Certificate.

 

(d)                                 Mutilated, Destroyed, Lost or Stolen Excess
Distribution Certificate.  If (1) a mutilated Excess Distribution
Certificate shall be surrendered to the Excess Distribution Certificate
Registrar, or if the Excess Distribution Certificate Registrar shall receive
evidence to its satisfaction of the destruction, loss or theft of the Excess
Distribution Certificate, and (2) there shall be delivered to the Excess
Distribution Certificate Registrar and the Eligible Lender Trustee such
security or indemnity as may be required by them to save each of them and the
Trust harmless, then in the absence of notice that such Excess Distribution
Certificate shall have been acquired by a bona fide purchaser, the Eligible
Lender Trustee, on behalf of the Trust, shall execute and the Eligible Lender
Trustee shall authenticate and deliver, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Excess Distribution Certificate, a new
Excess Distribution Certificate of like tenor. 
In connection with the issuance of any new Excess Distribution
Certificate under this Section, the Eligible Lender Trustee and the Excess
Distribution Certificate Registrar may require the payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed in connection
therewith.  Any duplicate Excess
Distribution Certificate issued pursuant to this paragraph shall constitute
conclusive evidence of ownership in the Trust, as if originally issued, whether
or not the lost, stolen or destroyed Excess Distribution Certificate shall be
found at any time.

 

(e)                                  Persons Deemed Owners. 
Prior to due presentation of the Excess Distribution Certificate for
registration of transfer, the Eligible Lender Trustee and the Excess
Distribution Certificate Registrar and any agent of either of them may treat
the Person in whose name the Excess Distribution Certificate shall be
registered in the Excess Distribution Certificate Register as the owner of such
Excess Distribution Certificate for the purpose of receiving distributions
thereon and for all other purposes whatsoever, and neither the Eligible Lender
Trustee, the

 

6

 

Excess
Distribution Certificate Registrar nor any agent thereof shall be bound by any
notice to the contrary.

 

(f)                                    Maintenance of Office or Agency.  The
Eligible Lender Trustee shall maintain in the Borough of Manhattan, The City of
New York, an office or offices or agency or agencies where the Excess
Distribution Certificate may be surrendered for registration of transfer or
exchange and where notices and demands to or upon the Eligible Lender Trustee
in respect of the Excess Distribution Certificate may be served.

 

(g)                                 Appointment of Excess Distribution
Certificate Paying Agent.  The Excess Distribution Certificate Paying
Agent shall make distributions to the Excess Distribution Certificateholder
from the amounts received from the Indenture Trustee pursuant to Sections
2.8(p) and 2.9(f) of the Administration Agreement and shall report the amounts
of such distributions to the Indenture Trustee (if the Excess Distribution
Certificate Paying Agent is not the Indenture Trustee).  Any Excess Distribution Certificate Paying
Agent shall have the revocable power to receive such funds from the Indenture
Trustee for the purpose of making the distributions referred to above.  The Eligible Lender Trustee may revoke such
power and remove the Excess Distribution Certificate Paying Agent if the
Eligible Lender Trustee determines in its sole discretion that the Excess
Distribution Certificate Paying Agent shall have failed to perform its
obligations under this Agreement in any material respect.  The Excess Distribution Certificate Paying
Agent shall initially be the Indenture Trustee, and any co-paying agent chosen
by the Eligible Lender Trustee and consented to by the Administrator (which
consent shall not be unreasonably withheld). 
The Indenture Trustee shall be permitted to resign as Excess
Distribution Certificate Paying Agent upon 30 days’ written notice to the
Eligible Lender Trustee.  In the event
that the Indenture Trustee shall no longer be the Excess Distribution
Certificate Paying Agent, the Eligible Lender Trustee shall appoint a successor
to act as Excess Distribution Certificate Paying Agent (which shall be a bank
or trust company).  The Eligible Lender
Trustee shall cause such successor Excess Distribution Certificate Paying Agent
or any additional Excess Distribution Certificate Paying Agent appointed by the
Eligible Lender Trustee to execute and deliver to the Eligible Lender Trustee
an instrument in which such successor Excess Distribution Certificate Paying
Agent or additional Excess Distribution Certificate Paying Agent shall agree
with the Eligible Lender Trustee that as Excess Distribution Certificate Paying
Agent, such successor Excess Distribution Certificate Paying Agent or
additional Excess Distribution Certificate Paying Agent will hold all sums, if
any, held by it for payment to the Excess Distribution Certificateholder in
trust for the benefit of such holder until such sums shall be paid to such
holder.  The Excess Distribution
Certificate Paying Agent shall return all unclaimed funds to the Eligible
Lender Trustee and upon removal of an Excess Distribution Certificate Paying
Agent such Excess Distribution Certificate Paying Agent shall also return all
funds in its possession to the Eligible Lender Trustee.  The provisions of Articles VII and VIII of
the Indenture shall apply to the Indenture Trustee also in its role as Excess
Distribution Certificate Paying Agent, for so long as the Indenture Trustee
shall act as Excess Distribution Certificate Paying Agent and, to the extent
applicable, to any other paying agent appointed hereunder.  Any reference in this Agreement to the
Excess Distribution Certificate Paying Agent shall include any co-paying agent
unless the context requires otherwise.

 

7

 

(h)                                 Restrictions on Transfer of the Excess
Distribution Certificate.

 

(i)            The
Excess Distribution Certificate may be transferred to any Affiliate of the
Depositor, without any requirement to provide any officer’s certificates or
legal opinions that would otherwise be required if such proposed transfer was
being made to a Person who is not an Affiliate of the Depositor.

 

(ii)                                  Except as provided above, the Excess
Distribution Certificate shall not be sold, pledged, transferred or assigned
except as provided below:

 

(A)                              The Excess Distribution Certificate has not
been registered or qualified under the Securities Act of 1933, as amended (the
“Securities Act”) or any state securities law. 
No transfer, sale, pledge or other disposition of the Excess
Distribution Certificate or any interest therein shall be made unless such
transfer is made pursuant to an effective registration statement under the
Securities Act and effective registration or qualification under applicable
state securities laws, or is made in a transaction which does not require such
registration or qualification.  In the
event that a transfer is to be made without registration or qualification, the
Eligible Lender Trustee shall require, in order to assure compliance with such
laws, that the prospective transferor and transferee each certify to the
Eligible Lender  Trustee, the
Excess Distribution Certificate Registrar, the Administrator, and, if it is not
the proposed transferor, the Depositor, in writing, the facts surrounding the
transfer.  Such certifications shall be
substantially in the forms of Exhibit  C
hereto and Exhibit  D-1 or D-2
hereto, as applicable.  In the event
that such a transfer is to be made within two years from the date of the
initial issuance of the Excess Distribution Certificate pursuant hereto (other
than a transfer as to which the proposed transferee has provided a certificate
in the form of Exhibit D-2), the Eligible Lender  Trustee in its sole discretion, may require that there
shall also be delivered to the Eligible Lender Trustee, the Excess Distribution
Certificate Registrar, the Administrator, or, if it is not the proposed
transferor, the Depositor, at the expense of the transferor, an opinion of
counsel that such transfer may be made pursuant to an exemption from the
Securities Act and such state securities laws. 
Any such opinion of counsel shall not be an expense of the Eligible
Lender Trustee, the Excess Distribution Certificate Registrar, the
Administrator, and, if it is not the proposed transferor, the Depositor.  None of the Depositor, the Administrator or
the Eligible Lender Trustee is obligated to register or qualify the Excess
Distribution Certificate under the Securities Act or any other securities law
or to take any action not otherwise required under this Agreement to permit the
transfer of the Excess Distribution Certificate without registration or
qualification.  Any such Excess
Distribution Certificateholder desiring to effect such transfer shall, and does
hereby agree to, indemnify the Eligible Lender Trustee, the Excess Distribution
Certificate Registrar, the Administrator, and, if it is not the proposed
transferor, the Depositor, against any liability that may result if the
transfer is not so exempt or is made in accordance with such applicable federal
and state laws.

 

(B)                                No transfer of the Excess Distribution
Certificate will be registered by the Eligible Lender Trustee or the Excess
Distribution Certificate Registrar unless the  Eligible Lender  Trustee,
the Excess Distribution Certificate Registrar, the Administrator, and, if it is
not the proposed transferor, the Depositor receives a representation from the
proposed transferee of the Excess Distribution Certificate, substantially in
the form of Exhibit D-1 or D-2, as the case may be, that such transferee is not
acquiring the Excess

 

8

 

Distribution Certificate by or for the account of
any entity in violation of the restrictions set forth in the final paragraph of
Section 3.3(c) above.  If any proposed
transferee shall become an Excess Distribution Certificateholder in violation
of these provisions, then the last preceding permitted transferee shall be
restored, to the extent permitted by law, to all rights as Excess Distribution
Certificateholder, retroactive to the date of registration of such transfer of
the Excess Distribution Certificate. 
Neither the Eligible Lender Trustee nor the Excess Distribution
Certificate Registrar shall have any liability to any person for any
registration or transfer of the Excess Distribution Certificate that is not
permitted or for making any payments due on the Excess Distribution Certificate
to the holder thereof or for taking any action with respect to such holder
under this Agreement.  Any proposed
transferee who becomes an Excess Distribution Certificateholder shall agree to
indemnify the Eligible Lender  Trustee,
the Excess Distribution Certificate Registrar, any Swap Counterparty, the
Administrator, and, if it is not the proposed transferor, the Depositor,
against any loss, damage or penalty incurred as a result of the transfer of the
Excess Distribution Certificate to such proposed transferee in violation of
such restrictions.

 

(C)                                The prospective transferee shall be aware
that the Excess Distribution Certificate shall bear legends referring to the
restrictions contained in sub-clauses (A) and (B) above and by its acceptance
of the Excess Distribution Certificate agrees to abide by such restrictions.

 

(D)                               The prospective transferee shall deliver an
opinion of counsel addressed to the Eligible Lender Trustee, any Swap
Counterparty, the Administrator, and, if it is not the proposed transferor, the
Depositor, to the effect that, (1) as a matter of federal income tax law, such
prospective transferee is permitted to accept the transfer of the Excess
Distribution Certificate, (2) such transfer or pledge would not jeopardize the
tax treatment of the Trust, (3) such transfer or pledge would not subject the
Trust to any entity-level tax, (4) such transfer or pledge would not jeopardize
the status of the Notes as debt for all purposes, and (5) such pledge or
transfer would not cause the Trust to be treated, for federal income tax
purposes, as an association or a publicly traded partnership taxable as a
corporation.

 

(E)                                 No pledge or transfer of the Excess
Distribution Certificate shall be effective unless such purchase or transfer is
to a single beneficial owner.

 

(iii)                               Any Excess Distribution Certificateholder, as
evidenced by its agreement to accept the rights conferred under the Excess
Distribution Certificate, is hereby deemed to accept all obligations of the
Depositor under this Agreement.

 

ARTICLE IV

 

Actions by Eligible Lender Trustee

 

SECTION 4.1                                             Prior Notice to the Excess Distribution
Certificateholder With Respect to Certain Matters. 
With respect to the following matters, the Eligible Lender Trustee shall
not take action unless at least 30 days before the taking of such action, the
Eligible Lender Trustee shall have notified the Excess Distribution
Certificateholder and each of the Rating

 

9

 

Agencies
in writing of the proposed action and the Excess Distribution Certificateholder
shall not have notified the Eligible Lender Trustee in writing prior to the
30th calendar day after such notice is given that it has withheld consent or
provided alternative direction:

 

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

 

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

 

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

 

(d)                                 the amendment of the Interest Rate Cap
Agreement or any Swap Agreement in circumstances where the consent of any class
of Noteholders is required or in circumstances where the consent of Noteholders
is not required but where such amendment materially adversely affects the
interests of the Excess Distribution Certificateholder.

 

SECTION 4.2                                             Action with Respect to Sale of the Trust
Student Loans.  The Eligible Lender Trustee shall not have
the power, except upon the written direction of the Excess Distribution
Certificateholder and except as expressly provided in the Basic Documents, to
sell the Trust Student Loans after the payment in full of the Notes.

 

SECTION 4.3                                             Action with Respect to Bankruptcy. The Eligible Lender Trustee shall not have
the power to commence a voluntary proceeding in bankruptcy relating to the
Trust without the prior approval of the Excess Distribution Certificateholder
and the delivery to the Eligible Lender Trustee by the Excess Distribution
Certificateholder of a certificate certifying that the Excess Distribution
Certificateholder reasonably believes that the Trust is insolvent.

 

SECTION 4.4                                             Restrictions. 
Neither the Depositor nor the Excess Distribution Certificateholder
shall direct the Eligible Lender Trustee to take or refrain from taking any
action if such action or inaction would be contrary to any obligation of the
Trust or the Eligible Lender Trustee under this Agreement or any of the other
Basic Documents or would be contrary to Section 2.3 nor shall the Eligible
Lender Trustee be permitted to follow any such direction, if given.

 

10

 

ARTICLE V

 

Application of Trust Funds; Certain Duties

 

SECTION 5.1                                             Application of Trust Funds.

 

(a)                                  On each Distribution Date, the Excess
Distribution Certificate Paying Agent shall distribute to the Excess
Distribution Certificateholder any amounts payable in respect of the Excess
Distribution Certificate in accordance with the Administration Agreement.

 

(b)                                 In the event that any withholding tax is
imposed on the Trust’s payment to the Excess Distribution Certificateholder,
such tax shall reduce the amount otherwise distributable on the Excess
Distribution Certificate.

 

SECTION 5.2                                             Method of Payment. 
Distributions required to be made to the Excess Distribution
Certificateholder on any Distribution Date shall be made to the holder of
record on the preceding Record Date either by wire transfer, in immediately
available funds, to the account of such holder at a bank or other entity having
appropriate facilities therefor, if such holder shall have provided to the
Excess Distribution Certificate Registrar appropriate written instructions
signed by two authorized officers, if any, at least five Business Days prior to
such Distribution Date, or, if not, by check mailed to such holder at the
address of such holder appearing in the Excess Distribution Certificate
Register.

 

SECTION 5.3                                             No Segregation of Moneys; No Interest. 
Subject to Section 5.1, moneys received by the Eligible Lender Trustee
hereunder need not be segregated in any manner except to the extent required by
law or the Administration Agreement and may be deposited under such general
conditions as may be prescribed by law, and the Eligible Lender Trustee shall
not be liable for any interest thereon.

 

SECTION 5.4                                             Reports to the Excess Distribution Certificateholder,
the Internal Revenue Service and Others.  The Eligible Lender Trustee
shall provide (or cause to be provided) any reports or other information
required to be provided to the Excess Distribution Certificateholder pursuant
to the Code, the regulations promulgated thereunder or other applicable
law.  In addition, the Eligible Lender
Trustee shall provide (or cause to be provided) any information concerning the
Excess Distribution Certificate to the Internal Revenue Service or other taxing
authority as required under the Code, the regulations promulgated thereunder or
other applicable law. The Eligible Lender Trustee shall be entitled to hire an
independent accounting firm to perform the functions described in this Section
5.4, the reasonable fees and expenses of which shall be paid by the Depositor.

 

SECTION 5.5                                             Intentionally Omitted.

 

SECTION 5.6                                             Intentionally Omitted.

 

ARTICLE VI

 

Authority and Duties of Eligible Lender Trustee

 

SECTION 6.1                                             General Authority.  The
Eligible Lender Trustee is authorized and directed to execute and deliver the
Basic Documents to which the Trust is to be a party and each certificate or
other document attached as an exhibit to or contemplated by the Basic Documents
to which the Trust is to be a party, in each case, in such form as the
Depositor shall approve as evidenced conclusively by the Eligible Lender
Trustee’s execution thereof, and, on behalf of the

 

11

 

Trust,
to direct the Indenture Trustee to authenticate and deliver Notes denominated
in U.S. Dollars in the aggregate principal amount of $1,239,035,000 and Notes
denominated in Euro in the aggregate principal amount of €820,000,000.  The Eligible Lender Trustee is also
authorized and directed on behalf of the Trust (i) to acquire and hold legal
title to the Trust Student Loans from the Depositor and (ii) to take all
actions required pursuant to Section 3.2(c) of the Administration Agreement and
otherwise follow the direction of and cooperate with the Servicer in submitting,
pursuing and collecting any claims to and with the Department with respect to
any Interest Subsidy Payments and Special Allowance Payments relating to the
Trust Student Loans.

 

In addition to the foregoing, the Eligible Lender
Trustee is authorized to take all actions required of the Trust pursuant to the
Basic Documents.  The Eligible Lender
Trustee is further authorized from time to time to take such action as the
Administrator directs or instructs with respect to the Basic Documents and is
directed to take such action to the extent that the Administrator is expressly
required pursuant to the Basic Documents to cause the Eligible Lender Trustee
to act.

 

SECTION 6.2                                             General Duties.  It
shall be the duty of the Eligible Lender Trustee to discharge (or cause to be
discharged) all of its responsibilities pursuant to the terms of this Agreement
and the other Basic Documents to which the Trust is a party and to administer
the Trust in the interest of the Noteholders, any Swap Counterparties and the
Excess Distribution Certificateholder subject to and in accordance with the
provisions of this Agreement and the other Basic Documents.  Without limiting the foregoing, the Eligible
Lender Trustee shall on behalf of the Trust file and prove any claim or claims
that may exist on behalf of the Trust against the Depositor in connection with
any claims paying procedure as part of an insolvency or a receivership
proceeding involving the Depositor. 
Notwithstanding the foregoing, the Eligible Lender Trustee shall be deemed
to have discharged its duties and responsibilities hereunder and under the
other Basic Documents to the extent the Administrator has agreed in the
Administration Agreement to perform and act or to discharge any duty of the
Eligible Lender Trustee hereunder or under any other Basic Document, and the
Eligible Lender Trustee shall not be held liable for the default or failure of
the Administrator to carry out its obligations under the Administration
Agreement.  Except as expressly provided
in the Basic Documents, the Eligible Lender Trustee shall have no obligation to
administer, service or collect the Trust Student Loans or to maintain, monitor
or otherwise supervise the administration, servicing or collection of the Trust
Student Loans.

 

SECTION 6.3                                             Action upon Instruction.

 

(a)                                  [Reserved].

 

(b)                                 The Eligible Lender Trustee shall not be
required to take any action hereunder or under any other Basic Document if the
Eligible Lender Trustee shall have reasonably determined, or shall have been
advised by counsel, that such action is likely to result in liability on the
part of the Eligible Lender Trustee or is contrary to the terms hereof, any
other Basic Document or is otherwise contrary to law.

 

(c)                                  Whenever the Eligible Lender Trustee is
unable to determine the appropriate course of action between alternative
courses and actions permitted or required by the terms of this

 

12

 

Agreement
or under any other Basic Document, the Eligible Lender Trustee shall promptly
give notice (in such form as shall be appropriate under the circumstances) to
the Excess Distribution Certificateholder requiring instruction as to the
course of action to be adopted, and to the extent the Eligible Lender Trustee
acts in good faith in accordance with any written instruction of the Excess
Distribution Certificateholder received, the Eligible Lender Trustee shall not
be liable on account of such action to any Person.  If the Eligible Lender Trustee shall not have received
appropriate instruction within 10 days of such notice (or within such shorter
period of time as reasonably may be specified in such notice or may be
necessary under the circumstances) it may, but shall be under no duty to, take
or refrain from taking such action, not inconsistent with this Agreement, the
other Basic Documents, as it shall deem to be in the best interests of the
Excess Distribution Certificateholder, and shall have no liability to any
Person for such action or inaction.

 

(d)                                 In the event that the Eligible Lender Trustee
is unsure as to the application of any provision of this Agreement, any other
Basic Document or any such provision is ambiguous as to its application, or is,
or appears to be, in conflict with any other applicable provision, or in the
event that this Agreement permits any determination by the Eligible Lender
Trustee or is silent or is incomplete as to the course of action that the
Eligible Lender Trustee is required to take with respect to a particular set of
facts, the Eligible Lender Trustee may give notice (in such form as shall be
appropriate under the circumstances) to the Excess Distribution
Certificateholder requesting instruction and, to the extent that the Eligible
Lender Trustee acts or refrains from acting in good faith in accordance with
any such instruction received, the Eligible Lender Trustee shall not be liable,
on account of such action or inaction, to any Person.  If the Eligible Lender Trustee shall not have received
appropriate instruction within 10 days of such notice (or within such shorter
period of time as reasonably may be specified in such notice or may be
necessary under the circumstances) it may, but shall be under no duty to, take
or refrain from taking such action, not inconsistent with this Agreement or the
other Basic Documents, as it shall deem to be in the best interest of the
Excess Distribution Certificateholder, and shall have no liability to any
Person for such action or inaction.

 

SECTION 6.4                                             No Duties Except as Specified in this
Agreement or in Instructions.  The Eligible Lender Trustee shall not have
any duty or obligation to manage, make any payment with respect to, register,
record, sell, service, dispose of or otherwise deal with the Trust Estate, or
to otherwise take or refrain from taking any action under, or in connection
with, any document contemplated hereby to which the Eligible Lender Trustee is
a party, except as expressly provided by the terms of this Agreement or in any
document or written instruction received by the Eligible Lender Trustee pursuant
to Section 6.3; and no implied duties or obligations shall be read into this
Agreement or any other Basic Document against the Eligible Lender Trustee. The
Eligible Lender Trustee shall have no responsibility for filing any financing
or continuation statement in any public office at any time or to otherwise
perfect or maintain the perfection of any security interest or lien granted to
it hereunder or to prepare or file any Commission filing for the Trust or to
record this Agreement or any other Basic Document.  The Eligible Lender Trustee nevertheless agrees that it will, at
its own cost and expense, promptly take all action as may be necessary to
discharge any Liens on any part of the Trust Estate that result from actions
by, or claims against, Chase Manhattan Bank USA, National Association in its
individual capacity or as the Eligible Lender Trustee that are not related to
the ownership or the administration of the Trust Estate.

 

13

 

SECTION 6.5                                             No Action Except under Specified Documents or
Instructions.  The Eligible Lender Trustee shall not
otherwise deal with any part of the Trust Estate except (i) in accordance with
the powers granted to and the authority conferred upon the Eligible Lender
Trustee pursuant to this Agreement, (ii) in accordance with the other Basic
Documents to which it is a party and (iii) in accordance with any document or
instruction delivered to the Eligible Lender Trustee pursuant to Section 6.3.

 

SECTION 6.6                                             Restrictions.  The
Eligible Lender Trustee shall not take any action (a) that is inconsistent with
the purposes of the Trust set forth in Section 2.3 or (b) that, to the actual
knowledge of the Eligible Lender Trustee, would result in the Trust’s becoming
taxable as a corporation for Federal income tax purposes.  Neither the Depositor nor the Excess
Distribution Certificateholder shall direct the Eligible Lender Trustee to take
action that would violate the provisions of this Section.

 

ARTICLE VII

 

Concerning the Eligible Lender Trustee

 

SECTION 7.1                                             Acceptance of Trusts and Duties.  The
Eligible Lender Trustee accepts the trusts hereby created and agrees to perform
its duties hereunder with respect to such trusts but only upon the terms of
this Agreement.  The Eligible Lender
Trustee also agrees to disburse all moneys actually received by it constituting
part of the Trust Estate upon the terms of this Agreement and the other Basic
Documents.  The Eligible Lender Trustee
shall not be answerable or accountable hereunder or under any other Basic
Document under any circumstances, except (i) for its own willful misconduct or
negligence or (ii) in the case of the inaccuracy of any representation or
warranty contained in Section 7.3 expressly made by the Eligible Lender
Trustee.  In particular, but not by way
of limitation (and subject to the exceptions set forth in the preceding
sentence):

 

(a)                                  the Eligible Lender Trustee shall not be
liable for any error of judgment made by a responsible officer of the Eligible
Lender Trustee;

 

(b)                                 the Eligible Lender Trustee shall not be
liable with respect to any action taken or omitted to be taken by it in
accordance with the direction or instructions of the Administrator, the
Depositor or the Excess Distribution Certificateholder;

 

(c)                                  no provision of this Agreement or any other
Basic Document shall require the Eligible Lender Trustee to expend or risk
funds or otherwise incur any financial liability in the performance of any of
its rights or powers hereunder or under any other Basic Document, if the Eligible
Lender Trustee shall have reasonable grounds for believing that repayment of
such funds or adequate indemnity against such risk or liability is not
reasonably assured or provided to it;

 

(d)                                 under no circumstances shall the Eligible
Lender Trustee be liable for indebtedness evidenced by or arising under any of
the Basic Documents, including the principal of and interest on the Notes;

 

14

 

(e)                                  the Eligible Lender Trustee shall not be
responsible for or in respect of the validity or sufficiency of this Agreement
or for the due execution hereof by the Depositor or for the form, character,
genuineness, sufficiency, value or validity of any of the Trust Estate or for
or in respect of the validity or sufficiency of the Basic Documents, other than
the certificate of authentication on the Excess Distribution Certificate, and
the Eligible Lender Trustee shall in no event assume or incur any liability,
duty, or obligation to any Noteholder or the Excess Distribution
Certificateholder, other than as expressly provided for herein and in the other
Basic Documents;

 

(f)                                    the Eligible Lender Trustee shall not be
liable for the action or inaction, default or misconduct of the Administrator,
the Depositor, the Indenture Trustee, the Servicer, any Swap Counterparty or
any Remarketing Agent under any of the other Basic Documents or otherwise and
the Eligible Lender Trustee shall have no obligation or liability to perform
the obligations of the Trust under this Agreement or the other Basic Documents
that are required to be performed by the Administrator under the Administration
Agreement, the Indenture Trustee under the Indenture or the Servicer under the
Servicing Agreement; and

 

(g)                                 the Eligible Lender Trustee shall be under no
obligation to exercise any of the rights or powers vested in it by this
Agreement, or to institute, conduct or defend any litigation under this
Agreement or otherwise or in relation to this Agreement, any other Basic
Document, at the request, order or direction of the Depositor or Excess
Distribution Certificateholder, unless the Depositor or such holder has offered
to the Eligible Lender Trustee security or indemnity satisfactory to it against
the costs, expenses and liabilities that may be incurred by the Eligible Lender
Trustee therein or thereby.  The right
of the Eligible Lender Trustee to perform any discretionary act enumerated in
this Agreement or in any other Basic Document shall not be construed as a duty,
and the Eligible Lender Trustee shall not be answerable for other than its
negligence or willful misconduct in the performance of any such act.

 

SECTION 7.2                                             Intentionally Omitted.

 

SECTION 7.3                                             Representations and Warranties.  The
Eligible Lender Trustee hereby represents and warrants to the Depositor, for
the benefit of the Noteholders, the Interest Rate Cap Swap Counterparty, any
Currency Swap Counterparties and the Excess Distribution Certificateholder,
that:

 

(a)                                  It is duly organized and validly existing in
good standing under the laws of its governing jurisdiction and has an office
located within the State of Delaware. It has all requisite corporate power and
authority to execute, deliver and perform its obligations under this Agreement.

 

(b)                                 It has taken all corporate action necessary
to authorize the execution and delivery by it of this Agreement, and this
Agreement will be executed and delivered by one of its officers who is duly
authorized to execute and deliver this Agreement on its behalf.

 

(c)                                  Neither the execution nor the delivery by it
of this Agreement, nor the consummation by it of the transactions contemplated
hereby nor compliance by it with any of the terms or provisions hereof will
contravene any Federal or Delaware state law, governmental rule or

 

15

 

regulation
governing the banking or trust powers of the Eligible Lender Trustee or any
judgment or order binding on it, or constitute any default under its charter
documents or by-laws or any indenture, mortgage, contract, agreement or
instrument to which it is a party or by which any of its properties may be
bound.

 

(d)                                 It is and will maintain its status as an
“eligible lender” (as such term is defined in Section 435(d) of the Higher
Education Act) for purposes of holding legal title to the Trust Student Loans
as contemplated by this Agreement and the other Basic Documents, it has a
lender identification number with respect to the Trust Student Loans from the
Department and has and will maintain in effect a Guarantee Agreement with each
of the Guarantors with respect to the Trust Student Loans.

 

SECTION 7.4                                             Reliance; Advice of Counsel.

 

(a)                                  The Eligible Lender Trustee shall incur no
liability to anyone in acting upon any signature, instrument, direction,
notice, resolution, request, consent, order, certificate, report, opinion, bond
or other document or paper believed by it to be genuine and believed by it to
be signed by the proper party or parties. 
The Eligible Lender Trustee may accept a certified copy of a resolution
of the board of directors or other governing body of any corporate party as
conclusive evidence that such resolution has been duly adopted by such body and
that the same is in full force and effect. 
As to any fact or matter the method of the determination of which is not
specifically prescribed herein, the Eligible Lender Trustee may for all
purposes hereof rely on a certificate, signed by the president or any vice
president or by the treasurer or other authorized officers of the relevant
party, as to such fact or matter and such certificate shall constitute full
protection to the Eligible Lender Trustee for any action taken or omitted to be
taken by it in good faith in reliance thereon.

 

(b)                                 In the exercise or administration of the
trusts hereunder and in the performance of its duties and obligations under
this Agreement or the other Basic Documents, the Eligible Lender Trustee (i)
may act directly or through its agents or attorneys pursuant to agreements
entered into with any of them and the Eligible Lender Trustee shall not be
liable for the conduct or misconduct of such agents or attorneys if such agents
or attorneys shall have been selected by the Eligible Lender Trustee with
reasonable care, and (ii) may consult with counsel and accountants to be
selected with reasonable care and employed by it.  The Eligible Lender Trustee shall not be liable for anything
done, suffered or omitted in good faith by it in accordance with the written
opinion or advice of any such counsel or accountants and not contrary to this
Agreement or any other Basic Document.

 

SECTION 7.5                                             Not Acting in Individual Capacity. 
Except as provided in this Article VII, in accepting the trusts hereby
created Chase Manhattan Bank USA, National Association acts solely as Eligible
Lender Trustee hereunder and not in its individual capacity and all Persons
having any claim against the Eligible Lender Trustee by reason of the
transactions contemplated by this Agreement or any other Basic Document shall
look only to the Trust Estate for payment or satisfaction thereof.

 

SECTION 7.6                                             Eligible Lender Trustee Not Liable for Excess
Distribution Certificate or Trust Student Loans.  The
recitals contained herein and in the Excess Distribution

 

16

 

Certificate
(other than the signature of and authentication by the Eligible Lender Trustee
on the Excess Distribution Certificate) shall be taken as the statements of the
Depositor and the Eligible Lender Trustee assumes no responsibility for the
correctness thereof.  The Eligible
Lender Trustee makes no representations as to the validity or sufficiency of
this Agreement, the Excess Distribution Certificate, or any other Basic
Document (other than the signature of and authentication by the Eligible Lender
Trustee on the Excess Distribution Certificate), or the Notes, or of any Trust
Student Loan or related documents.  The
Eligible Lender Trustee shall at no time have any responsibility (or liability
except for willfully or negligently terminating or allowing to be terminated
any of the Guarantee Agreements, in a case where the Eligible Lender Trustee
knows of any facts or circumstances which will or could reasonably be expected
to result in any such termination) for or with respect to the legality,
validity, enforceability and eligibility for Guarantee Payments, federal
reinsurance, Interest Subsidy Payments or Special Allowance Payments, as
applicable, in respect of any Trust Student Loan, or for or with respect to the
sufficiency of the Trust Estate or its ability to generate the payments to be
distributed to the Excess Distribution Certificateholder under this Agreement
or the Noteholders, any Currency Swap Counterparty under the Indenture,
including the existence and contents of any computer or other record of any
Trust Student Loan; the validity of the assignment of any Trust Student Loan to
the Eligible Lender Trustee on behalf of the Trust; the completeness of any
Trust Student Loan; the performance or enforcement (except as expressly set
forth in any Basic Document) of any Trust Student Loan; the compliance by the
Depositor or the Servicer with any warranty or representation made under any
Basic Document or in any related document or the accuracy of any such warranty
or representation or any action or inaction of the Administrator, the Indenture
Trustee or the Servicer or any subservicer taken in the name of the Eligible
Lender Trustee.

 

SECTION 7.7                                             Eligible Lender Trustee May Own Notes.  The
Eligible Lender Trustee in its individual or any other capacity may become the
owner or pledgee of Notes and may deal with the Depositor, the Excess
Distribution Certificateholder, the Administrator, the Indenture Trustee or the
Servicer in banking transactions with the same rights as it would have if it
were not Eligible Lender Trustee.

 

ARTICLE
VIII

 

Compensation and Indemnity of Eligible Lender
Trustee

 

SECTION 8.1                                             Eligible Lender Trustee’s Fees and Expenses.  The
Eligible Lender Trustee shall receive as compensation for its services
hereunder such fees as have been separately agreed upon before the date hereof
between the Depositor and the Eligible Lender Trustee, and the Eligible Lender
Trustee shall be entitled to be reimbursed by the Depositor, to the extent
provided in such separate agreement, for its other reasonable expenses (including
the reasonable fees and expenses of counsel and independent accountants)
hereunder.

 

SECTION 8.2                                             Payments to the Eligible Lender Trustee.  Any
amounts paid to the Eligible Lender Trustee pursuant to Section 8.1 hereof or
pursuant to Section 9 of the Sale Agreement, Section 4.2 of the Administration
Agreement or Section 4.2 of the Servicing Agreement shall be deemed not to be a
part of the Trust Estate immediately after such payment.

 

17

 

SECTION 8.3                                             Indemnity.  The Depositor shall cause the
Administrator to indemnify the Eligible Lender Trustee in its individual
capacity and any of its officer, directors, employees and agents as and to the
extent provided for in Section 4.2 of the Administration Agreement.

 

ARTICLE IX

 

Termination of Trust Agreement

 

SECTION 9.1                                             Termination of Trust Agreement.

 

(a)                                  This Agreement (other than Article VIII) and
the Trust shall terminate and be of no further force or effect upon (1) the
final distribution by the Excess Distribution Certificate Paying Agent of all
moneys or other property or proceeds of the Trust Estate in accordance with the
terms of the Indenture, the Administration Agreement and Article V hereof and
(2) the filing of the certificate of cancellation by the Eligible Lender
Trustee pursuant to section 9.1(b) below. 
The bankruptcy, liquidation, dissolution, death or incapacity of the
Excess Distribution Certificateholder shall not (x) operate to terminate this
Agreement or the Trust, nor (y) entitle such holder’s legal representatives or
heirs to claim an accounting or to take any action or proceeding in any court
for a partition or winding up of all or any part of the Trust or Trust Estate
nor (z) otherwise affect the rights, obligations and liabilities of the parties
hereto.

 

(b)                                 Except as provided in Section 9.1(a), none of
the Depositor, any Noteholder or the Excess Distribution Certificateholder
shall be entitled to revoke or terminate the Trust.

 

Upon final distribution of any funds remaining in
the Trust, the Eligible Lender Trustee shall file a certificate of cancellation
of the Trust’s certificate of trust pursuant to Section 3810(c) of the Delaware
Statutory Trust Act.

 

ARTICLE X

 

Successor Eligible Lender Trustees and

Additional Eligible Lender Trustees

 

SECTION
10.1                                      Eligibility Requirements for Eligible Lender
Trustee.  The Eligible Lender Trustee shall at all
times be a corporation or association (i) qualifying as an “eligible lender” as
such term is defined in Section 435(d) of the Higher Education Act for purposes
of holding legal title to the Trust Student Loans on behalf of the Trust, with
a valid lender identification number with respect to the Trust Student Loans
from the Department; (ii) being authorized to exercise corporate trust powers
and hold legal title to the Trust Student Loans; (iii) having in effect
Guarantee Agreements with each of the Guarantors as may be directed by the
Depositor; (iv) having a combined capital and surplus of at least $50,000,000
and being subject to supervision or examination by Federal or state
authorities; (v) having its principal place of business in the State of
Delaware and otherwise complying with Section 3807 of the Delaware Statutory
Trust Act; and (vi) having (or having a parent which has) a rating in respect
of its long-term senior unsecured debt of at least “BBB-” (or the equivalent)
by each of the Rating Agencies (or which, if the long-term senior unsecured
debt of such corporation or association is not rated

 

18

 

by
any Rating Agency, shall have provided to the Indenture Trustee written
confirmation from such Rating Agency that the appointment of such corporation
or association to serve as Eligible Lender Trustee will not result in and of
itself in a reduction or withdrawal of the then current rating of any of the
Notes).  If the Eligible Lender Trustee
shall publish reports of condition at least annually, pursuant to law or to the
requirements of the aforesaid supervising or examining authority, then for the
purpose of this Section, the combined capital and surplus of the Eligible
Lender Trustee shall be deemed to be its combined capital and surplus as set
forth in its most recent report of condition so published.  In case at any time the Eligible Lender
Trustee shall cease to be eligible in accordance with the provisions of this
Section, the Eligible Lender Trustee shall resign immediately in the manner and
with the effect specified in Section 10.2.

 

SECTION
10.2                                      Resignation or Removal of Eligible Lender
Trustee.  The Eligible Lender Trustee may at any time
resign and be discharged from the trusts hereby created by giving written
notice thereof to the Administrator. 
Upon receiving such notice of resignation, the Administrator shall
promptly appoint a successor Eligible Lender Trustee meeting the eligibility
requirements of Section 10.1 by written instrument, in duplicate, one copy of
which instrument shall be delivered to the resigning Eligible Lender Trustee
and one copy to the successor Eligible Lender Trustee.  If no successor Eligible Lender Trustee
shall have been so appointed and have accepted appointment within 30 days after
the giving of such notice of resignation, the resigning Eligible Lender Trustee
may petition any court of competent jurisdiction for the appointment of a
successor Eligible Lender Trustee; provided, however, that such
right to appoint or to petition for the appointment of any such successor shall
in no event relieve the resigning Eligible Lender Trustee from any obligations
otherwise imposed on it under the Basic Documents until such successor has in
fact assumed such appointment.

 

If at any time the Eligible Lender Trustee shall
cease to be or shall be likely to cease to be eligible in accordance with the
provisions of Section 10.1 and shall fail to resign after written request
therefor by the Administrator, or if at any time an Insolvency Event with
respect to the Eligible Lender Trustee shall have occurred and be continuing,
then the Administrator may remove the Eligible Lender Trustee.  If the Administrator shall remove the
Eligible Lender Trustee under the authority of the immediately preceding
sentence, the Administrator shall promptly appoint a successor Eligible Lender
Trustee by written instrument, in duplicate, one copy of which instrument shall
be delivered to the outgoing Eligible Lender Trustee so removed and one copy to
the successor Eligible Lender Trustee and payment of all fees owed to the
outgoing Eligible Lender Trustee.

 

Any resignation or removal of the Eligible Lender
Trustee and appointment of a successor Eligible Lender Trustee pursuant to any
of the provisions of this Section shall not become effective until acceptance
of appointment by the successor Eligible Lender Trustee pursuant to Section
10.3, payment of all fees and expenses owed to the outgoing Eligible Lender
Trustee and the filing of a certificate of amendment to the Trust’s certificate
of trust pursuant to Section 3810(b) of the Delaware Statutory Trust Act.  The Administrator shall provide notice of
such resignation or removal of the Eligible Lender Trustee and to each of the
Rating Agencies.

 

SECTION
10.3                                      Successor Eligible Lender Trustee.  Any
successor Eligible Lender Trustee appointed pursuant to Section 10.2 shall
execute, acknowledge and deliver to the Administrator and to its predecessor
Eligible Lender Trustee an instrument accepting such

 

19

 

appointment
under this Agreement, and thereupon the resignation or removal of the
predecessor Eligible Lender Trustee shall become effective and such successor
Eligible Lender Trustee, without any further act, deed or conveyance, shall
become fully vested with all the rights, powers, duties and obligations of its
predecessor under this Agreement, with like effect as if originally named as
Eligible Lender Trustee.  The
predecessor Eligible Lender Trustee shall upon payment of its fees and expenses
deliver to the successor Eligible Lender Trustee all documents, statements,
moneys and properties held by it under this Agreement and shall assign, if
permissible, to the successor Eligible Lender Trustee the lender identification
number obtained from the Department on behalf of the Trust; and the
Administrator and the predecessor Eligible Lender Trustee shall execute and deliver
such instruments and do such other things as may reasonably be required for
fully and certainly vesting and confirming in the successor Eligible Lender
Trustee all such rights, powers, duties and obligations.

 

No successor Eligible Lender Trustee shall accept
such appointment as provided in this Section unless at the time of such
acceptance such successor Eligible Lender Trustee shall be eligible pursuant to
Section 10.1.

 

Upon acceptance of appointment by a successor
Eligible Lender Trustee pursuant to this Section, the Administrator shall mail
notice of the successor of such Eligible Lender Trustee to the Excess
Distribution Certificateholder, the Indenture Trustee, the Noteholders and the
Rating Agencies.  If the Administrator
shall fail to mail such notice within 10 days after acceptance of appointment
by the successor Eligible Lender Trustee, the successor Eligible Lender Trustee
shall cause such notice to be mailed at the expense of the Administrator.

 

SECTION
10.4                                      Merger or Consolidation of Eligible Lender
Trustee.  Any corporation or association into which
the Eligible Lender Trustee may be merged or converted or with which it may be
consolidated, or any corporation or association resulting from any merger,
conversion or consolidation to which the Eligible Lender Trustee shall be a
party, or any corporation or association succeeding to all or substantially all
the corporate trust business of the Eligible Lender Trustee, shall, without the
execution or filing of any instrument or any further act on the part of any of
the parties hereto, anything herein to the contrary notwithstanding, be the
successor of the Eligible Lender Trustee hereunder; provided that such
corporation or association shall be eligible pursuant to Section 10.1; and provided
further that the Eligible Lender Trustee shall mail notice of such
merger or consolidation to the Rating Agencies not less than 15 days prior to
the effective date thereof.

 

SECTION
10.5                                      Appointment of Co-Eligible Lender Trustee or
Separate Eligible Lender Trustee.  Notwithstanding any other
provisions of this Agreement, at any time, for the purpose of meeting any legal
requirements of any jurisdiction in which any part of the Trust may at the time
be located, the Administrator and the Eligible Lender Trustee acting jointly
shall have the power and shall execute and deliver all instruments to appoint
one or more Persons approved by the Eligible Lender Trustee, meeting the
eligibility requirements of clauses (i) through (iii) of Section 10.1, to act
as co-trustee, jointly with the Eligible Lender Trustee, or separate trustee or
separate trustees, of all or any part of the Trust Estate, and to vest in such
Person, in such capacity, such title to the Trust Estate, or any part thereof,
and, subject to the other provisions of this Section, such powers, duties,
obligations, rights and trusts as the Administrator and the Eligible Lender
Trustee may consider necessary or desirable. 
If the Administrator shall not have

 

20

 

joined
in such appointment within 15 days after the receipt by it of a request so to
do, the Eligible Lender Trustee alone shall have the power to make such
appointment.  No co-trustee or separate
trustee under this Agreement shall be required to meet the terms of eligibility
as a successor trustee pursuant to clauses (iv), (v) and (vi) of Section 10.1
and no notice of the appointment of any co-trustee or separate trustee shall be
required pursuant to Section 10.3.

 

Each separate trustee and co-trustee shall, to the
extent permitted by law, be appointed and act subject to the following
provisions and conditions:

 

(i)                                     all rights, powers, duties, and obligations
conferred or imposed upon the Eligible Lender Trustee shall be conferred upon
and exercised or performed by the Eligible Lender Trustee and such separate
trustee or co-trustee jointly (it being understood that such separate trustee
or co-trustee is not authorized to act separately without the Eligible Lender
Trustee joining in such act), except to the extent that under any law of any
jurisdiction in which any particular act or acts are to be performed, the
Eligible Lender Trustee shall be incompetent or unqualified to perform such act
or acts, in which event such rights, powers, duties, and obligations (including
the holding of title to the Trust or any portion thereof in any such
jurisdiction) shall be exercised and performed singly by such separate trustee
or co-trustee, solely at the direction of the Eligible Lender Trustee;

 

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

 

(iii)                               the Administrator and the Eligible Lender
Trustee acting jointly may at any time accept the resignation of or remove any
separate trustee or co-trustee.

 

Any notice, request or other writing given to the
Eligible Lender Trustee shall be deemed to have been given to each of the then
separate trustees and co-trustees, as effectively as if given to each of
them.  Every instrument appointing any
separate trustee or co-trustee shall refer to this Agreement and the conditions
of this Article.  Each separate trustee
and co-trustee, upon its acceptance of the trusts conferred, shall be vested
with the estates or property specified in its instrument of appointment, either
jointly with the Eligible Lender Trustee or separately, as may be provided
therein, subject to all the provisions of this Agreement, specifically
including every provision of this Agreement relating to the conduct of,
affecting the liability of, or affording protection to, the Eligible Lender
Trustee.  Each such instrument shall be
filed with the Eligible Lender Trustee and a copy thereof given to the
Administrator.

 

Any separate trustee or co-trustee may at any time
appoint the Eligible Lender Trustee as its agent or attorney-in-fact with full
power and authority, to the extent not prohibited by law, to do any lawful act
under or in respect of this Agreement on its behalf and in its name.  If any separate trustee or co-trustee shall
die, become incapable of acting, resign or be removed, all its estates,
properties, rights, remedies and trusts shall vest in and be exercised by the
Eligible Lender Trustee, to the extent permitted by law, without the
appointment of a new or successor trustee.

 

21

 

ARTICLE XI

 

Miscellaneous

 

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

 

This Agreement may also be amended from time to time
by the Excess Distribution Certificateholder and the Eligible Lender Trustee,
with prior written notice to the Rating Agencies, with the consent of (i) the
Class A Noteholders evidencing not less than a majority of the Outstanding
Amount of the Class A Notes and (ii) the Class B Noteholders evidencing not
less than a majority of the Class B Notes, for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
this Agreement or modifying in any manner the rights of the Class A Noteholders
or Class B Noteholders, as the case may be; provided, however,
that no such amendment shall (a) increase or reduce in any manner the amount
of, or accelerate or delay the timing of, collections of payments on Trust
Student Loans or distributions that shall be required to be made for the
benefit of the Noteholders or (b) reduce the aforesaid percentage of the
Outstanding Amount of any class of Notes required to consent to any such amendment,
without the consent of all the outstanding Noteholders of such class.

 

Promptly after the execution of any such amendment
or consent, the Eligible Lender Trustee shall furnish written notification of
the substance of such amendment or consent to the Excess Distribution
Certificateholder, the Indenture Trustee and each of the Rating Agencies.

 

It shall not be necessary for the consent of the
Noteholders or the Indenture Trustee pursuant to this Section to approve the
particular form of any proposed amendment or consent, but it shall be
sufficient if such consent shall approve the substance thereof.  The manner of obtaining such consents (and
any other consents of provided for in this Agreement or in any other Basic
Document) and of evidencing the authorization of the execution thereof shall be
subject to such reasonable requirements as the Eligible Lender Trustee may
prescribe.

 

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

 

SECTION
11.2                                      No Legal Title to Trust Estate in Excess
Distribution Certificateholder.
The Excess Distribution Certificateholder shall not have legal title to any
part of the Trust Estate. The Excess Distribution Certificateholder shall be
entitled to receive distributions with respect to its undivided beneficial
ownership interest therein only in

 

22

 

accordance
with Section 3.3 of this Agreement.  No
transfer, by operation of law or otherwise, of any right, title, or interest of
the Excess Distribution Certificateholder to and in its beneficial ownership
interest in the Trust Estate shall operate to terminate this Agreement or the
trusts hereunder or entitle any transferee to an accounting or to the transfer
to it of legal title to any part of the Trust Estate.

 

SECTION
11.3                                      Limitations on Rights of Others. 
Except for Section 2.7, the provisions of this Agreement are solely for
the benefit of the Eligible Lender Trustee, the Depositor, the Excess
Distribution Certificateholder, the Administrator and, to the extent expressly
provided herein, the Indenture Trustee and the Noteholders, and nothing in this
Agreement (other than Section 2.7), whether express or implied, shall be
construed to give to any other Person any legal or equitable right, remedy or
claim in the Trust Estate or under this Agreement or any covenants, conditions
or provisions contained herein.

 

SECTION
11.4                                      Notices.  Unless otherwise expressly
specified or permitted by the terms hereof, all notices shall be in writing and
shall be deemed given upon receipt by the intended recipient or three Business
Days after mailing if mailed by certified mail, postage prepaid (except that notice
to the Eligible Lender Trustee shall be deemed given only upon actual receipt
by the Eligible Lender Trustee), if to the Eligible Lender Trustee, addressed
to its Corporate Trust Office with copies to Deutsche Bank Trust Company
Americas, 60 Wall Street, 26th Floor, Mailstop NYC60-2606, New York,
New York, 10005, Attention: Trust & Securities Services/Structured Finance
Services; if to the Depositor, addressed to SLM Funding LLC, 12061 Bluemont
Way, V3419, Reston, Virginia 20190, or, as to each party, at such other address
as shall be designated by such party in a written notice to each other party.

 

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

 

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

 

SECTION
11.7                                      Successors and Assigns.  All
covenants and agreements contained herein shall be binding upon and inure to
the benefit of, the Depositor and its successors, the Eligible Lender Trustee
and its successors, each Excess Distribution Certificateholder and its
successors and permitted assigns, all as herein provided.  Any request, notice, direction, consent,
waiver or other instrument or action by a Noteholder or the Excess Distribution
Certificateholder shall bind the successors and assigns of such holder.

 

SECTION
11.8                                      No
Petition.

 

(a)                                  Neither
the Depositor, nor any other Excess Distribution Certificateholder (as
evidenced by its acceptance of the Excess Distribution Certificate) will
institute against the Trust, at any time, any bankruptcy proceedings under any
United States Federal or state

 

23

 

bankruptcy or similar law in connection
with any obligations relating to the Excess Distribution Certificate, the
Notes, this Agreement or any of the other Basic Documents.  The foregoing shall not limit the rights of
the Depositor, nor any Excess Distribution Certificateholder to file any claim
in, or otherwise take any action with respect to, any insolvency proceeding
that was instituted against the Trust by a Person other than the Depositor or
such other Excess Distribution Certificateholder.

 

(b)                                 The
Eligible Lender Trustee (not in its individual capacity but solely as Eligible
Lender Trustee), by entering into this Agreement, the Excess Distribution
Certificateholder by accepting the Excess Distribution Certificate, and the
Indenture Trustee and each Noteholder by accepting the benefits of this
Agreement, hereby covenant and agree that they will not at any time institute
against the Depositor or the Trust, or join in any institution against the
Depositor or the Trust of, any bankruptcy, reorganization, arrangement,
insolvency, receivership or liquidation proceedings, or other proceedings under
any United States Federal or state bankruptcy or similar law in connection with
any obligations relating to the Notes, this Agreement or any of the other Basic
Documents.  The foregoing shall not
limit the rights of the Eligible Lender Trustee to file any claim in, or
otherwise take any action with respect to, any insolvency proceeding that was
instituted against the Issuer by a Person other than the Eligible Lender
Trustee.

 

SECTION 11.9                                      No
Recourse.  Each Excess
Distribution Certificateholder by accepting the Excess Distribution Certificate
acknowledges that such holder’s certificate represents beneficial interests in
the Trust only and do not represent interests in or obligations of the
Depositor, the Servicer, the Administrator, the Eligible Lender Trustee, the
Indenture Trustee, any Swap Counterparty, any Remarketing Agent or any
Affiliate thereof or any officer, director or employee of any thereof and no
recourse may be had against such parties or their assets, except as may be
expressly set forth or contemplated in this Agreement, the Excess Distribution
Certificate or the other Basic Documents.

 

SECTION 11.10                               Headings.  The headings of the various Articles and
Sections herein are for convenience of reference only and shall not define or
limit any of the terms or provisions hereof.

 

SECTION 11.11                               Governing
Law.  THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF
LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER
SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

24

 

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

 

 

	
   

  	
  CHASE MANHATTAN BANK USA, NATIONAL

  ASSOCIATION,

  
	
   

  	
  not in its individual capacity but solely as

  Eligible Lender Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/

  	
  JOHN J. CASHIN

  	
   

  
	
   

  	
  Name:

  	
  John J. Cashin

  
	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  SLM FUNDING LLC,

  
	
   

  	
  as the Depositor

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/

  	
  MARK L. HELEEN

  	
   

  
	
   

  	
  Name:

  	
  Mark L. Heleen

  
	
   

  	
  Title:

  	
  Vice President

  

 

25

 

Acknowledged and agreed as to

Section 3.3(c) and Section 3.3(g)

of this Amended and Restated Trust Agreement

 

DEUTSCHE BANK TRUST COMPANY AMERICAS,

not in its individual capacity but solely

as the initial Excess Distribution

Certificate Paying Agent

 

 

	
  By:

  	
   

  	
  /s/

  	
  MICHELE H.Y. VOON

  	
   

  
	
   

  	
  Name:

  	
  Michele H.Y. Voon

  
	
   

  	
  Title:

  	
  Assistant Vice President

  

 

26

 

EXHIBIT A

TO THE TRUST AGREEMENT

 

[PLEASE
SEE ATTACHED]

 

A-1

 

EXHIBIT B

FORM OF

 

CERTIFICATE OF TRUST

OF

SLM STUDENT LOAN

TRUST 2004-8

 

This Certificate
of Trust of SLM STUDENT LOAN TRUST 2004-8 (the “Trust”) is being duly executed
and filed on behalf of the Trust by the undersigned, as trustee, to form a
statutory trust under the Delaware Statutory Trust Statute (12 Del. C. § 3801 et
seq.) (the “Act”).

 

1.                                       Name.  The name of the statutory trust formed by
this Certificate of Trust is SLM STUDENT LOAN TRUST 2004-8.

 

2.                                       Delaware
Trustee.  The name and business
address of the eligible lender trustee of the Trust in the State of Delaware
are the Chase Manhattan Bank USA, National Association, c/o JPMorgan Chase
Bank, 500 Stanton Christiana Road, Christiana Center/OPS4/3rd Floor, Newark,
Delaware 19713.  Attn:  Institutional Trust Services.

 

3.                                       Effective
Date.  This Certificate of Trust shall
be effective upon filing.

 

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

 

	
   

  	
  CHASE MANHATTAN BANK USA,

  
	
   

  	
  NATIONAL ASSOCIATION, not in its

  
	
   

  	
  individual capacity but solely as Eligible Lender Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

B-1

 

EXHIBIT C

[FORM OF TRANSFEROR LETTER]

 

[Date]

 

Sallie Mae, Inc.

as Administrator

12061 Bluemont Way

Reston, Virginia 20190

 

Deutsche Bank Trust Company Americas

as Excess Distribution Certificate
Registrar

60 Wall Street, 26th Floor

Mailstop NYC60-2606

New York, New York 10005

Attention:  Trust & Securities Services/Structured Finance Services

 

Chase Manhattan Bank USA, National
Association

as Eligible Lender Trustee

Christiana Center/OPS4

500 Stanton Christiana Road

Newark, Delaware 19713

 

	
  Re:

  	
   

  	
  SLM Student Loan Trust 2004-8,

  Excess Distribution Certificate (the “Certificate”)

  	
   

  

 

Ladies and Gentlemen:

 

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

 

 

Very truly yours,

 

	
   

  	
   

  
	
  [Print Name of Transferor]

  
	
   

  
	
  By: 

  	
   

  	
   

  
	
  Authorized Officer

  
			

 

C-1

 

EXHIBIT D-1

[FORM OF TRANSFEREE LETTER (NON-RULE 144A)]

 

[Date]

 

Sallie Mae, Inc.

as Administrator

12061 Bluemont Way

Reston, Virginia 20190

 

Deutsche Bank Trust Company Americas

as Excess Distribution Certificate
Registrar

60 Wall Street, 26th Floor

Mailstop NYC60-2606

New York, New York 10005

Attention:  Trust & Securities Services/Structured Finance Services

 

Chase Manhattan Bank USA, National
Association

as Eligible Lender Trustee

Christiana Center/OPS4

500 Stanton Christiana Road

Newark, Delaware  19713

 

	
  Re:

  	
   

  	
  SLM Student Loan Trust 2004-8,

  Excess Distribution Certificate (the “Certificate”)

  	
   

  

 

Ladies and Gentlemen:

 

In connection
with our acquisition of the above Certificate, we certify that (a) we
understand that the Certificate is not being registered under the Securities
Act of 1933, as amended (the “Securities Act”), or any state securities laws
and is being transferred to us in a transaction that is exempt from the
registration requirements of the Securities Act and any such laws, (b) we are
an institutional “accredited investor,” as defined in Rule 501 (a) (1), (2),
(3) or (7) of Regulation D under the Securities Act or an entity in which all
of the equity owners come within such paragraphs, and have such knowledge and
experience in financial and business matters that we are capable of evaluating
the merits and risks of investments in the Certificate, (c) we have had the
opportunity to ask questions of and receive answers from the Depositor
concerning the purchase of the Certificate and all matters relating thereto or
any additional information deemed necessary to our decision to purchase the
Certificate, (d) we are not acquiring the Certificate for, by or for the
account of (i) any Benefit Plan subject to Title I of ERISA and/or Section 4975
of the Code, if such acquisition, or the management or servicing of the Trust
or its assets, would cause a non-exempt prohibited transaction in violation of
Section 406 of ERISA and/or Section 4975 of the Code, (ii) any Benefit Plan
subject to a substantially similar federal, state, local or foreign law, if
such acquisition would cause a non-exempt violation of such substantially
similar law, (iii) any person who is not a United States person

 

D-1-1

 

within the meaning of Section
7701(a)(30) of the Code, or (iv) any “pass-thru entity” referred to in Section
1(h)(10)(D), (E) or (F) of the Code, the income of which pass-thru entity is
includible by any person referred to in clause (iii) above, (e) we are
acquiring the Certificate for investment for our own account and not with a
view to any distribution of the Certificate (but without prejudice to our right
at all times to sell or otherwise dispose of the Certificate in accordance with
clause (g) below), (f) we have not offered or sold the Certificate to, or
solicited offers to buy the Certificate from, any person, or otherwise
approached or negotiated with any person with respect thereto, or taken any
other action which would result in a violation of Section 5 of the Securities
Act, and (g) we will not sell, transfer or otherwise dispose of the Certificate
unless (1) such sale, transfer or other disposition is made pursuant to an
effective registration statement under the Securities Act or is exempt from
such registration requirements, and if requested, we will at our expense
provide an opinion of counsel satisfactory to the addressees of this Letter
that such sale, transfer or other disposition may be made pursuant to an
exemption from the Securities Act, (2) the purchaser or transferee of such
Certificate has executed and delivered to you a certificate to substantially
the same effect as this certificate and (3) the purchaser or transferee has
otherwise complied with any conditions for transfer set forth in the Trust
Agreement relating to the Certificate.

 

Except as
otherwise specified herein or as the context may otherwise require, capitalized
terms used but not otherwise defined herein are defined in Appendix A to the
Amended and Restated Trust Agreement dated as of August 25, 2004, among SLM
Funding LLC, as the Depositor,  Chase
Manhattan Bank USA, National Association, not in its individual capacity, but
solely as the Eligible Lender Trustee, and Deutsche Bank Trust Company
Americas, not in its individual capacity, but solely as the Indenture Trustee,
acting as the Excess Distribution Certificate Paying Agent.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  [Print Name of Transferee]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  	
   

  
	
   

  	
  Authorized Officer

  
				

 

D-1-2

 

EXHIBIT D-2

[FORM OF TRANSFEREE LETTER (RULE 144A)]

 

[Date]

Sallie Mae, Inc.

as Administrator

12061 Bluemont Way

Reston, Virginia 20190

 

Deutsche Bank Trust Company Americas

as Excess Distribution Certificate
Registrar

60 Wall Street, 26th Floor

Mailstop NYC60-2606

New York, New York 10005

Attention:  Trust & Securities Services/Structured Finance Services

 

Chase Manhattan Bank USA, National
Association

as Eligible Lender Trustee

Christiana Center/OPS4

500 Stanton Christiana Road

Newark, Delaware 19713

 

	
  Re:

  	
   

  	
  SLM Student Loan Trust 2004-8,

  Excess Distribution Certificate (the “Certificate”)

  	
   

  

 

Ladies and Gentlemen:

 

In connection
with our acquisition of the above Certificate, we certify that (a) we
understand that the Certificate is not being registered under the Securities
Act of 1933, as amended (the “Securities Act”), or any state securities laws
and is being transferred to us in a transaction that is exempt from the
registration requirements of the Securities Act and any such laws, (b) we have
such knowledge and experience in financial and business matters that we are
capable of evaluating the merits and risks of investments in the Certificate,
(c) we have had the opportunity to ask questions of and receive answers from
the Depositor concerning the purchase of the Certificate and all matters relating
thereto or any additional information deemed necessary to our decision to
purchase the Certificate, (d) we are not acquiring the Certificate by or for
the account of (i) any Benefit Plan subject to Title I of ERISA and/or Section
4975 of the Code, if such acquisition, or the management or servicing of the
Trust or its assets, would cause a non-exempt prohibited transaction in
violation of Section 406 of ERISA and/or Section 4975 of the Code, (ii) any
Benefit Plan subject to a substantially similar federal, state, local or
foreign law, if such acquisition would cause a non-exempt violation of such
substantially similar law, (iii) any person who is not a United States person
within the meaning of Section 7701(a)(30) of the Code, or (iv) any “pass-thru
entity” referred to in Section 1(h)(10)(D), (E) or (F) of the Code, the income
of which pass-thru entity is includible by any person referred to in clause
(iii) above, (e)

 

D-2-1

 

we have not, nor has anyone acting on
our behalf offered, transferred, pledged, sold or otherwise disposed of the
Certificate, any interest in the Certificate or any other similar security to,
or solicited any offer to buy or accept a transfer, pledge or other disposition
of the Certificate, any interest in the Certificate or any other similar
security from, or otherwise approached or negotiated with respect to the
Certificate, any interest in the Certificate or any other similar security
with, any person in any manner, or made any general solicitation by means of
general advertising or in any other manner, or taken any other action, that
would constitute a distribution of the Certificate under the Securities Act or
that would render the disposition of the Certificate a violation of Section 5
of the Securities Act or require registration pursuant thereto, nor will act,
nor has authorized or will authorize any person to act, in such manner with
respect to the Certificate, (f) we are a “qualified institutional buyer” as
that term is defined in Rule 144A under the Securities Act (“Rule 144A”) and
have completed either of the forms of certification to that effect attached
hereto as Annex 1 or Annex 2.  We are
aware that the sale to us is being made in reliance on Rule 144A.  We are acquiring the Certificate for our own
account or for resale pursuant to Rule 144A and further understand that the
Certificate may be resold, pledged or transferred only (1) to a person
reasonably believed to be a qualified institutional buyer that purchases for its
own account or for the account of a qualified institutional buyer to whom
notice is given that the resale, pledge or transfer is being made in reliance
on Rule 144A, or (ii) pursuant to another exemption from registration under the
Securities Act.

 

Except as
otherwise specified herein or as the context may otherwise require, capitalized
terms used but not otherwise defined herein are defined in Appendix A to the
Amended and Restated Trust Agreement dated as of August 25, 2004, among SLM
Funding LLC, as the Depositor,  Chase
Manhattan Bank USA, National Association, not in its individual capacity, but
solely as the Eligible Lender Trustee, and Deutsche Bank Trust Company
Americas, not in its individual capacity, but solely as the Indenture Trustee,
acting as the Excess Distribution Certificate Paying Agent.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  [Print Name of Transferee]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Authorized Officer

  
				

 

D-2-2

 

ANNEX 1

QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

 

[For
Transferees Other Than Registered Investment Companies]

 

The
undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
the Rule 144A Transferee Letter  to
which this certification relates with respect to the Certificate described
therein:

 

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

 

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

 

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

 

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

 

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

 

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

 

1-1

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

1-2

 

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

 

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

 

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

 

 

	
   

  	
   

  
	
  [Print Name of Transferee]

  
	
   

  
	
   

  
	
  By:

  	
   

  	
   

  
	
  Name:

  
	
  Title:

  
	
   

  
	
   

  
	
  Date:

  	
   

  	
   

  
					

 

1-3

 

ANNEX 2

QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

 

[For
Transferees That are Registered Investment Companies]

 

The
undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
the Rule 144A Transferee Letter  to
which this certification relates with respect to the Certificate described
therein:

 

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

 

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

 

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

 

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

 

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

 

2-1

 

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

 

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

 

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

 

 

	
   

  	
   

  	
   

  
	
   

  	
  Print Name of Buyer or Adviser

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [IF AN ADVISER:]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Print Name of Buyer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Date:

  	
   

  	
   

  
						

 

2-2Exhibit
4.2

 

 

 

INTERIM TRUST AGREEMENT

 

 

between

 

SLM FUNDING LLC,

as the Depositor

 

and

 

CHASE MANHATTAN BANK USA,

NATIONAL ASSOCIATION,

not in its individual capacity but solely

as the Interim Eligible Lender Trustee

 

Dated as of August 1,
2004

 

 

 

TABLE OF CONTENTS

 

	
  ARTICLE
  I Definitions and Usage

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  II Appointment of Interim Eligible Lender Trustee

  	
   

  
	
   

  	
  SECTION
  2.1

  	
  Appointment
  of Interim Eligible Lender Trustee

  	
   

  
	
   

  	
  SECTION
  2.2

  	
  Declaration
  of Trust

  	
   

  
	
   

  	
  SECTION
  2.3

  	
  Title
  to Interim Trust Loans

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE III Representations and Warranties
  of the Depositor

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  IV Authority and Duties of Interim Eligible Lender Trustee

  	
   

  
	
   

  	
  SECTION
  4.1

  	
  General
  Authority

  	
   

  
	
   

  	
  SECTION
  4.2

  	
  General
  Duties

  	
   

  
	
   

  	
  SECTION
  4.3

  	
  No
  Duties Except as Specified in this Agreement

  	
   

  
	
   

  	
  SECTION
  4.4

  	
  No
  Action Except Under Specified Documents

  	
   

  
	
   

  	
  SECTION
  4.5

  	
  Restrictions

  	
   

  
	
  ARTICLE
  V Concerning the Interim Eligible Lender Trustee

  	
   

  
	
   

  	
  SECTION
  5.1

  	
  Acceptance
  of Trust and Duties

  	
   

  
	
   

  	
  SECTION
  5.2

  	
  Representations
  and Warranties

  	
   

  
	
   

  	
  SECTION
  5.3

  	
  Not
  Acting in Individual Capacity

  	
   

  
	
   

  	
  SECTION
  5.4

  	
  Interim
  Eligible Lender Trustee Not Liable for the Interim Trust Loans

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  VI Compensation of Interim Eligible Lender Trustee

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII Termination of Interim Trust
  Agreement

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE VIII Successor Interim Eligible
  Lender Trustees

  	
   

  
	
   

  	
  SECTION
  8.1

  	
  Eligibility
  Requirements for Interim Eligible Lender Trustee

  	
   

  
	
   

  	
  SECTION
  8.2

  	
  Resignation
  or Removal of Interim Eligible Lender Trustee

  	
   

  
	
   

  	
  SECTION
  8.3

  	
  Successor
  Interim Eligible Lender Trustee

  	
   

  
	
   

  	
  SECTION
  8.4

  	
  Merger
  or Consolidation of Interim Eligible Lender Trustee

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  IX Miscellaneous

  	
   

  
	
   

  	
  SECTION
  9.1

  	
  Supplements
  and Amendments

  	
   

  
	
   

  	
  SECTION
  9.2

  	
  Notices

  	
   

  
	
   

  	
  SECTION
  9.3

  	
  Severability

  	
   

  
	
   

  	
  SECTION
  9.4

  	
  Separate
  Counterparts

  	
   

  
	
   

  	
  SECTION
  9.5

  	
  Successors
  and Assigns

  	
   

  
	
   

  	
  SECTION
  9.6

  	
  Headings

  	
   

  
	
   

  	
  SECTION
  9.7

  	
  Governing
  Law

  	
   

  
	
   

  	
   

  	
   

  
	
  APPENDIX A 
  Definitions and Usage

  	
   

  
					

 

i

 

INTERIM TRUST AGREEMENT

 

INTERIM
TRUST AGREEMENT (the “Agreement”), dated as of August 1, 2004, between SLM
FUNDING LLC, a Delaware limited liability company (the “Depositor”), and CHASE
MANHATTAN BANK USA, NATIONAL ASSOCIATION, a national banking association, not
in its individual capacity but solely as Interim Eligible Lender Trustee (the
“Interim Eligible Lender Trustee”).

 

WHEREAS, the Depositor is a limited liability company
established for the purpose of purchasing Loans from SLM Education Credit
Finance Corporation (“SLM ECFC”), among others, for immediate resale to special
purpose trusts established for the purpose of financing the purchase of such
Loans;

 

WHEREAS, on the Closing Date, the Depositor will enter
into a Purchase Agreement with SLM ECFC, and a Sale Agreement with SLM Student
Loan Trust 2004-8 for the purpose of effecting the purchase and resale of such
Loans; and

 

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

 

NOW, THEREFORE, the Depositor and the Interim Eligible
Lender Trustee hereby agree as follows:

 

ARTICLE I

 

Definitions
and Usage

 

Except as otherwise specified herein or as the context
may otherwise require, capitalized terms used but not otherwise defined herein
are defined in Appendix A-1 hereto, which also contains rules as to usage that shall
be applicable herein.

 

ARTICLE II

 

Appointment
of Interim Eligible Lender Trustee

 

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

 

a.                                       To
hold legal title to the Interim Trust Loans on behalf and for the benefit of
the Depositor;

 

b.                                      To
enter into and perform its obligations as the Interim Eligible Lender Trustee
under this Agreement, the Purchase Agreement and the Sale Agreement; and

 

1

 

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

 

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

 

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

 

ARTICLE III

 

Representations
and Warranties of the Depositor

 

The Depositor hereby represents and warrants to the
Interim Eligible Lender Trustee that:

 

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

 

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

 

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

 

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

 

2

 

ARTICLE IV

 

Authority
and Duties of Interim Eligible Lender Trustee

 

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

 

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

 

SECTION 4.3       No
Duties Except as Specified in this Agreement.  The Interim Eligible Lender Trustee shall
not have any duty or obligation to manage, make any payment with respect to,
register, record, sell, service, dispose of or otherwise deal with the Interim
Trust Loans, or to otherwise take or refrain from taking any action under, or
in connection with, any document contemplated hereby to which the Interim
Eligible Lender Trustee is a party, except as expressly provided by the terms
of the Purchase Agreement, the Sale Agreement or this Agreement; and no implied
duties or obligations shall be read into this Agreement, the Purchase Agreement
or the Sale Agreement against the Interim Eligible Lender Trustee.

 

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

 

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

 

ARTICLE V

 

Concerning
the Interim Eligible Lender Trustee

 

SECTION 5.1       Acceptance
of Trust and Duties.  The
Interim Eligible Lender Trustee accepts the trust hereby created and agrees to
perform its duties hereunder with respect to such trust but only upon the terms
of this Agreement.  The Interim Eligible
Lender Trustee shall not be answerable or accountable hereunder or under the
Purchase Agreement or the Sale Agreement under any circumstances, except (i)
for its own willful misconduct or negligence or (ii) in the case of the
inaccuracy of any representation or warranty contained in Section 5.2

 

3

 

below expressly made by the Interim Eligible Lender Trustee.  In particular, but not by way of limitation
(and subject to the exceptions set forth in the preceding sentence):

 

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

 

2.                                       No
provision of this Agreement, the Purchase Agreement or the Sale Agreement shall
require the Interim Eligible Lender Trustee to expend or risk funds or
otherwise incur any financial liability in the performance of any of its rights
or powers hereunder or under the Purchase Agreement or the Sale Agreement, if
the Interim Eligible Lender Trustee shall have reasonable grounds for believing
that repayment of such funds or adequate indemnity against such risk or
liability is not reasonably assured or provided to it.

 

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

 

SECTION 5.2       Representations
and Warranties.  The
Interim Eligible Lender Trustee hereby represents and warrants to the Depositor
that:

 

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

 

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

 

3.                                       Neither
the execution nor the delivery by it of the Purchase Agreement, the Sale
Agreement or this Agreement, nor the consummation by it of the transactions
contemplated thereby or hereby nor compliance by it with any of the terms or
provisions thereof or hereof will contravene any Federal or Delaware state law,
governmental rule or regulation governing the banking or trust powers of the
Interim Eligible Lender Trustee or any judgment or order binding on it, or
constitute any default under its charter documents or by-laws or any indenture,
mortgage, contract, agreement or instrument to which it is a party or by which
any of its properties may be bound.

 

4.                                       It
is and will maintain its status as an “eligible lender” (as such term is
defined in Section 435(d) of the Higher Education Act) for purposes of holding
legal title to the Interim Trust Loans as contemplated by this Agreement, the
Purchase

 

4

 

Agreement and the Sale Agreement.

 

SECTION 5.3       Not
Acting in Individual Capacity. 
Except as provided in this Article V, in accepting the trust hereby
created, Chase Manhattan Bank USA, National Association acts solely as Interim
Eligible Lender Trustee hereunder and not in its individual capacity.

 

SECTION 5.4       Interim
Eligible Lender Trustee Not Liable for the Interim Trust Loans.  The Interim Eligible Lender Trustee makes no
representations as to the validity or sufficiency of this Agreement, the
Purchase Agreement or the Sale Agreement, or of any Interim Trust Loan or
related documents.  The Interim Eligible
Lender Trustee shall at no time have any responsibility for or with respect to
the sufficiency of the Interim Trust Loans; the validity or completeness of the
assignment to the Interim Eligible Lender Trustee of legal title to any Interim
Trust Loan on behalf and for the benefit of the Depositor; the performance or
enforcement (except as expressly set forth in the Purchase Agreement or the
Sale Agreement) of any Interim Trust Loan; the compliance by the Depositor or
the Servicer with any warranty or representation made under any Basic Document
or in any related document or the accuracy of any such warranty or
representation or any action or inaction of the Administrator, the Indenture
Trustee or the Servicer or any subservicer taken in the name of the Interim
Eligible Lender Trustee.

 

ARTICLE VI

 

Compensation
of Interim Eligible Lender Trustee

 

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

 

ARTICLE VII

 

Termination
of Interim Trust Agreement

 

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

 

ARTICLE VIII

 

Successor
Interim Eligible Lender Trustees

 

SECTION 8.1       Eligibility
Requirements for Interim Eligible Lender Trustee.  The Interim Eligible Lender Trustee shall at
all times be a corporation or banking association (i) qualifying as an
“eligible lender” as such term is defined in Section 435(d) of the Higher

 

5

 

Education Act for purposes of holding legal title to the Interim Trust
Loans on behalf and for the benefit of the Depositor, with a valid lender
identification number with respect to the Interim Trust Loans from the
Department; and (ii) being authorized to exercise corporate trust powers and
hold legal title to the Interim Trust Loans. 
In case at any time the Interim Eligible Lender Trustee shall cease to
be eligible in accordance with the provisions of this Section, the Interim
Eligible Lender Trustee shall resign immediately in the manner and with the
effect specified in Section 8.2.

 

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

 

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

 

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

 

SECTION 8.3       Successor
Interim Eligible Lender Trustee.  Any successor Interim Eligible Lender Trustee appointed pursuant
to Section 8.2 shall execute, acknowledge and deliver to the Depositor and to
its predecessor Interim Eligible Lender Trustee an instrument accepting such
appointment under this Agreement, and thereupon the resignation or removal of
the predecessor Interim Eligible Lender Trustee shall become effective and such
successor Interim Eligible Lender Trustee, without any further act, deed or
conveyance, shall become fully vested with all the rights, powers, duties and
obligations of its predecessor under this Agreement, with like effect as if
originally named as Interim Eligible Lender Trustee.  The predecessor

 

6

 

Interim Eligible Lender Trustee shall upon payment of its fees and
expenses deliver to the successor Interim Eligible Lender Trustee all
documents, statements, moneys and properties held by it under this Agreement
and shall assign, if permissible, to the successor Interim Eligible Lender
Trustee any lender identification number obtained from the Department with
respect to the Interim Trust Loans; and the Depositor and the predecessor
Interim Eligible Lender Trustee shall execute and deliver such instruments and
do such other things as may reasonably be required for fully and certainly
vesting and confirming in the successor Interim Eligible Lender Trustee all
such rights, powers, duties and obligations.

 

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

 

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

 

ARTICLE IX

 

Miscellaneous

 

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

 

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

 

This Agreement may also be amended from time to time
by the Depositor and the Interim Eligible Lender Trustee, with prior written
notice to the Rating Agencies, and, if any such

 

7

 

amendment would adversely affect, in a material respect, the interests
of any Swap Counterparty, with the consent of that Swap Counterparty.

 

Promptly after the execution of any such amendment or
consent, the Interim Eligible Lender Trustee shall furnish written notification
of the substance of such amendment or consent to the Indenture Trustee and each
of the Rating Agencies.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

8

 

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

 

9

 

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

 

 

	
   

  	
  CHASE MANHATTAN BANK USA,

  
	
   

  	
  NATIONAL ASSOCIATION,

  
	
   

  	
  not in its individual capacity but solely

  
	
   

  	
  as the Interim Eligible Lender Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/

  	
  JOHN J. CASHIN

  	
   

  
	
   

  	
   

  	
  Name:

  	
  John J. Cashin

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SLM FUNDING LLC,

  
	
   

  	
  as the Depositor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/

  	
  MARK L. HELEEN

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Mark L. Heleen

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
								

 

10

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