Document:

QuickLinks
 -- Click here to rapidly navigate through this document

 
 

Exhibit 4.9    
    

SUBSIDIARY GUARANTEE  

        GUARANTEE dated as of                        , 200  ,
by                        ,
a                    corporation,
and                        ,
a                    corporation,
(individually and collectively, the "Guarantor"), in favor
of                        ,
a                    as Trustee (the
"Trustee") for the Holders of the    % Notes due                    (the
"Securities") issued
pursuant to the Indenture dated                        , 200  between Career Education Corporation (the "Company") and
the Trustee (as amended, modified or supplemented from time to time in
accordance with its terms, the "Indenture"; capitalized terms used herein and not otherwise defined herein shall have the meanings attributed thereto in
the Indenture). 

        The
Company has issued the Securities to the Holders subject to the terms and conditions of the Indenture. The obligation of the Holders to purchase the Securities is conditioned on the
execution and delivery by the Guarantor of a guarantee in the form hereof of the due and punctual payment and performance of (a) all obligations with respect to the Securities at any time and
from time to time under the Indenture, and (b) the principal of, interest and any premium on the Securities, when and as due, whether at maturity, by acceleration, upon one or more dates set
for prepayment or otherwise, (the obligations described in (a) and (b) above being herein referred to as the "Guaranteed Obligations"). 

        Accordingly,
in consideration of the premises and in order to induce the Holders to purchase the Securities, each Guarantor hereby, jointly and severally, agrees as follows: 

        Section
1.    Guarantee.    Each Guarantor hereby, jointly and severally, irrevocably and unconditionally, guarantees
the punctual payment when due, whether at stated maturity, by acceleration or otherwise, and the punctual performance, of all present and future Guaranteed Obligations. 

        Section
2.    Waiver.    Each Guarantor hereby absolutely, unconditionally and irrevocably waives, to the fullest
extent permitted by law, (i) promptness, diligence, notice of acceptance and any other notice with respect to this Guarantee, (ii) presentment, demand of payment, protest, notice of
dishonor or nonpayment and any other notice with respect to the Guaranteed Obligations, (iii) any requirement that the Trustee or the Holders protect, secure, perfect or insure any security
interest or Lien or any
property subject thereto or exhaust any right or take any action against the Company or any other Person or any security, and (iv) any other action, event or precondition to the enforcement of
this Guarantee or the performance by each Guarantor of its obligations hereunder. 

        Section
3.    Guarantee Absolute.    

        (a)   This
Guarantee is one of payment and performance, not collection, and the obligations of the Guarantors under this Guarantee are independent of the obligations of the
Company under the Indenture or the Securities, and a separate action or actions may be brought and prosecuted against each Guarantor to enforce this Guarantee, irrespective of whether any action is
brought against the Company or whether the Company is joined in any such action or actions. 

        (b)   The
liability of the Guarantors under this Guarantee shall, to the fullest extent permitted under applicable law, be absolute and unconditional irrespective of: 

	(i)
	any
invalidity, irregularity, voidability, voidness or unenforceability of the Indenture, the Securities or any other agreement or instrument relating thereto, or of all
or any part of the Guaranteed Obligations or of any security therefor;

	(ii)
	any
change in the manner, place or terms of payment or performance, and/or any change or extension of the time of payment or performance of, renewal or alteration of,
any Guaranteed Obligation, any security therefor, or any liability incurred directly or indirectly in respect thereof, or any other amendment or waiver of or any consent to departure from the
Indenture or the Securities; 

 

	(iii)
	any
sale, exchange, release, surrender, realization upon any property by whomsoever at any time pledged or mortgaged to secure, or howsoever securing, all or any of
the Guaranteed Obligations, or any amendment or waiver of or consent to departure from any other guaranty for all or any of the Guaranteed Obligations;

	(iv)
	any
exercise or failure to exercise any rights against the Company or others (including the Guarantors);

	(v)
	any
settlement or compromise of any Guaranteed Obligation, any security therefor or any liability (including any of those hereunder) incurred directly or indirectly in
respect thereof or hereof, and any subordination of the payment of all or any part thereof to the payment of any Guaranteed Obligation (whether due or not) of the Company to creditors of the Company
other than the Guarantors;

	(vi)
	any
manner of application of any collateral, or proceeds thereof, to all or any of the Guaranteed Obligations, or any manner of sale or other disposition of any
collateral for all or any of the Guaranteed Obligations or any other assets of the Company or any of its Subsidiaries;

	(vii)
	any
change, restructuring or termination of the existence of any of the Company or any of its Subsidiaries; or

	(viii)
	any
other agreements or circumstance of any nature whatsoever which might otherwise constitute a defense available to, or a discharge of, this Guarantee and/or
obligations of the Guarantors hereunder, or a defense to, or discharge of, any of the Company or any other Person or party relating to this Guarantee or the obligations of the Guarantors hereunder or
otherwise with respect to the Guaranteed Obligations, in each case other than the indefeasible payment in full of the Guaranteed Obligations. 

        (c)   The
Trustee may at any time and from time to time (whether or not after revocation or termination of this Guarantee) without the consent of, or notice (except as shall
be required by applicable law that cannot be waived) to, the Guarantors, and without incurring responsibility to the Guarantors or impairing or releasing the obligations of the Guarantors hereunder,
apply any sums by whomsoever paid or howsoever realized to any Guaranteed Obligation regardless of what Guaranteed Obligations remain unpaid. 

        (d)   This
Guarantee shall continue to be effective or be reinstated, as the case may be, if claim is ever made upon the Trustee or Holders for repayment or recovery of any
amount or amounts received by the Trustee or Holders in payment or on account of any of the Guaranteed Obligations and the Trustee or the Holders repay all or part of said amount by reason of any
judgment, decree or order of any court or administrative body having jurisdiction over the Trustee or Holders or their property, or any settlement or compromise of any such claim effected by the
Trustee or Holders with any such claimant (including the Company), the Guarantors shall be and remain liable to the Trustee and Holders for the amount so repaid or recovered to the same extent as if
such amount had never originally been received by the Trustee or Holders. 

        Section
4.    Continuing Guarantee.    This Guarantee is a continuing one and shall (i) remain in full force
and effect until the indefeasible payment and satisfaction in full of the Guaranteed Obligations, (ii) be binding upon each Guarantor and, except as provided in the Indenture, its successors
and assigns, and (iii) inure to the benefit of, and be enforceable by, the Trustee and its successors, transferees and assigns. All obligations to which this Guarantee applies or may apply
under the terms hereof shall be conclusively presumed to have been created in reliance hereon. 

        Section
5.    Representations, Warranties and Covenants.    Each Guarantor hereby represents, warrants and covenants
to and with the Trustee that: 

2

 

        (a)   The
Guarantor has the power to execute and deliver this Guarantee and to incur and perform its obligations hereunder; 

        (b)   The
Guarantor has duly taken all necessary action to authorize the execution, delivery and performance of this Guarantee and to incur and perform its obligations
hereunder; 

        (c)   No
consent, approval, authorization or other action by, and no notice to or of, or declaration or filing with, any governmental or other public body, or any other
Person, is required for the due authorization, execution, delivery and performance by the Guarantor of this Guarantee or the consummation of the transactions contemplated hereby; 

        (d)   The
execution, delivery and performance by the Guarantor of this Guarantee do not and will not violate or otherwise conflict with any term or provision of any material
agreement, instrument, judgment, decree, order or any statute, rule or governmental regulation applicable to the Guarantor or result in the creation of any lien upon any of its properties or assets
pursuant thereto; 

        (e)   This
Guarantee has been duly authorized, executed and delivered by the Guarantor and constitutes the legal, valid and binding obligation of the Guarantor, and is
enforceable against the Guarantor in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditors' rights generally and
general principles of equity (regardless of whether such enforcement is sought in a proceeding in equity or at law); 

        (f)    The
Guarantor will take all necessary actions to comply with the provisions of the Indenture to the extent any such provision is applicable to the Subsidiaries of the
Company. 

        Section
6.    Expenses.    The Guarantors will upon demand reimburse the Trustee for any reasonable sums, costs, and
expenses which the Trustee may reasonably pay or incur pursuant to the provisions of this Guarantee or in negotiating, executing, perfecting, defending, protecting or enforcing this Guarantee or in
enforcing payment of the Guaranteed Obligations or otherwise in connection with the provisions hereof, including court costs, collection charges, travel expenses, and reasonable attorneys' fees,
together with interest thereon as specified in Section 12 hereof. 

        Section
7.    Terms.    

        (a)   The
words "include," "includes" and "including:" shall be deemed to be followed by the phrase "without limitation". 

        (b)   All
references herein to Sections and subsections shall be deemed to be references to Sections and subsections of this Guarantee unless the context shall otherwise
require. 

        Section
8.    Amendments and Modification.    No provision hereof shall be modified, altered or limited except by
written instrument expressly referring to this Guarantee and to such provision, and executed by the party to be charged. 

        Section
9.    Subrogation.    Upon making full payment with respect to any Guaranteed Obligation hereunder, the
Guarantors shall be subrogated to the rights of the Trustee and Holders against the Company with respect to such obligation; provided that the
Guarantors shall not enforce any payment by way of subrogation so long as any Guaranteed Obligation remains unpaid. 

        Section
10.    Remedies Upon Default; Right of Set-Off.    (a) Upon the occurrence and during the continuance
of any Event of Default, the Trustee may, without notice to or demand upon the Company or the Guarantors, declare any Guaranteed Obligations immediately due and payable, and shall be entitled to
enforce the obligations of the Guarantor hereunder. 

        (b)   Upon
such declaration by the Trustee, the Trustee is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply
any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time 

3

 

owing
by the Trustee to or for the credit or the account of any Guarantor against any and all of the obligations of such Guarantor now or hereafter existing under this Guarantee that are then due,
whether or not the Trustee shall have made any demand under this Guarantee. The Trustee agrees promptly to notify such Guarantor after any such set-off and application,  provided that the failure to give
such notice shall not affect the validity of such set-off and application. The rights of the Trustee under this
Section 10 are in addition to other rights and remedies (including other rights of set-off) which the Trustee may have. 

        Section
11.    Statute of Limitations.    Any acknowledgment or new promise, whether by payment of principal or
interest or otherwise and whether by the Company or others (including any Guarantor), with respect to any of the Guaranteed Obligations shall, to the fullest extent permitted under applicable law, if
the statute of limitations in favor of the Guarantors against the Trustee or Holders shall have commenced to run, toll the running of such statute of limitations and, if the period of such statute of
limitations shall have expired, prevent the operation of such statute of limitations. 

        Section
12.    Interest.    All amounts payable from time to time by the Guarantors hereunder shall bear interest at
an interest rate per annum determined in accordance with the Securities and Section 3.01 of the Indenture as if such amounts were payable by the Company. 

        Section
13.    Rights and Remedies Not Waived.    No act, omission or delay by the Trustee shall constitute a waiver
of its rights and remedies hereunder or otherwise. No single or partial waiver by the Trustee or Holders of any default hereunder or right or remedy which it may have shall operate as a waiver of any
other default, right or remedy or of the same default, right or remedy on a future occasion. 

        Section
14.    Admissibility of Guarantee.    The Guarantors agree that any copy of this Guarantee signed by the
Guarantors and transmitted by telecopier for delivery to the Trustee shall be admissible in evidence as the original itself in any judicial or administrative proceeding, whether or not the original is
in existence. 

        Section
15.    Notices.    All notices, requests and demands to or upon the Trustee or the Guarantors under this
Agreement shall be in writing and given as provided in the Indenture (with respect to the Guarantors, to the address of the Company as set forth in the Indenture). 

        Section
16.    Counterparts.    This Guarantee may be executed in any number of counterparts and by the different
parties hereto on separate counterparts, each of which when so executed and delivered shall be an original and all of which shall together constitute one and the same agreement. 

        Section
17.    CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL; ETC.    (a) EACH GUARANTOR HEREBY SUBMITS FOR
ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, TO THE NONEXCLUSIVE JURISDICTION OF THE SUPREME COURT OF THE STATE OF NEW YORK AND OF THE UNITED STATES DISTRICT COURT FOR THE
SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT THEREFROM IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT. EACH GUARANTOR HEREBY IRREVOCABLY WAIVES, IN CONNECTION WITH
ANY SUCH ACTION OR PROCEEDING, (i) TRIAL BY JURY, (ii) TO THE EXTENT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED
ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY SUCH ACTION OR PROCEEDING IN SUCH RESPECTIVE JURISDICTIONS AND (iii) THE RIGHT TO INTERPOSE ANY
SET-OFF, COUNTERCLAIM OR CROSS-CLAIM (UNLESS SUCH SET-OFF, COUNTERCLAIM OR CROSS-CLAIM COULD NOT, BY REASON OF ANY APPLICABLE FEDERAL OR STATE PROCEDURAL LAWS, BE INTERPOSED, PLEADED OR ALLEGED IN ANY
OTHER ACTION). 

4

 

        (a)   Each
Guarantor irrevocably consents to the service of process of any of the aforementioned courts in any such action or proceeding by the mailing of copies thereof by
certified mail, postage prepaid, to such Guarantor at its address determined pursuant to Section 15 hereof. 

        (b)   Nothing
herein shall affect the right of the Trustee to serve process in any other manner permitted by law or to commence legal proceedings or otherwise proceed against
any Guarantor in any other jurisdiction. 

        (c)   Each
Guarantor hereby waives presentment, notice of dishonor and protests of all instruments included in or evidencing any of the Guaranteed Obligations, and any and all
other notices and demands whatsoever (except as expressly provided herein). 

        Section
18.    GOVERNING LAW.    THIS GUARANTEE SHALL BE CONSTRUCTED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF
THE STATE OF NEW YORK WITHOUT REGARD TO ANY CONFLICTS OF LAWS PRINCIPLES THEREOF THAT WOULD CALL FOR THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION. 

        Section
19.    Captions; Separability.    (a) The captions of the Sections and subsections of this Guarantee
have been inserted for convenience only and shall not in any way affect the meaning or construction of any provision of this Guarantee. 

        (b)   If
any term of this Guarantee shall be held to be invalid, illegal or unenforceable, the validity of all other terms hereof shall in no way be affected thereby. 

        Section
20.    Enforcement.    If, in any action to enforce this Guarantee or any proceeding to allow or adjudicate a
claim under this Guarantee, a court of competent jurisdiction determined that enforcement of this Guarantee against any Guarantor for the full amount of the Guaranteed Obligations is not lawful under,
or would be subject to avoidance under, Section 548 of the United States Bankruptcy Code or any applicable provision of comparable state law, the liability of such Guarantor under this
Guarantee shall be limited to the maximum amount lawful and not subject to avoidance under such law. 

        Section
21.    Contribution.    Each Guarantor agrees that in the event a payment shall be made by any Guarantor (the
"Claiming Guarantor") under this Guarantee or assets of such Claiming Guarantor shall be sold pursuant to any mortgage, security agreement or similar
instrument or agreement to satisfy a claim of the Trustee or Holders, each other Guarantor (a "Contributing Guarantor") shall indemnify the Claiming
Guarantor in an amount equal to the amount of such payment or the greater of the book value or the fair market value of such assets, as the case may be, multiplied by a fraction of which the numerator
shall be the net worth of the Contributing Guarantor on the date hereof and the denominator shall be the aggregate net worth of all Guarantors on the date hereof. 

        Section
22.    Acknowledgment of Receipt.    Each Guarantor acknowledges receipt of a copy of this Guarantee, the
Indenture and the Securities. 

[Remainder
of Page Intentionally Left Blank] 

5

        IN WITNESS WHEREOF, each Guarantor has duly executed or caused this Guarantee to be duly executed in the State of New York as of the date first above set forth. 

	 	 	

	

 	
 	

By:	

 
	 	 	 	
 Name:

Title:
	

 	
 	

	

 	
 	

By:	

 
	 	 	 	
 Name:

Title:
	

 	
 	

	

 	
 	

By:	

 
	 	 	 	
 Name:

Title:
	

 	
 	

	

 	
 	

By:	

 
	 	 	 	
 Name:

Title:

QuickLinks

Exhibit 4.9<Page>

                                                                     EXHIBIT 4.1

================================================================================

                              AMENDED AND RESTATED
                                 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 Eligible Lender Trustee

                            Dated as of May 20, 2003

================================================================================

<Page>

                                TABLE OF CONTENTS

<Table>
<Caption>
                                                                                                    Page
                                                                                                    ----
                                               ARTICLE I

<S>                                                                                                  <C>
SECTION 1.1  Definitions and Usage....................................................................1

                                               ARTICLE II
                                              ORGANIZATION

SECTION 2.1  Creation of Trust; Name..................................................................1
SECTION 2.2  Office...................................................................................1
SECTION 2.3  Purposes and Powers......................................................................1
SECTION 2.4  Appointment of Eligible Lender Trustee...................................................2
SECTION 2.5  Initial Capital Contribution of Trust Estate.............................................2
SECTION 2.6  Declaration of Trust.....................................................................2
SECTION 2.7  Liability of the Holders of the Excess Distribution Certificate..........................3
SECTION 2.8  Title to Trust Property..................................................................3
SECTION 2.9  Representations, Warranties, and Covenants of the Depositor..............................3
SECTION 2.10  Intentionally Omitted...................................................................4

                                              ARTICLE III
                        BENEFICIAL OWNERSHIP AND EXCESS DISTRIBUTION CERTIFICATE

SECTION 3.1  Initial Beneficial Ownership.............................................................4
SECTION 3.2  Intentionally Omitted....................................................................4
SECTION 3.3  Intentionally Omitted....................................................................4
SECTION 3.4  Intentionally Omitted....................................................................4
SECTION 3.5  Intentionally Omitted....................................................................4
SECTION 3.6  Intentionally Omitted....................................................................5
SECTION 3.7  Intentionally Omitted....................................................................5
SECTION 3.8  Corporate Trust Office...................................................................5
SECTION 3.9  Intentionally Omitted....................................................................5
SECTION 3.10  Intentionally Omitted...................................................................5
SECTION 3.11  Intentionally Omitted...................................................................5
SECTION 3.12  Intentionally Omitted...................................................................5
SECTION 3.13  The Excess Distribution Certificate.....................................................5

                                               ARTICLE IV
                                   ACTIONS BY ELIGIBLE LENDER TRUSTEE

SECTION 4.1  Prior Notice to the Holder of the Excess Distribution Certificate With
               Respect to Certain Matters............................................................10
SECTION 4.2  Action with Respect to Sale of the Trust Student Loans..................................11
SECTION 4.3  Action with Respect to Bankruptcy.......................................................11
SECTION 4.4  Restrictions............................................................................11
</Table>

                                                  -i-
<Page>

<Table>
<S>                                                                                                  <C>
SECTION 4.5  Intentionally Omitted...................................................................11

                                               ARTICLE V
                               APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

SECTION 5.1  Application of Trust Funds..............................................................11
SECTION 5.2  Method of Payment.......................................................................11
SECTION 5.3  No Segregation of Moneys; No Interest...................................................12
SECTION 5.4  Reports to the Holder of the Excess Distribution Certificate, the Internal
               Revenue Service and Others............................................................12
SECTION 5.5  Intentionally Omitted...................................................................12
SECTION 5.6  Intentionally Omitted...................................................................12

                                               ARTICLE VI
                            AUTHORITY AND DUTIES OF ELIGIBLE LENDER TRUSTEE

SECTION 6.1  General Authority.......................................................................12
SECTION 6.2  General Duties..........................................................................13
SECTION 6.3  Action upon Instruction.................................................................13
SECTION 6.4  No Duties Except as Specified in this Agreement or in Instructions......................14
SECTION 6.5  No Action Except Under Specified Documents or Instructions..............................14
SECTION 6.6  Restrictions............................................................................15

                                              ARTICLE VII
                                 CONCERNING THE ELIGIBLE LENDER TRUSTEE

SECTION 7.1  Acceptance of Trusts and Duties.........................................................15
SECTION 7.2  Intentionally Omitted...................................................................16
SECTION 7.3  Representations and Warranties..........................................................16
SECTION 7.4  Reliance; Advice of Counsel.............................................................17
SECTION 7.5  Not Acting in Individual Capacity.......................................................17
SECTION 7.6  Eligible Lender Trustee Not Liable for Excess Distribution Certificates or
               Trust Student Loans...................................................................18
SECTION 7.7  Eligible Lender Trustee May Own Notes...................................................18

                                              ARTICLE VIII
                         COMPENSATION AND INDEMNITY OF ELIGIBLE LENDER TRUSTEE

SECTION 8.1  Eligible Lender Trustee's Fees and Expenses.............................................18
SECTION 8.2  Payments to the Eligible Lender Trustee.................................................19
SECTION 8.3  Indemnity...............................................................................19

                                               ARTICLE IX
                                     TERMINATION OF TRUST AGREEMENT

SECTION 9.1  Termination of Trust Agreement..........................................................19
</Table>

                                                  -ii-
<Page>

<Table>
<S>                                                                                                  <C>
                                               ARTICLE X
               SUCCESSOR ELIGIBLE LENDER TRUSTEES AND ADDITIONAL ELIGIBLE LENDER TRUSTEES

SECTION 10.1  Eligibility Requirements for Eligible Lender Trustee...................................19
SECTION 10.2  Resignation or Removal of Eligible Lender Trustee......................................20
SECTION 10.3  Successor Eligible Lender Trustee......................................................21
SECTION 10.4  Merger or Consolidation of Eligible Lender Trustee.....................................21
SECTION 10.5  Appointment of Co-Eligible Lender Trustee or Separate Eligible Lender Trustee..........22

                                               ARTICLE XI
                                             MISCELLANEOUS

SECTION 11.1  Supplements and Amendments.............................................................23
SECTION 11.2  No Legal Title to Trust Estate in Holder of the Excess Distribution Certificate........24
SECTION 11.3  Limitations on Rights of Others........................................................24
SECTION 11.4  Notices................................................................................24
SECTION 11.5  Severability...........................................................................24
SECTION 11.6  Separate Counterparts..................................................................25
SECTION 11.7  Successors and Assigns.................................................................25
SECTION 11.8  No Petition............................................................................25
SECTION 11.9  No Recourse............................................................................25
SECTION 11.10  Headings..............................................................................25
SECTION 11.11  Governing Law.........................................................................26

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  From of Transferee Letter (Rule 144A)

Appendix A to Trust Agreement
</Table>

                                                 -iii-
<Page>

     THIS AMENDED AND RESTATED TRUST AGREEMENT dated as of May 20, 2003, between
SLM FUNDING LLC, a Delaware limited liability company, as the Depositor, and
CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION, a national banking association,
not in its individual capacity but solely as the Eligible Lender Trustee.

                                   WITNESSETH:

     The Depositor and the Eligible Lender Trustee are party to the Trust
Agreement dated as of April 24, 2003 (the "Short-Form Trust Agreement") pursuant
to which a Trust known as "SLM Student Loan Trust 2003-5" was established;

      The Depositor 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 2003-5", 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 2.8.1 of the Administration Agreement, to fund
     the Capitalized Interest Account pursuant to Section 2.8.2 of the
     Administration Agreement, to make the

<Page>

     up-front payment under the Interest Rate Cap Agreement and to purchase the
     Trust Student Loans pursuant to the Sale Agreement, as applicable;

         (iii) to Grant the Trust Estate to the Indenture Trustee pursuant to
     the Indenture, and to hold, manage and distribute to the holder of the
     Excess Distribution Certificate 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 to which it is to be a party, including, but not limited to,
     making the required payments set forth under the Currency Swap, if any;

         (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 including but
     not limited to entering into and performing its obligations under the
     Interest Rate Cap Agreement and the Currency Swap to which it is a party;
     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, 2.8.1 and 2.8.2 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 $1.00. 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 holder of the Excess
Distribution Certificate, 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 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.

                                       -2-
<Page>

     SECTION 2.7     LIABILITY OF THE HOLDERS OF THE EXCESS DISTRIBUTION
CERTIFICATE.

     (a)  Notwithstanding the provisions of Section 3803 of the Delaware
          Statutory Trust Act, the Depositor shall be liable directly to and
          shall indemnify the injured party for all losses, claims, damages,
          liabilities and expenses of the Trust (including Expenses, to the
          extent that the assets of the Trust that would remain if all of the
          Notes were paid in full would not be sufficient to pay any such
          liabilities, or if such liabilities in fact are not paid out of the
          Trust Estate) to the extent that the Depositor would be liable if the
          Trust were a partnership under the Delaware Revised Uniform Limited
          Partnership Act in which the Depositor were a general partner;
          PROVIDED, HOWEVER, that the Depositor shall not be liable for any
          losses incurred by a beneficial owner of a Note in its capacity as a
          holder of limited recourse debt or to any holder of the Excess
          Distribution Certificate. In addition, any third party creditors of
          the Trust (other than in connection with the obligations to
          Noteholders excepted above) shall be third party beneficiaries of this
          paragraph.

     (b)  No holder of the Excess Distribution Certificate (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 necessary 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,

                                       -3-
<Page>

          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 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 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.

     (e)  The Depositor agrees for the benefit of the Noteholders and the holder
          of the Excess Distribution Certificate that it will comply with each
          of the requirements set forth in Certificate of Formation and its
          limited liability company operating agreement and with each of the
          undertakings set forth in Annex I hereto.

     SECTION 2.10.   INTENTIONALLY OMITTED.

                                   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     INTENTIONALLY OMITTED.

     SECTION 3.3     INTENTIONALLY OMITTED.

     SECTION 3.4     INTENTIONALLY OMITTED.

     SECTION 3.5     INTENTIONALLY OMITTED.

     SECTION 3.6     INTENTIONALLY OMITTED.

     SECTION 3.7     INTENTIONALLY OMITTED.

     SECTION 3.8     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

                                       -4-
<Page>

Distribution Certificate Registrar's New York office and its authenticating
agent's office are located at 4 New York Plaza, New York, NY, 10004, Attention:
Structured Finance Services.

     SECTION 3.9     INTENTIONALLY OMITTED.

     SECTION 3.10.   INTENTIONALLY OMITTED.

     SECTION 3.11.   INTENTIONALLY OMITTED.

     SECTION 3.12.   INTENTIONALLY OMITTED.

     SECTION 3.13.   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 2.7.C.18, 2.8.1D and 2.8.2B.2 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.

     (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 chairman of the board, its president or any vice president,
without further action by the Depositor. 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, an 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. Chase Manhattan Bank USA, National
Association shall be the initial Excess Distribution Certificate Registrar.

                                       -5-
<Page>

     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 holder of the Excess Distribution
Certificate, 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
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 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 and any beneficial interest in the
Excess Distribution Certificate may not be acquired by (a) employee benefit
plans (as defined in section 3(3) of ERISA) that are subject to the provisions
of Title I of ERISA, (b) plans described in section 4975(e)(1) of the Code,
including individual retirement accounts described in Section 408(a) of the Code
or Keogh plans, or (c) Benefit Plans. By accepting and holding the Excess
Distribution Certificate or an interest therein, the holder thereof shall be
deemed to have represented and warranted that it is not a Benefit Plan, is not
purchasing the Excess Distribution Certificate on behalf of a Benefit Plan and
is not using assets of a Plan to purchase the Excess Distribution Certificate
and to have agreed that if the Excess Distribution Certificate is deemed to be a
plan asset, the holder thereof will promptly dispose of the Excess Distribution
Certificate.

     (d)  MUTILATED, DESTROYED, LOST OR STOLEN EXCESS DISTRIBUTION CERTIFICATE.
If (1) the 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

                                       -6-
<Page>

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 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
holder of the Excess Distribution Certificate from the amounts received from the
Indenture Trustee pursuant to Sections 2.7.C.18, 2.8.1D and 2.8.2B.2 of the
Administration Agreement and shall report the amounts of such distributions to
the Eligible Lender 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 co-paying agent shall initially be the Indenture Trustee. 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 Eligible Lender 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

                                       -7-
<Page>

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 holder of the Excess Distribution Certificate 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
Sections 7.1, 7.3, 7.4, 7.5 and 8.1 shall apply to the Eligible Lender Trustee
also in its role as Excess Distribution Certificate Paying Agent, for so long as
the Eligible Lender Trustee shall act as 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.

     (h)  RESTRICTIONS ON TRANSFER OF THE EXCESS DISTRIBUTION CERTIFICATE. (i)
The Excess Distribution Certificate may be transferred to the Depositor or 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.

          (i)  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

                                       -8-
<Page>

     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 holder of the Excess Distribution Certificate
     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 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 Distribution Certificate directly or indirectly for, on behalf of or
     with the assets of a Plan. If any proposed transferee shall become a holder
     of the Excess Distribution Certificate in violation of these provisions,
     then the last preceding permitted transferee shall be restored, to the
     extent permitted by law, to all rights as holder of the Excess Distribution
     Certificate, 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 or taking any action with
     respect to such holder under this Agreement. Any proposed transferee who
     becomes a holder of the Excess Distribution Certificate shall agree to
     indemnify the Eligible Lender Trustee, the Excess Distribution Certificate
     Registrar, the Swap Counterparty, the Interest Rate Cap 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, the Swap Counterparty,
     the Interest Rate 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

                                       -9-
<Page>

     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 who shall be the registered holder of the Excess
     Distribution Certificate.

                                   ARTICLE IV

                       ACTIONS BY ELIGIBLE LENDER TRUSTEE

     SECTION 4.1     PRIOR NOTICE TO THE HOLDER OF THE EXCESS DISTRIBUTION
CERTIFICATE 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 holder of the Excess Distribution Certificate and each of the
Rating Agencies in writing of the proposed action and the holder shall not have
notified the Eligible Lender Trustee in writing prior to the 30th 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 Noteholders is not
          required and such amendment materially adversely affects the interest
          of the holder of the Excess Distribution Certificate; or

     (d)  the amendment of the Interest Rate Cap Agreement or the 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
          interest of the holder of the Excess Distribution Certificate.

     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 Depositor 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 Depositor and
the delivery to the Eligible Lender Trustee by the

                                      -10-
<Page>

Depositor of a certificate certifying that the Depositor reasonably believes
that the Trust is insolvent.

     SECTION 4.4     RESTRICTIONS. Neither the Depositor nor the holder of the
Excess Distribution Certificate 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.

     SECTION 4.5     INTENTIONALLY OMITTED.

                                    ARTICLE V

                   APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

     SECTION 5.1     APPLICATION OF TRUST FUNDS.

     (a)  On each Distribution Date, the Eligible Lender Trustee shall
          distribute to the holder of the Excess Distribution Certificate 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 holder of the Excess Distribution Certificate, such tax
          shall reduce the amount otherwise distributable on the Excess
          Distribution Certificate.

     SECTION 5.2     METHOD OF PAYMENT. Subject to Section 9.1(c), distributions
required to be made to the holder of the Excess Distribution Certificate 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 HOLDER OF THE EXCESS DISTRIBUTION
CERTIFICATE, 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 holder of the Excess Distribution Certificate
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

                                      -11-
<Page>

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 Trust, to direct the Indenture Trustee to authenticate and deliver Notes
in the aggregate principal amount of $2,273,799,400 (assuming, with respect to
the Class A-5 Notes, a conversion rate of EUR 1.00 to USD 1.1468). 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 3.2C 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 its responsibilities
pursuant to the terms of this Agreement, the other Basic Documents to which the
Trust is a party and to administer the Trust in the interest of the Noteholders
and the holder of the Excess Distribution Certificate 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

                                      -12-
<Page>

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 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 Depositor 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 Depositor
          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
          Depositor, 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 Depositor 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

                                      -13-
<Page>

          such action, not inconsistent with this Agreement or the other Basic
          Documents, as it shall deem to be in the best interest of the holder
          of the Excess Distribution Certificate, 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.

     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 holder of the Excess Distribution
Certificate 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

                                      -14-
<Page>

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
          holder of the Excess Distribution Certificate;

     (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;

     (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 holder of the Excess Distribution Certificate, 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 or the Servicer, the Swap Counterparty or the
          Interest Rate Cap Swap Counterparty 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 holder of the
          Excess Distribution Certificate, unless the Depositor or such holder

                                      -15-
<Page>

          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 and the holder of the Excess Distribution Certificate, 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
          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

                                      -16-
<Page>

          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
CERTIFICATES OR TRUST STUDENT LOANS. The recitals contained herein and in the
Excess Distribution 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 holder of the Excess Distribution Certificate under this
Agreement or the Noteholders 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

                                      -17-
<Page>

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 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.

     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 the final distribution by
          the Eligible Lender Trustee 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. The bankruptcy,
          liquidation, dissolution, death or incapacity of the holder of the
          Excess Distribution Certificate 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

                                      -18-
<Page>

          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 holder of the Excess Distribution Certificate 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; (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 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

                                      -19-
<Page>

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 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.

                                      -20-
<Page>

     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 holder of the Excess Distribution
Certificate, the Indenture Trustee, the Noteholders, the Rating Agencies, the
Swap Counterparty and the Interest Rate Cap Swap Counterparty. 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 into which the Eligible Lender Trustee may be merged or converted or
with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Eligible Lender Trustee shall be a
party, or any corporation 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 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 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

                                      -21-
<Page>

     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.

                                   ARTICLE XI

                                  MISCELLANEOUS

     SECTION 11.1    SUPPLEMENTS AND AMENDMENTS. This Agreement may be amended
by the Depositor 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 Depositor 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

                                      -22-
<Page>

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 holder of the Excess Distribution Certificate, 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 HOLDER OF THE EXCESS
DISTRIBUTION CERTIFICATE. The holder of the Excess Distribution Certificate
shall not have legal title to any part of the Trust Estate. The holder of the
Excess Distribution Certificate shall be entitled to receive distributions with
respect to its undivided beneficial ownership interest therein only in
accordance with Section 3.13 of this Agreement. No transfer, by operation of law
or otherwise, of any right, title, or interest of the holder of the Excess
Distribution Certificate 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 holder of the Excess Distribution
Certificate, 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

                                      -23-
<Page>

receipt by the Eligible Lender Trustee), if to the Eligible Lender Trustee,
addressed to its Corporate Trust Office; if to the Depositor, addressed to SLM
Funding LLC, 11600 Sallie Mae Drive, Reston, Virginia 20193 Attention: Legal
Department, 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 to the benefit of, the Depositor and its
successors, the Eligible Lender Trustee and its successors, each holder of the
Excess Distribution Certificate 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 holder of the Excess Distribution
Certificate shall bind the successors and assigns of such holder.

     SECTION 11.8    NO PETITION.

     (a)  The Depositor will not at any time institute against the Trust any
          bankruptcy proceedings under any United States Federal or state
          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.

     (b)  The Eligible Lender Trustee (not in its individual capacity but solely
          as Eligible Lender Trustee), by entering into this Agreement, the
          holder of the Excess Distribution Certificate 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.

     SECTION 11.9    NO RECOURSE. Each holder of the Excess Distribution
Certificate 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, the Swap
Counterparty, the Interest Rate Cap Swap Counterparty or any Affiliate thereof
or any officer, director or employee of any thereof and no recourse may be had
against

                                      -24-
<Page>

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.

                                      -25-
<Page>

     IN WITNESS WHEREOF, the parties hereto have caused this 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

                              Acknowledged and agreed as to Section 3.03(c) and
                              Section 3.03(g) of this Trust Agreement

                              THE BANK OF NEW YORK,
                              not in its individual capacity but solely as
                              the Excess Distribution Certificate Paying Agent,

                              By: /s/  ERIC A. LINDAHL
                                 Name:  Eric A. Lindahl
                                 Title: Agent

                                      -26-
<Page>

                                                                       EXHIBIT A
                                                          TO THE TRUST AGREEMENT

                    [FORM OF EXCESS DISTRIBUTION CERTIFICATE]
                      [SEE REVERSE FOR CERTAIN DEFINITIONS]

No. [__]                                              [___]% Percentage Interest

     THIS EXCESS DISTRIBUTION CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR
AN INTEREST IN, AND IS NOT GUARANTEED BY THE DEPOSITOR, THE ELIGIBLE LENDER
TRUSTEE, THE SERVICER, THE SWAP COUNTERPARTY, THE INTEREST RATE CAP SWAP
COUNTERPARTY, THE ADMINISTRATOR OR ANY OF THEIR RESPECTIVE AFFILIATES. THIS
EXCESS DISTRIBUTION CERTIFICATE IS NOT INSURED OR GUARANTEED BY ANY GOVERNMENTAL
AGENCY OR INSTRUMENTALITY OR BY ANY PRIVATE INSURER.

     THIS EXCESS DISTRIBUTION CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"). THE HOLDER HEREOF, BY
PURCHASING THIS CERTIFICATE, AGREES FOR THE BENEFIT OF THE TRUST THAT THIS
CERTIFICATE MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (I) TO A PERSON
WHOM THE TRANSFEROR REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER
WITHIN THE MEANING OF RULE 144A PURCHASING FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE
RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, OR (II)
TO A PERSON WHOM THE TRANSFEROR REASONABLY BELIEVES IS AN INSTITUTIONAL
ACCREDITED INVESTOR TO WHOM NOTICE IS GIVEN THAT THE RESALE, PLEDGE OR TRANSFER
IS BEING MADE IN RELIANCE ON REGULATION D, AND IN ACCORDANCE WITH ANY APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, OR
(III) TO A PERSON IN A TRANSACTION THAT IS REGISTERED UNDER THE SECURITIES ACT
OR THAT IS OTHERWISE EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT AND ANY APPLICABLE STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING
THIS EXCESS DISTRIBUTION CERTIFICATE, REPRESENTS AND AGREES FOR THE BENEFIT OF
THE DEPOSITOR, THE ADMINISTRATOR AND THE ELIGIBLE LENDER TRUSTEE THAT: IT IS
EITHER A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A, OR AN
INSTITUTIONAL ACCREDITED INVESTOR (AS DEFINED IN RULE 501(a)(1)-(3) AND (7) OF
REGULATION D UNDER THE SECURITIES ACT) OR AN ENTITY IN WHICH ALL THE EQUITY
OWNERS COME WITHIN SUCH PARAGRAPHS, OR THAT ITS PURCHASE OF THIS EXCESS
DISTRIBUTION CERTIFICATE IS OTHERWISE EXEMPT FROM THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS, AND THAT IT IS
HOLDING THIS EXCESS DISTRIBUTION CERTIFICATE FOR INVESTMENT PURPOSES AND NOT FOR
DISTRIBUTION.

                                       A-1
<Page>

     NO TRANSFER OF THIS EXCESS DISTRIBUTION CERTIFICATE WILL BE REGISTERED
(EXCEPT TO AN AFFILIATE OF THE DEPOSITOR) UNLESS THERE IS PROVIDED A
REPRESENTATION SATISFACTORY TO THE ELIGIBLE LENDER TRUSTEE THAT THIS EXCESS
DISTRIBUTION CERTIFICATE IS NOT BEING ACQUIRED DIRECTLY OR INDIRECTLY FOR, ON
BEHALF OF OR WITH THE ASSETS OF, AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED ("ERISA") AND/OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (EACH A "PLAN").

     THIS EXCESS DISTRIBUTION CERTIFICATE MAY NOT BE ACQUIRED BY OR FOR THE
ACCOUNT OF A BENEFIT PLAN (AS DEFINED BELOW). THIS CERTIFICATE IS NOT GUARANTEED
OR INSURED BY ANY GOVERNMENTAL AGENCY.

                                       A-2
<Page>

                          SLM STUDENT LOAN TRUST 2003-5
                         EXCESS DISTRIBUTION CERTIFICATE

     evidencing a fractional undivided interest in the Trust, as defined below,
     the property of which includes a pool of student loans sold to the Trust by
     SLM Funding LLC.

     (This Excess Distribution Certificate does not represent an interest in or
     obligation of SLM Funding LLC, the Servicer (as defined below), the
     Eligible Lender Trustee (as defined below) or any of their respective
     affiliates, except to the extent described below.)

     THIS CERTIFIES THAT SLM Funding LLC is the registered owner of a 100%
percentage interest in this Excess Distribution Certificate. The SLM Student
Loan Trust 2003-5 (the "Trust") was formed under the laws of the State of
Delaware by SLM Funding LLC, a Delaware limited liability company (the
"Depositor"). The Trust was created pursuant to a Trust Agreement dated as of
April 24, 2003, as amended and restated pursuant to an Amended and Restated
Trust Agreement dated as of May 20, 2003, by and between the Depositor and the
Eligible Lender Trustee (collectively, the "Trust Agreement") between the
Depositor and Chase Manhattan Bank USA, National Association, a national banking
association, not in its individual capacity but solely as eligible lender
trustee on behalf of the Trust (the "Eligible Lender Trustee"), a summary of
certain of the pertinent provisions of which is set forth below. To the extent
not otherwise defined herein, the capitalized terms used herein have the
meanings assigned to them in Appendix A to the Trust Agreement.

     Issued under the Indenture dated as of May 1, 2003, among the Trust and The
Bank of New York, as the Indenture Trustee and the Eligible Lender Trustee, are
Notes designated as "Student Loan-Backed Notes" (the "Notes"). This Excess
Distribution Certificate is issued under and is subject to the terms, provisions
and conditions of the Trust Agreement, to which Trust Agreement the holder of
this Excess Distribution Certificate by virtue of the acceptance hereof assents
and by which such holder is bound. The property of the Trust includes a pool of
student loans (the "Trust Student Loans"), all moneys paid thereunder on or
after April 14, 2003, certain bank accounts and the proceeds thereof and certain
other rights under the Trust Agreement, the Currency Swap, the Interest Rate Cap
Agreement, the Auction Agent Agreement, the Broker-Dealer Agreements, the Sale
Agreement, the Purchase Agreement, the Administration Agreement and the
Servicing Agreement and all proceeds of the foregoing.

     To the extent of funds available therefor, amounts owing hereon will be
distributed on the 15th day of each March, June, September and December (or, if
such 15th day is not a Business Day, the next succeeding Business Day) (each a
"Quarterly Distribution Date"), commencing in September 2003, to the person in
whose name this Excess Distribution Certificate is registered as of the close of
business on the day immediately preceding the Distribution Date (such day the
"Record Date"), in each case to the extent of such holder's fractional and
undivided interest in the amount to be distributed hereon on such Quarterly
Distribution Date pursuant to Sections 2.7.C.18, 2.8.1D and 2.8.2B.2 of the
Administration Agreement.

                                       A-3
<Page>

     The holder of this Excess Distribution Certificate acknowledges and agrees
that its rights to receive distributions in respect of this Excess Distribution
Certificate are subordinated to the rights of the Noteholders as described in
the Basic Documents.

     It is the intent of the Depositor, and the holder of this Excess
Distribution Certificate that, for purposes of Federal, state and local income
and franchise and any other income taxes, the Notes will be treated as
newly-issued debt of, and this Excess Distribution Certificate will be treated
as equity in, the Trust. The holder of this Excess Distribution Certificate
agrees to treat, and to take no action inconsistent with the treatment of, this
Excess Distribution Certificate for such tax purposes as equity in the Trust.

     The holder of this Excess Distribution Certificate, by its acceptance of
this Excess Distribution Certificate, covenants and agrees that it 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 this
Excess Distribution Certificate, the Notes, the Trust Agreement or any of the
other Basic Documents.

     Distributions on this Excess Distribution Certificate will be made as
provided in the Administration Agreement to the holder of record hereof without
the presentation or surrender of this Excess Distribution Certificate or the
making of any notation hereon. Except as otherwise provided in the Trust
Agreement and notwithstanding the above, the final distribution on this Excess
Distribution Certificate will be made after due notice by the Administrator of
the pendency of such distribution and only upon presentation and surrender of
this Excess Distribution Certificate at the office or agency maintained for the
purpose by the Eligible Lender Trustee in the Borough of Manhattan, The City of
New York.

     Reference is hereby made to the further provisions of this Excess
Distribution Certificate set forth on the reverse hereof, which further
provisions shall for all purposes have the same effect as if set forth at this
place.

     Unless the certificate of authentication hereon shall have been executed by
an authorized officer of the Eligible Lender Trustee or its authenticating
agent, by manual signature, this Excess Distribution Certificate shall not
entitle the holder hereof to any benefit under the Trust Agreement or the
Administration Agreement or be valid for any purpose.

                                       A-4
<Page>

          IN WITNESS WHEREOF, the Eligible Lender Trustee on behalf of the Trust
and not in its individual capacity has caused this Excess Distribution
Certificate to be duly executed as of the date set forth below.

                         SLM STUDENT LOAN TRUST 2003-5
                         by CHASE MANHATTAN BANK USA,
                         NATIONAL ASSOCIATION, not in its individual
                         capacity but solely as Eligible Lender Trustee

                         By:
                            ------------------------------
                            Authorized Signatory

Date: ______________ ___, 20___

                                       A-5
<Page>

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is the Excess Distribution Certificate referred to in the within-mentioned
Trust Agreement.

                         CHASE MANHATTAN BANK USA, NATIONAL
                         ASSOCIATION, not in its individual capacity but
                         solely as Eligible Lender Trustee,

                         By:
                            ----------------------------
                            Authorized Signatory

                         OR

                         JPMORGAN CHASE BANK, solely in its capacity as
                         Authenticating Agent for the Eligible Lender Trustee,

                         By:
                            --------------------------
                            Authenticating Agent

Date: __________ ___,200__

                                       A-6
<Page>

                  [REVERSE OF EXCESS DISTRIBUTION CERTIFICATE]

     This Excess Distribution Certificate does not represent an obligation of,
or an interest in, the Depositor, Sallie Mae Servicing L.P., as servicer (the
"Servicer"), Student Loan Marketing Association, as administrator (the
"Administrator"), the Eligible Lender Trustee or any affiliates of any of them,
and no recourse may be had against such parties or their assets, except as may
be expressly set forth or contemplated herein, in the Trust Agreement or in the
other Basic Documents. In addition, this Excess Distribution Certificate is not
guaranteed by any governmental agency or instrumentality and is limited in right
of payment to certain collections with respect to the Trust Student Loans, all
as more specifically set forth in the Administration Agreement. A copy of each
of the Trust Agreement, the Sale Agreement, the Purchase Agreement, the
Administration Agreement, the Servicing Agreement, the Swap Agreement, the
Interest Rate Cap Agreement, and the Indenture may be examined during normal
business hours at the principal office of the Administrator, and at such other
places, if any, designated by the Administrator, by the holder of this Excess
Distribution Certificate upon request.

     The Trust Agreement permits, with certain exceptions therein provided, the
amendment thereof and the certification of the rights and obligations of the
Depositor and the rights of the holders of this Excess Distribution Certificate
under the Trust Agreement at any time by the Depositor and the Eligible Lender
Trustee with the consent of the holders of the Class A Notes and the Class B
Notes, each voting as a class evidencing not less than a majority of the
outstanding principal balance of each class of the Notes. The Trust Agreement
also permits the amendment thereof, in certain limited circumstances, without
the consent of the Noteholders.

     As provided in the Trust Agreement and subject to certain limitations
therein set forth, the transfer of this Excess Distribution Certificate is
registerable in the Excess Distribution Certificate Register upon surrender of
this Excess Distribution Certificate for registration of transfer at the offices
or agencies maintained by Chase Manhattan Bank USA, National Association in its
capacity as Excess Distribution Certificate Registrar, or by any successor
Excess Distribution Certificate Registrar, in the Borough of Manhattan, The City
of New York, 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 hereof or such holder's
attorney duly authorized in writing, and thereupon a new Excess Distribution
Certificate will be issued to the designated transferee.

     As provided in the Trust Agreement and subject to certain limitations
therein set forth, this Excess Distribution Certificate is exchangeable for a
new Excess Distribution Certificate as requested by the holder surrendering the
same. No service charge will be made for any such registration of transfer or
exchange, 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 payable in connection therewith.

     The Eligible Lender Trustee, the Certificate Registrar and any agent of the
Eligible Lender Trustee or the Excess Distribution Certificate Registrar may
treat the person in whose name this Excess Distribution Certificate is
registered as the owner hereof for all purposes, and

                                       A-7
<Page>

none of the Eligible Lender Trustee or the Excess Distribution Certificate
Registrar or any such agent shall be affected by any notice to the contrary.

     This Excess Distribution Certificate (including any beneficial interest
herein) may not be acquired by or for the account of (i) an employee benefit
plan (as defined in Section 3(3) of ERISA) that is subject to the provisions of
Title I of ERISA, (ii) a plan described in section 4975(e)(1) of the Internal
Revenue Code of 1986, as amended (the "Code"), including an individual
retirement account described in Section 408(a) of the Code or a Keogh plan or
(iii) any entity whose underlying assets include plan assets by reason of a
plan's investment in the entity (each, a "Benefit Plan"). By accepting and
holding this Excess Distribution Certificate, the holder hereof shall be deemed
to have represented and warranted that it is not a Benefit Plan, it is not
purchasing this Excess Distribution Certificate on behalf of a Benefit Plan, is
not using assets of a Benefit Plan to purchase this Excess Distribution
Certificate and to have agreed that if this Excess Distribution Certificate is
deemed to be a plan asset, the Holder will promptly dispose of this Excess
Distribution Certificate.

     The obligations and responsibilities created by the Trust Agreement and the
Trust created thereby shall terminate upon the payment to Noteholders and the
holder of this Excess Distribution Certificate of all amounts required to be
paid to them pursuant to the Trust Agreement, the Administration Agreement and
the Indenture and the disposition of all property held as part of the Trust. The
Servicer may at its option purchase the corpus of the Trust at a price specified
in the Administration Agreement; however, such right of purchase is exercisable
only on any Distribution Date on or after the date on which the Pool Balance is
less than or equal to 10% of the Initial Pool Balance. Any Trust Student Loans
remaining in the Trust as of the end of the Collection Period immediately
preceding the Trust Auction Date will be offered for sale by the Indenture
Trustee by auction in accordance with the procedure described in the Indenture.

     This Excess Distribution Certificate shall be 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.

                                       A-8
<Page>

                                   ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE

______________________________________________________________________________
(Please print or type name and address, including postal zip code, of assignee)

______________________________________________________________________________
the within Excess Distribution Certificate, and all rights thereunder, hereby
irrevocably constituting and appointing

______________________________________________________________________Attorney
to transfer said Excess Distribution Certificate on the books of the Excess
Distribution Certificate Registrar, with full power of substitution in the
premises.

Dated:

                              *
------------------------------
Signature Guaranteed:

                              *
------------------------------

*  NOTICE: The signature to this assignment must correspond with the name as it
appears upon the face of the within the Excess Distribution Certificate in every
particular, without alteration, enlargement or any change whatever. Such
signature must be guaranteed by a member firm of the New York Stock Exchange or
a commercial bank or trust company.

                                       A-9
<Page>

                                                                       EXHIBIT B

                                     FORM OF

                              CERTIFICATE OF TRUST
                                       OF
                                SLM STUDENT LOAN
                                  TRUST 2003-5

     This Certificate of Trust of SLM STUDENT LOAN TRUST 2003-5 (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. Section 3801 ET SEQ.) (the "Act").

     1. NAME. The name of the statutory trust formed by this Certificate of
Trust is SLM STUDENT LOAN TRUST 2003-5.

     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
<Page>

                                                                       EXHIBIT C
                                                     [FORM OF TRANSFEROR LETTER]

[Date]

Student Loan Marketing Association
as Administrator
11600 Sallie Mae Drive
Reston, Virginia  20193

Chase Manhattan Bank USA, National Association
as Eligible Lender Trustee and Excess Distribution Certificate Registrar
Christiana Center/OPS4
500 Stanton Christiana Road
Newark, Delaware  19713

Re:  SLM Student Loan Trust 2003-5
     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
<Page>

                                                                     EXHIBIT D-1
                                     [FORM OF TRANSFEREE LETTER (NON-RULE 144A)]

[Date]

Student Loan Marketing Association
as Administrator
11600 Sallie Mae Drive
Reston, Virginia 20193

Chase Manhattan Bank USA, National Association
as Eligible Lender Trustee and Excess Distribution Certificate Registrar
Christiana Center/OPS4
500 Stanton Christiana Road
Newark, Delaware 19713

Re:  SLM Student Loan Trust 2003-5
     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, on behalf of or with
the assets of, an employee benefit plan or other retirement arrangement (a
"Plan") which is subject to Title I of the Employee Retirement Income Security
Act of 1974, as amended ("ERISA"), and/or Section 4975 of the Internal Revenue
Code of 1986, as amended (the "Code"), (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

                                      D-1-1
<Page>

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.

                                   Very truly yours,

                                   __________________________________
                                   [Print Name of Transferee]

                                   By:
                                      -------------------------------
                                   Authorized Officer

                                      D-1-2
<Page>

                                                                     EXHIBIT D-2
                                         [FORM OF TRANSFEREE LETTER (RULE 144A)]

[Date]

Student Loan Marketing Association
as Administrator
11600 Sallie Mae Drive
Reston, Virginia 20193

Chase Manhattan Bank USA, National Association
as Eligible Lender Trustee and Excess Distribution Certificate Registrar
Christiana Center/OPS4
500 Stanton Christiana Road
Newark, Delaware 19713

Re:  SLM Student Loan Trust 2003-5
     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
for, on behalf of or with the assets of, an employee benefit plan or other
retirement arrangement (a "Plan") which is subject to Title I of the Employee
Retirement Income Security Act of 1974, as amended ("ERISA"), and/or Section
4975 of the Internal Revenue Code of 1986, as amended (the "Code"), (e) 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

                                      D-2-1
<Page>

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.

                                   Very truly yours,

                                   __________________________________
                                   [Print Name of Transferee]

                                   By:
                                      -------------------------------
                                       Authorized Officer

                                      D-2-2
<Page>

                                                                         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.

          / /  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.

          / /  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.

          / /  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.

                                    Annex 1-1
<Page>

          / /  BROKER-DEALER. The Buyer is a dealer registered pursuant to
               Section 15 of the Securities Exchange Act of 1934.

          / /  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.

          / /  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.

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

          / /  INVESTMENT ADVISOR. The Buyer is an investment advisor registered
               under the Investment Advisors Act of 1940.

          / /  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.

          / /  BUSINESS DEVELOPMENT COMPANY. The Buyer is a business development
               company as defined in Section 202(a)(22) of the Investment
               Advisors Act of 1940.

          / /  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

                                    Annex 1-2
<Page>

          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:______________________

                                    Annex 1-3
<Page>

                                                                         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.

          / /  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).

          / /  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).

                                     Annex 2
<Page>

     4.   The tern "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:______________________

                                     Annex 2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00052-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00052-of-00352.parquet"}]]