Document:

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                                     FORM OF
                          FOURTH SUPPLEMENTAL INDENTURE

                                     between

                                 ING GROEP N.V.,

                                    as Issuer

                                       and

                              THE BANK OF NEW YORK,

                                   as Trustee

                         Dated as of September 26, 2005

                      to the Subordinated Indenture between

                                 ING GROEP N.V.,

                                    as Issuer

                                       and

                              THE BANK OF NEW YORK,

                                   as Trustee

                            Dated as of July 18, 2002

   Up to $720,000,000 principal amount of 6.125% ING Perpetual Debt Securities

             -------------------------------------------------------
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<S>                                                                                              <C>
                                    ARTICLE 1
                                   DEFINITIONS

Section 1.01.  Definition Of Terms.............................................................    2

                                    ARTICLE 2
    GENERAL TERMS AND CONDITIONS OF THE 6.125% ING PERPETUAL DEBT SECURITIES

Section 2.01.  Designation And Principal Amount................................................   12
Section 2.02.  Maturity........................................................................   12
Section 2.03.  Form, Issuance, Registration And Exchange.......................................   12
Section 2.04.  Payments........................................................................   13
Section 2.05.  Mandatory Payment Events; Mandatory Partial Payment Events......................   16

                                    ARTICLE 3
             OPTIONAL REDEMPTION AND REDEMPTION UPON CERTAIN EVENTS

Section 3.01.  Optional Redemption.............................................................   17
Section 3.02.  Optional Purchase...............................................................   19

                                    ARTICLE 4
                   ALTERNATIVE INTEREST SATISFACTION MECHANISM

Section 4.01.  Conditions Precedent............................................................   19
Section 4.02.  Notices Of Exercise Of Alternative Interest Satisfaction Mechanism..............   19
Section 4.03.  Alternative Interest Satisfaction Mechanism.....................................   19
Section 4.04.  Insufficient Payment Ordinary Shares............................................   22
Section 4.05.  Market Disruption Event.........................................................   23

                                    ARTICLE 5
                                    REMEDIES

Section 5.01.  Defaults; Collection Of Indebtedness And Suits For Enforcement By Trustee.......   24

                                    ARTICLE 6
                             COVENANTS OF THE ISSUER

Section 6.01.  Dividend Restrictions For Deferred Interest Payments............................   26
Section 6.02.  Calculation Agent...............................................................   26
Section 6.03.  Mandatory Interest Payments.....................................................   26
Section 6.04.  Deferral Of Certain Payments....................................................   26
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<S>                                                                                              <C>
Section 6.05.  Sufficiency Of Ordinary Shares..................................................   26
Section 6.06.  Ranking.........................................................................   27
Section 6.07.  Payment Of Proceeds From Sale Of Payment Ordinary Shares And Associated Cost
               Ordinary Shares ................................................................   28
Section 6.08.  Listing.........................................................................   28
Section 6.09.  Calculation Agency Agreement....................................................   28
Section 6.10.  Officer's Certificate On Deferral...............................................   28
Section 6.11.  Officer's Certificate For Market Disruption Event...............................   29

                                    ARTICLE 7
                                  SUBORDINATION

Section 7.01.  Agreement To Subordinate........................................................   29
Section 7.02.  Section 1401 Of The Subordinated Indenture......................................   30

                                    ARTICLE 8
                  FORM OF 6.125% ING PERPETUAL DEBT SECURITIES

Section 8.01.  Form Of 6.125% ING Perpetual Debt Securities....................................   30

                                    ARTICLE 9
             ORIGINAL ISSUE OF 6.125% ING PERPETUAL DEBT SECURITIES

Section 9.01.  Original Issue Of 6.125% ING Perpetual Debt Securities..........................   30

                                   ARTICLE 10
                                   WINDING UP

Section 10.01.  Winding Up.....................................................................   30

                                   ARTICLE 11
                           SATISFACTION AND DISCHARGE

Section 11.01.  Satisfaction And Discharge.....................................................   31

                                   ARTICLE 12
                                  MISCELLANEOUS

Section 12.01.  Issuance Of Definitive Securities..............................................   31
Section 12.02.  Ratification Of Subordinated Indenture; Fourth Supplemental Indenture Controls.   32
Section 12.03.  Trustee Not Responsible For Recitals...........................................   33
Section 12.04.  Governing Law..................................................................   33
Section 12.05.  Severability...................................................................   33
Section 12.06.  Counterparts...................................................................   33
EXHIBIT A Form of 6.125% ING Perpetual Debt Securities ........................................  A-1
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      FOURTH SUPPLEMENTAL INDENTURE dated as of September 26, 2005 (the "FOURTH
SUPPLEMENTAL INDENTURE") between ING Groep N.V., a company incorporated in The
Netherlands (the "COMPANY"), having its statutory seat in Amsterdam and its
principal office at Amstelveenseweg 500, 1081 KL Amsterdam, P.O. Box 810, 1000
AV Amsterdam, The Netherlands, and The Bank of New York, a New York banking
corporation having its Corporate Trust Office at 101 Barclay Street, New York,
New York, 10286, as trustee (the "TRUSTEE") to the Subordinated Indenture, dated
July 18, 2002, between the Company and the Trustee (the "SUBORDINATED
INDENTURE", and together with this Fourth Supplemental Indenture, the
"INDENTURE"). In addition, The Bank of New York, through its New York and London
branches, has agreed to act as Paying Agent hereunder.

      WHEREAS, the Company and the Trustee executed and delivered the
Subordinated Indenture to provide for the future issuance of the Company's
Securities to be issued from time to time in one or more series as might be
determined by the Company under the Subordinated Indenture, in an unlimited
aggregate principal amount, which may be authenticated and delivered as provided
in the Subordinated Indenture;

      WHEREAS, Section 301 of the Subordinated Indenture permits the terms of
any series of Securities to be established pursuant to a Board Resolution or in
one or more indentures supplemental to the Subordinated Indenture;

      WHEREAS, the Company desires to issue a series of Securities, the terms of
which it deems appropriate to set out in this Fourth Supplemental Indenture;

      WHEREAS, pursuant to the terms of the Subordinated Indenture, the Company
may issue Securities now and additional Securities of the same or different
series at later dates under the Subordinated Indenture, as established by the
Company, and the Company desires to initially issue up to $720,000,000 aggregate
principal amount of securities, entitled the 6.125% ING Perpetual Debt
Securities (the "6.125% ING PERPETUAL DEBT SECURITIES"), the form and substance
of such 6.125% ING Perpetual Debt Securities and the terms, provisions and
conditions thereof to be set forth as provided in the Subordinated Indenture as
supplemented by this Fourth Supplemental Indenture;

      WHEREAS, pursuant to Section 301 of the Subordinated Indenture, the
Company desires to appoint The Bank of New York, through its New York and London
branches, to act as Paying Agent with respect to the 6.125% ING Perpetual Debt
Securities and ING Financial Markets LLC, as Calculation Agent with respect to
the 6.125% ING Perpetual Debt Securities;

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      WHEREAS, the 6.125% ING Perpetual Debt Securities shall be treated as a
separate series of Securities in accordance with the terms of the Indenture and
for all purposes under the Indenture; and

      WHEREAS, the Company has duly authorized the execution and delivery of
this Fourth Supplemental Indenture and requested that the Trustee execute and
deliver this Fourth Supplemental Indenture, and all requirements necessary to
make this Fourth Supplemental Indenture a valid and binding instrument in
accordance with its terms have been done.

      NOW THEREFORE, in consideration of the purchase and acceptance of the
6.125% ING Perpetual Debt Securities by the Holders thereof, and for the purpose
of setting forth, as provided in the Indenture, the form and substance of the
6.125% ING Perpetual Debt Securities and the terms, provisions and conditions
thereof, the Company covenants and agrees with the Trustee and the Paying Agent
as follows:

                                    ARTICLE 1
                                   DEFINITIONS

      Section 1.01. Definition Of Terms. For all purposes of the Indenture,
except as otherwise expressly provided or unless the context otherwise requires:

      (a) a term defined in the Subordinated Indenture and not otherwise defined
herein has the same meaning when used in this Fourth Supplemental Indenture;

      (b) unless otherwise specified, a reference to a Section or Article is to
a Section or Article of this Fourth Supplemental Indenture;

      (c) headings are for convenience of reference only and do not affect
interpretation; and

      (d) the following terms have the meanings given to them in this Section
1.01(d) and shall have the meaning set forth below for purposes of this Fourth
Supplemental Indenture and the Subordinated Indenture as it relates to the
series of 6.125% ING Perpetual Debt Securities created hereunder.

      "ACCRUED INTEREST PAYMENT" means Interest that shall continue to accrue
after an Interest Payment Date in respect of an Elective Deferral Interest
Payment, the failure to make a payment when due on a date of redemption, certain
Payments which cannot be made due to insufficient Ordinary Shares to satisfy the
Alternative Interest Satisfaction Mechanism and failure to make a Payment more
than 14 days after its due date due to a Market Disruption Event.

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      "ADDITIONAL AMOUNTS" has the meaning specified in Section 1006 of the
Subordinated Indenture.

      "ALTERNATIVE INTEREST SATISFACTION MECHANISM" has the meaning specified in
Section 4.03 hereof.

      "ASSETS" means the non-consolidated gross assets of the Company as shown
by the most recently published audited balance sheet of the Company, but
adjusted for contingencies and subsequent events and to such extent as the
directors, external auditors or, as the case may be, the liquidator may
determine to be appropriate.

      "ASSOCIATED COSTS" has the meaning assigned to such term in the
Calculation Agency Agreement.

      "ASSOCIATED COST ORDINARY SHARES" means Ordinary Shares issued by the
Company in accordance with Section 4.03(c)(iii) hereof.

      "BASE REDEMPTION PRICE" in respect of the 6.125% ING Perpetual Debt
Securities means a redemption price equal to 100% of the aggregate principal
amount, together with any Outstanding Payments accrued to and including the date
fixed for redemption.

      "BUSINESS DAY" means a Monday, Tuesday, Wednesday, Thursday or Friday that
is not a day on which banking institutions in The Netherlands or New York City
generally are authorized or obligated by law, regulation or executive order to
close.

      "CALCULATION AGENCY AGREEMENT" means the calculation agency agreement,
dated as of September 26, 2005, between the Company and the Calculation Agent,
relating to the 6.125% ING Perpetual Debt Securities, as the same may be amended
from time to time.

      "CALCULATION AGENT" means ING Financial Markets LLC, as calculation agent
in relation to the 6.125% ING Perpetual Debt Securities, or its successor or
successors for the time being appointed under the Calculation Agency Agreement.

      "DEFERRAL INTEREST RATE" means an interest rate equal to the Fixed
Interest Rate.

      "DEFERRAL NOTICE" means a notice to the Trustee, the Holders, the Paying
Agent, if different than the Trustee, and the Calculation Agent that a Payment
will be deferred in accordance with the Indenture.

      "DEFERRED INTEREST PAYMENT" means any Elective Deferral Interest Payment,
or part thereof, which has not subsequently been satisfied, or any

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Required Deferral Interest Payment, or part thereof, which has not subsequently
been either (i) satisfied, or (ii) deferred pursuant to Section 2.04(f) hereof.

      "DEFERRED INTEREST SATISFACTION DATE" means the earlier of

            (i) with respect to a Required Deferral Interest Payment, the
      Interest Payment Date following the 19th Business Day after the Required
      Deferral Condition fails to be met;

            (ii) the date on which the Company has resolved to satisfy a
      Deferred Interest Payment as set forth in a notice to the Trustee, the
      Holders, the Paying Agent, if different than the Trustee, and the
      Calculation Agent; or

            (iii) the date on which the Company is required to satisfy all
      Deferred Interest Payments due to the occurrence of a Mandatory Payment
      Event or a Mandatory Partial Payment Event.

      "DTC" means the Depository Trust Company.

      "ELECTIVE DEFERRAL INTEREST PAYMENT" means any Payment on the 6.125% ING
Perpetual Debt Securities that is deferred due to the circumstances set forth in
Section 2.04(f) hereof.

      "FIXED INTEREST RATE" has the meaning set forth in Section 2.04(b) hereof.

      "INDENTURE" has the meaning set forth in the recitals of this Fourth
Supplemental Indenture.

      "6.125% ING PERPETUAL DEBT SECURITIES" has the meaning set forth in the
recitals of this Fourth Supplemental Indenture, and shall include, unless the
context otherwise requires, any further 6.125% ING Perpetual Debt Securities
which the Company is permitted to issue and which will form a single series with
the 6.125% ING Perpetual Debt Securities.

      "IFRS" means International Financial Reporting Standards as issued by the
International Accounting Standard Board and as endorsed by the European
Commission.

      "INTEREST" means interest payments on the 6.125% ING Perpetual Debt
Securities as calculated in accordance with Section 2.04(b) and 2.04(c) hereof
and shall, where appropriate, include Interest Amounts, Deferred Interest
Payments and Accrued Interest Payments.

      "INTEREST AMOUNT" means

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            (i) in respect of an Interest Payment, the amount of Interest
      payable on a 6.125% ING Perpetual Debt Security for the relevant Interest
      Period; and

            (ii) in the event of redemption due to a Tax Event or Regulatory
      Event, any Interest accrued from (and including) the preceding Interest
      Payment Date (or, if none, the Issue Date) to (but excluding) the due date
      for redemption, if not an Interest Payment Date, as calculated using the
      Interest Calculation Basis.

      "INTEREST CALCULATION BASIS" means the calculation of Interest on the
basis of a 360-day year of twelve 30-day months.

      "INTEREST PAYMENT" means, in respect of an Interest Payment Date, the
aggregate Interest Amounts for the Interest Period ending on such Interest
Payment Date.

      "INTEREST PAYMENT DATE" has the meaning set forth in Section 2.04(d)
hereof.

      "INTEREST PERIOD" means the period commencing on (and including) the Issue
Date and ending on (but excluding) the first Interest Payment Date and each
successive period commencing on (and including) an Interest Payment Date and
ending on (but excluding) the next succeeding Interest Payment Date.

      "ISSUE DATE" means September 26, 2005.

      "JUNIOR GUARANTEE" means any guarantee, indemnity or other contractual
support arrangement entered into by the Company in respect of securities
(regardless of name or designation) issued by a Subsidiary or Undertaking and
ranking junior to the 6.125% ING Perpetual Debt Securities upon a liquidation of
the Company or in respect of distributions or payment of dividends or any other
payment thereon.

      "JUNIOR SECURITIES" means the Ordinary Shares or any other securities of
the Company that rank junior to the 6.125% ING Perpetual Debt Securities with
respect to distributions on a return of assets, upon a liquidation of the
Company or in respect of distributions, payments of dividends or any other
payment thereon.

      "LIABILITIES" means the non-consolidated gross liabilities of the Company
as shown by the most recently published audited balance sheet of the Company,
but adjusted for contingencies and for subsequent events and to such extent as
the Company's directors, external auditors or, as the case may be, liquidator
may determine.

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      "MANDATORY PARTIAL PAYMENT" payable on any Interest Payment Date means a
payment in respect of each 6.125% ING Perpetual Debt Security in an amount that
results in payment of a proportion of a full Interest Payment on the 6.125% ING
Perpetual Debt Security on such Interest Payment Date equal to the proportion of
a full dividend or full interest payment on the relevant Parity Securities
and/or payment on the relevant Parity Guarantee paid on the dividend or payment
date in respect of the relevant Parity Securities and/or Parity Guarantee
immediately preceding such Interest Payment Date.

      "MANDATORY PARTIAL PAYMENT EVENT" means (a) prior to the occurrence of a
Regulatory Notification, the occurrence of any of the following:

            (i) the Company declares, pays or distributes a dividend or makes a
      payment on any of its Parity Securities or Parity Guarantees; or

            (ii) any Subsidiary or Undertaking declares, pays or distributes a
      dividend on any security issued by it benefiting from a Parity Guarantee
      or makes a payment on any security issued by it benefiting from a Parity
      Guarantee, and

      (b) following the occurrence of a Regulatory Notification, the Company
declares, pays or distributes a dividend or makes a payment (other than a
dividend in the form of Ordinary Shares) on any of its securities or other
instruments which are (i) Parity Securities and (ii) classified as equity under
IFRS.

      "MANDATORY PAYMENT EVENT" means (a) prior to the occurrence of a
Regulatory Notification, the occurrence of any of the following:

            (i) the Company declares, pays or distributes a dividend or makes a
      payment (other than a dividend in the form of Ordinary Shares) on any of
      its Junior Securities or makes a payment on a Junior Guarantee;

            (ii) any Subsidiary or Undertaking declares, pays or distributes a
      dividend on any security issued by it benefiting from a Junior Guarantee
      or makes a payment (other than a dividend in the form of ordinary shares)
      on any security issued by it benefiting from a Junior Guarantee;

            (iii) the Company or any Subsidiary or Undertaking redeems,
      purchases or otherwise acquires any of the Company's Junior Securities,
      any Parity Securities or any securities issued by any Subsidiary or
      Undertaking benefiting from a Junior Guarantee or Parity Guarantee, other
      than (1) by conversion into or in exchange for Ordinary Shares, (2) in
      connection with transactions effected by or for the account of customers
      of the Company or any Subsidiary or in connection with the distribution,

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      trading or market-making activities in respect of those securities, (3) in
      connection with the satisfaction by the Company or any Subsidiary of its
      obligations under any employee benefit plans or similar arrangements with
      or for the benefit of employees, officers, directors or consultants, (4)
      as a result of a reclassification of the Company or any Subsidiary or the
      exchange or conversion of one class or series of capital stock for another
      class or series of capital stock, or (5) the purchase of the fractional
      interests in shares of the capital stock of the Company or of any
      Subsidiary pursuant to the conversion or exchange provisions of that
      capital stock or the security being converted or exchanged; or

            (iv) any moneys are paid to or made available for a sinking fund or
      for redemption of any Junior Securities, Parity Securities or any
      securities issued by any Subsidiary or Undertaking benefiting from a
      Junior Guarantee or Parity Guarantee, and

      (b) following the occurrence of a Regulatory Notification, the Company
declares, pays or distributes a dividend or makes a payment (other than a
dividend in the form of Ordinary Shares) on any of its securities or other
instruments which are (i) Junior Securities and (ii) classified as equity under
IFRS.

      "MARKET DISRUPTION EVENT" means

            (i) the occurrence or existence of any suspension of or limitation
      imposed on trading by reason of movements in price exceeding limits
      permitted by Euronext Amsterdam N.V. or on settlement procedures for
      transactions in the Ordinary Shares on Euronext Amsterdam N.V. if, in any
      such case, that suspension or limitation is, in the determination of the
      Calculation Agent, material in the context of the sale of the Ordinary
      Shares;

            (ii) in the Company's opinion, there has been a substantial
      deterioration in the price and/or value of the Ordinary Shares, or
      circumstances are such as to prevent or, to a material extent, restrict
      the issue or delivery of the Payment Ordinary Shares; or

            (iii) where, pursuant to the terms of the Indenture, moneys are
      required to be converted from one currency into another currency in
      respect of any Payment, but the occurrence of any event that makes it
      impracticable to effect such conversion.

      "NOTIONAL PREFERENCE SHARES" has the meaning set forth in Section 10.01
hereof.

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      "ORDINARY SHARES" means the Company's ordinary shares or bearer depository
receipts issued in respect of such ordinary shares as the context may require.

      "OUTSTANDING PAYMENT" means:

            (i) in relation to any Interest Payment, Deferred Interest Payment
      or Interest Amount not falling within the definition of Interest Payment,
      that such payment (a) has either become due and payable or would have
      become due and payable except for the non-satisfaction on the relevant
      date due to a Solvency Condition not being satisfied or the deferral,
      postponement or suspension of such payment, due to a Required Deferral
      Condition, an Elective Deferral Interest Payment, insufficient Ordinary
      Shares available to satisfy the Alternative Interest Satisfaction
      Mechanism, or failure to make a payment more than 14 days after its due
      date due to a Market Disruption Event, and (b) in any such case has not
      been satisfied; and

            (ii) in relation to any Accrued Interest Payment, any amount thereof
      which has not been satisfied whether or not payment has become due.

      "PARITY GUARANTEE" means any guarantee, indemnity or other contractual
support arrangements of the Company of securities of any Subsidiary or
Undertaking, under which the holder of such securities as the party who has the
benefit of any such guarantee, indemnity or other contractual support agreement
is entitled, effectively from a financial point of view, to distributions on a
return of assets or on a liquidation, moratorium of payments or bankruptcy of
the Company or to distributions or payments of dividends and/or any other
amounts thereunder by the Company, to the same extent as the most senior class
of preference shares and which (a) are expressed to be similarly subordinated to
Senior Debt as, and accordingly rank pari passu with, the 6.125% ING Perpetual
Debt Securities as regards any such distribution or payment or (b) rank pari
passu as expressed by such 6.125% ING Perpetual Debt Securities' own terms with
the 6.125% ING Perpetual Debt Securities.

      Parity Guarantee includes the Company's guarantees (collectively the
"TRUST PREFERRED SECURITIES GUARANTEES") of the 8.439% Non-cumulative Guaranteed
Trust Preferred Securities issued by ING Capital Funding Trust III.

      "PARITY INTEREST PAYMENT" has the meaning set forth in Section 6.05(a)
hereof.

      "PARITY PERPETUAL SECURITIES" means the Company's 6.50% ING Perpetual
Securities issued on September 27, 2001, the Company's 7.05% ING

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Perpetual Debt Securities issued on July 18, 2002, the Company's 7.20% ING
Perpetual Debt Securities issued on December 6, 2002, the Company's Variable
Rate ING Perpetual Securities issued on June 20 2003, the Company's 6.20% ING
Perpetual Debt Securities issued on October 17, 2003, the Company's Variable
Rate ING Perpetual Securities issued on June 14, 2004 and the Company's 4.176%
ING Perpetual Debt Securities issued on June 7, 2005.

      "PARITY SECURITIES" means

            (i) the most senior class of preference shares of the Company;

            (ii) any preference shares of the Company of similar rank as the
      most senior class of preference shares of the Company; or

            (iii) other securities of the Company, the holders of which have
      claims that rank, effectively from a financial point of view, pursuant to
      a Parity Guarantee or pursuant to the provisions of such securities, as
      the most senior class of preference shares of the Company, in each case as
      regards distributions on a return of assets or on a liquidation,
      moratorium of payments or bankruptcy of the Company or in respect of
      distributions or payments of dividends and/or any other amounts thereunder
      by the Company and which are expressed to be similarly subordinated to
      Senior Debt as, and accordingly rank pari passu with, the 6.125% ING
      Perpetual Debt Securities as regards any such distributions or payments.

      Parity Securities includes the Parity Perpetual Securities.

      "PAYING AGENT" means The Bank of New York as paying agent in relation to
the 6.125% ING Perpetual Debt Securities, or its successor or successors for the
time being appointed in accordance with the terms of the Indenture.

      "PAYMENT" means any Interest Payment, Deferred Interest Payment, Accrued
Interest Payment or Interest Amount not falling within the definition of
Interest Payment.

      "PAYMENT DEFAULT" has the meaning set forth in Section 5.01(a) hereof.

      "PAYMENT EVENT" has the meaning set forth in Section 5.01(b) hereof.

      "PAYMENT ORDINARY SHARES" means Ordinary Shares issued by the Company in
accordance with Section 4.03(c)(ii) hereof.

      "REGULAR RECORD DATE" means the January 1, April 1, July 1 and October 1
preceding an Interest Payment Date (whether or not a Business Day).

                                       9
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      "REGULATORY EVENT" means any time after the Company becomes subject to
capital adequacy regulations, the relevant regulator makes a determination that
securities in the nature of the 6.125% ING Perpetual Debt Securities can no
longer qualify as Tier 1 capital (or instruments of a similar nature which
qualify as core capital) for purposes of such capital adequacy regulations.

      "REGULATORY NOTIFICATION" means, after the Company becomes subject to
capital adequacy regulations, the relevant regulator shall have notified it to
the effect that on any date on which a payment on the 6.125% ING Perpetual Debt
Securities would otherwise have been due, the Company's capital ratio would
after such payment be less than the minimum capital adequacy requirements as
enforced by the relevant regulator.

      "RELEVANT DATE" means

            (i) in respect of any payment other than a Winding-Up Claim, the
      date on which such payment first becomes due and payable but, if the full
      amount of the monies payable on such date has not been received by the
      Trustee on or prior to such date, the "Relevant Date" means the date on
      which such monies shall have been so received and notice to that effect
      shall have been given to the Holders in accordance with Section 106 of the
      Subordinated Indenture; and

            (ii) in respect of a Winding-Up Claim, the date which is one day
      prior to the commencement of the winding up.

      "REQUIRED DEFERRAL CONDITION" means a determination by the Company that
the Solvency Conditions (i) are not satisfied on the Relevant Date, or (ii) will
not be satisfied as a result of making the relevant Payment.

      "REQUIRED DEFERRAL INTEREST PAYMENT" has the meaning set forth in Section
2.04(e) hereof.

      "SECURITIES" has the meaning set forth in the Subordinated Indenture.

      "SENIOR DEBT" means

            (i) all claims of unsubordinated creditors of the Company;

            (ii) all claims of creditors whose claims are, or are expressed to
      be, subordinated (whether only in the event of the insolvency of the
      Company or otherwise) only to the claims of unsubordinated creditors of
      the Company; and

                                       10
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            (iii) all claims of all other creditors of the Company except those
      whose claims are, or are expressed to rank, pari passu with, or junior to,
      the claims of the Holders.

      "SOLVENCY CONDITIONS" means

            (i) the Company is able to make payments on its Senior Debt as such
      payments become due; and

            (ii) the Company's Assets exceed the sum of its Liabilities
      (excluding Liabilities not considered Senior Debt).

      "SUBORDINATED INDENTURE" has the meaning set forth in the first paragraph
of this Fourth Supplemental Indenture.

      "TAX EVENT" means a determination by the Company that on the next Interest
Payment Date:

            (i) the Company would, for reasons outside its control, be unable to
      make the required payment on such date without being required to pay
      Additional Amounts and the Company cannot avoid such requirement or
      circumstance by taking such measures the Company, acting in good faith,
      deems appropriate;

            (ii) payments of amounts in respect of Interest on the 6.125% ING
      Perpetual Debt Securities (including, for the avoidance of doubt, where
      the payment of Interest is to be satisfied by the issue of Ordinary Shares
      pursuant to the Alternative Interest Satisfaction Mechanism), may be
      treated as "distributions" within the meaning of Section II of the
      Dividend Withholding Tax Act 1965 (Wet op de dividendbelasting 1965); or
      such other provision as may from time to time supersede or replace Section
      II of the Dividend Withholding Tax Act of 1965 for the purposes of such
      definition) and the Company cannot avoid such requirement or circumstance
      by taking such measures the Company, acting in good faith, deems
      appropriate; or

            (iii) there is more than an insubstantial risk that the Company will
      not obtain substantially full relief for the purposes of the corporation
      tax of The Netherlands for any payment of Interest (including, for the
      avoidance of doubt, where the payment of Interest is to be satisfied by
      the issue of Ordinary Shares pursuant to the Alternative Interest
      Satisfaction Mechanism), due to any proposed change or amendment to the
      laws of The Netherlands, or any proposed change in the application of
      official or generally published interpretation of such laws, or any
      interpretation or pronouncement by any relevant tax authority that
      provides for a position

                                       11
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      with respect to such laws or regulations that differs from the previously
      generally accepted position in relation to similar transactions or which
      differs from any specific written confirmation given by a tax authority in
      respect of the 6.125% ING Perpetual Debt Securities, where such change or
      amendment becomes, or would become, effective, or in the case of a change
      or proposed change in law if such change is enacted (or, in the case of a
      proposed change, is expected to be enacted) by an Act of Parliament or
      made by Statutory Instrument on or after September 16, 2005, and the
      Company cannot avoid this risk by taking such measures the Company, acting
      in good faith, deems appropriate.

      "TRUST PREFERRED SECURITIES GUARANTEES" has the meaning given such term in
the definition of Parity Guarantee.

      "TRUSTEE" means the Person named as the "Trustee" in the first paragraph
of this instrument until a successor trustee shall have become such pursuant to
the applicable provisions of the Subordinated Indenture, and thereafter
"Trustee" shall mean the Person who is then the Trustee thereunder, and if at
any time there is more than one such Person, "Trustee" shall mean and include
each such Person.

      "UNDERTAKING" means a corporate body, partnership, limited partnership,
cooperative or an incorporated association carrying on a trade or business with
or without a view to profit in which the Company has direct or indirect
financial, commercial or contractual majority interest.

      "WINDING-UP CLAIM" means amounts in respect of principal or Payments in
respect of which a Solvency Condition is not satisfied on the date upon which
such principal or Payments would otherwise be due and payable by the Company in
connection with its liquidation (upon dissolution or otherwise) and on any
redemption of 6.125% ING Perpetual Debt Securities.

                                    ARTICLE 2
    GENERAL TERMS AND CONDITIONS OF THE 6.125% ING PERPETUAL DEBT SECURITIES

      Section 2.01. Designation And Principal Amount. The following series of
Securities are hereby authorized as the 6.125% ING Perpetual Debt Securities,
initially to be issued in the aggregate principal amount of up to $720,000,000.

      Section 2.02. Maturity. The 6.125% ING Perpetual Debt Securities have no
maturity date.

      Section 2.03. Form, Issuance, Registration And Exchange. The 6.125% ING
Perpetual Debt Securities shall:

                                       12
<PAGE>
      (a) be issued as registered Securities in minimum denominations of $25.00
(or in any integral multiple thereof) in book-entry global form, and shall not
be exchangeable for definitive securities except as provided in Section 305 of
the Subordinated Indenture;

      (b) not be exchangeable at any time for bearer securities; and

      (c) be issued as global 6.125% ING Perpetual Debt Securities registered in
the name of DTC or its nominee (initially the nominee will be Cede & Co.);
provided, however, (i) such global securities may not be transferred except as a
whole by DTC to a nominee or a successor of DTC, unless and until the 6.125% ING
Perpetual Debt Securities are exchanged for definitive securities in the limited
instances described in Section 12.01 hereof; (ii) beneficial interests in global
6.125% ING Perpetual Debt Securities may be held through organizations that
participate, directly or indirectly, in the DTC system; (iii) beneficial
interests in the global 6.125% ING Perpetual Debt Securities and all transfers
relating to the global 6.125% ING Perpetual Debt Securities will be reflected in
the book-entry records of DTC; and (iv) so long as DTC, or its nominee, is the
holder of a global 6.125% ING Perpetual Debt Security, it will be considered the
sole holder of the global 6.125% ING Perpetual Debt Security for all purposes
under the Indenture.

      Section 2.04. Payments.

      (a) Payment Method. (i) Any Payment on 6.125% ING Perpetual Debt
Securities which is payable, and is paid or duly provided for, on any Payment
Date or on any date on which the Company makes any Payment on the 6.125% ING
Perpetual Debt Securities (including any payment of Additional Amounts in
accordance with Section 1006 of the Subordinated Indenture) shall be paid by the
Trustee to the Holder in whose name such 6.125% ING Perpetual Debt Securities
are registered, by wire-transfer of same-day funds to the Holder or, at the
option of the Company, by check mailed to the address of the Holder as it
appears in the Company's Security Register. For so long as the 6.125% ING
Perpetual Debt Securities are held in global form, all payments shall be made by
wire-transfer of same-day funds.

            (ii) All payments made with respect to the 6.125% ING Perpetual Debt
      Securities will be subject to any fiscal or other laws and regulations
      applicable thereto in the place of payment. Except as expressly stated,
      such fiscal or other laws and regulations will not affect the Company's
      obligation to pay Additional Amounts.

      (b) Interest Rate. The 6.125% ING Perpetual Debt Securities will bear
Interest from the Issue Date at a fixed rate per annum on their outstanding
principal amount equal to 6.125% (the "FIXED INTEREST RATE").

                                       13
<PAGE>
      (c) Interest Payment Dates. Subject to the provisions herein, Interest on
the 6.125% ING Perpetual Debt Securities (calculated in accordance with the
Interest Calculation Basis) will be payable from September 26, 2005 or from the
most recent Interest Payment Date to which interest has been paid or duly
provided for, quarterly in arrears on January 15, April 15, July 15 and October
15 in each year, commencing on January 15, 2006.

      (d) Accrued Interest Payments. The aggregate amount of any Accrued
Interest Payments on the 6.125% ING Perpetual Debt Securities will bear Interest
at the Fixed Interest Rate (to the extent permitted by applicable law) as if
such Accrued Interest Payments were considered part of principal and will become
payable as and when the Payment in respect of which such Interest has accrued
becomes payable. The amount of Interest which accrues (the "ADDITIONAL
INTEREST") in respect of any such Accrued Interest Payments shall be calculated
by the Trustee in consultation with the Company and shall be added, for purposes
only of the calculation of the amount of Additional Interest due on any Interest
Payment Date or Deferred Interest Satisfaction Date, as the case may be, to the
corresponding amount of Payments unpaid as at such Interest Payment Date or
Deferred Interest Satisfaction Date, as applicable, as if such amount would
itself constitute a Payment.

      When used with respect to any 6.125% ING Perpetual Debt Securities,
"INTEREST PAYMENT DATE" means the date for payment of any Interest on such
6.125% ING Perpetual Debt Securities, as determined by the Company and set forth
in this Fourth Supplemental Indenture and the form of 6.125% ING Perpetual Debt
Securities attached as Exhibit A hereto. If any Interest Payment Date would
otherwise fall on a day which is not a Business Day, it shall be postponed to
the next day that is a Business Day.

      (e) Required Deferral of Payments.

            (i) Other than in the case of a Mandatory Payment Event or a
      Mandatory Partial Payment Event, the Company is required to give a
      Deferral Notice in accordance with Section 2.04(h) hereof and to defer any
      payment where the Required Deferral Condition has occurred or is
      continuing on the 20th Business Day preceding the date on which such
      Payment would be due and payable and no Interest Payment shall be payable
      on such Interest Payment Date. When used with respect to any 6.125% ING
      Perpetual Debt Securities, "REQUIRED DEFERRAL INTEREST PAYMENT" means any
      Payment deferred in accordance with this Section 2.04(e).

            (ii) Interest will not accrue on any Required Deferral Interest
      Payment except under circumstances described under Section 4.03 hereof.

                                       14
<PAGE>
            (iii) Any Required Deferral Interest Payment, except in the case of
      a Mandatory Payment Event or a Mandatory Partial Payment Event, shall be
      satisfied on the relevant Deferred Interest Satisfaction Date if the
      Required Deferral Condition is no longer met as of the 20th Business Day
      preceding any subsequent Interest Payment Date and the Company (x) does
      not validly elect to defer such payment in accordance with Section
      2.04(f)(i) hereof; or (y) has not elected to pay such Deferred Interest
      Payment earlier in accordance with Section 2.04(f)(f)(iii) hereof.

            (iv) At least 16 Business Days prior to the relevant Deferred
      Interest Satisfaction Date, the Company shall give notice to the Trustee
      of the Deferred Interest Satisfaction Date on which such Required Deferral
      Interest Payment will be satisfied. As soon as practicable after receiving
      such notice but within two business days, the Trustee shall provide notice
      to the Company of the amount of Accrued Interest Payments, (including any
      Additional Interest) if any, payable on such Deferred Interest
      Satisfaction Date.

            (v) At least 16 Business Days prior to such Deferred Interest
      Satisfaction Date, the Company shall provide a notice to the Paying Agent,
      the Calculation Agent and the Holders in accordance with Section 106 of
      the Subordinated Indenture (a) that the Company will satisfy such Required
      Deferral Interest Payment on the relevant Deferred Interest Satisfaction
      Date, (b) the amount of the Accrued Interest Payments (including
      Additional Interest), if any, payable on such Deferred Interest
      Satisfaction Date, as calculated by the Trustee and (c) the Special Record
      Date for such Deferred Interest Satisfaction Date.

      (f) Elective Deferral of Payments.

            (i) The Company may defer any Payment that is due and payable under
      the 6.125% ING Perpetual Debt Securities, other than in the case of a
      Mandatory Payment Event or a Mandatory Partial Payment Event, by giving a
      Deferral Notice to the Trustee, the Calculation Agent and the Holders in
      accordance with Section 2.04(h) hereof, including any Payment referred to
      in Section 2.04(e)(iii), 2.04(e)(iv), 2.04(e)(v) hereof (except as
      otherwise provided therein), and no Interest Payment shall be payable on
      such Interest Payment Date. When used with respect to any 6.125% ING
      Perpetual Debt Securities, "ELECTIVE DEFERRAL INTEREST PAYMENT" means any
      Payment deferred in accordance with this Section 2.04(f).

            (ii) Elective Deferral Interest Payments will accrue interest at the
      Deferral Interest Rate from, and including, the date on which (but for
      such deferral) the Deferred Interest Payment would otherwise have been

                                       15
<PAGE>
      due to be made to, but excluding, the relevant Deferred Interest
      Satisfaction Date.

            (iii) Except in the case of a Mandatory Payment Event or a Mandatory
      Partial Payment Event, the Company may satisfy any Elective Deferral
      Interest Payment at any time; provided, however, any such Payment shall be
      satisfied by delivering a notice in accordance with Section 4.03(c)(i)
      hereof not less than 16 Business Days prior to the relevant Deferred
      Interest Satisfaction Date informing of the Company's election to so
      satisfy such Payment and specifying the relevant Deferred Interest
      Satisfaction Date.

      (g) Conditions Precedent for any Payment.

            (i) Except in a bankruptcy, all payments on the 6.125% ING Perpetual
      Debt Securities will be conditional upon not triggering the Required
      Deferral Condition.

            (ii) Unless the Company obtains permission from its relevant
      regulator, it shall satisfy any Deferred Interest Payments only in
      accordance with the Alternative Interest Satisfaction Mechanism set forth
      in Article 4 below; provided, however, that the Company is not required to
      utilize the Alternative Interest Satisfaction Mechanism to satisfy any
      Mandatory Partial Payment payable on a Mandatory Partial Payment Date that
      coincides with the date on which a Deferred Interest Payment has become
      mandatorily due and payable in full.

      (h) Deferral Notice.

            (i) The Company shall give any Deferral Notice not less than 16
      Business Days prior to the date on which any Payment would, in the absence
      of deferral, be due and payable.

            (ii) The Company must give a Deferral Notice in the case of a
      Required Deferral Condition.

            (iii) Any Deferral Notice as to a Payment required to be paid
      pursuant to a Mandatory Payment Event or a Mandatory Partial Payment Event
      will have no force or effect.

      Section 2.05. Mandatory Payment Events; Mandatory Partial Payment Events.

      (a) Deferred Interest Payments. Upon the occurrence of a Mandatory Payment
Event or a Mandatory Partial Payment Event, all Deferred Interest Payments will
become mandatorily due and payable in full on the date of either

                                       16
<PAGE>
such event, notwithstanding any further Deferral Notice or an occurrence or
continuance of a Required Deferral Condition.

      (b) Satisfaction of Interest Payments following a Mandatory Payment Event.
The Interest Payments payable on the next four consecutive Interest Payment
Dates following a Mandatory Payment Event will be mandatorily due and payable in
full, notwithstanding any Deferral Notice as to such Interest Payments or the
occurrence or continuance of any Required Deferral Condition; provided, however,
that if the Mandatory Payment Event is (x) a payment on a Junior Security, a
Junior Guarantee or a security benefiting from a Junior Guarantee or relates to
the purchase or other acquisition of any Junior Security, Parity Security or a
security benefiting from a Junior Guarantee or a Parity Guarantee, and (y) such
payment is in respect of a semi-annual or quarterly payment or the security
purchased or acquired was payable semi-annually or quarterly, only the Interest
Payments payable on the next two Interest Payment Dates or the next Interest
Payment, respectively, shall be mandatorily due and payable notwithstanding any
Deferral Notice as to such Interest Payment or the occurrence or continuance of
any Required Deferral Condition. Such Mandatory Interest Payments may, at the
Company's election, be satisfied in accordance with the Alternative Interest
Satisfaction Mechanism.

      (c) Satisfaction of Interest Payments following a Mandatory Partial
Payment Event. Mandatory Partial Payments will be mandatorily due and payable,
on the next four consecutive Interest Payment Dates, following a Mandatory
Partial Payment Event, notwithstanding any Deferral Notice or occurrence of the
Required Deferral Condition; provided, however, that if such Mandatory Partial
Payment Event (x) is a payment on a Parity Security, a Parity Guarantee or a
security benefiting from a Parity Guarantee and (y) such payment is in respect
of a semi-annual or quarterly payment, only Mandatory Partial Payments payable
on the next two consecutive Interest Payment Dates or the next Interest Payment
Date, respectively, shall be mandatorily due and payable notwithstanding any
Deferral Notice as to such Interest Payment or the occurrence or continuance of
any Required Deferral Condition. Such Mandatory Partial Payments may, at the
Company's election, be satisfied in accordance with the Alternative Interest
Satisfaction Mechanism.

                                    ARTICLE 3
             OPTIONAL REDEMPTION AND REDEMPTION UPON CERTAIN EVENTS

      Section 3.01. Optional Redemption. (a) Any redemption made in accordance
with this Article 3 shall be made in accordance with Sections 1101 through
Section 1108 of the Subordinated Indenture.

                                       17
<PAGE>
      (b) Upon giving not less than 30 nor more than 60 days' notice to the
Holders of 6.125% ING Perpetual Debt Securities, and provided the Solvency
Conditions are satisfied at the time of such notice and at the time of
redemption, the 6.125% ING Perpetual Debt Securities may be redeemed in whole
(but not in part) at the Base Redemption Price, at the option of the Company and
without the consent of the Holders or the Trustee, as follows:

            (i) on January 15, 2011, and thereafter on any Interest Payment
      Date;

            (ii) upon the occurrence of a Tax Event, provided that the Company
      has already delivered to the Trustee, in a form satisfactory to the
      Trustee, a written legal opinion of independent Dutch counsel of
      recognized standing, selected by the Company, confirming that such Tax
      Event has occurred; or

            (iii) upon the occurrence of a Regulatory Event.

      (c) Cancellation of any 6.125% ING Perpetual Debt Securities redeemed by
the Company pursuant to this Indenture will be effectuated by reducing the
principal amount of the 6.125% ING Perpetual Debt Securities, and any 6.125% ING
Perpetual Debt Securities so cancelled will be discharged. Any 6.125% ING
Perpetual Debt Securities purchased by the Company may be held, reissued, resold
or, at the Company's option, cancelled. Such cancellation shall be effectuated
by decreasing in an equal amount the number of 6.125% ING Perpetual Debt
Securities represented by the global security.

      (d) In the event the Base Redemption Price in respect of any 6.125% ING
Perpetual Debt Securities is improperly withheld or refused and is not paid by
the Company, Interest on the 6.125% ING Perpetual Debt Securities will continue
to be payable and accrue in accordance with Section 2.04(d) hereof until the
date the Base Redemption Price is actually paid (the "DELAYED REDEMPTION PAYMENT
DATE"). Prior to the payment of any Base Redemption Price which previously has
been improperly withheld or refused, the Company shall inform the Trustee of the
proposed Delayed Redemption Payment Date and the Trustee shall, as soon as
practicable after receiving such notice, provide notice to the Company of the
amount of Accrued Interest Payments (together with Additional Interest) payable
in connection therewith. The Company shall then provide notice to the Paying
Agent, if different than the Trustee, and the Holders in accordance with Section
106 of the Subordinated Indenture of (i) the Delayed Redemption Payment Date,
(ii) the Special Record Date for the Delayed Redemption Payment Date and (iii)
the Accrued Interest Payments payable on such date, as calculated by the
Trustee.

                                       18
<PAGE>
      Section 3.02. Optional Purchase. The Company may at any time, subject to
satisfaction of the Solvency Conditions, purchase 6.125% ING Perpetual Debt
Securities on the open market in any manner and at any price.

                                    ARTICLE 4
                   ALTERNATIVE INTEREST SATISFACTION MECHANISM

      Section 4.01. Conditions Precedent. Subject to the provisions of Article 5
of this Fourth Supplemental Indenture and Article 5 of the Subordinated
Indenture and notwithstanding any other provision of this Indenture to the
contrary, the Company's ability to use the Alternative Interest Satisfaction
Mechanism to satisfy its Payment obligations with respect to the 6.125% ING
Perpetual Debt Securities is subject to Section 4.04 and 4.05 hereof.

      Section 4.02. Notices Of Exercise Of Alternative Interest Satisfaction
Mechanism. The Company shall give notice to the Trustee, the Paying Agent, if
different than the Trustee, the Calculation Agent and the Holders of the 6.125%
ING Perpetual Debt Securities in accordance with Sections 105 and 106, as
applicable, of the Subordinated Indenture and in accordance with the Calculation
Agency Agreement at least 16 Business Days prior to the relevant Interest
Payment Date or Deferred Interest Satisfaction Date, as applicable, of its
election pursuant to Section 2.04 hereof, to pay all or part of a Deferred
Interest Payment or to make any other Payment pursuant to the Alternative
Interest Satisfaction Mechanism, subject to Section 4.03(b) below.

      Section 4.03. Alternative Interest Satisfaction Mechanism.

      (a) Unless otherwise expressly provided in this Indenture, the Company
shall satisfy any Deferred Interest Payments in accordance with the Alternative
Interest Satisfaction Mechanism.

      (b) Subject to the satisfaction of the Solvency Conditions, the Company
may, at its option, satisfy any Payment in accordance with the Alternative
Interest Satisfaction Mechanism; provided, however, that at the time of such
election the Company shall have sufficient authorized Ordinary Shares to issue
such shares to satisfy such Payment in full.

      (c) Subject to and in accordance with the terms of the Calculation Agency
Agreement, under the "ALTERNATIVE INTEREST SATISFACTION MECHANISM":

            (i) the Company shall give notice to the Trustee, the Paying Agent,
      if different than the Trustee, the Calculation Agent and the Holders of
      the 6.125% ING Perpetual Debt Securities as provided in Section 4.02
      hereof;

                                       19
<PAGE>
            (ii) on or prior to the eleventh business day prior to the relevant
      Interest Payment Date or Deferred Interest Satisfaction Date, the
      Calculation Agent shall, pursuant to the Calculation Agency Agreement,
      calculate the number of Payment Ordinary Shares that have an aggregate
      market value (converted from euros into U.S. dollars) of not less than
      110% of the relevant Payment and shall notify the Trustee and the Company
      accordingly of such number of Payment Ordinary Shares to be issued;

            (iii) on or prior to the eleventh business day prior to the relevant
      Interest Payment Date or Deferred Interest Satisfaction Date, the
      Calculation Agent shall, pursuant to the Calculation Agency Agreement,
      calculate the number of Associated Cost Ordinary Shares required to be
      issued by the Company as, on sale, produce a net amount (converted, where
      necessary, into euros) of not less than the Associated Costs and shall
      notify the Trustee and the Company of such number of Associated Cost
      Ordinary Shares to be issued;

            (iv) by the close of business on or before the seventh business day
      prior to the relevant Interest Payment Date or Deferred Interest
      Satisfaction Date, the Company shall notify the Calculation Agent that it
      has a sufficient number of Ordinary Shares and corporate authorization to
      issue such number of Payment Ordinary Shares and Associated Cost Ordinary
      Shares as shall have been notified to the Trustee and the Company by the
      Calculation Agent in accordance with Section 4.03(c)(ii) and 4.03(c)(iii)
      above;

            (v) the Calculation Agent will use reasonable efforts on normal
      market terms to procure purchasers for such Ordinary Shares as soon as
      reasonably practicable following receipt of the notice referred to in
      clause (iv) above, in accordance with the terms of the Calculation Agency
      Agreement, but no later than the fourth business day prior to the relevant
      Interest Payment Date or Deferred Interest Satisfaction Date;

            (vi) one business day prior to the relevant Interest Payment Date or
      Deferred Interest Satisfaction Date, the Company will issue or transfer
      such Payment Ordinary Shares and Associated Cost Ordinary Shares in the
      open market as instructed by the Calculation Agent, and will collect any
      sales proceeds;

            (vii) upon receipt of the sales proceeds, the Company shall
      immediately transfer the sales proceeds (or such amount of sales proceeds
      as is necessary to make the relevant Payment in full (after conversion
      from euros into U.S. dollars as necessary)) to the Trustee or its agent
      who shall

                                       20
<PAGE>
      convert any proceeds received in a currency other than U.S. dollars into
      U.S. dollars;

            (viii) the Trustee will apply the sales proceeds received from the
      Company (as converted, if applicable) on the day the relevant Payment is
      due, towards the Payment to be satisfied;

            (ix) if, following the procedures set forth in Section 4.03(c)(i) to
      4.03(c)(viii) above, there is a shortfall in the proceeds necessary to
      satisfy the relevant Payment that is due or to pay the Associated Costs,
      the Calculation Agent, pursuant to its obligations under the Calculation
      Agency Agreement, shall promptly notify the Trustee, the Paying Agent, if
      different than the Trustee, and the Company, and the Calculation Agent,
      the Trustee, the Paying Agent and the Company shall then take such steps
      as are reasonably necessary to ensure, so far as practicable, that through
      issuing and selling additional Payment Ordinary Shares or Associated Cost
      Ordinary Shares in accordance with Section 4.03(c)(i) to 4.03(c)(viii)
      above, proceeds from the additional sales together with the proceeds
      referred to in Section 4.03(c)(vi) above are at least equal to,
      respectively, the relevant Payment and any Associated Costs, such that the
      Payment and any Associated Costs may be satisfied in full on the relevant
      Interest Payment Date or Deferred Interest Satisfaction Date; provided
      that for such purpose, Section 4.03(c)(i) to 4.03(c)(viii) above shall be
      modified as follows:

                  (A) references therein to "Payment" shall be deemed to be
            references to the amount by which the aggregate sum then paid to the
            Trustee by the Company in respect of the relevant Payment pursuant
            to the provisions of this Section 4.03 is less than the full amount
            due (the "PAYMENT SHORTFALL");

                  (B) references therein to "Associated Costs" shall be deemed
            to be references to the aggregate of (a) the amount by which the sum
            received by the Company in respect of Associated Costs is less than
            the Associated Costs and (b) the Associated Costs determined in
            accordance with the Calculation Agency Agreement but by reference to
            the numbers of additional Ordinary Shares required to be issued in
            order to satisfy the Shortfall (such aggregate being the "COSTS
            SHORTFALL"); and

                  (C) all matters required to be done by a stated time shall be
            done as soon as practicable.

            For the purposes of this Section 4.03(c)(ix), "SHORTFALL" means the
            aggregate of the Payment Shortfall and the Costs Shortfall;

                                       21
<PAGE>
            (x) if the aggregate amounts paid to the Paying Agent are less than
      the amount necessary to satisfy any Payment, after the Trustee receives
      any Shortfall amounts it will pay such amounts to the Paying Agent for
      payment to the Holders;

            (xi) if, despite these provisions, such a Shortfall still exists on
      the relevant Interest Payment Date or Deferred Interest Satisfaction Date,
      the Company may, in accordance with the provisions of this Indenture,
      either pay an amount equal to such Shortfall as soon as practicable to the
      Trustee or continue to issue Payment Ordinary Shares or Associated Cost
      Ordinary Shares, as the case may be, until the Trustee has received funds
      equal to the full amount of such Shortfall. The Company shall be obligated
      to issue additional Ordinary Shares to cover any Shortfall unless it
      satisfies the Shortfall by making a direct payment to the Trustee; and

            (xii) if, pursuant to the Alternative Interest Satisfaction
      Mechanism, proceeds are raised in excess of the amount required to pay the
      applicable Payments plus the Associated Costs in connection with using the
      Alternative Interest Satisfaction Mechanism, any remaining proceeds shall
      be retained by the Company.

      Section 4.04. Insufficient Payment Ordinary Shares. (a) (i) If the Company
is to satisfy a Payment pursuant to the Alternative Interest Satisfaction
Mechanism and it does not, on the date when the number of Payment Ordinary
Shares required to be issued is determined, have a sufficient number of Ordinary
Shares available for issue, it shall notify the Trustee, the Calculation Agent
and the Holders that all or part, as the case may be, of the relevant Payment
cannot be satisfied due to an insufficient number of authorized Ordinary Shares.

            (ii) Upon the occurrence of the circumstances contemplated in
      Section 4.04(a)(i), the Payment or part thereof shall be satisfied
      following the date of the Company's next annual general meeting or
      extraordinary general meeting of its shareholders at which a resolution is
      passed authorizing a sufficient number of Ordinary Shares to be made
      available to satisfy all or such part of the relevant Payment.

            (iii) However, if the number of Ordinary Shares authorized to be
      issued at any such meeting contemplated in Section 4.04(a)(ii) above is
      insufficient to satisfy all or such part of the relevant Payment, then
      those Ordinary Shares so issued will be applied by the Company in partial
      satisfaction of all or such part of the Relevant Payment.

      (b) Following the passage of a resolution which authorizes the Company to
issue additional Ordinary Shares for this purpose:

                                       22
<PAGE>
            (i) the Company shall give notice to the Trustee at least 16
      Business Days prior to the date upon which the relevant Payment or, as the
      case may be, the part thereof is to be made and the Trustee shall provide
      notice to the Company and the Calculation Agent of the amount of the
      Accrued Interest Payments (together with Additional Interest), if any,
      payable in connection with such Payment; and

            (ii) the Company shall provide at least 16 Business Days notice in
      accordance with Section 106 of the Subordinated Indenture to the
      Calculation Agent and the Holders of the date upon which the relevant
      Payment or, as the case may be, the part thereof is to be made, which
      notice shall include the amount of the Accrued Interest Payments (together
      with Additional Interest), if any, payable in connection with such
      Payment, as calculated by the Trustee.

      (c) The relevant Payment or, as the case may be, the part thereof which is
not so satisfied will, unless it is a Required Deferred Interest Payment and has
not been subsequently either satisfied or deferred pursuant to an Elective
Deferral Interest Payment, will continue to accrue Interest at the Deferral
Interest Rate from (and including) the date on which Payment would otherwise
have been due to (but excluding) the date on which such Payment or part thereof
is satisfied or, in the event of a Market Disruption Event, the date on which
such payment or part thereof, would, but for the occurrence of such Market
Disruption Event, have been satisfied (from which date Interest (if any) will
accrue on such Payment as provided below).

      (d) If the Company does not have a sufficient number of Ordinary Shares
and does not hold an annual general meeting within six months of giving the
notice set forth in Section 4.03(c)(i) above, at which a resolution to make a
sufficient number of Ordinary Shares available is proposed, the Trustee will by
notice require the Company to convene an extraordinary general meeting at which
such a resolution will be proposed on a date falling within 10 weeks of such
notice from the Trustee.

      (e) In the event that a resolution to make a sufficient number of Ordinary
Shares available is proposed at any such annual general meeting or extraordinary
general meeting is rejected, the resolution will be proposed at each general
annual meeting or any extraordinary general meeting thereafter until such time
as the resolution has been passed by the Company's shareholders.

      Section 4.05. Market Disruption Event. (a) If a Market Disruption Event
exists on or after the 15th Business Day preceding any date upon which a Payment
or part thereof is due to be made or satisfied pursuant to the Alternative
Interest Satisfaction Mechanism, the Company may give notice to the Trustee, the
Paying Agent, the Calculation Agent and the Holders as soon as possible after
the

                                       23
<PAGE>
Market Disruption Event has arisen or occurred, whereupon the relevant Payment
will be deferred until such time as, in the opinion of the Company, the Market
Disruption Event no longer exists.

      (b) Any such deferred Payment or part thereof will be satisfied as soon as
practicable after the Market Disruption Event no longer exists. The Company
shall notify the Trustee of the date on which such deferred Payment or part
thereof will be satisfied and the Trustee shall provide notice to the Company
and the Calculation Agent of the amount of the Accrued Interest Payments
(together with Additional Interest), if any, payable in connection with such
deferred Payment. The Company shall then notify the Paying Agent, the
Calculation Agent and the Holders in accordance with Section 106 of the
Subordinated Indenture of the date on which such deferred Payment or part
thereof will be satisfied and the amount of the Accrued Interest Payments
(together with Additional Interest), if any, payable in connection with such
deferred Payment, as calculated by the Trustee.

      (c) Interest will not accrue on any deferred Payment or part thereof
during a Market Disruption Event; provided, however, that if the Company does
not make a relevant payment or part thereof for a period of 14 days or more
after its due date, even if the Market Disruption Event is continuing, such
deferred Payments or part thereof will accrue Interest from (and including) the
date on which the relevant Payment or part thereof was due to be made to (but
excluding) the date on which such Payment or part thereof is made. Any such
Interest shall accrue at the Fixed Interest Rate and shall be satisfied only in
accordance with the Alternative Interest Satisfaction Mechanism and as soon as
reasonably practicable after the relevant deferred Payment is made. No liability
shall attach to the Trustee or its agents if, as a result of a Market Disruption
Event or any other event outside the control of the Trustee or any such agent,
the Trustee or any such agent is unable to comply with its duties in connection
with any payment made pursuant to the Alternative Interest Satisfaction
Mechanism.

                                    ARTICLE 5
                                    REMEDIES

      Section 5.01. Defaults; Collection Of Indebtedness And Suits For
Enforcement By Trustee.

      (a) "PAYMENT DEFAULT", wherever used herein with respect to the 6.125% ING
Perpetual Debt Securities, means solely the following event (regardless of the
reason for such Payment Default and whether it is voluntary, involuntary or is
effected by operation of law pursuant to any judgment, decree or order of any
court or any order, rule or regulation of any administrative or governmental
body):

                                       24
<PAGE>
      The Company fails to pay or set aside for payment the amount due to
satisfy any Payment on the 6.125% ING Perpetual Debt Securities when due, and
such failure continues for 14 days; provided, however, that if the Company fails
to make any Mandatory Interest Payment as a result of failure to satisfy the
Solvency Conditions, or due to a deferral of an Interest Payment as permitted
under the terms of this Indenture, that payment will constitute an Outstanding
Payment and will accumulate with any other Outstanding Payments until paid, but
will not constitute a Payment Default.

      (b) If a Payment Default occurs and is continuing, the Trustee may pursue
all legal remedies available to it, including commencing a judicial proceeding
for the collection of the sums so due and unpaid or a bankruptcy proceeding in
The Netherlands (but not elsewhere) of the Company, but the Trustee may not
declare the principal amount of any outstanding 6.125% ING Perpetual Debt
Securities to be due and payable. If the Company fails to make payment and the
Solvency Conditions are not satisfied at the end of the 14-day period set forth
in Section 5.01(a) hereof, such failure does not constitute a Payment Default
but instead constitutes a "PAYMENT EVENT". On a Payment Event, the Trustee may
institute bankruptcy proceedings against the Company exclusively in The
Netherlands, but may not pursue any other legal remedy, including a judicial
proceeding for the collection of the sums due and unpaid.

      (c) Notwithstanding the foregoing, Holders of the 6.125% ING Perpetual
Debt Securities have the absolute and unconditional right to institute suit for
the enforcement of any payment when due and such right may not be impaired
without the consent of the Holder as provided in Section 508 of the Subordinated
Indenture. In addition, to the extent the Trustee is not permitted to pursue the
remedies provided for in Section 5.01(b) above as a matter of Dutch law, the
Holders of the 6.125% ING Perpetual Debt Securities may pursue such remedies in
accordance with the terms of the Subordinated Indenture.

      (d) Without prejudice to Section 5.04 and Section 5.05 of the Subordinated
Indenture, the Trustee is and shall be fully authorized by each and any holder
of record of a 6.125% ING Perpetual Debt Security to commence proceedings in The
Netherlands in accordance with Section 5.01(a) and 5.01(b) above, in the name
and on behalf of such holder, as if the Trustee were such holder of record, with
a view to having the Company declared bankrupt in The Netherlands.

      (e) The provisions of this Section 5.01 replace Sections 501, 502 and 503
of the Subordinated Indenture in their entirety which is hereby amended and
restated in its entirety by this Section 5.01.

                                       25
<PAGE>
                                    ARTICLE 6
                             COVENANTS OF THE ISSUER

      Section 6.01. Dividend Restrictions For Deferred Interest Payments. From
the date the Company delivers a Deferral Notice until any Deferred Interest
Payment is paid in full on the 6.125% ING Perpetual Debt Securities, the Company
agrees that it will not recommend to its shareholders, and to the fullest extent
permitted by applicable law will otherwise act to prevent, any action that would
constitute a Mandatory Payment Event or Mandatory Partial Payment Event.

      Section 6.02. Calculation Agent. (a) For so long as any 6.125% ING
Perpetual Debt Securities remain outstanding, there shall at all times be a
Calculation Agent hereunder. The current Calculation Agent is set forth in
Article 1 hereof. If the Calculation Agent is unable or unwilling to act as
such, or if it fails to make a determination, calculation or otherwise fails to
perform its duties under the Indenture or the Calculation Agency Agreement, the
Company shall appoint an independent investment bank acceptable to the Trustee
to act as such in its place. Neither the termination of the appointment of the
Calculation Agent nor the resignation of the Calculation Agent will be effective
without a successor having been appointed.

      (b) All calculations and determinations made by the Calculation Agent with
respect to the 6.125% ING Perpetual Debt Securities (absent manifest error) are
final and binding on the Company, the Trustee, the Paying Agent and the Holders.

      (c) Neither the Company nor the Trustee have any responsibility to anyone
for any errors or omissions in any calculation by the Calculation Agent.

      Section 6.03. Mandatory Interest Payments. Subject to satisfaction of the
Solvency Conditions, the Company agrees that it will not defer any Payment on
the 6.125% ING Perpetual Debt Securities on the Interest Payment Date falling on
a Mandatory Interest Payment Date.

      Section 6.04. Deferral Of Certain Payments. The Company agrees that if
Payments stated to be payable on any date have not been made on the Company's
preference shares or any other Parity Securities, then it will defer Payments on
the 6.125% ING Perpetual Debt Securities payable on such date, unless a
Mandatory Interest Payment is due.

      Section 6.05. Sufficiency Of Ordinary Shares.

      (a) The Company represents and warrants that at the date of this Fourth
Supplemental Indenture, the Company has a sufficient number of authorized but

                                       26
<PAGE>
unissued Ordinary Shares necessary, and, subject to the approval of the
Company's Supervisory Board, the Company's Executive Board has the necessary
authority to make, during the next 12-month period, (i) the Interest Payments
required to be made on the 6.125% ING Perpetual Debt Securities and (ii) the
interest payments required to be made on the Parity Perpetual Securities (each,
a "PARITY INTEREST PAYMENT"), assuming the Alternative Interest Satisfaction
Mechanism or, in the case of the Parity Perpetual Securities, any similar
mechanism by which Parity Interest Payments may be satisfied pursuant to a sale
of the Company's Ordinary Shares, is used for each Interest Payment and Parity
Interest Payment during such 12-month period.

      (b) The Company agrees to keep available for issue a sufficient number of
authorized but unissued Ordinary Shares as it reasonably considers would be
required to be issued as Payment Ordinary Shares in connection with the next
four Interest Payments. Should the Company fail to comply with this condition,
no damages shall be payable in connection with such failure. The Trustee may
require that the Company, as soon as practicable, hold an extraordinary general
meeting of its shareholders at which a resolution will be passed to remedy such
failure as provided in Section 4.04(d) hereof.

      (c) The Trustee is not obligated to monitor whether the Company has a
sufficient number of unissued Ordinary Shares available for issuance as Payment
Ordinary Shares and the Trustee is entitled to assume, unless it has actual
knowledge to the contrary, that the Company is complying with its obligations to
do so.

      Section 6.06. Ranking. The Company agrees that, for so long as any 6.125%
ING Perpetual Debt Securities remain outstanding, it will not issue any
preference shares (or other securities which are akin to preference shares as
regards distributions on a return of Assets or upon a liquidation, moratorium of
payments or bankruptcy of the Company or in respect of distributions or payments
of dividends and/or any other amounts thereunder by the Company) or give any
guarantee or contractual support arrangement in respect of any of its preference
shares or such other securities or in respect of any other entity if such
preference shares, preferred securities, guarantees or contractual support
arrangements would rank (as regards distributions on a return of Assets or on a
liquidation, moratorium of payments or bankruptcy of the Company or in respect
of distributions of payments of dividends and/or any other amounts thereunder by
the Company) senior to the 6.125% ING Perpetual Debt Securities, unless the
Company amends the terms of the 6.125% ING Perpetual Debt Securities such that
the 6.125% ING Perpetual Debt Securities rank pari passu effectively from a
financial point of view with any such preference shares, such other securities
akin to preference shares or such guarantee or support undertaking.

                                       27
<PAGE>
      Section 6.07. Payment Of Proceeds From Sale Of Payment Ordinary Shares And
Associated Cost Ordinary Shares. The Company agrees that immediately on receipt
of the proceeds of the sale of Payment Ordinary Shares or Associated Cost
Ordinary Shares in connection with the Alternative Interest Satisfaction
Mechanism, it shall (a) pay proceeds from the sale of Payment Ordinary Shares to
the Trustee (or any Paying Agent), either in Euros or converted into U.S.
dollars, in such amount as shall enable the Trustee to make the relevant Payment
in full on the relevant Interest Payment Date or Deferred Interest Satisfaction
Date, and (b) pay proceeds from the sale of Associated Cost Ordinary Shares in
Payment of all Associated Costs.

      Section 6.08. Listing. The Company will use reasonable efforts to maintain
the listing of the 6.125% ING Perpetual Debt Securities on the stock exchange on
which they were listed on or about the Issue Date or, if it is unable to do so
having used such efforts or if the maintenance of any such listing is agreed by
the Trustee to be unduly burdensome, use all reasonable efforts to obtain and
maintain a quotation or listing of such 6.125% ING Perpetual Debt Securities on
such other stock exchange or exchanges or securities market or markets as the
Company may (with the prior written approval of the Trustee) decide so that the
6.125% ING Perpetual Debt Securities are listed on at least one stock exchange
or securities market. The Company will also use its best efforts to furnish to
any stock exchange(s) or securities market(s) such information as such stock
exchange(s) or securities market(s) may require to be furnished in accordance
with its requirements.

      Section 6.09. Calculation Agency Agreement. The Company shall comply with
and perform all its obligations under the Calculation Agency Agreement and use
its reasonable efforts to procure that the Calculation Agent complies with and
performs all of its respective obligations under the Calculation Agency
Agreement and not make any amendment or modification to such agreement without
the prior written approval of the Trustee.

      Section 6.10. Officer's Certificate On Deferral. If the Company elects or
is obliged to defer any Payment in accordance with Section 2.04 hereof, it shall
deliver to the Trustee, no later than the sixteenth Business Day prior to the
relevant Interest Payment Date, an Officer's Certificate, certifying that the
Required Deferral Condition was met on the 20th Business Day prior to the
relevant Interest Payment Date and if the Company shall elect to satisfy a
Deferred Interest Payment on an earlier date than the Interest Payment Date
following that on which the Required Deferral Condition fails to be met, deliver
to the Trustee not later than the sixteenth Business Day prior to making such
payment an Officer's Certificate certifying that the Required Deferral Condition
was no longer, on a date no more than 16 Business Days prior to the delivery of
such certificate, met.

                                       28
<PAGE>
      Section 6.11 . Officer's Certificate For Market Disruption Event. If, in
the opinion of the Company, there exists a Market Disruption Event as a
consequence of which a Payment may be deferred under Section 4.05 hereof, it
shall deliver to the Trustee within two Business Days of such Market Disruption
Event having arisen or the Company having become aware of the same, an Officer's
Certificate specifying the details of such Market Disruption Event.

                                    ARTICLE 7
                                  SUBORDINATION

      Section 7.01 . Agreement To Subordinate. (a) The Company covenants and
agrees, and each Holder of 6.125% ING Perpetual Debt Securities issued
hereunder, by such Holder's acceptance thereof, likewise covenants and agrees,
that the 6.125% ING Perpetual Debt Securities issued hereunder (i)(A) shall rank
pari passu with respect to each other, (B) shall be similarly subordinated as,
and accordingly rank pari passu with, the Trust Preferred Securities Guarantees
and (C) shall rank pari passu with other Parity Guarantees, the Parity Perpetual
Securities and other debt obligations expressed to be similarly subordinated as
and, accordingly, ranking pari passu with, the 6.125% ING Perpetual Debt
Securities, such other Parity Guarantees and the Parity Perpetual Securities,
and (ii) are and will be subordinated ("achtergesteld"), and accordingly be
subject in right of payment to prior payment in full upon liquidation,
moratorium of payments or bankruptcy of the Company, of all Senior Debt.

      (b)   The Company further covenants and agrees, and each Holder of 6.125%
ING Perpetual Debt Securities issued hereunder, by such Holder's acceptance
thereof, likewise covenants and agrees, that the rights regarding payments and
the issuance of Ordinary Shares in accordance with the Alternative Interest
Satisfaction Mechanism will be subject to the Solvency Conditions. In the event
of liquidation, moratorium of payments or bankruptcy of the Company, the
Payments payable on the 6.125% ING Perpetual Debt Securities shall be an amount
equal to the lesser of (i) the aggregate amount of Payments pursuant to the
terms and conditions of the 6.125% ING Perpetual Debt Securities without giving
effect to this Section 7.01(b) and (ii) an amount equal to (A) the remaining
assets of the Company after satisfaction of all claims which, as a matter of
law, are prior to those of holders of 6.125% ING Perpetual Debt Securities or
any Parity Security, Parity Guarantee or any similarly subordinated debt
multiplied by (B) a fraction, (x) the numerator of which is the aggregate amount
of Payments due on the 6.125% ING Perpetual Debt Securities pursuant to the
terms and conditions thereof without giving effect to this Section 7.01(b) and
(y) the denominator of which is the sum (without duplication) of the aggregate
amount of all claims under the 6.125% ING Perpetual Debt Securities, the
aggregate liquidation preference of, and aggregate amount of all claims under,
any outstanding Parity

                                       29
<PAGE>
Securities and Parity Guarantees and similarly subordinated debt obligations
with a formula or arrangement substantially similar to this Section 7.01(b),
without application of this Section 7.01(b) and the corresponding similar
formula or arrangement.

      Section 7.02 . Section 1401 Of The Subordinated Indenture. The provisions
of Section 7.01 hereof replace in their entirety Section 1401 of the
Subordinated Indenture which is hereby amended and restated in its entirety by
Section 7.01 hereof. In addition Section 1402 through Section 1414 of Article
Fourteen of the Subordinated Indenture is hereby amended by replacing the term
"Senior Debt" as used in such sections with the term "Senior Debt" as defined in
this Fourth Supplemental Indenture.

                                   ARTICLE 8
                  FORM OF 6.125% ING PERPETUAL DEBT SECURITIES

      Section 8.01 . Form Of 6.125% ING Perpetual Debt Securities. The 6.125%
ING Perpetual Debt Securities shall be substantially in the form of Exhibit A
hereto. Exhibit A hereto is hereby incorporated into and expressly made a part
of this Fourth Supplemental Indenture.

                                   ARTICLE 9
             ORIGINAL ISSUE OF 6.125% ING PERPETUAL DEBT SECURITIES

      Section 9.01 . Original Issue Of 6.125% ING Perpetual Debt Securities.
6.125% ING Perpetual Debt Securities in the initial aggregate principal amount
of up to $720,000,000 may, upon execution of this Fourth Supplemental Indenture,
be executed by the Company and delivered to the Trustee for authentication, and
the Trustee shall thereupon authenticate and deliver such 6.125% ING Perpetual
Debt Securities to or upon the written order of the Company, in accordance with
Section 303 of the Subordinated Indenture.

      There is no limit on the amount of 6.125% ING Perpetual Debt Securities
which may be issued subsequent to this Fourth Supplemental Indenture.

                                   ARTICLE 10
                                   WINDING UP

      Section 10.01 . Winding Up. If any action causes the Company's liquidation
(except solely for the purpose of the Company's reconstruction, amalgamation or
the substitution of a successor in business for the Company, the

                                       30
<PAGE>
terms of which have previously been approved in writing by the Trustee or by not
less than a majority of the Holders) the Company will pay with respect to each
6.125% ING Perpetual Debt Security (in lieu of any other payment) an amount that
would have been payable in respect of the 6.125% ING Perpetual Debt Securities
if, on and after the day immediately before the winding up began, any Holder of
those 6.125% ING Perpetual Debt Securities had been the holder of the Company's
most senior class of preference shares (the "NOTIONAL PREFERENCE SHARES") which
have a preferential right to a return of Assets upon liquidation over and so
rank ahead of the holders of all other classes of the Company's issued shares
for the time being in the Company's capital, but ranking junior to Senior Debt
claims. Any such payment shall be made on the assumption that the amount that
such Holder was entitled to receive in respect of each Notional Preference Share
on a return of Assets upon such liquidation was an amount equal to the principal
amount of $25.00 of the relevant 6.125% ING Perpetual Debt Security and any
other Outstanding Payments together with, and to the extent not otherwise
included within the foregoing, the pro rata share of any Winding-Up Claims
attributable to the 6.125% ING Perpetual Debt Security.

                                   ARTICLE 11
                           SATISFACTION AND DISCHARGE

      Section 11.01 . Satisfaction And Discharge. The Company covenants and
agrees, and each Holder of 6.125% ING Perpetual Debt Securities issued
hereunder, by such Holder's acceptance thereof, likewise covenants and agrees,
that all 6.125% ING Perpetual Debt Securities shall be issued as Securities
subject to the provisions of Article 4 of the Subordinated Indenture.

                                   ARTICLE 12
                                 MISCELLANEOUS

      Section 12.01 . Issuance Of Definitive Securities. (a) So long as DTC
holds the global 6.125% ING Perpetual Debt Securities, the global securities
will not be exchangeable for definitive securities unless: (i) DTC notifies the
Trustee that it is unwilling or unable to continue to hold the book-entry 6.125%
ING Perpetual Debt Securities or DTC ceases to be a clearing agency registered
under the Exchange Act and the Trustee does not appoint a successor to DTC which
is registered under the Exchange Act within 120 days; (ii) a Payment Default has
occurred and is continuing; (iii) a Payment Event has occurred; (iv) in the
event of the Company's winding up it fails to make a payment on the 6.125% ING
Perpetual Debt Securities when due; or (v) at any time following a determination
by the Company in its sole discretion that the global securities of a particular

                                       31
<PAGE>
series should be exchanged for definitive debt securities of that series in
registered form.

      (b)   Each person having an ownership or other interest in 6.125% ING
Perpetual Debt Securities must rely exclusively on the rules and procedures of
DTC, Euroclear or Clearstream, Luxembourg, as the case may be, or any other
securities intermediary through which that person holds its interest to receive
or direct the delivery of possession of any definitive security.

      (c)   Any definitive securities will be issued in registered form only in
denominations of $25.00 and any integral multiples thereof and shall be
substantially in the form of the global security included as Exhibit A hereto
with such insertions, omissions, substitutions and other variations as
appropriate for definitive securities as evidenced by the execution of such
securities. To the extent permitted by law, the Company and the Trustee are
entitled to treat the person in whose name any definitive security is registered
as its absolute owner.

      (d)   Payments in respect of each series of definitive securities will be
made to the person in whose name the definitive securities are registered as it
appears in the register for that series. Payments will be made in respect of the
6.125% ING Perpetual Debt Securities by check drawn on a bank in New York or, if
the Holder requests, by transfer to the Holder's account in New York. Definitive
securities must be presented to the Paying Agent for redemption.

      (e)   If the Company issues definitive securities in exchange for global
6.125% ING Perpetual Debt Securities, DTC, as holder of the global 6.125% ING
Perpetual Debt Securities, will surrender it against receipt of the definitive
securities, cancel the book-entry securities of that series and distribute the
definitive securities of that series to the person in the amounts that DTC
specifies.

      (f)   If definitive securities are issued in the limited circumstances as
set forth above, such securities may be transferred in whole or in part in
denominations of any whole number of securities upon surrender of the definitive
securities certificates together with the form of transfer endorsed on it, duly
completed and executed at the specified office of the trustee. If only part of a
securities certificate is transferred, a new securities certificate representing
the balance not transferred will be issued to the transferor.

      Section 12.02 . Ratification Of Subordinated Indenture; Fourth
Supplemental Indenture Controls. The Subordinated Indenture, as supplemented by
this Fourth Supplemental Indenture, is in all respects ratified and confirmed.
This Fourth Supplemental Indenture shall be deemed part of the Subordinated
Indenture in the manner and to the extent herein and therein provided. The
provisions of this Fourth Supplemental Indenture shall supersede the provisions
of

                                       32
<PAGE>
the Subordinated Indenture to the extent the Subordinated Indenture is
inconsistent herewith.

      Section 12.03 . Trustee Not Responsible For Recitals. The recitals herein
contained are made by the Company and not by the Trustee, and the Trustee
assumes no responsibility for the accuracy thereof. The Trustee makes no
representation as to the validity or sufficiency of this Fourth Supplemental
Indenture or the 6.125% ING Perpetual Debt Securities. The Trustee shall not be
accountable for the use or application by the Company of the 6.125% ING
Perpetual Debt Securities or the proceeds thereof.

      Section 12.04 . Governing Law. This Fourth Supplemental Indenture and each
6.125% ING Perpetual Debt Security shall be governed by and construed in
accordance with the laws of the State of New York, except for Article 7, which
shall be governed by and construed in accordance with the laws of The
Netherlands.

      Section 12.05 . Severability. If any provision in the Subordinated
Indenture, this Fourth Supplemental Indenture or in the 6.125% ING Perpetual
Debt Securities is determined to be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.

      Section 12.06 . Counterparts. The parties may sign any number of copies of
this Fourth Supplemental Indenture. Each signed copy shall be an original, but
all of them together represent the same agreement. Any signed copy shall be
sufficient proof of this Fourth Supplemental Indenture.

                                       33
<PAGE>
      IN WITNESS WHEREOF, the parties hereto have caused this Fourth
Supplemental Indenture to be duly executed as of the day and year first above
written.

                                            ING GROEP N.V.
                                              as Issuer

                                            By:
                                                --------------------------------
                                                Name:
                                                Title:

                                            By:
                                                --------------------------------
                                                Name:
                                                Title:

                                            THE BANK OF NEW YORK, as Trustee
                                              and Paying Agent

                                            By:
                                                --------------------------------
                                                Name:
                                                Title:

                                       34
<PAGE>
                                                                       EXHIBIT A

                  FORM OF 6.125% ING PERPETUAL DEBT SECURITIES

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A
SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE
REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE
THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

The rights of the Holders of the Securities are, to the extent and in the manner
set forth in Section 1401 of the Subordinated Indenture and Article 7 of the
Fourth Supplemental Indenture, subordinated to Senior Debt, and this Security is
issued subject to the provisions of Article 14 of the Subordinated Indenture and
Article 7 of the Fourth Supplemental Indenture, and the Holder of this Security,
by accepting the same, agrees to and shall be bound by such provisions. The
terms of this paragraph are governed by, and shall be construed in accordance
with, the laws of The Netherlands.

                                 ING Groep N.V.

            6.125% ING PERPETUAL DEBT SECURITIES (THE "SECURITIES")

<TABLE>
<S>                                                                     <C>
No.
CUSIP No.:  456837509                                                   $
ISIN No.:  US4568375095
COMMON CODE:  [-]
</TABLE>

      ING Groep N.V., a holding company duly organized and existing under the
laws of The Netherlands, having its corporate seat in Amsterdam, The Netherlands
(herein called the "Company", which term includes any successor Person under the
Indenture hereinafter referred to), for value received, hereby promises to pay
to CEDE & Co., or registered assigns, the principal sum of [ ] ($[ ]) (but only
at such times as set forth in the Indenture with respect to Optional Redemption
and Redemption Upon Certain Events in Article 3 of the Fourth Supplemental
Indenture) and to pay interest thereon from September 26, 2005 or from the most
recent Interest Payment Date to which interest has been paid or duly provided
for, quarterly in arrears on January 15, April 15, July 15 and October 15 in
each year, commencing on January 15, 2006, and at such other times as are set
forth in the Indenture at the rate of 6.125% per annum, until the principal
hereof is paid or made available for payment. The interest so payable,

                                      A-1
<PAGE>
and punctually paid or duly provided for, on any Interest Payment Date will, as
provided in such Indenture, be paid to the Person in whose name this Security
(or one or more Predecessor Securities) is registered at the close of business
on the Regular Record Date for such interest, which shall be the January 1,
April 1, July 1 or October 1 (whether or not a Business Day), as the case may
be, next preceding such Interest Payment Date. If interest is required to be
calculated for any period less than a year, it will be calculated based on a
360-day year consisting of twelve 30-day months. If any Interest Payment Date
would otherwise fall on a day that is not a Business Day, it shall be postponed
to the next day which is a Business Day (without any interest or other payment
in respect of the delay).

      Subject to the immediately following paragraph, if applicable, any Payment
on this Security which is payable, and is paid or duly provided for, on any
Interest Payment Date or on any date on which the Company makes any Payment
(including any payment of Additional Amounts in accordance with Section 1006 of
the Subordinated Indenture) shall be paid in U.S. dollars to the registered
Holder, including through a Paying Agent by wire-transfer of same-day funds to
the Holder or, at the option of the Company, by check mailed to the address of
the Holder as it appears in the Company's Security Register. For so long as this
Security is held in global form, all payments shall be made in U.S. dollars by
wire-transfer of same-day funds.

      The Company shall under certain circumstances, and in accordance with the
Indenture, defer payments of interest on this Security. Any interest on this
Security which is not paid or duly provided for on any applicable Interest
Payment Date, together with any other payments in respect of this Security not
paid on any date on which such Payment has become due and payable or would have
become due and payable except that payment is not made as permitted by the
Indenture, so long as the same remains unpaid, shall constitute "Outstanding
Payments." Outstanding Payments will accumulate until paid. Outstanding Payments
on this Security, when paid, as provided subject to the conditions in the
Indenture, will be paid on the Deferred Interest Satisfaction Date to the Holder
in whose name this Security is registered at the close of business on a Special
Record Date for the Payment due on such Deferred Interest Satisfaction Date to
be fixed by the Trustee, notice of which shall be given to Holders of Securities
not less than 10 days prior to such Special Record Date, or be paid in any other
lawful manner not inconsistent with the requirements of any securities exchange
on which this Security may be listed, and upon such notice as may be required by
such exchange, all as more fully provided in the Indenture.

      Outstanding Payments, other than Accrued Interest Payments, shall not bear
interest. Accrued Interest Payments will accrue interest at the Fixed Interest
Rate. The amount of interest so accrued in respect of any Accrued Interest
Payments will be satisfied as and when the Outstanding Payments are satisfied in

                                      A-2
<PAGE>
accordance herewith. The amount of additional interest payable with respect to
any Accrued Interest Payments will be calculated by the Trustee in accordance
with the provisions of the Indenture.

      Except in the case of a Mandatory Payment Event or a Mandatory Partial
Payment Event, the Company may satisfy any Elective Deferral Interest Payment at
any time on not less than 16 Business Days' notice to the Trustee, the
Calculation Agent and Holders in accordance with the Indenture, and any Required
Deferral Interest Payment shall be satisfied on the relevant Deferred Interest
Satisfaction Date, by giving not less than 16 Business Days' notice to the
Trustee, the Calculation Agent and Holders, if the Required Deferral Condition
is no longer met on the 20th Business Day preceding any subsequent Interest
Payment Date, provided that the Company has not previously paid such amount and
does not validly elect to defer such payment as an Elective Deferral Interest
Payment.

      Reference is hereby made to the further provisions of this Security 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 has been executed by the
Trustee referred to on the reverse hereof by manual signature, this Security
shall not be entitled to any benefit under the Indenture or be valid or
obligatory for any purpose.

      IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed.

                                            ING Groep N.V.

                                            By:
                                                --------------------------------
                                                Name:
                                                Title:

                                            By:
                                                --------------------------------
                                                Name:
                                                Title:
Attest:

......................

                                      A-3
<PAGE>
This is one of the Securities of the series designated herein and referred to in
the Indenture.

Dated: [-]

                                            The Bank of New York,
                                            As Trustee

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

                                      A-4
<PAGE>
                             [Reverse of Security]

      This Security is one of a duly authorized issue of securities of the
Company (herein called the "Securities"), issued and to be issued in one or more
series under a Subordinated Debt Indenture, dated as of July 18, 2002 (herein
called the "Subordinated Indenture"), and a Fourth Supplemental Indenture, dated
as of September 26, 2005 (herein called the "Fourth Supplemental Indenture" and
together with the Subordinated Indenture, the "Indenture"), between the Company
and The Bank of New York, as Trustee (herein called the "Trustee", which term
includes any successor trustee under the Indenture), and reference is hereby
made to the Indenture for a statement of the terms of the Securities and the
respective rights, limitations of rights, duties and immunities thereunder of
the Company, the Trustee, the holders of Senior Debt and the Holders of the
Securities and of the terms upon which the Securities are, and are to be,
authenticated and delivered. The Securities are subject to all such terms. This
Security is one of the series designated on the face hereof and there is no
limitation on the amount of Securities of such series which may be issued.

      Except in a bankruptcy, all payments on this Security will be conditional
upon not triggering the Required Deferral Condition. The "Required Deferral
Condition" will be met if the Company determines that the Solvency Conditions
(i) are not satisfied on the Relevant Date, or (ii) will not be satisfied
following the relevant Payment. The "Solvency Conditions" are satisfied where
(i) the Company is able to make payments on its Senior Debt as such payments
become due, and (ii) the Company's Assets exceed the sum of its Liabilities
(excluding Liabilities not considered Senior Debt). The amount payable in
respect of the principal of this Security will be determined in accordance with
the provisions of Article 14 of the Subordinated Indenture and Articles 7 and 10
of the Fourth Supplemental Indenture.

      The Securities will constitute direct, unsecured subordinated obligations
of the Company, subject to the Solvency Conditions, and the subordination
provisions described herein and in the Indenture, and will rank pari passu
without any preference among themselves.

      If the Company fails to pay or set aside for payment the amount due to
satisfy any Payment on the Securities when due and such failure continues for 14
days, it will constitute a "Payment Default" (provided, however, that if the
Company fails to make any Mandatory Interest Payment as a result of failure to
satisfy the Solvency Conditions, or due to a deferral of an Interest Payment as
permitted under the terms of the Indenture, that payment will constitute an
Outstanding Payment and will accumulate with any other Outstanding Payments
until paid, but will not constitute a Payment Default). If any Payment Default
occurs and is continuing, the Trustee may pursue all legal remedies available to
it, including commencing a judicial proceeding for the collection of the sums
due

                                      A-5
<PAGE>
and unpaid or a bankruptcy proceeding in The Netherlands (but not elsewhere) of
the Company, but the Trustee may not declare the principal amount of any
outstanding Securities to be due and payable. If the Company fails to make
payment when due, and such failure continues for 14 days, and the Solvency
Conditions are not satisfied at the end of such 14-day period, such failure does
not constitute a Payment Default but instead constitutes a "Payment Event." On a
Payment Event, the Trustee may institute bankruptcy proceedings exclusively in
The Netherlands, but may not pursue any other legal remedy, including a judicial
proceeding for the collection of the sums due and unpaid. To the extent the
Trustee is not permitted to pursue the remedies provided for herein as a matter
of Dutch law, the Holders of the Securities may pursue such remedies in
accordance with the terms of the Subordinated Indenture. Notwithstanding the
foregoing, Holders of this Security have the absolute and unconditional right to
institute suit for the enforcement of any payment when due and such right may
not be impaired without the consent of the Holder as provided in Section 508 of
the Subordinated Indenture.

      Payments under the Securities will be made without withholding or
deduction for or on account of any present or future tax, duty, assessment or
governmental charge imposed by the government of The Netherlands upon or as a
result of such payments, or the government of a jurisdiction in which a
successor to the Company is organized (or any political subdivision or taxing
authority thereof or therein) (a "Relevant Jurisdiction") ("Taxes"), unless
required by law. To the extent any such Taxes are so levied or imposed, the
Company will, subject to the exceptions and limitations set forth in Section
1006 of the Indenture, pay such additional amounts ("Additional Amounts") to the
Holder of any Security who is not a resident of a Relevant Jurisdiction as may
be necessary in order that the net payment of the principal of and interest on
such Security and any other amounts payable on such Security, after withholding
for or on account of such Taxes imposed upon or as a result of such payment,
will not be less than the amount provided for in such Security to be then due
and payable.

      Except as provided below, the Securities are not redeemable at the option
of the Company prior to January 15, 2011.

      The Securities may be redeemed in whole (but not in part), at the option
of the Company and without the consent of the Holders or the Trustee, at a
redemption price equal to their aggregate principal amount, together with any
Outstanding Payments accrued to and including the date fixed for redemption,
subject to the Solvency Condition: (i) on January 15, 2011, or any Interest
Payment Date thereafter; (ii) upon the occurrence of a Tax Event, provided that
the Company has already delivered to the Trustee a written legal opinion in a
form satisfactory to the Trustee of independent Dutch counsel of recognized
standing, selected by the Company, confirming that a Tax Event has occurred; or
(iii) upon the occurrence of a Regulatory Event.

                                      A-6
<PAGE>
      The indebtedness evidenced by this Security is, to the extent provided in
the Indenture, subordinate and subject in right of payment to the prior payment
in full of all Senior Debt, and this Security is issued subject to the
provisions of the Indenture with respect thereto. Each Holder of this Security,
by accepting the same, (i) agrees to and shall be bound by such provisions; (ii)
authorizes and directs the Trustee on his or her behalf to take such actions as
may be necessary or appropriate to effectuate the subordination so provided; and
(iii) appoints the Trustee his or her attorney-in-fact for any and all such
purposes. Each Holder hereof, by his or her acceptance hereof, waives all notice
of the acceptance of the subordination provisions contained herein and in the
Indenture by each holder of Senior Debt, whether now outstanding or hereafter
created, incurred, assumed or guaranteed, and waives reliance by each such
holder upon said provisions.

      References herein to principal, interest amounts, Accrued Interest
Payments, Payments or Outstanding Payments on the Securities shall be deemed
also to refer to any Additional Amounts which may be payable under the foregoing
provisions.

      The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series to be
affected under the Indenture at any time by the Company and the Trustee with the
consent of the Holders of a majority in principal amount of the Securities at
the time Outstanding of all series to be affected (considered together as one
class for this purpose). The Indenture also contains provisions (i) permitting
the Holders of a majority in principal amount of the Securities of each series
at the time outstanding, on behalf of the Holders of all Securities of such
series, to waive compliance by the Company with certain provisions of the
Indenture and (ii) permitting the Holders of a majority in principal amount of
the Securities at the time outstanding of any series to be affected under the
Indenture (with each such series considered separately for this purpose), on
behalf of the Holders of all Securities of such series, to waive certain past
defaults under the Indenture and their consequences. Any such consent or waiver
by the Holder of this Security shall be conclusive and binding upon such Holder
and upon all future Holders of this Security and of any Security issued upon the
registration of transfer hereof or in exchange herefor or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Security.

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

                                      A-7
<PAGE>
      As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Security is registrable in the Security
Register, upon surrender of this Security for registration of transfer at the
office or agency of the Company in any place where the principal of and any
premium and interest on this Security are payable, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Company and the Security Registrar duly executed by, the Holder hereof or his
attorney duly authorized in writing, and thereupon one or more new Securities of
this series and of like tenor, of authorized denominations and for the same
aggregate principal amount, will be issued to the designated transferee or
transferees.

      The Securities of this series are issuable only in registered form without
coupons in denominations of $25.00 and any integral multiple thereof. As
provided in the Indenture and subject to certain limitations therein set forth,
Securities of this series shall be represented by a Global Security and are not
exchangeable for definitive Securities of this series except in specific
circumstances set forth in the Indenture.

      No service charge shall be made for any such registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

      Prior to due presentment of this Security for registration of transfer,
the Company, the Trustee and any agent of the Company or the Trustee may treat
the Person in whose name this Security is registered as the owner hereof for all
purposes, whether or not this Security be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary.

      This Security is a Global Security and is subject to the provisions of the
Indenture relating to Global Securities, including the limitations in Section
305 thereof on transfers and exchanges of Global Securities.

      This Security and the Indenture shall be governed by and construed in
accordance with the laws of the State of New York except for the subordination
provisions contained herein and in the Indenture, which shall be governed by and
construed in accordance with the laws of The Netherlands.

      All terms used in this Security which are defined in the Indenture shall
have the meanings assigned to them in the Indenture.

                                      A-8exv4w1

 

Exhibit 4.1

 

 

 

AMENDED AND RESTATED TRUST AGREEMENT

among

SLM FUNDING LLC,

as Depositor

CHASE BANK USA, NATIONAL ASSOCIATION,

not in its individual capacity but solely

as Eligible Lender Trustee

and

DEUTSCHE BANK TRUST COMPANY AMERICAS,

not in its individual capacity but solely

as Indenture Trustee

Dated as of September 20, 2005

 

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	ARTICLE I
	 	 	 	 
	 
	 	 	 	 
	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
	 	 	3	 
	SECTION 2.7 Liability of the Excess Distribution Certificateholder
	 	 	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	 
	SECTION 2.11 Authorization of Depositor
	 	 	4	 
	 
	 	 	 	 
	ARTICLE III BENEFICIAL OWNERSHIP AND EXCESS DISTRIBUTION CERTIFICATE
	 	 	 	 
	 
	 	 	 	 
	SECTION 3.1 Initial Beneficial Ownership
	 	 	4	 
	SECTION 3.2 Corporate Trust Office
	 	 	4	 
	SECTION 3.3 The Excess Distribution Certificate
	 	 	4	 
	 
	 	 	 	 
	ARTICLE IV ACTIONS BY ELIGIBLE LENDER TRUSTEE
	 	 	 	 
	 
	 	 	 	 
	SECTION 4.1 Prior Notice to the Excess Distribution Certificateholder With Respect to Certain Matters
	 	 	10	 
	SECTION 4.2 Action with Respect to Sale of the Trust Student Loans
	 	 	10	 
	SECTION 4.3 Action with Respect to Bankruptcy
	 	 	10	 
	SECTION 4.4 Restrictions
	 	 	10	 
	 
	 	 	 	 
	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
	 	 	11	 
	SECTION 5.4 Reports to the Excess Distribution Certificateholder, the Internal Revenue Service and Others
	 	 	11	 

-i-

 

	 	 	 	 	 
	 	 	Page
	ARTICLE VI AUTHORITY AND DUTIES OF ELIGIBLE LENDER TRUSTEE
	 	 	 	 
	 
	 	 	 	 
	SECTION 6.1 General Authority
	 	 	11	 
	SECTION 6.2 General Duties
	 	 	12	 
	SECTION 6.3 Action upon Instruction
	 	 	12	 
	SECTION 6.4 No Duties Except as Specified in this Agreement or in Instructions
	 	 	13	 
	SECTION 6.5 No Action Except Under Specified Documents or Instructions
	 	 	14	 
	SECTION 6.6 Restrictions
	 	 	14	 
	 
	 	 	 	 
	ARTICLE VII CONCERNING THE ELIGIBLE LENDER TRUSTEE
	 	 	 	 
	 
	 	 	 	 
	SECTION 7.1 Acceptance of Trusts and Duties
	 	 	14	 
	SECTION 7.2 Intentionally Omitted
	 	 	15	 
	SECTION 7.3 Representations and Warranties
	 	 	15	 
	SECTION 7.4 Reliance; Advice of Counsel
	 	 	16	 
	SECTION 7.5 Not Acting in Individual Capacity
	 	 	16	 
	SECTION 7.6 Eligible Lender Trustee Not Liable for Excess Distribution Certificate or Trust Student Loans
	 	 	17	 
	SECTION 7.7 Eligible Lender Trustee May Own Notes
	 	 	17	 
	 
	 	 	 	 
	ARTICLE VIII COMPENSATION AND INDEMNITY OF ELIGIBLE LENDER TRUSTEE
	 	 	 	 
	 
	 	 	 	 
	SECTION 8.1 Eligible Lender Trustee’s Fees and Expenses
	 	 	17	 
	SECTION 8.2 Payments to the Eligible Lender Trustee
	 	 	17	 
	SECTION 8.3 Indemnity
	 	 	18	 
	 
	 	 	 	 
	ARTICLE IX TERMINATION OF TRUST AGREEMENT
	 	 	 	 
	 
	 	 	 	 
	SECTION 9.1 Termination of Trust Agreement
	 	 	18	 
	 
	 	 	 	 
	ARTICLE X SUCCESSOR ELIGIBLE LENDER TRUSTEES AND ADDITIONAL ELIGIBLE LENDER TRUSTEES
	 	 	 	 
	 
	 	 	 	 
	SECTION 10.1 Eligibility Requirements for Eligible Lender Trustee
	 	 	18	 
	SECTION 10.2 Resignation or Removal of Eligible Lender Trustee
	 	 	19	 
	SECTION 10.3 Successor Eligible Lender Trustee
	 	 	19	 
	SECTION 10.4 Merger or Consolidation of Eligible Lender Trustee
	 	 	20	 
	SECTION 10.5 Appointment of Co-Eligible Lender Trustee or Separate Eligible Lender Trustee
	 	 	20	 
	 
	 	 	 	 
	ARTICLE XI MISCELLANEOUS
	 	 	 	 
	 
	 	 	 	 
	SECTION 11.1 Supplements and Amendments
	 	 	22	 
	SECTION 11.2 No Legal Title to Trust Estate in Excess Distribution Certificateholder
	 	 	22	 

ii

 

	 	 	 	 	 
	 	 	Page
	SECTION 11.3 Limitations on Rights of Others
	 	 	23	 
	SECTION 11.4 Notices
	 	 	23	 
	SECTION 11.5 Severability
	 	 	23	 
	SECTION 11.6 Separate Counterparts
	 	 	23	 
	SECTION 11.7 Successors and Assigns
	 	 	23	 
	SECTION 11.8 No Petition
	 	 	23	 
	SECTION 11.9 No Recourse
	 	 	24	 
	SECTION 11.10 Headings
	 	 	24	 
	SECTION 11.11 Governing Law
	 	 	24	 

	 	 	 
	Exhibit A

	 	Form of Excess Distribution Certificate
	Exhibit B

	 	Form of Certificate of Trust
	Exhibit C

	 	Form of Transferor Letter
	Exhibit D-1

	 	Form of Transferee Letter (Non-Rule 144A)
	Exhibit D-2

	 	Form of Transferee Letter (Rule 144A)
	Appendix A

	 	Definitions and Usage

-iii-

 

     AMENDED AND RESTATED TRUST AGREEMENT dated as of September 20, 2005, among SLM FUNDING
LLC, a Delaware limited liability company, as the Depositor, CHASE BANK USA, NATIONAL ASSOCIATION,
a national banking association, not in its individual capacity but solely as the Eligible Lender
Trustee, and formerly known as Chase Manhattan Bank USA, National Association, and DEUTSCHE BANK
TRUST COMPANY AMERICAS, a New York banking corporation, not in its individual capacity but solely
as the Indenture Trustee, acting as the Excess Distribution Certificate Paying Agent hereunder.

WITNESSETH:

     The Depositor and the Eligible Lender Trustee are parties to the trust agreement dated as of
July 29, 2005 (the “Short-Form Trust Agreement”) pursuant to which a trust known as “SLM Student
Loan Trust 2005-8” was established;

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

ARTICLE I

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

ARTICLE II

Organization

     SECTION 2.1 Creation of Trust; Name. There is hereby created a Trust which shall be
known as “SLM Student Loan Trust 2005-8”, in which name the Eligible Lender Trustee may conduct the
business of the Trust, make and execute contracts and other instruments on behalf of the Trust and
sue and be sued. The Trust shall constitute a statutory trust within the meaning of Section
3801(a) of the Delaware Statutory Trust Act for which the Eligible Lender Trustee has filed or
caused to be 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, (A) to fund the Reserve Account
pursuant to Section 2.9 of the Administration Agreement, (B) to fund the Capitalized
Interest Account pursuant to Section 2.10(a) of the Administration Agreement, to fund the
Supplemental Purchase Account pursuant to Section 2.10(k) of the Administration Agreement
and to fund the Add-On Consolidation Loan Account pursuant to Section 2.10(l) of the
Administration Agreement, (C) to make the Collection Account Initial Deposit pursuant to
Section 2.10(j) of the Administration Agreement, (D) to purchase (x) the Initial Trust
Student Loans on the Closing Date and (y) any Additional Trust Student Loans during the
Supplemental Purchase Period, and (E) to disburse funds in connection with any Add-On
Consolidation Loans during the Consolidation Loan Add-On Period, in each case pursuant to
the Sale Agreement;

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

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

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

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

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

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

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

-2-

 

     SECTION 2.6 Declaration of Trust. The Eligible Lender Trustee hereby declares that it
will hold the Trust Estate in trust upon and subject to the conditions set forth herein for the use
and benefit of the Excess Distribution Certificateholder, subject to the obligations of the Trust
under the other Basic Documents. It is the intention of the parties hereto that the Trust
constitute a statutory trust under Delaware law and that this Agreement constitute the governing
instrument of such trust. Effective as of the date hereof, the Eligible Lender Trustee shall have
all rights, powers and duties set forth herein and in the Delaware Statutory Trust Act with respect
to accomplishing the purposes of the Trust.

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

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

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

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

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

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

     (d) The consummation of the transactions contemplated by this Agreement and the fulfillment of
the terms hereof do not conflict with, result in any breach of any of the terms and provisions of,
or constitute (with or without notice or lapse of time or both) a default under, the Certificate of
Formation or Operating Agreement of the Depositor, or any indenture, agreement or other instrument
to which the Depositor is a party or by which it is bound; nor result in the creation or imposition
of any Lien upon any of its properties pursuant to the terms of any such

-3-

 

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 Excess Distribution
Certificateholder, that it will comply with each of the requirements set forth in the Certificate
of Formation and its Operating Agreement.

     SECTION 2.10 Intentionally Omitted.

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

ARTICLE III

Beneficial Ownership and

Excess Distribution Certificate

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

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

Deutsche Bank Trust Company Americas

60 Wall Street, 26th Floor

Mailstop NYC60-2606

New York, New York 10005

Attn: Trust & Securities Services/Structured Finance Services

Telephone: (212) 250-8454

Facsimile: (212) 797-8606

     SECTION 3.3 The Excess Distribution Certificate.

     (a) General. The Excess Distribution Certificate shall be issued in one or more
registered, definitive physical certificates substantially in the form of Exhibit A hereto, in
minimum percentage interests of at least 10% and integral multiples of 10% in excess thereof. The
Excess Distribution Certificate shall receive payments as provided in Sections 2.8(p) and 2.9(f),
as applicable, of the Administration Agreement. The Excess Distribution Certificate shall be
executed on behalf of the Trust by manual or facsimile signature of an authorized officer of the
Eligible Lender Trustee. An Excess Distribution Certificate bearing the manual or facsimile

-4-

 

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

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

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

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

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

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

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

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

     (ii) Except as provided above, the Excess Distribution Certificate shall be sold,
pledged, transferred or assigned except as provided below:

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

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          (B) No transfer of the Excess Distribution Certificate will be registered by the
Eligible Lender Trustee or the Excess Distribution Certificate Registrar unless the
Eligible Lender Trustee, the Excess Distribution Certificate Registrar, the
Administrator, and, if it is not the proposed transferor, the Depositor receives a
representation from the proposed transferee of the Excess Distribution Certificate,
substantially in the form of Exhibit D-1 or D-2, as the case may be, that such transferee is
not acquiring the Excess Distribution Certificate by or for the account of any entity in
violation of the restrictions set forth in the final paragraph of Section 3.3(c) above. If
any proposed transferee shall become an Excess Distribution Certificateholder in violation
of these provisions, then the last preceding permitted transferee shall be restored, to the
extent permitted by law, to all rights as Excess Distribution Certificateholder, retroactive
to the date of registration of such transfer of the Excess Distribution Certificate.
Neither the Eligible Lender Trustee nor the Excess Distribution Certificate Registrar shall
have any liability to any person for any registration or transfer of the Excess Distribution
Certificate that is not permitted or for making any payments due on the Excess Distribution
Certificate to the holder thereof or for taking any action with respect to such holder under
this Agreement. Any proposed transferee who becomes an Excess Distribution
Certificateholder shall agree to indemnify the Eligible Lender Trustee, the Excess
Distribution Certificate Registrar, any Swap Counterparty, the Administrator, and, if it is
not the proposed transferor, the Depositor, against any loss, damage or penalty incurred as
a result of the transfer of the Excess Distribution Certificate to such proposed transferee
in violation of such restrictions.

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

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

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

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

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ARTICLE IV

Actions by Eligible Lender Trustee

     SECTION 4.1 Prior Notice to the Excess Distribution Certificateholder With Respect to
Certain Matters. With respect to the following matters, the Eligible Lender Trustee shall not
take action unless at least 30 days before the taking of such action, the Eligible Lender Trustee
shall have notified the Excess Distribution Certificateholder and each of the Rating Agencies in
writing of the proposed action and the Excess Distribution Certificateholder shall not have
notified the Eligible Lender Trustee in writing prior to the 30th calendar day after such notice is
given that it has withheld consent or provided alternative direction:

	 	(a)	 	the initiation of any material claim or lawsuit by the Trust (except claims or
lawsuits brought in connection with the collection of the Trust Student Loans) and the
compromise of any material action, claim or lawsuit brought by or against the Trust
(except with respect to the aforementioned claims or lawsuits for collection of Trust
Student Loans);
	 
	 	(b)	 	the amendment of the Indenture by a supplemental indenture in circumstances
where the consent of any class of Noteholders is required; or
	 
	 	(c)	 	the amendment of the Indenture by a supplemental indenture in circumstances
where the consent of any class of Noteholder is not required and such amendment
materially adversely affects the interests of the Excess Distribution
Certificateholder.
	 
	 	(d)	 	the amendment of any Swap Agreement in circumstances where the consent of any
class of Noteholders is required or in circumstances where the consent of Noteholders
is not required but where such amendment materially adversely affects the interests of
the Excess Distribution Certificateholder.

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

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

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

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ARTICLE V

Application of Trust Funds; Certain Duties

     SECTION 5.1 Application of Trust Funds.

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

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

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

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

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

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

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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 denominated in U.S.
Dollars in the aggregate principal amount of $2,591,538,000. The Eligible Lender Trustee is also
authorized and directed on behalf of the Trust (i) to acquire and hold legal title to the Trust
Student Loans from the Depositor and (ii) to take all actions required pursuant to Section 2.4 of
the Administration Agreement and otherwise follow the direction of and cooperate with the Servicer
in submitting, pursuing and collecting any claims to and with the Department with respect to any
Interest Subsidy Payments and Special Allowance Payments relating to the Trust Student Loans.

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

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

     SECTION 6.3 Action upon Instruction.

     (a) [Reserved].

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

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

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

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

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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 Excess Distribution
Certificateholder shall direct the Eligible Lender Trustee to take action that would violate the
provisions of this Section.

ARTICLE VII

Concerning the Eligible Lender Trustee

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

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

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

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

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     (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 Excess
Distribution Certificateholder, other than as expressly provided for herein and in the other Basic
Documents;

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

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

     SECTION 7.2 Intentionally Omitted.

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

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

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

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     (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 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 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.

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     SECTION 7.6 Eligible Lender Trustee Not Liable for Excess Distribution Certificate or
Trust Student Loans. The recitals contained herein and in the Excess Distribution Certificate
(other than the signature of and authentication by the Eligible Lender Trustee on the Excess
Distribution Certificate) shall be taken as the statements of the Depositor and the Eligible Lender
Trustee assumes no responsibility for the correctness thereof. The Eligible Lender Trustee makes
no representations as to the validity or sufficiency of this Agreement, the Excess Distribution
Certificate, or any other Basic Document (other than the signature of and authentication by the
Eligible Lender Trustee on the Excess Distribution Certificate), or the Notes, or of any Trust
Student Loan or related documents. The Eligible Lender Trustee shall at no time have any
responsibility (or liability except for willfully or negligently terminating or allowing to be
terminated any of the Guarantee Agreements, in a case where the Eligible Lender Trustee knows of
any facts or circumstances which will or could reasonably be expected to result in any such
termination) for or with respect to the legality, validity, enforceability and eligibility for
Guarantee Payments, federal reinsurance, Interest Subsidy Payments or Special Allowance Payments,
as applicable, in respect of any Trust Student Loan, or for or with respect to the sufficiency of
the Trust Estate or its ability to generate the payments to be distributed to the Excess
Distribution Certificateholder under this Agreement or the Noteholders, any Currency Swap
Counterparty under the Indenture, including the existence and contents of any computer or other
record of any Trust Student Loan; the validity of the assignment of any Trust Student Loan to the
Eligible Lender Trustee on behalf of the Trust; the completeness of any Trust Student Loan; the
performance or enforcement (except as expressly set forth in any Basic Document) of any Trust
Student Loan; the compliance by the Depositor or the Servicer with any warranty or representation
made under any Basic Document or in any related document or the accuracy of any such warranty or
representation or any action or inaction of the Administrator, the Indenture Trustee or the
Servicer or any subservicer taken in the name of the Eligible Lender Trustee.

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

ARTICLE VIII

Compensation and Indemnity of Eligible Lender Trustee

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

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

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

ARTICLE IX

Termination of Trust Agreement

     SECTION 9.1 Termination of Trust Agreement.

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

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

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

ARTICLE X

Successor Eligible Lender Trustees and

Additional Eligible Lender Trustees

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

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

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

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

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

     SECTION 10.3 Successor Eligible Lender Trustee. Any successor Eligible Lender Trustee
appointed pursuant to Section 10.2 shall execute, acknowledge and deliver to the Administrator and
to its predecessor Eligible Lender Trustee an instrument accepting such appointment under this
Agreement, and thereupon the resignation or removal of the predecessor

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

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

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

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

     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

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

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

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

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

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

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

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

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ARTICLE XI

Miscellaneous

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

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

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

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

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

     SECTION 11.2 No Legal Title to Trust Estate in Excess Distribution Certificateholder.
The Excess Distribution Certificateholder shall not have legal title to any part of the Trust
Estate.

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

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

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

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

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

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

     SECTION 11.8 No Petition.

     (a) Neither the Depositor, nor any other Excess Distribution Certificateholder (as evidenced
by acceptance of its Excess Distribution Certificate) will institute against the Trust, at

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any time, 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. The foregoing shall not limit the
rights of the Depositor, nor any Excess Distribution Certificateholder to file any claim in, or
otherwise take any action with respect to, any insolvency proceeding that was instituted against
the Trust by a Person other than the Depositor or such other Excess Distribution Certificateholder.

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

     SECTION 11.9 No Recourse. Each Excess Distribution Certificateholder by accepting its
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 or, any Swap
Counterparty, any Remarketing Agent, any Affiliate thereof or any officer, director or employee of
any thereof and no recourse may be had against such parties or their assets, except as may be
expressly set forth or contemplated in this Agreement, an 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.

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

	 	 	 	 	 
	 	 	CHASE 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

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Acknowledged and agreed as to

Section 3.3(c) and Section 3.3(g)

of this Amended and Restated Trust Agreement

DEUTSCHE BANK TRUST COMPANY AMERICAS,

not in its individual capacity but solely

as the initial Excess Distribution

Certificate Paying Agent and Excess Distribution Certificate Registrar

	 	 	 	 	 
	By:

	 	   /S/ MICHELE H.Y. VOON
	 	 
	 

	 	 	 	 
	 

	 	Name: Michele H.Y. Voon	 	 
	 

	 	Title: Assistant Vice President	 	 

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EXHIBIT A

TO THE TRUST AGREEMENT

[PLEASE SEE ATTACHED]

A-1

 

EXHIBIT B

FORM OF

CERTIFICATE OF TRUST

OF

SLM STUDENT LOAN

TRUST 2005-8

     This Certificate of Trust of SLM STUDENT LOAN TRUST 2005-8 (the “Trust”) is being duly
executed and filed on behalf of the Trust by the undersigned, as trustee, to form a statutory trust
under the Delaware Statutory Trust Statute (12 Del. C. § 3801 et seq.) (the “Act”).

     1. Name. The name of the statutory trust formed by this Certificate of Trust is SLM
STUDENT LOAN TRUST 2005-8.

     2. Delaware Trustee. The name and business address of the eligible lender trustee of
the Trust in the State of Delaware are the Chase Bank USA, National Association, c/o JPMorgan Chase
Bank, N.A., 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 BANK USA, NATIONAL ASSOCIATION, not in its individual capacity but solely as Eligible Lender Trustee
	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 	 	Name:
	 	 	Title:

B-1

 

EXHIBIT C

[FORM OF TRANSFEROR LETTER]

[Date]

Sallie Mae, Inc.

as Administrator

12061 Bluemont Way

Reston, Virginia 20190

Deutsche Bank Trust Company Americas,

as Excess Distribution Certificate Registrar

60 Wall Street, 26th Floor

Mailstop NYC60-2606

New York, New York 10005

Attention: Trust & Securities Services/Structured Finance Services

Chase Bank USA, National Association

as Eligible Lender Trustee

Christiana Center/OPS4

500 Stanton Christiana Road

Newark, Delaware 19713

	 	 	 
	Re:

	 	SLM Student Loan Trust 2005-8,
	 

	 	Excess Distribution Certificate (the “Certificate”)

Ladies and Gentlemen:

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

	 	 	 	 	 
	Very truly yours,	 	 
	 
	 	 	 	 
	 	 	 
	[Print Name of Transferor]	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	 

	 	Authorized Officer	 	 

C-1

 

EXHIBIT D-1

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

[Date]

Sallie Mae, Inc.

as Administrator

12061 Bluemont Way

Reston, Virginia 20190

Deutsche Bank Trust Company Americas,

as Excess Distribution Certificate Registrar

60 Wall Street, 26th Floor

Mailstop NYC60-2606

New York, New York 10005

Attention: Trust & Securities Services/Structured Finance Services

Chase Bank USA, National Association

as Eligible Lender Trustee

Christiana Center/OPS4

500 Stanton Christiana Road

Newark, Delaware 19713

	 	 	 
	Re:

	 	SLM Student Loan Trust 2005-8,
	 

	 	Excess Distribution Certificate (the “Certificate”)

Ladies and Gentlemen:

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

D-1-1

 

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

     Except as otherwise specified herein or as the context may otherwise require, capitalized
terms used but not otherwise defined herein are defined in Appendix A to the Amended and Restated
Trust Agreement dated as of September 20, 2005, among SLM Funding LLC, as the Depositor, Chase Bank
USA, National Association, not in its individual capacity, but solely as the Eligible Lender
Trustee, and Deutsche Bank Trust Company Americas, not in its individual capacity, but solely as
the Indenture Trustee, acting as the Excess Distribution Certificate Paying Agent.

	 	 	 	 	 
	 	 	Very truly yours,
	 
	 	 	 	 
	 	 	 
	 	 	[Print Name of Transferee]
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Authorized Officer

D-1-2

 

EXHIBIT D-2

[FORM OF TRANSFEREE LETTER (RULE 144A)]

[Date]

Sallie Mae, Inc.

as Administrator

12061 Bluemont Way

Reston, Virginia 20190

Deutsche Bank Trust Company Americas,

as Excess Distribution Certificate Registrar

60 Wall Street, 26th Floor

Mailstop NYC60-2606

New York, New York 10005

Attention: Trust & Securities Services/Structured Finance Services

Chase Bank USA, National Association

as Eligible Lender Trustee

Christiana Center/OPS4

500 Stanton Christiana Road

Newark, Delaware 19713

	 	 	 
	Re:

	 	SLM Student Loan Trust 2005-8,
	 

	 	Excess Distribution Certificate (the “Certificate”)

Ladies and Gentlemen:

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

D-2-1

 

such pass-through entities by any person referred to in clause (iii) above, (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 that effect attached
hereto as Annex 1 or Annex 2. We are aware that the sale to us is being made in reliance on Rule
144A. We are acquiring the Certificate for our own account or for resale pursuant to Rule 144A and
further understand that the Certificate may be resold, pledged or transferred only (1) to a person
reasonably believed to be a qualified institutional buyer that purchases for its own account or for
the account of a qualified institutional buyer to whom notice is given that the resale, pledge or
transfer is being made in reliance on Rule 144A, or (ii) pursuant to another exemption from
registration under the Securities Act.

     Except as otherwise specified herein or as the context may otherwise require, capitalized
terms used but not otherwise defined herein are defined in Appendix A to the Amended and Restated
Trust Agreement dated as of September 20, 2005, among SLM Funding LLC, as the Depositor, Chase Bank
USA, National Association, not in its individual capacity, but solely as the Eligible Lender
Trustee, and Deutsche Bank Trust Company Americas, not in its individual capacity, but solely as
the Indenture Trustee, acting as the Excess Distribution Certificate Paying Agent.

	 	 	 	 	 
	 	 	Very truly yours,
	 
	 	 	 	 
	 	 	 
	 	 	[Print Name of Transferee]
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Authorized Officer

D-2-2

 

ANNEX 1

QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

[For Transferees Other Than Registered Investment Companies]

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

	 	1.	 	As indicated below, the undersigned is the President, Chief Financial Officer,
Senior Vice President or other executive officer of the Buyer.
	 
	 	2.	 	In connection with purchases by the Buyer, the Buyer is a “qualified
institutional buyer” as that term is defined in Rule 144A under the Securities Act of
1933, as amended (“Rule 144A”) because (i) the Buyer owned and/or invested on a
discretionary basis $___1 in securities (except for the excluded
securities referred to below) as of the end of the Buyer’s most recent fiscal year
(such amount being calculated in accordance with Rule 144A and (ii) the Buyer satisfies
the criteria in the category marked below.

	 	—	 	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

 

	 	—	 	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

 

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

 

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 2-1

 

	 	4.	 	The term “securities” as used herein does not include (i) securities of
issuers that are affiliated with the Buyer or are part of the Buyer’s Family of
Investment Companies, (ii) securities issued or guaranteed by the U.S. or any
instrumentality thereof, (iii) bank deposit notes and certificates of deposit, (iv)
loan participations, (v) repurchase agreements, (vi) securities owned but subject to a
repurchase agreement and (vii) currency, interest rate and commodity swaps.
	 
	 	5.	 	The Buyer is familiar with Rule 144A and understands that the parties listed in
the Rule 144A Transferee Letter to which this certification relates are relying and
will continue to rely on the statements made herein because one or more sales to the
Buyer will be in reliance on Rule 144A. In addition, the Buyer will only purchase for
the Buyer’s own account.
	 
	 	6.	 	Until the date of purchase of the Certificate, the undersigned will notify the
parties listed in the Rule 144A Transferee Letter to which this certification relates
of any changes in the information and conclusions herein. Until such notice is given,
the Buyer’s purchase of the Certificate will constitute a reaffirmation of this
certification by the undersigned as of the date of such purchase.

	 	 	 	 	 
	 	 	 
	 	 	Print Name of Buyer or Adviser
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 	 	Name:
	 	 	Title:
	 
	 	 	 	 
	 	 	[IF AN ADVISER:]
	 
	 	 	 	 
	 	 	 
	 	 	Print Name of Buyer
	 
	 	 	 	 
	 

	 	Date:	 	 
	 

	 	 	 	 

Annex 2-2

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