Document:

<PAGE>

                                                                     EXHIBIT 4.3

                                     FORM OF
================================================================================

                             INTERIM TRUST AGREEMENT

                                     between

                        SLM EDUCATION CREDIT FUNDING LLC,
                                  as Depositor

                                       and

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

                         Dated as of _____________, 200_

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

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                                TABLE OF CONTENTS

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                                    ARTICLE I

                              Definitions and Usage .......................    1

                                   ARTICLE II

                 Appointment of Interim Eligible Lender Trustee

SECTION 2.1  Appointment of Interim Eligible Lender Trustee ...............    1
SECTION 2.2  Declaration of Trust .........................................    2
SECTION 2.3  Title to Interim Trust Loans .................................    2

                                   ARTICLE III

                 Representations and Warranties of the Depositor ..........    2

                                   ARTICLE IV

             Authority and Duties of Interim Eligible Lender Trustee

SECTION 4.1  General Authority ............................................    3
SECTION 4.2  General Duties ...............................................    3
SECTION 4.3  No Duties Except as Specified in this Agreement ..............    3
SECTION 4.4  No Action Except Under Specified Documents ...................    3
SECTION 4.5  Restrictions .................................................    4

                                   ARTICLE V

                 Concerning the Interim Eligible Lender Trustee

SECTION 5.1  Acceptance of Trust and Duties ...............................    4
SECTION 5.2  Representations and Warranties ...............................    4
SECTION 5.3  Not Acting in Individual Capacity ............................    5
SECTION 5.4  Interim Eligible Lender Trustee Not Liable for the Interim
              Trust Loans .................................................    5
</TABLE>

                                        i

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                                   ARTICLE VI

                 Compensation of Interim Eligible Lender Trustee ............  5

                                   ARTICLE VII

                     Termination of Interim Trust Agreement .................  6

                                  ARTICLE VIII

                   Successor Interim Eligible Lender Trustees

SECTION 8.1  Eligibility Requirements for Interim Eligible Lender Trustee ...  6
SECTION 8.2  Resignation or Removal of Interim Eligible Lender Trustee ......  6
SECTION 8.3  Successor Interim Eligible Lender Trustee ......................  7
SECTION 8.4  Merger or Consolidation of Interim Eligible Lender Trustee .....  7

                                   ARTICLE IX

                                  Miscellaneous

SECTION 9.1  Supplements and Amendments .....................................  8
SECTION 9.2  Notices ........................................................  9
SECTION 9.3  Severability ...................................................  9
SECTION 9.4  Separate Counterparts ..........................................  9
SECTION 9.5  Successors and Assigns .........................................  9
SECTION 9.6  Headings .......................................................  9
SECTION 9.7  Governing Law ..................................................  9

                                       ii

<PAGE>

                             INTERIM TRUST AGREEMENT

     THIS INTERIM TRUST AGREEMENT dated as of _____________, 200__, between SLM
EDUCATION CREDIT FUNDING LLC, a Delaware limited liability company (the
"Depositor") and CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION, a national
banking association, not in its individual capacity but solely as Interim
Eligible Lender Trustee (the "Interim Eligible Lender Trustee").

     WHEREAS, the Depositor is a special purpose entity established for the
purpose of purchasing Loans from SLM Education Credit Management Corporation for
immediate resale to special purpose trusts established for the purpose of
financing the purchase of such Loans; and

     WHEREAS, the Depositor has entered into the Purchase Agreement with SLM
Education Credit Management Corporation and the Sale Agreement with SLM
Education Private Credit Student Loan Funding Trust 200__-__ for the purpose of
effecting such a purchase and resale; and

     WHEREAS, the Depositor is not an "eligible lender" within the meaning of
Section 435(d) of the Higher Education Act for the purpose of holding legal
title to the guaranteed education loans made to parents or students under the
Federal Family Education Loan Program Loans ("FFELP Loans") to be purchased
under the Purchase Agreement and any FFELP Trust Loans which the Depositor may
be required to repurchase from the Trust pursuant to the Sale Agreement; and

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

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

                                    ARTICLE I

                              Definitions and Usage

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

                                   ARTICLE II

                 Appointment of Interim Eligible Lender Trustee

    SECTION 2.1 Appointment of Interim Eligible Lender Trustee. The Depositor

                                        1

<PAGE>

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

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

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

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

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

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

                                   ARTICLE III

                 Representations and Warranties of the Depositor

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

     1.   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.

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

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

                                        2

<PAGE>

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

                                   ARTICLE IV

             Authority and Duties of Interim Eligible Lender Trustee

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

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

     SECTION 4.3 No Duties Except as Specified in this Agreement. The Interim
Eligible Lender Trustee shall have no duty or obligation to manage, make any
payment with respect to, register, record, sell, service, dispose of or
otherwise deal with the Interim Trust Loans, or to otherwise take or refrain
from taking any action under, or in connection with, any document contemplated
hereby to which the Interim Eligible Lender Trustee is a party, except as
expressly provided by the terms of the Purchase Agreement, the Sale Agreement or
this Agreement; and no implied duties or obligations shall be read into this
Agreement, the Purchase Agreement or the Sale Agreement against the Interim
Eligible Lender Trustee.

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

                                        3

<PAGE>

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

                                    ARTICLE V

                 Concerning the Interim Eligible Lender Trustee

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

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

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

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

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

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

     2.   It has taken all action necessary to authorize the execution and
          delivery by it of the Purchase Agreement, the Sale Agreement and this
          Agreement, and the Purchase Agreement, the Sale Agreement and this
          Agreement have been executed and

                                        4

<PAGE>

          delivered by one of its officers who is duly authorized to execute and
          deliver the same on its behalf.

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

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

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

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

                                   ARTICLE VI

                 Compensation of Interim Eligible Lender Trustee

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

                                        5

<PAGE>

                                   ARTICLE VII

                     Termination of Interim Trust Agreement

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

                                  ARTICLE VIII

                   Successor Interim Eligible Lender Trustees

     SECTION 8.1 Eligibility Requirements for Interim Eligible Lender Trustee.
If at any time duirng the term of this Agreement, any Trust Student Loan is also
a FFELP Loan, the Interim 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 Interim Trust Loans on behalf and for the benefit of the
Depositor, with a valid lender identification number with respect to the Interim
Trust Loans from the Department; and (ii) being authorized to exercise corporate
trust powers and hold legal title to the Interim Trust Loans. In case at any
time the Interim Eligible Lender Trustee shall cease to be eligible in
accordance with the provisions of this Section, the Interim Eligible Lender
Trustee shall resign immediately in the manner and with the effect specified in
Section 8.2.

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

     If at any time the Interim Eligible Lender Trustee shall cease to be or
shall be likely to cease to be eligible in accordance with the provisions of
Section 8.1 and shall fail to resign after written request therefor by the
Depositor, then the Depositor may remove the Interim Eligible Lender Trustee. If
the Depositor shall remove the Interim Eligible Lender Trustee under the

                                       6

<PAGE>

authority of the immediately preceding sentence, the Depositor shall promptly
appoint a successor Interim Eligible Lender Trustee by written instrument, in
duplicate, one copy of which instrument shall be delivered to the outgoing
Interim Eligible Lender Trustee so removed and one copy to the successor Interim
Eligible Lender Trustee together with payment of all fees owed to the outgoing
Interim Eligible Lender Trustee.

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

     SECTION 8.3 Successor Interim Eligible Lender Trustee. Any successor
Interim Eligible Lender Trustee appointed pursuant to Section 8.2 shall execute,
acknowledge and deliver to the Depositor and to its predecessor Interim Eligible
Lender Trustee an instrument accepting such appointment under this Agreement,
and thereupon the resignation or removal of the predecessor Interim Eligible
Lender Trustee shall become effective and such successor Interim Eligible Lender
Trustee, without any further act, deed or conveyance, shall become fully vested
with all the rights, powers, duties and obligations of its predecessor under
this Agreement, with like effect as if originally named as Interim Eligible
Lender Trustee. The predecessor Interim Eligible Lender Trustee shall upon
payment of its fees and expenses deliver to the successor Interim Eligible
Lender Trustee all documents, statements, moneys and properties held by it under
this Agreement and shall assign, if permissible, to the successor Interim
Eligible Lender Trustee any lender identification number obtained from the
Department with respect to the Interim Trust Loans; and the Depositor and the
predecessor Interim Eligible Lender Trustee shall execute and deliver such
instruments and do such other things as may reasonably be required for fully and
certainly vesting and confirming in the successor Interim Eligible Lender
Trustee all such rights, powers, duties and obligations.

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

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

                                       7

<PAGE>

                                   ARTICLE IX

                                  Miscellaneous

     SECTION 9.1 Supplements and Amendments. This Agreement may be amended by
the Depositor and the Interim Eligible Lender Trustee, with prior written notice
to the Rating Agencies, without the consent of any of the Noteholders or
Certificateholders:

          (i)   to cure any ambiguity,
          (ii)  to correct or supplement any provisions in this Agreement; or
          (iii) for the purpose of adding any provisions to or changing in any
          manner or eliminating any of the provisions in this Agreement;

provided, however, that such action shall not, as evidenced by an Opinion of
Counsel, adversely affect in any material respect the interests of any
Noteholder or any Certificateholder.

     This Agreement may also be amended from time to time by the Depositor and
the Interim Eligible Lender Trustee, with prior written notice to the Rating
Agencies, with the consent of the Noteholders evidencing not less than a
majority of the Outstanding Amount of the Notes, for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
this Agreement or of modifying in any manner the rights of the Noteholders or
the Certificateholders; 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 the 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 the Notes or the
Certificates required to consent to any such amendment, without the consent of
all the outstanding Noteholders or the Certificateholders, as the case may be.

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

     It shall not be necessary for the consent of the Noteholders, the
Certificateholders 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 of evidencing the authorization of the execution
thereof shall be subject to such reasonable requirements as the Interim Eligible
Lender Trustee may prescribe.

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

                                       8

<PAGE>

     SECTION 9.2 Notices. Unless otherwise expressly specified or permitted by
the terms of this Agreement, all notices shall be in writing and shall be deemed
given upon receipt by the intended recipient or three Business Days after
mailing if mailed by certified mail, postage prepaid (except that notice to the
Interim Eligible Lender Trustee shall be deemed given only upon actual receipt
by the Interim Eligible Lender Trustee), if to the Interim Eligible Lender
Trustee, addressed to its Corporate Trust Office; if to the Depositor, addressed
to SLM Education Credit Funding LLC, 20 Hemingway Drive, East Providence, Rhode
Island 02915, or, as to each party, at such other address as shall be designated
by such party in a written notice to each other party.

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

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

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

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

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

                                       9

<PAGE>

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

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

                                            By ________________________________
                                                Name:
                                                Title:

                                            SLM EDUCATION CREDIT FUNDING LLC,
                                            as the Depositor

                                            By ________________________________
                                                Name:
                                                Title:

                                       10EXHIBIT 10.1

                                ESCROW AGREEMENT

     THIS ESCROW AGREEMENT, dated as of September 17, 2002 ("Escrow Agreement")
is by and among Phoenix Real Estate Development, Inc., a Colorado corporation
("Issuer"), and Horizon Bank of Boulder, N.A., as Escrow Agent ("Escrow Agent").

                                   BACKGROUND

     A. In a registered public offering, certain persons will purchase shares of
common stock, no par value per share (the "Shares") of the Issuer pursuant to a
subscription agreement, the form of which is attached as Exhibit A to this
Escrow Agreement (the "Subscription Agreement"); (such persons who purchase the
Shares pursuant to the Subscription Agreement are hereinafter referred to as the
"Subscribers").

     B. In accordance with the Subscription Agreement, the Subscribers will be
required to submit full payment for their investment at the time they return the
executed Subscription Agreement to the Issuer.

     C. All payments for subscriptions for Shares and Subscription Agreements
received and approved by the Issuer ("Subscription Funds") shall be promptly
forwarded to Escrow Agent and Escrow Agent has agreed to accept, deposit, hold
and disburse such Subscription Funds deposited with it in accordance with the
terms of this Escrow Agreement.

     D. Escrow Agent has agreed to deposit all Subscription Funds in a
non-interest bearing account.

     E. In order to establish the escrow of funds and to effect the consummation
of the transactions contemplated by the Subscription Agreement, the parties
hereto have entered into this Escrow Agreement.

     NOW THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, for
themselves, their successors and assigns, hereby agree as follows:

     1.   Definitions: The following terms shall have the following meanings
when used herein:

     "Cash Investment" shall mean the number of Shares subscribed for by a
Subscriber multiplied by $0.10 per Share, as set forth in the Subscription
Agreement.

     "Escrow Funds" shall mean the Subscription Funds deposited by the Escrow
Agent pursuant to this Escrow Agreement.

     "Minimum Offering" shall mean the sale of 750,000 Shares for $75,000.

     "Maximum Offering" shall mean the sale of 1,500,000 Shares for $150,000.

<PAGE>

     "Offering Notice" shall mean a written notification, signed by the Issuer,
which shall specify that: (a) subscriptions for the Minimum Offering have been
received; and (b) such subscriptions have not been withdrawn, rejected or
otherwise terminated.

     "Subscription Accounting" shall mean an accounting of all subscriptions for
Shares received and accepted by the Issuer as of the date of such accounting,
indicating for each subscription the Subscriber's name, address and taxpayer
identification number, the number and total purchase price of subscribed Shares,
any withdrawal of such subscription by the Subscribers, any rejections of such
subscription by the Company, or other termination, for whatever reason, of such
subscription.

     "Subscription Funds", "Subscribers" and "Shares" shall have the meaning set
forth in the section of this Escrow Agreement titled "Background".

     2.   Appointment of and Acceptance by Escrow Agent. Issuer hereby appoints
Escrow Agent to serve as escrow agent hereunder, and Escrow agent hereby accepts
such appointment in accordance with the terms of this Escrow Agreement.

     3.   Deposits into Escrow. The Issuer shall forward to Escrow Agent the
Subscription Funds received by the Issuer for deposit into the following escrow
account:

     ALL FUNDS SO DEPOSITED SHALL REMAIN THE PROPERTY OF THE SUBSCRIBERS
     ACCORDING TO THEIR RESPECTIVE INTEREST AND SHALL NOT BE SUBJECT TO ANY LIEN
     OR CHARGE BY ESCROW AGENT OR BY JUDGMENT OR CREDITORS' CLAIMS AGAINST
     ISSUER UNTIL RELEASED TO ISSUER IN ACCORDANCE WITH SECTION 4(a) HEREOF.

     Upon receipt of any Subscription Funds which are not equal to the proper
Cash Investment for such subscription or if a notice of insufficient funds has
been received by the Escrow Agent for such Subscription Funds, Escrow Agent's
sole obligation shall be to notify Issuer of such fact and to return such
Subscription Funds to the Issuer for further delivery to the Subscriber.

     4.   Disbursements of Escrow Funds.

          a. Completion of Minimum Offering. Escrow Agent shall pay to the
     Issuer the value of the Escrow Funds, by wire transfer no later than three
     (3) business days following receipt of the following documents:

          (i)  The Offering Notice;

          (ii) Subscription Accounting, substantiating the sale of the Minimum
               Offering;

          (iii) Subscription Agreements signed by all Subscribers;

          (iv) Stock Certificates for Subscribers representing the Shares
               purchased by the Subscription Funds; and

                                       2

<PAGE>

          (v)  Such other certificates, notices or other documents as Escrow
               Agent, in its discretion, shall reasonably require and shall have
               requested from Issuer in writing.

     Notwithstanding the foregoing, Escrow Agent shall not be obligated to
disburse the Escrow Funds to Issuer if Escrow Agent reasonably believes that (i)
Subscription Funds in full payment equal to the Cash Investment for that number
of Shares equal to or greater than the Minimum Offering have not been received,
deposited with and collected by the Escrow Agent, subject to the right of Issuer
to consummate the sale of some, but not all, of the Shares; or (ii) any of the
certifications and opinions set forth in the documents are incorrect or
incomplete.

          b. Completion of the Maximum Offering. Escrow Agent shall pay to the
     Issuer the value of the Escrow Funds, by wire transfer periodically but no
     more often than weekly following receipt into Escrow of additional
     Subscription Funds subsequent to the closing of the Minimum Offering
     (Subsequent Closings). At each Subsequent Closing, the Escrow Agent and the
     Issuer shall deliver the following documents:

             (i)          Subscription Accounting, substantiating the sale of
                          the additional Shares;

             (ii)         Subscription Agreements signed by the new Subscribers;

             (iii)        Stock Certificates for Subscribers representing the
                          Shares purchased by the additional Subscription Funds;
                          and

             (iv)         Such other certificates, notices or other documents as
                          Escrow Agent, in its discretion, shall reasonably
                          require and shall have requested from Issuer in
                          writing.

     Notwithstanding the foregoing, Escrow Agent shall not be obligated to
disburse the Escrow Funds to Issuer if Escrow Agent reasonably believes that (i)
Subscription Funds have not been deposited with and collected by the Escrow
Agent; and (ii) in any case, funds in excess of the total Subscription Funds
necessary to purchase the Maximum Offering.

          c. Termination of the Offering. No later than ten (10) business days
     after receipt by Escrow Agent of written notice from Issuer that there will
     be no closing of the sale of Shares to Subscribers, Escrow Agent shall pay
     to the Subscribers, by certified or bank check and by first class mail,
     that portion of the Escrow Funds equal to the amount of the Subscription
     Funds paid by the Subscribers, without interest or deduction.

          d. Rejection or Withdrawal of any Subscription. No later than ten (10)
     business days after receipt by Escrow Agent of written notice from Issuer
     that the Issuer has rejected or permitted a withdrawal of a Subscription
     for which Subscription Funds have already been placed in escrow by the
     Escrow Agent, Escrow Agent shall pay to the Subscribers, by certified or
     bank check and by first class mail, that portion of the Escrow Funds equal
     to the amount of the Subscription Funds paid by the Subscribers without
     interest or deduction. Once the Maximum Offering has been subscribed and
     closed, no later than ten (10) business days after the receipt by Escrow

                                       3

<PAGE>

     Agent of confirmation from the Issuer of such fact, the Escrow Agent shall
     pay to the Subscribers, by certified or bank check and by first class mail,
     that portion of the Escrow Funds equal to the amount of the Subscription
     Funds paid by the Subscribers in excess of the Maximum Offering, without
     interest.

          e. Expiration of Offering Period. Notwithstanding anything to the
     contrary contained herein, if Escrow Agent shall not have received the
     Offering Notice on or before ___________________, 20___, Escrow Agent
     shall, within ten (10) business days after such date and without any
     further instruction or direction from Issuer, return to Subscribers, by
     certified or bank check and by first class mail, that portion of the Escrow
     Funds equal to the amount of the Subscription Funds paid by the
     Subscribers, plus interest.

     5.   Suspension of Performance or Disbursement into Court. If, at any time,
there shall exist any dispute between Issuer, Escrow Agent, and/or Subscribers
or any other person with respect to the holding or disposition of any portion of
the Escrow Funds or and other obligations of Escrow Agent hereunder, or if at
any time Escrow Agent is unable to determine, to Escrow Agent's sole
satisfaction, the proper disposition of any portion of the Escrow Funds or
Escrow Agent's proper actions with respect to its obligations hereunder, or if
Subscribers and Issuer have not within thirty (30) days of the furnishing by
Escrow Agent of a notice of resignation pursuant to Section 7 hereof appointed a
successor Escrow Agent to act hereunder, then Escrow Agent may, in its sole
discretion, take either or both of the following actions:

          a. Suspend the performance of any of its obligations under this Escrow
     Agreement until such dispute or uncertainty shall be resolved to the sole
     satisfaction of the Escrow Agent or until a successor Escrow Agent shall
     have been appointed (as the case may be); and/or

          b. Petition (by means of an interpleader action or any other
     appropriate method) any court of competent jurisdiction in Boulder,
     Colorado for instructions with respect to such dispute or uncertainty, and
     pay to such court all funds held by it for holding and disposition in
     accordance with the instructions of such court. In determining the
     resolution of such dispute or uncertainty, such court shall apply the laws
     of the State of Colorado.

     Escrow Agent shall have no liability to the Issuer, Subscribers or any
other person with respect to any such suspension of performance or disbursement
into court, specifically including any liability or claimed liability that may
arise, or be alleged to have arisen, out of or as a result of any delay in the
disbursement of funds held in the escrow or any delay in or with respect to any
action required or requested of the Escrow Agent.

     6.   Deposit of Funds. Escrow Agent shall deposit the Escrow Funds into a
federally-insured depository account at its bank in its sole discretion.

     7.   Resignation and Removal of Escrow Agent. Escrow Agent may resign from
the performance of its duties hereunder at any time by giving ten (10) days'
prior written notice to Issuer or may be removed, with or without cause by
Issuer, in writing, at any time by giving prior written notice to Escrow Agent.

                                       4

<PAGE>

Such resignation or removal shall take effect upon the appointment of a
successor Escrow Agent as provided herein below. Upon any such notice of
resignation or removal, the Issuer shall appoint a successor Escrow Agent
hereunder. Upon the acceptance in writing of any appointment as Escrow Agent
hereunder by a successor Escrow Agent, such successor Escrow Agent shall
thereupon succeed to and become vested with all the rights, powers, privileges
and duties of the retiring Escrow Agent, and the retiring Escrow Agent shall be
discharged from its duties and obligations under this Escrow Agreement, but
shall not be discharged from any liability for actions taken as escrow agent
hereunder prior to such succession. After any retiring Escrow Agent's
resignation or removal, the provisions of this Escrow Agreement shall inure to
its benefit as to any actions taken or omitted to be taken by it while it was
Escrow Agent under this Escrow Agreement.

     8.   Liability of Escrow Agent.

          a. Escrow Agent shall have no liability or obligation with respect to
     the Escrow Funds except for Escrow Agent's willful misconduct or gross
     negligence. Escrow Agent's sole responsibility shall be for the safekeeping
     and disbursement of the Escrow Funds in accordance with the terms of this
     Escrow Agreement. Escrow Agent shall have no implied duties or obligations
     and shall not be charged with knowledge or notice of any fact or
     circumstance not specifically set forth herein. Escrow Agent may rely upon
     any instrument, whether bearing original, conformed or facsimile
     signatures, not only as to its due execution, validity and effectiveness,
     but also as to the truth and accuracy of any information contained therein
     which Escrow Agent shall in good faith believe to be genuine, to have been
     signed or presented by the person or parties purporting to sign the same
     and to conform to the provisions of this Escrow Agreement. In no event
     shall Escrow Agent be liable for incident, indirect, special, consequential
     or punitive damages. Escrow Agent shall not be obligated to take any legal
     action or commence any proceeding in connection with the Escrow Funds or
     any account in which the Escrow Funds are deposited or this Escrow
     Agreement, or to appear in, prosecute or defend any such legal action or
     proceeding. Without limiting the generality of the foregoing, Escrow Agent
     shall not be responsible for or required to enforce any of the terms or
     conditions of any subscription agreement with Subscribers or any other
     agreement between Issuer and/or Subscribers. Escrow Agent shall not be
     responsible or liable in any manner for the performance by the Issuer or
     any Subscribers of their respective obligations under any subscription
     agreement nor shall Escrow Agent be responsible or liable in any manner for
     the failure of the Issuer or any third party (including Subscriber) to
     honor any of the provisions of this Escrow Agreement. Escrow Agent may
     consult legal counsel selected by it in the event of any dispute or
     question as to the construction of any of the provisions hereof or of any
     other agreement or of its duties hereunder, and shall incur no liability
     and shall be fully indemnified from any liability whatsoever in acting in
     accordance with the opinion or instruction of such counsel. Issuer shall
     promptly pay, upon demand, the reasonable fees and expenses of any such
     counsel.

          b. The Escrow Agent is authorized, in its sole discretion, to comply
     with orders issued or process entered by any court with respect to the
     Escrow Funds, without determination by the Escrow Agent of such court's
     jurisdiction in the matter. If any portion of the Escrow Funds is at any

                                       5

<PAGE>

     time attached, garnished or levied upon under any court order, or in case
     the payment, assignment, transfer, conveyance or delivery of any such
     property shall be stayed or enjoined by any court order, or in case any
     order, judgment or decree shall be made or entered by any court affecting
     such property or any part thereof, then and in any such event, the Escrow
     Agent is authorized, in its sole discretion, to rely upon and comply with
     any such order, writ, judgment or decree which it is advised by legal
     counsel selected by it that is binding upon it without the need for appeal
     or other action; and if the Escrow Agent complies with any such order,
     writ, judgment or decree, it shall not be liable to any of the parties
     hereto or to any other person or entity by reason of such compliance even
     though such order, writ, judgment or decree may be subsequently reversed,
     modified, annulled, set aside or vacated.

     9.  Indemnification of Escrow Agent and Depository. From and at all times
after the date of this Escrow Agreement, Issuer shall, except as otherwise
hereinafter provided, to the fullest extent permitted by law, indemnify and hold
harmless the Escrow Agent and each partner, employee, attorney, agent and
affiliate of Escrow Agent (collectively, the "Indemnification Parties") against
any and all actions, claims (whether or not valid), losses, damages,
liabilities, costs and expenses of any kind or nature whatsoever (including
without limitation reasonable attorneys' fees, costs and expenses) incurred by
or asserted against any of the Indemnified parties from and after the date
hereof, whether direct, indirect or consequential, as a result of or arising
from or in any way relating to any claim, demand, suit, action or proceeding
(including any inquiry or investigation) by any person, including without
limitation Issuer or Subscribers, whether threatened or initiated, asserting a
claim for any legal or equitable remedy against any person under any statute or
regulation, including, but not limited to, any federal or state securities laws,
or under any common law or equitable cause or otherwise, arising from or in
connection with the negotiation, preparation, execution, performance or failure
of performance of this Escrow Agreement or any transactions contemplated herein,
whether or not any such Indemnified Party is a party to any such action,
proceeding, suit or the target of any such inquiry or investigation; provided,
however, that no Indemnified Party shall have the right to be indemnified
hereunder for any liability finally determined by a court of competent
jurisdiction, subject to no further appeal, to have resulted solely from the
gross negligence or willful misconduct of such Indemnified Party. If any such
action or claim shall be brought or asserted against any Indemnified Party, such
Indemnified Party shall promptly notify the Issuer in writing, and the Issuer
shall assume the defense thereof, including the employment of counsel and the
payment of all expenses. Such Indemnified Party shall, in its sole discretion,
have the right to employ separate counsel (who may be selected by such
Indemnified Party in its sole discretion) in any such action and to participate
in the defense thereof, and the fees and expenses of such counsel shall be paid
by such Indemnified Party, except that the Issuer shall be required to pay such
fees and expenses if (i) Issuer agrees to pay such fees and expenses; (ii)
proceeding or shall fail, in the reasonable discretion of such Indemnified
Party, to employ counsel satisfactory to the Indemnified Party in any such
action of proceeding; (iii) Issuer is their plaintiff in any such action or
proceeding; or (iv) the named parties to any such action or proceeding
(including any impleaded parties) include both Indemnified Party and Issuer, and
Indemnified Party shall have been advised by counsel that there may be one or
more legal defenses available to it which are different from or additional to
those available to the Issuer, Issuer shall be liable to pay fees and expenses
of counsel pursuant to the preceding sentence. All such fees and expenses
payable by Issuer pursuant to the foregoing sentence shall be paid from time to

                                       6

<PAGE>

time as incurred, both in advance of and after the final disposition of such
action or claim. The obligations of Issuer under this Section 9 shall survive
any termination of this Escrow Agreement and the resignation or removal of
Escrow Agent.

     10.  Compensation to Escrow Agent and Depository.

          a. Fees -- Escrow Agent. Issuer shall pay to Escrow Agent the fees set
     forth in Exhibit B.

          b. Disbursements from Escrow Funds to Pay Escrow Agent or Other
     Parties. The Escrow Agent is not authorized to disburse to itself or any
     other person from the Escrow Funds (i) any amounts due to Escrow Agent or
     any other party under this Section 10 or (ii) any amount Escrow Agent or
     any Indemnified Party is entitled to seek pursuant to Section 9 hereof.

     11.  Representations and Warrants. Issuer makes the following
representations and warranties to Escrow Agent and Depository:

          a. Issuer is a corporation duly formed and validly subsisting under
     the laws of Colorado, and has full power and authority to execute and
     deliver this Escrow Agreement and to perform its obligations hereunder.

          b. This Escrow Agreement has been duly approved by all necessary
     corporate action of Issuer, including any necessary shareholder approval,
     has been executed by duly authorized officers of Issuer, and constitutes a
     valid and binding agreement of Issuer, enforceable in accordance with its
     terms.

          c. The execution, delivery, and performance by Issuer of this Escrow
     Agreement will not violate, conflict with, or cause a default under the
     articles of incorporation of By Laws of Issuer, any applicable law or
     regulation, any court order or administrative ruling or decree to which
     Issuer is a party or any of its property is subject, or any agreement,
     contract, indenture, or other binding arrangement to which Issuer is a
     party or any of its property is subject.

          d. No party other than the parties hereto and the prospective
     Subscribers have, or shall have, any lien, claim or security interest in
     the Escrow Funds or any part thereof. No financing statement under the
     Uniform Commercial Code is on file in any jurisdiction claiming a security
     interest in or describing (whether specifically or generally) the Escrow
     Funds or any part thereof.

          e. Issuer hereby acknowledges that the status of Escrow Agents is that
     of agent only for the limited purposes set forth herein, and hereby
     represents and covenants that no representation or implication shall be
     made that the Escrow Agent has investigated the desirability of
     advisability or investment in the Shares or has approved, endorsed or
     passed upon the merits of the investment herein and that the name of the
     Escrow Agent has not and shall not be used in any manner in connection with
     the offer or sale of the Shares other than to state that the Escrow Agent
     has agreed to serve as escrow agent for the limited purposes set forth
     herein.

                                       7

<PAGE>

          f. All of the representations and warranties of Issuer contained
     herein are true and complete as of the date hereof and will be true and
     complete at the time of any deposits to or disbursement from the Escrow
     Funds.

     12. Arbitration. Except as expressly provided herein, the parties agree
that any dispute which arises under this Agreement that cannot be resolved
through good faith discussions, shall be settled by arbitration to be held in
the City of Boulder, Colorado using the Standard Commercial Arbitration Rules of
the American Arbitration Association.

     13. Notice. All notices and other communications hereunder shall be in
writing and shall be deemed to have been validly served, given or delivered five
(5) days after deposit in the United States mail, by certified mail with return
receipt requested and postage prepaid, when delivered personally, one (1) day
after delivery to any overnight courier, or when transmitted by facsimile
transmission facilities, and addressed to the party to be noticed as follows:

     If to Issuer at:           Attn:  Peter Garthwaite
                                2121 30th Street
                                Boulder, Colorado 80301

     With a copy to:            Ballard Spahr Andrews & Ingersoll, LLP
                                Attn:  Roger V. Davidson, Esq.
                                1225 17th Street, Suite 2300
                                Denver, Colorado 80202
                                Fax #:  (303) 382-4607

     If to the Escrow Agent:    Horizon Bank of Boulder, N.A.
                                3002 Bluff Sstreet, Suite 100
                                Boulder, CO 80301

or to such other address as each party may designate for itself by like notice.

     14. Amendments or Waiver. This Escrow Agreement may be charged, waived,
discharged or terminated only by a writing signed by Issuer and Escrow Agent. No
delay or omission by any party in exercising any right with respect thereto
shall operate as a waiver. A waiver on any one occasion shall not be construed
as a bar to, or waiver of, any right or remedy on any future occasion.

     15. Severability. To the extent any provision of this Escrow Agreement is
prohibited by or invalid under applicable law, such provision shall be
ineffective to the extent of such prohibition or invalidity, without
invalidating the remainder of such provision or the remaining provisions of this
Escrow Agreement.

     16. Governing Law. This Escrow Agreement shall be construed and interpreted
in accordance with the internal laws of the State of Colorado without giving
effect to the principles or rules governing conflict of laws.

                                       8

<PAGE>

     17. Entire Agreement. This Escrow Agreement constitutes the entire
agreement between the parties relating to the acceptance, collection holding,
investment and disbursement of the Escrow Funds and sets forth in their entirety
the obligations and duties of the Escrow Agent with respect to the Escrow Funds.

     18. Binding Effects. All of the terms of this Escrow Agreement, as amended
from time to time, shall be binding upon, inure to the benefit of and be
enforceable by the respective successors and assigns of Issuer, Subscribers and
Escrow Agent.

     19. Execution in Counterparts. This Escrow Agreement may be executed in two
or more counterparts, which when so executed shall constitute one and the same
agreement.

     20. Termination. Upon the first to occur of the disbursement of all amounts
in the Escrow Funds into court pursuant to Section 5 hereof, this Escrow
Agreement shall terminate and Escrow Agent shall have no further obligation or
liability whatsoever with respect to this Escrow Agreement or the Escrow Funds.

     21. Dealings. The Escrow Agent and any stockholder, director, officer or
employee of the Escrow Agent may buy, sell and deal in any of the securities of
the Issuer and become peculiarly interested in any transaction in which the
Issuer may be interested, and contract and lend money to the Issuer and
otherwise act as fully and freely as though it were not Escrow Agent under this
Agreement. Nothing herein shall preclude the Escrow Agent from acting in any
other capacity for the Subscribers or any other capacity for the Subscribers or
an other person or entity.

     22. Signatures by Facsimile. Any facsimile signature of any party hereto
shall constitute a legal, valid and binding execution hereof by such party.

     IN WITNESS WHEREOF, the parties hereto have caused this Escrow Agreement to
be executed under seal as of the date first above written.

                                           ISSUER:

                                           PHOENIX REAL ESTATE DEVELOPMENT, INC.

                                           By:
                                              ----------------------------------
                                                    Peter Garthwaite, President

                                           ESCROW AGENT:

                                           HORIZON BANK OF BOULDER, N.A.

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

                                       9

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