Document:

<PAGE>

                                                                    EXHIBIT 10.6
                         NOVA TELECOMMUNICATIONS, INC.
                              8320 Guilford Road
                              Columbia, MD 21046

                                                              September 30, 1998

Terence Unter
2165 Church Road
Hummelstown, PA 17036

     Re:  Employment Agreement
          --------------------

Dear Dr. Unter:

     This will confirm our understanding as to the terms of your employment by
NOVA Telecommunications, Inc. (the "Company"):

     1.   Positions.  You will be employed as the Chief Operating Officer and
          ---------
Vice-President, Manufacturing of the Company, effective as of October, 1998 (the
"Effective Date").

     2.   Salary and Bonus.  The Company shall pay you a bonus of $20,000.00
          ----------------
upon your commencement of employment with the Company.  Your initial base salary
shall be at the annual rate of $165,000, subject to increase at the discretion
of the Board of Directors of the Company ("Board"), and will be payable in
accordance with the Company's policies for its senior executives.

     3.   Benefits.
          --------

          (a) General Benefits.  The payments provided to you under Paragraph 2,
              ----------------
except where specifically provided otherwise, are in addition to any other
benefits to which you may be, or may become, entitled under any of the Company's
group hospitalization, health, dental care and/or sick-leave plans; life, other
insurance and/or death benefit plans; travel and/or accident insurance plans;
deferred compensation plans; capital accumulation programs; retirement income
and/or pension plans; supplemental pension plans; excel benefit plans; stock
option, short- and long-term disability programs; and other present and future
group employee benefit plans and programs for which the Company's key employees,
including you, are or shall become eligible.  Nothing in this Agreement shall
require the Company to adopt any such plans or programs or to maintain any
benefits thereunder at any specific level.

          (b) Relocation Costs.  The Company shall pay your standard closing
              ----------------
costs on your sale of your current house and on your purchase of a new house
within commuting distance of the Company.  In addition, the Company shall pay
your costs of moving household goods to your new house.  The Company will also
pay your temporary living expenses, including housing, meals, and related costs
for a period of ninety (90) days after your commencement of work with the
Company. The Company will also provide you with an interest-free bridge loan, if
necessary, to meet costs
<PAGE>

arising in connection with your commencement of employment with the Company. In
addition, the Company will pay a tax gross up on any payments or benefits
provided you by the Company under this paragraph 3(b) to the extent such items
are not tax deductible in full.

          (c) Stock Options.  The Company shall grant you an option to purchase
              -------------
350,000 shares of NOVA Telecommunications, Inc. common stock exercisable for
$.23 per share under the terms of an Incentive Stock Option Agreement, the form
of which is attached to this Agreement. The options will vest 25% after one year
and 1/36/th/ of the remaining 75% each month thereafter.

     4.   Severance.
          ---------

     (a) Termination Other Than for Cause.  In the event that the Company shall
         --------------------------------
terminate you as an employee other than for "cause" (as such term is hereinafter
defined), you will be entitled to receive an amount equal to your monthly base
salary as of the date of such termination ("Termination Date"), payable monthly
until the earlier to occur of (i) one year from the date of termination and (ii)
your commencing employment, or a substantially full-time consulting position,
with another person or entity other than the Company; but only if you execute
and do not revoke a General Release in the form attached hereto as Exhibit A.
You will also be entitled to continue to receive all medical and life insurance
benefits that you were receiving at the Termination Date, for such period.

     (b) Termination for Cause.  If you are terminated for cause or if you
         ---------------------
terminate your employment with the Company, you shall only receive your base
salary owing to you through the Termination Date and shall not be entitled to
any additional payments from the Company.

     (c) Cause.  For purposes of this Agreement, the term "cause" shall mean (i)
         -----
an act of dishonesty with respect to the Company; (ii) your willful misfeasance
or nonfeasance of duty intended to injure or having the effect of injuring the
reputation, business, or business relationships of the Company; (iii) your
conviction upon a charge of any crime involving moral turpitude or upon a charge
that, as determined by the Board in its sole and absolute discretion, could
reflect unfavorable upon the Company; (iv) your willful or prolonged absence
from work (other than by reason of a disability that has been established by an
independent physician) or your failure, neglect, or refusal to perform your
duties and responsibilities; (v) your abuse of alcohol or drugs (legal or
illegal) that, in the Board's sole and absolute judgment, is deemed to
materially impair your ability to perform your duties hereunder; or (vi) your
breach of any of the covenants contained in this letter.

     (d) Release.  You agree that, in consideration of the severance payment to
         -------
be made to you under Paragraph 4(a) of this letter, you will execute the general
release annexed hereto as Exhibit A, which you understand is a condition to your
receiving such payment.

     5.   Covenants.
          ---------

          (a) Restrictions Upon Termination Within Three Years of Effective
              -------------------------------------------------------------
Date.  In consideration of the amounts to be paid to you by the Company and
other good and valuable

                                       2
<PAGE>

consideration, the receipt and sufficiency of which are hereby acknowledged, (i)
for a period of three (3) years following the Effective Date, and (ii) if your
employment with the Company or any of its affiliates or subsidiaries terminates
for any reason (other than death) within three (3) years of the Effective Date,
for a period of one (1) year beyond the "Termination Date" you shall not
directly or indirectly, for yourself or on behalf of or in conjunction with any
other person, company, partnership, business, group, venturer, or other entity
(each, a "Person");

               (i) be employed by or otherwise associated, as a technician,
     officer, director, shareholder, owner, partner, joint venturer, or in a
     managerial capacity, whether as an employee, independent contractor,
     consultant, advisor, or sales representative, of the CIENA Corporation
     ("CIENA");

               (ii) employ or solicit any person who is, on the Termination
     Date, or has been, within one year prior to the Termination Date, an
     employee of the Company or any affiliate or subsidiary; or

          (b) Permitted Investments.  The foregoing covenants shall not be
              ---------------------
deemed to prohibit you from acquiring as an investment not more than one percent
of the capital stock of CIENA.

          (c ) Forms and Examinations.  You agree to execute the form
               ----------------------
Proprietary Information, Inventions, and Non-Solicitation Agreement in the form
previously provided to you by the Company.  In addition, you agree to undergo,
when requested, a dilated eye examination with fundus photo (both eyes) and to
release the photo to the Company.

          (d) Severability.  The covenants in this Paragraph 5 are severable and
              ------------
separate, and the unenforceability of any specific covenant shall not affect the
provisions of any other covenant.  If any provisions of this Paragraph 5
relating to the time period of the restrictive covenants shall be declared by a
court of competent jurisdiction to exceed the maximum time period that such
court deems reasonable and enforceable, said time period shall be deemed to be,
and thereafter shall become, the maximum time period that such court deems
reasonable and enforceable and this letter shall automatically be considered to
have been amended and revised to reflect such determination.

          (e) Independence.  The existence of any claim or cause of action
              ------------
against the Company, whether predicated on this letter or otherwise, shall not
constitute a defense to the enforcement by the Company of the covenants
contained in this Paragraph 5.  It is specifically agreed that the periods of
time stated at the beginning of this Paragraph 5, during which the agreements
and covenants made by you in this Paragraph 5 shall be effective, shall be
computed by excluding from such computation any time during which you are in
violation of any provision of this Paragraph 5.

          (f) Your Agreement.  You have carefully read and considered the
              --------------
provisions of this Paragraph 5 and, having done so, agree that the restrictive
covenants in this Paragraph 5 impose

                                       3
<PAGE>

a fair and reasonable restraint on you and you are reasonably required to
protect the interests of the Company, and its officers, employees, and
interestholders.

          (g) Injunctive Relief.  You acknowledge that any remedy at law for
              -----------------
breach of the provisions of this letter may be inadequate, and that, in the
event of a breach of this Paragraph 5 by you, any remedy at law would be
inadequate in that any such breach would cause irreparable competitive harm to
the Company.  Consequently, in addition to any other relief that may be
available, a court may order temporary and permanent injunctive relief,
including, without limitation, specific performance, and other equitable relief,
without the necessity of the enforcing party proving actual damages and without
regard to the adequacy of any remedy at law to prevent or redress the violation
of any of Employee's obligations under this Paragraph 5.

     6.   Miscellaneous.
          -------------

          (a) Employee-at-Will Status.  You expressly acknowledge that you are
              -----------------------
an employee-at-will of the Company.

          (b) No Prior Agreements.  You hereby represent and warrant to the
              -------------------
Company that the execution of this letter by you, your employment by the
Company, and the performance of your duties hereunder will not violate or be a
breach of any agreement with a former employer, client, or any other Person.
Further, you agree to indemnify and hold harmless the Company, its affiliates,
or subsidiaries and each of the officers and representatives of the Company,
each affiliate and each subsidiary for any claim, including, but not limited to,
reasonable attorneys' fees and expenses of investigation, of any such third
party that such third party may now have or may hereafter come to have against
the Company or its subsidiaries or affiliates, based upon or arising out of any
non-competition agreement, secrecy, or other agreement between you and such
Person.

          (c) Assignment; Binding Effect.  You understand that you have been
              --------------------------
selected for employment by the Company on the basis of your personal
qualifications, experience, and skills. You agree, therefore, that you cannot
assign or delegate all or any portion of your performance hereunder.  This
letter may not be assigned or transferred by the Company without your prior
written consent.  Subject to the preceding two sentences, this letter shall be
binding upon, inure to the benefit of, and be enforceable by the parties hereto
and their respective heirs, legal representatives, successors, and assigns.
Notwithstanding the foregoing, if you accept employment with a subsidiary or
affiliate of the Company, unless you and your new employer agree otherwise in
writing, this letter shall automatically be deemed to have been assigned to such
new employer (which shall thereafter be an additional beneficiary of the
covenants contained herein, as appropriate), such assignment shall be considered
a condition of employment by such new employer, and references to the "Company"
in this Agreement shall be deemed to refer to such new employer.

          (d) Entire Agreement.  This Agreement and the Proprietary Information
              ----------------
and Inventions Agreement between the Company and you contain the entire
understanding between the parties hereto.  To the extent that you had any oral
or written employment agreement or understanding with the Company, this letter
shall automatically supersede such agreement or

                                       4
<PAGE>

understanding, and upon execution of this letter by you and the Company, such
prior agreement or understanding automatically shall be deemed to have been
terminated and shall be null and void.

          (e) Waiver.  Either you or the Company may by written notice to the
              ------
other (i) extend the time for the performance of any of the obligations or other
actions of the other under this letter; (ii) waive compliance with any of the
conditions or covenants of the other contained in this letter; and (iii) waive
or modify performance of any of the obligations of the other under this letter.
Except as provided in the preceding sentence, no action taken pursuant to this
letter, including, without limitation, any investigation by or on behalf of any
party, shall be deemed to constitute a waiver by the party taking such action of
compliance with any representation, warranty, covenant, or agreement contained
herein.  The waiver by any party hereto of a breach of any provision of this
letter shall not operate or be construed as a waiver of any preceding or
succeeding breach, and no failure by either party to exercise any right or
privilege hereunder shall be deemed a waiver of such party's rights or
privileges hereunder or shall be deemed a waiver of such party's rights to
exercise that right or privilege at any subsequent time or times hereunder.

          (f) Amendment.  This letter may be terminated, amended, modified, or
              ---------
supplemented only by a written instrument executed by you and the Company.

          (g) Governing Law.  The provisions of this letter shall be governed by
              -------------
and construed in accordance with the law of the State of Maryland, regardless of
the law that might be applied under principles of conflict of laws.

          (h) Consolidation, Merger, or Sale of Assets.  Nothing in this letter
              ----------------------------------------
shall preclude the Company from consolidating or merging into or with, or
transferring all or substantially all of its assets to, another corporation,
corporations, or partnership.  Upon such a consolidation, merger, or transfer of
assets and the assumption by the acquirer of the Company's obligations under
this letter, the term "the Company," as used herein, shall mean such other
corporation or corporations, or partnership, and this letter shall continue in
full force and effect and such other corporation or corporations shall be liable
for all obligations of the Company under this letter.

          (i) No Duty to Mitigate.  Except as otherwise provided herein, you
              -------------------
shall not be required to mitigate the amount of any payment provided for in this
letter by seeking other employment or otherwise, nor shall any amounts received
from other employment or otherwise by you offset in any manner the obligations
of the Company hereunder.

          (j) No Attachment.  Except as required by law, no right to receive
              -------------
payments under this letter shall be subject to anticipation, commutation,
alienation, sale, assignment, encumbrance, charge, pledge, or hypothecation or
the execution, attachment, levy, or similar process or assignment by operation
of law, and any attempt, voluntary or involuntary, to effect any such action
shall be null, void and of no effect.

                                       5
<PAGE>

          (k) General Creditor.  All payments required hereunder shall be made
              ----------------
from the Company's general assets and you shall have no rights greater than the
rights of a general creditor of the Company.

          (l) Notices.  All notices and other communications required or
              -------
permitted to be given under this letter shall be in writing and shall be deemed
to have been duly given if delivered personally or sent by certified mail,
return receipt requested, first-class postage prepaid, to the parties to this
letter at the following addresses:

          if to the Company at:

          NOVA Telecommunications, Inc.
          8320 Guilford Road
          Columbia, MD 21046
          Attention: David R. Huber, President

          and

          if to you at the address set forth at the beginning of this letter

or to such other address as either party to this letter shall have last
designated by notice to the other party.  All such notices and communications
shall be deemed to have been received on the earlier of the date of receipt or
the third business day after the date of mailing thereof.

          (m) Venue.  You irrevocably consent to the jurisdiction of the courts
              -----
located in the State of Maryland to resolve any claim or controversy relating to
this letter.  Each proceeding shall be heard by federal or state courts located
in the State of Maryland.

          (n) Paragraph and Other Headings.  The paragraph and other headings
              ----------------------------
contained in this letter are for reference purposes only and shall not affect
the meaning or interpretation of this letter.

          (o) Withholding of Taxes.  The Company may withhold from amounts
              --------------------
required to be paid to you hereunder any applicable federal, state, local, and
other taxes with respect thereto; provided, however, that the Company shall
promptly pay over the amounts so withheld to the appropriate taxing bodies and
provide to you appropriate statements on forms prescribed for such purposes on
the amounts so withheld.

          (p) Severability.  If, for any reason, any provision of this letter is
              ------------
held invalid, such invalidity shall not affect any other provision of this
letter not held so invalid, and each such other provision shall, to the full
extent consistent with law, continue in full force and effect.  If any provision
of this letter shall be held invalid in part, such invalidity shall in no way
affect the rest of such provision not held so invalid, and the rest of such
provision, together with all other provisions of this letter, shall to the full
extent consistent with law continue in full force and effect.

                                       6
<PAGE>

          (q) Counterparts.  This letter may be executed in any number of
              ------------
counterparts, each of which shall be deemed to be an original and all of which
together shall be deemed to be one and the same instrument.

     Please acknowledge your understanding of, and agreement with, the foregoing
by signing your name in the space indicated below, whereupon this letter will
become a binding agreement upon the parties.

                              Very truly yours,

                              NOVA TELECOMMUNICATIONS, INC.

                              /s/ David R. Huber
                              -----------------------------
                              By: David R. Huber
                              Its: President

Agreed to and acknowledged as of the date first written above:

 /s/ Terrence Unter
-------------------------
     Terrence Unter

                                       7
<PAGE>

                                   EXHIBIT A

                            FORM OF GENERAL RELEASE

     The undersigned (hereinafter the "Terminated Employee") hereby releases,
discharges and acquits NOVA Telecommunications, Inc. (the "Company"), its
subsidiaries and affiliates, and the Company's and its subsidiaries' and
affiliates' agents, employees, stockholders, directors, officers, successors,
attorneys and assigns (collectively, "Releasees") from any and all claims,
demands, liabilities or causes of action, known or unknown, against Releasees or
any of them, which the Terminated Employee now owns or holds or will own or hold
at any time in the future, by reason of any action, matter, cause or thing
whatsoever related to the termination of the Terminated Employee's employment
with the Company or in any way related to the employment relationship between
the Terminated Employee and the Company and/or arising out of the termination of
that employment or relationship, including but not limited to any and all claims
pursuant to the Age Discrimination in Employment Act, Americans with
Disabilities Act of 1992, the Civil Rights Act of 1969, 29 U.S.C. Section 621 et
                                                                              --
seq. and any other applicable law, statute, code or ordinance.  It is the
---
intention of the Terminated Employee in executing this General Release that the
general release provided for herein shall be effective as a bar to each and
every claim, demand and cause of action hereinabove specified, and shall extend
to claims that the Terminated Employee does not know or suspect to exist in his
or her favor at the time of executing this General Release, which if known by
the Terminated Employee might have materially affected his or her entering into
this General Release.

     The Terminated Employee acknowledges that he or she is aware that he or she
may hereafter discover facts different from or in addition to those he or she
now knows or believes to be true with respect to the matters herein released and
the Terminated Employee agrees that this General Release shall be and remain in
effect in all respects as a complete general release notwithstanding any such
different or additional facts.

     The Terminated Employee acknowledges that he or she has been advised to
consult with an attorney prior to signing this General Release and that he or
she has in fact consulted with an attorney, that the Terminated Employee
understands that he or she is not waiving any claims that may arise after the
date of this General Release, that the Terminated Employee has been given a
period of at least 21 days in which to consider whether to enter into this
                   -------
General Release, and that the Terminated Employee is entering into this General
Release of his or her own free will.

     The Terminated Employee further acknowledges and understands that he or she
may revoke this General Release within 7 days from the date it is executed by
                                       ------
him or her and that this General Release shall not become effective or
enforceable until that 7-day period has expired.  Such a revocation will
immediately void all of the promises and obligations set forth in this General
Release and Section 4 of that certain letter agreement dated as of October 1998
between the Company and the Terminated Employee, including but not limited to
any of the Company's obligations to remit the sums set forth therein.

                                        ----------------------------------
                                                  Terence Unter<PAGE>

                                                                     Exhibit 4.1

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

                             INTERIM TRUST AGREEMENT

                                     between

                            SLM FUNDING CORPORATION,
                                    as Seller

                                       and

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

                            Dated as of April 1, 2000

================================================================================
<PAGE>

                                TABLE OF CONTENTS

                                                                            Page
                                                                            ----

                                    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 Seller..............  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...............  4
SECTION 4.4  No Action Except Under Specified Documents....................  4
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................................  5
SECTION 5.3  Not Acting in Individual Capacity.............................  6
SECTION 5.4  Interim Eligible Lender Trustee Not Liable for the
             Interim Trust Loans ..........................................  6

                                        i
<PAGE>

                                   ARTICLE VI

                Compensation of Interim Eligible Lender Trustee............  6

                                   ARTICLE VII

                    Termination of Interim Trust Agreement.................  7

                                  ARTICLE VIII

                   Successor Interim Eligible Lender Trustees

SECTION 8.1  Eligibility Requirements for Interim Eligible Lender Trustee..  7
SECTION 8.2  Resignation or Removal of Interim Eligible Lender Trustee.....  7
SECTION 8.3  Successor Interim Eligible Lender Trustee.....................  8
SECTION 8.4  Merger or Consolidation of Interim Eligible Lender Trustee....  9

                                   ARTICLE IX

                                  Miscellaneous

SECTION 9.1  Supplements and Amendments...................................   9
SECTION 9.2  Notices......................................................  10
SECTION 9.3  Severability.................................................  10
SECTION 9.4  Separate Counterparts........................................  11
SECTION 9.5  Successors and Assigns.......................................  11
SECTION 9.6  Headings.....................................................  11
SECTION 9.7  Governing Law................................................  11

                                       ii
<PAGE>

      INTERIM TRUST AGREEMENT dated as of April 1, 2000, between SLM FUNDING
CORPORATION, a Delaware corporation (the "Seller") and CHASE MANHATTAN BANK
DELAWARE, a Delaware banking corporation, not in its individual capacity but
solely as Interim Eligible Lender Trustee (the "Interim Eligible Lender
Trustee").

      WHEREAS, the Seller is a special purpose corporation established for the
purpose of purchasing Loans from the Student Loan Marketing Association for
immediate resale to special purpose trusts established for the purpose of
financing the purchase of such Loans; and

      WHEREAS, the Seller has entered into the Purchase Agreement with the
Student Loan Marketing Association and the Sale Agreement with SLM Student Loan
Trust 2000-3 for the purpose of effecting such a purchase and resale; and

      WHEREAS, the Seller 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 Loans to be purchased under the Purchase Agreement and any Trust
Student Loans required to be repurchased 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 Loans and any such Trust Student Loans
(collectively, the "Interim Trust Loans") on behalf and for the benefit of the
Seller.

      NOW, THEREFORE, the Seller 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 Seller
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
<PAGE>

limitation:

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

      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
Seller, 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 Seller.

                                   ARTICLE III

                  Representations and Warranties of the Seller

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

      1.    The Seller is duly organized and validly existing as a Delaware
            corporation 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 Seller has the corporate 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 Seller by all necessary corporate action.

                                       2
<PAGE>

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

      4.    The consummation of the transactions contemplated by this Agreement
            and the fulfillment of the terms hereof do not conflict with, result
            in any breach of any of the terms and provisions of, or constitute
            (with or without notice or lapse of time or both) a default under,
            the certificate of incorporation or by-laws of the Seller, or any
            indenture, agreement or other instrument to which the Seller 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 Seller of
            any court or of any Federal or state regulatory body, administrative
            agency or other governmental instrumentality having jurisdiction
            over the Seller 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, the Sale
Agreement and this Agreement and each certificate or other document attached as
an exhibit to or contemplated by such agreements, in each case, in such form as
the Seller 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 Seller 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.

                                       3
<PAGE>

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

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

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

                                    ARTICLE V

                 Concerning the Interim Eligible Lender Trustee

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

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<PAGE>

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

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

                                       5
<PAGE>

      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 Delaware
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 Seller; 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 Seller 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 Seller and the Interim Eligible Lender Trustee, and the
Interim Eligible Lender Trustee shall be entitled to be reimbursed by the
Seller, to the extent provided in such separate agreement, for its other
reasonable expenses hereunder.

                                       6
<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.
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 Seller, 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 Seller. Upon
receiving such notice of resignation, the Seller 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

                                       7
<PAGE>

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
Seller, then the Seller may remove the Interim Eligible Lender Trustee. If the
Seller shall remove the Interim Eligible Lender Trustee under the authority of
the immediately preceding sentence, the Seller 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 Seller 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 Seller 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.

                                       8
<PAGE>

      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 shall be eligible pursuant to Section
8.1.

                                   ARTICLE IX

                                  Miscellaneous

      SECTION 9.1 Supplements and Amendments. This Agreement may be amended by
the Seller and the Interim Eligible Lender Trustee, with prior written notice to
the Rating Agencies, without the consent of any of the Noteholders or the
Certificateholders, 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
of modifying in any manner the rights of the Noteholders or the
Certificateholders; 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 Certificateholder.

      This Agreement may also be amended from time to time by the Seller and the
Interim Eligible Lender Trustee, with prior written notice to the Rating
Agencies, with the consent of (i) the Noteholders of Notes evidencing not less
than a majority of the Outstanding Amount of the Notes and (ii) the
Certificateholders of Certificates evidencing not less than a majority of the
Certificate Balance, 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 Trust Student Loans or

                                       9
<PAGE>

distributions that shall be required to be made for the benefit of the
Noteholders or the Certificateholders or (b) reduce the aforesaid percentage of
the Outstanding Amount of the Notes and the Certificate Balance required to
consent to any such amendment, without the consent of all the outstanding
Noteholders and Certificateholders.

      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 each Certificateholder, the Indenture Trustee and
each of the Rating Agencies.

      It shall not be necessary for the consent of Certificateholders, 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 Certificateholders provided for in this
Agreement or in any other Basic Document) and of evidencing the authorization of
the execution thereof by Certificateholders shall be subject to such reasonable
requirements as the Interim Eligible Lender Trustee may prescribe.

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

      SECTION 9.2 Notices. Unless otherwise expressly specified or permitted by
the terms hereof, all notices shall be in writing and shall be deemed given upon
receipt by the intended recipient or three Business Days after mailing if mailed
by certified mail, postage prepaid (except that notice to the Interim Eligible
Lender Trustee shall be deemed given only upon actual receipt by the Interim
Eligible Lender Trustee), if to the Interim Eligible Lender Trustee, addressed
to its Corporate Trust Office; if to the Seller, addressed to SLM Funding
Corporation, 777 Twin Creek Drive, Killeen, Texas 76543, 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

                                       10
<PAGE>

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 Seller 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.

                                       11
<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 DELAWARE,
                              not in its individual capacity
                              but solely as Interim Eligible
                              Lender Trustee

                              By /s/ John J. Cashin
                                 ________________________________
                                   Name:  John J. Cashin
                                   Title: Vice President

                              SLM FUNDING CORPORATION,
                              Seller

                              By /s/ J. Lance Franke
                                 ________________________________
                                   Name:  J. Lance Franke
                                   Title: Chief Financial Officer

                                       12

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