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                                                                     EXHIBIT 4.1

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                                  SERIES 2003-1
                         SUPPLEMENTAL INDENTURE OF TRUST

                                 by and between

                       GMAC EDUCATION LOAN FUNDING TRUST-I

                                       and

                           ZIONS FIRST NATIONAL BANK,
                              as Indenture Trustee

                          Authorizing the Issuance of:

                                  $220,000,000
                       GMAC Education Loan Funding Trust-I
                    GMAC ELF Student Loan Asset-Backed Notes
                                  Series 2003-1

                            Dated as of March 1, 2003

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                                TABLE OF CONTENTS

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                                                     ARTICLE I

DEFINITIONS AND USE OF PHRASES...................................................................................1

                                                    ARTICLE II

  SERIES 2003-1 NOTE DETAILS, FORM OF SERIES 2003-1 NOTES, REDEMPTION OF SERIES 2003-1 NOTES AND USE OF
      PROCEEDS OF SERIES 2003-1 NOTES

Section 2.01.   Series 2003-1 Note Details.......................................................................3
Section 2.02.   Redemption of the Series 2003-1 Notes............................................................5
Section 2.03.   Delivery of Series 2003-1 Notes..................................................................7
Section 2.04.   Trustee's Authentication Certificate.............................................................7
Section 2.05.   Deposit of Series 2003-1 Note Proceeds...........................................................8
Section 2.06.   Forms of Series 2003-1 Notes.....................................................................8

                                                    ARTICLE III
                                                     ACCOUNTS

Section 3.01.   2003-1 Acquisition Account.......................................................................8
Section 3.02.   2003-1 Capitalized Interest Account..............................................................8

                                                    ARTICLE IV
                                                GENERAL PROVISIONS

Section 4.01.   Date of Execution................................................................................9
Section 4.02.   Laws Governing...................................................................................9
Section 4.03.   Severability.....................................................................................9
Section 4.04.   Exhibits and Appendices..........................................................................9
Section 4.05.   Limitation of Liability of the Delaware Trustee..................................................9

                                                     ARTICLE V

APPLICABILITY OF INDENTURE.......................................................................................9

APPENDIX A CERTAIN TERMS AND PROVISIONS OF THE AUCTION RATE SECURITIES...........................................1

EXHIBIT A-1 FORM OF SENIOR AUCTION RATE SECURITIES...............................................................1
EXHIBIT A-2 FORM OF SUBORDINATE AUCTION RATE SECURITIES..........................................................1
EXHIBIT B SERIES 2003-1 CLOSING CASH FLOW PROJECTIONS............................................................8
EXHIBIT C NOTICE OF PAYMENT DEFAULT..............................................................................9
EXHIBIT D NOTICE OF CURE OF PAYMENT DEFAULT.....................................................................10
EXHIBIT E NOTICE OF PROPOSED CHANGE IN LENGTH OF ONE OR MORE AUCTION PERIODS.....................................1
EXHIBIT F NOTICE ESTABLISHING CHANGE IN LENGTH OF ONE OR MORE AUCTION PERIODS....................................1
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EXHIBIT G NOTICE OF CHANGE IN AUCTION DATE......................................................................1
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                  SERIES 2003-1 SUPPLEMENTAL INDENTURE OF TRUST

     THIS SERIES 2003-1 SUPPLEMENTAL INDENTURE OF TRUST (this "Supplemental
Indenture"), dated as of March 1, 2003, is by and between GMAC EDUCATION LOAN
FUNDING TRUST-I, a Delaware statutory trust (the "Issuer"), and ZIONS FIRST
NATIONAL BANK, a national banking association (together with its successors, the
"Indenture Trustee"), as Indenture Trustee hereunder (all capitalized terms used
in these preambles, recitals and granting clauses shall have the same meanings
assigned thereto in Article I hereof);

                              W I T N E S S E T H :

     WHEREAS, the Issuer has previously entered into an Indenture of Trust,
dated as of March 1, 2003 (the "Indenture"), among the Issuer, the Indenture
Trustee and Zions First National Bank, as Eligible Lender Trustee; and

     WHEREAS, the Issuer desires to enter into this Supplemental Indenture in
order to issue Notes pursuant to the terms of the Indenture, including Section
2.09 thereof; and

     WHEREAS, the Issuer represents that it is duly created as a statutory trust
under the laws of the State of Delaware and that by proper action it has duly
authorized the issuance of $220,000,000 of its GMAC ELF Student Loan
Asset-Backed Notes, Series 2003-1, consisting of three classes designated as
Senior Class 2003-1 (the "Class A Notes") and one class designated as
Subordinate Class 2003-1 (the "Class B Notes" and together with the Class A
Notes, the "Series 2003-1 Notes"), and it has by proper action authorized the
execution and delivery of this Supplemental Indenture; and

     WHEREAS, the Series 2003-1 Notes constitute Notes as defined in the
Indenture; and

     WHEREAS, the Indenture Trustee has agreed to accept the trusts herein
created upon the terms herein set forth;

     NOW, THEREFORE, it is mutually covenanted and agreed as follows:

                                    ARTICLE I

                         DEFINITIONS AND USE OF PHRASES

     All words and phrases defined in the Indenture shall have the same meaning
in this Supplemental Indenture, except as otherwise appears in this Article. In
addition, the following terms have the following meanings in this Supplemental
Indenture unless the context clearly requires otherwise:

     "AUCTION RATE SECURITIES" means, collectively, the Class A Notes and the
Class B Notes.

     "CLASS A NOTES" means, collectively, the Class A-1AR Notes, the Class A-2AR
Notes and the Class A-3AR Notes.

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     "CLASS A-1AR NOTES" means the $78,000,000 GMAC Education Loan Funding
Trust-I, GMAC ELF Student Loan Asset-Backed Notes, Series 2003-1, Senior Class
A-1AR Auction Rate Securities.

     "CLASS A-2AR NOTES" means the $78,000,000 GMAC Education Loan Funding
Trust-I, GMAC ELF Student Loan Asset-Backed Notes, Series 2003-1, Senior Class
A-2AR Auction Rate Securities.

     "CLASS A-3AR NOTES" means the $50,000,000 GMAC Education Loan Funding
Trust-I, GMAC ELF Student Loan Asset-Backed Notes, Series 2003-1, Senior Class
A-3AR Auction Rate Securities.

     "CLASS B NOTES" means the $14,000,000 GMAC Education Loan Funding Trust-I,
GMAC ELF Student Loan Asset-Backed Notes, Series 2003-1, Subordinate Class B-1AR
Auction Rate Securities.

     "CLOSING DATE" means, with respect to the Series 2003-1 Notes, March 21,
2003.

     "RATING AGENCY" means, collectively, Fitch Ratings, Moody's Investors
Service and Standard & Poor's Ratings Services.

     "RECORD DATE" means, with respect to each Payment Date, the Business Day
immediately preceding such Payment Date.

     "RESERVE FUND REQUIREMENT" means 1.00% of the Class A Notes and Class B
Notes Outstanding; provided, however, that so long as any Class A Notes or Class
B Notes remain Outstanding there shall be at least $500,000 on deposit in the
Reserve Fund. Further, such percentages and amounts may be changed upon
satisfaction of the Rating Agency Condition and receipt of a Rating
Confirmation.

     "SERIES 2003-1COUNTERPARTY" shall mean Citibank, N.A.

     "SERIES 2003-1 DERIVATIVE PRODUCT AGREEMENTS" shall mean, collectively, the
ISDA Master Agreement (including the schedule thereto), between the Issuer and
the Series 2003-1 Counterparty and the Assignment and Acceptance Agreement dated
March 21, 2003, among the Issuer, the Series 2003-1 Counterparty and GMAC
Commercial Holding Corporation Mortgage Corp., assigning Confirmation Nos.
M031150 and M030506 to the Issuer.

     "SERIES 2003-1 NOTES" means the GMAC Education Loan Funding Trust-I, GMAC
ELF Student Loan Asset-Backed Notes, Series 2003-1 issued pursuant to this
Supplemental Indenture in the aggregate principal amount of $220,000,000
consisting of the Class A Notes and the Class B Notes.

     Words importing the masculine gender include the feminine gender. Words
importing persons include firms, associations and corporations. Words importing
the singular number include the plural number and vice versa. Additional terms
are defined in the body of this Supplemental Indenture and the Appendices
hereto.

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     In the event that any term or provision contained herein with respect to
the Series 2003-1 Notes shall conflict with or be inconsistent with any term or
provision contained in the Indenture, the terms and provisions of this
Supplemental Indenture shall govern.

                                   ARTICLE II

                           SERIES 2003-1 NOTE DETAILS,
                          FORM OF SERIES 2003-1 NOTES,
                        REDEMPTION OF SERIES 2003-1 NOTES
                   AND USE OF PROCEEDS OF SERIES 2003-1 NOTES

     SECTION 2.01. SERIES 2003-1 NOTE DETAILS. The aggregate principal amount of
the Series 2003-1 Notes which may be initially authenticated and delivered under
this Supplemental Indenture is limited to, and shall be individually issued in
five separate classes consisting of $78,000,000 of Class A-1AR Notes,
$78,000,000 of Class A-2AR Notes, $50,000,000 of Class A-3AR Notes and
$14,000,000 of Class B Notes, except for Series 2003-1 Notes authenticated and
delivered upon transfer of, or in exchange for, or in lieu of Notes pursuant to
Sections 2.03 and 2.04 of the Indenture. The Series 2003-1 Notes shall be
issuable only as fully registered notes in the Authorized Denominations. The
Series 2003-1 Notes of each class shall each be lettered "R" and shall be
numbered separately from 1 upwards, respectively. The Class A-1AR Notes, the
Class A-2AR Notes and the Class A-3AR Notes constitute Senior Notes. The Class B
Notes constitute Subordinate Notes. The Series 2003-1 Derivative Product
Agreements constitute Senior Obligations.

     The Class A Notes and Class B Notes (collectively, the "Auction Rate
Securities") shall be dated their Closing Date and shall bear interest from
their Closing Date, payable on each Payment Date (as defined in Appendix A to
this Supplemental Indenture), except that Auction Rate Securities which are
reissued upon transfer, exchange or other replacement shall bear interest from
the most recent Payment Date to which interest has been paid, or if no interest
has been paid, from the Closing Date. The Auction Rate Securities shall mature
on June 1, 2040 (a "Stated Maturity"). The terms of and definitions related to
the Auction Rate Securities are found in Article I hereof and Appendix A to this
Supplemental Indenture.

     The principal of the Series 2003-1 Notes due at Stated Maturity or
redemption in whole shall be payable at the Corporate Trust Office of the
Indenture Trustee, or such other location as directed by the Indenture Trustee,
or at the principal office of its successor in trust upon presentation and
surrender of the Series 2003-1 Notes. Payment of interest and principal paid
subject to a redemption on any Series 2003-1 Note shall be made to the
Noteholder thereof by check or draft mailed on the Payment Date by the Indenture
Trustee to the Noteholder at his address as it last appears on the registration
books kept by the Indenture Trustee at the close of business on the Record Date
for such Payment Date, but any such interest not so timely paid or duly provided
for shall cease to be payable to the Noteholder thereof at the close of business
on the Record Date and shall be payable to the Noteholder thereof at the close
of business on a special record date (a "Special Record Date") for the payment
of any such defaulted interest. Such Special Record Date shall be fixed by the
Indenture Trustee whenever moneys become available for payment of the defaulted
interest, and notice of such Special Record Date shall be given to the
Noteholders of the Series 2003-1 Notes not less than 10 days prior thereto by

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first-class mail to each such Noteholder as shown on the Indenture Trustee's
registration books on the date selected by the Indenture Trustee, stating the
date of the Special Record Date and the date fixed for the payment of such
defaulted interest. Payment of interest to the Securities Depository or its
nominee shall, and at the written request addressed to the Indenture Trustee of
any other Noteholder owning at least $1,000,000 principal amount of the Series
2003-1 Notes, payments of interest shall, be paid by wire transfer within the
United States to the bank account number filed no later than the Record Date or
Special Record Date with the Indenture Trustee for such purpose. All payments on
the Series 2003-1 Notes shall be made in lawful money of the United States of
America.

          (a)  Except as otherwise provided in this Section, the Series 2003-1
     Notes in the form of one global note for each Stated Maturity date shall be
     registered in the name of the Securities Depository or its nominee and
     ownership thereof shall be maintained in book-entry form by the Securities
     Depository for the account of the Agent Members. Initially, each Series
     2003-1 Note shall be registered in the name of CEDE & CO., as the nominee
     of The Depository Trust Company. Except as provided in subsection (d) of
     this Section, the Series 2003-1 Notes may be transferred, in whole but not
     in part, only to the Securities Depository or a nominee of the Securities
     Depository or to a successor Securities Depository selected or approved by
     the Issuer or to a nominee of such successor Securities Depository. Each
     global note shall bear a legend substantially to the following effect:
     "Except as otherwise provided in the Indenture, this global note may be
     transferred, in whole but not in part, only to another nominee of the
     Securities Depository, as defined in the Indenture, or to a successor
     Securities Depository or to a nominee of a successor Securities
     Depository."

          (b)  Except as otherwise provided herein, the Issuer and the Indenture
     Trustee shall have no responsibility or obligation with respect to (i) the
     accuracy of the records of the Securities Depository or any Agent Member
     with respect to any beneficial ownership interest in the Series 2003-1
     Notes; (ii) the delivery to any Agent Member, beneficial owner of the
     Series 2003-1 Notes or other Person, other than the Securities Depository,
     of any notice with respect to the Series 2003-1 Notes; or (iii) the payment
     to any Agent Member, beneficial owner of the Series 2003-1 Notes or other
     Person, other than the Securities Depository, of any amount with respect to
     the principal of or interest on the Series 2003-1 Notes. So long as the
     certificates for the Series 2003-1 Notes issued under this Supplemental
     Indenture are not issued pursuant to paragraph (c) of this Section the
     Issuer and the Indenture Trustee may treat the Securities Depository as,
     and deem the Securities Depository to be, the absolute owner of the Series
     2003-1 Notes for all purposes whatsoever, including, without limitation,
     (A) the payment of principal of and interest on such Series 2003-1 Notes,
     (B) giving notices of redemption and other matters with respect to such
     Series 2003-1 Notes, and (C) registering transfers with respect to such
     Series 2003-1 Notes. In connection with any notice or other communication
     to be provided to the Noteholders pursuant to this Supplemental Indenture
     by the Issuer or the Indenture Trustee with respect to any consent or other
     action to be taken by the Noteholders, the Issuer or the Indenture Trustee,
     as the case may be, shall establish a record date for such consent or other
     action and, if the Securities Depository shall hold all of the Series
     2003-1 Notes, give the Securities Depository notice of such record date not
     less than 15 calendar days in advance of such record date to the extent
     possible. Such

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     notice to the Securities Depository shall be given only when the Securities
     Depository is the sole Noteholder.

          (c)  If at any time the Securities Depository notifies the Issuer and
     the Indenture Trustee that it is unwilling or unable to continue as
     Securities Depository with respect to any or all of the Series 2003-1 Notes
     or if at any time the Securities Depository shall no longer be registered
     or in good standing under the Securities Exchange Act or other applicable
     statute or regulation and a successor Securities Depository is not
     appointed by the Issuer within 90 days after the Issuer receives notice or
     becomes aware of such condition, as the case may be, paragraphs (a) and (b)
     of this Section shall no longer be applicable and the Issuer shall execute
     and the Indenture Trustee shall authenticate and deliver certificates
     representing the Series 2003-1 Notes as provided below. In addition, the
     Issuer may determine at any time that the Series 2003-1 Notes shall no
     longer be represented by global certificates and that the provisions of
     paragraphs (a) and (b) of this Section shall no longer apply to the Series
     2003-1 Notes. In such event, the Issuer shall execute and the Indenture
     Trustee shall authenticate and deliver certificates representing the Series
     2003-1 Notes as provided below. Certificates for the Series 2003-1 Notes
     issued in exchange for a global certificate pursuant to this subsection
     shall be registered in such names and authorized denominations as the
     Securities Depository, pursuant to instructions from the Agent Members or
     otherwise, shall instruct in writing to the Issuer and the Indenture
     Trustee, and upon which written instructions the Indenture Trustee may rely
     without investigation. The Indenture Trustee shall promptly deliver such
     certificates representing the Series 2003-1 Notes to the Persons in whose
     names such Notes are so registered.

     SECTION 2.02. REDEMPTION OF THE SERIES 2003-1 NOTES.

          (a)  MANDATORY REDEMPTION. Subject to the provisions of Section
     2.02(c), the Series 2003-1 Notes are subject to mandatory redemption, in
     whole or in part, at a redemption price equal to the principal balance
     being redeemed plus accrued interest to the date fixed for redemption (i)
     on the first Interest Payment Date after October 15, 2003 from amounts
     remaining on deposit in the 2003-1 Acquisition Account on October 1, 2003
     representing proceeds of the Series 2003-1 Notes not used to acquire
     Student Loans, (ii) unless otherwise directed in a Supplemental Indenture,
     on the first Payment Date occurring each month for the Senior Notes
     (subject to Section 2.02(c)(ii)) from amounts remaining on deposit in the
     2003-1 Acquisition Account representing Recoveries of Principal and (iii)
     on the first Payment Date occurring each month for the Senior Notes
     (subject to Section 2.02(c)(ii))that the Value of the Trust Estate is less
     than 101.5% of the Value of the Senior Notes and Subordinate Notes then
     Outstanding and 104% of the Value of the Senior Notes then Outstanding as
     certified to the Indenture Trustee in an Issuer Order upon which Issuer
     Order the Indenture Trustee may conclusively rely (or such other ratio as
     specified by the Issuer in a notice to the Indenture Trustee accompanied by
     a Rating Agency Confirmation), from moneys on deposit in the Revenue Fund
     after all other required payments have been made and amounts transferred
     pursuant to Section 3.02 until such percentages are reached.

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          (b)  OPTIONAL REDEMPTION OR PURCHASE.

               (i)     OPTIONAL REDEMPTION OR PURCHASE OF SERIES 2003-1 NOTES.
          Subject to the provisions of Section 2.02(c), the Series 2003-1 Notes
          are subject to redemption or purchase at the option of the Issuer
          exercised by an Issuer Order, in whole only, on any Payment Date on
          which the aggregate current principal balance of all the Notes issued
          under the Indenture is less than or equal to 10% of the initial
          aggregate principal balance of all the Notes issued under the
          Indenture on their respective Closing Date, at a redemption price
          equal to (A) the principal balance plus accrued interest to the date
          fixed for redemption and (B) any Carry-over Amount and any interest
          accrued on any Carry-over Amount to the date fixed for redemption,
          from the proceeds of funds received by the Indenture Trustee and
          deposited in the Revenue Fund, the Acquisition Fund and the Reserve
          Fund. On the Payment Date fixed for redemption or purchase in such
          Issuer Order (which Issuer Order shall be received by the Indenture
          Trustee not less then 16 days prior to such redemption), the Issuer
          shall deposit or cause to be deposited in or transferred to the
          Acquisition Fund (from the Revenue Fund) an amount sufficient to
          redeem all of the Notes, less amounts on deposit in the Reserve Fund.
          On such redemption date the Indenture Trustee shall transfer amounts
          in the Reserve Fund to the Acquisition Fund and effect the redemption
          of all the Notes.

               (ii)    NOTICE OF REDEMPTION AND PURCHASE. The Indenture Trustee
          shall cause notice of any redemption or purchase pursuant to Section
          2.02(b)(i) to be given by mailing a copy of the notice by first-class
          mail to the Noteholder of any Series 2003-1 Notes, the Administrator,
          the Calculation Agent and the Auction Agent, designated for redemption
          or purchase in whole or in part, at their address as the same shall
          last appear upon the registration books, in each case not less than 15
          days prior to the redemption or purchase date; provided, however, that
          failure to give such notice, or any defect therein, shall not affect
          the validity of any proceedings for the redemption or purchase date of
          such Series 2003-1 Notes for which no such failure or defect occurs.

          (c)  PARTIAL REDEMPTION.

               (i)     If less than all of the Series 2003-1 Notes are to be
          redeemed or purchased pursuant to Section 2.02(a), the Class of Series
          2003-1 Notes to be redeemed or purchased shall be redeemed or
          purchased on a monthly basis in ascending order of Stated Maturity
          and, within same Stated Maturities, from the Series 2003-1 Note with
          the earliest Payment Date during the month, subject to Section
          2.02(c)(ii).

               (ii)    All of the Class A Notes shall be redeemed prior to
          redemption of any Class B Notes; provided, however, upon the Indenture
          Trustee's receipt of an Issuer Order certifying that the ratio of the
          Value of the Trust Estate to the Value of the Notes then Outstanding
          exceeds 101.5% and the ratio of the Value of the Trust Estate to the
          Value of the Senior Notes then Outstanding exceeds 104%, or

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          such other percentages that satisfy the Rating Agency Condition, the
          Indenture Trustee shall redeem Class B Notes while Class A Notes
          remain Outstanding until the Value of the Trust Estate to the Value of
          the Notes equals the percentages described in this sentence after
          giving effect to the redemption of Class B Notes. The Indenture
          Trustee may conclusively rely upon such certification without duty to
          know, determine or further examine such Issuer Order.

               (iii)   If less than all of the Notes of any class of the Series
          2003-1 Notes are to be redeemed, the Series 2003-1 Notes to be
          redeemed shall be selected by lot in such manner as the Indenture
          Trustee shall determine. In the event of a redemption pursuant to
          Section 2.02(a) hereof whereby funds remain in an amount below the
          Authorized Denomination, such remaining funds shall be transferred to
          the Revenue Fund.

               (iv)    In case a Series 2003-1 Note is of a denomination larger
          than an Authorized Denomination, a portion of such Note (in an
          Authorized Denomination) may be redeemed. Upon surrender of any Series
          2003-1 Note for redemption in part only, the Issuer shall execute and
          the Indenture Trustee shall authenticate and deliver to the Noteholder
          thereof, the cost of which shall be paid by the Issuer, a new Series
          2003-1 Note or Series 2003-1 Notes of the same series, maturity and of
          authorized denominations, in an aggregate principal amount equal to
          the unredeemed portion of the Series 2003-1 Note surrendered.

     SECTION 2.03. DELIVERY OF SERIES 2003-1 NOTES. Upon the execution and
delivery of this Supplemental Indenture, the Issuer shall execute and deliver to
the Indenture Trustee and the Indenture Trustee shall authenticate the Series
2003-1 Notes and deliver the Class A Notes and the Class B Notes to The
Depository Trust Company; provided, however, prior to the delivery by the
Indenture Trustee of any of the Series 2003-1 Notes, there shall have been filed
with or delivered to the Indenture Trustee the following:

          (a)  an Issuer Order authorizing the execution and delivery of this
     Supplemental Indenture and the issuance of the Series 2003-1 Notes;

          (b)  duly executed copies of this Supplemental Indenture and a copy of
     the Indenture; and

          (c)  rating letters from each Rating Agency stating (i) that the Class
     A Notes have been rated "AAA" by Fitch and S&P and "Aaa" by Moody's; and
     (ii) that the Class B Notes have been rated "A" by Fitch and S&P and "A2"
     by Moody's.

     SECTION 2.04. TRUSTEE'S AUTHENTICATION CERTIFICATE. The Indenture Trustee's
authentication certificate upon the Series 2003-1 Notes shall be substantially
in the forms provided in Exhibits A-1 and A-2. No Series 2003-1 Note shall be
secured hereby or entitled to the benefit hereof, or shall be valid or
obligatory for any purpose, unless a certificate of authentication,
substantially in such form, has been duly executed by the Indenture Trustee; and
such certificate of the Indenture Trustee upon any Series 2003-1 Note shall be
conclusive evidence and the only competent evidence that such Note has been
authenticated and delivered

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hereunder. The Indenture Trustee's certificate of authentication shall be deemed
to have been duly executed by it if manually signed by an authorized officer of
the Indenture Trustee, but it shall not be necessary that the same person sign
the certificate of authentication on all of the Series 2003-1 Notes issued
hereunder.

     SECTION 2.05. DEPOSIT OF SERIES 2003-1 NOTE PROCEEDS. Upon the issuance and
delivery of the Series 2003-1 Notes, the Indenture Trustee shall deposit the net
proceeds thereof (i.e., net of Underwriters' discount of $770,000):

          (a)  an amount equal to $214,737,474 shall be deposited to the 2003-1
     Acquisition Account;

          (b)  an amount equal to $2,292,526 shall be deposited to the 2003-1
     Capitalized Interest Account; and

          (c)  an amount equal to $2,200,000 shall be deposited to the Reserve
     Fund.

     SECTION 2.06. FORMS OF SERIES 2003-1 NOTES. The Series 2003-1 Notes shall
be in substantially the form set forth in Exhibits A-1 and A-2 hereto, each with
such variations, omissions and insertions as may be necessary.

                                   ARTICLE III

                                    ACCOUNTS

     SECTION 3.01. 2003-1 ACQUISITION ACCOUNT. The Indenture Trustee is hereby
directed to establish an Account within the Acquisition Fund to be known as the
"2003-1 Acquisition Account." The Indenture Trustee shall deposit the proceeds
described in Section 2.05(a) to the 2003-1 Acquisition Account on the Closing
Date. All Recoveries of Principal from the Financed Student Loans acquired with
the proceeds of the Series 2003-1 Notes shall be deposited in the 2003-1
Acquisition Account. Moneys in the 2003-1 Acquisition Account shall be used as
described in Section 5.02 of the Indenture and (i) to mandatorily redeem the
Series 2003-1 Notes pursuant to Section 2.02(a)(i) and (ii) hereof or (ii) as
otherwise directed in a Supplemental Indenture.

     SECTION 3.02. 2003-1 CAPITALIZED INTEREST ACCOUNT. The Indenture Trustee is
hereby directed to establish an Account within the Revenue Fund to be known as
the "2003-1 Capitalized Interest Account." The Indenture Trustee shall deposit
the proceeds described in Section 2.05(b) to the 2003-1 Capitalized Interest
Account on the Closing Date. On any date prior to January 1, 2007 moneys on
deposit in the 2003-1 Capitalized Interest Account shall be transferred to the
Revenue Fund by the Indenture Trustee as needed to make the transfers described
in Sections 5.03(b)(i), (iii) and (v) of the Indenture. On January 1, 2007, any
moneys remaining in the 2003-1 Capitalized Interest Account shall be transferred
to the 2003-1 Acquisition Account and used to mandatorily redeem Notes pursuant
to Section 2.02(a)(ii) hereof and the 2003-1 Capitalized Interest Account shall
be closed.

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                                   ARTICLE IV

                               GENERAL PROVISIONS

     SECTION 4.01. DATE OF EXECUTION. This Supplemental Indenture for
convenience and for the purpose of reference is dated as of March 1, 2003.

     SECTION 4.02. LAWS GOVERNING. It is the intent of the parties hereto that
this Supplemental Indenture shall in all respects be governed by the laws of the
State of Colorado.

     SECTION 4.03. SEVERABILITY. If any covenant, agreement, waiver or part
thereof in this Supplemental Indenture contained be forbidden by any pertinent
law or under any pertinent law be effective to render this Supplemental
Indenture invalid or unenforceable or to impair the lien hereof, then each such
covenant, agreement, waiver, or part thereof shall itself be and is hereby
declared to be wholly ineffective, and this Supplemental Indenture shall be
construed as if the same were not included herein.

     SECTION 4.04. EXHIBITS AND APPENDICES. The terms of each Exhibit and
Appendix attached to this Supplemental Indenture are incorporated herein in all
particulars.

     SECTION 4.05. LIMITATION OF LIABILITY OF THE DELAWARE TRUSTEE. It is
expressly understood and agreed by the parties hereto that (a) this Supplemental
Indenture is executed and delivered by the Delaware Trustee, not individually or
personally but solely as Delaware Trustee of the Issuer, in the exercise of the
powers and authority conferred and vested in it under the Trust Agreement; (b)
each of the representations, undertakings and agreements herein made on the part
of the Issuer is made and intended not as personal representations, undertakings
and agreements by the Delaware Trustee but is made and intended for the purpose
of binding only the Issuer; and (c) under no circumstances shall the Delaware
Trustee be personally liable for the payment of any indebtedness or expenses of
the Issuer or be liable for the breach or failure of any obligation,
representation, warranty or covenant made or undertaken by the Issuer under this
Supplemental Indenture.

                                    ARTICLE V

                           APPLICABILITY OF INDENTURE

     The provisions of the Indenture are hereby ratified, approved and
confirmed, except as otherwise expressly modified by this Supplemental
Indenture. The representations, warranties and covenants contained in the
Indenture (except as expressly modified herein) are hereby reaffirmed with the
same force and effect as if fully set forth herein and made again as of the date
hereof.

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     IN WITNESS WHEREOF, the Issuer and the Indenture Trustee have caused this
Supplemental Indenture to be executed by their respective Authorized Officers,
to evidence its acceptance of the trusts hereby created, has caused this
Supplemental Indenture to be executed in its name and behalf, all in multiple
counterparts, each of which shall be deemed an original, and the Issuer and the
Indenture Trustee have caused this Supplemental Indenture to be dated as of the
date herein above first shown, although actually executed on the dates shown in
the acknowledgments hereafter appearing.

                                 GMAC EDUCATION LOAN FUNDING TRUST-I

                                 By: WILMINGTON TRUST COMPANY, not
                                     in its individual capacity but solely as
                                     Delaware Trustee

                                 By /s/ Patricia A. Evans
                                    ------------------------------------------
                                    Patricia A. Evans, Assistant Vice President

                                 ZIONS FIRST NATIONAL BANK, not in its
                                 individual capacity but solely as Indenture
                                 Trustee

                                 By /s/ David W. Bata
                                    -------------------------------------------
                                    David W. Bata, Vice President

                                       10
<Page>

                                   APPENDIX A

                         CERTAIN TERMS AND PROVISIONS OF
                           THE AUCTION RATE SECURITIES

                                    ARTICLE I

                                   DEFINITIONS

     Except as provided below in this Section, all terms which are defined in
the Indenture and Article I of this Supplemental Indenture shall have the same
meanings, respectively, in this Appendix A as such terms are given in the
Indenture and Article I of this Supplemental Indenture. In addition, the
following terms shall have the following respective meanings:

     "ALL HOLD RATE" means the Applicable LIBOR Rate less .20%; provided, that
in no event shall the applicable All Hold Rate be greater than the applicable
Maximum Rate.

     "APPLICABLE LIBOR RATE" means, (a) for Auction Periods of 35 days or less,
One-Month LIBOR, (b) for Auction Periods of more than 35 days but less than 91
days, Three-Month LIBOR, (c) for Auction Periods of more than 90 days but less
than 181 days, Six-Month LIBOR, and (d) for Auction Periods of more than 180
days, One-Year LIBOR.

     "AUCTION" means the implementation of the Auction Procedures on an Auction
Date.

     "AUCTION AGENT" means the Initial Auction Agent under the Initial Auction
Agent Agreement unless and until a Substitute Auction Agent Agreement becomes
effective, after which "Auction Agent" means the Substitute Auction Agent.

     "AUCTION AGENT AGREEMENT" means the Initial Auction Agent Agreement unless
and until a Substitute Auction Agent Agreement is entered into, after which
"Auction Agent Agreement" means such Substitute Auction Agent Agreement.

     "AUCTION AGENT FEE" has the meaning set forth in the Auction Agent
Agreement.

     "AUCTION DATE" means, initially, April 22, 2003 with respect to the Class
A-1AR Notes, April 29, 2003 with respect to the Class A-2AR Notes, May 1, 2003
with respect to the Class A-3AR Notes and April 29, 2003 with respect to the
Class B Notes, and thereafter, the Business Day immediately preceding the first
day of each Auction Period for each respective Class, other than:

          (a)  each Auction Period commencing after the ownership of the
     applicable Auction Rate Securities is no longer maintained in Book-entry
     Form by the Securities Depository;

          (b)  each Auction Period commencing after and during the continuance
     of a Payment Default; or

<Page>

          (c)  each Auction Period commencing less than two Business Days after
     the cure or waiver of a Payment Default.

     Notwithstanding the foregoing, the Auction Date for one or more Auction
Periods may be changed pursuant to Section 2.02(h) of this Appendix A.

     "AUCTION NOTE INTEREST RATE" means the variable rate of interest per annum
borne by Auction Rate Securities for each Auction Period and determined in
accordance with the provisions of Sections 2.01 and 2.02 of this Appendix A;
provided, however, that in the event of a Payment Default, the Auction Note
Interest Rate shall equal the applicable Non-Payment Rate; provided, further,
however that such Auction Note Interest Rate shall in no event exceed the lesser
of the Net Loan Rate and the Maximum Rate.

     "AUCTION PERIOD" means the Interest Period applicable to the Auction Rate
Securities during which time the Interest Rate is determined pursuant to Section
2.02(a) of this Appendix A, which Auction Period (after the Initial Period for
such Class) initially shall consist generally of 28 days for the Auction Rate
Securities, as the same may be adjusted pursuant to Section 2.02(g) of this
Appendix A.

     "AUCTION PERIOD ADJUSTMENT" means an adjustment to the Auction Period as
provided in Section 2.02(g) of this Appendix A.

     "AUCTION PROCEDURES" means the procedures set forth in Section 2.02(a) of
this Appendix A by which the Auction Rate is determined.

     "AUCTION RATE" means the rate of interest per annum that results from
implementation of the Auction Procedures and is determined as described in
Section 2.02(a)(iii)(B) of this Appendix A.

     "AUCTION RATE SECURITIES" means, collectively, the Class A Notes and the
Class B Notes.

     "AUTHORIZED DENOMINATIONS" means $50,000 and any integral multiple thereof.

     "AVAILABLE AUCTION RATE SECURITIES" has the meaning set forth in Section
2.02(a)(iii)(A)(1) of this Appendix A.

     "BID" has the meaning set forth in Section 2.02(a)(i)(A) of this Appendix
A.

     "BID AUCTION RATE" has the meaning set forth in Section 2.02(a)(iii)(A) of
this Appendix A.

     "BIDDER" has the meaning set forth in Section 2.02(a)(i)(A) of this
Appendix A.

     "BOND EQUIVALENT YIELD" means, in respect of any security the rate for
which is quoted in The Wall Street Journal on a bank discount basis, the "bond
equivalent yield" (expressed as a percentage) for such security which appears on
Telerate's United States Treasury and Money Market Composite Page 0223, rounded
up to the nearest .01%.

                                       A-2
<Page>

     "BOOK-ENTRY FORM" or "BOOK-ENTRY SYSTEM" means a form or system under which
(a) the beneficial right to principal and interest may be transferred only
through a book entry; (b) physical securities in registered form are issued only
to a Securities Depository or its nominee as Noteholder, with the securities
"immobilized" to the custody of the Securities Depository; and (c) the book
entry is the record that identifies the owners of beneficial interests in that
principal and interest.

     "BROKER-DEALER" means, Salomon Smith Barney Inc. with respect to the Class
A-1AR Notes, the Class A-2AR Notes and the Class B Notes and GMAC Commercial
Holding Capital Markets Corp. with respect to the Class A-3AR Notes, or any
other broker or dealer (each as defined in the Securities Exchange Act of 1934,
as amended), commercial bank or other entity permitted by law to perform the
functions required of a Broker-Dealer set forth in the Auction Procedures that
(a) is a Participant (or an affiliate of a Participant); (b) has been appointed
as such by the Issuer pursuant to Section 2.02(f) of this Appendix A; and (c)
has entered into a Broker-Dealer Agreement that is in effect on the date of
reference.

     "BROKER-DEALER AGREEMENTS" means the agreements between the Auction Agent
and the Broker-Dealers, and approved by the Issuer, pursuant to which the
Broker-Dealers agree to participate in Auctions as set forth in the Auction
Procedures, as from time to time amended or supplemented. The Broker-Dealer
Agreements shall be in substantially the form of the Broker-Dealer Agreements,
each dated as of March 1, 2003, among the Issuer, Deutsche Bank Trust Company
Americas, as Auction Agent, and Salomon Smith Barney Inc. and GMAC Commercial
Holding Capital Markets Corp., respectively.

     "BROKER-DEALER FEE" has the meaning set forth in the Auction Agent
Agreement.

     "BUSINESS DAY" means any day other than a Saturday, Sunday, holiday or day
on which banks located in the City of New York, New York, or the New York Stock
Exchange, the Indenture Trustee or the Auction Agent, are authorized or
permitted by law or executive order to close or such other date as may be agreed
to in writing by the Auction Agent, the Broker-Dealers and the Issuer.

     "CAP RATE" means, with respect to any Interest Period applicable to the
Auction Rate Securities, the lesser of (a) the applicable Maximum Rate, and (b)
the Net Loan Rate in effect for such Interest Period.

     "CARRY-OVER AMOUNT" means, for any Interest Period during which interest is
calculated at the Net Loan Rate, the excess, if any, of (a) the amount of
interest on an Auction Rate Security that would have accrued with respect to the
related Interest Period at the lesser of (i) the applicable Auction Rate; and
(ii) the Maximum Rate determined as if the Net Loan Rate were not a component
thereof; over (b) the amount of interest on such Auction Rate Security actually
accrued with respect to such Auction Rate Security with respect to such Interest
Period based on the Net Loan Rate, together with the unreduced portion of any
such excess from prior Interest Periods; provided that any reference to
"principal" or "interest" in the Supplemental Indenture and in this Appendix A
and the Auction Rate Securities shall not include within the meanings of such
words any Carry-over Amount or any interest accrued on any Carry-over Amount.

                                       A-3
<Page>

     "COMMERCIAL PAPER RATE (90-DAY)" means the rate determined at the end of
each calendar quarter using the daily average of that quarter's bond equivalent
3-Month Financial Commercial Paper rates. The daily bond equivalent rates are
calculated from the Three-Month Financial Commercial Paper discount rates
published in the Federal Reserve's H.15 report. On weekends, holidays and any
other day when no H.15 rates are available, the rate from the most recent
published date is used.

     "EFFECTIVE INTEREST RATE" means, with respect to any Financed Student Loan,
the interest rate per annum payable by the borrower as of the last day of the
calendar quarter borne by such Financed Student Loan after giving effect to any
reduction in such interest rate pursuant to borrower incentives, (a) less all
accrued rebate fees on such Financed Student Loan constituting Consolidation
Loans paid during such calendar quarter expressed as a percentage per annum; and
(b) plus all accrued Interest Benefit Payments and Special Allowance Payments
applicable to such Financed Student Loan during such calendar quarter expressed
as a percentage per annum.

     "ELIGIBLE CARRY-OVER MAKE-UP AMOUNT" means, with respect to each Interest
Period relating to the Auction Rate Securities as to which, as of the first day
of such Interest Period, there is any unpaid Carry-over Amount, an amount equal
to the lesser of (a) interest computed on the principal balance of the Auction
Rate Securities in respect to such Interest Period at a per annum rate equal to
the excess, if any, of the Net Loan Rate over the Auction Rate, together with
the unreduced portion of any such excess from prior Interest Periods; and (b)
the aggregate Carry-over Amount remaining unpaid as of the first day of such
Interest Period together with interest accrued and unpaid thereon through the
end of such Interest Period.

     "EXISTING OWNER" means (a) with respect to and for the purpose of dealing
with the Auction Agent in connection with an Auction, a Person who is a
Broker-Dealer listed in the Existing Owner Registry at the close of business on
the Business Day immediately preceding the Auction Date for such Auction; and
(b) with respect to and for the purpose of dealing with the Broker-Dealers in
connection with an Auction, a Person who is a beneficial owner of Auction Rate
Securities.

     "EXISTING OWNER REGISTRY" means the registry of Persons who are owners of
the Auction Rate Securities, maintained by the Auction Agent as provided in the
Auction Agent Agreement.

     "HOLD ORDER" has the meaning set forth in Section 2.02(a)(i)(A) of this
Appendix A.

     "INITIAL AUCTION AGENT" means Deutsche Bank Trust Company Americas, its
successors and assigns.

     "INITIAL AUCTION AGENT AGREEMENT" means the Auction Agent Agreement dated
as of March 1, 2003, by and among the Issuer, the Indenture Trustee and the
Initial Auction Agent, including any amendment thereof or supplement thereto.

     "INITIAL PERIOD" means, as to Auction Rate Securities, the period
commencing on the Closing Date and continuing through the day immediately
preceding the Initial Rate Adjustment Date for such Auction Rate Securities.

                                       A-4
<Page>

     "INITIAL RATE" means 1.29% for the Class A-1AR Notes, 1.27% for the Class
A-2AR Notes, 1.30% for the Class A-3AR Notes and 1.31% for the Class B Notes.

     "INITIAL RATE ADJUSTMENT DATE" means, with respect to the Class A-1AR
Notes, April 23, 2003; with respect to the Class A-2AR Notes, April 30, 2003;
with respect to the Class A-3AR Notes, May 2, 2003; and with respect to the
Class B Notes, April 30, 2003.

     "INTEREST PERIOD" means, with respect to the Auction Rate Securities, the
Initial Period and each period commencing on an Interest Rate Adjustment Date
for such Class and ending on the day before (a) the next Interest Rate
Adjustment Date for such Class; or (b) the Stated Maturity of such Class, as
applicable.

     "INTEREST RATE ADJUSTMENT DATE" means the Business Day immediately
following the Auction Date, such day being the date on which an Auction Note
Interest Rate is effective, and shall mean, with respect to the Auction Rate
Securities, the date of commencement of each Auction Period.

     "INTEREST RATE DETERMINATION DATE" means, with respect to the Auction Rate
Securities, the Auction Date, or if no Auction Date is applicable to such Class,
the Business Day immediately preceding the date of commencement of an Auction
Period.

     "MAXIMUM RATE" means the least of (a) either (i) the Applicable LIBOR Rate
plus 1.50% (if the ratings assigned by Moody's, S&P and Fitch to the Auction
Rate Securities are "Aaa," "AAA" and "AAA," respectively, or better); (ii) the
Applicable LIBOR Rate plus 2.50% (if any one of the ratings assigned by Moody's,
S&P and Fitch to the Auction Rate Securities is less than "Aaa," "AAA" and
"AAA," respectively, and greater than or equal to "A3," "A-" and "A-,"
respectively); or (iii) the Applicable LIBOR Rate plus 3.50% (if any one of the
ratings assigned by Moody's, S&P and Fitch to the Auction Rate Securities is
less than "A3," "A-" and "A-" respectively); (b) 16%; and (c) the highest rate
the Issuer may legally pay, from time to time, as interest on the Auction Rate
Securities. For purposes of the Auction Agent and the Auction Procedures, the
ratings referred to in this definition shall be the last ratings of which the
Auction Agent has been given written notice pursuant to the Auction Agent
Agreement.

     "NET LOAN RATE" means, respect to any Interest Period applicable to the
Auction Rate Securities, the rate of interest per annum (rounded to the next
highest one-hundredth of one percent) equal to (a) the weighted average
Effective Interest Rate of the Financed Student Loans for the calendar quarter
immediately preceding such Interest Period, as determined by the Issuer on the
last day of such calendar quarter, less (b) the sum of (i) Realized Losses with
respect to the Financed Eligible Loans for the most recently completed calendar
quarter and (ii) the Program Expense Percentage on the Financial Student Loans,
as determined by the Issuer on the last day of each calendar year. In making the
determinations in (a) and (b) of this definition of "Net Loan Rate," the Issuer
shall take into account as an increase to such Net Loan Rate the receipt of any
Reciprocal Payment and as a decrease to any Issuer Derivative Payment. The
determinations made by the Issuer in (a) and (b) of this definition of "Net Loan
Rate" shall be given in writing to the Auction Agent, the Indenture Trustee and
the Broker-Dealers immediately upon their respective calculation dates. The
Issuer shall have no obligation to compute any

                                       A-5
<Page>

component of the Net Loan Rate except on an applicable Auction Date on which the
Auction Rate is equal to the Maximum Rate.

     "NON-PAYMENT RATE" means One-Month LIBOR plus 1.50%.

     "ONE-MONTH LIBOR," "THREE-MONTH LIBOR," "SIX-MONTH LIBOR" or "ONE-YEAR
LIBOR," means the offered rate, as determined by the Auction Agent or Indenture
Trustee, as applicable, of the Applicable LIBOR Based Rate for United States
dollar deposits which appears on Telerate Page 3750, as reported by Bloomberg
Financial Markets Commodities News (or such other page as may replace Telerate
Page 3750 for the purpose of displaying comparable rates) as of approximately
11:00 a.m., London time, on the Interest Rate Determination Date; provided, that
if on any calculation date, no rate appears on Telerate Page 3750 as specified
above, the Auction Agent or Indenture Trustee, as applicable, shall determine
the arithmetic mean of the offered quotations of four major banks in the London
interbank market, for deposits in United States dollars for the respective
periods specified above to the banks in the London interbank market as of
approximately 11:00 a.m., London time, on such calculation date and in a
principal amount of not less than $1,000,000 that is representative of a single
transaction in such market and at such time, unless fewer than two such
quotations are provided, in which case, the Applicable LIBOR Based Rate shall be
the arithmetic mean of the offered quotations that leading banks in New York
City selected by the Auction Agent or Indenture Trustee, as applicable, are
quoting on the relevant Interest Rate Determination Date for loans in United
States dollars to leading European banks in a principal amount of not less than
$1,000,000 that is representative of a single transaction in such market at such
time. All percentages resulting from such calculations shall be rounded upwards,
if necessary, to the nearest one-hundredth of one percent.

     "ORDER" has the meaning set forth in Section 2.02(a)(i)(A) of this Appendix
A.

     "PAYMENT DATE" means (a) so long as Auction Rate Securities bear interest
at an Auction Note Interest Rate for an Interest Period of not greater than 90
days, the Business Day immediately following the expiration of the Initial
Period for such Auction Rate Securities, and each related Auction Period
thereafter; and (b) if and for so long as Auction Rate Securities bear interest
at an Auction Note Interest Rate for an Interest Period of greater than 90 days,
the first Payment Date occurring in each January, April, July and October for
such Auction Rate Securities.

     "PAYMENT DEFAULT" means, with respect to the Auction Rate Securities, (a) a
default in the due and punctual payment of any installment of interest on such
Auction Rate Securities, or (b) a default in the due and punctual payment of any
interest on and principal of such Auction Rate Securities at their maturity.

     "POTENTIAL OWNER" means any Person (including an Existing Owner that is (a)
a Broker-Dealer when dealing with the Auction Agent and (b) a potential
beneficial owner when dealing with a Broker-Dealer) who may be interested in
acquiring Auction Rate Securities (or, in the case of an Existing Owner thereof,
an additional principal amount of Auction Rate Securities).

                                       A-6
<Page>

     "PROGRAM EXPENSE PERCENTAGE" means, the percentage that all Program
Expenses (other than Consolidation Loan rebate fees) estimated for the next 12
months represent of the principal amount of the Notes, which as of March 21,
2003 is 0.50%, and which the Issuer shall calculate annually on the last day of
each calendar year and provide to the Trustee, the Auction Agent and the
Broker-Dealers in the form of an Issuer Order. Any adjustment in the Program
Expense Percentage shall be certified to the Indenture Trustee in an Issuer
Order and shall be effective beginning on the first Interest Rate Determination
Date following each such calculation.

     "PSA" means the Public Securities Association, its successors and assigns.

     "REGULAR RECORD DATE" means the Business Day next preceding the applicable
Auction Date.

     "S&P" means Standard & Poor's Ratings Services, a Division of The
McGraw-Hill Companies, Inc., its successors and assigns.

     "SELL ORDER" has the meaning set forth in Section 2.02(a)(i)(A) of this
Appendix A.

     "SUBMISSION DEADLINE" means 1:00 p.m., eastern time, on any Auction Date or
such other time on any Auction Date by which the Broker-Dealers are required to
submit Orders to the Auction Agent as specified by the Auction Agent from time
to time.

     "SUBMITTED BID" has the meaning set forth in Section 2.02(a)(iii)(A) of
this Appendix A.

     "SUBMITTED HOLD ORDER" has the meaning set forth in Section 2.02(a)(iii)(A)
of this Appendix A.

     "SUBMITTED ORDER" has the meaning set forth in Section 2.02(a)(iii)(A) of
this Appendix A.

     "SUBMITTED SELL ORDER" has the meaning set forth in Section 2.02(a)(iii)(A)
of this Appendix A.

     "SUBSTITUTE AUCTION AGENT" means the Person with whom the Issuer and the
Indenture Trustee enter into a Substitute Auction Agent Agreement.

     "SUBSTITUTE AUCTION AGENT AGreement" means an auction agent agreement
containing terms substantially similar to the terms of the Initial Auction Agent
Agreement, whereby a Person having the qualifications required by Section
2.02(e) of this Appendix A agrees with the Indenture Trustee and the Issuer to
perform the duties of the Auction Agent under this Appendix A.

     "SUFFICIENT BIDS" has the meaning set forth in Section 2.02(a)(iii)(A) of
this Appendix A.

     "VARIABLE RATE" means the variable rate of interest per annum, including
the Initial Rate, borne by each Class of Auction Rate Securities during the
Initial Period for such Class, and each Interest Period thereafter as such rate
of interest is determined in accordance with the provisions of Article II of
this Appendix A.

                                       A-7
<Page>

                                   ARTICLE II

                               TERMS AND ISSUANCE

     SECTION 2.01. AUCTION RATE AND CARRY-OVER AMOUNTS. During the Initial
Period, each Class of Auction Rate Securities shall bear interest at the Initial
Rate for such Class. Thereafter, and except with respect to an Auction Period
Adjustment, the Auction Rate Securities shall bear interest at an Auction Note
Interest Rate based on a 28-day Auction Period for the Auction Rate Securities,
as determined pursuant to this Section 2.01 and Section 2.02 of this Appendix A.

     For the Auction Rate Securities during the Initial Period and each Auction
Period thereafter, interest at the applicable Auction Rate Securities Interest
Rate shall accrue daily and shall be computed for the actual number of days
elapsed on the basis of a year consisting of 360 days and rounding the resultant
figure to the fifth decimal place.

     The Auction Note Interest Rate to be borne by the Auction Rate Securities
after such Initial Period for each Auction Period until an Auction Period
Adjustment, if any, shall be determined as described below. Each such Auction
Period after the Initial Period shall commence on and include the Business Day
following the expiration of the immediately preceding Auction Period and
terminate on and include the (i) second Business Day of the following fourth
week in the case of the Class A-1AR Notes, Class A-2AR Notes and the Class B
Notes, and (ii) fourth Business Day of the following fourth week in the case of
the Class A-3AR Notes; provided, however, that in the case of the Auction Period
that immediately follows the Initial Period for the Auction Rate Securities,
such Auction Period shall commence on the Initial Rate Adjustment Date. The
Auction Note Interest Rate of the Auction Rate Securities for each Auction
Period shall be the Auction Rate in effect for such Auction Period as determined
in accordance with Section 2.02(a) of this Appendix A; provided that if, on any
Interest Rate Determination Date, an Auction is not held for any reason, then
the Auction Note Interest Rate on such Auction Rate Securities for the next
succeeding Auction Period shall be the applicable Cap Rate.

     Notwithstanding the foregoing:

          (a)  if the ownership of an Auction Rate Security is no longer
     maintained in Book-entry Form, the Auction Note Interest Rate on the
     Auction Rate Securities for any Interest Period commencing after the
     delivery of certificates representing Auction Rate Securities pursuant to
     this Supplemental Indenture shall equal the Cap Rate; or

          (b)  if a Payment Default shall have occurred, the Auction Note
     Interest Rate on the Auction Rate Securities for the Interest Period
     commencing on or immediately after such Payment Default, and for each
     Interest Period thereafter, to and including the Interest Period, if any,
     during which, or commencing less than two Business Days after, such Payment
     Default is cured, shall equal the applicable Non-Payment Rate on the first
     day of each such Interest Period.

     In accordance with Section 2.02(a)(iii)(B) and (C) of this Appendix A, the
Auction Agent shall promptly give written notice to the Indenture Trustee and
the Issuer of each Auction Note

                                       A-8
<Page>

Interest Rate (unless the Auction Note Interest Rate is the applicable
Non-Payment Rate) and the Maximum Rate when such rate is not the Auction Note
Interest Rate, applicable to the Auction Rate Securities. The Indenture Trustee
shall, upon request, notify the Noteholders and the Issuer of Auction Rate
Securities of the applicable Auction Note Interest Rate applicable to such
Auction Rate Securities for each Auction Period not later than the third
Business Day of such Auction Period. Notwithstanding any other provision of the
Auction Rate Securities or this Supplemental Indenture and except for the
occurrence of a Payment Default, interest payable on the Auction Rate Securities
for an Auction Period shall never exceed for such Auction Period the amount of
interest payable at the applicable Maximum Rate in effect for such Auction
Period.

     If the Auction Rate for the Auction Rate Securities is greater than the Net
Loan Rate, and the Net Loan Rate is less than the applicable Maximum Rate, the
Issuer shall determine the Carry-over Amount, if any, with respect to such
Auction Rate Securities for such interest period.

     Such Carry-over Amount shall bear interest calculated at a rate equal to
One-Month LIBOR (as determined by the Issuer, provided the Indenture Trustee has
received notice of One-Month LIBOR from the Issuer, and if the Indenture Trustee
shall not have received such notice from the Issuer, then as determined by the
Indenture Trustee) from the Payment Date for the Interest Period with respect to
which such Carry-over Amount was calculated, until paid. Any payment in respect
of Carry-over Amount shall be applied, first, to any accrued interest payable
thereon and, second, in reduction of such Carry-over Amount. For purposes of
this Supplemental Indenture and this Appendix A, any reference to "principal" or
"interest" herein shall not include within the meaning of such words Carry-over
Amount or any interest accrued on any such Carry-over Amount. Such Carry-over
Amount shall be separately calculated for each Auction Rate Security by the
Issuer during such Interest Period in sufficient time for the Indenture Trustee
to give notice to each Noteholder of such Carry-over Amount as required in the
next succeeding sentence. Not less than four days before the Payment Date for an
Interest Period with respect to which such Carry-over Amount has been calculated
by the Issuer, the Indenture Trustee shall give written notice to each
Noteholder the Auction Agent and the Issuer, in the form provided by the Issuer,
of the Carry-over Amount applicable to each Auction Rate Security, which written
notice may accompany the payment of interest made to the Noteholder on such
Payment Date. Such notice shall state, in addition to such Carry-over Amount,
that, unless and until an Auction Rate Security has been redeemed (other than by
optional redemption), after which all accrued Carry-over Amounts (and all
accrued interest thereon) that remains unpaid shall be canceled and no
Carry-over Amount (and interest accrued thereon) shall be paid with respect to
such Auction Rate Security, (a) the Carry-over Amount (and interest accrued
thereon calculated at a rate equal to One-Month LIBOR) shall be paid by the
Indenture Trustee pursuant to an Issuer Order on an Auction Rate Security on the
earliest of (i) the date of defeasance of the Auction Rate Securities; or (ii)
the first occurring Payment Date with respect to the Auction Rate Security (or
on the date of any such optional redemption) if and to the extent that (A) the
Eligible Carry-over Make-Up Amount with respect to such subsequent Interest
Period is greater than zero; and (B) moneys are available pursuant to the terms
of the Indenture in an amount sufficient to pay all or a portion of such
Carry-over Amount (and interest accrued thereon); and (b) interest shall accrue
on the Carry-over Amount at a rate equal to One-Month LIBOR until such
Carry-over Amount is paid in full or is cancelled.

                                       A-9
<Page>

     The Carry-over Amount (and interest accrued thereon) for Auction Rate
Securities shall be paid by the Indenture Trustee pursuant to an Issuer Order on
Outstanding Auction Rate Securities on the earliest of (a) the date of
defeasance of any of the Auction Rate Securities; or (b) the first occurring
Payment Date if and to the extent that (i) the Eligible Carry-over Make-Up
Amount with respect to such Interest Period is greater than zero; and (ii) on
such Payment Date there are sufficient moneys in the Revenue Fund to pay all
interest due on the Auction Rate Securities on such Payment Date, to redeem any
Auction Rate Securities required to be redeemed on such Payment Date in
accordance with the Indenture and to fund amounts required to be added to the
Reserve Fund on such Payment Date. Any Carry-over Amount (and any interest
accrued thereon) on any Auction Rate Security which is due and payable on an
Payment Date, which Auction Rate Security is to be redeemed (other than by
optional redemption) on said Payment Date, shall be paid to the Noteholder
thereof on said Payment Date to the extent that moneys are available therefor in
accordance with the provisions of this Appendix A; provided, however, that any
Carry-over Amount (and any interest accrued thereon) which is not yet due and
payable on said Payment Date shall be cancelled with respect to said Auction
Rate Security that is to be redeemed (other than by optional redemption) on said
Payment Date and shall not be paid on any succeeding Payment Date. To the extent
that any portion of the Carry-over Amount (and any interest accrued thereon)
remains unpaid after payment of a portion thereof, such unpaid portion shall be
paid in whole or in part as required hereunder until fully paid by the Indenture
Trustee on the earliest of (A) the date of defeasance of any of the Auction Rate
Securities; or (B) the next occurring Payment Date or Dates, as necessary, if
and to the extent that the conditions in the second preceding sentence are
satisfied. On any Payment Date on which the Indenture Trustee pays only a
portion of the Carry-over Amount (and any interest accrued thereon) on Auction
Rate Securities, the Indenture Trustee shall give written notice in the manner
set forth in the immediately preceding paragraph to the Noteholder of such
Auction Rate Security receiving such partial payment of the Carry-over Amount
remaining unpaid on such Auction Rate Security.

     The Payment Date or other date on which such Carry-over Amount (or any
interest accrued thereon) for Auction Rate Securities shall be paid by the
Indenture Trustee, shall be determined in accordance with the provisions of the
immediately preceding paragraph, and the Indenture Trustee shall make payment of
the Carry-over Amount (and any interest accrued thereon) in the same manner as,
and from the same Fund from which, it pays interest on the Auction Rate
Securities on an Payment Date. Any payment of Carry-over Amounts (and interest
accrued thereon) shall reduce the amount of Eligible Carry-over Make-up Amount.

     In the event that the Auction Agent no longer determines, or fails to
determine, when required, the Auction Note Interest Rate with respect to Auction
Rate Securities, or, if for any reason such manner of determination shall be
held to be invalid or unenforceable, the Auction Note Interest Rate for the next
succeeding Interest Period, which Interest Period shall be an Auction Period,
for Auction Rate Securities shall be the applicable Cap Rate as determined by
the Auction Agent for such next succeeding Auction Period, and if the Auction
Agent shall fail or refuse to determine the Cap Rate, the Cap Rate shall be
determined by the securities dealer appointed by the Issuer capable of making
such a determination in accordance with the provisions of this Appendix A and
written notice of such determination shall be given by such securities dealer to
the Indenture Trustee.

                                      A-10
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     In the event the Indenture Trustee may be required to make any calculation
in accordance with this Section 2.01, the Trustee may hire such calculation
agents, experts, consultants or agents as it deems necessary.

     SECTION 2.02 AUCTION RATE.

          (a)  DETERMINING THE AUCTION RATE. By purchasing Auction Rate
     Securities, whether in an Auction or otherwise, each purchaser of the
     Auction Rate Securities, or its Broker-Dealer, must agree and shall be
     deemed by such purchase to have agreed (i) to participate in Auctions on
     the terms described herein, (ii) to have its beneficial ownership of the
     Auction Rate Securities maintained at all times in Book-entry Form for the
     account of its Participant, which in turn will maintain records of such
     beneficial ownership; and (iii) to authorize such Participant to disclose
     to the Auction Agent such information with respect to such beneficial
     ownership as the Auction Agent may request.

          So long as the ownership of Auction Rate Securities is maintained in
     Book-entry Form by the Securities Depository, an Existing Owner may sell,
     transfer or otherwise dispose of Auction Rate Securities only pursuant to a
     Bid or Sell Order placed in an Auction or otherwise sell, transfer or
     dispose of Auction Rate Securities through a Broker-Dealer, provided that,
     in the case of all transfers other than pursuant to Auctions, such Existing
     Owner, its Broker-Dealer or its Participant advises the Auction Agent of
     such transfer. Auctions shall be conducted on each Auction Date, if there
     is an Auction Agent on such Auction Date, in the following manner:

               (i)     (A)  Prior to the Submission Deadline on each Auction
               Date;

                            (1)  each Existing Owner of Auction Rate Securities
                       may submit to a Broker-Dealer by telephone or otherwise
                       any information as to:

                                 a.  the principal amount of Outstanding Auction
                            Rate Securities, if any, owned by such Existing
                            Owner which such Existing Owner desires to continue
                            to own without regard to the Auction Note Interest
                            Rate for the next succeeding Auction Period;

                                 b.  the principal amount of Outstanding Auction
                            Rate Securities, if any, which such Existing Owner
                            offers to sell if the Auction Note Interest Rate for
                            the next succeeding Auction Period shall be less
                            than the rate per annum specified by such Existing
                            Owner; and/or

                                 c.  the principal amount of Outstanding Auction
                            Rate Securities, if any, owned by such Existing
                            Owner which such Existing Owner offers to sell
                            without regard to the Auction Note Interest Rate for
                            the next succeeding Auction Period; and

                                      A-11
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                            (2)  one or more Broker-Dealers may contact
                       Potential Owners to determine the principal amount of
                       Auction Rate Securities which each Potential Owner offers
                       to purchase, if the Auction Note Interest Rate for the
                       next succeeding Auction Period shall not be less than the
                       rate per annum specified by such Potential Owner.

                       The statement of an Existing Owner or a Potential Owner
               referred to in (1) or (2) of this paragraph (A) is herein
               referred to as an "Order," and each Existing Owner and each
               Potential Owner placing an Order is herein referred to as a
               "Bidder"; an Order described in clause (1)a. is herein referred
               to as a "Hold Order"; an Order described in clauses (1)b. and (2)
               is herein referred to as a "Bid"; and an Order described in
               clause (1)c. is herein referred to as a "Sell Order."

                       (B)  (1)  Subject to the provisions of
                       Section 2.02(a)(ii) of this Appendix A, a Bid by an
                       Existing Owner shall constitute an irrevocable offer to
                       sell:

                                 a.  the principal amount of Outstanding Auction
                            Rate Securities specified in such Bid if the Auction
                            Note Interest Rate determined as provided in this
                            Section 2.02(a) shall be less than the rate
                            specified therein;

                                 b.  such principal amount, or a lesser
                            principal amount of Outstanding Auction Rate
                            Securities to be determined as set forth in Section
                            2.02(a)(iv)(A)(4) of this Appendix A, if the Auction
                            Note Interest Rate determined as provided in this
                            Section 2.02(a) shall be equal to the rate specified
                            therein; or

                                 c.  such principal amount, or a lesser
                            principal amount of Outstanding Auction Rate
                            Securities to be determined as set forth in Section
                            2.02(a)(iv)(B)(3) of this Appendix A, if the rate
                            specified therein shall be higher than the
                            applicable Maximum Rate and Sufficient Bids have not
                            been made.

                            (2)  Subject to the provisions of
                       Section 2.02(a)(ii) of this Appendix A, a Sell Order by
                       an Existing Owner shall constitute an irrevocable offer
                       to sell:

                                 a.  the principal amount of Outstanding Auction
                            Rate Securities specified in such Sell Order; or

                                 b.  such principal amount, or a lesser
                            principal amount of Outstanding Auction Rate
                            Securities set forth in

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<Page>

                            Section 2.02(a)(iv)(B)(3) of this Appendix A, if
                            Sufficient Bids have not been made.

                            (3)  Subject to the provisions of
                       Section 2.02(a)(ii) of this Appendix A, a Bid by a
                       Potential Owner shall constitute an irrevocable offer to
                       purchase:

                                 a.  the principal amount of Outstanding Auction
                            Rate Securities specified in such Bid if the Auction
                            Note Interest Rate determined as provided in this
                            Section 2.02(a) shall be higher than the rate
                            specified in such Bid; or

                                 b.  such principal amount, or a lesser
                            principal amount of Outstanding Auction Rate
                            Securities set forth in Section 2.02(a)(iv)(A)(5) of
                            this Appendix A, if the Auction Note Interest Rate
                            determined as provided in this Section 2.02(a) shall
                            be equal to the rate specified in such Bid.

               (ii)    (A)  Each Broker-Dealer shall submit in writing to the
               Auction Agent prior to the Submission Deadline on each Auction
               Date all Orders obtained by such Broker-Dealer and shall specify
               with respect to each such Order:

                            (1)  the name of the Bidder placing such Order;

                            (2)  the aggregate principal amount of Auction Rate
                       Securities that are the subject of such Order;

                            (3)  to the extent that such Bidder is an Existing
                       Owner:

                                 a.  the principal amount of Auction Rate
                            Securities, if any, subject to any Hold Order placed
                            by such Existing Owner;

                                 b.  the principal amount of Auction Rate
                            Securities, if any, subject to any Bid placed by
                            such Existing Owner and the rate specified in such
                            Bid; and

                                 c.  the principal amount of Auction Rate
                            Securities, if any, subject to any Sell Order placed
                            by such Existing Owner; and

                            (4)  to the extent such Bidder is a Potential Owner,
                       the rate specified in such Potential Owner's Bid.

                                      A-13
<Page>

                       (B)  If any rate specified in any Bid contains more than
               three figures to the right of the decimal point, the Auction
               Agent shall round such rate up to the next higher .001%.

                       (C)  If an Order or Orders covering all Outstanding
               Auction Rate Securities owned by an Existing Owner is not
               submitted to the Auction Agent prior to the Submission Deadline,
               the Auction Agent shall deem a Hold Order to have been submitted
               on behalf of such Existing Owner covering the principal amount of
               Outstanding Auction Rate Securities owned by such Existing Owner
               and not subject to an Order submitted to the Auction Agent.

                       (D)  Neither the Issuer, the Indenture Trustee nor the
               Auction Agent shall be responsible for any failure of a
               Broker-Dealer to submit an Order to the Auction Agent on behalf
               of any Existing Owner or Potential Owner.

                       (E)  If any Existing Owner submits through a
               Broker-Dealer to the Auction Agent one or more Orders covering in
               the aggregate more than the principal amount of Outstanding
               Auction Rate Securities owned by such Existing Owner, such Orders
               shall be considered valid as follows and in the following order
               of priority:

                            (1)  All Hold Orders shall be considered valid, but
                       only up to the aggregate principal amount of Outstanding
                       Auction Rate Securities owned by such Existing Owner, and
                       if the aggregate principal amount of Auction Rate
                       Securities subject to such Hold Orders exceeds the
                       aggregate principal amount of Auction Rate Securities
                       owned by such Existing Owner, the aggregate principal
                       amount of Auction Rate Securities subject to each such
                       Hold Order shall be reduced pro rata so that the
                       aggregate principal amount of Auction Rate Securities
                       subject to such Hold Order equals the aggregate principal
                       amount of Outstanding Auction Rate Securities owned by
                       such Existing Owner.

                            (2)  a.  Any Bid shall be considered valid up to an
                            amount equal to the excess of the principal amount
                            of Outstanding Auction Rate Securities owned by such
                            Existing Owner over the aggregate principal amount
                            of Auction Rate Securities subject to any Hold Order
                            referred to in clause (A) of this paragraph (ii);

                                 b.  subject to subclause (1) of this clause
                            (E), if more than one Bid with the same rate is
                            submitted on behalf of such Existing Owner and the
                            aggregate principal amount of Outstanding Auction
                            Rate Securities subject to

                                      A-14
<Page>

                            such Bids is greater than such excess, such Bids
                            shall be considered valid up to an amount equal to
                            such excess;

                                 c.  subject to subclauses (1) and (2) of this
                            clause (E), if more than one Bid with different
                            rates are submitted on behalf of such Existing
                            Owner, such Bids shall be considered valid first in
                            the ascending order of their respective rates until
                            the highest rate is reached at which such excess
                            exists and then at such rate up to the amount of
                            such excess; and

                                 d.  in any such event, the amount of
                            Outstanding Auction Rate Securities, if any, subject
                            to Bids not valid under this clause (E) shall be
                            treated as the subject of a Bid by a Potential Owner
                            at the rate therein specified; and

                            (3)  All Sell Orders shall be considered valid up to
                       an amount equal to the excess of the principal amount of
                       Outstanding Auction Rate Securities owned by such
                       Existing Owner over the aggregate principal amount of
                       Auction Rate Securities subject to Hold Orders referred
                       to in clause (1) of this paragraph (v) and valid Bids
                       referred to in clause (2) of this paragraph (E).

                       (F)  If more than one Bid for Auction Rate Securities is
               submitted on behalf of any Potential Owner, each Bid submitted
               shall be a separate Bid with the rate and principal amount
               therein specified.

                       (G)  An Existing Owner that offers to purchase additional
               Auction Rate Securities is, for purposes of such offer, treated
               as a Potential Owner.

                       (H)  Any Bid or Sell Order submitted by an Existing Owner
               covering an aggregate principal amount of Auction Rate Securities
               not equal to an Authorized Denomination shall be rejected and
               shall be deemed a Hold Order. Any Bid submitted by a Potential
               Owner covering an aggregate principal amount of Auction Rate
               Securities not equal to an Authorized Denomination shall be
               rejected.

                       (I)  Any Bid specifying a rate higher than the applicable
               Maximum Rate will (1) be treated as a Sell Order if submitted by
               an Existing Owner and (2) not be accepted if submitted by a
               Potential Owner.

                       (J)  Any Order submitted in an Auction by a Broker-Dealer
               to the Auction Agent prior to the Submission Deadline on any
               Auction Date shall be irrevocable.

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<Page>

               (iii)   (A)  Not earlier than the Submission Deadline on each
               Auction Date, the Auction Agent shall assemble all valid Orders
               submitted or deemed submitted to it by the Broker-Dealers (each
               such Order as submitted or deemed submitted by a Broker-Dealer
               being herein referred to individually as a "Submitted Hold
               Order," a "Submitted Bid" or a "Submitted Sell Order," as the
               case may be, or as a "Submitted Order," and collectively as
               "Submitted Hold Orders," "Submitted Bids" or "Submitted Sell
               Orders," as the case may be, or as "Submitted Orders") and shall
               determine:

                            (1)  the excess of the total principal amount of
                       Outstanding Auction Rate Securities over the sum of the
                       aggregate principal amount of Outstanding Auction Rate
                       Securities subject to Submitted Hold Orders (such excess
                       being herein referred to as the "Available Auction Rate
                       Securities"), and

                            (2)  from the Submitted Orders whether:

                                 a.  the aggregate principal amount of
                            Outstanding Auction Rate Securities subject to
                            Submitted Bids by Potential Owners specifying one or
                            more rates equal to or lower than the applicable
                            Maximum Rate;

                            exceeds or is equal to the sum of:

                                 b.  the aggregate principal amount of
                            Outstanding Auction Rate Securities subject to
                            Submitted Bids by Existing Owners specifying one or
                            more rates higher than the applicable Maximum Rate;
                            and

                                 c.  the aggregate principal amount of
                            Outstanding Auction Rate Securities subject to
                            Submitted Sell Orders;

                            (in the event such excess or such equality exists,
                       other than because all of the Outstanding Auction Rate
                       Securities are subject to Submitted Hold Orders, such
                       Submitted Bids described in subclause a. above shall be
                       referred to collectively as "Sufficient Bids"); and

                            (3)  if Sufficient Bids exist, the Bid Auction Rate,
                       which shall be the lowest rate specified in such
                       Submitted Bids such that if:

                                 a.  (x) each Submitted Bid from Existing Owners
                            specifying such lowest rate; and (y) all other
                            Submitted Bids from Existing Owners specifying lower
                            rates were rejected, thus entitling such Existing
                            Owners to

                                      A-16
<Page>

                            continue to own the principal amount of Auction Rate
                            Securities subject to such Submitted Bids; and

                                 b.  (x) each such Submitted Bid from Potential
                            Owners specifying such lowest rate; and (y) all
                            other Submitted Bids from Potential Owners
                            specifying lower rates were accepted;

               the result would be that such Existing Owners described in
               subclause a. above would continue to own an aggregate principal
               amount of Outstanding Auction Rate Securities which, when added
               to the aggregate principal amount of Outstanding Auction Rate
               Securities to be purchased by such Potential Owners described in
               subclause b. above, would equal not less than the Available
               Auction Rate Securities.

                       (B)  Promptly after the Auction Agent has made the
               determinations pursuant to Section 2.02(a)(iii)(A) of this
               Appendix A, the Auction Agent shall advise the Indenture Trustee,
               the Broker-Dealers and the Issuer of the Net Loan Rate, Maximum
               Rate and the All Hold Rate and the components thereof on the
               Auction Date provided, however, the Auction Agent shall have no
               obligation to determine the Net Loan Rate except on any Auction
               Date on which Sufficient Bids do not exist for such Auction Date.
               The Indenture Trustee may conclusively rely on the Auction Agent
               with respect to receipt or non-receipt of such rates described
               above without duty to know, determine or further examine. Based
               on such determinations, the Auction Rate for the next succeeding
               Interest Period will be established as follows:

                            (1)  if Sufficient Bids exist, that the Auction Rate
                       for the next succeeding Interest Period shall be equal to
                       the Bid Auction Rate so determined;

                            (2)  if Sufficient Bids do not exist (other than
                       because all of the Outstanding Auction Rate Securities
                       are subject to Submitted Hold Orders), that the Auction
                       Rate for the next succeeding Interest Period shall be
                       equal to the applicable Maximum Rate; or

                            (3)  if all Outstanding Auction Rate Securities are
                       subject to Submitted Hold Orders, that the Auction Rate
                       for the next succeeding Interest Period shall be equal to
                       the applicable All Hold Rate.

                       (C) Promptly after the Auction Agent has determined the
               Auction Rate, the Auction Agent shall determine and advise the
               Indenture Trustee of the Auction Note Interest Rate, which rate
               shall be the least of (x) the Auction Rate, (y) the Net Loan Rate
               and (z) the applicable Maximum Rate.

                       (iv) Existing Owners shall continue to own the principal
               amount of Auction Rate Securities that are subject to Submitted
               Hold Orders. If the Cap Rate is equal to or greater than the Bid
               Auction Rate and if Sufficient Bids have

                                      A-17
<Page>

               been received by the Auction Agent, the Bid Auction Rate will be
               the Auction Note Interest Rate, and Submitted Bids and Submitted
               Sell Orders will be accepted or rejected and the Auction Agent
               will take such other action as described below in subparagraph
               (A).

                       If the Net Loan Rate is less than the Auction Rate, the
               Net Loan Rate will be the Auction Note Interest Rate unless the
               Auction Rate and the Net Loan Rate are both greater than the
               applicable Maximum Rate, in which event the Auction Note Interest
               Rate shall be equal to the Maximum Rate. If the Auction Agent has
               not received Sufficient Bids (other than because all of the
               Outstanding Auction Rate Securities are subject to Submitted Hold
               Orders), the Auction Note Interest Rate will be the lesser of the
               Net Loan Rate and the applicable Maximum Rate. In any of the
               cases described above, Submitted Orders will be accepted or
               rejected and the Auction Agent will take such other action as
               described below in subparagraph (B).

                            (A)  If Sufficient Bids have been made and the
                       Maximum Rate is equal to or greater than the Bid Auction
                       Rate (in which case the Auction Note Interest Rate shall
                       be the Bid Auction Rate), all Submitted Sell Orders shall
                       be accepted and, subject to the provisions of clauses (4)
                       and (5) of this Section 2.02(a)(iv), Submitted Bids shall
                       be accepted or rejected as follows in the following order
                       of priority, and all other Submitted Bids shall be
                       rejected:

                                 (1) Existing Owners' Submitted Bids specifying
                            any rate that is higher than the Auction Note
                            Interest Rate shall be accepted, thus requiring each
                            such Existing Owner to sell the aggregate principal
                            amount of Auction Rate Securities subject to such
                            Submitted Bids;

                                 (2) Existing Owners' Submitted Bids specifying
                            any rate that is lower than the Auction Note
                            Interest Rate shall be rejected, thus entitling each
                            such Existing Owner to continue to own the aggregate
                            principal amount of Auction Rate Securities subject
                            to such Submitted Bids;

                                 (3) Potential Owners' Submitted Bids specifying
                            any rate that is lower than the Auction Note
                            Interest Rate shall be accepted;

                                 (4) Each Existing Owners' Submitted Bid
                            specifying a rate that is equal to the Auction Note
                            Interest Rate shall be rejected, thus entitling such
                            Existing Owner to continue to own the aggregate
                            principal amount of Auction Rate Securities subject
                            to such Submitted Bid, unless the aggregate
                            principal amount of Outstanding Auction Rate
                            Securities subject to all such Submitted Bids shall
                            be greater than the principal amount of Auction Rate

                                      A-18
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                            Securities (the "remaining principal amount") equal
                            to the excess of the Available Auction Rate
                            Securities over the aggregate principal amount of
                            Auction Rate Securities subject to Submitted Bids
                            described in clauses (2) and (3) of this Section
                            2.02(a)(iv)(A), in which event such Submitted Bid of
                            such Existing Owner shall be rejected in part, and
                            such Existing Owner shall be entitled to continue to
                            own the principal amount of Auction Rate Securities
                            subject to such Submitted Bid, but only in an amount
                            equal to the aggregate principal amount of Auction
                            Rate Securities obtained by multiplying the
                            remaining principal amount by a fraction, the
                            numerator of which shall be the principal amount of
                            Outstanding Auction Rate Securities owned by such
                            Existing Owner subject to such Submitted Bid and the
                            denominator of which shall be the sum of the
                            principal amount of Outstanding Auction Rate
                            Securities subject to such Submitted Bids made by
                            all such Existing Owners that specified a rate equal
                            to the Auction Note Interest Rate, subject to the
                            provisions of Section 2.02(a)(iv)(D) of this
                            Appendix A; and

                                 (5) Each Potential Owner's Submitted Bid
                            specifying a rate that is equal to the Auction Note
                            Interest Rate shall be accepted, but only in an
                            amount equal to the principal amount of Auction Rate
                            Securities obtained by multiplying the excess of the
                            aggregate principal amount of Available Auction Rate
                            Securities over the aggregate principal amount of
                            Auction Rate Securities subject to Submitted Bids
                            described in clauses (2), (3) and (4) of this
                            Section 2.02(a)(iv)(A) by a fraction the numerator
                            of which shall be the aggregate principal amount of
                            Outstanding Auction Rate Securities subject to such
                            Submitted Bid and the denominator of which shall be
                            the sum of the principal amount of Outstanding
                            Auction Rate Securities subject to Submitted Bids
                            made by all such Potential Owners that specified a
                            rate equal to the Auction Note Interest Rate,
                            subject to the provisions of Section 2.02(a)(iv)(D)
                            of this Appendix A.

                            (B)  If Sufficient Bids have not been made (other
                       than because all of the Outstanding Auction Rate
                       Securities are subject to submitted Hold Orders), or if
                       the Maximum Rate is less than the Bid Auction Rate (in
                       which case the Auction Note Interest Rate shall be the
                       Maximum Rate), subject to the provisions of Section
                       2.02(a)(iv)(D) of this Appendix A, Submitted Orders shall
                       be accepted or rejected as follows in the following order
                       of priority and all other Submitted Bids shall be
                       rejected:

                                 (1) Existing Owners' Submitted Bids specifying
                            any rate that is equal to or lower than the Auction
                            Note Interest Rate shall be rejected, thus entitling
                            such Existing Owners to continue

                                      A-19
<Page>

                            to own the aggregate principal amount of Auction
                            Rate Securities subject to such Submitted Bids;

                                 (2) Potential Owners' Submitted Bids specifying
                            (x) any rate that is equal to or lower than the
                            Auction Note Interest Rate shall be accepted and (y)
                            any rate that is higher than the Auction Note
                            Interest Rate shall be rejected; and

                                 (3) each Existing Owner's Submitted Bid
                            specifying any rate that is higher than the Auction
                            Note Interest Rate and the Submitted Sell Order of
                            each Existing Owner shall be accepted, thus
                            entitling each Existing Owner that submitted any
                            such Submitted Bid or Submitted Sell Order to sell
                            the Auction Rate Securities subject to such
                            Submitted Bid or Submitted Sell Order, but in both
                            cases only in an amount equal to the aggregate
                            principal amount of Auction Rate Securities obtained
                            by multiplying the aggregate principal amount of
                            Auction Rate Securities subject to Submitted Bids
                            described in clause (2)(x) of this Section
                            2.02(a)(iv)(B) by a fraction the numerator of which
                            shall be the aggregate principal amount of
                            Outstanding Auction Rate Securities owned by such
                            Existing Owner subject to such submitted Bid or
                            Submitted Sell Order and the denominator of which
                            shall be the aggregate principal amount of
                            Outstanding Auction Rate Securities subject to all
                            such Submitted Bids and Submitted Sell Orders.

                            (C)  If all Auction Rate Securities are subject to
                       Submitted Hold Orders, all Submitted Bids shall be
                       rejected.

                            (D)  If, as a result of the procedures described in
                       paragraph (A) or (B) of this Section 2.02(a)(iv), any
                       Existing Owner would be entitled or required to sell, or
                       any Potential Owner would be entitled or required to
                       purchase, a principal amount of Auction Rate Securities
                       that is not equal to an Authorized Denomination, the
                       Auction Agent shall, in such manner as in its sole
                       discretion it shall determine, round up or down the
                       principal amount of Auction Rate Securities to be
                       purchased or sold by any Existing Owner or Potential
                       Owner so that the principal amount of Auction Rate
                       Securities purchased or sold by each Existing Owner or
                       Potential Owner shall be equal to an Authorized
                       Denomination.

                            (E)  If, as a result of the procedures described in
                       paragraph (B) of this Section 2.02(a)(iv), any Potential
                       Owner would be entitled or required to purchase less than
                       an Authorized Denomination of Auction Rate Securities,
                       the Auction Agent shall, in such manner as in its sole
                       discretion it shall determine, allocate Auction Rate
                       Securities for purchase among Potential Owners so that
                       only Auction Rate Securities in Authorized Denominations
                       are purchased by any Potential Owner, even if

                                      A-20
<Page>

                       such allocation results in one or more of such Potential
                       Owners not purchasing any Auction Rate Securities.

                       (v)  Based on the result of each Auction, the Auction
               Agent shall determine the aggregate principal amount of Auction
               Rate Securities to be purchased and the aggregate principal
               amount of Auction Rate Securities to be sold by Potential Owners
               and Existing Owners on whose behalf each Broker-Dealer submitted
               Bids or Sell Orders and, with respect to each Broker-Dealer, to
               the extent that such aggregate principal amount of Auction Rate
               Securities to be sold differs from such aggregate principal
               amount of Auction Rate Securities to be purchased, determine to
               which other Broker-Dealer or Broker-Dealers acting for one or
               more purchasers such Broker-Dealer shall deliver, or from which
               other Broker-Dealer or Broker-Dealers acting for one or more
               sellers such Broker-Dealer shall receive, as the case may be,
               Auction Rate Securities.

                       (vi) Any calculation by the Auction Agent or the
               Indenture Trustee, as applicable, of the Auction Note Interest
               Rate, the Maximum Rate, the All Hold Rate, the Net Loan Rate and
               the Non-Payment Rate shall, in the absence of manifest error, be
               binding on all other parties. In the event the Indenture Trustee
               may be required to make any calculation in accordance with the
               provisions of this Section 2.02(a)(vi) the Indenture Trustee may
               hire such calculation agents, experts, consultants or agents as
               it deems necessary.

                       (vii) Notwithstanding anything in this Appendix A to the
               contrary, (A) no Auction for the Auction Rate Securities for an
               Auction Period of less than 180 days will be held on any Auction
               Date hereunder on which there are insufficient moneys in the
               Revenue Fund to pay, or otherwise held by the Indenture Trustee
               under the Indenture and available to pay, the principal of and
               interest due on the Auction Rate Securities on the Payment Date
               immediately following such Auction Date, and (B) no Auction will
               be held on any Auction Date hereunder during the continuance of a
               Payment Default. The Indenture Trustee shall promptly notify the
               Auction Agent of any such occurrence.

               (b)     APPLICATION OF INTEREST PAYMENTS FOR THE AUCTION RATE
               SECURITIES.

                       (i)  The Indenture Trustee shall determine not later than
               2:00 p.m., eastern time, on the Business Day next succeeding
               Payment Date, whether a Payment Default has occurred. If a
               Payment Default has occurred, the Indenture Trustee shall, not
               later than 2:15 p.m., eastern time, on such Business Day, send a
               notice thereof in substantially the form of Exhibit C attached
               hereto to the Auction Agent by telecopy or similar means and, if
               such Payment Default is cured, the Indenture Trustee shall
               immediately send a notice in substantially the form of Exhibit D
               attached hereto to the Auction Agent by telecopy or similar
               means.

                                      A-21
<Page>

                       (ii) The Indenture Trustee shall pay to the Auction
               Agent, in immediately available funds out of amounts in the
               Operating Fund, an amount equal to the Auction Agent Fee as set
               forth in the Auction Agent Agreement. Not later than 2:00 p.m.,
               eastern time, on each Auction Date, the Indenture Trustee shall
               pay to the Auction Agent, in immediately available funds out of
               amounts in the Operating Fund, an amount equal to the Broker-
               Dealer Fee as calculated in the Auction Agent Agreement. The
               Indenture Trustee shall, from time to time at the request of
               the Auction Agent and at the direction of an Authorized Officer,
               reimburse the Auction Agent for its reasonable expenses as
               provided in the Auction Agent Agreement, such expenses to be paid
               out of amounts in the Operating Fund.

               (c)     CALCULATION OF MAXIMUM RATE, ALL HOLD RATE, NET LOAN
          RATE, APPLICABLE LIBOR RATE, AND NON-PAYMENT RATE. The Auction Agent
          shall calculate the applicable Maximum Rate, Net Loan Rate, Applicable
          LIBOR Rate, and All Hold Rate, as the case may be, on each Auction
          Date and shall notify the Indenture Trustee and the Broker-Dealers of
          the applicable Maximum Rate, Net Loan Rate, Applicable LIBOR Rate, and
          All Hold Rate, as the case may be, as provided in the Auction Agent
          Agreement; provided, that if the ownership of the Auction Rate
          Securities is no longer maintained in Book-entry Form, or if a Payment
          Default has occurred, then the Indenture Trustee shall determine the
          applicable Maximum Rate, Net Loan Rate, Applicable LIBOR Rate, All
          Hold Rate and Non-Payment Rate for each such Interest Period. If the
          ownership of the Auction Rate Securities is no longer maintained in
          Book-entry Form by the Securities Depository, the Indenture Trustee
          shall calculate the applicable Maximum Rate and the Net Loan Rate on
          the Business Day immediately preceding the first day of each Interest
          Period after the delivery of certificates representing the Auction
          Rate Securities pursuant to the Indenture. If a Payment Default shall
          have occurred, the Indenture Trustee shall calculate the Non-Payment
          Rate on the Interest Rate Determination Date for (i) each Interest
          Period commencing after the occurrence and during the continuance of
          such Payment Default and (ii) any Interest Period commencing less than
          two Business Days after the cure of any Payment Default. The
          determination by the Indenture Trustee or the Auction Agent, as the
          case may be, of the applicable Maximum Rate, Net Loan Rate, Applicable
          LIBOR Rate, All Hold Rate and Non-Payment Rate shall (in the absence
          of manifest error) be final and binding upon all parties. If
          calculated or determined by the Auction Agent, the Auction Agent shall
          promptly advise the Indenture Trustee of the applicable Maximum Rate,
          Net Loan Rate, Applicable LIBOR Rate, and All Hold Rate. In the event
          the Indenture Trustee may be required to make any calculation in
          accordance with the provisions of this Section 2.02(c), the Indenture
          Trustee may hire such calculation agents, experts, consultants or
          agents as it deems necessary.

               (d)     NOTIFICATION OF RATES, AMOUNTS AND PAYMENT DATES.

                       (i)  By 12:00 p.m., eastern time, on the Business Day
               following each Regular Record Date, the Indenture Trustee shall
               determine the

                                      A-22
<Page>

               aggregate amounts of interest distributable on the next
               succeeding Payment Date to the beneficial owners of Auction Rate
               Securities.

                       (ii) At least four days prior to any Payment Date, the
               Indenture Trustee shall:

                            (A)  confirm with the Auction Agent, so long as no
                       Payment Default has occurred and is continuing and the
                       ownership of the Auction Rate Securities is maintained in
                       Book-entry Form by the Securities Depository, (1) the
                       date of such next Payment Date and (2) the amount payable
                       to the Auction Agent on the Auction Date pursuant to
                       Section 2.02(b)(ii) of this Appendix A; and

                            (B)  advise the Securities Depository, so long as
                       the ownership of the Auction Rate Securities is
                       maintained in Book-entry Form by the Securities
                       Depository, upon request, of the aggregate amount of
                       interest distributable on such next Payment Date to the
                       beneficial owners of each Class of the Auction Rate
                       Securities.

          If any day scheduled to be an Payment Date shall be changed after the
     Indenture Trustee shall have given the notice or confirmation referred to
     in clause (i) of the preceding sentence, the Indenture Trustee shall, not
     later than 11:15 a.m., eastern time, on the Business Day next preceding the
     earlier of the new Payment Date or the old Payment Date, by such means as
     the Indenture Trustee deems practicable, give notice of such change to the
     Auction Agent, so long as no Payment Default has occurred and is continuing
     and the ownership of the Auction Rate Securities is maintained in
     Book-entry Form by the Securities Depository.

          (e)  AUCTION AGENT.

               (i)     Deutsche Bank Trust Company Americas is hereby appointed
          as Initial Auction Agent to serve as agent for the Issuer in
          connection with Auctions. The Indenture Trustee is hereby directed to
          enter into the Initial Auction Agent Agreement with Deutsche Bank
          Trust Company Americas, as the Initial Auction Agent. Any Substitute
          Auction Agent shall be (A) a bank, national banking association or
          trust company duly organized under the laws of the United States of
          America or any state or territory thereof having its principal place
          of business in the Borough of Manhattan, New York, or such other
          location as approved by the Indenture Trustee in writing and having a
          combined capital stock or surplus of at least $50,000,000; or (B) a
          member of the National Association of Securities Dealers, Inc., having
          a capitalization of at least $50,000,000, and, in either case,
          authorized by law to perform all the duties imposed upon it hereunder
          and under the Auction Agent Agreement. The Auction Agent may at any
          time resign and be discharged of the duties and obligations created by
          this Appendix A by giving at least 90 days' notice to the Indenture
          Trustee, each Broker-Dealer and the Issuer.

                                      A-23
<Page>

          The Auction Agent may be removed at any time by the Indenture Trustee
          upon the written direction of an Authorized Officer or by the holders
          of a majority of the aggregate principal amount of the Auction Rate
          Securities then Outstanding, and if by such Noteholders, by an
          instrument signed by such Noteholders or their attorneys and filed
          with the Auction Agent, the Issuer and the Indenture Trustee upon at
          least 90 days' written notice. Neither resignation nor removal of the
          Auction Agent pursuant to the preceding two sentences shall be
          effective until and unless a Substitute Auction Agent has been
          appointed and has accepted such appointment. If required by the
          Issuer, a Substitute Auction Agent Agreement shall be entered into
          with a Substitute Auction Agent. Notwithstanding the foregoing, the
          Auction Agent may terminate the Auction Agent Agreement if, within 25
          days after notifying the Indenture Trustee, each Broker-Dealer and the
          Issuer in writing that it has not received payment of any Auction
          Agent Fee due it in accordance with the terms of the Auction Agent
          Agreement, the Auction Agent does not receive such payment.

               (ii)    If the Auction Agent shall resign or be removed or be
          dissolved, or if the property or affairs of the Auction Agent shall be
          taken under the control of any state or federal court or
          administrative body because of bankruptcy or insolvency, or for any
          other reason, the Indenture Trustee at the direction of an Authorized
          Officer, shall use its best efforts to appoint a Substitute Auction
          Agent.

               (iii)   The Auction Agent is acting as agent for the Issuer in
          connection with Auctions. In the absence of bad faith, negligent
          failure to act or negligence on its part, the Auction Agent shall not
          be liable for any action taken, suffered or omitted or any error of
          judgment made by it in the performance of its duties under the Auction
          Agent Agreement and shall not be liable for any error of judgment made
          in good faith unless the Auction Agent shall have been negligent in
          ascertaining (or failing to ascertain) the pertinent facts.

          (f)  BROKER-DEALER.

               (i)     The Auction Agent will enter into Broker-Dealer
          Agreements with Salomon Smith Barney Inc. and GMAC Commercial Holdings
          Capital Markets Corp. as the initial Broker-Dealers. An Authorized
          Officer may, from time to time, approve one or more additional persons
          to serve as a Broker-Dealer under the Broker-Dealer Agreements and
          shall be responsible for providing such Broker-Dealer Agreements to
          the Indenture Trustee and the Auction Agent.

               (ii)    Any Broker-Dealer may be removed at any time, at the
          request of an Authorized Officer, but there shall, at all times, be at
          least one Broker-Dealer appointed and acting as such.

                                      A-24
<Page>

          (g)  CHANGES IN AUCTION PERIOD OR PERIODS AND CERTAIN PERCENTAGES.

               (i)     While any of the Auction Rate Securities are Outstanding,
          the applicable Broker-Dealer, with the written consent of an
          Authorized Officer, may, from time to time, change the length of one
          or more Auction Periods (an "Auction Period Adjustment"), in order to
          conform with then current market practice with respect to similar
          securities or to accommodate economic and financial factors that may
          affect or be relevant to the length of the Auction Period and the
          interest rate borne by the Auction Rate Securities. The Broker-Dealer
          shall initiate the Auction Period Adjustment by giving written notice
          to the Indenture Trustee, the Administrator, the Auction Agent, each
          Rating Agency and the Securities Depository in substantially the form
          of, or containing substantially the information contained in, Exhibit
          E attached hereto at least 10 days prior to the Auction Date for such
          Auction Period.

               (ii)    Any such adjusted Auction Period shall not be less than
          seven days nor more than 270 days. Any adjusted Auction Period of more
          than 120 days may not be initiated without a Rating Confirmation.

               (iii)   An Auction Period Adjustment shall take effect only if
          (A) the Indenture Trustee and the Auction Agent receive, by 11:00
          a.m., eastern time, on the Business Day before the Auction Date for
          the first such Auction Period, notice from the applicable
          Broker-Dealer in substantially the form attached as, or containing
          substantially the same information contained in, Exhibit F attached
          hereto, authorizing the Auction Period Adjustment specified in such
          certificate; and (B) Sufficient Bids exist as of the Auction on the
          Auction Date for such first Auction Period. If the condition referred
          to in (A) above is not met, the applicable Auction Note Interest Rate
          for the next Auction Period shall be determined pursuant to the above
          provisions of this Section 2.02 and the Auction Period shall be the
          Auction Period determined without reference to the proposed change. If
          the condition referred to in (A) is met but the condition referred in
          (B) above is not met, the applicable Auction Note Interest Rate for
          the next Auction Period shall be the applicable Maximum Rate and the
          Auction Period shall be the Auction Period determined without
          reference to the proposed change.

          In connection with any Auction Period Adjustment, the Auction Agent
     shall provide such further notice to such parties as is specified in
     Section 2.03 of the Auction Agent Agreement.

          (h)  CHANGES IN THE AUCTION DATE. The applicable Broker-Dealer, with
     the written consent of an Authorized Officer and, if applicable, upon
     receipt of the opinion of Note Counsel as required below, may specify a
     different Auction Date (but in no event more than five Business Days
     earlier) than the Auction Date that would otherwise be determined in
     accordance with the definition of "Auction Date" in Section 1.01 of this
     Appendix A with respect to one or more specified Auction Periods in order
     to conform with then current market practice with respect to similar
     securities or to accommodate economic and financial factors that may affect
     or be relevant to the day of the week

                                      A-25
<Page>

     constituting an Auction Date and the interest rate borne on the Auction
     Rate Securities. The applicable Broker-Dealer shall deliver a written
     request for consent to such change in the length of the Auction Date to the
     Issuer at least 14 days prior to the effective date of such change. If the
     Issuer shall have delivered such written consent to the applicable
     Broker-Dealer, such Broker-Dealer shall provide notice of its determination
     to specify an earlier Auction Date for one or more Auction Periods by means
     of a written notice delivered at least 10 days prior to the proposed
     changed Auction Date to the Indenture Trustee, the Auction Agent, the
     Issuer, each Rating Agency and the Securities Depository. Such notice shall
     be substantially in the form of, or contain substantially the information
     contained in, Exhibit G attached hereto. Notwithstanding the foregoing, the
     applicable Broker-Dealer may, without consent from an Authorized Officer,
     an opinion of Note Counsel, request for consent or notice to the Indenture
     Trustee, the Auction Agent, the Issuer, any Rating Agency or the Securities
     Depository, (i) defer any Auction Date to the next succeeding Business Day,
     if the Auction Date would, without such deferral, not be a Business Day;
     and (ii) in such event, shorten the next succeeding Auction period by the
     number of days that the prior Auction Date was deferred.

          In connection with any change described in this Section 2.02(h), the
     Auction Agent shall provide such further notice to such parties as is
     specified in Section 2.03 of the Auction Agent Agreement.

     SECTION 2.03. ADDITIONAL PROVISIONS REGARDING THE INTEREST RATES ON THE
AUCTION RATE SECURITIES. The determination of a Variable Rate by the Auction
Agent or any other Person pursuant to the provisions of the applicable Section
of this Article II shall be conclusive and binding on the Noteholders of the
Auction Rate Securities to which such Variable Rate applies, and the Issuer and
the Indenture Trustee may rely thereon for all purposes.

     In no event shall the cumulative amount of interest paid or payable on the
Auction Rate Securities (including interest calculated as provided herein, plus
any other amounts that constitute interest on the Auction Rate Securities under
applicable law, which are contracted for, charged, reserved, taken or received
pursuant to the Auction Rate Securities or related documents) calculated from
the Date of Closing of the Auction Rate Securities through any subsequent day
during the term of the Auction Rate Securities or otherwise prior to payment in
full of the Auction Rate Securities exceed the amount permitted by applicable
law. If the applicable law is ever judicially interpreted so as to render
usurious any amount called for under the Auction Rate Securities or related
documents or otherwise contracted for, charged, reserved, taken or received in
connection with the Auction Rate Securities, or if the redemption or
acceleration of the maturity of the Auction Rate Securities results in payment
to or receipt by the Noteholder or any former Noteholder of the Auction Rate
Securities of any interest in excess of that permitted by applicable law, then,
notwithstanding any provision of the Auction Rate Securities or related
documents to the contrary, all excess amounts theretofore paid or received with
respect to the Auction Rate Securities shall be credited on the principal
balance of the Auction Rate Securities (or, if the Auction Rate Securities have
been paid or would thereby be paid in full, refunded by the recipient thereof),
and the provisions of the Auction Rate Securities and related documents shall
automatically and immediately be deemed reformed and the amounts thereafter
collectible hereunder and thereunder reduced, without the necessity of the
execution of any new document, so as to comply with the applicable law, but so
as to permit the

                                      A-26
<Page>

recovery of the fullest amount otherwise called for under the Auction Rate
Securities and under the related documents.

                                      A-27
<Page>

                                   EXHIBIT A-1

                     FORM OF SENIOR AUCTION RATE SECURITIES

      UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
 DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS
     AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY NOTE
   ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
  REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
       CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF
       FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS
        THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     EXCEPT AS OTHERWISE PROVIDED IN THE INDENTURE, THIS GLOBAL NOTE MAY BE
      TRANSFERRED, IN WHOLE BUT NOT IN PART, ONLY TO ANOTHER NOMINEE OF THE
      SECURITIES DEPOSITORY (AS DEFINED IN THE INDENTURE) OR TO A SUCCESSOR
   SECURITIES DEPOSITORY OR TO A NOMINEE OF A SUCCESSOR SECURITIES DEPOSITORY.

                       GMAC EDUCATION LOAN FUNDING TRUST-I
                     GMAC ELF STUDENT LOAN ASSET-BACKED NOTE
                        SENIOR CLASS A-[1AR] [2AR] [3AR]
                             AUCTION RATE SECURITIES

REGISTERED NO. A-__                                       REGISTERED $__________

<Table>
<Caption>
   MATURITY DATE      INTEREST RATE    ORIGINAL ISSUE DATE          CUSIP
   <S>                   <C>             <C>                    <C>
   June 1, 2040          Variable        March 21, 2003         _____________
</Table>

PRINCIPAL SUM: _______________________________________________AND 00/100 DOLLARS
NOTEHOLDER: CEDE & CO.

     GMAC EDUCATION LOAN FUNDING TRUST-I, a Delaware statutory trust organized
under the laws of the State of Delaware (the "Issuer," which term includes any
successor entity under the Indenture of Trust, dated as of March 1, 2003 (the
"Indenture") and the Series 2003-1 Supplemental Indenture of Trust dated as of
March 1, 2003 (as amended, the "Series 2003-1 Supplemental Indenture"), each
between the Issuer and Zions First National Bank, as Indenture Trustee (the
"Indenture Trustee," which term includes any successor indenture trustee under
the Indenture)) for value received, hereby promises to pay to the Noteholder
(stated above) or

<Page>

registered assigns, the Principal Sum of (stated above), but solely from the
revenues and receipts hereinafter specified and not otherwise, on the Maturity
Date specified above (subject to the right of prior redemption hereinafter
described), upon presentation and surrender of this note at the Corporate Trust
Office of the Indenture Trustee, as paying agent, Indenture Trustee,
authenticating agent and registrar for the Notes, or a duly appointed successor
paying agent, and to pay interest in arrears on said Principal Sum, but solely
from the revenues and receipts hereinafter specified and not otherwise, to the
Noteholder hereof from the most recent Payment Date to which interest has been
paid hereon, until the payment of said principal sum in full.

     Any capitalized words and terms used as defined words and terms in this
note and not otherwise defined herein shall have the meanings given them in the
Indenture.

     This note shall bear interest at an Auction Rate, all as determined in
Appendix A of the Series 2003-1 Supplemental Indenture.

     The principal of and interest on this note are payable in lawful money of
the United States of America. If the specified date for any payment of principal
or interest accrued to such specified date shall be a day other than a Business
Day then such payment may be made on the next succeeding Business Day, with the
same force and effect as if made on the specified date for such payment without
additional interest.

     Interest payable on this note shall be computed on the assumption that each
year contains 360 days and actual days elapsed and rounding the resultant figure
to the fifth decimal place.

     This note is one of a series of notes of the Issuer designated GMAC ELF
Student Loan Asset-Backed Notes, Senior Class A-[1AR][2AR][3AR] Auction Rate
Securities, dated the Closing Date, in the aggregate original principal amount
of $__________ (the "Class A-[1AR][2AR][3AR] Notes") which have been authorized
by the Issuer, and issued by the Issuer pursuant to the Indenture. The Issuer
is, simultaneously with the Class A-[1AR][2AR][3AR] Notes, issuing $__________
of its GMAC ELF Student Loan Asset-Backed Notes, Senior Class A Notes in two
other classes (together with the Class A-[1AR][2AR][3AR] Notes, the "Class A
Notes") and $14,000,000 of its GMAC ELF Student Loan Asset-Backed Notes,
Subordinate Class B-1AR Auction Rate Securities in one class (the "Class B
Notes"). The proceeds of such notes have been used by the Issuer, together with
other moneys of the Issuer, for the purpose of providing funds to finance the
acquisition of student loans, fund a reserve fund and to pay certain costs and
expenses in connection with the issuance of such notes. The Indenture provides
for the issuance of additional notes (the "Additional Notes") which may be
secured on a parity with or subordinate to the Class A Notes and the Class B
Notes as determined by the Issuer. The Class A Notes, the Class B Notes and any
Additional Notes are collectively referred to herein as the "Notes."

     MANDATORY REDEMPTION. This note is subject to mandatory redemption, all as
described in the Indenture.

     OPTIONAL REDEMPTION OR PURCHASE. The Issuer may redeem or purchase or cause
to be purchased all of the Notes on any Payment Date on which the aggregate
current principal balance of all the Notes shall be less than or equal to 10% of
the initial aggregate principal

                                      A-1-2
<Page>

balance of all the Notes issued under the Indenture on the respective Closing
Date, at a redemption or purchase price equal to the aggregate current principal
balance of all the Notes, plus accrued interest on the Notes through the day
preceding the Payment Date on which the redemption or purchase occurs.

     NOTICE OF REDEMPTION OR PURCHASE. Notice of the call for redemption shall
be given by the Indenture Trustee by mailing a copy of the notice at least 15
days prior to the redemption or purchase date to the Noteholders to be redeemed
in whole or in part at the address of such Noteholder last showing on the
registration books. Failure to give such notice or any defect therein shall not
affect the validity of any proceedings for the redemption or purchase of such
Auction Rate Securities for which no such failure or defect occurs. All Notes
called for redemption or purchase will cease to bear interest after the
specified redemption or purchase date, provided funds for their payment are on
deposit at the place of payment at the time. If less than all Notes are to be
redeemed or purchased, Notes shall be selected for redemption or purchase as
provided in the Indenture.

     The Indenture provides that the Issuer may enter into a derivative product
between the Issuer and a derivative provider (a "Reciprocal Payor"), as
originally executed and as amended or supplemented, or other interest rate hedge
agreement between the Issuer and a Reciprocal Payor, as originally executed and
as amended or supplemented. Payments due to a Reciprocal Payor from the Issuer
pursuant to the applicable Derivative Product are referred to herein as "Issuer
Derivative Payments," and may be secured on a parity with any series of Notes.

     The principal of and interest on the Class A Notes and any Additional Notes
issued on a parity with the Class A Notes and any Issuer Derivative Payments
secured on a parity with the Class A Notes are payable on a superior basis to
such payments on the Class B Notes and any Additional Notes issued on a parity
or subordinate to the Class B Notes; provided, however, that current principal
and interest may be paid on the Class B Notes and any Additional Notes issued on
a parity with the Class B Notes or subordinate to the Class B Notes if all
principal and interest payments due and owing at such time on the Class A Notes
and any Additional Notes issued on a parity with the Class A Notes and any
Issuer Derivative Payments secured on a parity with the Class A Notes have been
previously made or provided for as provided in the Indenture.

     Reference is hereby made to the Indenture, copies of which are on file in
the Corporate Trust Office of the Indenture Trustee, and to all of the
provisions of which any Noteholder of this note by his acceptance hereof hereby
assents, for definitions of terms; the description of and the nature and extent
of the security for the Notes; the Issuer's student loan acquisition program;
the revenues and other money pledged to the payment of the principal of and
interest on the Notes; the nature and extent and manner of enforcement of the
pledge; the conditions upon which the Indenture may be amended or supplemented
with or without the consent of the Noteholders and any Reciprocal Payor; the
rights and remedies of the Noteholder hereof with respect hereto and thereto,
including the limitations upon the right of a Noteholder hereof to institute any
suit, action, or proceeding in equity or at law with respect hereto and thereto;
the rights, duties, and obligations of the Issuer and the Indenture Trustee
thereunder; the terms and provisions upon which the liens, pledges, charges,
trusts, and covenants made therein may be discharged at or prior to the stated
maturity or earlier redemption of this note, and this note thereafter shall no

                                      A-1-3
<Page>

longer be secured by the Indenture or be deemed to be Outstanding, as defined in
the Indenture, thereunder; and for the other terms and provisions thereof.

     THE NOTES ARE LIMITED OBLIGATIONS OF THE ISSUER, PAYABLE SOLELY FROM, AND
FURTHER SECURED BY, THE TRUST ESTATE, AS DEFINED IN THE INDENTURE.

     No recourse, either directly or indirectly, shall be had for the payment of
the principal of and interest on this note or any claim based hereon or in
respect hereof or of the Indenture, against the Indenture Trustee, the Delaware
Trustee, or any incorporator, director, officer, employee, or agent of the
Issuer, nor against the State of Delaware, or any official thereof, but the
obligation to pay all amounts required by the Indenture securing this note and
the obligation to do and perform the covenants and acts required of the Issuer
therein and herein shall be and remain the responsibility and obligation of said
Issuer, limited as herein set forth.

     Subject to the restrictions specified in the Indenture, this note is
transferable on the Note Register kept for that purpose by the Indenture
Trustee, as registrar, upon surrender of this note for transfer at the Corporate
Trust Office of the Indenture Trustee, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee
duly executed by, the Noteholder hereof or his attorney duly authorized in
writing, and thereupon one or more new Notes of the same series, Stated
Maturity, of authorized denominations, bearing interest at the same rate, and
for the same aggregate principal amount will be issued to the designated
transferee or transferees. At the option of the Noteholder, any Note may be
exchanged for other Notes in authorized denominations upon surrender of the Note
to be exchanged at the Corporate Trust Office of the Indenture Trustee. Upon any
such presentation for exchange, one or more new Notes of the same series, Stated
Maturity, in authorized denominations, bearing interest at the same rate, and
for the same aggregate principal amount as the Note or Notes so surrendered will
be issued to the Noteholder of the Note or Notes so surrendered; and the Note or
Notes so surrendered shall thereupon be cancelled by the Indenture Trustee.
Except as otherwise permitted in the Indenture, this global note may be
transferred in whole but not in part only to the Securities Depository or a
nominee thereof, as defined in the Indenture, or to a successor Securities
Depository or its nominee.

     The Issuer, the Indenture Trustee, and any agent of either of them shall
treat the Person in whose name this note is registered as the Noteholder hereof
(a) on the record date for purposes of receiving timely payment of interest
hereon; (b) on the date of surrender of this note for purposes of receiving
payment of principal hereof at its stated maturity; and (c) for all other
purposes, whether or not this note is overdue, and neither the Issuer, the
Indenture Trustee, nor any such agent shall be affected by notice to the
contrary.

     To the extent permitted by the Indenture, modifications or alterations of
the Indenture and any supplemental indenture may be made with the consent of
less than all of the holders of the Notes then Outstanding or without the
consent of any of such Noteholders (by reason of a change in the Act or
Regulation or to cure ambiguities or conflicts), but such modification or
alteration is not permitted to affect the maturity date, Stated Maturity,
amount, Payment Date, or rate of interest on any Outstanding Notes or affect the
rights of the Noteholders of less than all of the Notes Outstanding.

                                      A-1-4
<Page>

     Any capitalized term used herein and not otherwise defined herein shall
have the same meaning ascribed to such term in the herein defined Indenture
unless the context shall clearly indicate otherwise.

     It is hereby certified and recited that all acts and things required by the
laws of the State of Delaware to happen, exist, and be performed precedent to
and in the issuance of this note, and the execution of said Indenture, have
happened, exist and have been performed as so required.

                                      A-1-5
<Page>

     IN WITNESS WHEREOF, the Issuer has caused this note to be executed in its
name and on its behalf by the Delaware Trustee, all as of the Original Issue
Date.

                                  GMAC EDUCATION LOAN FUNDING TRUST-I

                                  By: WILMINGTON TRUST COMPANY, not
                                      in its individual capacity but solely as
                                      Delaware Trustee

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

                                      A-1-6
<Page>

                          CERTIFICATE OF AUTHENTICATION

     This note is one of the Class A-__ Notes designated therein and described
in the within-mentioned Indenture.

                                  ZIONS FIRST NATIONAL BANK, as
                                  Indenture Trustee

                                  By
                                     ------------------------------------------,
                                              Authorized Signatory

Authentication Date:

_______________________________

                                   ASSIGNMENT

     FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and transfers
unto __________ (Social Security or other identifying number __________) the
within note and all rights thereunder and hereby irrevocably appoints
____________________ attorney to transfer the within note on the books kept for
registration thereof, with full power of substitution in the premises.

Dated:________________            Signed:                                      *
                                          -------------------------------------

Signature Guaranteed by:

                                                  *
--------------------------------------------------
*NOTICE: The signature to this assignment must
correspond with the name of the registered owner
as it appears on the face of the within Note in
every particular, without alteration, enlargement
or any change whatever. Such signature must be
guaranteed by an "eligible guarantor institution"
meeting the requirements of the Note Registrar,
which requirements include membership or
participation in STAMP or such other "signature
guarantee program" as may be determined by the
Indenture Trustee in addition to, or in
substitution for, STAMP, all in accordance with
the Securities Exchange Act of 1934, as amended.

                                      A-1-7
<Page>

                                   EXHIBIT A-2

                   FORM OF SUBORDINATE AUCTION RATE SECURITIES

      UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
 DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS
     AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY NOTE
   ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
    REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
     TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
   REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
     OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
                OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     EXCEPT AS OTHERWISE PROVIDED IN THE INDENTURE, THIS GLOBAL NOTE MAY BE
      TRANSFERRED, IN WHOLE BUT NOT IN PART, ONLY TO ANOTHER NOMINEE OF THE
      SECURITIES DEPOSITORY (AS DEFINED IN THE INDENTURE) OR TO A SUCCESSOR
   SECURITIES DEPOSITORY OR TO A NOMINEE OF A SUCCESSOR SECURITIES DEPOSITORY.

                       GMAC EDUCATION LOAN FUNDING TRUST-I
                     GMAC ELF STUDENT LOAN ASSET-BACKED NOTE
                              SUBORDINATE CLASS B-1
                             AUCTION RATE SECURITIES

REGISTERED NO. B-                                            REGISTERED $_______

<Table>
<Caption>
    MATURITY DATE      INTEREST RATE    ORIGINAL ISSUE DATE        CUSIP
     <S>                <C>               <C>                   <C>
     June 1, 2040       [Variable]        March 21, 2003        _____________
</Table>

PRINCIPAL SUM: _______________________________________________AND 00/100 DOLLARS
NOTEHOLDER:  CEDE & CO.

     GMAC EDUCATION LOAN FUNDING TRUST-I, a Delaware statutory trust organized
under the laws of the State of Delaware (the "Issuer," which term includes any
successor corporation under the Indenture of Trust, dated as of March 1, 2003
(the "Original Indenture") and the Series 2003-1 Supplemental Indenture of Trust
dated as of March 1, 2003 (as amended, the "Series 2003-1 Supplemental
Indenture," and together with the Original Indenture, the "Indenture"), each
between the Issuer and Zions First National Bank, as Indenture Trustee (the
"Indenture Trustee," which term includes any successor indenture trustee under
the Indenture))

<Page>

for value received, hereby promises to pay to the Noteholder (stated above) or
registered assigns, the Principal Sum of (stated above), but solely from the
revenues and receipts hereinafter specified and not otherwise, on the Maturity
Date specified above (subject to the right of prior redemption hereinafter
described), upon presentation and surrender of this note at the principal office
of the Indenture Trustee, as paying agent, Indenture Trustee, authenticating
agent and registrar for the Notes, or a duly appointed successor paying agent,
and to pay interest in arrears on said Principal Sum, but solely from the
revenues and receipts hereinafter specified and not otherwise, to the Noteholder
hereof from the most recent Payment Date to which interest has been paid hereon,
until the payment of said principal sum in full.

     Any capitalized words and terms used as defined words and terms in this
note and not otherwise defined herein shall have the meanings given them in the
Indenture.

     This note shall bear interest at an Auction Rate, all as determined in
Appendix A of the Series 2003-1 Supplemental Indenture.

     The principal of and interest on this note are payable in lawful money of
the United States of America. If the specified date for any payment of principal
or interest accrued to such specified date shall be a day other than a Business
Day then such payment may be made on the next succeeding Business Day, with the
same force and effect as if made on the specified date for such payment without
additional interest.

     Interest payable on this note shall be computed on the assumption that each
year contains 360 days and actual days elapsed and rounding the resultant figure
to the fifth decimal place.

     This note is one of a series of notes of the Issuer designated GMAC ELF
Asset-Backed Notes, Subordinate Class B-1AR Auction Rate Securities, dated the
Closing Date, in the aggregate original principal amount of $14,000,000 (the
"Class B-1 Notes") which have been authorized by the Issuer, and issued by the
Issuer pursuant to the Indenture. The Issuer is, simultaneously with the Class
B-1 Notes, issuing $206,000,000 of its GMAC ELF Student Loan Asset-Backed Notes,
Senior Class A Notes in three classes (collectively, the "Class A Notes"). The
proceeds of such notes have been used by the Issuer, together with other moneys
of the Issuer, for the purpose of providing funds to finance the acquisition of
student loans, fund a reserve fund and to pay certain costs and expenses in
connection with the issuance of such notes. The Indenture provides for the
issuance of additional notes (the "Additional Notes") which may be secured on a
parity with or subordinate to the Class A Notes and the Class B Notes as
determined by the Issuer. The Class A Notes, the Class B Notes and any
Additional Notes are collectively referred to herein as the "Notes."

     MANDATORY REDEMPTION. This note is subject to mandatory redemption as
described in the Indenture.

     OPTIONAL REDEMPTION OR PURCHASE. The Issuer may redeem or purchase or cause
to be purchased all of the Notes on any Payment Date on which the aggregate
current principal balance of all the Notes shall be less than or equal to 10% of
the initial aggregate principal balance of all the Notes issued under the
Indenture on the respective Closing Dates, at a redemption or purchase price
equal to the aggregate current principal balance of all the Notes,

                                      A-2-2
<Page>

plus accrued interest on the Notes through the day preceding the Payment Date on
which the redemption or purchase occurs.

     NOTICE OF REDEMPTION OR PURCHASE. Notice of the call for redemption shall
be given by the Indenture Trustee by mailing a copy of the notice at least 15
days prior to the redemption or purchase date to the Noteholders to be redeemed
in whole or in part at the address of such Noteholder last showing on the
registration books. Failure to give such notice or any defect therein shall not
affect the validity of any proceedings for the redemption or purchase of such
Auction Rate Securities for which no such failure or defect occurs. All Notes
called for redemption or purchase will cease to bear interest after the
specified redemption or purchase date, provided funds for their payment are on
deposit at the place of payment at the time. If less than all Notes are to be
redeemed or purchased, Notes shall be selected for redemption or purchase as
provided in the Indenture.

     The Indenture provides that the Issuer may enter into a derivative product
between the Issuer and a derivative provider (a "Reciprocal Payor"), as
originally executed and as amended or supplemented, or other interest rate hedge
agreement between the Issuer and a Reciprocal Payor, as originally executed and
as amended or supplemented. Payments due to a Reciprocal Payor from the Issuer
pursuant to the applicable Derivative Product are referred to herein as "Issuer
Derivative Payments," and may be secured on a parity with any series of Notes.

     The principal of and interest on the Class A Notes and any Additional Notes
issued on a parity with the Class A Notes and any Issuer Derivative Payments
secured on a parity with the Class A Notes are payable on a superior basis to
such payments on the Class B Notes and any Additional Notes issued on a parity
or subordinate to the Class B Notes; provided, however, that current principal
and interest may be paid on the Class B Notes and any Additional Notes issued on
a parity with the Class B Notes or subordinate to the Class B Notes if all
principal and interest payments due and owing at such time on the Class A Notes
and any Additional Notes issued on a parity with the Class A Notes and any
Issuer Derivative Payments secured on a parity with the Class A Notes have been
previously made or provided for as provided in the Indenture.

     Reference is hereby made to the Indenture, copies of which are on file in
the Corporate Trust Office of the Indenture Trustee, and to all of the
provisions of which any Noteholder of this note by his acceptance hereof hereby
assents, for definitions of terms; the description of and the nature and extent
of the security for the Notes; the Issuer's student loan acquisition program;
the revenues and other money pledged to the payment of the principal of and
interest on the Notes; the nature and extent and manner of enforcement of the
pledge; the conditions upon which the Indenture may be amended or supplemented
with or without the consent of the Noteholders and any Reciprocal Payor; the
rights and remedies of the Noteholder hereof with respect hereto and thereto,
including the limitations upon the right of a Noteholder hereof to institute any
suit, action, or proceeding in equity or at law with respect hereto and thereto;
the rights, duties, and obligations of the Issuer and the Indenture Trustee
thereunder; the terms and provisions upon which the liens, pledges, charges,
trusts, and covenants made therein may be discharged at or prior to the stated
maturity or earlier redemption of this note, and this note thereafter shall no
longer be secured by the Indenture or be deemed to be Outstanding, as defined in
the Indenture, thereunder; and for the other terms and provisions thereof.

                                      A-2-3
<Page>

     THE NOTES ARE LIMITED OBLIGATIONS OF THE ISSUER, PAYABLE SOLELY FROM, AND
FURTHER SECURED BY, THE TRUST ESTATE, AS DEFINED IN THE INDENTURE.

     No recourse, either directly or indirectly, shall be had for the payment of
the principal of and interest on this note or any claim based hereon or in
respect hereof or of the Indenture, against the Indenture Trustee, the Delaware
Trustee, or any incorporator, director, officer, employee, or agent of the
Issuer, nor against the State of Delaware, or any official thereof, but the
obligation to pay all amounts required by the Indenture securing this note and
the obligation to do and perform the covenants and acts required of the Issuer
therein and herein shall be and remain the responsibility and obligation of said
Issuer, limited as herein set forth.

     Subject to the restrictions specified in the Indenture, this note is
transferable on the Note Register kept for that purpose by the Indenture
Trustee, as registrar, upon surrender of this note for transfer at the principal
office of the Indenture Trustee, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Indenture Trustee duly
executed by, the Noteholder hereof or his attorney duly authorized in writing,
and thereupon one or more new Notes of the same series, Stated Maturity, of
authorized denominations, bearing interest at the same rate, and for the same
aggregate principal amount will be issued to the designated transferee or
transferees. At the option of the Noteholder, any Note may be exchanged for
other Notes in authorized denominations upon surrender of the Note to be
exchanged at the principal office of the Indenture Trustee. Upon any such
presentation for exchange, one or more new Notes of the same series, Stated
Maturity, in authorized denominations, bearing interest at the same rate, and
for the same aggregate principal amount as the Note or Notes so surrendered will
be issued to the Noteholder of the Note or Notes so surrendered; and the Note or
Notes so surrendered shall thereupon be cancelled by the Indenture Trustee.
Except as otherwise permitted in the Indenture, this global note may be
transferred in whole but not in part only to the Securities Depository or a
nominee thereof, as defined in the Indenture, or to a successor Securities
Depository or its nominee.

     The Issuer, the Indenture Trustee, and any agent of either of them shall
treat the Person in whose name this note is registered as the Noteholder hereof
(a) on the record date for purposes of receiving timely payment of interest
hereon; (b) on the date of surrender of this note for purposes of receiving
payment of principal hereof at its stated maturity; and (c) for all other
purposes, whether or not this note is overdue, and neither the Issuer, the
Indenture Trustee, nor any such agent shall be affected by notice to the
contrary.

     To the extent permitted by the Indenture, modifications or alterations of
the Indenture and any supplemental indenture may be made with the consent of
less than all of the holders of the Notes then outstanding or without the
consent of any of such Noteholders (by reason of a change in the Act or
Regulation or to cure ambiguities or conflicts), but such modification or
alteration is not permitted to affect the maturity date, Stated Maturity,
amount, Payment Date, or rate of interest on any outstanding Notes or affect the
rights of the Noteholders of less than all of the Notes outstanding.

                                      A-2-4
<Page>

     Any capitalized term used herein and not otherwise defined herein shall
have the same meaning ascribed to such term in the herein defined Indenture
unless the context shall clearly indicate otherwise.

     It is hereby certified and recited that all acts and things required by the
laws of the State of Delaware to happen, exist, and be performed precedent to
and in the issuance of this note, and the passage of said resolution and the
execution of said Indenture, have happened, exist and have been performed as so
required.

                                      A-2-5
<Page>

     IN WITNESS WHEREOF, the Issuer has caused this note to be executed in its
name and on its behalf by the Delaware Trustee, all as of the Original Issue
Date.

                                  GMAC EDUCATION LOAN FUNDING TRUST-I

                                  By: WILMINGTON TRUST COMPANY, not
                                      in its individual capacity but solely as
                                      Delaware Trustee

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

                                      A-2-6
<Page>

                          CERTIFICATE OF AUTHENTICATION

     This note is one of the Class B-1AR Notes designated therein and described
in the within-mentioned Indenture.

                                  ZIONS FIRST NATIONAL BANK, as
                                  Indenture Trustee

                                  By
                                     ------------------------------------------,
                                                Authorized Signatory

Authentication Date:

____________________________

                                   ASSIGNMENT

     FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and transfers
unto __________ (Social Security or other identifying number __________) the
within note and all rights thereunder and hereby irrevocably appoints
____________________ attorney to transfer the within note on the books kept for
registration thereof, with full power of substitution in the premises.

Dated:                            Signed:                                      *
       ---------------------              -------------------------------------

Signature Guaranteed by:

                                                    *
----------------------------------------------------
*NOTICE: The signature to this assignment must
correspond with the name of the registered owner
as it appears on the face of the within Note in
every particular, without alteration, enlargement
or any change whatever. Such signature must be
guaranteed by an "eligible guarantor institution"
meeting the requirements of the Note Registrar,
which requirements include membership or
participation in STAMP or such other "signature
guarantee program" as may be determined by the
Indenture Trustee in addition to, or in
substitution for, STAMP, all in accordance with
the Securities Exchange Act of 1934, as amended.

                                      A-2-7
<Page>

                                    EXHIBIT B

                   SERIES 2003-1 CLOSING CASH FLOW PROJECTIONS

<Page>

                                    EXHIBIT C

                            NOTICE OF PAYMENT DEFAULT

                       GMAC Education Loan Funding Trust-I
                    GMAC ELF Student Loan Asset-Backed Notes
                                   Class _____
                             Auction Rate Securities

     NOTICE IS HEREBY GIVEN that a Payment Default has occurred and is
continuing with respect to the Auction Rate Securities identified above. The
next Auction for the Auction Rate Securities will not be held. The Auction Rate
for the Auction Rate Securities for the next succeeding Interest Period shall be
the Non-Payment Rate.

                                  ZIONS FIRST NATIONAL BANK, as
                                  Indenture Trustee

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

<Page>

                                    EXHIBIT D

                        NOTICE OF CURE OF PAYMENT DEFAULT

                       GMAC Education Loan Funding Trust-I
                    GMAC ELF Student Loan Asset-Backed Notes
                                   Class _____
                             Auction Rate Securities

     NOTICE IS HEREBY GIVEN that a Payment Default with respect to the Auction
Rate Securities identified above has been waived or cured. The next Payment Date
is __________ __, ____ and the Auction Date is __________ __, ____.

                                  ZIONS FIRST NATIONAL BANK, as
                                  Indenture Trustee

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

<Page>

                                    EXHIBIT E

                       NOTICE OF PROPOSED CHANGE IN LENGTH
                         OF ONE OR MORE AUCTION PERIODS

                       GMAC Education Loan Funding Trust-I
                    GMAC ELF Student Loan Asset-Backed Notes
                                   Class _____
                             Auction Rate Securities

     Notice is hereby given that [____________________], as Broker-Dealer
proposes to change the length of one or more Auction Periods pursuant to the
Indenture of Trust, as amended (the "Indenture") as follows:

     1.   The change shall take effect on __________ __, ____, the Interest Rate
Adjustment Date for the next Auction Period (the "Effective Date").

     2.   The Auction Period Adjustment in Paragraph 1 shall take place only if
(a) the Indenture Trustee and the Auction Agent receive, by 11:00 a.m., eastern
time, on the Business Day before the Auction Date for the Auction Period
commencing on the Effective Date, a certificate from the Issuer, as required by
the Indenture authorizing the change in length of one or more Auction Periods;
and (b) Sufficient Bids exist on the Auction Date for the Auction Period
commencing on the Effective Date.

     3.   If the condition referred to in paragraph (a) above is not met, the
Auction Rate for the Auction Period commencing on the Effective Date will be
determined pursuant to the Auction Procedures and the Auction Period shall be
the Auction Period determined without reference to the proposed change. If the
condition referred to in paragraph (a) is met but the condition referred to in
paragraph (b) above is not met, the Auction Rate for the Auction Period
commencing on the Effective Date shall be the Maximum Rate and the Auction
Period shall be the Auction Period determined without reference to the proposed
change.

     4.   It is hereby represented, upon advice of the Auction Agent for the
Class _____ Notes described herein, that there were Sufficient Bids for such
Class _____ Notes at the Auction immediately preceding the date of this Notice.

     5.   Terms not defined in this Notice shall have the meanings set forth in
the Indenture entered into in connection with the Class _____ Notes.

                                      [BROKER-DEALER], as Broker-Dealer

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

<Page>

Approved By:                          GMAC EDUCATION LOAN FUNDING TRUST-I

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

<Page>

                                    EXHIBIT F

                      NOTICE ESTABLISHING CHANGE IN LENGTH

                         OF ONE OR MORE AUCTION PERIODS

                       GMAC Education Loan Funding Trust-I
                    GMAC ELF Student Loan Asset-Backed Notes
                                   Class _____
                             Auction Rate Securities

     Notice is hereby given that [____________________], as Broker-Dealer hereby
establishes new lengths for one or more Auction Periods pursuant to the
Indenture of Trust, as amended:

     1.   The change shall take effect on __________ __, ____, the Interest Rate
Adjustment Date for the next Auction Period (the "Effective Date").

     2.   For the Auction Period commencing on the Effective Date, the Interest
Rate Adjustment Date shall be __________ __, ____, or the next succeeding
Business Day if such date is not a Business Day.

     3.   For Auction Periods occurring after the Auction Period commencing on
the Effective Date, the Interest Rate Adjustment Date shall be
[_______________(date) and every ______________(number) ______________(day of
week) thereafter] [every ______________(number) ______________(day of week)
after the date set forth in paragraph 2 above], or the next Business Day if any
such day is not a Business Day; provided, however, that the length of subsequent
Auction Periods shall be subject to further change hereafter as provided in the
Indenture of Trust.

     4.   The changes described in paragraphs 2 and 3 above shall take place
only upon delivery of this Notice and the satisfaction of other conditions set
forth in the Indenture of Trust and our prior notice dated _______________
regarding the proposed change.

     5.   Terms not defined in this Notice shall have the meanings set forth in
the Indenture of Trust relating to the Class _____ Notes.

                                      [BROKER-DEALER], as Broker-Dealer

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

<Page>

Approved By:                          GMAC EDUCATION LOAN FUNDING TRUST-I

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

                                       F-2
<Page>

                                    EXHIBIT G

                        NOTICE OF CHANGE IN AUCTION DATE

                       GMAC Education Loan Funding Trust-I
                    GMAC ELF Student Loan Asset-Backed Notes
                                   Class _____
                             Auction Rate Securities

     Notice is hereby given by [__________], as Broker-Dealer for the Auction
Rate Securities, that with respect to the Auction Rate Securities, the Auction
Date is hereby changed as follows:

     1.   With respect to Class _____ Notes, the definition of "Auction Date"
shall be deemed amended by substituting "_______________(number) Business Day"
in the second line thereof and by substituting "_______________(number) Business
Days" for "two Business Days" in subsection (d) thereof.

     2.   This change shall take effect on __________ __, ____ which shall be
the Auction Date for the Auction Period commencing on _______________.

     3.   The Auction Date for the Class _____ Notes shall be subject to further
change hereafter as provided in the Indenture of Trust.

     4.   Terms not defined in this Notice shall have the meaning set forth in
the Indenture of Trust, as amended, relating to the Class _____ Notes.

                                         [BROKER-DEALER], as Broker-Dealer

Dated:                                   By
       ---------------------                ------------------------------------
                                         Name
                                              ----------------------------------
                                         Title
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EXHIBIT 10.1    
  

AMENDMENT  

        THIS AMENDMENT ("Amendment") dated the 12th day of June, 2002, amends the Transportation Agreement dated as of January 10, 2001 (the "Agreement") between
The United States Postal Service ("USPS") and Federal Express Corporation ("FedEx"). 

Preamble  

        WHEREAS, USPS and FedEx entered into the Agreement in order to provide for the transportation and delivery of the Products (as such term is defined in the
Agreement); 

        WHEREAS,
the parties previously amended certain provisions of the Agreement to provide an expansion of the Products as stated below; 

        WHEREAS,
the parties wish to expand the provision of Supplemental Service to additional locations on the terms and conditions provided below; 

        NOW,
THEREFORE, in consideration of the mutual covenants and agreements contained in this Amendment, the parties agree as follows: 

        1.    FedEx
agrees to provide supplemental service ("Supplemental Service") into and out of the locations identified in the supplemental operating plan ("Supplemental Operating
Plan") as set forth in the new Attachment VII to Exhibit A, attached. This Supplemental Operating Plan supersedes the Supplemental Operating Plan which was attached to the Amendment executed by the
parties on August 28, 2001. 

        2.    The
addition or deletion of any locations to the Supplemental Operating Plan will require the execution of an amendment to the Supplemental Operating Plan. 

        3.    All
capitalized terms not otherwise defined in this Amendment shall have the meanings set forth in the Agreement. 

        4.    Except
as amended by this Amendment, the terms and conditions of the Agreement shall remain in full force and effect and are ratified and confirmed in all respects. 

        IN WITNESS WHEREOF, the parties have signed this Amendment in duplicate, one for each of the Parties, as of September 17, 2002. 

	 	 	THE UNITED STATES POSTAL SERVICE
	

 	
 	

By:	

/s/  LESLIE A. GRIFFITH      

	 	 	Title: Manager, Air Transportation
	

 	
 	

FEDERAL EXPRESS CORPORATION
	

 	
 	

By:	

/s/  PAUL J. HERRON      

	 	 	Title: VP—Postal Transportation

Attachment

 [ * ]  

	*
	Blank
spaces contained confidential information which has been filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange
Act of 1934, as amended. 

INVESTIGATIVE AND SECURITY PROCEDURES ADDENDUM  

        THIS INVESTIGATIVE AND SECURITY PROCEDURES ADDENDUM, dated the 9th day of January, 2003, modifies and adds to the January 10, 2001 Transportation Agreement
between the United States Postal Service ("USPS" or "the Postal Service") and Federal Express Corporation ("FedEx"), and concerns the investigative and security procedures and protocol now required
under that Agreement. 

BACKGROUND FACTS  

        On January 10, 2001, USPS and FedEx entered into the Transportation Agreement which states that FedEx will provide for the transportation of certain USPS
Products for an agreed upon price. That agreement did not address the issue of security protocol between the parties. 

        On
September 13, 2001, the USPS Postal Inspection Service ("USPSPIS") and FedEx signed a document entitled Investigative/Security Protocol and Guidelines. That document addressed
the U.S. Postal Inspection Service's requirements for U.S. Mail Investigations and mail security while FedEx is transporting the U.S. Mail. The parties have been operating pursuant to the protocol and
guidelines outlined in the above-mentioned document since it was signed. 

1.    Agreement  

        Since good and adequate consideration has been given, the parties agree to modify the Transportation Agreement to include, in its entirety, the
five-page Investigative/Security Protocol and Guidelines document, with Attachments A & B, and the following: 

2.    Definitions  

        For the purposes of this Addendum, capitalized terms shall have the meaning outlined in the Transportation Agreement. This additional term shall have the
following meaning: 

        "U.S.
Mail" means any item that is tendered to FedEx by USPS for transport pursuant to the Transportation Agreement. 

3.    Transportation Security  

        a)    FedEx
must meet all applicable FAA, and local airport authority requirements regarding airport security. FedEx will be in compliance with rules, regulations or laws in
effect or promulgated by the FAA, local airports or other agencies concerning aviation security. 

 

        b)    FedEx
will safeguard U.S. Mail against theft, damage or destruction while in transit. FedEx must have a system in place to deter unauthorized personnel from having access
to the mail while it is in its possession. 

4.    Facility Security and Facility Security Surveys  

        a)    FedEx
will permit USPSPIS access to all its facilities containing U.S. Mail to conduct security surveys and criminal investigations. See Postal Service Administrative
Support Manual 273.113. The USPSPIS will provide reasonable advance notice to FedEx for access for these purposes. If security deficiencies are identified by U.S. Postal Service Postal Inspection
Service, after such a survey, the parties will work together to quickly resolve all such deficiencies. Within 60 days after receipt of a USPSPIS report alleging security deficiencies, FedEx
will submit a security correction plan to the USPSPIS for review and USPSPIS will return comments within 2 weeks. 

        b)    FedEx
will provide all security measures necessary to prevent unauthorized access to the mail. 

5.    Conflict Provision  

        If any provisions within this Addendum conflict with any provision in the Investigative/Security Protocol and Guidelines document, the provisions in this Addendum
shall govern. If any provision of this Addendum conflicts with any provision of the Transportation Agreement, the provision of the Transportation Agreement shall govern, unless otherwise provided for
in this Addendum. 

ACCEPTED
AND AGREED. 

	 	 	THE UNITED STATES POSTAL SERVICE
	

 	
 	

By:	

/s/  J. DWIGHT YOUNG      

	 	 	Printed Name: J. Dwight Young
	

 	
 	

Printed Title: Manager, Transportation Portfolio
	

 	
 	

FEDERAL EXPRESS CORPORATION
	

 	
 	

By:	

/s/  PAUL J. HERRON      

	 	 	Printed Name: Paul J. Herron
	

 	
 	

Printed Title: VP—Postal Transportation

2

   9/12/01  

 Investigative/Security Protocol and Guidelines

U.S. Postal Inspection Service and FedEx Express Security  

        This document contains the protocol and guidelines that will be used by the U.S. Postal Inspection Service ("Inspection Service") and Federal Express Corporation
("FedEx Express"), Security, to address U.S. Mail investigations and security matters related to the Transportation Agreement and Retail Agreement, each dated January 10, 2001 between FedEx
Express and the United States Postal Service ("USPS") (collectively referred to as "the Agreements"). These guidelines are not intended to be all-inclusive but are designed to provide a
broad framework that will allow flexibility for the parties to accomplish their respective security and investigative missions. In no event should this protocol be construed as an expansion of FedEx
Express' obligations or the Inspection Service's authority under applicable law or regulation or to expand either party's rights or obligations under the Agreements. For purposes of this protocol, the
term "mail" shall mean any item that is tendered to FedEx Express by USPS for transport pursuant to the terms of the Transportation Agreement. This protocol is based on open communication and
cooperation between the parties at each organizational level to the fullest extent possible in postal-related matters. 

Coordination  

	1.
	The
local contact points for the coordination of any mail related investigations and security issues related to this alliance will be at the FedEx Express Regional Security Director
level and the Inspection Service Division level. (Attachments A—Inspection Service and Attachment B—FedEx Express Security).

	2.
	The
FedEx Express Vice President Corporate Security Worldwide and the Inspection Service Deputy Chief Inspector for Investigations, or their designees, will address all policy issues
and any investigative or operational issues not resolved at the local level. If these parties cannot reach an understanding, the provisions on dispute resolution set forth in Article 3 of the
respective Agreements shall control. 

Communication  

	1.
	FedEx
Express Security will notify the appropriate Inspection Service Division of any known theft, vandalism or criminal activity involving the mails while in the custody of FedEx
Express. 

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	2.
	The
Inspection Service Division will notify the appropriate FedEx Express Security Director of any criminal activity or security issues related to (i) FedEx Express drop boxes
installed on USPS owned or leased property pursuant to the Retail Agreement, or (ii) FedEx Express or USPS customers and employees occurring on USPS owned or leased property.

	3.
	The
parties will cooperate and assist, subject to the terms and conditions hereof and on a commercially reasonable basis, with relevant security and investigative information related
to the transportation and handling of the mail and the drop boxes on USPS owned or leased property. 

Security of U.S. Mails  

	1.
	Except
as otherwise permitted by law or provided herein, mail while in the custody of FedEx Express, its employees or agents, may not be opened, searched or seized unless expressly
authorized by a Postal Inspector. In situations where other law enforcement agencies request access to the mails, a properly executed federal search warrant is required. FedEx Express shall attempt to
notify a Postal Inspector of any warrants served for mail in the custody of FedEx Express before coordinating the warrant execution.

	2.
	Address
information from the mail in the custody and control of FedEx Express may not be recorded or disclosed by FedEx Express employees, except as required for operational purposes
regarding the sortation and transportation of the mail. Address information from the mail may only be disclosed to another law enforcement or government agency upon express approval by a Postal
Inspector in accordance with USPS regulations. FedEx Express shall notify a Postal Inspector of all requests from law enforcement for information about mail in the custody of FedEx Express.

	3.
	In
situations where FedEx Express has reason to believe that mail contains dangerous and injurious contents (including hazmat) that pose potential danger to FedEx Express employees,
equipment, products or facilities, FedEx Express may take actions necessary to secure the item and minimize the risk. In these situations, the Inspection Service will be immediately notified and FedEx
Express and the Inspection Service will coordinate the disposition of the item 

Investigations  

	1.
	FedEx
Express Security will notify the Inspection Service of all investigative and security issues involving the mails in the custody of FedEx Express. 

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	2.
	The
Inspection Service will be responsible for conducting all criminal investigations involving the theft or obstruction of mail or contraband found in the mails while in the FedEx
Express system and for criminal activities directed at FedEx Express drop boxes, customers, or employees on USPS owned or leased property. 

Criminal and Administrative Proceedings  

	•
	FedEx
Express Security (subject to the receipt of a properly issued subpoena or other similar "compulsions to appear") and Inspection Service personnel will
serve as witnesses in criminal and administrative proceedings that result from these investigations. 

Access to FedEx Operations, Facilities, Personnel and Loss Data  

	1.
	Subject
always to the matters addressed under the heading Noninterference, FedEx Express Security will provide the Inspection Service
access to its facilities, operations, and records when necessary for investigations involving the mails, pursuant to Article 9.5 of the Agreements. The Inspection Service will provide
reasonable advance notice to FedEx Express for access for its investigative or security purposes.

	2.
	FedEx
Express Security will coordinate interviews of its employees with the Inspection Service relevant to their investigations involving the mails as required. FedEx Express Security
may not participate in custodial interviews conducted by Postal Inspectors; provided, however, FedEx may be present at any non-custodial or witness interviews of any FedEx Express employee
conducted by Postal Inspectors.

	3.
	Investigative
reports prepared by FedEx Express Security may be provided to the Inspection Service in response to a validly issued subpoena after the FedEx Express investigation has
been completed. FedEx Express management will make independent determinations about the discipline or discharge of any FedEx Express employee. The Inspection Service shall not attempt to dictate,
direct or carry out such actions.

	4.
	The
Inspection Service will provide its investigative reports to FedEx Express through the USPS Contracting Officer and will provide an information copy directly to FedEx Express
Security. 

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 Surveillance Operations  

	1.
	FedEx
Express Security will provide access to its CCTV systems and assist the Inspection Service with the installation of temporary camera systems required in investigations involving
the mails. The installation of Inspection Service camera systems will be in compliance with federal and state laws governing video surveillance investigations and reasonable expectations of privacy in
the workplace.

	2.
	Upon
request by FedEx Express Security, the Inspection Service will share the information obtained from the use of its investigative camera systems installed in FedEx Express
facilities and other surveillance equipment used in their investigations. 

Undercover Operations  

	1.
	FedEx
Express Security may, subject to the heading Noninterference below, authorize the placement of Inspection Service undercover
personnel in its facilities where deemed necessary for investigations involving the mails.

	2.
	In
accordance with the provisions of Section 12.1 of the Transportation Agreement, USPS will defend and indemnify FedEx for any loss, damage or other liability arising from the
use of undercover personnel in FedEx facilities. 

Contingency Planning and Notification  

	•
	FedEx
Express Security will ensure the Inspection Service is listed as a party to be notified in its critical incident or contingency plans related to the
loss, destruction, or delay of the mails caused by catastrophic losses of an aircraft or other vehicle transporting the mail, or a FedEx Express facility. FedEx Express Security will cooperate with
the Inspection Service in the recovery of the mail where necessary. 

Overgoods Operations  

	1.
	FedEx
Express Security will provide security to any identified mail or mail contents processed in its overgoods operations and will ensure its transfer to the USPS in accordance with
local operating plans.

	2.
	When
directly relevant to mail security and investigations, FedEx Express Security may, in its sole discretion, provide information to the Inspection Service regarding related losses
of FedEx product identified in its overgoods operations. 

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9/12/01  

 Protection and Disclosure of Information from Investigations  

	1.
	FedEx
Express Security and the Inspection Service agree to protect all information obtained in the course of their respective investigations from unauthorized disclosure. Any
proprietary or privileged sensitive information obtained during the course of an investigation will be handled in accordance with article 17 of the Transportation Agreement.

	2.
	All
information related to Inspection Service investigations involving mail in the FedEx Express system or investigations of FedEx Express employees, will be maintained in the
Inspection Service Investigative File System as prescribed by the Privacy Act of 1974, 5 U.S.C. 552a. Any requests by third parties for records maintained in this system will be processed in
accordance with requirements of the Privacy Act.

	3.
	All
public disclosures of information related to investigations conducted by the Inspection Service and FedEx Express Security, including media requests or press releases, will be
coordinated between the Inspection Service and FedEx Express Media Relations in accordance with a mutually agreed communications plan. 

Noninterference  

	•
	The
Inspection Service agrees that in the exercise of its rights under this protocol it will not unreasonably disrupt or interfere with any FedEx Express
operations. 

Modifications  

	•
	This
protocol and guidelines may be modified based on the mutual agreement of FedEx Express Security and the Inspection Service. 

	/s/ KENNETH W. NEWMAN	 	/s/ WILLIAM P. HENRIKSON
	

Kenneth W. Newman

Deputy Chief Inspector

Investigations

U.S. Postal Inspection Service	
 	

William P. Henrikson

Federal Express Corporation

Vice President

Corporate Security Worldwide

5

Attachment A  

[ * ]  

	*
	Blank
spaces contained confidential information which has been filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 under the
Securities Exchange Act of 1934, as amended. 

Attachment B  

[ * ]  

	*
	Blank
spaces contained confidential information which has been filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 under the
Securities Exchange Act of 1934, as amended. 

THIRD ADDENDUM  

        THIS THIRD ADDENDUM ("Third Addendum"), dated the 30th day of January, 2003, revises and supplements the Transportation Agreement between the United States Postal
Service ("USPS" or "the Postal Service") and Federal Express Corporation ("FedEx"). 

BACKGROUND FACTS  

        On January 10, 2001, USPS and FedEx entered into the Transportation Agreement ("Agreement") which states that FedEx will provide for the transportation of
certain USPS Products. 

        On
December 13, 2001, USPS and FedEx entered into the Addendum to the Agreement ("Addendum") due to the USPS' immediate need for the transportation of its Product over and above
the Minimum Guaranteed Volumes listed in the Agreement. 

        On
April 3, 2002 and April 26, 2002, USPS and FedEx entered into the First Amendment to the Addendum and the Second Amendment to the Addendum, respectively. 

        On
August 29, 2002 and December 4, 2002, USPS and FedEx entered into the Second Addendum to the Agreement ("Second Addendum") and the First Amendment to the Second
Addendum, respectively which addressed the obligations of both parties through June 1, 2003. 

        The
parties now desire to extend the Interim Period beyond June 1, 2003, subject to the following terms: 

AGREEMENT  

1.    Definitions

        For
the purposes of this Third Addendum, capitalized terms used as defined terms and not otherwise defined in this Third Addendum shall have the meanings outlined in the Agreement. The
following additional terms shall have the following meaning: 

        "Billable
Weekday Volume" means the greater of the actual Mid-week Volume tendered by USPS to FedEx during the Schedule Period or [ * ] of the
aggregate Daily Mid-Week Volume Commitment for the Schedule Period. 

        "Billable
Weekend Volume" means the greater of the actual Weekend Volume tendered by USPS to FedEx during the Schedule Period or [ * ] of the aggregate Daily
Weekend Volume Commitment for the Schedule Period. 

	*
	Blank
spaces contained confidential information which has been filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 under the
Securities Exchange Act of 1934, as amended. 

 

        "Daily
Mid-week Volume Commitment" means the daily volume committed for transport during the Day Turn Operations on Tuesday through Friday of a week for a Schedule Period. 

        "Daily
Weekend Volume Commitment" means the volume committed for transport during the Day Turn Operations on Saturday and Sunday of a week for a Schedule Period. 

        "Interim
Period" means the period of time commencing June 2, 2003 and terminating May 30, 2004. 

        "Night-Turn
Mid-week Volume Commitment" means the daily volume committed for transport during the Night-Turn Operations on Monday through Friday of a
week for a Schedule Period. 

        "Non-Widely
Observed Holiday" means Columbus Day, Veteran's Day, Martin Luther King Day, and President's Day. 

        "Offshore
Locations" means [ * ]. 

        "Operating
Day" means any day other than a Monday or a FedEx Holiday for the Day-Turn Operations. 

        "Revised
Schedule Period Request Forecast" means the volume forecasting document which USPS will provide to FedEx after the Schedule Period Request Forecast. USPS will provide the
Revised Schedule Period Request Forecast no later than [ * ] calendar days prior to each Schedule Block Implementation Date. 

        "Trucking
Location" means a location specified on Exhibit A, attached. 

        "Weekend
Volume" means volume transported during the Day Turn Operations on Saturday and Sunday of a week. 

2.    Volume

        (a)    During
the Interim Period, the Committed Volume and the Committed Volume Schedule will be as set forth in the following table: 

	*
	Blank spaces contained confidential information which has been filed separately with the Securities and Exchange Commission pursuant to
Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

2

 
[ * ] 

        (b)    During
the Interim Period, USPS will tender and FedEx must transport between [ * ] and [ * ] of the Committed Volume for
each applicable Schedule Block listed in the chart above. 

        (c)    For
the time period December 9-24, 2003, the Postal Service requested Daily Mid-week Volume Commitment and Daily Weekend Volume Commitment
of [ * ]. Although the parties could not agree to that amount prior to the signing of this Third Addendum, FedEx will continue to work on their network design and will inform
the Postal Service of their increased Daily Mid-week Volume Commitment cubic feet number and Daily Weekend Volume Commitment cubic feet number, if any, no later than June 1, 2003. 

	*
	Blank spaces contained confidential information which has been filed separately with the Securities and Exchange Commission pursuant to
Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

3

 

3.    Schedule Period Request Forecast

        Section 3.3.0
of Exhibit A of the Agreement is hereby modified for the Interim Period as follows: For any Schedule Period in which the USPS Schedule Period Request Forecast
is greater than [ * ] the USPS shall deliver to FedEx a Revised Schedule Period Request Forecast no later than [ * ] calendar days prior to each
Schedule Block Implementation Date. [ * ] If USPS does not make the Revised Schedule Period Request Forecast available by the required deadline, the Schedule Period Request
Forecast shall be used. 

4.    Non-Fuel Transport

        During
the Interim Period, FedEx will invoice USPS for the non-fuel transport portion of the Day System pricing at the rates provided below: 

[
* ] 

	*
	Blank spaces contained confidential information which has been filed separately with the Securities and Exchange Commission pursuant to
Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

4

 

5.    No Non-Widely Observed Holiday

        During
the Interim Period, the parties agree that for those months in which there is no Non-Widely Observed Holiday (i.e. June, 2003, July, 2003, August, 2003, September,
2003, December, 2003, March, 2004, April, 2004 and May, 2004), the monthly billed volume will be computed on the following basis: 

[
* ] 

6.    Non-Widely Observed Holidays

        The
parties agree that during those months within the Interim Period in which there is a Non-Widely Observed Holiday (i.e. October, 2003, November, 2003, January, 2004 and
February, 2004), [ * ]. 

7.    Bypass Container Handling Charge

        During
the Interim Period, FedEx and the USPS agree that notwithstanding the provisions of Exhibit B, paragraph A(3) of the Agreement, USPS shall be invoiced a handling
charge of [ * ] for packages unloaded from By-pass ULDs which are destined to a Trucking Location. FedEx and USPS agree to the following methodology to simplify
invoicing: 

[
* ] 

	*
	Blank spaces contained confidential information which has been filed separately with the Securities and Exchange Commission pursuant to
Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

5

 

8.    Density

        The
provisions of Exhibit B, paragraph A, subparagraphs 1 and 2 of the Agreement will be revised for the Interim Period to eliminate the cubic footage conversion factor of
[ * ]. 

	*
	Blank
spaces contained confidential information which has been filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 under the
Securities Exchange Act of 1934, as amended. 

6

 

9.    7-day By-Pass Matrix Review

        Section 3.6.0
of Exhibit A, Operating Specifications, is hereby modified for the Interim Period as follows: 

[
* ] 

10.  Billings, Montana

        FedEx
agrees to provide aircraft service into and out of Billings, Montana for the Day-turn Operations ("Aircraft Service") [ * ]. 

	*
	Blank spaces contained confidential information which has been filed separately with the Securities and Exchange Commission pursuant to
Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

7

 

11.  Prior Agreements to be Extended

(a)    Preliminary Network Flow  

        Notwithstanding the provisions of Section 3.6.0 of the Operating Specifications, during the Interim Period, the parties agree that FedEx will not be
required to furnish USPS with the Preliminary Network Flow document. 

(b)    Service for Offshore Locations  

        During the Interim Period, the Market Service Commitment Time provided for in Attachments 1 and 2 to Exhibit A for volume to or from the Offshore Locations
will be adjusted [ * ]. If USPS requests FedEx to accept for transport an amount in excess of the maximum volumes for the Offshore Locations but FedEx is unable to transport
the excess volume to such destination by such adjusted Market Service Commitment Time, FedEx shall tender such excess volume to the gateway for the destination not later than the adjusted Market
Service Commitment Time. The gateway locations for the following destinations are: 

[
* ] 

12.  Full Force and Effect

        Except
as amended by this Third Addendum, the terms and conditions of the Agreement shall remain in full force and effect and are ratified and confirmed in all other respects. 

13.  Provision Conflict

        If
any provision of this Third Addendum conflicts with any provision of the Agreement, the provision of the Agreement shall govern, unless otherwise provided for in the Addendum. 

	*
	Blank spaces contained confidential information which has been filed separately with the Securities and Exchange Commission pursuant to
Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

8

 

        The parties have signed this Third Addendum in duplicate, one for each of the parties, as of January 30, 2003. 

	 	 	THE UNITED STATES POSTAL SERVICE
	

 	
 	

By:	

/s/  CHARLES A. PAWLUS      

	 	 	Printed Name: Charles A. Pawlus
	

 	
 	

Printed Title: Purchasing and Supply Management Specialist
	

 	
 	

FEDERAL EXPRESS CORPORATION
	

 	
 	

By:	

/s/  PAUL J. HERRON      

	 	 	Printed Name: Paul J. Herron
	

 	
 	

Printed Title: VP—Postal Transportation

9

Exhibit A  

to the
  

Third Addendum  

The
Trucking Locations are as follows: 

[
* ] 

The
list of Trucking Locations may be amended during the Interim Period by mutual agreement of the parties. 

	*
	Blank spaces contained confidential information which has been filed separately with the Securities and Exchange Commission pursuant to
Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

QuickLinks

EXHIBIT 10.1

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